BSP orders closure of Pangasinan rural bank

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of Asian Consumer Bank (a rural bank), marking the sixth bank shuttered this year.

Philippine Deposit Insurance Corp. (PDIC), which took over the bank on June 27, said all records will be “gathered, verified and validated.”

“All valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000,” the PDIC said.

The shuttered bank has a head office located in Basista, Pangasinan, and another three branches also located in the province of Pangasinan.

As of end-March this year, the bank had 2,774 accounts with total deposits of P119.5 million.

The PDIC noted that 99.35 percent of these accounts have balances of P500,000 or less, which means they are fully covered by deposit insurance.

A Depositors-Borrowers Forum will be held on July 7 and 8 so clients will be acquainted with the requirements and procedures of filing deposit insurance claims. Claim forms will be made available during the forum and also at the PDIC’s website, www.pdic.gov.ph.

The PDIC reminded depositors to update their address with the insurer’s representatives at the bank’s premises.

“Depositors with valid deposit accounts with balances of P50,000 and below need not file deposit insurance claims,” the PDIC said. Payments will be sent to these clients by the second week of July, the state deposit insurer added.

However, those with outstanding loans or those that need to update their addresses will need to file deposit insurance claims, the PDIC said.

Claims settlement operations will be held starting in the third week of July. The schedule and venue will be announced through notices posted on bank premises and at the PDIC website.