BSP shuts down Lipa rural bank

MANILA, Philippines - The Bangko Sentral ng Pilipinas has ordered the closure of Synergy Rural Bank Inc. and has placed it under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

The bank is the 13th ordered shut by the BSP this year.

Synergy Rural Bank is a single unit bank located in Lipa City in Batangas. PDIC said latest records show the bank had 3,839 deposit accounts worth up to P45.72 million.

It should be noted that 3,835 of the bank accounts have balances of P500,000 and below, thus, fully covered by deposit insurance.

 “Upon takeover, all bank records shall be gathered, verified and validated... All valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000,” the PDIC said.

A Depositors-Borrowers Forum has been slated for Nov. 17 to advise clients how to file for deposit insurance claims. The schedule and venue of this forum will be posted at the bank premises and at the PDIC website, www.pdic.gov.ph.

Bank clients have until Nov. 12 to update their addresses with PDIC representatives at the bank premises, the state deposit insurer said.

Those with deposit accounts amounting to P50,000 or less need not file deposit insurance claims unless they have outstanding obligations or incomplete addresses with the closed bank. The PDIC said it will mail deposit insurance claims to these bank clients by the third week of November.

Meanwhile, for those that need to file deposit insurance claims, settlement operations will begin on the last week of November. The schedule and venue will be posted at the bank premises, the PDIC said.