BSP shuts down Pangasinan rural bank

MANILA, Philippines - The BSP issued MB Resolution 1877 last Nov. 13 placing Pangasinan-based Rural Bank of Calasiao Inc. under the supervision of PDIC to make sure that all valid insured deposit claims would be paid.

Latest available records showed the shuttered rural bank had 3,019 accounts with total deposit liabilities of P102.0 million. Total insured deposits amounted to P85.5 million or 83.9 percent of total deposits.

PDIC is now gathering, verifying and validating all bank records after taking over the bank last Nov. 16.

The state deposit insurer assured depositors that all valid deposits will be paid up to the maximum deposit insurance coverage of P500,000.

Depositors with valid deposit accounts with balances of P100,000 and below are eligible for early payment and need not file deposit insurance claims.

PDIC would start mailing payments to these depositors at their addresses recorded in the bank by the last week of November.

On the other hand, depositors who are required to file deposit insurance claims would start receiving their payments by the second week of December.

The PDIC would hold a depositors-borrowers forum on Nov. 26.

Major shareholders of the Rural Bank of Calasiao include Maximo Joaquin Abesamis, Frederick Enerva Abesamis, Magnolito Joves Acosta, Remedios Cruz Zulueta, Godofredo Joaquin Abesamis, Guadalupe Abesamis Arambulo, Editha Enerva Abesamis, Angelita Jovellanos Torres, Florencio Latonio Gabrillo, and Arturo Prado Doria.

The BSP has ordered the closure of 12 rural banks so far this year.