Deposit insurer PDIC prohibits the Laguna rural lender from engaging in any more business, making it the second rural bank to close shop this year. contributed photo
The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Rural Bank of Mabitac in Laguna, making it the second lender to shut down this year.
The state-run institution reminded loan borrowers to continue paying their loan obligations with the closed bank
The central bank’s Monetary Board (MB) prohibited the bank from doing business in the country and placed it under receivership of the state-run Philippine Deposit Insurance Corp. (PDIC).
The PDIC took over the bank and its assets, records and affairs on 22 February 2019.
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The Rural Bank of Mabitac, a 17-unit rural bank, has at least 45,807 deposit accounts with total deposit liabilities of P367.1 million.
In addition, its total insured deposits amounted to P288.3 million, which translates to 75.82 percent of its total deposits.
According to the PDIC, depositors with valid accounts of P100,000 and below are eligible for early payment and do not need to file for deposit insurance claims, except when they have outstanding obligations with the closed bank or acted as co-makers of obligations.
“For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC
website, www.pdic.gov.ph and PDIC’s official Facebook account,” the PDIC said.
Likewise, the state-run institution reminded loan borrowers to continue paying their loan obligations with the closed bank and to transact only with designated PDIC representatives.
