MB closes another savings bank

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Maximum Savings Bank, Inc. from doing business under MB Resolution 1704C dated 7 November 2019 which also directed the Philippine Deposit Insurance Corp. (PDIC) as receiver to proceed with the takeover and liquidation of the lender. The PDIC took over the bank the previous Tuesday, 8 November 2019.

Maximum Savings Bank is a five-unit thrift bank with head office located at 24 Antonio A Pastor Bldg., P. Burgos St., Barangay 16 (Pob), Batangas. It has four branches located in Muntinlupa City; Batangas City, Batangas; and Calapan City and Puerto Galera, both in Oriental Mindoro.

Latest available records show that as of 30 June 2019, Maximum Savings Bank has 3,487 deposit accounts with total deposit liabilities of P158 million, of which 38.34 percent or P60.6 million are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000. Individual account holders of valid deposits with balances of P100,000 and below do not need to file deposit insurance claims, provided they have no outstanding obligations or have not acted as co-makers of obligations with Maximum Savings Bank.

These individual depositors must ensure they have complete and updated addresses with the bank. PDIC representatives will be distributing mailing address update forms at the bank premises and depositors may submit the forms until 15 November 2019.