First Savings Bank was closed by the Bangko Sentral ng Pilipinas (BSP) last Wednesday when it failed to service its client base. It declared a bank holiday Monday afternoon then failed to reopen.
After a review, the BSP closed the bank and placed it under PDIC receivership when it was determine that its assets were insufficient to cover its liabilities.
BSP Deputy Governor Alberto V. Reyes said the closure of First Savings Bank was an isolated case. The thrift bank represents only 0.87 percent of the consolidated resources of thrift banks, and .0057 percent of the banking system.
The Chamber of Thrift Banks (CTB) likewise issued a statement assuring the public that the industry as a whole is healthy, and that the failure of First Savings Bank is "the failure of one only."
The PDIC advised depositors to proceed directly to their respective branches with their evidence of deposits, such as savings passbook or certificate of time deposit; and two valid identification cards containing depositor’s signature. Claims will be serviced starting Sept. 14 onwards, Monday to Fridays, office hours, at the head office and all branches of First Savings Bank.
A small thrift bank, First Savings Bank with head office located at E. Rodriguez Ave., Quezon City, has branches in C.M. Recto, Cubao and Tanay, Rizal.
Based on adjusted records as of closure, First Savings Bank has 10,268 accounts with deposit liabilities of P191.48 million. About 90 percent of the depositors are believed to be covered by the P250,000 maximum deposit insurance coverage (MDIS) of the PDIC
"The public is advised to call the Depositors Assistance Bureau at (02) 841-4050 for more information, or visit the PDIC’s website at www.pdic.gov.ph," it added.