BSP shuts down Laguna rural bank

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) shut down recently a rural bank in Laguna and placed it under government rehabilitation, the Philippine Deposit Insurance Corp. (PDIC) said yesterday.

“The Monetary Board (MB) placed Rural Bank of Majayjay (Laguna) Inc. under the receivership of the PDIC by virtue of MB Resolution No. 241.A,” PDIC said in a statement.

PDIC data showed that the Rural Bank of Majayjay was the third bank to be shut down this year after the BSP closed Capitol City Bank Inc. (A Rural Bank) in Cavite and Rural Bank of Gainza in Camarines Sur last month.

Reasons for placing a bank under receivership are confidential.

The PDIC said the Rural Bank of Majayjay’s head office is located at P. Zamora Street in Majayjay with a branch in Nagcarlan, Laguna.

Some 7,136 bank accounts with total deposits amounting to P149.50 million were secured by PDIC, which will settle all valid depositor claims.

Under the law, each depositor is allowed to be paid a maximum of P500,000.

A depositor’s forum is set on Feb. 13 and 14 to “inform depositors of the requirements and procedures for filing depositor claims,” PDIC said.

Schedule, venue and other information about the forum will be posted at the PDIC’s website, www.pdic.gov.ph.

However, the agency reminded clients with P15,000 or less in deposits need not submit claims and will just receive their money by mail.

“PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the third week of February 2013,” the statement added.

The PDIC said the Rural Bank of Majayjay is majority owned by the following: Felipe Sobrevinas, Inocencio Estebal, Alfredo Opinion, Alexander C. Estebal, Pelagio Villarante, Florencio Arcenal, Lorenzo Merueña, Antonina Covar, Isabelita Cruzat, Concordia Covar, Abner Covar, Maria Lydia Resubal, and Sherlyn and Christopher Garcia.

A certain Romeo Modina serves as its chairman, while its president is Abner Covar, it added.