PDIC takes over Sta. Barbara Rural Bank and branches
STA. BARBARA—The Philippine Deposit Insurance Corporation (PDIC) took over the Rural Bank of Sta. Barbara (Pangasinan), Inc. on November 19 following the bank’s closure by the Monetary Board (MB).
Closure of the seven-unit rural bank was by virtue of MB Resolution No. 1285 dated November 16, 2007.
Sometime last month, depositors were already seen queuing up in front of the bank in the hope of withdrawing their deposits soon after they realized that the bank was facing financial problems.
The bank’s head office is located at Poblacion Sur, Sta. Barbara, Pangasinan with branches in Asingan, Calasiao, Mangaldan, Sta. Maria, Tayug and Urdaneta towns.
Latest available records show that as of December 31, 2006, the bank’s estimated total deposit liability was P245.1 million.
PDIC said in a statement that upon takeover, all bank records would be gathered, verified and validated in preparation for the claims settlement operations.
The deposit insurer advised depositors of Rural Bank of Sta. Barbara to wait for further announcement on the schedule of claims servicing.
Under Republic Act 9302 that amended the PDIC Charter effective August 12, 2004, the maximum deposit insurance coverage is now P250,000 per depositor.#
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