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Dumaguete City, Philippines Tuesday, July 12, 2016
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Rural Bank of Siaton
under PDIC receivership

MANILA The central bank's policy-making Monetary Board has placed the Rural Bank of Siaton in Negros Oriental under the Philippine Deposit Insurance Corporation receivership, the 12th this 2016.

In a statement yesterday, PDIC said the single-unit rural bank was placed under its receivership on July 7, 2016 while its takeover was made July 8.

PDIC data as of end-March 2016 showed that the rural bank, which is located at Km. 50 National Highway, Poblacion in Siaton, Negros Oriental, had 1,301 accounts with total deposit liabilities of P46.6 million and total insured deposits of P40.7 million, or about 87.3 percent of the total deposits.

Upon the state deposit insurer's takeover, it will gather, verify and validate all bank records to be able to immediately disburse insurance of valid accounts, or those with deposits that have balances of P100,000 and below.

Account holders with deposits that amount to more than P100,000 need to file insurance claims with the PDIC starting the last week of July.

PDIC has scheduled a depositors-borrowers forum for depositors of the rural bank on July 16.

Among the major stakeholders of the bank are Emilio Macias III, 28.35 percent; Melba Macias, 16.69 percent; Caroline Ann Villa, 12.37 percent; Victoriano Tizon, 4.81 percent; Emilio Macias III, Lamberto Macias, Erwin Michael Macias, Edward Marck Macias, and Eileen Marie Pinili, 3.85 percent each.*PNA


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