The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, said Wednesday it placed the Pangasinan-based Rural Bank of Calasiao Inc. under the custody of Philippine Deposit Insurance Corp. on Nov. 13 due to unsound financial condition.
PDIC on Nov. 16 took over Rural Bank of Calasiao, the 12th rural bank closed by monetary authorities this year.
Rural Bank of Calasiao is a single-unit rural bank located at RBCAL Bldg., Poblacion East, Calasiao, Pangasinan.
Records from PDIC showed that as of June 30, Rural Bank of Calasiao was owned by Maximo Joaquin Abesamis with 30.89 percent. Other shareholders were members of the Abesamis family, Magnolito Joves Acosta, Remedios Cruz Zulueta, Angelita Jovellanos Torres, Florencio Latonio Gabrillo and Arturo Prado Doria. The bank was headed by Frederick Abesamis as chairman and president.
Rural Bank of Calasiao had 3,019 accounts with total deposit liabilities of P102 million as of end-June. Total insured deposits amounted to P85.5 million, or 83.9 percent of total deposits.
PDIC said during the takeover, all bank records would be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits would be paid up to the maximum deposit insurance coverage of P500,000.
Bangko Sentral earlier closed down 11 rural banks because of unhealthy financial condition.
These were the Benguet-based Rural Bank of Buguias Inc., the Bukidnon-based Xavier-Punla Rural Bank Inc., the Batangas-based Farmers’ Rural Bank Inc., Rural Bank of Taysan (Batangas) Inc., the Surigao-based Siargao Bank (A Rural Bank), Rural Bank of Sta. Magdalena (Sorsogon), Community Rural Bank of Magsaysay (Davao del Sur) Inc.; the Surigao City-based Surigaonon Rural Banking Corp.; Rural Bank of Labrador (Pangasinan); Rural Bank of Magsingal (Ilocos Sur); and the Alfonso, Cavite-based Community Bank (Rural Bank of Alfonso Inc.).
