The Monetary Board of the Bangko Sentral ng Pilipinas has prohibited the Rural Bank of Claveria (Cagayan) Inc. from doing business in the Philippines by virtue of MB Resolution No. 1464.A dated August 18, 2016.
The MB directed the Philippine Deposit Insurance Corp. as receiver to proceed with the takeover and liquidation of the bank. The PDIC took over the bank on August 19.
The Rural Bank of Claveria is a single-unit rural bank with head office located on Gen. Claveria Street in Claveria, Cagayan. Its bank information sheet filed with the PDIC in June said it was owned by Luz Taganas, Helen Taganas and Luz Dizon. Its president and chairman is Luz Taganas.
As of June, the bank had 3,010 accounts with total deposit liabilities of P98.3 million. Total insured deposits amounted to P91.9 million involving 93.5 percent of the deposit accounts.
Depositors with valid deposit accounts with balances of P100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, except accounts maintained by business entities, or when they have outstanding obligations with the bank or acted as co-makers of these obligations.
Depositors may update their addresses until August 25. The PDIC will start mailing payments to concerned depositors at those addresses by the last week of August 2016.
For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to pad@pdic.gov.ph.