All valid insured deposit claims will be paid

The Monetary Board (MB) placed the Quezon Traders Rural Bank of Candelaria, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1122 dated July 11, 2013. As Receiver, PDIC took over the bank on July 12, 2013.

Quezon Traders Rural Bank of Candelaria is a single-unit bank located at Cabunag St., Pahinga, Poblacion, Candelaria, Quezon. Latest available records show that as of March 31, 2013, Quezon Traders Rural Bank of Candelaria had 582 accounts with total deposit liabilities of P46.56 million. A total of 565 deposit accounts or 97.08% of the accounts have balances of P500,000 or less and fully covered by deposit insurance. Total insured deposits amounted to P46.17 million or 99.15% of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on July 17, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedule and venue of the Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph . The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC representatives at the bank premises or during the Forum using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until July 18, 2013.

Depositors with valid deposit accounts with balances of P15,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Quezon Traders Rural Bank of Candelaria including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank no later than the start of the fourth week of July.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts no later than the fourth week of July. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website,www.pdic.gov.ph .

According to the latest Bank Information Sheet (BIS) as of December 31, 2012 filed by the Quezon Traders Rural Bank of Candelaria with the PDIC, the bank is majority-owned by Ann Michelle G. Asayo (13%), Eufronio A. Gonzalvo (13%), Ma. Gracia N. Licup (13%) and Aida A. Gallano (13%). Its Chairman and President is Aida A. Gallano.

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 [email protected].