MB places Rural Bank of Burauen (Leyte), Inc. under PDIC receivership

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All valid insured deposit claims will be paid

The Monetary Board (MB) placed the Rural Bank of Burauen (Leyte), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1922 dated December 4, 2014. As Receiver, PDIC took over the bank on December 10, 2014.

Rural Bank of Burauen is a single-unit rural bank with Head Office located at San Ramon St., Burauen, Leyte. Latest available records show that as of September 30, 2014, Rural Bank of Burauen had 2,026 accounts with total deposit liabilities of P33.13 million. A total of 2,020 deposit accounts or 99.70% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Estimated total insured deposits amount to P32.42 million or 97.86% 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 the Depositors-Borrowers Forum on December 19, 2014 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 at 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 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 with signature of the depositor. Depositors may update their addresses until December 17, 2014.

Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding
obligations with Rural Bank of Burauen including co-makers of the obligations, or have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

The schedule of the claims settlement operations will be announced during the Depositors’-Borrowers’ Forum and 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 June 30, 2013 filed by the Rural Bank of Burauen with the PDIC, the bank is owned by Rosario V. Dagatan (30.1%), Jerone V. Dagatan (24.11%), Valeria G. Brigola (7.83%), Corazon D. Oribia (5.18%), Allan Jesus P. Bantula (3.04%), Ma. Fe P. Bantula (2.95%), Eufrocina C. Dagatan (2.86%), Emelita M. Almerino (2.7%) and Clinton Val G. Brigola (2.33%). Its Chairman is Valeria G. Brigola and its President is Jerone V. Dagatan.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to [email protected]. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).