The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Cooperative Bank of Tarlac, Inc., reminded borrowers of the bank to continue to pay their loans and transact only with authorized PDIC representatives.

In a statement, PDIC advised borrowers of Cooperative Bank of Tarlac to pay their loans and other obligations directly at any Philippine National Bank (PNB) Branch under account name, PDIC FAO BURL – COOPERATIVE BANK OF TARLAC. The Receiver cautioned borrowers that it has discontinued the engagement of the bank’s collectors. Moreover, PDIC has not engaged any person to collect the loans of the bank. To ensure proper recording of payments made by borrowers, PDIC further advised borrowers to keep copies of the PNB Deposit/Payment Slips. The Receiver emphasized that only payments with validated PNB Deposit/Payment Slips shall be considered valid payments. Official receipts will be issued by PDIC upon validation of payments and will be sent through mail to the borrowers. For proper accounting of their payments, borrowers who do not receive their official receipts are advised to send a copy of their deposit slips by mail to the Deputy Receiver for loans Mr. Benefico M. Magday at the PDIC Office, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or send via e-mail to Ms. Sheila Therese P. Ocampo at [email protected] or to Ms. Thelma A. Peña at [email protected].

The Monetary Board (MB) placed the Cooperative Bank of Tarlac under the receivership of the PDIC by virtue of MB Resolution No. 1685 dated October 24, 2014. As Receiver, PDIC took over the bank on October 27, 2014. Upon takeover, all bank records were gathered, verified and validated.

Cooperative Bank of Tarlac is a two-unit rural bank with three marketing offices. Its Head Office is located at 193 Macabulos Drive, San Roque, Tarlac City, Tarlac. It has a branch located in Camiling and its marketing offices are located in Capas, Concepcion and Paniqui, all in Tarlac.

Borrowers of the bank may also communicate with the PDIC–Loans Management Department III at (02) 841-4974 or 841-4975. Queries may also be sent through email at [email protected].