THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Surigaonon Rural Banking Corp., placing the bank under the receivership of state deposit insurer Philippine Deposit Insurance Corp. (PDIC).

In a statement, PDIC said that upon takeover, all records of the 10-unit Rural bank will be gathered, verified and validated.

Surigaonon Rural Banking Corp.’s head office is located in Surigao City, Surigao del Norte. It has branches in Tacloban City, Cagayan de Oro City, Davao City and Butuan City; and five branches in Surigao del Norte in Dapa, General Luna, Placer, Surigao City and Tubod.

The state deposit insurer assured depositors that all valid deposits will be paid up to the maximum deposit insurance coverage of P500,000.

As of December 31, 2014, the Surigaonon Rural Banking Corp. had 13,184 accounts with total deposit liabilities of P265.3 million.

Total insured deposits amounted to P249.4 million or 94 percent of total deposits.

Depositors with valid deposit accounts that have balances of P50,000 and below need not file Deposit Insurance Claims, except when they have outstanding obligations with the Surigaonon Rural Banking Corp. or acted as co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank.

“PDIC targets to start mailing payments to these deposit
ors at their addresses recorded in the bank by the second week of May,” it said.

Depositors may update their addresses until May 4, 2015 using the mailing address update forms to be distributed by PDIC representatives at the bank premises, it said.

For depositors who are required to file deposit insurance claims, the PDIC aims to start claims settlement operations for such accounts by the third week of May 2015.

The Surigaonon Rural Banking Corp. is the fourth rural bank placed under PDIC receivership this year. The Monetary Board closed a total of 14 rural banks in 2014. (The Manila Times)