The Monetary Board (MB) of the Bangko Sentral ng Pilipinas has shut down the operations of Community Rural Bank of Magallon in Moises Padilla, Negros Occidental.
In Resolution No. 2031.B dated Nov. 17, 2016, the MB directed the Philippine Deposit Insurance Corp. (PDIC) as receiver to proceed with the takeover and liquidation of the bank yesterday, Nov. 18.
The PDIC said all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum on December 2.
The Community Rural Bank of Magallon, a single-unit rural bank located at Gomez St., is headed by its president Robert R. Tillaman and its chairman Naoya (Dan) Sakamoto.
The bank’s information sheet filed with the PDIC as of June 30, 2016 showed it is owned by Magallon Integrated Holdings Corp. (30.55 percent), Maximiano R. Tan (8.4 percent), Jose Alfredo De Leon (8.4 percent), Perbea N. Paderna (8.02 percent), Gem Guanco (6.49 percent), Ma. Louella M. Aranas (5.8 percent), Jesus Clint O. Aranas (5.77 percent), Ma. Roxanne Zayco (2.9 percent), and Manuel Aurelio (2.1 percent).
The PDIC said that latest available records show that as of June 30 this year, the bank had 1,315 accounts with total deposit liabilities of P28.5 million. Total insured deposits amounted to P24.5 million, involving 85.9 percent of total deposit accounts.
PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000. Depositors with valid deposit accounts with balances of P100,000 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 Community Rural Bank of Magallon or acted as co-makers of these obligations.
Depositors have to ensure that they have complete and updated addresses with the bank, or they may update their addresses until November 28, 2016 using the mailing address update forms to be distributed by PDIC representatives at the bank premises. (PR)