ANOTHER RURAL BANK has been shut by the Bangko Sentral ng Pilipinas (BSP), with the Philippine Deposit Insurance Corp. (PDIC) set to take over the institution.

In a statement on Monday, PDIC said that the Monetary Board (MB) has prohibited the Rural Bank of Tibiao (Antique), Inc. from continuing its operation through MB Resolution No. 344A dated Mar. 5.

With the MB directing PDIC to start the process of the takeover and liquidation of the said bank, PDIC took over the lender on Mar. 6.

Latest data from the BSP showed the Rural Bank of Tibiao has 969 deposit accounts with deposit liabilities totaling P30.35 million as of end-2019. Of these, P30.16 million or 99.3% are insured with the PDIC.

“PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000,” the statement said.

For those with accounts of deposits less than P100,000, filing deposit insurance claims will not be needed provided that they have no outstanding debts or have not acted as co-makers of obligations with the lender.

“These individual depositors must ensure that they have complete and updated addresses with the bank,” PDIC said.

The schedule for filing of claims by business entities and other depositors will be announced in the bank premises, public places, as well as the PDIC website and Facebook account, it added.

Likewise, PDIC said borrowers should continue to pay their loan obligations with the closed bank and to transact only with authorized PDIC representatives at the bank premises.

The lender is a single-unit rural bank with office at Poblacion, Tibiao, Antique.

Last month, the MB also ordered the closure of Cagayan-based Providence Rural Bank, Inc. which had deposits worth P33.4 million as off end-2019. — LWTN