THE Monetary Board (MB) has placed Siargao Bank (A Rural Bank) Inc. under the receivership of the Philippine Deposit Insurance Corp. (PDIC). As receiver, PDIC took over the bank on June 15.
Siargao Bank is a three-unit rural bank with head office at 03406 Jose C. Sering Building, Borromeo Street, Surigao City, Surigao del Norte. Based on the bank information sheet filed with the PDIC as of December 31, 2014, the bank is owned by John and Nanette S. Wright (19.09 percent); Socorro L. Sering (18.58 percent); Eugene Razon and Jacqueline Sering (18.54 percent); Mary Ann Lucille L. Sering (13.46 percent); Joseph Calderon and Remedios Sering (10.64 percent); and Vert Bleu Acquisitions Inc. (2.78 percent). The bank president is Nanette S. Wright and its chairman is Remedios S. Calderon.
Latest available records show that as of March 31, 2015, Siargao Bank had 9,739 accounts with total deposit liabilities of P116.9 million. Total insured deposits amounted to P112.6 million, or 96.4 percent, of total deposits.
The PDIC said that during the 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.
Depositors with valid deposit accounts with balances of P50,000 and below need not file deposit insurance claims, except when they have outstanding obligations with Siargao Bank or acted as comakers of these obligations, and have incomplete and/or have not updated their addresses with the bank.
PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the first week of July.
Depositors may update their addresses until June 25, using the mailing address update forms to be distributed by PDIC representatives at the bank premises.
For depositors who are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the second week of July.
The PDIC also announced that it will conduct a depositors-borrowers forum on June 26 and 29 to inform depositors of the requirements and procedures for filing deposit insurance claims.
The time and venue of the forum will be posted in the bank premises and announced in the PDIC web site, www.pdic.gov.ph. Likewise, the schedule of the claims settlement operations, as well as the requirements and procedures for filing claims will be announced through notices to be posted in the bank premises, other public places and the PDIC web site.