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Philippines : MB places Gulf Bank (Rural Bank of Lingayen, Inc.) under PDIC receivership.

The Monetary Board (MB) placed the Gulf Bank (Rural Bank of Lingayen, Inc.) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 543 dated April 3, 2014. As Receiver, PDIC took over the bank on April 4, 2014.

Gulf Bank is a five-unit rural bank with Head Office located at No. 3 Avenida Rizal East St., Lingayen, Pangasinan. Its branches are located in Alaminos in Dagupan City, Mangatarem in Pangasinan, and in Baguio City. Latest available records show that as of December 31, 2013, Gulf Bank had 12,991 accounts with total deposit liabilities of P364.39 million. A total of 12,929 deposit accounts or 99.52% of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounts to P355.07 million or 97.44% of total deposits.

PDIC said that upon 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 P500,000.00.

The PDIC also announced that it will conduct Depositors-Borrowers Forums on April 9 and 10 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedules and venues of the Forums will be posted on the bank premises and in the PDIC website, www.pdic.gov.ph. The claim forms and the requirements and procedures for filing are likewise available for download at the PDIC website.

Depositors may update their addresses with the PDIC representatives at the bank premises or during the Forums using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID with signature of the depositor. Depositors may update their addresses until April 10, 2014.

Depositors with valid deposit accounts and balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Gulf Bank, including co-makers of the obligations, and have incomplete or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by third week of April 2014.

For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts by the fourth week of April. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places, as well as through the PDIC website, www.pdic.gov.ph.

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Publication:Mena Report
Geographic Code:9PHIL
Date:Apr 5, 2014
Words:480
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