The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has shut down the Rural Bank of Basey (Samar) Inc., as its deposit liabilities have reached over P40 million.
In a statement on Monday, the Philippine Deposit Insurance Corporation (PDIC) said it took over the local bank last Friday, May 17.
Located on Serafin Marabut Street, the Rural Bank of Basey is a single-unit rural bank with 631 deposit accounts with total deposit liabilities of P41.4 million as of March 31, 2019.
In the same statement, the PDIC said all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.
Individual account holders of valid deposits with balances of P100,000 and below do not need to file deposit insurance claims, provided that they have no outstanding obligations.
They will be given until Wednesday, May 22, to update their mailing address with the PDIC.
Meanwhile, the PDIC said it will announce the schedule for the filing of claims for businesses and all other depositors required to file claims for insurance at a later date.
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BSP shuts down Rural Bank of Basey