Monetary Board places Tarlac rural bank under receivership

First Provincial Bank, with head offices in Tarlac, has been placed under receivership by the central bank's Monetary Board. The rural bank’s receiver, the Philippine Deposit Insurance Company, took over the bank Friday.   PDIC, the state-run insurer of bank deposits, assured depositors that all valid deposits up to the maximum coverage of P500,000 would be returned to them.   Records as of June 30, 2011 showed that First Provincial had 4,233 accounts with total deposit liabilities of P190.5 million.   Depositors with accounts of P10,000 and below, have no outstanding obligations with the bank, and have updated their addresses in the past year need not file deposit insurance claims. Payments will be mailed next month to these depositors’ last known addresses.   Those with balances of more than P10,000 and those with outstanding obligations should file their deposit insurance claims. Depositors’ forums will be held at the head office in Tarlac on April 24 at 9:00 a.m. to inform depositors of the requirements and procedures for filing the claims.   Claims settlement will be done at the bank by third week of June 2012. Dates will be posted at the bank's premises, on the PDIC website, and published in newspapers. —AE/VS, GMA News