Bangko Sentral shuts down Tagkawayan rural bank

The Philippine Deposit Insurance Corp. (PDIC) said Thursday that it took over the New Rural Bank of Tagkawayan Inc. (Quezon) after it was ordered closed by the Bangko Sentral ng Pilipinas by virtue of Monetary Board Resolution No. 772A.   All bank records covering 14,099 accounts and P363.44 million in deposits would be gathered, verified and validated, state-run PDIC said in a statement.   The rural bank has eight branches–two in Siriaya and one each in Calauag, Candelaria, Lucena City, San Juan and Rosario in Batangas. Its head office is on Lagdameo Boulevard in Tagkawayan, Quezon, and its executive office is in Candelaria.   According to its general information sheet with the Securities and Exchange Commission, the bank is majority owned by Daniel De Gala and Anicia De Gala–each owning 39.85 percent stake in the bank.   PDIC said all valid depositors would be paid up to the maximum deposit insurance coverage of P500,000.   Depositors with balances of P10,000 and below, who have no outstanding obligations and who have updated their addresses with the bank in the past year, need not file deposit insurance claims. They would be paid by the end of June 2012, PDIC added.   Those with account balances of more than P10,000 and have outstanding obligations should file their deposit insurance claims.   On May 22, PDIC will stage a forum for depositors to discuss the requirements and procedures for filing deposit insurance claims. —VS, GMA News