Cavite's Silangan Savings and Loan now under PDIC receivership

The Philippine Deposit Insurance Corp. on Monday said the Monetary Board placed Silang, Cavite-based Silangan Savings and Loan Bank under receivership.

 

The state-run insurer of bank deposits assumed control of Silangan Savings and Loan last Jan. 9, the first bank to go belly-up this year. 
 

The single unit bank operates out of its facilities on J.P. Rizal Street in Silang.

According to PDIC, Silangan Savings and Loan had P72.49 million in deposit liabilities under 1,367 accounts as of end-September 2013, of 1,362 accounts or 99.63 percent of held balances of P500,000 or less.

 

Total insured were P72.08 million or 99.43 percent of total deposits. 

 

PDIC said all valid deposits will be paid up to the maximum coverage of P500,000 per account.

 

In a June 30, 2013 information sheet filed before PDIC, the bank said it was 19.08 percent owned by a certain Evelyn Asuncion, 15.81 percent by an Erlinda Fule, 11.97 percent by a Michael Asuncion, 10.51 percent by a Federico Calero, 10.51 percent by a Ma. Ditas Crisostomo, and 10.51 percent by a Felicitas Salud.

 

Last year, the Monetary Board shuttered and placed 18 banks PDIC under receivership. In 2012, the board closed 24 banks. During the closures in 2012, there where 120,000 depositors who lost an estimated P19.5 billion. – VS, GMA News