Davao del Norte rural bank closed, placed under receivership – PDIC

The Monetary Board has closed and placed the Rural Bank of Montevista in Davao del Norte under receivership of Philippine Deposit Insurance Corp. (PDIC), citing a shaky financial condition, PDIC said Monday.

 

It was the third bank closed so far this year by the Bangko Sentral ng Pilipinas policy-setting body.

 

PDIC said it took over the bank on March 7, 2014.

 

Rural Bank of Montevista is a 10-branch affair headquartered in Sobrecary, Tagum City, Davao del Norte.

 

As of end 2013, the bank had 35,293 accounts with deposit liabilities of P230.35 million. 

 

PDIC said 35,248 deposit accounts or 99.87 percent of the accounts held balances of P500,000 or less and were fully covered by deposit insurance. 

 

The deposits insured were placed at P209.83 million or 91.09 percent of total deposits.

 

The Rural Bank of Montevista is 35.23 percent owned by Get Holdings Inc., 20.76 percent by the University of Mindanao (Retirement Fund) 15.43 percent by RBM Employees Provident Fund, 9.9 percent by Guillermo Torres Jr., 4.33 percent by Edwin Torres, 4.08 percent by Antonio Pilpil, 3.03 percent by Victor Nicasio Torres,  2.17 percent by the University of Mindanao, PDIC records showed. Felix Maceda was its president and chairman.

 

The Rural Bank of Reina Mercedes in Isabela and the Cavite-based Silangan Savings and Loan Bank were also placed under PDIC receivership earlier this year because of unstable financial conditions. –  VS, GMA News