MB padlocks, places under PDIC receivership Tarlac cooperative bank

The Monetary Board (MB) has placed the Cooperative Bank of Tarlac Inc. under the receivership of Philippine Deposit Insurance Corp. (PDIC).

 

In an emailed statement, PDIC said it took over the bank on Oct. 27, 2014 by virtue of MB Resolution No. 1685 on Oct. 24, 2014.

 

The Cooperative Bank of Tarlac in San Roque is a two-unit rural bank with three info offices in Capas, Concepcion, and Paniqui and a branch in Camiling, Tarlac.

 

It is owned by the Cooperative Banks Federation of the Philippines (15.25 percent), Land Bank of the Philippines (12.15 percent), Kabutil Mega Credit Coop (9.75 percent), Cooperative Development Authority (7.16 percent) and CBTI Employees Mpc (2.89 percent).  

 

The bank's chairman is Ricardo P. Ramos, its president is Wilfredo A. Antimano.

 

PDIC said records showed that as of end-June, the bank had 3,831 accounts with total deposit liabilities of P225.76 million.

 

A total of 3,806 deposit accounts, with a balance of at least P500,000, are fully covered by deposit insurance, PDIC said. 

 

According to the deposits insurer, depositors with all valid deposits will be paid up to the maximum deposit insurance coverage of P500,000.

 

A depositors-borrowers forum will be held on Nov. 4 to let depositors the requirements and procedures for filing claims.

 

Those with balances of P50,000 and below and without outstanding obligation with the bank, on the other hand, are no longer required to file for their claims. – Kathryn Mae P. Tubadeza/VS, GMA News