Forum with depositors of shuttered bank set

THE Philippine Deposit Insurance Corp. (PDIC) will hold a forum with the depositors and borrowers of the shuttered Lapu-Lapu Rural Bank, Inc. on February 12, Friday, at the Carcar City Complex, about 40 kilometers south of Cebu City.

In a statement, PDIC said all depositors should attend the forum so they can verify whether they are eligible for early payment or would have to file insurance claims.

Based on its records, the bank had 1,909 accounts with total deposit liabilities of P67.6 million as of end-2015.

Insured deposits amounted to P60.7 million, or 89.8 percent of total deposits.

PDIC, which was appointed as receiver on January 28, took over the bank the next day.

The state-owned insurance company said it was still verifying and validating bank records, but assured that all valid deposits shall be paid up to the maximum insurance coverage of P500,000.

“Depositors with valid deposit accounts with balances of P100,000 and below shall be eligible for early payment and need not file deposit insurance claims, except accounts maintained by business entities, or when they have outstanding obligations with Lapu-Lapu Rural Bank or acted as co-makers of these obligations,” the PDIC statement read.

Depositors who are not eligible for early payment would need to file insurance claims and submit the required documents. (See Table)

PDIC said it will start claims settlement operations by the third week of February. Payments to depositors who are eligible for early payment will also be mailed by then.