The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. from doing business in the Philippines through MB Resolution No. 210.B dated February 17, 2022 which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank.
The PDIC took over the bank on February 18, 2022.
For the safety of the bank clients and local residents, the PDIC field personnel complied with the health, quarantine and travel protocols in accordance with Resolution No. 98-A issued by the Inter-Agency Task Force for the Emerging Infectious Disease (IATF). The same Resolution also authorized the PDIC personnel to travel on official business unimpeded to ensure that the PDIC is able to fulfill its mandates under the law.
Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. is a single-unit rural bank with Head Office located in P. Burgos St., Siniloan, Laguna. Latest available records show that as of 31 December 2021, Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. has 238 deposit accounts with total deposit liabilities of P18.4 million, of which 99.5% or P18.3 million are insured deposits.
The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.
Individual account holders of valid deposits with balances of P100,000.00 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. are not required to file deposit insurance claims. These individual depositors must ensure that they have complete and updated addresses with the bank.
Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until February 28, 2022, either through the drop box available at the bank premises, or by sending a scanned copy of said Form and valid ID to email address, firstname.lastname@example.org. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph. Insurance payments for valid deposits with balances of P100,000.00 and below will be made through postal money order and targeted to be sent via mail starting on March 9, 2022.
For business entities and all other depositors who are required to file claims for insured deposit, receiving of claims is targeted to start by March 14, 2022.
Details will be announced through the PDIC website www.pdic.gov.ph, and PDIC’s official Facebook page, www.facebook.com/OfficialPDIC.
Borrowers are likewise reminded to continue paying their loan obligations with the closed Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. and to transact only with designated PDIC representatives. The procedures for settlement of loan obligations are available in the PDIC website.
For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the virtual Depositors-Borrowers’ Forum scheduled on March 7, 2022. Details of the Forum will also be announced in the PDIC website and Facebook page.
As provided for by the PDIC Charter, the PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible purchase of assets and assumption of liabilities (P&A) as a mode of liquidating Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. Letters of intent should be submitted within 60 days from takeover date subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks which can be accessed in the PDIC website.
To ensure the safety of all concerned and observance of health protocols, all clients of the bank may communicate with PDIC through any of the following modes: Public Assistance Hotline during office hours at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342) during office hours for those outside Metro Manila, e-mail to email@example.com or Facebook private message. In view of the strict health protocols, visits to the PDIC will be on appointment basis only.
Appointment schedule may be secured through telephone, email or Facebook private message.