Surigao Rural Bank Placed Under PDIC Receivership

The Monetary Board placed the Surigaonon Rural Banking Corporation under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of an MB resolution dated April 23, Minda News reported. As receiver, PDIC took over the bank the following day. Surigaonon Rural Banking Corporation is a 10-unit rural bank with head offices located at the junction of Rizal and Gemina Streets in this city. It has another branch in the city, and in the cities of Tacloban, Cagayan de Oro, Davao and Butuan. Furthermore, it has four branches in Surigao del Norte –in the towns of Dapa, General Luna, Placer and Tubod. The bank is owned and founded by Alfredo T. Bonpin. Nathaniel A. Tumbokon, information officer of PDIC, told MindaNews this afternoon that as of December 31, 2014, the rural bank had 13,184 accounts with total deposits P265.3 million. He said total insured deposits amounted to P249.4 million or 94 percent. He said that in this takeover, all bank records shall be gathered, verified, and validated. “The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000,” Tumbokon said. Read more.