Wednesday, December 24, 2008 Another rural bank closes By Ian Ocampo Flora
CITY OF SAN FERNANDO -- The Rural Bank of Bacolor Inc. (RRBI) here has closed its doors last Tuesday, leaving its depositors wondering how they could withdraw their money.
Apparently, RRBI becomes the second rural bank in Pampanga to go on a bank holiday.
It was found out that RBBI is a "related bank" of Sta. Rita Rural Bank (SRRB), which was reported to have gone "bankrupt" on Friday. Owners of SRRB, Victoriano de Castro and his wife, were allegedly among the incorporators of RBBI.
SRRB has closed its doors to clients last Friday.
Customers and depositors were surprised to see a notice posted on the two branches of RBBI in this capital city stating that it is "temporarily closed" although it was still a regular banking day. Some depositors speculate that the bank has also filed for bankruptcy with the Bangko Sentral ng Pilipinas (BSP).
The BSP has yet to confirm if RBBI and SRRB have indeed filed bankruptcy.
Sun.Star tried to get comments from the two rural banks' officials here but to no avail.
Some depositors said that RBBI has started to refuse transaction since Monday this week.
Bong Matic, a municipal official in Bacolor town, said that he has deposited some money in the bank last Friday.
"I deposited some money and was planning to withdraw some new bills. The tellers told me that they will give me the new bills which I was supposed to give away this Christmas on Monday. But I was surprised that the bank was closed," Matic said.
Depositors of the RBBI were found out to be mostly from hospital workers and market vendors, as well as big depositors from Bacolor town's old rich families. Since the two banks have yet to issue statements regarding their financial standings, depositors here are desperately awaiting bank officials to "come out in the open."
In Sta. Rita town, SRRBI owner Victoriano de Castro has been rumored to have left for the United States, a report that further escalated the fears of some depositors that they will no longer get their hard-earned money.
Some depositors, on the other hand, urged the BSP to step in to ease out the situation and prevent a possible bank run among other rural banks.
"We are surprised that the BSP is not stepping out to help us. We are asking the BSP to settle these issues and remove our worries. We want an explanation," said a depositor of a P12 million account.
The depositors’ fear and disappointment is being aggravated by the long holiday ahead.
