Monetary Board closes Maximum Savings Bank Inc.

Contributed photo
Contributed photo

THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Maximum Savings Bank Inc. from doing business in the Philippines through MB Resolution 1704.C dated November 7, 2019.

The resolution also directed the Philippine Deposit Insurance Corporation (PDIC) as receiver to proceed with the takeover and liquidation of Maximum Savings Bank. PDIC took over the bank on November 8, 2019.

Maximum Savings Bank is a five-unit thrift bank with head Office located at 24 Antonio A Pastor Bldg., P. Burgos St., Barangay 16 (Pob), Batangas. It has four branches located in Muntinlupa City; Batangas City, Batangas; and Calapan City and Puerto Galera, both in Oriental Mindoro.

Latest available records show that as of June 30, 2019, Maximum Savings Bank has 3,487 deposit accounts with total deposit liabilities of P158.0 million, of which 38.34 percent or PhP60.6 million are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000. Individual account holders of valid deposits with balances of P100,000 and below do not need to file deposit insurance claims, provided they have no outstanding obligations or have not acted as co-makers of obligations with Maximum Savings Bank. These individual depositors must ensure that they have complete and updated addresses with the bank. PDIC representatives will be distributing Mailing Address Update Forms at the bank premises and depositors may submit the forms until November 15, 2019.

For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced through posters in the bank premises and in other public places, the PDIC website, and PDIC’s official Facebook account.

PDIC also reminded borrowers to continue paying their loan obligations with the closed Maximum Savings Bank and to transact only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing of claims for deposit insurance and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum on November 21 to 22, 2019. Details will be posted at the bank premises and in other public places.

Pursuant to Section 13 of Republic Act 3591, as amended, 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 Maximum Savings Bank within 60 days from PDIC takeover 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 posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to or via private message to the official PDIC Facebook account at (PR)


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