THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas prohibited the Cooperative Bank of Bohol from doing business.
It directed the Philippine Deposit Insurance Corp. (PDIC), as the receiver, to proceed with the takeover and liquidation of the bank.
The PDIC took over the bank on July 19, 2024.
The Cooperative Bank of Bohol is a four-unit rural bank with a head office located at 0126 CPG East Ave. Barangay Poblacion I, Tagbilaran City. It has branches in Dauis-Panglao, Inabanga and Candijay.
The latest available records show that as of March 31, the bank has 6,290 deposit accounts with total deposit liabilities of P467.2 million, of which 45.3 percent or P211.4 million are insured deposits.
PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000 per depositor.
Filing of claims for insured deposit is targeted to start by Aug. 27.
PDIC said individual and registered entities account holders of valid deposits with balances of P500,000 and below, who have no outstanding obligations or have not acted as co-makers of obligations with the bank, are not required to file deposit insurance claims.
The agency said these individual and registered entities 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) by Aug. 2, either through PDIC representatives in the bank premises or by sending a scanned copy of said form and valid ID to email address, cbbohol-pad@pdic.gov.ph.
The 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 P500,000.00 and below will be made through postal money order and targeted to be sent via mail starting on Aug. 15.
Borrowers are likewise reminded to continue paying their loan obligations with the closed bank and to transact only with designated PDIC representatives.
PDIC also announced that depositors and borrowers of the bank are encouraged to attend the Depositors-Borrowers’ Forum scheduled on Aug. 14. The venue will be announced soon. / KOC