PDIC urges creditors of the closed Rural Bank of Nabunturan (Compostela Valley), Inc. to file their claims against the bank’s assets on or before 5 March 2022.
The Monetary Board, in Resolution No. 1588.A dated November 25, 2021, prohibited RURAL BANK OF NABUNTURAN (COMPOSTELA VALLEY), INC. (“Bank”), with office address at Purok 10, Echavez St., Brgy. Poblacion, Nabunturan, Davao de Oro, from doing business in the Philippines. The same Resolution directed the PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC) as Receiver to proceed with the takeover and liquidation of the Bank in accordance with Section 12 of RA No. 3591, as amended (PDIC Charter).
The PDIC took over the Bank and its assets, records and affairs on November 29, 2021.
The PDIC Charter provides in Section 13, that a bank placed under liquidation shall in no case be re-opened and permitted to resume banking business. Furthermore, Section 12 expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated.
Be further informed that upon placement of the Bank under liquidation, the powers, functions and duties of the directors, officers and stockholders of the Bank are terminated. Accordingly, the directors, officers, and stockholders shall be barred from interfering in any way with the assets, records and affairs of the Bank. Therefore, anyone in possession of any assets and/or records of the closed Rural Bank of Nabunturan (Compostela Valley), Inc. is advised not to allow or honor any transaction affecting the same without the consent of the Receiver and to immediately turnover the said assets and/or records to the designated Deputy Receiver at the address provided below.
Moreover, all assets of the Bank are deemed to be in custodia legis in the hands of the Receiver and may not be subject to attachment, garnishment, execution, levy or any other court processes.
All inquiries, communications or transactions relating to or involving the Bank should be addressed to:
The Public Assistance Department (PAD)
Philippine Deposit Insurance Corporation
Mail/Courier at: 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, Makati City 1226
Hotline : (632) 8841-4141 (for depositors within Metro Manila, during office hours)
Toll Free : 1-800-1-888-7342 or 1-800-1-888-PDIC (for those outside Metro Manila, during office hours)
You may want to read: