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Friday, March 29, 2024

PDIC closes, takes over ‘unhealthy’ Cavite bank

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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, placed Community Bank (Rural Bank of Alfonso Inc.) based in Alfonso, Cavite, under the custody of Philippine Deposit Insurance Corp. on Feb. 26, 2015 due to unhealthy financial condition, the first bank closed this year.

State-run PDIC as receiver took over the bank on the same day.

Community Bank is a three-unit rural bank with head office at Mabini St., Town Plaza, Alfonso, Cavite.  Its two branches are located in Biñan, Laguna and Gen. Aguinaldo, Cavite.

The bank, according to an information sheet filed with PDIC as of June 30, 2013,  is owned by Alfredo Roa III (37.52 percent), Ruby Roa (27.15 percent), Ma.Theresa Antonio (14 percent), Georgia Remulla (13.40 percent) and Gabriel Limjoco (2.50 percent). Its president is Vicente Betos and whili the chairman is Alfredo Roa III.

Latest available records showed Community Bank as of March 31, 2014 had 26,923 accounts with total deposit liabilities of P245.5 million. Total insured deposits amounted to P241.1 million, or 98.2 percent of total deposits.

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PDIC said it would gather, verify and validate all bank records. The state deposit insurer assured depositors all valid deposits would be paid up to the maximum deposit insurance coverage of P500,000.

In 2014, 14 rural banks were placed by the Monetary Board under the custody of PDIC due to unsound financial condition.

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