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Savings bank placed under receivership

PDIC explains how depositors can claim
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The Monetary Board of the Bangko Sentral ng Pilipinas placed Express Savings Bank, Inc. under the receivership of the Philippine Deposit Insurance Corporation.

The state-owned insurance company took over the bank’s four branches and offices on July 8.

A four-unit bank based in Laguna, its head office is located on J.P. Rizal Avenue, Cabuyao, Laguna. Its branches are in Santa Rosa, Binan and San Pedro, all in Laguna. Latest available records show that as of March 31, 2011, Express Savings Bank had estimated total deposit liabilities of P608.36 million consisting of 2,673 accounts.

In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. PDIC said that Depositors Forums (DF) shall be conducted on July 12, 2011 to explain the process of filing deposit insurance claims and distribute claim forms.

Holders of deposit accounts with balances of P10,000 and below who have no outstanding loans and whose addresses are current in the bank records are not required to file deposit insurance claims. PDIC targets to start mailing insurance payment for these account holders on the last week of August. Payments will be made through postal money order (PMO) mailed directly to depositors via express mail. These PMOs can be encashed at the local postal offices and LandBank of the Philippines branches.

Depositors with account balances of more than P10,000 and those whose balances are P10,000 and below with incomplete addresses in the bank records and with outstanding loans are required to file claims.
 

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