MB Places Silangan Savings and Loan Bank, Inc. Under PDIC Receivership

MANILA, Philippines, Jan. 13 -- The Philippines Department of Finance issued the following news release:

The Monetary Board (MB) placed the Silangan Savings and Loan Bank, Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 36.A dated January 9, 2014. As Receiver, PDIC took over the bank on the same day.

Silangan Savings and Loan Bank is a single-unit bank located along J.P. Rizal St., Silang, Cavite. Latest available records show that as of September 30, 2013, Silangan Savings and Loan Bank had 1,367 accounts with total deposit liabilities of P72.49 million. A total of 1,362 deposit accounts or 99.63% of the accounts have balances of P500,000 or less are fully covered by deposit insurance. Total insured deposits amounted to P72.08 million or 99.43% of total deposits.

PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00.

The PDIC also announced that it will conduct a Depositors-Borrowers Forum on January 15, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will be distributed during the Forum. The schedule and venue of the Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph. The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC representatives at the bank premises or during the Forum using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID with signature of the depositor. Depositors may update their addresses until January 16, 2014.

Depositors with valid deposit accounts with balances of P50,000.00 and below need not file deposit insurance claims. But depositors who have outstanding obligations with the Silangan Savings and Loan Bank including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the fourth week of January 2014.

For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the fourth week of January 2014. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of June 30, 2013 filed by the Silangan Savings and Loan Bank with the PDIC, the bank is owned by Evelyn P. Asuncion (19.08%), Erlinda C. Fule (15.81%), Michael P. Asuncion (11.97%), Federico A. Calero (10.51%), Ma. Ditas P. Crisostomo (10.51%) and Felicitas P. Salud (10.51%). Its President and Chairman is Evelyn P. Asuncion.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC(7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to [email protected].

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