The Monetary Board of the Bangko Sentral ng Pilipinas has placed Express Savings Bank Inc. under receivership of the Philippine Deposit Insurance Corp.
By virtue of MB Resolution 987-B dated July 7, 2011, PDIC, as the receiver, took over the bank on July 8, 2011.
A four-unit bank based in Laguna, its head office is at J.P. Rizal Avenue, Cabuyao, Laguna. Its branches are in Santa Rosa, Biñan and San Pedro, all in Laguna.
Data from the BSP showed that as of March 31, 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 will be gathered, verified and validated.
PDIC said that depositors’ forums will also be conducted on July 12 to explain the process of filing deposit insurance claims and to distribute claim forms.
Details on the venues and exact time will be posted in bank premises and on the PDIC website, http://www.pdic.gov.ph.
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 aims to start mailing insurance payment for these account holders on the last week of August. Payments will be made through postal money order mailed directly to depositors.
These PMOs can be cashed at the local postal offices and in Land Bank of the Philippines branches.
The Office of the Ombudsman has found “substantial evidence” that Prospero Pichay, chairman of the Local Water Utilities Administration, and others illegally acquired EXSBI for P780 million in 2009 without approval from the BSP or the Department of Finance.
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