THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Emerald Rural Bank, Inc. from doing business in the Philippines through MB Resolution No. 77.A dated January 23, 2025, which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank.
The PDIC took over the bank on January 24, 2025.
Emerald Rural Bank, Inc. is a single-unit rural bank with Head Office located at Blk 45 Lot 12 Brgy. Sta. Cruz I, City of San Jose del Monte, Bulacan. Latest available records show that as of September 30, 2024, Emerald Rural Bank, Inc. has total deposit liabilities of P26.6 million consisting of 359 deposit accounts, 98.9% of which or P26.3 million are insured deposits.
The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.
Individual account holders and registered entities with valid deposit balances of P500,000.00 and below, that have no outstanding obligations or have not acted as co-makers of obligations with Emerald Rural Bank, Inc. are not required to file deposit insurance claims. These individual depositors and registered entities must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until January 31, 2025 either through the PDIC representatives in the bank premises, or by sending a scanned copy of said Form and valid ID to email address, emerald-pad@pdic.gov.ph. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph. Insurance payments for valid deposits with balances of P500,000.00 and below will be made through postal money order or through Landbank Visa Debit Card and targeted to be sent via mail starting on February 10, 2025.
For all other depositors, filing of claims for insured deposit is targeted to start by February 17, 2025.
Borrowers are likewise reminded to continue paying their loan obligations with the closed Emerald Rural Bank, Inc. and to transact only with designated and duly authorized PDIC representatives.
For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum scheduled on February 7, 2025. Details of the Forum i.e., time and venue, will be announced later.
As provided for by the PDIC Charter, the PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible purchase of assets and assumption of liabilities (P&A) as a mode of liquidating the Emerald Rural Bank, Inc. Letters of intent should be submitted within 60 days from takeover date subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks which can be accessed in the PDIC website. |