AMA Bank and PDIC’s advisory (inset) – (PDIC handout photo)

State deposit insurer Philippine Deposit Insurance Corporation (PDIC) reminds the public that AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) remains closed and under PDIC liquidation.

In a statement released Thursday, PDIC said that while it stopped its deposit insurance and liquidation operations of the closed bank due to the Temporary Restraining Order (TRO) issued by the Court of Appeals on November 25, 2019, “PDIC shall resume its activities once the TRO expires on January 25, 2020 and no writ of preliminary injunction has been issued.”

PDIC assured the depositors of the closed AMA Bank that it is committed to pay their insured deposits despite what it says are “the challenges caused by the refusal of the Bank’s officers and employees to properly turn over bank records to PDIC.”

It advised depositors, borrowers, creditors and all other clients of the closed AMA Bank to visit their website for updates. (Rommel F. Lopez)