The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of AMA Rural Bank of Mandaluyong, Inc. and directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on November 8, 2019.
AMA Rural Bank is the eighth bank to be closed by the BSP this year and placed under PDIC receivership and liquidation proceedings. The others were Rural Bank of Lemery, Rural Bank of Larena (Siquijor), East Coast Rural Bank of Hagonoy, Rural Bank of Guihulngan (Negros Oriental), Valiant Bank, The Palawan Bank and Rural Bank of Basey (Samar).
AMA Rural Bank of Mandaluyong is a 13-unit rural bank with head office at No. 311, Shaw Blvd., Brgy. Hagdang Bato Libis, Mandaluyong City. It branches are located in Pasig City; Baguio City; San Fernando City, La Union; Tuguegarao City, Cagayan; Baliuag, Bulacan; San Fernando, Pampanga; Bacoor, Cavite; Cainta and Morong in Rizal; Calamba City and San Pablo City in Laguna; and Palo, Leyte.
Latest available records show that as of June 30, 2019, AMA Rural Bank of Mandaluyong has 8,434 deposit accounts with total deposit liabilities of PhP1.4 billion, of which 92.06% or PhP1.3 billion are insured deposits.
AMA is the fifth largest rural bank in terms of capitalization with P1.04 billion.
AMA Bank was incorporated in 1953. Its listed shareholders are Amable Aguiluz IX and Amable Aguiluz V, AMA Computer College Inc. and First Women’s Credit Corp.
PDIC assured depositors of the closed bank that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PhP500,000.00. The state deposit insurer reminded all interested parties to get in touch with the PDIC Public Assistance personnel stationed at the all branches of the bank or call the PDIC Public Assistance Hotline at (02) 8841-4141 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC. (Rommel F. Lopez)