Providence Rural Bank (photo handout from PDIC)

The Bangko Sentral ng Pilipinas (BSP) closed Providence Rural Bank, Inc. on February 27, 2020 and placed it under receivership of the Philippine Deposit Insurance Corporation (PDIC).  PDIC took over the bank on February 28, 2020.

Providence Rural Bank, Inc. is a single-unit rural bank with business address at National Highway cor. Aglipay St., Brgy. Bulala, Camalaniugan, Cagayan.

PDIC said in a statement that Providence Rural Bank’s latest available records show that, as of December 31, 2019,  the closed bank has 2,431 deposit accounts with total deposit liabilities of PhP33.4 million, of which 93% or PhP31.06 million are insured deposits.

The state deposit insurer advised depositors and borrowers of the closed bank to attend the Depositors-Borrowers’ Forum on March 10, 2020. 

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PhP500,000.00. (Rommel F. Lopez)