The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Cooperative Bank of Bohol from doing business in the Philippines through MB Resolution No. 818.B dated July 18, 2024, 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 July 19, 2024.
Cooperative Bank of Bohol is a four-unit rural bank with Head Office located at 0126 CPG East Avenue, Brgy. Poblacion I, Tagbilaran City, and branches in Dauis-Panglao, Inabanga, and Candijay, all in Bohol.
Latest available records show that as of March 31, 2024, Cooperative Bank of Bohol has 6,290 deposit accounts with total deposit liabilities of P467.2 million, of which 45.3 percent or P211.4 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 per depositor.
Individual and registered entities account holders of valid deposits with balances of P500,000 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Cooperative Bank of Bohol are not required to file deposit insurance claims.
These individual 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 August 2, 2024, either through the PDIC representatives in the bank premises, or by sending a scanned copy of said Form and valid ID to email address, [email protected].
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 and below will be made through postal money order and targeted to be sent via mail starting on August 15, 2024.
For all other depositors, filing of claims for insured deposit is targeted to start by August 27, 2024.
Borrowers are likewise reminded to continue paying their loan obligations with the closed Cooperative Bank of Bohol and to transact only with designated 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 August 14, 2024.
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 Cooperative Bank of Bohol.
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.
All clients of the bank may communicate with PDIC through any of the following modes: Public Assistance Hotline during office hours at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342) during office hours for those outside Metro Manila, e-mail to [email protected] or Facebook private message.
For visits to the PDIC Public Assistance Center, clients are highly encouraged to request for an appointment which may be secured through telephone, e-mail or Facebook private message. (PR)
