NOTE: THIS STORY WAS FIRST PUBLISHED IN THE BOHOL CHRONICLE’S SUNDAY PRINT EDITION.
The Bangko Sentral ng Pilipinas (BSP) has shut down the operations of the 44-year-old Cooperative Bank of Bohol (CBB).
A team, composed of about 15, from the BSP Monetary Board arrived at the bank’s central offices along CPG East Ave., past 11 o’clock Friday morning to serve the Notice of Closure.
Bank Manager Marsha Bagnol requested the team from Manila to meet the board of directors headed by lawyer Dionisio D. Balite to formalize the serving of the notice of closure given to the bank officials and personnel who were shocked by the sudden takeover.
Three teams did a simultaneous takeover of the bank’s main offices and its three branches in Inabanga, Candijay and Panglao.
In a check made by the Chronicle shortly before the bank premises closed last Friday, the team from the BSP preferred to be “silent” on the reasons behind the takeover and the guidelines for the depositors to claim the insured portions of their deposits.
The statutory receiver of the Coop Bank is the Philippine Deposit Insurance Corp. (PDIC).
“The Monetary Board of BSP prohibited the CBB from doing business in the Philippines and directed the Philippine Deposit Insurance corporation (PDIC) as the designated Receiver to proceed with the takeover and liquidation of the bank in accordance with Section 12 (a) of Republic Act No.3591, as amended, (the PDIC charter).”
The notice said that PDIC took over the bank’s branches, assets, records and affairs on July 19, 2024.
“Depositors, borrowers and other clients/stakeholders of the bank will be informed accordingly of the requirements and procedure for filing claims for deposit insurance and claims against the assets of the closed bank and settlement of obligations in the PDIC website and official Facebook account.”
The public is advised to address their inquiries, communications or transactions relative to the said bank to: The Public Assistance Department, Chino Bldg, 2228, Chino Roces Avenue, Makati City.
Reports gathered from the bank revealed that part of more than 50 bank employees, particularly in the accounting department, will be retained by BSP monetary board in order to assist in the processing of their depositors’ claims which will commence by the middle of August.
The bank holds the record of 6,400 accounts with some 3,500 low-income Boholanos who belong to the farmers and fisherfolks sectors.
Details of the claiming of the insured portion of the bank depositors will be announced in due time.
PDIC is a government instrumentality created in 1963 by virtue of Republic Act 3591, as amended, to insure the deposits of all banks. PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.