MANILA, Philippines – Another rural bank has been placed under receivership of the Philippine Deposit Insurance Corporation (PDIC), due to insolvency. 

The Monetary Board issued a resolution on Thursday placing Millenium Bank Inc., a single unit rural bank in Cabanatuan City, Nueva Ecija,  under PDIC receivership.

The PDIC took over the bank today (Friday). The state deposit insurer said that all bank records shall be gathered, verified and validated, upon its takeover.

As of March 31, Millenium Bank had 1,451 accounts with total deposit liabilities of P37.52 million.

The bank, which is located at Del Pilar St., Cabanatuan City, is majority owned by Phil. Indi. Comml. Ent. (40%), Norberto Dela Merced (19.99%), and Ma. Victoria Cristina S. Abraham (18%).

Millenium Bank’s closure comes just weeks after the Export Industry Bank (EIB) was also placed under PDIC receivership. So far, the central bank has closed 7 banks this year, namely EIB; Rural Bank of Tagkawayan, Inc. in Quezon; First Provincial Bank, Inc. (A Rural Bank) in Tarlac; Rural Bank of Gigaquit in Surigao del Norte; Rural Bank of Luna, Inc. in La Union; Cooperative Bank of Iloilo, Inc. in Iloilo; and Rural Bank of Nasugbu, Inc.

The PDIC assured Millenium Bank depositors that it will pay all valid deposits up to the maximum deposit insurance coverage of P500,000. 

Depositors with valid accounts with balances of P10,000 and below, who have no outstanding obligations with Millennium Bank and who have updated their addresses with the bank in the past year, do not need to file deposit insurance claims. PDIC expects to start mailing small depositors by early July

Depositors who have accounts of more than P10,000 and have outstanding obligations should file deposit insurance claims.

The schedule of the claims settlement for these accounts will be announced in August.

The PDIC will hold a depositors forum for Millenium Bank depositors on May 31.

The schedule and venue of the Depositors Forum will be posted in the bank premises. For more details, visit the PDIC website, www.pdic.gov.ph.