Rural Bank of Maribojoc Declares Bank Holidayby Sunday Post
The ailing Rural Bank of Maribojoc, Inc. (RBMI) has assured Tuesday jittery depositors not to worry “because we have enough assets to service the claims of clientsâ€.
Restituto Tan, owner of the failed bank made the disclosure to the Post, the day after his rural bank in Maribojoc,
declared a bank holiday.
Surprised depositors woke up Monday morning that the bank was turning away transactions because it
declared a bank holiday.
A victim of panic withdrawals, the rural bank management, said in a statement, that everything is well with the bank operations. Whatever that means, it was not explained in the statement.
In the same statement signed by Loy Palapos, the bank’s appointed spokesman, it said the bank management has been in constant contact with the Bangko Sentral ng Pilipinas for the past months in order to be abreast with the latest moves for sustainability and clientele protection. To some observers, this was interpreted to mean that the bank is seeking a bail out loan from the Central Bank.
In assuring the public, Tan said, the bank management has enough real estate assets to cover the excess liability not covered by the insurable interest of P250,000 per account per depositor of the Philippine Deposit Insurance Corp.
He mentioned from up between P80 million to P100 million in real property assets are under the bank’s control and disposal. The value in assets is well beyond the current liability level of only about P10 million.
All deposits of the bank are insured with the PDIC and any excess will be covered by standby company assets.
In calming the frayed nerves of the clients, Palapos said what was needed was a little patience especially at this adverse time.
Tested in the banking industry after existing for 31 years, the Rural Bank of Maribojoc followed the fate of the collapsed rural banks affiliated with the Leagacy Group of pre-need companies. The bank, however, is not whtsoever with the besieged Legacy Group.
In Bohol, thousands of Legacy investors were duped of their hard-earned earnings when they fell into an elaborate Ponzi game which was nothing but another pyramiding scam.
Legacy’s banking arm in Bohol which folded upon Dec.8 was the Pilipino Rural Bank, Tagbilaran branch.
Hiding under the guise of a double-your-money financial instrument, the high-yielding offer for mind-boggling interest crumbled at the first sign that no new investors fell in line to pay old maturing obligations. The simple tack of Legacy’s caper: rob Juan, to pay Pablo.
In the case of the Rural Bank of Maribojoc, it used to be that the same bank offered double-your-money scheme to its depositors. But according to Tan, it has since been scrapped two years ago. He did not elaborate why the special offer was scrapped until the Monday debacle.
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