BSP closes Rural Bank of Sta. Elena in Cam Norte

Rural Bank of Sta. Elena Camarines Norte, Inc.
Photo: PDIC
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Sta. Elena (Camarines Norte), Inc. from doing business in the Philippines. Under Resolution No. 1239.A dated August 2, 2018, the MB directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on August 3, 2018.

Rural Bank of Sta. Elena is a single-unit rural bank located in Brgy. Sta. Elena (Pob.), Sta. Elena, Camarines Norte.

Latest available records show that as of June 30, 2018, Rural Bank of Sta. Elena had 744 deposit accounts with total deposit liabilities of PhP19.6 million. Total insured deposits amounted to PhP16.5 million equivalent to 84.2% of total deposits.

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PhP500,000.00. Individual depositors with valid deposit accounts with balances of PhP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, provided they have no outstanding obligations with Rural Bank of Sta. Elena or have not acted as co-makers of these obligations. These individual depositors must ensure that they have complete and updated addresses with the bank. They may update their addresses until August 8, 2018 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.

For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website,, and PDIC’s official Facebook account.

PDIC also reminded borrowers to continue paying their loan obligations with the closed Rural Bank of Sta. Elena and to transact only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing claims for deposit insurance and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers' Forum which will be held in venues near the premises of the bank on August 13, 2018. Details will be posted in the bank premises and in other public places.

Depositors and borrowers may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to or via private message to the official PDIC Facebook account