Export and Industry Bank ordered closed

[ong76win2]

---

Export and Industry Bank ordered closed

Friday, April 27, 2012

MANILA (2nd Update, 10:01 a.m.) -- The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of Export and Industry Bank, a television report said Friday morning.

BSP Deputy Governor Nestor Espenilla Jr., in an interview over ANC, confirmed the bank was placed under receivership Thursday, April 26.

The bank, which is engaged in commercial banking, trust and funds management, has around 50,000 depositors with over 50 branches mostly located in Metro Manila, Espenilla said.

The Monetary Bank, in a statement said, the bank was placed under receivership for its “inability to meet obligations as it becomes due because of insufficient realizable assets to meets its liabilities and inability to continue its business without involving probable losses to its depositors and creditors.”

The Philippine Deposit Insurance Corp. (PDIC) is taking over the bank's affairs effective Friday, April 27.

As receiver, PDIC shall gather all the assets of the closed bank and verify and validate all bank records.

PDIC president Valentin A. Araneta, in a statement, said he has directed the corporation to marshall all resources needed to ensure that the receivership and the payment of deposit insurance are done swiftly.

Payment for accounts with balances of P10,000 and below comprising 62 percent of the bank’s total deposit accounts of 50,052 is targeted to start by the end of May.

Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year need not file deposit insurance claims, payment will be made to them.

For depositors with account balances of more than P10,000, claim forms will be distributed during Depositors Forums to be conducted nationwide starting May 2, 2012. During the Forums, the procedures, instructions and requirements for filing claims will be discussed.

Claims servicing operations for accounts of over P10,000 are expected to commence no later than end of June.

Export and Industry Bank was a result of the merger of the closed Urban Bank Incorporated and Urbancorp Investment Incorporated, which were both under receivership of the BSP and the Philippines Security and Exchange Commission. (Sunnex)

[slakker]

naa ba ni siya branch diri sa cebu?

[ain]

I am somehow familiar with this Bank.. Mao man tingali ning naa dpit sa C padilla or naa sa plaridel if im not mistaken? Well, not sure about it pod.

[cebu_doki]

mango ave atbang horizon construction ?

[edgeknife]

naa ba ni siya branch diri sa cebu?

naa bai slakker. 3 akong nakit-an sa cebu pero. sa gorordo, cebu business park and diha sa IT Park. naa ko amiga ga work diha sa IT Park. pero i am not sure pila ka branches sa cebu pero 3 ra akong nakit-an sa cebu.

[ain]

naa bai slakker. 3 akong nakit-an sa cebu pero. sa gorordo, cebu business park and diha sa IT Park. naa ko amiga ga work diha sa IT Park. pero i am not sure pila ka branches sa cebu pero 3 ra akong nakit-an sa cebu.

Dili gyud diay sakto akong guess

[ambokz]

ako pirmi kit-an dha sa cebu business park,kakuyaw gud ani balita,nuon wa man ko ni dyon ug open acct.nla.pru sa mga depositors nla,kulbaan pud ui,labi na mga dagko ug savings.tsk tsk

[slakker]

@edgeknife: thanks sa info. luoy pud mga depositors kay ma-tanggong ilang kwarta.

[Ya_Sui]

Wala intawn mi sweldo madawat this Monday April 30.. Our company can't even provide anything for our salary coz all their money is in that bank.. Gsapot ko sa company nga ako g trabahoan coz sa kadaghan sa ila kwarta, they still chose this bank which is one of the smallest bank in the Philippines with only 50 branches nationwide.. Unsaon nalang man tawn mi mga empleyado nga sweldo ra g saligan.. Bisag unsaon namo ug hangyo or suko, wa man sila ikapuga kay dili daw ila sala.. Mau unta amo pamilya murag kanding and baka nga itogway ra and pakan-on ug sagbot..

[istoryamember]

^sory to hear that bro. paeta kabalo naman d ay dugay na an bangko central. looy jud depositor kay bisan insured sa pdic imo money hasol pud pag kuha. amo salary way back 2006 kay exportbank pud to. naa sa FGU bldg. CBP ayala