PDIC Statement on LBC Development Bank

Below is the statement published by PDIC for the depositors of LBC Development Bank:  PDIC Statement on LBC Development Bank

September 12, 2011 The Philippine Deposit Insurance Corporation (PDIC) assures the public, particularly depositors of LBC Development Bank, that the Corporation will pay all valid accounts and deposit insurance claims as soon as possible. Latest available records prior to takeover show total deposit accounts of 321,516. We shall announce the start of payout as soon as possible, given the volume of accounts involved. We request depositors to await further announcements on claims operations. PDIC shall give periodic updates as soon as the examination of bank records is complete. These will be posted in bank sites and the PDIC website, www.pdic.gov.ph. Meantime, PDIC is arranging the conduct of Depositors Forums for depositors of the Head Office and all its 19 branches nationwide. During the Forums, we will explain procedures and requirements on filing claims and answer depositors’ queries. Schedules of the Depositors Forums will be announced shortly. These will be posted in the PDIC website, in the bank and branch premises as well as conspicuous places in the localities where the branches are located. Depositors may also call the PDIC Helpdesk at 841-4630 and 4631 or email the Public Assistance Department at pad@pdic.gov.ph. Again, we assure depositors that PDIC will pay deposit insurance for all valid accounts and claims.