Capitol City Bank, Inc Bankrupt

The Monetary Board (MB) has placed the Capitol City Bank, Inc., a rural bank, under the receivership of the Philippine Deposit Insurance Corporation(PDIC) by virtue of MB Resolution No. 119 dated January 24, 2013.

As Receiver, PDIC took over the bank on January 24, 2013.

Capitol City Bank is a four-unit rural bank with head office located along Governor’s Drive, Trece Martires City, Cavite.

Its three branches are in Alabang in Muntinlupa City; and in General Trias and Trece Martires City in Cavite.

Latest available records show that as of June 30, 2012, Capitol City Bank had 24,812 accounts with total deposit liabilities of P460.72 million.

Based on the latest Bank Information Sheet (BIS) submitted by Capitol City Bank to the PDIC, the bank is majority owned by Nellie M. Ilas (47.88 percent) and Lutgarda P. Morabe (19.2 percent).

Its chairman is Nellie M. Ilas while its president is Lutgarda P. Morabe.

PDIC said assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

PDIC also announced that it will conduct Depositors Forums from January 31 to February 2, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Claim forms will also be distributed during the Depositors Forum.

The schedule and venue of the Depositors Forums will be posted in the bank premises and in the PDIC website,

Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Mailing Address Update Forms to be furnished by PDIC representatives.

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