PDIC to conduct LBC depositor’s forum in Baguio
By:
Julie Fianza
Posted: 17-Sep-2011 / 6 years 31 weeks ago
BAGUIO CITY – A depositor’s forum is being set for LBC Development clients here in the city as soon as a convenient date and suitable venue is found. Procedures for servicing of deposit insurance claims, queries as to deposits, and distribution of claim forms shall be responded to during and after the forum.
This is according to a letter from Philippine Deposit Insurance Corporation (PDIC) Executive Vice President Cristina Que Orbeta to Mayor Mauricio Domogan officially informing him of the prohibition of LBC bank to do business in the country. The bank has been placed under receivership with the PDIC as of last Friday, Sept. 9, as to the New Central Bank Act and through the Monetary Board of the Bangko Sentral ng Pilipinas.
“As receiver, PDIC’s primary interest is the immediate and effective takeover of the bank, its assets, records and affairs in order to safeguard their integrity for the protection of the interests of its depositors, creditors and the general public…..” EVP Que Orbeta stated in her letter.
Mr. Benefico Magday is the over-all deputy receiver head to the receivership team assigned to Baguio, Que Orbeta also informed the mayor.
LBC has 19 branches in the country, Baguio branch at CAP building, Post Office Loop, Upper Session road; Dagupan branch at 20 Chuchip bldg., Burgos st., Dagupan City; La Union branch at Casa LBC, Quezon Avenue, San Fernando City; and Urdaneta branch at Sarthou bldg, National Highway, San Vicente Central, Urdaneta City. –juliegfianza
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