The BangkoSentral ng Pilipinas (BSP) announced the closure of Valiant Bank Inc., joining other small lenders which shut down their operations.
The Philippine Deposit Insurance Corporation (PDIC) has been tasked to liquidate the banks assets and process the claims of depositor. Each depositor is insured to a maximum of P500,000.
Valiant Bank runs nine offices, including its headquarters in Iloilo City andin the provinces of Capiz, Antique, and Bacolod City.
The takeover will affect 6,567 accounts, which hold a total of P480.7 million deposits, according to PDIC.
The BSPs Monetary Board decided to shut down the bank for failure to meet some requirements.
The PDIC is now conducting inventory of the banks assets for liquidation. The proceeds of the liquidation will be used to satisfy the banks payables and claims of depositors.
The PDIC assured that bank clients with deposits of P100,000 and below can have their money back provided they present proof of deposit and valid identification papers.
For clients with deposits of over P100,000, they have to file official claims with the PDIC.