Rural Bank Declares ‘Holiday’

The Rural Bank of San Fernando has declared a bank holiday starting this morning.

The Philippine Deposit Insurance Corporation (PDIC) has taken over the said bank following its declaration to declare a bank holiday. Meanwhile, tens of depositors who wanted to make transactions with the bank this morning, were disappointed upon learning that the said bank was already closed. The Rural Bank of San Fernando has been in operation since 1971.

Depositors said they were not issued a notice that the bank was experiencing a financial crisis, as last week they were still able to withdraw cash. Erol Ybañez of PDIC said the bank has more than 3,000 depositors. He assured those who came this morning will still be able to get their money back after the PDIC has done sorting some stuff. He said the bank is a member of the PDIC which means all deposits from P500,000 and below are insured.