By Aquiles Z. Zonio
One of the oldest rural banks General Santos City closed down prompting the monetary board of Bangko Sentral ng Philipinas to place it under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
 The unexpected shut down of Sarangani Rural Bank (SRB) had upset its more than 2,000 depositors, most of them small-time market vendors and businessmen here.
 But PDIC information officer Nathaniel Tumbocon tried to appease the depositors by issuing a pronouncement that all depositors would be paid.
 “They have nothing to worry. All the depositors will be paid as soon as they complied with the requirements,” Tumbocon said in an interview with reporters here.
 SRB, Tumbocon claimed, had a maximum deposit insurance coverage of P.5 million.
 The PDIC information officer bared that a meeting for SRB depositors and borrowers is scheduled today, December 11 at the audio-visual room of Mindanao state University-high school campus along J.P. Laurel Avenue here.
 “All depositors must attend in the scheduled meeting so they will know what are the requirements and what should be done to process their claims,” Tumbocon said.
 He added that claim forms will only be distributed during said meeting.
 Just four months ago, SRB celebrated its 55th year founding anniversary.
 One of the depositors, Israel Tudio, said he was caught flat-footed by the sudden closure of the bank.
 PDIC refused to divulge the reasons behind the close down of SRB.
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