The Philippine Deposit Insurance Corp (PDIC) has taken over the liquidation of Oriental Tamaraw Rural Bank of Naujan following its closure by the central bank, the state deposit insurer said on Monday.

The Bangko Sentral ng Pilipinas ordered the bank’s closure on May 8, 2025 after it failed to maintain the minimum capital adequacy ratio of 10%.

The rural bank, established in 1993, operated a single branch in Naujan, Oriental Mindoro province.

As of December 31, 2024, it had 2,996 deposit accounts with total liabilities of P98.6 million pesos, the PDIC said.

About 91.4% of the deposits, or P90.1 million pesos, are covered by deposit insurance.

PDIC will hold a forum on May 30, 2025 to guide depositors and borrowers on claim procedures and loan repayments.

PDIC has invited potential buyers to submit letters of intent by July 14, 2025 to purchase the bank’s assets or assume its liabilities.