Clients of Rural Bank of Subangdaku in Dumaguete City yesterday said they were surprised by the notice posted at the bank premises on Monday, declaring a bank holiday.

They said they also wondered why the bank stated that it is awaiting the Philippine Deposit Insurance Corporation to assume it without stating the reasons.

RBS depositors trooped to the Bangko Sentral ng Pilipinas in Dumaguete yesterday to inquire about the status of the bank. The RBS- Dumaguete branch said it closed after experiencing massive withdrawals of deposits the past weeks.

BSP Dumaguete officer-in-charge Paulita Enrile said her office was not informed about the decision of RBS. It was learned, though, that the main RBS branch in Mandaue, Cebu has informed the BSP in Manila about the declaration of a bank holiday, she added.

The bank has to undergo a thorough evaluation before its assumption by the PDIC, Enrile pointed out.

This brought to four the number of rural banks being turned over to the PDIC for receivership in Negros Oriental. The others are the rural banks of Bais and Tanjay and the Pilipino Rural Bank, all under the Legacy Group of Companies.

Enrile reiterated that the declaration represents a tiny fraction of the entire banking system. She said they are waiting for RBS to avail of the emergency loan package after experiencing massive withdrawals of deposits.

Sources, however, said RBS may have failed to meet the collateral requirements before the infusion of funds by Banko Sentral.

Meanwhile, Enrile enjoined the public to deposit their money in the banks to ensure their safety, and to earn interest on it.

Enrile said banks in the province are unfazed by the series of bank holidays experienced by at least four rural banks, as they will celebrate the National Savings Month this January.

She said maintaining piggy banks in the house is not that bad, but the same will attract thieves, “termites” , and other criminal elements and would also affect the circulation of coins.*JG

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