The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has shut down the Opportunity Kauswagan Bank, Inc., also known as as OK Bank, several reports say.

The MB ordered the closure through a resolution dated Dec. 2, 2021.

The MB also designated the Philippine Deposit Insurance Corporation (PDIC), as receiver, to proceed with the bank takeover and liquidation of the bank’s assets.

Reports say that the PDIC has already took over the bank
on Dec. 6, 2021.

Reports add that the PDIC field personnel complied with the health, quarantine and travel protocol in accordance guidelines of the national the Inter Agency Task Force
(IATF).

OK Bank is a rural bank with its head office located at barangay San Vicente, Jaro District, Iloilo City. It has branches in Bohol.

The PDIC assures depositors that all valid deposit claims shall be paid up to the maximum limit of P500,000 per depositor.

Bank depositors with balances P100,000 and below don’t need to file for a claim.

These depositors should have no outstanding obligations or have not acted as co-makers of obligations with OK Bank.

These individual depositors must ensure that they have completed and updated addresses filed with the bank.

Depositors may update their addresses by sending a Mailing Address Update Form (MAUF) until Jan. 14, 2022, either through the drop box available at the bank premises, or by sending a scanned copy of said form and valid ID to email address opportunity-pad@pdic.gov.ph

MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph

Insurance payments for valid deposits with balances of P 100,000 and below will be made through postal money order and will be sent starting on March 18, 2022.

Those who need to file deposit claims, they may do so starting on
April 7, 2022, reports say.

Additional details will be announced soon, the PDIC said in a report.

Depositors may get in touch with the Public Assistance Hotline at (02) 8841-4141, or Toll-Free
Hotline at 1-800-1-888-PDIC (7342) during office hours, e-mail to opportunity-pad@pdic.gov.ph or Facebook private message.

Reports bare that OK Bank is the 17th bank in the country ordered closed by the MB.