Depositors, creditors, and bank clients of AMA Rural Bank of Mandaluyong, Inc. (ARB) have been advised by the Bangko Sentral ng Pilipinas (BSP) to submit their claims for payment and communicate directly with the bank after its mutual dispute resolution with the central bank.

This move, according to the BSP, considers the protection and interest of the depositors and bank clients of the rural bank.

“Depositors, creditors, and other bank clients of AMA Bank are advised to submit their claims for payment and to communicate all their queries directly with AMA Bank,” the BSP said in a Jan. 5 statement.

ARB will remain under BSP supervision to ensure the terms of their compromise agreement are carried out, the central bank said.

To recall, ARB had been ordered by the policy-setting Monetary Board (MB) to be closed in November 2019 over a range of violations, such as irregular loans and other transactions that favored its officials and shareholders at the expense of the bank.

It was then placed under the receivership, or management, of the state deposit insurer Philippine Deposit Insurance Corp. (PDIC).

Meanwhile, the Supreme Court (SC), in 2023, upheld the Court of Appeals (CA)’s 2022 ruling that the rural bank’s closure and liquidation were “unwarranted,” asserting they were not supported by law.

ARB’s latest statement, as published on its website, claimed it settled with PDIC the transfer of over ₱259,000 in cash assets to benefit its depositors and creditors.