By Bernadette H. Carreon
Horizon news staff

Starting on March 13, 2007, payouts for the depositors of the defunct Pacific Savings Bank will begin.
PSB receiver Kaleb Udui in an interview said each depositors will get a payout of up to $2,000.
Earlier the Taiwan government has approved a loan of $3.3 million to pay the PSB depositors.
Udui said depositors who want to have their payment deposited directly to the bank they are currently using for their banking services may pick up the necessary form from their bank or the receiver beginning on Feb. 16 and the deadline for the submission of this form is March 2, 2007.
Udui said at least 4,000 depositors will be paid in full. Every depositors will receive money except for officers , insiders, key employees and board directors of the defunct bank.
Udui also said part of the payout process is an "offset" of deposit account balances to loan accounts in default beginning today.
He added that borrowers with loans in good standing may volunteer to have their deposit account balances offset against their loan accounts by completing a voluntary deposit offset form available from the receiver.
The completed forms should be submitted by March 2 and any deposit balances remaining after setoff will be paid to depositors up to $2,000.
Today the loan agreement will be signed by the receiver and the government and on Feb. 21 plans will be finalized will begin arrangement for the payout.
On March 2, deadline for receipt of direct deposit forms, deadline for receipt of volunteer offset forms, procedures and schedule for payout will be announced and possible payout for direct deposit begins.
Udui also said that the beginning March 5, printing of checks will begin and the final arrangement for the payout are made.
The payouts which will start on March 13 will be estimated to done in two weeks, Udui said.
Udui said that the payout will amount to at least $2.5 million
Udui added that as of Feb. 9, the PSB have $325,000 in cash and is in the process of selling the assets and fixed loans.