By Bernadette H. Carreon
Horizon news staff

The Pacific Savings Bank receiver is finalizing the payout which will start on March 13.
PSB receiver reiterated announcement that each depositor will get a payout of up to $2,000.
Last Feb. 16, the loan agreement was signed to signifying the processing of the payout.
The receiver has also started receiving direct deposit forms from depositors who want to have their payment deposited directly to the bank they are currently using for their banking
services. 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.
The receiver has also started to process the "offset" of deposit account balances to loan accounts last week.
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.
Procedures and process of payout will be announced on March 2.
Beginning March 5, printing of checks will start and the payouts is estimated to be done in two weeks.