According to the PSB receivership update, the breakdown of the 641 depositors by type is 10 accounts for government; 90 business accounts and 541 individual accounts.
In Nov, 2006, PSB was placed under receivership. At that time there were 7,335 deposit accounts worth about $20,638,334.
The PSB receiver then borrowed $2.4 million from the Republic at zero interest rate to make the first payout of up to $2,000 to all depositors.
The payout was in March 2007, where the about $1 million deposits were paid.
The receivership’s priority is to pay for the $2.4 million before another payout is made as a secured creditor of the receivership.
The balance of the loan is $900,000.
The receiver said that one funds is enough, another payout will be scheduled.
Loan collections and sales assets were the ones used to pay the government loan.
The update also stated that there was no interest shown by any local banks to purchase PSB loans in an auction in 2007.
Earlier, ivil charges were filed against individuals and corporations allegedly involved in the failure of the bank.
Independent Counsel Nelson Werner filed the third amended complaint, with 19 different causes of action .
The complaint ranges from negligence, breach of duty of care, gross negligence, breach of fiduciary duties, breach of duty of loyalty, embezzlement. Conversion, fraud, intentional misrepresentation, intentional concealment, conspiracy to commit fraud, violation of the Financial Institution Act and breach of promissory note among others.
The complaint named former officers and directors of the defunct bank in the suit.
The 60-page complaint stated that these officers and directors engaged in a “systematic and purposeful scheme consisting of insider loans, self dealing, embezzlement, misappropriation of corporate opportunity and fraud.”
The complaint said that the officers and directors converted to their personal use and possession the sum of at least $16,000.000.
