MB Resolution No. 657 dated 7 June 2007 Placing the New Settlers Bank, Inc. (NSBI),
MEMORANDUM NO. M-2007-017
To :ALL BANKS AND NON-BANK.FINANCIAL INSTITUTIONS
Subject : MB Resolution No. 657 dated 7 June 2007 Placing the New Settlers Bank, Inc. (NSBI), formerly Rural Bank of Parang Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 657 dated 7 June 2007, decided to prohibit the New Settlers Bank, Inc. (NSBI), formerly Rural Bank of Parang from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of R.A. No. 7653.
The Philippine Deposit insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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