MB Resolution No. 662 dated 7 June 2007 Placement of the Excel Rural Bank, inc. Under Receivership
MEMORANDUM NO. M-2007-018
To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
Subject : MB Resolution No. 662 dated 7 June 2007 Placement of the Excel Rural Bank, inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 662 dated 7 June 2007 decided to prohibit the Excel Rural Bank, Inc. 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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