MB Resolution No. 555 dated 17 April 2009 - Placement of the Accord Savings Bank, Inc. Under Receivership
MEMORANDUM NO. M-2009-011
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 555 dated 17 April 2009 - Placement of the Accord Savings Bank, Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 555 dated 17 April 2009 decided to prohibit the Accord Savings 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 thrift bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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