MB Resolution No. 746 dated 21 May 2009 - Placement of the Banco Agricola Inc. (A Rural Bank) Under Receivership
MEMORANDUM NO. M-2009-015
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 746 dated 21 May 2009 - Placement of the Banco Agricola, Inc. (A Rural Bank) Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 746 dated 21 May 2009 decided to prohibit the Banco Agricola, Inc.(A Rural Bank) 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 New Central Bank Act)
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance.
NESTOR A. ESPENILLA Deputy Governor
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