MB Resolution No. 1660.A dated 31 October 2019 Prohibition of the Rural Bank of Lemery, Inc. from Doing Business in the Philippines

BANOKO SENTRAL NG PILIPtNAS OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL _20T9 - 079 To ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1660.A dated 31 October 2019 Prohibition of the Rural Bank of Lemery, Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1660.4 dated 31 october 2oL9, decided to prohibit the Rural Bank of Lemery, tnc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act), as amended. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. -re- IG. FONACIER 31 October 2019