MB Resolution No. 872 dated 6 July 2006 Placing the Rural Bank of Malinao (Albay), Inc. Under Receivership
MEMORANDUM NO. M-2006-008
To: All banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 872 dated 6 July 2006 Placing the Rural Bank of Malinao (Albay), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 872 dated 6 July 2006, approved and confirmed to prohibit the RURAL BANK OF MALINAO (ALBAY), INC. from doing business in the Philippines and to place its assets and affairs under receivership in accordance with 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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