MB Resolution No. 1239.A dated 02 August 2018 Prohibition of the Rural Bank of Sta. Elena (Camarines Norte), Inc. From Doing Business in the Philippines

EIANEKO SENTRAL NO PILIPINAS OFFICE OF THE DEPUTY GOVERNOR FINANCIAT SUPERVISION SECTOR CIRCULAR LETTER NO. CL - 2018 - 059 To ALL BANKS AND NON.BANK FINANC]AL INSTITUTIONS Subject : MB Resolution No. 1239.A dated 02 August 2018 Prohibition of the Rural Bank of Sta. Elena (Camarines Norte), Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1239.A dated 02 August 2018, decided to prohibit the Rural Bank of Sta. Elena (Camarines Norte), Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act). 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. ir*- G. FONACIER 02 August 2018 A. Mabini 5t., t*elate iI004 Manila, Philippine5 . (63?i 703-7701.. www.bsp.gov.ph . [email protected]