MB Resolution No. 293A dated 03 March 2011: Placement of the Growers Rural Bank (GRB), Inc. under Receivership

BAN('Ko SENTRAL NO PILIPINA9 OFFICE OF THE DEPUTY GOVERNOR SUPERVISIOI{ AND EXAMINATION SECTOR MEMORANDUM NO. M - 2011- II' - To Att BANKSAND NON.BANK FINANCIAL INSTTTUTIONS Subject : MB Resolution No.293A dated 03 March 2011 Placement of the Growers Rural Bank (GRBI, Inc. under Receivership Notice is hereby given that the Monetary Board, in its Resolution No. 293A dated 03 March 2011 decided to prohibit the Growers Rural Bank (GRBI, Inc, from doing business in the Philippines and to place its assets and affairs under receivership 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 of the aforementioned rural bank. F9r information and guidance. ##ffi 03 March 2011 A. Mabini St., Malate 1004 Manila, Philippines . {632) 524-7011 . www.bsp.Cov.ph. [email protected] ph