Conversion of the Ilocos Sur Development Bank from a thrift bank into a rural bank, to be known as the "Cordillera Bank (A Rural Bank) Inc."

CIRCULAR LETTER Series of 2003

TO:       All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions

The Monetary Board, in its Resolution No. 1054 dated July 25, 2002, approved the conversion of the Ilocos Sur Development Bank from a thrift bank into a rural bank, to be known as the "Cordillera Bank (A Rural Bank) Inc."

The Certificate of Authority to operate as a rural bank was signed and issued by the Governor on February 18, 2003.

For information and guidance.

ALBERTO V. REYES Deputy Governor