MB Resolution No. 1203 dated 25 October 2007; Placement of the Rural Bank of Laur (Nueva Ecija), Inc. Under Receivership
MEMORANDUM NO. M-2007-032
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 1203 dated 25 October 2007; Placement of the Rural Bank of Laur (Nueva Ecija), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 1203 dated 25 October 2007decided to prohibit the Rural Rural Bank of Laur (Nueva Ecija), Inc. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 53 of Republic Act (R.A.) No. 8791 in relation to 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.
MA. CORAZON J. GUERRERO Sector-in-Charge
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