MB Resolution No. 784 dated 28 May 2009 - Placement of the Cardinal Rural Bank (Cebu), Inc. Under Receivership
ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
Subject: MB Resolution No. 784 dated 28 May 2009 Placement of the Cardinal Rural Bank (Cebu), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 784 dated 28 May 2009, decided to prohibit the CARDINAL RURAL BANK (CEBU), INC. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 53 of Republic Act No. 8791 and Section 30 of RA 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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