Merger of the Philippine Farmers' Bank (A Rural Bank) Inc. (PFBI), Rural Bank of Albuera, Inc., Rural Bank of Himamaylan, Inc., and Rural Bank of Catbalogan, Inc. with the PFBI as the surviving bank.

CIRCULAR LETTER Series of 2005

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

The Monetary Board, in its Resolution No. 340, dated 11 March 2004, approved the merger of the Philippine Farmers' Bank (A Rural Bank), Inc. (PFBI), Rural Bank of Albuera, Inc., Rural Bank of Himamalylan, Inc. and Rural Bank of Catbalogan, Inc. with the PFBI as the surviving bank.

The Certificate of Filing of Merger was registered/approved by the Securities and Exchange Commission on 01 February 2005.

ALBERTO V. REYES Deputy Governor