MB Resolution No. 1987.A dated 11 November 2016: Prohibition of the Rural Bank of Salinas, Inc. From Doing Business in the Philippines

BANGKo SeNTnaL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AND EXAMI NATION SECTOR CIRCULAR LETTER NO. CL -2OL6 - O9O To ALt BANKS AND NON-BANK FINANCIAI INSTITUTIONS Subject : MB Resolution No. 1987.A dated 11 November 2016 Prohibition of the Rural Bank of Salinas, Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1987.A dated 11 November 2OL6, decided to prohibit the Rural Bank of Salinas, Inc., from doing business in the Philippines 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 with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. Xioie. effirrra, 11 November 2015 A. Mabini 5t., Maiate :t004 Manila, Phil'ppines r {632i 708-7701. . www.bsp.gov.ph r [email protected],.ph