Merger of Producers Savings Bank Corporation (PROSB), Tower Development Bank, Inc., Rural Bank of San Fabian (Pangasinan), Inc., and Rural Bank of Tayabas, Inc., with PROSB as the Surviving Bank

BeNexo SeNrnaL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AND EXAMINATION SECTOR CIRCULAR LETTER NO. CL -20T6 - 1.02 To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : Merger of Producers Savings Bank Corporation (PROSBI, Tower Development Bank, Inc., Rural Bank of San Fabian (Pangasinan), Inc., and Rural Bank of Tayabas, Inc., with PROSB as the Surviving Bank The Securities and Exchange Commission approved on 23 November 2016 the Articles and Plan of Merger of Producers Savings Bank Corporation (PROSB), the surviving corporation, and Tower Development Bank, Inc. (TWRDB), Rural Bank of San Fabian (Pangasinan), Inc. (SNFAB), and Rural Bank of Tayabas, Inc. (TYBAS), the absorbed corporations, whereby the entire assets and liabilities of TWRDB, SNFAB, and TYBAS will be transferred to and absorbed by PROSB. PROSB, the surviving bank, commenced operations as a merged thrift bank on 23 November 2Ot6. For information and guidance. I il*nS#Deputy Governoi O{ December 2016 A. Mabini St., Malate 1004 Manila, Philippines . (632)7O8-7701 . www.bsp.gov.ph . [email protected]