MB Resolution No. 1238 dated 18 August 2011: Placement of the Rural Bank of Indang (Cavite), Inc., - also representing itself as First Reliance Bank, under Receivership

BANcKo SErurnaL NO PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AND EXAMINATION SECTOR MEMORANDUM NO. M -2011. 046 To ALL BANKSAND NON-BANK FINANCIAT INSTITUTIONS Subject : MB Resolution No. 1238 dated 18 August zOL1 ' Placement of the Rural Bank of lndang (Cavite|, Inc., also representing itself as First Reliance 8ank, under Receivership Notice is hereby given that the Monetary Board, in its Resolution No. 1238 dated 18 August 20tr 1 decided to prohibit the Rural Bank of Indang (Cavitel, Inc., also representing itself as First Reliance Bank, from doing business in the Philippines and to place.its assets and affairs under receiver:ship pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Barlk Act). The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank. For information and guidance. $""ffifi 18 August 2011 +- l\- { r i.r.rt;iiidi-c:. :r,i; r,r: '..'''..........'''''-