MB Resolution No. 705 dated 24 May 2010 - Placement of BMS Rural Bank, Inc. Under Receivership
MEMORANDUM NO. M-2010-009
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 705 dated 24 May 2010 - Placement of BMS Rural Bank, Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No.705 dated 24 May 2010 decided to prohibit BMSRural Bank, Inc., from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of Republic Act No. 7653 (The New Central Bank Act).
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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