MB Resolution No. 2031.B dated 17 November 2016 Prohibition of the Community Rural Bank of Magallon (Moises Padilla, Negros Occidental), Inc. From Doing Business in the Philippines

BANG'KO SENTNAL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AN D EXAMINATION SECTOR CIRCULAR LETTER NO. CL _2OL6 - 093 To ALt BANKS AND NON.BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 2031.8 dated 17 November 2015 Prohibition of the Community Rural Bank of Magallon (Moises Padilla, Negros Occidental),Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 2031.8 dated 17 November 2OL6, decided to prohibit the Community Rural Bank of Magallon (Moises Padilla, Negros Occidental), lnc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (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.R. No. 3591 (PDIC Charter), as amended For information and guidance. 17 ruou"rber 2016 A. Mabini 5t.. Malate 1004 Maniia, Philippines . (632i 703-7701 . www.bsp,gov,ph . [email protected]