MB Resolution No. 946 dated 24 August 2007 Placement of the Sandigan Savings Bank, Inc. Under Receivership
MEMORANDUM NO. M-2007-024
To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
Subject : MB Resolution No. 946 dated 24 August 2007 Placement of the Sandigan Savings Bank, Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 946 dated 24 August 2007 decided to prohibit the SANDIGAN SAVlNGS BANK, INC. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of R.A. No. 7653.
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned savings bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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