MB Resolution No. 1921 dated 22 November 2012 - Placement of the Ilocandia Community Bank (Rural Bank of Pasuquin since 1973), Inc. Under Receivership

MEMORANDUM NO. M-2012-054

To:  All Banks and Non-Bank Financial Institutions

Subject:  MB Resolution No. 1921 dated 22 November 2012 - Placement of the Ilocandia Community Bank (Rural Bank of Pasuquin since 1973), Inc. Under Receivership

Notice is hereby given that the Monetary Board, in its Resolution No. 1921 dated 22 November 2012, decided to prohibit the Ilocandia Community Bank (Rural Bank of Pasuquin since 1973), Inc. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of Republic Act (R.A.) 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