MB Resolution No. 297.A dated 22 February 2018 Prohibition of the Empire Rural Bank, Inc. from doing business in the Philippines

BANOKO SENTRAL NC PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AND EXAMINATION SECTOR CIRCULAR LETTER NO. CL _ 2018 - 014 To AtL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 297.A dated 22 February 2018 Prohibition of the Empire Rural Bank, lnc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 297.A dated 22 February 2018, decided to prohibit the Empire Rural Bank, Inc., from doing business in the Philippines 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 with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended For information and guidance. Sector-ln-Charge 22 February 2018 A. Mabini 5t., Malate :t004 Manila, Philippines . (63?) 708-7701 . www.bsp.gov"ph . [email protected]