Merger of Filipino Savers Bank, Inc. and Rural Bank of Navotas, Inc.

Sanak Entral no Inas

MEMORANDUM

OFFICE OF tHE DEPUTY GOVERNOR SUPERVISIOn AND eXAMINAtION SECtOr

CIRCULAR-LETTER Series of 2003

TO: ALL BANKS ANd NON-BAnK FInANCIAL INStITUtIONS

WITH QUASI-BANKING FUNCtIONS

The Securities and Exchange Commission (SEC) approved on May 21, 2003 the Articles and Pian of Merger executed on May 23, 2000 and the Amended Articies and Plan of Merger executed on April 23, 2003 by and between the Filipino Savers Bank, Inc. (A Rural Bank) (Surviving Corporation) and the Rural Bank of Navotas, Inc. (Absorbed Corporation), whereby the entire assets and liabitlities of the Rural Bank of Navotas, Inc. will be transferred to and absorbed by the Filipino Savers Bank, Inc. (A Rural Bank).

The merger took effect on May 21, 2003

For information and guidance.

ALBErTO REYES

Deputy Governor

Vd'?

MAG-IMPOK SA BANGKO

MAYNILA, PILIPINAS 1004 . Tel No. 524-70-11 trunkline - URL: www.bsp.gov.ph e-mail: [email protected]