MB Resolution No. 14 dated 8 January 2009 Placement of the Rural Bank of Subangdaku, Mandaue (Cebu), Inc. (RBSI) Under Receivership

MEMORANDUM NO. M-2009-001

To: ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS

Notice is hereby given that the Monetary Board, in its Resolution No. 14 dated 8 January 2009 decided to prohibit Rural Bank of Subangdaku, Mandaue (Cebu), Inc (RBSI) from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 53 of R.A. No. 8791 (The General Banking Law of 2000) and Section 30 of 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