MB Resolution No. 919 dated 16 August 2007 - Placement of the the Maranao Rural Bank (Marawi City), Inc. Under Receivership by the Philippine Deposit Insurance Corp.

MEMORANDUM NO. M-2007-022

To : All Banks and Non-Bank Financial Institutions

Subject: MB Resolution No. 919 dated 16 August 2007 - Placement of the the Maranao Rural Bank (Marawi City), Inc. Under Receivership  by the Philippine Deposit Insurance Corp.

Notice is hereby given that the Monetary Board in its Resolution No. 919 dated 16 August 2007, approved to prohibit the MARANAO RURAL BANK (Marawi City, Lanao del Sur), 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 and Section 53 of R.A. No. 8791.

The Philippine Deposit Insurance Corporation has been designated as Statutory Receiver of the aforementioned bank.

NESTOR A. ESPENILLA, JR. Deputy Governor