MB Resolution No. 104 dated 27 January 2011 - Placement of the Rural Bank of Norzagaray, Inc. Under Receivership

MEMORANDUM NO. M-2011-004

To:  All Banks and Non-Bank Financial Institutions

Subject: MB Resolution No. 104 dated 27 January 2011 - Placement of the Rural Bank of Norzagaray, Inc. Under Receivership

Notice is hereby given that the Monetary Board, in its Resolution No. 104 dated 27 January 2011, decided to prohibit the Rural Bank of Norzagaray, 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 (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