MB Resolution No. 353 dated 26 February 2009 Placement of the Rural Bank of Polangui (AIbay), Inc. Under Receivership
MEMORANDUM NO. M-2009-005
To: ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
Subject: MB Resolution No. 353 dated 26 February 2009 Placement of the Rural Bank of Polangui (AIbay), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 353 dated 26 February 2009, decided to prohibit the RURAL BANK OF POLANGUI (ALBAY), INC. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 53 of R.A. 8791 and Section 30 of R.A. No. 7653.
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
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