Merger by and between Danao City Dev't Bank and Prime Asia Lending, Inc.

CIRCULAR LETTER Series of 2002

TO      :       All Banks and Non-Bank Financial Institutions

The Securities and Exchange Commission (SEC) approved on May 8, 2002 the Articles and Plan of Merger executed on January 24, 2001 by and between Danao City Development Bank (DCDB - Surviving Corporation) and Prime Asia Lending, Inc. (PALI - Absorbed Corporation) whereby the entire assets and liabilities of PALI will be transferred to and absorbed by DCDB.

DCDB's corporate name was changed to WEALTH DEVELOPMENT BANK and has been authorized to adopt as its trade name WEALTH BANK (A Development Bank) effective May 8, 2002.

For your information and guidance.

ALBERTO V. REYES Deputy Governor