Merger of Philippine Veterans Bank and Teachers Development Bank, Inc.
CIRCULAR LETTER Series of 2005
To: All banks and non-bank financial institutions with quasi-banking functions
Subject : Merger of Philippine Veterans Bank and Teachers Development Bank, Inc.
The Securities and Exchange Commission (SEC) approved on 24 June 2005 the Articles and Plan of Merger by and between Teachers Development [Bank, Inc. (absorbed Corporation) and Philippine Veterans Bank (Surviving Corporation) both dated 27 October 2004 whereby the entire assets and liabilities of Teachers Development Bank, Inc. will be transferred to and absorbed by Philippine Veterans Bank.
The merger took effect on 1 August 2005.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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