MB Resolution No. 275.C dated 03 March 2022 Prohibition of the Rural Bank of Salcedo (Ilocos Sur), Inc., From Doing Business in the Philippines

BANGKO SENTRAL NG PILIPINAS CIRCULAR LETTEFI NO. CL.2O22.O2O" OFFICE OF THE DEPUTV COVERNOR FINANCIAT SUPERVISION SECTOR To : ALL BANKSAND NON-BANK FINANCIAI INSTITUTIONS Subject : MB Resolution No. 2T$.Cdated 03 March 2o.22 Prohlbitlon of the Rural Bank of Salcedo (llocos Surl, Inc., From Doing Buslness in the Philipplnes Notice is hereby given that the Monetary Board, in its Resof ution No. 275.C dated 03 March 2A22. decided to prohibit the Rural Bank of Salcedo (llocos Surl, lnc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 ffhe New Central Bank Act), as amended. The Philippine Deposit lnsurance Corporation has been designated as Fleceiver with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R.A No.359l (PDIC Charter). as amended. For information and guidance. I G. FONACIiR O3 March 2o.22