MB Resolution No. 1956.A dated 03 November 2016 - Prohibition of the Community Rural Bank of Dingras (llocos Norte), lnc. From Doing Business in the Philippines

BANEKO SENTNEL NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR crRcuLAR LETTER NO. CL -2OL6 - ll8& To ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1956.A dated 03 November 2016 Prohibition of the Community Rural Bank of Dingras (llocos Norte), lnc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1956.A dated 03 Novemb er 2OL6, decided to prohibit the Community Rural Bank of Dingras (ltocos Norte), Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (The New Central Bank Act). The Philippine Deposit Insurance Corporation has been designated as Receiver 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. 3591 (PDIC Charter), as amended. For information and guidance. Sector-ln-Charge 03 November 2016 A. Mab'ni 5t., Malate:1004 Manila, Piriiippine5 . i632) 708-7701. , www.bsp.gov.ph ' [email protected]