April 1, 2005

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions

The Monetary Board, in its Resolution No. 1362, dated 18 September 2003, approved the merger of the Producers Rural Banking Corporation (Producers Bank) and the Rural Bank of Rosales, Inc. with the former as the surviving bank.

The Certificate of Filing of the Articles and Plan of Merger were registered/approved by the Securities and Exchange Commission on 19 July 2004.

The Producers Bank reported that it has started operation as merged bank on 17 January 2005. cSCADE

(SGD.) ALBERTO V. REYES
Deputy Governor