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January 28, 2005BSP CIRCULAR LETTERTO : All Banks and Non Bank Financial Intermediaries The Securities and Exchange Commission (SEC) approved on 29 December 2004 the merger of Equitable Savings Bank, Inc. (ESB — Surviving Corporation) and Mindanao Development Bank (MDB — Absorbed Corporation) whereby all assets and liabilities of MDB will be transferred to and absorbed by ESB. The merger took effect on 29 December 2004.For your information and guidance. DaTICc (SGD.) ALBERTO V. REYESDeputy Governor