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August 27, 2003BSP CIRCULAR LETTERTO : All Banks and Non-Bank Financial Institutions With Quasi-Banking Functions The Securities and Exchange Commission (SEC) approved on July 1, 2003 the Agreement and Articles and Plan of Merger executed on June 1, 2000 by and between the Rural Bank of Mataas Na Kahoy (Batangas), Inc. (Surviving Corporation) and the Rural Bank of Laurel (Batangas), Inc. (Absorbed Corporation), whereby the entire assets and liabilities of the Rural Bank of Laurel (Batangas), Inc. will be transferred to and absorbed by the Rural Bank of Mataas Na Kahoy (Batangas), Inc. The merger took effect on July 1, 2003.For information and guidance. (SGD.) ALBERTO V. REYESDeputy Governor