February 7, 2003

BSP CIRCULAR LETTER

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

The Securities and Exchange Commission (SEC) approved on January 21, 2003 the Plan and Articles of Merger executed on December 18, 2000 by and between the Rural Green Bank of Caraga (Agusan del Norte), Inc. (Surviving Corporation) and the Rural Bank of Alegria (Surigao del Norte), Inc. (Absorbed Corporation), whereby the entire assets and liabilities of the Rural Bank of Alegria (Surigao del Norte), Inc. will be transferred to and absorbed by the Rural Green Bank of Caraga (Agusan del Norte), Inc.

The merger took effect on January 21, 2003.

For information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor