September 25, 2002

BSP CIRCULAR LETTER

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

The Monetary Board, in its Resolution No. 545 dated April 5, 2001, approved the consolidation of the Maharlika Rural Bank of Sta. Cruz (Zambales), Inc. and the Rural Bank of Infanta (Pangasinan), Inc. to be known as the "Maharlika Rural Bank, Inc.".

The Plan of Consolidation executed on March 23, 2000 and the Articles of Consolidation executed on February 12, 2001 were approved by the Securities and Exchange Commission on February 6, 2002. The Certificate of Authority to operate as a consolidated bank was signed by the Governor on February 26, 2002. ISTCHE

The constituent banks started operations as a consolidated bank on June 26, 2002.

(SGD.) NESTOR A. ESPENILLA, JR.
Sector-in-Charge

AIC Grande Tower Garnet Road
Ortigas Center, Pasig City
Metro Manila Philippines

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