Consolidation/Upgrade of 1st Valley Bank, Inc. and Community Rural Bank of Clarin (Misamis Occidental)

September 25, 2013BSP CIRCULAR LETTER NO. CL-2013-049TO:All Banks and Non-Bank Financial Institutions   SUBJECT:Consolidation/Upgrade of 1st Valley Bank, Inc. (A Rural Bank) and Community Rural Bank of Clarin (Misamis Occidental), Inc. to be Known as 1st Valley Bank, Inc., a Development Bank The Securities and Exchange Commission (SEC) approved on 19 April 2013 the Articles and Plan of Consolidation of 1st Valley Bank, Inc. (A Rural Bank) and Community Rural Bank of Clarin (Misamis Occidental), Inc. and registered on the same date the Articles of Incorporation and By-Laws of the consolidated bank upgraded as a thrift bank, to be known as 1st Valley Bank, Inc., a Development Bank. The Bank started to operate as a consolidated thrift bank on 1 August 2013.For information and guidance. (SGD.) NESTOR A. ESPENILLA, JR.Deputy Governor