March 22, 2016
SEC-CGFD ORDER NO. 063-16
IN THE MATTER OF PETITION FOR VOLUNTARY REVOCATION: EQUICOM SAVINGS BANK, INC.
ORDER OF REVOCATION
Submitted for consideration of the Commission is the company's Petition for Voluntary Revocation of its Registration of Securities and Certificate of Permit to Sell Securities. The Company also requested that it be exempted from filing the reports required by the Securities Regulation Code (SRC). acEHCD
The company cited the following as bases for the Petition and its request for exemption from filing the required reports:
1. The Bank is no longer a public company. To date, the Bank has a total of 622 shareholders, only 99 of which are holding more than 100 shares, thus, it is no longer a public company as defined under Section 17.2 (C) of the SRC;
2. The Bank acted in good faith and was not aware that at the time the majority shareholders of the Bank bought ASB shares, the latter was a registered issuer of securities pursuant to SEC BED Order 550, Series of 1989;
3. The registered securities are that of AFIC as...
