MB Resolution No. 1702 Dated 17 November 2011 Placement of the Rural Bank of Valencia (Negros Oriental), Inc. under Receivership

November 17, 2011BSP MEMORANDUM NO. M-2011-057TO:All Banks and Non-Bank Financial Institutions   SUBJECT:MB Resolution No. 1702 Dated 17 November 2011 Placement of the Rural Bank of Valencia (Negros Oriental), Inc. under Receivership Notice is hereby given that the Monetary Board, in its Resolution No. 1702 dated 17 November 2011, decided to prohibit the Rural Bank of Valencia (Negros Oriental), Inc., from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act). TcEaDSThe Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.For information and guidance.  (SGD.) NESTOR A. ESPENILLA, JR.Deputy Governor