Merger of Philippine Veterans Bank and Teachers Development Bank, Inc.

November 9, 2005BSP CIRCULAR LETTERTO:All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions   SUBJECT:Merger of Philippine Veterans Bank and Teachers Development Bank, Inc. The Securities and Exchange Commission (SEC) approved on 24 June 2005 the Articles and Plan of Merger by and between Teachers Development Bank, Inc. (Absorbed Corporation) and Philippine Veterans Bank (Surviving Corporation) both dated 27 October 2004 whereby the entire assets and liabilities of Teachers Development Bank, Inc. will be transferred to and absorbed by Philippine Veterans Bank. The merger took effect on 1 August 2005. For information and guidance. (SGD.) NESTOR A. ESPENILLA, JR.Deputy Governor