November 18, 2013
BSP CIRCULAR LETTER NO. CL-2013-063
| TO | : | All Banks and Non-Bank Financial Institutions |
| SUBJECT | : | Merger of Producers Savings Bank Corporation and Iloilo City Development Bank with Producers Savings Bank Corporation as the Surviving Bank |
The Securities and Exchange Commission (SEC) approved on 31 October 2013 the Agreement and Articles and Plan of Merger of Producers Savings Bank Corporation, the surviving corporation and Iloilo City Development Bank, the absorbed corporation, whereby the entire assets and liabilities of Iloilo City Development Bank will be transferred to and absorbed by Producers Savings Bank Corporation.
Producers Savings Bank Corporation, the surviving bank, commenced operations as a merged thrift bank on 12 November 2013.
For information and guidance.
(SGD.) NESTOR A. ESPENILLA, JR.
Deputy Governor
