Regulatory Alerts2024-11-12
CL-2024-047: Merger of Producers Savings Bank Corporation and Community Rural Bank of San Felipe (Zambales), Inc.
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-047 to inform supervised financial institutions of the merger between Producers Savings Bank Corporation and Community Rural Bank of San Felipe (Zambales), Inc. The Securities and Exchange Commission approved the transaction on October 30, 2024, designating Producers Savings Bank Corporation as the surviving entity that absorbs all assets and liabilities of Community Rural Bank. The merger officially took effect on October 31, 2024, as stated in the directive signed by Deputy Governor Chuchi G. Fonacier.
Page 1 of 1 FSS Licensing Form No. 02-018 * Version 1 * Updated 31 July 2024 OFFICE OF THE DEPUTY GOVERNOR | FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-___ To : All BSP-Supervised Financial Institutions Subject : Merger of Producers Savings Bank Corporation and Community Rural Bank of San Felipe (Zambales), Inc. The Securities and Exchange Commission approved on 30 October 2024 the Articles and Plan of Merger executed on 30 January 2024 and 15 February 2024, respectively, by and between, Producers Savings Bank Corporation (PROSB), the surviving corporation, and Community Rural Bank of San Felipe (Zambales), Inc. (CSNFE), the absorbed corporation, whereby the entire assets and liabilities of CSNFE will be transferred to and absorbed by PROSB. The merger took effect on 31 October 2024. For information and guidance. CHUCHI G. FONACIER Deputy Governor 12 November 2024