Regulatory Alerts2025-10-09
Purchase of Assets and Assumption of Liabilities of Rural Bank of Leganes (Iloilo), Inc. by Queen City Development Bank, Inc., and LEGAN’s Surrender of its Banking License
The Monetary Board approved the purchase of assets and assumption of liabilities of Rural Bank of Leganes (Iloilo), Inc. by Queen City Development Bank, Inc. under Resolution No. 556 dated 29 May 2025. Queen City Development Bank completed the transaction effective 01 September 2025, while LEGAN ceased operations on 29 August 2025 and surrendered its Certificate of Authority. LEGAN's office was subsequently converted into a branch of Queen City Development Bank on 01 September 2025.
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