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.
File/Ref. No. FSD V-2025-0031e-FSD5-G4D21-M-QCDB Page 1 of 1 FSS Licensing Form No. 02-018 * Version 1 * Updated 31 July 2024 FINANCIAL SUPERVISION SECTOR | OFFICE OF THE DEPUTY GOVERNOR CIRCULAR LETTER NO. CL-2025-____ To : All BSP-Supervised Financial Institutions Subject : Purchase of Assets and Assumption of Liabilities of Rural Bank of Leganes (Iloilo), Inc. (LEGAN) by Queen City Development Bank, Inc., and LEGAN’s Surrender of its Banking License The Monetary Board, in its Resolution No. 556 dated 29 May 2025, approved the Purchase of Assets and Assumption of Liabilities (P&A) of Rural Bank of Leganes (Iloilo), Inc. (LEGAN) by Queen City Development Bank, Inc. (QCDB). QCDB completed the P&A transaction effective 01 September 2025. LEGAN ceased its operations effective close of business of 29 August 2025 and subsequently surrendered its Certificate of Authority. LEGAN’s office was converted into branch of QCDB on 01 September 2025. For information and guidance. LYN I. JAVIER Deputy Governor 09 October 2025