Regulatory Alerts2024-04-15
Merger of Producers Savings Bank Corporation and Rural Bank of Maasin (Southern Leyte), Inc.
The Bangko Sentral ng Pilipinas issued this circular to announce the effective merger of Rural Bank of Maasin (Southern Leyte), Inc. into Producers Savings Bank Corporation. The Securities and Exchange Commission approved the merger agreement on 1 April 2024, designating Producers Savings Bank Corporation as the surviving entity that will absorb all assets and liabilities of the absorbed bank. All BSP-supervised financial institutions are directed to take note of the transaction, which officially took effect on 1 April 2024, for their information and guidance.
Page 1 of 1 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 Rural Bank of Maasin (Southern Leyte), Inc. The Securities and Exchange Commission approved on 1 April 2024 the Articles and Plan of Merger executed on 3 July 2023, by and between, Producers Savings Bank Corporation (PROSB), the surviving corporation, and Rural Bank of Maasin (Southern Leyte), Inc. (MAASL), the absorbed corporation, whereby the entire assets and liabilities of MAASL will be transferred to and absorbed by PROSB. The merger took effect on 1 April 2024. For information and guidance. CHUCHI G. FONACIER Deputy Governor
15 April 2024