Regulatory Alerts2024-11-07
Merger of Queen City Development Bank, Inc. and Queen City Rural Bank, Inc. with QCDB as Surviving Bank
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-046 to inform supervised financial institutions of the merger between Queen City Development Bank, Inc. and Queen City Rural Bank, Inc. The Securities and Exchange Commission approved the transaction on 28 June 2024, designating QCDB as the surviving entity to absorb all assets and liabilities of QCRB. The merged entity's operations officially commenced on 1 November 2024.
Page 1 of 1 FSS Licensing Form No. 02-019 * Version 0 * Updated 10 June 2022 OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-____ To : All BSP-Supervised Financial Institutions Subject : Merger of Queen City Development Bank, Inc. (QCDB) and Queen City Rural Bank, Inc. (QCRB), with QCDB as the Surviving Bank The Securities and Exchange Commission approved on 28 June 2024 the Articles and Plan of Merger executed on 06 November 2023 by and between QCDB, the surviving corporation, and QCRB, the absorbed corporation, whereby the entire assets and liabilities of QCRB will be transferred to and absorbed by QCDB. The operations of QCDB as a merged entity commenced on 01 November 2024. For information and guidance. CHUCHI G. FONACIER Deputy Governor 07 November 2024