NOTICE IS HEREBY GIVEN to the creditors and depositors of AGRIBUSINESS RURAL BANK, INC., RURAL BANK OF MADDELA (QUIRINO), INC., RURAL BANK OF SAN JACINTO (MASBATE), INC., and BANCO ALABANG, INC. (A RURAL BANK) that the proposed consolidation between the Constituent Banks, and the terms and conditions set forth in the Articles of Consolidation and Plan of Consolidation have been approved by the Monetary Board (MB) in its Resolution dated 23 January 2025 as reflected in the letter of the Bangko Sentral ng Pilipinas (BSP) dated 27 January 2025.
In accordance with Section 5 of Republic Act (“R.A.”) No. 11840 or an Act Amending Certain Provisions of R.A. No. 3591, as amended, otherwise known as the Philippine Deposit Insurance Corporation (“PDIC”) Charter, the consent of the PDIC to mergers, consolidations, and acquisitions of banks is no longer required.
The effectivity of the Consolidation is subject to the approval of the Securities and Exchange Commission.
In light of the Consolidation, there will be no change in the rights of depositors of the Constituent Banks. The depositors’ deposits from Agribusiness Rural Bank, Inc., Rural Bank of Maddela (Quirino), Inc., Rural Bank of San Jacinto (Masbate), Inc., and Banco Alabang, Inc. (A Rural Bank) will be transferred to the Consolidated Bank, which will soon be known as Agribusiness Banking Corporation – A Rural Bank doing business under the name and style of Agribank, subject to the terms and conditions applicable for the same type of deposits in accordance with pertinent BSP rules and regulations.
This announcement serves as notice to all creditors and depositors of the Consolidation of the Constituent Banks.
