Please be informed that, pursuant to Section 30 of R.A. No. 7653 (New Central Bank Act), the Monetary Board, in Resolution No. 802.B dated May 30, 2019, prohibited EAST COAST RURAL BANK OF HAGONOY, INC. (“Bank”) with Office address at HRBI Compound, G. Panganiban St., Brgy. Sto. Niño (Pob.), Hagonoy, Bulacan, from doing business in the Philippines and directed the PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC) as Receiver to proceed with the takeover and liquidation of the Bank in accordance with Section 12 of R.A. 3591, as amended.

Under Section 13 of R.A. No. 3591 (PDIC Charter), as amended by R.A.10846, a bank that has been placed under liquidation shall in no case be re-opened and permitted to resume banking business. Furthermore, Section 12 thereof expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated.

The PDIC took over the Bank and its assets, records and affairs on May 31, 2019.

Please be informed that upon placement of the Bank under liquidation, the powers, functions and duties of the directors, officers and stockholders of the Bank are terminated. Accordingly, the directors, officers, and stockholders shall be barred from interfering in any way with the assets, records and affairs of the Bank. Therefore, should you be in possession of any asset and/or records of the closed East Coast Rural Bank of Hagonoy, Inc., you are advised not to allow or honor any transaction affecting the same without the consent of the Receiver and to immediately turnover the said assets and/or records to the Deputy Receiver at the address provided below.

Moreover, all assets of the Bank are deemed to be in custodia legis in the hands of the Receiver and may not be subject to attachment, garnishment, execution, levy or any other court processes.

Henceforth, kindly address further inquiries, communications or transactions relating to or involving the Bank to the Deputy Receiver, Philippine Deposit Insurance Corporation, 5th Floor, SSS Bldg., Ayala Avenue cor. V.A. Rufino St., Makati City, Metro Manila.