CIRCULAR LETTER
Series of 2005
TO : All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions
Subjetc: Consolidation of the Rural Bank of Kapatagan Valley (Lanao del Norte), Inc. and the Rural Bank of Sinacaban (MIsamis Occidental), Inc. to be known as the "1st Valley Bank, Inc., A Rural Bank"
The Monetary Board, in its Resolution No. 12 dated 10 March 2005, approved the consolidation of the Rural Bank of Kapatagan Valley (Lanao del Norte), Inc. and the Rural Bank of Sinacaban (Misamis Occidental), Inc. to be known as the "1st Valley Bank, Inc., A Rural Bank."
The Certificate of Filing of the Articles and Plan of Consolidation and the Certificate of Incorporation were registered/approved by the Securities and Exchange Commission on 30 August 2005 while the Certificate of Authority to operate as a consolidated bank was signed/issued by the Governor on 21 September 2005.
NESTOR A. ESPENILLA, JR.
Deputy Governor | 
