BSP Circular Letter No. 41 (2025)
Purchase of Assets and Assumption of Liabilities of Rural Bank of Leganes (Iloilo), Inc. (LEGAN) by Queen City Development Bank, Inc., and LEGAN’s Surrender of its Banking License
File/Ref. No. FSD V-2025-0031le-FSD5-G4D21-M-QCDB
) BANGKO SENTRAL NG PILIPINAS
FINANCIAL SUPERVISION SECTOR | OFFICE OF THE DEPUTY GOVERNOR
CIRCULAR LETTER NO. CL-2025-041
To : All BSP-Supervised Financial Institutions
Subject : Purchase of Assets and Assumption of Liabilities of Rural Bank of Leganes (Iloilo), Inc. (LEGAN) by Queen City Development Bank, Inc., and LEGAN’s Surrender of its Banking License
The Monetary Board, in its Resolution No. 556 dated 29 May 2025, approved the Purchase of Assets and Assumption of Liabilities (P&A) of Rural Bank of Leganes (Iloilo),
Inc. (LEGAN) by Queen City Development Bank, Inc. (QCDB).
QCDB completed the P&A transaction effective O01 September 2025. LEGAN ceased its operations effective close of business of 29 August 2025 and subsequently surrendered its Certificate of Authority. LEGAN’s office was converted into branch of QCDB on O1 September 2025.
Date: 2025.10.09 22:12:33 +08'00'
LYN I. JAVIER
Deputy Governor
For information and guidance. _— Digitally signed y se by Lyn |. Javier
O9 October 2025
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