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{{12-31-92 p.C-2954}}
   [10,700A] In the Matter of Shawmut National Trust Company, Stuart, Florida, Docket No. FDIC-92-374p (12-31-92)

   Termination of insurance of Bank not engaged in the business of receiving deposits, other than trust funds.

In the Matter of

SHAWMUT NATIONAL TRUST
COMPANY

STUART, FLORIDA
(Insured National Bank)
ORDER OF TERMINATION OF
INSURANCE

FDIC-92-374p

   Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(p), the Federal Deposit Insurance Corporation ("FDIC") hereby finds that Shawmut National Trust Company, Stuart, Florida ("Insured Institution"), is not engaged in the business of receiving deposits, other than trust funds, and issues the following ORDER:

ORDER

   IT IS HEREBY ORDERED, that the status of the Insured Institution as an insured national bank be, and hereby is, terminated at the expiration of June 30, 1993, which is the last day of the first full semiannual assessment period following the date of issuance of this ORDER.
   IT IS FURTHER ORDERED, that the Insured Institution notify its depositors, if any, of the termination of its insured status no later than May 31, 1993, in the manner required by section 308.124(c) of the FDIC's Rules of Practice and Procedure, 12 C.F.R. §308.124(c).
   Pursuant to delegated authority.
   Dated at Washington, D.C., this 31st day of December, 1992.
Hoyle L. Robinson
Executive Secretary

In the Matter of

SHAWMUT NATIONAL TRUST
COMPANY

STUART, FLORIDA
(Insured National Bank)
STIPULATION AND CONSENT TO
THE ISSUANCE OF AN ORDER OF
TERMINATION OF INSURANCE

FDIC-92-374p

   Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF TERMINATION OF INSURANCE ("STIPULATION") by the Federal Deposit Insurance Corporation ("FDIC"), it is hereby stipulated and agreed by and between a representative of the Legal Division of the FDIC and Shawmut National Trust Company, Stuart, Florida ("Insured Institition"), as follows:
   1. The Insured Institution has been advised of its right to receive a NOTICE OF INTENTION TO TERMINATE INSURED STATUS AND ORDER TO SHOW CAUSE why its insured status should not be terminated under the provisions of section 8(p) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(p), because it is not engaged in the business of receiving deposits, other than trust funds, and of its right to a hearing, and has waived those rights.
   2. The Insured Institution hereby consents and agrees to the issuance of an ORDER OF TERMINATION OF INSURANCE ("ORDER") by the FDIC. The Insured Institution further stipulates and agrees that such ORDER shall be deemed to be an order which has become final, and that said ORDER shall become effective at the expiration of June 30, 1993, which is the last day of the first full semiannual assessment period following the date of issuance of such ORDER, and fully enforceable by the FDIC pursuant to section 8(i) of the Act, 12 U.S.C. §1818(i), subject only to the conditions set forth in paragraph 3 of this STIPULATION.
   3. In the event the FDIC accepts this STIPULATION and issues the ORDER, it is agreed that no legal action to enforce said ORDER in a United States district court will be initiated by the FDIC unless the Insured Institution, or any director, officer, employee, agent, or other institution-affiliated party of the Insured Institution, or any successor or assign of the Insured Institution, has violated or is about to violate the ORDER.
   4. The Insured Institution hereby waives:
   (a) the receipt of a NOTICE OF INTENTION TO TERMINATE INSURED STATUS AND ORDER TO SHOW CAUSE;
   (b) a hearing for the purpose of taking evidence on such NOTICE;
   (c) the filing of proposed Findings of Fact and Conclusions of Law;
   (d) a recommended decision of an Administrative Law Judge; and
   (e) exceptions and briefs with respect to such recommended decision.
Dated: December 9, 1992

FEDERAL DEPOSIT INSURANCE
CORPORATION—LEGAL DIVISION
Philip P. Houle
Senior Attorney

Dated December 7, 1992
SHAWMUT NATIONAL TRUST
COMPANY
STUART, FLORIDA

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