[¶10,907] In the Matter of Community Bank of Greater Peoria, East Peoria, Illinois, Docket No. FDIC-93-238q (11-19-93).
Liability for all bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
COMMUNITY BANK OF GREATER
EAST PEORIA, ILLINOIS
(Insured State Nonmember Bank)
ORDER OF APPROVAL
OF TERMINATION OF
Pursuant to section 8(q) of the Federal Deposit Insurance Act (the "Act"), 12 U.S.C. § 1818(q), and section 18(i)(3) of the Act, 12 U.S.C. § 1828(i)(3), the Federal Deposit Insurance Corporation ("FDIC"), having found that Community Bank of Greater Peoria, East Peoria, Illinois ("Community Bank"), has provided to the FDIC on November 19, 1993, satisfactory evidence that its liabilities for deposits have been assumed by Magna Bank of Illinois, Belleville, Illinois ("Magna Bank"), on November 19, 1993, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Community Bank as an insured State nonmember bank, has been, and hereby is, terminated on November 19, 1993.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Magna Bank from Community Bank shall terminate at the expiration of May 19, 1994, or in the case of any time deposit, the earliest maturity date after May 19, 1994, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
IT IS FURTHER ORDERED, that Magna Bank shall give notice of such assumption to each of the depositors of Community Bank within thirty days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's Chicago Regional Office.
Dated at Washington, D.C., this 19th day of November, 1993.
Pursuant to delegated authority.