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[¶10,962]In the Matter of Home Savings and Loan Association of Oklahoma City, Oklahoma City, Oklahoma, Docket No. FDIC-94-3a (3-1-94).
FDIC accepts institution's voluntary termination of insured status.
In the Matter of
HOME SAVINGS AND LOAN
ASSOCIATION
OF OKLAHOMA CITY
OKLAHOMA CITY, OKLAHOMA
(INSURED STATE CHARTERED
SAVINGS
AND LOAN ASSOCIATION)
ORDER OF ACCEPTANCE
OF VOLUNTARY TERMINATION
OF INSURED STATUS
FDIC-94-3a
WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a)(1), Home Savings and Loan Association of Oklahoma City, Oklahoma City, Oklahoma ("Insured Institution"), notified the Federal Deposit Insurance Corporation ("FDIC") by letter dated November 17, 1993, that it was no longer desirous of continuing its status as an insured state chartered savings and loan association and wished to voluntarily terminate its insured status; and
WHEREAS, pursuant to section 18(i) of the Act, 12 U.S.C. § 1828(i), the Board of Directors ("Board") of the FDIC has considered the factors contained therein as they apply to the Insured Institution, and has determined that no reason exists to prevent the Insured Institution from voluntarily terminating its insured status.
WHEREAS, the Board seeks to ensure that depositors of the Insured Institution are adequately notified of the termination of insurance and the effect this ORDER will have upon their deposits.
THEREFORE, in consideration of the foregoing, and pursuant to the provisions of section 8(a)(1) of the Act, 12 U.S.C. § 1818(a)(1), the Board herewith accepts the Insured Institution's notification of voluntary termination of insured status and issues the following:
ORDER
IT IS HEREBY ORDERED, that the Board accepts the voluntary termination of the insured status of Home Savings and Loan Association of Oklahoma City, Oklahoma City, Oklahoma, as an insured state chartered savings and loan association, and that, therefore, the insured status of the Insured Institution be, and hereby is, terminated, as of the date on which the Regional Director (Supervision) of the Dallas Regional Office of the FDIC ("Regional Director") receives notification from the Insured Institution that it has completed all of the necessary transfers of deposits required by this ORDER ("Termination Date").
IT IS FURTHER ORDERED, that the in
{{6-30-94 p.C-3629}}sured deposits of each depositor in the Insured Institution on the Termination Date, less all subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of six months from the Termination Date.
IT IS FURTHER ORDERED, that the Insured Institution shall notify its depositors of the termination of its insured status no later than 30 days from the date of issuance of this ORDER, by mail, in the same form as attached hereto.
IT IS FURTHER ORDERED, in light of the relatively short six-month time frame for the termination of the insurance of existing deposits, that no later than 30 days from the date of issuance of this ORDER and until the Termination Date as defined in this ORDER, the Insured Institution shall also notify its depositors of the termination of its insured status by continuously displaying a copy of the aforesaid notification at each station or window where insured deposits are normally received in its principal place of business and in all its branches.
IT IS FURTHER ORDERED, that the foregoing notifications shall inform depositors that each depositor must affirmatively respond in writing to the Insured Institution no later than June 30, 1994, and indicate whether the depositor (a) requests that the depositor's funds remain in the Insured Institution after the termination of insurance on those deposits; (b) intends to withdraw the funds prior to the termination of insurance on those deposits; or (c) requests that such funds be transferred to a Federallyinsured depository institution approved by the Regional Director prior to the termination of insurance on those deposits.
IT IS FURTHER ORDERED, that the Insured Institution shall select a Federallyinsured depository institution within Oklahoma City, Oklahoma, to which such deposit accounts for which the depositor seeks transfer, as well as those accounts for which no response from a depositor is timely received, shall be transferred, in compliance with this ORDER and all applicable laws and regulations.
IT IS FURTHER ORDERED, that the Insured Institution shall inform those depositors who choose the option of withdrawing their funds whether it will waive any penalties associated with withdrawal.
IT IS FURTHER ORDERED, that the Insured Institution shall inform the Regional Director in writing when all of the necessary transfers of deposits required by this ORDER have been completed, and shall provide the Regional Director a copy of the proposed notice which shall be sent at that time to all existing depositors, as described in this ORDER.
IT IS FURTHER ORDERED, that the Insured Institution shall, by mail, inform all depositors with existing accounts in the Insured Institution on the Termination Date, that the insurance of their deposits in the Insured Institution will terminate six months after the Termination Date, less subsequent withdrawals, and that new deposits after that date will be uninsured. The Termination Date shall be specifically stated, as well as the specific date which represents the end of the six-month period beginning on the Termination Date. Such notice shall be in a form approved by the Regional Director, shall be sent by mail to each such depositor, and a copy thereof shall be continuously displayed at each station or window where insured deposits are normally received in its principal place of business and in all its branches during the six-month period beginning on the Termination Date.
IT IS FURTHER ORDERED, that the Insured Institution shall provide a separate written notice to each depositor who opens a new deposit account after the date of issuance of this ORDER but before the Termination Date, of the termination of the insured status of the Insured Institution, as anticipated by this ORDER. Such notice shall be provided to the depositor at the time the account is opened, and receipt thereof at that time shall be acknowledged in writing by the depositor. Such notice shall state that the Insured Institution is in the process of terminating insurance of its deposits, that their accounts will become uninsured in the near future, and that the Insured Institution will notify them in writing and by posting, as anticipated by this ORDER, of the precise date on which their deposits will become uninsured.
By direction of the Board of Directors.
Dated at Washington, D.C., this 1st day of March, 1994.
