[¶10,998]In the Matter of IDS Bank and Trust, Minneapolis, Minnesota, Docket No. FDIC-94-63q (6-22-94).
Liability for all bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
IDS BANK AND TRUST
(Insured State Nonmember Bank)
ORDER OF APPROVAL
OF TERMINATION OF
Pursuant to section 8(q) of the Federal Deposit Insurance Act ("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 American Express Deposit Corporation (formerly American Express Resource Corporation), Midvale, Utah, has provided to the FDIC on March 28, 1994, satisfactory evidence that it has assumed the liabilities for deposits of IDS Bank and Trust, Minneapolis, Minnesota, as of February 28, 1994, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that American Express Deposit Corporation has notified the depositors of IDS Bank and Trust of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of IDS Bank and Trust as an insured State nonmember bank has been, and hereby is, terminated as of March 28, 1994.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by American Express Deposit Corporation from IDS Bank and Trust shall terminate at the expiration of August 31, 1994, or in the case of any time deposit, the earliest maturity date after August 31, 1994, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(g).
Dated at Washington, D.C., this 22nd day of June, 1994.
Pursuant to delegated authority.