[¶11,025] In the Matter of Standard Chartered Bank, PLC, Chicago, Illinois, Docket No. FDIC-94-87a (8-9-94).
FDIC accepts institution's request for voluntary termination of insured status.
In the Matter of
STANDARD CHARTERED BANK,
(Insured State Licensed Branch of a
ORDER OF ACCEPTANCE
OF VOLUNTARY TERMINATION
OF INSURED STATUS
WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a)(1), the Chicago Branch of Standard Chartered Bank, PLC, located at 33 West Monroe Street, Chicago, Illinois ("Insured Institution"), notified the Federal Deposit Insurance Corporation ("FDIC"), by letter dated January 19, 1994, that it was no longer desirous of continuing its status as an insured state licensed
branch of a foreign bank and wished to voluntarily terminate its insured status; and
WHEREAS, the Insured Institution is also desirous of having the time frame during which the deposits of the Insured Institution continue to be insured for the minimum six-month period as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
WHEREAS, as of March 7, 1994, the Insured Institution no longer held any retail deposits and no longer intended to engage in retail deposit activity; and
WHEREAS, pursuant to section 18(i) of the Act, 12 U.S.C. § 1828(i), 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.
THEREFORE, in consideration of the foregoing, and pursuant to the provisions of section 8(a)(1) and 8(a)(7) of the Act, 12 U.S.C. §§ 1818(a)(1) and (7), the FDIC herewith accepts the Insured Institution's notification of voluntary termination of insured status and issues the following:
IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of the Chicago Branch of Standard Chartered Bank, PLC, Chicago, Illinois, as an insured state licensed branch of a foreign bank, and that, therefore, the insured status of the Insured Institution be, and hereby is, terminated at the expiration of November 7, 1994.
IT IS FURTHER ORDERED, that the time frame for which the deposits of the Insured Institution continues to be insured will terminate at the end of business on May 7, 1995.
IT IS FURTHER ORDERED, that the Insured Institution notify its depositors of the termination of its insured status and the time frame for continued deposit insurance no later than October 7, 1994, by publication and by mail, in a manner acceptable to the Regional Director (Supervision) of the FDIC's Chicago Regional Office taking into consideration the provisions of section 308.123 of the FDIC's Rules and Regulations, 12 C.F.R. § 308.123.
IT IS FURTHER ORDERED, that the Insured Institution shall, in all other respects, be subject to the duties and obligations of insured depository institutions until the close of business on May 7, 1995, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818 (a)(7).
Dated at Washington, D.C., this 9th day of August, 1994.
By direction of the Board of Directors.