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FDIC Enforcement Decisions and Orders

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   [11,115] In The Matter of Long Beach Bank, F.S.B., Orange, California, Docket No. FDIC-94-190q (12-30-94).

   FDIC approves termination of insurance for bank whose liabilities have been assumed by another institution.

In The Matter of

LONG BEACH BANK, F.S.B.
ORANGE
, CALIFORNIA
(Insured Federal Savings Bank)
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE

FDIC-94-190q

   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

{{2-28-95 p.C-3900}}found that Home Saving of America, FSB, Irwindale, California ("Home Savings") has provided to the FDIC, by letter received October 20, 1994, satisfactory evidence that it has assumed the liabilities for deposits of Long Beach Bank, F.S.B., Orange, California ("Long Beach") as of October 7, 1994, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Home Savings has notified the depositors of Long Beach of its assumption of their deposits, hereby issues the following ORDER:

ORDER

   IT IS HEREBY ORDERED, that the status of Long Beach as an insured Federal Savings Bank, hereby is, terminated as of October 20, 1994.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Home Savings from Long Beach shall terminate at the expiration of April 20, 1995, or in the case of any time deposit, the earliest maturity date after April 20, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 30th day of December, 1994.
   Pursuant to delegated authority.

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