[¶11,223] In the Matter of The Peoples Bank, Elba, Ala., Docket No. FDIC-95-96q (9-8-95).
Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.ORDER
In the Matter of
THE PEOPLES BANK
(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 The Peoples Bank of Coffee County, Elba, Alabama, First Bank and Trust, Grove Hill, Alabama, and Whitney Bank of Alabama, Mobile, Alabama (collectively "Assuming Institutions") have provided the FDIC, on February 22, 1995, satisfactory evidence that they have assumed the liabilities for deposits of The Peoples Bank, Elba, Alabama ("Peoples Bank") as of February 17, 1995, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that the Assuming Institutions have notified the depositors of Peoples Bank of the assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Peoples Bank as an insured State nonmember bank, hereby is terminated as of February 17, 1995.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by the Assuming Institutions from Peoples Bank shall terminate at the expiration of August 17, 1995, or in the case of any time deposit, the earliest maturity date after August 17, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
IT IS FURTHER ORDERED, that the Assuming Institutions shall give notice of such assumption to each of the depositors of Peoples 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 Atlanta Regional Office.
Dated at Washington, D.C., this 8th day of September, 1995.
Pursuant to delegated authority.