[¶11,241] In the Matter of Cowenton Federal Savings and Loan Association, White Marsh, Md., Docket No. FDIC-95-91q (10-20-95).
Savings and loan association agrees to termination of insured status.ORDER
In the Matter of
COWENTON FEDERAL SAVINGS
AND LOAN ASSOCIATION
(Insured Federal Savings and Loan
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 Mercantile-Safe Deposit and Trust Company, Baltimore, Maryland ("Mercantile-Safe") has provided to the FDIC on June 15, 1995, satisfactory evidence that it has assumed the liabilities for deposits of Cowenton Federal Savings and Loan Association, White March, Maryland ("Cowenton") as of June 2, 1995, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Mercantile-Safe has notified the depositors of Cowenton of the assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Cowenton as an insured Federal savings and loan association hereby is terminated as of June 15, 1995.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Mercantile-Safe from Cowenton shall terminate at the expiration of December 2, 1995, or in the case of any time deposit, the earliest maturity date after December 2, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
IT IS FURTHER ORDERED, that Mercantile-Safe shall give notice of such assumption to each of the depositors of Cowenton 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 New York Regional Office.
Dated at Washington, D.C., this 20th day of October, 1995.
Pursuant to delegated authority.