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FDIC Enforcement Decisions and Orders

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{{4-30-96 p.C-4155}}
[11,261] In the Matter of Las Americas Trust Co., San Juan, Puerto Rico, Docket No. FDIC-95-93q (1-19-96).

   Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
   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 Banco Bilbao Vizcaya Puerto Rico, Mayaguez, Puerto Rico ("Banco Bilbao") ("Assuming Institution"), has provided to the FDIC on July 17, 1995, satisfactory evidence that it has assumed the liabilities for deposits of Las Americas Trust Company, San Juan, Puerto Rico ("LATCO") ("Insured Institution"), as of December 2, 1994, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Banco Bilbao has notified the depositors of LATCO of Banco Bilbao's assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of LATCO as an insured state nonmember bank be, and hereby is, terminated as of July 17, 1995.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Banco Bilbao from LATCO terminated at the expiration of June 2, 1995, or in the case of any time deposit, the earliest maturity date after June 2, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 19th day of January, 1996.
   Pursuant to delegated authority.

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