[¶11,312] In the Matter of Hang Seng Bank Ltd., New York, N.Y., Docket No. FDIC-96-75q (6-28-96)
Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
HANG SENG BANK, LTD.
27 EAST BROADWAY BRANCH
NEW YORK CITY (MANHATTAN)
(INSURED STATE LICENSED
BRANCH OF A FOREIGN BANK)
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE
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 Marine Midland Bank, Buffalo, New York ("Marine Midland") has provided to the FDIC on May 23, 1996, satisfactory evidence that it has assumed the liabilities for deposits of the branch of Hang Seng Bank, Ltd. ("Hang Seng") located at 27 East Broadway, New York City (Manhattan), New York 10002 ("Insured Branch"), an insured state licensed branch of a foreign bank, as of May 22, 1996, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Marine Midland has notified depositors of the Insured Branch of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of the branch of Hang Seng located at: 27 East Broadway, New York City (Manhattan), New York 10002 an insured state licensed branch of a foreign bank, be and hereby is terminated as of May 23, 1996.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Marine Midland from the Insured Branch shall terminate at the expiration of November 22, 1996, or, in the case of any time deposit, the earliest maturity date after November 22, 1996, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
Pursuant to delegated authority.
Dated at Washington, D.C., this 28th day of June, 1996.