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   [11,374] In the Matter of Banco Central Hispano-Puerto Rico, San Juan, P.R., Docket No. FDIC-96-140q (12-31-96)

   Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
BANCO CENTRAL HISPANO-
PUERTO RICO

SAN JUAN, PUERTO RICO
(Insured State Nonmember Bank)
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE

FDIC-96-140q

   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 found that Banco Santander Puerto Rico, San Juan, Puerto Rico ("Banco Santander"), has provided to the FDIC on October 25, 1996, satisfactory evidence that it has assumed the liabilities for deposits of Banco Central His- {{3-31-97 p.C-4297}}pano-Puerto Rico, San Juan, Puerto Rico ("Banco Central Hispano"), as of October 14, 1996, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Banco Santander has notified Banco Central Hispano's depositors of its assumption of their deposits, hereby issues the following ORDER:

ORDER

   IT IS HEREBY ORDERED, that the status of Banco Central Hispano as an insured state nonmember bank, is terminated on October 25, 1996.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Banco Santander from the Banco Central Hispano shall terminate at the expiration of April 14, 1997, or in the case of any time deposit, the earliest maturity date after April 14, 1997, 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 31st day of December, 1996.

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