[11,509] In the Matter of Cityside Savings & Financial Services Company, Eden Prairie, Minnesota, Docket No. 98-021q (5-13-98)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
CITYSIDE SAVINGS & FINANCIAL SERVICES COMPANY
(Insured State Chartered Industrial
Loan and Thrift Company)
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 Credit-America Savings Company, Brainerd, Minnesota ("Credit-America"), has provided to the FDIC on March 26, 1998, satisfactory evidence that it has assumed the liabilities for deposits of Cityside Savings & Financial Services Company, Eden Prairie, Minnesota ("Cityside"), as of March 13, 1998, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that CreditAmerica has notified Cityside's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Cityside as an insured state chartered industrial loan and thrift company, be and hereby is, terminated as of March 26, 1998.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by CreditAmerica from Cityside shall terminate at the expiration date of September 13, 1998, or in the case of any time deposit, the earliest maturity date after September 13, 1998, 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 13th day of May, 1998.