[¶11,594] In the Matter of Bank of Sumner, Sumner, Washington, Docket No. 99-005q (2-26-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
BANK OF SUMNER
(Insured State Nonmember Bank)
ORDER OF APPROVAL 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), of the Federal Deposit Insurance Corporation ("FDIC"), having found that Frontier Bank, Everett, Washington ("Frontier"), a state chartered institution, has provided to the FDIC on January 4, 1999, satisfactory evidence that it has assumed the liabilities for deposits of Bank of Sumner, Sumner, Washington ("Bank of Sumner") as of December 21, 1998, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Frontier has notified Bank of Sumner's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Bank of Sumner as an insured State nonmember bank be, and hereby is terminated as of January 4, 1999.
IT IS FURTHER ORDERED, that separate insurance of all deposits assumed by Frontier from Bank of Sumner shall terminate at the expiration of June 21, 1999, or, in the case of any time deposit, the earliest maturity date after June 21, 1999, 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 26th day of February, 1999.