[¶11,595] In the Matter of Rainbow Financial Corporation, Honolulu, Hawaii, Docket No. 99-007q (2-26-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
RAINBOW FINANCIAL CORPORATION
(Insured State Nonmember Thrift)
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 Finance Factors, Ltd. ("Finance Factors"), has provided to the FDIC on January 14, 1999, satisfactory evidence that it has assumed the liabilities for deposits of Rainbow Financial Corporation, Honolulu, Hawaii ("Rainbow"), as of January 1, 1999, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Finance Factors has notified Bank of Rainbow's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Rainbow as an insured State nonmember bank be, and hereby is terminated as of January 14, 1999.
IT IS FURTHER ORDERED, that separate insurance of all deposits assumed by Finance Factors from Rainbow shall terminate at the expiration of July 1, 1999, or, in the case of any time deposit, the earliest maturity date after July 1, 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.