[¶11,681] In the Matter of Bank of Bellingham, Bellingham, Washington, Docket No. 99-126q (12-20-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
BANK OF BELLINGHAM
(Insured State Nonmember Bank)
ORDER OF APPROVAL OF
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 Horizon Bank, Bellingham, Washington ("Horizon Bank"), has provided to the FDIC on October 18, 1999, satisfactory evidence that it has assumed the deposit liabilities of Bank of Bellingham, Bellingham, Washington ("Bank of Bellingham"), as of June 19, 1999, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Horizon Bank has notified Bank of Bellingham's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Bank of Bellingham as an insured state nonmember bank be, and hereby is terminated as of October 18, 1999.
IT IS FURTHER ORDERED, that separate insurance of all deposits assumed by Horizon Bank from Bank of Bellingham shall terminate at the expiration of December 19, 1999, or, in the case of any time deposit, the earliest maturity date after December 19, 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 20th day of December, 1999.