[¶11,685] In the Matter of Realty Finance, Inc., Hilo, Hawaii,Docket No. 99-138q (12-28-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
REALTY FINANCE, INC.
(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 Continental Savings Bank, Seattle, Washington ("Continental"), has provided to the FDIC on December 2, 1999, satisfactory evidence that it has assumed the deposit liabilities of Reality Finance, Inc., Hilo, Hawaii ("Realty"), as of November 30, 1999, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Continental has notified Realty's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Realty as an insured state nonmember bank be, and hereby is, terminated as of December 2, 1999.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Continental from Realty shall terminate at the expiration of May 30, 2000, or, in the case of any time deposit, the earliest maturity date after May 30, 2000, 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 28th day of December, 1999.