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[¶11,752] In the Matter of Bank of the Philippine Islands, New York Branch, New York, New York, Docket No. 00-111p (12-27-00)
FDIC terminates insured status of bank that no longer receives
deposits.
In the Matter of
BANK OF THE PHILIPPINE ISLANDS
NEW YORK BRANCH
NEW YORK CITY, NEW YORK
(Domestic Office Of A Foreign Bank)
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ORDER OF TERMINATION OF INSURANCE
FDIC-00-111p
Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12
U.S.C. §1818(p), the Federal Deposit Insurance Corporation
("FDIC") hereby finds that Bank of the Philippine Islands, New
York Branch, New York City, New York ("BPI"), is not engaged in
the business of receiving deposits, other than trust funds, and issues
the following ORDER:
ORDER
IT IS HEREBY ORDERED, that the status of BPI as a domestic office
of a foreign bank be, and hereby is, terminated at the expiration of
June 30, 2001, which is the last day of the first full semiannual
assessment period following the date of issuance of this ORDER.
IT IS FURTHER ORDERED, that BPI notify its depositors, if any, of the
termination of its insured status no later than May 30, 2001, in the
manner required by section 308.124(c) of the FDIC's Rules of Practice
and Procedure, 12 C.F.R. §308.124(c).
Pursuant to delegated authority.
Dated at Washington, D.C., this 27th day of December, 2000.
