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   [11,755] In the Matter of Arab American Bank, New York, New York, Docket No. 00-135q (12-29-00)

   Status of bank as insured state nonmember bank terminated.

In the Matter of
ARAB AMERICAN BANK
NEW YORK CITY, NEW YORK
(State Member Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE

FDIC-00-135q

   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 Bank Audi (U.S.A.), New York, New York ("Audi"), has provided to the FDIC on December 13, 2000, satisfactory evidence that it has assumed the deposit liabilities of Arab American Bank, New York City, New York ("AAB"), as of December 8, 2000, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:

   

ORDER

   IT IS HEREBY ORDERED, that the status of AAB as an insured state member bank be, and hereby is, terminated as of December 13, 2000.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Audi from AAB shall terminate at the expiration of June 8, 2001, or, in the case of any time deposit, the earliest maturity date after June 8, 2001, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).

   IT IS FURTHER ORDERED, that Audi shall give notice of such assumption to each of the depositors of AAB within thirty days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's New York Regional Office.

   Pursuant to delegated authority.

   Dated at Washington, D.C., this 29th day of December, 2000.

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