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   [12,007] In the Matter of Industrial Bank of Korea, New York Branch, New York City, New York, Docket No. 02-204q (12-26-02).

   Status of bank as an insured state licensed branch of a foreign bank terminated.

In the Matter of
INDUSTRIAL BANK OF KOREA NEW YORK BRANCH
NEW YORK CITY, NEW YORK
(Insured State Licensed Branch Of A Foreign Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE

FDIC-02-204q

   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 Nara Bank, National Association, Los Angeles, California ("Nara Bank"), has provided to the FDIC on December 5, 2002, satisfactory evidence that it has assumed the liabilities for deposits of Industrial Bank of Korea, New York Branch, New York City, New York ("IBK"), as of November 29, 2002, 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 IBK as an insured state licensed branch of a foreign bank be, and hereby is, terminated as of December 5, 2002.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Nara Bank from IBK shall terminate at the expiration of May 29, 2003, or in the case of any time deposit, the earliest maturity date after May 29, 2003, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).

   IT IS FURTHER ORDERED, that Nara Bank shall give notice of such assumption to each of the depositors of IBK 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 26th day of December, 2002.

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Last Updated 6/6/2003 legal@fdic.gov