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   [12,137] In the Matter of Korea Exchange Bank, Broadway Branch, New York City, New York, Docket No. 03-220q (12-23-03).

   Status of bank as insured state chartered branch of a foreign bank terminated.

In the Matter of
KOREA EXCHANGE BANK BROADWAY BRANCH
NEW YORK CITY, NEW YORK
(Insured State Chartered Branch of a Foreign Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE

FDIC-03-220q

   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,
{{2-29-04 p.C-5946}}

   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 November 17, 2003, satisfactory evidence that it has assumed the liabilities for deposits of Korea Exchange Bank, Broadway Branch, New York City, New York ("Insured Institution"), as of October 31, 2003, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Nara Bank has notified the Insured Institution's depositors of its assumption of their deposits hereby issues the following ORDER:

ORDER

   IT IS HEREBY ORDERED, that the status of the Insured Institution as an insured state chartered branch of a foreign bank be, and hereby is, terminated as of November 17, 2003.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Nara Bank from the Insured Institution shall terminate at the expiration of April 30, 2004, or in the case of any time deposit, the earliest maturity date after April 30, 2004, 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 23rd day of December, 2003.

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Last Updated 3/7/2004 legal@fdic.gov