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FDIC Enforcement Decisions and Orders
Status of bank as an insured state nonmember bank terminated.
In the Matter 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 Community Central Bank, Mount Clemens, Michigan ("Assuming Institution"), has provided to the FDIC on October 30, 2003, satisfactory evidence that it has assumed the liabilities for deposits of North Oakland Community Bank, Rochester Hills, Michigan ("NOC Bank"), as of October 17, 2003, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that the Assuming Institution has notified NOC Bank depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of NOC Bank, as an insured state nonmember bank be, and hereby is, terminated as of October 30, 2003.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by the Assuming Institution from NOC Bank shall terminate at the expiration of April 19, 2004, or, in the case of any time deposit, the earliest maturity date after April 19, 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 4th day of March, 2004.
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