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   [12,229] In the Matter of Korea Exchange Bank, Chicago Branch, Chicago, Illinois, Docket No. 04-141q (6-25-04).

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

In the Matter of
KOREA EXCHANGE BANK CHICAGO BRANCH
CHICAGO, ILLINOIS
(Insured State Chartered Branch of a Foreign Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE

FDIC-04-141q

   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 Center Bank, Los Angeles, California ("Center Bank"), has provided to the FDIC on June 2, 2004, satisfactory evidence that it has assumed the liabilities for deposits of Korea Exchange Bank, Chicago Branch, Chicago, Illinois ("Insured Institution"), as of April 23, 2004, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Center 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 June 2, 2004.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Center Bank from the Insured Institution shall terminate at the expiration of October 25, 2004, or in the case of any time deposit, the earliest maturity date after October 25, 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 25th day of June, 2004.

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Last Updated 10/3/2004 legal@fdic.gov