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FDIC Enforcement Decisions and Orders
Status of bank as 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 Cass Commercial Bank, Bridgeton, Missouri ("Cass Commercial Bank"), has provided to the FDIC on January 12, 2005, satisfactory evidence that it has assumed the liabilities for deposits of Franklin Bank of California, Orange, California ("Insured Institution"), as of November 24, 2004, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Cass Commercial Bank has notified the Insured Institution's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of the Insured Institution, as an insured state nonmember bank be, and hereby is, terminated as of January 12, 2005.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Cass Commercial Bank from the Insured Institution shall terminate at the expiration of May 25, 2005, or in the case of any time deposit, the earliest maturity date after May 25, 2005, 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 2nd day of March, 2005.
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