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FDIC Enforcement Decisions and Orders
Status of bank as insured national 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 Farmers State Bank, Lagrange, Indiana ("Farmers State Bank"), has provided to the FDIC on November 1, 2005, satisfactory evidence that it has assumed the liabilities for deposits of The First National Bank of Fremont, Fremont, Indiana ("First National Bank"), as of November 1, 2005, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of First National Bank, as an insured national bank, hereby is terminated on November 1, 2005.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Farmers State Bank from First National Bank shall terminate at the expiration of May 1, 2006, or, in the case of any time deposit, the earliest maturity date after May 1, 2006, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that Farmers State Bank shall give notice of such assumption to each of the depositors of First National Bank 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 Chicago Regional Office.
Pursuant to delegated authority.
Dated at Washington, D.C., this 1st day of November, 2005.
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