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FDIC Enforcement Decisions and Orders

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{{4-1-90 p.TC-34}}
   [15,125] Docket No. FDIC-89-177kk (5-29-90)

In the Matter of

THE FIRST NATIONAL BANK OF
CANTON

CANTON, TEXAS
(Insured Depository Institution)

Related to


FIRST STATE BANK
PFLUGERVILLE, TEXAS
(Commonly Controlled Insured Depository
Institution)
ORDER TERMINATING NOTICE OF
ASSESSMENT OF LIABILITY

WHEREAS, the Federal Deposit Insurance Corporation ("FDIC") on August 24, 1989, pursuant to the provisions of section 206(a)(7) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"), 12 U.S.C. §1815(e), and the FDIC's Rules of Practice and Procedures, 12 C.F.R. Part 308, issued a NOTICE OF ASSESSMENT OF LIABILITY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY, AND NOTICE OF HEARING ("ASSESSMENT OF LIABILITY"), assessing a liability of $5,823,000 against The First National Bank of Canton, Canton, Texas ("Liable Institution"), for loss incurred or reasonably anticipated to be incurred by the FDIC in con- {{4-1-90 p.TC-35}}nection with the default of First State Bank, Pflugerville, Texas, a commonly controlled depository institution; and
   WHEREAS, on October 12, 1989, the FDIC issued a CONTINGENT WAIVER OF ASSESSMENT OF LIABILITY ("CONTINGENT WAIVER") pursuant to section 206(a)(7) of the FIRREA, 12 U.S.C. §1815(e)(5), waiving the ASSESSMENT OF LIABILITY issued against the Liable Institution, contingent upon the consummation of the sale of a certain note within 120 days; and
   WHEREAS, the sale of the aforementioned note was consummated on February 8, 1990, within the requisite 120-day period.
   IT IS HEREBY ORDERED, pursuant to section 206(a)(7) of the FIRREA, 12 U.S.C. §1815(e)(5), that the ASSESSMENT OF LIABILITY issued against the Liable Institution on August 24, 1989, is terminated.
   By order of the Board of Directors.
   Dated at Washington, D.C., this 29th day of May, 1990.

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