[¶10,119] In the Matter of The Hong Kong and Shanghai Banking Corporation, Limited, New York, New York, and Chicago, Illinois, Docket No. FDIC-90-195a (9-25-90).
Bank's notification of voluntary termination of insured status accepted by FDIC.
[.1] Voluntary Termination of Insured Status—Time Frame
[.2] Voluntary Termination of Insured Status—Notification to Borrowers
{{1-31-92 p.C-563}}
In the Matter of
THE HONG KONG AND SHANGHAI
BANKING CORPORATION, LIMITED
NEW YORK, NEW YORK and
CHICAGO, ILLINOIS
(Insured State Licensed Branches of A
Foreign Bank)
ORDER OF ACCEPTANCE
OF VOLUNTARY TERMINATION
OF INSURED STATUS
FDIC-90-195a
WHEREAS, pursuant to the provisions of section 8(a) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a), certain branches of The Hong Kong and Shanghai Banking Corporation, Limited, located at 5 World Trade Center, New York City, New York ("World Trade Center Branch"): 5 East 59th Street, New York City, New York ("59th Street Branch"); and Chicago, Illinois ("Chicago Branch") (collectively "Insured Institutions") notified the Federal Deposit Insurance Corporation ("FDIC") by letters dated December 29, 1989, in the case of the World Trade Center Branch and the 59th Street Branch, and January 31, 1990, in the case of the Chicago Branch, that they were no longer desirous of continuing their status as insured state licensed branches of a foreign bank and that each wished voluntarily to terminate their insured status; and
WHEREAS, the Insured Institutions are also desirous of having the time frame for which the deposits of the Insured Institutions continue to be insured reduced to six months as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
WHEREAS, pursuant to section 18(i) of the Act, 12 U.S.C. § 1828(i), the FDIC has considered the factors contained therein as they apply to the Insured Institutions and has determined that no reason exists to prevent the Insured Institutions from voluntarily terminating their insured status.
THEREFORE, in consideration of the foregoing and pursuant to the provisions of section 8(a)(1) and 8(a)(7) of the Act, 12 U.S.C. §§ 1818(a)(1) and (7), the FDIC herewith accepts the Insured Institutions' notification of voluntary termination of insured status and issues the following:
ORDER
IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of the World Trade Center Branch, the 59th Street Branch, and the Chicago Branch of The Hong Kong and Shanghai Banking Corporation, Limited, as insured state licensed branches of a foreign bank and that, therefore, the insured status of each of the Insured Institutions be, and hereby is, terminated at the expiration of October 31, 1990.
[.1] IT IS FURTHER ORDERED, that the time frame for which the deposits of the Insured Institutions continue to be insured will terminate at the end of business on April 30, 1991.
[.2] IT IS FURTHER ORDERED, that each Insured Institution notify its depositors of the termination of its insured status and the reduced time frame for deposit insurance no later than September 30, 1990, by publication and by mail, in a manner acceptable to the Regional Director (Supervision) of the FDIC's Chicago Regional Office in the case of the Chicago Branch and the Regional Director (Supervision) of the FDIC's New York Regional Office in the case of the World Trade Center Branch and the 59th Street Branch, taking into consideration the provisions of section 308.62 of the FDIC's Rules and Regulations, 12 C.F.R. § 308.62.
IT IS FURTHER ORDERED, that the Insured Institutions shall, in all other respects, be subject to the duties and obligations of insured depository institutions until the close of business on April 30, 1991, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)97).
By order of the Board of Directors.
Dated at Washington, D.C., this 25th day of September, 1990.
