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FDIC Enforcement Decisions and Orders

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{{3-20-92 p.C-2070}}
   [10,479A] In the Matter of Community Bank and Trust Company of Virginia, Sterling, Virginia, Docket No. FDIC-92-49q (3-20-92)

   Termination of Bank's insurance, liability for Bank's deposits having been assumed by another institution.

In the Matter of

(Insured State Member Bank)


   Pursuant to section 8(p) 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 Community Bank of Northern Virginia, Sterling, Virginia, a/k/a Northern Virginia Banking Company, Sterling, Virginia ("Northern Virginia Bank") has provided to the FDIC on March 4, 1992, satisfactory evidence that it has assumed the liabilities for deposits of Community Bank & Trust Company of Virginia, Sterling, Virginia ("Community Bank"), as of February 21, 1992, 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 Community Bank as an insured State member bank be, and hereby is, terminated at the expiration of March 20, 1992.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Northern Virginia Bank from Community Bank shall terminate at the expiration of September 20, 1992, or in the case of any time deposit, the earliest maturity date after September 20, 1992, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).
   IT IS FURTHER ORDERED, that Northern Virginia Bank shall give notice of such assumption to each of the depositors of Community Bank within thirty days after such assumption has taken effect, it it has not already done so, in a manner acceptable to the Regional Director of the FDIC's Atlanta Regional Office.
   Pursuant to delegated authority.
   Dated at Washington, D.C., this 20th day of March 1992.
John W. Stone
Director, Division of Supervision

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