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FDIC Enforcement Decisions and Orders

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{{7-31-95 p.C-3589}}
   [10,946] In the Matter of New America Savings Bank, Irvine, California, Docket No. FDIC-93-255q (2-16-94).

   Liabilities for bank's deposits having been assumed by another institution, FDIC terminates bank's deposit insurance.
In the Matter of

(Insured Federal Savings Bank)


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 California Federal Bank, a FSB, Los Angeles, California ("California Federal"), has provided to the FDIC on December 17, 1993, satisfactory evidence that it has assumed the liabilities for deposits of New America Savings Bank, Irvine, California ("New America Savings") as of December 17, 1993, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that California Federal has notified New America Savings' depositors of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of New America Savings as an insured federal savings bank, hereby is terminated on December 17, 1993.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by California Federal from New America Savings shall terminate at the expiration of June 17, 1994, or in the case of any time deposit, the earliest maturity date after June 17, 1994, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 16th day of February, 1994.
   Pursuant to delegated authority.

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