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FDIC Enforcement Decisions and Orders

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{{5-31-94 p.C-3602}}
   [10,951] In the Matter of Prime Bank, Cromwell, Indiana, Docket No. FDIC-94-11q (3-1-94).

   Liability for all bank's deposits having been assumed by another institution, FDIC terminates separate insurance of Prime Bank.
In the Matter of

(Insured State Nonmember Bank)


   Pursuant to section 8(q) of the Federal {{5-31-94 p.C-3603}}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 Lake City Bank, Warsaw, Indiana ("Lake City Bank"), has provided to the FDIC on December 1, 1993, satisfactory evidence that it has assumed the liabilities for deposits of Prime Bank, Cromwell, Indiana ("Prime Bank"), as of November 22, 1993, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Lake City Bank has notified Prime Bank's depositors of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of Prime Bank as an insured state non-member bank, hereby is terminated as of December 1, 1993.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Lake City Bank from Prime Bank shall terminate at the expiration of May 22, 1994, or in the case of any time deposit, the earliest maturity date after May 22, 1994, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 1st day of March, 1994.
   Pursuant to delegated authority.

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