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FDIC Enforcement Decisions and Orders

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{{6-30-95 p.C-3647}}
   [10,976]In the Matter of IDS Deposit Corporation, Midvale, Utah, Docket No. FDIC-94-47q, 5-6-94.

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

(Insured State Nonmember Bank)


   Pursuant to section 8(q) of the Federal Deposit Insurance Act ("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 American Express Deposit Corporation, Midvale, Utah ("AEDC") (previously known as American Express Resource Corporation), has provided to the FDIC on March 10, 1994, satisfactory evidence that it has assumed the liabilities for deposits of IDS Deposit Corporation, Midvale, Utah ("IDS"), as of March 1, 1994, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that AEDC has notified IDS's depositors of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of IDS as an insured State nonmember bank, hereby is terminated as of March 1, 1994.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by AEDC from IDS shall terminate at the expiration of September 1, 1994, or in the case of any time deposit, the earliest matu- {{6-30-95 p.C-3648}}rity date after September 1, 1994, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 6th day of May, 1994.
   Pursuant to delegated authority.

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