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FDIC Enforcement Decisions and Orders

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{{4-30-95 p.C-3929}}
   [11,124] In the Matter of The Bank of Walnut, Walnut, Mississippi, Docket No. FDIC-95-11q (2-2-95).

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

In the Matter of
(Insured State Nonmember Bank)

{{4-30-95 p.C-3930}}
   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 The People Bank, Ripley, Mississippi ("Peoples Bank"), has provided to the FDIC on October 18, 1994, satisfactory evidence that it has assumed the liabilities for deposits of The Bank of Walnut, Walnut, Mississippi ("Bank of Walnut"), as of September 30, 1994, 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 Bank of Walnut as an insured State nonmember bank, hereby is, terminated as of October 18, 1994.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by People Bank from Bank of Walnut shall terminate at the expiration of March 31, 1995, or in the case of any time deposit, the earliest maturity date after March 31, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   IT IS FURTHER ORDERED, that Peoples Bank shall give notice of such assumption to each of the depositors of Bank of Walnut within thirty days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's Memphis Regional Office.
   Dated at Washington, D.C., this 2nd day of February, 1995.
   Pursuant to delegated authority.

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