[¶11,137] In the Matter of National Bank of Pakistan, Chicago, Illinois, Docket No. FDIC-95-9a (2-28-95).
FDIC accepts bank's request to voluntarily terminate its insured status.
In the Matter of
NATIONAL BANK OF PAKISTAN
(Insured State Licensed Branch of a
ORDER OF ACCEPTANCE OF
VOLUNTARY TERMINATION OF
WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a)(1), the branch of National Bank of Pakistan located at 39 South LaSalle Street, Chicago, Illinois ("Insured Branch"), notified the Federal Deposit Insurance Corporation ("FDIC"), by letter dated October 6, 1994, that it was no longer desirous of continuing its status as an insured state licensed branch of a foreign bank and wished to voluntarily terminate its insured status; and
WHEREAS, the Insured Branch is also desirous of having the time frame during which the deposits of the Insured Branch continue to be insured reduced to six months as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
WHEREAS, pursuant to section 18(i) of the Act, 12 U.S.C. § 1828(i), the FDIC has considered the factors contained therein as they apply to the Insured Branch, and has determined that no reason exists to prevent the Insured Branch from voluntarily terminating its insured status.
THEREFORE, in consideration of the foregoing, and pursuant to the provisions of section 8(a)(1) and 8(a)(7) of the Act, 12 U.S.C. §¶ 1818(a)(1) and (7), the FDIC herewith accepts the Insured Branch's notification of voluntary termination of insured status and issues the following:
IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of the Chicago Branch of National Bank of Pakistan as an insured state licensed branch of a foreign bank, and that, therefore, the insured status of the Insured Branch be, and hereby is, terminated at the expiration of February 28, 1995.
IT IS FURTHER ORDERED, that the insured deposits of each depositor in the Insured Branch on February 28, 1995, less all subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of six months, until August 31, 1995.
IT IS FURTHER ORDERED, that the Insured Branch notify its depositors of the termination of its insured status and the reduced time frame for deposit insurance coverage by no later than March 31, 1995, by publication and by mail, in a manner acceptable to the Regional Director (Supervision) of the FDIC's Chicago Regional Office taking into consideration the provisions of section 308.123 of the FDIC's Rules and Regulations, 12 C.F.R. § 308.123.
IT IS FURTHER ORDERED, that the Insured Branch shall, in all other respects, be subject to the duties and obligations of insured depository institutions until the close of business on August 31, 1995, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7).
Dated at Washington, D.C., this 28th day of February, 1995.
By direction of the Board of Directors.