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FDIC Enforcement Decisions and Orders

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{{5-31-95 p.C-3949}}
   [11,139] In the Matter of Great Pacific Bank, S.S.B., San Mateo, California, Docket No. FDIC-94-206q (3-1-95).

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

(Insured State Chartered Savings 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 Home Federal Savings and Loan Association, San Francisco, California ("Home Federal"), has provided to the FDIC, by letter received on December 14, 1994, satisfactory evidence that it has assumed the liabilities for deposits of Great Pacific Bank, s.s.b., San Mateo, California ("Great Pacific"), as of October 21, 1994, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Home Federal has notified the depositors of Great Pacific of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of Great Pacific as an insured State chartered savings bank be, and hereby is, terminated as of December 14, 1994.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Home Federal from Great Pacific shall terminate at the expiration of June 14, 1995, or in the case of any time deposit, the earliest maturity date after June 14, 1995, 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, 1995.
   Pursuant to delegated authority.

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