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[¶11,178] In the Matter of Union Bank, North Providence, R.I., Docket No. 95-43a (5-8-95).
Insured status of state nonmember bank is terminated.
[.1] Insured Status—Termination
In the Matter of
UNION BANK
NORTH PROVIDENCE, RHODE
ISLAND
(Insured State Nonmember Bank)
ORDER OF ACCEPTANCE
OF VOLUNTARY TERMINATION
OF INSURED STATUS
FDIC-95-43a
WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a)(1), Union Bank, North Providence, Rhode Island ("Insured Institution"), notified the Federal Deposit Insurance Corporation ("FDIC") by letter dated January 24, 1995, that it was no longer desirous of continuing its status as an insured state nonmember bank and wished to voluntarily terminate its insured status; 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 Institution, and has determined that no reason exists to prevent the Insured Institution from voluntarily terminating its insured status.
THEREFORE, in consideration of the foregoing, and pursuant to the provisions of section 8(a)(1) of the Act, the FDIC herewith accepts the Insured Institution's Notification of Voluntary Termination of Insured Status and issues the following:
ORDER
[.1] IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of Union Bank, North Providence, Rhode Island, as an insured state nonmember bank and that, therefore, the insured status of the Insured Institution be, and hereby is, terminated at the expiration of May 18, 1995.
IT IS FURTHER ORDERED, that the insured deposits of each depositor in the Insured Institution on May 18, 1995, less all
{{5-31-96 p.C-4026}}subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of ten months, until March 18, 1996.
IT IS FURTHER ORDERED, that the Insured Institution notify its depositors of the termination of its insured status no later than June 17, 1995, by publication and by mail, in the manner required by section 307.2 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.2.
Dated at Washington, D.C., this 18th day of May, 1995.
By direction of the Board of Directors.
