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[¶11,221] In the Matter of Standard Chartered Bank PLC, New York, N.Y., Docket Nos. FDIC-95-66a and FDIC-95-111a (9-5-95).
FDIC terminates insured status of two bank branches that are no longer engaged in retail deposit activity.
In the Matter of
STANDARD CHARTERED BANK,
PLC160 WATER STREET BRANCH and
4 WORLD TRADE CENTER BRANCH
NEW YORK CITY (MANHATTAN),
NEW YORK
(Insured State Licensed Branches of A
Foreign Bank)
ORDER OF ACCEPTANCE
OF VOLUNTARY TERMINATION
OF INSURED STATUS
FDIC-95-66a
FDIC-95-111a
WHEREAS, pursuant to the provisions of section 8(a)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(a)(1), certain branches of Standard Chartered Bank, PLC, located respectively at 160 Water Street, New York City (Manhattan), New York ("Water Street Branch"), and 4 World Trade Center, New York City (Manhattan), New York ("World Trade Center Branch") (collectively "Insured Branches"), notified the Federal Deposit Insurance Corporation ("FDIC") by letters dated January 19, 1994, and December 22, 1994, that they were no longer desirous of continuing their status as insured state licensed branches of a foreign bank and wished to voluntarily terminate their insured status; and
WHEREAS, the Insured Branches are also desirous of having the time frame during which the deposits of the Insured Branches continue to be insured established at six months, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7); and
WHEREAS, as of February 23, 1995, the World Trade Center Branch no longer held any retail deposits and no longer intended to engage in retail deposit activity; and
WHEREAS, as of February 23, 1995, the Water Street Branch was no longer engaged in domestic retail deposit activity as defined in Part 346 of the FDIC's Rules and Regulations, 12 C.F.R. Part 346, as limited by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, and the Water Street Branch no longer intended to engage in domestic retail deposit activity; 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
{{11-30-95 p.C-4090}}they apply to the Insured Branches, and has determined that no reason exists to prevent the Insured Branches from voluntarily terminating their insured status and that a six-month period for continued insurance coverage would be appropriate under the circumstances presented.
THEREFORE, in consideration of the foregoing, and pursuant to the provisions of sections 8(a)(1) and (7) of the Act, 12 U.S.C. §§ 1818(a)(1) and (7), the FDIC herewith accepts the Insured Branches' notification of voluntary termination of insured status and issues the following:
ORDER
IT IS HEREBY ORDERED, that the FDIC accepts the voluntary termination of the insured status of the Water Street Branch and the World Trade Center Branch of Standard Chartered Bank, PLC, New York City (Manhattan), New York, as insured state licensed branches of a foreign bank, and that, therefore, the insured status of the Insured Branches be, and hereby is, terminated at the expiration of December 4, 1995.
IT IS FURTHER ORDERED, that the insured deposits of each depositor in the Insured Branches on December 4, 1995, less all subsequent withdrawals from any deposits of such depositor, shall continue to be insured for a period of six months, until June 4, 1996.
IT IS FURTHER ORDERED, that each Insured Branch notify its respective depositors of the termination of its insured status and the reduced time frame for the continuation of deposit insurance by no later than May 5, 1996, by publication and by mail, in a manner acceptable to the Regional Director (Supervision) of the FDIC's New York Regional Office, in accordance with section 307.2 and 308.123 of the FDIC's Rules and Regulations, 12 C.F.R. §§ 307.2 and 308.123.
IT IS FURTHER ORDERED, that the Insured Branches shall, in all other respects, be subject to the duties and obligations of insured depository institutions until the close of business on December 4, 1995, as provided in section 8(a)(7) of the Act, 12 U.S.C. § 1818(a)(7).
Dated at Washington, D.C., this 5th day of September, 1995.
By direction of the Board of Directors.
