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FDIC Enforcement Decisions and Orders

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{{4-30-96 p.C-4156}}
[11,263] In the Matter of Key Trust Co., Horsham, Pa., Docket No. FDIC 95-166q (1-25-96).

   Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
   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 Frankford Bank, National Association (formerly National Bank of the Main Line, Media, Pennsylvania), Horsham, Pennsylvania ("Assuming Institution") provided to the FDIC on September 1, 1995, satisfactory evidence that it has assumed the liabilities for deposits of Key Trust Company, Horsham, Pennsylvania ("Insured Institution"), as of January 23, 1995, as required by section 307.1 of the FDIC's Rules and Regulations, 112 C.F.R. § 307.1, and that the Assuming Institution has notified depositors of the Insured Institution of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of the Insured Institution as an insured State nonmember bank, hereby is terminated as of September 1, 1995.
   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by the Assuming Institution from the Insured Institution shall have terminated at the expiration of July 23, 1995, or, in the case of any time deposit, the earliest maturity date after July 23, 1995, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
   Dated at Washington, D.C., this 25th day of January, 1996.
   Pursuant to delegated authority.

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