[¶11,306] In the Matter of Bank Hapoalim B.M., Philadelphia, Pa., Docket No. FDIC-96-45q (6-26-96)
Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
BANK HAPOALIM B.M
(INSURED STATE LICENSED
BRANCH OF A FOREIGN BANK)
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE
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 Bank Hapoalim, New York City, New York ("Hapoalim-New York"), has provided to the FDIC on March 22, 1996, satisfactory evidence that it has assumed the liabilities for deposits of Bank Hapoalim B.M., Philadelphia, Pennsylvania ("Hapoalim-Philadelphia"), an insured state licensed branch of a foreign bank, as of December 31, 1995, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that the depositors of Hapoalim-Philadelphia have been notified of Hapoalim-New York's assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Hapoalim-Philadelphia as an insured state licensed branch of a foreign bank, be and hereby is terminated as of March 22, 1996.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Hapoalim-New York from HapoalimPhiladelphia shall terminate on July 1, 1996, or in the case of any time deposit, the earliest maturity date after July 1, 1996, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
Pursuant to delegated authority.
Dated at Washington, D.C., this 26th day of June, 1996.