[¶11,338] In the Matter of Cicero Bank, Cicero, N.Y., Docket No. FDIC-96-93q (9-10-96))
Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
(Insured State Nonmember 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) of the Act, 12 U.S.C. § 1828(i)(3), the Federal Deposit Insurance Corporation ("FDIC"), having found that Skaneateles Savings Bank, Skaneateles, New York ("Skaneateles") ("Assuming Institution"), has provided to the FDIC on July 10, 1996, satisfactory evidence that it has assumed the liabilities for deposits of Cicero Bank, Cicero, New York ("Cicero") ("Insured Institution"), as of July 1, 1996, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Skaneateles has notified the depositors of Cicero of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Cicero as an insured state nonmember bank be, and hereby is, terminated as of July 10, 1996.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Skaneateles from Cicero be terminated at the expiration of January 2, 1997, or in the case of any time deposit, the earliest maturity date after January 2, 1997, 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 10th day of September, 1996.