[11,412] In the Matter of Franklin Federal Bancorp, a Federal Savings Bank, Austin, Texas, FDIC Docket No. 97-015q (5-9-97)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
FRANKLIN FEDERAL BANCORP,
A FEDERAL SAVINGS BANK
(Insured Federal Savings Bank)
ORDER OF APPROVAL
Pursuant to section 8(q) of the Federal Deposit Insurance Act (the "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 Norwest Bank Texas, South Central, Victoria, Texas ("Norwest Bank"), has provided to the FDIC on January 28, 1997, satisfactory evidence that it has assumed the liabilities for deposits of Franklin Federal Bancorp, A Federal Savings Bank, Austin, Texas ("Franklin"), as of January 1, 1997, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, and that Norwest Bank has notified the depositors of Franklin of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Franklin as an insured Federal savings bank, hereby is terminated as of January 28, 1997.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Norwest Bank from Franklin shall terminate at the expiration of July 1, 1997, or in the case of any time deposit, the earliest maturity date after July 1, 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 9th day of May, 1997.