{{3-31-98 p.C-4462}}
[¶11,469] In the Matter of Bay Loan and Investment Bank, East Greenwich, Rhode Island, Docket No. FDIC 97-097p (12-31-97)
FDIC terminates insured status of bank that no longer receives deposits, other than trust funds.
In the Matter of
BAY LOAN AND INVESTMENT
BANK
EAST GREENWICH, RHODE
ISLAND
(Insured State Nonmember Bank)
ORDER OF TERMINATION OF
INSURANCE
FDIC-97-097p
Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12 U.S.C. § 1818(p), the Federal Deposit Insurance Corporation ("FDIC"), hereby finds that Bay Loan and Investment Bank, East Greenwich, Rhode Island ("Insured Institution"), is not engaged in the business of receiving deposits, other than trust funds, and issues the following ORDER:
ORDER
IT IS HEREBY ORDERED, that the status of the Insured Institution as an insured state nonmember bank be, and hereby is, terminated at the expiration of June 30, 1998, which is the last day of the first full semi-annual assessment period following the date of issuance of this ORDER.
IT IS FURTHER ORDERED, that the Insured Institution notify its depositors, if it has not already done so, of the termination of its insured status no later than May 31, 1998, in the manner required by section 308.124(c) of the FDIC's Rules of Practice and Procedure, 12 C.F.R. § 308.124(c).
Pursuant to delegated authority.
Dated at Washington, D.C., this 31st day of December, 1997.
