In the Matter of PIONEER SAVINGS AND LOAN ASSOCIATION
(Insured Federal Savings Association) ORDER OF APPROVAL OF TERMINATION OF INSURANCE FDIC-97-099q
[.1] 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 Redlands Federal Bank, F.S.B., Redlands California ("Redlands") has provided to the FDIC on November 7, 1997, satisfactory evidence that it has assumed the liabilities for deposits of Pioneer Savings and Loan Association, Irvine, California ("Pioneer") as of September 5, 1997, as required by section 307.1 of the FDIC Rules and Regulations, 12 C.F.R. § 307.1, and that Redlands has notified Pioneer's depositors of its assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Pioneer as an insured federal savings association be, and hereby is, terminated as of November 7, 1997.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Redlands from Pioneer shall terminate at the expiration of March 5, 1998, or in the case of any time deposit, the earliest maturity date after March 5, 1998, 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 31st day of December, 1997.