[¶11,593] In the Matter of Duck Hill Bank, Duck Hill, Mississippi, Docket No. 98-080q (2-26-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
DUCK HILL BANK
DUCK HILL, MISSISSIPPI
(Insured State Nonmember Bank)
ORDER OF APPROVAL
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), of the Federal Deposit Insurance Corporation ("FDIC"), having found that Union Planters Bank, National Association, Memphis, Tennessee ("Union Planters"), a national bank, has provided to the FDIC on December 14, 1998, satisfactory evidence that it has assumed the liabilities for deposits of Duck Hill Bank, Duck Hill, Mississippi ("Duck Hill"), as of August 1, 1998, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Duck Hill as an insured State nonmember bank be, and hereby is terminated as of December 14, 1998.
IT IS FURTHER ORDERED, that separate insurance of all deposits assumed by Union Planters from Duck Hill shall terminate at the expiration of February 1, 1999, or, in the case of any time deposit, the earliest maturity date after February 1, 1999, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that Union Planters shall give notice of such assumption to each of the depositors of Duck Hill, if it has not already done so, within thirty days after receipt of this ORDER in a manner acceptable to the Regional Director of the FDIC's Memphis Regional Office.
Pursuant to delegated authority.
Dated at Washington, D.C., this 26th day of February, 1999.