[¶11,711]In the Matter of Korea First Bank of New York, New York, New York, Docket No. 00-026q (5-15-00)
Status of bank as insured state nonmember bank terminated.
In the Matter of KOREA FIRST BANK OF NEW YORK NEW YORK CITY, NEW YORK (Insured State Nonmember Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE
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 Nara Bank, National Association, Los Angeles, California ("Nara"), has provided to the FDIC on March 21, 2000, satisfactory evidence that it has assumed the deposit liabilities of Korea First Bank of New York, New York City, New York ("KFBNY") as of February 25, 2000, 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 KFBNY as an insured state nonmember bank be, and hereby is terminated as of March 21, 2000.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Nara from KFBNY shall terminate at the expiration of September 21, 2000, or, in the case of any time deposit, the earliest maturity date after September 21, 2000, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
IT IS FURTHER ORDERED, that Nara shall give notice of such assumption to each of the depositors of KFBNY within thirty days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's New York Regional Office.
Pursuant to delegated authority.
Dated at Washington, D.C., this 15th day of May, 2000.