[¶11,896] In the Matter of Citibank USA, Wilmington, Delaware, Docket No. 02-001q
Status of bank as insured state nonmember bank terminated.
In the Matter of
CITIBANK USA WILMINGTON, DELAWARE (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 Citibank (South Dakota), N.A., Sioux
Falls, South Dakota ("Citibank SD"), has provided to the FDIC on
January 3, 2002, satisfactory evidence that it has assumed the
liabilities for deposits of Citibank USA, Wilmington, Delaware
("Citibank USA"), as of January 2, 2002, 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 Citibank USA as an
insured state nonmember bank be, and hereby is, terminated as of
January 3, 2002.
IT IS FURTHER ORDERED, that the separate insurance of all
deposits assumed by Citibank SD from Citibank USA shall terminate at
the expiration of July 2, 2002, or, in the case of any time deposit,
the earliest maturity date after July 2, 2002, as provided in section
8(q) of the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that Citibank SD shall give notice of such
assumption to each of the depositors of Citibank USA 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
Pursuant to delegated authority.
Dated at Washington, D.C., this 11th day of February, 2002.