[¶12,107] In the Matter of Monterey Bay Bank, Watsonville, California,
Docket No. 03-153q (10-2-03).
Status of bank as an insured federal savings association is terminated.
In the Matter of
MONTEREY BAY BANK WATSONVILLE, CALIFORNIA (Insured Federal Savings Association)
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 Union Bank of California, National
Association, San Francisco, California ("Union Bank of
California"), has provided to the FDIC on August 11, 2003,
satisfactory evidence that it has assumed the liabilities for deposits
of Monterey Bay Bank, Watsonville, California ("Monterey Bay
Bank"), as of June 30, 2003, as required by section 307.1 of the
FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Union Bank
of California has notified Monterey Bay Bank's depositors of the
assumption of their deposits, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Monterey Bay Bank as an
insured federal savings association be, and hereby is terminated as of
August 11, 2003.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Union Bank of California from Monterey Bay Bank shall
terminate at the expiration of December 30, 2003, or, in the case of
any time deposit, the earliest maturity date after December 30, 2003,
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 2nd day of October, 2003.