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FDIC Enforcement Decisions and Orders

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{{2-29-04 p.C-5937}}
{{2-29-04 p.C-5937}}

   [12,131] In the Matter of Asiana Bank, Sunnyvale, California, Docket No. 03-207q (12-16-03).

   Status of bank as insured state nonmember bank terminated.

In the Matter of
(Insured State Nonmember Bank)


   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 Bank"), has provided to the FDIC on October 9, 2003, satisfactory evidence that it has assumed the liabilities for deposits of Asiana Bank, Sunnyvale, California ("Insured Institution"), as of August 25, 2003, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Nara Bank has notified the Insured Institution's depositors of its assumption of their deposits, hereby issues the following ORDER:


   IT IS HEREBY ORDERED, that the status of the Insured Institution, as an insured state nonmember bank be, and hereby is, terminated as of October 9, 2003.

   IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by Nara Bank from the Insured Institution shall terminate at the expiration of February 25, 2004, or, in the case of any time deposit, the earliest maturity date after February 25, 2004, 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 16th day of December, 2003.

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Last Updated 3/7/2004

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