[¶12,137] In the Matter of Korea Exchange Bank, Broadway Branch, New York City,
New York, Docket No. 03-220q (12-23-03).
Status of bank as insured state chartered branch of a foreign bank
In the Matter of
KOREA EXCHANGE BANK BROADWAY BRANCH NEW YORK CITY, NEW YORK (Insured State Chartered Branch of a Foreign 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
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 November 17, 2003, satisfactory evidence that it has
assumed the liabilities for deposits of Korea Exchange Bank, Broadway
Branch, New York City, New York ("Insured Institution"), as of
October 31, 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 chartered branch of a foreign bank be, and hereby
is, terminated as of November 17, 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 April 30, 2004, or in the case of any time deposit,
the earliest maturity date after April 30, 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 23rd day of December, 2003.