[¶12,138] In the Matter of Modesto Commerce Bank, Modesto, California,
Docket No. 03-212q (12-24-03).
Status of bank as insured state nonmember bank terminated.
In the Matter of
MODESTO COMMERCE BANK MODESTO, CALIFORNIA (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 Bank of Stockton, Stockton,
California ("Bank"), has provided to the FDIC on December 16,
2003, satisfactory evidence that it has assumed the liabilities for
deposits of Modesto Commerce Bank, Modesto, California ("Insured
Institution"), as of November 17, 2003, as required by section 307.1
of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that the
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
December 16, 2003.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by the Bank from the Insured Institution shall terminate at the
expiration of May 17, 2004, or, in the case of any time deposit, the
earliest maturity date after May 17, 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 24th day of December, 2003.