[¶12,176] In the Matter of Bay Area Bank, Redwood City, California, Docket No.
Status of bank as an insured state member bank terminated.
In the Matter of
BAY AREA BANK REDWOOD CITY, CALIFORNIA (Insured State Member 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 Greater Bay Bank, National
Association, Palo Alto, California ("Greater Bay Bank"), has
provided to the FDIC on February 27, 2004, satisfactory evidence that
it has assumed the liabilities for deposits of Bay Area Bank, Redwood
City, California ("Insured Institution"), as of February 1, 2004,
as required by section 307.1 of the FDIC's Rules and Regulations, 12
C.F.R. §307.1, and that Greater Bay 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 member bank be, and hereby is, terminated as of
February 27, 2004.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Greater Bay Bank from the Insured Institution shall
terminate at the expiration of August 2, 2004, or, in the case of any
time deposit, the earliest maturity date after August 2, 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 7th day of April, 2004.