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FDIC Enforcement Decisions and Orders |
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Status of bank as insured state chartered branch of a foreign bank
terminated.
In the Matter of
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 Center Bank, Los Angeles, California
("Center Bank"), has provided to the FDIC on June 2, 2004,
satisfactory evidence that it has assumed the liabilities for deposits
of Korea Exchange Bank, Chicago Branch, Chicago, Illinois ("Insured
Institution"), as of April 23, 2004, as required by section 307.1 of
the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that Center
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 June 2, 2004.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Center Bank from the Insured Institution shall terminate at
the expiration of October 25, 2004, or in the case of any time deposit,
the earliest maturity date after October 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 25th day of June, 2004.
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