[¶12,373] In the Matter of Pan American Bank, FSB, Burlingame, California, Docket
No. 05-021q (3-2-05).
Status of bank as insured federal savings bank terminated.
In the Matter of
PAN AMERICAN BANK, FSB BURLINGAME, CALIFORNIA (Insured Federal Savings 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 Geauga Savings Bank, Newbury, Ohio
("Geauga"), has provided to the FDIC on February 7, 2005,
satisfactory evidence that it has assumed the liabilities for deposits
of Pan American Bank, FSB, Burlingame, California ("Insured
Institution"), as of February 5, 2005, as required by section 307.1
of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, and that
Geauga 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 federal savings bank be, and hereby is, terminated as of
February 7, 2005.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Geauga from the Insured Institution shall terminate at the
expiration of August 5, 2005, or, in the case of any time deposit, the
earliest maturity date after August 5, 2005, 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 2nd day of March, 2005.