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FDIC Enforcement Decisions and Orders
Status of bank as insured federal savings 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 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.
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