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FDIC Enforcement Decisions and Orders
Status of bank as an insured national association terminated.
In the Matter of
Pursuant to section 8(q) of the Federal Deposit Insurance Act ("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 PNC Bank, National Association, Pittsburgh, Pennsylvania ("PNC Bank"), has provided to the FDIC on May 16, 2005, satisfactory evidence that it has assumed the liabilities of Riggs Bank National Association, McLean, Virginia ("Riggs Bank"), as of May 13, 2005, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of Riggs Bank as an insured National Association hereby is terminated as of May 16, 2005.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by PNC Bank from Riggs Bank shall terminate at the expiration of November 13, 2005, or in the case of any time deposit, the earliest maturity date after November 13, 2005, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that PNC Bank shall give notice of such assumption to each of the depositors of Riggs Bank within thirty days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's New York Regional Office.
Pursuant to delegated authority.
Dated at Washington, D.C., this 18th day of May, 2005.
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