[¶15,792A] In the Matter of MBNA America, National Association, Newark, Delaware,
Docket No. 91-12kk (1-24-94).
In the Matter of
MBNA AMERICA, NATIONAL ASSOCIATION NEWARK, DELAWARE (Insured Depository Institution)
MBNA AMERICA BANK, NATIONAL ASSOCIATION NEWARK, DELAWARE and
MBNA (DOVER) BANK DOVER, DELAWARE and
MARYLAND NATIONAL BANK BALTIMORE, MARYLAND and
AMERICAN SECURITY BANK, NATIONAL ASSOCIATION WASHINGTON, DISTRICT OF COLUMBIA (Commonly Controlled Insured Depository Institutions)
ORDER TERMINATING ORDER CONDITIONALLY GRANTING APPROVAL FOR WAIVER OF CROSS-GUARANTY
WHEREAS, on January 14, 1991, the Federal Deposit Insurance
Corporation ("FDIC") issued an Order Conditionally Granting
Approval For Waiver of Cross-Guaranty ("Waiver Order") in the
above captioned matter; and
WHEREAS, the Waiver Order granted an exemption for MBNA America,
National Association, Newark, Delaware (now MBNA America Bank, National
Association) ("Bank") from liability for any losses incurred or
reasonably anticipated to be incurred by the FDIC from the default of
or FDIC assistance to MBNA America Bank, National Association, Newark,
Delaware (subsequently known as Central Atlantic Bank, National
Association, and later as Maryland National Bank, Baltimore, Maryland),
MBNA (Dover) Bank, Dover, Delaware, Maryland National Bank, Baltimore,
Maryland 1, and American Security Bank, National
Association, Washington, District of Columbia (collectively, "MNC
Banks"), should such occur; and
WHEREAS, MBNA Corporation is the bank holding company that owns the
Bank, and MNC Financial, Inc. is the bank holding company that controls
the MNC Banks; and
WHEREAS, MNC Financial, Inc. has been acquired by NationsBank
Corporation, Charlotte, North Carolina, and, accordingly, the Bank and
MNC Banks are no longer "commonly controlled depository
institution[s]" within the meaning of section 5(e)(9) of the
Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1815(e)(9);
WHEREAS, by letter dated October 15, 1993, the Bank has requested that
the Waiver Order be terminated.
WHEREAS, the Board of Directors of the FDIC ("Board"), having
fully considered the facts and information relating to the foregoing
request, and having considered the recommendation of the Division of
Supervision of the FDIC, has concluded that the requested termination
of the Waiver Order is appropriate and that the request should be, and
hereby is, granted.
IT IS THEREFORE ORDERED, that the Waiver Order issued in the instant
proceeding on January 14, 1991, is terminated and shall have no further
force and effect.
By direction of the Board of Directors.
Dated at Washington, D.C., this 24th day of January, 1994.
1Maryland National Bank merged with Central
Atlantic Bank, National Association, on December 31, 1991, and the name
of Central Atlantic Bank was changed to Maryland National Bank.