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[¶10,623A] In the Matter of The Meriden Trust and Safe Deposit Company, Meriden,
Connecticut, Docket No. 92-241kk (8-18-92).
FDIC issues order denying waiver of cross-guaranty.
[.1] Cross-Guaranty—Waiver—Denied
In the Matter of
THE MERIDEN TRUST AND SAFE DEPOSIT COMPANY
MERIDEN, CONNECTICUT
(Insured Depository Institution)
Related to
CENTRAL BANK
MERIDEN, CONNECTICUT
(Commonly Controlled Insured Depository Institution)
ORDER DENYING WAIVER OF CROSS-GUARANTY
FDIC-92-241kk
BE ADVISED that the Board of Directors ("Board") of the
Federal Deposit Insurance Corporation ("FDIC"), having fully
considered the facts and information relating to the request for a
waiver of cross-guaranty liability ("APPLICATION FOR EXEMPTION")
filed on January 28, 1992, pursuant to the provisions of section
5(e)(5)(A) of the Federal Deposit Insurance Act ("Act"), 12
U.S.C. §1815(e)(5)(A), by The Meriden Trust and Safe Deposit
Company, Meriden, Connecticut, and its holding company, Cenvest, Inc.,
Meriden, Connecticut, for losses incurred or reasonably anticipated to
be incurred by the FDIC with regard to the default of Central Bank,
Meriden, Connecticut, a commonly controlled insured depository
institution, and having considered the recommendation of the Division
of Supervision of the FDIC, has concluded, in its discretion, that a
waiver pursuant to section 5(e)(5)(A) of the Act, 12 U.S.C.
§1815(e)(5)(A), would not be in the best interest of the Bank
Insurance Fund, and that the APPLICATION FOR EXEMPTION should be
denied.
[.1] IT IS THEREFORE ORDERED, that the APPLICATION FOR EXEMPTION be and is
hereby denied.
By order of the Board of Directors.
Dated at Washington, D.C., this 18th day of August, 1992.
