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[¶11,680] In the Matter of Planters Bank, Tunica, Mississippi, Docket No. 99-104q (12-20-99)
FDIC terminates insured status of bank where another bank has assumed the liabilities for its deposits.
In the Matter of
PLANTERS BANK
TUNICA, MISSISSIPPI
(Insured State Nonmember Bank)
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE
FDIC-99-104q
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 First Security Bank, Batesville, Mississippi ("First Security"), has provided to the FDIC on October 12, 1999, satisfactory evidence that it has assumed the deposit liabilities of Planters Bank, Tunica, Mississippi ("Planters"), as of July 21, 1999, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. §307.1, hereby issues the following ORDER:
ORDER
IT IS HEREBY ORDERED, that the status of Planters Bank as an insured state nonmember bank be, and hereby is terminated as of October 12, 1999.
IT IS FURTHER ORDERED, that separate insurance of all deposits assumed by First Security from Planters shall terminate at the expiration of January 21, 2000, or, in the case of any time deposit, the earliest maturity date after January 21, 2000, as provided in section 8(q) of the Act, 12 U.S.C. §1818(q).
IT IS FURTHER ORDERED, that First Security shall give notice of such assumption to each of the depositors of Planters, if it has not already done so, within thirty days after receipt of this ORDER in a manner
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Pursuant to delegated authority.
Dated at Washington, D.C., this 20th day of December, 1999.
