{{2-28-01 p.C-5050}}
[¶11,755] In the Matter of Arab American Bank, New York, New York, Docket No. 00-135q (12-29-00)
Status of bank as insured state nonmember bank terminated.
In the Matter of
ARAB AMERICAN BANK
NEW YORK CITY, NEW YORK
(State Member Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE
FDIC-00-135q
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 Bank Audi (U.S.A.), New York, New
York ("Audi"), has provided to the FDIC on December 13, 2000,
satisfactory evidence that it has assumed the deposit liabilities of
Arab American Bank, New York City, New York ("AAB"), as of
December 8, 2000, 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 AAB as an insured state
member bank be, and hereby is, terminated as of December 13, 2000.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Audi from AAB shall terminate at the expiration of June 8,
2001, or, in the case of any time deposit, the earliest maturity date
after June 8, 2001, as provided in section 8(q) of the Act, 12 U.S.C.
§1818(q).
IT IS FURTHER ORDERED, that Audi shall give notice of such assumption
to each of the depositors of AAB 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 29th day of December, 2000.