{{2-28-03 p.C-5672}}
[¶12,007] In the Matter of Industrial Bank of Korea, New York Branch, New York
City, New York, Docket No. 02-204q (12-26-02).
Status of bank as an insured state licensed branch of a foreign bank
terminated.
In the Matter of
INDUSTRIAL BANK OF KOREA NEW YORK BRANCH
NEW YORK CITY, NEW YORK
(Insured State Licensed Branch Of A Foreign Bank)
ORDER OF APPROVAL OF TERMINATION OF INSURANCE
FDIC-02-204q
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 Nara Bank, National
Association, Los Angeles, California ("Nara Bank"), has provided
to the FDIC on December 5, 2002, satisfactory evidence that it has
assumed the liabilities for deposits of Industrial Bank of Korea, New
York Branch, New York City, New York ("IBK"), as of November 29,
2002, 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 IBK as an insured state
licensed branch of a foreign bank be, and hereby is, terminated as of
December 5, 2002.
IT IS FURTHER ORDERED, that the separate insurance of all deposits
assumed by Nara Bank from IBK shall terminate at the expiration of May
29, 2003, or in the case of any time deposit, the earliest maturity
date after May 29, 2003, as provided in section 8(q) of the Act, 12
U.S.C. §1818(q).
IT IS FURTHER ORDERED, that Nara Bank shall give notice of such
assumption to each of the depositors of IBK 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 26th day of December, 2002.
