Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership, 18551 [2011-7796]

Download as PDF Federal Register / Vol. 76, No. 64 / Monday, April 4, 2011 / Notices Emcdonald on DSK2BSOYB1PROD with NOTICES Number of Respondents and Responses: 200 respondents; 280 responses. Estimated Time Per Response: 4 hours. Frequency of Response: On occasion reporting requirement and recordkeeping requirement. Obligation to Respond: Required to obtain or retain benefits. Statutory authority for this information collection is contained in 47 U.S.C. 154, 302 and 303. Total Annual Burden: 1,120 hours. Total Annual Cost: $18,000. Privacy Act Impact Assessment: N/A. Nature and Extent of Confidentiality: Applicants may request that any information supplied be withheld from public inspection pursuant to 47 CFR 0.459 of the Commission’s rules. This request must be justified under 47 CFR 0.447 of the Commission’s rules. Needs and Uses: The Commission will submit this expiring collection to the Office of Management and Budget (OMB) after this comment period to obtain the three year clearance from them. There is no change in the Commission’s burden hour estimate or annual cost estimate. The Commission is seeking OMB approval for an extension (no change in the reporting and/or recordkeeping requirements). Part 5 allows for operations not covered under other FCC rule parts, such as research and development, testing prior to equipment authorization, and limited market studies of experimental services/ products. Applicants are generally electronic equipment manufacturers. Applicants who apply for a FCC license to operate a new or modified experimental radio station are required to complete and file FCC Form 442. The FCC will use the information to determine if the applicant is eligible for an experimental license, to comply with the requirements of Part 5 of the Commission’s rules and if the proposed operation will cause interference to existing operations. Federal Communications Commission. Gloria Miles, Federal Register Liaison, Office of the Secretary, Office of Managing Director. [FR Doc. 2011–7909 Filed 4–1–11; 8:45 am] BILLING CODE 6712–01–P VerDate Mar<15>2010 18:47 Apr 01, 2011 Jkt 223001 FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of United Commercial Bank, San Francisco, California, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on March 24, 2011. FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (949) 208–6200. Written correspondence may also be mailed to FDIC as Receiver of United Commercial Bank, Attention: Claims Agent, 40 Pacifica, 8th Floor, Irvine, California 92618. SUMMARY: On November 6, 2009, United Commercial Bank, San Francisco, California, (FIN #10147) was closed by the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver (‘‘Receiver’’). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with East West Bank, Pasadena, California, to acquire the deposits and most of the assets of the failed institution. Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. As of December 31, 2010, the value of assets available for distribution by the Receiver, together with all expected recovery sources, including recoveries on claims against directors, officers, and other professionals, claims in bankruptcy, and refunds of Federal and State taxes, was $2,555,907,701. As of the same date, administrative expenses and depositor liabilities equaled SUPPLEMENTARY INFORMATION: PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 18551 $4,889,458,384, exceeding available assets by $2,333,550,683. Accordingly, the FDIC has determined that insufficient assets exist to make any distribution on general unsecured creditor claims (and any lower priority claims) and therefore all such claims, asserted or unasserted, will recover nothing and have no value. Dated: March 29, 2011. Robert E. Feldman, Executive Secretary. [FR Doc. 2011–7796 Filed 4–1–11; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Determination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership Federal Deposit Insurance Corporation (FDIC). ACTION: Notice. AGENCY: The FDIC has determined that insufficient assets exist in the receivership of Miami Valley Bank, Lakeview, Ohio, to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value. DATES: The FDIC made its determination on March 28, 2011. FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, you may contact an FDIC Claims Agent at (972) 761–8677. Written correspondence may also be mailed to FDIC as Receiver of Miami Valley Bank, Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201. SUPPLEMENTARY INFORMATION: On October 4, 2007, Miami Valley Bank, Lakeview, Ohio, (FIN #10002) was closed by the Department of Financial Institutions for the State of Ohio, and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver (‘‘Receiver’’). In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund, see 12 U.S.C. 1823(c)(4)), the FDIC facilitated a transaction with The Citizens Banking Company, Sandusky, Ohio, to assume the insured deposits of the failed institution, while retaining the remaining assets of the bank for later disposition. Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository SUMMARY: E:\FR\FM\04APN1.SGM 04APN1

Agencies

[Federal Register Volume 76, Number 64 (Monday, April 4, 2011)]
[Notices]
[Page 18551]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-7796]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of United Commercial Bank, San Francisco, California, to 
make any distribution to general unsecured claims, and therefore such 
claims will recover nothing and have no value.

DATES: The FDIC made its determination on March 24, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (949) 208-6200. Written 
correspondence may also be mailed to FDIC as Receiver of United 
Commercial Bank, Attention: Claims Agent, 40 Pacifica, 8th Floor, 
Irvine, California 92618.

SUPPLEMENTARY INFORMATION: On November 6, 2009, United Commercial Bank, 
San Francisco, California, (FIN 10147) was closed by the 
California Department of Financial Institutions, and the Federal 
Deposit Insurance Corporation (``FDIC'') was appointed as its receiver 
(``Receiver''). In complying with its statutory duty to resolve the 
institution in the method that is least costly to the deposit insurance 
fund, see 12 U.S.C. 1823(c)(4), the FDIC facilitated a transaction with 
East West Bank, Pasadena, California, to acquire the deposits and most 
of the assets of the failed institution.
    Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 
U.S.C. 1821(d)(11)(A), sets forth the order of priority for 
distribution of amounts realized from the liquidation or other 
resolution of an insured depository institution to pay claims. Under 
the statutory order of priority, administrative expenses and deposit 
liabilities must be paid in full before any distribution may be made to 
general unsecured creditors or any lower priority claims.
    As of December 31, 2010, the value of assets available for 
distribution by the Receiver, together with all expected recovery 
sources, including recoveries on claims against directors, officers, 
and other professionals, claims in bankruptcy, and refunds of Federal 
and State taxes, was $2,555,907,701. As of the same date, 
administrative expenses and depositor liabilities equaled 
$4,889,458,384, exceeding available assets by $2,333,550,683. 
Accordingly, the FDIC has determined that insufficient assets exist to 
make any distribution on general unsecured creditor claims (and any 
lower priority claims) and therefore all such claims, asserted or 
unasserted, will recover nothing and have no value.

    Dated: March 29, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-7796 Filed 4-1-11; 8:45 am]
BILLING CODE 6714-01-P