Full text of Federal Reserve Bank of New York Circulars : 10042. Purchase of Assets and Assumption of Liabilities of Banco de Ahorro

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FEDERAL RESERVE B A N K
OF N E W YORK

Circular No. 1 0 ,0 4 2

[

June 2, 1986

]

Purchase off Assets and Assumption of Liabilities
of Banco de Afaorro

To All Depository Institutions, and Others Concerned,
in the Second Federal Reserve District:

We have been notified that effective the close of business May 30, 1986, the
Federal Home Loan Bank Board declared insolvent Banco de Ahorro, F .S .B .,
Mayaguez, Puerto Rico, (Routing No. 0215-0276-5), and appointed the Federal
Deposit Insurance Corporation receiver.
We are advised that the Federal Deposit Insurance Corporation as receiver has
entered into an agreement with Banco Popular de Puerto Rico, San Juan, Puerto
Rico, (Routing No. 0215-0201-1), pursuant to which Banco Popular will purchase
certain assets and assume certain liabilities of Banco de Ahorro. We are also ad­
vised that Banco Popular is prepared to receive cash items and noncash items paya­
ble by, at, or through Banco de Ahorro. Accordingly, we will continue to accept
checks drawn on Banco de Ahorro.
If you have any questions, please call Steven J. Garofalo, Manager, Check
Processing Department (Tel. No. 212-791-5322).

E.

G e r a l d C o r r ig a n ,

P r e s id e n t.