Full text of Federal Reserve Bank of New York Circulars : 10335. Receivership of Empire of America Federal Savings Bank

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No.

J

10335 ~|

February 2 8 , 1990

Receivership of Empire of
America Federal Savings Bank
To A ll Depository Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

We have been advised that effective the close of business February 28, 1990, the Director of
the Office of Thrift Supervision, Department of the Treasury, declared Empire of America Federal
Savings Bank, Buffalo, New York (“Old Empire”) insolvent and ordered it closed. The Resolution
Trust Corporation (the “RTC”) was appointed receiver. Upon its appointment, the receiver took pos­
session of all of the assets of Old Empire. The receiver entered into a purchase and assumption agree­
ment with Empire Federal Savings Bank of America, Buffalo, New York (“New Empire”), a newly
chartered Federal savings association, whereby New Empire acquired certain assets and accepted
the transfer of certain liabilities of Old Empire. The RTC has been appointed the conservator of
New Empire.
New Empire has agreed to accept presentment of cash items payable by, through, or at
Old Empire and to accept the return of cash items originally deposited at Old Empire. New Empire
will use the routing number previously used by Old Empire (2220-7042-3).




E. G erald C orrigan ,

President.