Full text of Federal Reserve Bank of New York Circulars : 10345. Closing of Seamen's Bank for Savings, FSB

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 10345
April 19, 1990

"I

Closing of Seamen’s Bank for Savings, FSB
To A ll Depository Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

We have been advised that effective April 18, 1990, the Director of the Office
of Thrift Supervision, Department of the Treasury, declared Seamen’s Bank for Sav­
ings, F S B , New York, New York (“Seamen’s”) insolvent and ordered it closed. The
Federal Deposit Insurance Corporation (the “FDIC”) was appointed receiver. The
FDIC entered into a transaction with The Chase Manhattan Bank, N.A. (“Chase”)
under which Chase purchased certain assets (including all branches) and assumed
certain liabilities of Seamen’s.
Chase has agreed to accept presentment of cash items payable by, through, or
at Seamen’s and to accept the return of cash items originally deposited at Seamen’s.
For these items, Chase will temporarily continue to use the routing number previ­
ously used by Seamen’s (2260-7118-5).

E.

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

President.