Full text of Federal Reserve Bank of New York Circulars : 10359. Closing of The Permanent Savings Bank

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 10359
July 16, 1990

J

Closing of The Permanent Savings Bank
To A ll Depository Institutions , and Others
Concerned, in the Second Federal Reserve District:

W e h av e b een ad v ised th a t on Ju ly 13, 1990, th e S u p e rin te n d e n t of
B anks of th e S ta te of N ew Y o rk took possession of th e b u sin ess an d p ro p e rty
of T he P e rm a n e n t Savings B ank, N iag ara Falls, N ew Y ork (“ P e rm a n e n t”) and
appointed th e F ed eral D eposit Insurance C orporation (the “ F D IC ”) as receiver.
T he F D IC tra n s fe rre d c e rta in a sse ts and liabilities of P e rm a n e n t to K ey B ank
of W e s te rn N ew Y ork N .A . (“ K ey B an k ” ). K ey B ank has a g re e d to accept
p re s e n tm e n t of cash item s p ay a b le by, th ro u g h , o r a t P e rm a n e n t an d to ac­
cep t th e re tu r n of cash item s originally d ep o sited a t P e rm a n e n t. K ey B ank
has also a g re e d to u n d e rta k e c e rta in o th e r o p eratio n s of P e rm a n e n t an d for
a p erio d of tim e will accept checks b e a rin g th e ro u tin g n u m b e r p rev io u sly u s­
ed b y P e rm a n e n t (2223-7084-8).

E. Ge

r a l d

C

o r r ig a n

,

President.