Full text of Federal Reserve Bank of New York Circulars : 9890. Purchase of Assets and Assumption of Liabilities of Golden Pacific National Bank

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 9890
July 1, 1985

Tj

Purchase of Assets and Assum ption of Liabilities of
Golden Pacific National B ank

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

Our Circular No. 9883, dated June 24, 1985, announced that on June 21,
1985, the Comptroller of the Currency declared insolvent Golden Pacific National
Bank, New York, N.Y. (Routing No. 0260-1013-9), and that the Federal Deposit
Insurance Corporation has been appointed receiver.
We have been advised that the Federal Deposit Insurance Corporation as
receiver has entered into an agreement with The Hongkong and Shanghai Banking
Corporation under which The Hongkong and Shanghai Banking Corporation will
purchase certain assets and assume certain liabilities, including deposit liabilities,
of Golden Pacific National Bank. The Hongkong and Shanghai Banking Corpora­
tion is prepared to receive items payable by, at, or through the former offices of
Golden Pacific National Bank.
We will continue to handle items drawn on Golden Pacific National Bank
through our Manhattan, Bronx, and Brooklyn Collection Arrangement.
If you have any questions regarding this matter, please call John F. Sobala,
Assistant Vice President (Tel. No. 212-791-5997).

E.

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

President.