[Federal Register Volume 75, Number 147 (Monday, August 2, 2010)]
[Notices]
[Page 45114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-18818]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Downey Savings and Loan Association, F.A., Newport 
Beach, California, to make any distribution to general unsecured 
claims, and therefore such claims will recover nothing and have no 
value.

DATES: The FDIC made its determination on July 26, 2010.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written 
correspondence may also be mailed to FDIC as Receiver of Downey Savings 
and Loan Association, F.A., Attention: Claims Agent, 1601 Bryan Street, 
Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: On November 21, 2008, Downey Savings and 
Loan Association, F.A., Newport Beach, California (FIN 10023), 
was closed by the Office of Thrift Supervision and the Federal Deposit 
Insurance Corporation (``FDIC'') was appointed as its Receiver. In 
complying with its statutory duty to resolve the institution in the 
method that is least costly to the deposit insurance fund, see 12 
U.S.C. 1823(c)(4), the FDIC facilitated a transaction with U.S. Bank, 
National Association, Minneapolis, Minnesota, to acquire the deposits 
and most of the assets of the failed institution. Section 11(d)(11)(A) 
of the Federal Deposit Insurance Act, 12 U.S.C. 1821(d)(11)(A), sets 
forth the order of priority for distribution of amounts realized from 
the liquidation or other resolution of an insured depository 
institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims. The FDIC has determined that the assets of 
Downey Savings and Loan, F.A. are insufficient to make any distribution 
on general unsecured claims and therefore such claims, asserted or 
unasserted, will recover nothing and have no value.

    Dated: July 27, 2010.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-18818 Filed 7-30-10; 8:45 am]
BILLING CODE 6714-01-P