[Federal Register Volume 65, Number 52 (Thursday, March 16, 2000)]
[Notices]
[Pages 14342-14343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-6464]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

[Order No.: 2000-26]


Appointment of a Receiver; Mutual Federal Savings Bank of 
Atlanta, Atlanta, GA

March 10, 2000.

Issued Under Delegated Authority

    The Director of the Office of Thrift Supervision (OTS) has 
determined to appoint the Federal Deposit Insurance Corporation (FDIC) 
as receiver for Mutual Federal Savings Bank of Atlanta, Atlanta, 
Georgia (the Association).

[[Page 14343]]

I. Grounds for Actions Taken in This Order

Receivership: Grounds for Appointment of FDIC as Receiver

    The Director, upon consideration of the administrative record, and 
for the reasons set forth in the supporting legal and supervisory 
memoranda contained in the administrative record from offices within 
the OTS, finds and determines that:
    (a) The Association's assets are less than its obligations to its 
creditors and others, including members of the Association;
    (b) The Association has substantially depleted its assets or 
earnings due to unsafe or unsound practices;
    (c) The Association is in an unsafe or unsound condition to 
transact business;
    (d) The Association has incurred losses that have depleted all of 
its capital, and there is no reasonable prospect for the Association to 
become adequately capitalized without Federal assistance;
    (e) The Association's unsafe and unsound practices and condition 
are likely to seriously prejudice the interests of its depositors and 
the deposit insurance fund;
    (f) The Association is undercapitalized as defined in 12 U.S.C. 
1831o(b), and has no reasonable prospect of becoming adequately 
capitalized, has failed to become adequately capitalized when required 
to do so under 12 U.S.C. 1831o(f)(2)(A), and failed to submit an 
acceptable capital restoration plan within the time prescribed under 12 
U.S.C. 1831o(e)(2)(D); and
    (g) The Association is critically undercapitalized, as defined in 
12 U.S.C. 1831o(b) and otherwise has substantially insufficient 
capital.
    The Director, therefore, has determined that each of the above 
grounds for the appointment of a receiver for the Association exist 
under section 5(d)(2) of the Home Owners' Loan Act (``HOLA'') (12 
U.S.C. 1464(d)(2)) and section 11(c)(5) of the Federal Deposit 
Insurance Act (``FDIA'') (12 U.S.C. 1821(c)(5)).

II. Actions Ordered or Approved: Appointment of a Receiver

    The Director hereby appoints the FDIC as Receiver for the 
Association for the purpose of liquidation, pursuant to section 5(d)(2) 
of the HOLA and section 11(c)(6)(B) of the FDIA (12 U.S.C. 
1821(c)(6)(B)).

Delegation of Authority To Act for the OTS

    The Director hereby authorizes the Regional Director, or his 
designee, and the Deputy Chief Counsel for Business Transactions, or 
his successors or designees, to: (1) certify Orders; (2) sign, execute, 
attest or certify other documents of the OTS issued or authorized by 
this Order; (3) deliver or accept delivery of any notice from or to the 
OTS regarding the Association; and (4) perform other functions of the 
OTS necessary or appropriate for the implementation of such Orders. All 
documents to be issued under the authority of this Order must be first 
approved, in form and content, by the Chief Counsel's Office. In 
addition, the Director hereby authorizes the Deputy Chief Counsel for 
Business Transactions, or his successors or designees, to make any 
subsequent technical corrections, that might be necessary, to this 
Order, or any documents issued under the authority of this Order.

    By Order of the Director of the OTS effective March 10, 2000.
Richard M. Riccobono,
Deputy Director, Office of Supervision.
[FR Doc. 00-6464 Filed 3-15-00; 8:45 am]
BILLING CODE 6720-01-P