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PURCHASE AND ASSUMPTION AGREEMENT
WHOLE BANK
ALL DEPOSITS
AMONG
FEDERAL DEPOSIT INSURANCE CORPORATION,
RECEIVER OF BANK OF ELMWOOD
FEDERAL DEPOSIT INSURANCE CORPORATION
and
TRI CITY NATIONAL BANK
OAK
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What is purchase and assumption agreement?
A purchase and assumption agreement is a contract that allows a healthy financial institution to purchase certain assets and assume certain liabilities of a failing financial institution.
Who is required to file purchase and assumption agreement?
The acquiring financial institution is required to file the purchase and assumption agreement.
How to fill out purchase and assumption agreement?
The purchase and assumption agreement should be filled out by detailing the terms and conditions of the asset purchase and liability assumption.
What is the purpose of purchase and assumption agreement?
The purpose of a purchase and assumption agreement is to facilitate the orderly transfer of assets and liabilities from a failing financial institution to a healthy one.
What information must be reported on purchase and assumption agreement?
The purchase and assumption agreement must include details of the assets being acquired, liabilities being assumed, terms of the agreement, and signatures of authorized representatives.
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