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In re: QUADS Trust Company - ORDER OF FINAL DISPOSITION
WHEREAS, pursuant to 9-B M.R.S.A. § 121, the Maine Bureau of Financial Institutions (“the Bureau”) has responsibility for administering the Maine Banking Code, 9‑B M.R.S.A. §§ 111 through 1329; and
WHEREAS, QUADS Trust Company, a nondepository trust company organized pursuant to Chapter 121 of the Maine Banking Code and having a principal place of business in Frederick, Maryland, was subject to the supervisory powers of the Superintendent of the Bureau of Financial Institutions (“the Superintendent”); and
WHEREAS, after examination and by his Order of January 31, 2007, a copy of which is annexed hereto and made a part hereof as Exhibit A, the Superintendent mandated the conservatorship of QUADS Trust Company; and
WHEREAS, by his Order of January 31, 2008 , a copy of which is annexed hereto and made a part hereof as Exhibit B, the Superintendent terminated the conservatorship of QUADS Trust Company, closed QUADS Trust Company, and appointed Deputy Superintendent of Financial Institutions Donald W. Groves as Receiver of QUADS Trust Company; and
WHEREAS, the Receiver has represented to the Superintendent, to the best of the Receiver’s knowledge and belief, that all known claims against QUADS Trust Company have been paid or settled, or will be soon, and that the Receiver’s other responsibilities under the Maine Banking Code and the Superintendent’s Orders have been discharged; and
WHEREAS, this Order is made by the Superintendent pursuant to his powers and authority conferred on him pursuant to Title 9-B M.R.S.A. Sections 367-A(5) and 368(2); and
WHEREAS, the Receiver has represented to the Superintendent, to the best of the Receiver’s knowledge and belief, that as of September 30, 2008 remaining assets of QUADS Trust Company consist of:
a. Five Thousand One Hundred and Six Dollars and 65 Cents ($5,106.65) held in deposit in Branch Banking & Trust Company, Frederick, Maryland and Three Hundred Fifty-Six Thousand Nine Hundred and Three Dollars and 80 Cents ($356,903.80) held in deposit in Kennebec Savings Bank, Augusta, Maine; and
b. A note from QUADS Financial Group, Inc. of Frederick, Maryland, the sole shareholder of QUADS Trust Company, having a remaining balance of One Hundred Sixty-Five Thousand Dollars ($165,000.00) plus Thirty-seven Thousand Six Hundred and Eighty-six Dollars and 10 Cents ($37,686.10) of unpaid interest, which note is personally guaranteed by Wayne S. Foren, the former President of QUADS Financial Group, Inc.
THEREFORE, it is hereby ORDERED:
By Order and Direction of the Superintendent of the Maine Bureau of Financial Institutions, effective 5:00 p.m. this 21st day of October 2008 at Gardiner, Maine.
Pursuant to 5 M.R.S.A. § 11002, a party to this proceeding may within 30 days after notice of this Order file a petition for review in the Maine Superior Court. Any other person may within 40 days from the date this Order was rendered petition for review.
Last Updated: October 21, 2010
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