- 70 - “protect the integrity” of the SAIF and the BIF. Id. The majority additionally assert that “Metrobank paid the exit fee to the SAIF as a nonrefundable, final premium for insurance that it had already received”, while the entrance fee was a nonrefundable premium “for the current year’s insurance.” Majority op. pp. 20- 21. Once again, I disagree. The majority’s conclusion that Metrobank paid the exit fee for insurance it had already received is clearly wrong. As the majority opinion clearly states, the exit fee was paid to the SAIF. See id. The deposits of Community acquired by Metrobank were insured by the SAIF only when they were Community’s deposits; those deposits became insured by the BIF upon their acquisition by Metrobank. Therefore, if the exit fees accurately can be described as premiums for SAIF insurance, they were for insurance coverage the deposits received before Metrobank acquired them. The only business purpose Metrobank could have had for paying this “SAIF insurance expense” was its desire to acquire Community’s assets and deposits. The majority’s reliance on the role the fees played in protecting the “integrity” of the SAIF is misplaced. While it may have been the FDIC’s purpose in imposing the exit fees, it certainly wasn’t Metrobank’s reason for paying them. Moreover, the FDIC’s purpose is of limited relevance to the case at hand.Page: Previous 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Next
Last modified: May 25, 2011