First & Citizens National Bank v. Federal Deposit Insurance

First & Citizens National Bank, Alexandria, Virginia, plaintiff, successor by merger to Shirlington Trust Company, Incorporated (Shirlington), instituted this action against the Federal Deposit Insurance Corporation (FDIC) in its own right and as receiver for Crown Savings Bank (Crown) to recover on two time certificates of deposit issued by Crown.

Plaintiff alleged that the certificates of deposit were pledged as collateral security on a promissory note made by Andrew Goldberg, bearing date of April 15, 1963, payable on demand to the order of Shirlington in the amount of $35,000; that…