First American Bank v. Resolution Trust Corporation, in Its Corporate Capacity

STEWART, Circuit Judge:

Petitioner, First American Bank, seeks review of a final determination of the Resolution Trust Corporation (“RTC”) denying federal deposit insurance coverage for funds deposited in the now-defunct Spindletop Savings Association, F.A. Because the RTC’s decision was arbitrary and capricious, an abuse of discretion, and not in accordance with law, we reverse.

I

FACTS AND PROCEDURAL HISTORY

This case involves two certificates of deposit petitioner purchased in 1989 and 1990 at Spindletop Savings Association and its successor, Spindletop Savings Association, F.A., respectively.…