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In re Application of Kwasnik

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION


February 19, 2008

IN THE MATTER OF THE APPLICATION OF MICHAEL W. KWASNIK, CAROL J. KWASNIK, THE IRREVOCABLE TRUST OF STEVEN C. KWASNIK, STEVEN C. KWASNIK, AND LIBERTY STATE FINANCIAL HOLDING CORP., FOR PERMISSION TO ACT IN CONCERT AND THEREBY SEEK TO GAIN CONTROL OF LIBERTY BELL BANK, CHERRY HILL, CAMDEN COUNTY, NEW JERSEY.

On appeal from the New Jersey Department of Banking and Insurance, CC-39.

Per curiam.

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION

Argued January 16, 2008

Before Judges Axelrad, Sapp-Peterson and Messano.

Appellant, Liberty Bell Bank (the bank), appeals from a final agency determination of the Department of Banking and Insurance (DOBI) permitting respondents, Michael W. Kwasnik, Carol J. Kwasnik, the Irrevocable Trust of Steven C. Kwasnik, Steven C. Kwasnik, and Liberty State Financial Holding Corporation, to acquire the bank, subject to a Federal Deposit Insurance Corporation (FDIC) determination to the contrary. At oral argument before this court, we were advised that the original application on which DOBI issued its approval, although filed with the FDIC, had been withdrawn, and an amended application had instead been submitted. We requested DOBI to confirm which application was pending before the FDIC. By correspondence to this court dated January 28, 2008, and copied to respondents, DOBI advised,

The Department has determined that the application filed by the Kwasnik Group with the FDIC on August 8, 2006 was withdrawn and a subsequent application was not accepted by the FDIC. This was confirmed by letter dated January 24, 2008 from Ellis Medoway, Esq., counsel to the Kwasnik Group. See Exhibit 1.

Since the Department's Order approving the application was contingent on approval by the FDIC and there is no pending application before the FDIC, the Department has issued an Order dated January 25, 2008, withdrawing its approval of the Kwasnik Group application. See Exhibit 2.

In view of these developments, the issues before this court are moot and the appeal is dismissed with prejudice and without costs.

20080219

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