the bridge bank must notify the Governor of the CBN of its intent to dissolve the bridge bank. Under this situation, the NDIC is appointed as the receiver of the bridge bank's assets. Historic example On August 5, 2011, Central Bank of Nigeria revoked the operating licenses of three banks including; Afribank, Spring Bank, and Bank PHB, which according to it, did not show enough capacity and ability for recapitalization. In their place, the CBN through the NDIC established Bridge Banks and transferred the assets and liabilities of the three affected banks to the Bridge Banks as follows; Mainstreet Bank Limited (Afribank), Keystone Bank Limited (Bank PHB), and Enterprise Bank Limited (Spring Bank). Under the arrangement, MainStreet Bank Limited took over the assets and liabilities of Afribank; Keystone Bank Limited assumed the assets and liabilities of Bank PHB, while Enterprise Bank Limited took over that of Spring Bank. The Asset Management Company of Nigeria (AMCON) immediately acquired from the Nigeria Deposit Insurance Corporation (NDIC), the three Bridge Banks. Accordingly, AMCON injected N679 billion into the Bridge Banks to meet the minimum capital base of N25 billion and the minimum capital adequacy ratio of 15 per cent. United States In the United States law of banking regulation, a bridge bank is organized by federal bank regulators to administer the deposits and liabilities of a failed bank. Under the Competitive Equality Banking Act (CEBA) of 1987, the Federal Deposit Insurance Corporation (FDIC) is authorized to operate a failed bank for a period of up to three years, until a buyer can be found for its operations. Under CEBA, when a FDIC-insured bank is in financial trouble, the FDIC "may establish a bridge bank to — assume the deposits of the closed bank; assume such other liabilities of the closed bank as the Corporation, in the Corporation's discretion, may determine to be appropriate; purchase such assets of the closed bank as the Corporation, in the Corporation's discretion, may determine to be appropriate; and perform any other temporary function which the Corporation may prescribe in accordance with this Act." Bridge banks must be chartered as national banks in accordance with US banking law. To the extent possible, bridge banks are required to honor the commitments of the failed bank to its customers, and not to interrupt or terminate adequately secured loans. Bridge banks are authorized to seek to liquidate failed banks, either by finding