[Federal Register Volume 59, Number 28 (Thursday, February 10, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-3093] [[Page Unknown]] [Federal Register: February 10, 1994] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM The Shorebank Corporation, et al.; Notice of Applications to Engage de novo in Permissible Nonbanking Activities The companies listed in this notice have filed an application under Sec. 225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1)) for the Board's approval under section 4(c)(8) of the Bank Holding Company Act (12 U.S.C. 1843(c)(8)) and Sec. 225.21(a) of Regulation Y (12 CFR 225.21(a)) to commence or to engage de novo, either directly or through a subsidiary, in a nonbanking activity that is listed in Sec. 225.25 of Regulation Y as closely related to banking and permissible for bank holding companies. Unless otherwise noted, such activities will be conducted throughout the United States. Each application is available for immediate inspection at the Federal Reserve Bank indicated. Once the application has been accepted for processing, it will also be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the question whether consummation of the proposal can ``reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices.'' Any request for a hearing on this question must be accompanied by a statement of the reasons a written presentation would not suffice in lieu of a hearing, identifying specifically any questions of fact that are in dispute, summarizing the evidence that would be presented at a hearing, and indicating how the party commenting would be aggrieved by approval of the proposal. Unless otherwise noted, comments regarding the applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than February 2, 1994. A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice President) 230 South LaSalle Street, Chicago, Illinois 60690: 1. The Shorebank Corporation, Chicago, Illinois; to engage de novo through its subsidiaries, Cleveland Development Bancorporation, Chicago, Illinois, and Cleveland Enterprise Group, Chicago, Illinois, in community development activities by assisting the formation of locally-owned businesses that will provide employment opportunities for low- and moderate-income individuals pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y. 2. The Shorebank Corporation, Chicago, Illinois; to engage de novo through its subsidiaries, Cleveland Development Bancorporation, Chicago, Illinois, and CDB Development, Co., Chicago, Illinois, in community development activities by engaging in real estate development activities including the construction, rehabilitation, ownership, and management of residential, commercial, and industrial real estate that promotes the community welfare and benefits low- and moderate-income individuals pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y. Board of Governors of the Federal Reserve System, February 4, 1994. Jennifer J. Johnson, Associate Secretary of the Board. [FR Doc. 94-3093 Filed 2-9-94; 8:45 am] BILLING CODE 6210-01-F