[Federal Register Volume 59, Number 46 (Wednesday, March 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-5390]


[[Page Unknown]]

[Federal Register: March 9, 1994]


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FEDERAL RESERVE SYSTEM
 

Corestates Financial Corp., et al.; Acquisitions of Companies 
Engaged in Permissible Nonbanking Activities

    The organizations listed in this notice have applied under Sec.  
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or 
(f)) 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 acquire or control voting securities or assets of 
a company engaged 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 each of these 
applications must be received at the Reserve Bank indicated for the 
application or the offices of the Board of Governors not later than 
April 1, 1994.
    A. Federal Reserve Bank of Philadelphia (Thomas K. Desch, Vice 
President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
    1. Corestates Financial Corp., Philadelphia, Pennsylvania; to 
acquire Rittenhouse Financial Services, Inc., Radnor, Pennsylvania, and 
thereby engage in providing investment advice to any other person 
pursuant to Sec.  225.25(b)(4) of the Board's Regulation Y.
    B. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63166:
    1. Union Planters Corporation, Memphis, Tennessee; to acquire 
BancFirst Corporation, Decatur, Alabama, and BancFirst, Decatur, 
Alabama, and thereby engage in operating a federally-chartered savings 
bank and engage in only those activities permitted pursuant to Sec.  
225.25(b)(9); and in the sale and issuance of credit life insurance in 
connection with loans and extensions of credit made by the thrift 
pursuant to Sec.  225.25(b)(8)(i) of the Board's Regulation Y. These 
activities will be conducted in the State of Alabama.

    Board of Governors of the Federal Reserve System, March 3, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-5390 Filed 3-8-94; 8:45 am]
BILLING CODE 6210-01-F