[Federal Register Volume 59, Number 68 (Friday, April 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-8431]


[[Page Unknown]]

[Federal Register: April 8, 1994]


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FEDERAL RESERVE SYSTEM

 

Credit Commercial de France S.A. and Berliner Handels-und 
Frankfurter Bank; Applications To Engage in Certain Nonbanking 
Activities

    Credit Commercial de France S.A., Paris, France, and Berliner 
Handels-und Frankfurter Bank, Frankfurt am Main, Germany (Applicants), 
have applied pursuant to section 4(c)(8) of the Bank Holding Company 
Act (12 U.S.C. 1843(c)(8)) (BHC Act) and Sec. 225.23 of the Board's 
Regulation Y (12 CFR 225.23), to retain control of Charterhouse North 
America, Inc., New York, New York, and its subsidiaries (Company), and 
thereby engage in the following nonbanking activities:
    1. Acting as agent in the private placement of securities;
    2. Providing advice, including rendering fairness opinions and 
providing valuation services, in connection with mergers, acquisitions, 
divestitures, joint ventures, leveraged buyouts, recapitalizations, 
capital structurings, and financing transactions (including private and 
public financings and loan syndications), and conducting financial 
feasibility studies, pursuant to Sec. 225.25(b)(4)(vi)(A)(1) of the 
Board's Regulation Y;
    3. Providing financial and transaction advice regarding the 
structuring and arranging of swaps, caps, and similar transactions 
relating to interest rates, currency exchange rates or prices, and 
economic and financial indices, and similar transactions, pursuant to 
Sec. 225.25(b)(4)(vi)(A)(2) of the Board's Regulation Y;
    4. Providing portfolio investment advice, including providing 
investment research and advice to, and promoting and assisting direct 
investment by, investors in real property, pursuant to 
Sec. 225.25(b)(4)(iii) of the Board's Regulation Y; and
    5. Arranging commercial real estate equity financing, pursuant to 
Sec. 225.25(b)(14) of the Board's Regulation Y.
    Applicants seek approval to conduct the proposed activities 
throughout the United States.

Closely Related to Banking Standard

    Section 4(c)(8) of the BHC Act provides that a bank holding company 
may, with Board approval, engage in any activity ``which the Board 
after due notice and opportunity for hearing has determined (by order 
or regulation) to be so closely related to banking or managing or 
controlling banks as to be a proper incident thereto''. In determining 
whether a proposed activity is closely related to banking for purposes 
of the BHC Act, the Board considers, inter alia, the matters set forth 
in National Courier Association v. Board of Governors of the Federal 
Reserve System, 516 F.2d 1229 (D.C. Cir. 1975). These considerations 
are (1) whether banks generally have in fact provided the proposed 
services, (2) whether banks generally provide services that are 
operationally or functionally so similar to the proposed services as to 
equip them particularly well to provide the proposed services, and (3) 
whether banks generally provide services that are so integrally related 
to the proposed services as to require their provision in a specialized 
form. See 516 F.2d at 1237. In addition, the Board may consider any 
other basis that may demonstrate that the activity has a reasonable or 
close relationship to banking or managing or controlling banks. Board 
Statement Regarding Regulation Y, 49 FR 806, January 5, 1984.
    Applicants state that the Board previously has determined by 
regulation that certain of the proposed activities, when conducted 
within the limitations established by the Board in its regulations and 
in related interpretations and orders, are closely related to banking 
for purposes of section 4(c)(8) of the BHC Act. See 12 CFR 225.25(b) 
(4) and (14) (certain investment and financial advisory services and 
real estate equity financing activities). See also The Royal Bank of 
Scotland Group plc, 76 Federal Reserve Bulletin 866 (1990). Applicants 
maintain that Company will engage in these proposed activities in 
conformity with the limitations established by the Board in Regulation 
Y and in previous interpretations and orders.
    Applicants also maintain that the Board previously has determined 
by order that the proposed private placement activities, when conducted 
within the limitations established by the Board in its previous orders, 
are closely related to banking, and consistent with section 20 of the 
Glass-Steagall Act (12 U.S.C. 377). See Bankers Trust New York 
Corporation, 75 Federal Reserve Bulletin 829 (1989). Applicants state 
that Company will conduct the proposed private placement activities in 
conformity with the conditions and limitations established by the Board 
in prior cases.

Proper Incident to Banking Standard

    In order to approve the proposal, the Board must determine that the 
proposed activities to be conducted by Company ``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.'' 12 U.S.C. 1843(c)(8).
    Applicants believe that the proposal will produce public benefits 
that outweigh any potential adverse effects. In particular, Applicants 
maintain that the proposal will enhance customer convenience and 
efficiency. In addition, Applicants state that the proposed activities 
will not result in adverse effects such as an undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.
    In publishing the proposal for comment, the Board does not take a 
position on issues raised by the proposal. Notice of the proposal is 
published solely in order to seek the views of interested persons on 
the issues presented by the applications, and does not represent a 
determination by the Board that the proposal meets or is likely to meet 
the standards of the BHC Act.
    Any comments or requests for hearing should be submitted in writing 
and received by William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, Washington, D.C. 20551, not later than April 
27, 1994. Any request for a hearing on this proposal must, as required 
by Sec. 262.3(e) of the Board's Rules of Procedure (12 CFR 262.3(e)), 
be accompanied by a statement of the reasons why 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. The 
applications may be inspected at the offices of the Board of Governors 
or the Federal Reserve Bank of New York.

    Board of Governors of the Federal Reserve System, April 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-8426 Filed 4-7-94; 8:45 am]
BILLING CODE 6210-01-P
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FEDERAL RESERVE SYSTEM
Futura Banc Corp., et al.; Formations of; Acquisitions by; and 
Mergers of Bank Holding Companies

    The companies listed in this notice have applied for the Board's 
approval under section 3 of the Bank Holding Company Act (12 U.S.C. 
1842) and Sec.  225.14 of the Board's Regulation Y (12 CFR 225.14) to 
become a bank holding company or to acquire a bank or bank holding 
company. The factors that are considered in acting on the applications 
are set forth in section 3(c) of the Act (12 U.S.C. 1842(c)).
    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 to the Reserve Bank or to the offices of the Board of 
Governors. Any comment on an application that requests a hearing must 
include a statement of why a written presentation would not suffice in 
lieu of a hearing, identifying specifically any questions of fact that 
are in dispute and summarizing the evidence that would be presented at 
a hearing.
    Unless otherwise noted, comments regarding each of these 
applications must be received not later than May 2, 1994.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Futura Banc Corp., Urbana, Ohio; to become a bank holding 
company by acquiring 100 percent of the voting shares of Champaign 
National Bank and Trust, Urbana, Ohio.
    B. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. CNB Holdings Inc., Pulaski, Virginia; to become a bank holding 
company by acquiring 100 percent of Community National Bank (in 
organization), Pulaski, Virginia, a  de novo bank.
    C. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. Northern Trust Corporation, Chicago, Illinois, and Northern 
Trust of Florida Corporation, Chicago, Illinois; to acquire 100 percent 
of the voting shares of Beach One Financial Services, Inc., Vero Beach, 
Florida, and thereby indirectly acquire Beach One Financial Services, 
Inc., Vero Beach, Florida, and The Beach Bank of Vero Beach, Vero 
Beach, Florida.
    D. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice 
President) 925 Grand Avenue, Kansas City, Missouri 64198:
    1. Mabrey Bancorporation, Inc., Okmulgee, Oklahoma; to acquire 
48.78 percent of the voting shares of CSB, Inc., Bixby, Oklahoma, and 
thereby indirectly acquire Citizens Security Bancshares, Inc., Bixby, 
Oklahoma, and Citizens Security Bank and Trust Company, Bixby, 
Oklahoma. In connection with this application, CSB, Inc., Bixby, 
Oklahoma; has applied to become a bank holding company by acquiring 80 
percent of the voting shares of Citizens Security Bancshares, Inc., 
Bixby, Oklahoma, and thereby indirectly acquiring 100 percent of the 
voting shares of Citizens Security Bank & Trust Company, Bixby, 
Oklahoma.
    2. PCI Holdings, Inc., St. Mary's Kansas; to become a bank holding 
company by acquiring 97.33 percent of the voting shares of St. Mary's 
State Bank, St. Mary's, Kansas.
    3. Stockgrowers State Banc Corporation, Ashland, Kansas, to acquire 
100 percent of the voting shares of Peoples Bank, National Association, 
Cold Water, Kansas.

    Board of Governors of the Federal Reserve System, April 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-8428 Filed 4-7-94; 8:45 am]
BILLING CODE 6210-01-F
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FEDERAL RESERVE SYSTEM
Progressive Bancshares, Inc.; Notice of Application to Engage De 
Novo in Permissible Nonbanking Activities

    The company listed in this notice has 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.
    The 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.
    Comments regarding the application must be received at the Reserve 
Bank indicated or the offices of the Board of Governors not later than 
April 28, 1994.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Progressive Bancshares, Inc., Lexington, Kentucky; to engage de 
novo  through its subsidiary Progressive Mortgage Company, Lexington, 
Kentucky, in originating, making or acquiring for the company's account 
or the accounts of others, residential mortgage loans, commercial 
mortgage loans, and construction mortgage loans, and to service 
residential mortgage loans, commercial mortgage loans, and construction 
mortgage loans for the company or the accounts of others pursuant to 
Sec.  225.25(b)(1) of the Board's Regulation Y; provididing residential 
and/or commercial appraisal services for itself and others pursuant to 
Sec.  225.25(b)(13) of the Board's Regulation Y; acting as agent or 
broker for credit life insurance and disability insurance or mortgage 
payment insurance in conjunction with the origination of loans pursuant 
to Sec.  225.25(b)(8) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, April 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-8429 Filed 4-7-94; 8:45 am]
BILLING CODE 6210-01-F
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FEDERAL RESERVE SYSTEM
Rickey Earl Stuckey, et al.; Change in Bank Control Notices; 
Acquisitions of Shares of Banks or Bank Holding Companies

    The notificants listed below have applied under the Change in Bank 
Control Act (12 U.S.C. 1817(j)) and Sec.  225.41 of the Board's 
Regulation Y (12 CFR 225.41) to acquire a bank or bank holding company. 
The factors that are considered in acting on the notices are set forth 
in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).
    The notices are available for immediate inspection at the Federal 
Reserve Bank indicated. Once the notices have been accepted for 
processing, they will also be available for inspection at the offices 
of the Board of Governors. Interested persons may express their views 
in writing to the Reserve Bank indicated for that notice or to the 
offices of the Board of Governors. Comments must be received not later 
than April 28, 1994.
    A. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Rickey Earl Stuckey, Colquitt, Georgia; to retain .10 percent 
and to acquire an additional 3.27 percent, for a total of 11.52 percent 
of the voting shares of Peoples Community Bancshares, Inc., Colquitt, 
Georgia, and thereby indirectly acquire Peoples Community Bank, 
Colquitt, Georgia and Peoples Community Bank, Columbia, Alabama.
    2. Sheila A. Stuckey, Colquitt, Georgia; to retain .10 percent and 
to acquire an additional 3.27 percent, for a total of 11.52 percent of 
the voting shares of Peoples Community Bancshares, Inc., Colquitt, 
Georgia, and thereby indirectly acquire Peoples Community Bank, 
Colquitt, Georgia and Peoples Community Bank, Columbia, Alabama.
    B. Federal Reserve Bank of Dallas (Genie D. Short, Vice President) 
2200 North Pearl Street, Dallas, Texas 75201-2272:
    1. John Thomas Talkington, Lubbock, Texas; to acquire 7.02 percent, 
for a total of 28.54 percent, of the voting shares of Lubbock National 
Bancshares, Inc., Lubbock, Texas, and thereby indirectly acquire 
Lubbock National Bank, Lubbock, Texas.

    Board of Governors of the Federal Reserve System, April 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-8430 Filed 4-7-94; 8:45 am]
BILLING CODE 6210-01-F
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FEDERAL RESERVE SYSTEM
United Missouri Bancshares, Inc.; Acquisition of Company Engaged in 
Permissible Nonbanking Activities

    The organization listed in this notice has 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.
    The 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.
    Comments regarding the application must be received at the Reserve 
Bank indicated or the offices of the Board of Governors not later than 
May 2, 1994.
    A. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice 
President) 925 Grand Avenue, Kansas City, Missouri 64198:
    1. United Missouri Bancshares, Inc., Kansas City, Missouri; to 
expand the activites of United Missouri Brokerage Services, Inc., 
Kansas City, Missouri, to include full service brokerage activities, 
including the provision of investment advice pursuant to Secs.  
225.25(b)(15)(ii) and 225.25(b)(4)(iii) and (iv) of the Board's 
Regulation Y.

    Board of Governors of the Federal Reserve System, April 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-8431 Filed 4-7-94; 8:45 am]
BILLING CODE 6210-01-F