[Federal Register Volume 59, Number 89 (Tuesday, May 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11238]


[[Page Unknown]]

[Federal Register: May 10, 1994]


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FEDERAL EMERGENCY MANAGEMENT AGENCY
 

Garrett Bancshares. Ltd., 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 May 31, 1994.
    A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. Garrett Bancshares, Ltd., Bloomfield, Iowa; to engage de novo 
through its subsidiary in the making and servicing of loans, for the 
one time extension of credit to North Side of the Square, Inc., a 
wholly owned subsidiary of Garrett Bancshares' subsidiary bank, Davis 
County Savings Bank, Bloomfield, Iowa, pursuant to Sec.  225.25(b)(1) 
of the Board's Regulation Y.
    B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. First State Bancorp, Inc., La Crosse, Wisconsin; to engage de 
novo through its subsidiary Community First Development Corporation, La 
Crosse, Wisconsin, in establishing a community development corporation 
pursuant to Sec.  225.25(b)(6) of the Board's Regulation Y, and engage 
in the construction of low-and moderate-income housing in and around 
the La Crosse, Wisconsin area; to construct or rehabilitate rental 
housing for low-and-moderate income familes; and to purchase, 
rehabilitate and sell affordable owner-occupied housing for low and 
moderate income persons.
    2. Norwest Corporation, Minneapolis, Minnesota; to engage de novo 
in forming a joint venture, Legacy Mortgage, which will engage in 
residential mortgage, lending business pursuant to Sec.  225.25(b)(1) 
of the Board's Regulation Y. The joint venture will be equally owned by 
one of Norwest's subsidiaries, Norwest Mortgage, Inc., and Heritage 
Realtors, Centerville, Ohio. These activities will be conducted in the 
state of Ohio.

    Board of Governors of the Federal Reserve System, May 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-11238 Filed 5-9-94; 8:45 am]
BILLING CODE 6210-01-F