[Federal Register Volume 59, Number 96 (Thursday, May 19, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12417]


[[Page Unknown]]

[Federal Register: May 19, 1994]


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FEDERAL RESERVE SYSTEM
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FEDERAL RESERVE SYSTEM
 

Waterhouse Investor Services, Inc.; Formation of, Acquisition by, 
or Merger of Bank Holding Companies; and Acquisition of Nonbanking 
Company

    The company listed in this notice has applied under Sec.  225.14 of 
the Board's Regulation Y (12 CFR 225.14) for the Board's approval under 
section 3 of the Bank Holding Company Act (12 U.S.C. 1842) to become a 
bank holding company or to acquire voting securities of a bank or bank 
holding company. The listed company has also applied under Sec.  
225.23(a)(2) of Regulation Y (12 CFR 225.23(a)(2)) 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, or to engage in such an activity. Unless otherwise 
noted, these 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 
June 6, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. Waterhouse Investor Services, Inc., New York, New York, to 
become a bank holding company by acquiring 100 percent of the voting 
shares of Waterhouse National Bank, White Plains, New York, a de novo 
bank.
    In connection with this application, Applicant has also applied to 
acquire Waterhouse Securities Inc., and Washington Discount Brokerage 
Corp., both of New York, and thereby engage in providing securities 
brokerage services restricted to buying and selling securities solely 
as agent for the account of customers pursuant to Sec.  
225.25(b)(15)(i) of the Board's Regulation Y. In addition, Applicant 
will execute, on a riskless principal basis, customer orders for 
securities that are eligible for underwriting or dealing in by state 
member banks pursuant to 12 U.S.C. Secs.  24 and 335. Such activities 
are authorized for bank holding company subsidiaries pursuant to Sec.  
225.25(b)(16) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, May 17, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-12417 Filed 5-18-94; 8:45 am]
BILLING CODE 6210-01-F