[Federal Register Volume 59, Number 106 (Friday, June 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13489]


[[Page Unknown]]

[Federal Register: June 3, 1994]


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FEDERAL RESERVE SYSTEM
 

The Summit Bancorporation; 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 27, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. The Summit Bancorporation, Chatham, New Jersey; to acquire all 
of the voting shares of Crestmont Financial Corporation, Edison, New 
Jersey, and thereby indirectly acquire Crestmont Federal Savings and 
Loan Association, Edison, New Jersey, and thereby engage in operating a 
savings association pursuant to Sec.  225.25(b)(9); and Crestmont 
Insurance Agency, Edison, New Jersey, and thereby engage in the sale as 
agent or broker of insurance designed to repay the principal amount of 
credit extended in the event of death, disability or involuntary 
unemployment of the borrower pursuant to Sec.  225.25(b)(8)(i) of the 
Board's Regulation Y. Immediately subsequent to the acquisition, 
Crestmont Financial Corporation will be merged with and into The Summit 
Bancorporation and Crestmont Federal Savings and Loan Association will 
be converted, through a series of intermediate steps, into a New 
Jersey-chartered savings bank and then into a New Jersey-chartered 
commercial bank that will then be merged with and into The Summit 
Bancorporation's subsidiary bank, Summit Bank, Chatham, New Jersey. 
Accordingly, The Summit Bancorporation has also applied under section 
3(a)(3) of the Bank Holding Company Act to acquire the interim New 
Jersey-chartered savings and commercial banks. As an alternative, under 
certain circumstances, The Summit Bancorporation will exercise an 
option to acquire up to 19.9 percent of the shares of Crestmont 
Financial Corporation.

    Board of Governors of the Federal Reserve System, May 27, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-13489 Filed 6-2-94; 8:45 am]
BILLING CODE 6210-01-F