[Federal Register Volume 59, Number 122 (Monday, June 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15494]


[[Page Unknown]]

[Federal Register: June 27, 1994]


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FEDERAL RESERVE SYSTEM
 

Norwest Corporation; 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 
July 18, 1994.
    A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Norwest Corporation, Minneapolis, Minnesota; to acquire Norwest 
Financial Special Services, Inc., Des Moines, Iowa; which proposes to 
become a bank holding company by acquiring 100 percent of the voting 
shares of Dial Bank, Sioux Falls, South Dakota.
    In connection with this application, Norwest Financial Special 
Services, Inc. also proposes to acquire Norwest Financial, Inc., Des 
Moines, Iowa, and thereby engage in consumer finance activities 
pursuant to Sec.  225.25(b)(1); sales finance pursuant to Sec.  
225.25(b)(1); underwriting, as principal, and on an agency basis of 
credit life, accident and health (disability) and involuntary 
unemployment insurance in connection with extensions of credit by 
Norwest and its subsidiaries pursuant to Sec.  225.25(b)(8)(i); sale on 
an agency basis of property and credit casualty insurance pursuant to 
Sec.  225.25(b)(8)(vii); sale on an agency basis of insurance products 
including but not limited to title insurance pursuant to Sec.  
225.25(b)(8)(vii); insurance premium finance activities pursuant to 
Sec.  225.25(b)(1); credit card activities pursuant to Sec.  
225.25(b)(1); data processing services pursuant to Sec.  225.25(b)(7); 
accounts receivable financing pursuant to Sec.  225.25(b)(1); lease 
financing pursuant to Sec.  225.25(b)(5); commercial lending pursuant 
to Sec.  225.25(b)(1); operation of a collection agency pursuant to 
Sec.  225.25(b)(23); and fiduciary activities pursuant to Sec.  
225.25(b)(3) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, June 21, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-15494 Filed 6-24-94; 8:45 am]
BILLING CODE 6210-01-F