[Federal Register Volume 59, Number 152 (Tuesday, August 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19367]


[[Page Unknown]]

[Federal Register: August 9, 1994]


=======================================================================
-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM

 

First Empire State Corporation, et al.; Acquisitions of Companies 
Engaged in Permissible Nonbanking Activities

    The organizations listed in this notice have 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.
    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 each of these 
applications must be received at the Reserve Bank indicated for the 
application or the offices of the Board of Governors not later than 
August 26, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. First Empire State Corporation, Buffalo, New York; to acquire 
Ithaca Bancorp, Inc., Ithaca, New York, and thereby acquire Citizens 
Savings Bank, F.S.B., Ithaca, New York, a savings association engaged 
in activities authorized under Sec.  225.25(b)(9) of the Board's 
Regulation Y, and control of Citizens Financial Services, Inc., Ithaca, 
New York, engaged 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, Ithaca Bancorp, Inc., will be merged 
with and into First Empire State Corporation and Citizens Savings Bank, 
F.S.B., Ithaca, New York, will be converted into a New York chartered 
savings and loan association that will then be merged with and into 
First Empire State Corporation's subsidiary bank, Manufacturers and 
Traders Trust Company. Buffalo, New York. As an alternative, under 
certain circumstances First Empire State Corporation will exercise an 
option to acquire up to 16.7 percent of the shares of Ithaca Bancorp, 
Inc.
    B. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. Alpha Financial Group, Inc., Minonk, Illinois; to acquire 2.5 
percent of the voting shares of Upper Illinois River Valley Community 
Development Corporation, Springfield, Illinois, and thereby engage in 
community development activities pursuant to Sec.  225.25(b)(6) of the 
Board's Regulation Y.

    Board of Governors of the Federal Reserve System, August 3, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-19367 Filed 8-8-94; 8:45 am]
BILLING CODE 6210-01-F