[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: 94-19369]


[[Page Unknown]]

[Federal Register: August 9, 1994]


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FEDERAL RESERVE SYSTEM
 

St. Francis Capital Corporation, et al.; Formations of, 
Acquisitions by, and Mergers of Bank Holding Companies; and 
Acquisitions of Nonbanking Companies

    The companies listed in this notice have 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 companies have 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 applications are 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 or the 
offices of the Board of Governors not later than September 2, 1994.
    A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. St. Francis Capital Corporation, Milwaukee, Wisconsin; to become 
a bank holding company by acquiring 100 percent of the voting shares of 
Valley Bank, East Central, Kewaskum, Wisconsin.
    In connection with this application, Applicant has also applied to 
acquire St. Francis Bank, F.S.B., Milwaukee, Wisconsin, and thereby 
engage in operating a savings association which engages in deposit 
taking, lending, and other activities pursuant to Sec.  225.25(b)(9) of 
the Board's Reg. Y.
    2. St. Francis Capital Corporation, Milwaukee, Wisconsin; to 
acquire St. Francis Equity Properties, Inc., Milwaukee, Wisconsin, a 
wholly-owned subsidiary of St. Francis Bank, F.S.B., Milwaukee, 
Wisconsin, and thereby engage in retaining its indirect investment in 
St. Francis Equity Properties, Inc., which invests in community 
development projects pursuant to Sec.  225.(b)(6) of the Board's 
Regulation Y. In addition Applicant proposes to retain its investment 
in a loan and thereby engage in the activity of making and servicing 
loans pursuant to Sec.  225.(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. Norwest Corporation, Minneapolis, Minnesota; to acquire 100 
percent of the voting shares of Alexandria Securities and Investment 
Company, Alexandria, Minnesota, and thereby indirectly acquire 
Community State Bank of Alexandria, Alexandria, Minnesota.
    In connection with this application, Applicant's subsidiary, 
Norwest Investment Services, Inc., has also applied to acquire the 
discount brokerage business of Community State Bank of Alexandria, and 
integrate it into its overall operation. Following consummation Norwest 
Investment Services, Inc., will engage in full-service brokerage, 
government securities, and limited underwriting activities pursuant to Secs.  
225.25(b)(15) and (b)(16) of the Board's Regulation Y, and 76 Federal 
Reserve Bulletin 79 (1980).

    Board of Governors of the Federal Reserve System, August 3, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-19369 Filed 8-8-94; 8:45 am]
BILLING CODE 6210-01-F