[Federal Register Volume 59, Number 159 (Thursday, August 18, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20270]


[[Page Unknown]]

[Federal Register: August 18, 1994]


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FEDERAL RESERVE SYSTEM

 

Mellon Bank Corporation; Acquisition of Company Engaged in 
Permissible Nonbanking Activities

    The organization listed in this notice has 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.
    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 
September 1, 1994.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Mellon Bank Corporation, Pittsburgh, Pennsylvania; to acquire 
U.S. Bancorp Escrow Company, Seattle, Washington, and thereby engage in 
purchasing all of the assets of U.S. Bancorp Escrow Company, which 
provides escrow closing services primarily for residential mortgages 
originated in the United States. Applicant intends to transfer the 
assets of U.S. Bancorp Escrow Company to a newly formed de novo 
subsidiary, Mellon Mortgage Company. Activities to be conducted by 
Mellon Mortgage are permitted under Sec.  225.25(b)(3) of the Board's 
Regulation Y and will be conducted throughout the United States and 
overseas. Applicant previously received approval from the Federal 
Reserve System to engage in trust company activities overseas.

    Board of Governors of the Federal Reserve System, August 12, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-20270 Filed 8-17-94; 8:45 am]
BILLING CODE 6210-01-F