[Federal Register Volume 59, Number 171 (Tuesday, September 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21824]


[[Page Unknown]]

[Federal Register: September 6, 1994]


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FEDERAL RESERVE SYSTEM
 

Provident Bancorp, Inc., 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 
September 27, 1994.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Provident Bancorp, Inc., Cincinnati, Ohio; to acquire 50 percent 
interest in West Shell Mortgage Company, Cincinnati, Ohio, and thereby 
engage in the mortgage loan origination business, pursuant to 
Sec. 225.25(b)(1) of the Board's Regulation Y. This activity will be 
conducted throughout the United States.
    B. Federal Reserve Bank of San Francisco (Kenneth R. Binning, 
Director, Bank Holding Company) 101 Market Street, San Francisco, 
California 94105:
    1. First Interstate Bancorp, Los Angeles, California; to become a 
voting member of the Star System, Inc., a California nonprofit mutual 
benefit corporation, that provides data transmission services in the 
form of an electronic fund transfer system, and thereby engage in data 
processing activities, pursuant to Sec.  225.25(b)(7) of the Board's 
Regulation Y. Comments on this application should be received by 
September 19, 1994.

    Board of Governors of the Federal Reserve System, August 29, 
1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-21824 Filed 9-2-94; 8:45 am]
BILLING CODE 6210-01-F