[Federal Register Volume 59, Number 183 (Thursday, September 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-23443]


[[Page Unknown]]

[Federal Register: September 22, 1994]


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

FEDERAL RESERVE SYSTEM

 

First Fidelity Bancorporation, 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 
October 17, 1994.
    A. Federal Reserve Bank of Philadelphia (Thomas K. Desch, Vice 
President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
    1. First Fidelity Bancorporation, Lawrenceville, New Jersey, and 
Banco Santander, S.A., Santander, Spain; to acquire Baltimore Bancorp, 
Baltimore, Maryland, and thereby indirectly acquire The Bank of 
Baltimore Interim Federal Savings Bank, Baltimore, Maryland, and 
thereby engage in operation of a savings bank, pursuant to Sec.  
225.25(b)(9) of the Board's Regulation Y.
    In connection with this application, Baltimore Bancorp, Baltimore, 
Maryland, proposes to acquire The Bank of Baltimore Interim Federal 
Savings Bank, Baltimore, Maryland, and thereby engage in the operation 
of a savings association, pursuant to Sec.  225.25(b)(9) of the Board's 
Regulation Y.
    Currently, Baltimore Bancorp is a bank holding company whose sole 
banking subsidiary is The Bank of Baltimore, Baltimore, Maryland, a 
commercial bank. Prior to First Fidelity's acquisition of Baltimore 
Bancorp, The Bank of Baltimore Interim Federal Savings Bank will be 
chartered and acquired by Baltimore Bancorp and The Bank of Baltimore 
will be merged with and into The Bank of Baltimore Interim Federal 
Savings Bank, with The Bank of Baltimore Interim Federal Savings Bank 
as the surviving institution.
    First Fidelity also proposes to acquire the following related 
nonbank subsidiaries and to engage in the respective nonbanking 
activities:
    (1) To acquire Atlantic Independent Insurance Agency, Inc., Bel 
Air, Maryland, and thereby act as insurance agent for the sale of 
credit-related life, health and accident insurance, pursuant to Sec.  
225.25(b)(8)(i) of the Board's Regulation Y.
    (2) To acquire Atlantic Residential Mortgage Corporation, 
Baltimore, Maryland, and thereby engage in originating, purchasing, 
packaging, selling and servicing residential mortgage loans for the 
secondary market, itself and the bank and provide fully secured 
financing to other mortgage banking companies to assist them in the 
acquisition of servicing rights in FHLMC, FNMA, and GNMA residential 
mortgages, pursuant to Secs.  225.25(b)(1) and (b)(5) of the Board's 
Regulation Y.
    (3) To acquire Baltimore Bancorp Investment Services, Inc., 
Baltimore, Maryland, and thereby act as a discount broker of listed and 
OTC equities, corporate bonds, government bonds, municipal bonds, 
mutual funds and options, pursuant to Secs.  225.25(b)(15) and (b)(16) 
of the Board's Regulation Y.
    (4) To acquire Baltimore Bancorp Leasing & Financial, Inc., 
Baltimore, Maryland, and thereby act as an equipment finance and 
leasing company specializing in transactions with established 
corporations, with respect to plant equipment, computers, office 
furniture and equipment, medical equipment and other tangible personal 
property, pursuant to Secs.  225.25(b)(1) and (b)(5).
    B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Southern National Banks, Inc., Fort Walton Beach, Florida; to 
acquire First Appraisal Corporation, Fort Walton Beach, Florida, and 
thereby engage in real estate appraisal activities, pursuant to Sec.  
225.25(b)(13) of the Board's Regulation Y. The proposed activity will 
be conducted throughout the state of Florida.

    Board of Governors of the Federal Reserve System, September 16, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-23443 Filed 9-21-94; 8:45 am]
BILLING CODE 6210-01-F