[Federal Register Volume 59, Number 208 (Friday, October 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26734]


[Federal Register: October 28, 1994]


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FEDERAL RESERVE SYSTEM


FFB Participacoes e Servicos, S.A.; Formation of, Acquisition by, 
or Merger of Bank Holding Companies; and Acquisition of Nonbanking 
Company

    The company listed in this notice has 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 company has 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 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 
November 22, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. FFB Participacoes e Services, S.A., Funchal, Madeira, Portugal, 
to become a bank holding company by acquiring 30 percent of the voting 
shares of First Fidelity Bancorporation, Lawrenceville, New Jersey, and 
thereby indirectly acquire First Fidelity Bank, N.A., Salem, New 
Jersey; First Fidelity Bank, N.A., New York, Riverdale, New York; Union 
Trust Company, Stanford, Connecticut, The Bank of Baltimore, Baltimore, 
Maryland. Applicant will be a subsidiary of Banco Santander, S.A., 
Madrid, Spain, which has applied to acquire Applicant.
    In connection with this application, Applicant has also applied to 
acquire Broad and Lombardy Associates, Inc., Newark, New Jersey; to 
engage in brokering or acting as an agent for certain types of credit-
related insurance, pursuant to Sec. 225.25(b)(8)(i) of the Board's 
Regulation Y; Fidelcor Business Credit Corporation, New York, New York, 
to engage in originating and servicing commercial loans, pursuant to 
Sec.  225.25(b)(1) of the Board's Regulation Y; Fidelcor Life Insurance 
Company, Phoenix, Arizona, to engage in reinsuring credit life, 
disability and health insurance, in connection with loans extended by 
First Fidelity's Bank subsidiaries and their affiliates, pursuant to 
Sec.  225.25(b)(8) of the Board's Regulation Y; First Fidelity 
Community Development Corporation, Newark, New Jersey, to engage in 
community development activities, pursuant to section 225.25(b)(6) of 
the Board's Regulation Y; Waller House Corporation, Philadelphia, 
Pennsylvania, to 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, October 24, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-26734 Filed 10-27-94; 8:45 am]
BILLING CODE 6210-01-F