[Federal Register Volume 59, Number 241 (Friday, December 16, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-30932]


[[Page Unknown]]

[Federal Register: December 16, 1994]


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FEDERAL RESERVE SYSTEM
 

Stearns Financial Services, Inc., Employee Stock Ownership Plan; 
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 
January 9, 1995.
    A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Stearns Financial Services, Inc., Employee Stock Ownership Plan, 
Albany, Minnesota; to become a bank holding company by acquiring 30 
percent of the voting shares of Stearns Financial Services, Inc., 
Albany, Minnesota, and thereby indirectly acquire National Bank of 
Canby, Canby, Minnesota; Security State Bank of Holdingford, 
Holdingford, Minnesota; Farmers State Bank of Upsala, Upsala, 
Minnesota; Stearns Agency, Inc., Albany, Minnesota; and thereby 
indirectly acquire Stearns County National Bank of Albany, Albany, 
Minnesota; and Financial Services of Evansville, Inc., Evansville, 
Minnesta, and thereby indirectly acquire Farmers State Bank, 
Evansville, Minnesota.
    In connection with this application, Stearns Financial Services, 
Inc., Employee Stock Ownership Plan, has also applied to acquire 
Stearns Financial Services, Inc., Albany, Minnesota, Stearns Agency, 
Inc., Albany, Minnesota, and Financial Services of Evansville, Inc., 
Evansville, Minnesota, and thereby engage in general insurance 
activities in accordance with Sec.  225.25(b)(8)(iii)(A) of the Board's 
Regulation Y. These activities will be conducted in Canby, Albany, and 
Evansville, Minnesota, by Stearns Financial Services, Stearns Agency, 
and Financial Services of Evansville, Minnesota, respectively.

    Board of Governors of the Federal Reserve System, December 12, 
1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-30932 Filed 12-15-94; 8:45 am]
BILLING CODE 6210-01-F