[Federal Register Volume 60, Number 145 (Friday, July 28, 1995)]
[Notices]
[Page 38838]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18570]



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FEDERAL RESERVE SYSTEM

National Australia Bank Limited; 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 nonbanking activities that the Board has determined 
to be closely related to banking and permissible for bank holding 
companies, or to engage in such activities. 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 
August 24, 1995.
    A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. National Australia Bank Limited, Melbourne, Australia, National 
Equities Limited, Melbourne, Australia, National Australia Group (UK) 
Limited, London, England, National Americas Holdings Limited, London, 
England, and MNC Acquisition Co., Melbourne, Australia; to become bank 
holding companies by acquiring 100 percent of the voting shares of 
Michigan National Corporation, Farmington Hills, Michigan (MNC), and 
thereby indirectly acquire Michigan National Bank, Farmington Hills, 
Michigan, and Bloomfield Hills Bancorp, Inc., Bloomfield Hills, 
Michigan, and its subsidiary, Bank of Bloomfield Hills, Bloomfield 
Hills, Michigan.
    In connection with this application, Applicant also has applied to 
acquire Independence One Capital Management Corp., Farmington Hills, 
Michigan, and thereby engage in providing discretionary and 
nondiscretionary investment advice, pursuant to Sec.  225.25(b)(4) of 
the Board's Regulation Y; MNC Leasing Company, Detroit, Michigan, and 
thereby engage in leasing real and personal property and equipment, 
pursuant to Sec.  225.25(b)(5) of the Board's Regulation Y; 
Independence One Life Insurance Company, Phoenix, Arizona, and thereby 
engage in underwriting reinsurance of credit life and credit disability 
risk, pursuant to Sec.  225.25(b)(8)(i) of the Board's Regulation Y; 
Michigan Bank, F.S.B., Troy, Michigan, and thereby engage in operating 
a savings association, pursuant to Sec.  225.25(b)(9) of the Board's 
Regulation Y; and Independence One Asset Management Corporation, 
Irvine, California, and thereby engage in providing asset management, 
servicing and collection activities, pursuant to Board Order. Applicant 
also has applied to exercise an option to acquire up to 19.9 percent of 
the voting shares of MNC.

    Board of Governors of the Federal Reserve System, July 24, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-18570 Filed 7-27-95; 8:45 am]
BILLING CODE 6210-01-F