[Federal Register Volume 60, Number 152 (Tuesday, August 8, 1995)]
[Notices]
[Pages 40381-40382]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-19494]



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FEDERAL RESERVE SYSTEM

First Union Corporation, et al.; Formations of, Acquisitions by, 
and Mergers of Bank Holding Companies; and Acquisitions of Nonbanking 
Companies

    The companies listed in this notice have 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 companies have 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 applications are 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 or the 
offices of the Board of Governors not later than September 1, 1995.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. First Union Corporation, Charlotte, North Carolina; to acquire 
First Union Corporation of New Jersey, Newark, New Jersey, which will 
become a bank holding company by merging with First Fidelity 
Bancorporation, Newark, New Jersey, and Philadelphia, Pennsylvania, and 
thereby indirectly acquire First Fidelity Bank, N.A., Elkton, Maryland; 
First Fidelity Bank, Stamford, Connecticut; First Fidelity Bank, 
Delaware, Wilmington, Delaware; First Executive Bank, Philadelphia, 
Pennsylvania (24.4 percent of the voting shares).
    In connection with this application, Applicant also has applied to 
acquire Broad & Lombardy Associates, Inc., Newark, New Jersey, and 
thereby engage in acting as insurance agent or broker for credit life 
and health insurance in conjunction with credit transactions; acting as 
an insurance agent or broker for the sale of credit-related property 
and casualty insurance protecting real and personal property which 
serves as collateral for a credit transaction and liability coverage as 
part of a package on home, automobile and business policies; and acting 
as an insurance agent or broker for insurance for affiliates, pursuant 
to Sec.  225.25(b)(8)(i) and (iv) of the Board's Regulation Y.
    In connection with this application, Applicant also has applied to 
acquire First Fidelity Community Development Corp., Newark, New Jersey, 
and thereby engage in community development activities, including: debt 
and equity investments in residential, commercial and industrial 
projects; the acquisition, ownership, renovation, development, leasing, 
managing or exchanging, selling or promoting of real and/or personal 
property; financial counseling to all sectors of the community, 
especially the small business sector; and coordination and arrangement 
of joint ventures or participations to provide financial assistance to 
low and moderate income areas of the States of New Jersey and 
Pennsylvania, pursuant to Sec.  225.25(b)(6) of the Board's Regulation 
Y.
    In connection with this application, Applicant also has applied to 
acquire Fidelcor Life Insurance Company, Phoenix, Arizona, and thereby 
engage in reinsurance of credit life, disability and health insurance 
written by an outside insurance carrier in connection with loans 
extended by bank affiliates, 

[[Page 40382]]
pursuant to Sec.  225.25(b)(8)(i) of the Board's Regulation Y.
    In connection with this application, Applicant also has applied to 
acquire Waller House Corporation, Philadelphia, Pennsylvania, and 
thereby engage in community development activities, pursuant Sec.  
225.25(b)(6) of the Board's Regulation Y. Comments on this application 
must be received not later than Septmber 1, 1995.
    B. Federal Reserve Bank of Dallas (Genie D. Short, Vice President) 
2200 North Pearl Street, Dallas, Texas 75201-2272:
    1. The Berens Corporation, Houston, Texas; has applied to become a 
bank holding company by acquiring 100 percent of the voting shares of 
Berens Delaware, Inc., Wilmington, Delaware, and thereby indirectly 
acquire First National Bank of Dayton, Dayton, Texas.
    In connection with this application, Berens Delaware, Inc., 
Wilmington, Delaware, also has applied to become a bank holding company 
by acquiring 100 percent of the voting shares of First National Bank of 
Dayton, Dayton, Texas.
    Also, in connection with this application, Applicant has applied to 
engage de novo, through its subsidiary, Berens Credit Corporation, 
Houston, Texas, and engage de novo in mortgage leasing, pursuant to 
Sec.  225.25(b)(1)(iii) of the Board's Regulation Y; commercial 
finance, pursuant to Sec.  225.25(b)(1)(iv) of the Board's Regulation 
Y; and leasing, pursuant to Sec.  225.25(b)(5) of the Board's 
Regulation Y.

    Board of Governors of the Federal Reserve System, August 2, 
1995.
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-19494 Filed 8-7-95; 8:45 am]
BILLING CODE 6210-01-F