[Federal Register Volume 60, Number 157 (Tuesday, August 15, 1995)]
[Notices]
[Page 42163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20183]



-----------------------------------------------------------------------


FEDERAL RESERVE SYSTEM

PNC Bank Corp.; 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 
September 8, 1995.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. PNC Bank Corp., Pittsburgh, Pennsylvania, and PNC Bancorp, 
Wilmington, Delaware; to merge with Midlantic Corporation, Edison, New 
Jersey, and thereby indirectly acquire Midlantic Bank, N.A., Newark, 
New Jersey.
    In connection with this application, Applicant also has applied to 
acquire Midlantic Securities Corp., Philadelphia, Pennsylvania; and 
thereby engage in providing securities brokerage services, related 
securities credit activities, and incidental activities such as 
offering custodial services, individual retirement accounts, and cash 
management services. All activities are restricted to buying and 
selling securities as agent for the account of customers and will not 
include securities underwriting or dealing or offering investment 
advice or providing research services, pursuant to Sec.  225.25(b)(15) 
of the Board's Regulations Y; Lenders Life Insurance Company, Phoenix, 
Arizona, and Pennsauken, New Jersey, and thereby engage in in 
underwriting, as reinsurer, credit life and credit disability insurance 
directly related to extensions of credit by Midlantic Bank, N.A., 
pursuant to Sec.  225.25(b)(8)(i) of the Board's Regulation Y; Greater 
Jersey Mortgage Co. Edison, New Jersey, and thereby engage in 
originating and/or purchasing commercial mortgage loans, pursuant to 
Sec.  225.25(b)(1) of the Board's Regulation Y; Midlantic Commercial 
Leasing Corp., Edison, New Jersey, and thereby engage in the business 
of commercial leasing, pursuant to Sec.  225.25(b)(5) of the Board's 
Regulation Y.
    In connection with this application, PNC Bank Corp., Pittsburgh, 
Pennsylvania, and PNC Bancorp, Inc., Wilmington, Delaware; have applied 
to acquire at least 19.90 percent of the voting shares of Midlantic 
Corporation, Edison, New Jersey, and Midlantic Corporation, Edison, New 
Jersey, also has applied to acquire at least 19.90 percent of the 
voting shares of PNC Bank Corp., Pittsburgh, Pennsylvania.

    Board of Governors of the Federal Reserve System, August 9, 
1995.
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-20183 Filed 8-14-95; 8:45 am]
BILLING CODE 6210-01-F