[Federal Register Volume 60, Number 204 (Monday, October 23, 1995)]
[Notices]
[Pages 54373-54374]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26121]
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FEDERAL RESERVE SYSTEM
Chemical Banking Corporation; 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 the Board has determined
to be 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 13, 1995.
A. Federal Reserve Bank of New York (William L. Rutledge, Senior
Vice President) 33 Liberty Street, New York, New York 10045:
1. Chemical Banking Corporation, New York, New York (Chemical), to
[[Page 54374]]
merge with The Chase Manhattan Corporation, New York, New York (CMC),
and thereby indirectly acquire The Chase Manhattan Bank (National
Association), New York, New York (Chase Bank); The Chase Manhattan Bank
(USA), Wilmington, Delaware; and Chase Manhattan National Holding
Corporation, Wilmington, Delaware, and thereby indirectly acquire The
Chase Manhattan Private Bank (Florida), National Association, Tampa,
Florida; The Chase Manhattan Bank of Maryland, Baltimore, Maryland; and
The Chase Manhattan Bank of New Jersey, National Association, Oradell,
New Jersey. Chemical also has applied to exercise an option to acquire
up to 19.9 percent of the voting shares of CMC.
In connection with the proposed merger, Chemical also has provided
notice to acquire the voting shares of the nonbank subsidiaries of CMC,
and thereby engage in a variety of nonbanking activities pursuant to
section 4(c)(8) of the BHC Act. These activities and subsidiaries
include: Chase Securities, Inc., New York, New York, which is engaged
in underwriting and dealing in debt securities, equity securities and
bank-eligible instruments, acting as agent in the private placement of
securities, buying and selling securities on the order of investors as
riskless principal, providing certain advisory and securities brokerage
services pursuant to Board Order dated August 15, 1988, and providing
management consulting advice to unaffiliated bank and nonbank
depository institutions and certain other advisory services pursuant to
approval received from the Federal Reserve Bank of New York acting
under delegated authority dated April 6, 1990; Chase Commercial
Corporation, New York, New York, Chase Third Century Leasing Co.,
Rochester, New York, Chase Manhattan Leasing Corporation, New York, New
York, and Clark Rental Corporation, New York, New York, and thereby
engage in equipment leasing and lending, pursuant to 12 CFR
225.25(b)(5) and 12 CFR 225.25(b)(1); Chase Manhattan Realty Leasing
Corporation, New York, New York, and thereby engage in real estate
leasing, pursuant to 12 CFR 225.25(b)(5); Chase Community Development
Corporation, New York, New York, and thereby engage in community
development activities, pursuant to 12 CFR 225.25(b)(6); Chase Home
Mortgage Corporation of the Southeast and Chase Mortgage Finance
Corporation, both of Tampa, Florida, and thereby engage in mortgage
banking activities, pursuant to 12 CFR 225.25(b)(1); and The Chase
Manhattan Trust Company of California, National Association, San
Francisco, California, and thereby engage in trust company activities,
pursuant to 12 CFR 225.25(b)(3). Chemical also proposes to acquire
shares of the following company, which are presently owned by CMC:
12.54 percent of the outstanding voting shares of InfiNet Payment
Services, Inc., Hackensack, New Jersey (InfiNet), and thereby own a
total of 23.07 percent of the outstanding voting shares of InfiNet, and
thereby engage in operating retail electronic funds transfer networks
and data processing and related activities pursuant to 12 CFR
225.25(b)(7). In addition, as a result of the proposal, Chemical would
acquire a number of other CMC nonbank subsidiaries that hold loans or
leases pursuant to authority granted in a letter from the Federal
Reserve Bank of New York dated April 5, 1985.
CMC has applied to exercise an option to acquire up to 19.9 percent
of voting shares of Chemical, and thereby acquire an indirect interest
in the bank and nonbank subsidiaries of Chemical. Chemical's subsidiary
banks include Chemical Bank, New York, New York; Chemical Bank
Delaware, Wilmington, Delaware; Chemical Bank, National Association,
Jericho, New York; Chemical Bank New Jersey, National Association,
Morristown, New Jersey; Princeton Bank and Trust Company, N.A.,
Morristown, New Jersey; Texas Commerce Bank National Association,
Houston, Texas; Chemical Bank, FSB, Palm Beach, Florida; and Texas
Commerce Bank - San Angelo, N.A., San Angelo, Texas.
Board of Governors of the Federal Reserve System, October 13,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-26121 Filed 10-20-95; 8:45 am]
BILLING CODE 6210-01-F