[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