[Federal Register Volume 60, Number 227 (Monday, November 27, 1995)]
[Notices]
[Pages 58362-58363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-28823]
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FEDERAL RESERVE SYSTEM
Banknorth Group, Inc., et al.; Notice of Applications to Engage
de novo in Permissible Nonbanking Activities
The companies listed in this notice have filed an application under
Sec. 225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1))
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
[[Page 58363]]
Y (12 CFR 225.21(a)) to commence or to engage de novo, either directly
or through a subsidiary, 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. Unless otherwise noted, such
activities will be conducted throughout the United States.
Each 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.
Unless otherwise noted, comments regarding the applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than December 11, 1995.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Banknorth Group, Inc., Burlington, Vermont; to engage de novo
through its subsidiary, The Stratevest Group, National Association,
Burlington, Vermont, in trust company functions, pursuant to Sec.
225.25(b)(3) of the Board's Regulation Y.
B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Progressive Growth Corp., Gaylord, Minnesota; to engage de novo
through its subsidiary, Synectic Solutions, Inc., Gaylord, Minnesota,
in data warehousing, computer network integration services,
communications services related to the transmission of economic and
financial data, database management services, and other data processing
services, pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y.
2. Progressive Growth Corp., Gaylord, Minnesota; to engage de novo
through its subsidiary, Progressive Technologies, Inc., Gaylord
Minnesota, in data warehousing, computer network integration services,
communications services related to the transmission of economic and
financial data, database management services, and other data processing
services, pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y.
C. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice
President) 925 Grand Avenue, Kansas City, Missouri 64198:
1. First Community Bancshares, Inc., Knob Noster, Missouri; to
engage de novo through its subsidiary, First Mortgage Co., Inc., Knob
Noster, Missouri, in the origination and servicing of real estate
mortgages and resale of the same in the secondary market, pursuant to
Sec. 225.25(b)(1) of the Board's Regulation Y.
D. Federal Reserve Bank of San Francisco (Kenneth R. Binning,
Director, Bank Holding Company) 101 Market Street, San Francisco,
California 94105:
1. Neighborhood Bancorp, San Diego, California; to engage de novo
through its subsidiary Neighborhood Capital Advisors, San Diego,
California, in community development activities, pursuant to Sec.
225.25(b)(6); and acting as investment or financial advisor, pursuant
to Sec. 225.25(b)(4) of the Board's Regulation Y.
2. Neighborhood Bancorp, San Diego, California; to engage de novo
through its subsidiary Neighborhood Housing Development Corporation,
San Diego, California, in community development activities, pursuant to
Sec. 225.25(b)(6); making and servicing loans, pursuant to Sec.
225.25(b)(1), and providing consumer financial counseling, pursuant to
Sec. 225.25(b)(20) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, November 20,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-28823 Filed 11-24-95; 8:45 am]
BILLING CODE 6210-01-F