[Federal Register Volume 60, Number 237 (Monday, December 11, 1995)]
[Notices]
[Pages 63529-63530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30142]



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FEDERAL RESERVE SYSTEM

Summit Bancorp, Inc.; Acquisition of Company Engaged in 
Permissible Nonbanking Activities

    The organization listed in this notice has given notice under Sec.  
225.23(a)(2) or (e) of the Board's Regulation Y (12 CFR 225.23(a)(2) or 
(e)) 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. Unless otherwise noted, such activities 
will be conducted throughout the United States.
    The notice is available for immediate inspection at the Federal 
Reserve Bank indicated. Once the notice 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, 

[[Page 63530]]
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 this application must be received not later than 
December 28, 1995.
    A. Federal Reserve Bank of Philadelphia (Michael E. Collins, Senior 
Vice President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
    1. Summit Bancorp, Inc., Johnstown, Pennsylvania; to acquire 
Cambria Thrift Consumer Discount Company, Ebensburg, Pennsylvania, and 
thereby engage in making and servicing loans as a consumer finance 
company, pursuant to Sec.  225.25(b)(1)(i) of the Board's Regulation Y. 
These activities will be conducted throughout Cambria County, 
Pennsylvania.
    In connection with this acquisition, Notificant also has applied to 
establish a new subsidiary, Value Finance Company, Johnstown, 
Pennsylvania, which will also make and service loans through Cambria 
Thrift Consumer Discount Company.

    Board of Governors of the Federal Reserve System, December 6, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-30142 Filed 12-8-95; 8:45 am]
BILLING CODE 6210-01-F