[Federal Register Volume 61, Number 51 (Thursday, March 14, 1996)]
[Notices]
[Pages 10581-10582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6079]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Notice of Proposals to Engage in Permissible Nonbanking
Activities or to Acquire Companies that are Engaged in Permissible
Nonbanking Activities
The companies listed in this notice have given notice under section
4 of the Bank Holding Company Act (12 U.S.C. Sec. 1843) (BHC Act) and
Regulation Y, (12 CFR Part 225) to commence or to engage de novo,
or to acquire or control voting securities or assets of a company that
engages either directly or through a subsidiary or other company, in a
nonbanking activity that is listed in Sec. 225.25 of Regulation Y (12
CFR 225.25) or that the Board has determined by Order to be closely
related to banking and permissible for bank holding companies. Unless
otherwise noted, these activities will be conducted throughout the
United States.
Each notice is available for 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 the proposal complies with the standards of section 4
of the BHC Act, including 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'' (12 U.S.C. Sec. 1843). Any request for a
hearing on this question must be
[[Page 10582]]
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 March 28, 1996.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. BNCCORP, Inc., Bismarck, North Dakota; to acquire Cambridge Bank
Professionals, LLC, St. Cloud, Minnesota, through a newly formed
subsidiary, BNC Financial Corporation, St. Cloud, Minnesota, and
thereby engage in commercial finance activities pursuant to Sec.
225.25(b)(1)(iv) of the Board's Regulation Y; and in management
consulting pursuant to Sec. 225.25(b)(11) of the Board's Regulation Y,
including consulting with respect to credit process review/loan review,
pre-funding loan due diligence and underwriting, collateral reviews,
problem loan consulting, expert witness/litigation support, bankruptcy
support, valuation services, compliance process design and review,
special investigations, bank buy-sell due diligence, and CAMEL
assessments. These activities will take place in Minnesota, North
Dakota, South Dakota, Iowa, and Wisconsin.
B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Norwest Corporation, Minneapolis, Minnesota; to engage de novo
through a joint venture, Mortgage Professionals, West Des Moines, Iowa,
in residential mortgage lending business pursuant to Sec. 225.25(b)(1)
of the Board's Regulation Y. The co-venturers will be Norwest Ventures,
Inc., and Mid-America Mortgage Co., West Des Moines, Iowa.
C. Federal Reserve Bank of Dallas (Genie D. Short, Vice President)
2200 North Pearl Street, Dallas, Texas 75201-2272:
1. Woodforest Bancshares, Inc., Houston, Texas; to acquire Mutual
Money Investments, Inc. (d.b.a Tri-Star Financial), Houston, Texas, and
thereby engage in underwriting and dealing in government obligations
and money market instuments pursuant to Sec. 225.25(b)(16) 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. InterWest Bancorp, Reno, Nevada; to acquire InterWest Mortgage,
Reno, Nevada, and thereby engage in making, acquiring, and servicing
loans pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, March 8, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-6079 Filed 3-13-96; 8:45 am]
BILLING CODE 6210-01-F