[Federal Register Volume 61, Number 95 (Wednesday, May 15, 1996)]
[Notices]
[Pages 24498-24499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12135]



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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. 1843) (BHC Act) and 
Regulation      Y, (12 CFR part 225) 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. 1843). 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 May 29, 1996.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. Community Bank System Inc., Dewitt, New York; to acquire Mayer 
Management, Inc. (d/b/a/ Benefit Plans Administrators), Utica, New 
York, and thereby engage in providing administrative services for 
defined benefit contribution plans, defined benefit plans, cafeteria 
plans, and non-qualified defined benefit plans and post-retirement life 
and health insurance plans, including: (i) the preparation of periodic 
reports, including daily valuation reports for defined contribution 
plans; (ii) actuarial valuations for defined benefit plans; (iii) 
reporting of plan assets, account balances, performance data, and 
financial information to plan participants and assistance with related 
communications to plan participants including provision of 
administrative services related to participant directed investment 
option savings and retirement plans; (iv) assistance with preparation 
and filing of IRS Form 5500, PBGC Form 1, and other regulatory forms 
for employee benefit plans; (v) assistance with preparation and filing 
of plan documents with the Internal Revenue Service; (vi) record 
keeping services for employee benefit plans; (vii) consulting on 
qualified and non-qualified defined benefit plans; and (viii) acting as 
liaison with outside auditors, including the Internal Revenue

[[Page 24499]]

Service and the Department of Labor, in connection with providing plan 
administration services (Norstar Bancorp, Inc. 71 Fed. Res. Bull. 656 
(1985), BankVermont Corporation 72 Fed. Res. Bull. 337 (1986), Norstar 
Bancorp, Inc. 72 Fed. Res. Bull. 729 (1986), Centerre Bancorporation 73 
Fed. Res. Bull. 365 (1987)).

    Board of Governors of the Federal Reserve System, May 9, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-12135 Filed 5-14-96; 8:45 am]
BILLING CODE 6210-01-F