[Federal Register Volume 61, Number 190 (Monday, September 30, 1996)]
[Notices]
[Pages 51114-51115]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24914]


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FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies

    The companies listed in this notice have applied to the Board for 
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other 
applicable statutes and regulations to become a bank holding company 
and/or to acquire the assets or the ownership of, control of, or the 
power to vote shares of a bank or bank holding company and all of the 
banks and nonbanking companies owned by the bank holding company, 
including the companies listed below.
    The applications listed below, as well as other related filings 
required by the Board, are available for immediate

[[Page 51115]]

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 standards enumerated in the 
BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the 
acquisition of a nonbanking company, the review also includes whether 
the acquisition of the nonbanking company complies with the standards 
in section 4 of the BHC Act, including whether the acquisition of the 
nonbanking company 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 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, nonbanking activities will be 
conducted throughout the United States.
    Unless otherwise noted, comments regarding each of these 
applications must be received at the Reserve Bank indicated or the 
offices of the Board of Governors not later than October 25, 1996.
    A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. Iroquois Bancorp, Inc., Auburn, New York; to become a bank 
holding company by acquiring 100 percent of the voting shares of Cayuga 
Bank, a de novo bank, Auburn, New York, and Cayuga Savings Bank, 
Auburn, New York.
    In connection with this application, Applicant also has applied to 
acquire Homestead Savings, F.A., Utica, New York; Cayuga Financial 
Services, Inc., Auburn, New York; H.S. Service Corporation, Waterville, 
New York; and Cayuga Financial Services, Inc., Auburn, New York, and 
thereby engage in operating a savings association, pursuant to Sec.  
225.25(b)(9) of the Board's Regulation Y; in insurance agency 
activities in a town with a population of less than 5,000, pursuant to 
Sec.  225.25(b)(8)(iii) of the Board's Regulation Y; in securities 
brokerage activities, pursuant to Sec.  225.25(b)(15) of the Board's 
Regulation Y; and de novo indirectly in investment and financial 
advisory service activities, pursuant to Sec.  225.25(b)(4) of the 
Board's Regulation Y.
    B. Federal Reserve Bank of Chicago (James A. Bluemle, Vice 
President) 230 South LaSalle Street, Chicago, Illinois 60690:
    1. Ida Grove Bancshares, Inc., Ida Grove, Iowa, and American 
Bancshares, Inc., Holstein, Iowa, to acquire 100 percent of the voting 
shares of Pierson Bancorporation, Inc., Pierson, Iowa, and thereby 
indirectly acquire Farmers Savings Bank, Pierson, Iowa.
    C. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63166:
    1. MNB Bancshares, Inc., Malvern, Arkansas; to acquire 100 percent 
of the voting shares of The Malvern National Interim Bank, Malvern, 
Arkansas, and thereby indirectly acquire First National Interim Bank of 
Sheridan, Sheridan, Arkansas, upon consummation. The interim banks will 
be merged into The Malvern National Bank, Malvern, Arkansas, and First 
National Bank of Sheridan, Sheridan, Arkansas.
    D. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Sankovitz Family Limited Partnership, Waseca, Minnesota; to 
become a bank holding company by acquiring 100 percent of the voting 
shares of Franksen Investment Corporation, Waseca, Minnesota, and 
thereby indirectly acquire First National Bank of Waseca, Waseca, 
Minnesota.

    Board of Governors of the Federal Reserve System, September 24, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-24914 Filed 9-27-96; 8:45 am]
BILLING CODE 6210-01-F