[Federal Register Volume 61, Number 200 (Tuesday, October 15, 1996)]
[Notices]
[Pages 53746-53747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-26264]


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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

[[Page 53747]]

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 October 29, 1996.
    A. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Norwest Corporation, Minneapolis, Minnesota; to engage de novo, 
as a joint venture, through its subsidiary, Central Federal Mortgage 
Company, State College, Pennsylvania, 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., Minneapolis, Minnesota 
and Centre Professionals, Inc. d/b/a RE/MAX Centre Realty, State 
College, Pennsylvania.

    Board of Governors of the Federal Reserve System, October 8, 
1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-26264 Filed 10-11-96; 8:45 am]
BILLING CODE 6210-01-F