[Federal Register Volume 62, Number 82 (Tuesday, April 29, 1997)]
[Notices]
[Pages 23244-23245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11044]


-----------------------------------------------------------------------

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.  225.28 of Regulation Y (12 CFR 225.28) 
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.
    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 23, 1997.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Summit Bancorp, Princeton, New Jersey; to acquire Collective 
Bancorp, Inc., Egg Harbor, New Jersey, and thereby indirectly acquire 
Collective Bank, Egg Harbor, New Jersey, and engage in operating a 
federal savings bank, pursuant to Sec.  225.28(b)(4)(ii) of the Board's 
Regulation Y, and alternatively to acquire, under certain 
circumstances, up to 19.9 percent of the voting shares of Collective 
Bancorp, Inc. Applicant also has applied to acquire Collective 
Financial Services, Inc., and thereby engage in securities brokerage 
and insurance agency activities in towns of less than 5,000, pursuant 
to Secs.  222.28(b)(7)(1) and (b)(11)(iii) of the Board's Regulation Y.


[[Page 23245]]


    Board of Governors of the Federal Reserve System, April 24, 
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-11044 Filed 4-28-97; 8:45 am]
BILLING CODE 6210-01-F