[Federal Register Volume 62, Number 140 (Tuesday, July 22, 1997)]
[Notices]
[Pages 39242-39243]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19206]


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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.  225.28 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. The notice also will 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 August 6, 1997.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. NSB Holding Corp., Staten Island, New York; to engage de novo 
through its subsidiary, Check Depot, Staten Island, New York, in check 
cashing, including federal, state and local government benefit checks, 
See Midland Bank, PLC, 76 Fed. Res. Bull. 869 (1990).
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. Crestar Financial Corporation, Richmond, Virginia; to acquire 
American National Bancorp, Inc., Baltimore, Maryland, and thereby 
indirectly acquire American National Savings Bank, F.S.B., Baltimore, 
Maryland, and thereby engage in operating a savings and loan 
association, pursuant to Sec.  225.28(b)(4) of the Board's Regulation 
Y. Comments on this application must be received by August 15, 1997.
    2. NationsBank Corporation, Charlotte, North Carolina; to acquire 
Montgomery Securities, Inc., and The Pyramid Company, San Francisco, 
California, and thereby engage in underwriting and dealing in, to a 
limited extent, all types of debt and equity securities other than 
interests in open end investment companies (See J.P. Morgan & Co., 
Inc., The Chase Manhattan Corp., Bankers Trust New York Corp., 
Citicorp, and Security Pacific Corp., 75 Fed. Res. Bull. 192 (1989)); 
in underwriting and dealing in obligations of the United States, 
general obligations of states and their political subdivisions, and 
other obligations that state member banks of the Federal Reserve System 
may be authorized to

[[Page 39243]]

underwrite and deal in under 12 U.S.C. 24 and 335, pursuant to Sec.  
225.28(b)(8) of the Board's Regulation Y; in acting as investment or 
financial advisor, pursuant to Sec.  225.28(b)(6) of the Board's 
Regulation Y; in providing securities brokerage services (including 
securities clearing and securities execution services on an exchange), 
alone and in combination with investment advisory services, and 
incidental activities (including related securities credit activities 
and custodial services), pursuant to Sec.  225.28(b)(7) of the Board's 
Regulation Y; in buying and selling in the secondary market all types 
of securities on the order of customers as a riskless principal to the 
extent of engaging in a transaction in which the company, after 
receiving an order to buy (or sell) a security from a customer, 
purchases (or sells) the security for its own account to offset a 
contemporaneous sale to (or purchase from) the customer, pursuant to 
Sec.  225.28(b)(7) of the Board's Regulation Y; and in acting as agent 
for the private placement of securities in accordance with the 
requirements of the Securities Act of 1933 and the rules of the 
Securities and Exchange Commission, pursuant to Sec.  225.28(b)(7) of 
the Board's Regulation Y.
    Montgomery Securities and The Pyramid Company, would be merged into 
a newly created subsidiary of NationsBank Corporation, which would be 
merged into NationsBanc Capital Markets, Inc., Charlotte, North 
Carolina. NationsBanc Capital Markets, Inc., would then be renamed 
NationsBanc Montgomery Securities, Inc.
    C. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
    1. Barnett Banks, Inc., Jacksonville, Florida; to acquire First of 
America Bank-Florida, FSB, Tampa, Florida, and thereby engage in 
owning, controlling and operating a savings association, pursuant to 
Sec.  225.28(b)(4) of the Board's Regulation Y. This activity will be 
conducted throughout the State of Florida. Comments on this application 
must be received by August 15, 1997.
    D. Federal Reserve Bank of Chicago (Philip Jackson, Applications 
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
    1. Associated Banc-Corp, Green Bay, Wisconsin; to acquire First 
Financial Corporation, Stevens Point, Wisconsin, and thereby indirectly 
acquire First Financial Bank, FSB, Stevens Point, Wisconsin, and 
thereby engage in owning and operating a savings and loan association, 
pursuant to Sec.  225.28(b)(4) of the Board's Regulation Y; Appraisal 
Services, Inc., Milwaukee, Wisconsin, and thereby engage in performing 
appraisals of real estate and tangible personal property, pursuant 
Sec.  225.28(b)(2) of the Board's Regulation Y; and First Financial 
Card Services Bank, N.A., Stevens Point, Wisconsin, and thereby engage 
in operating a credit card bank, pursuant to Secs.  225.28(b)(1) and 
(2) of the Board's Regulation Y. Comments on this application must be 
received by August 15, 1997.
    E. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63102-2034:
    1. Union Planters Corporation, Memphis, Tennessee; to acquire Magna 
Bancorp, Inc., Hattiesburg, Mississippi, and thereby indirectly acquire 
Magnolia Federal Bank for Savings, Hattiesburg, Mississippi, and 
thereby engage in indirectly acquiring a federal savings bank, pursuant 
to Section 225.28(b)(4)(ii) of Regulation Y, and Magna Mortgage 
Company, Hattiesburg, Mississippi, and thereby engage in originating 
and servicing mortgage loans, pursuant to Sec.  225.28(b)(1) of the 
Board's Regulation Y, and in providing real estate appraisal and 
inspection services, pursuant to Sec.  225.28(b)(2) of the Board's 
Regulation Y. At consummation, the offices of Magnolia Federal Bank for 
Savings will be disbursed among various Union Planters Corporation's 
existing subsidiary banks, and its charter will be merged with and into 
an existing bank subsidiary of Union Planters Corporation. Following 
consummation, the shares of Mortgage Company will be sold to an 
existing thrift subsidiary of Union Planters Corporation. Comments on 
this application must be received by August 15, 1997.

    Board of Governors of the Federal Reserve System, July 17, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-19206 Filed 7-21-97; 8:45 am]
BILLING CODE 6210-01-F