[Federal Register Volume 62, Number 140 (Tuesday, July 22, 1997)]
[Notices]
[Pages 39243-39244]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19207]
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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.
[[Page 39244]]
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 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. 97-19207 Filed 7-21-97; 8:45 am]
BILLING CODE 6210-01-F