[Federal Register Volume 63, Number 18 (Wednesday, January 28, 1998)]
[Notices]
[Pages 4266-4267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-2063]
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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 inspection at the
Federal Reserve Bank indicated. The application also will 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. 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 February 23, 1998.
A. Federal Reserve Bank of Cleveland (Jeffery Hirsch, Banking
Supervisor)
[[Page 4267]]
1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. First Capital Bancshares, Inc., Chillicothe, Ohio; to become a
bank holding company by acquiring 100 percent of the voting shares of
Citizens National Bank, Chillicothe, Ohio.
B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
1. First Union Corporation, Charlotte, North Carolina; to acquire
100 percent of the voting shares and thereby merge with CoreStates
Financial Corp., Philadelphia, Pennsylvania, and thereby indirectly
acquire CoreStates Bank, N.A., Philadelphia, Pennsylvania, and
CoreStates Bank of Delaware, N.A., Wilmington, Delaware.
In connection with this application, Applicant also has applied to
acquire Electronic Payment Services, Inc., Wilmington, Delaware, and
thereby engage in providing data processing and transmission services
to retail merchants using point-of-sale terminals and to banks who are
members of its automatic teller machine (ATM) network. Electronic
Payment Services, Inc., also provides electronic benefits transfer
services, stored value card services, electronic data interchange
services, and data processing for ATMs to dispense tickets, gift
certificates, prepaid telephone cards and other documents, pursuant to
Sec. 225.28(b)(14) of the Board's Regulation Y; Congress Financial
Corporation, New York, New York, and thereby engage in factoring
services, asset based lending, and commercial finance, pursuant to
Sec. 225.28(b)(1) of the Board's Regulation Y; CoreStates Community
Development Corporation, Inc., Philadelphia, Pennsylvania, and thereby
engage in investments to promote community welfare and engage in
acquiring, rehabilitating, and selling residential real estate to
former homeless women, pursuant to Sec. 225.28(b)(12) of the Board's
Regulation Y; CoreStates Securities Corporation, Philadelphia,
Pennsylvania, and thereby engage in securities brokerage activities,
pursuant to Secs. 225.28(b)(6) and (b)(7) of the Board's Regulation Y;
and in underwriting and dealing in, to a limited extent, certain
municipal revenue bonds, 1-4 family mortgage-related securities,
consumer receivable-related securities, and commercial paper (See
Citicorp, 73 Fed. Res. Bull. 473 (1987)); providing financial and
investment advisory services, pursuant to Sec. 225.28(b)(6) of the
Board's Regulation Y; buying and selling all types of securities on
order of customers as a riskless principal, pursuant to Sec.
225.28(b)(7)(ii) of the Board's Regulation Y; acting as agent in the
private placement of all types of securities, pursuant to Sec.
225.28(b)(7)(iii) of the Board's Regulation Y; providing other
transactional services, pursuant to Sec. 225.28(b)(7)(v) of the
Board's Regulation Y; and providing investing and trading services,
pursuant to Sec. 225.28(b)(8)(ii) of the Board's Regulation Y; McGlinn
Capital Management, Inc., Reading, Pennsylvania, and thereby engage in
investment advisory services, pursuant to Sec. 225.28(b)(6) of the
Board's Regulation Y; Meridian Asset Management, Inc., Valley Forge,
Pennsylvania, and thereby engage in non-fiduciary custodial and agency
services, and trust services, pursuant to Secs. 225.28(b)(5) and
(b)(6) of the Board's Regulation Y; Meridian Securities, Inc., Reading,
Pennsylvania, and thereby engage in securities brokerage activities,
pursuant to Sec. 225.28(b)(7) of the Board's Regulation Y; Pennco Life
Insurance Company, Phoenix, Arizona, and thereby engage in underwriting
credit life, health, and accident insurance for loans made by
affiliates, pursuant to Sec. 225.28(b)(11) of the Board's Regulation
Y; Meridian Life Insurance Company, Reading, Pennsylvania, and thereby
engage in underwriting credit life, health, and accident insurance for
loans made by affiliates, pursuant to Sec. 225.28(b)(11) of the
Board's Regulation Y; and Princeton Life Insurance Company, Lancaster,
Pennsylvania, and thereby engage in underwriting credit life, health,
and accident insurance for loans made by affiliates, pursuant to Sec.
225.28(b)(11) of the Board's Regulation Y.
C. Federal Reserve Bank of Chicago (Philip Jackson, Applications
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
1. Ohnward Bancshares, Inc., Maquoketa, Iowa; to acquire 100
percent of the voting shares of Gateway State Bank, Clinton, Iowa.
D. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice
President) 411 Locust Street, St. Louis, Missouri 63102-2034:
1. Countryside Bancshares, Inc., Republic, Missouri; to become a
bank holding company by acquiring 100 percent of the voting shares of
Countryside Bank (in organization), Republic, Missouri.
E. Federal Reserve Bank of Kansas City (D. Michael Manies,
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri
64198-0001:
1. Marshall Community Bancshares, Inc., Marshall, Missouri; to
become a bank holding company by acquiring 100 percent of the voting
shares of Community Bank of Marshall, Marshall, Missouri.
F. Federal Reserve Bank of Dallas (Genie D. Short, Vice President)
2200 North Pearl Street, Dallas, Texas 75201-2272:
1. The Community Group, Inc., Dallas, Texas, and The Delaware
Community Group, Inc., Wilmington, Delaware; to become bank holding
companies by acquiring 100 percent of the voting shares of United
Community Group, N.A., Highland Village, Texas.
G. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager
of Analytical Support, Consumer Regulation Group) 101 Market Street,
San Francisco, California 94105-1579:
1. Busby Holdings, Inc., Los Angeles, California; to become a bank
holding company by acquiring 59.5 percent of the voting shares of
Founders National Bank of Los Angeles, Los Angeles, California.
Comments regarding this application must be received not later than
February 20, 1998.
Board of Governors of the Federal Reserve System, January 23,
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-2063 Filed 1-27-98; 8:45 am]
BILLING CODE 6210-01-F