[Federal Register Volume 63, Number 249 (Tuesday, December 29, 1998)]
[Notices]
[Pages 71644-71645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-34455]


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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

[[Page 71645]]

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 January 23, 1999.
    A. Federal Reserve Bank of New York, (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Cornerstone Bancorp, Inc., Stamford, Connecticut; to become a 
bank holding company by acquiring 100 percent of the voting shares of 
Cornerstone Bank, Stamford, Connecticut.
    2. Troy Financial Corporation, Troy, New York; to become a bank 
holding company by acquiring 100 percent of the voting shares of The 
Troy Savings Bank, Troy, New York.
    In connection with this application, Applicant also has applied to 
acquire The Family Investment Services Co., Inc., and T.S. Real 
Property, Inc., both of Troy, New York, and thereby engage in certain 
nonbanking activities, including securities brokerage and riskless 
principal through The Family Investment Services Co., Inc., Troy, New 
York, pursuant to Secs.  225.28 (b)(7)(i) and (ii) of Regulation Y, and 
through T.S. Real Property, Inc., in community development activities, 
pursuant to Sec.  225.28(b)(12)(i) of Regulation Y.

    Board of Governors of the Federal Reserve System, December 23, 
1998.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 98-34455 Filed 12-28-98; 8:45 am]
BILLING CODE 6210-01-F