[Federal Register Volume 64, Number 99 (Monday, May 24, 1999)]
[Notices]
[Page 27990]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-13088]


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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 June 23, 1999.
    A. Federal Reserve Bank of Boston (Richard Walker, Community 
Affairs Officer) 600 Atlantic Avenue, Boston, Massachusetts 02106-2204:
    1. Fleet Financial Group, Inc., Boston, Massachusetts; to acquire 
100 percent of the voting shares of BankBoston Corporation, Boston, 
Massachusetts, and thereby indirectly acquire BankBoston, National 
Association, Boston, Massachusetts; BankBoston Maine, National 
Association, South Portland, Maine; and Bank of Boston - Florida, 
National Association, Boca Raton, Florida.
    In connection with this application, Applicant also has applied to 
acquire all of BankBoston's direct and indirect nonbank subsidiaries 
including, BancBoston Robertson Stephens, Inc., Boston, Massachusetts, 
and thereby engage in underwriting bank ineligible securities, 
including equity securities and high yield debt, both through public 
offerings and private placements; providing advice in connection with 
mergers and acquisitions; brokerage activities; providing equity 
research to institutional and high net worth customers, pursuant to Secs.  
225.28(b)(1), (6), (7) and (8) of Regulation Y, see Bank of Boston 
Corp., 74 Fed. Res. Bull. 10 (1988); Bank of Boston Corp., 83 Fed. Res. 
Bull. 10 (1997); BankBoston Corp., 84 Fed. Res. Bull. 10 (1998); RIHT 
Life Insurance Company, Phoenix, Arizona, and thereby engage in 
reinsuring credit life and health insurance for borrowers of 
BankBoston, N.A. or its subsidiaries in connection with extensions of 
credit to such borrowers, pursuant to Sec.  225.28(b)(11) of Regulation 
Y; BancBoston Leasing Investments, Inc., Boston, Massachusetts, and 
thereby engage in leasing personal and real property, pursuant to Sec.  
225.28(b)(3) of Regulation Y; BancBoston Investments, Inc., Boston, 
Massachusetts, and thereby engage in venture capital investments, 
including secured and unsecured lending and voting and nonvoting equity 
investments, pursuant to Sec.  225.28(b)(1) of Regulation Y; Back Bay 
Capital Funding LLC, Wilmington, Delaware, and thereby engage in asset-
based lending, pursuant to Sec.  225.28(b)(1) of Regulation Y; 
BankBoston (NH), N.A., Nashua, New Hampshire, and thereby engage in 
certain credit card activities, pursuant to Sec.  225.28(b)(1) of 
Regulation Y; Partners First Holdings LLC, Delaware, and thereby engage 
in credit card activities, pursuant to Sec.  225.28(b)(1) of Regulation 
Y; Partners First Receivables LLC, Delaware, and thereby engage in 
credit card activities, pursuant to Sec.  225.28(b)(1) of Regulation Y; 
Partners First Funding LLC, Delaware, and thereby engage in credit card 
activities, pursuant to Sec.  225.28(b)(1) of Regulation Y.
    B. Federal Reserve Bank of Kansas City (D. Michael Manies, 
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 
64198-0001:
    1. J.R. Montgomery Bancorporation, Lawton, Oklahoma; to acquire an 
additional 11.8 percent, for a total of 50.1 percent of the voting 
shares of Fort Sill National Bank, Fort Sill, Oklahoma. Comments 
regarding this application must be received not later than June 18, 
1999.
    C. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Pacific Community Banking Group, Laguna Hills, California; to 
become a bank holding company by acquiring 100 percent of the voting 
shares of The Bank of Hemet, Riverside, California, and Valley Bank, 
Moreno Valley, California. Comments regarding this application must be 
received not later than June 18, 1999.

    Board of Governors of the Federal Reserve System, May 19, 1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-13088 Filed 5-21-99; 8:45 am]
BILLING CODE 6210-01-F