[Federal Register Volume 64, Number 126 (Thursday, July 1, 1999)]
[Notices]
[Page 35660]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16703]
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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 (12 U.S.C. 1843). 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 July 26, 1999.
A. Federal Reserve Bank of Chicago (Philip Jackson, Applications
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
1. HSBC Holdings plc, London, United Kingdom (HSBC Holdings), HSBC
Finance, Netherlands, London, England, HSBC Holdings BV, Amsterdam,
Netherlands, and a newly established intermediate holding company
(USHoldco, New York, New York), to acquire all of the voting shares of
Republic New York Corporation, New York, New York (RNYC), and thereby
acquire the following bank subsidiaries of RNYC: Republic National Bank
of New York, New York, New York (Republic Bank), and Republic Bank
California, National Association, Beverly Hills, California. Following
these transactions, HSBC would merge RNYC with and into HSBC Americas,
Inc., Buffalo, New York, a bank holding company that is the current
parent of HSBC Bank USA, Buffalo, New York. RNYC would survive this
merger and be renamed HSBC USA. HSBC Holdings and its subsidiaries
(collectively HSBC) may form one or more intermediate bank holding
companies to facilitate these transactions.
In connection with the proposed transaction, HSBC has provided
notice to acquire all of the nonbank subsidiaries of RNYC and to
engage, directly or indirectly through such nonbank subsidiaries, in a
variety of nonbanking activities that previously have been determined
to be permissible for bank holding companies. HSBC also would continue
to control all its existing bank and nonbank subsidiaries. The
nonbanking companies that HSBC proposes to acquire are listed in the
notice filed with the Board and include Republic Bank Delaware,
National Association, Wilmington, Delaware; Republic New York
Securities Corporation, New York, New York (RNYSC); Republic Business
Credit Corporation, New York, New York. The nonbanking activities of
the companies to be acquired also are listed in the notice and include
extending credit and servicing loans, pursuant to 12 CFR 225.28(b)(1);
performing functions or activities that may be performed by a trust
company, pursuant to 12 CFR 225.28(b)(5); providing securities
brokerage, riskless principal, private placement, futures commission
merchant, and other agency transactional services, pursuant to 12 CFR
225.28(b)(7); and underwriting and dealing in government obligations
and money market instruments, engaging in certain investing and trading
activities as principal, and buying and selling bullion and related
activities, pursuant to 12 CFR 225.28(b)(8).
In connection with the proposed transaction, HSBC also has applied
to acquire an option to purchase up to 19.9 percent of the outstanding
shares of RNYC common stock. This option would expire upon consummation
of the merger.
2. Security Bancorp, M.H.C., Monmouth, Illinois; to become a bank
holding company by acquiring 100 percent of the voting shares of
Security Savings Bank, Monmouth, Illinois.
B. Federal Reserve Bank of Kansas City (D. Michael Manies,
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri
64198-0001:
1. Griffith Family Financial Holdings, L.L.C., Lindsay, Oklahoma;
to become a bank holding company by acquiring 79 percent of the voting
shares of First Fletcher Bankshares, Fletcher, Oklahoma, and thereby
indirectly acquire First National Bank of Fletcher, Fletcher, Oklahoma;
and 68 percent of the voting shares of American Holding Company,
Lindsay, Oklahoma, and thereby indirectly acquire American Exchange
Bank, Lindsay, Oklahoma.
Board of Governors of the Federal Reserve System, June 25, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-16703 Filed 6-30-99; 8:45 am]
BILLING CODE 6210-01-F