[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