[Federal Register Volume 64, Number 203 (Thursday, October 21, 1999)]
[Notices]
[Page 56791]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27463]


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FEDERAL RESERVE SYSTEM


Notice of Proposals to Engage in Nonbanking Activities or to 
Acquire Companies that are Engaged in Nonbanking Activities

    The companies listed in this notice have given notice under section 
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation Y (12 CFR Part 225), to engage de novo, or to acquire or 
control voting securities or assets of a company, including the 
companies listed below, that engages either directly or through a 
subsidiary or other company. Unless otherwise noted, these activities 
will be conducted throughout the United States.
    Each notice is available for inspection at the Federal Reserve Bank 
indicated. The notice also will be available for inspection at the 
offices of the Board of Governors. Interested persons may express their 
views in writing on the question whether the proposal complies with the 
standards of section 4 of the BHC Act.
    Unless otherwise noted, comments regarding the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than November 4, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. The Chase Manhattan Corporation, New York, New York; to acquire 
all of the shares of Hambrecht & Quist Group, Inc. (``Group''), San 
Francisco, California, and thereby engage worldwide in: extending 
credit and servicing loans, pursuant to Sec.  225.28(b)(1) of 
Regulation Y; leasing personal or real property, pursuant to Sec.  
225.28(b)(3) of Regulation Y; financial or investment advisory 
activities, pursuant to Sec.  225.28(b)(6) of Regulation Y; providing 
securities brokerage, riskless principal, private placement and other 
agency transactional services, pursuant to Secs.  
225.28(b)(7)(i)(ii)(iii) & (v) of Regulation Y; underwriting and 
dealing in obligations that state member banks of the Federal Reserve 
System may be authorized to underwrite and deal in under 12 U.S.C. 
sections 24 and 335 (``bank-eligible securities''), and engaging in 
investing and trading activities, pursuant to Secs.  225.28(b)(8)(i) & 
(ii) of Regulation Y; management consulting, pursuant to Sec.  
225.28(b)(9)(i) of Regulation Y; underwriting and dealing in, to a 
limited extent, all types of debt and equity securities other than 
interests in open-end investment companies, see J.P. Morgan & Co., 75 
Fed. Res. Bull. 192 (1989); and acting as the general partner of 
private investment limited partnerships that invest in assets in which 
a bank holding company is permitted to invest, see Dresdner Bank AG, 84 
Fed. Res. Bull. 361 (1998). Notificant would engage in these activities 
in accordance with the limitations and conditions previously 
established by the Board by regulation or order, with an exception 
relating to the proposed dealing in bank-ineligible securities that is 
discussed in the notice. Specifically, Notificant proposes, through its 
activities as a dealer in bank-ineligible securities, to acquire, at 
times, between 5 percent and 25 percent of the voting shares of various 
companies. Notificant also intends to acquire certain offshore 
affiliates, companies engaged in providing services to Hambrecht & 
Quist Group, and proprietary investments of the Group.
    2. North Fork Bancorporation, Inc., Melville, New York; to acquire 
JSB Financial, Inc., and thereby indirectly acquire Jamaica Savings 
Bank FSB, both of Lynbrook, New York, pursuant to Sec.  
225.28(b)(4)(ii) of Regulation Y. Comments regarding this application 
must be received not later than November 15, 1999.
    3. North Fork Bancorporation, Inc., Melville, New York; to acquire 
Reliance Bancorp, Inc., and thereby indirectly acquire Reliance Federal 
Savings Bank, both of Garden City, New York, pursuant to Sec.  
225.28(b)(4)(ii) of Regulation Y. Comments regarding this application 
must be received not later than November 15, 1999.

    Board of Governors of the Federal Reserve System, October 15, 
1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-27463 Filed 10-20-99; 8:45 am]
BILLING CODE 6210-01-F