[Federal Register Volume 60, Number 6 (Tuesday, January 10, 1995)]
[Notices]
[Page 2601]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-527]
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FEDERAL RESERVE SYSTEM
Norwest Corporation, et al.; Acquisitions of Companies Engaged in
Permissible Nonbanking Activities
The organizations listed in this notice have applied under Sec.
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or
(f)) for the Board's approval under section 4(c)(8) of the Bank Holding
Company Act (12 U.S.C. 1843(c)(8)) and Sec. 225.21(a) of Regulation Y
(12 CFR 225.21(a)) to acquire or control voting securities or assets of
a company engaged in a nonbanking activity that is listed in Sec.
225.25 of Regulation Y as closely related to banking and permissible
for bank holding companies. Unless otherwise noted, such activities
will be conducted throughout the United States.
Each application is available for immediate inspection at the
Federal Reserve Bank indicated. Once the application has been accepted
for processing, it will also be available for inspection at the offices
of the Board of Governors. Interested persons may express their views
in writing on the question whether consummation of the proposal can
``reasonably be expected to produce benefits to the public, such as
greater convenience, increased competition, or gains in efficiency,
that outweigh possible adverse effects, such as undue concentration of
resources, decreased or unfair competition, conflicts of interests, or
unsound banking practices.'' Any request for a hearing on this question
must be accompanied by a statement of the reasons a written
presentation would not suffice in lieu of a hearing, identifying
specifically any questions of fact that are in dispute, summarizing the
evidence that would be presented at a hearing, and indicating how the
party commenting would be aggrieved by approval of the proposal.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated for the
application or the offices of the Board of Governors not later than
January 24, 1995.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Norwest Corporation, Minneapolis, Minnesota; to acquire through
its subsidiary Norwest Mortgage, Inc., Des Moines, Iowa, the mortgage
servicing rights of Montana Bank, N.A, Billings, Montana, and Bank of
Montana, N.A., Great Falls, Montana, and thereby engage in mortgage
servicing, pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y.
2. Otto Bremer Foundation, St. Paul, Minnesota, and Bremer
Financial Corporation, St. Paul, Minnesota; to acquire Morris State
Agency, Morris, Minnesota, and thereby engage through its subsidiary,
First American Insurance Agencies, Inc. St. Paul, Minnesota, in
insurance agency activities through the purchase of assets and the
assumption of liabilites, pursuant to Sec. 225.25(b)(8)(vii) of the
Board's Regulation Y.
Board of Governors of the Federal Reserve System, January 4,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-527 Filed 1-9-5; 8:45 am]
BILLING CODE 6210-01-F
