[Federal Register Volume 61, Number 193 (Thursday, October 3, 1996)]
[Notices]
[Page 51702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-25309]
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FEDERAL RESERVE SYSTEM
Notice of Proposals to Engage in Permissible Nonbanking
Activities or to Acquire Companies That are Engaged in Permissible
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 that engages either
directly or through a subsidiary or other company, in a nonbanking
activity that is listed in Sec. 225.25 of Regulation Y (12 CFR 225.25)
or that the Board has determined by Order to be closely related to
banking and permissible for bank holding companies. Unless otherwise
noted, these activities will be conducted throughout the United States.
Each notice is available for inspection at the Federal Reserve Bank
indicated. Once the notice 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 the proposal complies with the standards of section 4
of the BHC Act, including 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'' (12 U.S.C. 1843). 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 the applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than October 17, 1996.
A. Federal Reserve Bank of Philadelphia (Michael E. Collins, Senior
Vice President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
1. Prime Newco, Inc., Philadelphia, Pennsylvania; (to be renamed
Prime Bancorp, Inc.) to acquire Prime Bank, Philadelphia, Pennsylvania,
and thereby indirectly acquire Prime Abstract, Inc., Philadelphia,
Pennsylvania, and thereby engage in operating a savings bank, pursuant
to Sec. 225.25(b)(9) of the Board's Regulation Y; in community
development activities, pursuant to Sec. 225.25(b)(6) of the Board's
Regulation Y; and in real estate title abstracting, pursuant to Federal
Reserve Board Order, The First National Company, 81 Fed. Res. Bull. 805
(1995).
B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President)
104 Marietta Street, N.W., Atlanta, Georgia 30303:
1. Pioneer Bankcorp, Inc., Clewiston, Florida; to engage de novo
through its subsidiary, Development Investments, Inc., Clewiston,
Florida, in community development activities designed primarily to
promote community welfare, pursuant to Sec. 225.25(b)(6) of the
Board's Regulation Y. The activity will be conducted throughout the
State of Florida.
C. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. Anita Bancorporation, Newton, Iowa; to acquire 50 percent of the
voting shares of Rolling Hills Insurance Agency, L.C., Atlantic, Iowa,
and thereby engage in insurance agency activities, pursuant to Sec.
225.25(b)(8) of the Board's Regulation Y. The remaining 50 percent of
the voting shares are owned by McCauley Insurance Agency, Atlantic,
Iowa.
Board of Governors of the Federal Reserve System, September 27,
1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-25309 Filed 10-02-96; 8:45 am]
BILLING CODE 6210-01-F
