[Federal Register Volume 59, Number 28 (Thursday, February 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3093]
[[Page Unknown]]
[Federal Register: February 10, 1994]
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FEDERAL RESERVE SYSTEM
The Shorebank Corporation, et al.; Notice of Applications to
Engage de novo in Permissible Nonbanking Activities
The companies listed in this notice have filed an application under
Sec. 225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1))
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 commence or to engage de novo, either directly or
through a subsidiary, 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 the applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than February 2, 1994.
A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. The Shorebank Corporation, Chicago, Illinois; to engage de novo
through its subsidiaries, Cleveland Development Bancorporation,
Chicago, Illinois, and Cleveland Enterprise Group, Chicago, Illinois,
in community development activities by assisting the formation of
locally-owned businesses that will provide employment opportunities for
low- and moderate-income individuals pursuant to Sec. 225.25(b)(6) of
the Board's Regulation Y.
2. The Shorebank Corporation, Chicago, Illinois; to engage de novo
through its subsidiaries, Cleveland Development Bancorporation,
Chicago, Illinois, and CDB Development, Co., Chicago, Illinois, in
community development activities by engaging in real estate development
activities including the construction, rehabilitation, ownership, and
management of residential, commercial, and industrial real estate that
promotes the community welfare and benefits low- and moderate-income
individuals pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, February 4,
1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-3093 Filed 2-9-94; 8:45 am]
BILLING CODE 6210-01-F
