[Federal Register Volume 60, Number 32 (Thursday, February 16, 1995)]
[Notices]
[Page 9031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3871]
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FEDERAL RESERVE SYSTEM
Progressive Growth Corp.; Notice of Application to Engage de novo
in Permissible Nonbanking Activities
The company listed in this notice has filed an application under
Sec. 225.23 of the Board's Regulation Y (12 CFR 225.23) 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 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.
The 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.
Comments regarding the application must be received at the Reserve
Bank indicated or the offices of the Board of Governors not later than
March 2, 1995.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Progressive Growth Corp., Gaylord, Minnesota; previously known
as Gaylord Bancorporation, Ltd., to expand the geographic scope of the
activities of its subsidiary corporation, Sterling Capital Advisors,
Inc., Gaylord, Minnesota to a nationwide basis.
Sterling Capital Advisors engages in:
1. The appraisal of real and personal property pursuant to Sec.
225.25(b)(13) of the Board's Regulation Y;
2. Management Consulting pursuant to Sec. 225.25(b)(11) of the
Board's Regulation Y; and
3. Providing investment and financial advise pursuant to Secs.
225.25(b)(4)(iii), 225.25(b)(4)(iv), and 225.25(b)(4)(v) of the Board's
Regulation Y.
Progressive Growth Corp. also proposes to engage in providing
consumer financial counseling pursuant to Sec. 225.25(b)(20) of the
Board's Regulation Y. This activity will be conducted only in the state
of Minnesota.
Progressive Growth Corp. also proposes to establish a wholly-owned
subsidiary, Progressive Financial Services, Inc., Gaylord, Minnesota,
which will acquire Citizens Insurance Agency, Gaylord, Minnesota, and
thereby engage in the sale of insurance in towns of less than 5,000
pursuant to Sec. 225.25(b)(8)(iii) of the Board's Regulation Y. This
activity will be conducted only in the cities of Gaylord and Nicollet,
Minnesota.
Board of Governors of the Federal Reserve System, February 10,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-3871 Filed 2-15-95; 8:45 am]
BILLING CODE 6210-01-F
