[Federal Register Volume 61, Number 50 (Wednesday, March 13, 1996)]
[Notices]
[Pages 10345-10346]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5936]
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FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding
Companies
The companies listed in this notice have applied to the Board for
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C.
Sec. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all
other applicable statutes and regulations to become a bank holding
company and/or to acquire the assets or the ownership of, control of,
or the power to vote shares of a bank or bank holding company and all
of the banks and nonbanking companies owned by the bank holding
company, including the companies listed below.
The applications listed below, as well as other related filings
required by the Board, are 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 standards enumerated in the BHC Act (12 U.S.C. Sec.
1842(c)). If the
[[Page 10346]]
proposal also involves the acquisition of a nonbanking company, the
review also includes whether the acquisition of the nonbanking company
complies with the standards in section 4 of the BHC Act, including
whether the acquisition of the nonbanking company 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. Sec. 1843). Any request for
a hearing 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, nonbanking activities will be conducted throughout the
United States.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated or the
offices of the Board of Governors not later than April 8, 1996.
A. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President)
104 Marietta Street, NW., Atlanta, Georgia 30303:
1. First Commerce Banks of Florida, Inc., Winter Haven, Florida; to
acquire 100 percent of the voting shares of First Mercantile National
Bank, Longwood, Florida.
B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Citizens Bank Group, Inc., St. James, Minnesota; to acquire 75
percent of the voting shares, and its subsidiary, Pioneer Bank,
Mapleton, Minnesota, to become a bank holding company by acquiring 25
percent of the voting shares, of Elmore Bancshares, Inc., Elmore,
Minnesota, and thereby indirectly acquire The First National Bank of
Elmore, Elmore, Minnesota. Citizens Bank Group proposes to contribute
its 75 percent of Elmore to Pioneer Bank, and Elmore will be
liquidated. Finally, Pioneer Bank will merge with Elmore's subsidiary
bank, The First National Bank of Elmore, Elmore, Minnesota. Pioneer
Bank will be the survivor with the First National Bank of Elmore and
its current branch in Delavan, Minnesota operating as branches of
Pioneer Bank.
Board of Governors of the Federal Reserve System, March 7, 1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-5936 Filed 3-12-96; 8:45 am]
BILLING CODE 6210-01-F
