[Federal Register Volume 61, Number 80 (Wednesday, April 24, 1996)]
[Notices]
[Pages 18145-18146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10039]
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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
[[Page 18146]]
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 May 8, 1996.
A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior
Vice President) 33 Liberty Street, New York, New York 10045:
1. The Bank of Nova Scotia, Toronto, Ontario, Canada; to engage de
novo through its subsidiary, Scotia Capital Markets (USA), Inc., New
York, New York, in acting as a broker or agent with respect to swap and
swap-derivative transactions and instruments; and acting as an advisor
to institutional customers regarding financial strategies involving
such swap and swap-related transactions and instruments, pursuant to
The Sumitomo Bank, Limited, 75 Fed. Res. Bull. 582(1989). These
activities will be conducted worldwide.
B. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice
President) 411 Locust Street, St. Louis, Missouri 63166:
1. Union Planters Corporation, Memphis, Tennessee; to acquire
Franklin Financial Group, Inc., Morristown, Tennessee, and thereby
indirectly acquire Franklin Federal Savings Bank, Morristown,
Tennessee, and thereby engage in owning, controlling, and operating a
savings bank, pursuant to Sec. 225.25(b)(9) of the Board's Regulation
Y; Colonial Loan Association, Morristown, Tennessee, and thereby engage
in consumer finance lending activities, pursuant to Sec. 225.25(b)(1)
of the Board's Regulation Y; Franklin Insurance Group, Inc.,
Morristown, Tennessee, and thereby engage in the sale, as agent, of
insurance directly related to extensions of credit by Franklin Federal
Savings Bank which assures the repayment of debt upon the death,
disability or involuntary unemployment of the debtor, pursuant to Sec.
225.25(b)(8)(i) of the Board's Regulation Y, and in extensions of
consumer finance credit by Colonial Loan Association which assures the
repayment of debt upon the loss or damage to collateral, pursuant to
Sec. 225.25(b)(8)(ii) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, April 18,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-10039 Filed 4-23-96; 8:45 am]
BILLING CODE 6210-01-F
