[Federal Register Volume 59, Number 89 (Tuesday, May 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11238]
[[Page Unknown]]
[Federal Register: May 10, 1994]
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FEDERAL EMERGENCY MANAGEMENT AGENCY
Garrett Bancshares. Ltd., 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 May 31, 1994.
A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. Garrett Bancshares, Ltd., Bloomfield, Iowa; to engage de novo
through its subsidiary in the making and servicing of loans, for the
one time extension of credit to North Side of the Square, Inc., a
wholly owned subsidiary of Garrett Bancshares' subsidiary bank, Davis
County Savings Bank, Bloomfield, Iowa, pursuant to Sec. 225.25(b)(1)
of the Board's Regulation Y.
B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. First State Bancorp, Inc., La Crosse, Wisconsin; to engage de
novo through its subsidiary Community First Development Corporation, La
Crosse, Wisconsin, in establishing a community development corporation
pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y, and engage
in the construction of low-and moderate-income housing in and around
the La Crosse, Wisconsin area; to construct or rehabilitate rental
housing for low-and-moderate income familes; and to purchase,
rehabilitate and sell affordable owner-occupied housing for low and
moderate income persons.
2. Norwest Corporation, Minneapolis, Minnesota; to engage de novo
in forming a joint venture, Legacy Mortgage, which will engage in
residential mortgage, lending business pursuant to Sec. 225.25(b)(1)
of the Board's Regulation Y. The joint venture will be equally owned by
one of Norwest's subsidiaries, Norwest Mortgage, Inc., and Heritage
Realtors, Centerville, Ohio. These activities will be conducted in the
state of Ohio.
Board of Governors of the Federal Reserve System, May 4, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-11238 Filed 5-9-94; 8:45 am]
BILLING CODE 6210-01-F
