[Federal Register Volume 61, Number 95 (Wednesday, May 15, 1996)]
[Notices]
[Pages 24498-24499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12135]
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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 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 29, 1996.
A. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior
Vice President) 33 Liberty Street, New York, New York 10045:
1. Community Bank System Inc., Dewitt, New York; to acquire Mayer
Management, Inc. (d/b/a/ Benefit Plans Administrators), Utica, New
York, and thereby engage in providing administrative services for
defined benefit contribution plans, defined benefit plans, cafeteria
plans, and non-qualified defined benefit plans and post-retirement life
and health insurance plans, including: (i) the preparation of periodic
reports, including daily valuation reports for defined contribution
plans; (ii) actuarial valuations for defined benefit plans; (iii)
reporting of plan assets, account balances, performance data, and
financial information to plan participants and assistance with related
communications to plan participants including provision of
administrative services related to participant directed investment
option savings and retirement plans; (iv) assistance with preparation
and filing of IRS Form 5500, PBGC Form 1, and other regulatory forms
for employee benefit plans; (v) assistance with preparation and filing
of plan documents with the Internal Revenue Service; (vi) record
keeping services for employee benefit plans; (vii) consulting on
qualified and non-qualified defined benefit plans; and (viii) acting as
liaison with outside auditors, including the Internal Revenue
[[Page 24499]]
Service and the Department of Labor, in connection with providing plan
administration services (Norstar Bancorp, Inc. 71 Fed. Res. Bull. 656
(1985), BankVermont Corporation 72 Fed. Res. Bull. 337 (1986), Norstar
Bancorp, Inc. 72 Fed. Res. Bull. 729 (1986), Centerre Bancorporation 73
Fed. Res. Bull. 365 (1987)).
Board of Governors of the Federal Reserve System, May 9, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-12135 Filed 5-14-96; 8:45 am]
BILLING CODE 6210-01-F
