[Federal Register Volume 59, Number 94 (Tuesday, May 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11934]
[[Page Unknown]]
[Federal Register: May 17, 1994]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Fleet Financial Group, Inc.; 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 June 6, 1994.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Fleet Financial Group, Inc., Providence, Rhode Island to expand
de novo the activities of its subsidiary Fleet Management and Recovery
Corporation, Boston, Massachusetts in asset management, servicing and
collection activities to include Canada; investment or financial
advice; acting as agent, broker or adviser in certain leasing
transactions involving real and personal property; performing
appraisals of real estate and tangible and intangible personal
property; and arranging commercial real estate equity financing
throughout the Uniteded States and Canada, pursuant to Secs.
225.25(b)(1) and (b)(13) of the Board's Regulation Y and the approval
of November 4, 1993. Comments. on this application must be received by
may 31, 1994.
B. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. First Midwest Corporation of Delaware, Melrose Park, Illinois to
engage de novo through its subsidiary Midwest One Mortgage Services,
Inc., Melrose Park, Illinois in originating, processing, brokering and
servicing 1-4 family residential mortgages pursuant to Sec.
225.25(b)(1) of the Board's Regulation Y. The activities will be
conducted in the greater Chicago area including Cook Lake, Will, DuPage
and McHenry Countries.
C. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. First of America Bank Corporation, Kalamazoo, Michigan; to
engage de novo in providing securities brokerage services in
combination with investment advisory services; providing financial
advice to state and local governments; and underwriting and dealing in
government obligations and money market instruments pursuant to Secs.
225.25(b)(15), (b)(4)(v) and (b)(16), respectively of the Board's
Regulation Y.
Board of Governors of the Federal Reserve System, May 11, 1994.
William W. Wiles,
Secretary of the Board.
[FR Doc. 94-11934 Filed 5-16-94; 8:45 am]
BILLING CODE 6210-01-F
