[Federal Register Volume 63, Number 99 (Friday, May 22, 1998)]
[Notices]
[Pages 28385-28386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13790]
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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.
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. The application also will 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. 1842(c)). If the 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. 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 June 19, 1998.
A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
1. NationsBank Corporation and NationsBank (DE) Corporation, both
in Charlotte, North Carolina (collectively, NationsBank); to merge with
BankAmerica Corporation, San Francisco, California (BankAmerica), and
thereby acquire the following bank subsidiaries of BankAmerica: Bank of
America National Trust and Savings Association, San Francisco,
California; Bank of America Texas, National Association, Dallas, Texas;
Bank of America National Association, Phoenix, Arizona; and Bank of
America Community Development Bank, Walnut Creek, California. On
consummation of the proposed transaction, NationsBank would be renamed
BankAmerica Corporation. NationsBank may form one or more intermediate
bank holding companies.
In connection with the proposed transaction, NationsBank has
provided notice to acquire all of the nonbank subsidiaries of
BankAmerica and to engage, directly or indirectly through such nonbank
subsidiaries, in a variety of nonbanking activities that previously
have been determined to be permissible for bank holding companies.
NationsBank also would continue to control all of its existing bank and
nonbank subsidiaries. The nonbanking companies that NationsBank
proposes to acquire are listed in the notice filed with the Board and
include Bank of America, FSB, Portland, Oregon; BA Futures,
Incorporated, Chicago, Illinois; BankAmerica Insurance Group, Inc.,
[[Page 28386]]
San Diego, California; DFO Partnership, San Francisco, California;
First Franklin Financial Corporation, San Jose, California; First
Franklin Funding Corporation, San Jose, California; General Fidelity
Life Insurance Company, San Diego, California; Security Pacific Capital
Leasing Corporation, San Francisco, California; and Security Pacific
Housing Services, Inc., San Diego, California. The nonbanking
activities of the companies to be acquired also are listed in the
notice and include extending credit and servicing loans, pursuant to 12
CFR 225.28(b)(1); leasing personal and real property, pursuant to 12
CFR 225.28(b)(3); operating a savings association through Bank of
America, FSB, Portland, Oregon, pursuant to 12 CFR 225.28(b)(4)(ii);
providing financial and investment advisory services, pursuant to 12
CFR 225.28(b)(6); providing securities brokerage, riskless principal,
private placement, futures commission merchant, and other agency
transactional services, pursuant to 12 CFR 225.28(b)(7); underwriting
and dealing in certain government obligations and money market
instruments that state member banks may underwrite or deal in, pursuant
to 12 CFR 225.28(b)(8)(i); acting as principal, agent, or broker in
connection with the sale of credit-related insurance, pursuant to 12
CFR 225.28(b)(11)(i); engaging in community development activities,
pursuant to 12 CFR 225.28(b)(12); providing data processing and data
transmission services, pursuant to 12 CFR 225.28(b)(14); and engaging
in all activities that BankAmerica currently is authorized by Board
Order to conduct. As part of the proposed transaction, NationsBank
proposes to engage through BancAmerica Robertson Stephens, San
Francisco, California, in underwriting and dealing in all types of debt
and equity securities (other than interests in open-end investment
companies) to a limited extent in accordance with previous Board
decisions. In addition, NationsBank proposes to engage, directly or
indirectly through its subsidiaries, in certain other activities that
the Board previously has approved by Order, including providing
administrative services to open-end and closed-end investment
companies.
In connection with the proposed transaction, NationsBank also has
applied to acquire an option to purchase up to 19.9 percent of the
outstanding shares of BankAmerica's common stock. BankAmerica also has
applied to acquire an option to purchase up to 19.9 percent of the
outstanding shares of NationsBank Corporation's common stock. These
options would expire upon consummation of the merger. Comments
regarding this application must be received not later than June 24,
1998.
B. Federal Reserve Bank of Chicago (Philip Jackson, Applications
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
1. Associated Banc-Corp, Green Bay, Wisconsin; to merge with
Citizens Bankshares, Inc., Shawano, Wisconsin, and thereby indirectly
acquire Citizens Bank, National Association, Shawano, Wisconsin.
In connection with this application, Applicant also has applied to
acquire Wisconsin Finance Corporation, Shawano, Wisconsin, and thereby
indirectly acquire Citizens Financial Services, Inc., Shawano,
Wisconsin, and thereby engage in extending credit and servicing loans
and acting as principal, agent, or broker for credit related insurance,
pursuant to Secs. 225.28(b)(1) and 225.28(b)(11)(ii) of the Board's
Regulation Y.
2. West Burlington Bancorporation, Inc., West Burlington, Iowa; to
become a bank holding company by acquiring 100 percent of the voting
shares of West Burlington Bank, West Burlington, Iowa.
C. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota
55480-0291:
1. M.I.F. Limited, Chisholm, Minnesota; to become a bank holding
company by acquiring 100 percent of the voting shares of Chisholm
Bancshares, Inc., Chisholm, Minnesota, and thereby indirectly acquire
First National Bank, Chisholm, Minnesota.
2. Norwest Corporation, Minneapolis, Minnesota; to acquire 100
percent of the voting shares of First Bancshares, of Valley City, Inc.,
Valley City, North Dakota, and thereby indirectly acquire First State
Bank of Casselton, Casselton, North Dakota; Litchville State Bank,
Litchville, North Dakota; and First National Bank of Valley City,
Valley City, North Dakota.
In connection with this application, Applicant also has applied to
acquire Peoples Insurance Agency, Inc., Valley City, North Dakota, and
thereby engage in general insurance agency activities, pursuant to
Sec. 225.28(b)(1)(vii) of the Board's Regulation Y.
3. Norwest Corporation, Minneapolis, Minnesota; to acquire 100
percent of the voting shares of Little Mountain Bancshares, Inc.,
Monticello, Minnesota, and thereby indirectly acquire First National
Bank of Monticello, Monticello, Minnesota.
In connection with this application, Applicant proposes to transfer
the mortgage origination and servicing business of the First National
Bank of Monticello to its wholly owned subsidiary, Norwest Mortgage,
Inc., Des Moines, Iowa. Norwest Mortgage Inc., proposes to engage in
these activities, pursuant to Sec. 225.28(b)(1) of the Board's
Regulation Y.
D. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager
of Analytical Support, Consumer Regulation Group) 101 Market Street,
San Francisco, California 94105-1579:
1. UCBH Holdings, Inc., San Francisco, California; to become a bank
holding company by acquiring 100 percent of the voting shares of United
Commercial Bank, F.S.B., San Francisco, California. United Commercial
Bank, F.S.B., will convert to a bank charter.
Board of Governors of the Federal Reserve System, May 19, 1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-13790 Filed 5-21-98; 8:45 am]
BILLING CODE 6210-01-F
