[Federal Register Volume 59, Number 103 (Tuesday, May 31, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13155]
[[Page Unknown]]
[Federal Register: May 31, 1994]
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FEDERAL RESERVE SYSTEM
Provident Bancorp, Inc., et al.; Acquisitions of Companies
Engaged in Permissible Nonbanking Activities
The organizations listed in this notice have applied under
Sec. 225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR
225.23(a)(2) or (f) 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 acquire or control voting
securities or assets of a company engaged 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 each of these
applications must be received at the Reserve Bank indicated for the
application or the offices of the Board of Governors not later than
June 24, 1994.
A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
1. Provident Bancorp. Inc., Cincinnati, Ohio; to engage through its
wholly-owned subsidiaries, The Provident Bank, Cincinnati, Ohio, and
Hunter Financial, Inc., Cincinnati, Ohio, in a joint venture with West
Shell, Inc., pursuant to which Hunter and West Shell would form a
general partnership operating under the name of West shell Mortgage
Company. Hunter and West Shell would each own a 50 percent interest in
West Shell Mortgage Company, and thereby engage in mortgage loan
origination activities pursuant to Sec. 225.25(b)(1) of the Board's
Regulation Y.
B. Federal Reserve Bank of San Francisco (Kenneth R. Binning,
Director, Bank Holding Company) 101 Market Street, San Francisco,
California 94105.
1. BWC Financial Corporation, Walnut Creek, California; to acquire
through a de novo wholly-owned subsidiary, BWC Real Estate, Inc.,
Walnut Creek, California, 51 percent of BWC Mortgage Services, Walnut
Creek, California, and thereby engage through a joint venture with
Simonich Corporation, San Ramon, California, in mortgage brokering
activities pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y.
These activities will be conducted in the State of California.
Board of Governors of the Federal Reserve System, May 24, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-13155 Filed 5-27-94; 8:45 am]
BILLING CODE 6210-01-M
