[Federal Register Volume 61, Number 116 (Friday, June 14, 1996)]
[Notices]
[Pages 30240-30241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-15143]
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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
[[Page 30241]]
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 June 28, 1996.
A. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice
President) 411 Locust Street, St. Louis, Missouri 63166:
1. Union Planters Corporation, Memphis, Tennessee; to acquire
Leader Financial Corporation, Memphis, Tennessee, and thereby
indirectly acquire Leader Federal Bank For Savings, Memphis, Tennessee,
and thereby engage in owning and operating a savings bank, pursuant to
Sec. 225.25(b)(9) of the Board's Regulation Y. Notificant also has
applied to acquire Leader Enterprises, Inc., Memphis, Tennessee, and
Leader Services, Inc., also of Memphis, Tennessee, and thereby engage
in acting as agent, in the sale of insurance (including home mortgage
redemption insurance) that is directly related to an extension of
credit by Notificant or any of its subsidiaries, and is limited to
ensuring the repayment of the outstanding balance due on the extension
of credit in the event of the death, disability or involuntary
unemployment of the debtor, pursuant to Sec. 225.25(b)(8)(i) of the
Board's Regulation Y, and in full-service securities brokerage
activities, pursuant to Sec. 225.25(b)(15)(ii) of the Board's
Regulation Y; Leader Federal Mortgage, Inc., Memphis, Tennessee, and
thereby engage in mortgage loan origination, pursuant to Sec.
225.25(b)(1) of the Board's Regulation Y; Leader Leasing, Inc.,
Memphis, Tennessee, and thereby engage in originating and servicing
nonoperating leases, pursuant to Sec. 225.25(b)(5) of the Board's
Regulation Y, and in originating and servicing commercial loans,
pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y; Asset
Advisory Group, Inc., Memphis, Tennessee, Leader Funding Corporation I,
Memphis, Tennessee, and thereby engage in making, acquiring, and
servicing loans, pursuant to Sec. 225.25(b)(1) of the Board's
Regulation Y; Leader Funding Corporation II, Memphis, Tennessee (which
is inactive and will remain inactive after consummation), and Leader
Funding Corporation III, Memphis, Tennessee, and thereby engage in
making, acquiring, and servicing loans, pursuant to Sec. 225.25(b)(1)
of the Board's Regulation Y. Union Planters Corporation also proposes
to retain Leader Financial Corporation's 49.5 percent ownership
interest in Millcreek Development Partnership, L.P., Memphis,
Tennessee, and thereby engage in community development activities,
pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y; and Leader
Federal Mortgage, Inc.'s 50 percent ownership interest in Southeastern
Mortgage of Alabama, L.L.C., Birmingham, Alabama, and thereby engage in
mortgage banking activities, 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. Otto Bremer Foundation and Bremer Financial Corporation, both of
St. Paul, Minnesota; to engage de novo through its subsidiary, Bremer
Business Finance Corporation, St. Paul, Minnesota, in making,
acquiring, and servicing loans and other extensions of credit, pursuant
to Sec. 225.25(b)(1) of the Board's Regulation Y, and in leasing
personal and real property, pursuant to Secs. 225.25(b)(5)(i) and (ii)
of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, June 10, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-15143 Filed 6-13-96; 8:45 am]
BILLING CODE 6210-01-F
