[Federal Register Volume 63, Number 141 (Thursday, July 23, 1998)]
[Notices]
[Pages 39570-39571]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19607]
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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 August 17, 1998.
A. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota
55480-0291:
1. Norwest Corporation, Minneapolis, Minnesota (Norwest); to
acquire and merge with Wells Fargo & Company, San Francisco, California
(Wells Fargo), and thereby acquire all of the bank subsidiaries of
Wells Fargo, which include Wells Fargo Bank, N.A., San Francisco,
California; Wells Fargo Bank (Texas), N.A., Houston, Texas; Wells Fargo
Bank (Arizona), N.A., Phoenix, Arizona; Wells Fargo Bank, Ltd., Los
Angeles, California; Wells Fargo Central Bank, Calabasas, California;
and Wells Fargo HSBC Trade Bank, N.A., San Francisco, California. On
consummation of the proposed transaction, Norwest Corporation would be
renamed Wells Fargo & Company. Norwest would continue to control all of
its existing bank and nonbank subsidiaries.
In connection with the proposed transaction, Norwest also proposes
to acquire all of the nonbank subsidiaries of Wells Fargo 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. The nonbanking companies
that Norwest proposes to acquire are listed in the notice filed with
the Board and include Crocker Life Insurance Company, Concord,
California, and Wells Fargo Equity Capital, Inc., San Francisco,
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); and acting as
principal, agent, or broker in connection with the sale of credit-
related insurance, pursuant to 12 CFR 225.28(b)(11); and engaging in
all activities that Wells Fargo currently is authorized to conduct.
In connection with the proposed transaction, Norwest also has
provided notice under 12 C.F.R. 211.5(c)(3) to acquire FIL Holding
Company, and First Interstate Services Co. (UK), London, United
Kingdom.
Norwest also has applied to acquire an option to purchase up to
19.9 percent of the outstanding shares of Wells Fargo's common stock.
The option would expire upon consummation of the merger. Comments
regarding this
[[Page 39571]]
application must be received not later than August 21, 1998.
B. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager
of Analytical Support, Consumer Regulation Group) 101 Market Street,
San Francisco, California 94105-1579:
1. Zions Bancorporation, Salt Lake City, Utah; to merge with The
Commerce Bancorporation, Seattle, Washington, and thereby indirectly
acquire the Commerce Bank of Washington, N.A., Seattle, Washington.
Board of Governors of the Federal Reserve System, July 17, 1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-19607 Filed 7-22-98; 8:45 am]
BILLING CODE 6210-01-F
