[Federal Register Volume 60, Number 144 (Thursday, July 27, 1995)]
[Notices]
[Page 38563]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18463]
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FEDERAL RESERVE SYSTEM
Norwest Corporation and Wells Fargo & Company, et al.; 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 August 10, 1995.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Norwest Corporation, Minneapolis, Minnesota, through its wholly-
owned subsidiary, Norwest Ventures, Inc., Des Moines Iowa, and Wells
Fargo & Company, San Francisco, California, through its wholly-owned
subsidiary, Wells Fargo Ventures, Inc., San Francisco California,
propose to form a joint venture, Towne Square Mortgage, San Diego,
California (which will be owned 85 percent by Norwest and 15 percent by
Wells Fargo), and engage de novo in the residential mortgage lending
business, including activities such as prequalification, mortgage loan
origination and processing and closing loans, pursuant to Sec.
225.25(b)(1) of the Board's Regulation Y. The geographic scope for
these activities is the State of California, primarily at locations of
Wells Fargo's subsidiary bank, Wells Fargo Bank, N.A. Comments on this
application also may be submitted to the Federal Reserve Bank of San
Francisco (Kenneth R. Binning, Director, Bank Holding Company) 101
Market Street, San Francisco, California 94105.
2. Dacotah Banks, Inc., Aberdeen, South Dakota; to engage de novo
in making and servicing loans, pursuant to Sec. 225.25(b)(1) of the
Board's Regulation Y. The geographic scope for this activity is South
Dakota.
B. Federal Reserve Bank of New York (William L. Rutledge, Senior
Vice President) 33 Liberty Street, New York, New York 10045:
1. Barclays Bank PLC, London, England, and Barclays PLC, London,
England; to engage de novo through their subsidiary, Barclays De Zoete
Wedd Securities, Inc., New York, New York, in providing securities
brokerage services, related securities credit activities, and
securities brokerage services in combination with investment advisory
services, pursuant to Sec. 225.25(b)(15)(i) and (ii) of the Board's
Regulation Y; and providing investment or financial advice, pursuant to
Sec. 225.25(b)(4)(i) through (vi) of the Board's Regulation Y.
C. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. Crystal Valley Financial Corporation, Middlebury, Indiana; to
engage through its subsidiary, Crystal Valley Financial Corporation,
Middlebury, Indiana, in retaining its investment in a community
development corporation (a qualified low-income housing project as
defined in section 42(c)(2) of the Internal Revenue Code), through its
investment in a limited liability company; and investing in an
additional community development corporation (a qualified low-income
housing project as defined in section 42(c)(2) of the Internal Revenue
Code), through an investment in a limited liability company, pursuant
to Sec. 225.25(b)(6) of the Board's Regulation Y.
2. Horizon Bancorp, Michigan City, Indiana; to engage de novo
through its subsidiary, The Loan Store, Inc., Michigan City, Indiana,
in acting as agent or broker for insurance directly related to
extension of credit, under Sec. 225.25(b)(8)(ii) of the Board's
Regulation Y.
D. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice
President) 925 Grand Avenue, Kansas City, Missouri 64198:
1. Stuart Family Partnership, The Catherine Stuart Schmoker Family
Partnership, The James Stuart, Jr. Family Partnership, The Scott Stuart
Family Partnership and First Commerce Bancshares, all of Lincoln,
Nebraska; to engage de novo through First Commerce Bancshares, Inc.,
Lincoln, Nebraska, in the business of making loans pursuant, to Sec.
225.25(b)(1) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, July 20, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-18463 Filed 7-26-95; 8:45 am]
BILLING CODE 6210-01-F
