[Federal Register Volume 60, Number 145 (Friday, July 28, 1995)]
[Notices]
[Page 38838]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18570]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
National Australia Bank Limited; Formation of, Acquisition by, or
Merger of Bank Holding Companies; and Acquisition of Nonbanking Company
The company listed in this notice has applied under Sec. 225.14 of
the Board's Regulation Y (12 CFR 225.14) for the Board's approval under
section 3 of the Bank Holding Company Act (12 U.S.C. 1842) to become a
bank holding company or to acquire voting securities of a bank or bank
holding company. The listed company has also applied under Sec.
225.23(a)(2) of Regulation Y (12 CFR 225.23(a)(2)) 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 nonbanking activities that the Board has determined
to be closely related to banking and permissible for bank holding
companies, or to engage in such activities. Unless otherwise noted,
these activities will be conducted throughout the United States.
The 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.
Comments regarding the application must be received at the Reserve
Bank indicated or the offices of the Board of Governors not later than
August 24, 1995.
A. Federal Reserve Bank of Chicago (James A. Bluemle, Vice
President) 230 South LaSalle Street, Chicago, Illinois 60690:
1. National Australia Bank Limited, Melbourne, Australia, National
Equities Limited, Melbourne, Australia, National Australia Group (UK)
Limited, London, England, National Americas Holdings Limited, London,
England, and MNC Acquisition Co., Melbourne, Australia; to become bank
holding companies by acquiring 100 percent of the voting shares of
Michigan National Corporation, Farmington Hills, Michigan (MNC), and
thereby indirectly acquire Michigan National Bank, Farmington Hills,
Michigan, and Bloomfield Hills Bancorp, Inc., Bloomfield Hills,
Michigan, and its subsidiary, Bank of Bloomfield Hills, Bloomfield
Hills, Michigan.
In connection with this application, Applicant also has applied to
acquire Independence One Capital Management Corp., Farmington Hills,
Michigan, and thereby engage in providing discretionary and
nondiscretionary investment advice, pursuant to Sec. 225.25(b)(4) of
the Board's Regulation Y; MNC Leasing Company, Detroit, Michigan, and
thereby engage in leasing real and personal property and equipment,
pursuant to Sec. 225.25(b)(5) of the Board's Regulation Y;
Independence One Life Insurance Company, Phoenix, Arizona, and thereby
engage in underwriting reinsurance of credit life and credit disability
risk, pursuant to Sec. 225.25(b)(8)(i) of the Board's Regulation Y;
Michigan Bank, F.S.B., Troy, Michigan, and thereby engage in operating
a savings association, pursuant to Sec. 225.25(b)(9) of the Board's
Regulation Y; and Independence One Asset Management Corporation,
Irvine, California, and thereby engage in providing asset management,
servicing and collection activities, pursuant to Board Order. Applicant
also has applied to exercise an option to acquire up to 19.9 percent of
the voting shares of MNC.
Board of Governors of the Federal Reserve System, July 24, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-18570 Filed 7-27-95; 8:45 am]
BILLING CODE 6210-01-F
