[Federal Register Volume 59, Number 145 (Friday, July 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-18505]
[[Page Unknown]]
[Federal Register: July 29, 1994]
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FEDERAL RESERVE SYSTEM
Norwest Corporation; Notice of Application to Engage de novo in
Permissible Nonbanking Activities
The company listed in this notice has 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.
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 18, 1994.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Norwest Corporation, Minneapolis, Minnesota; to form a joint
venture, First Capital Mortgage Company, York, Pennsylvania, to engage
in residential mortgage lending business. The joint venture will be
equally owned by one of Norwest's subsidiaries, Norwest Mortgage, Inc.,
and Bob Yost, Inc., York, Pennsylvania. Bob Yost, Inc., is primarily
engaged in the residential real estate brokerage business and is a
franchise of Coldwell Bankers. The joint venture will initially engage
in the proposed nonbanking activity at 2525 Eastern Blvd., York,
Pennsylvania. However, the joint venture also plans to conduct this
activity at three other offices that are located in York, Dallastown,
and Shrewsbury, Pennsylvania, pursuant to Sec. 225.25(b)(1) of the
Board's Regulation Y.
Board of Governors of the Federal Reserve System, July 25, 1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-18505 Filed 7-28-94; 8:45 am]
BILLING CODE 6210-01-F
