[Federal Register Volume 63, Number 145 (Wednesday, July 29, 1998)]
[Notices]
[Page 40528]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20182]
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FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding
Companies; Correction
This notice corrects a notice (FR Doc. 98-19607) published on pages
39570-39571 of the issue for Thursday, July 23, 1998
Under the Federal Reserve Bank of Minneapolis heading, the entry
for Norwest Corporation, Minneapolis, Minnesota, is revised to read as
follows:
A. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager
of Analytical Support, Consumer Regulation Group) 101 Market Street,
San Francisco, California 94105-1579:
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 CFR 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 application must be received not later than
August 21, 1998.
Board of Governors of the Federal Reserve System, July 23, 1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-20182 Filed 7-28-98; 8:45 am]
BILLING CODE 6210-01-F
