[Federal Register Volume 60, Number 157 (Tuesday, August 15, 1995)]
[Notices]
[Page 42163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20183]
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FEDERAL RESERVE SYSTEM
PNC Bank Corp.; 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 a nonbanking activity that is listed in Sec. 225.25
of Regulation Y as closely related to banking and permissible for bank
holding companies, or to engage in such an activity. 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
September 8, 1995.
A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
1. PNC Bank Corp., Pittsburgh, Pennsylvania, and PNC Bancorp,
Wilmington, Delaware; to merge with Midlantic Corporation, Edison, New
Jersey, and thereby indirectly acquire Midlantic Bank, N.A., Newark,
New Jersey.
In connection with this application, Applicant also has applied to
acquire Midlantic Securities Corp., Philadelphia, Pennsylvania; and
thereby engage in providing securities brokerage services, related
securities credit activities, and incidental activities such as
offering custodial services, individual retirement accounts, and cash
management services. All activities are restricted to buying and
selling securities as agent for the account of customers and will not
include securities underwriting or dealing or offering investment
advice or providing research services, pursuant to Sec. 225.25(b)(15)
of the Board's Regulations Y; Lenders Life Insurance Company, Phoenix,
Arizona, and Pennsauken, New Jersey, and thereby engage in in
underwriting, as reinsurer, credit life and credit disability insurance
directly related to extensions of credit by Midlantic Bank, N.A.,
pursuant to Sec. 225.25(b)(8)(i) of the Board's Regulation Y; Greater
Jersey Mortgage Co. Edison, New Jersey, and thereby engage in
originating and/or purchasing commercial mortgage loans, pursuant to
Sec. 225.25(b)(1) of the Board's Regulation Y; Midlantic Commercial
Leasing Corp., Edison, New Jersey, and thereby engage in the business
of commercial leasing, pursuant to Sec. 225.25(b)(5) of the Board's
Regulation Y.
In connection with this application, PNC Bank Corp., Pittsburgh,
Pennsylvania, and PNC Bancorp, Inc., Wilmington, Delaware; have applied
to acquire at least 19.90 percent of the voting shares of Midlantic
Corporation, Edison, New Jersey, and Midlantic Corporation, Edison, New
Jersey, also has applied to acquire at least 19.90 percent of the
voting shares of PNC Bank Corp., Pittsburgh, Pennsylvania.
Board of Governors of the Federal Reserve System, August 9,
1995.
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-20183 Filed 8-14-95; 8:45 am]
BILLING CODE 6210-01-F
