[Federal Register Volume 59, Number 165 (Friday, August 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21049]
[[Page Unknown]]
[Federal Register: August 26, 1994]
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FEDERAL RESERVE SYSTEM
Norwest Corporation; Acquisition of Company Engaged in
Permissible Nonbanking Activities
The organization listed in this notice has applied under Sec.
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or
(f)) 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. 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
September 19, 1994.
A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Norwest Corporation, Minneapolis, Minnesota; to acquire through
its wholly-owned subdiariary, Norwest Mortgage Inc., DesMoines, Iowa, a
50 percent interest in Carlson Mortgage Company, Wakefield,
Massachusetts, and thereby engage in real estate lending activities
pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y. Norwest
proposes to engage in this activity through a joint venture arrangement
with Eastern Massachusetts Real Estate, Inc., Wakefield, Massachusetts,
doing business as Carlson Real Estate Corporation, a Massachusetts
corporation. The geographic scope that this activity will be conducted
is Massachussetts.
Board of Governors of the Federal Reserve System, August 22,
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-21049 Filed 8-25-94; 8:45 am]
BILLING CODE 6210-01-F
