[Federal Register Volume 61, Number 177 (Wednesday, September 11, 1996)]
[Notices]
[Page 47944]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23200]
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FEDERAL RESERVE SYSTEM
Notice of Proposals to Engage in Permissible Nonbanking
Activities or to Acquire Companies that are Engaged in Permissible
Nonbanking Activities
The companies listed in this notice have given notice under section
4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and
Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire
or control voting securities or assets of a company that engages either
directly or through a subsidiary or other company, in a nonbanking
activity that is listed in Sec. 225.25 of Regulation Y (12 CFR 225.25)
or that the Board has determined by Order to be closely related to
banking and permissible for bank holding companies. Unless otherwise
noted, these activities will be conducted throughout the United States.
Each notice is available for inspection at the Federal Reserve Bank
indicated. Once the notice 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 the proposal complies with the standards of section 4
of the BHC Act, including 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'' (12 U.S.C. 1843). 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.
Unless otherwise noted, comments regarding the applications must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than September 25, 1996.
A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
1. Cardinal Bankshares Corporation, Floyd, Virginia; to engage de
novo in making and servicing loans, pursuant to Sec. 225.25(b)(1) of
the Board's Regulation Y.
2. Centura Banks, Inc., Rocky Mount, North Carolina; to acquire
CLG, Inc., Raleigh, North Carolina, and thereby engage in leasing
computer and technology equipment to various companies, pursuant to
Sec. 225.25 (b)(5) of the Board's Regulation Y.
B. Federal Reserve Bank of Dallas (Genie D. Short, Vice President)
2200 North Pearl Street, Dallas, Texas 75201-2272:
1. Franklin National Bankshares, Inc., Mt. Vernon, Texas; to engage
de novo through its subsidiary, Franklin National Mortgage Corporation,
Mt. Vernon, Texas, in mortgage banking activities, specifically,
originating and processing loan applications, pursuant to Sec.
225.25(b)(1)(iii) of the Board's Regulation Y. Funding for the loans
will be underwritten by various mortgage companies, not the notificant.
The geographic scope for these activities will be Northeast Texas.
2. South Central Texas Bancshares, Inc., Flatonia, Texas, and South
Central Texas Bancshares-Delaware, Inc., Wilmington, Delaware; to
acquire 18 percent of the voting shares of Fayette Savings Association,
La Grange, Texas, and thereby engage in operating a savings
association, pursuant to Sec. 225.25(b)(1) of the Board's Regulation
Y.
Board of Governors of the Federal Reserve System, September 5,
1996.
Jennifer J. Johnson
Deputy Secretary of the Board
[FR Doc. 96-23200 Filed 9-10-96; 8:45 am]
BILLING CODE 6210-01-F
