[Federal Register Volume 59, Number 175 (Monday, September 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-22475]
[[Page Unknown]]
[Federal Register: September 12, 1994]
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FEDERAL RESERVE SYSTEM
PNC Bank Corp., et al.; Acquisitions of Companies Engaged in
Permissible Nonbanking Activities
The organizations listed in this notice have 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.
Each 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.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated for the
application or the offices of the Board of Governors not later than
October 7, 1994.
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, Inc.,
Wilmington, Delaware; to acquire Brentwood Financial Corporation,
Cincinnati, Ohio, and thereby indirectly acquire The Brentwood Savings
Association, Cincinnati, Ohio, and thereby engage in permissible thrift
activities pursuant to Sec. 225.25(b)(9) of the Board's Regulation Y.
B. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice
President) 411 Locust Street, St. Louis, Missouri 63166:
1. CNB Bancshares, Inc., Evansville, Indiana (Applicant); to
acquire King City Federal Savings Bank, Mount Vernon, Illinois
(Thrift), and thereby engage in acquiring, owning, controlling and
operating as a savings association pursuant to Sec. 225.25(b)(9) of
the Board's Regulation Y. Applicant also has applied for Thrift or its
wholly-owned subsidiary, King City Financial Services Corp. (KCFS), an
Illinois corporation to (1) act as agent or broker for insurance
(including home mortgage redemption insurance) that is directly related
to an extension of credit by Applicant, Thrift, or any other subsidiary
of Applicant and that is limited to assuring the repayment of the
outstanding balance due on the extension of credit in the event of
death, disability or involuntary unemployment of the debtor, pursuant
to Sec. 225.25(b)(8)(i) of the Board's Regulation Y; (2) act as agent
or broker for insurance directly related to an extension of credit by a
finance company that is a subsidiary of a bank holding company, subject
to Sec. 225.25(b)(8)(ii) of the Board's Regulation Y; (3) provide
securities brokerage services, related securities credit activities
pursuant the Board's Regulations G and T, and incidental activities of
the type enumerated in Sec. 225.25(b)(15) of the Board's Regulation Y.
Any such activities will be restricted to buying and selling securities
solely as agent for the account of customers and will not include
securities underwriting or dealing; (4) provide the foregoing services
in combination with investment advisory services permissible under
Sec. 225.25(b)(4), subject to the limitations contained in Sec.
225.25(b)(15)(ii); and (5) issue and sell retail money orders and
similar consumer-type payment instruments having a face vale of not
more than $1,000; to sell U.S. savings bonds; and the issuance and sale
of travelers checks, pursuant to Sec. 225.25(b)(12) of the Board's
Regulation Y.
Board of Governors of the Federal Reserve System, September 7,
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-22475 Filed 9-9-94; 8:45 am]
BILLING CODE 6210-01-F