[Federal Register Volume 61, Number 187 (Wednesday, September 25, 1996)]
[Notices]
[Page 50300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-24567]
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FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding
Companies
The companies listed in this notice have applied to the Board for
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C.
1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other
applicable statutes and regulations to become a bank holding company
and/or to acquire the assets or the ownership of, control of, or the
power to vote shares of a bank or bank holding company and all of the
banks and nonbanking companies owned by the bank holding company,
including the companies listed below.
The applications listed below, as well as other related filings
required by the Board, are 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 standards enumerated in the BHC Act (12 U.S.C.
1842(c)). If the proposal also involves the acquisition of a nonbanking
company, the review also includes whether the acquisition of the
nonbanking company complies with the standards in section 4 of the BHC
Act, including whether the acquisition of the nonbanking company 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 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, nonbanking activities will be conducted throughout the
United States.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated or the
offices of the Board of Governors not later than October 18, 1996.
A. Federal Reserve Bank of Philadelphia (Michael E. Collins, Senior
Vice President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
1. Prime Newco, Inc., Philadelphia, Pennsylvania; to be renamed
Prime Bancor, Inc., to become a bank holding company by acquiring 100
percent of the voting shares of First Sterling Bancorp, Inc., Devon,
Pennsylvania, and thereby indirectly acquire First Sterling Bank,
Devon, Pennsylvania.
In connection with this application Prime Newco, Inc., also has
applied to acquire Prime Bank, Philadelphia, Pennsylvania, and thereby
engage in operating a savings bank, pursuant to Sec. 225.25(b)(9) of
the Board's Regulation Y, and to acquire Prime Abstract, Inc.,
Philadelphia, Pennsylvania, and thereby engage in real estate title
abstracting pursuant to Board order, The First National Company, 81
Fed. Res. Bull. 805 (1995).
B. Federal Reserve Bank of San Francisco (Kenneth R. Binning,
Director, Bank Holding Company) 101 Market Street, San Francisco,
California 94105:
1. First Commerce Bancorp, Inc., Logan, Utah; to become a bank
holding company by acquiring 100 percent of the voting shares of Nubanc
Corp.(dba First Commerce Bank), Logan, Utah.
Board of Governors of the Federal Reserve System, September 19,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-24567 Filed 9-24-96; 8:45 am]
BILLING CODE 6210-01-F
