6786 Federal Register / Vol. 62, No. 30 / Thursday, February 13, 1997 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of December 17, 1996,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

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). 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 March 10,

1997.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Bolivar Bancshares, Inc., Bolivar,

Missouri; to become a bank holding

company by acquiring 100 percent of

the voting shares of Bank of Bolivar,

Bolivar, Missouri (in organization).

B. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198-0001:

1. BancFirst Corporation, Oklahoma

City, Oklahoma; to acquire 40 percent of

the voting shares of First Ada

Bancshares, Inc., Ada, Oklahoma, and

thereby indirectly acquire First National

Bank of Ada, Ada, Oklahoma.

Ccomments regarding this application

must be received no later than February

28, 1997.

2. Mid-America Bankshares, Inc.,

Baldwin City, Kansas; to become a bank

holding company by acquiring 100

percent of the voting shares of State

Bank of Esbon, Esbon, Kansas.

Board of Governors of the Federal Reserve

System, February 7, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–3544 Filed 2–12–97; 8:45 am]

BILLING CODE 6210–01–F

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). 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 March 10,

1997.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Southeast Arkansas Bank

Corporation, Lake Village, Arkansas; to

acquire 95.2 percent of the voting shares

of Jefferson County Bank of Fayette,

Fayette, Mississippi.

Board of Governors of the Federal Reserve

System, February 10, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–3620 Filed 2-12-97; 8:45 am]

BILLING CODE 6210-01-F

Federal Open Market Committee;

Domestic Policy Directive of December

17, 1996.

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on December 17, 1996.1

The directive was issued to the Federal

Reserve Bank of New York as follows:

The information reviewed at this

meeting suggests that economic activity

has continued to expand at a moderate

pace. Private nonfarm payroll

employment increased appreciably

further in November, although the

civilian unemployment rate edged up to

5.4 percent. Industrial production rose

sharply in November, in part because of

a rebound in motor vehicle assemblies

that had been depressed earlier by work

stoppages. Consumer spending has

posted appreciable gains over recent

months after a summer lull. Housing

starts rebounded in November after

declining in September and October.

Business fixed investment appears to be

growing moderately after a sharp rise in

the third quarter. The nominal deficit on

U.S. trade in goods and services

widened substantially in the third

quarter from its rate in the second

quarter. Increases in labor compensation

have trended up this year, and

consumer price inflation also has picked

up owing to larger increases in food and

energy prices.

Short-term market interest rates have

registered mixed changes since the

Committee meeting on November 13,

1996, while long-term yields have risen

slightly. In foreign exchange markets,

the trade-weighted value of the dollar in

terms of the other G-10 currencies has

risen slightly over the intermeeting

period.

Growth of M2 picked up in

November, while expansion of M3

moderated somewhat from its brisk pace

in October. For the year through

November, M2 is estimated to have

grown at a rate in the upper half of the

Committee’s annual range, and M3 at a

rate a little above the top of its range.

Total domestic nonfinancial debt has

expanded moderately on balance over

recent months and has remained in the

middle portion of its range.

The Federal Open Market Committee

seeks monetary and financial conditions