31478 Federal Register / Vol. 63, No. 110 /Tuesday, June 9, 1998 / Notices

FEDERAL RESERVE SYSTEM

Public Meeting: Application by

Travelers Group Inc., New York, New

York, To Acquire Citicorp, New York,

New York

AGENCY: Federal Reserve System.

ACTION: Notice of meeting.

SUMMARY: On June 25, 1998, a public

meeting will be held regarding the

notice submitted by the Travelers Group

Inc., New York, New York (Travelers),

to acquire Citicorp, New York, New

York, and its banking and nonbanking

subsidiaries pursuant to the Bank

Holding Company Act (BHC Act) and

related statutes. The purpose of the

public meeting is to collect information

relating to factors the Board is required

to consider under the BHC Act.

DATES: The Meeting will be held on

Thursday, June 25, 1998, at 9:00 a.m.

EDT.

ADDRESSES: Federal Reserve Bank of

New York, 33 Liberty Street, New York,

New York.

FOR FURTHER INFORMATION CONTACT:

Elizabeth Rodriguez Jackson,

Community Affairs Officer, Federal

Reserve Bank of New York, 33 Liberty

Street, New York, New York 10045.

Telephone: 212/720–5921. Facsimile:

212/720–7841.

SUPPLEMENTARY INFORMATION: On May 4,

1998, Travelers filed a notice requesting

the Board’s approval to acquire Citicorp

pursuant to the BHC Act (12 U.S.C. 1841

et seq.) and related statutes. The factors

the Board must consider in evaluating

the proposal under the BHC Act are the

effects of the proposal on the financial

and managerial resources and future

prospects of the companies and banks

involved in the proposal, competition in

the relevant markets, and the

convenience and needs of the

communities to be served. Convenience

and needs considerations include

consideration of the records of

performance of Travelers and Citicorp

under the Community Reinvestment

Act, which requires the Board to take

into account in its consideration of a

bank acquisition proposal the

institutions’ record of meeting the credit

needs of its entire community,

including low-and moderate-income

neighborhoods, consistent with the safe

and sound operation of the institution.

12 U.S.C. 2903.

The transaction also involves the

proposed acquisition or retention of a

number of nonbanking companies

engaged in activities permissible for

bank holding companies as well as a

proposal to divest or otherwise conform

a number of other activities that are not

permissible for bank holding companies

under current law. With respect to the

proposal to conduct permissible

nonbanking activities, the Board also

must determine whether conducting the

proposed nonbanking activities can

reasonably be expected to produce

benefits to the public that outweigh

possible adverse effects, such as undue

concentration of resources, decreased or

unfair competition, conflicts of interest,

or unsound banking practices.

Procedures for Hearing

Testimony at the public meeting will

be presented to a panel consisting of a

Presiding Officer, or his designee, and

other panel members appointed by the

Presiding Officer. The Presiding Officer

at the meeting will be Glenn E. Loney,

Deputy Director of the Board’s Division

of Consumer and Community Affairs. In

conducting the public meeting, the

Presiding Officer will have the authority

and discretion to ensure that the

meeting proceeds in a fair and orderly

manner. In contrast to a formal

administrative hearing, the rules for

taking evidence in an administrative

proceeding will not apply to this public

meeting. Panel members may question

witnesses, but no cross-examination of

witnesses will be permitted. The public

meeting will be transcribed and

information regarding procedures for

obtaining a copy of the transcript will be

announced at the public meeting.

On the basis of the requests received,

the Presiding Officer will prepare a

schedule for persons wishing to testify.

In order to ensure an opportunity for all

interested commenters to present their

views, the Presiding Officer may limit

the time for presentation and establish

the order of presentation. Persons not

listed on the schedule may be permitted

to speak at the public meeting at the

discretion of the Presiding Officer if

time permits at the conclusion of the

schedule of witnesses. Copies of

testimony may, but need not, be filed

with the Presiding Officer before a

person’s presentation.

Request To Testify

All persons wishing to testify at the

public meeting must submit a written

request to Elizabeth Rodriguez Jackson,

Community Affairs Officer, Federal

Reserve Bank of New York, 33 Liberty

Street, New York, New York 10045

(facsimile: 212/720–7841), not later than

5:00 p.m. EDT, June 12, 1998. The

request must include the following

information: (i) A brief statement of the

nature of the expected testimony and

the estimated time required for the

presentation; (ii) Address and telephone

number (and facsimile number, if

available) of the person testifying; and

(iii) Identification of any special needs,

such as persons desiring translation

services, persons with a physical

disability who may need assistance, or

persons requiring visual aids for their

presentation. To the extent available,

translators will be provided to persons

wishing to present their views in a

language other than English if this

information is included in the request to

testify. Persons interested only in

attending the meeting do not need to

submit a written request to attend.

By order of the Board of Governors of the

Federal Reserve System, June 5, 1998.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 98–15451 Filed 6–5–98; 1:24 pm]

BILLING CODE 6210–01–P

FEDERAL RESERVE SYSTEM

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Board of

Governors of the Federal Reserve

System.

TIME AND DATE: 11:00 a.m., Monday, June

15, 1998.

PLACE: Marriner S. Eccles Federal

Reserve Board Building, 20th and C

Streets, N.W., Washington, D.C. 20551.

STATUS: Closed.

MATTERS TO BE CONSIDERED:

1. Eccles Federal Reserve Building

infrastructure enhancement project.

2. Personnel actions (appointments,

promotions, assignments,

reassignments, and salary actions)

involving individual Federal Reserve

System employees.

3. Any items carried forward from a

previously announced meeting.

CONTACT PERSON FOR MORE INFORMATION:

Lynn S. Fox, Assistant to the Board;

202–452–3204.

SUPPLEMENTARY INFORMATION: You may

call 202–452–3206 beginning at

approximately 5 p.m. two business days

before the meeting for a recorded

announcement of bank and bank

holding company applications

scheduled for the meeting; or you may

contact the Board’s Web site at http://

www.bog.frb.fed.us for an electronic

announcement that not only lists

applications, but also indicates

procedural and other information about

the meeting.

Dated: June 5, 1998.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 98–15500 Filed 6–5–98; 3:47 pm]

BILLING CODE 6210–01–M