40528 Federal Register / Vol. 63, No. 145 /Wednesday, July 29, 1998 / Notices

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. The application also will 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.

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 August 21,

1998.

A. Federal Reserve Bank of San

Francisco (Maria Villanueva, Manager

of Analytical Support, Consumer

Regulation Group) 101 Market Street,

San Francisco, California 94105-1579:

1. Banque Nationale de Paris, Paris,

France; to acquire 45 percent of First

Hawaiian, Inc., Honolulu, Hawaii, and

thereby indirectly acquire First

Hawaiian Bank, Honolulu, Hawaii, and

Pacific One Bank, Portland, Oregon.

2. First Hawaiian, Inc., Honolulu,

Hawaii; to merge with Banc West

Corporation, San Francisco, Calfornia,

and thereby indirectly acquire Bank of

the West, Walnut Creek, California.

Board of Governors of the Federal Reserve

System, July 23, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–20181 Filed 7-28-98; 8:45 am]

BILLING CODE 6210-01-F

FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and

Mergers of Bank Holding Companies;

Correction

This notice corrects a notice (FR Doc.

98-19607) published on pages 39570-

39571 of the issue for Thursday, July 23,

1998

Under the Federal Reserve Bank of

Minneapolis heading, the entry for

Norwest Corporation, Minneapolis,

Minnesota, is revised to read as follows:

A. Federal Reserve Bank of San

Francisco (Maria Villanueva, Manager

of Analytical Support, Consumer

Regulation Group) 101 Market Street,

San Francisco, California 94105-1579:

1. Norwest Corporation, Minneapolis,

Minnesota (Norwest); to acquire and

merge with Wells Fargo & Company,

San Francisco, California (Wells Fargo),

and thereby acquire all of the bank

subsidiaries of Wells Fargo, which

include Wells Fargo Bank, N.A., San

Francisco, California; Wells Fargo Bank

(Texas), N.A., Houston, Texas; Wells

Fargo Bank (Arizona), N.A., Phoenix,

Arizona; Wells Fargo Bank, Ltd., Los

Angeles, California; Wells Fargo Central

Bank, Calabasas, California; and Wells

Fargo HSBC Trade Bank, N.A., San

Francisco, California. On consummation

of the proposed transaction, Norwest

Corporation would be renamed Wells

Fargo & Company. Norwest would

continue to control all of its existing

bank and nonbank subsidiaries.

In connection with the proposed

transaction, Norwest also proposes to

acquire all of the nonbank subsidiaries

of Wells Fargo and to engage, directly or

indirectly through such nonbank

subsidiaries, in a variety of nonbanking

activities that previously have been

determined to be permissible for bank

holding companies. The nonbanking

companies that Norwest proposes to

acquire are listed in the notice filed

with the Board and include Crocker Life

Insurance Company, Concord,

California, and Wells Fargo Equity

Capital, Inc., San Francisco, California.

The nonbanking activities of the

companies to be acquired also are listed

in the notice and include extending

credit and servicing loans, pursuant to

12 CFR 225.28(b)(1); and acting as

principal, agent, or broker in connection

with the sale of credit-related insurance,

pursuant to 12 CFR 225.28(b)(11); and

engaging in all activities that Wells

Fargo currently is authorized to

conduct.

In connection with the proposed

transaction, Norwest also has provided

notice under 12 CFR 211.5(c)(3) to

acquire FIL Holding Company, and First

Interstate Services Co. (UK), London,

United Kingdom.

Norwest also has applied to acquire

an option to purchase up to 19.9 percent

of the outstanding shares of Wells

Fargo’s common stock. The option

would expire upon consummation of

the merger.

Comments regarding this application

must be received not later than August

21, 1998.

Board of Governors of the Federal Reserve

System, July 23, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–20182 Filed 7-28-98; 8:45 am]

BILLING CODE 6210-01-F

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. The application also will 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.

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 August 24,

1998.

A. Federal Reserve Bank of Kansas

City (D. Michael Manies, Assistant Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198-0001:

1. Vail Banks, Inc., Vail, Colorado; to

merge with Telluride Bancorp, Ltd.,

Montrose, Colorado, and thereby

indirectly acquire Western Bank of

Colorado, Norwood, Colorado, and Bank

of Telluride, Telluride, Colorado.