[Federal Register Volume 63, Number 141 (Thursday, July 23, 1998)]
[Notices]
[Pages 39570-39571]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-19607]


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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. 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 17, 1998.
    A. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice 
President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota 
55480-0291:
    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 C.F.R. 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

[[Page 39571]]

application must be received not later than August 21, 1998.
    B. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Zions Bancorporation, Salt Lake City, Utah; to merge with The 
Commerce Bancorporation, Seattle, Washington, and thereby indirectly 
acquire the Commerce Bank of Washington, N.A., Seattle, Washington.

    Board of Governors of the Federal Reserve System, July 17, 1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-19607 Filed 7-22-98; 8:45 am]
BILLING CODE 6210-01-F