[Federal Register Volume 63, Number 18 (Wednesday, January 28, 1998)]
[Notices]
[Pages 4266-4267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-2063]


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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 February 23, 1998.
    A. Federal Reserve Bank of Cleveland (Jeffery Hirsch, Banking 
Supervisor)

[[Page 4267]]

1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. First Capital Bancshares, Inc., Chillicothe, Ohio; to become a 
bank holding company by acquiring 100 percent of the voting shares of 
Citizens National Bank, Chillicothe, Ohio.
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. First Union Corporation, Charlotte, North Carolina; to acquire 
100 percent of the voting shares and thereby merge with CoreStates 
Financial Corp., Philadelphia, Pennsylvania, and thereby indirectly 
acquire CoreStates Bank, N.A., Philadelphia, Pennsylvania, and 
CoreStates Bank of Delaware, N.A., Wilmington, Delaware.
    In connection with this application, Applicant also has applied to 
acquire Electronic Payment Services, Inc., Wilmington, Delaware, and 
thereby engage in providing data processing and transmission services 
to retail merchants using point-of-sale terminals and to banks who are 
members of its automatic teller machine (ATM) network. Electronic 
Payment Services, Inc., also provides electronic benefits transfer 
services, stored value card services, electronic data interchange 
services, and data processing for ATMs to dispense tickets, gift 
certificates, prepaid telephone cards and other documents, pursuant to 
Sec.  225.28(b)(14) of the Board's Regulation Y; Congress Financial 
Corporation, New York, New York, and thereby engage in factoring 
services, asset based lending, and commercial finance, pursuant to 
Sec.  225.28(b)(1) of the Board's Regulation Y; CoreStates Community 
Development Corporation, Inc., Philadelphia, Pennsylvania, and thereby 
engage in investments to promote community welfare and engage in 
acquiring, rehabilitating, and selling residential real estate to 
former homeless women, pursuant to Sec.  225.28(b)(12) of the Board's 
Regulation Y; CoreStates Securities Corporation, Philadelphia, 
Pennsylvania, and thereby engage in securities brokerage activities, 
pursuant to Secs.  225.28(b)(6) and (b)(7) of the Board's Regulation Y; 
and in underwriting and dealing in, to a limited extent, certain 
municipal revenue bonds, 1-4 family mortgage-related securities, 
consumer receivable-related securities, and commercial paper (See 
Citicorp, 73 Fed. Res. Bull. 473 (1987)); providing financial and 
investment advisory services, pursuant to Sec.  225.28(b)(6) of the 
Board's Regulation Y; buying and selling all types of securities on 
order of customers as a riskless principal, pursuant to Sec.  
225.28(b)(7)(ii) of the Board's Regulation Y; acting as agent in the 
private placement of all types of securities, pursuant to Sec.  
225.28(b)(7)(iii) of the Board's Regulation Y; providing other 
transactional services, pursuant to Sec.  225.28(b)(7)(v) of the 
Board's Regulation Y; and providing investing and trading services, 
pursuant to Sec.  225.28(b)(8)(ii) of the Board's Regulation Y; McGlinn 
Capital Management, Inc., Reading, Pennsylvania, and thereby engage in 
investment advisory services, pursuant to Sec.  225.28(b)(6) of the 
Board's Regulation Y; Meridian Asset Management, Inc., Valley Forge, 
Pennsylvania, and thereby engage in non-fiduciary custodial and agency 
services, and trust services, pursuant to Secs.  225.28(b)(5) and 
(b)(6) of the Board's Regulation Y; Meridian Securities, Inc., Reading, 
Pennsylvania, and thereby engage in securities brokerage activities, 
pursuant to Sec.  225.28(b)(7) of the Board's Regulation Y; Pennco Life 
Insurance Company, Phoenix, Arizona, and thereby engage in underwriting 
credit life, health, and accident insurance for loans made by 
affiliates, pursuant to Sec.  225.28(b)(11) of the Board's Regulation 
Y; Meridian Life Insurance Company, Reading, Pennsylvania, and thereby 
engage in underwriting credit life, health, and accident insurance for 
loans made by affiliates, pursuant to Sec.  225.28(b)(11) of the 
Board's Regulation Y; and Princeton Life Insurance Company, Lancaster, 
Pennsylvania, and thereby engage in underwriting credit life, health, 
and accident insurance for loans made by affiliates, pursuant to Sec.  
225.28(b)(11) of the Board's Regulation Y.
    C. Federal Reserve Bank of Chicago (Philip Jackson, Applications 
Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:
    1. Ohnward Bancshares, Inc., Maquoketa, Iowa; to acquire 100 
percent of the voting shares of Gateway State Bank, Clinton, Iowa.
    D. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63102-2034:
    1. Countryside Bancshares, Inc., Republic, Missouri; to become a 
bank holding company by acquiring 100 percent of the voting shares of 
Countryside Bank (in organization), Republic, Missouri.
    E. Federal Reserve Bank of Kansas City (D. Michael Manies, 
Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 
64198-0001:
    1. Marshall Community Bancshares, Inc., Marshall, Missouri; to 
become a bank holding company by acquiring 100 percent of the voting 
shares of Community Bank of Marshall, Marshall, Missouri.
    F. Federal Reserve Bank of Dallas (Genie D. Short, Vice President) 
2200 North Pearl Street, Dallas, Texas 75201-2272:
    1. The Community Group, Inc., Dallas, Texas, and The Delaware 
Community Group, Inc., Wilmington, Delaware; to become bank holding 
companies by acquiring 100 percent of the voting shares of United 
Community Group, N.A., Highland Village, Texas.
    G. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager 
of Analytical Support, Consumer Regulation Group) 101 Market Street, 
San Francisco, California 94105-1579:
    1. Busby Holdings, Inc., Los Angeles, California; to become a bank 
holding company by acquiring 59.5 percent of the voting shares of 
Founders National Bank of Los Angeles, Los Angeles, California. 
Comments regarding this application must be received not later than 
February 20, 1998.

    Board of Governors of the Federal Reserve System, January 23, 
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-2063 Filed 1-27-98; 8:45 am]
BILLING CODE 6210-01-F