Federal Register / Vol. 60, No. 103 / Tuesday, May 30, 1995 / Notices 28151

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District 11.—Federal Home Loan Bank of San Francisco (1995 NOW/DDA Services)

(Does not provide item processing services for third party accounts)

District 12.—Federal Home Loan Bank of Seattle (1995 NOW/DDA Services)

(Does not provide item processing services for third party accounts)

By the Federal Housing Finance Board.

Rita I. Fair,

Managing Director.

[FR Doc. 95–12930 Filed 5–26–95; 8:45 am]

BILLING CODE 6725–01–M

FEDERAL RESERVE SYSTEM

Aspen Bancshares, Inc.; Formation of,

Acquisition by, or Merger of Bank

Holding Companies

The company listed in this notice has

applied for the Board’s approval under

section 3 of the Bank Holding Company

Act (12 U.S.C. 1842) and § 225.14 of the

Board’s Regulation Y (12 CFR 225.14) to

become a bank holding company or to

acquire a bank or bank holding

company. The factors that are

considered in acting on the applications

are set forth in section 3(c) of the Act

(12 U.S.C. 1842(c)).

The application is 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 to the

Reserve Bank indicated for that

application or to the offices of the Board

of Governors. Any comment on an

application that requests a hearing must

include a statement of why a written

presentation would not suffice in lieu of

a hearing, identifying specifically any

questions of fact that are in dispute and

summarizing the evidence that would

be presented at a hearing.

Comments regarding this application

must be received not later than June 23,

1995.

A. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198

1. Aspen Bancshares, Inc., Aspen,

Colorado; to acquire 100 percent of the

voting shares of Val Cor Bancorporation,

Inc., Cortez, Colorado, and thereby

indirectly acquire Valley National Bank,

Cortez, Colorado.

Board of Governors of the Federal Reserve

System, May 23, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–13106 Filed 5–26–95; 8:45 am]

BILLING CODE 6210–01–F

First Dakota Financial Corporation

Employee Stock Ownership Plan;

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies; Correction

This notice corrects a notice (FR Doc.

95-11228) published on page 22580 of

the issue for Monday, May 8, 1995.

Under the Federal Reserve Bank of

Minneapolis heading, the entry for First

Dakota Financial Corporation Employee

Stock Ownership Plan, is revised to read

as follows:

1. First Dakota Financial Corporation

Employee Stock Ownership Plan,

Yankton, South Dakota; to become a

bank holding company by acquiring

26.08 percent of the voting shares of

First Dakota Financial Corporation,

Yankton, South Dakota.

Comments on this application must

be received by June 1, 1995.

Board of Governors of the Federal Reserve

System, May 23, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95-13107 Filed 5–26-95; 8:45 am]

BILLING CODE 6210-01-F

The First National Company, Storm

Lake, Iowa; Notice to Engage in

Certain Nonbanking Activities

The First National Company, Storm

Lake, Iowa (Applicant), has given notice

pursuant to section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) (BHC Act) and section

225.23 of the Board’s Regulation Y (12

CFR 225.23), to indirectly acquire Buena

Vista Abstracting, Storm Lake, Iowa,

and thereby engage in real estate title

abstracting. Real estate title abstracting

includes the reporting of information on

the interests or ownership of selected

real property. Applicant would obtain

information from public records and

prepare a written report reciting the

property’s ownership history, including

any liens held against such property.

The report would assist lenders and

their counsel in determining the status

of the property to be mortgaged. In

connection with this activity, Applicant

would not provide any insurance

against title defects, guarantee any title,

or provide any certification with respect

to a title. Applicant seeks approval to

conduct the proposed activities

throughout Buena Vista County, Iowa.

Section 4(c)(8) of the BHC Act

provides that a bank holding company

may, with Board approval, engage in

any activity ‘‘which the Board after due

notice and opportunity for hearing has

determined (by order or regulation) to

be so closely related to banking or

managing or controlling banks as to be

a proper incident thereto.’’ In

determining whether a proposed

activity is closely related to banking for

purposes of the BHC Act, the Board

considers, inter alia, the matters set

forth in National Courier Ass. v. Board

of Governors of the Federal Reserve

System, 516 F.2d 1229 (D.C. Cir. 1975).

These considerations are (1) Whether

banks generally have in fact provided

the proposed services, (2) whether

banks generally provide services that are

operationally or functionally so similar

to the proposed services as to equip

them particularly well to provide the

proposed services, and (3) whether

banks generally provide services that are

so integrally related to the proposed

services as to require their provision in

a specialized form. See 516 F.2d at

1237. In addition, the Board may

consider any other basis that may

demonstrate that the activity has a

reasonable or close relationship to

banking or managing or controlling

banks. Board Statement Regarding

Regulation Y, 49 Fed. Reg. 806 (1984).

Applicant indicates that the proposed

real estate title abstracting activities are

incidental to the business of lending

and consistent with the provision of real

estate settlement services previously

approved by the Board. See e.g.,

Norwest Corporation, 76 Federal

Reserve Bulletin 1058 (1990). Because

Applicant would not provide any

insurance against title defects or