Federal Register / Vol. 60, No. 12 / Thursday, January 19, 1995 / Notices 3867

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

Comments regarding the application

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than February 1,

1995.

A. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198:

1. American National Corporation,

Omaha, Nebraska; to acquire Kirkpatrick

Pettis Trust Company, Omaha,

Nebraska, and thereby engage in

performing fiduciary and related

activities authorized for trust companies

pursuant to § 225.25(b)(3) of the Board’s

Regulation Y.

Board of Governors of the Federal Reserve

System, January 12, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–1303 Filed 1–18–95; 8:45 am]

BILLING CODE 6210–01–F

Chittenden Corporation, et al.;

Formations of; Acquisitions by; and

Mergers of Bank Holding Companies

The companies listed in this notice

have 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)).

Each 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 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.

Unless otherwise noted, comments

regarding each of these applications

must be received not later than February

13, 1995.

A. Federal Reserve Bank of Boston

(Robert M. Brady, Vice President) 600

Atlantic Avenue, Boston, Massachusetts

02106:

1. Chittenden Corporation,

Burlington, Vermont; to acquire 100

percent of the voting shares of The Bank

of Western Massachusetts, Springfield,

Massachusetts.

B. Federal Reserve Bank of Atlanta

(Zane R. Kelley, Vice President) 104

Marietta Street, N.W., Atlanta, Georgia

30303:

1. SunTrust Banks, Inc., Atlanta,

Georgia; and Sun Banks, Inc., Orlando,

Florida; to acquire 100 percent of the

voting shares of Peoples State Bank,

New Port Richey, Florida.

C. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Ida Grove Bancshares, Inc., Ida

Grove, Iowa; to acquire 80.1 percent of

the voting shares of American National

Bank, Holstein, Iowa.

Board of Governors of the Federal Reserve

System, January 12, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–1304 Filed 1–18–95; 8:45 am]

BILLING CODE 6210-01-F

CS Holding and Credit Suisse, both of

Zurich, Switzerland; Application to

Engage in Nonbanking Activities

CS Holding and Credit Suisse, both of

Zurich, Switzerland (Applicants), have

applied pursuant to section 4(c)(8) of

the Bank Holding Company Act (12

U.S.C. 1843(c)(8)) (BHC Act) and §

225.23(a)(3) of the Board’s Regulation Y

(12 CFR 225.23(a)(3)), through BEA

Associates, New York, New York

(Company), to engage de novo in

providing investment advisory services

(including discretionary portfolio

management services) to institutional

customers with respect to futures and

options on futures on certain financial

and nonfinancial commodities.

Company would provide the proposed

services with respect to financial

contracts previously approved by the

Board (See SR Letter 93-27 (May 21,

1993)), Goldman Sachs Index Futures

and options thereon that are traded on

the Chicago Mercantile Exchange, and

nonfinancial contracts previously

approved by the Board. These activities

would be conducted worldwide.

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. This statutory

test requires that two separate tests be

met for an activity to be permissible for

a bank holding company. First, the

Board must determine that the activity

is, as a general matter, closely related to

banking. Second, the Board must find in

a particular case that the performance of

the activity by the applicant bank

holding company may reasonably be

expected to produce public benefits that

outweigh possible adverse effects.

A particular activity may be found to

meet the ‘‘closely related to banking’’

test if it is demonstrated that banks

generally have provided the proposed

activity, that banks generally provide

services that are operationally or

functionally similar to the proposed

activity so as to equip them particularly

well to provide the proposed services,

or that banks generally provide services

that are so integrally related to the

proposed activity as to require their

provision in a specialized form.

National Courier Ass’n v. Board of

Governors, 516 F.2d 1229, 1237 (D.C.

Cir. 1975). 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 FR 806 (1984).

Applicants maintain that the Board

previously has determined by order and

regulation that providing general

investment advisory services with

respect to futures and options on futures

on financial and nonfinancial

commodities is closely related to

banking. See 12 CFR 225.25(b)(19);

Swiss Bank Corporation, 77 Federal

Reserve Bulletin 126 (1991) (Swiss

Bank); J.P. Morgan & Co., Incorporated,

80 Federal Reserve Bulletin 151 (1994)

(J.P. Morgan). Applicants state that they

would provide general investment

advisory services in accordance with the

Board’s rules and orders.

Applicants also maintain that the

Board previously has not determined

that providing discretionary portfolio

management services with respect to

futures and options on futures on

financial and nonfinancial commodities

is closely related to banking. Applicants

state that Company only would provide

discretionary portfolio management

services to institutional customers, and

only with the consent of such

customers. Applicants also state that

Company would comply with

applicable law, including fiduciary

principles, and obtain the consent of its

customer before engaging, as principal

or as agent in a transaction in which an