[Federal Register Volume 60, Number 32 (Thursday, February 16, 1995)]
[Notices]
[Page 9031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-3871]



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FEDERAL RESERVE SYSTEM


Progressive Growth Corp.; Notice of Application to Engage de novo 
in Permissible Nonbanking Activities

    The company listed in this notice has filed an application under 
Sec.  225.23 of the Board's Regulation Y (12 CFR 225.23) for the 
Board's approval under section 4(c)(8) of the Bank Holding Company Act 
(12 U.S.C. 1843(c)(8)) and Sec.  225.21(a) of Regulation Y (12 CFR 
225.21(a)) to commence or to engage either directly or through a 
subsidiary, in a nonbanking activity that is listed in Sec.  225.25 of 
Regulation Y as closely related to banking and permissible for bank 
holding companies. Unless otherwise noted, such activities will be 
conducted throughout the United States.
    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 on the question whether consummation of the proposal can 
``reasonably be expected to produce benefits to the public, such as 
greater convenience, increased competition, or gains in efficiency, 
that outweigh possible adverse effects, such as undue concentration of 
resources, decreased or unfair competition, conflicts of interests, or 
unsound banking practices.'' Any request for a hearing on this question 
must be accompanied by a statement of the reasons a written 
presentation would not suffice in lieu of a hearing, 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 
March 2, 1995.
    A. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Progressive Growth Corp., Gaylord, Minnesota; previously known 
as Gaylord Bancorporation, Ltd., to expand the geographic scope of the 
activities of its subsidiary corporation, Sterling Capital Advisors, 
Inc., Gaylord, Minnesota to a nationwide basis.
Sterling Capital Advisors engages in:
     1. The appraisal of real and personal property pursuant to Sec.  
225.25(b)(13) of the Board's Regulation Y;
     2. Management Consulting pursuant to Sec.  225.25(b)(11) of the 
Board's Regulation Y; and
     3. Providing investment and financial advise pursuant to Secs.  
225.25(b)(4)(iii), 225.25(b)(4)(iv), and 225.25(b)(4)(v) of the Board's 
Regulation Y.
    Progressive Growth Corp. also proposes to engage in providing 
consumer financial counseling pursuant to Sec.  225.25(b)(20) of the 
Board's Regulation Y. This activity will be conducted only in the state 
of Minnesota.
    Progressive Growth Corp. also proposes to establish a wholly-owned 
subsidiary, Progressive Financial Services, Inc., Gaylord, Minnesota, 
which will acquire Citizens Insurance Agency, Gaylord, Minnesota, and 
thereby engage in the sale of insurance in towns of less than 5,000 
pursuant to Sec.  225.25(b)(8)(iii) of the Board's Regulation Y. This 
activity will be conducted only in the cities of Gaylord and Nicollet, 
Minnesota.

    Board of Governors of the Federal Reserve System, February 10, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-3871 Filed 2-15-95; 8:45 am]
BILLING CODE 6210-01-F