Federal Register / Vol. 60, No. 6 / Tuesday, January 10, 1995 / Notices 2601

community development activities,

pursuant to § 225.25(b)(6) of the Board’s

Regulation Y.

Board of Governors of the Federal Reserve

System, January 4, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–525 Filed 1–9–95; 8:45 am]

BILLING CODE 6210–01–F

Norwest Corporation, et al.;

Acquisitions of Companies Engaged in

Permissible Nonbanking Activities

The organizations listed in this notice

have applied under § 225.23(a)(2) or (f)

of the Board’s Regulation Y (12 CFR

225.23(a)(2) or (f)) for the Board’s

approval under section 4(c)(8) of the

Bank Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to acquire or

control voting securities or assets of a

company engaged in a nonbanking

activity that is listed in § 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.

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 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.

Unless otherwise noted, comments

regarding each of these applications

must be received at the Reserve Bank

indicated for the application or the

offices of the Board of Governors not

later than January 24, 1995.

A. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. Norwest Corporation, Minneapolis,

Minnesota; to acquire through its

subsidiary Norwest Mortgage, Inc., Des

Moines, Iowa, the mortgage servicing

rights of Montana Bank, N.A, Billings,

Montana, and Bank of Montana, N.A.,

Great Falls, Montana, and thereby

engage in mortgage servicing, pursuant

to § 225.25(b)(1) of the Board’s

Regulation Y.

2. Otto Bremer Foundation, St. Paul,

Minnesota, and Bremer Financial

Corporation, St. Paul, Minnesota; to

acquire Morris State Agency, Morris,

Minnesota, and thereby engage through

its subsidiary, First American Insurance

Agencies, Inc. St. Paul, Minnesota, in

insurance agency activities through the

purchase of assets and the assumption

of liabilites, pursuant to §

225.25(b)(8)(vii) of the Board’s

Regulation Y.

Board of Governors of the Federal Reserve

System, January 4, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–527 Filed 1–9–5; 8:45 am]

BILLING CODE 6210–01–F

Union Bank of Switzerland, Zurich,

Switzerland; Application to engage in

Investment Advisory Activities

Union Bank of Switzerland, Zurich,

Switzerland (‘‘Applicant’’), has 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 C.F.R. 225.23(a)(3)), through UBS

Asset Management (New York) Inc.,

New York, New York (‘‘Company’’), to

acquire Timberland Resources, Inc.,

West Lebanon, New Hampshire, and to

engage in providing investment

advisory services with respect to

timberland investments, including:

(1) Identifying and evaluating

investment opportunities relating to

timber, forest resources and forest

products, including reviewing and

evaluating economic factors affecting

demand and prices for forest

products, the quality of timberland

and forest product companies

available for investment, the

inventory of trees, and prospects for

productive growth;

(2) Monitoring timber markets,

including economic analysis of

various timber species and growing

areas, analysis of pricing trends, and

identification of developing markets

for timber and other forestry products;

(3) Advising on the structuring of

particular investment transactions

and the manner in which investment

vehicles should be organized and

capitalized;

(4) Providing advice with respect to the

acquisition and disposition of

particular investment properties, the

financing of such properties, and the

terms of particular acquisitions,

dispositions and financings;

(5) Identifying and recommending thirdparty providers of services, such as

foresters, tract managers, consultants,

appraisers and independent auditors;

(6) Evaluating strategic, capital and

operating plans for particular

investments, including plans for

planting, growing, cultivating, cutting,

insuring and harvesting of particular

properties in light of relevant

economic projections, and advising

with respect to such matters;

(7) Monitoring the performance of

individual properties, including

overseeing periodic valuations and

appraisals of particular properties;

and

(8) Providing investment reports to

investors.Company’s customers

would include investment

partnerships that exclusively invest in

timber and forest resources. The

proposed services would be provided

throughout the world.

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.

Applicant maintains that the Board

previously has determined that the

proposed investment advisory services

are closely related to banking. See 12

CFR 225.25 (b)(4)(iii) & (iv); Southeast

Banking Corporation, 69 Federal

Reserve Bulletin 564 (1983); Standard

and Chartered Bank PLC, 71 Federal

Reserve Bulletin 470 (1985). Applicant

also maintains that consummation of

this proposal would provide added

convenience to Applicant’s customers,

and would not decrease competition or

result in any other possible adverse

effects.

In publishing the proposal for

comment, the Board does not take a
2602 Federal Register / Vol. 60, No. 6 / Tuesday, January 10, 1995 / Notices

position on issues raised by the

proposal. Notice of the proposal is

published solely to seek the views of

interested persons on the issues

presented by the application and does

not represent a determination by the

Board that the proposal meets, or is

likely to meet, the standards of the BHC

Act.

Any comments or requests for hearing

should be submitted in writing and

received by William W. Wiles,

Secretary, Board of Governors of the

Federal Reserve System, Washington,

D.C. 20551, not later than January 24,

1995. Any request for a hearing on this

application must, as required by §

262.3(e) of the Board’s Rules of

Procedure (12 CFR 262.3(e)), be

accompanied by a statement of the

reasons why 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.

This application may be inspected at

the offices of the Board of Governors or

the Federal Reserve Bank of New York.

Board of Governors of the Federal Reserve

System, January 4, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–526 Filed 1–9–95; 8:45 am]

BILLING CODE 6210–01–F

United Valley Bancorp, Inc., 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

3, 1995.

A. Federal Reserve Bank of

Philadelphia (Michael E. Collins, Senior

Vice President) 100 North 6th Street,

Philadelphia, Pennsylvania 19105:

1. United Valley Bancorp, Inc.,

Philadelphia, Pennsylvania; to become a

bank holding company by acquiring 100

percent of the voting shares of United

Valley Bank, Philadelphia,

Pennsylvania. UVB Interim Bank, will

be formed to facilitate the transaction.

B. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. First Mutual Bancorp, Inc., Decatur,

Illinois; to become a bank holding

company by acquiring 100 percent of

the voting shares of First Mutual Bank,

S.B., Decatur, Illinois.

C. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. Elgin Bancshares, Inc., Elgin, North

Dakota; to become a bank holding

company by acquiring 100 percent of

the voting shares of Farmers State Bank,

Elgin, North Dakota.

D. Federal Reserve Bank of San

Francisco (Kenneth R. Binning,

Director, Bank Holding Company) 101

Market Street, San Francisco, California

94105:

1. Wells Fargo & Company, San

Francisco, California; to acquire 100

percent of the voting shares of Wells

Fargo Bank (Arizona), National

Association, Phoenix, Arizona, a de

novo bank.

Board of Governors of the Federal Reserve

System, January 4, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–528 Filed 1–9–95; 8:45 am]

BILLING CODE 6210–01–F

GENERAL SERVICES

ADMINISTRATION

Public Buildings Service; Record of

Decision; New United States

Courthouse-Federal Building in Santa

Ana, California

The United States General Services

Administration (GSA) announces its

decision, in accordance with the

National Environmental Policy Act

(NEPA) (40 CFR parts 1500–1508) and

the Regulations issued by the Council

on Environmental Quality, November

29, 1978, to construct a new Federal

Building-United States Courthouse (FB–

CT) in Santa Ana, California. The site is

bordered by 5th Street to the north, 4th

Street to the south, Ross Street to the

west, and Broadway to the east.

The purposes for the new FB–CT are

to consolidate courts and court related

agencies space in one location, to

relieve substandard and overcrowded

conditions at the existing federal court

facilities in the City of Santa Ana, and

to provide space for anticipated future

growth. The proposed project is

anticipated to be ready for occupancy in

1997.

The existing court activities are

currently dispersed between three

separate buildings. The three locations

are the Federal Building at 34 Civic

Center Drive, leased office space at 600

West Santa Ana Boulevard, and a leased

modular structure in the Civic Center

Plaza. The courts and related agencies

need to be consolidated in one location

for the efficiency of their operations.

In use since 1987, the modular

building is a prefabricated temporary

structure which is approaching the end

of its useful life. Its conditions are

substandard for high-volume Federal

Court activities. Problems associated

with the leased modular facility such as

inadequate parking, lack of loading dock

or delivery facilities, poor building

circulation, and poor acoustics currently

hinder courts day to day activities.

Additionally, the modular building is

located on a site leased by the

Government from the County of Orange.

The ground lease will expire in 1997

and is nonrenewable.

The existing Federal Building, as well

as the modular building, do not meet

guidelines for court facilities set forth in

the ‘‘U.S. Courts Design Guide’’

(February 1993). Structural restrictions

such as obstructing columns and

inadequate ceiling heights are prevalent

in these facilities.

In addition to the substandard

facilities, overcrowding hinders courts

day to day activities. The Central

District Court of California, of which

Santa Ana is a division, is the largest

district in the Ninth Circuit. Between

1986 and 1991, the entire Central

District Court of California experienced

an average increase in case load filings

of approximately 9.6 percent per year.

During 1991 and 1992, the Santa Ana

Divisional Office experienced an

approximately 24.6 percent increase in

case load filings. The federal court

system located in Santa Ana currently

requires approximately 25,000

additional occupiable square feet for its