Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices 13987

Board of Governors of the Federal Reserve

System, March 9, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–6348 Filed 3–14–95; 8:45 am]

BILLING CODE 6210–01–F

Mellon Bank Corporation, Pittsburgh,

Pennsylvania, and Chemical Banking

Corporation, New York, New York;

Notices to engage in certain

Nonbanking Activities

Mellon Bank Corporation, Pittsburgh,

Pennsylvania (Mellon), and Chemical

Banking Corporation, New York, New

York (Chemical), 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)), to each acquire a 50

percent interest in a Delaware

partnership, Chemical Mellon

Shareholder Services, Ridgefield Park,

New Jersey (Partnership). Mellon and

Chemical would transfer substantially

all the assets of their respective

shareholder services businesses to

Partnership, and Partnership would

provide the following services to issuers

of equity securities: shareholder account

maintenance; dividend disbursement;

mailings to equity security holders;

annual meeting services; transfer and

issuance, as agent, of equity security

certificates; investor relations;

reorganization services; stock option

processing, recordkeeping and account

maintenance; restricted securities

processing and recordkeeping; stock

watch services and proxy solicitation;

and dividend reinvestment and stock

purchase plan administration. In

addition, Partnership would provide

‘‘private label’’ bondholder account

maintenance for certain existing

customers of Mellon. Chemical and

Mellon maintain that the Board

previously has determined that the

proposed activities are closely related to

banking. See 12 CFR 225.25 (b)(3).

These activities will be conducted

nationwide.

In order to approve the proposal, the

Board must determine that the proposed

activities to be conducted by

Partnership ‘‘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.’’ 12 U.S.C. 1843(c)(8).

Chemical and Mellon believe that the

proposal will produce public benefits

that outweigh any potential adverse

effects. In particular, Chemical and

Mellon maintain that the proposal will

enhance competition and enable

Chemical and Mellon to offer their

customers greater convenience and

accessibility. Chemical and Mellon also

maintain that their proposal would not

diminish competition in light of the

qualitative characteristics of the

industry.

In publishing the proposal for

comment, the Board does not take a

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 March 31,

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,

the Federal Reserve Bank of Cleveland,

or the Federal Reserve Bank of New

York.

Board of Governors of the Federal Reserve

System, March 9, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–6347 Filed 3–14–95; 8:45 am]

BILLING CODE 6210–01–F

Norton Capital 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 April 7,

1995.

A. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Norton Capital Corporation, Morris,

Illinois; to merge with Sheridan

Bancorp, Inc., Sheridan, Illinois, and

thereby indirectly acquire Sheridan

State Bank, Sheridan, Illinois.

B. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63166:

1. Mercantile Bancorporation, Inc., St.

Louis, Missouri; to acquire 100 percent

of the voting shares of Mercantile Bank

of Lebanon, Lebanon, Missouri, a de

novo bank.

C. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. Norwest Corporation, Minneapolis,

Minnesota; to acquire 100 percent of the

voting shares of Norwest Bank Grand

Forks, N.A., Grand Forks, North Dakota,

a de novo bank.

Board of Governors of the Federal Reserve

System, March 9, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–6349 Filed 3–14–95; 8:45 am]

BILLING CODE 6210–01–F

Norwest Corporation; Application to

Engage in Nonbanking Activities

Norwest Corporation, Minneapolis,

Minnesota, (Applicant), has filed notice

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)) to engage in the activity of

providing for a fee employment

information, including salary, length of

employment and name of employer,