Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices 13435

titled ‘‘EPA’s Urban Area Source

Research Program—A Status Report on

Preliminary Research.’’ The Clean Air

Act calls for EPA to produce this report.

DATES: This report will be available at

the addresses indicated below on March

13, 1995.

ADDRESSES: Copies of the report may be

obtained by writing or phoning: March

13, 1995 to April 15, 1995:

Ms. Gloria J. Koch, Technical

Information Officer, Atmospheric

Research and Exposure Assessment

Laboratory (MD–75), U.S.

Environmental Protection Agency,

Research Triangle Park, NC 27711,

Telephone: 919–541–4109

After April 15, 1995: U.S. Department of

Commerce, National Technical

Information Service, Springfield, VA

22161.

FOR FURTHER INFORMATION CONTACT: Dr.

Larry T. Cupitt, Director, Methods

Research and Development Division,

Atmospheric Research and Exposure

Assessment Laboratory (MD–77), U.S.

Environmental Protection Agency,

Research Triangle Park, NC 27711,

Telephone: 919–541–2454.

SUPPLEMENTARY INFORMATION: EPA is

announcing the public availability of a

report titled ‘‘EPA’s Urban Area Source

Research Program—A Status Report on

Preliminary Research.’’ The report was

called for under section 112(k) of the

Clean Air Act, 42 U.S.C. 7412(k).

Issuance of the report does not represent

final agency action.

The report summarizes the status of

the Agency’s urban area source research

program. The report presents the

preliminary research findings on area

sources of hazardous air pollutants

located in urban areas. The report does

not make EPA policy determinations

about area sources as possible sources of

hazardous air pollutants and does not

affect any legal rights or impose any

obligations. Information collected

through the research program will be

considered by the Administrator when

developing the national urban area

source strategy required by Section

112(k)(3) of the Clean Air Act.

Dated: March 3, 1995.

Robert J. Huggett,

Assistant Administrator for Research and

Development.

[FR Doc. 95–5988 Filed 3–10–95; 8:45 am]

BILLING CODE 6560–50–M

FEDERAL RESERVE SYSTEM

AMBANC Corp.; 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 April 6,

1995.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63166:

1. AMBANC Corp., Vincennes,

Indiana; to merge with First Robinson

Bancorp, Robinson, Illinois, and thereby

indirectly acquire The First National

Bank in Robinson, Robinson, Illinois.

Board of Governors of the Federal Reserve

System, March 7, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–6071 Filed 3–10–95; 8:45 am]

BILLING CODE 6210–01–F

Larch Bancorporation, Inc., et al.;

Acquisition 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 March 27, 1995.

A. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Larch Bancorporation, Inc.,

Larchwood, Iowa; to acquire from its

subsidiary Security Savings Bank,

Parchwood, Iowa, Security Insurance

Agency, Inwood, Iowa, and thereby

engage in general insurance activities in

a town of less than 5,000. These

activities will be conducted in Inwood,

Illinois, pursuant to § 225.25(b)(8)(iii) of

the Board’s Regulation Y.

B. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63166:

1. National City Bancshares, Inc.,

Evansville, Indiana; to acquire United

Financial Bancorp, Inc., Vincennes,

Indiana, and United Federal Savings

Bank of Vincennes, Vincennes, Indiana,

and thereby engage in indirectly

acquiring, controlling, and operating a

federally-chartered savings bank,

pursuant to § 225.25(b)(9) of the Board’s

Regulation Y.

2. Turner Bancshares, Inc., Belgrade,

Missouri; to acquire HDJ Turner

Company, Potosi, Missouri, previously
13436 Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices

operating as Potosi Abstract, Potosi,

Missouri, and thereby engage in the sale

of title insurance in a town of less than

5,000, pursuant to § 225.25(b)(8)(iii) of

the Board’s Regulation Y. This activity

will be conducted in Potosi, Missouri.

C. Federal Reserve Bank of Kansas

City (John E. Yorke, Senior Vice

President) 925 Grand Avenue, Kansas

City, Missouri 64198:

1. First Ainsworth Company,

Ainsworth, Nebraska; to engage in

performing insurance activities in a

town having a population not exceeding

5,000 pursuant to § 225.25(b)(8)(iii) of

the Board’s Regulation Y. These

activities will be conducted in Bassett,

Nebraska.

Board of Governors of the Federal Reserve

System, March 7, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–6072 Filed 3–10–95; 8:45 am]

BILLING CODE 6210–01–F

Mellon Bank Corporation, Pittsburgh,

Pennsylvania; Application to Engage

in Certain Nonbanking Activities

Mellon Bank Corporation, Pittsburgh,

Pennsylvania (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 CFR

225.23(a)(3)), to acquire the shares of

Mellon Investment Products

Corporation (Company) from its

subsidiary bank, Mellon Bank, N.A.

(Bank), both of Pittsburgh,

Pennsylvania, and to engage in the

following activities:

1) Underwriting and dealing to a

limited extent in municipal revenue

bonds (including certain industrial

development bonds and unrated

municipal revenue bonds), mortgagerelated securities, consumer-receivablerelated securities and commercial paper;

2) Underwriting and dealing in bankeligible instruments pursuant to 12 CFR

225.25(b)(16);

3) Acting as agent in the private

placement of securities, including

providing related advisory services;

4) Acting as riskless principal in the

purchase and sale of all types of

securities on behalf of customers;

5) Providing securities brokerage

services pursuant to 12 CFR

225.25(b)(15), including selling bankineligible securities underwritten or

dealt in by Company to retail customers;

6) Providing investment advisory

services pursuant to 12 CFR

225.25(b)(4); and

7) Providing foreign exchange

advisory and transactional services

pursuant to 12 CFR 225.25(b)(17).

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 activity, 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 (January 5,

1984).

Applicant maintains that the Board

previously has determined that the

proposed activities are closely related to

banking. See 12 CFR 225.25 (b)(4), (15),

(16) & (17); PNC Financial Corp., 75

Federal Reserve Bulletin 396 (1989)

(section 20 company providing

securities brokerage services to retail

customers with respect to bankineligible securities underwritten or

dealt in by the section 20 company);

Bankers Trust New York Corporation,

75 Federal Reserve Bulletin 829

(1989)(acting as agent in the private

placement of securities and purchasing

and selling securities on the order of

investors as a riskless principal);

Citicorp, 73 Federal Reserve Bulletin

473 (1987), aff’d sub nom. Securities

Industry Ass’n v. Board of Governors of

the Federal Reserve System, 839 F.2d 47

(2d Cir. 1988), cert. den., 486 U.S. 1059

(1988), and Chemical New York

Corporation, 73 Federal Reserve

Bulletin 731 (1987) (underwriting and

dealing to a limited extent in municipal

revenue bonds (including certain

industrial development bonds),

mortgage-related securities, consumerreceivable-related securities and

commercial paper); and Letter dated

December 5, 1994, to Bruce Moland,

Assistant General Counsel, Norwest

Corporation, from William W. Wiles,

Secretary of the Board (underwriting

and dealing to a limited extent in

unrated municipal revenue bonds).

Applicant states that it would conduct

the proposed activities in accordance

with the Board’s orders, regulations and

related interpretations, with two

exceptions. In particular, Applicant

proposes to establish up to two

interlocking directors between Bank and

Company. These directors would not be

officers or employees of either Bank or

Company. Applicant maintains that the

Board previously has permitted similar

interlocks. See SunTrust Banks, Inc., 80

Federal Reserve Bulletin 938 (1994).

Applicant also proposes that Company

be permitted to have offices in buildings

in which Bank also has offices.

Applicant states that it would take a

number of steps to ensure that

Company’s offices are separate and

distinct from those of Bank.

In order to approve the proposal, the

Board must determine that the proposed

activities to be conducted by Company

‘‘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).

Applicant believes that the proposal

will produce public benefits that

outweigh any potential adverse effects.

In particular, Applicant maintains that

the proposal will enhance competition

and enable Applicant to offer its

customers a broader range of products.

Applicant also maintain that its

proposal would not result in any

adverse effects.

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,