19260 Federal Register / Vol. 60, No. 73 / Monday, April 17, 1995 / Notices

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.

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 May 1, 1995.

A. Federal Reserve Bank of Cleveland

(John J. Wixted, Jr., Vice President) 1455

East Sixth Street, Cleveland, Ohio

44101:

1. KeyCorp, Cleveland, Ohio, and Key

Bancshares of Wyoming, Cheyenne,

Wyoming; to engage de novo through

Key Bancshares of Wyoming, in making

consumer and home mortgage loans

pursuant to § 225.25(b)(1) of the Board’s

Regulation Y.

Board of Governors of the Federal Reserve

System, April 11, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95-9362 Filed 4-14-95; 8:45 am]

BILLING CODE 6210-01-F

National City Corporation; Application

to engage in certain Nonbanking

Activities

National City Corporation, Cleveland,

Ohio (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 Raffensperger,

Hughes & Co., Incorporated,

Indianapolis, Indiana, and thereby

engage through NatCity Investments,

Inc., Cleveland, Ohio (Company), in

underwriting and dealing in debt and

equity securities of all types, other than

shares of open-end investment

companies. These activities will be

conducted throughout the United States.

Applicant maintains that the Board

previously has determined that the

proposed activities are closely related to

banking. Applicant states that Company

would conduct the proposed activities

within the limitations and prudential

guidelines established by the Board in

previous orders. See Canadian Imperial

Bank of Commerce, 76 Federal Reserve

Bulletin 158 (1990); J.P. Morgan & Co.

Incorporated, et al., 75 Federal Reserve

Bulletin 192 (1989), aff’d sub nom.

Securities Industries Ass’n v. Board of

Governors of the Federal Reserve

System, 900 F.2d 360 (D.C. Cir. 1990);

and Citicorp, et al., 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.), cert.

denied, 486 U.S. 1059 (1988). In

connection with its application,

Applicant has requested permission to

retain the director and officer interlocks

between Company and its affiliated

banks previously permitted by the

Board. See National City Corporation,

80 Federal Reserve Bulletin 346 (1994).

Applicant also has requested that the

securities brokerage subsidiary of

National City Bank, Cleveland, Ohio, be

permitted to act as introducing broker

for customers in securities transactions

that would be forwarded to Company

for execution and clearance, and that

Company be permitted to calculate

compliance with the revenue limitation

on an annualized basis during the first

year following consummation of the

acquisition since Applicant is acquiring

a going concern. See First of America

Corporation, 80 Federal Reserve

Bulletin 1120 (1994); Dauphin Deposit

Corporation, 77 Federal Reserve

Bulletin 672 (1991).

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

would produce public benefits that

outweigh any potential adverse effects.

In particular, Applicant maintains that

the proposal would 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,

Secretary, Board of Governors of the

Federal Reserve System, Washington,

D.C. 20551, not later than May 5, 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 Cleveland.

Board of Governors of the Federal Reserve

System, April 11, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95-9363 Filed 4-14-95; 8:45 am]

BILLING CODE 6210-01-F

Pikeville National 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