Federal Register / Vol. 61, No. 86 / Thursday, May 2, 1996 / Notices 19627

President) 925 Grand Avenue, Kansas

City, Missouri 64198:

1. Sooner Southwest Bankshares, Inc.,

Bristow, Oklahoma; to become a bank

holding company by acquiring 100

percent of the voting shares of Sooner

Southwest Bancshares, Inc., Bristow,

Oklahoma, and thereby indirectly

acquire Community Bank, Bristow,

Oklahoma, and Security First National

Bank, Hugo, Oklahoma.

In connection with this application,

Applicant also has applied to acquire

Southwest Consolidated Life Insurance

Company, Bristow, Oklahoma, and

thereby engage in acquiring an

insurance company subsidiary that

engages in credit-related insurance

activities, pursuant to § 225.25(b)(8)(i)

of the Board’s Regulation Y.

Comments on this application must

be received not later than May 2, 1996.

Board of Governors of the Federal Reserve

System, April 26, 1996.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 96–10905 Filed 5–1–96; 8:45 am]

BILLING CODE 6210–01–P

Notice of Proposals to Engage in

Permissible Nonbanking Activities or

to Acquire Companies that are

Engaged in Permissible Nonbanking

Activities

The companies listed in this notice

have given notice under section 4 of the

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

1843) (BHC Act) and Regulation

Y, (12 CFR part 225) to engage de novo,

or to acquire or control voting securities

or assets of a company that engages

either directly or through a subsidiary or

other company, in a nonbanking activity

that is listed in § 225.25 of Regulation

Y (12 CFR 225.25) or that the Board has

determined by Order to be closely

related to banking and permissible for

bank holding companies. Unless

otherwise noted, these activities will be

conducted throughout the United States.

Each notice is available for inspection

at the Federal Reserve Bank indicated.

Once the notice 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 the proposal complies

with the standards of section 4 of the

BHC Act, including 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’’

(12 U.S.C. 1843). 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 the applications must be

received at the Reserve Bank indicated

or the offices of the Board of Governors

not later than May 16, 1996.

A. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Anita Bancorporation, Newton,

Iowa; to engage de novo in making and

servicing loans, pursuant to §

225.25(b)(1) of the Board’s Regulation Y.

B. Federal Reserve Bank of

Minneapolis (James M. Lyon, Vice

President) 250 Marquette Avenue,

Minneapolis, Minnesota 55480:

1. Norwest Corporation, Minneapolis,

Minnesota; through Norwest Financial

Services, Inc., Des Moines, Iowa, to

acquire Aman Collection Service, Inc.,

Aberdeen, South Dakota, and thereby

engage in operating a collection agency,

pursuant to § 225.25(b)(23) of the

Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, April 26, 1996.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 96–10906 Filed 5–1–96; 8:45 am]

BILLING CODE 6210–01–F

The Bank of New York Company, Inc.;

Notice to Engage in Certain

Nonbanking Activities

The Bank of New York Company, Inc.,

New York, New York (BNY), has

applied for Board approval pursuant to

section 4(c)(8) of the Bank Holding

Company Act (12 U.S.C. 1843(c)(8))

(BHC Act) and section 225.23(a) of the

Board’s Regulation Y (12 CFR

225.23(a)), to engage de novo through its

indirect wholly owned subsidiary, BNY

Capital Markets, Inc., New York, New

York (Company), in the following

nonbanking activities: (i) providing

investment and financial advisory

services pursuant to 12 CFR

225.25(b)(4); (ii) providing full-service

brokerage services pursuant to 12 CFR

225.25(b)(15); underwriting and dealing

in government obligations and other

obligations that state member banks may

underwrite and deal in pursuant to 12

CFR 225.25(b)(16); making, acquiring

and servicing loans or other extensions

of credit pursuant to 12 CFR

225.25(b)(1); underwriting and dealing

in, to a limited extent, certain municipal

revenue bonds (including unrated and

certain ‘‘private ownership’’ municipal

revenue bonds), mortgage-related

securities, commercial paper and

consumer-receivable-related securities

(Tier 1 Securities); buying and selling

all types of debt and equity securities on

the order of customers as a ‘‘riskless

principal;’’ and acting as agent in the

private placement of all types of debt

and equity securities. Company

currently is a subsidiary of BNY’s bank

subsidiary, The Bank of New York, New

York, New York. Company would

engage in the proposed activities on a

worldwide basis following a

reorganization in which it would

become a subsidiary of BNY’s wholly

owned nonbank subsidiary, BNY

Capital Markets Holdings, Inc., New

York, New York.

The Board previously has determined

that the proposed activities are closely

related to banking. See 12 CFR

225.25(b)(1), (4), (15) and (16); Citicorp

et al., 73 Fed. Res. Bull. 473 (1987)

(underwriting and dealing in, to a

limited extent, Tier 1 Securities); Bank

South Corporation, 81 Fed. Res. Bull.

1116 (1995); Letter Interpretating CrossMarketing Firewall, 81 Fed. Res. Bull.

198 (1995). Bankers Trust New York

Corporation, 75 Fed. Res. Bull. 829

(1989)(Bankers Trust); J.P. Morgan &

Company Incorporated, 76 Fed. Res.

Bull. 26 (1990) (J.P. Morgan) (riskless

principal and private placement

activities). BNY proposes to engage in

these activities in accordance with the

limitations and conditions established

by the Board in Regulation Y and in its

prior orders approving these activities.

In authorizing bank holding

companies to engage in riskless

principal activities under section 4(c)(8)

of the BHC Act, the Board previously

has relied upon a commitment that the

applicant would conduct the proposed

riskless principal activities in

accordance with most of the prudential

limitations governing the bankineligible securities underwriting and

dealing activities of section 20

companies (Section 20 Firewalls). See

Bankers Trust, 75 Fed. Res. Bull. at 834;

J.P. Morgan, 76 Fed. Res. Bull. at 27.

BNY, however, does not propose to

conduct the riskless principal activities

of Company in accordance with the

Section 20 Firewalls. BNY states that

riskless principal transactions are

essentially equivalent to brokerage

transactions, and notes that the Board