Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices 28209

banks and nonbanking companies

owned by the bank holding company,

including the companies listed below.

The applications listed below, as well

as other related filings required by the

Board, are 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 standards enumerated in

the BHC Act (12 U.S.C. 1842(c)). If the

proposal also involves the acquisition of

a nonbanking company, the review also

includes whether the acquisition of the

nonbanking company complies with the

standards in section 4 of the BHC Act,

including whether the acquisition of the

nonbanking 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). Any request for

a hearing 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, nonbanking

activities will be conducted throughout

the United States.

Unless otherwise noted, comments

regarding each of these applications

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than June 28, 1996.

A. Federal Reserve Bank of

Richmond (Lloyd W. Bostian, Jr., Senior

Vice President) 701 East Byrd Street,

Richmond, Virginia 23261:

1. South Street Financial Corp.,

Albemarle, North Carolina; to become a

bank holding company by acquiring 100

percent of the voting shares of Home

Savings Bank of Albemarle, Inc., S.S.B.,

Albemarle, North Carolina.

B. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Community Central Bank

Corporation, Mount Clemens, Michigan;

to become a bank holding company by

acquiring 100 percent of the voting

shares of Community Central Bank,

Mount Clemens, Michigan (in

organization).

C. Federal Reserve Bank of Dallas

(Genie D. Short, Vice President) 2200

North Pearl Street, Dallas, Texas 75201-

2272:

1. Paris Bancshares, Inc., Paris, Texas;

to become a bank holding company by

acquiring 100 percent of the voting

shares of LNB Financial Corp., Dover,

Delaware, and thereby indirectly

acquire The Liberty National Bank in

Paris, Paris, Texas.

In connection with this application,

LNB Financial Corp., Dover, Delaware;

also has applied to become a bank

holding company by acquiring 100

percent of the voting shares of The

Liberty National Bank in Paris, Paris,

Texas.

Board of Governors of the Federal Reserve

System, May 29, 1996.

William W. Wiles,

Secretary of the Board.

[FR Doc. 96–13861 Filed 6–3–96; 8:45 am]

BILLING CODE 6210–01–F

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 June 18, 1996.

A. Federal Reserve Bank of Atlanta

(Zane R. Kelley, Vice President) 104

Marietta Street, N.W., Atlanta, Georgia

30303:

1. MidSouth Bancorp, Inc., Lafayette,

Louisiana; to engage de novo through its

subsidiary, Financial Services of the

South, Inc., Lafayette, Louisiana, in

consumer finance activities, pursuant to

§ 225.25(b)(1)(i) of the Board’s

Regulation Y, and in credit insurance

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

of the Board’s Regulation Y.

B. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. Palos Bancshares, Inc., Palos

Heights, Illinois; to acquire through its

subsidiary, Palos Bank and Trust

Company, Palos Heights, Illinois, 33.3

percent of the voting shares of Northern

Illinois Financial Services, LLC,

Willowbrook, Illinois, and thereby

indirectly acquire Serve Corps Mortgage

Services, LLC, Downers Grove, Illinois,

and engage in making and servicing

loans, pursuant to § 225.25(b)(1) of the

Board’s Regulation Y.

2. Hinsbrook Bancshares, Inc.,

Willowbrook, Illinois; through its

subsidiary, Hinsbrook Bank and Trust,

Willowbrook, Illinois, to acquire 33.3

percent of the voting shares of Northern

Illinois Financial Services, LLC,

Willowbrook, Illinois, and thereby

indirectly acquire Serve Corps Mortgage

Services, LLC, Downers Grove, Illinois,

and engage in making and servicing

loans, pursuant to § 225.25(b)(1) of the

Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, May 29, 1996.

William W. Wiles,

Secretary of the Board.

[FR Doc. 96–13863 Filed 6–3–96; 8:45 am]

BILLING CODE 6210–01–F

Federal Open Market Committee;

Domestic Policy Directive of March 26,

1996

In accordance with § 271.5 of its rules

regarding availability of information (12
28210 Federal Register / Vol. 61, No. 108 / Tuesday, June 4, 1996 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of March 26, 1996,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on March 26, 1996.1

The directive was issued to the Federal

Reserve Bank of New York as follows:

Many of the data for recent months

reviewed at this meeting were

influenced to an uncertain degree by

unusually severe winter weather,

industrial strikes, and U.S. government

shutdowns. On balance, the expansion

in economic activity appears to have

picked up after slowing appreciably in

late 1995. Nonfarm payroll employment

surged in February, considerably more

than offsetting a large drop in January,

and the civilian unemployment rate fell

to 5.5 percent. Manufacturing

production increased sharply in

February after a sizable decline in

January. Growth of consumer spending,

which had been sluggish earlier in the

winter, spurted in February, paced by

strong motor vehicle purchases.

Housing starts rose in January and

February. Orders and contracts point to

continuing expansion of spending on

business equipment and nonresidential

structures. The nominal deficit on U.S.

trade in goods and services narrowed

substantially in the fourth quarter from

its average rate in the third quarter.

There has been no clear change in

underlying inflation trends.

Changes in short-term market interest

rates have been mixed while long-term

rates have risen appreciably since the

Committee meeting on January 30-31. In

foreign exchange markets, the tradeweighted value of the dollar in terms of

the other G-10 currencies has declined

slightly over the intermeeting period.

Growth of M2 and M3 has

strengthened considerably in recent

months, while expansion in total

domestic nonfinancial debt has

remained moderate on balance.

The Federal Open Market Committee

seeks monetary and financial conditions

that will foster price stability and

promote sustainable growth in output.

In furtherance of these objectives, the

Committee at its meeting in January

established ranges for growth of M2 and

M3 of 1 to 5 percent and 2 to 6 percent

respectively, measured from the fourth

quarter of 1995 to the fourth quarter of

1996. The monitoring range for growth

of total domestic nonfinancial debt was

set at 3 to 7 percent for the year. The

behavior of the monetary aggregates will

continue to be evaluated in the light of

progress toward price level stability,

movements in their velocities, and

developments in the economy and

financial markets.

In the implementation of policy for

the immediate future, the Committee

seeks to maintain the existing degree of

pressure on reserve positions. In the

context of the Committee’s long-run

objectives for price stability and

sustainable economic growth, and

giving careful consideration to

economic, financial, and monetary

developments, slightly greater reserve

restraint or slightly lesser reserve

restraint would be acceptable in the

intermeeting period. The contemplated

reserve conditions are expected to be

consistent with moderate growth in M2

and M3 over coming months.

By order of the Federal Open Market

Committee, May 29, 1996.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 96–13860 Filed 6–3–96; 8:45 am]

BILLING CODE 6210–01–F

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Board of

Governors of the Federal Reserve

System.

TIME AND DATE: 11:00 a.m., Monday, June

10, 1996.

PLACE: Marriner S. Eccles Federal

Reserve Board Building, C Street

entrance between 20th and 21st Streets,

N.W., Washington, D.C. 20551.

STATUS: Closed.

MATTERS TO BE CONSIDERED:

1. Personnel actions (appointments,

promotions, assignments, reassignments, and

salary actions) involving individual Federal

Reserve System employees.

2. Any items carried forward from a

previously announced meeting.

CONTACT PERSON FOR MORE INFORMATION:

Mr. Joseph R. Coyne, Assistant to the

Board; (202) 452–3204. You may call

(202) 452–3207, beginning at

approximately 5 p.m. two business days

before this meeting, for a recorded

announcement of bank and bank

holding company applications

scheduled for the meeting.

Dated: May 31, 1996.

William W. Wiles,

Secretary of the Board.

[FR Doc. 96–14132 Filed 5–31–96; 3:41 pm]

BILLING CODE 6210–01–P

GENERAL SERVICES

ADMINISTRATION

Federal Telecommunications

Standards

AGENCY: Office of Policy, Planning and

Evaluation, GSA.

ACTION: Notice of comments on

proposed interim Federal

Telecommunications Standards.

SUMMARY: The purpose of the notice is

solicit the views of Federal agencies,

industry, the public, and State and local

governments on proposed interim

Federal Telecommunications Standards:

001101 Telecommunications: Land

Mobile Radio Project 25 ‘‘System and

Standards Definition’’; 001102,

Telecommunications: Land Mobile

Radio Project 25 ‘‘Common Air

Interface’’; 001104,

Telecommunications: Land Mobile

Radio Project 25 ‘‘Encryption’’; 001107

Telecommunications: Land Mobile

Radio Project 25 ‘‘Transceiver

Performance and Measurement

Methods’’; and 001108,

Telecommunications: Land Mobile

Radio Project 25 ‘‘Vocoder’’.

DATES: Comments are due on or before

July 5, 1996.

ADDRESSES: Send comments to the

General Services Administration, Office

of Information Technology, Policy and

Regulations Division (MKR), 18th and F

Streets, NW, Room 3224, Washington,

DC 20405. (Attn. LMR Stds).

FOR FURTHER INFORMATION CONTACT:

Mr. Keith Thurston, General Services

Administration, telephone (202) 501–

3194.

SUPPLEMENTARY INFORMATION: 1. The

General Services Administration (GSA)

is responsible under the provisions of

the Federal Property and Administrative

Services Act of 1949, as amended for the

Federal Standardization Program

2. On October 4, 1994, a notice was

published in the Federal Register (59 FR

50630) that proposed the above interim

Federal Telecommunications Standards

for Land Mobile Radios (LMR). Due to

the on-going level of interest in these

Standards, GSA is providing this

additional public comment period to

provide a final opportunity for all

parties to provide comments.

3. The justification package as

approved by the Federal

Telecommunications Standards

Committee (FTSC) and the National

Communications Systems (NCS) was

presented to GSA by NCS with a

recommendation for adoption of the

standards.