[Federal Register Volume 61, Number 109 (Wednesday, June 5, 1996)]
[Notices]
[Pages 28585-28586]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-14029]



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FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies

    The companies listed in this notice have applied to the Board for 
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other 
applicable statutes and regulations to become a bank holding company 
and/or to acquire the assets or the ownership of, control of, or the 
power to vote shares of a bank or bank holding company and all of the 
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

[[Page 28586]]

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 Boston (Robert M. Brady, Vice President) 
600 Atlantic Avenue, Boston, Massachusetts 02106:
    1. Assabet Valley Bancorp, Hudson, Massachusetts; to become a bank 
holding company by acquiring 100 percent of the voting shares of Hudson 
Savings Bank, Hudson, Massachusetts.
    2. UFS Bancorp, Whitinsville, Massachusetts; to become a bank 
holding company by acquiring 100 percent of the voting shares of 
UniBank for Savings, Whitinsville, Massachusetts.
    B. Federal Reserve Bank of New York (Christopher J. McCurdy, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. HUBCO, Inc., Mahwah, New Jersey; to merge with Hometown 
Bancorporation, Inc., Darien, Connecticut, and thereby indirectly 
acquire The Bank of Darien, Darien, Connecticut.
    2. Toronto-Dominion Bank, Toronto, Canada, and TD/Oak, Inc., New 
York, New York; to become bank holding companies by acquiring up to 100 
percent of the voting shares of Waterhouse Investor Services, Inc., New 
York, New York, and thereby indirectly acquire Waterhouse National 
Bank, White Plains, New York.
    In addition, Toronto-Dominion Bank, Toronto, Canada, also has 
applied to acquire up to 6.9 percent of the voting shares of Waterhouse 
Investor Services, Inc., New York, New York, and thereby indirectly 
acquire Waterhouse National Bank, White Plains, New York.
    In connection with this application, Applicants also have applied 
to acquire Waterhouse Securities New York, Inc., and thereby indirectly 
acquire Washington Discount Brokerage Corp., both of New York, and 
thereby engage in securities brokerage services restricted to buying 
and selling securities solely as agent for the account of customers, 
pursuant to Sec.  225.25(b)(15)(i) of the Board's Regulation Y; in 
providing execution, clearing and other services incidental to 
brokerage, for affiliates and for third-parties, pursuant to Sec.  
225.25(b)(15)(i) of the Board's Regulation Y; in the purchase and sale 
of securities on the order of customers as riskless principal, pursuant 
to authority granted in previous Board Orders (Bankers Trust New York 
Corp., 75 Fed. Res. Bull. 829); and in software development activities 
incidental to its securities brokerage business, pursuant to Secs.  
225.25(b)(7)&(15) of the Board's Regulation Y, through the acquisition 
of a 50 percent interest in a joint venture, Marketware International, 
Inc.
    C. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Fidelity National Corporation, Decatur, Georgia; to acquire 100 
percent of the voting shares of Friendship Community Bank, Ocala, 
Florida.
    D. Federal Reserve Bank of Kansas City (John E. Yorke, Senior Vice 
President) 925 Grand Avenue, Kansas City, Missouri 64198:
    1. Citizens Holding Corporation ESOP, Keenesburg, Colorado; to 
acquire up to 35 percent of the voting shares of Citizens State Bank, 
Keenesburg, Colorado.
    E. Federal Reserve Bank of Dallas (Genie D. Short, Vice President) 
2200 North Pearl Street, Dallas, Texas 75201-2272:
    1. Oakwood Bancshares, Inc., Roanoke, Texas; to become a bank 
holding company by acquiring 100 percent of the voting shares of 
Oakwood Nevada Financial Corporation, Reno, Nevada, and thereby 
indirectly acquire Oakwood National Bank, Westlake, Texas, a de novo 
bank.
    In connection with this application, Oakwood Nevada Financial 
Corporation, Reno, Nevada, also has applied to become a bank holding 
company by acquiring 100 percent of the voting shares of Oakwood 
National Bank, Westlake, Texas a de novo bank.
    F. Federal Reserve Bank of San Francisco (Kenneth R. Binning, 
Director, Bank Holding Company) 101 Market Street, San Francisco, 
California 94105:
    1. Frontier Financial Corporation, Everett, Washington; to acquire 
9.9 percent of the voting shares of Washington Banking Company, Oak 
Harbor, Washington (formerly known as Western Washington Bancorp.), and 
thereby indirectly acquire Whidbey Island Bank, Coupeville, Washington.

    Board of Governors of the Federal Reserve System, May 30, 1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-14029 Filed 6-4-96; 8:45 am]
BILLING CODE 6210-01-F