[Federal Register Volume 61, Number 116 (Friday, June 14, 1996)]
[Notices]
[Pages 30240-30241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-15143]



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FEDERAL RESERVE SYSTEM

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 Sec.  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

[[Page 30241]]

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 28, 1996.
    A. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63166:
    1. Union Planters Corporation, Memphis, Tennessee; to acquire 
Leader Financial Corporation, Memphis, Tennessee, and thereby 
indirectly acquire Leader Federal Bank For Savings, Memphis, Tennessee, 
and thereby engage in owning and operating a savings bank, pursuant to 
Sec.  225.25(b)(9) of the Board's Regulation Y. Notificant also has 
applied to acquire Leader Enterprises, Inc., Memphis, Tennessee, and 
Leader Services, Inc., also of Memphis, Tennessee, and thereby engage 
in acting as agent, in the sale of insurance (including home mortgage 
redemption insurance) that is directly related to an extension of 
credit by Notificant or any of its subsidiaries, and is limited to 
ensuring the repayment of the outstanding balance due on the extension 
of credit in the event of the death, disability or involuntary 
unemployment of the debtor, pursuant to Sec.  225.25(b)(8)(i) of the 
Board's Regulation Y, and in full-service securities brokerage 
activities, pursuant to Sec.  225.25(b)(15)(ii) of the Board's 
Regulation Y; Leader Federal Mortgage, Inc., Memphis, Tennessee, and 
thereby engage in mortgage loan origination, pursuant to Sec.  
225.25(b)(1) of the Board's Regulation Y; Leader Leasing, Inc., 
Memphis, Tennessee, and thereby engage in originating and servicing 
nonoperating leases, pursuant to Sec.  225.25(b)(5) of the Board's 
Regulation Y, and in originating and servicing commercial loans, 
pursuant to Sec.  225.25(b)(1) of the Board's Regulation Y; Asset 
Advisory Group, Inc., Memphis, Tennessee, Leader Funding Corporation I, 
Memphis, Tennessee, and thereby engage in making, acquiring, and 
servicing loans, pursuant to Sec.  225.25(b)(1) of the Board's 
Regulation Y; Leader Funding Corporation II, Memphis, Tennessee (which 
is inactive and will remain inactive after consummation), and Leader 
Funding Corporation III, Memphis, Tennessee, and thereby engage in 
making, acquiring, and servicing loans, pursuant to Sec.  225.25(b)(1) 
of the Board's Regulation Y. Union Planters Corporation also proposes 
to retain Leader Financial Corporation's 49.5 percent ownership 
interest in Millcreek Development Partnership, L.P., Memphis, 
Tennessee, and thereby engage in community development activities, 
pursuant to Sec.  225.25(b)(6) of the Board's Regulation Y; and Leader 
Federal Mortgage, Inc.'s 50 percent ownership interest in Southeastern 
Mortgage of Alabama, L.L.C., Birmingham, Alabama, and thereby engage in 
mortgage banking activities, pursuant to Sec.  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. Otto Bremer Foundation and Bremer Financial Corporation, both of 
St. Paul, Minnesota; to engage de novo through its subsidiary, Bremer 
Business Finance Corporation, St. Paul, Minnesota, in making, 
acquiring, and servicing loans and other extensions of credit, pursuant 
to Sec.  225.25(b)(1) of the Board's Regulation Y, and in leasing 
personal and real property, pursuant to Secs.  225.25(b)(5)(i) and (ii) 
of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, June 10, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-15143 Filed 6-13-96; 8:45 am]
BILLING CODE 6210-01-F