Federal Register / Vol. 61, No. 122 / Monday, June 24, 1996 / Notices 32441

recommending adoption of these

programs to the full board. Both the

internal auditor and the external auditor

should have unrestricted access to the

audit committee without the need for

any prior management knowledge or

approval. Other duties of the audit

committee should include reviewing the

independence of the external auditor

annually, being consulted by

management when it seeks a second

opinion on an accounting issue,

overseeing the quarterly regulatory

reporting process, and reporting its

findings periodically to the full board of

directors.

Directors’ Examination. A review by

an independent third party that has

been authorized by the bank’s board of

directors and is performed in

accordance with the board’s analysis of

potential risk areas. Certain procedures

may also be required as a result of state

law. A directors’ examination consisting

solely of such procedures as cash counts

and confirmations of loans and deposits

would not normally be considered a

well-planned directors’ examination.

(Sometimes directors’ examinations are

similar to so-called ‘‘engagement

audits’’ or ‘‘operational audits.’’

Nevertheless, no widely accepted

national standards exist for the specific

procedures that must be performed in

directors’ examinations or these

‘‘audits.’’)

External Auditing Program. The

performance of procedures to test and

evaluate high risk areas of a bank’s

business by an independent auditor,

who may or may not be a public

accountant, sufficient for the auditor to

be able to express an opinion on the

financial statements or to report on the

results of the procedures performed.

Financial Statements. The statements

of financial position, income, cash

flows, and changes in shareholders

equity together with related notes.

Independent. No certified public

accountant, public accountant, or other

auditor will be recognized as

independent who is not in fact

independent. (Reference is made to

§ 335.604 of the FDIC rules and

regulations for the complete definition

of the term ‘‘independent.’’)

Outside Directors. Members of a

bank’s board of directors who are not

officers, employees, or principal

stockholders of the bank, its

subsidiaries, or its affiliates, and do not

have any material business dealings

with the bank, its subsidiaries, or its

affiliates.

Public Accountant. A certified public

accountant or licensed public

accountant who is duly registered and

in good standing as such under the laws

of the place of his/her residence or

principal office, who is licensed by the

accounting regulatory authority of his/

her state, and who possesses a permit to

practice public accountancy.

Report on the Balance Sheet. An

examination of the balance sheet,

accounting records, and other

supporting evidence performed by an

independent certified or licensed public

accountant in accordance with generally

accepted auditing standards.

Risk Areas. The risk areas are those

particular activities of a specific bank

that expose the bank to potential losses

if problems were to exist and go

undetected. The highest risk areas in

banks generally include, but are not

necessarily limited to, the valuation of

collectibility of loans (including the

reasonableness of the allowance for loan

losses), investments, and repossessed

and foreclosed collateral; internal

controls; and insider transactions.

By order of the Board of Directors.

Dated at Washington, D.C. this 17th day of

June, 1996.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Deputy Executive Secretary.

[FR Doc. 96–16047 Filed 6–21–96; 8:45 am]

BILLING CODE 6714–01–P

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

notices have been accepted for

processing, they will also be available

for inspection at the offices of the Board

of Governors. Interested persons may

express their views in writing to the

Reserve Bank indicated for that notice

or to the offices of the Board of

Governors. Comments must be received

not later than July 8, 1996.

A. Federal Reserve Bank of Atlanta

(Zane R. Kelley, Vice President) 104

Marietta Street, N.W., Atlanta, Georgia

30303:

1. Shari K. Jones, Rainsville, Alabama;

to retain a total of 38.79 percent, and

James T. Jones, Jr., Rainsville, Alabama,

to retain a total of .34 percent, of the

voting shares of First State Bancshares

of DeKalb County, Inc., Fort Payne,

Alabama, and thereby indirectly acquire

First State Bank of DeKalb County, Fort

Payne, Alabama.

Board of Governors of the Federal Reserve

System, June 18, 1996.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 96–15976 Filed 6–21–96; 8:45 am]

BILLING CODE 6210–01–F

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

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
32442 Federal Register / Vol. 61, No. 122 / Monday, June 24, 1996 / Notices

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 July 18, 1996.

A. Federal Reserve Bank of New

York (Christopher J. McCurdy, Senior

Vice President) 33 Liberty Street, New

York, New York 10045:

1. Investors Bancorp, MHC, and

Investors Bancorp, Inc., both of Milburn,

New Jersey; to become bank holding

companies by acquiring 100 percent of

the voting shares of Investors Savings

Bank, Milburn, New Jersey.

B. Federal Reserve Bank of

Cleveland. (R. Chris Moore, Senior Vice

President) 1455 East Sixth Street,

Cleveland, Ohio 44101:

1. Citizens Bancshares, Inc.,

Salineville, Ohio; to acquire 100 percent

of the voting shares of The Navarre

Deposit Bank Company, Navarre, Ohio.

C. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63166:

1. Fairmount St. Investments, L.P.,

Alton, Illinois; to become a bank

holding company by acquiring 81.4

percent of the voting shares of Regional

Bancshares, Inc., Alton, Illinois, and

thereby indirectly acquire Bank of

Alton, Alton, Illinois.

2. First Nokomis Bancorp, Inc.,

Nokomis, Illinois; to acquire 100

percent of the voting shares of Ayars

State Bank, Moweaqua, Illinois.

3. Lawton Partners Holding Company,

Central City, Kentucky; to acquire 44.16

percent of the voting shares of First

United, Inc., Central City, Kentucky,

and thereby indirectly acquire First

National Bank of Central City, Central

City, Kentucky.

Board of Governors of the Federal Reserve

System, June 18, 1996.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 96–15975 Filed 6–21–96; 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 July 8, 1996.

A. Federal Reserve Bank of New

York (Christopher J. McCurdy, Senior

Vice President) 33 Liberty Street, New

York, New York 10045:

1. Societe Generale, Paris, France; to

engage de novo in community activities,

by making investments designed to

promote community welfare through its

New York branch, pursuant to §

225.25(B)(6) of the Board’s Regulation

Y.

B. Federal Reserve Bank of

Richmond (Lloyd W. Bostian, Jr., Senior

Vice President) 701 East Byrd Street,

Richmond, Virginia 23261:

1. Centura Banks, Inc., Rocky Mount,

North Carolina; to acquire 49 percent of

First Greensboro Home Equity, Inc.,

Greensboro, North Carolina, and thereby

engage in originating mortgage loans in

nonconforming markets, servicing and

selling mortgages, and engaging in

related activities, pursuant to §

225.25(b)(1)(iii) of the Board’s

Regulation Y.

C. Federal Reserve Bank of Chicago

(James A. Bluemle, Vice President) 230

South LaSalle Street, Chicago, Illinois

60690:

1. UnionBancorp, Inc., Streator,

Illinois; to acquire LaSalle County

Collections, Inc., Ottawa, Illinois, and

thereby engage in operating a collection

agency, pursuant to § 225.25(b)(23) of

the Board’s Regulation Y.

D. Federal Reserve Bank of Dallas

(Genie D. Short, Vice President) 2200

North Pearl Street, Dallas, Texas 75201-

2272:

1. Sterling Bancshares, Inc., Houston,

Texas, and Sterling Bancorporation,

Inc., Wilmington, Delaware, to acquire

CMCR Holding Company, Wilmington,

Delaware, and thereby indirectly

acquire Charter Mortgage Company,

Houston, Texas, and thereby engage in

originating single family residential

mortgage loans, pursuant to §

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

The geographic scope for these activities

is Texas and Arizona.

Board of Governors of the Federal Reserve

System, June 18, 1996.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 96–15977 Filed 6–21–96; 8:45 am]

BILLING CODE 6210–01–F

DEPARTMENT OF HEALTH AND

HUMAN SERVICES

Agency for Toxic Substances and

Disease Registry

Public Meeting of the Inter-tribal

Council on Hanford Health Projects

(ICHHP), in association with the

meeting of the Citizens Advisory

Committee on Public Health Service

Activities and Research at Department

of Energy Sites: Hanford Health Effects

Subcommittee Meeting: Date Change.

Federal Register Citation of Previous

Announcement:

61 FR 17303—dated April 19, 1996.

SUMMARY: Notice is given that one of the

meeting dates for the Public Meeting of

the Inter-tribal Council on Hanford

Health Projects (ICHHP), in association

with the meeting of the Citizens

Advisory Committee on Public Health

Service Activities and Research at

Department of Energy Sites: Hanford

Health Effects Subcommittee of the

Agency for Toxic Substances and

Disease Registry (ATSDR), has changed.

The meeting place, time, status,

purpose, and matters to be discussed,

announced in the original notice remain

unchanged.

Original Date: September 18, 1996.

New Date: September 11, 1996.

Contact Person for More Information:

Linda A. Carnes, Health Council