Applications, hearings, determinations, etc.: Local Financial Corp.,

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Federal Register: September 15, 1999 (Volume 64, Number 178)NoticesPage 50121From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr15se99-124

SECURITIES AND EXCHANGE COMMISSION

Issuer Delisting; Notice of Application To Withdraw From Listing and Registration; (Local Financial Corporation, Common Stock, $.01 Par Value) File No. 1-13949

September 9, 1999.

Local Financial Corporation (``Company'') has filedan application with the Securities and Exchange Commission (``Commission''), pursuant to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to withdraw the security specified above (``Security'') from listing and registration on the American Stock Exchange LLC (``Amex'' or ``Exchange'').

The reasons cited in the application for withdrawing the Security from listing and registration on the Amex include the following:

The Security of the Company has been listed on the Amex since April 22, 1998. The Company now believes that it might realize a more diverse ownership of its Security through the variety of market makers available on the NASDAQ National Market (``Nasdaq'') than through the auction system of the Exchange. On January 27, 1999, the company's Board of Directors voted to authorize the filing of applications to withdraw the Security from listing and registration on the Exchange and to have the Security quoted on the Nasdaq. Shares of the Security subsequently began trading on the Nasdaq on July 15, 1999.

The Company has complied with the rules of the Amex by filing with the Exchange a certified copy of the resolutions adopted by the Company's Board of Directors authorizing the withdrawal of its Security from listing on the Amex and by setting forth in detail to the Exchange the reasons for the proposed withdrawal, and the facts in support thereof. In making the decision to withdraw its Security from listing on the Amex, the Company wished to avoid the duplicative costs associated with registering its Security for trading in two different markets. The Amex has informed the Company that it has no objection to the withdrawal of the Company's Security from listing and registration on the Exchange.

The Company's application relates solely to the withdrawal of the Security from listing and registration on the Amex and shall have no effect upon the continued listing on the Amex of the Company's 11.0% Senior Notes due September 8, 2004. By reason of Sections 12(b) and (g) of the Act and the rules and regulations of the Commission thereunder, the Company shall continue to be obligated to file reports under Section 13 of the Act with the Commission.

Any interested person may, on or before September 30, 1999, submit by letter to the Secretary of the Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609, facts bearing upon whether the application has been made in accordance with the rules of the Exchange and what terms, if any, should be imposed by the Commission for the protection of investors. The Commission, based on the information submitted to it, will issue an order granting the application after the date mentioned above, unless the Commission determines to order a hearing on the matter.

For the Commission, by the Division of Market Regulation, pursuant to delegated authority. Jonathan G. Katz, Secretary.

FR Doc. 99-24035Filed9-14-99; 8:45 amBILLING CODE 8010-01-M

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