Banks and bank holding companies: Permissible nonbanking activities,

[Federal Register: November 24, 1998 (Volume 63, Number 226)]

[Notices]

[Page 64966]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr24no98-94]

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, including the companies listed below, that engages either directly or through a subsidiary or other company, in a nonbanking activity that is listed in Sec. 225.28 of Regulation Y (12 CFR 225.28) 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. The notice also will 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.

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 December 8, 1998.

1. Federal Reserve Bank of San Francisco (Maria Villanueva, Manager of Analytical Support, Consumer Regulation Group) 101 Market Street, San Francisco, California 94105-1579:

1. VIB Corporation, El Centro, California; to acquire Bank of Stockdale, F.S.B., Bakersfield, California, and thereby engage in the operation of a savings association pursuant to Sec. 225.28(b)(4)(ii) of Regulation Y. Comments on this application must be received by December 18, 1998.

2. Wells Fargo & Company, San Francisco, California; and Norwest Mortgage, Inc., and Norwest Ventures, LLC, both of Des Moines, Iowa; to engage, as a joint venture, through its subsidiary Mortgage Professionals of Tampa Bay, LLC, Tampa, Florida in Residential mortgage lending pursuant to Sec. 225.28(b)(1) of Regulation Y.

Board of Governors of the Federal Reserve System, November 18, 1998. Robert deV. Frierson, Associate Secretary of the Board.

[FR Doc. 98-31356Filed11-23-98; 8:45 am]

BILLING CODE 6210-01-F