Banks and bank holding companies: Formations, acquisitions, and mergers,

[Federal Register: May 27, 1998 (Volume 63, Number 101)]

[Notices]

[Page 29013]

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

[DOCID:fr27my98-52]

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. The application also will 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. 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 19, 1998.

1. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:

   1. Citizens Bancshares, Inc., Salineville, Ohio; to acquire 10 percent of the voting shares of NSD Bancorp, Inc., Pittsburgh, Pennsylvania, and thereby indirectly acquire Northside Deposit Bank, Pittsburgh, Pennsylvania.

   2. Premier Financial Bancorp, Inc., Georgetown, Kentucky; to acquire 100 percent of the voting shares of The Bank of Philippi, Inc., Philippi, West Virginia (in organization).

2. Federal Reserve Bank of Minneapolis (Karen L. Grandstrand, Vice President) 90 Hennepin Avenue, P.O. Box 291, Minneapolis, Minnesota 55480-0291:

   1. Frandsen Financial Corporation, Forest Lake, Minnesota; to merge with Taylor Bancshares, Inc., North Mankato, Minnesota, and thereby indirectly acquire Fidelity State Bank of Fairfax, Fairfax, Minnesota; Fidelity State Bank of Hector, Hector, Minnesota; Valley Bank Minnesota, Jordan, Minnesota; Farmers Bank, Minnesota Lake, Minnesota; State Bank & Trust Company of New Ulm, New Ulm, Minnesota; and Valley Bank, North Mankato, Minnesota.

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

   1. United Security Bancorporation, Spokane, Washington; to acquire 100 percent of the voting shares of Grant National Bank, Ephrata, Washington.

   Board of Governors of the Federal Reserve System, May 20, 1998. Jennifer J. Johnson, Deputy Secretary of the Board.

   [FR Doc. 98-13914Filed5-26-98; 8:45 am]

   BILLING CODE 6210-01-F