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

[Federal Register: July 31, 1998 (Volume 63, Number 147)]

[Notices]

[Page 40911-40912]

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

[DOCID:fr31jy98-85]

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

[[Page 40912]]

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 August 27, 1998.

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

   1. PHS Bancorp, M.H.C., Beaver Falls, Pennsylvania; to acquire 55 percent of the voting shares of PHS Bancorp, Inc., Beaver Falls, Pennsylvania, and thereby indirectly acquire Peoples Home Savings Bank, Beaver Falls, Pennsylvania.

   In connection with this application, PHS Bancorp, Inc., Beaver Falls, Pennsylvania; has applied to become a bank holding company by acquiring 100 percent of the voting shares of Peoples Home Savings Bank, Beaver Falls, Pennsylvania.

2. Federal Reserve Bank of Chicago (Philip Jackson, Applications Officer) 230 South LaSalle Street, Chicago, Illinois 60690-1413:

   1. First Belmond Bancorporation, Belmond, Iowa; to acquire at least 58.57 percent of the voting shares of Community Bank of Oelwein (in organization), Oelwein, Iowa.

   Board of Governors of the Federal Reserve System, July 28, 1998. Robert deV. Frierson, Associate Secretary of the Board.

   [FR Doc. 98-20492Filed7-30-98; 8:45 am]

   BILLING CODE 6210-01-F