Federal Register / Vol. 65, No. 223 / Friday, November 17, 2000 / Notices 69537
Board of Governors of the Federal Reserve B. Federal Reserve Bank of Richmond Board of Governors of the Federal Reserve System, November 14, 2000. (A. Linwood Gill, III, Vice President) System, November 14, 2000. Robert deV. Frierson, 701 East Byrd Street, Richmond, Robert deV. Frierson, Associate Secretary of the Board. Virginia 23261–4528: Associate Secretary of the Board. [FR Doc. 00–29525 Filed 11–16–00; 8:45 am] 1. F&M National Corporation, [FR Doc. 00–29526 Filed 11–16–00; 8:45 am] BILLING CODE 6210±01±P Winchester, Virginia; to merge with BILLING CODE 6210±01±P Community Bankshares of Maryland, Inc., Bowie, Maryland, and thereby FEDERAL RESERVE SYSTEM FEDERAL RESERVE SYSTEM indirectly acquire Community Bank of Formations of, Acquisitions by, and Maryland, Bowie, Maryland. Notice of Proposals To Engage in Mergers of Bank Holding Companies 2. Virginia Capital Bancshares, Inc., Permissible Nonbanking Activities or Fredericksburg, Virginia; to become a To Acquire Companies That Are The companies listed in this notice bank holding company by acquiring 100 Engaged in Permissible Nonbanking have applied to the Board for approval, percent of the voting shares of Activities pursuant to the Bank Holding Company Fredericksburg State Bank, Act of 1956 (12 U.S.C. 1841 et seq.) The companies listed in this notice Fredericksburg, Virginia. (BHC Act), Regulation Y (12 CFR Part have given notice under section 4 of the 225), and all other applicable statutes C. Federal Reserve Bank of Chicago Bank Holding Company Act (12 U.S.C. and regulations to become a bank (Phillip Jackson, Applications Officer) 1843) (BHC Act) and Regulation Y, (12 holding company and/or to acquire the 230 South LaSalle Street, Chicago, CFR Part 225) to engage de nova, or to assets or the ownership of, control of, or Illinois 60690–1414: acquire or control voting securities or the power to vote shares of a bank or 1. Northstar Financial Group, Inc, Bad assets of a company, including the bank holding company and all of the Axe, Michigan; to become a bank companies listed below, that engages banks and nonbanking companies holding company by acquiring 100 directly or through a subsidiary or other owned by the bank holding company, percent of the voting shares of Northstar company, in a nonbanking activity that including the companies listed below. Bank (in organization), Bad Axe, is listed in § 225.28 of Regulation Y (12 The applications listed below, as well Michigan. CFR 225.27) or that the Board has as other related filings required by the determined by Order to be closely D. Federal Reserve Bank of St. Louis Board, are available for immediate related to banking and permissible for (Randall C. Sumner, Vice President) 411 inspection at the Federal Reserve Bank bank holding companies. Unless Locust Street, St. Louis, Missouri indicated. The application also will be otherwise noted, these activities will be 63166–2034: available for inspection at the offices of conducted throughout the United States the Board of Governors. Interested 1. Mississippi Valley Bancshares, Inc., Each notice is available for inspection persons may express their views in St. Louis, Missouri; to acquire 100 at the Federal Reserve Bank indicated. writing on the standards enumerated in percent of the voting shares of The notice also will be available for the BHC Act (12 U.S.C. 1842(c)). If the Southwest Bank of Phoenix (in inspection at the offices of the Board of proposal also involves the acquisition of organization), Phoenix, Arizona. Governors. Interested persons may a nonbanking company, the review also Comments regarding this application express their views in writing on the includes whether the acquisition of the must be received not later than question whether the proposal complies nonbanking company complies with the December 11, 2000. with the standards of section 4 of the standards in section 4 of the BHC Act E. Federal Reserve Bank of Kansas BHC Act. Additional information on all (12 U.S.C. 1843). Unless otherwise City (D. Michael Manies, Assistant Vice bank holding companies may be noted, nonbanking activities will be President) 925 Grand Avenue, Kansas obtained from the National Information conducted throughout the United States. City, Missouri 64198–0001: Center website at www.ffiec.gov/nic/. Additional information on all bank Unless otherwise noted, comments holding companies may be obtained 1. Lauritzen Corporation, Omaha, regarding the applications must be from the National Information Center Nebraska; to become a bank holding received at the Reserve Bank indicated website at www.ffiec.gov/nic/. company by acquiring 21.09 percent of or the offices of the Board of Governors Unless otherwise noted, comments the voting shares of First National of not later than December 4, 2000. regarding each of these applications Nebraska, Inc., Omaha, Nebraska, and A. Federal Reserve Bank of New York must be received at the Reserve Bank thereby indirectly acquire voting shares (Betsy Buttrill White, Senior Vice indicated or the offices of the Board of of First National Bank of Omaha, President) 33 Liberty Street, New York, Governors not later than December 14, Omaha, Nebraska; First National Bank & New York 10045–0001: 2000. Trust Company of Columbus, 1. Mizuho Holdings, Inc., Tokyo, A. Federal Reserve Bank of New York Columbus, Nebraska; First National Japan, and Dai-Ichi Kangyo Bank, (Betsy Buttrill White, Senior Vice Bank, North Platte, Nebraska; First Limited, The, Tokyo Japan; to engage de President) 33 Liberty Street, New York, National Bank, South Dakota, Yankton, nova through its subsidiary, Dealerconx, New York 10045–0001: South Dakota; Platte Valley State Bank Inc., Livingston, New Jersey, in 1. Israel Salt Industries, Ltd., Atlit, & Trust Company, Fremont, Nebraska; providing loan and lease agency and Israel, through its direct and indirect Fremont National Bank & Trust brokerage services, data processing control of 45.25 percent of the voting Company, Fremont, Nebraska; First services and loan/lease servicing shares of Bank Hapoalim B.M., Tel National Bank of Kansas, Overland Park, through an internet-based data Aviv, Israel; to become a bank holding Kansas; and First National of Colorado, processing application available to retail company as a result of the establishment Inc., Fort Collins, Colorado; and thereby automotive dealers that seek loan and by Bank Hapoalim of Signature Bank, acquire First National Bank, Fort lease financing and related financial New York, New York (in formation). Collins, Colorado; Bank in Boulder, services for customers’ retail automobile Signature Bank would be a wholly Boulder, Colorado; and Union Colony purchases, pursuant to § 225.28(b)(1), owned subsidiary of Bank Hapoalim. Bank, Greeley, Colorado. (2), (3), and (14) of Regulation Y.
VerDate 11
2. Svenska Handelsbanken, Services Analyst, Special Cash Services, modernization project and the transition Stockholm, Sweden; to engage de novo, (202/452–3376); or Paul Grabow, Senior to a new cost-allocation method for the through its subsidiary, Oktogon Information Technology Analyst book-entry service. The primary risks to Advisers, LLC, New York, New York, in (electronic connections), (202/452– the 2001 projection are the Reserve providing portfolio investment advice 2830), Division of Reserve Bank Banks’ ability to meet aggressive on a discretionary and directed basis Operations and Payment Systems. For revenue and cost targets in the check (including advice on derivative questions regarding the PSAF: Gregory service, because of the impact of the transactions and structured assets) to Evans, Manager, Financial Accounting, check modernization project; the U.S. and non-U.S. clients, including (202/452–3945), Division of Reserve uncertain effects of price-structure and corporations and institutional investors Bank Operations and Payment Systems. service-level changes being (such as pension funds and insurance For users of Telecommunications implemented for automated companies), charitable foundations, Device for the Deaf (TDD) only, please clearinghouse (ACH) interoperator religious and university endowment contact Janice Simms (202/872–4984). transactions; and increased competition funds, private investment companies, Copies of the 2001 fee schedules for the for ACH and funds-transfer services. and hedge funds (both off-shore and on- check service are available from the In their 2001 fee schedules, the shore) and mutual funds, pursuant to Board, the Reserve Banks, or the Federal Reserve Banks include changes that § 225.28(b)(6) of Regulation Y. Reserve Banks’ financial services web continue to provide an economic 3. Westdeutsche Landesbank site at www.frbservices.org. incentive for depository institution Girozentrale, Dusseldorf, Germany; to SUPPLEMENTARY INFORMATION: customers to make greater use of acquire Gulfstream Global Investors, electronic payment services. In I. Priced Services Ltd., Addison, Texas, and thereby particular, the price index for electronic engage in investment advisory activities, A. Overview payment services (ACH, funds transfer and net settlement, book-entry pursuant to § 225.28(b)(6) of Regulation The Federal Reserve Banks continue securities, and electronic check) and Y. to meet the Monetary Control Act’s electronic connections is projected to Board of Governors of the Federal Reserve requirement that they recover, over the decline approximately 1.9 percent in System, November 14, 2000. long run, their direct and indirect costs, 2001. The index for paper-based including imputed costs and profits, of Robert deV. Frierson, payment services (check, special cash, providing priced services. Over the Associate Secretary of the Baord. and noncash collection) is expected to period 1990 through 1999, the Reserve [FR Doc. 00–29527 Filed 11–16–00; 8:45 am] increase 6.4 percent. The overall 2001 Banks recovered 99.7 percent of their BILLING CODE 6210±01±P price index for all Federal Reserve total costs for providing priced services, priced services is projected to increase including imputed expenses, special 4.2 percent, the same as the increase in project costs that were budgeted for FEDERAL RESERVE SYSTEM 2000. Since 1996, the overall price recovery, and targeted after-tax profits, [Docket No. R±1086] 1 index has increased only half a or return on equity (ROE). 2 For 2000, the Reserve Banks estimate percent. Federal Reserve Bank Services The following are changes in fee that they will recover 100.4 percent of structures and levels for priced services the costs of providing priced services. AGENCY: Board of Governors of the in 2001: Federal Reserve System. They project a 98.0 percent recovery • The Reserve Banks will make no ACTION: Notice. rate in 2001, largely due to transition changes to fees for the Fedwire funds costs associated with the check transfer and national net settlement SUMMARY: The Board has approved the services. The price index for Fedwire fee schedules for Federal Reserve priced 1 These imputed costs, such as taxes that would services and electronic connections and have been paid and the return on capital that would have been earned had the services been provided 2 These estimates are based on a chained Fisher a private-sector adjustment factor by a private business, are referred to as the PSAF. Ideal price index. This index provides customers (PSAF) for 2001 of $206.9 million. The PSAF is based on data developed in part from with a representation of the total price or cost of These actions were taken in accordance a model comprising the nation’s fifty largest (by Reserve Bank services, offering a more complete with the requirements of the Monetary asset size) bank holding companies. Based on picture than is possible solely from comparing consolidated financial data for the holding changes in individual service fees over time. This Control Act of 1980, which requires companies in the model for each of the last five index is not adjusted for quality changes in Federal that, over the long run, fees for Federal years, the targeted ROE is the budgeted after-tax Reserve priced services. Data elements used in Reserve priced services be established profit that the Federal Reserve would have earned calculating the index include explicit fee revenue from priced services products and services and on the basis of all direct and indirect had it been a private business. This ten-year recovery rate is based upon the method used for the electronic connections to the Reserve Banks, costs, including the PSAF. pro forma income statement for Federal Reserve volumes associated with those products and DATES: The new fee schedules become priced services published in the Board’s Annual services, and imputed income associated with effective January 2, 2001. Report. The pro forma income statement reflects clearing balances through the Reserve Banks. The certain offsets to costs related to the transition to price index is calculating using the actual, FOR FURTHER INFORMATION CONTACT: For financial accounting standards number 87 (FAS 87) estimated, or projected full-year revenues and questions regarding the fee schedules: that have not been included in the 1999 repricing volumes. For 2001, the year-over-year percentage Erik Kiefel, Financial Services Analyst, pro forma in this memorandum. Beginning in 2000, change in the index results from a comparison of the PSAF includes additional financing costs the 2001 projections to the 2000 estimates for Retail Payments, (202/721–4559); Susan associated with pension assets used by priced priced services revenues and volumes. The Reserve Foley, Senior Financial Services services. This ten-year cost-recovery amount has Banks delayed implementing the fee changes for Analyst, ACH Payments, (202/452– been computed as if these costs historically had 2000 until April to minimize changes for depository 3596); Cynthia Yablon, Financial been included in the PSAF calculations. If this institution customers during the period modification were not applied to prior periods, the surrounding the century rollover. The 2001 index, Services Analyst, Funds Transfer and ten-year recovery rate would increase to 101.1 therefore, does not directly compare the impact of Book-Entry Securities Services, (202/ percent. In order to provide a more accurate the prices implemented on April 2000 against the 452–2046); Donna DeCorleto, Financial comparison against the targeted return on equity 2001 prices because the 2000 estimate includes Services Project Leader, Noncash that was used for establishing prices within those revenues and volumes from the first quarter of services, the 1999 service-line recovery data in this 2000. The changes in the price index since 1996 are Collection Service, (202/452–3956); memorandum do not reflect the revisions to the calculated with full-year 2001 projected and 1996 Michael Lambert, Senior Financial PSAF method. actual revenues and volumes.
VerDate 11