[Federal Register: March 3, 1999 (Volume 64, Number 41)]
[Notices]               
[Page 10301-10302]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03mr99-72]

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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 March 26, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Letchworth Independent Bancshares Corporation, Castile, New 
York; to acquire 61 percent of the voting shares of The Mahopac 
National Bank, Mahopac, New York.

[[Page 10302]]

    B. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63102-2034:
    1. Union Financial Group, Ltd., Swansea, Illinois; to acquire 100 
percent of the voting shares of Union Bank of Illinois, Swansea, 
Illinois (in organization).
    C. Federal Reserve Bank of Minneapolis (JoAnne F. Lewellen, 
Assistant Vice President) 90 Hennepin Avenue, P.O. Box 291, 
Minneapolis, Minnesota 55480-0291:
    1. Piesco, Inc., Springfield, Minnesota; to become a bank holding 
company by acquiring 100 percent of the voting shares of Norwood 
Bancshares, Inc., Norwood Young America, Minnesota, and thereby 
indirectly acquire Citizens State Bank of Norwood, Norwood Young 
America, Minnesota; Springfield Investment Company, Springfield, 
Minnesota, and Farmers and Merchants State Bank of Springfield, 
Springfield, Minnesota.

    Board of Governors of the Federal Reserve System, February 25, 
1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-5195 Filed 3-2-99; 8:45 am]
BILLING CODE 6210-01-F