[Federal Register: February 2, 1999 (Volume 64, Number 21)]
[Notices]               
[Page 5061-5062]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02fe99-70]

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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 1, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. Deutsche Bank AG, Frankfurt, Germany (Deutsche Bank), to become 
a bank holding company by acquiring Bankers Trust Corporation, New 
York, New York (Bankers Trust), and thereby indirectly acquire Bankers 
Trust Company, New York, New York; Bankers Trust (Delaware), 
Wilmington, Delaware; and Bankers Trust Florida, N.A., Palm Beach, 
Florida. Deutsche Bank also may form one or more intermediate bank 
holding companies.
    In connection with the proposed transaction, Deutsche Bank also has 
provided notice to acquire all of the nonbank subsidiaries of Bankers 
Trust and to engage, directly or indirectly through the nonbank 
subsidiaries of Deutsche Bank and Bankers Trust, in a variety of 
nonbanking activities that have been previously determined to be 
permissible for bank holding companies. These nonbanking activities and 
companies are described in the notice filed with the Board. Deutsche 
Bank proposes to engage in most of the activities authorized for bank 
holding companies under 12 CFR 225.28(b), and in all activities that 
Bankers Trust currently is authorized by Board Order to conduct. 
Included among the nonbanking companies that Deutsche Bank will operate 
after consummation of the proposal are BT Futures Corp., New York, New 
York, which engages in, among other things, investing and trading 
activities, and Deutsche Bank Securities Inc., New York, New York, and 
BT Alex. Brown Incorporated, New York, New York, which engage in, among 
other things, a limited amount of underwriting and dealing in all types 
of debt and equity securities (other than ownership interests in open-
end investment companies), in accordance with previous Board decisions. 
These activities will be conducted on a worldwide basis.
    In connection with the proposed transaction, Deutsche Bank also has 
applied to acquire an option to purchase up to 19.9 percent of the 
outstanding shares of Bankers Trust's common stock. The option would 
expire upon consummation of the merger.
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. First Community Financial Corporation, Burlington, North 
Carolina; to become a bank holding company by acquiring 100 percent of 
the voting shares of Community Savings Bank, Inc., SSB, Burlington, 
North Carolina.


[[Page 5062]]


    Board of Governors of the Federal Reserve System, January 28, 
1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-2441 Filed 2-1-99; 8:45 am]
BILLING CODE 6210-01-F