Notice of Formations & Mergers of, &
Acquisitions by, BHCs; Change in Bank Control
No. 96-28
. This bulletin identifies final domestic applications filed in the
Twelfth Federal Reserve District during the week ended July 12, 1996.
The bulletin is published weekly as a courtesy of the Federal Reserve
and does not constitute notice of these applications. The bulletin also
contains a list (Section V) of those state-member banks which have been
examined for CRA (Community Reinvestment Act) and whose public disclosure
assessment is now available.
Members of the public may comment on an application; however, comments
must be received by the Federal Reserve on or before the last
day of the comment period. The comment period ends no earlier than the
date specified in the newspaper notice and, in the case of change in
control notices and bank holding company applications for which a Federal
Register notice is published, may end later than that date. If
you have any questions concerning procedures that should be followed
in commenting on an application, you may contact Patricia Marshall at
the Federal Reserve Bank of San Francisco at 101 Market Street, San
Francisco, California 94105, or by telephone at 415-974-2963.
If you cannot submit your comments by the end of the period, you may
request an extension of time by contacting the Secretary of the Federal
Reserve Board, Washington, D.C. 20551. Your request for an extension
of time must be made no later than the last day of the comment period
and should explain why you are unable to submit your comments on time.
You will find more information on how to request additional time in
the Code of Federal Regulations ("CFR") at 12 CFR Section
262.25(B), 49 Federal Register 5603 (February 14, 1984).
In addition to submitting written materials, you may request that a
public meeting or hearing, or both, be held on an application. You should
indicate the matters that you intend to discuss at such a proceeding
and explain why you could not provide these comments in writing. The
Federal Reserve may request that you attend a private meeting or provide
additional information prior to making a determination on your request
for a public meeting or hearing. For further information on the Board's
policy concerning the holding of public meetings, please see the Board's
Policy Statement for the Handling of Protested Applications found at
12 CFR Section 262.25(C) and (D). The procedure for requesting a hearing
can be found at 12 CFR Section 262.3(e).
You may also wish to consult the Board's Policy Statement for the Handling
of Protested Applications, found at 12 CFR Section 262.25.
U.S. Bank of Utah, Salt Lake City, Utah, to establish branches at
the Target stores, located at 7025 S. Park Center Drive, Midvale, Utah,
and 200 N. Market Place Drive, Centerville, Utah. *
Comment Period Ending Date
Newspaper: 7/07/96
Western Acquisition Partners, L.P., and Western Acquisition, L.L.C.,
Buffalo Grove, Illinois, to become bank holding companies by acquiring
at least 43.5 percent of Sunwest Bank, Tustin, California. *
Comment Period Ending Date
Newspaper: Not available; Fed. Reg.: 7/26/96
Cal Fed Bancorp, Inc., Los Angeles, California, to become a bank holding
company by acquiring First Citizens Bank, Sherman Oaks, California,
and to retain ownership of California Federal Bank, FSB, Los Angeles,
California, and thereby engage in the activity of operating a savings
association. *
Comment Period Ending Date
Newspaper: 6/17/96; Fed. Reg.: 8/13/96
Wells Fargo & Company, San Francisco, California, to expand the
geographic scope of the activities of issuing and selling variably denominated
payment instruments throughout the United States, through all Wells
Fargo branches, existing now or hereafter acquired.
Comment Period Ending Date
Fed. Reg.: 7/30/96
Cal Fed Bancorp, Inc., Los Angeles, California, to retain ownership
of, and engage in nonbanking activities through, Cal Fed Credit, Inc.,
Rosemead, CA; Cal Fed Credit of Texas, Inc., Irving, TX; Cal Fed Investment
Corp.; Cal Fed Insurance Agency, Inc.; Cal Fed Investment Services;
Cal Fed Mortgage Company; and Cal Fed Service Corporation, all of Los
Angeles, CA.
Comment Period Ending Date
Fed. Reg.: 8/13/96
Cal Fed Bancorp, Inc. also has proposed to retain the following subsidiaries:
Cal Fed Enterprises, CFE Portrero Corporation, Cal Fed Syndications,
California Communities, Inc., CF Management Corp., CF Recovery Corp.
One, CF Recovery Corp. Two, Melrose Funding Incorporated, and XCF Acceptance
Corporation, all of Los Angeles, California.
None.
The CRA public evaluations of the institution(s) below became available
during this week. Information about a particular institution's CRA evaluation
may be obtained directly from the institution.
California Center Bank
Location
2222 W. Olympic Blvd.
Los Angeles, CA 90006
(213) 386-2222
Examination Date
2/26/96
Rating**
Satisfactory
Cache Valley Bank
Location
101 N. Main Street
Logan, UT 84321-4525
(801) 753-3020
Examination Date
3/11/96
Rating**
Satisfactory
The above listing has been prepared as a courtesy by the Federal
Reserve Bank of San Francisco, and is not intended to replace formal
notices required by statute or regulation; the Reserve Bank assumes
no responsibility for errors or omissions.
*Subject to CRA.
**Under the rating system an institution's CRA performance is assigned
one of the following four ratings:
- Outstanding record of meeting community credit needs: An institution
has an outstanding record of, and is a leader in, ascertaining and
helping to meet the credit needs of its entire delineated community,
including low- and moderate-income neighborhoods, in a manner consistent
with its resources and capabilities.
- Satisfactory record of meeting community credit needs: An institution
has a satisfactory record of ascertaining and meeting the credit needs
of its entire delineated community, including low- and moderate-income
neighborhoods, in a manner consistent with its resources and capabilities.
- Needs to improve record of meeting community credit needs: An institution
needs to improve its overall record of ascertaining and helping to
meet the credit needs of its entire delineated community, including
low- to moderate-income neighborhoods, in a manner consistent with
its resources and capabilities.
- Substantial noncompliance in meeting community credit needs: An
institution has a substantially deficient record of ascertaining and
helping to meet the credit needs of its entire delineated community,
including low- to moderate-income neighborhoods, in a manner consistent
with its resources and capabilities.
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