Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 12702 [E6-3510]
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12702
Federal Register / Vol. 71, No. 48 / Monday, March 13, 2006 / Notices
In the Part 1 Third Report and Order, 65
FR 13540, May 27, 1997, the
Commission explained that allowing bid
withdrawals may facilitate efficient
aggregation of licenses and the pursuit
of efficient backup strategies as
information becomes available during
the course of an auction. In Auction No.
67, because bidders may bid only on
licenses for which they previously
submitted an application on FCC Form
601, it is unlikely that bidders will need
to use withdrawals as anticipated by the
Part 1 Third Report and Order.
Accordingly, for this auction, the
Bureau proposes that bidders not be
permitted to withdraw bids placed in
any round after it has closed. The
Bureau seeks comment on these
proposals.
wwhite on PROD1PC61 with NOTICES
C. Post-Auction Procedures
i. Default and Disqualification
40. Any winning bidder that defaults
or is disqualified after the close of an
auction (i.e., fails to remit the required
down payment within the prescribed
period of time, fails to submit a timely
long-form application, fails to make full
payment, or is otherwise disqualified) is
liable for a default payment under 47
CFR 1.2104(g)(2). This payment consists
of a deficiency payment, equal to the
difference between the amount of the
bidder’s bid and the amount of the
winning bid the next time a license
covering the same spectrum is won in
an auction, plus an additional payment
equal to a percentage of the defaulter’s
bid or of the subsequent winning bid,
whichever is less. Until recently this
additional payment for noncombinatorial auctions has been set at 3
percent of the defaulter’s bid or of the
subsequent winning bid, whichever is
less.
41. On January 24, 2006, the
Commission released the CSEA/Part 1
Report and Order, 71 FR 6214, February
7, 2006, in which it modified 47 CFR
1.2104(g)(2) by, inter alia, increasing the
3 percent limit on the additional default
payment for non-combinatorial auctions
to 20 percent. Under the modified rule,
the Commission will, in advance of each
non-combinatorial auction, establish an
additional default payment for that
auction of 3 percent up to a maximum
of 20 percent. As the Commission has
indicated, the level of this payment in
each case will be based on the nature of
the service and the inventory of the
licenses being offered.
42. For Auction No. 67, the Bureau
proposes to establish an additional
default payment of 10 percent. As noted
in the CSEA/Part 1 Report and Order,
defaults weaken the integrity of the
VerDate Aug<31>2005
17:58 Mar 10, 2006
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auctions process and impede the
deployment of service to the public, and
an additional default payment of more
than the previous 3 percent will be more
effective in deterring defaults. Because
there are limited opportunities to
provide general aviation air-ground
service, defaults in this auction could
potentially deprive the public of service
in a particular locale, or at a minimum
significantly delay such service. In light
of this circumstance, the Bureau
proposes an additional default payment
of 10 percent of the relevant bid. The
Bureau seeks comment on this proposal.
V. Conclusion
43. Comments are due on or before
March 20, 2006, and reply comments
are due on or before March 27, 2006. All
filings related to the auction of 400 MHz
Air-Ground Radiotelephone Service
licenses should refer to AU Docket No.
06–38. Comments may be submitted
using the Commission’s Electronic
Comment Filing System (ECFS) or by
filing paper copies. The Bureau strongly
encourages interested parties to file
comments electronically, and requests
submission of a copy via the Auction
No. 67 e-mail box (auction67@fcc.gov).
44. This proceeding has been
designated as a permit-but-disclose
proceeding in accordance with the
Commission’s ex parte rules. Persons
making oral ex parte presentations are
reminded that memoranda summarizing
the presentations must contain
summaries of the substance of the
presentations and not merely a listing of
the subjects discussed. More than a one
or two sentence description of the views
and arguments presented is generally
required. Other rules pertaining to oral
and written ex parte presentations in
permit-but-disclose proceedings are set
forth in 47 CFR 1.1206(b) of the
Commission’s rules.
Federal Communications Commission.
Gary D. Michaels,
Deputy Chief, Auctions and Spectrum Access
Division.
[FR Doc. 06–2416 Filed 3–10–06; 8:45 am]
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
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Additional information on all bank
holding companies may be obtained
from the National Information Center
website at www.ffiec.gov/nic/.
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 April 6, 2006.
A. Federal Reserve Bank of
Minneapolis (Jacqueline G. King,
Community Affairs Officer) 90
Hennepin Avenue, Minneapolis,
Minnesota 55480-0291:
1. Lake Bank Shares, Inc., Employee
Stock Ownership Plan, Emmons,
Minnesota; to increase its ownership of
Lake Bank Shares, Inc., Emmons,
Minnesota from 35.68 percent to 65.67
percent, and thereby indirectly acquire
Security Bank of Minnesota, Albert Lea,
Minnesota.
Board of Governors of the Federal Reserve
System, March 7, 2006.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E6–3510 Filed 3–10–06; 8:45 am]
BILLING CODE 6210–01–S
BILLING CODE 6712–01–P
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
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
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
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[Federal Register Volume 71, Number 48 (Monday, March 13, 2006)]
[Notices]
[Page 12702]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3510]
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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 (12 U.S.C. 1843). Unless otherwise noted,
nonbanking activities will be conducted throughout the United States.
Additional information on all bank holding companies may be obtained
from the National Information Center website at www.ffiec.gov/nic/.
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 April 6, 2006.
A. Federal Reserve Bank of Minneapolis (Jacqueline G. King,
Community Affairs Officer) 90 Hennepin Avenue, Minneapolis, Minnesota
55480-0291:
1. Lake Bank Shares, Inc., Employee Stock Ownership Plan, Emmons,
Minnesota; to increase its ownership of Lake Bank Shares, Inc., Emmons,
Minnesota from 35.68 percent to 65.67 percent, and thereby indirectly
acquire Security Bank of Minnesota, Albert Lea, Minnesota.
Board of Governors of the Federal Reserve System, March 7, 2006.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E6-3510 Filed 3-10-06; 8:45 am]
BILLING CODE 6210-01-S
