Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 49478-49479 [2011-20261]

Download as PDF emcdonald on DSK2BSOYB1PROD with NOTICES 49478 Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices I. Statutory and Regulatory Background In 1989, Congress established RefCorp as a vehicle to provide funding for the Resolution Trust Corporation to finance its efforts to resolve the savings and loan crisis. 12 U.S.C. 1441b(a), (b). RefCorp issued approximately $30 billion of long-term bonds, the last of which will mature in April 2030. The interest due on the RefCorp bonds is paid from several sources, including contributions from the Banks. As initially enacted, the law required the Banks to contribute $300 million annually toward the RefCorp interest payments. Public Law 101–73, Title V, § 511(a), 103 Stat. 394, (August 9, 1989). In 1999, Congress amended the law to require each Bank to pay 20 percent of its net earnings annually toward the RefCorp interest payments. Public Law 106–102, Title VI, § 607(a), 113 Stat. 1455, (November 12, 1999), codified at 12 U.S.C. 1441b(f)(2)(C)(i). The Banks’ payment obligation was to continue until the value of all payments made by the Banks to RefCorp equaled the value of a benchmark annuity of $300 million per year that commenced on the date that the RefCorp bonds had been issued and ended on the last maturity date for the RefCorp bonds, which is April 15, 2030. The law further directed the Federal Housing Finance Board (Finance Board) to determine annually the extent to which the value of the Banks’ contributions for that year exceeded or fell short of the value of the benchmark annuity. In determining those values, the law required the Finance Board to use present-value factors established in consultation with the Secretary of the Treasury and further required that the Finance Board terminate the Banks’ payment obligation once the value of their payments equaled the value of the benchmark annuity. Regulations of the Finance Board, which remain in effect, address the manner in which the calculations of the Banks’ RefCorp obligation, including its termination, are to be conducted. 12 CFR part 997. In 2008, Congress established FHFA, which, among other things, succeeded to all of the above responsibilities of the Finance Board with respect to the determinations that are to be made regarding the RefCorp payments, and was required to submit semiannual reports to Congress that estimated the projected date on which the Banks would satisfy their obligation to contribute to the RefCorp debt service payments. Public Law 110–289, Title I, § 1101, Title II, §§ 1204, 1213, Title III, § 1312, 122 Stat. 2661, 2785–86, 2791, 2798 (July 30, 2008). VerDate Mar<15>2010 17:48 Aug 09, 2011 Jkt 223001 II. Termination of Payment Obligation FEDERAL MARITIME COMMISSION The Banks make their RefCorp contributions on a quarterly basis, and FHFA determines how the value of those payments compares to the value of the benchmark annuity on a quarterly basis as well. To the extent that any quarterly RefCorp payments exceed $75 million (one quarter of the $300 million benchmark annuity) FHFA applies the excess portion to simulate the purchase of zero-coupon Treasury bonds, which ‘‘defeases’’ the most-distant of the Banks’ remaining RefCorp payments and effectively shortens the duration of their repayment obligation. Since 1999, all but two of the Banks’ quarterly RefCorp contributions have exceeded the $75 million benchmark, which has caused the termination date to move incrementally closer. In its most recent report to Congress on the RefCorp obligation, FHFA projected that if the Banks’ quarterly earnings subsequent to December 31, 2010, were to equal their average quarterly income over the preceding four quarters, then their final RefCorp contribution would be made with the payment due on July 15, 2011.1 After consulting with the Department of the Treasury and conducting the calculations in accordance with 12 CFR Part 997, FHFA determined that the remaining amount owed by the Banks for the RefCorp debt service was $75,148,203.13, which amount the Banks paid on July 15, 2011. Accordingly, the Director has determined that the payment made on July 15, 2011, caused the value of all RefCorp payments made by the Banks to that date to equal the value of the benchmark annuity, which terminates the obligation of the Banks to contribute toward the debt service for the RefCorp bonds. Notice of Agreements Filed Authority: 12 U.S.C. 1441b(f)(2)(C)(iii). Dated: August 5th, 2011. Edward J. DeMarco, Acting Director, Federal Housing Finance Agency. The Commission hereby gives notice of the filing of the following agreements under the Shipping Act of 1984. Interested parties may submit comments on the agreements to the Secretary, Federal Maritime Commission, Washington, DC 20573, within ten days of the date this notice appears in the Federal Register. Copies of the agreements are available through the Commission’s Web site (http:// www.fmc.gov) or by contacting the Office of Agreements at (202)- 523–5793 or tradeanalysis@fmc.gov. Agreement No.: 011383–045. Title: Venezuelan Discussion Agreement. ¨ Parties: Hamburg-Sud; King Ocean Service de Venezuela; Seaboard Marine Ltd., and SeaFreight Line, Ltd. Filing Party: Wayne R. Rohde, Esq.; Cozen O’Conner; 1627 I Street, NW., Suite 1100; Washington, DC 20006– 4007. Synopsis: The amendment would replace King Ocean Service de Venezuela with King Ocean Services Limited, Inc. as a party to the agreement. Agreement No.: 201162–008. Title: NYSA–ILA Assessment Agreement. Parties: International Longshoremen’s Association and New York Shipping Association. Filing Parties: Donato Caruso, Esq.; The Lambos Firm; 303 South Broadway, Suite 410; Tarrytown, NY 10591 and Andre Mazzola, Esq.; Marrinan & Mazzola Mardon, P.C.; 26 Broadway, 17th Floor; New York, NY 10004. Synopsis: The amendment reduces the assessment rate on certain containers in the Bermuda trade. By Order of the Federal Maritime Commission. Dated: August 5, 2011. Karen V. Gregory, Secretary. [FR Doc. 2011–20329 Filed 8–9–11; 8:45 am] BILLING CODE 6730–01–P [FR Doc. 2011–20311 Filed 8–9–11; 8:45 am] FEDERAL RESERVE SYSTEM BILLING CODE 8070–01–P 1 See Letters from Edward J. DeMarco, Acting Director, to Senator Tim Johnson, Chairman, and Senator Richard C. Shelby, Ranking Member, of the Committee on Banking, Housing, and Urban Affairs, and to Representative Spencer Bachus, Chairman, and Representative Barney Frank, Ranking Member, of the Committee on Financial Services, all dated February 4, 2011. PO 00000 Frm 00048 Fmt 4703 Sfmt 4703 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 E:\FR\FM\10AUN1.SGM 10AUN1 Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices 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. 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 September 6, 2011. A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. Wintrust Financial Corporation, Lake Forest, Illinois; to merge with Elgin State Bancorp, Inc., and thereby indirectly acquire Elgin State Bank, both in Elgin, Illinois. Board of Governors of the Federal Reserve System, August 5, 2011. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. 2011–20261 Filed 8–9–11; 8:45 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION Franchise Rule Information Collection Activities; Proposed Collection; Comment Request emcdonald on DSK2BSOYB1PROD with NOTICES AGENCY: Federal Trade Commission (‘‘Commission’’ or ‘‘FTC’’). ACTION: Notice. SUMMARY: The information collection requirements described below will be submitted to the Office of Management and Budget (‘‘OMB’’) for review, as required by the Paperwork Reduction Act (‘‘PRA’’). The FTC is seeking public comments on its proposal to extend through December 31, 2014, the current PRA clearance for information collection requirements contained in its VerDate Mar<15>2010 17:48 Aug 09, 2011 Jkt 223001 Trade Regulation Rule on Disclosure Requirements and Prohibitions Concerning Franchising (‘‘Franchise Rule’’). That clearance expires on December 31, 2011. DATES: Comments must be submitted on or before October 11, 2011. ADDRESSES: Interested parties may file a comment online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘Franchise Rule, PRA Comment, FTC File No. P094400’’ on your comment, and file your comment online at https:// ftcpublic.commentworks.com/ftc/ franchiserulePRA by following the instructions on the Web-based form. If you prefer to file your comment on paper, mail or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Room H–113 (Annex J), 600 Pennsylvania Avenue, NW., Washington, DC 20580. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the proposed information requirements for the Franchise Rule should be addressed to Craig Tregillus, Staff Attorney, Division of Marketing Practices, Bureau of Consumer Protection, Federal Trade Commission, Room H–238, 600 Pennsylvania Ave., NW., Washington, DC 20580, (202) 326– 2970. SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501–3521, Federal agencies must obtain approval from OMB for each collection of information they conduct or sponsor. ‘‘Collection of information’’ means agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. 44 U.S.C. 3502(3); 5 CFR 1320.3(c). As required by section 3506(c)(2)(A) of the PRA, the FTC is providing this opportunity for public comment before requesting that OMB extend the existing paperwork clearance for the Franchise Rule, 16 CFR part 436 (OMB Control Number 3084– 0107). The FTC invites comments on: (1) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 49479 on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. The Franchise Rule ensures that consumers who are considering a franchise investment have access to the material information they need to make an informed investment decision provided in a format that facilitates comparisons of different franchise offerings. The Rule requires that franchisors disclose this information to consumers and maintain records to facilitate enforcement of the Rule. Amendments to the Rule promulgated on March 30, 2007, which took effect after a one-year phase-in on July 1, 2008, merged the Rule’s disclosure requirements with the disclosure format accepted by 15 states that have franchise registration or disclosure laws.1 The amended Rule has significantly minimized any compliance burden beyond what is already required by state law. The amended Rule requires franchisors to furnish to prospective purchasers with a Franchise Disclosure Document (‘‘FDD’’) that provides information relating to the franchisor, its business, the nature of the proposed franchise, and any representations by the franchisor about financial performance regarding actual or potential sales, income, or profits made to a prospective franchise purchaser. The franchisor must preserve materially different copies of its disclosures and franchise agreements, as well as information that forms a reasonable basis for any financial performance representation it elects to make. These requirements are subject to the PRA, and for which the Commission seeks to extend existing clearance. Estimated annual hours burden: 16,750 hours. Based on a review of trade publications and information from state regulatory authorities, staff believes that, on average, from year to year, there are approximately 2,500 sellers of franchises covered by the Rule, with perhaps about 10% of that total reflecting an equal amount of new and departing business entrants.2 Commission staffs burden hour estimate reflects the incremental tasks that the Rule may impose beyond the 1 72 FR 15544 et seq. number, which was also used in the 2008 clearance request, appears to be consistent with the number of business format franchise offerings registered in compliance with state franchise laws, and listed in franchise directories. 2 This E:\FR\FM\10AUN1.SGM 10AUN1

Agencies

[Federal Register Volume 76, Number 154 (Wednesday, August 10, 2011)]
[Notices]
[Pages 49478-49479]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20261]


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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

[[Page 49479]]

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.
    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 September 6, 2011.
    A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant 
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
    1. Wintrust Financial Corporation, Lake Forest, Illinois; to merge 
with Elgin State Bancorp, Inc., and thereby indirectly acquire Elgin 
State Bank, both in Elgin, Illinois.

    Board of Governors of the Federal Reserve System, August 5, 
2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011-20261 Filed 8-9-11; 8:45 am]
BILLING CODE 6210-01-P