Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 68440 [2011-28602]
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Federal Register / Vol. 76, No. 214 / Friday, November 4, 2011 / Notices
FEDERAL RESERVE SYSTEM
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
[Docket No. OP–1436]
Federal Reserve Bank Services
Board of Governors of the
Federal Reserve System.
ACTION: Notice.
AGENCY:
The notificants listed below have
applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y
(12 CFR 225.41) to acquire shares of a
bank or bank holding company. The
factors that are considered in acting on
the notices are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
The notices are available for
immediate inspection at the Federal
Reserve Bank indicated. The notices
also will be available for inspection at
the offices of the Board of Governors.
Interested persons may express their
views in writing to the Reserve Bank
indicated for that notice or to the offices
of the Board of Governors. Comments
must be received not later than
November 21, 2011.
A. Federal Reserve Bank of
Minneapolis (Jacqueline G. King,
Community Affairs Officer) 90
Hennepin Avenue, Minneapolis,
Minnesota 55480–0291:
1. James E. Gaarder, Ossining, New
York; to retain voting shares of Citizens
State Bancshares, Inc., and thereby
indirectly retain voting shares of
Citizens State Bank of Lankin, both in
Lankin, North Dakota.
Board of Governors of the Federal Reserve
System, November 1, 2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011–28602 Filed 11–3–11; 8:45 am]
BILLING CODE 6210–01–P
The Board of Governors of the
Federal Reserve System (Board) has
approved the private sector adjustment
factor (PSAF) for 2012 of $29.9 million
and the 2012 fee schedules for Federal
Reserve priced services and electronic
access. These actions were taken in
accordance with the requirements of the
Monetary Control Act of 1980, which
requires that, over the long run, fees for
Federal Reserve priced services be
established on the basis of all direct and
indirect costs, including the PSAF. The
Board has also approved maintaining
the current earnings credit rate on
clearing balances.
DATES: The new fee schedules and
earnings credit rate become effective
January 3, 2012.
FOR FURTHER INFORMATION CONTACT: For
questions regarding the fee schedules:
Susan V. Foley, Associate Director,
(202/452–3596); Samantha J. Pelosi,
Manager, Retail Payments, (202/530–
6292); Linda S. Healey, Senior Financial
Services Analyst, (202/452–5274),
Division of Reserve Bank Operations
and Payment Systems. For questions
regarding the PSAF and earnings credits
on clearing balances: Gregory L. Evans,
Deputy Associate Director, (202/452–
3945); Brenda L. Richards, Manager,
Financial Accounting, (202/452–2753);
or John W. Curle, Senior Financial
Analyst, (202/452–3916), Division of
Reserve Bank Operations and Payment
Systems. For users of
SUMMARY:
Telecommunications Device for the Deaf
(TDD) only, please call 202/263–4869.
Copies of the 2012 fee schedules for the
check service are available from the
Board, the Federal Reserve Banks, or the
Reserve Banks’ financial services Web
site at https://www.frbservices.org.
SUPPLEMENTARY INFORMATION:
I. Private Sector Adjustment Factor and
Priced Services
A. Overview—Each year, as required
by the Monetary Control Act of 1980,
the Reserve Banks set fees for priced
services provided to depository
institutions. These fees are set to
recover, over the long run, all direct and
indirect costs and imputed costs,
including financing costs, taxes, and
certain other expenses, as well as the
return on equity (profit) that would have
been earned if a private business firm
provided the services. The imputed
costs and imputed profit are collectively
referred to as the PSAF. Similarly,
investment income is imputed and
netted with related direct costs
associated with clearing balances to
estimate net income on clearing
balances (NICB). From 2001 through
2010, the Reserve Banks recovered 97.9
percent of their total expenses
(including imputed costs) and targeted
after-tax profits or return on equity
(ROE) for providing priced services.1
Table 1 summarizes 2010 actual, 2011
estimated, and 2012 budgeted costrecovery rates for all priced services.
Cost recovery is estimated to be 102.3
percent in 2011 and budgeted to be
100.8 percent in 2012. The check
service accounts for slightly over half of
the total cost of priced services and thus
significantly influences the aggregate
cost-recovery rate.
TABLE 1—AGGREGATE PRICED SERVICES PRO FORMA COST AND REVENUE PERFORMANCE a
[$ millions]
1b
Revenue
Year
2010 (actual) ........................................................................
2011 (estimate) ....................................................................
2012 (budget) .......................................................................
2c
Total expense
574.7
471.4
436.7
3
Net income
(roe) [1–2]
532.8
444.1
419.6
41.8
27.3
17.1
4d
Targeted roe
13.1
16.8
13.8
5e
recovery rate
after targeted
roe [1/(2+4)]
105.3%
102.3%
100.8%
a Calculations
in this table and subsequent pro forma cost and revenue tables may be affected by rounding.
includes net income on clearing balances. Clearing balances are assumed to be invested in a broad portfolio of investments, such
as short-term Treasury securities, government agency securities, federal funds, commercial paper, long-term corporate bonds, and money market funds. To impute income, a constant spread is determined from the historical average return on this portfolio and applied to the rate used to
determine the cost of clearing balances. For 2012, investments are limited to short-term Treasury securities and federal funds with no constant
spread imputed. NICB equals the imputed income from these investments less earnings credits granted to holders of clearing balances. The cost
of earnings credits is based on the discounted three-month Treasury bill rate.
mstockstill on DSK4VPTVN1PROD with NOTICES
b Revenue
1 The ten-year recovery rate is based on the pro
forma income statement for Federal Reserve priced
services published in the Board’s Annual Report.
Effective December 31, 2006, the Reserve Banks
implemented Statement of Financial Accounting
VerDate Mar<15>2010
19:01 Nov 03, 2011
Jkt 226001
Standards (SFAS) No. 158: Employers’ Accounting
for Defined Benefit Pension and Other
Postretirement Plans [Accounting Standards
Codification (ASC) 715 Compensation—Retirement
Benefits], which resulted in recognizing a reduction
PO 00000
Frm 00046
Fmt 4703
Sfmt 4703
in equity related to the priced services’ benefit
plans. Including this reduction in equity results in
cost recovery of 95.1 percent for the ten-year period.
This measure of long-run cost recovery is also
published in the Board’s Annual Report.
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]]>Agencies
[Federal Register Volume 76, Number 214 (Friday, November 4, 2011)]
[Notices]
[Page 68440]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-28602]
[[Page 68440]]
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FEDERAL RESERVE SYSTEM
Change in Bank Control Notices; Acquisitions of Shares of a Bank
or Bank Holding Company
The notificants listed below have applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and Sec. 225.41 of the Board's
Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank
holding company. The factors that are considered in acting on the
notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).
The notices are available for immediate inspection at the Federal
Reserve Bank indicated. The notices also will be available for
inspection at the offices of the Board of Governors. Interested persons
may express their views in writing to the Reserve Bank indicated for
that notice or to the offices of the Board of Governors. Comments must
be received not later than November 21, 2011.
A. Federal Reserve Bank of Minneapolis (Jacqueline G. King,
Community Affairs Officer) 90 Hennepin Avenue, Minneapolis, Minnesota
55480-0291:
1. James E. Gaarder, Ossining, New York; to retain voting shares of
Citizens State Bancshares, Inc., and thereby indirectly retain voting
shares of Citizens State Bank of Lankin, both in Lankin, North Dakota.
Board of Governors of the Federal Reserve System, November 1,
2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011-28602 Filed 11-3-11; 8:45 am]
BILLING CODE 6210-01-P
