80 FR 18404 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

FEDERAL RESERVE SYSTEM

Federal Register Volume 80, Issue 65 (April 6, 2015)

Page Range		18404-18404
FR Document		2015-07792

Federal Register, Volume 80 Issue 65 (Monday, April 6, 2015)

[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)]
[Notices]
[Page 18404]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-07792]


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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 applications will also 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 May 1, 2015.
    A. Federal Reserve Bank of San Francisco (Gerald C. Tsai, Director, 
Applications and Enforcement) 101 Market Street, San Francisco, 
California 94105-1579:
    1. PacWest Bancorp, and Pacific Western Bank, both in Los Angeles, 
California; merge with Square 1 Financial, Inc., and thereby indirectly 
acquire Square 1 Bank, both in Durham, North Carolina.
    In connection with this application, Applicants have also applied 
to acquire Square 1 Venture Management 1, L.P., Durham, North Carolina, 
and thereby engage in funds management, investment advisory, and 
private placement activities, pursuant to sections 225.28(b)(6)(i), 
(b)(7)(i) and (b)(7)(iii), respectively.

    Board of Governors of the Federal Reserve System, April 1, 2015.
Michael J. Lewandowski,
Associate Secretary of the Board.
[FR Doc. 2015-07792 Filed 4-3-15; 8:45 am]
BILLING CODE 6210-01-P

18404 Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices

many questions as possible from the tool for analyzing the survey data that holding company and/or to acquire the
2013 Survey, including questions on is currently available at assets or the ownership of, control of, or
prepaid cards, direct deposit and www.economicinclusion.gov. These the power to vote shares of a bank or
reasons for not having a bank account, comments are helpful and will be taken bank holding company and all of the
to allow local and national Bank-On into account the next time we consider banks and nonbanking companies
programs to measure the impact of their revising the tools. owned by the bank holding company,
efforts. The FDIC values the ability to One commenter encouraged the FDIC including the companies listed below.
compare results over time and the 2015 to offer training to municipalities and The applications listed below, as well
Household Survey retains successful others on how to use and maximize the as other related filings required by the
elements of the previous surveys, opportunities offered by the custom Board, are available for immediate
including the core unbanked and table generator at: inspection at the Federal Reserve Bank
underbanked measurements, while also www.economicinclusion.gov. The indicated. The applications will also be
reorganizing and adding questions to FDIC’s Community Affairs staff work available for inspection at the offices of
gain new insights relevant to serving a with local stakeholders to disseminate the Board of Governors. Interested
diverse range of consumers. The 2015 information about how to use and persons may express their views in
Household Survey retains many access the survey data, including the writing on the standards enumerated in
questions from previous surveys and use of the table generator tool at: the BHC Act (12 U.S.C. 1842(c)). If the
continues to collect information on the www.economicinclusion.gov. The FDIC proposal also involves the acquisition of
use of prepaid cards, direct deposits, will continue to make sure that this a nonbanking company, the review also
and the reasons for not having a bank information is regularly shared in includes whether the acquisition of the
account. presentations and outreach materials. nonbanking company complies with the
One commenter suggested the standards in section 4 of the BHC Act
addition of specific questions to Request for Comment (12 U.S.C. 1843). Unless otherwise
measure household financial fragility to Comments are invited on: (a) Whether noted, nonbanking activities will be
help understand the connections the collection of information is conducted throughout the United States.
between emergency savings and banking necessary for the proper performance of Unless otherwise noted, comments
access (i.e., household’s ability to access the FDIC’s functions, including whether regarding each of these applications
$2000). The 2015 Household Survey the information has practical utility; (b) must be received at the Reserve Bank
does not include this particular question the accuracy of the estimates of the indicated or the offices of the Board of
due to the need to keep the average burden of the information collection; (c) Governors not later than May 1, 2015.
length short to reduce non-response. ways to enhance the quality, utility, and A. Federal Reserve Bank of San
However, it contains a number of new clarity of the information to be Francisco (Gerald C. Tsai, Director,
questions that will help the FDIC better collected; and (d) ways to minimize the Applications and Enforcement) 101
understand households’ financial burden of the information collection on Market Street, San Francisco, California
condition. Specifically, the survey will respondents, including through the use 94105–1579:
ask about ways in which households of automated collection techniques or 1. PacWest Bancorp, and Pacific
save money, their ability to meet their other forms of information technology. Western Bank, both in Los Angeles,
monthly obligations, their income The FDIC will consider all comments California; merge with Square 1
volatility, and their access to to determine the extent to which the Financial, Inc., and thereby indirectly
mainstream credit. information collection should be acquire Square 1 Bank, both in Durham,
One commenter suggested collecting modified prior to submission to OMB North Carolina.
information on a wider range of credit for review and approval. After the In connection with this application,
products. The 2015 questionnaire added Applicants have also applied to acquire
comment period closes, comments will
a new section on the use of credit Square 1 Venture Management 1, L.P.,
be summarized and/or included in the
products, including mainstream banking Durham, North Carolina, and thereby
FDIC’s request to OMB for approval of
credit products (e.g., credit cards, line of engage in funds management,
the collection. All comments will
credits) to capture a more complete investment advisory, and private
become a matter of public record.
picture of households’ use of credit. placement activities, pursuant to
However, due to space constraints, Dated at Washington, DC, this 1st day of sections 225.28(b)(6)(i), (b)(7)(i) and
questions are focused on mainstream April 2015.
(b)(7)(iii), respectively.
credit products that are more likely to Federal Deposit Insurance Corporation.
Board of Governors of the Federal Reserve
be substitutes for the small-dollar, short- Robert E. Feldman,
System, April 1, 2015.
term credit available from alternative Executive Secretary.
Michael J. Lewandowski,
financial service providers. The [FR Doc. 2015–07798 Filed 4–3–15; 8:45 am]
Associate Secretary of the Board.
commenter also suggested collecting BILLING CODE 6714–01–P
more information on the frequency of [FR Doc. 2015–07792 Filed 4–3–15; 8:45 am]
use of credit and transaction products in BILLING CODE 6210–01–P
order to better understand households’
FEDERAL RESERVE SYSTEM
varying intensity of use of these
products. This suggestion is in part FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
addressed by the revisions made in the Mergers of Bank Holding Companies Notice of Proposals To Engage in or
2015 survey. In addition to the use of To Acquire Companies Engaged in
tkelley on DSK4VPTVN1PROD with NOTICES

financial products in the last 12 months, The companies listed in this notice
Permissible Nonbanking Activities
the proposed survey also asks have applied to the Board for approval,
households about their typical use of pursuant to the Bank Holding Company The companies listed in this notice
these products to better differentiate Act of 1956 (12 U.S.C. 1841 et seq.) have given notice under section 4 of the
regular users from one-time users. (BHC Act), Regulation Y (12 CFR part Bank Holding Company Act (12 U.S.C.
The commenter also made suggestions 225), and all other applicable statutes 1843) (BHC Act) and Regulation Y, (12
to improve the usability of the online and regulations to become a bank CFR part 225) to engage de novo, or to

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Document Created: 2015-12-18 11:18:45
Document Modified: 2015-12-18 11:18:45

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 18404