First Fidelity Bancorporation, et al.; Acquisitions of Companies Engaged in Permissible Nonbanking Activities

FEDERAL RESERVE SYSTEM

First Fidelity Bancorporation, et al.; Acquisitions of Companies

Engaged in Permissible Nonbanking Activities

The organizations listed in this notice have applied under Sec.

225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or

(f)) for the Board's approval under section 4(c)(8) of the Bank Holding

Company Act (12 U.S.C. 1843(c)(8)) and Sec. 225.21(a) of Regulation Y

(12 CFR 225.21(a)) to acquire or control voting securities or assets of

a company engaged in a nonbanking activity that is listed in Sec.

225.25 of Regulation Y as closely related to banking and permissible

for bank holding companies. Unless otherwise noted, such activities

will be conducted throughout the United States.

Each application is available for immediate inspection at the

Federal Reserve Bank indicated. Once the application has been accepted

for processing, it will also be available for inspection at the offices

of the Board of Governors. Interested persons may express their views

in writing on the question whether consummation of the proposal can

``reasonably be expected to produce benefits to the public, such as

greater convenience, increased competition, or gains in efficiency,

that outweigh possible adverse effects, such as undue concentration of

resources, decreased or unfair competition, conflicts of interests, or

unsound banking practices.'' Any request for a hearing on this question

must be accompanied by a statement of the reasons a written

presentation would not suffice in lieu of a hearing, identifying

specifically any questions of fact that are in dispute, summarizing the

evidence that would be presented at a hearing, and indicating how the

party commenting would be aggrieved by approval of the proposal.

Unless otherwise noted, comments regarding each of these

applications must be received at the Reserve Bank indicated for the

application or the offices of the Board of Governors not later than

October 17, 1994.

A. Federal Reserve Bank of Philadelphia (Thomas K. Desch, Vice

President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:

1. First Fidelity Bancorporation, Lawrenceville, New Jersey, and

Banco Santander, S.A., Santander, Spain; to acquire Baltimore Bancorp,

Baltimore, Maryland, and thereby indirectly acquire The Bank of

Baltimore Interim Federal Savings Bank, Baltimore, Maryland, and

thereby engage in operation of a savings bank, pursuant to Sec.

225.25(b)(9) of the Board's Regulation Y.

In connection with this application, Baltimore Bancorp, Baltimore,

Maryland, proposes to acquire The Bank of Baltimore Interim Federal

Savings Bank, Baltimore, Maryland, and thereby engage in the operation

of a savings association, pursuant to Sec. 225.25(b)(9) of the Board's

Regulation Y.

Currently, Baltimore Bancorp is a bank holding company whose sole

banking subsidiary is The Bank of Baltimore, Baltimore, Maryland, a

commercial bank. Prior to First Fidelity's acquisition of Baltimore

Bancorp, The Bank of Baltimore Interim Federal Savings Bank will be

chartered and acquired by Baltimore Bancorp and The Bank of Baltimore

will be merged with and into The Bank of Baltimore Interim Federal

Savings Bank, with The Bank of Baltimore Interim Federal Savings Bank

as the surviving institution.

First Fidelity also proposes to acquire the following related

nonbank subsidiaries and to engage in the respective nonbanking

activities:

(1) To acquire Atlantic Independent Insurance Agency, Inc., Bel

Air, Maryland, and thereby act as insurance agent for the sale of

credit-related life, health and accident insurance, pursuant to Sec.

225.25(b)(8)(i) of the Board's Regulation Y.

(2) To acquire Atlantic Residential Mortgage Corporation,

Baltimore, Maryland, and thereby engage in originating, purchasing,

packaging, selling and servicing residential mortgage loans for the

secondary market, itself and the bank and provide fully secured

financing to other mortgage banking companies to assist them in the

acquisition of servicing rights in FHLMC, FNMA, and GNMA residential

mortgages, pursuant to Secs. 225.25(b)(1) and (b)(5) of the Board's

Regulation Y.

(3) To acquire Baltimore Bancorp Investment Services, Inc.,

Baltimore, Maryland, and thereby act as a discount broker of listed and

OTC equities, corporate bonds, government bonds, municipal bonds,

mutual funds and options, pursuant to Secs. 225.25(b)(15) and (b)(16)

of the Board's Regulation Y.

(4) To acquire Baltimore Bancorp Leasing & Financial, Inc.,

Baltimore, Maryland, and thereby act as an equipment finance and

leasing company specializing in transactions with established

corporations, with respect to plant equipment, computers, office

furniture and equipment, medical equipment and other tangible personal

property, pursuant to Secs. 225.25(b)(1) and (b)(5).

B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President)

104 Marietta Street, N.W., Atlanta, Georgia 30303:

1. Southern National Banks, Inc., Fort Walton Beach, Florida; to

acquire First Appraisal Corporation, Fort Walton Beach, Florida, and

thereby engage in real estate appraisal activities, pursuant to Sec.

225.25(b)(13) of the Board's Regulation Y. The proposed activity will

be conducted throughout the state of Florida.

Board of Governors of the Federal Reserve System, September 16,

1994.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 94-23443 Filed 9-21-94; 8:45 am]

BILLING CODE 6210-01-F