Orders issued under Bank Holding Company Act

Federal Reserve Bulletin,  Summer, 2004  by Robert DeV. Frierson

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(27.) The commenter also requested that the Board hold a public hearing on the proposal. Section 3(b) of the BHC Act does not require the Board to hold a public hearing on an application unless the appropriate supervisory authority for any of the banks to be acquired makes a timely recommendation of denial of the application. The Board has not received such a recommendation. Under its regulations, the Board also may, in its discretion, hold a public meeting or hearing on an application to acquire a bank if a meeting or hearing is necessary or appropriate to clarify factual issues related to the application and to provide an opportunity for testimony. 12 CFR 225.16(e). The Board has considered carefully commenter's request in light of all the facts of record. As noted above, interested persons, including the commenter, have had ample opportunity to submit comments on the proposal, and the commenter has submitted written comments that the Board has considered carefully in acting on the proposal. The commenter's request fails to demonstrate why its written comments do not present its views adequately or why a meeting or hearing otherwise would be necessary or appropriate. For these reasons, and based on all the facts of record, the Board has determined that a public hearing or meeting is not required or warranted in this case. Accordingly, the request for a public hearing on the proposal is denied.

(28.) See 12 U.S.C. [section] 2903(c).

(29.) Manulife intends to acquire John Hancock's direct and indirect nonbanking subsidiaries pursuant to section 4(k) of the BHC Act (12 U.S.C. [section] 1843(k)) and the post-transaction notice procedures of section 225.87 of Regulation Y (12 CFR 225.87).

Mountain Home Bancshares, Inc.

Mountain Home, Arkansas

Order Approving the Acquisition of a Bank Holding Company

Mountain Home Bancshares, Inc. ("Mountain Home"), a bank holding company within the meaning of the Bank Holding Company Act ("BHC Act"), has requested the Board's approval under section 3 of the BHC Act ((12 U.S.C. [section] 1842) to acquire Pocahontas Bankstock, Inc. ("Pocahontas") and its subsidiary bank, Bank of Pocahontas ("BOP"), both in Pocahontas, Arkansas. (1)

Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (69 Federal Register 20,623 (2004)). The time for filing comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act.

Mountain Home is the 33rd largest depository organization in Arkansas, with total consolidated assets of $268.4 million. It controls First National Bank and Trust Company of Mountain Home ("First National"), Mountain Home, Arkansas, with deposits of $205.1 million, which represents less than 1 percent of total deposits of insured depository institutions in Arkansas ("state deposits"). (2) Pocahontas, with total consolidated assets of $129.7 million, is the 73rd largest depository organization in Arkansas, controlling deposits of $108 million. On con-summation of the proposal, Mountain Home would become the 22nd largest depository organization in Arkansas, with total consolidated assets of approximately $398 million and deposits of approximately $313.2 million, which represents less than 1 percent of state deposits.