Banks and bank holding companies: Change in bank control— Permissible nonbanking activities,

[Federal Register: January 27, 1999 (Volume 64, Number 17)]

[Notices]

[Page 4107]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr27ja99-60]

FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities

The companies listed in this notice have given notice under section 4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and Regulation Y, (12 CFR Part 225) to engage de novo, or to acquire or control voting securities or assets of a company, including the companies listed below, that engages either directly or through a subsidiary or other company, in a nonbanking activity that is listed in Sec. 225.28 of Regulation Y (12 CFR 225.28) or that the Board has determined by Order to be closely related to banking and permissible for bank holding companies. Unless otherwise noted, these activities will be conducted throughout the United States.

Each notice is available for inspection at the Federal Reserve Bank indicated. The notice also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the question whether the proposal complies with the standards of section 4 of the BHC Act.

Unless otherwise noted, comments regarding the applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than February 11, 1999.

1. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:

   1. Wachovia Corporation, Winston-Salem, North Carolina; to acquire Interstate/Johnson Lane, Inc., Charlotte, North Carolina, and thereby engage in underwriting and dealing in municipal revenue bonds (including certain unrated and private ownership municipal revenue bonds), 1-4 family mortgage-related securities, consumer receivable- related securities, and commercial paper, see Citicorp, 73 Fed. Res. Bull. 473 (1987), and underwriting and dealing in all types of debt and equity securities, see J.P. Morgan & Co., Inc., The Chase Manhattan Corp., Bankers Trust New York Corp., Citicorp, and Security Pacific Corp., 75 Fed. Res. Bull. 192 (1989); in extending credit and providing services related to credit, pursuant to Secs. 225.28(b)(1) and (2) of Regulation Y; in providing leasing services, pursuant to Sec. 225.28(b)(3) of Regulation Y; in performing trust company functions, pursuant to Sec. 225.28(b)(5) of Regulation Y; in providing financial and investment advisory services, pursuant to Secs. 225.28(b)(6)(i)- (vi) of Regulation Y; in providing securities brokerage, riskless principal, private placement, and other agency transactional services, pursuant to Secs. 225.28(b)(7)(i)-(iv) of Regulation Y; in underwriting and dealing in government obligations and money market instruments that state member banks may underwrite and deal, pursuant to Sec. 225.28(b)(8)(i) of Regulation Y; in investing and trading activities, pursuant to Sec. 225.28(b)(8)(ii) of Regulation Y; and in providing management consulting advice, pursuant to Sec. 225.28(b)(9)(i) of Regulation Y.

   In connection with the proposed transaction, Wachovia Corporation also has applied to acquire an option to purchase up to 19.9 percent of the outstanding shares of Interstate/Johnson Lane, Inc.

2. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President) 104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:

   1. Community Trust Financial Services Corporation, Hiram, Georgia; to acquire First Family Financial Services of Georgia, Inc., Atlanta, Georgia, and thereby engage in making, acquiring, brokering, or servicing loans or other extension of credit, pursuant to Sec. 225.28(b)(1) of Regulation Y.

   Board of Governors of the Federal Reserve System, January 22, 1999. Robert deV. Frierson, Associate Secretary of the Board.

   [FR Doc. 99-1885Filed1-26-99; 8:45 am]

   BILLING CODE 6210-01-F