[Federal Register Volume 59, Number 199 (Monday, October 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25601]
[[Page Unknown]]
[Federal Register: October 17, 1994]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Southern National Corporation; Formation of, Acquisition by, or
Merger of Bank Holding Companies; and Acquisition of Nonbanking Company
The company listed in this notice has applied under Sec. 225.14 of
the Board's Regulation Y (12 CFR 225.14) for the Board's approval under
section 3 of the Bank Holding Company Act (12 U.S.C. 1842) to become a
bank holding company or to acquire voting securities of a bank or bank
holding company. The listed company has also applied under Sec.
225.23(a)(2) of Regulation Y (12 CFR 225.23(a)(2)) 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, or to engage in such an activity. Unless otherwise
noted, these activities will be conducted throughout the United States.
The 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.
Comments regarding the application must be received at the Reserve
Bank indicated or the offices of the Board of Governors not later than
November 11, 1994.
A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
1. Southern National Corporation, Lumberton, North Carolina; to
merge with BB&T Financial Corporation, Wilson, North Carolina and
thereby indirectly acquire Branch Banking and Trust Company, Wilson,
North Carolina; Branch Banking and Trust Company of South Carolina,
Greenville, South Carolina; The Lexington State Bank, Lexington, South
Carolina; and The Community Bank of South Carolina, Varnville, South
Carolina. In connection with this application BB&T Financial
Corporation, Wilson, North Carolina will acquire an option for 19.9
percent of the voting shares of Southern National Corporation,
Lumberton, North Carolina, and Southern National Corporation will
acquire and option for 19.9 percent of BB&T Financial Corporation,
Wilson, North Carolina.
In connection with this application, Applicant also has applied to
acquire Southeast Switch, Inc. (Company), Maitland, Florida, and
thereby engage in providing data processing and transmission services
to federally insured depository institutions who participate in
Company's neutral shares electronic funds transfer (EFT) network and
providing related services, including the administration and promotion
of the network; providing data processing transmission and related
services to other EFT networks; and providing bank management
consulting advice to depository institutions, pursuant to Sec.
225.25(b)(7) and (11) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, October 11,
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-25601 Filed 10-14-94; 8:45 am]
BILLING CODE 6210-01-F
