E6-17372. 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 application also will 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. Additional information on all bank holding companies may be obtained from the National Information Center website at www.ffiec.gov/​nic/​.

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 November 13, 2006.

A. Federal Reserve Bank of Boston (Richard Walker, Community Affairs Officer) P.O. Box 55882, Boston, Massachusetts 02106-2204:

1. Higher One Inc., New Haven, Connecticut; to become a bank holding company by acquiring 100 percent of the voting shares of Higher One Bank, New Haven, Connecticut (in formation).

In connection with this application, Applicant also has applied to engage in data processing activities, pursuant to section 225.28(b)(14)(i) of Regulation Y.

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

1. Palmetto State Bankshares, Inc., Hampton, South Carolina; to acquire 100 percent of the voting shares of The Exchange Bankshares, Inc., Estill, South Carolina, and thereby indirectly acquire The Exchange Bank, Estill, South Carolina.

In connection with this application, Applicant also has applied to acquire 100 percent of the voting shares of Carolina Commercial Bank, Allendale, South Carolina.

C. Federal Reserve Bank of Atlanta (Andre Anderson, Vice President) 1000 Peachtree Street, N.E., Atlanta, Georgia 30309:

1. Atlantic Southern Financial Group, Inc., Macon, Georgia; to merge with Sapelo Bancshares, Inc., Darien, Georgia, and thereby indirectly acquire Sapelo National Bank, Darien, Georgia.

2. Embassy Bancshares, Inc., Snellville, Georgia; to become a bank holding company by acquiring 100 percent of the voting shares of Embassy National Bank, Lawrenceville, Georgia (in organization).

Board of Governors of the Federal Reserve System, October 13, 2006.

Robert deV. Frierson,

Deputy Secretary of the Board.