[Federal Register Volume 60, Number 211 (Wednesday, November 1, 1995)]
[Notices]
[Pages 55582-55583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27046]
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FEDERAL RESERVE SYSTEM
Wachovia Corporation, Notice to Engage in Certain Nonbanking
Activities
Wachovia Corporation, Winston-Salem, North Carolina (Applicant),
has given notice pursuant to section 4(c)(8) of the Bank Holding
Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and Sec. 225.23 of the
Board's Regulation Y (12 CFR 225.23) to engage indirectly through Five
Paces Software, Inc., Atlanta, Georgia (FPSI), a wholly owned
subsidiary of Security First Network Bank, FSB, Pineville, Kentucky
(SFNB), in certain nonbanking activities involving data processing
required for the provision by SFNB of electronic banking services over
the nonproprietary computer network known as the ``Internet.'' SFNB has
received approval from the Office of Thrift Supervision to provide
certain electronic banking services to its customers over the Internet,
including deposit and bill-paying services.
Applicant proposes to acquire a 4.9 voting common stock interest
and an additional preferred stock interest in SFNB, which will acquire
FPSI as its wholly owned subsidiary. Applicant proposes, thereby
indirectly to market, design, develop, and provide ongoing technical
support of data processing software for the electronic transmission of
financial, banking, and economic data for financial institutions
seeking to provide banking services to their customers over the
Internet, pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y.
Applicant will also be a software licensee of FPSI and will have a
director on FPSI's board of directors. Applicant seeks approval to
conduct the proposed data processing activities nationwide.
FPSI will provide data processing and security software to
financial institutions seeking to provide banking, services to their
customers over the Internet. Applicant indicates that this software is
designed to enable electronic transmission of banking, financial, and
economic data in a secure environment over the Internet. FPSI also will
provide financial institutions ongoing technical support related to its
software, customization and installation services, and data center
operations. Moreover, FPSI expects to develop additional data
processing services that will allow customers to provide secure access
to accounts across other channels, such as through modems across public
telephone lines.
Section 4(c)(8) of the BHC Act provides that a bank holding company
may, with Board approval, engage in any activity ``which the Board
after due notice and opportunity for hearing has
[[Page 55583]]
determined (by order or regulation) to be so closely related to banking
or managing or controlling banks as to be a proper incident thereto.''
12 U.S.C. 1843(c)(8). In publishing the proposal for comment, the Board
does not take a position on issues raised by the proposal. Notice of
the proposal is published solely in order to seek the views of
interested persons on the issues presented by the notice, and does not
represent a determination by the Board that the proposal meets or is
likely to meet the standards of the BHC Act.
Any comments or requests for hearing should be submitted in writing
and received by William W. Wiles, Secretary, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, not later than November
16, 1995. Any request for a hearing on this proposal must, as required
by Sec. 262.3(e) of the Board's Rules of Procedure, be accompanied by
a statement of the reasons why 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. The notice may be inspected at
office of the Board of Governors or the Federal Reserve Bank of
Richmond.
Board of Governors of the Federal Reserve System, October 26,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-27046 Filed 10-31-95; 8:45 am]
BILLING CODE 6210-01-F
