[Federal Register Volume 60, Number 211 (Wednesday, November 1, 1995)]
[Notices]
[Page 55579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27053]
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FEDERAL RESERVE SYSTEM
Area Bancshares Corporation, Owensboro, Kentucky; Notice to Engage
in Certain Nonbanking Activities
Area Bancshares Corporation, Owensboro, Kentucky (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 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 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 service over the Internet, pursuant to Sec.
223.25(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 over 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 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 (12 CFR 262.3(e)),
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 he inspected at the offices of the Board of Governors or the
Federal Reserve Bank of St. Louis.
Board of Governors of the Federal Reserve System, October 26,
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-27053 Filed 10-31-95; 8:45 am]
BILLING CODE 6210-01-F
