[Federal Register Volume 61, Number 213 (Friday, November 1, 1996)]
[Notices]
[Pages 56547-56548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28050]
-----------------------------------------------------------------------
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 that engages either
directly or through a subsidiary or other company, in a nonbanking
activity that is listed in Sec. 225.25 of Regulation Y (12 CFR 225.25)
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. Once the notice 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 the proposal complies with the standards of section 4
of the BHC Act, including 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'' (12 U.S.C. 1843). 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.
[[Page 56548]]
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 November 15, 1996.
A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior
Vice President) 701 East Byrd Street, Richmond, Virginia 23261, and
Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 104
Marietta Street, N.W., Atlanta, Georgia 30303:
1. Barnett Bank, Inc., Jacksonville, Florida; Crestar Financial
Corporation, Richmond, Virginia; First Union Corporation, Charlotte,
North Carolina; NationsBank Corporation, Charlotte, North Carolina;
Southern National Corporation, Winston-Salem, North Carolina; Wachovia
Corporation, Winston-Salem, North Carolina (collectively, Applicants),
to acquire or retain control of 5 percent or more of the voting shares
of Southeast Switch, Inc. (SES), after its merger with Internet, Inc.
(Internet). SES currently operates the HONOR electronic funds transfer
(EFT) network, and Internet currently operates the MOST EFT network.
The merged company (Company) proposes to provide data processing
services, pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y,
and management consulting services to depository institutions for EFT-
related activities, pursuant to Sec. 225.25(b)(11)of the Board's
Regulation Y. Applicants state that Company's data processing
activities will consist of automated teller machine (ATM), point of
sale (POS), point of banking, scrip and gateway services, group
purchasing for participants, ATM and POS terminal driving, card
authorization services, card production and issuance and related
functions, electronic benefit transfer services, automated
clearinghouse services processing, electronic bill payment, check
verification, proprietary ATM services for non-financial entities,
private financial network services, and card fraud detection services.
Applicant have prior authority to engage in these activities.
Applicants seek approval to conduct the proposed activities
throughout the United States, Bermuda, Canada, Mexico, Central America
and the Caribbean.
Board of Governors of the Federal Reserve System, October 28,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-28050 Filed 10-31-96; 8:45 am]
BILLING CODE 6210-01-F
