[Federal Register Volume 59, Number 215 (Tuesday, November 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27616]
[[Page Unknown]]
[Federal Register: November 8, 1994]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Shawmut National Corporation, et al.; Acquisitions of Companies
Engaged in Permissible Nonbanking Activities
The organizations listed in this notice have applied under Sec.
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or
(f)) 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. Unless otherwise noted, such activities
will be conducted throughout the United States.
Each 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.
Unless otherwise noted, comments regarding each of these
applications must be received at the Reserve Bank indicated for the
application or the offices of the Board of Governors not later than
November 22, 1994.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Shawmut National Corporation, Hartford, Connecticut; to acquire
Northeast Federal Corp., Hartford, Connecticut, and indirectly acquire
Northeast Savings, F.A., Hartford, Connecticut, and thereby engage in
owning, controlling and operating a savings association that engages
only in deposit-taking activities and lending and other activities,
pursuant to subpart C of Sec. 225.25(b)(9) of the Board's Regulation
Y. These activities will be conducted in Connecticut, Massachusetts,
and upstate New York.
B. 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
acquire BB&T Financial Corporation, Wilson, North Carolina, and thereby
engage in community development activities, in the form of equity
investments in rental real estate projects which will qualify for the
low-income housing credit under section 42 of the Internal Revenue Code
of 1986, pursuant to Sec. 225.25(b)(6) of the Board's Regulation Y.
C. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
1. Security Richland Bancorporation, Miles City, Montana; to engage
in general insurance activities through the Hansen-Lawrence Agency,
Inc., Worden, Montana, pursuant to Sec. 225.25(b)(8)(iv) of the
Board's Regulation Y. Applicant intends to conduct the following
insurance activities: commercial property and casualty insurance,
surety bonds, crop and hail insurance, workmen's compensation,
individual property and casualty, federal crop insurance, and life,
accident, and health insurance.
Board of Governors of the Federal Reserve System, November 2,
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-27616; Filed 11-7-94; 8:45 am]
BILLING CODE 6210-01-F
