[Federal Register Volume 62, Number 239 (Friday, December 12, 1997)]
[Notices]
[Page 65429]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32554]
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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. 225.28 of Regulation Y (12 CFR 225.28)
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. The notice also will 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.
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 December 29, 1997.
A. Federal Reserve Bank of Boston (Richard Walker, Community
Affairs Officer) 600 Atlantic Avenue, Boston, Massachusetts 02106-2204:
1. Fleet Financial Group, Inc., Boston, Massachusetts (Notificant);
to acquire through its wholly owned subsidiary, Fleet Securities, Inc.,
New York, New York (Section 20 Subsidiary), all the shares of The Quick
& Reilly Group, Inc., Palm Beach, Florida (Q&R Group), and all the
shares of the subsidiaries of Q&R Group, including JJC Specialist
Corp., New York, New York, Nash, Weiss & Co., Jersey City, New Jersey,
and Sure Trade Corp., New York, New York, and thereby engage in certain
nonbanking activities. Notificant proposes to engage in the following:
(1) extending credit and servicing loans, pursuant to Sec.
225.28(b)(1) of the Board's Regulation Y; (2) providing services
related to extending credit, pursuant to Sec. 225.28(b)(2) of the
Board's Regulation Y; (3) providing financial and investment advisory
services, pursuant to Sec. 225.28(b)(6) of the Board's Regulation Y;
(4) providing securities brokerage, riskless principal, private
placement, and other agency transactional services, pursuant to Sec.
225.28(b)(7) of the Board's Regulation Y; (5) underwriting and dealing
in government obligations and money market instruments (``bank-eligible
securities'') and buying and selling bullion and related activities,
pursuant to Sec. 225.28(b)(8) of the Board's Regulation Y; (6)
providing data processing services, pursuant to Sec. 225.28(b)(14) of
the Board's Regulation Y, and activities incidental thereto; and (7)
providing administrative services to open-end investment companies, see
Commerzbank AG, 83 Fed. Res. Bull. 678 (1997) and Bankers Trust New
York Corp., 83 Fed. Res. Bull. 780 (1997). Notificant also proposes to
provide certain swaps-related back-office and middle-office services in
connection with the provision of agency transactional services,
pursuant to Sec. 225.28(b)(7) of the Board's Regulation Y.
In addition, Notificant proposes to engage in underwriting and
dealing to a limited extent in all types of equity and debt securities
that a state member bank may not underwrite and deal in (``bank-
ineligible securities''), except ownership interests in open-end
investment companies, see J.P. Morgan & Co., Inc., 75 Fed. Res. Bull.
192 (1989) and Citicorp. 73 Fed. Res. Bull. 473 (1987). In connection
with these activities, Notificant proposes to act as a specialist for
certain issues listed on the New York Sock Exchange (NYSE).
B. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President)
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
1. Middle Georgia Corporation, Ellaville, Georgia; to acquire
Fairbanco Holding Company, Inc., Fairburn, Georgia, and thereby
indirectly acquire Fairburn Banking Company, Fairburn, Georgia, and
thereby engage in operating a savings association, pursuant to Sec.
225.28(b)(4) of the Board's Regulation Y. This activity will be
conducted throughout the State of Georgia. Comments regarding this
application must be received by January 8, 1998.
Board of Governors of the Federal Reserve System, December 9,
1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-32554 Filed 12-11-97; 8:45 am]
BILLING CODE 6210-01-F
