[Federal Register Volume 61, Number 246 (Friday, December 20, 1996)]
[Notices]
[Page 67335]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32316]
=======================================================================
-----------------------------------------------------------------------
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.
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 January 6, 1997.
A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
1. Carolina First Corporation, Greenville, South Carolina; to
acquire 49 percent of the voting shares of Internet Organizing Group,
Inc., Atlanta, Georgia, and thereby indirectly acquire Atlanta Internet
Bank, F.S.B., Columbia, South Carolina (currently known as Premier
Savings Bank, F.S.B.), and engage de novo in offering deposit related
products for customers with access to the Internet and World Wide Web
and who are using a secure web browsing program. These products would
include demand deposit accounts with bill pay, ATM access, debit card
usage, traditional paper check writing, direct deposit, wire transfer
and banking by mail. Other deposit products would include money market
accounts and a variety of savings certificates. All accounts would be
interactive and accessible via on-line. Customers would have the
ability to apply for a wide variety of loans on-line, including
mortgage loans, equity lines of credit, credit cards, overdraft lines,
and consumer credit, pursuant to Sec. 225.25(b)(9) of the Board's
Regulation Y.
Board of Governors of the Federal Reserve System, December 16,
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-32316 Filed 12-19-96; 8:45 am]
BILLING CODE 6210-01-F
