[Federal Register Volume 64, Number 122 (Friday, June 25, 1999)]
[Notices]
[Page 34256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16299]
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FEDERAL RESERVE SYSTEM
Public Meeting: Application by Fleet Financial Group, Inc.,
Boston, Massachusetts, To Merge With BankBoston Corporation, Boston, MA
AGENCY: Federal Reserve System.
ACTION: Notice of Meeting.
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SUMMARY: On July 7, 1999, a public meeting will be held regarding the
notice submitted by the Fleet Financial Group, Inc., Boston,
Massachusetts (Fleet Financial), to acquire BankBoston Corporation,
Boston, Massachusetts (BankBoston), and its banking and nonbanking
subsidiaries pursuant to the Bank Holding Company Act (BHC Act) and
related statutes. The purpose of the public meeting is to collect
information relating to factors the Board is required to consider under
the BHC Act.
DATES: The Meeting will be held on Wednesday, July 7, 1999, at 9:00
a.m. EDT.
ADDRESSES: Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston,
Massachusetts.
FOR FURTHER INFORMATION CONTACT: Robert M. Brady, Vice President,
Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston,
Massachusetts. Facsimile: 617/973-3219.
SUPPLEMENTARY INFORMATION: On May 17, 1999, Fleet Financial requested
the Board's approval to merge with BankBoston under the BHC Act (12
U.S.C. 1841 et seq.) and related statutes. The factors the Board must
consider in evaluating the proposal under the BHC Act are: the effects
of the proposal on the financial and managerial resources and future
prospects of the companies and banks involved in the proposal;
competition in the relevant markets; and the convenience and needs of
the communities to be served. With respect to competition, the proposal
involves the merger of the two largest banking organizations in new
England and will involve sizable divestitures throughout the region.
Convenience and needs considerations include a review of the records of
performance of Fleet Financial and BankBoston under the Community
Reinvestment Act, which requires the Board to take into account in its
review of a bank acquisition or merger proposal each institution's
record of meeting the credit needs of its entire community, including
low- and moderate-income neighborhoods, consistent with the safe and
sound operation of the institution. 12 U.S.C. 2903.
The transaction also involves the proposed acquisition of a number
of nonbanking companies engaged in activities permissible for bank
holding companies. The Board must determine whether conducting the
proposed nonbanking activities can reasonably be expected to produce
benefits to the public that outweigh possible adverse effects, such as
undue concentration of resources, decreased or unfair competition,
conflicts of interest, or unsound banking practices.
Procedures for Hearing
Testimony at the public meeting will be presented to a panel
consisting of a Presiding Officer and other panel members appointed by
the Presiding Officer. In conducting the public meeting, the Presiding
Officer will have the authority and discretion to ensure that the
meeting proceeds in a fair and orderly manner. In contrast to a formal
administrative hearing, the rules for taking evidence in an
administrative proceeding will not apply to this public meeting. Panel
members may question witnesses, but no cross-examination of witnesses
will be permitted. The public meeting will be transcribed and
information regarding procedures for obtaining a copy of the transcript
will be announced at the public meeting.
On the basis of the requests received, the Presiding Officer will
prepare a schedule for persons wishing to testify and establish the
order of presentation. To ensure an opportunity for all interested
commenters to present their views, the Presiding Officer may limit the
time for presentation. Persons not listed on the schedule may be
permitted to speak at the public meeting if time permits at the
conclusion of the schedule of witnesses at the discretion of the
Presiding Officer. Copies of testimony may, but need not, be filed with
the Presiding Officer before a person's presentation.
Request To Testify
All persons wishing to testify at the public meeting must submit a
written request to Robert M. Brady, Vice President, Federal Reserve
Bank of Boston, 600 Atlantic Avenue, Boston, Massachusetts 02106
(facsimile: 617/973-3219), not later than 5:00 p.m. EDT, Wednesday,
June 30, 1999. The request must include the following information: (i)
A brief statement of the nature of the expected testimony and the
estimated time required for the presentation; (ii) Address and
telephone number (and facsimile number, if available) of the person
testifying; and (iii) Identification of any special needs, such as from
persons desiring translation services, persons with a physical
disability who may need assistance, or persons requiring visual aids
for their presentation. To the extent available, translators will be
provided to persons wishing to present their views in a language other
than English if this information is included in the request to testify.
Persons interested only in attending the meeting do not need to submit
a written request to attend.
By order of the Board of Governors of the Federal Reserve
System, June 22, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-16299 Filed 6-24-99; 8:45 am]
BILLING CODE 6210-01-P
