[Federal Register Volume 60, Number 140 (Friday, July 21, 1995)]
[Notices]
[Pages 37642-37643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17974]
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FEDERAL RESERVE SYSTEM
Fleet Financial Group, Inc.; Formation of, Acquisition by, and
Merger of Bank Holding Companies; and Acquisition of Nonbanking
Companies
The company listed in this notice has applied under Sec. 225.14 of
the Board's Regulation Y (12 CFR 225.14) for the Board's approval under
section 3 of the Bank Holding Company Act (12 U.S.C. 1842) to acquire
voting securities of a bank or bank holding company. The listed company
has also applied under Sec. 225.23(a)(2) of Regulation Y (12 CFR
225.23(a)(2)) 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 companies engaged in nonbanking activities that are listed
in Sec. 225.25 of Regulation Y and that are not listed in Regulation Y
but have previously been approved by Board Order as closely related to
banking and permissible for bank holding companies, or to engage in
such activities. These activities will be conducted throughout the
United States.
The 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 this application must be
received at the Reserve Bank indicated or the offices of the Board of
Governors not later than August 18, 1995.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Fleet Financial Group, Inc., Providence, Rhode Island (Fleet);
to acquire and merge with Shawmut
[[Page 37643]]
National Corporation, Hartford, Connecticut (Shawmut), and thereby
acquire Shawmut Bank Connecticut, N.A., Hartford, Connecticut, and
Shawmut Bank, N.A., Boston, Massachusetts; Shawmut New Hampshire
Corporation (SNHC) and its subsidiary, Shawmut Bank NH, both of
Manchester, New Hampshire; and Shawmut New York Corporation and its
subsidiary, Shawmut Bank New York, N.A., both of Schenectady, New York.
Fleet also has applied to merge SNHC with and into its subsidiary,
Indian Head Banks, Inc., Nashua, New Hampshire.
In connection with this application, Fleet also has applied to
acquire Shawmut Bank, FSB, Boca Raton, Florida, and thereby operate a
savings association pursuant to 12 CFR 225.25(b)(9); Hartford National
Corporation, Hartford, Connecticut, and its subsidiaries, Shawmut
National Trust Company, Stuart, Florida, and Shawmut Trust Company, New
York, New York, and thereby engage in operating trust companies
pursuant to 12 CFR 225.25(b)(3); Shawmut Corporation, Boston,
Massachusetts, and its subsidiary, Shawmut Investment Advisers, Inc.,
Hartford, Connecticut, and thereby engage in asset management and
investment advisory services pursuant to 12 CFR 225.25(b)(4); and
Business Benefits Administrators, Inc., Boston, Massachusetts (BBA),
and its subsidiary, Interpay, Inc., Mansfield, Massachusetts (Interpay)
(Shawmut is in the process of submitting a notification to the Board to
acquire BBA and Interpay), and thereby engage in payroll processing
services pursuant to 12 CFR 225.25(b)(7). Fleet also is seeking Board
approval to increase its ownership interest in Infinet Payment Systems,
Inc., Hackensack, New Jersey (``IPS''), a joint venture with other
banking organizations, to 21.1 percent, and thereby engage in operating
retail electronic funds transfer networks and engage in data processing
and related activities pursuant to 12 CFR 225.25(b)(7) of the Board's
Regulation Y and by Board Order.
Fleet has applied to exercise an option to acquire up to 19.9
percent of the voting shares of Shawmut. In connection with this
application, Shawmut has applied to exercise an option to acquire up to
19.9 percent of the voting shares of Fleet.
Board of Governors of the Federal Reserve System, July 17, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-17974 Filed 7-20-95; 8:45 am]
BILLING CODE 6210-01-F
