[Federal Register Volume 63, Number 178 (Tuesday, September 15, 1998)]
[Notices]
[Page 49358]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-24720]
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FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding
Companies; Correction
This notice corrects a notice (FR Doc. 98-23792) published on pages
47499 and 47500 of the issue for Tuesday, September 8, 1998.
Under the Federal Reserve Bank of Atlanta heading, the entry for
SunTrust Banks, Inc., Atlanta, Georgia, is revised to read as follows:
A. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President)
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
1. SunTrust Banks, Inc., Atlanta, Georgia; to acquire 100 percent
of the voting shares of Crestar Financial Corporation, Richmond,
Virginia, and thereby indirectly acquire Crestar Bank, Richmond,
Virginia. In addition, Applicant seeks approval to acquire an option to
purchase 19.9 percent of the voting shares of Crestar. The option would
expire upon consummation of the acquisition.
In connection with this application, Applicant also has applied to
acquire the nonbanking subsidiaries of Crestar, including Crestar
Securities Corporation, Richmond, Virginia, and thereby engage in the
following nonbanking activities: extending credit and servicing loans,
pursuant to Sec. 225.28(b)(1) of Regulation Y, providing leasing
services, pursuant to Sec. 225.28(b)(3) of Regulation Y, in providing
financial and investment advisory services, pursuant to Sec.
225.28(b)(6) of Regulation Y, providing agency transactional services
for customer investments, pursuant to Sec. 225.28(b)(7) of Regulation
Y, underwriting and dealing in certain government obligations and money
market instruments, pursuant to Sec. 225.28(b)(8) of Regulation Y,
engaging in sales of fixed rate and variable annuities and life
insurance on an agency basis, pursuant to Secs. 225.28(b)(11)(iv) and
225.28(b)(11)(vii) of Regulation Y, and underwriting and dealing in, to
a limited extent, certain municipal revenue bonds, 1-4 family mortgage-
related securities, consumer receivable-related securities, and
commercial paper, pursuant to Crestar Financial Corporation, 83 Federal
Reserve Bulletin 512 (1997), and other Board Orders.
In addition, Notificant proposes to engage through Crestar
Insurance Agency, Richmond, Virginia, in the activity of acting as an
insurance agency that provides life and property/casualty insurance
coverage as agent for both individuals and businesses, pursuant to Secs.
225.28(b)(11)(iv) and 225.28(b)(11)(vii) of Regulation Y; to engage
through Crestar Community Development Corporation, Richmond, Virginia,
in community development activities, pursuant to Sec. 225.28(b)(12)of
Regulation Y; to operate an electronic funds transfer network and
engage in data processing and management consulting activities by
acquiring 5.7 percent of Honor Technologies, Inc., Maitland, Florida,
pursuant to Secs. 225.28(b)(9) and 225.28(b)(14) of Regulation Y,
respectively.
The comment period regarding this application has been extended to
October 6, 1998.
Board of Governors of the Federal Reserve System, September 10,
1998
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-24720 Filed 9-14-98; 8:45 am]
BILLING CODE 6210-01-F
