Notice of Proposals to Engage in Permissible Nonbanking Activities or to Acquire Companies that are Engaged in Permissible Nonbanking Activities

[Federal Register Volume 64, Number 17 (Wednesday, January 27, 1999)]
[Notices]
[Page 4107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-1885]


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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, including the 
companies listed below, 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 February 11, 1999.
    A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. Wachovia Corporation, Winston-Salem, North Carolina; to acquire 
Interstate/Johnson Lane, Inc., Charlotte, North Carolina, and thereby 
engage in underwriting and dealing in municipal revenue bonds 
(including certain unrated and private ownership municipal revenue 
bonds), 1-4 family mortgage-related securities, consumer receivable-
related securities, and commercial paper, see Citicorp, 73 Fed. Res. 
Bull. 473 (1987), and underwriting and dealing in all types of debt and 
equity securities, see J.P. Morgan & Co., Inc., The Chase Manhattan 
Corp., Bankers Trust New York Corp., Citicorp, and Security Pacific 
Corp., 75 Fed. Res. Bull. 192 (1989); in extending credit and providing 
services related to credit, pursuant to Secs.  225.28(b)(1) and (2) of 
Regulation Y; in providing leasing services, pursuant to Sec.  
225.28(b)(3) of Regulation Y; in performing trust company functions, 
pursuant to Sec.  225.28(b)(5) of Regulation Y; in providing financial 
and investment advisory services, pursuant to Secs.  225.28(b)(6)(i)-
(vi) of Regulation Y; in providing securities brokerage, riskless 
principal, private placement, and other agency transactional services, 
pursuant to Secs.  225.28(b)(7)(i)-(iv) of Regulation Y; in 
underwriting and dealing in government obligations and money market 
instruments that state member banks may underwrite and deal, pursuant 
to Sec.  225.28(b)(8)(i) of Regulation Y; in investing and trading 
activities, pursuant to Sec.  225.28(b)(8)(ii) of Regulation Y; and in 
providing management consulting advice, pursuant to Sec.  
225.28(b)(9)(i) of Regulation Y.
    In connection with the proposed transaction, Wachovia Corporation 
also has applied to acquire an option to purchase up to 19.9 percent of 
the outstanding shares of Interstate/Johnson Lane, Inc.
    B. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
    1. Community Trust Financial Services Corporation, Hiram, Georgia; 
to acquire First Family Financial Services of Georgia, Inc., Atlanta, 
Georgia, and thereby engage in making, acquiring, brokering, or 
servicing loans or other extension of credit, pursuant to Sec.  
225.28(b)(1) of Regulation Y.

    Board of Governors of the Federal Reserve System, January 22, 
1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-1885 Filed 1-26-99; 8:45 am]
BILLING CODE 6210-01-F