[Federal Register Volume 59, Number 8 (Wednesday, January 12, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-654]


[[Page Unknown]]

[Federal Register: January 12, 1994]


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FEDERAL RESERVE SYSTEM
 

Wachovia Corporation, et al.; Acquisition of Company Engaged in 
Permissible Nonbanking Activities

    The organization listed in this notice has applied under Sec.  
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or 
(f)) 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 
a company engaged in a nonbanking activity that is listed in Sec.  
225.25 of Regulation Y as closely related to banking and permissible 
for bank holding companies. Unless otherwise noted, such 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.
    Comments regarding the application must be received at the Reserve 
Bank indicated or the offices of the Board of Governors not later than 
January 25, 1994.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. Wachovia Corporation, Winston-Salem, North Carolina; to acquire 
shares of Southeast Switch, Inc., Maitland, Florida, and thereby engage 
in providing data processing and transmission services to federally 
insured depository institutions who participate in Company's neutral 
shared electronic funds transfer (EFT) network and providing related 
services, including the administration and promotion of the network; 
providing data processing transmission and related services to other 
EFT networks; and providing bank management consulting advice to 
depository institutions pursuant to Secs.  225.25(b)(7) and (b)(11) of 
the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, January 6, 
1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-654 Filed 1-11-94; 8:45 am]
BILLING CODE 6210-01-F