[Federal Register Volume 59, Number 107 (Monday, June 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13647]


[[Page Unknown]]

[Federal Register: June 6, 1994]


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FEDERAL RESERVE SYSTEM
 

Shawmut National Corporation, et al.; Notice of Applications to 
Engage de novo in Permissible Nonbanking Activities

    The companies listed in this notice have filed an application under 
Sec.  225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1)) 
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 commence or to engage de novo, either directly or 
through a subsidiary, 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.
    Each 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 the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than June 27, 1994.
    A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President) 
600 Atlantic Avenue, Boston, Massachusetts 02106:
    1. Shawmut National Corporation, Hartford, Connecticut; to engage 
de novo through its subsidiary, Shawmut Investment Advisers, Inc., 
Boston, Massachusetts, in providing portfolio investment advice and 
management for institutional and employee benefit account customers; 
providing investment advisory services to, and management of accounts 
supervised by SNC's subsidiary banks; serving as investment advisor to 
an investment company or companies that may be organized by Applicant, 
or any of SNC's subsidiaries; providing portfolio investment advice or 
management to a limited number of personal trust or investment 
management agency customers; and furnishing general economic 
information and advice, general economic statistical forecasting 
services and industry and company studies to the foregoing parties 
pursuant to Sec.  225.25(b)(4)(ii), (iii), (iv) and (v) of the Board's 
Regulation Y. These activities will be conducted in the Western 
Hemisphere.
    B. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Banc One Corporation, Columbus, Ohio; to engage de novo through 
its subsidiary, Croghan & Associates, Inc., Boulder, Colorado, d.b.a. 
System One, in collection agency activities pursuant to Sec.  
225.25(b)(23) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, May 31, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-13647 Filed 6-3-94; 8:45 am]
BILLING CODE 6210-01-F