[Federal Register Volume 59, Number 131 (Monday, July 11, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-16672]


[[Page Unknown]]

[Federal Register: July 11, 1994]


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FEDERAL RESERVE SYSTEM
 

The Bank of New York Company Inc., et al.; Acquisitions of 
Companies Engaged in Permissible Nonbanking Activities

    The organizations listed in this notice have 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.
    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 each of these 
applications must be received at the Reserve Bank indicated for the 
application or the offices of the Board of Governors not later than 
August 2, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. The Bank of New York Company, Inc., New York, New York; 
Baybanks, Inc., Boston, Massachusetts; The Chase Manhattan Corporation, 
New York, New York; Chemical Banking Corporation, New York, New York; 
Citicorp, New York, New York; Fleet Financial Group, Inc., Providence, 
Rhode Island; HSBC Holdings PLC, London, England; HSBC Holdings BV, The 
Netherlands; Marine Midland Banks, Inc., Buffalo, New York; Banco de 
Santander, S.A., Madrid, Spain; The Bank of Boston Corporation, Boston, 
Massachusetts; First Fidelity Bancorporation, Lawrenceville, Newark, 
New Jersey; and Shawmut, National Corporation, Hartford, Connecticut, 
to engage through InfiNet Payment Service, Inc., in data processing 
activities pursuant to Sec.  225.25(b)(7) of the Board's Regulation Y. 
The applications also may be reviewed at the Federal Reserve Banks of 
Boston and Philadelphia.
    A. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63166:
    1. Commonwealth Bancshares, Inc., Shelbyville, Kentucky, to acquire 
First Security Trust Company, Miami, Florida, and thereby engage in 
trust company functions, as permitted by Sec.  225.25(b)(3) of the 
Board's Regulation Y. Commonwealth also proposes to provide portfolio 
investment advice, pursuant to Sec.  225.25(b)(4)(iii) of the Board's 
Regulation Y. These activities will be conduced in Dade, Palm Beach, 
and Broward Counties, Florida.

    Board of Governors of the Federal Reserve System, July 5, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-16672 Filed 7-8-94; 8:45 am]
BILLING CODE 6210-01-F