[Federal Register Volume 59, Number 152 (Tuesday, August 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19370]


[[Page Unknown]]

[Federal Register: August 9, 1994]


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FEDERAL RESERVE SYSTEM
 

Summit Financial Corporation; Notice of Application to Engage de 
novo in Permissible Nonbanking Activities

    The company listed in this notice has 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.
    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 
August 29, 1994.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. Summit Financial Corporation, Greenville, South Carolina; to 
engage de novo through its subsidiary Freedom Finance, Inc., 
Greenville, South Carolina, in making and servicing consumer finance 
loans; acting as agent for insurance to borrowers that is directly 
related to the extension of credit by the finance company, including 
credit life and accident and health insurance; and acting as agent for 
insurance related to ensuring repayment of the outstanding balance for 
the extension of credit in the event of loss or damage to any property 
used as collateral for the extension of credit, pursuant to Secs.  
225.25(b)(1)(i), (8)(i), and (8)(ii) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, August 3, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-19370 Filed 8-8-94; 8:45 am]
BILLING CODE 6210-01-F