[Federal Register Volume 59, Number 199 (Monday, October 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25601]


[[Page Unknown]]

[Federal Register: October 17, 1994]


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FEDERAL RESERVE SYSTEM
 

Southern National Corporation; Formation of, Acquisition by, or 
Merger of Bank Holding Companies; and Acquisition of Nonbanking Company

    The company listed in this notice has applied under Sec.  225.14 of 
the Board's Regulation Y (12 CFR 225.14) for the Board's approval under 
section 3 of the Bank Holding Company Act (12 U.S.C. 1842) to become a 
bank holding company or to acquire voting securities of a bank or bank 
holding company. The listed company has also applied under Sec.  
225.23(a)(2) of Regulation Y (12 CFR 225.23(a)(2)) 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, or to engage in such an activity. Unless otherwise 
noted, these 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 
November 11, 1994.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261:
    1. Southern National Corporation, Lumberton, North Carolina; to 
merge with BB&T Financial Corporation, Wilson, North Carolina and 
thereby indirectly acquire Branch Banking and Trust Company, Wilson, 
North Carolina; Branch Banking and Trust Company of South Carolina, 
Greenville, South Carolina; The Lexington State Bank, Lexington, South 
Carolina; and The Community Bank of South Carolina, Varnville, South 
Carolina. In connection with this application BB&T Financial 
Corporation, Wilson, North Carolina will acquire an option for 19.9 
percent of the voting shares of Southern National Corporation, 
Lumberton, North Carolina, and Southern National Corporation will 
acquire and option for 19.9 percent of BB&T Financial Corporation, 
Wilson, North Carolina.
    In connection with this application, Applicant also has applied to 
acquire Southeast Switch, Inc. (Company), Maitland, Florida, and 
thereby engage in providing data processing and transmission services 
to federally insured depository institutions who participate in 
Company's neutral shares 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 Sec.  
225.25(b)(7) and (11) of the Board's Regulation Y.

    Board of Governors of the Federal Reserve System, October 11, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-25601 Filed 10-14-94; 8:45 am]
BILLING CODE 6210-01-F