[Federal Register Volume 59, Number 212 (Thursday, November 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27247]
[[Page Unknown]]
[Federal Register: November 3, 1994]
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FEDERAL RESERVE SYSTEM
Fleet Financial Group, 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
November 17, 1994.
A. Federal Reserve Bank of Boston (Robert M. Brady, Vice President)
600 Atlantic Avenue, Boston, Massachusetts 02106:
1. Fleet Financial Group, Inc., Providence, Rhode Island; to
acquire at least 50 percent, and up to 100 percent, of the voting
shares of The Providence Group Investment Advisory Company, Providence,
Rhode Island, and thereby engage in investment advisory activities,
pursuant to Sec. 225.25(b)(4) of the Board's Regulation Y.
B. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President)
104 Marietta Street, N.W., Atlanta, Georgia 30303:
1. Barnett Banks, Inc., Jacksonville, Florida; to acquire
EquiCredit Corporation, Jacksonville, Florida, and thereby engage in
the origination of consumer finance home equity loans secured by first
or second mortgages, and unsecured consumer finance loans; the
servicing of consumer finance home equity loans secured by first or
second mortgages, and unsecured consumer finance loans; the
securitization of consumer finance home equity loans via sale to the
secondary market; acting as principal, agent, or broker for insurance
that is directly related to an extension of credit, and is limited to
ensuring the repayment of an outstanding balance due (up to certain
limits) on the extension of credit in the event of the death,
disability, or involuntary unemployment of the debtor; pursuant to Secs.
225.25(b)(1)(i) and (b)(8)(ii) of the Board's Regulation Y.
Board of Governors of the Federal Reserve System, October 28,
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-27247; Filed 11-2-94; 8:45 am]
BILLING CODE 6210-01-F