[Federal Register Volume 59, Number 215 (Tuesday, November 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27616]


[[Page Unknown]]

[Federal Register: November 8, 1994]


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FEDERAL RESERVE SYSTEM
 

Shawmut National Corporation, 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 22, 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 acquire 
Northeast Federal Corp., Hartford, Connecticut, and indirectly acquire 
Northeast Savings, F.A., Hartford, Connecticut, and thereby engage in 
owning, controlling and operating a savings association that engages 
only in deposit-taking activities and lending and other activities, 
pursuant to subpart C of Sec.  225.25(b)(9) of the Board's Regulation 
Y. These activities will be conducted in Connecticut, Massachusetts, 
and upstate New York.
    B. 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 
acquire BB&T Financial Corporation, Wilson, North Carolina, and thereby 
engage in community development activities, in the form of equity 
investments in rental real estate projects which will qualify for the 
low-income housing credit under section 42 of the Internal Revenue Code 
of 1986, pursuant to Sec.  225.25(b)(6) of the Board's Regulation Y.
    C. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Security Richland Bancorporation, Miles City, Montana; to engage 
in general insurance activities through the Hansen-Lawrence Agency, 
Inc., Worden, Montana, pursuant to Sec.  225.25(b)(8)(iv) of the 
Board's Regulation Y. Applicant intends to conduct the following 
insurance activities: commercial property and casualty insurance, 
surety bonds, crop and hail insurance, workmen's compensation, 
individual property and casualty, federal crop insurance, and life, 
accident, and health insurance.

    Board of Governors of the Federal Reserve System, November 2, 
1994.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 94-27616; Filed 11-7-94; 8:45 am]
BILLING CODE 6210-01-F