[Federal Register Volume 60, Number 140 (Friday, July 21, 1995)]
[Notices]
[Pages 37642-37643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17974]



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FEDERAL RESERVE SYSTEM

Fleet Financial Group, Inc.; Formation of, Acquisition by, and 
Merger of Bank Holding Companies; and Acquisition of Nonbanking 
Companies

    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 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 companies engaged in nonbanking activities that are listed 
in Sec.  225.25 of Regulation Y and that are not listed in Regulation Y 
but have previously been approved by Board Order as closely related to 
banking and permissible for bank holding companies, or to engage in 
such activities. 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.
    Unless otherwise noted, comments regarding this application must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than August 18, 1995.
    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 (Fleet); 
to acquire and merge with Shawmut

[[Page 37643]]
National Corporation, Hartford, Connecticut (Shawmut), and thereby 
acquire Shawmut Bank Connecticut, N.A., Hartford, Connecticut, and 
Shawmut Bank, N.A., Boston, Massachusetts; Shawmut New Hampshire 
Corporation (SNHC) and its subsidiary, Shawmut Bank NH, both of 
Manchester, New Hampshire; and Shawmut New York Corporation and its 
subsidiary, Shawmut Bank New York, N.A., both of Schenectady, New York. 
Fleet also has applied to merge SNHC with and into its subsidiary, 
Indian Head Banks, Inc., Nashua, New Hampshire.
    In connection with this application, Fleet also has applied to 
acquire Shawmut Bank, FSB, Boca Raton, Florida, and thereby operate a 
savings association pursuant to 12 CFR 225.25(b)(9); Hartford National 
Corporation, Hartford, Connecticut, and its subsidiaries, Shawmut 
National Trust Company, Stuart, Florida, and Shawmut Trust Company, New 
York, New York, and thereby engage in operating trust companies 
pursuant to 12 CFR 225.25(b)(3); Shawmut Corporation, Boston, 
Massachusetts, and its subsidiary, Shawmut Investment Advisers, Inc., 
Hartford, Connecticut, and thereby engage in asset management and 
investment advisory services pursuant to 12 CFR 225.25(b)(4); and 
Business Benefits Administrators, Inc., Boston, Massachusetts (BBA), 
and its subsidiary, Interpay, Inc., Mansfield, Massachusetts (Interpay) 
(Shawmut is in the process of submitting a notification to the Board to 
acquire BBA and Interpay), and thereby engage in payroll processing 
services pursuant to 12 CFR 225.25(b)(7). Fleet also is seeking Board 
approval to increase its ownership interest in Infinet Payment Systems, 
Inc., Hackensack, New Jersey (``IPS''), a joint venture with other 
banking organizations, to 21.1 percent, and thereby engage in operating 
retail electronic funds transfer networks and engage in data processing 
and related activities pursuant to 12 CFR 225.25(b)(7) of the Board's 
Regulation Y and by Board Order.
    Fleet has applied to exercise an option to acquire up to 19.9 
percent of the voting shares of Shawmut. In connection with this 
application, Shawmut has applied to exercise an option to acquire up to 
19.9 percent of the voting shares of Fleet.

    Board of Governors of the Federal Reserve System, July 17, 1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-17974 Filed 7-20-95; 8:45 am]
BILLING CODE 6210-01-F