[Federal Register Volume 60, Number 164 (Thursday, August 24, 1995)]
[Notices]
[Page 44032]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: X95-10824]



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FEDERAL RESERVE SYSTEM


Banco Santander, S.A.; FFB Participacoes e Servicos, S.A. 
Acquisition of Voting Securities of a Bank Holding Company

    Banco Santander, S.A., Madrid, Spain, and its wholly owned 
subsidiary, FFB Participacoes e Servicos, S.A., Funchal, Portugal 
(together, Applicant), has applied under sections 3 and 4 of the Bank 
Holding Company Act (12 U.S.C. 1842 and 1843) (BHC Act) and 
Secs. 225.14, 225.21(a) and 225.23(a) of the Board's Regulation Y (12 
CFR 225.14, 225.21(a), and 225.23(a)), to acquire approximately 11.4 
percent of the outstanding voting shares of First Union Corporation, 
Charlotte, North Carolina (First Union), and thereby indirectly acquire 
interests in the following First Union bank and nonbank subsidiaries:
    First Union National Bank of Florida, Jacksonville, Florida; First 
Union National Bank of North Carolina, Charlotte, North Carolina; First 
Union National Bank of Georgia, Atlanta, Georgia; First Union National 
Bank of Tennessee, Nashville, Tennessee; First Union National Bank of 
Maryland, Rockville, Maryland; First Union National Bank of Virginia, 
Roanoke, Virginia; First Union National Bank of Washington, D.C., 
Washington, D.C.; First Union National Bank of South Carolina, 
Greenville, South Carolina; First Union Home Equity Bank, National 
Association, Charlotte, North Carolina; First Union Capital Markets 
Corporation, Charlotte, North Carolina; First Union Community 
Development Corporation, Charlotte, North Carolina; First Union 
Development Corporation, Charlotte, North Carolina; First Union Export 
Trading Company, Charlotte, North Carolina; First Union Futures 
Corporation, Charlotte, North Carolina; First Union Mortgage 
Corporation, Charlotte, North Carolina, and General Financial Life 
Insurance Company, Charlotte, North Carolina.
    Applicant is not applying to, and will not, acquire control of 
First Union. Applicant will provide commitments to the Board to ensure 
that Applicant will not exercise control over First Union. Applicant's 
acquisition of voting shares of First Union are in consideration for 
Applicant's ownership interest in First Fidelity Bancorporation, 
Newark, New Jersey, and Philadelphia, Pennsylvania (First Fidelity). 
First Union has applied to merge First Fidelity with First Union's 
direct subsidiary, First Union Corporation of New Jersey, Newark, New 
Jersey.
    Any comments or requests for hearing should be submitted in writing 
and received by William W. Wiles, Secretary, Board of Governors of the 
Federal Reserve System, Washington, D.C. 20551, not later than 
September 11, 1995. Any request for a hearing on this proposal must, as 
required by section 262.3(e) of the Board's Rules of Procedure (12 CFR 
262.3(e)), be accompanied by a statement of the reasons why 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. The 
notice may be inspected at the offices of the Board of Governors or the 
Federal Reserve Bank of New York.
    Board of Governors of the Federal Reserve System, August 18, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board
[FR. Doc. 95-20999 Filed 8-23-95; 8:45 am]
BILLING CODE 6210-01-F