[Federal Register Volume 60, Number 211 (Wednesday, November 1, 1995)]
[Notices]
[Pages 55582-55583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27046]



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FEDERAL RESERVE SYSTEM
Wachovia Corporation, Notice to Engage in Certain Nonbanking 
Activities

    Wachovia Corporation, Winston-Salem, North Carolina (Applicant), 
has given notice pursuant to section 4(c)(8) of the Bank Holding 
Company Act (12 U.S.C. 1843(c)(8)) (BHC Act) and Sec.  225.23 of the 
Board's Regulation Y (12 CFR 225.23) to engage indirectly through Five 
Paces Software, Inc., Atlanta, Georgia (FPSI), a wholly owned 
subsidiary of Security First Network Bank, FSB, Pineville, Kentucky 
(SFNB), in certain nonbanking activities involving data processing 
required for the provision by SFNB of electronic banking services over 
the nonproprietary computer network known as the ``Internet.'' SFNB has 
received approval from the Office of Thrift Supervision to provide 
certain electronic banking services to its customers over the Internet, 
including deposit and bill-paying services.
    Applicant proposes to acquire a 4.9 voting common stock interest 
and an additional preferred stock interest in SFNB, which will acquire 
FPSI as its wholly owned subsidiary. Applicant proposes, thereby 
indirectly to market, design, develop, and provide ongoing technical 
support of data processing software for the electronic transmission of 
financial, banking, and economic data for financial institutions 
seeking to provide banking services to their customers over the 
Internet, pursuant to Sec.  225.25(b)(7) of the Board's Regulation Y. 
Applicant will also be a software licensee of FPSI and will have a 
director on FPSI's board of directors. Applicant seeks approval to 
conduct the proposed data processing activities nationwide.
    FPSI will provide data processing and security software to 
financial institutions seeking to provide banking, services to their 
customers over the Internet. Applicant indicates that this software is 
designed to enable electronic transmission of banking, financial, and 
economic data in a secure environment over the Internet. FPSI also will 
provide financial institutions ongoing technical support related to its 
software, customization and installation services, and data center 
operations. Moreover, FPSI expects to develop additional data 
processing services that will allow customers to provide secure access 
to accounts across other channels, such as through modems across public 
telephone lines.
    Section 4(c)(8) of the BHC Act provides that a bank holding company 
may, with Board approval, engage in any activity ``which the Board 
after due notice and opportunity for hearing has 

[[Page 55583]]
determined (by order or regulation) to be so closely related to banking 
or managing or controlling banks as to be a proper incident thereto.'' 
12 U.S.C. 1843(c)(8). In publishing the proposal for comment, the Board 
does not take a position on issues raised by the proposal. Notice of 
the proposal is published solely in order to seek the views of 
interested persons on the issues presented by the notice, and does not 
represent a determination by the Board that the proposal meets or is 
likely to meet the standards of the BHC Act.
    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 November 
16, 1995. Any request for a hearing on this proposal must, as required 
by Sec.  262.3(e) of the Board's Rules of Procedure, 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 
office of the Board of Governors or the Federal Reserve Bank of 
Richmond.

    Board of Governors of the Federal Reserve System, October 26, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-27046 Filed 10-31-95; 8:45 am]
BILLING CODE 6210-01-F