[Federal Register Volume 60, Number 247 (Tuesday, December 26, 1995)]
[Notices]
[Page 66802]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31233]



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FEDERAL RESERVE SYSTEM

Summit Bancorp; Notice of Proposal to Engage de novo in 
Permissible Nonbanking Activities

    The company listed in this notice has given notice under Sec.  
225.23(a)(1) of the Board's Regulation Y (12 CFR 225.23(a)(1)) 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 commence or to engage de novo, either directly or through 
a subsidiary, 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.
    The notice is available for immediate inspection at the Federal 
Reserve Bank indicated. Once the notice 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 commencement of the activity 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.
    Comments regarding the application must be received at the Reserve 
Bank indicated or the offices of the Board of Governors not later than 
January 10, 1996.
    A. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Summit Bancorp, Akron, Ohio; to engage de novo through its 
subsidiary, Summit Banc Investments Corporation, Akron, Ohio, in 
providing portfolio and investment advice, pursuant to Sec.  
225.25(b)(4)(iii) of the Board's Regulation Y; and in securities 
brokerage services, pursuant to Sec.  225.25(b)(15)(i) of the Board's 
Regulation Y.

    Board of Governors of the Federal Reserve System, December 19, 
1995.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 95-31233 Filed 12-22-95; 8:45 am]
BILLING CODE 6210-01-F