[Federal Register Volume 61, Number 28 (Friday, February 9, 1996)]
[Notices]
[Pages 4999-5000]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-2798]



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FEDERAL RESERVE SYSTEM


Fulton Bancshares Corporation, et al.; Notice of Applications to 
Engage de novo in Permissible Nonbanking Activities

    The companies listed in this notice have filed an application 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.
    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 the applications must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than February 23, 1996.
    A. Federal Reserve Bank of Philadelphia (Michael E. Collins, Senior 
Vice President) 100 North 6th Street, Philadelphia, Pennsylvania 19105:
    1. Fulton Bancshares Corporation, McConnellsburg, Pennsylvania; to 
engage de novo through its subsidiary, The Fulton County Community 
Development Corporation, McConnellsburg, Pennsylvania, in community 
development activities, pursuant to Sec.  225.25(b)(6) of the Board's 
Regulation Y.
    B. Federal Reserve Bank of Cleveland (John J. Wixted, Jr., Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101:
    1. Banc One Corporation, Columbus, Ohio; to engage de novo through 
its subsidiary, Banc One Leasing Corporation, Columbus, Ohio, in higher 
residual value leasing activities, pursuant to Sec.  225.25(b)(5)(ii) 
of the Board's Regulation Y.
    2. PNC Bank Corp., Pittsburgh, Pennsylvania; to engage de novo 
through its subsidiary, PNC Bank Merchant Partner, Inc., Pittsburgh, 
Pennsylvania, in providing financial and data processing services in 
connection with providing credit and debit card processing services for 
merchants and agent banks, pursuant to Secs.  225.25(b)(7) and 
225.25(b)(1) of the Board's Regulation Y. PNC Bank Corp. and First Data 
Corporation, Hackensack, New Jersey, and its wholly-owned subsidiary, 
Card Establishment Services, Inc., Melville, New York, have entered 
into a joint venture for the purpose of providing debit and credit card 


[[Page 5000]]
processing services for merchants and agent banks. The joint venture 
vehicle will be a general partnership known as PNC Bank Merchant 
Services Company, Melville, New York. Sixty percent of the partnership 
interest will be owned by a subsidiary of Card Establishment Services, 
Inc., with the remaining 40 percent held by PNC Bank Merchant Partner, 
Inc.

    Board of Governors of the Federal Reserve System, February 5, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-2798 Filed 2-8-96; 8:45 am]
BILLING CODE 6210-01-F