[Federal Register Volume 61, Number 136 (Monday, July 15, 1996)]
[Notices]
[Pages 36884-36885]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17899]


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FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in Permissible Nonbanking 
Activities or to Acquire Companies that are Engaged in Permissible 
Nonbanking Activities

    The company listed in this notice has given notice under section 4 
of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and 
Regulation      Y, (12 CFR Part 225) to engage de novo, or to acquire 
or control voting securities or assets of a company that engages either 
directly or through a subsidiary or other company, in a nonbanking 
activity that is listed in Sec.  225.25 of Regulation Y (12 CFR 225.25) 
or that the Board has determined by Order to be closely related to 
banking and permissible for bank holding companies. Unless otherwise 
noted, these activities will be conducted throughout the United States.
    The notice is available for 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 the proposal complies with the standards of section 4 
of the BHC Act, including 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'' (12 U.S.C. 1843). 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 application must be 
received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than July 29, 1996.
    A. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. SouthTrust Corporation, Birmingham, Alabama; to engage de novo 
through its subsidiary, SouthTrust Securities, Inc., Birmingham, 
Alabama, in underwriting and dealing, to a limited extent, certain 
private ownership industrial development revenue bonds issued for the 
traditional

[[Page 36885]]

governmental services and certain unrated municipal revenue bonds 
(including unrated public ownership and private ownership industrial 
development bonds). These activities have been previously approved by 
the Board by order to be so closely related to banking as to be proper 
incident thereto within the meaning of section 4(c)(8) of the BHC Act. 
See Bank South Corporation, 81 Fed. Res. Bull 1,116 (1995)(private 
ownership industrial development bonds); letter Interpreting Section 20 
Orders, 81 Fed Res. Bull. 198 (1995) (unrelated municipal revenue 
bonds). Applicant previously received the Board's approval to engage 
through SouthTrust Securities in, among other things, underwriting and 
dealing in municipal revenue bonds, including public ownership 
industrial development bonds. See SouthTrust Corporation, 75 Fed. Res. 
Bull. 647 (1989).

    Board of Governors of the Federal Reserve System, July 9, 1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-17899 Filed 7-12-96; 8:45 am]
BILLING CODE 6210-01-F