[Federal Register Volume 61, Number 213 (Friday, November 1, 1996)]
[Notices]
[Pages 56547-56548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28050]


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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 companies listed in this notice have 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.
    Each 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.

[[Page 56548]]

    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 November 15, 1996.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261, and 
Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 104 
Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Barnett Bank, Inc., Jacksonville, Florida; Crestar Financial 
Corporation, Richmond, Virginia; First Union Corporation, Charlotte, 
North Carolina; NationsBank Corporation, Charlotte, North Carolina; 
Southern National Corporation, Winston-Salem, North Carolina; Wachovia 
Corporation, Winston-Salem, North Carolina (collectively, Applicants), 
to acquire or retain control of 5 percent or more of the voting shares 
of Southeast Switch, Inc. (SES), after its merger with Internet, Inc. 
(Internet). SES currently operates the HONOR electronic funds transfer 
(EFT) network, and Internet currently operates the MOST EFT network. 
The merged company (Company) proposes to provide data processing 
services, pursuant to Sec.  225.25(b)(7) of the Board's Regulation Y, 
and management consulting services to depository institutions for EFT-
related activities, pursuant to Sec.  225.25(b)(11)of the Board's 
Regulation Y. Applicants state that Company's data processing 
activities will consist of automated teller machine (ATM), point of 
sale (POS), point of banking, scrip and gateway services, group 
purchasing for participants, ATM and POS terminal driving, card 
authorization services, card production and issuance and related 
functions, electronic benefit transfer services, automated 
clearinghouse services processing, electronic bill payment, check 
verification, proprietary ATM services for non-financial entities, 
private financial network services, and card fraud detection services. 
Applicant have prior authority to engage in these activities.
    Applicants seek approval to conduct the proposed activities 
throughout the United States, Bermuda, Canada, Mexico, Central America 
and the Caribbean.

    Board of Governors of the Federal Reserve System, October 28, 
1996.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 96-28050 Filed 10-31-96; 8:45 am]
BILLING CODE 6210-01-F