[Federal Register Volume 62, Number 49 (Thursday, March 13, 1997)]
[Notices]
[Pages 11895-11896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6302]
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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.
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 March 27, 1997.
A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
1. Barnett Banks, 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; and
Wachovia Corporation, Winston-Salem, North Carolina; to acquire HONOR
Technologies, Inc., Maitland, Florida, and thereby engage, directly and
indirectly in certain data processing and electronic funds transfer
services, pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y.
These activities will be conducted throughout the United States and in
certain foreign countries.
In connection with this application, HONOR Technologies, Inc., also
proposes to acquire 9.1 percent of the voting shares of Card Alert
Services, Inc., Arlington, Virginia, and thereby engage in providing
debit card securities services, pursuant to Sec. 225.25(b)(7) of the
Board's Regulation Y.
B. Federal Reserve Bank of Cleveland (R. Chris Moore, Senior Vice
President) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
1. Banc One Corporation, Columbus, Ohio; to acquire First USA,
Inc., Dallas, Texas, and thereby indirectly acquire First USA Bank,
Wilmington, Delaware, and thereby engage in issuing and making
revolving extensions of credit, pursuant to consumer credit cards and
in conducting activities incidental to its credit card business,
pursuant to Sec. 225.25(b)(1) of the Board's Regulation Y; First USA
Financial Services, Inc., Murray, Utah, and thereby engage in issuing
and making extensions of credit, pursuant to commercial credit cards
that it issues to business, governmental units, and other entities,
pursuant to Secs. 225.25(b)(1) and (b)(2) of the Board's Regulation Y;
PHH/Paymentech LLC, Dallas, Texas, and thereby engage in a joint
venture through Paymentech Fleet Services, Inc., with PHH Vehicle
Management Services, Corp, and thereby engage in providing credit card
marketing, transaction processing, and other services to organizations
that operate fleets of vehicles, including offering a private label
credit card that is given to drivers of fleet vehicles for use in
paying for services provided by vendors, pursuant to Sec. 225.25(b)(1)
of
[[Page 11896]]
the Board's Regulation Y; First USA Federal Savings Bank, Wilmington,
Delaware, and thereby engage in operating a federally chartered savings
association, pursuant to Sec. 225.25(b)(9) of the Board's Regulation
Y; First USA Merchant Services, Inc., Dallas, Texas, and thereby engage
in processing credit and debit card transactions for merchants directly
and indirectly through financial institutions and independent sales
organizations, pursuant to Secs. 225.25(b)(1) and (b)(7) of the
Board's Regulation Y; First USA Technology, Inc., Dallas, Texas, and
thereby engage in serving as licensor for software provided to
merchants in connection with First USA Merchant Services, Inc., and
credit and debit card transaction processing activities, pursuant to Secs.
225.25(b)(1) and (b)(7) of the Board's Regulation Y; Paymentech New
Hampshire, Inc., Salem, New Hampshire, and thereby engage in
specialized credit and debit card transaction processing services to
direct response merchants and also providing specialized PC-based
software used by direct response merchants in connection with the entry
of customer card data and card transaction processing, pursuant to Secs.
225.25(b)(1) and (b)(7) of the Board's Regulation Y; Gensar
Technologies, Inc., Tampa, Florida, and thereby engage in providing
certain credit and debit card transaction processing services and
equipment for merchants directly and indirectly through financial
institutions and independent sales organizations and acting as the
licensor of PC-based software designed solely for the processing of
financial data, pursuant to Secs. 225.25(b)(1) and (b)(7) of the
Board's Regulation Y; Merchant Link, Inc., Bethesda, Maryland, and
thereby engage in providing specialized help-desk services in
connection with the operation of bank card modules of certain
integrated hotel, restaurant, and retail financial management systems
to support the processing of credit and debit card transactions,
pursuant to Sec. 225.25(b)(7) of the Board's Regulation Y; and First
Virtual Holdings Incorporated, San Diego, California, and thereby
engage in providing secure off-line verification of the identity of the
purchaser and seller in a credit card transaction over the Internet,
processing such card transactions, operating a shared website for
sellers of information products, and other activities relating to the
billing, on-line payments, and sale of merchandise over the Internet,
pursuant to Secs. 225.25(b)(1) and (b)(7) of the Board's Regulation Y.
2. PNC Bank Corp., Pittsburgh, Pennsylvania; to acquire V.F.
Partners, L.P., and thereby engage de novo through a subsidiary, PNC
GPI, Inc., that will acquire certain assets of V.F. Partners, L.P., and
act as a general partner of certain limited partnerships now existing
or to be established in the future that are exempt from registration as
investment companies under the Investment Company Act of 1940 (15
U.S.C. Secs. 80a). See Meridian Bancorp, Inc., 80 Fed. Res. Bull. 736
(1994); Bessemer Group, Inc., 82 Fed. Res. Bull. 569 (1996); Dresdner
Bank AG, 82 Fed. Res. Bull. 850 (1996); NationsBank Corporation, 83
Fed. Res. Bull. 148 (1997); Stichting Priorteit ABN-AMRO/ChiCorp, 83
Fed. Res. Bull. 138 (1997).
Board of Governors of the Federal Reserve System, March 7, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-6302 Filed 3-12-97; 8:45 am]
BILLING CODE 6210-01-F