[Federal Register Volume 62, Number 150 (Tuesday, August 5, 1997)]
[Notices]
[Pages 42130-42131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-20584]


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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.  225.28 of Regulation Y (12 CFR 225.28) 
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. The notice also will 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 August 20, 1997.
    A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. BB&T Corporation, Winston-Salem, North Carolina; to acquire 
Craigie Incorporated, Richmond, Virginia, and thereby engage in 
underwriting and

[[Page 42131]]

dealing in, to a limited extent, all types of debt and equity 
securities, other than interests in open end investment companies; See 
J.P. Morgan & Co., Inc., et al., 75 Fed. Res. Bull. 192 (1989) and 
Citicorp, et al., 73 Fed. Res. Bull. 473 (1987); underwriting and 
dealing in bank-eligible securities, pursuant to Sec.  225.28(b)(8) of 
the Board's Regulation Y; providing securities brokerage services on 
either a stand-alone or full-service basis, pursuant to Sec.  
225.28(b)(7) of the Board's Regulation Y; acting as agent for issuers 
and holders in the private placement of various types of securities 
with financially sophisticated counterparties in a non-public offering, 
pursuant to Sec.  225.28(b)(7) of the Board's Regulation Y; buying and 
selling on the order of investors as a riskless principal, pursuant to 
Sec.  225.28(b)(7) of the Board's Regulation Y; making, acquiring or 
servicing loans or other extensions of credit, including purchasing and 
selling such loans and extensions of credit in the secondary market, 
and engaging in mortgage banking activities, pursuant to Sec.  
225.28(b)(1) of the Board's Regulation Y; acting as an investment or 
financial advisor to the extent of (i) serving as the advisory company 
for a mortgage or real estate investment trust; (ii) serving as an 
investment adviser to an investment company registered under the 1940 
Act, including sponsoring, organizing and managing a closed-end 
investment company; (iii) providing portfolio investment advice; (iv) 
furnishing general economic information and advice, general economic 
statistical forecasting services and industry studies; and/or (v) 
providing financial advice to state and local governments, such as with 
respect to the issuance of their securities, pursuant to Sec.  
225.28(b)(6) of the Board's Regulation Y; providing advice and acting 
as arranger in connection with merger, acquisition, divestiture and 
financial transactions, including public and private financings, loan 
syndications, interest rate and currency swaps, interest rate caps and 
similar transactions and/or furnishing evaluation and fairness opinions 
in connection with merger, acquisition, and similar transactions, 
pursuant to Secs.  225.28(b)(6) and (b)(7) of the Board's Regulation Y; 
acting as agent or broker with respect to interests in loan 
syndications, interest rate and currency swaps, interest rate caps, 
floors and collars, and options on such instruments, pursuant to Sec.  
225.28(b)(7) of the Board's Regulation Y; leasing personal or real 
property or acting as agent, broker or adviser in leasing such 
property, pursuant to Sec.  225.28(b)(3) of the Board's Regulation Y; 
providing management consulting advice to non-affiliated depository 
institutions, pursuant to Sec.  225.28(b)(9) of the Board's Regulation 
Y; engaging in futures, forward and option contracts on bank-eligible 
securities for hedging purposes, pursuant to Sec.  225.28(b)(8) of the 
Board's Regulation Y; engaging in securities credit activities, 
pursuant to the Federal Reserve's Regulation T (covering credit by 
brokers and dealers), including acting as a ``conduit'' or 
``intermediary'' in securities borrowing and lending, pursuant to Sec.  
225.28(b)(7) of the Board's Regulation Y; and serving as the general 
partner of and holding equity interests in certain limited partnerships 
that would be exempt from registration under the 1940 Act, See Meridian 
Bancorp, Inc., 80 Fed. Res. Bull. 736 (1994).
    B. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
    1. C B & T, Inc., McMinnville, Tennessee; to acquire CBT Insurance, 
Inc., Smithville, Tennessee, and thereby continue to engage in 
insurance activities, pursuant to Sec.  225.28(b)(11) of the Board's 
Regulation Y. The proposed activity will be conducted throughout the 
state of Tennessee.

    Board of Governors of the Federal Reserve System, July 31, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-20584 Filed 8-4-97; 8:45 am]
BILLING CODE 6210-01-F