[Federal Register Volume 63, Number 173 (Tuesday, September 8, 1998)]
[Notices]
[Pages 47499-47500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-23792]


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FEDERAL RESERVE SYSTEM


Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies

    The companies listed in this notice have applied to the Board for 
approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other 
applicable statutes and regulations to become a bank holding company 
and/or to acquire the assets or the ownership of, control of, or the 
power to vote shares of a bank or bank holding company and all of the 
banks and nonbanking companies owned by the bank holding company, 
including the companies listed below.
    The applications listed below, as well as other related filings 
required by the Board, are available for immediate inspection at the 
Federal Reserve Bank indicated. The application also will be available 
for inspection at the offices of the Board of Governors. Interested 
persons may express their views in writing on the standards enumerated 
in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the 
acquisition of a nonbanking company, the review also includes whether 
the acquisition of the nonbanking company complies with the standards 
in section 4 of the BHC Act. Unless otherwise noted, nonbanking 
activities will be conducted throughout the United States.
    Unless otherwise noted, comments regarding each of these 
applications must be received at the Reserve Bank indicated or the 
offices of the Board of Governors not later than September 28, 1998.
    A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking 
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. Charter One Financial, Inc., Cleveland, and Charter-Michigan 
Bancorp, Inc., both of Cleveland, Ohio; to become bank holding 
companies by acquiring 100 percent of the voting of ALBANK Financial 
Corporation, Albany, New York, and thereby indirectly aquire ALBANK 
Commercial, Albany, New York, and 9.9 percent of Gateway American Bank 
of Florida, Fort Lauderdale, Florida.
    In connection with this application, Applicants have also applied 
to acquire all the nonbank subsidiaries of ALBANK, including Charter 
One Bank, FSB, Cleveland, Ohio, and ALBANK, FSB, Albany, New York, and 
thereby engage in operating savings associations, pursuant to Sec.  
225.28(b)(4)(ii) of Regulation Y; The First Financial Services and 
Development Corporation, Cleveland, Ohio, Servco, Inc., Cleveland, 
Ohio, and CDC-ASBANY Corp., Albany, New York, and thereby engage in 
community development activities, pursuant to Sec.  225.28(b)(12) of 
Regulation Y; Charter One Investments, Inc., Cleveland, Ohio, Charter 
One Investments of Michigan, Inc., Detroit, Michigan, Charter One 
Investments of New York, Inc., Rochester, New York, Cuyahoga Financial 
Services Agency, Inc., Cleveland, Ohio, and ALVEST Financial Services, 
Inc., Albany, New York, and thereby engage in securities activities, 
pursuant to Sec.  225.28(b)(7) of Regulation Y; Equity One Credit 
Corp., Cleveland, Ohio, Charter One Mortgage Corp., Richmond, Virginia, 
Charter One Auto Finance Corp., Rochester, New York, Equity One Credit 
Corp. (aka First Family Financial Services, Inc.), Cleveland, Ohio, and 
Servco, Inc., Cleveland, Ohio, and thereby engage in lending 
activities, pursuant to Sec.  225.28(b)(1) of Regulation Y; ICX 
Corporation, Cleveland, Ohio, and Charter One Auto Finance Corp., 
Rochester, New York, and thereby engage in leasing activities, pursuant 
to Sec.  225.28(b)(3) of Regulation Y; Real Estate Appraisal Services, 
Inc., Cleveland, Ohio, and thereby engage in real estate appraisal 
services, pursuant to Sec.  225.28(b)(2)(i) of Regulation Y; Bay

[[Page 47500]]

Life Insurance Agency, Inc., Phoenix, Arizona, and thereby indirectly 
acquire 1001 Insurance Agency, Inc. (inactive), Detroit, Michigan, and 
thereby engage in insurance activities, pursuant to Sec.  
225.28(b)(11)(i) of Regulation Y; and GCCC, Inc., Cleveland, Ohio, and 
thereby engage in data processing activities, pursuant to Sec.  
225.28(b)(14) of Regulation Y.
    B. Federal Reserve Bank of Atlanta (Lois Berthaume, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
    1. SunTrust Banks, Inc., Atlanta, Georgia; to acquire 100 percent 
of the voting shares of Crestar Financial, Corporation, Richmond, 
Virginia, and thereby indirectly acquire Crestar Bank, Richmond, 
Virginia. In addition, Applicant seeks approval to acquire 19.9 percent 
of the voting shares of Crestar pursuant to an option agreement that 
may be exercised in the event that the full acquisition does not take 
place.
    In connection with this application, Applicant also has applied to 
acquire the nonbanking subsidiaries of Crestar, including Crestar 
Securities Corporation, Richmond, Virginia: extending credit and 
servicing loans, pursuant to Sec.  225.28(b)(1) of Regulation Y, 
providing leasing services, pursuant to Sec.  225.28(b)(3) of 
Regulation Y, and thereby engage in providing financial and investment 
advisory services, pursuant to Sec.  225.28(b)(6) of Regulation Y, 
providing agency transactional services for customer investments, 
pursuant to Sec.  225.28(b)(7) of Regulation Y, underwriting and 
dealing in certain government obligations and money market instruments, 
pursuant to Sec.  225.28(b)(8) of Regulation Y, engaging in sales of 
fixed rate and variable annuities and life insurance on an agency 
basis, pursuant to Secs.  225.28(b)(11)(iv) and 225.28(b)(11)(vii) of 
Regulation Y, and underwriting and dealing in, to a limited extent, 
certain municipal revenue bonds, 1-4 family mortgage-related 
securities, consumer receivable-related securities, and commercial 
paper, pursuant to Crestar Financial Corporation, 83 Federal Reserve 
Bulletin 512 (1997), and other Board Orders.
    In addition, Notificant proposes to engage through Crestar 
Insurance Agency, Richmond, Virginia, in the activity of acting as an 
insurance agency that provides life and property/casualty insurance 
coverage as agent for both individuals and businesses, pursuant to Secs.  
225.28(b)(11)(iv) and 225.28(b)(11)(vii) of Regulation Y; to engage 
through Crestar Community Development Corporation, Richmond, Virginia, 
in community development activities, pursuant to Sec.  225.18(b)(12); 
to operate an electronic funds transfer network and engage in data 
processing and management consulting activities by acquiring 5.7 
percent of Honor Technologies, Inc., Maitland, Florida, pursuant to Secs.  
225.28(b)(9) and 225.28(b)(14) of Regulation Y, respectively. Comments 
on this application must be received by September 30, 1998.

    Board of Governors of the Federal Reserve System, August 31, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-23792 Filed 9-4-98; 8:45 am]
BILLING CODE 6210-01-F