[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