[Federal Register Volume 63, Number 194 (Wednesday, October 7, 1998)]
[Notices]
[Page 53919]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26837]


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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, including the 
companies listed below, 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 October 21, 1998.
    A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking 
Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. PNC Banc Corp., Pittsburgh, Pennsylvania; to acquire Hilliard-
Lyons, Inc., Louisville, Kentucky, and thereby indirectly acquire 
J.J.B. Hilliard, W.L. Lyons, Inc., and Hilliard Lyons Trust Company, 
both of Louisville, Kentucky, and thereby engage in underwriting and 
dealing in, to a limited extent, all types of debt, equity, and other 
securities (other than ownership interests in open-end investment 
companies) that a member bank may not underwrite or deal in (``bank 
ineligible securities'' or ``Tier II Securities'') (See, J.P. Morgan & 
Co., Inc., The Chase Manhattan Corp., Bankers Trust New York Corp., 
Citicorp, and Security Pacific Corp., 75 Fed. Res. Bull. 192 (1989) and 
Citicorp, 73 Fed. Res. Bull. 473 (1987); provide administrative 
services to open-end and closed-end investment companies (See Bankers 
Trust New York Corp., 83 Fed. Res. Bull. 780 (1997); Commerzbank AG, 83 
Fed. Res. Bull. 67 (1997); and Mellon Bank Corporation, 79 Fed. Res. 
Bull. 626 (1993); provide cash management services (See Societe 
Generale, 84 Fed. Res. Bull. 680 (1998); provide employee benefit 
consulting services, pursuant to Sec.  225.28(b)(9)(ii) of Regulation Y 
(See Fifth Third Bancorp, 84 Fed. Res. Bull. 677 (1998); provide credit 
and credit related services, pursuant to Secs.  225.28(b)(1) and (2) of 
Regulation Y; provide trust company services, pursuant to Sec.  
225.28(b)(5) of Regulation Y; provide financial and investment advice, 
pursuant to Sec.  225.28(b)(6) of Regulation Y; provide securities 
brokerage, riskless principal, private placement, and other agency 
transactional services, pursuant to Sec.  225.28(b)(7) of Regulation Y; 
in investment transactions as principal, including underwriting and 
dealing in government obligations and money market instruments and 
investing and trading activities, pursuant to Sec.  225.28(b)(8) of 
Regulation Y.

    Board of Governors of the Federal Reserve System, October 1, 
1998.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-26837 Filed 10-6-98; 8:45 am]
BILLING CODE 6210-01-F