[Federal Register Volume 64, Number 122 (Friday, June 25, 1999)]
[Notices]
[Page 34256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16299]


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FEDERAL RESERVE SYSTEM


Public Meeting: Application by Fleet Financial Group, Inc., 
Boston, Massachusetts, To Merge With BankBoston Corporation, Boston, MA

AGENCY: Federal Reserve System.

ACTION: Notice of Meeting.

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SUMMARY: On July 7, 1999, a public meeting will be held regarding the 
notice submitted by the Fleet Financial Group, Inc., Boston, 
Massachusetts (Fleet Financial), to acquire BankBoston Corporation, 
Boston, Massachusetts (BankBoston), and its banking and nonbanking 
subsidiaries pursuant to the Bank Holding Company Act (BHC Act) and 
related statutes. The purpose of the public meeting is to collect 
information relating to factors the Board is required to consider under 
the BHC Act.

DATES: The Meeting will be held on Wednesday, July 7, 1999, at 9:00 
a.m. EDT.

ADDRESSES: Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, 
Massachusetts.

FOR FURTHER INFORMATION CONTACT: Robert M. Brady, Vice President, 
Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, 
Massachusetts. Facsimile: 617/973-3219.

SUPPLEMENTARY INFORMATION: On May 17, 1999, Fleet Financial requested 
the Board's approval to merge with BankBoston under the BHC Act (12 
U.S.C. 1841 et seq.) and related statutes. The factors the Board must 
consider in evaluating the proposal under the BHC Act are: the effects 
of the proposal on the financial and managerial resources and future 
prospects of the companies and banks involved in the proposal; 
competition in the relevant markets; and the convenience and needs of 
the communities to be served. With respect to competition, the proposal 
involves the merger of the two largest banking organizations in new 
England and will involve sizable divestitures throughout the region. 
Convenience and needs considerations include a review of the records of 
performance of Fleet Financial and BankBoston under the Community 
Reinvestment Act, which requires the Board to take into account in its 
review of a bank acquisition or merger proposal each institution's 
record of meeting the credit needs of its entire community, including 
low- and moderate-income neighborhoods, consistent with the safe and 
sound operation of the institution. 12 U.S.C. 2903.
    The transaction also involves the proposed acquisition of a number 
of nonbanking companies engaged in activities permissible for bank 
holding companies. The Board must determine whether conducting the 
proposed nonbanking activities can reasonably be expected to produce 
benefits to the public that outweigh possible adverse effects, such as 
undue concentration of resources, decreased or unfair competition, 
conflicts of interest, or unsound banking practices.

Procedures for Hearing

    Testimony at the public meeting will be presented to a panel 
consisting of a Presiding Officer and other panel members appointed by 
the Presiding Officer. In conducting the public meeting, the Presiding 
Officer will have the authority and discretion to ensure that the 
meeting proceeds in a fair and orderly manner. In contrast to a formal 
administrative hearing, the rules for taking evidence in an 
administrative proceeding will not apply to this public meeting. Panel 
members may question witnesses, but no cross-examination of witnesses 
will be permitted. The public meeting will be transcribed and 
information regarding procedures for obtaining a copy of the transcript 
will be announced at the public meeting.
    On the basis of the requests received, the Presiding Officer will 
prepare a schedule for persons wishing to testify and establish the 
order of presentation. To ensure an opportunity for all interested 
commenters to present their views, the Presiding Officer may limit the 
time for presentation. Persons not listed on the schedule may be 
permitted to speak at the public meeting if time permits at the 
conclusion of the schedule of witnesses at the discretion of the 
Presiding Officer. Copies of testimony may, but need not, be filed with 
the Presiding Officer before a person's presentation.

Request To Testify

    All persons wishing to testify at the public meeting must submit a 
written request to Robert M. Brady, Vice President, Federal Reserve 
Bank of Boston, 600 Atlantic Avenue, Boston, Massachusetts 02106 
(facsimile: 617/973-3219), not later than 5:00 p.m. EDT, Wednesday, 
June 30, 1999. The request must include the following information: (i) 
A brief statement of the nature of the expected testimony and the 
estimated time required for the presentation; (ii) Address and 
telephone number (and facsimile number, if available) of the person 
testifying; and (iii) Identification of any special needs, such as from 
persons desiring translation services, persons with a physical 
disability who may need assistance, or persons requiring visual aids 
for their presentation. To the extent available, translators will be 
provided to persons wishing to present their views in a language other 
than English if this information is included in the request to testify. 
Persons interested only in attending the meeting do not need to submit 
a written request to attend.

    By order of the Board of Governors of the Federal Reserve 
System, June 22, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-16299 Filed 6-24-99; 8:45 am]
BILLING CODE 6210-01-P