[Federal Register Volume 64, Number 125 (Wednesday, June 30, 1999)]
[Notices]
[Pages 35159-35160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-16633]


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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 July 14, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. The Fuji Bank, Limited, Tokyo, Japan; to engage de novo through 
its subsidiary, Yasuda Bank and Trust Company (U.S.A.), New York, New 
York, in trust company functions, pursuant to Sec.  225.28(b)(5) of 
Regulation Y.
    B. 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 
First Liberty Financial Corp., Macon, Georgia, and thereby indirectly 
acquire First Community Bank of Vidalia, Vidalia, Georgia, and thereby 
engage in operating a savings association, pursuant to Sec.  
225.28(b)(4)(ii) of Regulation Y; First Liberty Bank, Macon, Georgia, 
and thereby engage in operating a savings association, pursuant to 
Sec.  225.28(b)(4)(ii) of Regulation Y, and in community development 
activities, pursuant to Sec.  225.28(b)(12)(i) of Regulation Y; OFC 
Capital Corporation, Roswell, Georgia, and thereby engage in leasing 
activities, pursuant to Sec.  225.28(b)(3) of Regulation Y; Liberty 
Mortgage Corporation, Atlanta, Georgia, and thereby engage in extending 
credit and servicing loans, pursuant to Sec.  225.28(b)(1) of 
Regulation Y; NewSouth Financial Services, Inc., Macon, Georgia, and 
thereby engage in extending credit and servicing loans, pursuant to 
Sec.  225.28(b)(1) of Regulation Y; and First Freedom Investments, 
Inc., Macon, Georgia, and thereby engage in securities brokerage 
activities, pursuant to Sec.  225.28(b)(7)(i) of Regulation Y.
    In connection with this proposal, BB&T Corporation has requested 
permission to exercise an option that would enable BB&T Corporation to 
acquire up to 19.9 percent of the voting securities of First Liberty 
Financial Corp., under certain circumstances.
    2. Independent Community Bankshares, Inc., Middleburg, Virginia; to 
acquire Gilkison & Patterson Investment Advisors, Inc., Alexandria, 
Virginia, and thereby engage in trust company functions, pursuant to 
Sec.  228.25(b)(5) of Regulation Y, and financial and investment 
advisory activities, pursuant to Sec.  228.25(b)(6) of Regulation Y.
    3. Wachovia Corporation, Winston-Salem, North Carolina; to merge 
with OFFITBANK Holdings, Inc., New York, New York, and thereby 
indirectly acquire its subsidiaries, including OFFITBANK, New York, New 
York, and OFFIBANK Derivatives, Inc., new York, New York, and thereby 
engage in trust company activities, pursuant to Sec.  225.28(b)(5) of 
Regulation Y, financial and investment advisory activities, pursuant to 
Sec.  225.28(b)(6) of Regulation Y, providing securities brokerage, 
riskless principal, private placement, futures commission merchant, and 
other agency transactional services, pursuant to Secs.  225.28(b)(7) of 
Regulation Y, extending credit and servicing loans,

[[Page 35160]]

pursuant to Sec.  225.28(b)(1) of Regulation Y, providing credit 
related services, pursuant to Sec.  225.28(b)(2) of Regulation Y; 
acting as principal in investing and trading activities, pursuant to 
Sec.  225.28(b)(8)(ii) of Regulation Y; acting as principal in the 
buying and selling of bullion and related activities, pursuant to Sec.  
225.28(b)(8)(iii) of Regulation Y, providing data processing and data 
transmission services, pursuant to Sec.  225.28(b)(14) of Regulation Y; 
providing administrative services to open-end and closed-end investment 
companies for which it acts as investment adviser, pursuant to Board 
Order, see Mellon Bank Corporation, 79 Fed. Res. Bull., 626 (1993); 
CommerzBank AG, 83 Fed. Res. Bull. 679 (1997)), and thereby engage in 
serving a private investment limited partnership that engage in 
activities permissible for a bank holding company to engage in, 
pursuant to Board Order, see Dresdner Bank AG, 84 Fed. Res. Bull. 361 
(1998)).

    Board of Governors of the Federal Reserve System, June 24, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-16633 Filed 6-29-99; 8:45 am]
BILLING CODE 6210-01-F