[Federal Register Volume 64, Number 172 (Tuesday, September 7, 1999)]
[Notices]
[Page 48644]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23118]


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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 September 21, 1999.
    A. Federal Reserve Bank of New York (Betsy Buttrill White, Senior 
Vice President) 33 Liberty Street, New York, New York 10045-0001:
    1. National Bank of Canada, Montreal, Quebec, Canada; to acquire 
through its wholly owned subsidiary, First Marathon Inc., Toronto, 
Canada, in excess of 4.9 percent but less than 25 percent of the voting 
shares of GlobalNet Financial.com, Inc., Boca Raton, Florida, and 
thereby engage in financial and investment advisory services, pursuant 
to Sec.  225.28(b)(6) of Regulation Y; in securities brokerage 
services, pursuant to Sec.  225.28(b)(7)(i) of Regulation Y; and in 
data processing services, pursuant to Sec.  225.28(b)(14) of Regulation 
Y. These acitivities will be conducted worldwide.
    B. Federal Reserve Bank of Philadelphia (Michael E. Collins, Senior 
Vice President) 100 North 6th Street, Philadelphia, Pennsylvania 19105-
1521:
    1. Commerce Bancorp, Inc., Cherry Hill, New Jersey; to acquire 9.9 
percent of Chester Valley Bancorp, Inc., Downingtown, Pennsylvania, and 
thereby indirectly acquire First Financial Savings Bank, Downingtown, 
Pennsylvania, and thereby engage in operating a savings association, 
pursuant to Sec.  225.28(b)(14) of Regulation Y. Comments on this 
notice must be received by October 1, 1999.

    Board of Governors of the Federal Reserve System, August 31, 
1999.
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 99-23118 Filed 9-3-99; 8:45 am]
BILLING CODE 6210-01-F