[Federal Register: September 15, 1998 (Volume 63, Number 178)]
[Notices]               
[Page 49358]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15se98-88]

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FEDERAL RESERVE SYSTEM

 
Formations of, Acquisitions by, and Mergers of Bank Holding 
Companies; Correction

    This notice corrects a notice (FR Doc. 98-23792) published on pages 
47499 and 47500 of the issue for Tuesday, September 8, 1998.
    Under the Federal Reserve Bank of Atlanta heading, the entry for 
SunTrust Banks, Inc., Atlanta, Georgia, is revised to read as follows:
    A. 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 an option to 
purchase 19.9 percent of the voting shares of Crestar. The option would 
expire upon consummation of the acquisition.
    In connection with this application, Applicant also has applied to 
acquire the nonbanking subsidiaries of Crestar, including Crestar 
Securities Corporation, Richmond, Virginia, and thereby engage in the 
following nonbanking activities: 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, 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.  225.28(b)(12)of 
Regulation Y; 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.
    The comment period regarding this application has been extended to 
October 6, 1998.

    Board of Governors of the Federal Reserve System, September 10, 
1998
Robert deV. Frierson,
Associate Secretary of the Board.
[FR Doc. 98-24720 Filed 9-14-98; 8:45 am]
BILLING CODE 6210-01-F