[Federal Register: December 30, 1999 (Volume 64, Number 250)]
[Notices]               
[Page 73560]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30de99-104]                         

-----------------------------------------------------------------------

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 January 16, 2000.
    A. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. Bank of America Corporation, Charlotte, North Carolina; BancWest 
Corporation, Honolulu, Hawaii; BB&T Corporation, Winston-Salem, North 
Carolina; First Union Corporation, Charlotte, North Carolina; SunTrust 
Banks, Inc., Atlanta, Georgia; Wachovia Corporation, Winston-Salem, 
North Carolina; and Zions Bancorporation, Salt Lake City, Utah; to 
acquire through their subsidiary, Star Systems, Inc., Maitland, 
Florida, and thereby indirectly acquire up to 38 percent of the voting 
securities of Bank Network Securities, Inc., Chicago, Illinois (in 
organization), and thereby engage in providing investment and financial 
advisory services, pursuant to Sec.  225.28(b)(6) of Regulation Y; 
providing brokerage services and investment advisory services, pursuant 
to Sec.  225.28(b)(7)(i) of Regulation Y; buying and selling all types 
of securities on a ``riskless principal'' basis, pursuant to Sec.  
225.28(b)(7)(ii) of Regulation Y; underwriting and dealing in 
obligations of the United States, general obligations of states and 
their political subdivisions and other obligations, instruments, and 
securities that a member bank of the Federal Reserve System may 
underwrite or deal in, pursuant to Sec.  225.28(b)(8)(i) of Regulation 
Y; engaging as principal in investing and trading activities, pursuant 
to Sec.  225.28(b)(8)(ii) of Regulation Y; engaging in lending 
activities, pursuant to Sec.  225.28(b)(1) of Regulation Y; engaging in 
leasing activities, pursuant to Sec.  225.26(b)(3) of Regulation Y; 
engaging in general insurance agency activities, pursuant to Sec.  
225.28(b)(11)(vii) of Regulation Y; underwriting and dealing in the 
following securities (collectively ``Tier II Securities''): all types 
of debt, equity, and other securities (other than ownership interest in 
open-end investment companies that a member bank may not underwrite or 
deal in) (``bank ineligible securities''), see Board Order, Societe 
Generale, 84 Fed. Res. Bull. 680 (1998); and in providing cash 
management services, see Board Order, Societe Generale, Fed. Res. Bull. 
680 (1998).
    B. Federal Reserve Bank of Atlanta (Cynthia Goodwin, Vice 
President) 104 Marietta Street, N.W., Atlanta, Georgia 30303-2713:
    1. Citizens Community Bancorp, Inc., Marco Island, Florida; to 
acquire CCB Mortgage Corporation, Marco Island, Florida, and thereby 
engage in extending credit and servicing loans pursuant to Sec.  
225.28(b)(1) of Regulation Y.

    Board of Governors of the Federal Reserve System, December 27, 
1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-33990 Filed 12-29-99; 8:45 am]
BILLING CODE 6210-01-F