[Federal Register: September 8, 1998 (Volume 63, Number 173)] [Notices] [Page 47499-47500] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr08se98-78] ======================================================================= ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The application also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act. Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than September 28, 1998. A. Federal Reserve Bank of Cleveland (Paul Kaboth, Banking Supervisor) 1455 East Sixth Street, Cleveland, Ohio 44101-2566: 1. Charter One Financial, Inc., Cleveland, and Charter-Michigan Bancorp, Inc., both of Cleveland, Ohio; to become bank holding companies by acquiring 100 percent of the voting of ALBANK Financial Corporation, Albany, New York, and thereby indirectly aquire ALBANK Commercial, Albany, New York, and 9.9 percent of Gateway American Bank of Florida, Fort Lauderdale, Florida. In connection with this application, Applicants have also applied to acquire all the nonbank subsidiaries of ALBANK, including Charter One Bank, FSB, Cleveland, Ohio, and ALBANK, FSB, Albany, New York, and thereby engage in operating savings associations, pursuant to Sec. 225.28(b)(4)(ii) of Regulation Y; The First Financial Services and Development Corporation, Cleveland, Ohio, Servco, Inc., Cleveland, Ohio, and CDC-ASBANY Corp., Albany, New York, and thereby engage in community development activities, pursuant to Sec. 225.28(b)(12) of Regulation Y; Charter One Investments, Inc., Cleveland, Ohio, Charter One Investments of Michigan, Inc., Detroit, Michigan, Charter One Investments of New York, Inc., Rochester, New York, Cuyahoga Financial Services Agency, Inc., Cleveland, Ohio, and ALVEST Financial Services, Inc., Albany, New York, and thereby engage in securities activities, pursuant to Sec. 225.28(b)(7) of Regulation Y; Equity One Credit Corp., Cleveland, Ohio, Charter One Mortgage Corp., Richmond, Virginia, Charter One Auto Finance Corp., Rochester, New York, Equity One Credit Corp. (aka First Family Financial Services, Inc.), Cleveland, Ohio, and Servco, Inc., Cleveland, Ohio, and thereby engage in lending activities, pursuant to Sec. 225.28(b)(1) of Regulation Y; ICX Corporation, Cleveland, Ohio, and Charter One Auto Finance Corp., Rochester, New York, and thereby engage in leasing activities, pursuant to Sec. 225.28(b)(3) of Regulation Y; Real Estate Appraisal Services, Inc., Cleveland, Ohio, and thereby engage in real estate appraisal services, pursuant to Sec. 225.28(b)(2)(i) of Regulation Y; Bay [[Page 47500]] Life Insurance Agency, Inc., Phoenix, Arizona, and thereby indirectly acquire 1001 Insurance Agency, Inc. (inactive), Detroit, Michigan, and thereby engage in insurance activities, pursuant to Sec. 225.28(b)(11)(i) of Regulation Y; and GCCC, Inc., Cleveland, Ohio, and thereby engage in data processing activities, pursuant to Sec. 225.28(b)(14) of Regulation Y. B. 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 19.9 percent of the voting shares of Crestar pursuant to an option agreement that may be exercised in the event that the full acquisition does not take place. In connection with this application, Applicant also has applied to acquire the nonbanking subsidiaries of Crestar, including Crestar Securities Corporation, Richmond, Virginia: 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, and thereby engage 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. 225.18(b)(12); 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. Comments on this application must be received by September 30, 1998. Board of Governors of the Federal Reserve System, August 31, 1998. Robert deV. Frierson, Associate Secretary of the Board. [FR Doc. 98-23792 Filed 9-4-98; 8:45 am] BILLING CODE 6210-01-F