[Federal Register: January 28, 1998 (Volume 63, Number 18)]
[Notices]               
[Page 4267-4268]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28ja98-96]

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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 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

[[Page 4268]]

received at the Reserve Bank indicated or the offices of the Board of 
Governors not later than February 23, 1998.
    A. 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 A.H. 
Williams & Co., Inc., Philadelphia, Pennsylvania, and thereby engage in 
the following: underwriting and dealing in municipal revenue bonds, 
private ownership industrial development bonds issued for traditional 
government services, mortgage-backed securities, commercial paper, and 
consumer receivable-related securities. See Citicorp, 73 Fed. Res. 
Bull. 473 (1987); Chemical New York Corporation, 73 Fed. Res. Bull. 731 
(1987); Crestar Financial Corporation, 83 Fed. Res. Bull. 512 (1997); 
activities that are usual in connection with making, acquiring, 
brokering, or servicing loans or other extensions of credit, pursuant 
to Sec.  225.28(b)(2) of the Board's Regulation Y; leasing personal or 
real property or acting as agent, broker, or adviser in leasing such 
property, pursuant to Sec.  225.28(b)(3) of the Board's Regulation Y; 
acting as investment or financial advisor, pursuant to Sec.  
225.28(b)(6) of the Board's Regulation Y; providing agency 
transactional services for customer investments, pursuant to Sec.  
225.28(b)(7) of the Board's Regulation Y; underwriting and dealing in 
bank-eligible securities, pursuant to Sec.  225.28(b)(8)(i) of the 
Board's Regulation Y; engaging as principal in investment and trading 
activities, pursuant to Sec.  225.28(b)(8)(ii) of the Board's 
Regulation Y; and providing management consulting and employee benefits 
counseling services, pursuant to Sec.  225.28(b)(9) of the Board's 
Regulation Y.
    B. Federal Reserve Bank of Richmond (A. Linwood Gill III, Assistant 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. One Valley Bancorp, Inc., Charleston, West Virginia; to acquire 
FFVA Financial Corporation, Lynchburg, Virginia, and thereby indirectly 
acquire its subsidiary, First Federal Savings Bank of Lynchburg, 
Lynchburg, Virginia, and thereby engage in operating a savings and loan 
association, pursuant to Sec.  225.28(b)(4)(ii) of the Board's 
Regulation Y.

    Board of Governors of the Federal Reserve System, January 23, 
1998.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 98-2064 Filed 1-27-98; 8:45 am]
BILLING CODE 6210-01-F