[Federal Register Volume 62, Number 49 (Thursday, March 13, 1997)]
[Notices]
[Pages 11895-11896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6302]


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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.  225.25 of Regulation Y (12 CFR 225.25) 
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. Once the notice has been accepted for processing, it will 
also 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 March 27, 1997.
    A. Federal Reserve Bank of Richmond (Lloyd W. Bostian, Jr., Senior 
Vice President) 701 East Byrd Street, Richmond, Virginia 23261-4528:
    1. Barnett Banks, Inc., Jacksonville, Florida; Crestar Financial 
Corporation, Richmond, Virginia; First Union Corporation, Charlotte, 
North Carolina; NationsBank Corporation, Charlotte, North Carolina; 
Southern National Corporation, Winston-Salem, North Carolina; and 
Wachovia Corporation, Winston-Salem, North Carolina; to acquire HONOR 
Technologies, Inc., Maitland, Florida, and thereby engage, directly and 
indirectly in certain data processing and electronic funds transfer 
services, pursuant to Sec.  225.25(b)(7) of the Board's Regulation Y. 
These activities will be conducted throughout the United States and in 
certain foreign countries.
    In connection with this application, HONOR Technologies, Inc., also 
proposes to acquire 9.1 percent of the voting shares of Card Alert 
Services, Inc., Arlington, Virginia, and thereby engage in providing 
debit card securities services, pursuant to Sec.  225.25(b)(7) of the 
Board's Regulation Y.
    B. Federal Reserve Bank of Cleveland (R. Chris Moore, Senior Vice 
President) 1455 East Sixth Street, Cleveland, Ohio 44101-2566:
    1. Banc One Corporation, Columbus, Ohio; to acquire First USA, 
Inc., Dallas, Texas, and thereby indirectly acquire First USA Bank, 
Wilmington, Delaware, and thereby engage in issuing and making 
revolving extensions of credit, pursuant to consumer credit cards and 
in conducting activities incidental to its credit card business, 
pursuant to Sec.  225.25(b)(1) of the Board's Regulation Y; First USA 
Financial Services, Inc., Murray, Utah, and thereby engage in issuing 
and making extensions of credit, pursuant to commercial credit cards 
that it issues to business, governmental units, and other entities, 
pursuant to Secs.  225.25(b)(1) and (b)(2) of the Board's Regulation Y; 
PHH/Paymentech LLC, Dallas, Texas, and thereby engage in a joint 
venture through Paymentech Fleet Services, Inc., with PHH Vehicle 
Management Services, Corp, and thereby engage in providing credit card 
marketing, transaction processing, and other services to organizations 
that operate fleets of vehicles, including offering a private label 
credit card that is given to drivers of fleet vehicles for use in 
paying for services provided by vendors, pursuant to Sec.  225.25(b)(1) 
of

[[Page 11896]]

the Board's Regulation Y; First USA Federal Savings Bank, Wilmington, 
Delaware, and thereby engage in operating a federally chartered savings 
association, pursuant to Sec.  225.25(b)(9) of the Board's Regulation 
Y; First USA Merchant Services, Inc., Dallas, Texas, and thereby engage 
in processing credit and debit card transactions for merchants directly 
and indirectly through financial institutions and independent sales 
organizations, pursuant to Secs.  225.25(b)(1) and (b)(7) of the 
Board's Regulation Y; First USA Technology, Inc., Dallas, Texas, and 
thereby engage in serving as licensor for software provided to 
merchants in connection with First USA Merchant Services, Inc., and 
credit and debit card transaction processing activities, pursuant to Secs.  
225.25(b)(1) and (b)(7) of the Board's Regulation Y; Paymentech New 
Hampshire, Inc., Salem, New Hampshire, and thereby engage in 
specialized credit and debit card transaction processing services to 
direct response merchants and also providing specialized PC-based 
software used by direct response merchants in connection with the entry 
of customer card data and card transaction processing, pursuant to Secs.  
225.25(b)(1) and (b)(7) of the Board's Regulation Y; Gensar 
Technologies, Inc., Tampa, Florida, and thereby engage in providing 
certain credit and debit card transaction processing services and 
equipment for merchants directly and indirectly through financial 
institutions and independent sales organizations and acting as the 
licensor of PC-based software designed solely for the processing of 
financial data, pursuant to Secs.  225.25(b)(1) and (b)(7) of the 
Board's Regulation Y; Merchant Link, Inc., Bethesda, Maryland, and 
thereby engage in providing specialized help-desk services in 
connection with the operation of bank card modules of certain 
integrated hotel, restaurant, and retail financial management systems 
to support the processing of credit and debit card transactions, 
pursuant to Sec.  225.25(b)(7) of the Board's Regulation Y; and First 
Virtual Holdings Incorporated, San Diego, California, and thereby 
engage in providing secure off-line verification of the identity of the 
purchaser and seller in a credit card transaction over the Internet, 
processing such card transactions, operating a shared website for 
sellers of information products, and other activities relating to the 
billing, on-line payments, and sale of merchandise over the Internet, 
pursuant to Secs.  225.25(b)(1) and (b)(7) of the Board's Regulation Y.
    2. PNC Bank Corp., Pittsburgh, Pennsylvania; to acquire V.F. 
Partners, L.P., and thereby engage de novo through a subsidiary, PNC 
GPI, Inc., that will acquire certain assets of V.F. Partners, L.P., and 
act as a general partner of certain limited partnerships now existing 
or to be established in the future that are exempt from registration as 
investment companies under the Investment Company Act of 1940 (15 
U.S.C. Secs.  80a). See Meridian Bancorp, Inc., 80 Fed. Res. Bull. 736 
(1994); Bessemer Group, Inc., 82 Fed. Res. Bull. 569 (1996); Dresdner 
Bank AG, 82 Fed. Res. Bull. 850 (1996); NationsBank Corporation, 83 
Fed. Res. Bull. 148 (1997); Stichting Priorteit ABN-AMRO/ChiCorp, 83 
Fed. Res. Bull. 138 (1997).

    Board of Governors of the Federal Reserve System, March 7, 1997.
Jennifer J. Johnson,
Deputy Secretary of the Board.
[FR Doc. 97-6302 Filed 3-12-97; 8:45 am]
BILLING CODE 6210-01-F