|For immediate release|
The Federal Reserve Board today announced a public meeting for Friday, March 13, in Philadelphia on the proposal by First Union Corporation, Charlotte, to acquire CoreStates Financial Corp, Philadelphia.
The purpose of the meeting is to collect information relating to factors the Board is required to consider under the Bank Holding Company Act. These factors are the effects of the proposal on the financial and managerial resources and future prospects of the companies and banks involved in the proposal, competition in the relevant markets, and the convenience and needs of the communities to be served. Convenience and needs considerations include consideration of the records of performance of First Union and CoreStates under the Community Reinvestment Act.
The meeting will be held at the Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, and will begin at 9:00 a.m. EST.
Persons wishing to testify at the meeting must submit a written request no later than 5:00 p.m. EST, Thursday, March 5, containing a brief statement of the nature of the expected testimony and the estimated time required for the presentation (together with their address, telephone number, and facsimile number if available), to Michael E. Collins, Senior Vice President, Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, Pennsylvania 19106 (facsimile: 215/574-3943). Persons interested only in attending the meeting do not need to submit a written request to attend.
On the basis of the requests to testify, the presiding officer of the public meeting will establish a schedule of appearances and prescribe all necessary procedures to ensure that the meeting proceeds in a fair and orderly manner. An agenda for the meeting, which will include the scheduled time for each person's testimony, will be provided to participants at a later date.
Attached is a copy of the Notice of Public Meeting, which sets forth the procedures to be followed at the meeting.
In connection with this action, the Board has determined that the period for public comment on the proposal will close at 5:00 p.m. EST, Friday, March 13, 1998.
First Union Corporation
Background and Public Meeting Notice
Purpose and Procedures
Testimony at the public meeting will be presented to a panel consisting of a Presiding Officer, or his designee, and other panel members appointed by the Presiding Officer. The Presiding Officer at the meeting will be Griffith L. Garwood, Director of the Board's Division of Consumer and Community Affairs. In conducting the public meeting, the Presiding Officer will have the authority and discretion to ensure that the meeting proceeds in a fair and orderly manner. In contrast to a formal administrative hearing, the rules for taking evidence in an administrative proceeding will not apply to this public meeting. Panel members may question witnesses, but no cross-examination of witnesses will be permitted. The public meeting will be transcribed and information regarding procedures for obtaining a copy of the transcript will be announced at the public meeting.
All persons wishing to testify at the public meeting must submit a written request to Michael E. Collins, Senior Vice President, Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, Pennsylvania 19106 (facsimile: 215/574-3943), not later than 5:00 p.m. EST, Thursday, March 5, 1998. The request must include the following information: (i) a brief statement of the nature of the expected testimony and the estimated time required for the presentation; (ii) address and telephone number (and facsimile number, if available) of the person testifying; and (iii) identification of any special needs, such as persons desiring translation services, persons with a physical disability who may need assistance, or persons requiring visual aids for their presentation. To the extent available, translators will be provided to persons wishing to present their views in a language other than English if this information is included in the request to testify. Persons interested only in attending the meeting do not need to submit a written request to attend.
On the basis of the requests received, the Presiding Officer will prepare a schedule for persons wishing to testify. In order to ensure an opportunity for all interested commenters to present their views, the Presiding Officer may limit the time for presentation and establish the order of presentation. Persons not listed on the schedule may be permitted to speak at the public meeting at the discretion of the Presiding Officer if time permits at the conclusion of the schedule of witnesses. Copies of testimony may, but need not, be filed with the Presiding Officer before a person's presentation.
By order of the General Counsel, effective February 25, 1998.
(signed) J. Virgil Mattingly, Jr.
J. Virgil Mattingly, Jr.
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