h2_19720909.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on H.2 1972 No. 37 During the Week Ending September 9, 1972

District Date

To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act

Received 5 Aquia Bank and Trust Company, Stafford, Virginia.

To Withdraw from Membership in the Federal Reserve System Without a Six Month Notice as Prescribed by Section 9 of the Federal Reserve Act

Received 8 Farmers Bank & Trust Company, Bardstown, Kentucky.

Approved 8 Farmers Bank & Trust Company, Bardstown, Kentucky.

To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act

Received 2 Marine Midland Bank-Southern, Elmira, New York.

Branch to be established in the immediate neighbor-hood of Harry L Drive and Reynolds Roads in the village of Johnson, Town of Union, Broome County.

2 United Counties Trust Company, Elizabeth, New Jersey. Branch to be established at 242 Main Street, Keansburg.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H.2 1972 No. 37

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Received Continued 8 First Bank of Charlestown, Charlestown, Indiana.

Branch to be established at 248 Market Street, Charleston, Clark County.

10 Sedalia Bank and Trust Company, Sedalia, Missouri. Branches to be established (drive-in facility) at the following locations: A. East Broadway in Sedalia.

B. Hughesvilie.

Approved 4 "The Firestone Bank, Akron, Ohio. Branch to be

established at 2647 Bailey Road, Cuyahoga Falls, Summit County.

4 "The Peoples Merchants Trust Company, Canton, Ohio. Branch to be established in the immediate vicinity of State Route 241 (Wales Road) and Hills and Dales Road, Jackson-Perry Townships, Massillon, Start County.

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To Carry Reduced Reserves Pursuant to Section 19 of the Federal Reserve Act

Approved 11 San Felipe National Bank, Houston, Texas. 9-5-72

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•^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2 1972 No. 37

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To Form a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956

Received **First Florida Bancorporation, Tampa, Florida, for 9- 8-72

prior approval to acquire 85 per cent or more of the voting shares of Marine Bank of Punta Gorda, Punta Gorda, Florida, a proposed new bank.

First Tennessee National Corporation, Memphis, Tennessee, for prior approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of the successor by merger to The First National Bank of Cookeville, Cookeville, Tennessee.

Approved Shorebank, Inc., Quincy, Massachusetts, for prior approval to acquire at least 80 per cent of the voting shares of First Agricultural National Bank of Berkshire County, Pittsfield, Massachusetts.

Shorebank, Inc., Quincy, Massachusetts, for prior approval to acquire at least 80 per cent of the voting shares of The Mechanics Bancorp, Inc., Worcester, Massachusetts, a one-bank holding company which owns 100 per cent of the voting shares (less directors' qualifying shares) of The Mechanics National Bank of Worcester, Worcester, Massachusetts.

^Processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2 1972 No. 37

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Reactivated 8 On H.2 No. 24, the Board reported receipt of an

application by First Tennessee National Corporation, Memphis, Tennessee, for prior approval to acquire 100 per cent of the voting shares of the successor by merger to First Bank and Trust Co., Dyersburg, Tennessee. This application was placed in suspense following receipt of a Department of Justice letter to the Board dated August 14, 1972. Following receipt of Applicant's reply dated September 7, 1972, this application has been reactivated.

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To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956

Received 1 **Hartford National Corporation, Hartford, Connecticut, 9-5-72

notification of intent to continue to engage in a de_ novo activity (origination, negotiation and making of loans secured by real estate) through a subsidiary known as HNC Realty Company, New York, New York.

1 **Hartford National Corporation, Hartford, Connecticut, 9- 8-72 notification of intent to engage in a de novo activity (origination, negotiation and making of loans secured by real estate) through a subsidiary to be known as Southern Financial Group Inc., Miami, Florida.

6 **Alabama Bancorporation, Birmingham, Alabama, 9- 8-72 notification of intent to engage in de_ novo activities ((1) making or acquiring, for its own account or for the account of others, loans and other extensions of credit (including issuing letters of credit and accepting drafts) such as

**Processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H. 2 1972 No. 37

Received Continued would be made by a factoring company, a commercial finance company, a consumer finance company or a mortgage company; (2) servicing loans and other extensions of credit for any person; (3) leasing personal property and equipment, or acting as agent, broker, or adviser in leasing of such property, where at the inception of the initial lease the expectation is that the effect of the transaction and reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor1s full investment in the property; (4) additionally, as an incident to its lending activities and if requested by its customers, such subsidiary will make provision with an insurance carrier for credit life and accident and health insurance that is directly related to loans to such customers) through a subsidiary to be known as Alabanc Financial Corporation, Birmingham, Alabama.

8 **First Tennessee National Corporation, Memphis, 9-5-72 Tennessee, notification of intent to engage in a de novo activity (leasing personal property and equipment or acting as agent, broker or adviser in leasing of such property where at the inception of the initial lease the expectation is that the effect of the transaction and reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor's full investment in the property) through a wholly-owned subsidiary to be known as First Tennessee Leasing Corporation, Memphis, Tennessee.

^Processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2 1972 No. 37

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Received Continued 10 **Midwestern Financial Corporation, Denver, Colorado, 9 -7-72

notification of intent to continue to engage in a de novo activity (origination and sale to investors of First Mortgage Residential Real Estate Loans) through a subsidiary, Kassler and Co., in Evergreen Park, Illinois; Chicago, Illinois; Littleton, Colorado; and San Francisco, California.

10 ^Midwestern Financial Corporation, Denver, Colorado, 9- 7-72 notification of intent to continue to engage in a de novo activity (origination and sale to investors of First Mortgage Residential Real Estate Loans) through a subsidiary, Kassler and Co., of California, in Oakland, Oxnard, Downey, and El Monte, all in California.

10 **United Financial Corporation, Hutchinson, Kansas, 9- 5-72 notification of intent to engage in a de novo activity (leasing personal property and equipment, or acting as agent, broker or adviser in leasing of such property) through a subsidiary to be known as Polaris Leasing Corporation, Hutchinson, Kansas.

12 **Marine Bancorporation, Seattle, Washington, 9-7-72 notification of intent to engage in a de novo activity (making or acquiring for its own account, or for the account of others, loans, and other extensions of credit) through its subsidiary Coast Mortgage Company, Spokane, Washington.

Approved 5 Bank of Virginia Company, Richmond, Virginia, for

prior approval to acquire all of the voting shares of Hanover Mortgage Corporation, Richmond, Virginia.



H.2 1972 No. 37

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Approved Continued 5 Bank of Virginia Company, Richmond, Virginia,

for prior approval to acquire all of the voting shares of Richmond Finance Corporation, Richmond, Virginia.

5 Bank of Virginia Company, Richmond, Virginia, for approval to retain all of the voting shares of Rusch Factors, Inc., Richmond, Virginia.

Permitted 1 **First National Boston Corporation, to continue 9-11-72

to engage in de novo activities (factoring, commercial financing and leasing of personal property) through a subsidiary known as FNB Financial Company, Cleveland, Ohio.

2 ^^Connecticut Financial Services Corporation, 9- 9-72 Bridgeport, Connecticut, notification of intent to engage in dj3 novo activities ((1) making or acquiring, for its own account or for the account of others, loans and other extensions of credit as a mortgage company, and (2) servicing such loans and extensions of credit for any person) through a subsidiary known as CFSC Mortgage Corporation, Bridgeport, Connecticut.

2 **Princeton American Bancorp, Princeton, New Jersey, 9-8-72 notification of intent to engage in de novo activities ((1) making or acquiring, for its own account or for the account of others, loans and other extensions of credit principally secured by second mortgages on one to four family residences ; (2) in connection therewith credit life, health and accident insurance will be sold) through a ;

wholly-owned subsidiary known as Princeton American Creditcorp, Morristown, New Jersey.



H.2 1972 No. 37

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Permitted Continued 6 **Great American Corporation, Baton Rouge, Louisiana, 9- 3-72

to engage in a de novo activity (making and acquiring, for its own account, loans, discounts, acceptances, and other extensions of credit, and other such business as is customarily engaged in by a consumer credit or finance company) in Shreveport, Louisiana, through its present subsidiary, Ambank Acceptance Corporation, doing business as American Acceptance Associates.

10 **0maha National Corporation, Omaha, Nebraska, to 9- 6-72 engage in cte novo activities (conducting a mortgage banking business including making or acquiring or servicing loans and other extensions of credit) through a subsidiary to be known as Realbanc, Inc., in Omaha, Nebraska.

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To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956

Received 4 **Citizens Financial Corporation, Cleveland, Ohio, 9- 8-72

notification of intent to acquire 22 per cent of St. Lucie-Jupiter Development Corporation, Stuart, Florida, a land development company.



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h2_19720909.pdf