h2_19740223.pdf

H.2 1974 No. 8

District

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on

During the Week Ending February 23, 1974

Current Report Filed Pursuant to Section 13 of the Securities Exchange Act

Received Nassau Trust Company, Glen Cove, New York

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Date

2-21-74

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

Received The Merrill Trust Company, Bangor, Maine. Branch to be established on the West Side of the Interstate 95, Industrial Spur Interchange on the Hammond Street extension, Bangor.

The Connecticut Bank and Trust Company, Hartford, Connecticut. Branch to be established on Route 7, Brookfield.

Manufacturers and Traders Trust Company, Buffalo, New York. Branch to be established at 2168 Delaware Avenue, Village of Kenmore, Erie County.

Union Trust Company of Maryland, Baltimore, Maryland. Branch, to be established at 11716 Reisterstown Road, Reisterstown, Baltimore County.

Trust Company of Georgia, Atlanta, Georgia. Branch to be established at 246 Swanton Way, Decatur .

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

H. 2 1974 No. 8 - 2

Received Contfd Isabella County State Bank, Mount Pleasant, Michigan. Branch to be established at 2133 South Mission Street, Union Township, Isabella County.

Denied by State Peoples Trust of New Jersey, Hackensack, New Jersey. Branch to be established within the Interstate 80/95 Redevelopment area at the Northeast corner of Fort Lee Road and Teaneck Road, Township of Teaneck, Bergen County.

Approved 2 ^Lincoln First Bank of Rochester, Rochester, New York.

Branch to be established at 2130 Chili Avenue, Westgate Plaza, Town of Gates, New York.

2 *The Trust Company of New Jersey, Jersey City, New Jersey. Branches to be established at the following locations:

A. To be established at No. 10 Botany Village Square East, Botany Village Shopping Center, Clifton.

B. To be established in the vicinity of Main Avenue and Mass Court, Passaic.

2 ^Nassau Trust Company, Glen Cove, New York. Branch to be established at 437 Port Washington Boulevard, Port Washington, Town of North Hempstead, Nassau County.

2 *Chemung Canal Trust Company, Elmira, New York. Branch to be established at the Northeast corner of the Intersection of Garfield Street and Chemung Canal Street, Village of Waverly, Tioga County.

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


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Approved Cont'd 4 * Fifth Third Bank, Cincinnati, Ohio. Branch to be

established at 8701 Winton Road, Springfield Township, Hamilton County.

6 *Trust Company of Georgia, Atlanta, Georgia. Branches to be established at the following locations:

A. To be established at the Intersection of Panola Road and 1-20 in Lithonia, Dekalb County.

B. To be established at 1685 North Decatur Road N.E. Atlanta, Dekalb County.

6 *Rapides Bank and Trust Company, Alexandria, Louisiana. Branch to be established at the following locations:

A. To be established in the Tioga Oaks Shopping Center, Tioga, Rapides Parish.

B, To be established at the Intersection of Edgewood Drive and Highway 28, in the Edgewood Plaza Shopping Center, Pineville, Rapides Parish,

12 *United California Bank, Los Angeles, California. Branch to be established in the vicinity of Intersection of Stevens Creek Boulevard and Saich Way, City of Cupertino, County of Santa Clara,

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


To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956

Received Guardian Bankshares of Florida, Inc., Stuart, Florida, for prior approval to acquire 80 per cent or more of the voting shares of Stuart National Bank, Stuart, Florida, and Port Salerno National Bank, Port Salerno, Florida.

Southwest Kansas Banc Shares, Inc., Hutchinson, Kansas, for prior approval to acquire 93.2 per cent of the voting shares of The First National Bank of Meade, Meade, Kansas.

Approved Framingham Financial Corporation, Framingham, Mass-achusetts, for prior approval to acquire at least 80 per cent of the voting shares of Framingham Trust Company, Framingham, Massachusetts.

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

Received First Banc Group of Ohio, Inc., Columbus, Ohio, for prior approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of the successor by merger to The Citizens Baughman National Bank, Sidney, Ohio.

Ellis Banking Corporation, Bradenton, Florida, for prior approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Ellis National Bank of West Hillsborough, Tampa, Florida, a proposed new bank.

Ellis Banking Corporation, Bradenton, Florida, for prior approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Ellis National Bank of Davis Islands, Tampa, Florida, a proposed new bank.

Third National Corporation, Nashville, Tennessee, for prior approval to acquire 50 per cent or more of the voting shares of Bank of Huntingdon, Huntingdon, Tennessee.


Received Continued Ohnward Corporation, Maquoketa, Iowa, for prior approval to acquire 50.08 per cent or more of the voting shares of First Central State Bank, De Witt, Iowa.

First Banc Group, Inc., Creve Coeur, Missouri, for prior approval to acquire 80 per cent or more of the voting shares of The Hermann Bank, Hermann, Missouri.

Mercantile Bancorporation Inc., St. Louis, Missouri, for prior approval to acquire 90 per cent or more (less directorsT qualifying shares) of the voting shares of The First National Bank of Montgomery City, Montgomery City, Missouri.

Commercial Bank Investment Company and Commercial Ban-corporation of Colorado, both of Sterling, Colorado, for prior approval to acquire 63.8 per cent or more and 98 per cent respectively of the voting shares of Bank of Colorado, Colorado Springs, Colorado,

Approved Barnett Banks of Florida, Inc., Jacksonville, Florida, for prior approval to acquire 51 per cent or more of the voting shares of Charlotte County National Bank, Port Charlotte, Florida.

Exchange Bancorporation, Inc., Tampa, Florida, for prior approval to acquire 99.33 per cent of the voting shares of The Exchange Bank of Westshore, Tampa, Florida, a proposed new bank.

General Financial Systems, Inc., Riviera Beach, Florida, for prior approval to acquire 98.5 per cent of the voting shares of Marine National Bank of West Jackson-ville, Jacksonville, Florida, a proposed new bank.

The First National Bancorporation, Inc., Denver, Colorado, for prior approval to acquire 80 per cent or more of the voting shares of United States Bank of Grand Junction, Grand Junction, Colorado.

United Missouri Bancshares, Inc., Kansas City, Missouri, for prior approval to acquire 80 per cent or more of the voting shares of The First National Bank of Milan, Milan, Missouri.


H. 2 1974 No.

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

Received 2 **First National City Corporation, New York, New York, 2-19-74

notification of intent to engage in d_e novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life-accident and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Oklahoma Inc., will offer to sell insurance as follows: (a) group credit life-accident and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrower1s disability; (b) individual casualty insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide Financial Corpora-tion of Oklahoma Inc., will not offer insurance counseling) in Enid, Oklahoma, through its subsidiary, Nationwide Financial Corporation of Oklahoma.

2 **First National City Corporation, New York, New York, 2-20-74 notification of intent to engage in cle novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/ accident and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation will offer to sell insurance as follows: (a) group credit life/accident and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrower1s disability; (b) individual casualty insur-ance on property, generally automobiles and household goods subject to security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide Financial Corporation will not offer insurance counseling) in Hollywood, Florida; and 5130 South State Road, No. 7 and 1041 West Commerical Boulevard, Fort Lauderdale, Florida, through its sub-sidiary, Nationwide Financial Corporation.

**4 (c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2 1974 No. - 7

Received Continued 2 **United Jersey Banks, Princeton, New Jersey, notification 2-19-74

of intent to engage in de novo activities (making, acquiring, and servicing, for its own account and the account of others, mortgage loans and other extensions of credit in connection with the purchase, development, and/or improvement of real property, and all activities incidental thereto) in Princeton, New Jersey, through its subsidiary, United Jersey Mortgage Company,

5 **South Carolina National Corporation, Columbia, South 2-21-74 Carolina, notification of intent to engage in de novo activities (making or acquiring, loans and other ex-tensions of credit such as would be made by a consumer finance company; and offering credit life, accident, and health insurance for the convenience of its borrowing customers in connection with such activity) in Williamston, North Carolina, through a subsidiary, Provident Finance Company of North Carolina, Inc.

6 **Alabama Bancorporation, Birmingham, Alabama, notification 2-19-74 of intent to engage in de novo activities (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 would be made by a factoring company, a commercial finance company, or a mortgage company; servicing loans and extensions of credit for any person; 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 expected 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; additionally, as incident to its lending activities and if requested by its customers, such subsidiary will make the provision with an insurance carrier for credit life and accident and health insur-ance that is directly related to loans to such customers) in Montgomery and Mobile, Alabama, through a subsidiary, Alabanc Financial Corporation.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H. 2 1974 No. 8

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Received Continued 6 **The Alabama Financial Group, Inc., Birmingham, Alabama,

notification of intent to engage in a dje novo activity (to render investment advice and portfolio management services to individuals, corporations, pensions, and profit-sharing plans, private foundations, and endow-ments) in Birmingham, Alabama, through a subsidiary, AFG Financial Services, Inc.

6 **Citizens and Southern Holding Company, Atlanta, Georgia, notification of intent to engage in de novo activities (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 expecta-tion is that the effect of the transaction and reason-ably 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 invest-ment in the property) in Atlanta, Georgia, through a subsidiary, Citizens and Southern Equipment Leasing, Inc.

6 **First National Holding Corp., Atlanta, Georgia, notifica- 2-18-74 tion of intent to engage in a de novo activity (making loans, principally secured by second mortgages on single family residences, for its own account) in Greenville, South Carolina, and New Orleans, Louisiana, through a subsidiary, First South Homeowners Co., Inc.

6 **First National Holding Corp., Atlanta, Georgia, notifica- 2-18-74 tion of intent to engage in de novo activities (leasing personal property and equipment, or acting as agent, broker, or adviser in leasing such property; and making or acquiring, for its own account or for the account of others, loans and other extensions of credit) in Clearwater, Florida, through a subsidiary, First South Leasing Company.

6 Citizens and Southern National Bank, and Citizens and Southern Holding Company, both of Atlanta, Georgia, for prior approval to acquire 100 per cent of the outstanding shares of Ison Finance Corporation, Atlanta, Georgia.

2-19-74

2-18-74



H. 2 1974 No. 8 - 9 -

Received Continued **The Indiana National Corporation, Indianapolis, Indiana, 2-19-74

notification of intent to engage in a de_ novo activity (making or acquiring, for its own account and for the account of others, direct loans made pursuant to the Mortgage Loan Act (commonly referred to as second mortgage loans) Revised Code of Ohio Sections (other than first lien) 1321.51 to 1321.99, inclusive; acquir-ing, for its own account and for the account of others, direct loans in the form of consumer loans which would be made by companies subject to regulation under the Small Loan Laws or Consumer Loan Laws of the State of Ohio; and business purpose loans and other extensions of credit in the form of conditional sales contracts and retail installment sales contracts; and loans to mobile home dealers for the purpose of financing inventory) in Kettering, Ohio, through its subsidiary, Citadel Finance, Inc., Indianapolis, Indiana.

10 **First Tulsa Bancorporation, Inc., Tulsa, Oklahoma, 2-19-74 notification of intent to engage in a de novo activity (sale of credit life, accident and health insurance, and credit fire insurance in connection with loans made by the subsidiary, Midwest Finance Company) in Tulsa, Oklahoma, through Midwest Finance Company.

10 Fourth National Corporation, Tulsa, Oklahoma, for prior approval to acquire 80 per cent of the voting shares of Diversified Mortgage & Investment Company, Tulsa, Oklahoma.

10 NBC Co., Lincoln, Nebraska, for prior approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Nebraska Securities Company, Scottsbluff, Nebraska.

Correction: 3 **0n H.2 No. 7 (1974), the Board reported as received 1-23-74

(January 12, 1974) a notification of intent from Fidelity Corporation of Pennsylvania, Rosemont, Pennsylvania, to engage in a de novo activity (offering accidental death and dismemberment insurance to persons who have credit relationships that are originated or serviced by its subsidiaries) at 1141^ Hamilton Avenue, Trenton, New



H.2 1974 No. 8 - 10 -

Received Continued Jersey; 815 Route 1, corner of Gibbons Court, Elizabeth, New Jersey; 537 Bloomfield Avenue, Newark, New Jersey; and 112 Main Street, Hackettstown, New Jersey; through its indirect subsidiary, Local Mortgage Company of New Jersey and various Local finance companies in New Jersey. This should have been reported as received on January 23, 1974.

Correction: 4 **0n H.2 No. 5 (1974), the Board reported as received 2-11-74

(January 31, 1974) a notification of intent from American Bancorporation, Columbus, Ohio, to engage in a de novo activity (providing bookkeeping and data processing services for the internal operation of the holding company and its subsidiaries, and providing services concerning the storing and processing of other banking, financial, and related economic data such as payroll services, accounts receivable and payable services, and billing services) through its proposed wholly-owned subsidiary, American Bancdata Corporation, 140 East Town Street, Columbus, Ohio. Such activities would be conducted under the terms of a facilities management agreement to be entered into with Management Data Systems Company, Columbus, Ohio. This should have been reported as received on February 11, 1974.

Reactivated Correction:

3 **0n H.2 No. 5 (1974), the Board reported as reactivated 1-31-74 a notification of intent from Philadelphia National Corporation, Philadelphia, Pennsylvania, to engage de novo in the following activities (making installment loans, purchasing and selling conditional sales contracts, trust receipts, chattel mortgages, and secured or unsecured choses in action; the selling of all forms of insurance to the extent such sales do not violate any provision of the California Industrial Loan Law; and generally engaging in the business of an industrial loan company) at 1805 South Mooney Boulevard, Visalia, California, through its subsidiary, Signal Thrift and Loan Association. In addition, PNC intends



H.2 1974 No. 8

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Reactivated Continued to expand the activities of Signal to include the selling of joint credit life insurance in connection with Signalfs industrial loan business and reinsuring such insurance through Patrick Henry Life Insurance Company, an indirect subsidiary of PNC.

Permitted **First National Boston Corporation, Boston, Massachusetts, 2-19-74

notification of intent to continue to engage in a de novo activity (providing bookkeeping or data process-ing services for the internal operations of First National Boston Corporation and its subsidiaries; storing and processing banking, financial, or related economic data, such as performing payroll, accounts receivable or payable, or billing services for others; and providing all such other services and engaging in all such other activities as are incidental to any of the foregoing) at Oxford Management and Research Center, Middlebury, Connecticut, through a subsidiary, Firstbank Data Services, Inc., and through certain subsidiaries of Firstbank Data Services, Inc., including First of Boston Computeristics, Inc.

**Industrial National Corporation, Providence, Rhode Island, 2-21-74 notification of intent to continue to engage in de novo activities (consumer finance; and insurance underwriting of credit life insurance, credit accident and health insurance, and insurance agency or brokerage in connec-tion with selling to consumer finance borrowers credit life insurance, credit accident and health insurance, and property damage insurance for collateral securing loans made to borrowers) at 930 N. Krome, 1A, Homestead, Florida, through a subsidiary, Southern Discount Company.

**Yankee Bancorporation, Gloucester, Massachusetts, 2-19-74 notification of intent to engage in a de novo activity (providing computerized payroll and other accounting services for the bank holding company, its subsidiaries, and others; and performing other incidental activities necessary to carry on the foregoing activity) at Rockport Shopping Center off Railroad Avenue, Rockport, Mass-achusetts, through Yankee Information Services, Inc.



H.2 1974 No. 8 - 1 2 -

Permitted Continued 3 **Fidelity Corporation of Pennsylvania, Rosemont, Penn- 2-17-74

sylvania, notification of intent to engage in a de novo activity (offering and reinsurance of joint coverage on credit life insurance to cover co-signers and co-makers) at 121 La Fayette Street, Shelby, North Carolina; 1031 Bragg Boulevard, Fayetteville, North Carolina; 1 North Union Street, Concord, North Carolina; 125 West Front Street, Statesville, North Carolina; 2433 Trader Shopping Center, Havelock, North Carolina; through its indirect subsidiaries, Master Life Insurance Company, Inc.; Local Mortgage Company of North Carolina; and various Local finance companies in North Carolina.

3 **Fidelity Corporation of Pennsylvania, Rosemont, Penn- 2-17-74 sylvania, notification of intent to engage in a de novo activity (offering to persons whose mortgages are ori-ginated or serviced by any direct or indirect subsid-iary of Fidelity Corporation of Pennsylvania, life and disability insurance related to such mortgages) at 1700 Market Street, Philadelphia, Pennsylvania, through its subsidiary, Trefoil Mortgage Company or through a direct or indirect subsidiary of Fidelity Corporation of Pennsylvania that will include West Valley in its name.

3 **Fidelity Corporation of Pennsylvania, Rosemont, Penn- 2-21-74 sylvania, notification of intent to engage in a de novo activity (offering and reinsurance of joint coverage on credit life insurance to cover co-signers and co-makers) at 150 North Steele Street, Sanford, North Carolina; Woody Village Shopping Center, Roxboro, North Carolina; 504 North Trade Street, Winston-Salem, North Carolina; through its indirect subsidiaries, Master Life Insurance Company, Inc.; Local Mortgage Company of North Carolina; and various Local finance companies in North Carolina.

3 **New Jersey National Corporation, Trenton, New Jersey, 2-22-74 notification of intent to engage in de_ novo activities (making, acquiring, selling, and servicing, for its own account or for the account of others, loans and other extensions of credit principally secured by mortgages; and such incidental activities as are necessary to carry on the activities specified) at Brook-field Professional Building, Route 7, Brookfield, Connecticut, through an indirect subsidiary, Underwood of Connecticut, Inc.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. Digitized for FRASER

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

H.2 1974 No. 8 - 1 3 -

Permitted Continued 3 **Phlladelphia National Corporation, Philadelphia, Penn- 2-19-74

sylvania, notification of intent to engage in de novo activities (making installment loans, purchasing and selling conditional sales contracts, trust receipts, chattel mortgages, and secured or unsecured choses in action and generally engaging in the business of an industrial loan company; selling credit life, credit accident and health insurance, fire and casualty insur-ance in connection with Signal's industrial loan company business, and reinsuring such insurance except for the fire and casualty insurance) through indirect subsid-iaries, Patrick Henry Insurance Company and Patrick Henry Life Insurance Company at 1805 South Mooney Boulevard, Visalia, California, through its subsidiary, Signal Thrift and Loan Association (Signal). In addition, PNC intends to expand the activities of Signal to include the selling of joint credit life insurance in connection with Signal's industrial loan business and reinsuring such insurance through Patrick Henry Life Insurance Company, an indirect subsidiary of PNC.

5 **First Bankshares Corp. of S.C., Columbia, South Carolina, 2-17-74 notification of intent to engage in a de novo activity (leasing personal property and equipment) in Anderson, Charleston, Columbia, Greenville, and Spartanburg, South Carolina, through a subsidiary to be known as First National Lease Corp.

7 **First Chicago Corporation, Chicago, Illinois, notification 2-17-74 of intent to engage in de_novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit secured by real estate mortgages; and servicing such loans and other extensions of credit) in Atlanta, Georgia, through a subsidiary, First Chicago Realty Services Corporation, Chicago, Illinois.

12 **Wells Fargo & Company, San Francisco, California, 2-22-74 notification of intent to engage in a de novo activity (business of an industrial loan company incorporated under Division 7 of the California Financial Code as a licensed mortgage banker; said company will engage in the business of making loans to corporations

'**4 (c) (8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


# H.2 1974 No. 8 - 1 4 -

Permitted Continued and partnerships secured directly or collaterally by a lien on real property) at 600 Montgomery Street, San Francisco, California; and 330 Washington Street, Marina del Rey, California, through its subsidiary, Wells Fargo Realty Company.

* * * * *

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

Received 7 **Berkshire Hathaway Inc., New Bedford, Massachusetts, 2-19-74

notification of intent to acquire more than 5 per cent of the outstanding voting stock of the following companies: Studebaker-Worthington, Inc., New York, New York (primarily engaged in the manufacture and sale of link-type chain, gasoline, and other petroleum products, electric generator sets, large industrial motors, generators, and etc., on a worldwide basis through its subsidiaries); TI Corp., Los Angeles, California (a general business holding company which engages through subsidiaries in title insurance and escrow business, financial and commercial printing and engraving, real estate development, and architec-tural and engineering services); and Unionamerica, Inc., Los Angeles, California (engaged in insurance, mortgage banking, real estate, and business service activities).



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h2_19740223.pdf