h2_19760626.pdf

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ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1976 No. 26)

Actions of the Board; Applications and Reports

Received During the Week Ending June 26, 1976

ACTIONS OF THE BOARD

Regulation A, the Board proposes to amend Regulation A to provide more flexible conditions under which member banks with well-defined seasonal requirements for loanable funds would be permitted to borrow from Federal Reserve Banks; the Board will receive comment on the proposal through July 23, 1976.

Regulations H and Y, proposal to amend regulations relative to the operations of certain clearing agencies for stock market transactions; the Board will receive comment on its proposal through July 30, 1976.

Response to invitation for comments on the Exposure Draft of proposed Rule G-ll, "Sales During The Underwriting Period," the proposed Rule establishes certain terms and conditions for sale of municipal securities during an underwriting period.

Emergency financial assistance to victims of the Teton Dam collapse, to assist the victims of the disaster, the Board gave permission to member banks, and encouraged them to permit, early withdrawal of time deposits with-out penalty, upon a showing that the depositor has suffered a loss related to the disaster.

Barnett Banks of Florida, Inc., Jacksonville, Florida, ex-tension of time to October 14,1976, within which it may commence certain permitted insurance agency activities in connection with its nonbanking real estate finance activities. 1/

Omaha National Corporation, Omaha, Nebraska, extension of time to September 29, 1976, within which to commence leasing activities of Leasbanc Financial Corporation, Omaha, Nebraska. 1/

1/ Application processed 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, 1976 No. 26 - 2

ACTIONS OF THE BOARD-Continued

Republic of Texas Corporationy Dallas, Texas, extension of time to September 21, 1976, within which to con-summate the acquisition of First Bank & Trust, Lufkin, Texas, and acquire 24.9 per cent of the voting shares of Diboll State Bank, Diboll, Texas. V

Texas Commerce Bancshares, Inc., Houston, Texas, extension of time to September 25, 1976, within which to consummate the acquisition by merger of First Texas Bancshares Corporation, Houston, Texas, the parent holding company of Longview National Bank, Longview, Texas. 1/

Arkansas Bank and Trust Company, Hot Springs, Arkansas, to make an additional investment in bank premises. 1/

Elliott State Bank, Jacksonville, Illinois, to make an investment in bank premises. 1/

Beloit State Bank, Beloit, Wisconsin, extension of time to October 6, 1976, within which to establish a branch at 121-23 West Grand Avenue, Beloit, Wisconsin. If

FNB National Bank, Elyria, Ohio, proposed merger with First National Bank of Elyria, Elyria, Ohio; report to the Comptroller of the Currency on competitive factors.

1/ Application processed on behalf of the Board of Governors under delegated authority.

Note: The H.2 release is now published in the Federal Register. It will continue to be sent, upon request, to anyone desiring a copy.

1/


. II.2, 1976 No. 26 - 3


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

Approved The Savings & Trust Company of Pennsylvania, Indiana,

Pennsylvania. Branch to be established at 103 East Union Street, Punxsutawney, Jefferson County. 2/

The Detroit Bank - Troy, Troy, Michigan. Branches to be established at the following locations:

A. At the southeast corner of the intersection of Maple and John R. Roads, Troy.

B. At the southwest corner of the intersection of Crooks Road and Maple Road, Troy. 2/

United California Bank, Los Angeles, California. Branch to be established at the southeast corner of the inter-section of Carrillo and Castillo Streets, Santa Barbara, Santa Barbara County. 2/

International Investments and Other Actions Approved Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)(9) and 4(c)(13) of the Bank Holding Company Act of 1956, as amended

Citibank Overseas Investment Corporation, New York, New York: to continue to hold 100 per cent of the shares of Citicorp Credit, Agana, Guam (formerly Guam Finance Company).

State of New York Banking Department, New York, New York: views of the Board for establishment of a branch in New York City by United Bank Limited, Karachi, Pakistan.

Continental International Finance Corporation, Chicago, Illinois: Investment - additional Compania Financiera Ecuatoriana de Desarrollo S. A., Quito, Ecuador, to maintain its current 10.09 per cent interest.

A * * * *

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


H.2, 1976 No. 26


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

Denied Bankshares of Hawley, Inc., Hawley, Minnesota, for ap-

proval to acquire 95.7 per cent of the voting shares of State Bank of Hawley, Hawley, Minnesota.

Suspended Park Financial Corporation, St. Louis Park, Minnesota,

for approval to acquire 80 per cent or more of the voting shares of Park National Bank of St. Louis Park, St. Louis Park, Minnesota. 2/

Withdrawn Citizens Ban-Corporation, Kansas City, Missouri, for

approval to acquire 86.06 per cent or more of the voting shares of The Citizens Bank of Atchinson County, Rock Port, Missouri.

* * * * *

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

Approved National City Corporation, Cleveland, Ohio, for approval

to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by consolidation to First National Bank of Elyria, Elyria, Ohio.

Cedar Investment Company, Waverly, Iowa, for approval to acquire 60.5 per cent of the voting shares of State Bank of Waverly, Waverly, Iowa.

* A * * *


Denied Bank Shares Incorporated, Minneapolis, Minnesota, for ap-

proval to merge with Mid America Bancorporation, Inc., Minneapolis, Minnesota.

2/ Application processed by the 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, 1976 No. 2.6 W - 5 -

ACTIONS OF THE BOARB-Continued

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

Approved Republic of Texas Corporation, Dallas, Texas, for ap-

proval to retain ownership of the voting shares of Republic Commerce Company, Dallas, Texas, and indirect ownership of the voting shares of Republic Money Orders, Inc., and Republic Money Orders of California, Inc., both of Dallas, Texas.

Security Pacific Corporation, Los Angeles, California, for approval to acquire voting shares of The Bankers Investment Company, Hutchinson, Kansas.

Delayed The Terrebonne Corporation, Houma, Louisiana, notification

of intent to engage in de novo activities (acting as insurance agent or broker in offices at which the Terrebonne Corporation or its subsidiaries are otherwise engaged in business or in an office adjacent thereto with respect to the following types of insurance: any insurance for the holding company and its subsidiaries; or any insurance, including life insurance, that is directly related to an extension of credit by Terrebonne Bank & Trust Company, a wholly owned subsidiary corporation of The Terrebonne Corporation; or is directly related to the provision of other financial services by Terrebonne Bank & Trust Company or is otherwise sold as a matter of convenience to the purchaser so long as the premium income from such sales does not constitute a significant portion of the aggregate insurance premium income of the holding company from insurance sold pursuant to this subdivision) at 720 East Main Street, Houma, Louisiana, through a subsidiary, Terre Agency, Inc. (6/22/76) 3/

Merchants National Corporation, Indianapolis, Indiana, noti-fication of intent to engage in de novo activities (leasing of capital goods and equipment to industry, and banks, or others, or acting as agent, broker, or adviser in leasing such personal property where at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessorr s full invesment in the property plus the estimated total cost of financing the property over the term of the lease) at Austin Center, Cypress at West Shore Boulevard, Tampa, Florida, through a subsid-iary of Circle Leasing Corp., to be known as Circle Leasing of Florida Corp. (6/24/76) 3J

3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1976 No. 26 - 6 —


Jan-Mar Corp., Coleraine, Minnesota, for permission to retain its general insurance business, d/b/a First National Agency at Coleraine, Minnesota, (selling of fire, auto, casualty, life, accident and health in-surance, and also the selling of all types of surety bonds in a community of less than 5,000)

MPS Investment Company, Appleton, Minnesota, for permis-sion to retain the general insurance agency d/b/a Farmers & Merchants Insurance Agency, Appleton, Minnesota, (sale of insurance coverage relative to casualty, fire and windstorm, farm property, crop hail, life and health and accident, surety, motor, property and liability and all other insurance usual and inci-dental to a general insurance agency in a town of less than 5,000)

U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (acting as insurance agent with regard to the following: insurance which is sold as a matter of convenience to purchaser) at 309 S.W. Sixth Avenue, Portland, Oregon, through its subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. (6/21/76) 3/ This activity will be engaged in throughout the State of Oregon (except for the Portland market)

Permitted Citicorp, New York, New York, notification of intent to

engage in de novo activities (consumer personal lending; preauthorized consumer revolving credit; 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 these proposals are effected, the subsidiary will offer to sell insurance .as follows: credit life/accident and health or individual decreasing or level (in the case of single payment loans) life insurance to cover the outstanding balance of consumer credit transactions, singly or jointly, with their spouses or cosigners in the case of life coverage, in the event of death, or, to make the contractual monthly payments on the consumer credit transactions in the event of the obligators1 disability to the extent permissible under applicable State insurance laws and regulations; individual casualty insurance on personal property subject to security agreements and to include



H.2, 1976 No. 26 - 7 -


liability coverage, in home or automobile owner "package" policies where such is the general practice; further, in regard to the sale of credit related insurance, the sub-sidiary will not act as a general insurance agency) at 3525 North Causeway Boulevard, Metaire, Louisiana, through its subsidiary, Nationwide Financial Services Corporation and its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (6/24/76) 3/

Schroders Incorporated, New York, New York, notification of intent to engage in de_ novo activities (acting as invest-ment and financial adviser to persons with respect to their investments in oil and gas interests and assisting in financing of such investments) in Houston, Texas, through a subsidiary, Schroder Oil Financing & Investment Company, Inc. (6/21/76) 3/

Security New York State Corporation,, Rochester, New York, notification of intent to relocate de novo activities (computer services and data processing activities) from Rochester and Auburn, New York to Henrietta, New York, through its subsidiary, Griffin Computer Services, Inc. Direct contact with the public will take place at the offices of Security New York State Corporation: Security Trust Company of Rochester, Rochester, New York; First Trust Union Bank, Wellsville, New York; First Bank and Trust Company of Corning, Corning, New York; The State Bank of Seneca Falls, Seneca Falls, New York; The Citizens Bank, Attica, New York; The Bank of LeRoy, LeRoy, New York; The National Bank of Auburn, Auburn, New York; First National Bank and Trust Company of Ithaca, Ithaca, New York; and Glen National Bank and Trust Company, Watkins Glen, New York (6/2/76) 3/

Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities (mortgage banking, including the making, acquiring, and servicing for its own account or the accounts of others, loans and other extensions of credit) at Suite 309, 14044 Ventura Boulevard, Sherman Oaks, California, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio (6/20/76) 3/

3J 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


k

H.2, 1976 No. 26 - 8 -


BankAmerica Corporation, San Francisco, California, no-tification of intent to relocate de novo activities (making loans and extending credit and providing of services incident to such loans and extensions of credit such as would be made or provided by a finance company, including the following specific activities: making of consumer installment loans, purchasing installment sales finance contracts, and making of loans to small busi-nesses; acting as agent or broker for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance in con-nection with extensions of credit by FinanceAmerica Corporation) from 555 Harrison Avenue, Panama City to 2613 West 23rd Street, Panama City, Florida, through its subsidiary, FinanceAmerica Corporation (Florida) (6/20/76) 3/

Withdrawn Citizens Ban-Corporation, Kansas City, Missouri, for ap-proval to retain the shares of Rock Port Insurance & Realty Co., Rock Port, Missouri.

Liberty National Corporation, Oklahoma City, Oklahoma, no-tification of intent to engage, in de novo activities (making or acquiring, for its own account or the account of others, loans or other extensions of credit, lending and negotiating loans, and servicing loans and other extensions of credit for any person, organization, or authority) at 100 Broadway, Oklahoma City, Oklahoma, through a subsidiary, L N C Financial Corporation (6/21/76) 3/

* * * * *


Permitted Berkshire Hathaway Inc., New Bedford, Massachusetts, noti-

fication of intent to acquire more than 5 per cent of the outstanding voting stock of American Credit Corp., Charlotte, North Carolina, engage in consumer loans, financing of retail purchases, factoring and commercial financing, automobile leasing, writing of fire and casualty, credit life and accident and health insurance, mainly in connection with finance operations (6/20/76)

1/



H.2, 1976 No. 26 9 -

APPLICATIONS RECEIVED

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

Barclays Bank of New York, New York, New York. Branch to be established at 3 Park Avenue, New York.

Girard Trust Company, Bala-Cynwyd, Montgomery County, Pennsylvania. Branch to be established at the Montgomery Mall, located at Routes 202 and 309 Montgomery Township, Montgomery County.

Lakeshore Trust Company, Painesville, Ohio. Branch to be established at 29118 Euclid Avenue, Wickliffe, Lake County.

Union Trust Company of Maryland, Baltimore, Maryland. Branch to be established at College Center Building, Towson State College, Towson, Baltimore County.

First Bank and Trust Company of South Bend, South Bend, Indiana. Branch to be established at 1102 Roosevelt (U.S. Highway 6 East), St. Joseph County, Walkerton.

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

Seabrook Bank and Trust Company, Seabrook, New Hampshire.

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

Charter Clarendon Bancorporation, Inc., Northfield, Illinois, for approval to acquire 80 per cent or more of the voting shares of Bank of Clarendon Hills, Clarendon Hills, Illinois.

Peninsula Financial, Inc., Sturgeon Bay, Wisconsin, for approval to acquire 98.20 per cent of the voting shares of First State Bank of Algoma, Algoma, Wisconsin.

* * * * *

A * * A *


H.2, 1976 No. 26 - 10

APPLICATIONS RECEIVED-Continued

Peoples Bankshares, Ltd,, Waterloo, Iowa, for approval to acquire 56 per cent or more of the voting shares of Peoples Bank and Trust Company, Waterloo, Iowa.

First Wewoka Bancorporation, Wewoka, Oklahoma, for ap-proval to acquire more than 80 per cent of the voting shares of First National Bank in Wewoka, Wewoka, Oklahoma.

Lawrence Bancshares, Inc., Lawrence, Kansas, for approval to acquire 80 per cent or more of the voting shares of Lawrence National Bank and Trust Co., Lawrence, Kansas.


Mercantile Texas Corporation, Dallas, Texas, for approval to acquire the shares of Federated Capital Corporation, Houston, Texas.


First National Boston Corporation, Boston, Massachusetts, notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of First National Boston Corpo-ration 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 data processing services and engaging in all other activities as are presently permissible as incidental activities) at 875 Elm Street, Manchester, New Hampshire, through a subsidiary, Firstbank Data Services, Inc., Boston, Massachusetts (6/24/76) 3/

* * * * *

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H.2, 1976 No. 26 - 11 -


Fifth Third Bancorp, Cincinnati, Ohio, notification of intent to engage in cle novo activities (leasing personal property and equipment, or acting as agent, broker, or adviser in leasing of such property where at the incep-tion of the intial lease the expectation is that the effect of the transaction (and with respect to govern-mental entities only, reasonably anticipated future transactions) will be to compensate the lessor for not less than the lessor1s full investment in the property; making or acquiring, for its own account or the account of others, loans and other extensions of credit primar-ily to finance the acquisition of personal property and equipment, such loans would include, but not be limited to, the financing of time sales contracts, conditional sales agreements, installment purchase loans, and secured term loans) at 38 Fountain Square Plaza, Cincinnati, Ohio, through a subsidiary. The Fifth Third Leasing Company (6/25/76) 3/

Bank of Virginia Company, Richmond, Virginia, notification of intent to engage in de novo activities (making loans or extensions of credit such as would be made by a fi-nance company; and acting as agent for credit life/ accident and health insurance and other insurance written to protect collateral during the period of credit ex-tension) at 3416 Jefferson Davis Highway, Richmond, Virginia, through a subsidiary, The Budget Plan Company of Virginia (6/23/76) 3/

Milwaukee Western Corporation, West Palm Beach, Florida, for approval to acquire all of the issued and outstanding shares of capital stock of M & H Financial Corporation, Broadview, Illinois. (leasing personal property and equipment or acting as agent, broker, or adviser in leasing such property)

Milwaukee Western Corporation, West Palm Beach, Florida, for approval to acquire all of the issued and outstanding shares of capital stock of Security Industrial Company, Chicago, Illinois. (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as would be made by a commercial finance company)



11.2, 1976 No. 26 ~ 12 -


Clayton Bancshares Corporation, St. Louis, Missouri, for permission to retain an interest in Clayton Trust Com-pany, Clayton, Missouri, (perform or carry on the func-tions and activities that may be performed or carried on by a trust company including activities of a trust, fiduciary, agency or custodian nature, in the manner authorized by the Laws of the State of Missouri but not to accept demand deposits, make commercial loans, or engage in the banking business)

Crestwood Bank Shares Corporation, St. Louis, Missouri, for permission to retain interest in Clayton Trust Company, Clayton, Missouri, (perform or carry on the functions and activities that may be performed or carried on by a trust company including activities of a trust, fiduciary, agency or custodian nature, in the manner authorized by the Laws of the State of Missouri but not to accept demand deposits, make commercial loans, or engage in the banking business)

Hampton Bankshares Corporation, St. Louis, Missouri, for permission to retain an interest in Clayton Trust Company, Clayton, Missouri, (perform or carry on the functions and activities that may be performed or carried on by a trust company including activities of a trust, fiduciary, agency or custodian nature, in the manner authorized by the Laws of .the State of Missouri but not to accept demand deposits, make commercial loans, or engage in the banking business)

Lawrence Bancshares, Inc., Lawrence, Kansas, for permission to engage at the offices of Lawrence National Bank and Trust Co., Lawrence, Kansas, in the insurance agency business offering credit life insurance and credit accident and health insurance written in connection with extensions of credit by such bank.

Southwest Bancshares, Inc., Houston, Texas, notification of intent to engage in de novo activities (originating loans as principal, originating loans as agent, servicing loans for nonaffiliated individuals, partnerships, and corporations; servicing loans for subsidiaries of Southwest Bancshares, Inc. and such other activities as may be incident to the business of a mortgage company) at 2901 West Loop South, Houston, Texas, through a subsidiary, Southwest Bancshares Mortgage Company (6/23/76) 3/

.3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1976 No. 26 - 1 3 -


BankAmerica Corporation, San Francisco, California, noti-fication of intent to relocate de novo activities (mak-ing of consumer installment loans, purchasing install-ment sales finance contracts, and making of loans to small businesses; acting as agent or broker for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) from 1717 Main Street, Columbia to 17 Diamond Lane, Columbia, South Carolina, through its subsidiary, FinanceAmerica Corporation (South Carolina) (6/17/76) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to relocate de novo activities (the origination and acquisition of mortgage loans, including development and construction loans on multi-family and commercial properties for its own account or for the sale to others, and the servicing of such loans for others) from 10933 Valley Boulevard, El Monte to 1520 West Cameron, West Covina, California, through its subsidiary, Security Pacific Mortgage Corporation (6/17/76) 3/

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REPORTS RECEIVED

None.

PETITIONS FOR RULEMAKING

None.



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h2_19760626.pdf