h2_19730602.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

H.2 1973 No. 22

District

6

Applications and Reports Received or Acted on

During the Week Ending June 2, 1973

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

Approved *The American Bank of Orange County, Orange County, Florida

* * * * *

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 7 Pendleton Banking Company, Pendleton, Indiana

* * * * *

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

Received 2 Bank of Suffolk County, Stony Brook, New York.

Branched to be established on the Southeast corner of the intersection of First Avenue and Second Street, Unincorporated Village of St. James, Smithtown.

*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 1973 No. 22 - 2 -

Received Continued 6 Commerce Union Bank, Nashville, Tennessee. Branch to

be established on Dickerson Road, 1/10th mile south of its intersection with Ewing Lane, Nashville.

6 The Bank of New Orleans and Trust Company, New Orleans, Louisiana. Branch to be established on Interstate 10, Service Road and Read Road, New Orleans.

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

at 9023 Darrow Road, Twinsburg, Summit County.

4 *The Toledo Trust Company, Toledo, Ohio. Branch to be established at 50 South Byrne Road, Toledo, Lucas County.

7 *Manistee Bank & Trust Company, Manistee, Michigan. Branch to be established at 17222 Caberfae Highway, Village of Wellston, Manistee.

12 ^United California Bank, Los Angeles, California. Branch to be established at the Northwest corner of Lankershim Boulevard and Ventura Freeway, Los Angeles.

* * * * *

To Establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act

Received Bankers Trust Company, New York City, New York. To

establish a branch in Singapore.

First National Bank of Commerce, New Orleans, Louisiana. To establish a branch in Georgetown, Cayman Islands.

National Bank of Detroit, Detroit, Michigan. To establish a branch in Tokyo, Japan.

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


H.2 1973 No. 22

Approved American National Bank and Trust Company of Chicago,

Illinois. To establish a branch in Georgetown, Cayman Islands.

* * * * *


H.2 1973 No. 22 - 4 -

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

Received 10 Dawson Corporation, Lexington, Nebraska, for prior

approval to acquire 83.3 per cent of the voting shares of The Farmers State Bank, Lexington, Nebraska.

10 **Valley View Bancshares, Inc., Overland Park, Kansas, 5-29-73 for prior approval to acquire 80 per cent or more of the voting shares of Valley View State Bank, Overland Park, Kansas,

12 Union Bancorp, Inc., Los Angeles, California, for prior approval to acquire 100 per cent of the voting shares of Union Bank, Los Angeles, California.

Approved 7 Whitmore Bancorporation, Inc., Corning, Iowa, for

prior approval to acquire 80 per cent or more of the voting shares of The Page County State Bank, Clarinda, Iowa.

* * * * *

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

Received 6 Pan American Bancshares, Inc., Miami, Florida, for

prior approval to acquire at least 80 per cent of the voting shares of First National Bank of Debary, De Bary, Florida.

6 Pan American Bancshares, Inc., Miami, Florida, for prior approval to acquire at least 80 per cent of the voting shares of Volusia County National Bank at Ormond Beach, Ormond Beach, Florida.

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

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


H. 2 1973 No. 22 - 5 -

Approved Security New York State Corporation, Rochester, New York, for prior approval to acquire 100 per cent of the voting shares of First Trust Union Bank, Wellsville, New York.

2 United Jersey Banks, Hackensack, New Jersey, for prior approval to acquire 100 per cent of the voting shares of Par-Troy State Bank, Parsippany-Troy Hills, New Jersey.

6 **First Bancshares of Florida, Inc., Boca Raton, 5-31-73 Florida, for prior approval to acquire 80 per cent or more of the voting shares of West Boynton Beach National Bank, Boynton Beach, Florida, a proposed new bank.

6 Southeast Banking Corporation, Miami, Florida, for prior approval to acquire 80 per cent or more of the voting shares of The First National Bank of Maitland, Maitland, Florida.

6 Southeast Banking Corporation, Miami, Florida, for prior approval to acquire 80 per cent or more of the voting shares of Peoples Bank of Venice, Venice, Florida.

10 The First National Bancorporation, Inc., Denver, Colorado, for prior approval to acquire 80 per cent or more of the voting shares of Republic National Bank of Pueblo, Pueblo, Colorado.

12 ^Commercial Security Bancorporation, Ogden, Utah, 5-29-73 for prior approval to acquire substantially all of the voting shares of Commercial Security Bank of Logan, Logan, Utah, a proposed new bank.

Denied 6 Central Bancorp., Inc., Miami, Florida, for prior

approval to acquire 80 per cent or more of the voting shares of Central National Bank of Miami, Miami, Florida.



H.2 1973 No. 22 - 6 -

Denied Continued 6 Southeast Banking Corporation, Miami, Florida,

for prior approval to acquire 80 per cent or more of the voting shares of Deland State Bank, Deland, Florida.

Withdrawn 2 **United Jersey Banks, Hackensack, New Jersey,

for prior approval to acquire United Jersey National Bank of Hudson County, Secaucus, New Jersey, a proposed new bank.

* * * * *

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

Received 2 **The Chase Manhattan Corporation, New York, New York,

notification of intent to engage in de novo activities (making or acquiring, for investment or resale and for its own account or for the account of others, loans and other extensions of credit, such as would be made by a mortgage company; and servicing such loans and other ex-tensions of credit for any person) in Oak Lawn, Illinois, through a subsidiary, Dovenmuehle, Inc., Chicago, Illinois.

3 **Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in a de_ novo activity (leasing) through an indirect subsidiary, Provco Leasing Corporation, Wynnewood, Pennsylvania.



H.2 1973 No. 22 - 7 -

Received Continued 7 **United Bankshares, Inc., Green Bay, Wisconsin, 5-29-73

notification 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, for example, by a finance or factoring company; leasing personal property and equipment, or acting as agent, broker, or adviser in leasing of such property, where at 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 com-pensate the lessor for not less than the lessor's full investment in the property; and bookkeeping or data processing services for the internal operations of the holding company and its sub-sidiaries , and storing and processing other banking, financial, or related economic data, such as performing payroll, accounts receivable or payable, or billing services) through a sub-sidiary, Uniban Services, Inc., Green Bay, Wisconsin.

10 **Dawson Corporation, Lexington, Nebraska, notifi- 5-31-73 cation of intent to engage in a de novo activity (acting as insurance agent or broker with respect to the following types of insurance! (a) any insurance for Dawson Corporation and its subsidiaries; (b) any insurance directly related to an extension of credit by the Farmers State Bank such as (i) credit life, and credit accident and health insurance (ii) insurance protecting collateral in which the bank has a security in-terest as a result of its extension of credit; and (c) any insurance directly related to the provision of other financial services by the bank) in Lexington, Nebraska.



H. 2 1973 No. 22

Received Continued 12 **Zions Utah Bancorporation, Salt Lake City, Utah,

notification of intent to engage in de novo activities (to operate as a supervised lender under the laws of the State of Utah including the following specific activities: the making of consumer installment loans by mail; and the sale on an optional basis of credit life, health and accident insurance relating to such loans) in Salt Lake City, Utah, through a wholly-owned subsidiary, Thomas Knight Financial Associates.

Approved 3 Fidelity Corporation of Pennsylvania, Rosemont,

Pennsylvania, for prior approval to acquire all of the voting shares of Local Finance Corporation, Providence, Rhode Island, provided that prior to consummation of the proposed transaction Local1s casualty reinsurance subsidiary will be divested.

3 First Pennsylvania Corporation, Philadelphia, Pennsylvania, for permission to acquire all the issued and outstanding common stock of Performance Associates, Inc., - Colorado, Denver, Colorado.

12 Patagonia Corporation, Tucson, Arizona, for prior approval to acquire, through Model Finance Company of Tucson, Tucson,,Arizona, a wholly-owned subsidiary of Patagonia Corporation's wholly-owned subsidiary, Model Finance Company, certain assets of Tucson Finance Company, Tucson, Arizona.

Delayed 5 **Fidelity American Bankshares, Inc., Lynchburg, Virginia,

to engage in dje novo activities (granting and ser-vicing loans secured by mortgages (primarily second mortgages to individuals) and acting as agent in the sale of credit life and credit accident in-surance in connection with such loans) through its present subsidiary, Columbia Mortgage Company, Columbia, South Carolina.

5-25-73

6- 1-73



H.2 1973 No. 22 - 9 -

Permitted 1 **Industrial National Corporation, Providence, Rhode 5-31-73

Island, to continue to engage in de novo activi-ties (consumer finance; insurance underwriting of credit life insurance, and credit accident and health insurance; and insurance agency or brokerage in connection with selling to con-sumer finance borrowers credit life insurance, credit accident and health insurance, and pro-perty damage insurance for collateral securing loans made to borrowers) through a subsidiary, Southern Discount Company, Mauldin, South Carolina,

1 **Industrial National Corporation, Providence, Rhode 6- 2-73 Island, to continue to engage in de novo activi-ties (consumer finance; insurance underwriting of credit life insurance, and credit accident and health insurance; and insurance agency or brokerage in connection with selling to con-sumer finance borrowers credit life insurance, credit accident and health insurance, and pro-perty damage insurance for collateral securing loans made to borrowers) through a subsidiary, Southern Discount Company, Mocksville, North Carolina.

1 ^Massachusetts Bankshares, Inc., Bingham, Massachusetts, 6- 1-73 to engage in de novo activities (to make, acquire, or service loans or other extensions of credits to persons, partnerships, trusts, associations, and corporations secured by mortgage or other lien on real estate or pledge or security interest in personal property or without security) through a subsidiary to be known as Mortgage Shops, Inc., Hingham, Massachusetts,

1 **New England Merchants Company, Inc., Boston, Mass- 6- 2-73 achusetts, to engage in a de novo activity (making and acquiring construction mortgage loans, mortgage warehousing loans, standing mortgage loans, other real estate and mortgage loans, and short term commercial loans) through a sub-sidiary to be known as New England Merchants Realty Corporation, Boston, Massachusetts.



H.2 1973 No. 22

2

3

4

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Permitted Continued **First National City Corporation, New York, New York, 5-31-73

to engage in c[e novo activities (to act as special purpose leasing corporations for specific leasing transactions with a single customer and in that connection to hold legal title to personal pro-perty) through subsidiaries known as Citimarlease (Burxnah I) Inc., Citimarlease (Burmah II) Inc., and Citimarlease (Burmah III) Inc., in New York, New York.

**Lincoln National Company, Bala Cynwyd, Pennsylvania, 5-29-73 to engage in a d_e novo activity (leasing personal property on a full-payout basis) through a wholly-owned subsidiary, Lincoln National Leasing, Inc., Bala-Cynwyd, Pennsylvania.

**Centran Bancshares Corporation, Cleveland, Ohio, 6- 1-73 to engage in de novo activities (the making of consumer finance loans including loans to in-dividuals secured by first mortgages and second mortgages on residential property; the purchasing of installment sales contracts; and the selling, as agents, of credit life insurance, and health and accident insurance at the request of borrowers in connection with the extensions of credit) through its proposed wholly-owned subsidiary, Colonial Financial Service Inc., Birmingham, Alabama.

**Fidelity American Bankshares, Inc., Lynchburg, Virginia, 5-27-73 to engage in de novo activities (granting and ser-vicing loans secured by mortgages (principally second mortgages to individuals) and acting as agent in the sale of credit life and credit accident insurance in connection with such loans) in Charlotte, North Carolina, through its present subsidiary, Columbia Mortgage Company.



V H.2 1973 No. 22 - 11 -

Permitted Continued ** Fidelity American Bankshares, Inc., Lynchburg, 6- 2-73

Virginia, to engage in de novo activities (granting and servicing loans secured by mort-gages (primarily second mortgages to individuals and acting as agent in the sale of credit life and credit accident insurance in connection with such loans) in Baltimore, Maryland; and Columbus, Georgia,through its present subsidiary, Columbia Mortgage Company.

**Citizens and Southern Holding Company, Atlanta, 5-27-73 Georgia, to engage in a dje novo activity (pro-viding bookkeeping or data processing services for the internal operations of the Citizens and Southern Holding Company and its subsidiaries, and storing and processing other banking, financial, or related economic data, such as performing payroll, accounts receivable or payable, or billing services) in Atlanta, Georgia, through a subsidiary, Citizens and Southern Data Processing, Inc.

6 **Citizens and Southern Holding Company, Atlanta, 5-27-73 Georgia, to engage in de novo activities ((a) 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 mort-gage company; (b) servicing loans and other extensions of credit for any person; and (c) acting as invest-ment or financial adviser, including (i) serving as the advisory company for a mortgage or real estate investment trust and (ii) furnishing economic or financial information) in Charlotte, North Carolina, through its subsidiary, Citizens and Southern Mortgage Company.

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


H.2 1973 No. 22 - 1 2 -

Permitted Continued 6 **Citizens and Southern Holding Company, Atlanta,

Georgia, to engage in de novo activities ((a) 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 mortgage company; (b) servicing loans and other extensions of credit for any person; and (c) acting as investment or financial adviser, including (i) serving as the advisory company for a mortgage or real estate investment trust; and (ii) furnishing economic or financial information) in Tallahassee, Florida, through a subsidiary, Citizens and Southern Mortgage Company.

6 **Citizens and Southern Holding Company, Atlanta, Georgia, to engage in de novo activities ((a) making or acquiring, for its own account or for the account or others, loans and other ex-tensions of credit (including issuing letters of credit and accepting drafts), such as would be made by a mortgage company; (b) servicing loans and other extensions of credit for any per-son; and (c) acting as investment or financial adviser, including (i) serving as the advisory company for a mortgage or real estate investment trust; and (ii) furnishing economic or financial information) in Birmingham, Alabama, through a subsidiary known as Citizens and Southern Mortgage Company.

5-31-73



H.2 1973 No. 22 - 13 -

Permitted Continued 6 **First Amtenn Corporation, Nashville, Tennessee,

to shift a de novo activity (leasing personal property and equipment, and/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) in Memphis and Nashville, Tennessee, from a subsidiary bank to a subsidiary known as First Amtenn Leasing Cor-poration.

6 **First Bancshares of Florida, Inc., Boca Raton, Florida, to engage in cte novo activities (initiate interim or permanent mortgage loans for itself or institu-tional investors; participate in preparing applica-tions for mortgage loans; soliciting investors to purchase mortgage loans; and servicing mortgage loans) in Delray Beach, Florida, through a subsi-diary known as Fleming Mortgage Company.

6 **Palmer Bank Corporation, Sarasota, Florida, to engage in a de novo activity (acting as investment or financial adviser to the extent of (i) serving as the investment adviser, as defined in section 2(a)(20) of the Investment Company Act of 1940, to an investment company registered under that Act; (2) providing portfolio investment advice to any other person; (3) furnishing general economic information and advice (through the use of a general economic news letter, publications and other similar mediums) general economic statistical forecasting services and industry studies; and (4) providing financial advice to State and local governments, such as with respect to the issuance of their securities) in Fort Lauderdale, Florida, through a subsidiary known as Palmer Investment Advisory Company.

5-28-73

5-27-73

6- 2-73



H.2 1973 No. 22 - 1 4 -

Permitted Continued 12 **Levy Bancorp, Oxnard, California, to engage in a

de novo activity (FHA approved mortgages (pass through mortgages originating only in conjunc-tion with Thielscher Mortgage & Investment Corporation) in Oxnard, California, through a subsidiary known as TMI Mortgage Corporation.

* * * * *

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

Received 7 **Lumbermens Mutual Casualty Company, Long Grove,

Illinois, notification of intent to acquire all of the outstanding stock of Iowa Kemper Mutual Insurance Company, Mason City, Iowa, a multiple-line property and liability insurance company, indirectly through its subsidiary Kemperco, Inc., Long Grove, Illinois.



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