ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ' *

Applications and Reports Received or Acted on

and All Other Actions of the Board H.2 1975 No. 39 During the Week Ending September 27, 1975

District Date

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

Received 6 Metropolitan Bank, Tampa, Florida 9-19-75

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

Received 2 Lincoln First Bank of Rochester,. Rochester, New York.

Branches to be established at the following locations:

A. To be established at 2883 Ridge Road West, Town of Greece, Monroe County.

B. To be established at 5130 East Main Street, Town of Balavia, Genesee County.

4 The Toledo Trust Company, Toledo, Ohio. Branch to be established at 5555 Secore Road, Toledo, Lucas County.

7 Security Bank and Trust Company, Southgate, Michigan. Branch to be established in the vicinity of High Street and Southfield Road, Ecorse, Wayne County.

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Received Cont'd American Trust & Savings Bank, Dubuque, Iowa. Branch

to be established at 3201 Jackson Street, Dubuque.

Miners and Merchants Bank, Lead, South Dakota. To establish a Remote facility in Lead, South Dakota.

Withdrawal Bank of Virginia Company, Richmond, Virginia. Branch to be established at 801 West Grace Street, Richmond.

Approved ^Marine Midland Bank-Western, Buffalo, New York. Branch

to be established within the Twin Fair Discount Department Store, 2970 Transit Road, Town of West Seneca, Erie County.

"Fidelity Union Trust Company, Newark, New Jersey. Branch to be established at Fair Lawn Avenue in the vicinity of of Plaza Road, Fair Lawn Boro, Bergen County.

*The Oystermen's Bank and Trust Company, Sayville, New York. Branch to be established in the immediate neighborhood of Yaphank Avenue and Main Street, Yaphank, Suffolk County.

*Tioga State Bank, Spencer, New York. Branch to be established in the immediate neighborhood of the intersection of Route 34 and Main Street.

*The State Bank, Fort Dodge, Iowa. Branch to be established at Second Avenue and North at 27th Street, Fort Dodge.

^Citizens Bank & Trust Company, Park Ridge, Illinois. Branch to be established at Summit Avenue, 145.3 feet southeast of Washington Street, Park Ridge.

*Bank of Utah, Ogden, Utah. Branch to be established in the Aspen Plaza, 1000 North Fairfield Road, East Layton, Davis County.

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

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H. 2 1975 No. 39 - 3 -

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

2 Marine Midland International Corporation, New York, New York: suspend the standard condition imposed in Board's consent of 10/3/72 regarding RoyMarine Leasing Ltd., Montreal, Canada.

2 Wells Fargo Bank International, New York, New York: an additional investment in Interamericana de Arrendamientos, S. A., Mexico.

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To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act

Received 2 Manufacturers and Traders Trust Company, Buffalo, New York

for prior approval to merge with First Empire Bank-New York, New York, New York.

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

Received Traer Shares, Incorporated, Traer, Iowa, for approval

to acquire 80 per cent or more of the voting shares of Farmers Savings Bank, Traer, Iowa.

Citizens Ban-Corporation, Kansas City, Missouri, for approval to acquire 80 per cent or more of the voting shares of The Citizens Bank of Atchison County, Rock Port, Missouri.

Approved Southern Illinois Bancorporation, Inc., Highland, Illi-nois, for approval to acquire 96.7 per cent of the voting shares of Farmers and Merchants Bank of Highland, Highland, Illinois.

Denied Downs Bancshares, Inc., Downs, Kansas, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of The Downs National Bank, Downs, Kansas. The Section 4(c)(8) application to acquire the assets of Gushing Insurance Agency, Downs, Kansas, hereby becomes moot.

Suspended Midland Bancorp, Inc., Chicago, Illinois, for approval

to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to Sears Bank and Trust Company, Chicago, Illinois.

Withdrawn 0C Capital Corporation, South Bend, Indiana, for approval

to acquire 97.546 per cent of the voting shares of Bremer State Bank, Bremer, Indiana.

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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 Popular Bancshares Corporation, Miami, Florida, for ap-

proval to acquire 97.416 per cent of the voting shares of The Security State Bank of Pompano Beach, Pompano Beach, Florida.

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Received Continued 9 Security BancShares of Montana, Inc., Billings, Montana,

for approval to acquire 100 per cent (less directorsT qualifying shares) of the voting shares of Big Horn County State Bank, Hardin, Montana.

9 Security BancShares of Montana, Inc., Billings, Montana, for approval to acquire 100 per cent (less directors! qualifying shares) of the voting shares of Security Bank of Colstrip, Colstrip, Montana.

10 First New Mexico Bankshare Corporation, Albuquerque, New Mexico, for approval to acquire 99 per cent of the voting shares of Bank of Las Cruces, National Association, Las Cruces, New Mexico, a proposed new bank.

11 Republic of Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Braes Bayou National Bank, Houston, Texas, a proposed new bank.

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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 6 **Barnett Banks of Florida, Inc., Jacksonville, Florida, 9-22-75

notification of intent to engage in de novo activities (performing or carrying on any one or more of the functions or activities that may be performed or carried on by a trust company, including activities of a fidu-ciary, agency, or custodial nature in the manner author-ized by federal and State law; provided, however, that loans and investments will be made and deposits accepted) at 230 North Woodland Boulevard, Deland, Florida, through a subsidiary, Barnett Banks Trust Company, N.A.

6 **Third National Corporation, Nashville, Tennessee, notifi- 9-22-75 cation of intent to engage in novo activities (servic-ing commercial banks and savings and loan associations by arranging and servicing mobile home loans for such institutions, performing and assisting on collection

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

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H.2 1975 No. 39 - 6 -

Received Continued work on retail accounts, providing dealers with ap-praisal services for used mobile homes; acting as agent for credit life and mobile home physical damage insur-ance companies, and also providing lenders with insur-ance against credit losses on mobile home financing) at 170 4th Avenue, Nashville, Tennessee, through a subsid-iary, Mobile Home Guaranty Corporation.

10 First Community Bancorporation, Joplin, Missouri, for approval to acquire the shares of Conqueror Life In-surance Company, Phoenix, Arizona.

11 Republic of Texas Corporation, Dallas, Texas, for per-mission to retain the shares of Republic Enterprises Corporation and its subsidiary Republic National Mort-gage Corporation of Texas, both of Dallas, Texas.

12 **Security Pacific Corporation, Los Angeles, California, 9-15-75 notification of intent to engage in de_ novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit, including making consumer installment personal loans, purchasing consumer installment sales finance contracts; making loans to small businesses and other extensions of credit such as would be made by a factoring company or a commercial finance company; and acting as broker or agent for the sale of consumer related life/accident and health insurance and consumer related property and casualty insurance) at 591 Camino De La Reina, San Diego, California, through its subsidiary, Security Pacific Finance Corp.

Approved 2 The Chase Manhattan Corporation, New York, New York,

for approval to engage de novo in certain insurance agency activities from offices of the holding company operating primarily in various parts of the State of Florida. The Order dated July 14, 1975, has been modified.

6 Barnett Banks of Florida, Inc., Jacksonville, Florida, for approval to engage de novo in certain insurance agency activities from offices of the holding company in various parts of the State of Florida. The Order dated July 14, 1975, has been modified.

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

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H.2 1975 No. 39

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Approved Continued Barnett Banks of Florida, Inc., Jacksonville, Florida,

for approval to engage de. novo in certain insurance agency activities through a newly formed subsidiary to be known as Barnett Winston Insurance Agency, Inc., Pinelles Park, Miami, Jacksonville, Tampa, Winter Park, and Orlando, Florida and Harris County, Texas. The Order dated July 14, 1975, has been modified.

Pan American Bancshares, Inc., Miami, Florida, for approval to acquire Atico Insurance Agency, Miami, Florida, through a wholly-owned subsidiary, Atico Financial Corporation, Miami, Florida, and thereby to engage in certain insurance agency activities at various locations in Florida where Pan American or its banking and nonbanking subsidiaries are otherwise engaged in business. The Order dated July 14, 1975, has been modified.

Southern Illinois Bancorporation, Inc., Highland, Ill-inois, for approval to engage de novo in the sale of credit life and credit health and accident insurance directly related to extensions of credit by Bank at Bank* s office in Highland, Illinois.

Delayed **First Wisconsin Corporation, Milwaukee, Wisconsin, notifi- 9-24-75

cation of intent to engage in dje novo activities (serv-ing as the advisory company for a real estate investment trust, in which capacity it will, among other activities, obtain or provide for the trust such services as may be required to supervise, service or manage the existing investments of the trust; represent the trust in trans-with others; originate and recommend to the trust invest-ments in the form of construction mortgage loans, perma-nent mortzga e loans, equity interest in real estate, and other investments in or related to real property; and advise and consult the trustees of the trust) in Boca Raton, Florida, through its subsidiary, First Wisconsin Mortgage Company, Milwaukee, Wisconsin.

**First Bank System, Inc., Minneapolis, Minnesota, notifica- 9-24-75 tion of intent to engage in de novo activities (leasing personal property and acting as agent, broker, or ad-viser in the leasing of real or personal property) through the Minneapolis office of FBS Financial, Inc.

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

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H.2 1975 No. 39 - 8

Delayed Continued 10 **United Banks of Colorado, Inc., Denver, Colorado, no- 9-26-75

tification of intent to engage in

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Permitted Continued single premium decreasing term life insurance; and vendor1s single interest physical damage insurance for motor vehicles, boats, trailers, and other kinds of personal property or attachments designed for use in connection therewith), through a subsidiary to be known as VNB Insurance Agency, Inc., One Commercial Place, Norfolk, Virginia; its activities will be conducted through offices of Virginia National Bank, Virginia Trust Company, Virginia National Bank/Lynchburg, Vir-ginia National Bank/Henry County, Virginia National Bank/Fairfax, VNB Mortgage Corporation, VNB Equity Corporation, VNB Capital Corporation and Atlantic Credit Corporation, with offices presently located in Abingdon, Alberta, Alexandria, Arlington, Boykins, Brodnax, Buena Vista, Burkeville, Cape Charles, Capron, Charlottesville, Chesapeake, Crewe, Crockett, Crozet, Danville, Dillwyn, Dumfries, Elkton, Fairlawn, Falls Church, Farmville, Fairfax, Fielddale, Franklin, Gate City, Glade Spring, Gordonsville, Hampton, Harrisonburg, Hillsville, Lawrence-ville, Louisa, Lynchburg, Manassas, Martinsville, New-port News, Nickelsville, Norfolk, Orange, Portsmouth, Pulaski, Quantico, Richmond, Roanoke, Rural Retreat, Shenandoah, Smithfield, Springfield, Stanardsville, Staunton, Suffolk, Victoria, Virginia Beach, Waynesboro, Weber City, Woodbridge, Woodstock, and Wytheville, Virginia; and Edenton, Elizabeth City, Farmville, Green-ville, Henderson, High Point, Kinston, Mount Olive, New Bern, Oxford, Roanoke Rapids, Rocky Mount, Washington, Williamston, Wilson, and Zebulon, North Carolina.

7 **First Chicago Corporation, Chicago, Illinois, notifi- 9-21-75 cation 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; and ser-vicing loans and other extensions of credit) at 555 South Flower Street, 33rd Floor, Los Angeles, Califor-nia, through its subsidiary, First Chicago Realty Services Corporation.

7 **The Main Corporation, Chicago, Illinois, notification 9-27-75 of intent to engage in de novo activities (acquiring, for its own account, Medicaid and Medicare accounts receivable from doctors and other providers of medical

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

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H. 2 1975 No. 39 - 10

Permitted Continued care and acquiring, for its own account, accounts receivable from doctors and other providers of medical care and health services, providing billing and accounts receivable management services for doctors and other providers of medical care and health services) at 6000 North Keating, Chicago, Illinois, through a subsidiary, Health Management Services Corporation.

12 **U.B. Financial Corp., Phoenix, Arizona, notification of 9-21-75 intent to relocate de_ novo activities (making, orig-inating, acquiring, purchasing, arranging for, holding, warehousing, and selling, for its own account and for the account of others, loans of all types, and other extensions of credit, secured by mortgages or deeds of trust on real property, such as would be made by a mortgage company; servicing such loans and other ex-tensions of credit for any person; and acting as in-surance agent or broker in selling general casualty, credit life, credit disability, mortgage redemption and mortgage cancellation insurance directly related to loans and extensions of credit made by said H.S. Pickrell Company) from 4325 Lead Avenue, S.E., Albuquerque, New Mexico, to 6400 Uptown Boulevard, N.E., Suite 369W, Albuquerque, New Mexico, through its subsidiary, H.S. Pickrell Company.

Reactivated 2 **United Jersey Banks, Princeton, New Jersey, notification 9-12-75

of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of the 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 for others) in Princeton and Westmont, New Jersey, through a subsidiary, United Jersey Services Corp.

Withdrawn 2 **Schroders Limited, London, England, notification of in- 9-24-75

tent to engage in de novo activities (acting as in-vestment or financial adviser to the extent of providing portfolio investment advice to persons with respect to their investments in real property interests) in New York, New York, through a subsidiary, Schroder Real Estate Corporation.

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

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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 7 **Berkshire Hathaway Inc., New Bedford, Massachusetts, 9-19-75

notification of intent to acquire more than 5 per cent of the outstanding voting stock of American Bankers Insurance Co. of Florida, Miami, Florida, an insurance company that writes fire and casualty insurance in the United States, Canada, and Puerto Rico.

Permitted 6 **The Charter Company, Jacksonville, Florida, notifica- 9-26-75

tion of itent to acquire all of the issued and outstand-ing common stock of the Great American Life Insurance Company, a New Jersey Corporation, from American Fi-nancial Corporation.

6 **The Charter Company, Jacksonville, Florida, notifica- 9-26-75 tion of intent to acquire all of the issued and outstand-ing common stock of the Liberty Mortgage Insurance Company, an Ohio Corporation, from American Financial Corporation.

6 **The Charter Company, Jacksonville, Florida, notification 9-26-75 of intent to acquire approximately 75.2 per cent of the issued and outstanding common stock of United Liberty Life Insurance Company, an Ohio Corporation, from American Financial Corporation.

Other Actions of the Board Statement by Chairman Arthur F. Burns before the Senate Committee on the Budget.

Report on bill H.R. 8024, letter to Congressman St. Germain in response to request for comments on an amendment to the bill to set a statutory interest rate ceiling differential.

Letter to Congressman Wright Patman in response to request for the Board of Governors to furnish certain information concerning bank holding company acquisitions of finance companies.

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

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Continued Privacy Act of 1975, rules regarding access to and review

of personal information in systems of records, adoption of final regulation.

Nassau Trust Company, Glen Cove, New York, letter regard-ing the removal/suspension of the President and Director.

Bank of Virginia-Tidewater, Norfolk, Virginia, proposed merger with Bank of Virginia-Peninsula, Newport News, Virginia, report to the Federal Deposit Insurance Corpo-ration on competitive factors.

United Virginia Bank/National, Vienna, Virginia, proposed merger with United Virginia Bank/Peoples National, Manassas, Virginia, report to the Comptroller of the Currency on competitive factors.

***Citicorp, New York, New York, extension of time for the opening of its subsidiary, Nationwide Ft. Collins Indus-trial Bank, by Nationwide Financial Services Corporation.

***Fidelity Union Bancorporation, Newark, New Jersey, extension of time for its subsidiary, Suburban Finance Company, to open an office at 8 Highway 36, Atlantic Highlands, New Jersey.

***Southern Bancorporation, Inc., Greenville, South Carolina, extension of time in which to acquire additional voting shares of Bank of North Charleston, North Charleston, South Carolina.

***Topeka Bank Shares, Inc., Topeka, Kansas, extension of time to October 31^ 1975, within which to file its registration statement.

***Citizens Bank & Trust Company, Park Ridge, Illinois, to make an investment in bank premises.

***Potters Bank & Trust Company, East Liverpool, Ohio, to make an investment in bank premises.

***Southside Bank, Tappahannock, Virginia, to make an investment bank premises.

***Girard Trust Bank, Bala Cynwyd, Pennsylvania, extension of time of six months from October 21, 1975, within which to establish a branch office at 838 Hamilton Mall, Lehigh County, Pennsylvania.

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

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