h2_19760221.pdf

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 1976 No. 8 During the Week Ending February 21, 1976

District

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

Received 7 Clear Lake Bank & Trust Company, Clear Lake, Iowa.

Branch to be established (drive-in) approximately 100 feet from the main bank, Clear Lake.

12 United California Bank, Los Angeles, California. Branch to be established at the Southeast corner of the inter-section of Carrillo and Castillo Streets, in the city of Santa Barbara, Santa Barbara County.

Approved 7 *The Detroit Bank-Troy, Troy, Michigan. Branch to be

established at 2075 West Big Beaver Road, Troy.

7 -The Peoples State Bank of Holland, Holland, Michigan. Branch to be established at 501 West Main Street, Holland Township, Ottawa County.

12 ^Seattle Trust and Savings Bank, Seattle, Washington. Branch to be established on the main floor of the Maynard Building at 117 First Avenue South, Seattle.

Withdrawal 7 Bank of the Commonwealth, Detroit, Michigan. Branch to

be established at the Northeast corner of Haves Road and 17 Mile Road, Clinton Township, Macomb County.

''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

To establish an Overseas Branch of a Member Bank Pursuant to Sec Lion 25 of the Federal Reserve Act

Received Manufacturers Hanover Trust Company, New York,

New York: branch - Manama, Bahrain.

Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country

Approved Chemical Bank, New York, New York: branch - additional

in London, England.

Bank of America National Trust and Savings Association, San Francisco, California: branch - additional in Cologne, Germany.

/V V- Yc i< -k

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

NCNB International Banking Corporation, New York, New York: investment - additional in Inter-Asia Finance Limited, Hong Kong.

Morgan Guaranty International Finance Corporation, New York, New York: issuance of debt obligations by its wholly-owned subsidiary, J.P. Morgan of Canada Limited, Toronto, Canada.

State of New York Banking Department, New York, New York Views of the Board for establishment of an agency in New York City by The Commercial Bank of Korea, Ltd., Seoul, Korea.

State of New York Banking Department, New York, New York Views of the Board for establishment of an agency in New York City by Australia and New Zealand Banking Group Limited, London, England.


H.2 1976 No. 8 - 3

International Investments and Other Actions Approved Cont'd

12 Continental Bank International (Pacific), Los Angeles, California: to issue promissory notes payable to the Export-Import Bank of the United States.


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

Received United Investments Corp., Wichita, Kansas, for approval

to acquire 87.1 per cent of the voting shares of United American State Bank & Trust Company, Wichita, Kansas, through Sierra Petroleum Co., Inc., Wichita, Kansas.

Approved WoodfieId Investment Corporation, Schaumburg, Illinois,

for approval to acquire 80 per cent or more of the voting shares of Woodfield Bank, Schaumburg, Illinois.

Citizens Financial Corporation, Liberal, Kansas, for approval to acquire 80 per cent or more of the voting shares of The Citizens State Bank, Liberal, Kansas, Liberal, Kansas.

Modified Union Illinois Company, East St. Louis, Illinois, for

approval to acquire 100 per cent of the -voting shares (less directors' qualifying shares) of the successor by merger to Union National Bank of East St. Louis, East St. Louis, Illinois.

* * * * *

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

Received First Bank System, Inc., Minneapolis, Minnesota, for

approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of First National Bank of Burnsville, Burnsville, Minnesota, a proposed new bank.

Approved American Security Corporation, Washington, D.C., for ap-

proval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of American Secu-rity and Trust Company, National Association, Washington D.C., the successor by merger to American Security and Trust Company, Washington, D.C.


Approved Continued First Tennessee National Corporation, Memphis, Tennessee,

for approval to acquire the shares of First Tennessee National Bank, Chattanooga, Tennessee, a de novo bank which will acquire assets and assume substantially all of the liabilities of Hamilton National Bank, Chattanooga, Tennessee.

Metro Insurance Agency, Inc., Kansas City, Missouri, for approval to retain 1,000 shares of the voting shares through a rights offering of The Metropolitan Bank, Kansas City, Missouri.

Metro Insurance Agency, Inc., Kansas City, Missouri, for approval to acquire 25 per cent of the voting shares of The Pleasant Hill Bank, Pleasant Hill, Missouri.

Peoples Credit Co., Kansas City, Missouri, for approval to retain 1,000 shares of the voting shares through a rights offering of The Metropolitan Bank, Kansas City, Missouri.

Peoples Credit Co., Kansas City, Missouri, for approval to acquire an additional 19.7 per cent of the voting shares of The Pleasant Hill Bank, Pleasant Hill, Mis-souri.

Republic of Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of the successor by merger to First Bank in Groveton, Groveton, Texas.

Republic of Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less di-rectors' qualifying shares) of the successor by merger to First National Bank of Henderson, Henderson, Texas.

Vacated First Tennessee National Corporation, Memphis, Tennessee,

for approval to acquire 100 per cent of the voting shares of the successor by merger to Pioneer Bank, Chattanooga, Tennessee.


H. 2 1976 No. 6 -

To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956

Received 10 Sierra Petroleum Co., Inc., Wichita, Kansas, for approval

to merge with United Investments Corp., Wichita, Kansas, and indirectly to acquire United American State Bank & Trust Company, Wichita, Kansas.

Approved 1 Massachusetts Bay Bancorp, Inc., Lawrence, Massachusetts,

for approval to merge with Yankee Bancorporation, Gloucester, Massachusetts.

* * * * *

To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act

of 1956 Approved

6 Trust Company of Georgia, Trust Company Bank, and Trust Company of Georgia Associates, Atlanta, Georgia, for approval to retain the shares of The Bank of Eastman, Eastman, Georgia.

11 Texas American Bancshares, Inc., Fort Worth, Texas, for approval to retain 500 shares of the voting shares of Bank of Fort Worth, Fort Worth, Texas.

* * * * *

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

Received 1 **I.ndustrial National Corporation, Providence, Rhode Island, 2-19-76

notification of intent to engage in de novo activities (origination and sale of residential mortgages, servicing of residential mortgage loans; and insurance agency for any insurance directly related to an extension of credit or provision of other financial services or otherwise sold as a matter of convenience to the purchaser) at Suite 230, 110 Office Park Drive, Birmingham, Alabama, through Amortized Mortgages, Inc., an existing subsidiary of Mortgage Associates, Inc.

**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. 8 - 7 -

Received Continued 1 **Industrial National Corporation, Providence, Rhode 2-19-76

Island, notification of intent to engage in d_e novo activities (origination and sale of residential mort-gages , servicing of residential mortgage loans; and insurance agency for any insurance directly related to an extension of credit or provision of other fi-nancial services or otherwise sold as a matter of convenience to the purchaser) at 1443 West Schaumburg Road, Schaumburg, Illinois, 2160 North Fourth Street, Flagstaff, Arizona, and 300 Duncan Street, Clearwater, Florida, through a subsidiary, Mortgage Associates, Inc.

1 ^Industrial National Corporation, Providence, Rhode 2-19-76 Island, notification of intent to engage in de novo activities (consumer finance; and insurance agency for any insurance directly related to an extension of credit or provision of other financial services or otherwise sold as a matter of convenience to the pur-chaser) at 215 Locust Street, Hudson, Wisconsin, through a subsidiary. Mortgage Associates, Inc.

2 **Chemical New York Corporation, New York, New York, noti- 2-17-76 fication of intent to relocate de novo activities (mak-ing of direct loans and purchasing sales finance con-tracts representing extensions of credit such as would be made or acquired by a finance company; and acting as agent for the sale of credit life insurance, credit accident and health insurance, and credit related prop-erty and casualty insurance issued in connection with extensions of credit; if this proposal is effected, The Sun Finance & Loan Company and The Sun Acceptance Corporation-152 will offer to sell insurance as follows: group credit life/accident and health insurance to cover the outstanding balances of extensions of credit to borrowers in the event of their death, or, to make the contractual monthly payments on the extensions of credit in the event of the borrower's disability; individual physical damage on personal property subject to security agreements) from 5617 Broadway, Cleveland, Ohio to 4797 Turney Road, Garfield Heights, Ohio, through its sub-sidiaries, The Sun Finance & Loan Company and The Sun Acceptance Corporation-152.



H.2 1976 No.

Received Continued 3 ^^Philadelphia National Corporation, Philadelphia, Pennsyl- 2-17-76

vania, notification of intent to engage in de novo activities (making installment loans secured by real and personal property; purchasing sales finance contracts, selling individual and joint credit life insurance, credit accident and health insurance, and casualty insurance in connection with certain installment loans made and sales finance contracts purchased and rein-suring such life insurance and accident and health insurance through Patrick Henry Life Insurance Company and Patrick Henry Insurance Company indirect subsidiaries of Philadelphia National Corporation; and generally acting as a personal property broker as permitted by the California personal property Brokers law) at 1747 Van Ness Avenue, Fresno, California, 5634 North Pershing Avenue, Stockton, California, and 1805 South Mooney Boulevard, Visalia, California, through a new indirect subsidiary, Signal Finance of California, Inc.

5 **South Carolina National Corporation, Columbia, South Caro- 2-17-76 Una, notification of intent to engage in de novo activ-ities (making or acquiring, loans and other extensions 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) at 134 Fairsay Shopping Center, Hudson, North Carolina, through a subsidiary, Provident Finance Company of North Carolina, Inc.

8 **First Tennessee National Corporation, Memphis, Tennessee, 2-19-76 notification of intent to engage in de novo activities (making or acquiring, for its own account, interest-bearing and discount loans and other extensions of credit; and offering through the direct insurer of the reinsurer insurance that is directly related to an ex-tension of credit by the company or its subsidiaries) at Suite 6, 1405 Stevenson Drive, Springfield, Illinois, through a subsidiary, Crown Finance Corporation.



H.2 1976 No. 8 - 9 -

Received Continued 10 **Bancoklahoma Corp., Tulsa, Oklahoma, notification of 2-17-76

intent to engage in de novo activities (making, acquir-ing, and/or servicing for its own account or for the account of others, commercial and industrial loans (except first mortgages on real property) such as direct leasing of durable equipment, commercial and industrial property (except real property), factoring of accounts receivables, discounting loans, receivables, acceptances, and other commercial paper and credit instruments, such loans and other extensions of credit to be both secured and unsecured and of amounts of not less than $25,000) at 320 South Boston, Tulsa, Oklahoma, through a subsid-iary, Bancoklahoma Agri-Service Corp.

12 **Security Pacific Corporation, Los Angeles, California, no- 2-13-76 tification of intent to engage in dj2 novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit includ-ing making consumer installment personal loans, purchas-ing 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 com-mercial finance company; and acting as broker or agent for the sale of credit related life/accident and health insurance and credit related property and casualty in-surance) at 500 Esplanade Drive, Oxnard, California, through its subsidiary, Security Pacific Finance Corp.

12 **Wells Fargo & Company, San Francisco, California, notifi- 2-12-76 cation of intent to engage in

H.2 1976 N o . 8 - 10-

Recelved Continued from rentals, estimated tax benefits (investment tax credit, net economic gain from tax deferral from accelerated depreciation, and other tax benefits with a substantially similar effect), and the estimated resi-dual value of the property at the expiration of the initial term of the lease which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor) at 2230 E. imperial Highway, Suite 510, Los Angeles, California; 425 California Street, San Fran-cisco, California; 100 East 42nd Street, New York, New York; 1770 St. James Place, Suite 205, Houston, Texas; and 208 South LaSalle, Room 1822, Chicago, Illinois; through its subsidiaries. Wells Fargo Leasing Corpora-tion and Wells Fargo Transport Leasing Corporation.

Approved 10 Citizens Financial Corporation, Liberal, Kansas, for ap-

proval to engage de novo in the sale of credit-related insurance and other insurance sold as a convenience from the premises of The Citizens State Bank, Liberal, Kansas, Liberal, Kansas.

Delayed 12 **Kavaii Bancorporation, Inc., Honolulu, Hawaii, notifica- 2-19-76

t;ion of intent to engage in de novo activities (as an industrial loan company under Chapter 408, Hawaii Revised Statutes, and as may be permitted from time-to-time under the Hawaii Revised Statutes) at 800 Nuuanu Avenue, Honolulu, Hawaii, through a subsidiary, Resource Financial Corp.

Permitted 5 **Dominion Bankshares Corporation, Roanoke, Virginia, noti- 2-21-76

fication of intent to engage in due novo activities (mak-ing and servicing personal loans secured by first and second mortgages; and acting as agent in the sale of credit life insurance in connection with such mortgage-loans) at Townside Building, 621 Townside Road, Roanoke, Virginia, through its subsidiary, State Mortgage Cor-poration.

6 **Atlantic Bancorporation, Jacksonville, Florida, notifica- 2-22-76 tion of intent to engage in d_e novo activities (the business of acting as agent for the sale of credit life/ accident and health insurance directly related to ex-tensions of credit by the bank holding company and/or its banking and non-banking subsidiaries) at 200 West Forsyth Street, Jacksonville, Florida, through a subsid-idary, Atlantic Financial Corporation.



H.2 1976 No. - 11 -

Permitted Continued 12 **tiankAmur ica Corporation, San Francisco, California, noti- 2-19-76

fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account loans and other extensions of credit and servicing for itself or others loans and other extensions of credit, such activities to include, but not be limited to, the following: making of consumer installment loans, purchasing installment sales finance contracts, making loans and other exten-sions of credit to small businesses, and making loans secured by real or personal property or a combination thereof; acting as agent or broker for the sale of

H.2 1976 No. 8 - 12 -

Permitted Continued secured by real or personal property or a combination thereof; acting as agent or broker for the sale of credit life and credit accident and health insurance and credit related property and casualty insurance in con-nection with extensions of credit by FinaneeAmerica Corporation) at 415 Laurel Avenue, San Diego, Califor-nia, through its subsidiary, Finance Am e r i. c a Corporation.

12 **BankAmerica Corporation, San Francisco, California, noti- 2-16-76 fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account loans and other extensions of credit and servicing for itself or others loans and other extensions of credit, such activities to include, but not be limited to, the following: making of consumer installment loans, purchasing installment sales finance contracts, making loans and other exten-sions of credit to small businesses, and making loans secured by real or personal property or a combination thereof; acting as agent or broker for the sale of credit life and credit accident and health insurance and credit related property and casualty insurance in connec-tion with extensions of credit by FinanceAmerica Cor-poration) at 2100 North Main, Santa Ana, California, through its subsidiary, FinanceAmerica Corporation.

12 **Utah Bancorporation, Salt Lake City, Utah, notification of 2-19-76 intent to engage in cle novo activities (making or ac-quiring, for its own account or for the account of others, loans and other extensions of credit (including issuance of letters of credit and accepting drafts) such as would be made by a mortgage company; servicing loans and other extensions of credit for any person) at 2910 Washington Boulevard, Ogden, Utah, through its subsidiary, Valley Mortgage Corporation.

Reactivated 2 **Chemical New York Corporation, New York, New York, notifi- 2-18-76

cation of intent to engage in de novo activities (leasing real and personal property and equipment on a non-operating full payout basis, and acting as agent, broker, and adviser with respect to such leases; financing real and personal property and equipment such as would be done by a commercial finance company; and servicing such extensions of credit) at 233 Wilshire Boulevard, Santa Monica, California, through its subsidiary, Chemlease, Inc.



H. 2 1976 No. 13 -

Other Actions of the Board Statement by Chairman Arthur F. Burns before the Joint

Economic Committee relating to the condition of the national economy.

Statement by Richard A. Debs, First Vice President and Chief Administrative Officer, Federal Reserve Bank of New York, before the Senate Banking, Housing and Urban Affairs Committee relating to the Microdot case and the issues raised by it.

***First MBT Bank, Midland, Michigan, proposed merger with First National Bank & Trust Company of Midland, Michigan, report to the Federal Deposit Insurance Corporation on competitive factors.

***SDB Bank, Medina, Ohio, proposed merger with The Savings Deposit Bank Company, Medina, Ohio, report to the Federal Deposit Insurance Corporation on competitive factors.

***Crocker International Investment Corporation, San Fran-cisco, California, extension to February 6, 1977, of the time within which to complete its purchase of all of the shares of Crocker Financial Services, Ltd., Van-couver , Canada.

***Laramie Banking Company, Fort Laramie, Ohio, extension of time to establish a branch on State Route 66 near the intersection of State Route 47, Cynthian Township, Ohio.

***SWB Corporation, Oklahoma City, Oklahoma, extension of time to May 19, 1976, within which to consummate ac-quisition of Southwestern Bank & Trust Company, Okla-homa City, Oklahoma.

***Southeast Corporation, Miami, Florida, extension of time to May 13, 1976, within which to engage de novo through a subsidiary known as Southeast Credit Insurance Agency.

***Trust Company of Georgia, Trust Company Bank and Trust Company Associates, all of Atlanta, Georgia, request to retain for a two-year period shares of The Bank of East-man, Eastman, Georgia, held by them by attribution from The First National Bank and Trust Company, Macon, Georgia.

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


H.2 1976 No. 8 14

Continued ***United California Bank, Los Angeles, California, ex-

tension of time to September 6, 1976, within which to establish a branch in the vicinity of the inter-section of Fairview Avenue and Calle Real, Unincor-porated Community of Coleta, Santa Barbara County, California.

***Commercial Savings Bank of Sterling, Sterling, Colorado, investment in bank premises.

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


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