h2_19760710.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1976 No. 28)

Actions of the Board; Applications and Reports

Received During the Week Ending July 10, 1976

ACTIONS OF THE BOARD

The Board amended its Truth in Lending Regulation Z spelling out the way in which finance charges must be described, the action becomes effective August 6, 1976.

Accounting by Debtors and Creditors when Debt is Restruc-tured, letter to the Financial Accounting Standards Board relating to the Discussion Memorandum.

State Street Financial Corporation, Boston, Massachusetts, extension of time to October 1, 1976, within which to acquire 100 per cent of the voting shares of Chatham Trust Company, Chatham, Massachusetts. \J

Manufacturers Hanover Trust Company, New York, New York, extension of time within which to establish a branch office at 5910 Clarendon Road, Brooklyn, New York. 1_/

Evergreen State Bank, Seattle, Washington, proposed acqui-sition by City Bank, Lynnwood, Washington; report to the Federal Deposit Insurance Corporation on competitive factors. JV

South Main & Richardson National Bank, Henderson, Texas, proposed merger with The First National Bank of Henderson, Henderson, Texas; report to the Comptroller of the Currency on competitive factors. \J

Sun Bank of Seminole, Altamonte Springs, Florida, proposed merger with Sun Bank of Semoran, National Association, Fern Park, Florida; report to the Comptroller of the Currency on competitive factors. JJ

l_/ 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.

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

11.2, 1976 No. f — 2 —

ACTIONS OF THE BOARD-Continued

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

Approved New Bank of Roanoke, Roanoke, Virginia. Branches to be established at the following locations:

A. 5301 Williamson Road, N.W., Roanoke.

B. Oak Grove Plaza Shopping Center on State Route 419, Ronoake County. 2/

Denied by State The Wayne Trust Company, Cambridge, Indiana. Branch to be established at 1100 Chester Boulevard, Richmond.

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

Approved W. D. Bank Company, Wheeling, West Virginia.

* * * * *

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

Approved Wheeling Dollar Savings & Trust Company, Wheeling, West Virginia, to merge with W. D. Bank Company, Wheeling, West Virginia.

* * * * *

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

Approved Wesbanco, Inc., Wheeling, West Virginia, for approval to

acquire 100 per cent of the voting shares (less directors1

qualifying shares) of the successor by merger to Wheeling Dollar Savings & Trust Co., Wheeling, West Virginia. 2/

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


H.2, 1976 No. 28 — 3 —


Central Bancorp, Inc., Owensboro, Kentucky, for approval to acquire 80.1 per cent of the voting shares of Central Bank and Trust Company, Owensboro, Kentucky, Owensboro, Kentucky. 2]

Denied Columbia Holding Corp., Chicago, Illinois, for approval

to acquire 80 per cent or more of the voting shares of Columbia National Bank of Chicago, Chicago, Illinois.

* * * * *

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

Approved Worcester Bancorp, Inc., Worcester, Massachusetts, for approval to engage de novo in the activity of providing management consulting advice to nonaffiliated commercial banks through Applicant's wholly-owned subsidiary, Empire Group, Inc., Natick, Massachusetts.

Delayed Associated Bank Services, Inc., Green Bay, Wisconsin, noti-

fication of intent to engage in de novo activities (sale as agent or broker of credit life and credit disability insurance in connection with extensions of credit by banks or bank related firms in the holding company) at 214-A North Adams Street, Green Bay, Wisconsin, through its subsidiary, Bank Services Mortgage Company, Inc. (7/7/76) 3/

Scribner Banshares, Inc., Scribner, Nebraska, for approval to continue to engage in general insurance agency activ-ities through Scribner Insurance Agency, Scribner, Nebraska.

First International Bancshares, Inc., Dallas, Texas, noti-fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account unsecured loans, loans secured by personal property, loans secured by mortgages, deeds of trust or mechanics and materialmen's liens on real estate, including, but not limited to, interm construction financing; making or acquiring, for its own account consumer installment loans, purchasing installment sales finance contracts, making loans and

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

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



other extensions of credit to small businesses; making or acquiring, for its own account loans secured by assignments, notes, accounts, contracts and other obligations, purchasing notes and other evidences of credit including commercial paper, issuing letters of credit, and accepting drafts; acquiring participations in loans and other extensions of credit and performing such incidental activities as are necessary to carry on the foregoing activities) at 1201 Elm Street, Dallas, Texas, through a subsidiary, First International Lending Corporation (7/9/76) 3/

Permitted Merchants National Corporation, Indianapolis, Indiana, notification 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 lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease) at 5410 Emerson Way, Indi-anapolis, Indiana, through a subsidiary, Circle Leasing Corp. (7/8/76) 3/

Mercantile Bancorporation Inc., St. Louis, Missouri, noti-fication of intent to relocate de novo activities (mak-ing, acquiring, or servicing loans or other extensions of credic for personal, family, or household purposes such as are made by a finance company; and insurance agency or brokerage in connection with selling to con-sumer finance borrowers credit life insurance, credit accident and health insurance, and property damage in-surance for collateral securing loans made to borrowers) from 4060 Pontoon Road, Granite City, Illinois to 3657D Nameoki Road, Granite City, Illinois, under the name of Granite City Reliable Loan Inc., a subsidiary of Franklin Finance Company (7/8/76) 3/

Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in d<2 novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit in connection with the financing of personal property and equipment and real property; and the leasing of such

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. 28 6 -

APPLICATIONS RECEIVED

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

United Jersey Bank Northwest, Dover, New Jersey. Branch to established at Route 10, Township of Roxbury (Block 258, Lot 3, Zone B-2), Morris County.

First Trust and Deposit Company, Syracuse, New York. Branch to be established on Urban Renewal Parcel 27, Dill Street, Auburn, Cayuga County, as an adjunct to the branch office located at 110 Genesee Street.

Commonwealth Bank and Trust Company of Virginia, Sterling, Virginia. Branch to be established at Catoctin Circle near the Route 7 intersection in Leesburg, Loudoun County.

Bank of Utah, Ogden, Utah. Branch to be established in the vicinity of 4800 South 1900 West, Roy.

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

Agri-Bank Corporation, Webster City, Iowa, for approval to acquire 80.1 per cent of the voting shares of The Farmers National Bank of Webster City, Webster City, Iowa.

Sibley Bancorporation, Sibley, Iowa, for approval to acquire 96.5 per cent of the voting shares of The First National Bank of Sibley, Sibley, Iowa.

Milco Bancorporation, Inc., Iberia, Missouri, for approval to acquire 643 shares of the voting shares of Bank of Iberia, Iberia, Missouri.

Northwest Arkansas Bancshares, Inc., Bentonville, Arkansas, for approval to acquire 100 per cent (less directors1

qualifying shares) of the voting shares of First National Bank, Rogers, Arkansas.

* * * * *

Lisco State Company, Lisco, Nebraska, for approval to acquire 89 per cent of the voting shares of Lisco State Bank, Lisco, Nebraska.


H.2, 1976 No. 28 - 5 -


real property or the acting as agent, broker, or adviser in the leasing and/or financing of such property provid-ed the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property, the property to be leased is acquired specifically for an earlier leasing transaction, the lease is on a non-operating basis and where at the inception of the initial lease the effect of the transaction (and with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease, the servicing of such financings and/or leases of real or personal property) at 100 Oceangate, Long Beach, California, through its subsidiary, Security Pacific Leasing Corporation (7/10/76) 3/

Withdrawn CB&T Bancshares, Inc., Columbus, Georgia, notification of

intent to engage in de novo activities (writing and issuing credit life insurance policies and credit acci-dent and health insurance policies in connection with

n the extensions of credit such as would be made by a second mortgage company) at 711 Pine Avenue, Albany, Georgia and 620 Shurling Drive, Macon, Georgia, through a subsidiary, CB&T Homeowners, Inc. (7/9/76) 3J



II. 2, 1976 No. 28 7 -

APPLICATIONS RECEIVED-Cont inued

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

CB&T Bancshares, Inc., Columbus, Georgia, for approval to acquire 51 per cent or more of the voting shares of Commercial Bank, Thomasville, Georgia.

CB&T Bancshares, Inc., Columbus, Georgia, for approval to acquire 51 per cent or more of the voting shares of La Grange Banking Company, La Grange, Georgia.

The Royal Trust Company, Montreal, Quebec, Canada and Royal Trust Bank Corp., Miami, Florida, for approval to acquire 51 per cent or more of the voting shares of Worth Avenue National Bank, Palm Beach, Florida.

Falsbuilding, Inc., Columbia Falls, Montana, for approval to acquire an additional 18.7 per cent of the voting shares of Bank of Columbia Falls, Columbia Falls, Montana.

IB&T Corp., Pocatello, Idaho, for approval to acquire 80 per cent or more of the voting shares of First Bank of Troy, Troy, Idaho.

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

Fidelcor, Inc., Rosemont, Pennsylvania, notification of intent to relocate de novo activities (making and acquiring, consumer and mortgage loans to individiuals including second mortgage loans, servicing these loans and possibly other loans secured by mortgages on prop-erties in Florida where the loans are owned by direct or indirect subsidiaries of Fidelcor engaging in a general consumer finance business; purchasing installment con-tracts arising from the sale of personal property and services; and with respect to all of the above, selling credit life and credit accident and health insurance and mortgage life and disability insurance, and accidental death insurance and casualty insurance on the collateral through Master Life Insurance Company an indirect sub-sidiary of Fidelcor, reinsuring consumer type credit life insurance and credit accident and health insurance

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H.2, 1976 No. 28 8

APPLICATIONS RECEIVED-Continued

sold) from 2212 First Street, Bradenton, Florida to South Trail Shopping Center, 57th Avenue West and 14th Street West, Bradenton, Florida, through its direct and indirect subsidiaries including Fidelcor Financial Centers, Inc. (6/30/76) 3/

Equitable Bancorporation, Baltimore, Maryland, notifi-cation of intent to engage in dj2 novo activities (leas-ing real property or acting as agent, broker, or adviser in leasing such property) at the Munsey Building, Calvert and Fayette Streets, Baltimore, Maryland, through its subsidiary, Equitable Bank Realty Corporation (7/6/76) 3/

Milco Bancorporation, Inc., Iberia, Missouri, for approval to acquire the assets of Tritten Insurance Company, Iberia, Missouri.

Mountain Financial Services, Inc., Denver, Colorado, notifi-cation of intent to engage in de novo activities (servic-ing, brokering, making or acquiring, for its own account or for the account of others, loans, mortgages, and other extensions of credit) at 3600 South Yosemite, Denver, Colorado (7/6/76) 3/

First International Bancshares, Inc., Dallas, Texas, notifi-cation of intent to engage in de novo activities (making or acquiring, for its own account unsecured loans, loans secured by personal property, loans secured by mortgages, deeds of trust or mechanics and materialmen's liens on real estate, including, but not limited to, interim construction financing; making or acquiring, for its own account consumer installment loans, purchasing install-ment sales finance contracts, making loans and other extensions of credit to small businesses; making or acquiring, for its own account loans secured by assign-ments, notes, accounts, contracts and other obligations, purchasing notes and other evidences of credit including commercial paper, issuing letters of credit and accepting drafts; acquiring participations in loans and other ex-tensions of credit and performing such incidental activities as are necessary to carry on the foregoing activities) at 1201 Elm Street, Dallas, Texas, through a subsidiary, First International Lending Corporation (7/8/76)3/


I


H.2, 1976 No. 24 - 9 -

REPORTS RECEIVED

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

Burlington Bank and Trust Company, Burlington, North Carolina. The Savings & Trust Company of Pennsylvania, Indiana, Pennsylvania. Southwest Bank of St. Louis, St. Louis, Missouri. Union Bank & Trust Company, Montgomery, Alabama.

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PETITIONS FOR RULEMAKING

None


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