h2_19760717.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1976 No. 29)

Actions of the Board; Applications and Reports

Received During the Week Ending July 17, 1976

ACTIONS OF THE BOARD

Letter to Senator Proxmire, Chairman of the Senate Banking, Housing and Urban Affairs Committee recommending changes to simplify the Truth in Lending Act.

The Board published for comment a revision of Regulation B to implement the 1976 Amendments to the Equal Credit Opportunity Act.

The Board scheduled a hearing for August 3 regarding proposed amendments to Regulation Z to implement the Consumer Leasing Act of 1976.

Letter to all Federal Reserve Banks requesting them to transmit a letter to the chief executive officer of each State member bank urging review and strengthening of internal policies and procedures designed to insure compliance with the Financial Recordkeeping and Reporting Regulations.

Letter to all Federal Reserve Banks regarding the suspension of the processing of bank holding company applications to engage in certain insurance agency activities.

Issuance of subordinated capital notes by Schuyler County State Bank, Lancaster, Missouri.

Sumitomo Trust and Banking Company, Limited, Osaka, Japan; BoardT

letter to the State of New York Banking Department interposing no objection to the establishment by STBC of a branch at One Liberty Plaza, New York, New York. 1/

Citibank Overseas Investment Corporation, New York, New York, additional extension of time within which to complete its investment in ATB-AKTIENGESELLSCHAFT FUR TRANSATLANTISCHE BETEILIGUNGEN, Frankfurt, Germany. 1/

Fidelity Union Bancorporation, Newark, New Jersey, extension of time within which to establish a d£ novo office of its subsidiary, Suburban Finance Company, at 605 Harrison Avenue, Harrison, New Jersey. 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. 29 - 2 -

ACTIONS OF THE BOARD-Continued

Colonial Bank and Trust Company of Hartford, Hartford, Connecticut, proposed merger with Constitution Bank and Trust Company, Hartford, Connecticut, report to the Federal Deposit Insurance Corporation on competitive factors. 1/

New York Federal Savings and Loan Association, New York, New York, proposed merger with Dry Dock Savings Bank, New York, New York, report to the Federal Deposit Insurance Corporation on competitive factors. 1/

Columbus Trust Company, Newburgh, New York, extension of time within which to establish a branch office in the immediate nieghborhood of the intersection of Powelton Road and Route 32, Newburgh. 1/

Richwood Banking Company, Richwood, Ohio, investment in bank premises. 1/

First Bank and Trust Company of South Bend, South Bend, Indiana, investment in bank premises. 1/

1J 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

H.2, 1976 No. 29 - 3


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

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/

Approved Monona Bancorporation, Blencoe, Iowa, for approval to

acquire 90 per cent or more of the voting shares of Blencoe State Bank, Blencoe, Iowa. 2/

ONB Corporation, Owensboro, Kentucky, for approval to acquire 82 per cent of the voting shares of The Owens-boro National Bank, Owensboro, Kentucky. 2/

American Bancshares of Mankato, Inc., Mankato, Minnesota, for approval to acquire 82 per cent of the voting shares of American State Bank of Mankato, Inc., Mankato, Minnesota. 2/

Trinity Capital Corporation, Los Alamos, New Mexico, for approval to acquire 80 per cent or more of the voting shares of Los Alamos National Bank, Los Alamos, New Mexico. 2/

United Bancshares of Nebraska, Inc., Lincoln, Nebraska, for approval to acquire 99.2 per cent or more of the voting shares of First Westroads Bank, Inc., Omaha, Nebraska.

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

Approved First National Corporation, Appleton, Wisconsin, for

approval to acquire 90 per cent or more of the voting shares of The Farmers State Bank, Larsen, Wisconsin.

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

Reactivated

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H.2, 1976 No. 29 - 4


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

Approved First Missouri Banks, Inc., Creve Coeur, Missouri,

for approval to acquire all of the voting shares of First Missouri Insurance Group, Phoenix, Arizona.

First Chicago Corporation, Chicago, Illinois, notifica-tion of intent to engage in de_ novo activities (making or acquiring, for its own account or for the account of others, secured or unsecured loans and other extensions of credit, such as would be made by a finance company which activities include making consumer installment loans, purchasing consumer installment sales contracts, and making loans to small business) in Arlington Heights, Calumet City, Cicero, Deerfield, and Naperville, Illinois, through its subsidiary, First Chicago Credit Corporation

Prague Company, Prague, Nebraska, notification of intent to engage in de. novo activities (acting as insurance agent or broker for general lines of insurance, including credit related and casualty insurance) at The Bank of Prague, Prague, Nebraska (7/15/76) 3/

Reactivated Associated Bank Services, Inc., Green Bay, Wisconsin,

notification 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. (7/12/76) 3/

BankOklahoma Corp., Tulsa, Oklahoma, notification of intent to engage in de novo activities (making, acquiring, and/or servicing for the account of BankOklahoma Service Corp. or for the account of others, secured and unsecured con-sumer loans and other extensions of credit to include home improvement loans and revolving lines of credit and to provide factoring accounts receivables, acceptances and other commercial paper, and credit instruments) at 321 South Boston, Tulsa, Oklahoma, through a subsidiary, BankOklahoma Service Corp. (6/25/76) 3/

Delayed

(7/13/76) 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. 29 - 5 -


Permitted Industrial National Corporation, Providence, Rhode Island,

notification of intent to engage in de novo activities (organization and sale of residential mortgages, and servicing of residential mortgage loans) at 3100 South University Boulevard, Jacksonville, Florida, through a subsidiary, Mortgage Associates, Inc. (7/16/76) 3/

F.N.B. Corporation, Sharon, Pennsylvania, notification of intent to engage in de novo activities (consumer lending including the making of loans to individuals and the pruchasing of installment sale contracts) at R.D. 1 Sharon Warren Road, Brookfield, Ohio, through its wholly-owned subsidiary, Citizens Budget Co., Youngstown, Ohio (7/11/76) 3/

Associated Bank Services, Inc., Green Bay, Wisconsin, notifi-cation 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. (7/17/76) 3/

First Bank System, Inc., Minneapolis, Minnesota, notification of intent to relocate dje novo activities (consumer finance and credit related insurance agency activities) from 1808 South Main Street, Broken Arrow, Oklahoma to 2184 South Garnett Road, Tulsa, Oklahoma, through a subsidiary, FBS Financial of Oklahoma, Inc., a subsidiary of FBS Financial, Inc. (7/17/76) 3/

Sterling Precision Corporation, West Palm Beach, Florida, notification of intent to acquire the outstanding stock of AEL Enterprises, Inc., Fort Myers, Florida, an automotive replacement parts distributor. (7/16/76) 3/



H.2, 1976 No. 29 6 -

APPLICATIONS RECEIVED

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

Bank of Marin, San Rafael, California

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

Peoples Bank of Nanticoke, Nanticoke, Luzerne County, Pennsylvania. Branch to be established at the corner of Ridege and Market Streets, Nanticoke, Luzerne County.

First Lorain Trust Company, Lorain, Ohio. Branch to be established at 374 Broad Street, Elyria, Lorain County.

Valley Bank and Trust Company, Salt Lake City, Utah. Branch to be established in the vicinity of 2100 East and 1300 South, Salt Lake City.

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

Rainwood Corporation, Des Moines, Iowa, for approval to acquire 95 per cent or more of the voting shares of Valley State Bank, Rock Valley, Iowa.

Gaylord Bankshares, Inc., Gaylord, Kansas, for approval to acquire 80 per cent of the voting shares of First National Bank of Gaylord, Gaylord, Kansas.

Midwestern Services, Inc., Hay Springs, Nebraska for approval to acquire 87.5 per cent of the voting shares of The First National Bank of Hay Springs, Hay Springs, Nebraska.

* * * * *

Sioux National Company, Harrison, Nebraska, for approval to acquire 100 per cent of the voting shares of The Sioux National Bank of Harrison, Harrison, Nebraska.


H.2, 1976 No. 29 7 -

APPLICATIONS RECEIVED-Continued

Deseret Bancorporation, Pleasant Grove, Utah, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Bank of Pleasant Grove, Pleasant Grove, Utah; State Bank of Lehi, Lehi, Utah; Mountain View Bank, American Fork, Utah; and Geneva State Bank of Orem, Orem, Utah, a proposed new bank.

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

First Missouri Banks, Inc., Creve Coeur, Missouri, for approval to acquire 80 per cent or more of the voting shares of The First Missouri Bank of West County, St. Louis County, Missouri, a proposed new bank.

Evans Insurance Agency, Inc., Billings, Oklahoma, for approval to retain 411 shares of the voting shares of The First State Bank in Billings, Billings, Oklahoma.


Horizon Bancorp, Morristown, New Jersey, for approval to acquire all of the shares of Mortgage Investment Securities, Inc., Clearwater, Florida and its subsidiary M.I.S.I., Inc., Clearwater, Florida (making or acquiring, for its own account or for the account of others, loans that would be made by a mortgage company; servicing loans or other extensions of credit for any person)

First Pennsylvania Corporation, Philadelphia, Pennsylvania, notification of intent to relocate de novo activities (making, acquiring, and servicing loans or other extensions of credit for personal, family, or household purposes in-cluding the sale of credit insurance (life/accident and health and disability insurance) which is directly related to such consumer loans) from 1302 Horner Road, Woodbridge, Virginia to 14337 Jefferson Davis Highway, Woodbridge, Virginia, through its indirect subsidiary, Investors Loan Corp. of Virginia (7/12/76) 37

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H.2, 1976 No. 29 - 8

APPLICATIONS RECEIVED-Continued

Philadelphia National Corporation, Philadelphia, Pennsyl-vania, for approval to acquire, through an indirect subsidiary known as Signal Finance Corporation, all of the outstanding shares of stock of Liberal Finance Company and Liberal Consumer Discount company, Edwardsville, Pennsylvania (making installment loans for personal, family, or household purposes; purchasing sales finance contracts executed in connection with the sale of personal, family, or household goods or services; selling credit life insurance, credit disability insurance and casualty insurance in connection with certain personal installment loans made and sales finance contracts purchased; and generally en-gaging in the business of a consumer finance company)

Southern Bancorporation, Inc., Greenville, South Carolina, for approval to acquire all the shares of Pioneer Management Company, Inc., Jacksonville, Texas (the making of direct loans to individuals on an installment basis under the consumer finance laws of Texas pursuant to a "B" Consumer Finance License)

Prague Company, Prague, Nebraska, notification of intent to engage in de novo activities (acting as insurance agent or broker for general lines of insurance, including credit related and casualty insurance) at The Bank of Prague, Prague, Nebraska. _3/


Berkshire Hathaway, Inc., New Bedford, Massachusetts, notification of intent to acquire the convertible preferred stock and more than 5 per cent of the out-standing voting stock of Government Employees Insurance Company, a casualty insurance company writing automobile, home, and related types of insurance on a nationwide basis and to acquire more than 5 per cent of the out-standing voting stock of Government Employees Life Insurance Company, engaged in the writing of life in-surance, both of Washington, D.C. (7/16/76) 3/

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H.2, 1976 No. 29 - 9 -

REPORTS RECEIVED

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

None.

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PETITIONS FOR RULEMAKING

None.


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