h2_19780225.pdf

# ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1978 No. 8)

Actions of the Board; Applications and Reports

Received During the Week Ending February 25, 1978

ACTIONS OF THE BOARD

Adoption by the Board of the regulation entitled "Reserve Bank DirectorsActions and Responsibilities" and Guide to Conduct for Directors of Federal Reserve Banks and Branches of Federal Reserve Banks. (Docket No. R-0144)

Amendment to Regulation 0, Loans to Executive Officers, increasing from $1,000 to $5,000 the limit imposed upon member banks1 extensions of credit to their own executive officers through the use of bank credit cards and similar plans, effective March 24, 1978 (Docket No. R-0109)

Citizens Bank of Hattiesburg, Hattiesburg, Mississippi, proposed merger with First National Bank of Jackson, Jackson, Mississippi; report to the Comptroller of the Currency on competitive factors.

American Servicemen1s National Bank, San Antonio, Texas, proposed merger with Kelly Field National Bank of San Antonio, San Antonio, Texas; report to the Comptroller of the Currency on competitive factors. 1/

National Bank of Commerce of Dallas, Dallas, Texas, request for an extension of the deadline for divestiture of the stock of Dallas/Fort Worth Airport National Bank, Dallas Texas, from December 29, 1977 to December 29, 1978, and an extension of the deadline for divestiture of the stock of Security Bankshares, Inc., and that company1s holdings of Security State Bank, Hedley, Texas, and City State Bank in Wellington, Texas, from March 9, 1978 to March 9, 1979. V

Southern Bank Holding Company, Savannah, Georgia, extension of time to May 31, 1978, within which to become a bank holding company through acquisition of Southern Bank and Trust Company, Savannah, Georgia. 1/

1J 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, 1978 No. 8 -2-

ACTIONS OF THE BOARD-Continued

SWB Corporation, Oklahoma City, Oklahoma, extension of time to March 20, 1978, within which to consummate the acquisition of Southwestern Bank & Trust Company, Oklahoma City, Oklahoma. 1/

Termination of registration under Regulation G for Commercial Discount Corporation, Chicago, Illinois. 1/

Elliott State Bank, Jacksonville, Illinois, extension of time to June 13, 1978, within which to establish a branch (facility) at Westgate Avenue and West Morton Road, Jacksonville, Illinois. 3J

Union Bank and Trust Company, Montgomery, Alabama, extension of time to August 21, 1978, within which to establish a branch at 5510 Atlanta Highway, Montgomery, Alabama. 1/

United California Bank, Los Angeles, California, extension of time to August 21, 1978, within which to establish a branch in the vicinity of the intersection of Stevens Creek Boulevard and Saich Way, City of Cupertino, California. 1/

Commercial Trust and Savings Bank, Mitchell, South Dakota, to make an investment in bank premises. 1/

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


H.2, 1978 No. 8 3 -


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

The Citizens Banking Company, Perrysburg, Ohio. Branch to be establish at the intersection of State Routes 64 and 582, Raskins Village, Middleton Township, Wood County. 2/

The Thurmont Bank, Thurmont, Maryland. Branch to be established at the intersection of Grove Street and State Route 85, Frederick. 2/

The First State Bank of Miami, Miami, Florida. Branch to be established at 4500 LeJeune Road, Coral Gables. 2/

International Investments and Other Actions 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

Approved Bank of America, New York, New York: to acquire all of

the shares of BA Canada Finance Limited, Toronto, Ontario, Canada.

Citibank Overseas Investment Corporation, Wilmington, Delaware: to retain 100 per cent of the shares of IAC (Holdings) Limited, Melbourne, Australia, after it acquires additional shares of Industrial Acceptance Corporation Limited, Melbourne, Australia.

Harris Bankcorp, Inc., Chicago, Illinois: to acquire shares of International Pacific Corporation (Holdings) Pty Limited, Sydney, Australia.

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

Approved

* * * * *


H.2, 1978 No. 8 4 -


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

Approved B-O-B Financial Corporation, Bismarck, Missouri, for ap-

proval to acquire 83.7 per cent of the voting shares of Bank of Bismarck, Bismarck, Missouri.

First State Bancorp, Inc., Oklahoma City, Oklahoma, for approval to acquire 40.6 per cent or more of the voting shares of Admiral State Bank, Tulsa, Oklahoma. 2j

Groom Bancshares, Inc., Groom, Texas, for approval to acquire 100 per cent of the voting shares (less direc-tors^ qualifying shares) of The State National Bank of Groom, Groom, Texas. 2/

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

Northwest Ohio Bancshares, Inc., Toledo, Ohio, for ap-proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of National Bank of Fulton County, Delta, Ohio. 2]

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

Approved Ancorp Bancshares, Inc., Chattanooga, Tennessee, for ap-

proval to acquire certain assets of General Finance Company, Rossville, Georgia.

* * * * *

Approved

* * * * *

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


H.2, 1978 No. 8

Reactivated Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in cte novo activities (consumer finance and insurance agency for the sale of credit life and credit property insurance sold in con-nection with extensions of credit) at Oak Terrace Office Mall, 806 South Tarboro Street, Wilson, North Carolina, through its indirect subsidiary, Southern Discount Mortgage Company which is wholly-owned by its indirect subsidiary, Southern Discount Company, Atlanta, Georgia (2/23/78) 3/

Permitted First Bancorp of N.H. Inc., Manchester, New Hampshire,

notification of intent to engage in de novo activities (origination, selling and servicing both residential and commercial mortgages, originating and servicing con-struction loans) at Smith Road & D.W. Highway South, Merrimack, New Hampshire, through a subsidiary, First-bank Mortgage Corp. (2/26/78) 3/

Chemical New York Corporation, New York, New York, notifi-cation of intent to relocate de novo activities (making of direct loans and purchasing sales finance contracts representing extensions of credit such as would be made or acquired by a finance company; acting as agent for the sale of credit life insurance and credit accident and health insurance issued in connection with extensions of credit and making available to its borrowers, credit related property and casualty insurance) from 2459 Roosevelt Highway, College Park, Georgia to 1895 Phoenix Boulevard, College Park, Georgia, through its subsidiary, Sun Finance Company (2/20/78) 3/

Citicorp, New York, New York, notification of intent to engage in dje novo activities (making consumer install-ment personal loans, purchasing and servicing for its own account installment sales finance contracts, making loans for the account of others such as one-to-four family unit mortgage loans, making loans to individuals secured by real and personal property, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) term life insurance to cover the

W - 5 -


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, 1978 No. 8 ^ 6


outstanding balances on credit transactions (singly or jointly with co-signers in the case of life coverage) in the event of death, or, to make contractual monthly payments on the credit transactions in the event of the obligator1s disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; and sale of credit related property and casualty insurance protecting personal and real property subject to a security agreement with Nationwide Financial Corporation and to include liability coverage in home or automobile "package" policies where such is the general practice by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial Corporation; further, in regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) at First International Bank Building, 1154 Hawkins, El Paso, Texas, through its subsidiary, Nationwide Financial Corporation (2/20/78) 3/

J.P. Morgan & Co. Incorporated, New York, New York, no-tification of intent to relocate de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit; leasing personal property and equipment to borrowers or lessees, as the case may be, located anywhere in the United States, its territories and possessions, Puerto Rico or foreign countries and acting as agent, broker, or adviser in such leasing of personal property and equipment; and leasing real property located anywhere in the United States, its territories and possessions, Puerto Rico or foreign countries and acting as agent, broker, or adviser in leasing such property, all such leases of personal or real property to serve as the functional equivalent of an extension of credit and to comply with the other conditions specified in Section 225.4(a)(6) of Regulation Y of the Board of Governors of the Federal Reserve System) from 37 Wall Street, New York, New York to 522 Fifth Avenue, New York, New York and Three Landmark Square, Stamford, Connecticut, through its subsidiary, J.P. Morgan Interfunding Corp. (2/19/78) 3/

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


H.2, 1978 No. 8

Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de_ novo activities (mortgage banking including the making, acquiring and servicing for its own accounts or the account of others, loans and other extensions of credit) at Suite 238, Fikse Building, 7002 Moody Street, La Palma, California, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio (2/23/78) 3/

First Alabama Bancshares, Inc., Montgomery, Alabama, no-tification of intent to engage in de novo activities (acting as insurance agent or broker with respect to credit life/accident and health insurance that is di-rectly related to the extension of credit by a bank or bank related firm; credit life/accident insurance that is directly related to the provision of other financial services by a bank or bank related firm) at Highway 14, Notasulga, Alabama, through a subsidiary, FAB Agency Inc. (2/20/78) 3/

First National Holding Corp., Atlanta, Georgia, notifi-cation of intent to engage in cle novo activities (making or acquiring, for its own account or for the account of others, loans, discounts, acceptances and other exten-sions of credit including, without limitation, unsecured loans, loans secured by inventory, accounts receivable, contract rights, equipment, real property, and chattels and such other business as is customarily engaged in by banks and factoring companies) at 4362 Peachtree Road N.E., Atlanta, Georgia, through a subsidiary, Gulf Finance Corp. (2/25/78) 3/

Exchange National Corporation, Ardmore, Oklahoma, noti-fication of intent to engage in cle novo activities (the holding company will have sole beneficial interest in the trust and thereby engage in insurance agency activities limited to the sale of decreasing term credit life insurance on installment loans (both single and joint), level term credit life insurance on single payment demand notes; and credit accident and health insurance in connection with extensions of credit by the holding company!s subsidiary bank, Exchange National Bank and Trust Company, Ardmore, Oklahoma) on the premises of the bank at Exchange Plaza, 300 Block West Main Street, Ardmore, Oklahoma, through an indirect subsidiary, Insurance Exchange Agency, Inc., whose stock is wholly-owned by Exchange Business Trust (an Oklahoma Business Trust) (2/24/78) V

4 ACTIONS OF THE BOARD-Continued

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, 1978 No. 8 - 8 -


Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in de novo activities (acting as broker or agent for the sale of credit re-lated property and casualty insurance) at 6111 East Skelly Drive, Tulsa, Oklahoma and 4210 Johnson Drive, Shawnee Mission, Kansas, through its subsidiary, The Bankers Investment Company d/b/a Security Pacific Fi-nance Corp. (2/20/78) 3/

Security Pacific Corporation, Los Angeles, California, for approval to engage de novo in the activity of underwriting, directly and as reinsurer, credit life and credit accident and health insurance that is directly related to exten-sions of credit by Applicant or its credit extending subsidiaries; credit life/accident and health insurance will be underwritten and reinsured in Arizona and Oregon; credit accident and health insurance will be underwritten and reinsured in California, through its indirect subsidiaries, Central Plains Life Insurance Company, Inc. and Central Plains Insurance Company, Inc.

Wells Fargo & Company, San Francisco, California, notifi-cation of intent to engage in de novo activities (making or acquiring, loans and other extensions of credit in-cluding acquiring consumer installment loans originated by others and making or acquiring, commercial loans secured by a borrower's assets, servicing loans for the account of others, and making full payout leases of personal property to the extent permitted by Section 225.4(a)(6)(a) of Regulation Y of the Federal Reserve Board) at 330 Washington Street, Marina del Rey, Cal-ifornia, through its subsidiary, Wells Fargo Finance Corporation (2/19/78) 3/

Wells Fargo & Company, San Francisco, California, notifi-cation of intent to engage in cle novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit; leasing personal or real property or acting as agent, broker or adviser in leasing such property where the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property and where at the inception of the initial lease the effect of the trans-action (and, with respect to governmental entities only,



H.2, 1978 No. 8 9


reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessorT s full investment in the property plus the estimated total cost of financing the property over the term of the lease; from rentals, estimated tax benefits, investment tax credit, net economic gain from tax deferral from accelerated depreciation, and other tax benefits with substantially the same effect and the estimated residual 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 12700 Park Central Place, Dallas, Texas, through its subsidiary, Wells Fargo Leasing Corporation (2/19/78) 3/



H.2, 1978 No. 8 - 1 0 -

APPLICATIONS RECEIVED

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

Union Trust Company of Maryland, Baltimore, Maryland. Branch to be established on Reisterstown Road near its intersection with Painters Mill Road, Owings Mills, Baltimore County.

Ann Arbor Bank and Trust Company, Ann Arbor, Michigan. Branch to be established at 5301 Huron River Drive, Superior Township, Washtenaw County.

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

Chemical Bank, New York, New York: to establish a branch in Korea to be located at Seoul.

First National Bank in St. Louis, St. Louis, Missouri: to establish a branch in England to be located at London.

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

Greenup National Corp., Collinsville, Illinois, for ap-proval to acquire 93.6 per cent or more of the voting shares of The Greenup National Bank, Greenup, Illinois.

Oakland Financial, Inc., Omaha, Nebraska, for approval to acquire 91 per cent or more of the voting shares of The Farmers and Merchants National Bank of Oakland, Oakland, Nebraska.

Texas Bancorp Shares, Inc., San Antonio, Texas, for ap-proval to acquire 80 per cent or more of the voting shares of Texas State Bank, San Antonio, Texas.

* * * * *

* * * * *


H.2, 1978 No. 8 ^ - 11 -

APPLICATIONS RECEIVED-Contlnued

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

Pacesetter Financial Corporation, Grand Rapids, Michigan, for approval to acquire 100 per cent of the voting shares of the successor by consolidation to The Brighton State Bank, Brighton, Michigan.

Wyoming Bancorporation, Cheyenne, Wyoming, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of First Wyoming Bank -Gillette, Gillette, Wyoming, a proposed new bank.

Mercantile Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less di-rectors ' qualifying shares) of South Park National Bank, San Antonio, Texas, a proposed new bank.

* * * * *


Citicorp, New York, New York, notification of intent to engage in de novo activities (making loans to individ-uals and businesses secured by real and personal prop-erty, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) term life insurance to cover the outstanding balances on credit transactions (singly or jointy with co-signers in the case of life coverage) in the event of death, or, to make contractual monthly payments on the credit transactions in the event of the obligator?s disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; the sale of credit related property and casualty insurance protecting personal and real property subject to a security agreement with Nationwide Financial Corporation of Georgia and to include liability coverage in home or automobile policies where such is the general practice by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insurance Company, an


H.2, 1978 No. 8 12

APPLICATIONS RECEIVED-Continued

affiliate of Nationwide Financial Corporation of Georgia; further, in regard to the sale of credit related insur-ance, the subsidiary does not act as a general insurance agency) at Southgate Shopping Center, Augusta, Georgia, through its subsidiary, Nationwide Financial Corporation of Georgia (2/21/78) 3/

Citicorp, New York, New York, notification of intent to engage in die novo activities (making loans to individ-uals and businesses secured by real and personal prop-erty, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) term life insur-ance to cover the outstanding balances on credit trans-actions in the event of the obligator's disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial Corporation of Florida/Nationwide Acceptance Corporation of Florida; further, in regard to the sale of credit related insurance, the subsidiary does not act as a general insurance agency) at 1041 W. Commercial Blvd., Ft. Lauderdale, Florida, through its subsidiary, Nation-wide Financial Services Corporation presently operating as Nationwide Financial Corporation of Florida/Nation-wide Acceptance Corporation of Florida (2/21/78) 3/

Citicorp, New York, New York, notification of intent to engage in die novo activities (making loans to individ-uals and businesses secured by real and personal prop-erty, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) term life insur-ance to cover the outstanding balances on credit trans-actions (singly or jointly with co-signers in the case of life coverage) in the event of death, or, to make contractual monthly payments on the credit transactions in the event of the obligatorf s disability by licensed agents or brokers to the extent permissible under appli-cable State insurance laws and regulations; credit re-lated decreasing term life insurance and accident and

37 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1978 No. 8 13


health insurance may be reinsured by Gateway Life In-surance Company, an affiliate of Nationwide Financial Corporation of Florida/Nationwide Acceptance Corporation of Florida; further, in regard to the sale of credit related insurance, the subsidiary does not act as a general insurance agency) at 3839 W. John F. Kennedy, Tampa, 2912 W. Hillborough Avenue, Tampa and 4914 Busch Boulevard, Tampa, all located in Florida, through its subsidiary, Nationwide Financial Services Corporation presently operating as Nationwide Financial Corporation of Florida/Nationwide Acceptance Corporation of Florida

Union Trust Bancorp, Baltimore, Maryland, notification of intent to relocate de novo activities (making install-ment loans to individuals for personal, family or house-hold purposes; purchasing sales finance contracts exe-cuted in connection with the sale of personal, family or household goods or services; acting as agent in the sale of credit life and credit accident and health insurance directly related to its extensions of credit; acting as agent in the sale of insurance protecting collateral held against the extensions of credit; and making second mortgage loans secured in whole or in part by mortgage or other lien on real estate) from 111 West Avenue, Kannapolis, North Carolina to 1306 South Cannon Boule-vard, Kannapolis, North Carolina, through its subsidiary, Landmark Financial Services, Inc. d/b/a Landmark Finance Corporation of North Carolina and Landmark Mortgage Corporation (2/24/78) 3/

Third National Corporation, Nashville, Tennessee, notifi-cation of intent to engage in de novo activities (con-ducting the business of a mortgage company including the making or acquiring, for its own account or for the account of others loans and other extensions of credit, servicing loans and other extensions of credit for any persons; and to act as agent or broker in the sale of mortgage redemption insurance, credit life and accident and health insurance) at 1111 Northshore Drive, Knoxville, Tennessee, through a subsidiary, Third National Mortgage Company (2/23/78) 3/

(2/21/78) 3/



H.2, 1978 No. 8 14 -


The First National Bancorporation, Inc., Denver, Colorado, notification of intent to engage in de novo activities (originating, processing and closing VA, FHA, and Conven-tional permanent real estate mortgage loans in the Grand Junction, Colorado area and its environs, to and includ-ing the towns or communities of Clifton, Palisade and Fruita, Colorado, and in the Delta, Colorado area and its environs, to and including the towns or communities of Cedaredge and Paonia, Colorado) at 359 Main Street, Grand Junction, Colorado, through its wholly-owned subsidiary, First Denver Mortgage Company (2/10/78) 3/

U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (making, acquiring, and servicing of loans and other extensions of credit, either secured or unsecured, for its own account or for the account of others including, but not limited to, commercial, rediscount and consumer loans; installment sales contracts and other forms of receivables; leasing of personal property and equipment in conformance with the provisions of Section 225.4(a)(6)(a) of Regulation Y; and acting as insurance agent with regard to credit life and disability insurance, property and casualty insurance solely in connection with extensions of credit by U.S. Bancorp Financial, Inc.) at One Wilshire Building, 624 South Grand, Los Angeles, California, through its subsidiary, U.S. Bancorp Financial, Inc. (2/15/78) 3/


American Financial Corporation, Cincinnati, Ohio and its subsidiaries, notification of intent to purchase more than a 5 per cent interest in: The American Druggists Insurance Co.; Aristar, Inc.; Arlen Realty & Development; Coca-Cola Bottling (N.Y.); Gannett Co.; Kenton Corp.; PSA, Inc.; Rockwood National Corp.; Ryder System; State Mutual Investors; W. R. Berkley Corp.; and Western In-surance Securities (2/23/78) 3/

* * * * *



H.2, 1978 No. 8 15 -


Berkshire Hathaway Inc., New Bedford, Massachusetts, noti-fication of intent to acquire more than 5 per cent of the outstanding voting stock of SAFECO Corporation, Seattle, Washington, engaged in various phases of the insurance business (2/21/78) 3/

Baldwin-United Corporation, Cincinnati, Ohio (a Delaware Corporation) and D. H. Baldwin Company, Inc. (an Ohio Corporation), notification of intent to jointly acquire The Johnson and Hardin Company (an Ohio Corporation) (2/21/78) 3/

* * * * *

REPORTS RECEIVED None

* * * * *

PETITIONS FOR RULEMAKING

None



h2_19780225.pdf

Documents

Transcript of h2_19780225.pdf