h2_19780527.pdf

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ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1978 No. 21)

Actions of the Board; Applications and Reports

Received During the Week Ending May 27, 1978

ACTIONS OF THE BOARD

Statement by Chairman G. William Miller and Governor Philip E. Coldwell before the Senate Banking Committee on the condition of the U.S. banking system.

The Board announced that member banks will be permitted to pay up to 8 per cent interest on all Individual Retire-ment Accounts and Keogh Accounts beginning June 1. (Docket No. R-0164)

Regulation Z amendment to require certain lenders to retain for more than two years all records of credit transactions in their possession; the amendment is effective immedi-ately. (Docket No. R-0156)

Revised interpretation of Regulation Z, the Board proposed for comment an amendment to an interpretation of Regula-tion Z that would facilitate the computation of the annual percentage rate for graduated payment mortgages; the Board requested comment by June 26. (Docket No. R-0164)

Regulation T, subordinated credit extended for capital purposes, the Board proposed for comment an amendment to Regulation T that would permit any broker or dealer subject to the regulation to make a subordinated capital loan to another broker or dealer; at present, only those who are members of national securities exchanges may make such loans; the Board asked for comment by June 28. (Docket No. R-0165)

Policy record,statement regarding intercorporate income tax accounting transactions of bank holding companies and State-chartered banks that are members of the Federal Reserve System; the Board requested comment by June 23. (Docket No. R-0163)

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

H.2, 1978 No. 21 - 2 ~

ACTIONS OF THE BOARD-Contlnucd

Regulation Y, Insurance agency activities, the Board today invited comment on a part of its Regulation Y authorizing bank holding companies to act as general insurance agents in towns of less than 5,000 population; the Board asked for comment by June 23. (Docket No. R-0050-B)

Mr. Lorin S. Meeder, promoted to the post of Assistant Director, Division of Federal Reserve Bank Operations and will be responsible for the direction of payments mechanism activities.

Studies, commercial bank private placement activities prepared jointly by the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Federal Reserve Board.

Southern Bank Holding Company, Savannah, Georgia, extension of time to August 31, 1978, within which to acquire Southern Bank and Trust Company, Savannah, Georgia. 1/

Citizens Trust and Savings Bank, South Haven, Michigan, to make an investment in bank premises. 1/

Lawrence County Bank, Lawrenceburg, Tennessee, to make an investment in bank premises. If

First State Bank of Taos, New Mexico, extension of time to January 18, 1979, within which to establish a branch office to be located at Highway #68 and Camino de Santiago, Taos, New Mexico. If

Continental Bank and Trust Company, Springfield, Virginia, extension of time within which to accomplish membership in Federal Reserve System. If

Farmers & Merchants State Bank, Iroquois, South Dakota, pro-posed acquisition by United National Bank, Sioux Falls, South Dakota; report the Comptroller of the Currency on competitive factors. 1/

Helper State Bank, Helper, Utah, proposed acquisition by Commercial Security Bank, Ogden, Utah, report to the Federal Deposit Insurance Corporation on competitive factors. 1/

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


H.2, 1978 No. 21 - 3 -

ACTIONS OF THE BOARD-Continued

Kamas State Bank, Kamas, Utah, proposed consolidation with Citizens National Bank, Ogden, Utah; report to the Federal Deposit Insurance Corporation on competitive factors. Ij

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


H.2, 1978 No. 21 - 4

ACTIONS OF THE BOARD-Conlinued

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

Approved The Dollar Savings Bank Company, Niles, Ohio. Branch to be established at 5826 Warren-Youngstown Road, Niles, Trumbull County. 2/

The Cleveland Trust Company, Cleveland, Ohio. Branch to be established at Southgate Shopping Center, Maple Heights. 2]

Union Trust Company of Maryland, Baltimore. Branch to be established in the Metro West Social Security Complex, at the intersection of Franklin and Green Streets, Baltimore. 2/

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

Approved Manufacturers Hanover Trust Company, New York, New York:

to establish a branch in Seoul, Korea.

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

Citibank, N.A., New York, New York: grants consent for Citibank Overseas Investment Corporation to purchase and hold directly or indirectly additional shares of Investors Finance Corporation, Makati-Rizal, Philippines.

* * * * *

* * * * *

Approved

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


H.%, 1978 No. 21 - 5 -

ACTIONS OF THE BOARD - Continued

Citibank, N.A., New York, New York: grants consent for Citibank Overseas Investment Corporation, Wilmington, Delaware, to continue to hold the shares of Orient Pacific Capital Investment Corporation, Makati-Rizal, Philippines.

First Chicago International Corporation, Chicago, Illinois: grants consent for your Corporation to acquire additional shares of MISR International Bank, SAE, Cairo, Egypt.

* * * * *

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

Approved Great Wisconsin Corporation, Fond du Lac, Wisconsin, for approval to acquire 80 per cent or more of the voting shares of Eldorado State Bank, Eldorado, Wisconsin. 2/

Union Bancgroup & Co., St. Louis, Missouri, for approval to acquire 81 per cent or more of the voting shares of The First National Bank of Cobden, Cobden, Illinois.

The Kyowa Bank, Ltd., Tokyo, Japan, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Kyowa Bank of California, Los Angeles, California, a proposed new bank.

* * * * *

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

Approved Fidelity Union Bancorporation, Newark, New Jersey, for approval to acquire 100 per cent of the voting shares of Burlington Countv Trust Company, Monrestown, New Jorsev. 2/

Chemical Financial Corporation, Midland, Michigan, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by consolidation to National Bank of Marshall, Marshall, Michigan. 2/

Application processed bv the Reserve Bank on behalf of the Board of ^ m o r s under delegated author Itv. Digitized for FRASER

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

H.2, 1978 No. 21


Texas Commerce Bancshares, Inc., Houston, Texas, for ap-proval to acquire 100 per cent (less directors1 qual-ifying shares) of the voting shares of Westview Commerce Bank, National Association, Houston, Texas, a proposed new bank. 2/

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

Approved Chemical New York Corporation, New York, New York, for ap-proval to acquire all of the voting shares of Investment Capital and Management Corp., Chicago, Illinois.

Rainier Bancorporation, Seattle, Washington, notification of intent to engage in d novo activities (making equity and debt investments in corporations or projects designed primarily to promote community welfare such as the economic rehabilitation and development of low-income areas including the purchase, construction, rehabilitation, restoration and sale by Rainier Community Service Cor-poration of residential and commercial properties, all as contemplated and limited by Section 225.4(a)(7) of Regulation Y of the Federal Reserve Regulations as from time to time amended, including without limitation, projects for the construction or rehabilitation of housing for the benefit of persons of low or moderate income) at Rainier Bank Tower, 1301 Fifth Avenue, Seattle, Washington, through its subsidiary, Rainier Community Service Corporation (5/26/78) 3/

Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (origination and sale of residential mortgages, ser-vicing of residential mortgage loans; and insurance agency for the sale of credit life and credit accident and health insurance directly related to an extension of credit) at 3717 Brady Street, Davenport, Iowa, through

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

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

* * * * *

Reactivated

Permitted


H.2, 1978 No. 21 - 7 -


its indirect subsidiary, Mortgage Associates, Inc. (a Rhode Island Corporation) which is a wholly-owned sub-sidiary of its direct subsidiary, MAI Financial Cor-poration, Milwaukee, Wisconsin (5/28/78) 3/

Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (consumer finance and insurance agency for the sale of credit life, credit accident and health, and credit property insurance sold in connection with extensions of credit) at 307 West Ogeechee Street, Sylvania, Georgia, through its indirect subsidiary, Southern Discount Company of Georgia (a Georgia Corporation) which is wholly-owned by Industrial National Corporation's in-direct subsidiary, Southern Discount Company (a Rhode Island Corporation) with its principal office in Atlanta, Georgia (5/26/78) 3/

Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (consumer finance and insurance agency for the sale of credit life, credit accident and health, and credit property insurance sold in connection with extensions of credit) at 94 Highway No. 436, Fern Park, Florida, through Industrial National Corporation's indirect subsidiaries, Southern Discount Company and S.D.A. Corp. (both Florida Corporations) which are wholly-owned by Industrial National Corporation's indirect subsidiary, Southern Discount Company (a Rhode Island Corporation) with its principal office in Atlanta, Georgia (5/26/78) 3/

Citicorp, New York, New York, notification of intent to engage in de 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 outstanding balances on credit transactions (singly or jointly with co-signers in the case of life coverage)

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. 21

ACTIONS OF THK BOAKO-CoaiJ.nucii

in the event of death, or, to make cur;tactual 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 laws and regulations; the sale of credit related property and casualty insurance protecting personal and real property subject to a security agreement with Citicorp Person-to-Person Financial Center, Inc. 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 affiliate of Citicorp Person-to-Person Financial Center, Inc.; further, in regard to the sale of credit-related insur-ance, the subsidiary will not act as a general insurance agency) at 9000 Keystone Crossing, Suite 110 & 210, Indianapolis, Indiana, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (5/27/78) 3/

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 jointly with co-signers in the case of life coverage) in the event of the obligator1s 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 insur-ance protecting personal and real property subject to a security agreement with Nationwide Financial Corporation of New Mexico, Nationwide Financial Corporation of Nebraska, and Nationwide Financial Corporation of North Carolina 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 acci-dent and health insurance may be reinsured by Gateway

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. 21 9


Life Insurance Company, an affiliate of Nationwide Fi-nancial Corporation of New Mexico, Nationwide Financial Corporation of Nebraska, and Nationwide Financial Cor-poration of North Carolina; further, in regard to the sale of credit-related insurance, the subsidiary does not act as a general insurance agency) at 327 North Main Street, Roswell, New Mexico; 109 East Lohman Street, Las Cruces, New Mexico; 1002 South 74th Plaza, Omaha, Nebraska; 4401 "0" Street, Lincoln, Nebraska; 3535 South Wilmington Street, Suite 205, Tryon Hills Office, Raleigh, North Carolina, through its subsidiaries, Nationwide Financial Corporation of New Mexico for the New Mexico offices, Nationwide Financial Corporation of Nebraska for the Nebraska offices and Nationwide Financial Corporation of North Carolina for the the North Carolina office (5/26/78)

Union Commerce Corporation, Cleveland, Ohio, notification of intent to engage in dte novo activities (leasing personal property and equipment or acting as agent, broker, or advisor in leasing of such property where at the inception of the initial lease the expectation is that the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will be to compensate the lessor for not less than the lessor's full investment in the property; making or acquiring, for its own account or the account of others, loans and other extensions of credit primarily to finance the acquisition of personal property and equipment; such loans would include, but not be limited to, the financing of time sales contracts, conditional sales agreements, installment purchase loans, and secured term loans) at 6065 Roswell Road, N.E., Atlanta, Georgia, through its subsidiary, Union Commerce Leasing Corpora-tion (5/22/78) 3/

United Virginia Bankshares Incorporated, Richmond, Virginia, notification of intent to engage in de novo activities (originating loans as principal; originating loans as agent; servicing loans for nonaffiliated individuals, partnerships and corporations; servicing loans for affiliates of United Virginia Bankshares Incorporated; the sale as agent of credit life, credit disability, mortgage redemption and mortgage cancellation insurance

3/



H.2, 1978 No. 21 - 1 0 -


in connection with such loans and such other activities as may be incidental to the business of a mortgage cor-poration) at 4919 Jamestown Avenue, Baton Rouge, Louisiana, through its subsidiary, United Virginia Mortgage Corporation (5/26/78) 3/

National Detroit Corporation, Detroit, Michigan, notifi-cation of intent to engage in de novo activities (mak-ing , acquiring and servicing for its own account and for the account of others, mortgage loans and other exten-sions of credit in connection with the purchase, develop-ment and/or improvement of real property) at 160 Newtown Road, Virginia Beach, Virginia, through its subsidiary, NBD Mortgage Company (5/21/78) 3/

National Detroit Corporation, Detroit, Michigan, notifi-cation of intent to engage in de novo activities (mak-ing, acquiring and servicing for its own account and for the account of others, mortgage loans and other exten-sions of credit in connection with the purchase, develop-ment and/or improvement of real property) at 8304-8360 Clairmont Mesa Boulevard, San Diego, California, through its subsidiary, NBD Mortgage Company (5/21/78) 3/

Cottonrudy Investment Company, Mountain Grove, Missouri, notification of intent to continue to engage in de novo activities (sale, as agent, of credit life and credit accident and health insurance related to extensions of credit made by its subsidiary bank, The Seymour Bank) c/o The Seymour Bank, Seymour, Missouri (5/26/78) 3/

Fremont First National Co., Lincoln, Nebraska, notifica-tion of intent to engage in de novo activities (con-ducting the business of an industrial loan and invest-ment company, including issuance of installment and fully paid certificates of indebtedness and making loans, including consumer loans, commercial loans and first and second real estate mortgage loans; and acting as an insurance agent in the sale of decreasing term (and level term on single payment demand notes) credit life, health and accident insurance directly related to extensions of credit by Mutual Savings Company of



H.2, 1978 No. 21 1.1

ACTIONS OF THE BOARD-Continned

Columbus for the purpose of assuring the repayment of extensions of credit in the event of death or disability of the borrower) at 2305 - 23rd Street, Columbus, Nebraska, through a subsidiary, Mutual Savings Company of Columbus (5/26/78) 3,/

Midland Capital Co., Oklahoma City, Oklahoma, notification of intent to engage in de novo activities (mortgage banking, including origination and servicing of all types of residential and commercial mortgage loans) at 6117 Brockton Avenue, Suite #203, Riverside, California, through a subsidiary, Midland Mortgage Co. (5/25/78) _3/

Rainier Bancorporation, Seattle, Washington, notification of intent to engage in de novo activities (making equity and debt investments in corporations or projects designed primarily to promote community welfare such as the economic rehabilitation and development of low-income areas including the purchase, construction, rehabilitation, restoration and sale by Rainier Community Service Cor-poration of residential and commercial properties, all as contemplated and limited by Section 225.4(a)(7) of Regulation Y of the Federal Reserve Regulations as from time to time amended, including without limitation, projects for the construction or rehabilitation of hous-ing for the benefit of persons of low or moderate income) at Rainier Bank Tower, 1301 Fifth Avenue, Seattle, Washington, through its subsidiary, Rainier Community Service Corporation (5/26/78) 3/

Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in de novo activities (the financing of personal property and equipment and real property and the leasing of such property or the acting as an agent, broker or adviser in the leasing and/or financing of such property 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 esti-mated total cost of financing the property over the term of the lease and the servicing of such financings and/or leases as is authorized by the Federal Reserve Board

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf f the Boa 1 of Coven; ors under delegated authority.


H.2, 1978 No. 21 12 -

ACTIONS OF THE BOARD-Continned

under Regulation Y and the Bank Holding Company Act) at 3 Gateway Center, Pittsburgh, Pennsylvania, through its subsidiary, Security Pacific Leasing Corporation (5/26/78) 3/

United Bancorp, Roseburg, Oregon, notification of intent to engage in de novo activities (doing business as a consumer finance company, making loans permissible under Oregon Revised Statutes, Chapter 725; and acting as insurance agent with regard to the transaction of group and individual credit life and credit health insurance in connection with extensions of credit by Family Finance Corp., such insurance shall be limited in term to a maximum of ten years and in amount to the total amount repayable except that in the case of agricultural credit transactions of up to 18 months duration, the insurance may be in the amount of the commitment) at 112 E. Central, Sutherlin, Oregon, through its subsidiary, Family Finance Corp. (5/25/78) 3/

U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (making, acquiring and servicing of loans and other forms of credit and fi-nancing, either secured or unsecured, for its own ac-count or for the accounts of others including commercial, industrial, agricultural and personal loans of all types, financial leases, sales contracts, accounts receivable and equity loans secured by real estate, leasing of personal property and equipment and acting as agent, broker or adviser in the leasing of such property or the making of such loans; and acting as insurance agent or broker with regard to credit life and disability insurance relating only to said extensions of credit as made by this corporation) at 32 Oakway Mall, Eugene, Oregon, through its subsidiary, U.S. Commercial Corp. (5/26/78) 3/



H.2, 1978 No. 21 13 -

ACTIONS OF THE BOARB-Continued


Permitted Gamble-Skogmo, Inc., Minneapolis, Minnesota, notification

of intent to acquire through a cash merger Howard Brothers Discount Stores, Inc., Monroe, Louisiana (5/27/78) 3/

Certifications Issued Pursuant to the Bank Holding Company Tax Act of 1976

Serco Investment Company, Prairie Village, Kansas ("Serco") , prior certification pursuant to section 1101(b) of the Internal Revenue Code that the proposed divestiture of all of the 102,895 voting shares of Southgate State Bank and Trust Company, Prairie Village, Kansas, currently held by Serco, through the pro rata distribution of such shares to the sole shareholder of Serco, is necessary or appropriate to effectuate the policies of the Bank Holding Company Act. (Legal Division Docket TCR 76-128) */


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

* * * * *


H.2, 1978 No. 21 - 14 -

APPLICATIONS RECEIVED

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

The Toledo Trust Company, Toledo, Ohio. Branch to be established at the southwest corner of Airport Highway and McCord Road, Springfield Township, Lucas City.

The Detroit Bank and Trust Company, Detroit, Michigan. Branch to be established at the Renaissance Center, Randolph Street and East Jefferson Avenue, Detroit.

The Detroit Bank-Livonia, Livonia, Michigan. Branch to be established near the intersection of Six Mile and Newburg Roads, Livonia, Wayne County.

Valley Bank of Nevada, Las Vegas, Nevada. Branch to be established at 2100 Highway 50, near the intersection of Humboldt Lane, Carson City.

United California Bank, Los Angeles, California. Branches to be established at the following locations:

1. In the vicinity of the intersection of Sunrise Boulevard and Wood More Oaks Drive, Unincorporated Community of Citrus Heights, Sacramento County.

2. In the vicinity of the intersection of Valley View Street and Cerulean Avenue, City of Garden Grove, Orange County.

Georgia Railroad Bank & Trust Company, Augusta, Georgia. Branches to be established at the following locations:

1. 1751 Gordon Highway, Augusta, Georgia, to be known as The Gordon Highway Office.

2. 1700 Gordon Highway, Augusta, Georgia, to be known as The Regency Mall Office.


H.2, 1978 No. 21 - 15 -

APPLICATIONS RECEIVED-Cont inued

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

Morgan Guaranty Trust Company, New York, New York: to establish an additional branch office in the British Isles, to be located at St. Helier, Jersey, Channel Islands.

* * * * *

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

FIRST EVERGREEN CORPORATION, Evergreen Park, Illinois, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to First National Bank of Evergreen Park, Evergreen Park, Illinois.

Lime Springs Investment Company, Lime Springs, Iowa, for approval to acquire 80 per cent or more of the voting shares of Exchange State Bank, Lime Springs, Iowa.

River Oaks Bancorp, Inc., Calumet City, Illinois, for approval to acquire 93.4 per cent of the voting shares of River Oaks Bank and Trust Company, Calumet City, Illinois.

Glen-An Corporation, Kanaranzi, Minnesota, for approval to acquire 95.6 per cent of the voting shares of Farmers State Bank of Kanaranzi, Kanaranzi, Minnesota.

Citizens Bancorp Inc., Shawnee, Kansas, for approval to acquire 80 per cent or more of the voting shares of The Citizens State Bank, Shawnee, Kansas.

First Kansas Bancorps Leavenworth, Kansas, for approval to acquire 94 per cent or more of the voting shares of The First National Bank of Leavenworth, Leavenworth, Kansas.

Jackson Hole Banking Corporation, Jackson, Wyoming, for approval to acquire at least 80 per cent of the voting shares of The Jackson State Bank, Jackson, Wyoming.


H.2, 1978 No. 21 16 -

APPLICATIONS RECEIVED-Continued

Service Bancorporation, Tonkawa, Oklahoma9 for approval to acquire 95.81 per cent of the voting shares of The Service Bank of Tonkawa, Tonkawa

H.2, 1978 No. 21 - 17 -

APPLICATIONS RECEIVEP-Continued

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 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 laws and regulations; the sale of credit related property and casualty insurance protecting personal and real property subject to a security agreement with Citicorp Person-to-Person Financial Center, Inc. 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 affiliate of Citicorp Person-to-Person Financial Center, Inc.; further, in regard to the sale of credit-related insurance the subsidiary will not act as a general insurance agency) at Howe Avenue Plaza, 831-823-825 Howe Avenue, Sacramento, California, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (5/23/78) 3/

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 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 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 agree-ment with Citicorp Person-to-Person Financial Center, Inc. and to include liability coverage in home or auto-

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


Af PLICATIONS RECEIVED-Cont inued

mobile 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 an affiliate of Citicorp Person-to-Person Financial Center, Inc.; further, in regard the the sale of credit-related in-surance, the subsidiary does not act as a general insurance agency) at 301 Grand, Laramie, Wyoming, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (5/22/78)

Citicorp, New York, New York, notification of intent to engage in d 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 obligator's disability by licensed agents or brokers to the extent permissible under appli-cable State insurance laws and regulations; the sale of credit related property and casualty insurance protecting personal and real property subject to a security agree-ment with Nationwide Financial Corporation of Idaho 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 appli-cable State insurance laws and regulations; credit re-lated decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insur-ance Company, an affiliate of Nationwide Financial Corporation of Idaho; if this proposal is effected, the establishments will be known as Citicorp Person-to-Person Financial Center, Inc.) at 1425 21st Street, Lewiston, Idaho and 1612 Caldwell Blvd., Nampa City, Idaho, through its subsidiary, Nationwide Financial Corporation of Idaho (5/22/78) 3/

J3/ 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. 21 - 1 9 -

APPLICATIONS RECEIVED-Continned

Correction: 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 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 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 agree-ment with Nationwide Financial Corporation of Nevada 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 appli-cable State insurance laws and regulations; credit re-lated decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insur-ance Company, an affiliate of Nationwide Financial Cor-poration of Nevada; further, in regard to the sale of credit related insurance, the subsidiary does not act as a general insurance agency) at 4698 East Flamingo Rd., Las Vegas, Nevada, through its subsidiary, Nationwide Financial Corporation of Nevada. This was mistakenly listed under the heading Permitted which appeared on H.2 No. 18 (5/5/78) 3/

First Pennsylvania Corporation, Philadelphia, Pennsylvania, notification of intent to relocate cte novo activities (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; and selling the following types of insurance in connection with its loans and other extensions of credit, credit life insurance, credit accident and health insurance and property damage and liability insurance as part of a package of insurance relating to physical damage of collateral) from 1895 South Federal, Denver, Colorado to 12308 West 64th Avenue, Ralston Square Shopping Center, Arvada, Colorado, through a subsidiary, Continental Finance Corporation of Denver (5/22/78) 3/

'(c)(- Mid Wi)f' * notifications processed by Reserve Bank on behalf the "rx'r I ' '-ora under deleteted authority.


H.2, 1978 No. 21 Zu

iLIGATIONS RECEIVED- ConC inu.ed

Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in 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) at 3158 Freedom Drive, Charlotte, North Carolina, through its indirect subsid-iaries, Landmark Finance Corporation of North Carolina and Landmark Mortgage Corporation (5/24/78) 3/

Barnett Banks of Florida, Inc., Jacksonville, Florida, 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 fiduciary, agency or custodial nature in the manner authorized by Federal and State laws; provided, however, that loans and investments will be made and deposits accepted only in conformity with Regulations of The Board of Governors of the Federal Reserve System) at 35 Southeast First Avenue, Ocala, Florida, through a subsidiary, Barnett Banks Trust Company, N.A. (5/25/78) _3/

Barnett Banks of Florida, Inc., Jacksonville, Florida, 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 fiduciary, agency or custodial nature in the manner authorized by Federal and State laws; provided, however, that loans and investments will be made and deposits accepted only in conformity with Regulations of The Board of Governors of the Federal Reserve System) at 250 Park Avenue, South, Winter Park, Florida and at 1130 Cleveland Street, Clearwater, Florida, through a subsidiary, Barnett Banks Trust Company, N.A. (5/22/78) 3/



H.2, 1978 No. 21 21


Deposit Guaranty Corp., Jackson, Mississippi, notification 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 such as would be made by a mortgage company and of servicing loans and other extensions of credit for any person) at Suite C, 5965 Highway 18, Jackson, Mississippi, through a subsidiary, Deposit Guaranty Mortgage Company (5/26/78)

First National Holding Corp., Atlanta, Georgia, notifi-cation of intent to engage in de novo activities (acting as insurance agent and broker in selling insurance to include property damage and liability insurance with respect to extensions of credit by said finance subsid-iary) in Bloomington, Richmond and Columbus, Indiana, through a subsidiary, Gulf Finance Corp. (5/25/78) 3j

River Cities Investment Co. and its subsidiary, Invest-ment Management, Inc., both in Bettendorf, Iowa, no-tification of intent to continue to engage in de novo activities (providing bookkeeping or data processing services and storing and processing other bank, banking, financial related economic data for banking institutions) at 100 E. Kimberly Road, Davenport, Iowa, through its subsidiary, MidAmerica Financial Services, Ltd. (5/23/78)

Affiliated Bankshares of Colorado, Inc., Boulder, Colorado, notification of intent to engage in de novo activities (making, acquiring and servicing residential and commer-cial real estate loans) at 90 Madison Street, Suite 100, Denver, Colorado and 235 East 6th, Loveland, Colorado, through a subsidiary, Piedmont Mortgage & Investment Co., Inc. (5/22/78) 3/

Commerce Bancshares, Inc., Kansas City, Missouri, notifi-cation of intent to engage in de novo activities (making or acquiring real estate mortgage loans for the account of CBI Insurance Company or for the account of others) at 720 Main Street, Kansas City, Missouri, through a subsidiary, CBI Insurance Company (5/26/78) 37

3/

3/



H.2, 1978 No. 21 - 2 2 -

APPLICATIONS RECETVED-Continued

First National Agency, Inc., Wayne, Nebraska, notification of intent to engage in de novo activities (operating an industrial loan and investment company pursuant to the laws of Nebraska including the issuance of installment and paid-up certificates of indebtedness and making consumer loans, commercial loans, agricultural loans, and first and second mortgages on real estate; and also act as an insurance agent for the sale of decreasing term credit life insurance and credit accident and health insurance which coverages are directly related to extensions of credit by The First Savings Company of Wayne) at 303 Main Street, Wayne, Nebraska, through a subsidiary, First Savings Company of Wayne (5/22/78) 3/

Rainier Bancorporation, Seattle, Washington, notification 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 including the making of consumer installment loans, purchasing consumer installment sales finance contracts and making of loans to small businesses; leasing personal property and equipment or acting as agent, broker, or adviser in such leasing 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 as authorized by the Federal Reserve Board under Section 225.4(a)(6)(a) of Regulation Y; acting as insurance agent or broker with regard to credit life and disability insurance relating only to extensions of credit by Rainier Credit Company, secured or unsecured, with the limitation that the initial amount of such insurance issued with respect to any debtors may at no time exceed the amount owed by debtors and with regard to consumer credit related property and casualty insurance on personal property subject to security agreements with Rainier Credit Company) at 1137 South Mooney Boulevard, Visalia, California, through its subsidiary, Rainier Credit Company (5/19/78) 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. 21 23 -


Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in de novo activities (the origination and acquisition of mortgage loans including development and construction loans on multi-family and commercial properties, for its own account or for the sale to others and the servicing of such loans for others) at 6924 South Yosemite, Englewood, Colorado, through its subsidiary, Security Pacific Mortgage Cor-poration (5/22/78) 3/


Republic Industries, Inc., Kansas City, Missouri, notifi-cation of intent to acquire 100 per cent of the outstand-ing stock of Johnson Motor Lines, Inc., Charlotte, North Carolina (5/24/78) 3/

For Certification Pursuant to the Bank Holding Company Tax Act of 1976

Powell Lumber Company, Lake Charles, Louisiana, proposed divestiture of various nonbank assets. (Legal Division Docket TCR 76-164)

Ownership Statement Filed Pursuant to Section 13(d) of the Securities Exchange Act

Lorain County Savings & Trust Company, Elyria, Ohio. (Filed by Delbert Mintz)

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REPORTS RECEIVED

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. 21 - 24 -

REPORTS RECEIVED

None.


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