h2_19750830.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on

and All Other Actions of the Board H.2 1975 No. 35 During the Week Ending August 30, 1975

District

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

Received 2 Northwestern Trust Company, New York, New York

2 Bank of Buffalo, Buffalo, New York

Approved 11 *State Bank of East Fort Worth, Fort Worth, Texas

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

Received United Jersey Bank, Hackensack, New Jersey. Branch to

be established at 19 Ridgedale Avenue, East Hanover.

Burlington Bank and Trust Company, Burlington, North Carolina. Branch to be established at 2221 Maple Avenue, Burlington.

United Citizens Bank, Winston-Salem, North Carolina. Branch to be established at 3618 Reynolda Road, Winston-Salem, Forsyth County.

The Bank of New Orleans and Trust Company, New Orleans, Louisiana. Branch to be established at Tulane Avenue, corner of LaSalle Street.

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

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

H.2 1975 No. 35 - 2 -

Received Cont'd 12 Bank of Utah, Ogden, Utah. Branch to be established

in the Aspen Plazas 1000 North and Fairfield Road, East Layton, Davis County.

Approved 4 *The Home Banking Company, Saint Marys, Ohio. Branch to

be established at 228 East South Street, Saint Marys, Auglaize County.

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


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

Received Stanley Bancshares, Inc., , Stanley, Kansas, for approval

to acquire 89 per cent or more of the voting shares of The State Bank of Stanley, Stanley, Kansas.

SWB Corporation, Oklahoma City, Oklahoma, for approval to acquire 80 per cent or more of the voting shares of Southwestern Bank & Trust Company, Oklahoma City, Oklahoma.

* * * * *

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

Received The Bank of New York Company, Inc., New York, New York,

for approval to acquire 80 per cent or more of the voting shares of the successor by merger to Bank of Buffalo, Buffalo, New York.

First Banc Group of Ohio, Inc., Columbus, Ohio, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The Citizens Bank & Trust Company, Wadsworth, Ohio.

Dominion Bankshares Corporation, Roanoke, Virginia, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Dominion National Bank of Fredericksburg, City of Fredericksburg, Virginia, a proposed new bank.

First Financial Corporation, Tampa, Florida, for approval to acquire not less than 90 per cent of the voting shares of The First American Bank of Pensacola, Pensa-cola, Florida.

New Mexico Bancorporation, Inc., Santa Fe, New Mexico, for approval to acquire 80 per cent or more of the voting shares of Fidelity National Bank, Albuquerque, New Mexico.


H. 2 1975 No. 35 - V -

Approved 4 First National Cincinnati Corporation, Cincinnati, Ohio,

for approval to acquire 100 per cent of the voting shares (less directorsT qualifying shares) of The Miami Deposit Bank, Yellow Springs, Ohio.

7 Michigan National Corporation, Bloomfield Hills, Michigan, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Michigan National Bank-Grand Traverse, Traverse City, Michigan, a proposed new bank.

10 D. H. Baldwin Company, Cincinnati, Ohio, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of First National Bank in Craig, Craig, Colorado, a proposed new bank.

Returned 12 Washington Bancshares, Inc., Spokane, Washington, for

approval to acquire 91,493 shares of the voting shares of Bank of the West, Bellevue, Washington.

* * * * *

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

Received 2 **The Chase Manhattan Corporation, New York, New York, 8-26-75

notification of intent to engage in de novo activities (provide to subsidiaries established from time to time such management, administrative, accounting and other services as are incidental to the control and management of such subsidiaries) at 1110 Brickell Avenue, Suite 700, Miami, Florida, through its subsidiary, Chase Manhattan Realty Capital Corporation.

3 **Fidelcor, Inc., Rosemont, Pennsylvania, notification of 8-26-75 intent to engage in de novo activities (reinsuring the credit life insurance made available to customers by its subsidiary, The Fidelity Bank) in Montgomery, Philadel-phia, Delaware, Chester, Berks, Lehigh and Bucks Count-ies, Pennsylvania, through its subsidiary, Master Life Insurance Company.

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


H. 2 1975 No. 35 ~ 5 -

Received Continued Correction:

3 **0n H.2 No. 31, the Board reported receipt of a notifi- 7-28-75 cation of intent from Fideicor, Inc., Rosemont, Pennsyl-vania, to relocate de novo activities (making or ac-quiring, 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 or finance company, such as first and junior mortgage loans, including home modernization contracts; the servicing of loans or extensions of credit of this type for itself or others, and the selling of credit life (including joint life) and credit health and accident insurance and insurance on collateral securing its loans, but in no event, to include liability insurance unless in conjunction with an insurance package (as a matter of general practice) protecting such collateral, as well as mortgage life and mortgage disability, term life insurance, dismemberment, and accidental death insurance; all insurance will be sold to the debtors under these loans or extensions of credit, in addition, the following new activity will be conducted after approval for it is obtained and selling other insurance that is sold as a matter of convenience to the purchaser provided that the premium income from sales of convenience insurance does not constitute a significant portion (interpreted to mean less than 5 per cent at the present time) of the aggregate insurance premium income of the holding company from insurance sold; this convenience insurance includes insurance that will protect the lives and the insurability of the dependents of customers of Local Mortgage Corpor-ation, its subsidiaries, and affiliates) from 1800 Peachtree Road, N.W., Atlanta, Georgia, to 320 Inter-state North, Cobb County, Georgia, through its sub-sidiaries, Local Mortgage Corporation and Local Mortgage Company of Georgia. The underlined section should be deleted.

8 **First Arkansas Bankstock Corporation, Little Rock, 8-25-75 Arkansas, 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, for example by a mortgage company (real estate mortgage loans); servicing such



# # H.2 1975 No. 35 .

Received Continued loans; and acting as agent with respect to the sale of mortgage redemption insurance, term life or other life or accident and health insurance which is directly related to an extension of credit by the company) at Suite 129 & 130 MC Cain Building, 2500 MC Cain Boule-vard, North Little Rock, Arkansas, through a subsidiary, L E Lay & Company Inc.

10 Stanley Bancshares Inc., Stanley, Kansas, for approval to acquire the shares of Stanley Insurers, Inc., Stan-ley, Kansas.

Correction: I.1 **0n H.2 No. 33, the Board reported receipt of a notifi- 8-14-75

cation of intent from Bancshares, Inc., Houston, Texas, to engage in de novo activities (acting as insurance agent or broker for fire and casualty insurance in-cluding, but not necessarily limited to, home ownersT

automobile, inland marine, workmen's compensation and mortgage cancellation insurance; such insurance shall be for the holding company and its subsidiaries directly, as well as insurance that is directly related to an ex-tension of credit or a provision of other financial services by a bank or bank related firm; in addition, as a matter of convenience to the purchaser, a certain amount of fire and casualty insurance not related to an extension of credit or financial services by a bank or bank related firm will be sold) at 1800 St. James Place, Suite 308, Houston, Texas, through an affilliated part-nership known as Lancelot Insurance Agency. The bank holding company's correct name is CU Banc Shares, Inc.

Delayed 7 **Bankshares of Indiana, Inc., Merrillville, Indiana, 8-29-75

notification of intent to engage in cle novo activities (investment or financial adviser to the extent of pro-viding portfolio investment advice to any person, and performing an activity that may be performed by a trust company; namely acting in an agency capacity with re-spect to both discretionary (managing agency) accounts and accounts where the approval of the client would be necessary before any investment change is made) in Merrillville, Indiana, and Chicago, Illinois«



1975 No. 35

Permitted 2 **The Chase Manhattan Corporation, New York, New York, 8-28-75

notification of intent to engage in de novo activities (acting as equipment leasing and financing corporation and as agent, broker, or adviser in connection with the leasing or financing of personal property, all such leases to be on a full payout basis) at 9950 West Law-rence Avenue, Schiller Park, Illinois, through its sub-sidiary, Chase Manhattan Leasing Corporation.

2 **Citicorp, New York, New York, notification of intent to 8-24-75 relocate de novo activities (making consumer installment personal loans, purchasing, and servicing for its own account consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Georgia will offer to sell insurance as follows: (a) group credit life/accident and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual month-ly payments on the loans in the event of the borrowers1

disability; (b) individual physical damage insurance on personal property subject to security agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of Georgia will not offer in-surance counseling) from 1385 Moreland Avenue, S.E., Atlanta, Georgia, to 5567-D Memorial Drive, Stone Mountain, Georgia, through its subsidiary, Nationwide Financial Corporation of Georgia.

2 ^Manufacturers Hanover Corporation, New York, New York, 8-24-75 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 finance company; servicing loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit related life/accident and health insurance and consumer credit related property (including non-filing insurance) and casualty insurance which is related to extensions of credit made or acquired by Ritter Finance Company and/or its direct and indirect subsidiaries) at 223 Mason Avenue, Cape Charles, Virginia, through its indirect subsidiary, Ritter Finance Company, Inc. of Onancock.



H.2 1975 No. 35 - 2 -

Permitted Continued 2 ^^Manufacturers Hanover Corporation, New York, New York, 8-28-75

notification of intent to engage in de novo activities (a consumer finance business including without limit-ation 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 finance company; servicing loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit related life/accident and health insurance and consumer credit related property (including non-filing insurance) and casualty insurance which is related to extensions of credit made or acquired by Ritter Finance Company and/or its direct and indirect subsidiaries) at Route 45, Bridgeton Pike, Mantua, New Jersey and at Cornwell Drive and Maple Avenue, Bridgeton, New Jersey, through its indirect subsidiary, Ritter Finance Company Inc.. of Penns Grove.

7 **First Wisconsin Corporation, Milwaukee, Wisconsin, notifi- 8-30-75 cation of intent to engage in de novo activities (serving as the advisory company for a real estate investment trust, in which capacity it will, among other activi-ties, obtain or provide for the trust such services as may be required to supervise, service, or manage the existing investments of the trust; represent the trust in transactions with others; originate and recommend to the trust investments in the form of construction mort-gage loans, permanent mortgage loans, equity interest in real estate, and other investments in or related to real property; and advise and consult with trustees of the trust) in College Park, Georgia, through a subsidiary, First Wisconsin Mortgage Company.

9 **First Bank System, Inc., Minneapolis, Minnesota, notifi- 8-28-75 cation of intent to relocate de novo activities (making or acquiring, for its own account or for the account of others, loans or other extensions of credit such as would be made by a finance company; and incidental credit related insurance agcncy activity) from Suite 112, 400 Office Park Drive, Birmingham, Alabama, to 30 Phillips Drive, MidfLeld, Alabamr; from Suite 215, 3839 Merle Hay Road, Des Moines, Iowa, to 7682 Hickman Road, Des Moines, Iowa; from Suite 420, 5700 Florida Boule-vard, Baton Rouge, Louisiana, to 3134 Government Street, Baton Rouge, Louisiana; from Suite 320, 7000 West Center Road, Omaha, Nebraska, to 4509 1/2 North Street, Omaha, Nebraska; through a subsidiary, PBS Financial, Inc.



H/2 1975 No. 35 - 9 -

Permitted Continued 12 **BankAmerica Corporation, San Francisco, California, 8-20-75

notification of intent to relocate de novo activities (making loans and extending credit and providing ser-vices incident to such loans and extensions of credit such as would be made or provided by a finance company, including the following specific activities: making of consumer installment loans and purchasing installment sales finance contracts, and making of loans to small buinesses; acting as agent or broker for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Inc. of California) from 11050 Washington Boulevard, Culver City, California, to 2817 Wilshire Boulevard, Santa Monica, California, through its subsidiary, GAC Finance Inc. of California.

* * * * *

Other Actions of the Board Letter to Chairman Proxmire, Senate Committee on Banking,

Housing and Urban Affairs, in response to request for information on "problem banks" and their treat-ment by bank regulatory agencies.

Regulation M amendment, regarding (a) extensions of credit to executive officers of foreign branches and (b) insurance agency and brokerage activities of foreign branches, the Board also revised an interpreta-tion concerning loans to executive officers of foreign branches.

Regulation H, the Board published for comment a proposed regulatory amendment to implement provisions of the Securities Acts Amendments of 1975 that provide for the registration of State member banks that act as transfer agents.

City Bank of Hopewell, Hopewell, Virginia, proposed merger with cavalier Central Bank and Trust Company, Hopewell, Virginia, report to the Federal Deposit Insurance Corporation on competitive factors.



H. 2 1975 No. 35 - fO -

Continued NEO Bank, N.A., Ashtabula, Ohio, proposed merger with

The Northeastern Ohio National Bank, Ashtabula, Ohio, report to the Comptroller of the Currency on competitive factors.

SWM National Bank, Niles, Michigan, proposed merger with First National Bank of Southwestern Michigan, Niles, Michigan, report to the Comptroller of the Currency on competitive factors.

State Bank Company, Massillon, Ohio, proposed merger with First National Bank of Canton, Canton, Ohio, report to the Comptroller of the Currency on competitive factors.

***Ameribanc, Inc., St. Joseph, Missouri, extension of time to November 5, 1975, within which to consummate acquisition of Exchange Bank of Richmond, Missouri.

***Depositors Trust Company, Augusta, Maine, subsidiary of Depositors Corporation, Augusta, extension of time to November 30, 1975, within which to dispose of shares of Riddell, Inc.

***United Kentucky Inc., Louisville, Kentucky, a proposed one bank holding company, additional extension of time to December 1, 1975, within which to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to The Louisville Trust Company, Louisville, Kentucky, and to acquire all of the voting shares of Louisville Mortgage Service Company, Louisville, Kentucky.

***Termination of registration for Finance Factors Ltd., Honolulu, Hawaii.

***Hirschfield Bank of Commerce, Virginia Beach, Virginia, (an organizing bank) extension of time to December 20, 1975, within which to effect membership in the Federal Reserve System.

***Intracoastal Bank, Fort Lauderdale, Florida, extension of time to March 23, 1976, within which to effect mem-bership in Federal Reserve System.

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


H.2 1975 No. 35 II

Continued ***McIlroy Bank, Fayetteville, Arkansas, extension of

time to December 26, 1975, within which to establish a branch at Garland and North Streets, Fayetteville, Arkansas.

***Trust Company Bank, Atlanta, Georgia, extension of time to March 12, 1976, within which to establish a branch in Marietta Street Tower, Atlanta, Georgia.

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


h2_19750830.pdf

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