h2_19760306.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 1976 No. 10 During the Week Ending March 6, 1976

District Date

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

Received 4 The Dollar Savings and Trust Company,

Youngstown, Ohio 3-3-76

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

Received The Peoples Bank of Nanticoke, Nanticoke, Luzerne

County, Pennsylvania. To establish a branch office at Retreat State Hospital, Hunlock Creek.

The Savings & Trust Company of Pennsylvania, Indiana, Pennsylvania. Branch, to be established at 103 East Union Street, Punxsutawney, Jefferson County.

Genesee Merchants Bank & Trust Company, Flint, Michigan. Branch to be established at the Deplomat Plaza, G-3400 block of Flushing Road, Flint Township, Genesee County.

8 Merchants & Farmers Bank, Columbus, Mississippi. Branch to be established at New Hope, Lowndes County.

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

H. 2 1976 No. 10 - 2 -

Approved 2 ^Manufacturers Hanover Trust Company/Central New York,

Rochester, New York. Branch to be established in the immediate neighborhood of Fairport Road and Marsh Road, Town of Perinton, Monroe County.

12 -United California Bank, Los Angeles, California. Branch to be established in the vicinity of the intersection of Treat Boulevard and Bancroft Road in the unincorporated Communited of Lower Ygnacio Valley, Contra Costa County.

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

Received 2 Chemical Bank, New York, New York: branch - Manama,

Bahrain.

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

Received 2 First National City Bank, New York, New York:

branch - additional in Turin, Italy.

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


H. 2 1976 No. 10

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International Investments and Other Actions Approved 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

Morgan Guaranty International Finance Corporation, New York, New York: investment - additional in Morgan Grenfell Holdings Limited, London, England.

State of New York Banking Department, New York, New York: Views of the Board for establishment of a branch in New York City by Berliner Handels-Und Frankfurter Bank, Frankfurt am Main, Federal Republic of Germany.

Seattle-First National Bank, Seattle, Washington: invest-ment - to acquire 100 ordinary shares of a de novo nominee company, London, England.

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

Received Adair Insurance Agency, Inc., Adair, Iowa, for approval

to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Exchange State Bank, Adair, Iowa.

Union-Adams Bancorp., Creston, Iowa, for approval to acquire 83.81 per cent of the voting shares of Iowa State Savings Bank, Creston, Iowa.

Citi Bancorp, Lincoln, Nebraska, for approval to ac-quire 97.8 per cent of the voting shares of Citibank & Trust Co. of Lincoln, Lincoln, Nebraska.

Crawford State Company, Crawford, Nebraska, for approval to acquire 94 per cent of the voting shares of Crawford State Bank, Crawford, Nebraska.

Vermillion Bankshares, Inc., Vermillion, Kansas, for approval to acquire 80 per cent or more of the voting shares of Vermillion State Bank, Vermillion, Kansas.

Approved Melcap Incorporated, Melrose Park, Illinois, for ap-

proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Melrose Park National Bank, Melrose Park, Illinois.

Cameron Bancshares, Inc., Cameron, Missouri, for approval to acquire 80 per cent or more of the voting shares of Cameron State Bank, Cameron, Missouri.

Roxton Bancshares, Inc., Roxton, Texas, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of The First National Bank of Roxton, Roxton, Texas.

Denied •P. B. C., Inc., Pine City, Minnesota, for approval to

acquire 48.9 per cent or more of the voting shares of The First National Bank of Pine City, Pine City, Minnesota. The Section 4(c)(8) application for permission to retain the general insurance agency business presently operated by Applicant hereby becomes moot,


Withdrawn NBG Company, Atlanta, Georgia, for approval to acquire

100 per cent (less directors1 qualifying shares) of the voting shares of the successor by merger to The National Bank of Georgia, Atlanta, Georgia.

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

Received Merrill Bankshares Company, Bangor, Maine, for approval

to acquire at least 80 per cent of the voting shares of Firstbank, N. A., Farmington, Maine.

First Virginia Bankshares Corporation, Falls Church, Virginia, for approval to acquire 100 per cent of the voting shares of First Bank & Trust Company, Mechanics-ville, Virginia, a proposed new bank.

Landmark Banking Corporation of Florida, Fort Lauderdale, Florida, for approval to acquire 80 per cent or more of the voting shares of Landmark Bank of Pompano Beach, N.A., Pompano Beach, Florida, a proposed new bank, the successor by absorption to The Security State Bank of Pompano Beach, Pompano Beach, Florida.

Southwest Florida Banks, Inc., Port Myers, Florida, for approval to acquire 80 per cent or more of the voting shares of First National Bank and Trust Company of Naples, Naples, Florida.

Cedar Investment Company, Waverly, Iowa, for approval to acquire 60.498 per cent of additional shares of the voting shares of State Bank of Waverly, Waverly, Iowa.

Western Michigan Corporation, Niles, Michigan, for ap-proval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The First National Bank of Cassopolis, Cassopolis, Michigan.

Approved BancOhio Corporation, Columbus, Ohio, for approval to

acquire 100 per cent of the voting shares (less direc-tors1 qualifying shares) of the successor by merger to The Geauga County National Bank of Chardon, Chardon, Ohio.


H. 2 1976 No. 10 - 6 -

Approved Continued Ellis Banking Corporation, Bradenton, Florida, for ap-proval to acquire 51 per cent or more of the voting shares of North Port Bank, North Port, Florida.

Mark Twain Bancshares, Inc., St. Louis, Missouri, for ap-proval to acquire 98.75 per cent of the voting shares of Mark Twain Bank, National Association, Ladue, Missouri, a proposed new bank.

Texas Commerce Bancshares, Inc.,, Houston, Texas, for ap-proval to acquire 100 per cent of the voting shares (except directors1 qualifying shares) of the successor by merger to The First National Bank of New Braunfels, New Braunfels, Texas.

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To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956

Approved Ameribanc, Inc., St. Joseph, Missouri, for approval to merge with First American Bancshares, Inc., St. Joseph, Missouri.

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

Received 1 **Industrial National Corporation, Providence, Rhode Island, 3- 1-76

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 any insurance directly related to an exten-sion of credit or provision of other financial services or otherwise sold as a matter of convenience to the pur-chaser) at 5813 Melton Drive, Oklahoma City, Oklahoma, through a subsidiary, Mortgage Associates, Inc.

2 **Chemical New York Corporation, New York, New York, noti- 2-17-76 fication of intent to relocate de novo activities (mak-ing of direct loans and purchasing sales finance contracts representing extensions of credit such as would be made or acquired by a finance company; and acting as agent

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**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. 10 7

Received Continued for the sale of credit life insurance, credit accident and health insurance, and credit related property and casualty insurance issued in connection with extensions of credit; if this proposal is effected, Sun Finance-8 will offer to sell insurance as follows: group credit life/accident and health insurance to cover the outstand-ing balance of extensions of credit to borrowers in the event of their death, or, to make the contractual monthly payments on the extensions of credit in the event of the borrowers1 disability; individual physical damage insurance on personal property subject to security agreements including liability insurance only when such insurance is sold as part of an insurance package on such property) from 199 Cleveland Avenue, S.W., Atlanta, Georgia to 4019 Jonesboro Road, S.E., Forest Park, Georgia, through its subsidiary, Sun Finance Company-8.

engage in cLe novo activities (acting as agent and broker for the sale of credit related life and health insurance and credit related property and casualty insurance on purchased installment sales finance contracts, said in-surance will only be offered when such transactions are the equivalent of direct extensions of credit by Advance Mortgage Corporation; if this proposal is effected, the agent-broker will offer to sell insurance, generally by mail, as follows: group and individual credit related life insurance and accident and health insurance to cover the outstanding balances of loans by Advance Mortgage Corporation to borrowers, generally mortgagors of improved real property, in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrower's disability; prop-erty and casualty insurance coverage on property, gen-erally mobile homes, and one-to-four family residences where Advance Mortgage Corporation has extended credit and taken a security interest in such property and to include liability coverage in home and "package" policies where such is the general practice; any other coverage as a convenience to the customer of Advance Mortgage Corporation but gross premium of such sales will not exceed 5 per cent of Citicorp's gross premium on credit and other financial service related insurance sales; in this regard, the subsidiary will not act as a general insurance agency; also, to its parent company Citicorp and Citicorp's domestic subsidiaries and, via group

2 **Citicorp, New York, New York, notification of intent to 2-27-76

**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. 10

Received Continued insurance plans to all employees the proposed subsidiary will offer to sell any insurance needed to protect the corporations and their employees against risks to persons and property) at Georgetown Plaza, 4481 West 38th Street, Indianapolis, Indiana, through its subsidiary, Advance Agency, Inc. and its subsidiary, Advance Life, Inc.

2 **Fidelity Union Bancorporation, Newark, New Jersey, notif 1- 3- 4-76 cation of intent to engage in de novo activities (the business of making loans in the present maximum amount of $2,500 or less under the provision of the New Jersey Small Loan Law and making loans secured by second mort-gages on residential real estate (up to 4-family occu-pancy) owned by the borrowers under the New Jersey Secondary Mortgage Loan Act; and making available to the customers credit life insurance and disability insurance covering the unpaid balance of loans outstanding) at 125 North Fourth Street, Harrison, New Jersey, through its subsidiary, Suburban Finance Company.

5 **Union Trust Bancorp, Baltimore, Maryland, notification of 3- 3-76 intent to engage in d_e novo activities (making secondary mortgage loans secured in whole or in part by mortgage, deed of trust, security agreement, or other lien on real estate situated in the State of Virginia which property is subject to the lien of one or more prior encumbrances or other leasehold interests; and acting as agent in the sale of credit life insurance and credit accident and health insurance in connection with its extensions of credit) at 6901 Old Keene Mill Road, Springfield, Vir-ginia, through a subsidiary, Union Home Loan Corpora-tion.

6 **Barnett Banks of Florida, Inc., Jacksonville, Florida, noti- 3- 5-76 fication of intent to engage in de novo activities (per-forming 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 law; provided, however that loans and investments will be made and deposits accepted) at 331 South Florida Avenue, Lakeland, Florida, through its subsidiary, Barnett Banks Trust Company, National Asso-ciation.

**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. 10

Received Continued 6 **Central Bankshares Corporation, Jonesboro, Georgia, noti- 3- 5-76

fication of intent to engage in d_e novo activities (leasing of personal property) at 139 N. Main Street, Jonesboro, Georgia, 141 Forest Parkway, Forest Park, Georgia, 8596 Tara Boulevard, Jonesboro, Georgia, and 6611 Tara Boulevard, Jonesboro, Georgia.

6 **First National Holding Corp., Atlanta, Georgia, notifica- 3- 2-76 tion of intent to engage in de_ novo activities (under-writing as reinsurer, credit life and credit accident and health insurance which is directly related to ex-tensions of credit by The First National Bank of Atlanta) at 2030 Valley Center, 201 North Central Avenue, Phoenix, Arizona, through a subsidiary, First Atlanta Life In-surance Company.

6 **Southeast Banking Corporation, Miami, Florida, notifica- 3- 3-76 tion of intent to engage in die novo activities (per-forming 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 custodian nature) at 4099 Tamiami Trail, North, Naples, Florida, through a subsidiary, Southeast Banks Trust Company, N.A.

7 Adair Insurance Agency, Inc., Adair, Iowa, for approval to acquire the assets of Adair Insurance Agency, Adair, Iowa.

9 Dakota Bancorporation, Rapid City, South Dakota, for per-mission to retain the shares of Columbus Insurance Agency, Columbus, North Dakota.

10 Crawford State Company, Crawford, Nebraska, for approval to acquire the assets of Crawford Bank Agency, Crawford, Nebraska.

10 Vermillion Bankshares, Inc., Vermillion, Kansas, for ap-proval to acquire the insurance agency business of Vermillion Valley Insurance Agency, Vermillion, Kansas.

12 **BankAmerica Corporation, San Francisco, California, noti- 2-24-76 fication of intent to relocate de novo activities (mak-ing loans, extending credit, and providing of services incident to such loans and extensions of credit such as would be made or provided by a finance company, includ-

**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. 10 - 10 -

Received Continued ing the following specific activities: purchasing in-stallment sales finance contracts on vehicles, mobile homes, pleasure equipment, and home improvements; 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 FinanceAmerica Credit Corpora-tion) from 4948 Chef Menteur Highway, Suite 701, New Orleans, Louisiana to Suite C, 9115 West Judge Perez Drive, Chalmette, Louisiana, through its subsidiary, FinanceAmerica Credit Corporation.

12 **Security Pacific Corporation, Los Angeles, California, 2-27-76 notification of intent to engage in d£ novo activities (acting as agent, broker, or adviser in the financing of personal property and equipment and real property; the leasing of such property where at the inception of the initial lease the effect of the transaction (and, with respect to governmental, entities only, reasonably antic-ipated future transactions) will yield a return that will compensate the lessor for not less than the lessorfs full investment in the property plus the estimated total cost of financing the property over the term of the lease; the servicing of any such financing or leases, and/or the disposition of personal and real property covered thereby; Security Pacific Leasing Services Corporation will not carry nor maintain any leases or financings in its own portfolio) at One Embarcadero Center, Suite 710, San Francisco, California, through a subsidiary, Security Pacific Leasing Services Corpora-tion,

Approved 10 Cameron Bancshares, Inc., Cameron, Missouri, for per-

mission to retain the general insurance agency business presently operated by Applicant on the premises of Cameron State Bank, Cameron, Missouri.

10 Labanco, Inc., Burwell, Nebraska, for approval to acquire all of the voting shares of Burwell Insurance Agency, Inc., Burwell, Nebraska.



H.2 1976 No. 10

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Delayed **lndustrial National Corporation, Providence, Rhode Island, 3- 5-76

notification of intent to engage in de novo activities (consumer finance and insurance agency for any insurance directly related to an extension of credit or provision of other financial services or otherwise sold as a matter of convenience to the purchaser) at 215 Locust Street, Hudson, Wisconsin, through a subsidiary, Mortgage Associates, Inc.

**D. H. Baldwin Company, Cincinnati, Ohio, notification of 3- 2-76 intent to engage in de novo activities (acting as invest-ment or financial adviser to the extent of serving as investment adviser to an investment company registered under the act; providing portfolio investment advice to trustees of pensions, profit sharing, and similar funds and to any other persons; and furnishing general eco-nomic information and advice, general economic statis-tical forecasting services, and industry studies) at 1020 15th Street, Suite 37K, Denver, Colorado, 1801 Gilbert Avenue, Cincinnati, Ohio, and 250 Park Avenue, New York, New York, through a subsidiary, D. H. Baldwin Advisers, Inc.

Permitted **Citizens and Southern Corporation, Charleston, South 3- 6-76

Carolina, notification of intent to engage in de novo activities (acting as agent in the sale of physical damage insurance and vendor1s single interest protection in connection with its lending activities for the conven-ience of its borrowing customers) at C&S Financial Center, Aviation Avenue at 1-26, North Charleston, South Carolina, through its subsidiary, M0H0C0 Financial Ser-vices, Inc.

**Trust Company of Georgia, Atlanta, Georgia, notification of 3- 5-76 intent to relocate de. novo activities (conducting a mortgage banking business; and acting as agent for the sale of decreasing term credit life, and credit accident and health insurance to its customers) from 2222 Ponce de Leon Boulevard, Coral Gables, Florida to Suite 436, Brickell Building, 1110 Brickell Avenue, Miami, Florida, through its wholly-owned subsidiary, Adair Mortgage Company of Florida, Inc.



H. 2 1976 No. 10 - 12 -

Permitted Continued 8 **First Illinois Bancshares Corporation, Alton, Illinois, 3- 5-76

notification of intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in leasing such property) at 200 West Third Street, Alton, Illinois.

10 **Johnson County Bankshares, Inc., Prairie Village, Kansas, 3- 1-76 notification of intent to engage in de. novo activities (leasing personal property, including the leasing of personal property or acting as agent, broker, or adviser in leasing such property, and also including the making and servicing of leases between individuals, partner-ships, trusts, corporations, and other business entities for the purpose of engaging in the leasing of personal property; such personal property leasing activities will serve as the functional equivalent of an extension of credit to the lessee of the property, the property to be leased will be acquired specifically for the leasing transaction under consideration on a nonoperating basis and at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessorTs full investment in the property over the term of the lease) at 6940 Mission Road, Prairie Village, Kansas, through a sub-sidiary, Republic Investment Company, Inc.

12 **First Security Corporation, Salt Lake City, Utah, notifi- 3- 4-76 cation 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 such as are normally made by a mortgage company and the servicing of such accounts for itself and for others; and to a lim-ited extent through a subsidiary, acting as an insurance agent with respect to insurance directly related to said extensions of credit) from 472 Sheridan Avenue, Palo Alto, California to Suite 218, 2025 Gateway Place, San Jose, California, through its subsidiary, Securities-

/x, . Intermountain, Inc.

Reactivated 2 **Chemical New York Corporation, New York, New York, noti- 2-27-76

. fication of intent to engage in de novo activities (leasing real and personal property and equipment on a non-operating full payout basis, and acting as agent, broker, and adviser with respect to such leases; financ-ing real and personal property and equipment such as would be done by a commercial finance company; and

**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. 10 - 1 3 -

Reactivated Continued servicing such extensions of credit) at 10 North Village Avenue, Rockville Centre, New York, through its subsid-iary, ChemLease, Inc.

Withdrawn 6 Palmer Bank Corporation, Sarasota, Florida, notification

of incent to engage in de_ novo activities (acting as insurance agent or broker in offices at which the hold-ing company or its subsidiaries are otherwise engaged in business (or in an office adjacent, thereto) with respect to the following types of insurance: any insurance for the holding company and its subsidiaries; any insurance that is directly related to an extension of credit by a bank or a bank related firm of the kind described in this regulation, but more specifically, life, health, and accident homeowner1s mortgage guarantee insurance, and title insurance as these forms of insurance closely relate to real estate and the proper operation of a mortgage banking company; or is directly related to the provision of other financial services by a bank or such bank related firm; or is otherwise sold as a matter of convenience to the purchaser so long as the premium income from sales within does not constitute a signifi-cant portion of the aggregate insurance premium income of the holding company from insurance sold pursuant to subdivision) in Sarasota, Fort Myers, and Naples, Florida, through its subsidiary, Coastal Mortgage Company.

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Other Actions of the Board Regulation Q amendment to permit member commercial banks

throughout New England to offer NOW accounts to their customers.

Truth in Lending, publication of proposal to amend Regula-tion Z to spell out the way in which finance charges made up of one or more than one type of charge must be described.

***First Security Corporation, Salt Lake City, Utah, exten-sion of time to June 1, 1976, within which to comply with Board's order to divest certain impermissible land development activities of its subsidiary, Securities-Intermountain, Inc.

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


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Continued ***DeKalb County Bank, DeKalb County, Georgia, proposed

merger with Roswell Bank, Roswell, Georgia, report to the Federal Deposit Insurance Corporation on competitive factors.

***01d Kent Bank of Kentwood, Kentwood, Michigan, extension of time to September 1, 1976, within which to acquire the assets and assume the liability to pay deposits in The Woodland Mall Branch, Kentwood, Michigan, of Old Kent Bank and Trust Company, Grand Rapids, Michigan.

***Banco di Roma, S.p.A., Rome, Italy, extension of time to March 23, 1977, within which to divest its interest in Euro-Partners.

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

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