h2_19770924.pdf

ANNOUNCEMENT BY

/

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1977 No." 39)

Actions of the Board; Applications and Reports

Received During the Week Ending September 24, 1977

ACTIONS OF THE BOARD

Statement, by Vice Chairman Stephen S. Gardner before the subcommittee on Consumer Affairs of the House Banking, Finance, and Urban Affairs Committee, on consumer safe-guards for electronic funds transfer systems.

First Women's Bank, New York, New York, request for Board's consent to a proposed interlocking relationship, whereby First Women's Bank would employ Mr. Daniel C. Rosenthal, Assistant Vice President, Manufacturers Hanover Trust Company, New York, New York, for a period of approximately three to six months.

Regulation Q, order granting temporary suspension of early withdrawal penalty for the withdrawal of time deposits prior to maturity from member banks for depositors effected by the severe storms and flooding beginning about September 12, 1977, in the State of Missouri. (Docket No. R-0114)

Letter sent to Mr. George Lewis, II, Director, Division of Banking, Tallahassee, Florida, regarding a request for access to reports of examinations.

Issuance of subordinated capital notes by Bank of Valley, Valley, Nebraska.

First Okmulgee Corporation, Okmulgee, Oklahoma, extension of time to November 30, 1977, within which it may consummate the acquisition of The First National Bank & Trust Company, Okmulgee, Oklahoma. 1/

First Pennsylvania Corporation, Philadelphia, Pennsylvania, extension of time to April 4, 1978, within which to indirectly acquire 51 per cent of the ordinary shares of Bank Paolei Agudath, Israel, Ltd. V

17 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, 1977 No. 39 - 2

ACTIONS OF THE BOARD-Continued

Florida Bankshares, Inc., Hollywood, Florida, extension of time to December 30, 1977, within which to acquire The First National Bank of Sebring. 1/

SWB Corporation, Oklahoma City, Oklahoma, extension of time to November 20, 1977, within which it may consummate the acquisition of Southwestern Bank and Trust Company, Oklahoma City, Oklahoma. 1/

Bank of Hartington, Hartington, Nebraska, to make an in-vestment in bank premises. 1/

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

Detroit Bank-Southfield, Southfield, Michigan, extension of time to April 14, 1978, within which to establish a branch at the southeast corner of Southfield and Edwards Roads, Southfield, Michigan. 1/

Gravois Bank, St. Louis, Missouri, extension of time to December 31, 1977, within which to establish a facility (branch) at 11659-85 Gravois Road, St. Louis County, Missouri. 1/

Mountain Empire Bank, Johnson City, Tennessee, extension of time of one year for the construction of a branch at 1006 South Roane Street, Johnson City, Tennessee. 1/

Morgan Guaranty International Finance Corporation, New York, New York, extension of time within which to complete its investments in Commercial Property Company and Residential Property Company, both located in France. If

J, Henry Schroder Banking Corporation, New York, New York, proposed merger with Schroder Trust Company, New York, New York, report to the Federal Deposit Insurance Corporation on competitive factors. IV

Pineland State Bank, Brick Town, New Jersey, proposed acqui-sition by Heritage Bank National Association, Cherry Hill, New Jersey; report to the Comptroller of the Currency on competitive factors. 1/

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


H.2, 1977 No. 39 - 3 -


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

Approved Barter Bank and Trust Company, Canton, Ohio. Branch to

be established adjacent to the Edison Park Shopping Center, Route #619, Hartville, Stark County. 2/

The Commercial Trust & Savings Bank, Storm Lake, Iowa. Branch to be established at 1237 Lake Avenue, Storm Lake, Buena Vista County. 2/

Security Bank and Trust Company, Southgate, Michigan. Branch to be established in the vicinity of Canton Center and Warren Roads, Canton Township, Wayne County. 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 Manufacturers Hanover International Finance Corporation:

Investment - wholly-owned Delaware subsidiary and 20 per cent of the shares of Bank Mendes Cans, N.V., Amsterdam, The Netherlands.

First Chicago International Finance Corporation: First Chicago Australia Limited, Branch in Vila, New Hebrides.

* * * * *

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

Approved Standard Financial Corporation, New York, New York, for ap-proval to acquire 99.4 per cent of the voting shares of Sterling National Bank & Trust Company of New York, New York, New York.

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


#

H.2, 1977 No. 39 - 4 -


The Hinsdale Capital Corporation, Chicago, Illinois, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Hinsdale, Hinsdale, Illinois.

Janesville Holding Company, Janesville, Minnesota, for ap-proval to acquire 80.1 per cent of the voting shares of Janesville State Bank, Janesville, Minnesota. 2/

Platte Valley Bancorporation, Saratoga, Wyoming, for ap-proval to acquire 100 per cent of the voting shares of Saratoga Bankshares, Inc., Saratoga, Wyoming and thereby acquire indirectly 100 per cent (less directors' qual-ifying shares) of the voting shares of Saratoga State Bank, Saratoga, Wyoming.

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

Approved Daniels Insurance Agency, Inc., Hobbs, New Mexico, for ap-

proval to acquire additional voting shares of First National Bank of Lea County, Hobbs, New Mexico.

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

Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (residential mortgage lending and servicing; consumer finance; and issuance of credit life and credit accident and health insurance activities) at 522 Seventh Street, Racine, Wisconsin, through a subsidiary, Amortized Mort-gages, Inc., a subsidiary of Mortgage Associates, Inc.

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

* * * * *

* * * * *

Withdrawn

(9/15/77) 3/


H.2, 1977 No. 39 - 5 -


Returned Chemical New York Corporation, New York, New York, noti-

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 ser-vicing such extensions of credit) at 7 Corporate Park Drive, White Plains, New York, through its wholly owned subsidiary, Chemlease, Inc. (9/12/77) 3/

Chemical New York Corporation, New York, New York, notifi-cation of intent to engage in de novo activities (extend-ing direct loan credit and purchasing sales finance con-tracts and such other extensions of credit as would be made or acquired by a consumer finance company operating under Arizona Revised Statutes Section 6-601 to 6-640 inclusive; and providing group credit life and group ac-cident and health insurance directly related to such ex-tensions of credit) at Bashafs Shopping Center, Southern & Mesa Drive, Mesa, Arizona, through its subsidiary, Sun-america Corporation (9/23/77) 3/

Citicorp, New York, New York, notification of intent to relocate &e novo activities (acquiring and servicing, sales finance and retail installment sales contracts and agreements, and acquiring and servicing indebtedness under such contracts and agreements; such servicing may include issuance of credit and identification cards, billing and related services) from 200 West Baltimore Street, Baltimore, Maryland to 7720 York Avenue, Towson, Maryland, through its subsidiary, Citicorp Financial, Inc. (9/22/77) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (making consumer installment personal loans, purchasing and servicing for its own account consumer installment sales finance contracts, making loans for the account of others such as one-to-four family unit mortgage loans, making loans to indi-viduals and businesses secured by real and personal prop-

Permitted

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


H.2, 1977 No. 39 - 6 -


erty; and sale of credit related life/accident and health Insurance) at Chula Vista Square, 542 Broadway, Suite M, San Diego; University Towne Centre, Regional Shopping Center, San Diego; College Grove Center, Store No. F-8-E, San Diego; and 1279 Camino Del Rio South, San Diego, all located in California, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (9/23/77) 3/

Maryland National Corporation, Baltimore, Maryland, notifi-cation of intent to engage in de novo activities (engag-ing generally in the business of a mortgage banker and mortgage broker; and engaging in the business of arrang-ing financing, financial structuring and analysis of real estate problems) at 450 Park Avenue, New York, New York and 10 Light Street, Baltimore, Maryland, through a wholly-owned subsidiary known as Old Line Realty Corpora-tion, which would participate to the extent of 50 per cent in a joint venture to be known as Old Line Realty Company (9/24/77) 3/

Security Pacific Corporation, Los Angeles, California, noti-fication of intent to engage in d<B novo activities (acting as investment or financial adviser to the extent of serving as investment adviser as defined in Section 2(a) (20) of the Investment Company Act of 1940, to an investment company registered under that Act; providing portfolio investment advice to any other person and furnishing general economic information and advice, general economic statistical forecasting services and industry studies) at 333 South Hope Street, Los Angeles, California, through its subsidiary, Security Pacific Investment Managers, Inc. (9/18/77) V

Seilon, Inc., Toledo, Ohio, notification of intent to con-tinue to engage in de novo activities (leasing motor vehicles to the public or acting as agent, broker, or adviser in leasing 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 lessors 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 similar effect); the estimated residual

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, 1977 No. 39 — 7 —


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 and in the case of a lease of not more than seven years in duration, such additional amount, which shall not exceed 60 per cent of the acquisition cost of the property as may be provided by an unconditional guarantee by a lessee, independent third party or manufacturer which has been determined by the lessor to have the financial resources to meet such obligation that will assure the lessor the recovery of its investment and cost of financing) at 33 Mitchell Boulevard, San Rafael, California and at 1965 South Main Street, Salt Lake City, Utah, through its subsidiary, Bancorporation Leasing

Standard Financial Corporation, New York, New York, for permission to retain shares of Standard Factors Cor-poration, New York, New York; Atlas Leasing Company, Inc. and Universal Finance Corporation, both of Beverly Hills, California; and Security Industrial Loan Associa-tion, Richmond, Virginia.

Standard Prudential Corporation, New York, New York, for permission to retain shares of Standard Financial Cor-poration and its subsidiaries: Standard Factors Cor-poration, New York, New York; Atlas Leasing Company, Inc. and Universal Finance Corporation, both of Beverly Hills, California; and Security Industrial Loan Association, Richmond, Virginia.

First Commerce Corporation, New Orleans, Louisiana, for approval to acquire certain consumer promissory note obligations of Downtown Finance Plan, Inc., New Orleans, Louisiana.

Platte Valley Bancorporation, Saratoga, Wyoming, for ap-proval to engage in credit-related insurance agency activities by Saratoga State Bank, Saratoga, Wyoming.

(9/22/77) 3/

Approved

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, 1977 No. 39 - 8 -

APPLICATIONS RECEIVED

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

The Cleveland Trust Company, Cleveland, Ohio. Branch to be established at 200 Superior Avenue, Cleveland, Cuyahoga County.

The Northern Virginia Bank, Springfield, Virginia. Branch to be established at 6715 East Backlick Road, Spring-field, Fairfax County.

Union Trust Company of Maryland, Baltimore, Maryland. Branch to be established in the Kent Plaza Shopping Center, Chestertown, Kent County.

Aliceville Bank and Trust Company, Aliceville, Alabama. Branch to be established at Aliceville, Alabama; to be known as Aliceville Bank & Trust Drive-In Branch.

Louisville Trust Bank, Louisville, Kentucky. Branch to be established at 801 Barret Avenue, Louisville, Jefferson County.

Tracy-Collins Bank and Trust Company, Salt Lake City, Utah. Branches to be established at the following locations:

A. The Salt Lake City International Airport, Terminal #2.

B. In the vicinity of The Foothill Village Shopping Center, approximately 13th South and 22nd East, Salt Lake City.

C. In the vicinity of 10600 South State Street, Sandy, Salt Lake County.

* * * * *

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

Banco Exterior de Espana, Madrid, Spain, for approval to acquire 98.02 per cent of the outstanding stock of Century National Bank and Trust Company, New York, New York.


H.2, 1977 No. 39 - 9 -

APPLICATIONS RECEIVED-Cont inued

San Bancorp., Sanborn, Iowa, for approval to acquire 80 per cent or more of the voting shares of Sanborn Savings Bank, Sanborn, Iowa.

Dexter Banking Company, Dexter, Kansas, for approval to acquire 80 per cent or more of the voting shares of The Farmers & Merchants State Bank of Dexter Kansas, Dexter, Kansas.

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

Huntington Bancshares Incorporated, Columbus, Ohio, for approval to acquire 100 per cent (less directors1 qual-ifying shares) of the voting shares of the successor by merger to The Franklin National Bank, Franklin, Ohio.

The Wyoming National Corporation, Casper, Wyoming, for approval to acquire not less than 81 per cent of the voting shares of Wyoming Bank of Rawlins, Rawlins, Wyoming, a proposed new bank.

Tennessee Homestead Company, Ogden, Utah, for approval to retain 522 shares of the common stock and acquire an additional 4,775 shares of the common stock of Bank of Utah, Ogden, Utah.

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

Commerce Bancshares, Inc., Kansas City, Missouri, for ap-proval to merge with Manchester Financial Corp., St. Louis, Missouri.

* * * * *

* * * * *


H.2, 1977 No. 39 - 10 -

APPLICATIONS RECEIVED-Coiitinued

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

First National Boston Corporation, Boston, Massachusetts, notification of intent to engage in de_ novo activities (making, acquiring, and servicing for its own account loans and other extensions of credit including loans to individuals for property improvements, debt consolidation and other purposes; and selling credit life and credit accident and health insurance directly related to extensions of credit to its borrowers through a master insurance policy) at 5420 Corporate Boulevard, Corporate Square, Baton Rouge, Louisiana, through its existing indirect subsidiary, First Louisiana Acceptance Corporation, Metairie, Louisiana (9/23/77) 3/

Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (origination and sale of residential mortgages, servicing 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 2375 Fourth Avenue, Yuma, Arizona, through a subsidiary, Mortgage Associates, Inc., Milwaukee, Wisconsin (a Rhode Island Corporation), which is a wholly-owned subsidiary of Industrial National Corporation's direct subsidiary, MAI Financial Corporation, Milwaukee, Wisconsin (9/19/77) 3/

Shawmut Corporation, Boston, Massachusetts and Texas American Bancshares Inc., Fort Worth, Texas, notification of intent to continue to engage in cte novo activities (agri-cultural commodity financing, servicing such financing and related and incidental activities, and in general, making, servicing or acquiring, for its own account or for the account of others, loans and other extensions of credit to agricultural enterprises or secured by agricultural commodities) in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, New Mexico, Oklahoma, Texas, Utah and Wyoming, through a joint venture, American Agcredit Corporation, Denver, Colorado at offices in Guymon, Oklahoma, Amarillo, Texas, and Denver, Colorado (9/21/77) 3/

Manufacturers Hanover Corporation, New York, New York, for approval to acquire indirectly all of the assets of First Credit Corporation, Whiteville, North Carolina and First Credit Corporation of Georgia, Fayetteville, Georgia.

3/ ^(c)(8) and4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority,


H.2, 1977 No. 39 - 11 -

APPLICATIONS RECEIVED-Contlnued

Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities (mortgage banking, including the making or acquiring and servicing for its own accounts or the accounts of others, loans and other extensions of credit) at Office Suite 211, 2247 Building, 2247 Palm Beach Lakes Boulevard, West Palm Beach, Florida, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio (9/14/77) 3/

Third National Corporation, Nashville, Tennessee, notifica-tion of intent to engage in de novo activities (making of installment loans direct to borrowers and discounting of installment notes receivable issued to dealers by pur-chasers; and acting as insurance agent or broker in selling insurance to borrowers from such finance subsid-iary to include credit life insurance, and accident and health insurance) at 202 Lake, Fulton, Kentucky, through a subsidiary, Friendly Finance, Inc. (9/26/77) 3/

Northwest Bancorporation, Minneapolis, Minnesota, for per-mission to organize a subsidiary trust company to be named First Northwestern Trust Co. of North Dakota, Fargo, North Dakota and assume trust activities of six subsidiary banks (9/19/77) 3/

BankAmerica Corporation, San Francisco, California, notifi-cation of intent to engage in de novo activities (making or acquiring, for its own account loans and other exten-sions of credit such as would be made or acquired by a finance company and servicing loans and other extensions of credit, such activities will include, but not be limited to, making consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real and personal property; acting as agent or broker for the sale of credit related life and credit related accident and disability insurance in connection with extensions of credit made or acquired by FinaneeAmerica Corporation) at 39777 Paseo Padre Parkway, Fremont, California, through its indirect sub-sidiary, FinanceAmerica Corporation (a California Corpora-tion) (9/14/77) 3/

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


H.2, 1977 No. 39 - 1 2 -

APPLICAT10NS RECEIVED-Cont inued

BankAmerica Corporation, San Francisco, California, noti-fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account loans and other extensions of credit such as would be made or acquired by a finance company and servicing loans and other exten-sions of credit, such activities will include, but not be limited to, making consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real and personal property; act-ing as agent or broker for the sale of credit-related life and credit-related accident and disability insurance in connection with extensions of credit made or acquired by FinaneeAmerica Corporation) at 24861 Alicia Parkway, Laguna Hills, California, through its indirect subsid-iary, FinanceAmerica Corporation (a California Corpora-tlon) (9/19/77) 3/

BankAmerica Corporation, San Francisco, California, noti-fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account loans and other extensions of credit such as would be made or acquired by a finance company and servicing loans and other extensions of credit, such activities will include, but not be limited to, making consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real and personal property; acting as agent or broker for the sale of credit-related life and credit-related accident and disability insurance in connection with extensions of credit made or acquired by FinanceAmerica Corporation) at 3846 Maizeland Road, Colorado Springs, Colorado, through its indirect subsid-iary, FinanceAmerica Corporation (a Colorado Corporation) (9/15/77) 3/

* * * * *

To Expand a Bank Holding Company Pursuant to Section 4(c) (12) of the Bank Holding Company Act of 1956

D* H. Baldwin Company (an Ohio Corporation), Cincinnati, Ohio and D, H, Baldwin Company (a Delaware Corporation), Cincinnati, Ohio, notification of intent to acquire the United Corporation, New York, New York, through a merger in which D, H, Baldwin Company (a Delaware Corporation) will be the surviving corporation (9/19/77) 3/

3/ 4(c) (8) and 4(c)(12)" "notifications processed by 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, 1976 No. 39 - 13 -

REPORTS RECEIVED

None.

* * * * *

PETITIONS FOR RULEMAKING

None.


h2_19770924.pdf

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