h2_19780701.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1978 No. 26)

Actions of the Board; Applications and Reports

Received During the Week Ending July 1, 1978

ACTIONS OF THE BOARD

Statement by Chairman G. William Miller before the Joint Economic Committee for its mid-year review of the ec-onomy .

Statement by Governor J. Charles Partee before the Sub-committee on Domestic Monetary Policy of the House Banking, Finance and Urban Affairs Committee on the direct borrowing authority of the U.S. Treasury.

Federal Reserve Banks, discount rate increase from 7 to 7-1/4 per cent, effective July 3, 1978.

Revision of Regulations Relating to Branches of Federal Reserve Banks dealing with the qualifications of branch directors.

Letter to Chairman Proxmire of the Senate Banking, Housing and Urban Affairs Committee enclosing proposed amendments to H.R. 10899—the International Banking Act of 1978.

Letter to Chairman Mclntyre of the Subcommittee on Finan-cial Institutions of the Senate Banking, Housing and Urban Affairs Committee on two questions raised in Chairman Miller's testimony before the Subcommittee on June 21, 1978, on the International Banking Act of 1978.

Letter to Chairman Proxmire of the Senate Banking, Housing and Urban Affairs Committee reviewing the revised amend-ment to Section 108 of the Full Employment and Balanced Growth Act of 1978.

Letter to Chairman Proxmire of the Senate Banking, Housing and Urban Affairs Committee reporting on the Full Employ-ment and Balanced Growth Act of 1978 which would also a-mend the Federal Reserve Act.

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

H.2, 1978 No. 26 — 2 —

ACTIONS OF THE BOARD-Continued

Letter to the Conference of Federal Savings and Loan Associations denying its request to withdraw an a-mendment to Regulation Q, Interest on Deposits, au-thorizing member banks to offer automatic transfers of savings deposits.

Proposed regulations issued by Federal regulators of banks and savings and loan associations to implement the Community Reinvestment Act which would encourage institutions to meet credit needs of their communities.

Proposed guidelines for the enforcement of the Equal Credit Opportunity Act, its implementing Regulation B, and the Fair Housing Act issued for public comment by the Federal agencies that regulate banks, thrift institutions and credit unions.

Withdrawal of a 1965 interpretation of Regulations G and U that generally required face to face interviews for the acceptance of "purpose statements" — used to deter-mine whether a loan is for the purpose of purchasing securities.

Letter regarding a request for a Board interpretation that a proposed subsidiary of a broker-dealer holding company is subject to Regulation G and may accept purpose statements by mail.

Review to be performed during 1978 of the practices and pro-cedures used by the Board's Division of Federal Reserve Bank Examinations and Budgets in the examination of Federal Reserve Banks, letter sent to louche Ross and Company.

Time and savings deposit survey with implementation of a revision to be extended for a three-year period.

Farmers and Merchants State Bank of Merrill, Merrill, Michigan, proposed consolidation with Frankenmuth Bank & Trust, Frankenmuth, Michigan; report to the Federal Deposit Insurance Corporation on competitive factors. 1/

First National Bank of New Paris, New Paris, Ohio, pro-posed acquisition by Eaton National Bank and Trust Co., Eaton, Ohio; report to the Comptroller of the Currrm v on competitive factors. 1/

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


H.2, 1978 No. 26 - 3 -

ACTIONS Of THE BOARD-Concmued

Brooks Field Bank of Commerce National Association, San Antonio, Texas, proposed merger with The Brooks Field National Bank of San Antonio, San Antonio, Texas; re-port to the Comptroller of the Currency on competitive factors. 1/

Marine Midland International Corporation, New York, New York, extension of time within which to complete acquisition, directly or indirectly, of all capital stock of Marmid Finance Limited, Hong Kong. 1/

United California Bank, Los Angeles, California, extension of time to January 25, 1979, within which to establish a branch in the vicinity of Imperial Highway and Santa Ana Canyon Road, Anaheim, California. 1/

State Bank of Farina, Farina, Illinois, investment in bank premises. 1/

McHenry State Bank, McHenry, Illinois, investment in bank premises. 1J

State Bank of St. Charles, St. Charles, Illinois, invest-ment in bank premises. 1/

Liberty State Bank & Trust, Hamtramck, Michigan, invest-ment in bank premises. V

Community State Agency, Bloomington, Minnesota, extension of time to August 1, 1978, within which to divest the insurance agency it presently operates. 1/

Wyoming Bancorporation, Cheyenne, Wyoming, extension of time to October 7, 1978, within which to consummate the acquisi-tion of First Wyoming Bank-Gillette, Gillette, Wyoming, a proposed new bank. 1J

Citizens and Southern Holding Company, Atlanta, Georgia, extension of time to September 28, 1978, within which to open for business the offices in Albany, Columbus, and Rome, Georgia. 1/

Florida Bankshares, Inc., Hollywood, Florida, extension of time to September 28, 1978, within which to acquire addi-tional shares of First National Bank of Sebring. V

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

authority.


(1.2, 1978 No. 26

ACTIONS OF THE BOARD-Continned

Central Bank of Denver, Denver, Colorado, extension of time to December 18, 1978, within which to establish a detached facility at the intersection of 10th and Larimer Street, Denver, Colorado. If

Standard Financial Corporation, New York, New York, ex-tension of time within which to file its registration statement as a bank holding company. 1/

* * * * *

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 Marine Midland International Corporation, New York, New

York: grants one-year extension of time within which to dispose of Intermarine Australia, Ltd., Sydney, Australia, remaining impermissible properties.

Chase Manhattan Overseas Banking Corporation, Newark, Delaware: grants consent to issue debt obligations in foreign markets with maturities in excess of one year.

* * * * *

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

Approved National Bank of Detroit, Detroit, Michigan: grant consent

to establish a branch in Nassau, Bahamas.

* * * * *

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

Approved Grady Holding Company, Cairo, Georgia, for approval

to acquire 88.79 per cent of the voting shares of First National Bank of Grady County, Cairo, Georgia.

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


H.2, 1978 No. 26 5


Citibanc Holding Company, Inc., Muskogee, Oklahoma, for approval to acquire more than 80 per cent (less directors1 qualifying shares) of the voting shares of City Bank, Muskogee, Oklahoma. _2/

Labette County Bankshares, Inc., Altamont, Kansas for approval to acquire 95.69 per cent of the voting shares of The Labette County State Bank, Altamont, Kansas. 2J

Balch Springs Bancshares, Inc., Balch Springs, Texas, for approval to acquire 99.95 per cent (less directors1

qualifying shares) of the voting shares of First Bank, Balch Springs, Texas. 2/

Kenco Bancshares, Inc., Jayton, Texas, for approval to acquire 80 per cent or more of the voting shares of Kent County State Bank, Jayton, Texas.

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

Florida Bankshares, Inc., Hollywood, Florida, for approval to acquire 100 per cent of the voting shares (less direc-tors 1 qualifying shares) of First National Bank of West Delray, Delray Beach, Florida, a proposed new bank. 2/

Republic of Texas Corporation, Dallas, Texas, for approval to acquire all of the voting shares (less directors' qualifying shares) of the successor by merger to The First National Bank in Mineral Wells, Mineral Wells, Texas.

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

Approved Citibanc Holding Company, Inc., Muskogee, Oklahoma,

for approval to acquire the beneficial interest in Citibank Business Trust, Muskogee, Oklahoma and

* * * * *

Approved

* * * * *

2/ Applications processed by the Reserve Bank on behalf of the Board of

Governors under delegated authority.


H.2, 1978 No. 26 - 6 ~


thereby indirectly acquire the shares of Cit Lbanc Insurance Agency, Inc., Muskogee, Oklahoma. 2/

Republic of Texas Corporation, Dallas Texas, for approval to retain all of the voting shares of Ex-change Security & Investment Company, Dallas, Texas, and its wholly-owned subsidiary, Exchange National Life Insurance Company, Scottsdale, Arizona.

Orbanco, Inc., Portland, Oregon, for approval to acquire Union Investment Company, Birmingham, Michigan.

Withdrawn Philadelphia National Corporation, Philadelphia, Pennsylvania,

notification of intent to engage in activities (the purchase of accounts receivable and the making of loans secured by accounts receivable, inventory,machinery and equipment and generally engaging in the factoring and commercial finance business) at 3440 Wilshire Boulevard, Los Angeles, California, through its subsidiaries, Congress Factors Corporation and Congress Financial Corporation (6/29/78) 3V

Permitted Citicorp, New York, New York, notification of intent to

engage in de novo activities (making or acquiring, for its own account or for the account of others, commercial loans; and leasing personal or real property or acting as agent, broker or advisor in leasing such property and servicing such leases where the leases serve as the functional equivalent of an extension of credit to the lessee of the property, where at the inception of the initial lease the effect of the transaction will be to compensate the lessor for not less than its full in-vestment in the property over the term of the lease, and where the transaction is subject to all of the qualifi-cations specified in 12 C.F.R. 225.4 (a)(6)(a) and (b)) at 1415 5th Avenue, Seattle, Washington, the Boatmen's Tower, Suite 1270, 100 N. Broadway, St. Louis, Missouri and IDS Tower, Suite 3808, Minneapolis, Minnesota, through its subsidiary, Citicorp Commercial, Inc. (6/25/78) 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

2/ Applications 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.


H.2, 1978 No. 26 ""


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 individuals and businesses 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 insurance, or decreasing or level (in the case of single payment loans) term life insurance to cover the outstanding balances of 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 obligor1s disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations, credit related decreasing term life 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 in-surance, the subsidiary will not act as a general insurance agency) at 11505 S. W. Pacific Highway, Metzger, Oregon, through its subsidiary, Citicorp Person-To-Person Financial Center, Inc. (6/25/78) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (making loans to individuals and businesses secured by real and personal property, the pro-ceeds of which may be for purposes other than personal, fam-ily or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) terms life insurance to cover the outstanding balances of credit transaction (singly or jointly with co-sign-ers in the case of life coverage) in the event of death, or, to make contractual monthly payments of the credit transactions in the event of the obligor's disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; the sale of credit related property and casualty insurance protecting personal and real property subject to a security agreement with Nationwide Financial Corporation of Idaho to include liability coverage in home or automobile policies where such is the general practice by licensed agents or brokers to the extent per-missible under applicable State insurance laws and regulations> credit related decreasing term life insurance and accident

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. 26 ~ ^ -


and health Insurance may be reinsured by Gateway Life In-surance, an affiliate of Nationwide Financial Corporation of Idaho) at Village Shopping Center, 10434 Fairview Avenue, Boise, Idaho and 1755 Westgate Dr., Suite 255, Boise, Idaho, through its subsidiary, Nationwide Financial Corporation of Idaho (7/1/78) V

Citicorp, New York, New York, notification of intent to engage in de_ novo activities (making loans to individuals and businesses secured by personal property, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life and 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 of the credit transactions in the event of the obligor1s 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 property subject to a security agreement 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 applicable State insurance laws and regulations, credit relat-ed decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial Corporation 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 sub-sidiary, Nationwide Financial Corporation of Nevada (7/1/78) 3/

Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (acting as an agent or broker for the sale of property damage and liability insurance which is related to loans and other extensions of credit made, acquired or serviced by Hitter Consumer Discount Company, Inc. of Pennsylvania) at Walnutport Shopping Center, Walnutport, Pennsylvania, through its indirect subsidiary, Ritter Consumer Discount Company, Inc. of Pennsylvania (6/29/78) 3/



H.2, 1978 No. 26 - 9 -


Mellon National Corporation, Pittsburgh, Pennsylvania, notifi-cation of intent to engage in de_ novo activities (making or acquiring, for its own account or the account of others, loans and other extensions of credit such as would be made by a mortgage company; and acting as insurance agency in connection with credit life and disability insurance and mortgage redemption which is directly related to the exten-sion of credit or provision of other financial services) to be located in the downtown Loop area of Chicago, Illinois, through its subsidiary, Mellon National Mortgage Co. of Ohio (6/26/78) V

Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de_ novo activities (the activity of mortgage banking, including the making, acquiring and servicing for its own accounts or the account of others, loans and other extensions of credit) at 339 E. 3900 South, Suite 201A, Salt Lake City, Utah, through its wholly-owned subsidiary, The Kissell Company (6/28/78) 3/

First & Merchants Corporation, Richmond, Virginia, notification of intent to engage in de_ novo activities (making mortgage loans principally secured by second mortgages on residential and commercial real estate and such other incidental activi-ties as may be necessary to the business of making such loans; including acting as agent for the sale of credit life, credit disability, mortgage redemption and mortgage cancellation in-surance in connection with the making of such loans) at the intersection of North Hills and Century Boulevards, Crabtree Valley Shopping Center, Raleigh, North Carolina, through its subsidiary, First Realty Mortgage Corporation (6/30/78) 3/

Southern Bancorporation, Inc., Greenville, South Carolina, notification of intent to engage in de_ novo activities (mak-ing extensions of credit as a licensed consumer finance lend-er under the Texas Consumer Credit Code as supervised by the office of Consumer Credit Commissioner) in Alice and San Marcos, Texas, through its subsidiary. World Acceptance Corporation (6/29/78) 3/

Southern Bankshares, Inc., Richmond, Virginia, notification of intent to engage in de novo activities (acting as agent in the sale of credit life insurance and credit accident and health insurance) at 6515 Jefferson Davis Highway; 360 West Shopping Center; 4410 West Hundred Road; 2141 East Hundred Road; and One James River Plaza Building, Richmond, Virginia, through its subsidiary Charter Insurance Managers, Inc. (6/29/78) 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, 1978 No. 26 - 1 U -


Barnett Banks of Florida, Inc., Jacksonville, Florida, notifi-cation of intent to engage in de novo activities (performing or carrying on any one more of the functions or activities that may be performed or carried on by a trust company, in-cluding 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 only in conformity with regulations of the Board of Governors of the Federal Reserve System) at 3100 Central Avenue, St. Petersburg, Florida, through a subsidiary, Barnett Banks Trust Company, N.A. (6/28/78) 3!

Great American Corporation, Baton Rouge, Louisiana, notification of intent to engage in de novo activities (making and acquiring for its own account, loans, discounts, acceptance and other extensions of credit and such other business as is custo-marily engaged in by consumer credit or finance company; and acting as insurance agent or broker in selling insurance to borrowers from such finance subsidiary to include credit life insurance, accident and health insurance and property insur-ance for collateral supporting loans made by said finance subsidiary) at 540 Lapalco Boulevard, Gretna, Louisiana, through a subsidiary, Ambank Acceptance Corporation d/b/a American Acceptance Associates (7/2/78) 3_/

New Orleans Bancshares, Inc., New Orleans, Louisiana, notifi-cation of intent to engage in de novo activities (leasing personal property and equipment, or acting as agent, broker, or adviser in leasing of such property where at the inception of the initial lease the expectation is that the effect of the transaction and reasonable anticipated future transactions with the same lessee as to the same property will be to compen-sate the lessor for not less than the lessor's full investment in the property) at 1010 Common Street, New Orleans, Louisiana, through a subsidiary, B C Leasing Corporation (6/28/78) _3/

Mercantile Bancorporation Inc., St. Louis, Missouri, notifi-cation of intent to indirectly engage in de novo activities (making, acquiring, or servicing loans or other extensions of credit for personal, family, or household purposes such as are made by a finance company; and insurance agency or brokerage in connection with selling to consumer finance borrowers credit life insurance, credit accident and health insurance, and property damage insurance for collateral se-curing loans made to borrowers) at 207 East Chickasaw, McAlester, Oklahoma, through its subsidiary, Franklin Finance Company (6/26/78) 3/



H.2, 1978 No. 26 - 11 -


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 residen-tial and commercial mortgage loans) at 1557 W. 84th Avenue, Denver, Colorado, through a subsidiary, Midland Mortgage Co. (6/29/78) 3/

Omaha National Corporation, Omaha, Nebraska, notification of intent to engage in de novo (originating residential and commercial and industrial loans) at 2019 Highway #2, Lincoln, Nebraska, through a subsidiary, Realbanc, Inc. (6/26/78) 3/

* * * * *


Withdrawh Baldwin-United Corporation, Cincinnati, Ohio, notification of

intent to acquire, through its wholly-owned subsidiary, Bald-win Piano & Organ Company, substanially all of the assets of Sunn Musical Instrument Company, a corporation with head-quarters in Tualatin, Oregon and principal manufacturing facilities in Williamstown, Kentucky (6/27/78) 3/

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. 26 - 12 -

APPLICATIONS RECEIVED

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

Republic National Bank of New York, New York, New York: requests consent to establish an initial branch in Hong Kong.

* * * * *

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

Citizens Bancshares, Inc., Somerset, Kentucky, for approval to acquire 80.2 per cent of the voting shares of The Citizens National Bank of Somerset, Somerset, Kentucky.

Grady Holding Company, Cairo, Georgia, for approval to acquire 88.79 per cent of the voting shares of First National Bank of Grady County, Cairo, Georgia.

Herget Financial Corp., Pekin, Illinois, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to The Herget National Bank of Pekin, Pekin, Illinois.

The Retirement Research Foundation, Park Ridge, Illinois, for approval to acquire 99.63 per cent of the voting shares of Citizens Bank & Trust Company, Park Ridge, Illinois.

First West Fargo Holding Company, West Fargo, North Dakota, for approval to acquire 85.7 per cent or more of the vot-ing shares of First National Bank, West Fargo, North Dakota.

Comanche Bancshares, Inc., Coldwater, Kansas, for approval to acquire 86.6 per cent (less directorsf qualifying shares) of the voting shares of The Peoples State Bank, Coldwater, Kansas.

Stamford Financial Corporation, Stamford, Texas, for approval to acquire 100 per cent of the voting shares (less directors1

qualifying shares) of the voting shares of The First National Bank in Stamford, Stamford, Texas.


H.2, 1978 No. 26 13 -

APPLICATIONS RECEIVED-Continued

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

F.N.B.C. of La Grange, Inc., La Grange, Illinois, for approval to acquire an additional 36.853 per cent of the voting shares of First National Bank of La Grange, La Grange, Illinois.


Chemcial New York, Corporation, New York, New York, notification of intent to engage in de_ novo activities (making 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, and making loans secured by real and personal property; acting as agent or broker for the sale of credit related life and credit re-lated accident and disability insurance in connection with extensions of credit made or acquired by SunAmerica Financial Corp.; credit life and credit accident and health insurance written by the new office will be rein-sured by two existing subsidiaries of Chemical New York Corporation, Sun States Life Insurance Company and Great Lake Insurance Company) at 1456 Ellis Avenue, Jackson, Mississippi, through its subsidiary, SunAmerica Financial Corp. (6/30/78) 3/

Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de_ novo activities (arranging, making or acquiring for its own account or for the account of others, loans and other extensions of credit such as would be made or acquired by a mortgage company; servicing such loans and other extensions or credit; and engaging through an indirect subsidiary known as CMC nsurance Agency, Inc. in acting as insurance agent or

* * * * *

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. 26 - 14 -

APPLICATIONS RECEIVED-Cont inued

broker for the sale of credit life and credit accident and health insurance relating to such loans and other extensions of credit) the lending activities at 5560 South Syracuse Circle, Suite 116, Englewood, Colorado and such insurance activities to be conducted at the head office of Citizens Mortgage Corporation located at 24700 Northwestern Highway, Southfield, Michigan, through its subsidiary, Citizens Mortgage Corporation (6/27/78) 3/

Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in d£ novo activities (making or acquiring, for its own account or the account of others, loans and other extensions of credit such as would be made by a mortgage company; and acting as insurance agency in connection with credit life and disability insurance and mortgage redemption insurance which is directly related to the extension of credit or provision of other financial services) to be located in the downtown Loop area of Chicago, Illinois, through its wholly-owned subsidiary, Mellon National Mortgage Co. of Ohio (5/11/78) 3/

First & Merchants Corporation, Richmond, Virginia, notification of intent to engage in de_ novo activities (leasing personal property and equipment, or acting as agent, broker, or advisor in leasing of such property; term financing using conditional sales contracts as security agreements; and making or acquiring, loans or participations in loans (or other extensions of credit) including, construction loans and other mortgage loans on residential, multi-family and commercial real estate) at 801 North Glebe Road, Arlington, Virginia, through its subsidiary, Equitable Leasing Corporation (6/27/78) 3/

Maryland National Corporation, Baltimore, Maryland, for approval to engage in underwriting as a reinsurer of credit life and credit accident and health insurance on loans and other extensions of credit made by sub-sidiaries of applicant, through a subsidiary, Mid-Atlantic Life Insurance Company, Inc., Phoenix, Arizona, with offices to be located in Phoenix, Arizona and Baltimore, Maryland.



H.2, 1978 No. 26 ~ 1 5

APPLICATIONS RECEIVE b-Continned

First Union Corporation, Stillwater, Oklahoma, notification of intent to transfer the credit-related insurance business conducted by its subsidiary bank to a de novo indirect subsidiary (the entire stock of the insurance agency will be owned by First Union Company, an Oklahoma business trust, the holding company will have sole beneficial in-terest in the business trust, the credit-related insurance agency activities will be limited to the sale of single and joint decreasing term credit life insurance, level term credit life insurance on single payment demand notes, credit accident and health insurance and mortgage cancel-lation insurance, all in connection with extensions or credit by the holding company's subsidiary bank, The First National Bank and Trust Company of Stillwater, Still-water, Oklahoma) on the premises of the bank at 808 South Main, Stillwater, Oklahoma, By First Union Insurance Agency, Inc., Stillwater, Oklahoma (6/30/78) 3/

Old National Bancorporation, Spokane, 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 install-ment sales finance contracts and the making of loans to small businesses; acting as agent or broker for the pur-pose of selling credit life and credit accident and health insurance in connection with extensions of credit by Old National Financial Services, Inc., acting as an insurance agent or broker for the purpose of selling credit life and credit accident and health insurance in connection with extensions of credit by Old National Financial Services, Inc., secured or unsecured, and acting as a agent or broker for the purpose of selling property and casualty insurance on personal property subject to security interests held by Old National Financial Services, Inc.) at 2260 Park Town Circle, Sacramento, California, through its subsidi-aries, Old National Financial Services, Inc. and Union Securities Co. (6/23/78) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (financing of personal property and equipment and real property and the leasing of such property or the acting as an agent, broker or advisor 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

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, 1978 No. 26 16

APPLICATIONS RECEIVED-Continned

anticipated 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, and the servicing of such financings and/or leases) at 4208 Six Forks Road, Raleigh, North Carolina, through its subsidiary, Security Pacific Leasing Corporation(6/22/78) 3/

Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities (making or ac-quiring, for its own account or for the account of others, loans and other extensions of credit, servicing loans and other extensions of credit for other persons; acting as an insurance agent or broker with respect to the following types of insurance that are directly related to the ex-tensions of credit by Well Fargo & Company or its sub-sidiaries: credit life and credit accident and health in-surance and mortgage redemption life insurance and group mortgage disability insurance) at 9875 Bridgeport Way, S.W,, Unit 6, Tacoma, Washington, through its subsidiaries, Wells Fargo Mortgage Company and WFMC Corporation (6/23/78) 3/

* * * * *

REPORTS RECEIVED

None

* * * * *

PETITIONS FOR RULEMAKING

None.



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