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FEDERAL R ESERVE BANK OF N E W YORK r Circular No. 7 1 3 1 "I L April 27, 1973 J B A N K H O LDIN G COM PANIES Hearings on Applications to Engage in Insurance Agency Activities T o A ll Banks, and O thers Concerned, in the Second Federal R eserve D istrict: Following is the text o f a statement issued April 19 by the Board o f Governors o f the Federal Reserve System: The Board of Governors of the Federal Reserve System today announced a schedule of hearings, established by Administrative Law Judge Paul N. Pfeiffer, on applications by bank holding companies to engage in insurance agency activities. All the hearings will be open to the public. They will be conducted by Judge Pfeiffer, who was desig nated as hearing officer in the matter by the Civil Service Commission. Requests for the hearings were received from insurance agents and agencies, and organizations representing them, asserting that they would be adversely affected by permitting bank holding companies to acquire or establish insurance agencies. Final decision on the applications will be made by the Board, after considering the record and recommendations of the hearing officer. The schedule of hearings follow s: Week of June u — Federal Reserve Branch, Jacksonville, Florida. Applicants are Barnett Banks of Florida, Jacksonville, Florida (twro applications); Chase Manhattan Corporation, New Y ork; Palmer Bank Corporation, Sarasota, F lorida; and Pan American Bancshares, Miami, Florida. Week of June 25— Federal Reserve Bank of Atlanta. Applicants are The Alabama Financial Group, Inc., Birmingham, Alabama; First National Holding Corporation, Atlanta, Georgia; and Citizens and South ern Holding Company, Atlanta, Georgia. Week of July 9— Federal Reserve Board, Washington, D. C. Applicants are Worcester Bancorporation, Inc., Worcester, Massachusetts; Chase Manhattan Corporation, New Y ork; Pittsburgh National Corpora tion, Pittsburgh, Pennsylvania; and Dominion Bankshares Corporation, Roanoke, Va. The following assignments are tentative: Week of September 10— Federal Reserve Bank of St. Louis. Applicants are Financial Development Corporation, Southaven, Mississippi; County National Bancorporation, Clayton, Missouri; and NBC Com pany, Lincoln, Nebraska. Week of September 17 — Federal Reserve Branch, Denver, Colorado. Applicant is The First National Bancorporation, Denver, Colorado. Week of September 24— San Diego, California. Applicants are Patagonia Corporation, Tucson, Ari zona ; and Southern California First National Corporation, San Diego, California. Week of September 27— Federal Reserve Branch, Seattle, Washington. Applicants are Orbanco, Inc., Portland, Oregon; and Marine Bancorporation, Seattle, Washington. The exact time and place of each hearing will be designated by Judge Pfeiffer. This information will be available at the Federal Reserve Bank or Branch involved. Additional copies o f this circular will be furnished upon request. A lfred H ayes, President.
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