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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. 14
During the Week Ending April 5, 1975
District
Date
Current Report Filed Pursuant to Section 13
of the Securities Exchange Act
Received
The Lorain County Savings & Trust Company,
Elyria, Ohio
3-31-75
The Savings & Trust Company of Pennsylvania,
Indiana, Pennsylvania
4- 3-75
12
County Bank of Santa Cruz, Santa Cruz, California
3-31-75
12
Valley Bank of Nevada, Las Vegas, Nevada
4- 3-75
4
4
* * * * *
4
Ownership Statement Filed Pursuant to Section 13(d)
of the Securities Exchange Act
Received
The Fifth Third Bank, Cincinnati, Ohio
(Filed by Cincinnati Financial Corporation Amendment #13)
*
*
*
*
*
3-31-75
H.2
1975 No. 14
- 2 To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Received
Fidelity State Bank of New Prague, New Prague, Minnesota
Approved
'("Fidelity State Bank of New Prague, New Prague, Minnesota
Withdrawn
North American Bank and Trust, Leesburg, Virginia
* * * * *
To Establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
The Adams Bank, Millersburg, Ohio. Branch to be established
at the Southeast corner of Vermillion and Jackson
Street, Homesville, Holmes City.
Approved
-Grayling State Bank, Grayling, Michigan. Branch to
be established at 6872 Old U.S. 27 in the unincorporated
village of Frederic, Frederic Township, Crawford County.
* * * * *
Thirty Day Notice of Intention to Establish an
Additional Branch in a Foreign Country
Received
First National City Bank, New York, New York: an
additional branch in the United Arab Emirates,
to be located in Ras A1 Khaimah.
Approved
First National Bank of Chicago, Chicago, Illinois:
an additional branch in Greece, to be located in
Piraeus.
*
-k *
*
*
*Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
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
Bank of America National Trust and Savings Association,
San Francisco, California: to continue to hold the
shares of Bank of Credit and Commerce International
S.A., Luxembourg, after the latter establishes a
branch in Mauritius.
To Merge Pursuant to Section 18(c) of
the Federal Deposit Insurance Act
Received
Peoples Trust of New Jersey, Rackensack, New Jersey
request prior approval to merge with The Second
National Bank of Orange, Orange, New Jersey.
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
First Bemidji Holding Company, Bemidji, Minnesota, for
approval to acquire 80.1 per cent of the voting shares
of The First National Bank of Bemidji, Bemidji, Minnesota.
Full Service Insurance Agency, Inc., Buxton, North Dakota,
for approval to acquire 83.2 per cent of the voting
shares of First State Bank of Buxton, Buxton, North
Dakota.
Citizens State Bancorp, Inc., Manhattan, Kansas, for approval to acquire 80 per cent or more of the voting
shares of Citizens State Bank & Trust Co., Manhattan,
Kansas.
Guaranty Bancorporation, Tulsa, Oklahoma, for approval
to acquire 100 per cent (less directors\ qualifying
shares) of the voting shares of Guaranty National Bank,
Tulsa, Oklahoma.
Approved
Darien Bancorporation, Inc., Darien, Wisconsin, for approval to acquire 93.67 per cent of the voting shares of
The Farmers State Bank, Darien, Wisconsin.
American Corporation, North Platte, Nebraska, for approval
to acquire an additional 57.6 per cent of the voting
shares of American Security Bank, North Platte, Nebraska.
Cullen Bankers, Inc., Houston, Texas, for approval to
acquire 100 per cent (less directors' qualifying shares)
of the voting shares of Cullen Center Bank & Trust,
Houston, Texas, and Citizens National Bank of Dallas,
Dallas, Texas.
Friona Bancorporation, Friona, Texas, for approval to
acquire 100 per cent of the voting shares of Friona
State Bank, Friona, Texas.
H. 2
1975 No. 14
6
7
- 5—
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
First Amtenn Corporation, Nashville, Tennessee, for approval to acquire 100 per cent of the voting shares
(less directors' qualifying shares) of the successor by
merger to The First National Bank of Sparta, Sparta,
Tennessee.
Peoples Banking Corporation, Bay City, Michigan, for approval to acquire 100 per cent of the voting shares of
the successor by consolidation to Frankenmuth Bank &
Trust, Frankenmuth, Michigan.
10
Ameribanc, Inc., St. Joseph, Missouri, for approval to
acquire 90 per cent or more of the voting shares of
Exchange Bank of Richmond, Richmond, Missouri.
12
First Security Corporation, Salt Lake City, Utah, for
approval to acquire 99.5 per cent of the voting shares
of First Security State Bank of Kaysville, Kaysville,
Utah, a proposed new bank.
8
11
Approved
General Bancshares Corporation, St. Louis, Missouri, for
approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of Traders National
Bank of Kansas City, Kansas City, Missouri.
PanNational Group Inc., El Paso, Texas, for approval to
acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The First National Bank of
Waco, Waco, Texas.
a * * * *
3
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Received
**Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo
activities (making or acquiring, for its own account or
for the account of others, loans or other extensions of
credit, in particular commercial financing such as
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
3-26-75
H. 2
1975 No. 14
Received Continued
conditional sales, chattel mortgages and accounts
receivable, and inventory financing; in addition, PNLC
will continue to engage in leasing of personal property
on a full payout basis and acting as agent, broker, or
adviser in leasing such property) from One Wynnewood
Road, Wynnewood, Pennsylvania, to 931 Haverford Avenue,
Bryn Mawr, Pennsylvania, through a subsidiary, Provident
National Leasing Corporation.
4
**Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking, including the making and selling of
mortgages, for its own account and for the account of
others) at Cross Country Plaza Office Park, Macon Road,
Columbus, Georgia; Park West Plaza, 8989 Westheimer
Road, Houston, Texas; and 3350 Clayton Road, Suite A,
Concord, California; through its wholly-owned subsidiary,
The Kissell Company, Springfield, Ohio.
3-31-75
4
**Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(making, acquiring, and servicing of loans and other
extensions of credit for its own account or for the
account of others) through its wholly-owned subsidiary,
PINACO, Inc., Pittsburgh, Pennsylvania.
3-31-75
5
**Central National Corporation, Richmond, Virginia, notification of intent to engage in de novo activities (acting
as insurance agent or broker with respect to the following types of insurance related to or arising out of
loans made or credit transactions involving credit
granting subsidiaries of Central National Corporation:
(1) credit life insurance, credit disability insurance,
credit accident and health insurance; (2) physical
damage insurance on mobile homes, motor homes, or other
similar vehicles; and "vendors1 single interest" physical
damage insurance for motor vehicles, boats, trailers,
and other kinds of personal property or attachments
designed for use in connection therewith) at Arlington
County, Fairfax County, and Prince William County,
Virginia, through its subsidiary, Cencor Insurance
Agency Incorporated.
4- 4-75
9
Full Service Insurance Agency, Inc., Buxton, North Dakota,
for approval of the retention by the Applicant of the
activities of general insurance sales, except for credit
life insurance which will be conducted by the First
State Bank of Buxton, Buxton, North Dakota.
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
1975 No. 14
10
2
. 7 .
Received Continued
Citizens State Bancorp, Inc., Manhattan, Kansas, for
approval to engage in the sale of credit life and credit
accident and health and other credit insurance directly
related to extensions of credit by Citizens State Bank &
Trust Co., Manhattan, Kansas.
Approved
First Commercial Banks Inc., Albany, New York, for approval to acquire all of the Noting shares of FCB Life
Insurance, Ltd., Phoenix, Arizona.
3
Fidelcor, Inc., Rosemont, Pennsylvania, for approval to
establish a de novo indirect subsidiary named Trefoil
Capital Corporation of California, Inc., and through
said subsidiary to acquire substantially all of the
assets of Keen Factors, Inc., Beverly Hills, California.
5
The Citizens and Southern Corporation, Charleston, South
Carolina, for approval to retain all of the voting
shares of Carolina National Mortgage Investment Company,
Inc., and its indirect subsidiary, CN Mortgages, Inc.,
both located in Charleston, South Carolina.
10
American Corporation, North Platte, Nebraska, for approval
to retain 95.6 per cent of the shares of American State
Savings Company, North Platte, Nebraska, a company
operating as an industrial bank, and also to continue to
act as insurance agent for the sale of credit related
insurance.
6
7
Delayed
**First National Bankshares of Florida, Inc., Pompano Beach,
Florida, notification of intent to engage in de novo
activities (providing data processing services for subsidiary banks of the holding company and their customers
and correspondents) at 2400 East Atlantic Boulevard,
Pompano Beach, Florida, through a subsidiary, First
Bankers Data Corp.
**Hawkeye Bancorporation, Des Moines, Iowa, notification
of intent to engage in de novo activities (acting as
insurance agent or broker with respect to: all insurance for Hawkeye Bancorporation and its subsidiaries;
any insurance to protect assets financed by Hawkeye
Bancorporation or its subsidiaries ("lenders") and other
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
4- 4-75
4- 2-75
H.2
1975 No. 14
Delayed Continued
insurance calculated to protect such lenders' ability to
obtain repayment of loans including: (a) fire and
extended coverage insurance, (b) liability insurance,
(c) homeowner1s insurance, (d) performance bonds connected with construction loans, (e) boiler and machinery
insurance, (f) theft insurance, (g) collision and comprehensive insurance, (h) surety bonds, (i) marine
property insurance; any insurance the purpose of which
is to provide loan or repayment funds in the event of
loss of income or other inability to repay debt including: credit life and credit accident and health
insurance; convenience insurance) in Boone, Iowa,
through a subsidiary, Hawkeye Insurance Services, Inc.
10
6
**Colorado National Bankshares, Inc., Denver, Colorado,
notification of intent to engage in de novo activities
(accepting time and savings deposits; making consumer
loans, including direct and indirect personal loans that
are either unsecured or secured by such collateral as
motor vehicles, furniture, appliances, mobile homes, and
other categories of personal property or equipment; and
acting as agent for the sale of single and joint reducing
term and single level credit life insurance and health
and accident insurance which names the Industrial Bank
as creditor beneficiary of benefits paid in connection
with loans made by such Industrial Bank) in Northglenn,
Colorado, through a subsidiary, Northglenn Industrial
Bank.
Permitted
**Ancorp Bancshares, Inc., Chattanooga, Tennessee, notification of intent to engage in de_ novo activities (making
and acquiring, for its own account and for the account
of others, loans and other extensions of credit such as
would be made by a finance company; and acting as insurance agent or broker with respect to any insurance that
is directly related to loans and other extensions of
credit by Ancorp Finance Company and is directly related
to the providing of other financial services by Ancorp
Finance Company) in Chattanooga, Tennessee, through a
subsidiary, Ancorp Finance Company.
**4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
4- 1-75
4- 1-75
H. 2
1975 No. 14
8
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9
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Permitted Continued
**First Tennessee National Corporation, Memphis, Tennessee,
notification of intent to engage in d_e novo activities
(making or acquiring, for its own account, loans and
other extensions of credit; and offering, through the
direct insurer or the reinsurer, insurance that is
directly related to an extension of credit by the company or its subsidiaries; such insurance will be limited
to reducing term credit life insurance on the maker of
the note or reducing term joint spouse credit life
insurance coverage, credit accident and health insurance
and physical damage insurance on personal property
pledged as collateral for extensions of credit) at Room
115, Creek Hills Mall Shopping Center, Sapulpa, Oklahoma,
through its subsidiary, Crown Finance Corporation.
3-31-75
8
**First Union, Incorporated, St. Louis, Missouri, notifiestion of intent to engage in de novo activities (acting
as underwriter for credit life and credit health and
accident insurance which is directly related to extensions of credit by Union Finance Company) at Suite 3300,
Valley Center, Phoenix, Arizona, through a subsidiary,
Preferred Life Insurance Company.
3-31-75
8
**First Union, Incorporated, St. Louis, Missouri, notification of intent to engage in de novo activities (making
consumer loans, purchasing retail installment sales contracts from dealers in consumer goods, inventory loans
to retail dealers; the sale of declining balance credit
life, credit health, accident and disability insurance
to borrowers covering the repayment of the insured1s
indebtedness to it and the sale of physical damage and
fire insurance on personal property constituting collateral in which it has a security interest as a result of
its extensions of credit) at 47 Florissant Oaks Shopping
Center, Florissant, Missouri, through a subsidiary,
Union Finance Company.
3-31-75
10
**Axtell Agency, Inc., Axtell, Kansas, notification of intent
to continue to engage directly in the activity of a
general insurance agency (principally involving the sale
of fire, casualty, automobile, and life insurance, and
credit life/accident and health insurance directly
related to extensions of credit by The State Bank of
Axtell) in Axtell, Kansas.
4- 4-75
**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. 14
12
12
10
- 1.U Permitted Continued
**BankAmerica Corporation, San Francisco, California, notification of intent to relocate the Savannah, Georgia,
office of its indirect subsidiary, FinanceAmerica Corporation of Georgia, which engages in (making of consumer installment loans and purchasing installment sales
finance contracts, and making of loans to small businesses; 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
Corporation of Georgia) from 1.06 West Broughton Street
to 2114 East Victory Drive.
**BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (making of consumer loans secured in whole or in part by a
mortgage upon any interest in real property, which property is subject to the lien of one or moit prior mortgages,
and the purchase of installment home impi vament contracts;
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 Mortgage
Services, Inc.) at 4045 East Broad Street, Whitehall,
Ohio, through its indirect subsidiary, FinanceAmerica
Mortgage Services, Inc., a subsidiary of FinanceAmerica
Corporation.
Withdrawn
**First Tulsa Bancorporation, Inc., Tulsa, Oklahoma, notication of intent to engage in de novo activities (leasing real property; or acting as agent, broker, or adviser
in leasing such property under leases serving as functional equivalent of extensions of credit) in Tulsa,
Oklahoma, through its subsidiary, Firstul Leasing and
Financial Company.
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
4- 4-75
4- 4-75
4- 2-75
H.2
1975 No. 14
-
11
-
Other Actions of the Board
Board comments on a proposal by the Federal Home Loan
Bank Board to permit variable interest rate mortgages.
Report on bill, S. 200, the "Consumer Protection Act of
1975".
The Board announced the publication, for comment, of
two proposed changes in the provisions of its Regulation
Q, these would: 1. Permit member banks to redeem a time
deposit without penalty prior to maturity in the case of
the depositorT s death, if there were no surviving codepositors; and 2. Require notice on certificates of
deposit that the deposit ceases to earn interest after
maturity, require notice on automatically renewable
certificates that the deposit will be renewed upon
maturity unless the customer directs otherwise.
Extension of
mission of
Rulemaking
to May 27,
the April 28, 1975, deadline for the subcomments invited in the Notice of Proposed
concerning revision of Regulation F, extended
1975.
Burnet Road State Bank, Austin, Texas, proposed merger
with North Austin State Bank, Austin, Texas, report to
the Federal Deposit Insurance Corporation on competitive
factors.
First Financial Bank, Nashua, New Hampshire, proposed
merger with Colonial Trust Company, Nashua, New Hampshire, report to the Federal Deposit Insurance Corporation on competitive factors.
***Templeton Savings Bank, Templeton, Iowa, application to
exercise limited trust powers.
***Citizens and Southern Holding Company, Atlanta, Georgia,
extension of time until June 30, 1975, within which the
offices of Citizens and Southern Mortgage Company in
Albany, Columbus, and Rome, Georgia, may open for business.
***State Street Boston Financial Corporation, Boston,
Massachusetts, extension of time until July 3, 1975,
within which to acquire 100 per cent of the voting
shares of Chatham Trust Company, Chatham, Massachusetts.
***Processed on behalf of the Board of Governors under delegated authority.
H.2
1975 No. 14
12
Continued
***First & Merchants Corporation, Richmond, Virginia,
extension of time within which to acquire First & Merchants National Bank of Loudoun, Leesburg, Virginia (a
proposed new bank).
***First & Merchants Corporation, Richmond, Virginia,
extension of time within which to acquire First & Merchants National Bank of Fairfax, McLean, Virginia (a
proposed new bank).
***Ellis Banking Corporation, Bradenton, Florida, extension
of time until July 24, 1975, within which to acquire
Parkway National Bank of Tallahassee, Tallahassee,
Florida.
***First Financial Corporation, Tampa, Florida, extension
of time until July 3, 1975, within which to acquire
Second National Bank of Lakeland, Lakeland, Florida.
***Apple Creek Banking Company, Apple Creek, Ohio, to
make an additional investment in bank premises.
***Security Bank and Trust Company, Southgate, Michigan,
to make an investment in bank premises.
***Merrill Trust Company, Bangor, Maine, extension of time
to May 3, 1976, within which to establish a branch at
County Road, Eastport, Maine.
***Processed on behalf of the Board of Governors under delegated authority.
@FedFRASER