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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(Hi 2, 1978 No. 14)
Actions of the Board; Applications and Reports
Received During the Week Ending April 8, 1978
ACTIONS OF THE BOARD
Letter to Chairman Reuss of the House Banking, Finance and
Urban Affairs Committee supporting H.R. 7485, a bill
that would authorize national banks and State member
banks to underwrite and deal in investment-grade revenue
bonds issued by States or political subdivisions.
Deferral of action on proposals published in May 1977 for
the simplification of the disclosure requirement of Regulation Z, Truth in Lending.
Letter to Congressman Mitchell of the House Banking, Finance and Urban Affairs Committee commenting on a joint
resolution to extend the Federal Reserve's authority to
purchase U.S. obligations from the Treasury on a direct
basis.
Chemical New York Corporation, New York, New York, letter
of response relating to the proposal for divestiture of
certain impermissible equity interests in several real
estate properties, as required by the Board!s Order of
May 17, 1974.
Suspension of the Regulation Q penalty normally imposed
upon the early withdrawal of time funds for depositors
affected by recent flooding in eastern Nebraska. 1/
Brockway Citizens Bank, Broclcway, Pennsylvania, proposed
merger into Brookville Bank and Trust Company, Brookville,
Pennsylvania, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Century National Bank of Coral Ridge, Fort Lauderdale,
Florida, proposed merger with Century National Bank of
Broward, Fort Lauderdale, Florida, report to the Comptroller
of the Currency on competitive factors. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
•
H.2, 1978 No. 14
- 2 -
•
ACTIONS OF THE BOARD-Continued
First National Bank in Spokane> Spokane, Washington, proposed acquisition of four branches of First National
Bank in Spokane and one branch of Old National Bank of
Washington, Spokane, Washington, by Rainier National
Bank, Seattle, Washington, report to the Comptroller of
the Currency on competitive factors. 1/
Old National Bank of Washington, Spokane, Washington, proposed acquisition of three branches of Old National Bank
of Washington by Pacific National Bank of Washington,
Seattle, Washington, report to the Comptroller of the
Currency on competitive factors. 1/
Pacific National Bank of Washington, Seattle, Washington,
proposed acquisition of three branches of Pacific National
Bank by Old National Bank of Washington, Spokane,
Washington, report to the Comptroller of the Currency on
competitive factors. 1/
Rainier National Bank, Seattle, Washington, proposed acquisition of five branches of Rainier National Bank by Old
National Bank of Washington, Spokane, Washington, report
to the Comptroller of the Currency on competitive factors.
1/
Wyoming Bank of Rawlins, Rawlins, Wyoming, extension of time
to June 9, 1978, within which to accomplish membership
in the Federal Reserve System. 1/
First Trust & Savings Bank of Kankakee, Kankakee, Illinois,
extension of time to July 7, 1978, within which to
establish a branch at the northwest corner of Merchant
and Curtis Avenue, Kankakee, Illinois. 1/
Merchants and Miners Bank, Calumet, Michigan, extension of
time to July 9, 1978, within which to establish a branch
at Hurontown, Michigan. 1./
First Kentucky Trust Company, Louisville, Kentucky, declaration of dividends. 1/
Mellon National Corporation, Pittsburgh, Pennsylvania, extension of time to May 5, 1978, within which to establish
a consumer finance office at 9205A Folsom Boulevard,
Sacramento, California. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 14
— 3 —
ACTIONS OF THE BOARD-Continued
NCNB Corporation, Charlotte, North Carolina, extension of
time within which to divest shares of C ar o 1 ina - B ly the
Utility Company acquired in connection with debts
previously contracted. 1/
JL/
Application processed on behalf of the Board of Governors under delegated
authority.
•
•
H.2, 1978 No. 14
- 4 ACTIONS OF THE BOARD-Continued
To Become a Member of the Federal Reserve System
Pursuant_ to_ Section 9 of the Federal Reserve Act
Withdrawn
Union Bank, Tucson, Arizona.
*
*
yc
*
k
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Valley Bank and Trust Company, Salt Lake City, Utah.
Branch to be established in the vicinity of 4800 West
and 4100 South, Salt Lake County.
* * * * *
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
Bank of America, New York, New York: to continue to hold
the shares of Societe Anonyme Immobiliera du 28 Place
Vendome, Paris, France.
Morgan Guaranty International Finance Corporation, New
York, New York: to purchase and hold, directly or indirectly, additional shares of Morgan Grendfell Holdings
Limited, London, England.
The Hirard Company, Bala Cynwyd, Pennsylvania: to purchase
and hold, directly or indirectly, 30 per cent of the
common stock and 100 per cent of the preferred stock of
Lombard-Wall International, Limited, London, England.
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
5
H.2, 1978 No. 14
ACTIONS OF THE BOARD-Continued
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Greenup National Corp., Collinsville, Illinois, for approval to acquire 93.6 per cent or more of the voting
shares of The Greenup National Bank, Greenup, Illinois.
2/
Oakland Financial, Inc., Omaha, Nebraska, for approval to
acquire 91 per cent or more of the voting shares of The
Farmers and Merchants National Bank of Oakland, Oakland,
Nebraska. 2/
Texas Bancorp Shares, Inc., San Antonio, Texas, for approval to acquire 80 per cent or more of the voting
shares of Texas State Bank, San Antonio, Texas. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
The Royal Trust Company, Montreal, Quebec, Canada and
Royal Trust Bank Corp., Miami, Florida, for approval to
acquire 51 per cent or more of the voting shares of The
American Bank of Orange County, Orange County, Florida.
Royal Trustee Limited, Ottawa, Ontario, Canada, for approval
to acquire 51 per cent or more of the voting shares of
The American Bank of Orange County, Orange County,
Florida.
Wyoming Bancprporation, Cheyenne, Wyoming, for approval to
acquire 100 per cent (less directors1 qualifying shares)
of the voting shares of First Wyoming Bank-Gillette,
Gillette, Wyoming, a proposed new bank. 2/
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1978 No. 14
6
-
ACTIONS OF THE BOARD-Continued
To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of the Bank Holding Company Act
of 1956
Approved
The Citizens and Southern Corporation, Charleston, South
Carolina, for permission to retain 5,400 shares of the
60,000 outstanding shares of Bank of York, York, South
Carolina. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Approved
BancOhio Corporation, Columbus, Ohio, for approval to
acquire 100 per cent of the shares of Franklinton
Assurance Company, Phoenix, Arizona. 2]
Mercantile Bancorporation, Inc., St. Louis, Missouri,
through its subsidiary, Franklin Finance Company,
Clayton, Missouri, for approval to acquire the assets of
Thorp Credit Company of Charleston, Charleston, West
Virginia.
Bankshares of Nebraska, Inc., Grand Island, Nebraska, to
form a joint venture with Hastings State Company, Hastings,
Nebraska, for permission to engage in industrial banking
activities and credit-related insurance activities,
through a subsidiary, First Savings Company of Hastings,
Hastings, Nebraska.
Hastings State Company, Hastings, Nebraska, to form a joint
venture with Bankshares of Nebraska, Inc., Grand Island,
Nebraska, for permission to engage in industrial banking
activities and credit-related insurance activities,
through a subsidiary, First Savings Company of Hastings,
Hastings, Nebraska.
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1978 No. 14
- 7 ACTIONS OF THE BOARD-Continued
Returned
River Cities Investment Co. and its subsidiary, Investment
Management, Inc., both of Bettendorf, Iowa, notification
of intent to continue to engage in cte novo activities
(providing bookkeeping or data processing services and
storing and processing other bank, banking, financial
related economic data for banking institutions) at 100
E. Kimberly Road, Davenport, Iowa, through its subsidiary, Mid-America Financial Services, Ltd. (4/4/78) 3/
Reactivated
State Street Boston Corporation, Boston, Massachusetts,
notification of intent to engage in jie novo activities
(providing services in the safekeeping of securities,
services in the processing of securities transactions,
delivery of securities in accordance with customersf
instructions and collecting and forwarding payment
thereto) at 40 Exchange Place, New York, New York,
through its subsidiary, State Street Boston Securities
Services Corporation (4/4/78) 3/
Permitted
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 proceeds of which may be for purposes other
than personal, family or household usage; sale of credit
related life/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 on the credit transactions
in the event of the obligator'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 Louisiana,
Nationwide Financial Corporation of New Mexico, Nationwide Financial Corporation of California and Nationwide
Financial Corporation of Georgia 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
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. 14
- 8 ACTIONS OF THE BOARD-Continued
laws and regulations; credit related decreasing term
life insurance and accident and health insurance may be
reinsured by Gateway Life Insurance Company, an affiliate
of Nationwide Financial Corporation of Louisiana, Nationwide Financial Corporation of New Mexico, Nationwide Financial Corporation of California and Nationwide Financial
Corporation of Georgia; further, in regard to the sale
of credit related insurance, the subsidiary does not act
as a general insurance agency) at Village Square, 3036
College Drive, Baton Rouge, Louisiana, 518 Coronado
Center, N.E., Albuquerque, New Mexico, 2218 Pacific
Avenue, Stockton, California, and 107 Washington Street,
Gainesville, Georgia, through subsidiaries of Nationwide
Financial Services Corporation (4/2/78) 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 proceeds of which may be for purposes other
than personal, family or household usage; sale of credit
related life/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 on the credit transactions
in the event of the obligator's disability by licensed
agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit
related decreasing term life insurance and accident and
health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial
Corporation of Florida/Nationwide Acceptance Corporation
of Florida; further, in regard to the sale of credit
related insurance, the subsidiary does not act as a
general insurance agency) at 124 E. Colonia Drive,
Orlando; 2417 Edgewater Drive, Orlando; 1220 N.E, 163rd
Street, N. Miami Beach; 839 W. 49th Street, Hialeah;
5927 S.W.,8th Street, Miami; 215 Harrison Avenue, Panama
City; 1243-1245 Arlington Road, Jacksonville; 2415
Blandlng Blvd., Jacksonville; 9922 Bcach Blvd., Jacksonville; 1915 North Monroe, Tallahassee; and 675 West
Garden Street, Pcnsacola, all located in Florida, through
its subsidiary, Nationwide Financial Services Corporation
presently operating as Nationwide Financial Corporation
of Mori da/Nationwide Acceptance Corporation o( Florida
(4/3/78) 3/
3/
4(c)(8) and '*(o ( U ) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2. 1978 No. 14
- 9 A C T 0 & S OF THE BOARD-Continaed
^
Citicorp, New York, New York, notification of intent to
engage in cle novo activities (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, or decreasing or level
(in the case of single payment loans) term life insurance to cover the outstanding balance 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 on the credit transactions
in the event of the obligator T s disability by licensed
agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and
health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial
Corporation of Florida/Nationwide Acceptance Corporation
of Florida; further, in regard to the sale of credit
related insurance, the subsidiary does not act as a
general insurance agency) at 3839 W. John F. Kennedy,
Tampa, 2912 W. Hillborough Avenue, Tampa and 4914 Busch
Boulevard, Tampa, all located in Florida, through its
subsidiary, Nationwide Financial Services Corporation
presently operting as Nationwide Financial Corporation
of Florida/Nationwide Acceptance Corporation of Florida
(4/7/78) 3/
Citicorp, New York, New York, notification of intent to
engage in (ie novo activities (making loans to individuals and businesses secured by real and personal propcrty, the proceeds of which nay be for purposes other
than personal, family or household usap.e; sale of credit
related life/accident and health, or decreasing or level
(in Un case of single pavm^nt loans) t«xrm life insurance ?<» rover the outstanding balance-, mi credit transactions In the event of the oh 1 h*at>>r1 < disability by
licensed a%«-nts or brokers (o the extent permissible
under applicable State insurance law; and regulations;
\ fid 11 related decreasing tern life (nsurancc and accident and health insurance may be re injured bv Catewav
! H e Insurance Company, an iff 111 it*- of Nationwide
flr*anrl*l corporation of Kt'rMa/XuioriA'lde Acceptance
f'-irpn; it i
of Florida; farther* in regard to the sale
of rvlit r lar.»"d Insuran » , th*
ldi;iry does not act
a.: i z^en^ril insarince
tr !H#1
Cccimercial
Lauderdalr, riurida, zhi
its subsidiary,
^arionwide Financial Services lur^^r.*( !cn presently
';,"raf*a^ ts Xitiunwid^ * Ii;an Ia% Cor;eratfon of
Wa/
\ ,p;aa r
; pur.n
c - * r i Ja (4/7/7H) &/
j/
4(c) (S)
of the
&rd o:
M l / ) not if icat.>n.» pn,
L; Kv?,erve Rank on behalf
lov* r n o r u n d e r delegated aut her ^ tv.
H.2, 1978 No. 14
- 10 ACTIONS OF THE BOARD-Continued
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 proceeds of which may be for purposes other
than personal, family or household usage; sale of credit
related life/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 on the credit transactions in the event
of the obligator'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 Georgia 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 related decreasing
term life insurance and accident and health insurance
may be reinsured by Gateway Life Insurance Company, an
affiliate of Nationwide Financial Corporation of Georgia;
further, in regard to the sale of credit related insurance,
the subsidiary does not act as a general insurance
agency) at Southgate Shopping Center, Augusta, Georgia,
through its subsidiary, Nationwide Financial Corporation
of Georgia (4/7/78) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to relocate de novo activities (making installment
loans to individuals for personal, family or household
purposes* purchasing sales finance contracts executed in
connection with the sale of personal, family or household goods or services; acting as agent in the sale of
credit life and credit accident and health insurance
directly related to its extensions of credit; acting as
agent In the sale of insurance protecting collateral
held against the extensions of credit; and making second
mortgage loans secured in whole or in part by mortgage
or other lien on real estate) from 104 East 6th Street,
Waynesboro, Georgia to 3120 Peach Orchard Road, Augusta,
Georgia, through Its subsidiary, Landmark Financial
Services, Inc. d/b/a Landmark Finance Corporation of
Ocorgia (4/4/78) 3/
3/
4(c)(8) .md 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 14
11
ACTIONS OF THE BOARD-Continued
Third National Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (conducting the business of a mortgage company including the
making or acquiring, for its own account or for the account of others, loans and other extensions of credit
for any persons; and to act as agent or broker in the
sale of mortgage redemption insurance, credit life and
accident and health insurance) at 1111 Northshore Drive,
Knoxville, Tennessee, through a subsidiary, Third National
Mortgage Company (4/8/78) 3/
BankAmerica Corporation, San Francisco, California, 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 extensions of credit, such activities will include, but
not be limited to, making loans and other extensions of
credit to small businesses, and making loans secured by
real and personal property; and the offering of credit
related life, credit related accident and disability
insurance, and credit related property insurance in
connection with extensions of credit made or acquired by
FinanceAmerica Corporation) at 2604 Wooddale Boulevard,
Baton Rouge, Louisiana, through its indirect subsidiary,
FinanceAmerica Corporation (a Louisiana Corporation)
(4/7/78) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to continue to engage in de novo activities
(providing financing of inventory of dealers of consumer
durable goods; and making available to such dealers at
their option and cost, fire, theft, and damage insurance
on a monthly reporting basis covering only the outstanding of indebtedness on such inventory, pursuant to a
contractual arrangement with the manufacturer, the
foregoing financing will be provided through a newly
activated corporation, Electronics Credit Corporation
only to dealers supplied by distributors representing
Quasar Electronics Company, a division of Matsushita
Kloctric Corporation of America, such dealers and
distributors may be located anywhere in the United
States) at 347 Cellert Boulevard, Daly City, California;
3074A Whitney Avenue, Hamden, Connecticut; 2250 E. Devon
3/
) (8 * md 4(c) (12) notifications processed by Reserve Bank on behalf
of (hi bar.l of Ccvcrnors under delegated author icy,
H.2, 1978 No. 14
- 1 2 -
ACTIONS OF THE BOARD-Continued
Avenue, Des Plaines, Illinois; 927 Temple Street, Whitman,
Massachusetts; 3343 Harlem Road, Cheektowaga, New York;
5979 E. Livingston Avenue, Columbus, Ohio; 1033 Sumner
Avenue, Whitehall, Pennsylvania; 9901 Paramount Boulevard,
Downey, California; Oaktree Plaza, 3845 N. Druid Hills
Road, Decatur, Georgia; 3102 South 24th Street, Kansas
City, Kansas; 9001 E. Bloomington Freeway, Bloomington,
Minnesota; 500 Archdale Drive, Charlotte, North Carolina;
1401 Cedar Crest Boulevard, Allentown, Pennsylvania;
4023 Knight Arnold Road, Memphis, Tennessee; and 1545
Mockingbird Lane, Dallas, Texas, through its subsidiary,
FinanceAmerica Private Brands, Inc. (4/7/78) 3/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
^
'
Permitted
Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire more than 5 per cent of
the outstanding voting stock of SAFECO Corporation,
Seattle, Washington, engaged in various phases of the
insurance business (4/7/78) 3/
Baldwin-United Corporation, Cincinnati, Ohio, notification
of intent to acquire The Johnson and Hardin Company,
Cincinnati, Ohio, through a merger of this company into
a wholly-owned subsidiary to be known as New Parent Company (an Ohio Corporation) (4/7/78) 3/
Baldwin-United Corporation, Cincinnati, Ohio, notification
of intent to acquire, through its wholly-owned subsidiary
DHB, Inc., the remaining 10 per cent of the outstanding
common stock of National Farmers Union Service Corporation, thereby Increasing its ownership to 100 per cent
(4/3/78) 3/
S T 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. 14
13
ACTIONS OF THE BOAKD-Continued
Certifications Issued Pursuant to the Bank Holding
Company Tax Act 1976
UniCapital Corporation, Atlanta, Georgia, (1) prior certification that its sale of all of its shares of The First
National Bank of Cape Canaveral, Cape Canaveral, Florida,
was necessary or appropriate to effectuate the policies
of the Bank Holding Company Act ("BHC Act"): and (2)
final certification that UniCapital Corporation has
(before the expiration of the period prohibited is
permitted under the BHC Act to be held by a bank holding
company) ceased to be a bank holding company. (Legal
Division Docket TCR 76-148) */
Industrial National Corporation, Providence, Rhode Island,
prior certification that its proposed sale of a 50 per
cent partnership interest in Long Wharf Mall Associates,
and 100 shares of Long Wharf Mall Corporation, both of
Newport, Rhode Island, is necessary or appropriate to
effectuate section 4 of the Bank Holding Company Act.
(Legal Division Docket TCR 76-161) */
The Brantley Company, Inc., Blackshear, Georgia, prior
certification that its proposed distribution to its
shareholders of 8,360 shares of The Blackshear Bank,
Blackshear, Georgia, is necessary or appropriate to
effectuate the policies of the Bank Holding Company Act.
(Legal Division Docket TCR 76-134) */
frf Processed on behalf of the Board of Governors under delegated authority.
H.2, 1978 No. 14
- 14APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Chelsea State Bank, Chelsea, Michigan. Branch to be
established in the vicinity of 1225 South Main Street,
Chelsea, Washtenaw County.
* * * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
First Bank & Trust Company, Dawson, Texas.
*
* * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
First Clinton BanCorporation, Inc., Clinton, Illinois,
for approval to acquire 80 per cent of the voting shares
of First National Bank and Trust Company of Clinton,
Clinton, Illinois.
Chisago Holding Company, Chisago City, Minnesota, for
approval to acquire 92 per cent of the voting shares of
Chisago State Bank, Chisago City, Minnesota.
City Bancshares, Inc., Kansas City, Missouri, for approval to acquire 90 per cent or more (less directors'
qualifying shares) of the voting shares of City Bank and
Trust Company of Kansas City, Kansas City, Missouri.
Platte County Bancshares, Inc., Dearborn, Missouri, for
approval to acquire 83 per cent of the voting shares of
Platte County Bank of Camden Point, Camden Point, Missouri
and 91.6 per cent of the voting shares of Platte County
Bank of Dearborn, Dearborn, Missouri.
Paropa Bancshares, Inc., Pampa, Texas, for approval to
acquire 80 per cent or more of the voting shares of
Citizens Bank and Trust Company, Pampa, Texas.
H.2, 1978 No. 14
— 15 —
APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Citicorp, New York, New York, notification of intent to
engage in jie novo activities (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, 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 on the credit transactions
in the event of the obligator1s 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 Nevada,
Nationwide Financial Corporation of South Dakota, and
Citicorp Person-to-Person Financial Center 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 related 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,
Nationwide Financial Corporation of South Dakota, and
Citicorp Person-to-Person Financial Center; further, in
regard to the sale of credit related insurance, the
subsidiary does not act as a general insurance agency)
at 953 East Sahara Avenue, Suite D-10 Commercial Center,
Las Vegas, Nevada; 2700 State Street, Suite 16-A, Las
Vegas, Nevada; 4601 West Sahara Blvd., Las Vegas, Nevada;
405 East Omaha, Suite 110, Rapid City, South Dakota; 300
North Dakota Avenue, Suite No. 6, Courthouse Plaza,
Sioux Falls, South Dakota; and 3140 South Fourth Avenue,
Suite 109, Yuma, Arizona; through its subsidiary, Nationwide Financial Corporation of Nevada for the offices
located in Nevada, Nationwide Financial Corporation of
South Dakota for the offices located in South Dakota and
Citicorp Person-co-Person Financial Center for the
office located in Arizona (4/5/78) 3/
3/
4(c)(8) and 4(e)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 14
— 16 —
APPLICATIONS RECEIVED-Continued
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 Ritter Consumer Discount Company, Inc. of
Pennsylvania, Ritter Finance Company, Inc. of North
Carolina, and Ritter Finance Company, Inc. of Indiana)
at Center Avenue, New Stanton, Pennsylvania; 110 Court
House Avenue, Burgaw, North Carolina; 314 S. Main Street,
Fairmont, North Carolina; 314 Fourth Street, Red Springs,
North Carolina; 126 W. Wade Street, Wadesboro, North
Carolina; and 163 E. Walnut Street, North Vernon,
Indiana; through its subsidiary, Ritter Consumer Discount Company, Inc. of Pennsylania for the Pennsylvania
office, Ritter Finance Company, Inc. of North Carolina
for the North Carolina offices and Ritter Finance Company,
Inc. of Indiana for the Indiana office (4/5/78) 3/
New Jersey National Corporation, Trenton, New Jersey, notification of intent to relocate dje novo activities
(making, acquiring, selling and servicing for its own
account or the account of others, loans and other extensions of credit principally secured by mortgages; and
selling credit life/accident and health insurance in
connection with the mortgage loans made pursuant to
Underwood Mortgage and Title Company's mortgage servicing and lending business and such incidental activities
as are necessary to carry on the activities specified)
from 1150 Springfield Avenue, Irvington, New Jersey to
1767 Morris Avenue, Union, New Jersey, through a subsidiary, Underwood Mortgage and Title Company (3/31/78) 3/
Union Commerce Corporation, Cleveland, Ohio, notification
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* with respect to
governmental entities only, reasonably anticipated
future transactions) will be to compensate the lessor
for not less than the lessor's full investment in the
property; makin# or acquiring, for its own account or
the account of others, loans and other extensions of
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. 14
17
APPLICATIONS RECEIVED-Continued
credit primarily to finance the acquisition of personal
property and equipment, such loans would include, but
not be limited to, the financing of time sales contracts,
conditional sales agreements, installment purchase
loans, and secured term loans) at 6065 Roswell Road,
N.E., Atlanta, Georgia, through its subsidiary, Union
Commerce Leasing Corporation (4/5/78) 3/
National Detroit Corporation, Detroit, Michigan, notification of intent to engage in de novo activities (making,
acquiring and servicing for its own account and for the
account of others, mortgage loans and other extensions
of credit in connection with the purchase, development
and/or improvement of real property) at 160 Newtown
Road, Virginia Beach, Virginia, through its subsidiary,
NBD Mortgage Company (4/6/78) 3/
National Detroit Corporation, Detroit, Michigan, notification of intent to engage in d<B novo activities (making,
acquiring and servicing for its own account and for the
account of others, mortgage loans and other extensions
of credit in connection with the purchase, development
and/or improvement of real property) at 8304-8360
Clairemont Mesa Blvd., San Diego, California, through
its subsidiary, MBD Mortgage Company (4/6/78) 3/
* * * * *
For Certification Pursuant to the Bank Holding Company
Tax Act of 1976
Republic Industries, Inc., Kansas City, Missouri, to divest
shares of Grandview Bank and Trust, Grandview, Missouri.
(Legal Division Docket TCR 76-162)
Trans-Westefn Corp., New England, North Dakota, to divest
shares of American State Bank of New England, New England,
North Dakota. (Legal Division Docket TCR 76-163)
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. 14
- 18 REPORTS RECEIVED
None.
*
* * * *
PETITIONS FOR RULEMAKING
None.
@FedFRASER