Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : August 14, 1971

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ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
H.2
1971 No. 33
District

4
7

Applications and Reports Received or Acted on
During Week Ending August 14, 1971
Current Report Filed Pursuant to Section 13 of
the Securities Exchange Act
Received
The Union Commerce Bank, Cleveland, Ohio
(July 1971)
Security Bank and Trust Company, Southgate,
Michigan (July 1971)
* * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Received
Commonwealth Bank and Trust Company of Virginia,
Sterling, Virginia.
-k ic -k -k

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5




To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Received
The Bank of Delaware, Wilmington, Delaware. To
establish a branch office in the Middletown
Shopping Center, intersection of North Broad
Street and the proposed new location of Ashland
Street, Middletown, New Castle County.
The Bank of Hartsville, Hartsville, South Carolina.
To establish a branch in the Hartsville Mall,
Hartsville, Darlington County.

Date

8-13-71
8-12-71

H.2

1971 Non 33

-2-

App roved
^Broadway Bank and Trust Company, Paterson, New
Jersey. Branch in the Ridgemont Shopping Center,
Kinder~Kamack Road, Park Ridge, Bergen County.
*Union Bank and Trust Company, Bowling Green, Virginia.
A branch at the intersection of Main Street and
Davis Court, Bowling Green, Caroline County.
^Capital City State Bank, Des Moines, Iowa.
Branch at 5700 Hickman, Des Moines, Iowa.
*Bank of Sturgeon Bay, Sturgeon Bay, Wisconsin.
Branch in the unincorporated village of Fish
Creek, Door County.
* * * *

Thirty Day Notice of Intention to Establish an
Additional Branch in a Foreign Country
Received
The Chase Manhattan Bank, National Association,
New York, New York. Five additional branches in
the Republic of Panama. Branches at the
following locations:

2

A.

Agua Dulce

B.

La Chorrera

C.

Las Tab las

D.

Rio Abajo

E.

Santiago
* * * *

*

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







To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
Associated Bank Corporation, Des Moines, Iowa,
for prior approval to acquire 55 per cent or more
of the voting shares of Iowa Trust & Savings Bank,
Estherville, Iowa.
Approved
United Bancorp, of Maine, Portland, Maine,
for prior approval to acquire 51 per cent of the
voting shares of the Central National Bank, Waterville,
Maine, a proposed new bank*
United Bank Corporation of New York, Albany, New York,
for prior approval to acquire 100 per cent of the
voting shares of State Bank of Albany, Albany,
New York, and Liberty National Bank and Trust
Company, Buffalo, New York.
Heritage Bancorporation, Cherry Hill, New Jersey,
for prior approval to acquire 100 per cent of the
voting shares of South Jersey National Bank, Camden,
New Jersey, and Hie First National Iron Bank of
New Jersey, Morristown, New Jersey.
Pan American Bankshares, Inc., Miami, Florida,
for prior approval to acquire 78 per cent or more
of the voting shares of Commercial National Bank of
Broward County, Broward County, Florida.
Commerce Bancshares, Inc., Kansas City, Missouri,
for prior approval to acquire more than 80 per cent
of the rating shares of Fenton Bank, Fenton,
Missouri.
Denied
Midlantic Banks, Inc 0 , Newark, New Jersey,
for prior approval to acquire 100 per cent (less
directors1 qualifying shares) of the voting shares
of the successor by merger to Citizens National
Bank, Englewood, New Jersey.




To Expand a Bank Holding Company Pursuant to
Section 3(a)(3) of the Bank Holding Company
Act of 1956
.
Received
Empire Shares Corporation, New York, New York,
for prior approval to acquire 39.96 per cent
of the voting shares of Community State Bank,
Albany, New York.
Lincoln First Banks Inc., Rochester, New York,
for prior approval to acquire the National
Bank of Northern New York, Water town, New York.
United Jersey Banks, Hackensack, New Jersey,
for prior approval to acquire 100 per cent
of the voting shares of Peoples Bank of
Montvale, Montvale, New Jersey.
United Jersey Banks, Hackensack, New Jersey,
for prior approval to acquire 100 per cent of
the voting shares of Peoples Bank of South
Bergen County, Carlstadt, New Jersey.
United Jersey Banks, Hackensack, New Jersey,
for prior approval to acquire 100 per cent of the
voting shares of Peoples Bank of Ridgewood,
Ridgewood, New Jersey.
Northern Virginia Bankshares Incorporated, Baileys
Cross Roads, Virginia, for prior approval to
acquire 41.96 per cent or more of the voting
shares of Hie Bank of Arlington, Arlington,
Virginia.
Barnett Banks of Florida, Inc., Jacksonville,
Florida, for prior approval to acquire shares
of Central Bank in Fort Lauderdale, Fort
Lauderdale, Florida.
Pan American Bancshares, Inc., Miami, Florida,
for prior approval to acquire at least 80 per cent
of the voting shares of Pan American Bank of
Miami Beach, Miami Beach, Florida.

H.2
1971 No.33

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11

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9

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—5**
Received (continued)
Pan American Bancshares, Inc., Miami, Florida,
for prior approval to acquire at least 80 per cent
of the voting shares of Citizens Bank and Trust
Company in Sarasota, Florida,
First City Bancorporation of Texas, Inc.,
Houston, Texas, for prior approval to acquire
at least 52 per cent of the voting shares of
Humble State Bank, Humble, Texas.
Approved
First Texas Bancorp. Inc., Georgetown, Texas,
for prior approval to acquire American State
Bank, Killeen, Citizens State Bank, Georgetown,
and First National Bank, Lampasas, all in Texas.
Denied
First Sebonco Inc., Glendine, Montana,
for prior approval to acquire 50.4 per cent of
the voting shares of First Security Bank of
Glendine, Glendine, Montana.
Withdrawn
On. H.2 No. 27, for the week ended July 3, 1971, the
Board reported receipt of an application from
Wyoming Bancorporation, Cheyenne, Wyoming for
prior approval to acquire The First National Bank
of Lander, Lander, Wyoming. In a letter dated
August 6, 1971, Applicant requested that the
application be withdrawn.
Suspense
On H.2 No. 27, for the week ended July 3, 1971, the
Board reported receipt of an application from
Huntington Bancshares, Inc., Columbus, Ohio, for
prior approval to acquire shares of The Portage
National Bank, Kent, Ohio. This application is
now in suspense awaiting receipt of Applicant's
reply to a Department of Justice letter to the
Board dated August 10, 1971.

H.2
1971 No. 33

-6~

To Expand a Bank Holding Company Pursuant to
Section 4(c)(12) of the Bank Holding Company
Act of 1956
Received
The Sperry and Hutchinson Company, New York,
New York, notification of intent to acquire
shares of Bayly, Martin & Fay, Inc., Los
Angeles, California.
Gulf & Western Industries, Inc., New York,
New York, notification of intent to acquire
50 per cent of the capital stock in the
following companies:
S.C.I. Du Grand Rouleu
S.C.I. De Saint-Francois
S.C.I. Du Grand Macabou
S.C.P. Du Domaine De Deshaies
S.C.A. Du Domaine De Nogent
S.C.I. De La Baie Sainte-Marie
Each of the above will have its principal
office in Martinique or Guadeloupe.

8-13-71

Olin Corporation, Stamford, Connecticut,
notification of intent to acquire shares of
Security Bag Division of Fox Paper Company,
Cincinnati, Ohio.

8- 9-71

Permitted**
Family Finance Corporation, Wilmington, Delaware,
to acquire shares of Westland Investment
Company, Roswell, New Mexico.

**

8-12-71

8- 7-71

Berkshire Hathaway Inc., New Bedford, Massachusetts,
to acquire shares of Blue Chip Stamps, Los
Angeles, California.

8- 7-71

Berkshire Hathaway Inc., New Bedford, Massachusetts,
to acquire shares of California Water Service
Company, San Jose, California.

8- 7-71

Processed by Reserve Bank on behalf of the Board of Governors under
delegated authority.




H. 2
1971 No. 33
To Expand a Bank Holding Company Pursuant to
Section 4(c)(8) of the BAnk Holding Company
Act of 1956
Permitted**
Conill Corporation, Chicago, Illinois to expand
the activities of its subsidiary, Continental
Illinois Realty Advisors, Inc., by opening and
maintaining an office in Chicago, Illinois.
12

BankAmerica Corporation, San Francisco,
California, to engage in a de novo activity
(the purchase of notes secured by deeds of
trust and mortgages covering recreation land
or recreational homes) through a subsidiary
known as Western America Financial, Inc.,
San Francisco, California.
Other
The Federal Reserve Bank of Kansas City,
acting on behalf of the Board of Governors
under delegated authority, delayed the 45
day period for permitting Commerce Bancshares,
Inc., Kansas City, Missouri, to engage in a
de novo activity (providing management and
investment services to companies engaged in
making real estate investments through a
non-related corporation) through a subsidiary
known as Commerce Management Services, Inc.,
Kansas City, Missouri.

**Processed by Reserve Bank on behalf of the Board of Governors under
delegated authority.




8- 8-71

8-13-71