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ANNOUNCEMENT BY BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on H.2 1975 No. 50 and All Other Actions of the Board During the Week Ending December 13, 1975 District Date 2 Current Report Filed Pursuant to Section 13 of the Securities Exchange. Act Received Nassau Trust Company, Glen Cove, New York 12-12-75 4 The Union Bank and Savings Company, Bellevue, Ohio 12-10-75 Union Bank, Los Angeles, California 12- 8-75 12 5 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received Heritage Bank and Trust, Norfolk, Virginia V? V<r >V /V Vc 2 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Approved -'United Jersey Bank, Hackensack, New Jersey. Branch to be established at 19 Ridgedale Avenue, East Hanover, Morris County. -'Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 50 - 2 Approved Cont'd *The Fidelity Bank, Rosemont, Montgomery County, Pennsylvania. Branch to be located within the premises of 2019 Cottman Avenue, Philadelphia. -The Detroit Bank-SouthfieId, Southfield, Michigan. Branch to be established in the vicinity of Northwestern Highway and Evergreen Road, Southfield. *Security Bank and Trust Company, Southgate, Michigan. Branch to be established in the vicinity of High Street, Southfield Road, Ecorse, Wayne County. * -k 9 vx -k To Organize, or Invest in, a Corporation Doing Foreign Banking and Other Foreign Financing Pursuant to Section 25 or 25(a) of the Federal Reserve Act Denied The First National Bank of Saint Paul, Saint Paul, Minnesota: to organize a Corporation in Saint Paul, Minnesota, to be known as, "Firstbank International Corporation. 11 * "k * * International Investments and Other Actions Approved Pursuant to Sections 25 and 25(&y of the Federal Reserve Act and Sections 4(c)9 and 4(c)13 of the bank Holding Company Act of 1956, as amended _____ 7 Continental International Finance Corporation, Chicago, Illinois: investment - additional in Credit Commercial de France, Paris, France. /V * * * ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 50 10 7 12 - 3 - To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received Jeiit, Inc., Grinnell, Kansas, for approval to acquire 97 per cent of the voting shares of Peoples State Bank, Grinnell, Kansas. Approved Illinois National Bancorp, Inc., Springfield, Illinois, for approval to acquire 100 per cent (less directors* qualifying shares) of the voting shares of the successor by merger to The Illinois National Bank of Springfield, Springfield, Illinois. Citizens Bancorp, Albany, Oregon, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of the successor by merger to Citizens Valley Bank, Albany, Oregon. * * * * * 4 To Expand a B a n k Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Northwest Ohio Bancshares, Inc., Toledo, Ohio, for approval to acquire 80 per cent or more of the voting shares of The Liberty State Savings Bank, Liberty Center, Ohio. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received Chemical New Y o r k Corporation, New York, New York, for approval to acquire the shares of Van Deventer & Hoch, Glendale, California. **Fidelity Union Bancorporation, Newark, New Jersey, notification of intent to engage in de novo activities (the business of making loans in the present maximum amount of $3,500 or less under the provisions of the Pennsylvania Consumer Discount Company Act; and making available to customers, credit life insurance and disability **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-10-75 * H.2 1975 No. 50 • - 4 I Received Continued insurance covering the unpaid balance of loans outstanding ; and fire, casualty, and theft insurance to protect household goods held as collateral during the periods of credit extensions) at 405 Main Street, Towanda, Pennsylvania, through its subsidiary, Sentry Consumer Discount Company. 5 **The Citizens and Southern Corporation, Charleston, South Carolina, notification of intent to relocate de novo activities (making and acquiring for its own account loans and other extensions of credit such as would be made by a finance company; and in connection with these activities to act as an agent in the sale of credit life insurance for the convenience of its borrowing customers) from 115 Church Street, Charleston, South Carolina to the C & S Financial Center, Aviation Avenue at 1-26, North Charleston, South Carolina, through its subsidiary, Mohoco Financial Services, Inc. 12- 8-75 5 **The Citizens and Southern Corporation, Charleston, South Carolina, notification of intent to relocate de novo activities (making, acquiring, and servicing for its own account and for the account of others, loans and other extensions of credit such as would be made by a mortgage or finance company; and in connection with these activities to act as an agent in the sale of credit life insurance for the convenience of its borrowing customers) from 215 East Bay Street, Charleston, South Carolina to the C & S Financial Center, Aviation Avenue at 1-26, North Charleston, South Carolina, through its subsidiary, Carolina National Mortgage Investment Company, Inc. 12- 8-75 6 **Citizens and Southern Holding Company, Atlanta, Georgia, 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 issuing letters of credit and accepting drafts), such as would be made by a factoring company; servicing loans and other extensions of credit for any person; 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 12-12-75 **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. 50 - 5 - Received Continued reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor's full investment in the property) at 2059 Colledge Road, Tucker, Georgia, through a subsidiary, Citizens and Southern Factors, Inc. 8 ^ M e r c a n t i l e Bancorporation Inc., St. Louis, Missouri, notification of intent to 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 securing loans made to borrowers) at 105888 S.E. Washington, Portland, Oregon, through a subsidiary, Franklin Finance Company. 12-12-75 10 Ribanco, Inc., North Loup, Nebraska, for approval to acquire the shares of Rising City Insurance Agency, Inc., Rising City, Nebraska. 12 **Patagonia Corporation, Tucson, Arizona, notification of intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in leasing such property provided: the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property; the property to be leased is acquired specifically for the leasing transaction under consideration or was acquired specifically for an earlier leasing transaction; the lease is on a nonoperating basis; and at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor 1 s full investment in the property plus the estimated total cost of financing the property over the term of the lease) in Kansas City, Missouri, through its subsidiary, Patagonia Leasing Company. 11-28-75 12 **Rainier Bancorporation, Seattle, Washington, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of 12- 1-75 **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. 50 6 Received Continued others, loans and other extensions of credit including the making of consumer installment loans, purchasing consumer installment sales finance contracts, and making of loans to small businesses; .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 effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease, from rentals; estimated tax benefits (investment tax credit, net economic gain from tax deferral from accelerated depreciation and other tax benefits with a substantially similar effect); the estimated residual value of the property at the expiration of the initial term of the lease which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor; and in the case of a lease of not more than 7 years in duration, such additional amount, which shall not exceed sixty per cent of the acquisition cost of the property as may be provided by an unconditional guarantee by a lessee, independent third party or manufacturer, which has been determined by the lessor to have the financial resources to meet such obligation that will assure the lessor of recovery of its investment and cost of financing; as insurance agent or broker with regard to credit life and disability insurance relating only to extensions of credit by Rainier Credit Company, secured or unsecured, with the limitation that the initial amount of such insurance issued with respect to any debtors may at no time exceed the amount owed by debtors and with regard to consumer credit related property and casualty insurance on personal property subject to security agreements with Rainier Credit Company) at 303 Water Street, Santa Cruz, California, through its subsidiary, Rainier Credit Company. **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. 50 12 12 Received Continued **Security Pacific Corporation, Los Angeles, California, notification of intent to relocate jde novo activities (the origination and acquisition of mortgage loans, including development and construction loans on multifamily and commercial property, for its own account or for the sale to others; and the servicing of such loans for others) from 875 Johnson Ferry Road N.E. to 1.900 The Exchange, Atlanta, Georgia, through its subsidiary, Security Pacific Mortgage Corporation. **Sec.urity Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (the origination and acquisition of mortgage loans, including development and construction loans on multifamily and commercial properties, for its own account or for the sale to others; and the servicing of such loans for others) at 333 South Hope Street, Los Angeles, California, through its subsidiary, Security Pacific Mortgage Corporation. 1 11-26-75 Approved Citizens Bancorp, Albany, Oregon, for approval to acquire 100 per cent of the voting shares of the successor by merger to Citizens Development Company, Albany, Oregon. 12 7 11-26-75 Delayed **Rock City Bancshares, Inc., Rock City, Illinois, notification of intent to engage in de novo activities (leasing personal property, or acting as agent, broker, or adviser in leasing of such property where at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor T s full investment in the property plus the estimated cost of financing the property over the term of the lease) in Rock City, Illinois, through its subsidiary, Rock City Leasing Co., Inc. Permitted **Worcester Bancorp, Inc., Worcester, Massachusetts, notification of intent to engage in de novo activities (acting as insurance agent or broker in offices at which Worcester Bancorp, Inc. or its subsidiaries are otherwise engaged in business with respect to the **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-12-75 12-13-75 H. 2 1975 No. 50 Permitted Continued following types of insurance: credit life insurance, credit accident and health insurance, and mortgage redemption insurance all directly related to extensions of credit by Worcester Bancorp, Inc.'s banking and nonbanking subsidiaries; the condition that language will be inserted in bold type on the insurance application forms to inform a prospective purchaser of insurance that he need not purchase such insurance in order to obtain an extension of credit from Worcester Bancorp, Inc., or any of its subsidiaries or affiliates and subject to the further condition that all sales of individual, insurance policies for amounts in excess of $10,000 and ten years' duration will be made by a licensed insurance agent) at 324 Main Street, Greenfield, Massachusetts; 377 Federal Street, Greenfield, Massachusetts; 12 North Main Street, Orange, Massachusetts; and Mohawk Plaza Shopping Center, Orange, Massachusetts; through its subsidiary, Wornat Insurance Agency, Inc. 2 **The Chase Manhattan Corporation, New York, New York,, notification of intent to engage in de novo activities (acting as an equipment leasing and financing corporation and as agent, broker, or adviser in connection with the leasing or financing of personal property, all such leases to be on a full payout basis) in the vicinity of 1300 East Ninth Street, Cleveland, Ohio, through its subsidiary, Chase Manhattan Leasing Corporation. 12-11-75 3 **Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in dje novo activities (making or acquiring, for its own account or for the account of others, loans or other extensions of credit in particular factoring and commercial financing including accounts receivable and conditional sales financing; in addition, Maguire of California will continue to engage in the activity of checking the creditworthiness of certain customers of its parent John P. Maguire & Co., Inc.) from 425 South Shatto Place, Los Angeles, California to 6420 Wilshire Boulevard, Los Angeles, California, through its indirect subsidiary, John P. Maguire of California, Inc. 12- 9-75 **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. 50 Permitted Continued **Union Commerce Corporation, Cleveland, Ohio, notification of intent to relocate due 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 reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor's full investment in the property; making or acquiring, for its own account or the account of others, loans and other extensions of 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) from One Commerce Square, Memphis, Tennessee to 2670 Union Avenue - Extended, Memphis, Tennessee, through its wholly-owned subsidiary, Union Commerce Leasing Corporation, Cleveland, Ohio. **Equitable Bancorporation, Baltimore, Maryland, notification of intent to engage in de novo activities (leasing real property or acting as agent, broker, or adviser in leasing such property) in the Munsey Building, Calvert and Fayette Streets, Baltimore, Maryland, through a subsidiary, Equitable Financial Corporation. Reactivated **County National Bancorporation, St. Louis, Missouri, notification of intent to engage in de novo activities (the business of originating and servicing of real estate mortgage loans and other general mortgage banking activities) at 10449 St. Charles Rock Road, St. Louis, Missouri, through its subsidiary, CMC Investment Company. * * * * * Other Actions of the Board Statement by Governor Jeffrey M. Bucher before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-12-75 12-13-75 12-11-75 H. 2 1975 No. 50 10 - Continued Statement by Governor Robert C. Holland before the Senate Committee on Banking, Housing and Urban Affairs. Statement by Vice Chairman George W. Mitchell before the Subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking, Currency and Housing. The Board proposed for comment a change in its Regulation Y to require prior notification by bank holding companies planning to purchase their own stock. Report on bill S. 1281, the "Home Mortgage Disclosure Act of 1975", letter to Chairman William Proxmire, Senate Committee on Banking, Housing and Urban Affairs, commenting on a number of features of the proposed legislation. ***Arizona Equities, Inc., Scottsdale, Arizona, extension of time to March 11, 1976, within which to acquire an additional 3.2 per cent of the voting shares of The Arizona Bank, Phoenix, Arizona. ***Mercantile Bancorporation, Inc., St. Louis, Missouri, additional 90-day extension of time until April 2, 1976, within which to acquire 90 per cent or more of the voting shares of Bank of Eldon, Eldon, Missouri. ***Stapleton Investment Co., Stapleton, Nebraska, extension of time until December 26, 1975, within which to file its registration statement. ***County Bank of Santa Cruz, Santa Cruz, California, to make an investment in bank premises. ***United Jersey Bank, Hackensack, New Jersey, to make an additional investment in bank premises. ***Bankers Trust Company, New York, New York, extension of time within which to establish a branch at 1664 Merrick Road, Holiday Park Shopping Center, Town of Hempstead, New York. ***Processed on behalf of the Board of Governors under delegated authority. H.2 1975 No. 50 11 Continued ***Chardon Savings Bank Co., Chardon, Ohio, additional extension of time until July 9, 1976, within which to establish its branch at 8490 Kinsman Road, Russell Township, Ohio. ***First Security Bank, Bozeman, Montana, application to declare dividends. ***Jasper County Savings Bank, Newton, Iowa, application to declare dividends. ***Bank of Matthews, Matthews, North Carolina, proposed merger into Branch Banking and Trust Company, Wilson, North Carolina; report to the Federal Deposit Insurance Corporation on competitive factors. ***Palmer First National Bank and Trust Company of Sarasota, Sarasota, Florida, proposed merger with Southeast National Bank of Sarasota, Sarasota, Florida; report to the Comptroller of the Currency on competitive factors. ***Processed on behalf of the Board of Governors under delegated authority.
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