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# ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on H. 2 1974 No. 50 During the Week Ending December 14, 1974 District Registration Statement Filed Pursuant to Section 12(g) of the Securities Exchange Act 5 12 First Commercial Bank, Arlington, Virginia (Amendment #1) Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Received Union Bank, Los Angeles, California * * * * * 7 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Approved *Detroit Bank-SouthfieId, Southfield, Michigan * * * * * ^Application processed by the Reserve Bank on behalf of the Board Governors under delegated authority. H. 2 1974 No. 50 - 2 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Lincoln First Bank of Rochester, Rochester, New York. Branch to be established at 2499 East Henrietta Road, Wegroan's Supermarket, Town of Henrietta, Unincorporated Area, Monroe County. 12 2 Washington Trust Bank, Spokane, Washington. Branch to be established in the vicinity of the intersection of Division Street and Francis Avenue, City of Spokane, Spokane County. Approved ^Manufacturers Hanover Trust Company/Genesee Region, Rochester, New York. Branch to be established at Store Unit #1, Brighton Commons Shopping Center, 1855 Monroe Avenue, Town of Brighton, Monroe County. ^Manufacturers Hanover Trust Company, New York, New York. Branch to be established at 1100 East Boston Post Road, Village of Manaroneck, Town of Rye, Westchester County. ^Niagara Frontier Bank of New York, Buffalo, New York, Branch to be established approximately 60-100 feet West of the intersection of Main Street, in the Niagara Frontier Mall, City of Lockport, Niagara County. ^Barclays Bank of New York, New York, New York. Branch to be established at 41-74 Main Street, Flushing, Queens County. ^Western State Bank, Sioux Falls, South Dakota. Branch to be established at 1808 South Cliff Avenue, Sioux Falls. * * * * * *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1974 No. 50 7 - 3To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Received Iowa State Bank and Trust Company of Fairfield, Iowa, Fairfield, Iowa for prior approval to merge with Farmers Savings Bank of Packwood, Iowa, Packwood, Iowa. * * Vc * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received Greene Bancorporation, Greene, Iova, for approval to acquire 86 per cent of the voting shares of First State Bank, Greene, Iowa. HOMEWOOD BANCORPORATION, INC., Homewood, Illinois, for approval to acquire 95.16 per cent of the voting shares of Bank of Homewood, Homewood, Illinois. Woodbine Bancorp, Inc., Woodbine, Iowa, for approval to acquire 97 per cent of the voting shares of The First National Bank of Woodbine, Woodbine, Iowa. The Southwest Holding Company, Topeka, Kansas, for approval to acquire 80 per cent or more of the voting shares of Southwest State Bank, Topeka, Kansas. C.Y. Tung Finance (Holdings) Inc., Hong Kong, B.C.C., for approval to acquire 70 per cent of the voting shares of American Asian Bank, San Francisco, California. Approved Firstbank of Illinois Co., Springfield, Illinois, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of the successor by merger to The First National Bank of Springfield, Springfield, Illinois. K-Three Enterprises, Inc., Ames, Iowa, for approval to acquire 80 per cent of the voting shares of University Bank and Trust Company, Ames, Iowa. T.S.B. Corporation, Markham, Illinois, for approval to acquire 99 per cent or more of the voting shares of Tri-State Bank, Markham, Illinois. Denied Peoples Bancorporation, Hampton, Iowa, for approval to acquire 86.5 per cent of the voting shares of Peoples Savings Bank, Elma, Iowa. Canton Bancorporation, Inc., Canton, Oklahoma, for approval to acquire 85 per cent of the voting shares of Bank of Canton, Canton, Oklahoma. Withdrawn On H.2 No. 41 (1974), the Board reported receipt of an application from The Landmands Corporation, Kimballton, Iowa, for approval to acquire 80 per cent or more of the voting shares of The Landmands National Bank of Kimballton, Kimballton, Iowa. In a letter dated November 22, 1974, Applicant requested that the application be withdrawn. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Southern Bancorporation, Inc., Greenville, South Carolina, for approval to acquire 14.9 per cent of the voting shares of Bank of North Charleston, North Charleston, South Carolina. Approved United Bancorp of Maine, Portland, Maine, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of United Canal Bank, Bangor, Maine, a proposed new bank. Dominion Bankshares Corporation, Roanoke, Virginia, for approval to acquire at least 80 per cent of the voting shares of Bank of Smithfield, Smithfield, Virginia. DETROITBANK Corporation, Detroit, Michigan, for approval to acquire 100 per cent of the voting shares of The Detroit Bank-Southfield, Southfield, Michigan, a proposed new bank. Ameribanc, Inc., St. Joseph, Missouri, for approval to acquire up to 100 per cent of the voting shares of The First National Bank of Tarkio, Tarkio, Missouri. Wyoming Bancorporation, Cheyenne, Wyoming, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Kemmerer, Kemmerer, Wyoming. H. 2 1974 No, 50 11 11 - 6 Approved Continued Central Texas Financial Corporation, Brownwood, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to Coleman Bank, Coleman, Texas. Central Texas Financial Corporation, Brownwood, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to The Commercial National Bank of Brady, Brady, Texas. * * * * * 6 To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act of 1956 Returned Trust Company of Georgia and Trust Company of Georgia Associates, Atlanta, Georgia, for permission to retain 6.7 per cent of the shares of stock of The Lowndes Bank, Clarksburg, West Virginia. * 3 6 * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **United Penn Corporation, Wilkes-Barre, Pennsylvania, notification of intent to continue to engage in de novo activities (making loans under the Pennsylvania Consumer Discount Act up to $3,500 and the sale of credit insurance (life, health and disability insurance) which is directly related to such consumer loans) at the East End Shopping Center, 500 Scott Street, Wilkes-Barre, Pennsylvania, through its subsidiary, Valley Discount Company. **First Alabama Bancshares, Inc., Montgomery, Alabama, notification of intent to engage in de novo activities (acting as insurance agent or broker with respect to credit life/accident and health insurance that is **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. I 12- 6-74 12- 9-74 H. 2 1974 No. 50 - 7 Received Continued directly related to the extension of credit by a bank or bank related firm; credit life/accident insurance that is directly related to the provision of other financial services by a bank or bank related firm; and insurance sold in communities which have a population not exceeding 5,000) at Bayou La Batre, Alabama, through a subsidiary, FAB Agency, Inc. Bankshares of Indiana, Inc., Merrillville, Indiana, for approval to acquire shares of Goodwin Brothers Leasing, Inc., Lexington, Kentucky. 7 8 **First Tennessee National Corporation, Memphis, Tennessee, notification of intent to engage in de novo activities (acting as agent or broker with respect to credit life insurance, credit accident and health insurance and comprehensive physical damage insurance on motor vehicles, mobile homes, and recreational vehicles which have been pledged as collateral for extensions of credit by the holding company or its subsidiaries) at 10039 Manchester Road, Warson Woods, Missouri, and 55 North Danny Thomas Avenue, Memphis, Tennessee, through its subsidiary, Crown Agency Corporation. 12- 9-74 12 **BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (leasing real 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; at the inception of the initial lease the effect of the transaction and with respect to government 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); and 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 12- 3-74 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 1974 No. 50 - 8 - , Received Continued of the acquisition cost of the property to the lessor; the maximum lease term during which the lessor must recover the lessor's full investment in the property plus the estimated cost of financing the property shall be 40 years; and at the expiration of the lease (including any renewals or extensions with the same lessee), all interests in the property shall be either liquidated or released on a nonoperating basis as soon as practicable but in no event later than two years from the expiration of the lease, however, in no case shall the lessor retain any interest in the property beyond 50 years after its acquisition of the property) at 7900 Xerxes Avenue South, Minneapolis, Minnesota; 720 Main Street, Kansas City, Missouri; 233 South Wacker Drive, Chicago, Illinois; 2600 Douglas Road, Coral Gables, Florida; and 57 Executive Park South, Atlanta, Georgia; through its subsidiary, BA Mortgage Company, Inc., at 7801 East Belleview Avenue, Englewood, Colorado, through its subsidiary, BA Mortgage Company of Denver, Inc.; and at 3141 Hood Street, Dallas, Texas, through its subsidiary, BA Mortgage Company of Texas, Inc. 12 12 Correction: **BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (making loans, extending credit, and providing of services incidental to such loans and extensions of credit such as would be made or provided by a finance company including the following specific activities: (a) purchasing installment sales finance contracts on vehicles, mobile homes, pleasure equipment and home improvements, and inventory financing; (b) 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 Credit Corporation) at 6224 North 43rd Avenue, Glendale, Arizona, through its indirect subsidiary, FinanceAmerica Credit Corporation. **First Security Corporation, Salt Lake City, Utah, notification of intent to engage in cle novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as are normally made by a mortgage company; and servicing of such accounts for itself and for others) at 5050 North 19th Avenue, Phoenix, Arizona, and 2500 Louisiana Boulevard, Albuquerque, New Mexico, through its subsidiary, Utah Mortgage Loan Corporation. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 11-19-74 12-10-74 H.2 1974 No. 50 12 « 9 Received Continued **Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (acting as broker or agent for the sale of consumer related life/accident and health insurance and consumer related property and casualty insurance) at 3711 Long Beach Boulevard, Long Beach, California, through its subsidiary, Security Pacific Finance Corp. 12-2-74 12 **U.S. Bancorp, Portland, Oregon, notification of intent to engage in die novo activities (acting as insurance agent with regard to the transaction of group and individual credit life and credit health insurance in connection with extensions of credit by the holding company or its subsidiaries, such insurance shall be limited in term to a maximum of ten years and in amount to the total amount repayable, except that, in the case of agricultural credit transactions of up to 18 months duration, the insurance may be in the amount of the commitment) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 11-27-74 12 **U.'S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (acting as insurance agent with regard to the following: mortgage life and disability insurance relating only to extensions of credit by the holding company or its subsidiaries which are secured by mortgages or other liens on real property and improvements thereon, with the limitation that the initial amount of such insurance issued with respect to any debtor may not exceed the amount repayable under such mortgage indebtedness) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 12- 3-74 12 **U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (acting as insurance agent with regard to transactions of insurance of all kinds, limited, however, to insurance on risks and property of the holding company and its subsidiaries, including: (1) toet marine, inland marine, transportation, and all types of casualty insurance; (2) fire and other types of property insurance; (3) fidelity and surety insurance but excluding life and health insurance covering employees of the holding company and its subsidiaries) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 12- 3-74 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1974 No. 50 12 -10Received Continued .S. Bancorp, Portland, Oregon, notification of intent 12- 4-74 to engage in de novo activities (acting as insurance agent with regard to the transaction of dual interest insurance against all kinds of loss or damage to vehicles or other items of personal property in which the holding company or its subsidiaries has a security interest as collateral security for extensions of credit by the holding company or its subsidiaries, but excluding dual interest collision and liability insurance on motor vehicles sold to retail purchasers) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 12 **U.S. Bancorp, Portland, Oregon, notification of intent to engage in de_ novo activities (acting as insurance agent with regard to the transaction of life and health insurance relating only to the employees of the holding company and its subsidiaries) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 12- 5-74 12 **U. S. Bancorp, Portland, Oregon, notification of intent to engage in d£ novo activities (acting as insurance agent with regard to the transaction of nonfiling insurance in lieu of, and protecting the holding company and its subsidiaries against the consequences of, not filing, not recording, or otherwise not perfecting any security interest or lien in connection with extensions of credit) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 12- 6-74 2 5 2 Approved Manufacturers Hanover Corporation, New York, New York, for approval to acquire all of the voting shares of Ritter Financial Corporation, Wyncote, Pennsylvania. The Wachovia Corporation, Winston-Salem , North Carolina, for approval to retain all of the outstanding shares of Southeastern Financial Corporation, Charlotte, North Carolina. Delayed **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 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-10-74 H.2 1974 No. 50 - 11 Delayed Continued Consumer Discount Company Act; and making available to customers, credit life insurance and disability insurance covering the unpaid balances of loans outstanding, and other insurance to protect collateral during the periods of credit extensions) at 1046 Hamilton Street, Allentown, Pennsylvania, through a subsidiary of its subsidiary, Suburban Finance Company, known as Sentry Consumer Discount Company. 2 2 Permitted **Citicorp, New York, New York, notification of intent to 12-14-74 relocate its Phoenix, Arizona office and to engage in de novo activities (the purchase and servicing for its own account consumer installment sales finance contracts; and will act as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance on purchased consumer installment sales finance contracts; said insurance will only be offered when such transactions are the equivalent of direct extensions of consumer credit by the subsidiary; if this proposal is effected, the subsidiary will offer to sell insurance as follows: (a) group credit life/accident and health insurance to cover the outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payments on consumer installment sales finance transactions in the event of the obligatorsT disability to the extent permissible under applicable State insurance laws and regulations; (b) individual casualty insurance on personal property subject to security agreements; further, in regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) from 3832 East Thomas Road to 404 East McDowell, Suite 313, Phoenix, Arizona, through its subsidiary, Nationwide Financial Corporation of Arizona. **Citicorp, New York, New York, notification of intent to engage in de_ novo activities (purchasing and processing of consumer installment sales finance contracts; and will act as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance on **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-11-74 H. 2 1974 No. 50 -12Permitted Continued purchased consumer installment sales finance contracts; said insurance will only be offered when such transactions are the equivalent of direct extensions of consumer credit by the subsidiary; if this proposal is effected, the subsidiary will offer to sell insurance as follows: (a) group credit life/accident and health insurance to cover the outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payments on consumer installment transactions in the event of the obligators1 disability to the extent permissible under applicable State insurance laws and regulations; (b) individual casualty insurance on personal property subject to security agreements; further, in regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) at 11475 Olde Cabin Road, Creve Coeur, Missouri, through its subsidiary, Nationwide Financial Corporation of Missouri. 2 **Citicorp, New York, New York, notification of intent to relocate its Salt Lake City, Utah office and to engage in dj2 novo activities (consumer personal lending, the purchase of consumer installment sales finance contracts, consumer home equity lending secured by real estate; making loans for the account of others such as one-to-four family unit mortgage loans, preauthorized consumer revolving credit; acting as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance on purchased consumer installment sales finance contracts; said insurance will only be offered when such transactions are the equivalent of direct extensions of consumer credit by the subsidiary; if this proposal is effected, the subsidiary will offer to sell insurance as follows: (a) group credit life/accident and health or individual decreasing or level (in the case of single payment loans) term life insurance to cover the outstanding balance of consumer credit transactions, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payments on the consumer credit transactions in the event of the obligators1 disability to the extent **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 12-14-74 H.2 ' 1974 No. 50 - 13 Permitted Continued permissible under applicable State insurance laws and regulations; (b) individual casualty insurance on personal property, subject to security agreements, and to include liability coverage in home or automobile owner "package" policies where such is the general practice) from 3601 South 2700 West to 56 South Main Street, Salt Lake City, Utah, through a subsidiary of its subsidiary, Nationwide Financial Services Corporation, called Citicorp Person-to-Person Financial Center. 2 ^Connecticut Financial Services Corporation, Bridgeport, Connecticut, 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 such as would be made by a mortgage company; and servicing such loans and extensions of credit for any person) at 33 Church Street, Waterbury, Connecticut, through its subsidiary, CFSCM Corporation. 12-13-74 5 **Equitable Bancorporation, Baltimore, Maryland, notification of intent to engage in a d£ novo activity (selling insurance for Equitable Bancorporation and its subsidiaries) in Baltimore, Maryland, through a subsidiary, Fayette Insurance Agency, Inc. 12- 8-74 6 **First Alabama Bancshares, Inc., Montgomery, Alabama, notification of intent to engage in die novo activities (acting as investment or financial adviser to the extent of serving as investment adviser, as defined in Section 2(a)(20) of the Investment Company Act of 1940, to an investment company registered under that act; providing portfolio investment advice to any other person; furnishing general economic information and advice, general economic statistical forecasting services, and industry studies; and providing financial advice to State and local governments, such as with respect to the issuance of their securities) in Birmingham and Montgomery, Alabama, through a subsidiary, First Alabama Investment Counselors, Inc. 12-13-74 10 **Guaranty Loan and Investment Corporation of Tulsa, Inc., Tulsa, Oklahoma, notification of intent to engage in de novo activities (industrial banking including the issuance of thrift certificates and the extension of credit secured by first and second real estate mortgages and durable consumer goods) in Tulsa, Oklahoma, through a subsidiary, Western Trust & Savings Company. 12-13-74 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. II. 2 1974 No. 50 12 - 1 4 - Withdrawn **First Hawaiian Inc., Honolulu, Hawaii, notification of intent to engage in de novo activities (acting as industrial loan company under chapter 408, Hawaii Revised Statutes, and as may be permitted from timerto-time under the Hawaii Revised Statutes) at the Pacific Trade Center, 190 South King Street, Honolulu, Hawaii, through a subsidiary, FHI Financial, Inc. * * * * * 7 For Exemption Pursuant to Section 4(d) of the Bank Holding Company Act of 1956 Approved W. J. Young & Co., Clinton, Iowa. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
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