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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1978 No. 48)
Actions of the .Board; Applications and Reports
Received During the Week Ending December 2, 1978
ACTIONS OF THE BOARD
Insurance agency activities by bank holding companies,
letter to Congressional members regarding a possible
moratorium on bank holding company involvement in
insurance activities.
Amendment to Rules Regarding Delegation of Authority in
order to reflect recent organizational changes, the
Secretary of the Board has approved a technical and
conforming amendment to the Board's Rules, effective
October 17, 1978. (Docket No. R-0191)
Mr. Edward C. Ettin, Office of Staff Director for Monetary
and Financial Policy, promoted to the position of
Deputy Staff Director in the Division, effective December 4.
Ms. Anne Geary, Division of Consumer Affairs, appointed
Assistant Director of the Division.
Form F.R. Y-6, proposed revision and extension of the domestic
Bank Holding Company Annual Report; Form F.R. Y-8, proposed
revision of the Report on Inter-Company Transactions and
Balances; Form F.R. Y-9, proposed revision of the Financial
Supplement to the Bank Holding Company Annual Report.
Combanks Corporation, Winter Park, Florida, extension of time
to March 1, 1979, within which to acquire 51.5 per cent
of the voting shares of American Bancshares, Incorporated,
North Miami, Florida. 1/
Haskell Bancshares, Inc., Haskell, Texas, extension of time
to February 15, 1979, within which to consummate the
acquisition of Haskell National Bank, Haskell, Texas. 1/
Southern Bank Holding Company, Savannah, Georgia, extension
of time until February 27, 1979, within which to become a
bank holding company through the acquisition of Southern
Bank and Trust Company, Savannah, Georgia. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 48
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2
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ACTIONS OP HIE BOARD-Continued
Un.ited Missouri Bancshares, Inc., Kansas City, Missouri,
extension of tijme to February 23, 1979, within which
to consummate the acquisition of City Bond and Mortgage
Company, Kansas City, Missouri. 1/
Peoples Bank and Trust Company, Russellville, Arkansas,
requesting permission to make an investment in bank
premises. ]/
Big Stone Gap Bank and Trust, Big Stone Gap, Virginia, extension
of time within which to accomplish membership in the
Federal Reserve System. 1/
First Russell County Bank and Trust, Lebanon, Virginia,
extension of time within which to accomplish membership
in the Federal Reserve System. 1/
Bank of Nova Scotia, Toronto, Canada, four Puerto Rican
branches, proposed acquisition; and merger of Banco
Mercantil de Puerto Rico, Inc., San Juan, Puerto Rico
with The Bank of Nova Scotia Puerto Rico, San Juan,
Puerto Rico; report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Barnett Bank of Brandon, National Association, Brandon,
Florida, proposed merger with Barnett Bank of Tampa,
National Association, Tampa, Florida; report to the
Comptroller of the Currency on competitive factors. 1/
City Bank, National Association, Rockford, Illinois, proposed merger with City National Bank & Trust Co. of
Rockford, Rockford, Illinois; report to the Comptroller
of the Currency on competitive factors. 1/
F.B.G. Bank of Marion, Marion, Ohio, proposed merger with
The Marion County Bank, Marion, Ohio; report to the
Federal Deposit Insurance Corporation on competitive
factors. 1/
Fidelity American Bankshares, Inc., Lynchburg, Virginia,
subsidiaries of, proposed merger with Fidelity American
Bank N.A., Lynchburg, Virginia; report to the Comptroller
of the Currency on competitive factors. ]y
HongKong Bank of California, San Francisco, California,
proposed merger with Central Bank, Oakland, California;
report to the Federal Deposit Insurance Corporation on
competitive factors. 1/
1? Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 48
— 3 —
ACTIWS OF THE BQARD-Continued
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Approved
The State Bank and Trust Company, Defiance, Ohio.
Branch to be established at 2010 South Jefferson
Avenue, Defiance, Defiance County. 1/ & 2/
The Peoples State Bank, Wauseon, Ohio. Branch to
be established at 1250 North Shoop Avenue, Wauseon,
Fulton County. 1/ & 2/
Chemical Bank and Trust Company, Midland, Michigan.
Branch to be established at 1623 North Eastman Road,
Larkin Township, Midland County. 1/ & 2/
* * * * *
To Become a Member of the Federal Reserve System Pursuant
to Section 9 of the Federal Reserve Act
Approved
First Virginia Bank-Loudoun, Purcellville, Virginia. 1/
Nova Bank and Trust Company, Newport News, Virginia. 1/ & 2/
* * * * *
To Merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
Approved
Nova Bank and Trust Company, Newport News, Virginia,
for prior approval to merge with First City Bank of
Newport News, Newport News. 1/ & 2/
1/ Application processed on behalf of the Board of Governors under delegated
authority
2/ Application subject to Community Reinvestment Act.
H.2, 1978 No. 48
4 ACTIONS OF THE BOARD-Contlnued
International Investments and Other Actions Pursuant
to Section 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
Morgan Guaranty International Bank of Houston, Houston,
Texas: grants after-the-fact consent for your
Corporation to issue 30,000 shares to Morgan Guaranty
Trust Company of New York, New York, New York.
United States Trust Company International Corporation,
New York, New York: grants consent for your Corporation, to purchase and hold, directly or indirectly,
333 additional shares of Financiere UST S.A., Geneva,
Switzerland, in order to maintain host country capital
requirement.
*
*
*
*
*
To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Approved
Enterprise Capital Corporation, Enterprise, Alabama,
for approval to acquire 80 per cent or more of the
voting shares of The Citizens Bank, Enterprise,
Alabama. 1/ & 2/
Greencastle Investment Corporation, Wilmington, Delaware,
for approval to acquire between 80 and 85 per cent
of the voting shares of First-Citizens Bank and Trust
Company, Greencastle, Indiana. 1/ & 2/
Jadam Enterprises, Inc., Harlan, Iowa, for approval to
acquire 94 per cent of the voting shares of Farmers
Savings Bank, Irwin, Iowa. 1/ & 2/
Ruth Jones Nelson Finance Corp., Correctionville, Iowa,
for approval ' - -cuuire 50 per cent or more of the
voting shaic
^ :om Belt State Bank, Correctionville,
Iowa and Pe + i -n State Bank, Peterson, Iowa. V & 2/
1/ Application prr,;(:i"-,i fx. behalf of the Board of: Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act..
ACTIONS OF THE BOARD-Continued
Ohio County Bancshares, Inc., Beaver Dam, Kentucky,
for approval to aquire 84.93 per cent of the voting
shares of Beaver Dam Deposit Bank, Beaver Dam, Kentucky.
V & 2/
Janada Bancshares, Inc., St. Paul, Minnesota, for approval
to acquire 99.51 per cent of the voting shares of
Liberty State Bank, St. Paul, Minnesota. 1/ & 2/
Alma Bancshares,
acquire 80 per
shares) of the
in Alma, Alma,
Inc., Alma, Kansas, for approval to
cent or more (less directors1 qualifying
voting shares of The First National Bank
Kansas. ] y & 2 /
Oklahoma National Banshares, Inc., Oklahoma City, Oklahoma,
for approval to acquire more than 80 per cent of the
voting shares of Oklahoma National Bank and Trust Company,
Oklahoma City, Oklahoma. 2/
Mid-Tex Bancshares, Inc., Brownwood, Texas, for approval
to acquire 81.1296 per cent of the voting shares of The
Southwest State Bank, Brownwood, Texas. 1/ & 2/
Peoples State Bancshares, Inc., Turkey, Texas, for approval
to acquire at least 80 per cent of the voting shares of
Peoples State Bank, Turkey, Texas. 1/ & 2/
Denied
Hunter Holding Co., Hunter, North Dakota, for approval to
acquire 100 per cent of the voting shares (less directors'
qualifying shares) of Security State Bank of Hunter,
Hunter, North Dakota. 2/
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Approved
New Virginia Bancorporation, Springfield, Virginia,
for approval to acquire 100 per cent of the voting
shares of the successor by merger to First City Bank
of Newport News, Newport News, Virginia. 1/ & 2/
V
Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
ACTIONS OP THE BOARD-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Approved
Oklahoma National Bancshares, Inc.e Oklahoma City,
Oklahoma, for approval to engage in the activity
of offering credit life insurance and credit accident
and health insurance in connection with extensions of
credit by its subsidiary bank, Oklahoma National
Bank and Trust Company, Oklahoma City, Oklahoma, by
acquiring the beneficial interest in Myriad Company,
Oklahoma City, Oklahoma, a proposed business trust
which will own shares of Myriad Insurance Agency, Inc.,
Oklahoma City, Oklahoma.
First Texas Bancorp, Inc., Georgetown, Texas, for approval
to engage de novo, through its wholly-owned subsidiary,
Universal Bankers Life Insurance Company of Texas,
Georgetown, Texas, in the activity of underwriting credit
life and credit accident and health insurance directly
related to extensions of credit by Applicant's banking
subsidiaries. 1/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(consumer financing, residential mortgage loans and insurance agency for the sale of credit life and credit
accident and health insurance directly related to an extension of credit) at 3936 Central Avenue, St. Petersburg,
Florida, through Industrial National Corporation's
indirect subsidiary, Mortgage Associates, Inc., Milwaukee,
Wisconsin (a Rhode Island Corporation), which is a whollyowned subsidiary of Industrial National Corporation's
direct subsidiary, MAI Financial Corporation, Milwaukee,
Wisconsin (a Wisconsin Corporation) (11/29/78) 3/
Manufacturers Hanover Corporation, New York, New York,
notification of intent to expand 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 Finance Company, Inc., of Georgia) at South
Main Street, Butler; 335D North Glynn Street, Fayetteville;
118 South Main St., Jonesboro? 34 South Lafayette Square,
LaGrange; 107 Broad Street, Manchester; 101 South Church
Street, Thomaston; all located in Georgia, through its
subsidiary, Ritter Finance Company, Inc., of Georgia (11/27/78)
3/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
3/ 4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978No. 48
-7-
ACTIONS OF TPfE BOAm-CofiLinued
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making consumer installment personal loans, purchasing and servicing for its
own account Installment sales finance contracts, 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 and accident and health, or
decreasing or level (in the case of single payment loans)
term life insurance to cover the outstanding balances
of 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 of the credit transactions in the event of obligor's disability by licensed
agents or brokers to the extent permissible under applicable State laws and regulations; the sale of credit
related property and casualty insurance protecting
personal and real property subject to, a security agreement
with Citicorp Person-to-Person Mortgage Corporation and
to include liability coverage in heme and automobile
policies where such is the general practice by licensed
agents or brokers to the extent permissible under applicable State insurance laws and regulations, further, in
regard to the sale of credit-related insurance, the subsidiary will not act as a general insurance agency) at
1875 Morse Road, Columbus, Ohio, through its subsidiary,
Citicorp Person-to-Person Mortgage Corporation (12/2/78)
3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(leasing personal property, or acting as agent, broker,
or advisor in leasing such property, on a full payout
basis) at offices in Pittsburgh National Building, 5th
Avenue and Wood Street, Pittsburgh, Pennsylvania and
360 Third Street, Columbus, Ohio, through a subsidiary,
Pittsburgh National Leasing Corporation (11/30/78) 3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(making or acquiring, for its own account secured and
unsecured loans and other extensions of credit such as
would be made by a finance company, which activities include making direct consumer installment loans and purchasing consumer installment sales contracts; acting as
insurance agent with respect to credit life and credit
accident and health insurance which insurance will be
provided only in conjunction with extensions of credit by
3/
4(c) (8) or 4(c) (12) notification
of the Board of Governors under d o c d
by Reserve Bank on behalf
authority.
11.2, 1970 N o . ^
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ti
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ACTIONS OF THE BOARD-Continued
Freedom Financial Services Corporation or its Wiolly-owned
subsidiaries and Wiich will be available solely at the
option of the borrower and the borrower is advised of
this option in advance; and acting as insurance agent with
respect to credit property insurance on personal property
subject to security agreements with Freedom Financial
Services Corporation or its wholly-owned subsidiaries,
which insurance will be provided only in conjunction with
extensions of credit by Freedom Financial Services
Corporation and purchase of this insurance through
Freedom Financial Services Corporation is solely at the
option of the borrower and the borrower is advised of this
option in advance; Freedom Financial Services Corporation
does not act as a general insurance agent) at North Park
Shopping Center, 500 New Circle Road, N.W., Lexington,
Kentucky; 11200 East Sprague Avenue, Suite C, Spokane,
Washington; 610 East Tenth Street, Indianapolis, Indiana;
and 4330 North State Road 7, Lauderdale Lakes, Florida,
through its wholly-owned subsidiary, Freedom Financial
Services Corporation, Oak Brook, Illinois (11/30/78) 3/
First Chicago Corporation, Chicago, Illinois, notification
of intent to establish a de novo subsidiary, First Chicago
Trust Company of Arizona and engage in trust activities
(performing or carrying on any one or more of the functions
or activities that may be performed or carried on by a
trust company (including activities of a fiduciary, agency
or custodian nature)) , at 7000 East Camelback Road,
Scottsdale, Arizona (11/30/78) 3/
Illinois Bancshares Inc., Mascoutah, Illinois, notification
of intent to engage in de novo activities (personal
property leasing activities, or acting as agent and broker
for personal property leasing activities to associated
organizations) at Nine East Main Street, Mascoutah, Illinois
(11/27/78) 3/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Permitted
American Finru.c'ril Corporation, Cincinnati, Ohio, and its
subsidiaries, notification of intent to purchase more
than a 5 per cent interest in American Re-Insurance Co.;
Kay Corpo?.it
Mann Theaters; Monumental Corporation;
Moor" (".up inc.; NLT Corporation; National Convenience
f- ,ro:;, !nc.; % i t i ona1 K i nnoy Corporation; Piedmont
Aviac
Ston-r Broadcasting Company; UV Industries; and
Vf/Kiix, trie.
7%) 3'
3/ 4(c) (8) o F %
U
of the Board x
't:'
-mom
inn ptf
dch-
Iw Reserve Bank on behalf
. -d lutliority.
H.2, 1978 No. 48
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9
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ACTIONS OF THE BQARD-Continued
Heights Finance Corporation, Peoria, Illinois, notification
of intent to purchase some of the assets of Colony
Acceptance Corporation of Indiana, Indianapolis, Indiana
(11/26/78) 3/
37
4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 48
10 -
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Bank of the Commonwealth, Detroit, Michigan. Branch to
be established in the vicinity of 21 Mile and Gratiot
Roads, Chesterfield Township, Macomb County. 2/
The Farmers and Merchants Bank, Fairbom, Ohio. Branch
to be established at 6701 Dayton Road, Enon, Clark
County. 2/
* * * * *
To Merge Pursuant to Section 18(c) of the Federal Deposit
Insurance Act
United Jersey Bank, Hackensack, New Jersey to merge with
United Jersey Bank/South Bergen, Carlstadt. 2/
* * * * *
To Establish an Overseas Branch of a Member Bank Pursuant
to Section 25 of the Federal Reserve Act
Citizens Fidelity Bank & Trust Company, Louisville, Kentucky, for permission to establish a "shell" branch in
the Cayman Islands, British West Indies.
*
*
*
*
*
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
The First National Bank of Chicago, Chicago, Illinois,
requests the consent of the Board of Governors to
establish an Edge Corporation, to be named First
Chicago International-Southwest, Houston, Texas.
27 Application subject to Community Reinvestment Act.
H.2, 1978 No. 48
- 11 -
APPLICATIONS RECEIVED-Continued
To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
^
.
Credit and Commerce American Holdings, N.V., Curacao,
Netherlands Antilles and Credit Commerce American
Investment, B.V., Amsterdam, Netherlands, for approval
to acquire 100 per cent of the common stock of
Financial General Bankshares, Inc., Washington, D. C. 2/
Metropolitan Bancorporation, Tampa, Florida, for approval
to acquire 100 per cent of the voting shares of
Metropolitan Bank and Trust Company, Tampa, Florida, and
Bank of Holiday, Holiday, Florida. 2/
First Cordell Banco, Inc., Cordell, Oklahoma, for approval
to acquire more than 80 per cent (less directors' qualifying
shares) of the voting shares of Cordell National Bank,
Cordell, Oklahoma. 2/
First State Holding Company, Inc., Joplin, Missouri,
for approval to acquire 80 per cent or more of the voting
shares of First State Bank of Joplin, Joplin, Missouri. 2/
Longview Financial Corporation, Longview, Texas, for approval
to acquire 80-99.67 per cent (less directors1 qualifying
shares) of the voting shares of Longview Bank and Trust
Company, Longview, Texas. 2/
I.B.F. Delaware Corp., Encino, California, for approval to
acquire 99.6 per cent of the voting shares of Independence
Bank, (Los Angeles, Encino) Encino, California. 2/
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
CB&T Bancshares, Inc., Columbus, Georgia, for approval
to acquire 51 per cent or more of the voting shares of
Security Bank and Trust Company of Albany, Albany,
Georgia. 2/
Thomson Investment Company, Inc., Savanna, Illinois, for
approval to retain 56 per cent of the voting shares of
Thomson State Bank, Thomson, Illinois. 2/
2/ Application subject to Community Reinvestment Act.
H.2, 1978 No. 48
- 1 2 -
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 de"novo activities (making consumer installment personal loans, purchasing and servicing
for its own account installment sales finance contracts, making loans for the account of others such
as one-to-four family unit mortgage loans, 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 and accident
and health, or decreasing or level (in the case of
single payment loans) term life insurance to cover
the outstanding balances of 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 of the credit transactions
in the event of obligor's disability by licensed
agents or brokers to the extent permissible under
applicable State laws and regulations; the sale of
credit related property and casualty insurance protecting personal and real property subject to a
security agreement with Citicorp Person-to-Person
Financial Center and to include liability coverage
in home and 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 Family Guardian Life
Insurance Company (formerly known as Gateway Life
Insurance Company) an affiliate of Citicorp Person-toPerson Financial Center; further, in regard to the
sale of credit-related insurance, the subsidiary will
not act as general insurance agency) at 6750 East
Camelback Road, Scottsdale, Arizona and 7840 East
Broadway, Suite 201, Tucson, Arizona, through its
subsidiary, Citicorp Person-to-Person Financial Center
(11/29/78) V
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making or acquiring, for
its own account or for the account of others, commercial
loans; leasing personal or real property or acting as
agent, broker or advisor in leasing such property, and
servicing such leases where the leases serve as the
3/
4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 48
13 APPLICATIONS RECE IVED-Continued
functional equivalent of an extension of credit to
the lessee of the property, where at the inception
of the initial lease the effect of the transaction
will be to compensate the lessor for not less than
its full investment in the property over the term
of the lease, and where the transaction is subject
to all of the qualifications specified in 12 CFR
225.4(a)(6)(a) and (b)) at 473 Broad Street, Meriden, Connecticut, through its subsidiary, Citicorp
Industrial Credit, Inc. (11/29/79) 3/
Chemical New York Corporation, New York, New York,
notification of intent to expand de novo activities
(making available to its borrowers property and
casualty insurance directly related to extensions
of credit) at 450 East Southern Avenue, Mesa, Arizona,
through its subsidiary, Sunamerica Financial Corp.
(11/29/78) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking, including the making or acquiring and
servicing for its own accounts or the accounts of others,
loans and other extensions of credit) at North Side of
Town, Jackson, Mississippi and 5821 Park Road, Suite 119,
Park View Building, Charlotte, North Carolina, through
its wholly-owned subsidiary, The Kissell Company (11/30/78)
3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification on intent to engage in de novo activities
(making or acquiring, for its own account secured and
unsecured loans and other extensions of credit such as would
be made by a finance company, which activities include
making direct consumer installment loans and purchasing
consumer installment sales contracts; acting as insurance
agent with respect to credit life and credit accident and
health insurance which insurance will be provided only
in conjunction with extensions of credit by Freedom
Financial Services Corporation or its wholly-owned subsidiaries and which will be available solely at the option
of the borrower and the borrower is advised of this option
in advance; and acting as insurance agent with respect to
credit property insurance on personal property subject
to security agreements with Freedom Financial Services
Corporation or its wholly-owned subsidiaries, which insurance will be provided only in conjunction with extensions of credit by Freedom Financial Services Corporation and purchase of this insurance through Freedom
3/
4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 48
- 14 APPLICATIONS RECEIVED-Continued
Financial Services Corporation is solely at the option
of the borrower and the borrower is advised of this option in advance; Freedom Financial Services Corporation
does not act as a general insurance agent) at 300 E.
Ninth Avenue, Denver, Colorado, through its wholly-owned
subsidiary, Freedom Financial Services Corporation, Oak
Brook, Illinois (11/30/78) 3/
NCNB Corporation, Charlotte, North Carolina, notification
of intent to engage in de novo activities (operating as
a finance company, including the extension of direct
loans for consumer and other purposes, the discounting
of retail installment notes or contracts, the purchasing
of recreational lot notes, the extensions of direct loans
to dealers for the financing of inventory (floor planning)
and working capital purposes, the purchasing of personal
property lease contracts and acting as agent in the sale
of credit life, credit accident and health and physical
damage insurance which is directly related to the extensions
of credit of said company) at 6328 Clinton Highway, Knoxville,
Tennessee, through its subsidiary, TranSouth Financial
Corporation (12/1/78) 3/
National Detroit Corporation, Detroit, Michigan, for
approval to acquire certain assets of James Talcctt, Inc.,
New York, New York, and engage in commercial finance activities through its subsidiary, Instaloan Financial Services,
Inc.
First Cordell Banco, Inc., Cordell, Oklahoma, for approval
to engage de novo in the sale of credit-related insurance
by acquiring the beneficial interest in First Cordell
Business Trust, which will own First Cordell Insurance
Agency, Inc., Cordell, Oklahoma.
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, purchasing installment sales finance contracts, making loans and other extensions of credit to
small businesses and making loans secured by real property;
and the offering of credit related life and credit related
accident and disability insurance in connection with extensions of credit made or acquired by FinanceAmsrica
37
4(c)(8) or 4(c)(12) notification nn>ecsscd by Reserve Bank on behalf
of the Board of Governors undci dejelated authority.
H.2, 1978 No. 48
- 15 -
APPLICATIONS RECEIVED-<:ontinued
Mortgage Services, Inc.) at 3074 Whitney Avenue,
Hamden, Connecticut, through its indirect subsidiary,
FinanceAmerica Mortgage Services, Inc. (11/21/78) 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 consumer installment loans,
purchasing installment sales finance contracts, 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 1818 North Placentia Avenue, Placentia, California,
through its indirect subsidiary, FinanceAmerica Corporation
(a California Corporation) (11/21/78) 3/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Heights Finance Corporation, Peoria, Illinois, notification
of intent to purchase all the direct loan receivables of
Wacholz Finance Company, Quincy, Illinois (11/30/78) 3/
Gamble-Skogmo, Inc., Minneapolis, Minnesota, notification
of intent to acquire 17 per cent of the capital stock of
the First American Financial Corporation, St. Paul,
Minnesota, Gamble currently owns approximately 3 per
cent of the capital stock of this corporation (11/30/78) 3/
* * * * *
REPORTS RECEIVED
None.
3/
4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 48
-
16 -
PETITIONS FOR RULEMAKING
None.
@FedFRASER