Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : December 25, 1976

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1976 No. 52)
Actions of the Board; Applications and Reports
Received During the Week Ending December 25, 1976
ACTIONS OF THE BOARD
Publication for public comment proposed sample forms and
instructions that could be used by lessors to comply
with the Board1s regulations implementing the Consumer
Leasing Act.
Forms F.R. Y-6 and F.R. Y-6 Supplement, revisions of the
Bank Holding Company Annual Report, effective with
reporting of year-end 1976 data.
C.I.T. Financial Corporation, New York, New York, the Board
announced that C.I.T. is entitled to grandfather privileges for some but not all of the nonbank activities in
which it currently engages; the determination was made
under the 1970 amendments to the Bank Holding Company
Act.
SWB Corporation, Oklahoma City, Oklahoma, extension of time
to February 20, 1977, within which to consummate acquisition of Southwestern Bank and Trust Company, Oklahoma
City, Oklahoma. 1/
Citibank, N.A., New York, New York, extension of time within which it may acquire and hold up to 40 per cent of
Bank of Lebanon and Kuwait S.A.R. Beirut, Lebanon. 1/
Jackson State Bank, Jackson, Wyoming, extension of time to
April 30, 1977, within which to complete the sale of
subordinated capital notes. 1/
Boston Leasing, GmbH, Frankfurt, Federal Republic of Germany,
proposed merger by The First National Bank of Boston,
Boston, Massachusetts, report to the Federal Deposit
Insurance Corporation on competitive factors. 1/
First National Bank of Youngwood, Youngwood, Pennsylvania,
proposed acquisition by Gallatin National Bank, Uniontown,
Pennsylvania, report to the Comptroller of the Currency
on competitive factors. 1/
T7

Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1976 No. 52

- 2 ACTIONS OF THE BOARD-Continued

Nacogdoches Road Bank, San Antonio, Texas, proposed merger
with Northern Hills Bank of San Antonio, San Antonio,
Texas, report to the Federal Deposit Insurance Corporation
on competitive factors. 1/
Subsidiaries of Sun Banks of Florida, Inc., Orlando, Florida,
proposed merger with Sun First National Bank of Orlando,
Orlando, Florida, report to the Comptroller of the Currency
on competitive factors. If

1/

Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1976 No. 52

- 3
ACTIONS OF THE BOARD-Continned

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Union Trust Company of Maryland, Baltimore, Maryland.
Branch to be established at the intersection of Democracy Boulevard and Fernwood Road, Bethesda, Montgomery County. 2/
Bloomfield State Bank, Bloomfield, Indiana. Branch to
be established at 315 East Main Street, Jasonville,
Greene County. 2J
* * * * *

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
Federal Deposit Insurance Corporation - For The First
National Bank of Boston: to acquire the assets and
assume liability to pay deposits made in Boston Leasing,
GMBH, Frankfurt, Federal Republic of Germany.
BankAmerica Corporation: Investment - reorganization
and merger of Luxembourg Subsidiaries.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Suspended
Sheldon Security Bancorporation, Inc., Sheldon, Iowa,
for approval to acquire 27.70 per cent of the voting
shares of Security State Bank, Sheldon, Iowa.
2/

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




H.2, 1976 No. 52

- 4 ACTIONS OF THE BOARD-Continued

Approved
First Security Corporation, Harrison, Arkansas, for approval to acquire 98.4 per cent of the voting shares of
The Security Bank, Harrison, Arkansas. 2/
First National Bancshares of Dodge City, Inc., Dodge City,
Kansas, for approval to acquire 87.4 per cent of the
voting shares of First National Bank in Dodge City,
Dodge City, Kansas. 2j
Scribner Banshares, Inc., Scribner, Nebraska, for approval
to acquire 96.1 per cent or more of the voting shares of
Scribner Bank, Scribner, Nebraska.
*

* *

* *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Falsbuilding, Inc., Columbia Falls, Montana, for approval
to acquire an additional 18.7 per cent of the voting
shares of Bank of Columbia Falls, Columbia Falls,
Montana.
Freeco, Inc., Hermitage, Missouri, for approval to retain
1,956 of the voting shares of The Bank of Hermitage,
Hermitage, Missouri.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(5) of the Bank Holding Company Act of 1956
Approved
Ameribanc, Inc., St. Joseph, Missouri, for approval to
merge with Consolidated Bancshares of Missouri, Inc.,
St. Joseph, Missouri. 2/
2/

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




H.2, 1976 No. 52

5
ACTIONS OF THE BOAKD-Continued

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Returned
Otto Bremer Company and Otto Bremer Foundation, St. Paul,
Minnesota, notification of intent to engage in de novo
activities (providing certain investment financial or
economic information and advice) at 1300 Northern
Federal Building, 385 North Wabasha Street, St. Paul,
Minnesota, through a subsidiary, Bremer Service Company,
Inc. (12/20/76) 3/
Scribner Banshares, Inc., Scribner, Nebraska, for approval
to continue to engage in general insurance agency activities through Scribner Insurance Agency, Scribner,
Nebraska.
Delayed
Sheldon Security Bancorporation, Inc., Sheldon, Iowa, for
approval to acquire the shares of Richard A. Schneider
Agency and Security Agency, both in Sheldon, Iowa.
Metro Bancshares, Inc., Kansas City, Missouri, notification
of intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in
leasing such property provided all leases are to serve
as the functional equivalent of an extension of credit
to the lessee of the property; the leased property is to
be acquired specifically for the leasing transaction
under consideration or will have been acquired for an
earlier leasing transaction; all leases are on a nonoperating basis and at the inception of the initial
lease the effect of the transaction will yield a return
than 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
terms of the lease; the maximum lease term during which
the lessor must recover the lessor's full investment in
the property plus the estimated total cost of financing
the property shall be 40 years; at the expiration of the
lease all interest in the property shall be either
liquidated or re-leased 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 Metro
North State Bank, 221 N.E. Barry Road, Kansas City,
Missouri (12/23/76) 3/
37

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1976 No. 52

- 6 ACTIONS OF THE BOARD-Continued

Permitted
CB&T Bancshares, Inc., Columbus, Georgia, notification of
intent to relocate 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 first mortgage company; and writing and issuing
mortgage cancellation insurance and credit accident and
health insurance in connection with the extension of
credit such as would be made by a first mortgage company)
from 1501 Thirteenth Street, Columbus, Georgia to 5670
Whitesville Road, Columbus, Georgia, through its subsidiary, The Georgia Company of America (12/19/76) 3/
Colorado National Bankshares, Inc., Denver, Colorado, notification of intent to engage in de_ novo activities
(acting as insurance agent or broker with respect to
reducing term credit life insurance and credit accident
and health insurance in connection with amortized loans
and consumer installment loans and also with respect to
level term credit life insurance and credit accident and
health insurance in connection with single payment loans
made by Colorado National Bankshares, Inc. and its subsidiaries) at First National Bank of Sterling, Sterling,
Colorado; Weld Colorado Bank, Greeley, Colorado; Golden
State Bank, Golden, Colorado; First National Bank, Evergreen, Colorado; Aspen Industrial Bank, Aspen, Colorado;
and Northglenn Industrial Bank, Northglenn, Colorado;
through a subsidiary, Colorado National Insurance Agency,
Inc. (12/24/76) 3/
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Permitted
Helmerich & Payne, Inc., Tulsa, Oklahoma, notification of
intent to acquire from time to time shares of the common
voting stock of Mid-Western Nurseries, Inc., Tahlequah,
Oklahoma (12/23/76) 3/
37

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1976 No. 52




- 7 APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
•
The Merrill Trust Company, Bangor, Maine. Branch to
be established on Route 1 at Main Street, Woodland.
International State Bank, Raton, New Mexico. Branch
to be established in the 1300 block of South Second
Street, Raton.
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Wyoming Bank of Rawlins, Rawlins, Wyoming.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Audubon Investment Company, Audubon, Iowa, for approval
to acquire 97.83 per cent of the voting shares of
Audubon State Bank, Audubon, Iowa.
Dunn Shares, Inc., Eagle Grove, Iowa, for approval to
acquire 51.33 per cent or more of the voting shares of
Security Savings Bank, Eagle Grove, Iowa.
Kruse Insurance Agency, Inc., Mineola, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
Mineola State Bank, Mineola, Iowa.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Banks of Iowa, Inc., Cedar Rapids, Iowa, for approval to
acquire 80 per cent or more of the voting shares of
First Trust and Savings Bank, Davenport, Iowa.

H.2, 1976 No. 52

—

8

—

APPLICATIONS RECEIVED-Cont inued
Michigan National Corporation, Bloomfield Hills, Michigan,
for approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of Michigan National
Bank - Partington, Farmington Hills, Michigan, a proposed
new bank.
Peoples Banking Corporation, Bay City, Michigan, for approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of the successor by
consolidation to The First National Bank of Lapeer,
Lapeer, Michigan.
First International Bancshares, Inc., Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less
directors1 qualifying shares) of Beaumont State Bank,
Beaumont, Texas.
Republic of Texas Corporation, Dallas, Texas, for approval
to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of First National Bank in
Garland, Garland, Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(5) of the Bank Holding Company Act of 1956
Texas Commerce Bancshares, Inc., Houston, Texas, for approval to merge with The BanCapital Financial Corporation, Austin, Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
United Penn Corporation, Wilkes-Barre, Pennsylvania, notification of intent to engage in de novo activities (making loans under the Pennsylvania Consumer Discount Company Act up to $5,000; and the sale of insurance (life,
health and disability insurance) which is directly related to such consumer loans) at 69 North Market Street,
Nanticoke, Pennsylvania, through its subsidiary, Valley
Consumer Discount Company (12/17/76) 3/
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, 1976 No. 52

. 9 ~
ACTIONS OF THE BOARD-Continued

Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking including the making, acquiring and
servicing for its own account or the account of others,
loans and other extensions of credit) at Suite 256, Park
Elm Office Center, 1451 Elm Hill Pike, Nashville, Tennessee,
through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio (12/22/76) 3/
United Virginia Bankshares Incorporated, Richmond, Virginias
notification of intent to engage in die novo activities
(leasing personal property and equipment and, in connection with such activity, making extensions of credit
through conditional sales contracts and acting as agent,
broker, or adviser in leasing such property under such
circumstances and making loans and other extensions of
credit by financing installment sales agreements, making
loans and other extensions of credit secured by a security
interest in personal property and equipment, and purchasing
and selling leases of and installment sales agreements
and debt obligations relating to personal property and
equipment all as would be done by a commercial finance
company) at 900 East Main Street, Richmond, Virginia,
through its subsidiary, United Virginia Leasing Corporation (12/20/76) 3/
Kruse Insurance Agency, Inc., Mineola, Iowa, for approval
to retain credit and service related insurance agency
business of Kruse Insurance Agency, Inc., Mineola, Iowa.
Binger Agency Inc., Binger, Oklahoma, notification of intent
to engage in d£ novo activities (the activities of provision of bookkeeping and data processing services and
processing other banking, financial, or related financial
data on a fee contract basis to businesses, banks, and
individuals) at 101 West Main Street, Hinton, Oklahoma,
through a subsidiary, Binger Agency Data Processing
Center (12/20/76) 3/
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, 1976 No. 52

— 3.0 —
APPLICATIONS RECEIVED-Continued

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 acquire all of the outstanding shares of
capital stock of Mid American Credit, Inc., a consumer
finance corporation with offices in Canton, Havana,
Beardstown, and Macombe, all in Illinois (12/23/76) 3/
* * * * *

REPORTS RECEIVED
Proxy Statement (Special Meeting) Filed Pursuant to
Section 14(a) of the Securities Exchange Act
The Union Bank & Savings Company, Bellevue, Ohio.
* * * * *

Ownership Statement Filed Pursuant to Section 13(d) of
the Securities Exchange Act
Bank of the Commonwealth, Detroit, Michigan (Filed by
Ghaith Pharson - Amendment #4).
* * * * *

PETITIONS FOR RULEMAKING
None

3/

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.