Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : December 3, 1977

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•

ANNOUNCEMENT BY

•

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 49)
Actions of the Board; Applications and Reports
Received During the Week Ending December 3, 1977
ACTIONS OF THE BOARD
Statement by Governor Philip E. Coldwell before the Senate
Committee on Governmental Affairs on H.R. 2176, a bill
that would provide for an audit by the Comptroller
General of the United States, of the Federal Reserve
System, the Federal Deposit Insurance Corporation, and
the Office of the Comptroller of the Currency.
Consumer Advisory Council, meeting at the Board December
8, 1977.
Kelly Field Bancshares Corporation, San Antonio, Texas,
extension of time to February 9, 1978, within which to
consummate the acquisition of Kelly Field National Bank
of San Antonio, San Antonio, Texas. 1/
Maryville Bancshares, Inc., Kansas City, Missouri, extension
of time to December 31, 1977, within which to consummate
the acquisition of Citizens State Bank of Maryville,
Maryville, Missouri. V
Southern Bank Holding Company, Savannah, Georgia, extension
of time to February 28, 1978, within which to become a
bank holding company by acquiring Southern Bank and
Trust Company, Savannah, Georgia. 1/
Citizens State Savings Bank, New Baltimore, Michigan, request for permission to make an investment in bank
premises. 1/
Elliott State Bank, Jacksonville, Illinois, request for
permission to make an additional investment in bank
premises. 1/
Union Bank and Trust Company, Bowling Green, Virginia, request for permission to make an investment in bank
premises. 1/
T7

Application processed onbehalf of the Board of Governors under delegated
authority.




H,2, 1977 No. 49

2 ACTIONS OF THE BOARD-Continued

Bank of Virginia, Richmond, Virginia, extension of time to
January 22, 1978, within which to establish a branch in
the Canterbury Shopping Center, Henrico County, Virginia.
1/
Mercantile Bank of Partington, Farmington, Missouri, extension of time to March 30, 1978, within which to establish a facility at the corner of Highway 32 and
Second Street, Leadington, Missouri. V
Marine Midland Bank, New York, New York, extension of time
within which to dispose of shares of Banco de Guayaquil,
Guayaquil, Ecuador. 1/
Bank of America N.T. & S.A., San Francisco, California, extension of time to December 23, 1978, within which to
acquire shares of European Brazilian Bank, Ltd., London,
presently held, directly or indirectly, by Bank of
America International S.A., Luxembourg. 1/
Bank of California, National Association, San Francisco,
California, eight branches of, proposed acquisition by
Wells Fargo Bank, National Association, San Francisco,
California, report to the Comptroller of the Currency on
competitive factors. V
Flagship Bank of Sanford, Sanford, Florida, proposed merger
with Flagship U.S. Bank of Seminole, Sanford, Florida,
report to the Federal Deposit Insurance Corporation on
competitive factors. \J
Southeast First National Bank of Maitland, Maitland, Florida,
proposed merger with Southeast Bank of East Orange,
Orlando, Florida, and Southeast National Bank of Orlando,
Orlando, Florida, report to the Comptroller of the
Currency on competitive factors. 1/

l7Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1977 No. 49

- 3 ACTIONS OF THE BOARD-Continued

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 as a drive-in facility in the
Kent Plaza Shopping Center, Chestertown, Kent County. 2/
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
The Columbian Title and Trust Company, Topeka, Kansas. 2/
* * * * *

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
Security Pacific Corporation, Los Angeles, California:
to acquire consumer finance related assets from Goode
Durrant & Murray Ltd., London, England, specifically
those related to offices of United Kingdom Guarantee
Corporation, Ltd.
Citibank Overseas Investment Corporation, Wilmington,
Delaware: to purchase 100 per cent of FNCB-Waltons
Finance, Sydney, Australia, in exchange for current 50
per cent interest in FNCB-Waltons Corporation Limited,
Sydney, Australia.
2?

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




#
H.2, 1977 No. 49
ACTIONS OF THE BOARD-Continued
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Parish National Corporation, Bogalusa, Louisiana, for
approval to acquire 81 per cent or more of the voting
shares of Parish National Bank, Bogalusa, Louisiana.
First Douglas BanCorporation, Inc., Tuscola, Illinois,
for approval to acquire 80 per cent of the voting shares
of The First National Bank and Trust Company of Tuscola,
Tuscola, Illinois.
Greenwald Bancshares, Inc., Greenwald, Minnesota, for
approval to acquire 80.3 per cent of the voting shares
of The State Bank of Greenwald, Greenwald, Minnesota. 2]
First State Bancorp., Inc., Dimmitt, Texas, for approval
to acquire 90.14 per cent of the voting shares of The
First State Bank of Dimmitt, Dimmitt, Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Withdrawn
Community Banks of Florida, Inc., Seminole, Florida, for
approval to acquire 80 per cent or more of the voting
shares of The County Bank (Manatee County), Palmetto,
Florida.
Approved
Bancorporation of Montana, Great Falls, Montana, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of Bank of Montana,
Helena, Montana.
The First Glenrock Corporation, Glenrock, Wyoming, for
approval to retain 48.97 per cent of the voting shares
and to acquire an additional 15.52 per cent of the
voting shares of First National Bank of Glenrock,
Glenrock, Wyoming.
2?

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




#
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H.2, 1977 No. 49

ACTIONS OF THE BOARD-Continued
National Raneshares Corporation of Texas, San Antonio,
Texas, for approval to acquire 100 per cent of the
voting shares (less directorsT qualifying shares) of the
successor by merger to Meyerland Bank, Houston, Texas.
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Y & S Investment Company, Atwood, Kansas, notification of
intent to engage in de novo activities (the business of
leasing personal property or acting as agent, broker, or
adviser in leasing such property) at 4th and State
Streets, Atwood, Kansas (11/30/77) 3/
Delayed
Western Bancorporation, Los Angeles, California, notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of the holding company, its subsidiaries, and others; storing and processing other banking, financial or related economic data such as performing payroll, accounts receivable or payable, or
billing services; making excess computer time available
to anyone; selling a byproduct of the development of a
program for a permissible data processing activity;
supplying formatting for computer output microfilm only
as an output option for data otherwise being permissibly
processed by the holding company system; selling and/or
leasing excess computer equipment which can no longer be
utilized by the company; and conducting such related
activities as incidental to the data processing business) at 124 Washington Avenue, Santa Fe, New Mexico;
405 Montgomery Street, San Francisco, California; 95
Hawthorne Street, San Francisco, California; 707 Wilshire
Boulevard, Los Angeles, California; 101 Continental
Boulevard, El Segundo, California; 411 North Vermont
Avenue, Los Angeles, California; 8671 South Nash Street,
El Segundo, California; 333 South Bannock Street, Englewood, Colorado; 205 West Oak Street, Fort Collins,
Colorado; 700 West Idaho Street, Boise, Idaho; 1400
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, 1977 No. 49

•

- 6 -

•

ACTIONS OF THE BOARD-Continued
Vista Avenue, Boise, Idaho; 24 East Main, Cut Bank,
Montana; 225 East Bridger Street, Las Vegas, Nevada; 730
Las Vegas Boulevard South, Las Vegas, Nevada; 1 East
First Street, Reno, Nevada; 2445 Vassar Street, Reno,
Nevada; 320 Gold Avenue, S.W., Albuquerque, New Mexico;
8616 Northeastern Avenue N.E., Albuquerque, New Mexico;
FNB Plaza, Phoenix, Arizona; 300 West Aztec Avenue,
Gallup, New Mexico; 128 West Second Street, Roswell, New
Mexico; 1300 S.W. Fifth Avenue, Portland, Oregon; 350
S.W. Jefferson Street, Portland, Oregon; 175 South Main
Street, Salt Lake City, Utah; 3815 South West Temple,
Salt Lake City, Utah; 1215 Fourth Avenue, Seattle,
Washington; 6801 South 180th Street, Seattle, Washington;
Third and Ivinson Avenue, Laramie, Wyoming; 232 East
Main Street, Riverton, Wyoming; 425 First Avenue North,
Great Falls, Montana; 2 Main Street, Kalispell, Montana;
104 South Wolcott Street, Casper, Wyoming; 800 Seventeenth
Street, Denver, Colorado; 216 West Broadway, Hobbs, New
Mexico; 20 East Main Street, Mesa, Arizona; 1305 West
23rd Street, Tempe, Arizona; 504 Sherman Avenue, Coeur
d1Alene, Idaho; 400 Memorial Drive, Idaho Falls, Idaho;
and 150 North Stone Avenue, Tucson, Arizona; through its
subsidiary, Western Bancorp Data Processing Company
(12/1/77) 3/
Permitted
Colonial Bancorp, Inc., Waterbury, Connecticut, notification of intent to engage in de novo activities (to
advise and act as agent for its bank subsidiaries in
respect to fiduciary management, marketing, operations,
and to advise and act as agent for said bank subsidiaries in respect to fiduciary administration, investment research, and execution of security transactions
for the customers of said bank subsidiaries) at all
offices of Colonial Bancorp, Inc.fs subsidiary banks,
through its newly-formed, wholly-owned subsidiary,
Colonial Trust Management Corporation, Waterbury, Connecticut (12/4/77) 3/
Citicorp* New York, New York, notification of intent to
engage in dje novo activities (making loans to individuals
and businesses secured by real and personal property,
the proceeds of which may be for purposes other than
person.nl, family or household usage; and the sale of
credit related life/accident and health insurance related to such loans; if these proposals are effected, a
licensed agent will offer to sell credit related life/
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, 1977 No. 49

- 7 ACTIONS OF THE BOARD-Continued
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 the contractual
monthly payments on the credit transactions in the event
of the obligator * s disability 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 Gateway Life
Insurance Company, an affiliate of Nationwide Financial
Corporation of Missouri; further, in regard to the
sale of credit related insurance, the subsidiary will
not act as a general insurance agency) at 310 E. 12th
Street, Kansas City, Missouri; 1516 S. Noland Road,
Independence, Missouri; and 2817 N.E. Vivion Road,
Kansas City, Missouri, through a subsidiary, Nationwide
Financial Services Corporation presently operating as
Nationwide Financial Corporation of Missouri (12/2/77)
3/

Citicorp, New York, New York, notification of intent to
engage in de novo activities (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 and the sale of
credit related life/accident and health insurance related
to such loans; if these proposals are effected, a licensed
agent will offer to sell credit related life/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 the contractual monthly
payments on the credit transactions in the event of the
obligator's disability 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 Gateway Life Insurance Company, an affiliate of Nationwide Financial
Corporation of Missouri; further, in regard to the sale
of credit related insurance, the subsidiary will not act
as a general insurance agency) at 403 Main Street,
Joplin, Missouri, through its subsidiary, Nationwide
Financial Services Corporation presently operating as
Nationwide Financial Corporation of Missouri (12/2/77)
1/
77

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




H.2, 1977 No. 49

—

8

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ACTIONS OF THE BOARD-Continued
Manufacturers Hanover Corporation, 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, loans and other extensions of credit
such as would be made by a finance company, servicing
loans and other extensions of credit for any person; and
acting as agent or broker for the sale of credit life
and credit accident and health insurance which is related
to extensions of credit made, acquired or serviced
by Ritter Finance Company, Inc. of Indiana) at 163 E.
Walnut Street, North Vernon, Indiana, through an indirect subsidiary, Ritter Finance Company, Inc. of
Indiana (11/28/77) 3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in <3e 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 finance contracts;
providing credit life and credit accident and health
insurance in conjunction with the above lending activities, such insurance will be provided only in connection with extensions of credit by Local Loan Co. and its
wholly-owned subsidiaries and will be available solely at
the option of the borrower and the borrower is advised
of this option in advance) at 13249 Hawthorne Blvd.,
Hawthorne, California, through its wholly-owned subsidiary, Local Loan Co., Chicago, Illinois (12/1/77) 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 finance contracts;
providing credit life and credit accident and health
insurance will be provided only in connection with
extensions of credit by Local Loan Co. and its whollyowned subsidiaries and will be available solely at the
option of the borrower and the borrower is advised of
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, 1977 No. 49

- 9 ACTIONS OF THE BOARD-Continued
this option in advance) at 16005 S. Harlem Avenue,
Tinley Park Plaza, Tinley Park, Illinois, through its
wholly-owned subsidiary, Local Loan Co., Chicago,
Illinois (12/1/77) 3/

Southern Bancorporation, Inc., Greenville, South Carolina,
notification of intent to engage in de novo activities
(acting as agent for the sale of credit related property
and casualty insurance) at 112 Broad Street, Bennettsville,
South Carolina d/b/a World Finance of Bennettsville and
811 Bay Street, Suite #4, Beaufort, South Carolina d/b/a
World Finance of Beaufort, through its indirect subsidiary, World Finance Corporation of South Carolina (a
wholly-owned subsidiary of World Acceptance Corporation)
(11/28/77) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in de novo activities (acting as agent
in the sale of insurance protecting collateral held
against the extensions of credit) at 111 North Palafox
Street, Pensacola, Florida, through a subsidiary, Landmark Finance Corporation of Florida (a wholly-owned
subsidiary of Landmark Financial Services, Inc.)
(11/28/77) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in de novo activities (acting as agent
in the sale of insurance protecting collateral held
against the extensions of credit) at 852-854 Terry Road,
Jackson, Mississippi, 122 East Pine Street, Hattiesburg,
Mississippi and 283 West Evans Street, Florence, South
Carolina, through its subsidiaries, Landmark Finance
Corporation of Mississippi and Landmark Finance Corporation of South Carolina (wholly-owned subsidiaries of
Landmark Financial Services, Inc.) (11/28/77) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in de novo activities (acting as agent
in the sale of insurance protecting collateral held
against the extensions of credit) at 119 East Innes
Street, Salisbury, North Carolina, through its subsidiaries, Landmark Financial Corporation of North Carolina
and Landmark Mortgage Corporation (wholly-owned subsidiaries of Landmark Financial Services, Inc.) (11/28/77)
3/
3 7 4 ( c ) ( 8 ) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1977 No. 49

-

10

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ACTIONS OF THE BOARD-Continued
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in de novo activities (acting as agent
in the sale of insurance protecting collateral held
against the extensions of credit) at 135 Caldwell Street,
Rock Hill, South Carolina, through a subsidiary, Landmark Finance Corporation of South Carolina (a whollyowned subsidiary of Landmark Financial Services, Inc.)
(11/28/77) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in de novo activities (acting as agent
in the sale of insurance protecting collateral held
against the extensions of credit) at 4908-A West Mercury
Boulevard, Hampton, Virginia, through a subsidiary,
Landmark Finance Corporation of Virginia (a wholly-owned
subsidiary of Landmark Financial Services, Inc.)
(11/28/77) 3/
United Virginia Bankshares, Incorporated, Richmond,
Virginia, notification of intent to engage in de novo
activities (originating loans as principal; originating
loans as agent; servicing loans for nonaffiliated individuals, partnerships and corporations; servicing
loans for affiliates of United Virginia Bankshares,
Incorporated; the sale, as agent, of credit life, credit
disability, mortgage redemption and mortgage cancellation insurance in connection with such loans and such
other activities as may be incidental to the business of
a mortgage corporation) at Executive Tower Building,
Suite 1450, 3500 North Causeway Boulevard, Metairie,
Louisiana, through its subsidiary, United Virginia
Mortgage Corporation (12/2/77) 3/
Virginia National Bankshares, Inc., Norfolk, Virginia,
notification of intent to engage in de novo activities
(acting as agent in the sale of automobile physical
damage insurance in connection with its extensions of
credit) at 406 Main Street, Murfreesboro, North Carolina,
through its subsidiary, Atlantic Credit Corporation
(11/28/77) V
Virginia National Bankshares, Inc., Norfolk, Virginia,
notification of intent to engage in cte novo activities
(acting as agent in the sale of automobile physical
damage insurance in connection with consumer finance
loans) at 406 Main Street, Murfreesboro, North Carolina,
through its subsidiary, Atlantic Equity Corporation
(11/28/77) 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, 1977 No. 49

-

11

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ACTIONS OF THE BOARD-Continued
Dawson Corporation, Palmer, Nebraska, notification of
intent to engage in de novo activities (operating an
industrial loan and investment company pursuant to the
laws of the State of Nebraska including the issuance of
paid up certificates of indebtedness, installment certificates of indebtedness and making consumer loans,
commercial loans and first and second mortgage loans on
real estate; acting as insurance agent for the sale of
decreasing term credit life insurance, credit accident
and health insurance and level term credit life insurance on single payment demand notes) at 1220 North Adams
Street, Lexington, Nebraska, through a subsidiary, First
Savings Company of Lexington, Inc. (12/2/77) 3/
The First National Bancorporation, Inc., Denver, Colorado,
notification of intent to engage in de novo activities
(the origination, processing and closing of FHA, VA and
Conventional permanent mortgage loans in the Glenwood,
Springs, Colorado area, and in the area bounded by and
including the towns of Vail, Aspen, Redstone, Rifle and
Meeker, Colorado) at 310 - 9th Street, Glenwood Springs,
Colorado, through a subsidiary, First Denver Mortgage
Company (11/28/77) 3/
Westland Banks, Inc., Lakewood, Colorado, notification of
intent to engage in die novo activities (providing data
processing services for the internal operations of the
holding company, its subsidiary banks, and other unaffiliated banks) at 10403 West Colfax Avenue, Lakewood,
Colorado (12/2/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in cte 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;
acting as agent or broker for the sale of credit-related
life, credit-related accident and disability insurance
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, 1977 No. 49

- 1 2 -

ACTIONS OF THE BOARD-Continued
and credit-related insurance in connection with extensions
of credit made or acquired by FinaneeAmerica Corporation)
at 7290 East Broadway, Tucson, Arizona, through its indirect subsidiary, FinanceAmerica Corporation (an Arizona
Corporation) (12/2/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de_ novo activities
(making or acquiring, for its own account or for the
account of others, loans and extensions of credit including making consumer installment personal loans,
purchasing consumer installment sales finance contracts,
making loans to small businesses and other extensions of
credit such as would be made by a factoring company or a
consumer finance company; and acting as broker or agent
for the sale of credit-related life/accident and health
insurance) at 23521 Paseo de Valencia, Laguna Hills,
California, through its subsidiary, Security Pacific
Finance Corp. (11/28/77) 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, 1977 No. 49

13 APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
_____
The Savings & Trust Company of Pennsylvania, Indiana,
Pennsylvania. Branch to be established at Route 119
South and Lucerne Road, Lucerne, Indiana County.
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
First Northwestern Trust Company of Nebraska, Omaha,
Nebraska.
The Columbian Title and Trust Company, Topeka, Kansas.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Clark County Bancorporation, Winchester, Kentucky, for
approval to acquire 11,640 shares of the voting shares
of The Clark County National Bank of Winchester,
Winchester, Kentucky.
Garfield Ridge Bancorporation, Inc., Chicago, Illinois,
for approval to acquire 80 per cent or more of the
voting shares of Garfield Ridge Trust and Savings Bank,
Chicago, Illinois.
Ewing Agency, Inc., Ewing, Nebraska, for approval to
acquire 100 per cent (less directors1 qualifying shares)
of the voting shares of Farmers State Bank, Ewing,
Nebraska.
Pittsburg Bancshares, Inc., Pittsburg, Kansas, for approval to acquire 97.52 per cent of the voting shares of
The National Bank of Pittsburg, Pittsburg, Kansas•




- 14

H.2, 1977 No. 49

APPLICATIONS RECEIVED-Contlnued
Security Financial Corporation of Fredericksburg,

Fredericksburg, Texas, for approval to acquire 80 per
cent or more of the voting shares of Security State Bank
and Trust, Fredericksburg, Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
National Detroit Corporation, Detroit, Michigan, for
approval to acquire 100 per cent of the voting shares of
NBD-Portage Bank, Portage, Michigan, a proposed new
bank.
Texas Commerce Bancshares, Inc., Houston, Texas, for approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of the successor by
merger to The First National Bank of McAllen, McAllen,
Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(consumer finance and insurance agency for the sale of
credit life and credit property insurance sold in connection with extensions of credit) at Oak Terrace Office
Mall, 806 South Tarboro Street, Wilson, North Carolina,
through its indirect subsidiary, Southern Discount
Mortgage Company, which is wholly-owned by its indirect
subsidiary, Southern Discount Company, Atlanta, Georgia
(12/2/77) 3/
Chemical New York Corporation, New York, New York, for approval to engage indirectly in the activity of reinsuring credit life and disability insurance sold in connection with extensions of credit in the State of New
York through Sun States Life Insurance Company and Great
Lakes Insurance Company, both in Cleveland, Ohio.
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, 1977 No. 49

— 15 —
APPLICATIONS RECEIVED-Contitiued

Chemical New York Corporation, New York, New York, notification of intent to engage in 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; 3786 South East
Street, Indianapolis, Indiana; 4915 1-55 North, Jackson,
Mississippi; 4431 Northwest 63rd Street, Oklahoma City,
Oklahoma; and 2160 Hoffmeyer Road, Florence, South
Carolina, through its subsidiary, Sunamerica Corporation
(11/28/77) 3/
Chemical New York Corporation, New York, New York, notification of intent to engage in d<2 novo activities
(extending direct loan credit, purchasing sales finance
contracts, and making such other extensions of credit as
would be made or acquired by a consumer finance company
operating under the South Carolina Consumer Protection
Code; and providing, at the election of debtors of said
consumer finance company, group credit life and group
accident and health insurance directly related to such
extensions of credit; and making available to its borrowers property and casualty insurance directly related
to extensions of credit; credit life and credit accident
and health insurance written by the new office will be
reinsured by two existing subsidiaries of Chemical New
York Corporation, Sun States Life Insurance Company and
Great Lakes Insurance Company) to be located within one
mile of the intersection of Highway 585 and California
Avenue, Spartanburg, South Carolina, through its indirect
subsidiary, The Sun Finance & Loan Company to be known
as Sun Finance Company-1203, Inc. (11/30/77) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (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/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 the obligator!s disability by
3?

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




H.2, 1977 No. 49

- 1 6 -

APPLICATIONS RECEIVED-Continued
licensed agents or brokers to the extent permissible
under applicable State insurance 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, Inc. and to include liability coverage
in home, automobile or commercial owner "package"

policies where such is the general practice by license^
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 Gateway Life Insurance Company an affiliate of Citicorp Person-to-Person
Financial Center, Inc.; further, in regard to the sale
of credit related insurance, the subsidiary does not act
as a general insurance agency) at 1892 East Airline
Drive, Bossier City, Louisiana; 1223 North 18th Street,
Monroe, Louisiana; Aurora Village, 4132 General DeGaulle
Drive, New Orleans, Louisiana; Bon Marche Center, 7166
Crowder Road, New Orleans, Louisiana; Severn Village
Shopping Center, 3030 Severn Avenue, Metairie, Louisiana;
Kennery Plaza, 3312 Williams Blvd., Kenner, Louisiana;
3130 Cache Road, Suite 2, Lawton, Oklahoma; 410 S. Main
Street, Main Park Plaza, Tulsa, Oklahoma; 3127 S. Sheridan,
P.O. Box 45392, Tulsa, Oklahoma; 5313 E. 41st Street,
Southroads Shopping Center, Tulsa, Oklahoma; and Centre
71, 8210 East 71st Street, Tulsa, Oklahoma, through its
subsidiary, Nationwide Financial Services Corporation
presently operating as Citicorp Person-to-Person Financial Center, Inc. (11/29/77) 3/
Citicorp, New York, New York, notification of intent to
engage in dja novo activities (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/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 on the credit transactions in the event of the obligator's disability by
licensed agents or brokers to the extent permissible
under applicable State insurance laws and regulations;
3/

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




11. 2, 1977 No. 49

17
APPLICATIONS RECEIVED-Continued

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, Inc. and to include liability coverage
in home, automobile or commercial owner "package"
policies where such is the general practice by applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and
health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Citicorp Person-toPerson Financial Center, Inc.; further, in regard to the
sale of credit related insurance, the subsidiary does
not act as a general insurance agency) at 432 West Main
Street, Vernal, Utah, through its subsidiary, Nationwide
Financial Services Corporation presently operating as
Citicorp Person-to-Person Financial Center, Inc. (11/29/77)
3/
Ancorp Bancshares, Inc., Chattanooga, Tennessee, for approval to acquire the assets of General Finance Company,
Rossville, Georgia.
Westland Banks, Inc., Lakewood, Colorado, notification
of intent to continue to engage in dje novo activities
(providing data processing services for the internal
operations of the holding company, its subsidiary banks,
and other unaffiliated banks) at 10403 West Colfax
Avenue, Lakewood, Colorado (10/11/77) 3/
Wells Fargo & Company, San Francisco, California, notification of intent to engage in d£ novo activities
(making or acquiring, for its own account or for the
account of others, loans and other extensions of credit
for other persons; acting as an insurance agent or
broker with respect to the following types of insurance
that are directly related to the extension of credit by
Wells Fargo & Company or its subsidiaries: credit life
and credit accident and health insurance and mortgage
redemption life insurance and group mortgage disability
insurance) at 12700 Park Central Place, Dallas, Texas,
through its indirect subsidiary, Ben C. McGuire &
Company (11/23/77) 3/
1 7 4 ( c ) ( 8 ) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1977 No. 49

18 ~

APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Gamble-Skogmo, Inc., Minneapolis, Minnesota, notification
of intent to acquire 100 per cent of the issued and
outstanding stock of Leath and Company (12/1/77) 3/
*

* * * *

REPORTS RECEIVED
None
* * * * *

Agreements Filed Pursuant to Section 8 of the
Securities Exchange Act of 1934
Banco de Vizcaya, Bilbao, Spain, a foreign bank with
one agency office in New York, has filed an agreement
with the Board undertaking to comply with all provisions
which relate to the use of credit to finance transactions in securities.
* * * * *

PETITIONS FOR RULEMAKING
None

37

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