Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : December 30, 1978

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ANNOUNCEMENT BY

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1978 No. 52)
Actions of the Board; Applications and Reports
Received During the Week Ending December 30, 1978
ACTIONS OF THE BOARD
Consumer Advisory Council, announcement of a new Chairman
and Vice Chairman and appointment of eight new members.
Uniform guidelines for the enforcement of the Truth in
Lending law and its implementing regulations have been
adopted by the five Federal agencies that regulate
Federally insured commercial banks, mutual savings
banks, savings and loan associations and credit unions.
The Board is informing bank holding companies that they
should file by September 30, 1979 divestiture plans
required by the Bank Holding Company Act to be effective
by the end of 1980, to avoid facing significant prospects
of forced sales to meet the statutory deadline.
First Security Corporation, Salt Lake City, Utah, extension
of time to April 20, 1979, within which to acquire
shares of First Security State Bank of Twelfth Street,
Ogden, Utah, a de novo bank not yet in operation. 1/
Florida Bankshares, Inc., Hollywood, Florida, extension of
time to March 27, 1979, to acquire additional shares
of First National Bank of Sebring, Sebring, Florida.
I/
Georgia Bancshares, Inc., Macon, Georgia, extension of time
to April 30, 1979, within which to become a bank
holding company by acquisition of The Georgia Bank &
Trust Company, Macon, Georgia. 1/
Guaranty Corporation, Denver, Colorado, extension of time to
February 28, 1979, within which to consummate the
acquisition of Guaranty Bank and Trust Company, Denver,
Colorado. 1/
Kenco Bancshares, Inc., Jayton, Texas, extension of time to
February 27, 1979, within which to consummate the
acquisition of Kent County State Bank, Jayton, T6xas.
1/
V

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




H.2, 1978 No. 52

- 2 ACTIONS OF THE BQARD-Continued

Mercantile Texas Corporation, Dallas, Texas, extension of
tine to March 30, 1979, within which to divest of the
property owned by Main and Polk Corporation. 1/
Metropolitan Bank and Trust Company, Philippine Securities
Corporation, and Tytana Corporation, all of Makati, Rizal,
Philippines, extension of time to March 22, 1979, within
which to acquire shares of International Bank of California,
Los Angeles. 1/
Deregistration for Brown Company, Pasadena, California. 1/
United California Bank, Los Angeles, California, extension
of time to July 25, 1979, within which to establish a
branch office in the vicinity of Imperial Highway and Santa
Ana Canyon Road, City of Anaheim, California. 1/
Citibank Overseas Investment Corporation, Wilmington, Delaware,
3-year extension of time within which to complete its investments in 6 corporations, all located in Belgium. 1/
Citibank Overseas Investment Corporation, Wilmington, Delaware,
one-year extension of time within which Citibank
Aktiengesellschaft may complete its investments in
Kundenkreditbank Komrariditgesellschaft Auf Aktien and
Trinkaus & Burkhardt, both located in Dusseldorf, West
Germany. 1/
Citibank, N.A., New York, New York, one-year extension of time
within which to complete its previously approved investment
in Bank Lebanon and Kuwait S.A.L., Beirut, Lebanon. 1/
Bank of America N.T. & S.A., San Francisco, California, extension of time to December 23, 1979, 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/
Cordova State Bank (proposed), Pensacola, Florida, extension
of time to July 9, 1979, to open for business as a member
of the Federal Reserve System. 1/
Bank of Mid Jersey, Borden torn, New Jersey, six-month extension of time to November 15, 1979, within which to
issue subordinated notes. 1/
1/ Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1978 No. 52

- 3ACTIONS OF THE BOARD-Continued

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Bank of Florida in South Florida, South Miami, Florida.
Branch to be established at the northwest corner of
the intersection of North Kendall Drive and S.W. 13th
Avenue, Dade County. 1/ & 2/
*

* * * *

To Withdraw frcm Membership in the Federal Reserve
System without a Six-Month Notice as Prescribed by
Section 9 of the Federal Reserve Act
Approved
Citizens Bank & Trust Company, Campbellsville, Kentucky. 1/
*

* * * *

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
Citibank, N.A., New York, New York: consent for Citibank
Overseas Investment Corporation, Wilmington, Delaware,
to continue to hold the shares, directly or indirectly,
of Citicorp Credit Multiple (CREDIM), Dijon, France,
after CREDIM increases its issued and outstanding debt
obligations.
Marine Midland Bank, Buffalo, New York: consent for Marine
Midland International Corporation, New York, New York,
to continue to hold the shares of Marine Midland Overseas Corporation (MMOC), New York, New York, after
MMOC acquires all of the outstanding shares and subordinated debt of Mazmid Financial Services Limited,
Toronto, Canada.
1? Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.




H.2, 1978 No. 52
ACTIONS OF THE BOARD-Continued
lb Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
The First National Bank of Chicago, Chicago, Illinois:
consent to establish a branch in Hong Kong.
*

*

*

*

*

To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Suspended
First Munday Bancshares, Inc., Munday, Texas, for approval to acquire 80-100 per cent of the voting shares
of First National Bank in Munday, Munday, Texas. 2/
Raymondville State Bancshares, Incorporated, Raymondville,
Texas, for approval to acquire 80.0-93.82 per cent of
the voting shares of Raymondville State Bank, Raymondville, Texas. 2/
Approved
State National Bancorp, Inc., Greenwich, Connecticut, for
approval to acquire 99.3 per cent of the voting shares
of The State National Bank of Connecticut, Bridgeport,
Connecticut. 1/ & 2/
ANKENY BANCSHARES, INC., Ankeny, Iowa, for approval to
acquire 80 per cent or more of the voting shares of
Ankeny National Bank, Ankeny, Iowa. 2/
Denison Bancshares, Inc. of Holton, Holton, Kansas, for
approval to acquire 94.37 per cent of the voting
shares of The Denison State Bank, Holton, Kansas. 1/ &

1/

Houston Bancshares, Inc., Houston, Texas, for approval to
acquire 80 per cent or more of the voting shares of
North Side Bank, Houston, Texas. 1/ & 2/
State National Financial Corporation, Corsicana, Texas,
for approval to acquire at least 80 per cent of the
voting shares of The State National Bank of Corsicana,
Corsicana, Texas. 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. 52

- 5 ACTIONS OF THE BOARD-Continued

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding C o m p a n y Act of 1956
Approved!
First Michigan Bank Corporation, Zeeland, Michigan, for
approval to acquire 100 pezr c e n t of the voting shares
(less directors' qualifying shares) of the successor
by merger to National Lumberman * s Bank and Trust
Company, Muskegon, Michigan. 2 /
First Financial Bancshares, Inc. , Nevada, Missouri, for
approval to acquire 100 per- c e n t of the voting shares
of The First National Bank: of Mount Vernon, Mount
Vernon, Missouri. 2/
The Wyoming National Corporation, Casper, Wyoming, for
approval to acquire 85.8 p e r cent or more of the
voting shares of Wyoming N a t i o n a l Bank of East Casper,
Casper, Wyoming, a proposed, n e w bank. 2/
*

*

*

*

*

To Expand a Bank Holding C o m p a n y Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Approved
Financial General Bank shares , Inc., Washington, D.C., for
approval to retain ownership o f National Mortgage Corporation , Washington, D.C .
The Wachovia Corporation, Winston-Salem, North Carolina, for
approval to retain Wachovia Mortgage Company, WinstonSalem, North Carolina.
DeniecL
BankAmerica Corporation, S a n Francisco, California, for
approval to continue to e n g a g e in lending activities
permissible under section 225.4(a) (1) of Regulation Y
and to engage de novo in credit related insurance,
servicing loans and other: extensions of credit, leasing personal property, l e a s i n g real property, through
a subsidiary, FinanceAmerrica Commercial Corporation,
Allentown, Pennsylvania.
27 Application subject to Community Reinvestment Act.




H.2, 1978No. 52

-6ACflUNS Or' THE BOARD-ConLmued

Permitted
Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in 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 such as would be
made by a sales finance company including the purchase
of sales finance contracts, acquired or serviced by
Ritter Finance Company, Incorporated of Virginia) at
Main Street, Bowling Green; 1153 Berryville Avenue,
Winchester; 101 South Main Street, Bridgewater; 193
West Spotswood Avenue, Elk ton; 113 North Main Street,
Woodstock; 223 Mason Avenue, Cape Charles; 9 North
Street, Onancock; and 260 Broadview Avenue, Warrenton,
all in Virginia, through its subsidiary, Ritter Finance
Company, Incorporated of Virginia (12/28/78) 3/
Tanufacturers Hanover Corporation, New York, New York, notification of intent to engage in 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 such as would be
made by a sales finance company including the purchase
of sales finance contracts, acquired or serviced by
Ritter Finance Company, Incorporated of Virginia) at
4653 Duke Street, Alexandria; 8347 Sudley Road, Manassas;
241-A Harry Flood Byrd Highway, Sterling; 13943 Jefferson
Davis Highway, Woodbridge; 109 East Carolina Avenue,
Crewe; 212 Main Street, Warsaw; 520 North Main Street,
Ir/oria; Main Street, Louisa; 11-B Walnut Hill Plaza,
Petersburg; Main & Hunter Streets, Waverly; Franklin
Plaza Shopping Center, Rocky Mount; 526 Main Street,
South Boston; 1144 Route 17, Tabb; 223 West Main
Street, Charlottesville; 1853 Seminole Trail,
Charlottesvi1le; Loudoun Valley Shopping Center,
Pureellvilie; 402B West Main Street, Bedford; and 114
Country Club Drive, S.W., Blacksburg, all in Virginia,
through its subsidiary, Ritter Finance Company, Incorporated of Virginia (12/25/78) 3/
First National State Bancorporation, Newark, New Jersey,
notification of intent to engage in de novo activities
(credit life and accident and health insurance for installment credit borrowers of subsidiary banks; and
any insurance for the company's banking subsidiaries)
at 550 Broad Street, Newark, New Jersey, through its
sul;siuiciry, Broad & Lombardy Associates, Inc. (12/24/78)
1/
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, 1978NO. 52

-7ACTIWS OF THE BOARD-Continued

Pit I l)iu:xjh National Corporation, Pittsburgh, Pennsylvania,
i'k ): ' ! i cation 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 Suite
17, 333 31st Street, North, St. Petersburg, Florida
and Executive Suite #2, Kahului Building, 33 Lono
Avenue, Kahului, Maui, Hawaii, through its whollyowned subsidiary, The Kissell Company, Springfield,
Ohio (12/24/78) 3/
Heritage Wisconsin Corporation, Wauwatosa, Wisconsin, notification of intent to engage in de novo activities
(succeed to and be substituted for the Heritage Bank
Beloit as to all fiduciary powers, rights, duties,
privileges and liabilities of the Bank in its capacity
as fiduciary for all estates, trusts, guardianships
and other fiduciary relationships of which the Bank is
no/ serving as fiduciary to the extent permitted by
Section 225.4(a)(4) of Regulation Y of the Board of
Governors; and engage in the conduct of all of the
routine activities involved in the administration of
fiduciary accounts) at 500 East Grand Avenue, Beloit,
Wisconsin, through its wholly-cwned subsidiary, Heritage
Trust Company (12/30/78) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities
(making or acquiring, for its own accounts 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 and credit related accident and disability
insurance in connection with extensions of credit made
or acquired by FinanceAmerica Corporation) at 9191-A
North Washington Street, Thornton, Colorado, through
its subsidiary, FinanceAmerica Corporation (a Colorado
Corporation) (12/28/78) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(the origination and acquisition of mortgage loans,
including development and construction loans on multifamily and commercial properties for its own account or
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. 52

8

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AOI'IONS OF THE BQ/vl^D-Continued
for the sale to others and the servicing of such loans
for others) at 36 South State Street, Salt Lake City,
Utah, through its subsidiary, Security Pacific Mortgage
Corporation (12/30/78) 3/
*

*

*

*

*

To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Permitted
Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire the assets and business
of Diversified Retailing Company, inc. and its subsidiaries (12/25/78) 3/
Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire the business and
assets of Precision Steel Warehouse, Inc. and its
subsidiaries (12/25/78) 3/
GATX Corporation, Chicago, Illinois, notification of intent
acquire substantially all of the assets and assume
certain outstanding liabilities of H. W. Moore Equipment Company, through its wholly-owned indirect subs idiary, GATX Leasing Corporation (12/25/78) 3/

37 4 (c) (8) or 4 (c) (12) notification processed by Reserve IBank on behalf
of the Board of Governors under delegated authority.




H.2, 1978 No. 52

- 9 APPLICATIONS RECEIVED

Ito Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
farmers Loan and Trust Ccrrpany, Tipton, Indiana. Branch
to be established at 202 North Main Street, Tipton. 2/
* * * * *

Withdraw from Membership in the Federal Reserve
System without a Six-Month Notice as Prescribed by
Section 9 of the Federal Reserve Act
Citizens Bank & Trust Company, Campbellsville, Kentucky
* * * * *

Form a Bank Holding Company Pursuant to Section
) (a) (1) of the Bank Holding Company Act of 1956
African National Bancorp., Inc., South Bend, Indiana
for approval to acquire 80 per cent or more of the
voting shares of American Affiliates, Inc., South
Bend, Indiana, and indirectly acquire 80 per cent or
more of the voting shares of American National Bank
and Trust. Company of South Bend, South Bend, Indiana.
»rst Bancorporation of Holdenville, Inc., Holdenville
Oklahoma, for approval to acquire more than 80 per '
cent (less directors' qualifying shares) of the voting
-hares of The First National Bank & Trust Co., Holdenville
Ok lahcma. 2/
e

- est National Bancshares, Inc., Plainview, Texas, for
approval to acquire at least 80 per cent of the'votincr
tit tares of First National Bank of Plainview, Plainview
Texas. 2/
'

2/ Application -object to Community Reinvestment Act.




H.2, 1978 No. 52

10 -

APPLICATIONS RECEIVED-Continued
Security State Bancshares, Inc., Stockdale, Texas, for
approval to acquire 80-100 per cent of the voting
shares of Security State Bank, Stockdale, Texas. 2/
*

*

*

*

*

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Trust Company of Georgia, Atlanta, Georgia, for approval
to acquire 80 per cent or more of the voting shares of
the successor by merger to Gwinnett Commercial Bank,
Lawrenceville, Georgia. 2/
Manufacturers National Corporation, Detroit, Michigan,
for approval to acquire 100 per cent of the voting
shares of American Heritage Bancshares, Inc., East
Lansing, Michigan, and indirectly acquire 90 per cent
or more of the voting shares of State Bank of Michigan,
Coopersville, Michigan. 2/
American Pioneer Life Insurance Company, Trumann, Arkansas,
for approval to retain an additional 55.04 per cent of
the voting shares of First National Bank of Poinsett
County, Trumann, Arkansas. 2/
Texas American Bancshares Inc., Fort Worth, Texas, for
approval to acquire 75 per cent of the voting shares
of Riverside State Bank, Fort Worth, Texas. 2/
* * * * *

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 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 adviser in leasing such
property, and servicing such leases where the leases
serve as the functional equivalent of an extension of
2/ Application subject to Community Reinvestment Act.




H.2, 1978 No. 52

~

11

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APPLICATIONS RECEIVED-CQntinued
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 4615 Southwest Freeway,
Houston, Texas and Three Girard Plaza, Philadelphia,
Pennsylvania, through its subsidiary, Citicorp Industrial
Credit, Inc. (12/27/78) 3/
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) at 233 South Wacker Drive, Chicago, Illinois,
through its subsidiary, Citicorp Industrial Credit,
Inc. (12/27/78) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (acting as agent or
broker for the sale of credit related property and
casualty insurance (on purchased installment sales
finance contracts, said insurance will only be offered
when such transactions are the equivalent of direct
extensions of credit by Advance Mortgage Corporation)
on property, generally mobile hemes and one-to-four
family residences, where Advance Mortgage Corporation
has a security interest and to include liability
coverage in homeowners "package" policies where such
is the general practice by licensed agents or brokers)
at 9247 North Meridian Street, Indianapolis, Indiana,
through its subsidiary, Advance Insurance Agency, Inc.
at offices of Advance Mortgage Corporation in Phoenix,
Arizona,. Tucson, Arizona and Montgomery, Alabama
(12/28/78) 3/
Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities
(the origination and sale of mortgage loans on residential,
commercial and industrial real estate; the servicing
of mortgage loans owned by Galbreath Mortgage Company
and owned by others) at 277 Park Avenue, New York, New
York and International Boulevard and Peachtree Street,
N.E., Atlanta, Georgia, through its subsidiary, The
Galbreath Mortgage Company (12/27/78) 3/
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. 52

- 12 g™jCATIQNS RECEIVED-Cor tinugd

Manufacturers Hanover Corporation, Now York, Nev 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
as would be made by a finance company; making or
acquiring, for its account or for the account of
others, loans and other extensions of credit such as
would be made by a sales finance company including
purchasing installment sales finance contracts; servicing any si^h loans and other extensions of credit
for any person; and acting as agent or broker for the
sale of credit related life and accident and health
insurance which is related to extensions of credit
made and acquired by, and property damage and liability
insurance insuring collateral securing direc: extensions of credit by Bitter Finance Company, Inc. of
South Carolina) at Highway 123, Store #2, Clanson,
South Carolina, through its subsidiary, Rittar Finance
Company, Inc. of South Carolina (12/29/78) 3/
Manufacturers Hanover Corporation, New York, Is sw York,
notification of intent to engage in 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 such as would be
mac" by a sales finance company including tl te purchase
of sales finance contracts, acquired or serviced by
Ritter Finance Company, Incorporated of Virginia) at
105A North Main Street, Faxraville, 513 Culpsper
Shopping Center, Culpeper and Route 501, BrXDkneal,
both located in Virginia, through its subsidiary,
Ritter Finance Company. Incorporated of Virginia
(12/29/78) 3/
^ ^
*
F irst ^ Pennsy ivania Corporation, Phi lade i phia, Pennsylvania,
notification of intent to continue to engace in activities
previously commenced de novo (the business of acting
as investment adviserTo the extent of (1) serving as
investment adviser, as defined in section Z(a) (2.0) of
the Investment Company Act of 1940, to an :.nvestment
company registered under the act; (2) providing portfolio
investment advice to any other person; (3) furnishing
general economic information and advice, general
economic statistical forecasting services md industry
studies) at 1500 Chestnut Street, Philadelphia, Pennsylvania and 3 Embarcadero Center, San Francisco,
California through its subsidiary, Vestaur Corp.
(12/21/78) 3/
3/

4 () (8) or 4 (c) (12) notification processed by Reserve Dark on behalf
of the Board of Governors under delegated authority.