Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : December 4, 1976

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1976 No. 49)
Actions of the Board; Applications and Reports
Received During the Week Ending December 4, 1976
ACTIONS OF THE BOARD
Regulation U, notice of further revisions to revised Form
U-l, "Statement of Purpose of a Stock-Secured Extension
of Credit by a Bank".
Individual Retirement Accounts, the Federal Reserve System
is conducting a one-time survey of the outstanding
amount of IRA deposits as of December 31, 1976; letter
and general instructions to all Federal Reserve Banks.
Amendment to Rules Regarding Delegation of Authority, specific
functions delegated to Board employees and to Federal
Reserve Banks.
Fidelity Union Bancorporation, Newark, New Jersey, extension
of time within which to open an office located at the
intersection of Routes #10 and #202 in Parsippany-Troy
Hills, New Jersey. 1/
Bank of Elmore Company, Elmore, Ohio, to make an investment in
bank premises. 1/
Harris Trust and Savings Bank, Chicago, Illinois, to make an
investment in bank premises. 1/
Liberty State Bank & Trust, Hamtramck, Michigan, to make an
investment in bank premises. 1/
First Trust & Deposit Company, Syracuse, New York, extension
of time within which to establish an office in the
immediate neighborhood of the intersection of the West
Entry Road and Willett Parkway, Radisson, Town of Lysander,
New York. 1/
First Virginia Bank of Roanoke Valley, Roanoke, Virginia, extension of time within which to establish a branch at
231 College Avenue, Salem, Virginia. 1/
Deregistration statement for lenders pursuant to Regulation G
for D.H. Baldwin Company and for Eagle-Picher Industries,
Inc., both of Cincinnati, Ohio. V
DigitizedIT
for FRASER
Application processed on behalf of the Board of Governors under delegated
http://fraser.stlouisfed.org/
authority.
Federal Reserve Bank of St. Louis

H.2, 1976 No. 49

- 2 ACTIONS OF THE BOARD-Continued

Deregistration statement for lenders pursuant to Regulation
G for Gasco, Inc., Honolulu, and for Retirement System
of Hawaiian Telephone Company, Honolulu, Hawaii. 1/
Deregistration statement for lenders pursuant to Regulation
G for Coastal Bend Production Credit Association, Robstown,
West Texas Production Credit Association, Houston, Rolling
Hills Production Credit Association, Jasper, and for
Republic National Life Insurance Company, Dallas, Texas. 1/
Jackson Exchange Bank, Jackson, Missouri, application for
permission to exercise general trust powers. 1/
Peoples-Liberty Bank and Trust Company, Covington, Kentucky,
request for permission to reduce its capital stock. 1/
Bank of America N.T. & S.A., San Francisco, California, extension of time to December 23, 1977, within which to
acquire shares of European Brazilian Bank Ltd., London,
presently held by Bank of America International S.A.,
Luxembourg and its wholly-owned subsidiary, Bank of
America International Ltd., London. 1/
Banco Nacional S.A., Rio de Janeiro, Brazil, letter to New
York State Banking Department interposing no objection
to the Bank establishing an agency at 645 Fifth Avenue,
Borough of Manhattan, New York. 1/
Nippon Fudosan Bank Ltd., Tokyo, Japan, letter to New York
State Banking Department interposing no objection to
Bank establishing a branch at 2 Wall Street, Borough of
Manhattan, New York. 1/
Barnett Bank of North Pensacola, Escambia County, Florida,
proposed merger with Barnett Bank of Pensacola, Pensacola,
Florida; report to the Federal Deposit Insurance Corporation on competitive factors. 1/
Deposit National Bank, DuBois, Pennsylvania, proposed merger
with Farmers and Merchants Bank, St. Marys, Pennsylvania;
report to the Comptroller of the Currency on competitive
factors. 1/
Farmers and Traders Bank, Wrightstown, Wisconsin, proposed
acquisition by West Bank and Trust, Green Bay, Wisconsin;
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, 1976 No. 49

- 3 ACTIONS OF THE BOA&D-Continued

First Bank of Athol (National Association), Athol, Massachusetts, proposed merger with The First National Bank
of Athol, Athol, Massachusetts; report to the Comptroller
of the Currency on competitive factors. 1/
Midlantic National Bank/West, Morristown, New Jersey; proposed merger with Midlantic National Bank, Newark, New
Jersey; report to the Comptroller of the Currency on
competitive factors. 1J
Subsidiaries of Flagship Banks, Inc., Miami Beach, Florida,
proposed merger with Flagship Bank of St. Petersburg,
N.A., St. Petersburg, Florida; report to the Comptroller
of the Currency on competitive factors. 1/

1/

Application processed on behalf of the Board of Governors under delegated
authority.
Note: The H.2 release is now published in the Federal Register. It will
continue to sent, upon request, to anyone desiring a copy.




4

H.2, 1976 No. 49

ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Approved
The Central Trust Company of Canal Winchester, Canal
Winchester, Ohio. Branch to be established at Waggoner
Road and East Main Street, Reynoldsburg, Franklin, Fairfield, and Licking Counties. 2/
Harris Trust and Savings Bank, Chicago, Illinois. Branch to
be established in the Board of Trade Building, 141 West
Jackson Boulevard, Chicago. 2/
Bank of Houston, Houston, Texas. To establish a drive-in
facility to be located directly across Fannin Street from
existing bank premises. 2/
*

* * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
First Northwestern Trust Company of South Dakota, Sioux
Falls, South Dakota. 2J
The Garden of the Gods Bank, Colorado Springs, Colorado. 2/
* * * * *

To Establish an Overseas Branch of a Member bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
Detroit Bank and Trust Company:
Grand Cayman, Cayman Islands.

2/

Branch - George Town,

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




H.2, 1976 No. 49

- 5
ACTIONS OF THE BOARD-Continned

To Organize or Invest in, a Corporation Doing Foreign
Banking and Other Foreign Financing Pursuant to Section
25 of 25(a) of the Federal Reserve Act
Approved
Chemical Bank: Re: To organize an Edge Corporation to
be known as "Chemco International, Inc.H
* * * * *

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
Bank of America: Investment - additional shares of corner
Banca S.A., Switzerland, in order to maintain its 20.7
per cent interest.
Banco di Roma, S.P.A., Rome, Italy: Reconsideration of
divestiture of stock of Euro-Partners Securities Corp.,
New York.
Bamerical International Financial Corporation: To continue
to hold the shares of BankAmerica Finance, Ltd., Reading,
England, after the latter issues debt obligations.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Crestwood Banking Company, Ltd., Crestwood, Kentucky, for
approval to acquire 80 per cent or more of the voting
shares of Crestwood State Bank, Crestwood, Kentucky.
Stillwater Holding Company, Stillwater, Minnesota, for approval to acquire 80.02 per cent of the voting shares of
The First National Bank of Stillwater, Stillwater,
Minnesota. 2/
TJ

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




H.2, 1976 No. 49

5' —
ACTIONS OF THE BOARP-Continued

Windsor Bancshares, Inc., Windsor, Missouri, for approval
to acquire 100 per cent (less directors1 qualifying
shares) of the voting shares of The Citizens Bank of
Windsor, Windsor, Missouri. 2/
West Texas Bancorporation, Inc., Post, Texas, for approval
to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The First National Bank
of Post, Post, Texas. 2/
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
CB&T Bancshares, Inc., Columbus, Georgia, for approval to
acquire 51 per cent or more of the voting shares of
Commercial Bank, Thomasville, Georgia.
CB&T Bancshares, Inc., Columbus, Georgia, for approval to
acquire 51 per cent or more of the voting shares of La
Grange Banking Company, La Grange, Georgia.
First National
for approval
shares (less
Rapids Bank,

Financial Corporation, Kalamazoo, Michigan,
to acquire 100 per cent of the voting
directors' qualifying shares) of Grand
National Association, Grand Rapids, Michigan.

2/
Evans Insurance Agency, Inc., Billings, Oklahoma, for approval to retain 411 of the voting shares of The First
State Bank in Billings, Billings, Oklahoma.
A * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Delayed
Shawmut Corporation, Boston, Massachusetts, notification
of intent to engage in de novo activities (agricultural
commodity financing, and servicing such financing and
related and incidental activities and in general, making,
2/

Application proci :

^ t y lie Reserve Bank on behalf of the Board of

Governors under dvl v^at*id authority,



* H.2, 1976 No. 49

- 7 ACTIONS OF THE BOAJRD-Con tinned

servicing, or acquiring, for its own account or for the
account of others, loans and other extensions of credit
to agricultural enterprises or secured by agricultural
commodities) at 4701 Marion Street, Denver, Colorado,
through a subsidiary, American Cattle and Crop Services
Corporation (11/29/76) 3/
Virginia National Bankshares, Inc., Norfolk, Virginia,
notification of intent to engage in cte novo activities
(acting as insurance agent or broker in offices at which
the holding company or its subsidiaries are otherwise
engaged in business with respect to any insurance that
is directly related to an extension of credit by a bank
or a bank related firm or is directly related to the
provision of other financial services by a bank or such
bank related firm; protecting the value of assets financed, leased, such as homeowners, fire, theft, and
other perils, comprehensive, collision, marine, and
liability when sold as part of an otherwise permissible
package) in Norfolk, Virginia, through its subsidiary,
VNB Insurance Agency, Inc. (12/3/76) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(the leasing of personal property) at One Northpark
East, Suite 109, 8950 North Central Expressway, Dallas,
Texas, through Inleasing Corporation, a subsidiary of
Industrial National Corporation (11/29/76) 3/
Maryland National Corporation, Baltimore, Maryland, notification of intent to engage in cie novo activities (engaging generally in the business of leasing personal
property including, but not limited to, the leasing of
various types of equipment, machinery, vehicles, transportation equipment, and data processing equipment;
originating personal property leases as principal or
agent; servicing personal property leases for affiliated
or non-affiliated Individuals, partnerships, or corporations ; buying and selling and otherwise dealing in personal property lease contracts as principal or agent;
acting as adviser in personal property leasing transactions; engaging in the sale, as agent or broker, of insurance similar in form and intent to credit life and/or
mortgage redemption insurance; engaging generally in the
3/

4(c)(8) and 4(c)'i
otificatlons processed by Reserve Bank on behalf
of the Board of love n^rs under delegated authority.




H.2, 1976 No. 49

—

8

—

ACTIONS OF THE BOARD-Continued
business of leasing real property where the lease is the
functional equivalent of an extension of credit; originating real property leases as principal or agent;
servicing real property leases for affiliated or nonaffiliated individuals, partnerships, corporations or
other entities; buying, selling, and otherwise dealing
in real property leases as principal, agent, or broker
and acting as adviser in real property leasing transactions) at 1301 York Road, Lutherville, Maryland,
through a subsidiary, Maryland National Leasing Corporation (12/2/76) 3/
Barnett Banks of Florida, Inc., Jacksonville, Florida,
notification of intent to engage in de novo activities
(acting as investment or financial adviser to the extent
of serving as investment adviser as defined in Section
2(a)(20) of The Investment Company Act of 1940 to an
investment company registered under that act; providing
portfolio investment advice to any other person and
furnishing general economic information and advice,
general statistical forecasting services, and industry
studies; and providing financial advice to State and
local governments such as with respect to the issuance
of their securities) at 250 Park Avenue, South, Winter
Park, Florida and 1001 East Atlantic Avenue, Delray
Beach, Florida, through a subsidiary, Barnett Investment
Services, Inc. (12/5/76) 3/
TG Bancshares Co., St. Louis, Missouri, notification of
intent to engage in <de novo activities (providing financially-oriented data processing and bookkeeping
services for nonbanking businesses; development of financially-oriented automated data processing programs;
and carrying on permissible incidental activities to the
extent excess computer time and facilities are available)
at 3115 South Grand Boulevard, St. Louis, Missouri,
through a subsidiary, Financial Computing Corporation of
Missouri (11/29/76) 3/
Northwest Bancorporation, Minneapolis, Minnesota, notification of intent to acquire a de novo trust company
(assume trust activities from four subsidiary banks) at
204 South First Street, Aberdeen, South Dakota; 825 St.
Joe Street, Rapid City, South Dakota; 101 North Phillips
Avenue, Sioux Falls, South Dakota; and 20 North Maple
Street, Watertown, South Dakota; through First Northwestern
Trust Co. of South Dakota (12/3/76) 3/
37

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




- 9

H.2, 1976 No. 49

ACTIONS OF THE BOARD-Continued
Peoples State Holding Company, Westhope, North Dakota,
notification of intent to engage in de novo activities
(the activities of an agricultural credit company) in
Newburgh and Westhope, both in North Dakota, through a
subsidiary, Peoples Credit Company (12/4/76) 3J
NBC Co., Lincoln, Nebraska, notification of intent to
engage in cle. novo activities (conducting the business of
an industrial loan and investment company including
issuance of interest bearing savings certificates and
making loans including consumer loans, commercial loans,
and real estate mortgage loans) at 10855 West Dodge
Road, Omaha, Nebraska, through a subsidiary, Mutual
Savings Company of Omaha (12/3/76) 3/
First Hawaiian, Inc., Honolulu, Hawaii,
intent to relocate de novo activities
industrial loan company in the manner
State law) from 94-246 Mokuola Street
Highway, Waipahu, Hawaii, through its
Thrift & Loan Incorporated (11/29/76)

notification of
(operating as an
authorized by
to 94-144 Farrington
subsidiary, Hawaii
3/

Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de_ novo activities
(acting as broker or agent for the sale of credit related
property and casualty insurance with respect to loans or
extensions of credit of The Bankers Investment Company)
at 400 S. Broadway, Wichita, Kansas, through its subsidiary, The Bankers Investment Company (11/28/76) 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 directly and indirectly
more than five per cent of the outstanding voting stock
of Government Employees Financial Corporation, Denver,
Colorado, a consumer finance business in the United
States and West Germany (12/2/76) 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, 1976 No. 49

- 1 0 -

APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Chemical Bank of Binghamton, Binghamton, New York. Branch
to be established at 1935-1977 Lake Street, Town of
Elmira, Chemung County.
Endicott Trust Company, Endicott, New York. Branch to be
established on Route 434 approximately 500 feet east of
the intersection of Pennsylvania Avenue in the Hamlet of
Apalachin, Town of Owego, Tioga County.
First Manassas Bank and Trust Company, Manassas, Virginia.
Branch to be established in the K-Mart Shopping Center
on Sudley Manor Drive, Manassas.
Community Bank and Trust Company of Augusta County, Verona,
Virginia. Branch to be established at 1157 West Main
Street, Waynesboro.
Union Bank and Trust Company, Evansville, Wisconsin. Branch
to be established at the corner of North Madison and
Mill Street, Evansville.
Glenwood State Bank, Glenwood, Iowa. Branch to be established
at Glenwood Plaza Shopping Center, Glenwood.
Bank of Houston, Houston, Texas. To establish a drive-in
facility to be located directly across Fannin Street
from existing bank premises.
*

*

* * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Garden of the Gods Bank, Colorado Springs, Colorado.
* * * A *

To Merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
The Commercial Bank, Delphos, Ohio, for prior approval to
merge with The Farmers Bank of Elida, Elida, Ohio.




#
H.2, 1976 No. 49

11
APPLICATIONS RECEIVED-Coritinued

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Page Bank Holding Company, Page, North Dakota, for approval to acquire 92.67 per cent of the voting shares of
Page State Bank, Page, North Dakota.
Y & S Investment Company, Omaha, Nebraska, for approval
to acquire 80 per cent or more of the voting shares of
State Bank of Atwood, Atwood, Kansas.
* * * * *

To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of the Bank Holding Company Act
of 1956
First Chicago Corporation, Chicago, Illinois, for approval
to retain the shares of Marco Capital Corporation,
Wilmington, Delaware and indirectly acquire Marshall
County Bank & Trust Company, Plymouth, Indiana.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Centran Corporation, Cleveland, Ohio, notification of intent
to engage in de novo activities (the making and acquiring
of consumer finance loans, for its own account or the
account of others, (including loans to individuals
secured by second mortgages or deeds of trust on residential
property) the purchasing of installment sales contracts;
the sale as agent of credit life insurance and health
and accident insurance to borrowers at their request in
connection with extensions of credit; the sale as agent
of fire, inland marine, and extended coverage insurance
on real property, furniture, and household goods and
vehicular physical damage insurance on vehicles taken as
collateral on loans made or purchased; and the servicing
of loans and other extensions of credit for any person)
at 8803 Sudly Road, Manassas, Virginia, through its
wholly-owm»d subsidiary, Major Finance Corporation,
Silver Spring, Maryland (11/30/76) 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. 49

-

12 -

APPLICATIONS RECEIVED-Continued
Citizens arid Southern Holding Company, Atlanta, Georgia,
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
including specifically (but without limitation upon the
foregoing) the making of loans secured by second mortgages upon residential and other real property and
servicing loans and other extensions of credit) at 6445
Powers Ferry Road, Atlanta, Georgia and 1895 Phoenix
Boulevard, College Park, Georgia, through a subsidiary,
Citizens and Southern Equity Mortgage Company (12/2/76)
3/
Security Bancorp, Inc., Southgate, Michigan, for approval
to expand its insurance underwriting activities through
its subsidiary, United Bankers Life Insurance Company,
Phoenix, Arizona (engage in underwriting, as reinsurer,
credit accident and health insurance in connection with
extensions of credit by the holding company system)
BankAmerica Corporation, San Francisco, California, notification of intent to relocate de novo activities (making loans and extending credit and providing services
incident to such loans and extensions of credit such as
would be made or provided by a finance company, including
but not limited to, making consumer installment loans,
purchasing installment sales finance contracts, and making loans to small businesses and extensions of credit
secured by real or personal property; acting as agent or
broker for the sale of credit related life and credit
related accident and disability insurance in connection
with extensions of credit by FinanceAmerica Corporation
of Massachusetts) from Suite 200, 74 Merrimack Street,
Lowell, Massachusetts to 1105 K. Lakevlew Avenue, Dracut,
Massachusetts, through its indirect subsidiary, Finance
America Corporation of Massachusetts (11/26/76) 3/
Rainier Bancorporation, Seattle, Washington, notification
of intent to engage in
novo activities (the making or
acquiring, for its own account or for the account of
others, loans and other extensions of credit) at 1412
West Idaho Street, Boise, Idaho, through its subsidiary,
Rainier Mortgage Company (11/26/76) 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. 49

-13APPLICAT10NS RECEIVED-Continued

Security Pacific Corporation, Los Angeles. California, notification of intent to engage in d_e 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 commercial
finance company; and acting as broker or agent for the
sale of credit-related life/accident and health insurance
and credit-related property and casualty insurance) at
1400 North Harbor Boulevard, Fullerton, California,
through its subsidiary, Security Pacific Finance Corp.
(11/26/76) 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 commercial
finance company; and acting as broker or agent for the
sale of credit-related life/accident and health insurance
and credit-related property and casualty insurance) at
Del Amo Financial Center, 21515 Hawthorne Blvd., Torrance,
California, through its subsidiary, Security Pacific
Finance Corp. (11/26/76) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in d<£ novo activities
(the financing of personal property and equipment and
real property and the leasing of such property or the
acting as an agent, broker, or adviser in the leasing
and/or financing of such property where at the inception
of the initial lease the effect of the transaction (and,
with respect to Governmental entities only, reasonably
anticipated future transactions) will yield a return
that will compensate the lessor for not less than the
lessor's full investment in the property plus the estimated total cost of financing the property over the term
of the lease and the servicing of such financings and/or
leases) at Suite 910, 7777 Bonhomme, Clayton, Missouri,
through its subsidiary, Security Pacific Leasing Corporation (11/26/76) 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. 49

- 14 APPLICATIONS RECEIVED-Continued

Security Pacific Corporation, Los Angeles, California, notification of intent to relocate de_ novo activities (the
origination and acquisition of mortgage loans, including
development and construction loans on multi-family and
commercial properties for its own account or for the
sale to others and the servicing of such loans for
others) from 319 West Fifth Avenue to 1011 East Tudor
Road, Anchorage, Alaska, through its subsidiary, Security
Pacific Mortgage Corporation (11/22/76) 3/
* * * * *

REPORTS RECEIVED
None.
A * * * *

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.