Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : December 7, 1974

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ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

', '*)

Applications and Reports Received or Acted on
H.2
1974 No. 49

During the Week Ending December 7, 1974

District

2

To Establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
Peapack-Gladstone Bank, Gladstone, New Jersey, Branch
to be established at the intersection of Route 512
(Pottersville Road) and Hacklebarney Road, Pottersville,
Bedminister Township, Somerset County.

4

The First-Mason Bank, Mason, Ohio. Branch to be
established at 600 Block Reading Road, Mason,
Warren County.

4

The City Bank Company, Lorain, Ohio. Branch to be
established at 1949 Cooper Foster Park Road, Amherst,
Lorain County.

5

United Virginia Bank of Williamsburg, Williamsburg,
Virginia. Branch to be established at the Busch Gardens
Complex (Located on Route 60 East approximately
three miles from the City Limits of Williamsburg,)
James City County.

12

United California Bank, Los Angeles, California. Branch
to be established in the vicinity of Avenue of Stars
and Olympic Boulevard in the Century Plaza Development,
City of Los Angeles, Los Angeles County.

12

Approved
^United California Bank, Los Angeles, California. Branch
to be established at Southeast corner of intersection
of Bernardo Center Drive and Rancho Bernardo Road,
City and County of San Diego.
V?

"k /V ic

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




H. 2
1974 No. 49




- 2 Thirty Day Notice of Intention to Establish an
Additional Branch in a Foreign Country
Received
The Chase Manhattan Bank, N.A., New York, New York:
two additional branches in Panama, to be located
in La Concepcion and in Penonome.
•>V Vv V?

-k "k ii

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
American Bancorp, Inc., Hammond, Indiana, for approval
to acquire 80.25 per cent of the voting shares of
American State Bank of North Judson, Indiana, North
Judson, Indiana.
Central States Bancor, Inc., Des Moines, Iowa, for approval to acquire 93.01 per cent of the voting shares of
Capital City State Bank, Des Moines, Iowa.
The George Madison Corporation, Pawnee, Oklahoma, for
approval to acquire more than 80 per cent of the voting
shares of The First National Bank of Pawnee, Pawnee,
Oklahoma.
Approved
Fort Calhoun Investment Company, Omaha, Nebraska, for
approval to acquire 99.99 per cent of the voting shares
of Fort Calhoun State Bank, Fort Calhoun, Nebraska.
Withdrawn
On H.2 No. 15 (1974), the Board reported receipt of an
application from Commercial Bankshares, Inc., Grand
Island, Nebraska, for approval to acquire 88 per cent or
more of the voting shares of Commercial National Bank &
Trust Company, Grand Island, Nebraska, Grand Island,
Nebraska. In a letter dated November 30, 1974, Applicant requested that the application be withdrawn.
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
National City Corporation, Cleveland, Ohio, for approval
to acquire 100 per cent of the voting shares of The
Third National Bank of Sandusky, Sandusky, Ohio.
Associated Bank Corporation, Iowa City, Iowa, for approval to acquire 80 per cent or more of the voting
shares of Community State Bank of Clear Lake, Clear
Lake, Iowa.







Received Continued
Mercantile Bancorporation Inc., St. Louis, Missouri,
for approval to acquire at least 90 per cent (plus
directors1 qualifying shares) and up to 100 per cent of
the voting shares of State Bank of Willow Springs,
Willow Springs, Missouri.
Wyoming Bancorporation, Cheyenne, Wyoming, for approval
to acquire 98.3 per cent of the voting shares of Bank of
Wyoming, Hanna, Wyoming, a proposed new bank.
Approved
Allied Bancshares, Inc., Houston, Texas, for approval to
acquire 100 per cent of the voting shares (less directors ' qualifying shares) of the successor by merger
to American Bank and Trust Company, Houston, Texas.
Allied 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 Kirbyville State Bank of Kirbyville, Texas,
Kirbyville, Texas.
Allied 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 Security Bank, Spring, Texas.
Security Bankshares, Inc., Waco, Texas, for approval to
acquire 100 per cent of the voting shares (less directors' qualifying shares) of City State Bank in
Wellington, Wellington, Texas.
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 Pan American Bank, Brownsville, Texas.
Withdrawn
Security Bankshares, Inc., Waco, Texas, for approval
to acquire 100 per cent of the voting shares (less
directorsT qualifying shares) of City State Bank in
Wellington, Wellington, Texas.

H.2
1974 No. 49

2

- 5 To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Received
The Chase Manhattan Corporation, New York, New York,
for approval to acquire the shares of Chase Manhattan
Captive Insurance Co., Denver, Colorado.

2

**Fidelity Union Bancorporation, Newark, New Jersey, notification of intent to engage in de novo activities (the
business of making loans in the present maximum amount
of $3,500 or less under the provisions of the Pennsylvania Consumer Discount Company Act; and making available
to customers credit life insurance and disability insurance covering the unpaid balance of loans outstanding, and other insurance to protect collateral during
the periods of credit extensions) at 1406 Hamilton
Street, Allentown, Pennsylvania, through a subsidiary of
its subsidiary, Suburban Finance Company, known as
Sentry Consumer Discount Company.

12- 4-74

6

**First Alabama Bancshares, Inc., Montgomery, Alabama, notification of intent to engage in de novo activities
(acting as insurance agent or broker with respect to
credit life/accident and health insurance that is directly related to the extension of credit by a bank or
bank related firm; credit life or accident insurance
that is directly related to the provision of other
financial services by a bank or bank related firm; and
insurance sold in communities which have a population
not exceeding 5,000) at Selma and Hartselle, Alabama,
through a subsidiary, FAB Agency, Inc.

12- 5-74

7

**Financial Services Corporation of the Midwest, Rock Island,
Illinois, notification of intent to engage in de novo
activities (making or acquiring, for its own account
secured and unsecured installment loans and other extensions of credit including through acceptance of
drafts, primarily to individuals, and selling participations in but not acting as underwriter, agent, or
broker with respect thereto group credit life and credit
health and accident insurance coverage directly related
to such loans and other extensions of credit) at 160
19th Avenue, Moline, Illinois, through a subsidiary,
F.S.C. Money Shops, Inc.

12- 3-74

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




H. 2
1974 No. 49
7

11

10

11

2

"

6

~

Received Continued
Walter E. Heller International Corporation, Chicago,
Illinois, for approval to acquire the shares of Lakeshore Commercial Finance Corporation, Milwaukee, Wisconsin.
First City Bancorporation of Texas, Inc., Houston, Texas,
for approval to acquire shares of First City Life Insurance Company, Houston, Texas.
Approved
Fort Calhoun Investment Company, Omaha, Nebraska, for approval to engage jde novo in the operation of a general
insurance agency in Fort Calhoun, Nebraska.
Texas American Bancshares, Inc., Fort Worth, Texas, for
approval to engage de novo, through its wholly-owned
subsidiary, Financial Service Life Insurance Co., Fort
Worth, Texas.
Delayed
**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 life and health insurance
and 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; if this proposal is effected, the
agent or broker will offer to sell insurance as follows:
(a) group and individual credit life/accident and health
insurance to cover the outstanding balances of loans to
borrowers in the event of their death, or, to make the
contractual monthly payments on the loans in the event
of the borrowers1 disability; (b) individual property
and casualty insurance policies on property generally
mobile homes and one-to-four family residences, where
Advance Mortgage Corporation has a security interest and
to include liability coverage in home and "package"
policies where such is the general practice; (c) any
other coverage as a convenience to customers of Advance
Mortgage Corporation but gross premium on such sale will
not exceed 5 per cent of Citicorp1s gross premium on
credit and other financial service related insurance
sales; in this regard, the subsidiary will not act as a
general insurance agency) at 907 Electric Building, 25
Monument Circle, Indianapolis, Indiana, through its
subsidiary, Advance Mortgage Corporation.

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




12- 5-74

H. 2
1974 No. 49
2

12

- 7 Delayed Continued
**Citicorp, New York, New York, notification of intent to
engage in de novo activities (operating as an industrial
bank under the Industrial Bank Act of Colorado issuing
thrift certificates and thrift passbook certificates,
consumer personal lending, the purchase of consumer installment sales finance contracts, consumer home equity
lending secured by real estate, preauthorized consumer
revolving credit; and acting as broker for the sale of
consumer credit related life/accident and health insurance and consumer credit related property and casualty
insurance on purchased consumer installment sales finance
contracts; said insurance will only be offered when such
transactions are the equivalent of direct extensions of
consumer credit by the subsidiary; if this proposal is
effected, the subsidiary will offer to sell insurance as
follows: (a) group credit life/accident and health or
individual decreasing or level (in the case of single
payment loans) term life insurance to cover the outstanding balances of consumer credit transactions,
singly or jointly with their spouses or co-signers in
the case of life coverage, in the event of death, or, to
make the contractual monthly payments on the consumer
credit transactions in the event of the obligators1
disability to the extent permissible under applicable
State insurance laws and regulations; (b) individual
casualty insurance on personal property, subject to
security agreements; and to include liability coverage
in home or automobile owner package policies where such
is the general practice; further, in regard to the sale
of credit related insurance, the subsidiary will not act
as a general insurance agency) at Foothills Convenience
Center at the intersection of Swallow Road and South
College Avenue, Fort Collins, Colorado, through a subsidiary of its subsidiary, Nationwide Financial Services
Corporation, called Ft. Collins Industrial Bank.
**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S,C. National Associates in de novo activities
(acting as an insurance agent or broker with respect to
motor vehicle (autos, trucks, mobile homes, campers,
etc.) and boat physical damage insurance (insurance
which insures against risk of loss as a result of
collision, fire, theft, or similar casualty) including
both single and dual interest coverage where the purchaser finances the unpaid purchase price by means of
conditional sales contracts or other similar contractual
agreements which are purchased or otherwise financed by
Southern California First National Corporation and its
subsidiaries) at 530 B Street, San Diego, California,

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




12- 4-74

12- 4-74

H.2
1974 No. 49
12

. 8 Delayed Continued
**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S.C. National Associates in de novo activities
(acting as an insurance agent or broker with respect to
insurance issued as a convenience to the purchaser
including accident, disability, liability, casualty, and
life insurance, provided that the premium income therefrom does not constitute a significant portion of the
aggregate insurance premium income sold in connection
with extensions of credit or the provision of other
financial services by Southern California First National
Corporation and its subsidiaries) at 530 B Street, San
Diego, California.

12- 4-74

12

**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S.C. National Associates in de novo activities
(acting as an insurance agent or broker with respect to
any insurance for Southern California First National
Corporation and its subsidiaries and their employees) at
530 B Street, San Diego, California.

12- 4-74

12

**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S.C. National Associates in de novo activities
(acting as an insurance agent or broker with respect to
mortgage redemption, life/accident and disability insurance, and home owners insurance which is directly
related to extensions of credit by Southern California
First National Corporation and its subsidiaries or is
directly related to the provision of other financial
services by Southern California First National Corporation and its subsidiaries) at 530 B Street, San
Diego, California.

12- 4-74

12

**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S.C. National Associates in de novo activities
(acting as an insurance agent or broker with respect to
credit life insurance and credit disability insurance as
defined in the insurance code of the State of California
which is directly related to extensions of credit by
Southern California First National Corporation and its
subsidiaries) at 530 B Street, San Diego, California.

12- 4-74

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




12

12

Delayed Continued
**Southern California First National Corporation, San Diego,
California, notification of intent to engage under the
name of S.C. National Associates in de novo activities
(acting as an insurance agent or broker in respect to
surety bonds processed by Southern California First
National Corporation and its subsidiaries) at 530 B
Street, San Diego, California.
**Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities
(finance leasing of personal property and equipment and
acting as agent, broker, and adviser in leasing such
property) at 100 South Wacker Drive, Chicago, Illinois,
through its subsidiary, Wells Fargo Leasing Corporation.

2

Permitted
**Citicorp, New York, New York, notification of intent to
engage in de novo activities (the purchase and processing of consumer installment sales finance contracts;
and will act as broker for the sale of consumer credit
related life/accident and health insurance and consumer
credit related property and casualty insurance on purchased consumer installment sales finance contracts;
said insurance will only be offered when such transactions are the equivalent of direct extensions of consumer credit by the subsidiary; if this proposal is
effected, Nationwide Financial Corporation of Nevada
will offer to sell insurance as follows: (a) group
credit life/accident and health insurance to cover the
outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly with
their spouses or co-signers in the case of life coverage
in the event of death, or, to make the contractual
monthly payments on consumer installment sales finance
transactions in the event of the obligators1 disability
to the extent permissible under applicable State insurance laws and regulations; (b) individual casualty
insurance on personal property subject to security agree
ments; further, in regard to the sale of credit related
insurance, Nationwide Financial Corporation will not
act as a general insurance agency) at 4600 Kietzke Lane,
Reno, Nevada, through its subsidiary, Nationwide Financial Corporation of Nevada.

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




#
H.2

1974 No. 49
3

6

11

#
- 10 -

Permitted Continued
**Fidelcor, Inc., Rosemont, Pennsylvania, notification of
intent to engage through its proposed indirect subsidiary, Wayland Agency, Inc., and an existing indirect
subsidiary, Local Finance Company of Florida in the
following d_e novo activities: Wayland will act as insurance agent or broker through which insurance may be
placed by Local; this insurance will be limited to the
sale of insurance that is directly related to an extension of credit which Local may make available to its
customers, including credit life and credit accident and
health insurance and insurance protecting collateral
securing extensions of credit (direct loss or damage
caused by fire or lightning, extended coverage, loss by
robbery or burglary, coverage on household goods, and
additional living expense coverage sold to individual
borrowers as part of the insurance package that covers
such household goods, but in no event to include liability insurance); the insurance agent or broker activity will be conducted at the existing office of or in an
office adjacent to Local Management Corporation (an
indirect subsidiary of Fidelcor) 179 Wayland Avenue,
Providence, Rhode Island; Local Finance Company of
Florida offices are at the following locations in
Florida: 1121 Pinehurst Road, Dunedin; 407 E. Broward
Boulevard, Fort Lauderdale; 5114 E. Fowler Avenue,
Tampa; and 4034 West Kennedy Boulevard, Tampa.

12- 1-74

**Southeast Banking Corporation, Miami, Florida, notification
of intent to engage in de novo activities (performing or
carry on any one or more of the functions or activities
that may be performed or carried on by a trust company
(including the activities of a fiduciary, agency, or
custodian nature)) at 1010 Fifth Avenue South, Naples,
Florida, through a subsidiary, Southeast Banks Trust
Company, N.A.

12- 7-74

**Victoria Bankshares, Inc., Victoria, Texas, notification
of intent to engage in de novo activities (making or
acquiring, for its own account, loans and other extensions of credit such as would be made, for example,
by a mortgage or finance company and including without
limitation any and all types of real estate loans, oil,
gas, and other mineral loans, loans for purchasing or
carrying securities (secured or unsecured) and any and

12- 5-74

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




n . z.

1974 No. 49

-11Permitted Continued
all types of personal and commercial loans secured and
unsecured; such activities will be conducted principally
at the offices of Victoria Bankshares, Inc.) at 120
South Main, Victoria, Texas, through a subsidiary,
Victoria Loan & Mortgage Company.

12

**Marine Bancorporation, Seattle, Washington, notification of
intent to engage in de novo activities (relating to
consumer credit related property and casualty insurance
on personal property subject to security agreements with
Commerce Credit Company) at 50 Old Courthouse Square,
Santa Rosa, California.

12- 4-74

12

**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 other extensions of credit,
including making consumer installment personal loans,
purchasing consumer installment sales finance contracts,
and making loans to small businesses; acting as broker
for the sale of consumer related property and casualty
insurance) at 37111 Long Beach Boulevard, Long Beach,
California, through its subsidiary, Security Pacific
Finance Corp.

12- 1-74

12

Reactivated
**Marine Bancorporation, Seattle, Washington, notification of
intent to engage in <ie novo activities (relating to
consumer credit related property and casualty insurance
on personal property subject to security agreements with
Commerce Credit Company) at 50 Old Courthouse Square,
Santa Rosa, California.

4

5

Withdrawn
On H.2 No. 26 (1974), the Board reported receipt of an
application from Equimark Corporation, Pittsburgh,
Pennsylvania, for approval to acquire the shares of
Funding Systems Corporation, New York, New York. In a
letter dated November 21, 1974, Applicant requested that
the application be withdrawn.
On H.2 No. 43 (1974), the Board reported receipt of an
application from Maryland National Corporation, Baltimore, Maryland, for approval to acquire voting shares of
Bethlehem Acceptance Corporation, Bethlehem, Pennsylvania . In a letter dated November 22, 1974, Applicant
requested that the application be withdrawn.

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



12- 4-74

H. 2
1974 No. 49

12 To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Received
**Chicago Helicopter Industries, Inc., Chicago, Illinois,
notification of intent to acquire through a wholly-owned
subsidiary, to be formed, the operating division known
as "Steel Packaging Division - St. Louis Region,11 of
N.L. Industries, Inc., New York, New York.

7

10

**Cross Manufacturing, Inc., Lewis, Kansas, notification
of intent to acquire 100 per cent of the outstanding
common stock of Holder Machinery and Hydraulic Corporation, Bay Springs, Mississippi.

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




12- 5-74

12- 3-74