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ANNOUNCEMENT By
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1979 No. 49)
Actions of the Board; Applications and Reports
APPLICABLE
RESERVE BANK
Received During the Week Ending December 8, 1979
ACTIONS OF THE BOARD
Statement by Governor Nancy H. Teeters before the Subcommittee on Consumer Affairs of the Senate Banking
Committee to present the Board's comments on S. 2002,
a bill that would require the use of the actuarial
method in conputing rebates of unearned finance charges
in transactions scheduled to be paid in more than 36
installments.
The Board issued a policy statement outlining the penalties
for violations of the 1980 divestiture requirements by
companies that became bank holding companies as a result
of the 1970 amendments to the Bank Holding Company Act.
Regulation K, Interstate Banking Restrictions for foreign
Banks; extension of the comment period to February 3,
1980, on proposed rule and interpretation. (Docket
Nos. R-0258 and R-0259)
Forms F.R. Y-7 and F.R. Y-8f, Proposed Report Requirements;
Annual Report of Foreign Bank Holding Companies,
Foreign Banks, and Foreign Parent Companies; and
Report of Intercompany Transactions for Foreign Bank
Holding Companies and their U.S. Bank Subsidiaries;
extension of the comment period to March 4, 1980.
(Docket Nos. R-0256 and R-0257)
Mr. George E. Livingston, Assistant Controller, Office of
the Controller, appointment announced, effective
December 16, 1979.
H.2, 1979 NO. 49
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2
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ACTIONS OF THE BCARDH3ontinued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Philadelphia
Approved
Girard Bank, Bala Cynwyd, Pennsylvania. Branches to
established at Valley Forge Road and Sumneytown Pike,
Lansdale, Pennsylvania; 2601 Ridge Pike, Trooper,
Pennsylvania, Township Line and Church Road, Ahington
Township, Elkins Park, Pennsylvania; and 12th and
Hamilton Streets, Allentown, Pennsylvania. 1/ & 2/
Atlanta
Metropolitan Bank & Trust Company, Tampa, Florida.
Branch to be established at 501 East John F. Kennedy
Boulevard, Tampa, Florida. 1/ & 2/
Chicago
Wayne Bank and Trust Co., Cambridge City, Indiana.
Branch to be established at 1100 Chester Boulevard,
Spring Grove (P.O. Richmond), Wayne County, Indiana.
V & 2/
Chicago
Manistee Bank & Trust Co., Manistee, Michigan. Branch
to be established in the vicinity of U.S. 31 and Care
Center Drive, Filer Township, Manistee County, Michigan.
1/ & 2/
* * * * *
To Merge Pursuant to Section 18 (c) of the Federal
Deposit Insurance Act
Cleveland
Approved
The Midwest Bank & Trust Company, Cleveland, Ohio, to
merge with The Firelands Community Bank, Huron, Ohio.
1/ & 2/
* * * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
San
Francisco
Approved
Home Valley Bank, Cave Junction, Oregon. 1/ & 2/
YJ Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
l
H.2, 1979 No. 49
- 3 ACTIONS OF THE BOARD4jontinued
Issued Intent Not to Disapprove Change of Control
Pursuant to Change in Bank Control Act of 1978
Dallas
Not Disapproved
First State Bank, Granger, Texas.
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Atlanta
Approved
First National Bank of Greater Miami, Hialeah, Florida:
grants permission to establish a branch in George
Town, Grand Cayman, Cayman Islands.
*
* * * *
Applications and Notifications for 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
New York
San
Francisco
Approved
Allied Bank International, New York, New York: grants
permission to amend its Articles of Association so as
to delete the name of American Security Bank N.A.,
Washington, D.C., frcm the list of holders of its
common stock.
Sixty Day Notification Period Allowed to Expire
Security Pacific National Bank, Los Angeles, California:
no objection to establish a branch in Singapore.
*
* * * *
To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Atlanta
Withdrawn
County Bancshares, Inc., Tray, Alabama, for approval
to acquire 90 per cent of the voting shares of Pike
County Bank, Troy, Alabama. 2/
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank nay be contacted
as to the length of the comment period.
- 4 -
H.2, 1979 No. 49
ACTIONS OF THE BQAKDK&ntinued
Minneapolis
Chicago
Dickey County Banoorporation, Ellendale, North Dakota,
for approval to acquire 98 per cent of the voting
shares of The First National Bank and Trust Company of
Ellendale, Ellendale, North Dakota. 2/
Approved
Maxwell Banoorporation, Maxwell, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
Maxwell State Bank, Maxwell, Iowa. 1/ & 2/
Minneapolis
Bradley Banoorporation, Inc., Tomahawk, Wisconsin, for
approval to acquire 80 per cent of the voting shares
of Bradley Bank, Tomahawk, Wisconsin. 1/ & 2/
Minneapolis
First Dakota Financial Corporation, Bismarck, North
Dakota, for approval to acquire 88 per cent of the
voting shares of State Bank of Burleigh County Trust
Company, Bismarck, North Dakota. 1/ & 2/
Minneapolis
Osakis Bancshares, Inc., Osakis, Minnesota, for approval to acquire 80.3 per cent of the voting shares
of The First National Bank of Osakis, Osakis, Minnesota.
1/& 2/
Kansas City
The Exchange Holding Company, jyfound City, Missouri,
for approval to acquire 99.5 per cent of the voting
shares of Exchange Bank, Mound City, Missouri. 1/ & 2/
Kansas City
First Howard Bankshares, Inc., Howard, Kansas, for
approval to acquire 98 per cent of the voting shares
of The First National Bank of Howard, Bernard, Kansas.
1/ & 2/
Kansas City
Mercer County Bancshares, Inc., Princeton, Missouri,
for approval to acquire 80 per cent or more of the
voting shares of Princeton State Bank, Princeton,
Missouri. 1/ & 2/
Kansas City
National City Banoorporation, Denver, Colorado, for
approval to acquire 80 per cent or more of the voting
shares of The National City Bank of Denver, Denver,
Colorado. 1/ & 2/
17 Application processed an behalf of the Board of Governors under delegated
authority.
2/ Application subject to Caimunity Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank nay be contacted
as to the length of the comment period.
H.2, 1979 No. 49
- 5
ACTIONS CF TOE BQARD-Continued
Kansas City
Rush Springs Bancorporation, Inc., Rush Springs,
Oklahoma, for approval to acquire 80 per cent or more
of the voting shares of First National Bank of Rush
Springs, Rush Springs, Oklahoma. 1/ & 2/
Kansas City
Watonga Bancshares, Inc., Watonga, Oklahoma, for approval to acquire 80 per cent or more of the voting
shares of Watonga State Bank, Watonga, Oklahoma. 1/ &
y
Dallas
First of Irving, Inc., Irving, Texas, for approval to
acquire 100 per cent (less directors' qualifying
shares) of the voting shares of First National Bank of
Irving, Irving, Texas. 1/ & 2/
San
Francisco
Grandville Financial Holdings Limited, Hong Kong, B.C.C.,
Grandville, California Holdings Inc., San Francisco,
California and Halifax Financial Holdings Inc., San
Francisco, California, for approval to acquire 99.6
per cent of the voting shares of Independence Bank,
Encino, California. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3 (a) (3) of the Bank Holding Company Act of 1956
Chicago
Approved
First American Bank Corporation, Kalamazoo, Michigan,
for approval to acquire 100 per cent of the voting
shares of the successor by merger to Farmers and
Merchants State Bank of Sebewaing, Michigan, Sebewaing,
Michigan. 1/ & 2/
Chicago
Pacesetter Financial Corporation, Grand Rapids,
Michigan, for approval to acquire 100 per cent of the
voting shares of the successor by consolidation to
Hillsdale State Savings Bank, Hillsdale, Michigan. 1/
& v
St. Louis
Central Banccmpany, Jefferson City, Missouri, for approval to acquire 90 per cent or more of the voting
shares of City Bank and Trust Company of Moberly,
Moberly, Missouri. 2/
V
Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Ccrannunity
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
i
H.2, 1979 No. 49
- 6 ACTIONS OF TOE BQAREHContinued
New York
Denied
United Bank Corporation of New York, Albany, New York,
for approval to acquire 100 per cent of the voting
shares of the successor by merger to The Schenectady
Trust Company, Schenectady, New York. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Chicago
Richmond
Returned
Midland Mortgage Corporation, Detroit, Michigan, notification of intent to engage in de novo activities
(originating mortgages on single family residential
housing in Florida, Washington, D.C., Virginia,
Maryland, and Michigan) at 360 First National Building,
Detroit, Michigan (12/7/79) 3/
Approved
First Bankshares Corp. of S.C., Columbia, South Carolina,
for approval to retain all of the voting shares of
First National Credit Life Insurance Company, Columbia,
South Carolina and to continue to engage through it in
underwriting credit life insurance which is directly
related to extensions of credit by Applicant's subsidiaries. 1/
Atlanta
Barnett Banks of Florida, Inc., Jacksonville, Florida,
for approval to acquire, through its wholly-owned subsidiary, Verifications, Inc., Jacksonville, Florida
substantially all the assets of Telechek Atlanta,
Inc., Bethesda, Maryland.
Kansas City
Rush Springs Banoorporation, Inc., Rush Springs,
Oklahoma, for approval to engage de novo in the sale
of credit related insurance by acquiring 100 per cent
of the beneficial interest in Rush Springs Business
Trust which will own 100 per cent of Rush Springs
Insurance Agency, Inc., Rush Springs, Oklahoma. 1/
17 Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1979 No. 49
- 7 ACTIONS OF THE BQARD-Continued
Richmond
Delayed
NCNB Corporation, Charlotte, North Carolina, notification of intent to engage in de novo activities (acquiring and liquidating real estate and other property
presently owned directly and indirectly by nonbank
subsidiaries Wiich property has previously been obtained
through foreclosure or otherwise acquired in connection
with debts previously contracted) at One NCNB Plaza,
Charlotte, North Carolina, through a subsidiary, MAR,
Inc. (12/5/79) 3/
Chicago
Court Acceptance Company, Pekin, Illinois, notification of intent to engage in de novo activities (acting
as agent for credit life and health and accident insurance related to extensions of credit by its subsidiary, First State Bank of Pekin, Pekin, Illinois)
(12/7/79) 3/
Kansas City
Jefferson Bankshares of Colorado, Inc., Lakewood,
Colorado, notification of intent to engage in de novo
activities (to continue to engage in the sale of
credit related insurance) on the premises of Jefferson
Bank and Trust, Lakewood, Colorado, through a subsidiary,
Lakewood Insurance Agency (12/7/79) 3/
Boston
CBT Corporation, Hartford, Connecticut, notification
of intent to engage in de novo activities (commercial
financing, including the making of loans secured by
accounts receivable, inventory, machinery and equipment and real estate, and full payout leasing of
equipment) at 4801 Classen Boulevard, Oklahoma City,
Oklahoma, through its indirect subsidiary, General
Discount Corporation (12/1/79) 3/
Cleveland
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(the sale of credit property insurance) at 521 Main
Street, Lafayette, Indiana, through a subsidiary,
Freedom Financial Services Corporation (12/7/79) 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, 1979 No. 49
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ACTIONS OF THE BC&RD-Continued
Cleveland
Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo
activities (to engage in mortgage banking activities,
including the making or acquiring and servicing, for
its cwn account or the account of others, loans and
other extensions of credit) at 1521 & 1523 Tennessee
Street, Vallejo, California, Satellite of Fairfield
Production Branch, Northwest California, through a
subsidiary, The Kissell Company (12/5/79) 3/
San
Francisco
Security Pacific Corporation, Los Angeles, California,
notification of intent to relocate cle novo activities
(to engage in credit related insurance agency activities) from Pasadena, California to San Diego, California, through its subsidiary, SP Insurance Agency,
Inc. (12/6/79) 3/
*
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*
*
*
Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
AZL Resources, Inc., Phoenix, Arizona, prior certification pursuant to section 6158 (a) of the Internal
Revenue Code, that its proposed sale of 2,806 shares
of common stock of The Alamosa National Bank, Alamosa,
Colorado, to an unaffiliated individual, is necessary
or appropriate to effectuate the policies of the
Bank Holding Company Act. Legal Division Docket No.
TCR 76-174 */
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
V Processed on behalf of the Board of Governors, acting through its
General Counsel, pursuant to delegated authority.
1
t
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H.2, 1979 No. 49
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Cleveland
The Minerva Banking Company, Minerva, Ohio. Branch
to be established at 111 East Porter Street, Malvern,
Carroll County, Ohio. 2/
Richmond
Bank of Virginia, Richmond, Virginia. Branch to be
established at 8360 Leesburg Pike, McLean, Fairfax
County, Virginia. 2/
Atlanta
Exchange Bank & Trust Company of Florida, Tampa,
Florida. To establish an off-site AIM machine at the
Hotel/Office Complex, Host Airport Hotel, Tampa,
Florida. 2/
Chicago
Manufacturers Bank of Bay City, Bay City, Michigan.
Branch to be established on the north side of Gratiot
Road approximately 200 feet east of Frost Drive,
Saginaw Township, Saginaw County, Michigan. 2/
San
Francisco
Valley Bank and Trust Company, Salt Lake City, Utah.
Branch to be established in the vicinity of 5700 South
and Redwood Road, Family Center, Salt Lake City, Utah.
1/
New York
The Bank of New York, New York, New York. Branch to
be established in the vicinity of the intersection of
Anderson Hill Road and Lincoln Avenue, Town/Village of
Harrison, Westchester County, New York. 2/
New York
Manufacturers and Traders Trust Company, Buffalo, New
York. Branch to be established in the Canpus Centre
Building of the State University College of Fredonia,
Village of Fredonia, Town of Pcmfret, Chautaqua County,
New York. 2/
*
* * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Clayton State Bank, Clayton, Oklahoma. 2/
27 Application subject to Coranunity Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1979 No. 49
— 10 —
APPLICATIONS RECEIVED {Continued
To Form a Bank Holding Ccnpany Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Atlanta
Citrus & Chemical Bancorporation, Inc., Bartow, Florida,
for approval to acquire 80 per cent or more of the
voting shares of Citrus & Chemical Bank of Bartowr
Bartow, Florida. 2/
Atlanta
First Denham Bancshares, Inc., Denham Springs, Louisiana,
for approval to acquire 80 per cent or more of the
voting shares of First National Bank of Denham Springs,
Denham Springs, Louisiana. 2/
Atlanta
Mansura Bancshares, Inc., Mansura, Louisiana, for approval to acquire 80-100 per cent of the voting shares
of Mansura State Bank, Mansura, Louisiana. 2/
St. Louis
Peoples Banccshares, Inc., Van Buren, Arkansas, for approval to acquire 83.3 per cent of the voting shares
of Peoples Bank & Trust Company, Van Buren, Arkansas.
2/
Minneapolis
Apple Valley Bancshares, Inc., Apple Valley, Minnesota,
for approval to acquire 82.73 per cent of the voting
shares of First State Bank of Apple Valley, Apple
Valley, Minnesota. 2/
Minneapolis
Avon Bancshares, Inc., Avon, Minnesota, for approval to
acquire 80 per cent of the voting shares of Avon State
Bank, Avon, Minnesota. 2/
Minneapolis
McGregor Bancshares, Inc., McGregor, Minnesota, for approval to acquire 80.2 per cent of the voting shares
of State Bank of McGregor, McGregor, Minnesota. 2/
Kansas City
Manco, Inc., Mancos, Colorado, for approval to acquire
80 per cent or more of the voting shares of Mancos
State Bank, Mancos, Colorado. 2/
Dallas
Commercial Bancshares, Inc., Wharton, Texas, for approval to acquire 80-100 per cent of the voting shares
(less directors' qualifying shares) of Wharton Bank &
Trust Company, Wharton, Texas, The Security State
Bank, Navasota, Texas and First State Bank of Magnolia,
Magnolia, Texas. 2/
27 Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
I
H.2, 1979 No. 49
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APPLICATIONS RBCEIVED-Continued
Dallas
Gulf Southwest Bancshares, Inc., Houston, Texas, for approval to acquire 80 per cent or more of the voting
shares (less directors' qualifying shares) of Merchants
Park Bank, Houston, Texas. 2/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
New York
Horizon Bancorp, Morristown, New Jersey, for approval
to acquire 100 per cent of the voting shares of The
Marine National Bank of Wildwood, Wildwood, New Jersey.
2/
Kansas City
J. R. Montgomery Bancorporation, Lawton, Oklahoma, for
approval to acquire an additional 49.9 per cent of the
voting shares of The City National Bank and Trust
Company of Lawton, Oklahoma, Lawton, Oklahoma. 2/
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
New York
Citicorp, New York, New York, notification of intent to
expand the service area (to include the entire States
of Missouri and Illinois) of an existing office (making
or acquiring loans and other extensions of credit,
secured or unsecured, for consumer and other purposes ;
purchasing and servicing for its own account sales
finance contracts, the extension of loans to dealers
for the financing of inventory (floor planning) and
working capital purposes; acting as agent for the sale
of property and casualty insurance and for the sale of
credit life and credit accident and health insurance
directly related to extensions of credit in an expanded
service area; credit related life, accident and health
may be underwritten by Family Guardian Life Insurance
Company, an affiliate of Nationwide Financial Corporation
of Missouri) at the Woodcrest Center Building, 12101
Woodcrest Executive Drive, Suite 165, St. Louis,
Missouri, through its subsidiary, Nationwide Financial
Corporation of Missouri (12/3/79) 3/
27 Application subject to Community Reinvesmtent Act. The Ccrnnunity
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
3/ 4(c) (8) of 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 49
- 12 -
APPLICATIONS RECEIVED-Continued
Atlanta
Alabama Bancorporation, Birmingham, Alabama, notification of intent to engage in de novo activities ((1)
making or acquiring, for its own account or for the
account of others, loans and other extensions of
credit (including issuing letters of credit and accepting drafts) such as would be made by a factoring
company, a commercial finance company, a consumer
finance company or a mortgage company; (2) servicing
loans and other extensions of credit for any person;
(3) leasing personal property and equipment, or acting
as agent, broker or adviser in leasing of such property where at the inception of the initial lease the
expectation is that the effect of the transaction and
reasonable anticipated future transactions with the
same lessee as to the same property will be to compensate
the lessor for not less than the lessor's full investment in the property; additionaly, as an incident to
its lending activities and if requested by its customers, such subsidiary will make provision with an
insurance carrier for credit life and accident and
health insurance that is directly related to loans m
such customers) in Florence, Alabama, through a subsidiary, Alabanc Financial Corporation (11/28/79) 3/
San
Francisco
Imperial Bancorp, Los Angeles, California, notification
of intent to engage in de novo activities (originating
mortgages on single and multi-family residential and
commercial nonresidental properties, selling the
mortgages to permanent investors, and servicing the
loans on behalf of the investors who purchase the
mortgages; the company will assist developers, builders
and others in obtaining construction loans and other
types of loans) at 9920 South LaCienega Boulevard,
Inglewxti, California, through a wholly-owned subsidiary, Imperial Bancorp Mortgage Company (12/3/79) 3/
*
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*
*
*
REPORTS RECEIVED
Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act
United Counties Trust Company, Elizabeth, New Jersey.
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
— 13 —
APPLICATIONS RBCEIVED-Continued
PETTTICNS FOR KULZMAKBG
@FedFRASER