Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : February 23, 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. 8

During the Week Ending February 23, 1974
Date

District




Current Report Filed Pursuant to Section 13
of the Securities Exchange Act
Received
Nassau Trust Company, Glen Cove, New York
«

2-21-74

* * * * *

To Establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
The Merrill Trust Company, Bangor, Maine. Branch
to be established on the West Side of the
Interstate 95, Industrial Spur Interchange on the
Hammond Street extension, Bangor.
The Connecticut Bank and Trust Company, Hartford,
Connecticut. Branch to be established on Route 7,
Brookfield.
Manufacturers and Traders Trust Company, Buffalo, New York.
Branch to be established at 2168 Delaware Avenue,
Village of Kenmore, Erie County.
Union Trust Company of Maryland, Baltimore, Maryland.
Branch, to be established at 11716 Reisterstown Road,
Reisterstown, Baltimore County.
Trust Company of Georgia, Atlanta, Georgia. Branch to
be established at 246 Swanton Way, Decatur .

H. 2
1974 No. 8

-

2

Received Contfd
Isabella County State Bank, Mount Pleasant, Michigan.
Branch to be established at 2133 South Mission
Street, Union Township, Isabella County.
Denied by State
Peoples Trust of New Jersey, Hackensack, New Jersey.
Branch to be established within the Interstate 80/95
Redevelopment area at the Northeast corner of Fort
Lee Road and Teaneck Road, Township of Teaneck, Bergen
County.
2

2

Approved
^Lincoln First Bank of Rochester, Rochester, New York.
Branch to be established at 2130 Chili Avenue,
Westgate Plaza, Town of Gates, New York.
*The Trust Company of New Jersey, Jersey City, New Jersey.
Branches to be established at the following locations:
A.

To be established at No. 10 Botany Village
Square East, Botany Village Shopping Center,
Clifton.

B.

To be established in the vicinity of Main Avenue
and Mass Court, Passaic.

2

^Nassau Trust Company, Glen Cove, New York. Branch to
be established at 437 Port Washington Boulevard,
Port Washington, Town of North Hempstead, Nassau
County.

2

*Chemung Canal Trust Company, Elmira, New York. Branch
to be established at the Northeast corner of the
Intersection of Garfield Street and Chemung Canal
Street, Village of Waverly, Tioga County.

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




H.2
1974 No. 8
4

6

6

12

- 3 Approved Cont'd
* Fifth Third Bank, Cincinnati, Ohio. Branch to be
established at 8701 Winton Road, Springfield Township,
Hamilton County.
*Trust Company of Georgia, Atlanta, Georgia. Branches
to be established at the following locations:
A.

To be established at the Intersection of Panola
Road and 1-20 in Lithonia, Dekalb County.

B.

To be established at 1685 North Decatur Road N.E.
Atlanta, Dekalb County.

*Rapides Bank and Trust Company, Alexandria, Louisiana.
Branch to be established at the following locations:
A.

To be established in the Tioga Oaks Shopping Center,
Tioga, Rapides Parish.

B,

To be established at the Intersection of Edgewood
Drive and Highway 28, in the Edgewood Plaza Shopping
Center, Pineville, Rapides Parish,

*United California Bank, Los Angeles, California. Branch
to be established in the vicinity of Intersection of
Stevens Creek Boulevard and Saich Way, City of
Cupertino, County of Santa Clara,
* * * * *

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







To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
Guardian Bankshares of Florida, Inc., Stuart, Florida,
for prior approval to acquire 80 per cent or more of
the voting shares of Stuart National Bank, Stuart,
Florida, and Port Salerno National Bank, Port Salerno,
Florida.
Southwest Kansas Banc Shares, Inc., Hutchinson, Kansas,
for prior approval to acquire 93.2 per cent of the
voting shares of The First National Bank of Meade,
Meade, Kansas.
Approved
Framingham Financial Corporation, Framingham, Massachusetts, for prior approval to acquire at least 80
per cent of the voting shares of Framingham Trust
Company, Framingham, Massachusetts.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
First Banc Group of Ohio, Inc., Columbus, Ohio, for prior
approval to acquire 100 per cent (less directors1
qualifying shares) of the voting shares of the successor
by merger to The Citizens Baughman National Bank,
Sidney, Ohio.
Ellis Banking Corporation, Bradenton, Florida, for prior
approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of Ellis National
Bank of West Hillsborough, Tampa, Florida, a proposed
new bank.
Ellis Banking Corporation, Bradenton, Florida, for prior
approval to acquire 100 per cent of the voting shares
(less directors' qualifying shares) of Ellis National
Bank of Davis Islands, Tampa, Florida, a proposed new
bank.
Third National Corporation, Nashville, Tennessee, for
prior approval to acquire 50 per cent or more of the
voting shares of Bank of Huntingdon, Huntingdon,
Tennessee.




Received Continued
Ohnward Corporation, Maquoketa, Iowa, for prior approval
to acquire 50.08 per cent or more of the voting shares
of First Central State Bank, De Witt, Iowa.
First Banc Group, Inc., Creve Coeur, Missouri, for prior
approval to acquire 80 per cent or more of the voting
shares of The Hermann Bank, Hermann, Missouri.
Mercantile Bancorporation Inc., St. Louis, Missouri, for
prior approval to acquire 90 per cent or more (less
directorsT qualifying shares) of the voting shares of
The First National Bank of Montgomery City, Montgomery
City, Missouri.
Commercial Bank Investment Company and Commercial Bancorporation of Colorado, both of Sterling, Colorado,
for prior approval to acquire 63.8 per cent or more
and 98 per cent respectively of the voting shares of
Bank of Colorado, Colorado Springs, Colorado,
Approved
Barnett Banks of Florida, Inc., Jacksonville, Florida,
for prior approval to acquire 51 per cent or more of
the voting shares of Charlotte County National Bank,
Port Charlotte, Florida.
Exchange Bancorporation, Inc., Tampa, Florida, for prior
approval to acquire 99.33 per cent of the voting shares
of The Exchange Bank of Westshore, Tampa, Florida, a
proposed new bank.
General Financial Systems, Inc., Riviera Beach, Florida,
for prior approval to acquire 98.5 per cent of the
voting shares of Marine National Bank of West Jacksonville, Jacksonville, Florida, a proposed new bank.
The First National Bancorporation, Inc., Denver,
Colorado, for prior approval to acquire 80 per cent or
more of the voting shares of United States Bank of
Grand Junction, Grand Junction, Colorado.
United Missouri Bancshares, Inc., Kansas City, Missouri,
for prior approval to acquire 80 per cent or more
of the voting shares of The First National Bank of
Milan, Milan, Missouri.

H. 2
1974 No.

2

2

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Received
**First National City Corporation, New York, New York,
notification of intent to engage in d_e novo activities
(making consumer installment personal loans, purchasing
consumer installment sales finance contracts; and acting
as broker for the sale of consumer credit related lifeaccident and health insurance and consumer credit
related property and casualty insurance; if this
proposal is effected, Nationwide Financial Corporation
of Oklahoma Inc., will offer to sell insurance as
follows: (a) group 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 borrower1s disability; (b) individual
casualty insurance on property, generally automobiles
and household goods, subject to security agreements
with Nationwide; further, in regard to the sale of
credit related insurance, Nationwide Financial Corporation of Oklahoma Inc., will not offer insurance
counseling) in Enid, Oklahoma, through its subsidiary,
Nationwide Financial Corporation of Oklahoma.
**First National City Corporation, New York, New York,
notification of intent to engage in cle novo activities
(making consumer installment personal loans, purchasing
consumer installment sales finance contracts; and acting
as broker for the sale of consumer credit related life/
accident and health insurance and consumer credit
related property and casualty insurance; if this
proposal is effected, Nationwide Financial Corporation
will offer to sell insurance as follows: (a) group
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
borrower1s disability; (b) individual casualty insurance on property, generally automobiles and household
goods subject to security agreements with Nationwide;
further, in regard to the sale of credit related
insurance, Nationwide Financial Corporation will not
offer insurance counseling) in Hollywood, Florida; and
5130 South State Road, No. 7 and 1041 West Commerical
Boulevard, Fort Lauderdale, Florida, through its subsidiary, Nationwide Financial Corporation.

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



2-19-74

2-20-74

H.2

1974 No.
2

- 7
Received Continued
**United Jersey Banks, Princeton, New Jersey, notification
of intent to engage in de novo activities (making,
acquiring, and servicing, for its own account and the
account of others, mortgage loans and other extensions
of credit in connection with the purchase, development,
and/or improvement of real property, and all activities
incidental thereto) in Princeton, New Jersey, through
its subsidiary, United Jersey Mortgage Company,

2-19-74

5

**South Carolina National Corporation, Columbia, South
Carolina, notification of intent to engage in de novo
activities (making or acquiring, loans and other extensions of credit such as would be made by a consumer
finance company; and offering credit life, accident, and
health insurance for the convenience of its borrowing
customers in connection with such activity) in
Williamston, North Carolina, through a subsidiary,
Provident Finance Company of North Carolina, Inc.

6

**Alabama Bancorporation, Birmingham, Alabama, notification
2-19-74
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
issuing letters of credit and accepting drafts), such
as would be made by a factoring company, a commercial
finance company, or a mortgage company; servicing loans
and extensions of credit for any person; 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 reasonably
expected 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; additionally, as incident to its lending
activities and if requested by its customers, such
subsidiary will make the provision with an insurance
carrier for credit life and accident and health insurance that is directly related to loans to such customers)
in Montgomery and Mobile, Alabama, through a subsidiary,
Alabanc Financial Corporation.

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




2-21-74

H. 2
1974 No. 8
6

-

o

-

Received Continued
**The Alabama Financial Group, Inc., Birmingham, Alabama,
notification of intent to engage in a dje novo activity
(to render investment advice and portfolio management
services to individuals, corporations, pensions, and
profit-sharing plans, private foundations, and endowments) in Birmingham, Alabama, through a subsidiary,
AFG Financial Services, Inc.

2-19-74

6

**Citizens and Southern Holding Company, Atlanta, Georgia,
2-18-74
notification of intent to engage in de novo activities
(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 reasonably 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) in Atlanta, Georgia, through a
subsidiary, Citizens and Southern Equipment Leasing,
Inc.

6

**First National Holding Corp., Atlanta, Georgia, notification of intent to engage in a de novo activity (making
loans, principally secured by second mortgages on
single family residences, for its own account) in
Greenville, South Carolina, and New Orleans, Louisiana,
through a subsidiary, First South Homeowners Co., Inc.

2-18-74

6

**First National Holding Corp., Atlanta, Georgia, notification of intent to engage in de novo activities (leasing
personal property and equipment, or acting as agent,
broker, or adviser in leasing such property; and making
or acquiring, for its own account or for the account
of others, loans and other extensions of credit) in
Clearwater, Florida, through a subsidiary, First
South Leasing Company.

2-18-74

6

Citizens and Southern National Bank, and Citizens and
Southern Holding Company, both of Atlanta, Georgia,
for prior approval to acquire 100 per cent of the
outstanding shares of Ison Finance Corporation,
Atlanta, Georgia.

**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. 8

- 9

-

Received Continued
**The Indiana National Corporation, Indianapolis, Indiana,
notification of intent to engage in a de_ novo activity
(making or acquiring, for its own account and for the
account of others, direct loans made pursuant to the
Mortgage Loan Act (commonly referred to as second
mortgage loans) Revised Code of Ohio Sections (other
than first lien) 1321.51 to 1321.99, inclusive; acquiring, for its own account and for the account of others,
direct loans in the form of consumer loans which would
be made by companies subject to regulation under the
Small Loan Laws or Consumer Loan Laws of the State of
Ohio; and business purpose loans and other extensions
of credit in the form of conditional sales contracts
and retail installment sales contracts; and loans to
mobile home dealers for the purpose of financing
inventory) in Kettering, Ohio, through its subsidiary,
Citadel Finance, Inc., Indianapolis, Indiana.
10

**First Tulsa Bancorporation, Inc., Tulsa, Oklahoma,
notification of intent to engage in a de novo activity
(sale of credit life, accident and health insurance,
and credit fire insurance in connection with loans
made by the subsidiary, Midwest Finance Company) in
Tulsa, Oklahoma, through Midwest Finance Company.

10

Fourth National Corporation, Tulsa, Oklahoma, for prior
approval to acquire 80 per cent of the voting shares
of Diversified Mortgage & Investment Company, Tulsa,
Oklahoma.

10

NBC Co., Lincoln, Nebraska, for prior approval to acquire
100 per cent (less directors' qualifying shares) of
the voting shares of Nebraska Securities Company,
Scottsbluff, Nebraska.

3

2-19-74

2-19-74

Correction:
**0n H.2 No. 7 (1974), the Board reported as received
1-23-74
(January 12, 1974) a notification of intent from Fidelity
Corporation of Pennsylvania, Rosemont, Pennsylvania,
to engage in a de novo activity (offering accidental
death and dismemberment insurance to persons who have
credit relationships that are originated or serviced by
its subsidiaries) at 1141^ Hamilton Avenue, Trenton, New

**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. 8

- 10 Received Continued
Jersey; 815 Route 1, corner of Gibbons Court, Elizabeth,
New Jersey; 537 Bloomfield Avenue, Newark, New Jersey;
and 112 Main Street, Hackettstown, New Jersey; through
its indirect subsidiary, Local Mortgage Company of New
Jersey and various Local finance companies in New
Jersey. This should have been reported as received on
January 23, 1974.

4

3

Correction:
**0n H.2 No. 5 (1974), the Board reported as received
(January 31, 1974) a notification of intent from
American Bancorporation, Columbus, Ohio, to engage
in a de novo activity (providing bookkeeping and data
processing services for the internal operation of the
holding company and its subsidiaries, and providing
services concerning the storing and processing of
other banking, financial, and related economic data
such as payroll services, accounts receivable and
payable services, and billing services) through its
proposed wholly-owned subsidiary, American Bancdata
Corporation, 140 East Town Street, Columbus, Ohio.
Such activities would be conducted under the terms of
a facilities management agreement to be entered into
with Management Data Systems Company, Columbus, Ohio.
This should have been reported as received on February
11, 1974.
Reactivated
Correction:
**0n H.2 No. 5 (1974), the Board reported as reactivated
a notification of intent from Philadelphia National
Corporation, Philadelphia, Pennsylvania, to engage
de novo in the following activities (making installment
loans, purchasing and selling conditional sales
contracts, trust receipts, chattel mortgages, and
secured or unsecured choses in action; the selling of
all forms of insurance to the extent such sales do not
violate any provision of the California Industrial
Loan Law; and generally engaging in the business of an
industrial loan company) at 1805 South Mooney Boulevard,
Visalia, California, through its subsidiary, Signal
Thrift and Loan Association. In addition, PNC intends

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




2-11-74

1-31-74

H.2
1974 No. 8

11 -

Reactivated Continued
to expand the activities of Signal to include the
selling of joint credit life insurance in connection
with Signalfs industrial loan business and reinsuring
such insurance through Patrick Henry Life Insurance
Company, an indirect subsidiary of PNC.
1

Permitted
**First National Boston Corporation, Boston, Massachusetts,
notification of intent to continue to engage in a
de novo activity (providing bookkeeping or data processing services for the internal operations of First
National Boston Corporation and its subsidiaries;
storing and processing banking, financial, or related
economic data, such as performing payroll, accounts
receivable or payable, or billing services for others;
and providing all such other services and engaging
in all such other activities as are incidental to any
of the foregoing) at Oxford Management and Research
Center, Middlebury, Connecticut, through a subsidiary,
Firstbank Data Services, Inc., and through certain
subsidiaries of Firstbank Data Services, Inc., including
First of Boston Computeristics, Inc.

1

2-19-74

**Industrial National Corporation, Providence, Rhode Island, 2-21-74
notification of intent to continue to engage in de novo
activities (consumer finance; and insurance underwriting
of credit life insurance, credit accident and health
insurance, and insurance agency or brokerage in connection with selling to consumer finance borrowers credit
life insurance, credit accident and health insurance, and
property damage insurance for collateral securing loans
made to borrowers) at 930 N. Krome, 1A, Homestead,
Florida, through a subsidiary, Southern Discount
Company.
**Yankee Bancorporation, Gloucester, Massachusetts,
2-19-74
notification of intent to engage in a de novo activity
(providing computerized payroll and other accounting
services for the bank holding company, its subsidiaries,
and others; and performing other incidental activities
necessary to carry on the foregoing activity) at Rockport
Shopping Center off Railroad Avenue, Rockport, Massachusetts, through Yankee Information Services, Inc.

**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. 8
3

-12Permitted Continued
**Fidelity Corporation of Pennsylvania, Rosemont, Penn2-17-74
sylvania, notification of intent to engage in a de novo
activity (offering and reinsurance of joint coverage
on credit life insurance to cover co-signers and comakers) at 121 La Fayette Street, Shelby, North Carolina;
1031 Bragg Boulevard, Fayetteville, North Carolina; 1
North Union Street, Concord, North Carolina; 125 West
Front Street, Statesville, North Carolina; 2433 Trader
Shopping Center, Havelock, North Carolina; through its
indirect subsidiaries, Master Life Insurance Company,
Inc.; Local Mortgage Company of North Carolina; and
various Local finance companies in North Carolina.

3

**Fidelity Corporation of Pennsylvania, Rosemont, Pennsylvania, notification of intent to engage in a de novo
activity (offering to persons whose mortgages are originated or serviced by any direct or indirect subsidiary of Fidelity Corporation of Pennsylvania, life and
disability insurance related to such mortgages) at 1700
Market Street, Philadelphia, Pennsylvania, through its
subsidiary, Trefoil Mortgage Company or through a
direct or indirect subsidiary of Fidelity Corporation
of Pennsylvania that will include West Valley in its
name.

2-17-74

3

**Fidelity Corporation of Pennsylvania, Rosemont, Pennsylvania, notification of intent to engage in a de novo
activity (offering and reinsurance of joint coverage
on credit life insurance to cover co-signers and comakers) at 150 North Steele Street, Sanford, North
Carolina; Woody Village Shopping Center, Roxboro, North
Carolina; 504 North Trade Street, Winston-Salem, North
Carolina; through its indirect subsidiaries, Master
Life Insurance Company, Inc.; Local Mortgage Company of
North Carolina; and various Local finance companies in
North Carolina.

2-21-74

3

**New Jersey National Corporation, Trenton, New Jersey,
2-22-74
notification of intent to engage in de_ novo activities
(making, acquiring, selling, and servicing, for its
own account or for the account of others, loans and
other extensions of credit principally secured by
mortgages; and such incidental activities as are
necessary to carry on the activities specified) at Brookfield Professional Building, Route 7, Brookfield,
Connecticut, through an indirect subsidiary, Underwood
of Connecticut, Inc.

**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. 8
3

-13Permitted Continued
**Phlladelphia National Corporation, Philadelphia, Penn2-19-74
sylvania, notification of intent to engage in de novo
activities (making installment loans, purchasing and
selling conditional sales contracts, trust receipts,
chattel mortgages, and secured or unsecured choses
in action and generally engaging in the business of
an industrial loan company; selling credit life, credit
accident and health insurance, fire and casualty insurance in connection with Signal's industrial loan company
business, and reinsuring such insurance except for the
fire and casualty insurance) through indirect subsidiaries, Patrick Henry Insurance Company and Patrick
Henry Life Insurance Company at 1805 South Mooney
Boulevard, Visalia, California, through its subsidiary,
Signal Thrift and Loan Association (Signal). In addition,
PNC intends to expand the activities of Signal to include
the selling of joint credit life insurance in connection
with Signal's industrial loan business and reinsuring such
insurance through Patrick Henry Life Insurance Company, an
indirect subsidiary of PNC.

5

**First Bankshares Corp. of S.C., Columbia, South Carolina, 2-17-74
notification of intent to engage in a de novo activity
(leasing personal property and equipment) in Anderson,
Charleston, Columbia, Greenville, and Spartanburg, South
Carolina, through a subsidiary to be known as First
National Lease Corp.

7

**First Chicago Corporation, Chicago, Illinois, notification 2-17-74
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 secured
by real estate mortgages; and servicing such loans and
other extensions of credit) in Atlanta, Georgia, through
a subsidiary, First Chicago Realty Services Corporation,
Chicago, Illinois.

12

**Wells Fargo & Company, San Francisco, California,
notification of intent to engage in a de novo activity
(business of an industrial loan company incorporated
under Division 7 of the California Financial Code as
a licensed mortgage banker; said company will engage
in the business of making loans to corporations

2-22-74

'*•*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. 8

#
-14-

Permitted Continued
and partnerships secured directly or collaterally by
a lien on real property) at 600 Montgomery Street,
San Francisco, California; and 330 Washington Street,
Marina del Rey, California, through its subsidiary,
Wells Fargo Realty Company.
* * * * *

7

To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Received
**Berkshire Hathaway Inc., New Bedford, Massachusetts,
notification of intent to acquire more than 5 per cent
of the outstanding voting stock of the following
companies: Studebaker-Worthington, Inc., New York,
New York (primarily engaged in the manufacture and sale
of link-type chain, gasoline, and other petroleum
products, electric generator sets, large industrial
motors, generators, and etc., on a worldwide basis
through its subsidiaries); TI Corp., Los Angeles,
California (a general business holding company which
engages through subsidiaries in title insurance and
escrow business, financial and commercial printing
and engraving, real estate development, and architectural and engineering services); and Unionamerica,
Inc., Los Angeles, California (engaged in insurance,
mortgage banking, real estate, and business service
activities).

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




2-19-74