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, -..1 C - ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.2 1972 No. 9 A p p l i c a t i o n s and R e p o r t s R e c e i v e d o r A c t e d on D u r i n g t h e Week E n d i n g F e b r u a r y 26, 1972 District Date 5 To Become a Member of t h e F e d e r a l R e s e r v e System P u r s u a n t t o S e c t i o n 9 o f t h e F e d e r a l R e s e r v e Act Received Powhatan Community Bank, P o w h a t a n , V i r g i n i a 7 P e o p l e s M i d - I l l i n o i s Bank, B l o o m i n g t o n , I l l i n o i s * * * * * 7 11 To W i t h d r a w f r o m Membership i n t h e F e d e r a l R e s e r v e S y s t e m W i t h o u t a S i x Month N o t i c e a s P r e s c r i b e d by S e c t i o n 9 of t h e F e d e r a l R e s e r v e Act Received C i t i z e n s S t a t e Bank & T r u s t Company, Wausau, W i s c o n s i n The F i r s t S t a t e Bank, A v i n g e r , T e x a s * * * * * To E s t a b l i s h a D o m e s t i c B r a n c h P u r s u a n t t o S e c t i o n 9 o f t h e F e d e r a l R e s e r v e Act Received V a l l e y Bank and T r u s t Company, S p r i n g f i e l d , M a s s a c h u s e t t s . Branch t o b e e s t a b l i s h e d i n t h e v i c i n i t y of 725 Meadow S t r e e t , Chicopee, Massachusetts. Genesee M e r c h a n t s Bank & T r u s t Company, F l i n t , M i c h i g a n . B r a n c h t o b e e s t a b l i s h e d a t 4144 D a v i s o n Road, B u r t o n Township, G e n e s e e C o u n t y , M i c h i g a n . C i t i z e n s F i d e l i t y Bank and T r u s t Company, L o u i s v i l l e , K e n t u c k y . Branch t o be o p e r a t e d i n p r e s e n t b a n k i n g q u a r t e r s a f t e r moving t o C i t i z e n s F i d e l i t y P l a z a B u i l d i n g , L o u i s v i l l e , Kentucky. H. 2 1972 No. 3 -2- Approved *The F i r s t P e n n s y l v a n i a B a n k i n g and T r u s t Company, B a l a Cynwyd, Montgomery C o u n t y , P e n n s y l v a n i a . B r a n c h t o b e l o c a t e d a t 1403 Cedar C r e s t B o u l e v a r d , S o u t h W h i t e h a l l Township, L e h i g h County, P e n n s y l v a n i a . * * * * * T h i r t y Day N o t i c e of I n t e n t i o n t o E s t a b l i s h An A d d i t i o n a l Branch i n a Foreign Country Approved F i r s t N a t i o n a l C i t y Bank, New Y o r k , New Y o r k . B r a n c h t o b e e s t a b l i s h e d i n London, E n g l a n d . * * * * * 7 To Merge P u r s u a n t t o S e c t i o n 1 8 ( c ) of t h e F e d e r a l D e p o s i t I n s u r a n c e Act Received P e o p l e s M i d - I l l i n o i s Bank, B l o o m i n g t o n , I l l i n o i s , f o r p r i o r a p p r o v a l t o merge w i t h P e o p l e s Bank of Bloomington, Bloomington, I l l i n o i s . * A p p l i c a t i o n p r o c e s s e d by t h e R e s e r v e Bank on b e h a l f of t h e B o a r d of G o v e r n o r s under delegated a u t h o r i t y . H.2 .. 1972 No. 9 - 3 - To Form a Bank H o l d i n g Company P u r s u a n t t o S e c t i o n 3 ( a ) ( 1 ) of t h e Bank H o l d i n g Company Act of 1956 Received V a l l e y of V i r g i n i a B a n k s h a r e s , I n c . , H a r r i s o n b u r g , V i r g i n i a , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t ( l e s s d i r e c t o r s ' q u a l i f y i n g s h a r e s ) of t h e v o t i n g s h a r e s of t h e s u c c e s s o r by m e r g e r t o Rockingham N a t i o n a l Bank, H a r r i s o n b u r g , V i r g i n i a . 10 S t o c k g r o w e r s S t a t e Bank Company, I n c . , W o r l a n d , Wyoming, f o r a p p r o v a l t o r e t a i n 926 of t h e v o t i n g s h a r e s of The S t o c k Growers S t a t e Bank, W o r l a n d , Wyoming. Approved American T r a d i n g Company, B r u n s w i c k , G e o r g i a , t o r e t a i n 5 0 . 6 p e r c e n t of t h e v o t i n g s h a r e s of S t a t e Bank of K i n g s l a n d , Kings l a n d , G e o r g i a . 6 F l o r i d a B a n c o r p , I n c . , Pompano B e a c h , F l o r i d a , f o r p r i o r a p p r o v a l t o a c q u i r e 80 p e r c e n t o r more of t h e v o t i n g s h a r e s of Pompano Beach Bank and T r u s t Company, and O c e a n s i d e Bank, b o t h i n Pompano B e a c h , F l o r i d a . 6 Tennessee Valley Bancorp, I n c . , N a s h v i l l e , T e n n e s s e e , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of t h e s u c c e s s o r by m e r g e r t o Commerce Union Bank, N a s h v i l l e , Tennessee. 10 12 Mountain Banks, L t d . , Colorado S p r i n g s , Colorado, f o r p r i o r a p p r o v a l t o a c q u i r e 5 1 p e r c e n t o r more of t h e v o t i n g s h a r e s of The Exchange N a t i o n a l Bank of C o l o r a d o S p r i n g s , C o l o r a d o S p r i n g s ; The F i r s t N a t i o n a l Bank of P u e b l o , P u e b l o ; C h e r r y Creek N a t i o n a l Bank, D e n v e r ; S o u t h Denver N a t i o n a l Bank, G l e n d a l e ; and P a r k N a t i o n a l Bank of P u e b l o , P u e b l o ; a l l i n Colorado. * * S e c u r i t y P a c i f i c C o r p o r a t i o n , Los A n g e l e s , C a l i f o r n i a , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s ( l e s s d i r e c t o r s ' q u a l i f y i n g s h a r e s ) of t h e s u c c e s s o r by m e r g e r t o t h e S e c u r i t y P a c i f i c N a t i o n a l Bank, Los A n g e l e s , California. * * P r o c e s s e d by R e s e r v e Bank on b e h a l f of t h e Board of G o v e r n o r s u n d e r delegated authority. 2-25-72 Reactivated On H . 2 No. 39 ( 1 9 7 1 ) , t h e B o a r d r e p o r t e d r e c e i p t of an a p p l i c a t i o n f r o m V i r g i n i a N a t i o n a l B a n k s h a r e s , Inc. , Norfolk, Virginia, f o r p r i o r approval to a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of C o l o n i a l - A m e r i c a n N a t i o n a l Bank, Roanoke, V i r g i n i a , t h e s u c c e s s o r b y m e r g e r t o The C o l o n i a l - A m e r i c a n N a t i o n a l Bank of R o a n o k e , R o a n o k e , V i r g i n i a , and t h e s u c c e s s o r by merger t o V i r g i n i a N a t i o n a l Bank, Norfolk, Virginia. T h i s a p p l i c a t i o n was p l a c e d i n s u s p e n s e f o l l o w i n g r e c e i p t of a D e p a r t m e n t of J u s t i c e l e t t e r t o t h e Board d a t e d F e b r u a r y 1 4 , 19 72. F o l l o w i n g r e c e i p t of A p p l i c a n t f s r e p l y d a t e d F e b r u a r y 1 8 , 19 7 2 , t h i s a p p l i c a t i o n h a s been r e a c t i v a t e d . * * * * * To Expand a Bank H o l d i n g Company P u r s u a n t t o S e c t i o n 3 ( a ) ( 3 ) of t h e Bank H o l d i n g Company Act of 1956 Received Centran Bancshares C o r p o r a t i o n , C l e v e l a n d , Ohio, f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of The R i c h l a n d T r u s t Company, M a n s f i e l d , Ohio. Centran Bancshares Corporation, Cleveland, Ohio, f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of The S u t t o n S t a t e B a n k , A t t i c a , Ohio. Centran Bancshares C o r p o r a t i o n , Cleveland, Ohio, f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of The F a r m e r s and S a v i n g s Bank, L o u d o n v i l l e , Ohio. Alabama B a n c o r p o r a t i o n , B i r m i n g h a m , A l a b a m a , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of The American N a t i o n a l Bank and T r u s t Company of M o b i l e , M o b i l e , Alabama. Alabama B a n c o r p o r a t i o n , B i r m i n g h a m , Alabama, f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t of t h e v o t i n g s h a r e s of F i r s t N a t i o n a l Bank of D e c a t u r , D e c a t u r , Alabama. Received Continued The F i r s t N a t i o n a l B a n c o r p o r a t i o n , I n c . , D e n v e r , C o l o r a d o , f o r p r i o r a p p r o v a l t o a c q u i r e 80 p e r c e n t o r more of t h e v o t i n g s h a r e s of The E a s t C o l o r a d o S p r i n g s N a t i o n a l Bank, C o l o r a d o S p r i n g s , Colorado. Wyoming B a n c o r p o r a t i o n , Cheyenne, Wyoming, f o r p r i o r a p p r o v a l t o a c q u i r e 1 5 , 4 3 3 of t h e v o t i n g s h a r e s of U n i v e r s i t y N a t i o n a l Bank of L a r a m i e , L a r a m i e , Wyoming. Approved B a r n e t t Banks of F l o r i d a , I n c . , J a c k s o n v i l l e , F l o r i d a , f o r p r i o r a p p r o v a l t o a c q u i r e 80 p e r c e n t o r more of t h e v o t i n g s h a r e s of B a r n e t t Bank of West O r l a n d o , O r l a n d o , F l o r i d a , a p r o p o s e d new b a n k . The J a c o b u s Company, and I n l a n d F i n a n c i a l C o r p o r a t i o n , b o t h of M i l w a u k e e , W i s c o n s i n , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t ( l e s s d i r e c t o r s ' q u a l i f y i n g s h a r e s ) of t h e v o t i n g s h a r e s of H e r i t a g e BankM a y f a i r , Wauwatosa, W i s c o n s i n . F i r s t T e n n e s s e e N a t i o n a l C o r p o r a t i o n , Memphis, T e n n e s s e e , f o r p r i o r a p p r o v a l t o a c q u i r e 100 p e r c e n t ( l e s s d i r e c t o r s ' q u a l i f y i n g s h a r e s ) of t h e v o t i n g s h a r e s of t h e s u c c e s s o r by m e r g e r t o The K i n g s p o r t N a t i o n a l Bank, K i n g s p o r t , T e n n e s s e e . Withdrawn On H . 2 No. 46 ( 1 9 7 1 ) , t h e Board r e p o r t e d r e c e i p t of an a p p l i c a t i o n f o r m L i n c o l n F i r s t Banks I n c . , R o c h e s t e r , New Y o r k , f o r p r i o r a p p r o v a l t o a c q u i r e t h e N a t i o n a l Bank of N o r t h e r n New Y o r k , W a t e r t o w n , New Y o r k . I n a l e t t e r d a t e d F e b r u a r y 1 6 , 1 9 7 2 , Applicant requested t h a t t h e a p p l i c a t i o n be withdrawn. H. 2 1972 No. 9 1 2 - 6 - To Expand a Bank H o l d i n g Company P u r s u a n t t o S e c t i o n 4 ( c ) ( 8 ) of t h e Bank H o l d i n g Company Act of 1956 Received I n d u s t r i a l N a t i o n a l C o r p o r a t i o n , P r o v i d e n c e , Rhode I s l a n d , n o t i f i c a t i o n of i n t e n t t o c o n t i n u e t o e n g a g e , t h r o u g h a s u b s i d i a r y known as I n d u s t r i a l N a t i o n a l M o r t g a g e Company, P r o v i d e n c e , Rhode I s l a n d , i n de novo a c t i v i t i e s ( ( 1 ) making o r a c q u i r i n g , f o r i t s own a c c o u n t o r f o r t h e a c c o u n t of o t h e r s , l o a n s and o t h e r e x t e n s i o n s of c r e d i t ( i n c l u d i n g i s s u i n g l e t t e r s of c r e d i t and a c c e p t i n g d r a f t s ) , s u c h as would b e m a d e , f o r e x a m p l e , b y a mortgage, f i n a n c e , c r e d i t card, or f a c t o r i n g company; (2) s e r v i c i n g l o a n s and o t h e r e x t e n s i o n s of c r e d i t f o r any p e r s o n ) . B a n k e r s T r u s t New York C o r p o r a t i o n , New Y o r k , New Y o r k , n o t i f i c a t i o n of i n t e n t t o e n g a g e de n o v o in a c t i v i t i e s (servicing or performing t r a n s f e r a g e n t , R e g i s t r a r and r e l a t e d a c t i v i t i e s ) f o r B a n k e r s T r u s t Company and o t h e r s , t h r o u g h i t s p a r t i a l l y - e a r n e d s u b s i d i a r y known as BT B r a d f o r d S t o c k S e r v i c e s , I n c . , New Y o r k , New Y o r k . 2-22-72 2-18-72 L i n c o l n F i r s t Banks I n c . , R o c h e s t e r , New Y o r k , 2-22-72 n o t i f i c a t i o n of i n t e n t t o e n g a g e jte novo t h r o u g h a s u b s i d i a r y known a s L i n c o l n L e a s e / W a y , I n c . , in the following a c t i v i t i e s (leasing personal p r o p e r t y and e q u i p m e n t , o r a c t i n g as a g e n t , b r o k e r , o r a d v i s o r i n l e a s i n g of s u c h p r o p e r t y , w h e r e a t t h e i n c e p t i o n of t h e i n i t i a l l e a s e t h e e x p e c t a t i o n I s t h a t t h e e f f e c t of t h e t r a n s a c t i o n and r e a s o n a b l y a n t i c i p a t e d f u t u r e t r a n s a c t i o n s w i t h t h e same l e s s e e a s t o t h e same p r o p e r t y w i l l b e t o compensate t h e l e s s o r f o r n o t l e s s than t h e l e s s o r ' s f u l l i n v e s t m e n t i n t h e p r o p e r t y ) . Such a c t i v i t i e s are to be conducted i n Rochester, New Y o r k ; N a t i o n a l Bank of W e s t c h e s t e r , New R o c h e l i e , New Y o r k ; L i n c o l n N a t i o n a l Bank and T r u s t Company of C e n t r a l New Y o r k , S y r a c u s e , New Y o r k ; F i r s t - C i t y N a t i o n a l Bank of B i n g h a m t o n , B i n g h a m t o n , New York and F i r s t N a t i o n a l Bank of J a m e s t o w n , James t o n , New Y o r k . H.2 1972 No. 9 2 6 Received Continued P r i n c e t o n American B a n c o r p . , P r i n c e t o n , New J e r s e y , n o t i f i c a t i o n of i n t e n t t o e n g a g e de^novo t h r o u g h i t s s u b s i d i a r y known as P r i n c e t o n American Leasecorp., in the following a c t i v i t i e s (leasing p e r s o n a l p r o p e r t y and e q u i p m e n t w h e r e a t t h e i n c e p t i o n of t h e i n i t i a l l e a s e t h e e x p e c t a t i o n i s t h a t t h e e f f e c t of t h e t r a n s a c t i o n and reasonable anticipated future transactions w i t h t h e same l e s s e e o r t o t h e same p r o p e r t y w i l l be t o compensate t h e l e s s o r f o r n o t l e s s than the l e s s o r ! s f u l l investment in the p r o p e r t y ) . Such a c t i v i t i e s a r e t o b e c o n d u c t e d i n M o r r i s t o w n and M o n t c l a i r , New J e r s e y . 2-23-72 C e n t r a l and S t a t e N a t i o n a l C o r p o r a t i o n of Alabama, 2-23-72 B i r m i n g h a m , Alabama, n o t i f i c a t i o n of i n t e n t t o e n g a g e de n o v o t h r o u g h a s u b s i d i a r y known a s CSN U n d e r w r i t e r s , I n c . , Birmingham, Alabama, i n t h e f o l l o w i n g a c t i v i t i e s ( a c t i n g as i n s u r a n c e a g e n t o r b r o k e r i n o f f i c e s a t which t h e h o l d i n g company o r i t s s u b s i d i a r i e s a r e o t h e r w i s e e n g a g e d i n b u s i n e s s ( o r i n an o f f i c e a d j a c e n t t h e r e t o ) w i t h r e s p e c t t o t h e f o l l o w i n g t y p e s of i n s u r a n c e : ( i ) Any i n s u r a n c e f o r t h e h o l d i n g company and i t s s u b s i d i a r i e s ; ( i i ) Any i n s u r a n c e t h a t ( a ) i s d i r e c t l y r e l a t e d t o an e x t e n s i o n of c r e d i t by a b a n k o r a b a n k - r e l a t e d f i r m of t h e k i n d d e s c r i b e d i n R e g u l a t i o n Y, o r (b) i s d i r e c t l y r e l a t e d t o t h e p r o v i s i o n of o t h e r f i n a n c i a l s e r v i c e s b y a bank o r such a b a n k - r e l a t e d f i r m , o r ( c ) i s o t h e r w i s e s o l d as a m a t t e r of c o n v e n i e n c e t o t h e p u r c h a s e r , s o l o n g a s t h e premium income f r o m s a l e s w i t h i n t h i s s u b d i v i s i o n ( i i ) ( c ) does n o t c o n s t i t u t e a s i g n i f i c a n t p o r t i o n of t h e a g g r e g a t e i n s u r a n c e premium income of t h e h o l d i n g company from i n s u r a n c e s o l d p u r s u a n t t o t h i s s u b d i v i s i o n ( i i ) ; ( i i i ) Any i n s u r a n c e s o l d i n a community t h a t h a s a population not exceeding 5,000). H .2 1972 No. 9 Received Continued Third National Corporation, Nashville, Tennessee, n o t i f i c a t i o n of i n t e n t t o e n g a g e de n o v o t h r o u g h a s u b s i d i a r y known as S e c u r i t y T h i r d L e a s i n g Corporation, Nashville, Tennessee, in the following a c t i v i t i e s ( t o a c q u i r e by p u r c h a s e , l e a s e , or o t h e r w i s e , a l l k i n d s of t a n g i b l e p r o p e r t y including without l i m i t a t i o n equipment, f i x t u r e s , machinery, motor v e h i c l e s , a i r c r a f t , computers, s h i p s , and v e s s e l s o r any o t h e r a s s e t which a l e a s i n g company may own o r h a v e an i n t e r e s t i n ) . 10 12 12 Approved Mountain Banks, L t d . , Colorado S p r i n g s , Colorado, f o r p r i o r a p p r o v a l t o a c q u i r e 51 p e r c e n t o r more of t h e v o t i n g s h a r e s of P l a z a F i n a n c e Company, P u e b l o ; V a l l e y I n d u s t r i a l Bank, B l e n d e ; B a n k e r s Motor L e a s i n g , I n c . , C o l o r a d o S p r i n g s ; a l l i n C o l o r a d o , and C h e r o k e e L i f e I n s u r a n c e Company, Phoenix, Arizona. U.S. Bancorp, P o r t l a n d , Oregon, t o r e t a i n s h a r e s of U . S . D a t a c o r p , P o r t l a n d , O r e g o n , Suspense** On H.2 No. 4 ( 1 9 7 2 ) , t h e Board r e p o r t e d r e c e i p t f r o m M a r i n e B a n c o r p o r a t i o n , S e a t t l e , W a s h i n g t o n , of n o t i f i c a t i o n of i n t e n t t o e n g a g e i n a de novo a c t i v i t y (making o r a c q u i r i n g f o r i t s own a c c o u n t o r f o r t h e a c c o u n t of o t h e r s , l o a n s and o t h e r e x t e n s i o n s of c r e d i t , a l s o d i r e c t l y o r i n d i r e c t l y t o a c t as i n s u r a n c e a g e n t o r b r o k e r on i n s u r a n c e t h a t i s d i r e c t l y r e l a t e d t o an e x t e n s i o n of c r e d i t b y any s u b s i d i a r y of a p p l i c a n t ) such a c t i v i t y t o be conducted i n A n c h o r a g e , A l a s k a , t h r o u g h a de novo o f f i c e of i t s w h o l l y - o w n e d s u b s i d i a r y , C o a s t M o r t g a g e Company, S e a t t l e , W a s h i n g t o n . A p p l i c a t i o n i s now i n s u s p e n s e p e n d i n g B o a r d ' s d e c i s i o n on Marine B a n c o r p o r a t i o n ' s a p p l i c a t i o n f o r p e r m i s s i o n t o r e t a i n C o a s t M o r t g a g e Company, S e a t t l e , Washington. * * * * * * * P r o c e s s e d b y R e s e r v e Bank on b e h a l f of t h e Board of G o v e r n o r s u n d e r delegated authority. 2-24-72 2-22-72 H .2 1972 No. 2 7 7 -9To Expand a Bank H o l d i n g Company P u r s u a n t t o S e c t i o n 4 ( c ) ( 1 2 ) of t h e Bank H o l d i n g Company Act of 1956 Received N a t i o n a l Kinney C o r p o r a t i o n , New Y o r k , New Y o r k , a s u b s i d i a r y of Warner Communications I n c . , New Y o r k , New York ( f o r m e r l y K i n n e y S e r v i c e s , I n c . ) f o r p r i o r approval to acquire Jespersen-Kay S y s t e m s L i m i t e d of T o r o n t o , O n t a r i o , C a n a d a . C o n t i n e n t a l Western I n d u s t r i e s , I n c . , f o r m e r l y known a s W e s t e r n H o l d i n g C o r p o r a t i o n , Des M o i n e s , I o w a , n o t i f i c a t i o n of i n t e n t t o a c q u i r e C o l l i n s E l e c t r i c Company, Des M o i n e s , I o w a ; M a r s h a l l E l e c t r i c Company, M a r s h a l l t o w n , I o w a ; and K o r s m e y e r E l e c t r i c Company, L i n c o l n , N e b r a s k a ( t h e c o m p a n i e s a r e e n g a g e d i n t h e b u s i n e s s of d i s t r i b u t i o n of e l e c t r i c a l supplies to e l e c t r i c a l contractors). 2-24-72 Permitted** A l l American L i f e & F i n a n c i a l C o r p o r a t i o n , C h i c a g o , 2-21-72 I l l i n o i s , t o a c q u i r e s h a r e s of G e n e r a l U n i t e d Group, I n c o r p o r a t e d , West Des M o i n e s , I o w a , t h e r e b y i n d i r e c t l y a c q u i r i n g s h a r e s of t h e f o l l o w i n g c o m p a n i e s : U n i t e d S e c u r i t y L i f e Company, West Des M o i n e s , I o w a ; G e n e r a l U n i t e d L i f e I n s u r a n c e Company, West Des M o i n e s , I o w a ; W i l s h i r e I n s u r a n c e Company, Los A n g e l e s , C a l i f o r n i a ; I m p e r i a l I n d u s t r i e s , M o n t e r e y P a r k , C a l i f o r n i a ; P a r k s & Company, Los Angeles, C a l i f o r n i a ; United Security Leasing Corp., West Des M o i n e s , I o w a ; G e n e r a l U n i t e d R e a l t y C o r p o r a t i o n , West Des M o i n e s , I o w a ; T r a n s - S i e r r a D e v e l o p m e n t C o . , I n c . , Los A n g e l e s , C a l i f o r n i a ; and G e n e r a l U n i t e d L e a s i n g C o r p . , West Des M o i n e s , Iowa. * * P r o c e s s e d by R e s e r v e Bank on b e h a l f of t h e Board of G o v e r n o r s u n d e r delegated authority. 2-23-72
@FedFRASER