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ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on and All Other Actions of the Board H.2 1976 No. 6 During the Week Ending February 7, 1976 District 11 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received Olton State Bank, Olton, Texas -k ~k 2 ~k i< To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Manufacturers Hanover Trust Company/Genesee Region, Ontario, New York. Branch to be established in the immediate neighborhood of Taft Road and Route 11, Village of North Syracuse, Town of Clay, Ononaga County. 5 Bank of Virginia, Richmond, Virginia. Branch to be established at the intersection of State Route 64 and U. S. Route 250 on West Broad Street between Cox and Sadler Roads, Henrico County. 8 Citizens Fidelity Bank & Trust Company, Louisville, Kentucky. Branch to be established at the intersection of Lindsay Avenue and Brownsboro Road, Louisville, Jefferson County. 7 Approved *Cheboygan Bank, Cheboygan, Michigan. Branch to be established in the vicinity of Main Streets on Straits Highway, Village of Wolverine, Cheboygan County. * -k * -k >V ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1976 No. 6 2 12 2 - 2 Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country Received Chemical Bank, New York, New York: branch - an additional in England, to be located in London. Bank of America National Trust and Savings Association, San Francisco, California: branch - an additional in Germany, to be located in Cologne. Approved Bankers Trust Company, New York, New York: branch an additional in England, to be located in Birmingham. International Investments and Other Actions Approved 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 First National City Overseas Investment Corporation, New York, New York: investment - additional in Societe de Credit pour 1'Acquisition et 11 Amelioration des Immeubles, S.A., Paris, France. >V ic Vc /V To Form a Bank Holding Company Pursuant to Section 3(a)(1) oE the Bank Holding Company Act of 1956 Received Mercantile Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Mercantile National Bank at Dallas, Dallas, Texas. Approved Flandreau Holding Company, Flandreau, South Dakota, for approval to acquire 92.0 per cent of the voting shares of Farmers State Bank, Flandreau, South Dakota. Central Missouri Bancshares, Inc., Smithton, Missouri, for approval to acquire 86.3 per cent of the voting shares of Exchange Bank of New Franklin, Missouri, New Franklin, Missouri and 51.1 per cent of the voting shares of The Smithton Bank, Smithton, Missouri. Chester Insurance Agency, Inc., Chester, Nebraska, for approval to acquire 80 per cent or more of the voting shares of State Bank of Chester, Chester, Nebraska. Henderson State Company, Henderson, Nebraska, for approval to acquire 95 per cent of the voting shares of Henderson State Bank, Henderson, Nebraska. Mountain Financial Services, Inc., Denver, Colorado, for approval to acquire 100 per cent (less directorsf qualifying shares) of the voting shares of Northwest State Bank, Arvada, Colorado. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received First Banc Group, Inc., Creve Coeur, Missouri, for approval to acquire 50 per cent or more of the voting shares of American State Bank of Flat River, Flat River, Missouri. First National Bancorporation, Inc., Denver, Colorado, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Montrose, Montrose, Colorado. H. 2 1976 No. 6 ^ 4 Approved United Missouri Bancshares, Inc., Kansas City, Missouri, for approval to acquire 90 per cent or more of the voting shares of The Park Bank of St. Joseph, Missouri, St. Joseph, Missouri, 10 11 First Bancorp, Inc., Corsicana, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Hillsboro State Bank, Hillsboro, Texas. 11 Trans Texas Bancorporation, Inc., El Paso, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Chamizal National Bank, El Paso, Texas, a proposed new bank. Denied Federated Capital Corporation, Houston, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of South Park National Bank, San Antonio, Texas, a proposed new bank. 11 * * * * * 2 To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities (provide real estate financing particularly through short term land development and construction mortgage loans; act as adviser, counselor, and servicing agent for all the real estate lending business of its nonbanking affiliates) at 115 Broad Hallow Road, Melville, New York, through its subsidiary, Chemical Realty Corporation. 3 ^Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo activities (selling credit disability insurance and joint credit life insurance in connection with personal installment loans made pursuant to Signal Finance of Ohio, Inc.'s consumer finance business and reinsuring **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 2- 2-76 2- 3-76 H. 2 1976 No. 6 - 5 - Received Continued such insurance through Patrick Henry Insurance Company and Patrick Henry Life Insurance Company, indirect subsidiaries of Philadelphia National Corporation) at Stadium Plaza, 1616 E. Wooster Street, Bowling Green, Ohio; 3809 Darrow Road, Stow, Ohio; Great Lakes Mall Room 242, 1850 Mentor Avenue, Mentor, Ohio; Kamm's Plaza, 3766 Rocky River Drive, Cleveland, Ohio; and Perkins Plaza, Store 5, Perkins Avenue, Sandusky, Ohio; through its indirect subsidiary, Signal Finance of Ohio, Inc. 5 **Union Trust Bancorp, Baltimore, Maryland, notification of intent to relocate de novo activities (making installment loans to individuals for personal, family, or household purposes; purchasing sales finance contracts executed in connection with the sale of personal, family, or household goods or services; and acting as agent in the sale of credit life and credit accident and health insurance directly related to its extensions of credit (the name of the relocated office will be changed from Suburban Finance Company, Inc. to Landmark Finance Corporation of Maryland)) from 4409 Southern Avenue, Coral Hills, Maryland to 6037 Old Marlboro Pike, District Heights, Maryland, through its present subsidiary, Landmark Financial Services, Inc. 2- 6-76 10 **Bancoklahoma Corp., Tulsa, Oklahoma, notification of intent to engage in de novo activities (making, acquiring, and/ or servicing for its own account or for the account of others, commercial and industrial loans (except first mortgages and real property) and other extensions of credit (including issuing letters of credit and accepting drafts) such as direct leasing of commercial and industrial property (except real property) factoring of accounts receivables, discounting loans, receivables, acceptances, and other commercial paper and credit instruments, such loans and other extensions of credit to be both secured and unsecured and of amounts of not less than $100,000) at 320 South Boston, Tulsa, Oklahoma. 2- 6-76 10 **Liberty National Corporation, Oklahoma City, Oklahoma, notification of intent to engage in de novo activities (making or acquiring, for its own account or the account of others, loans or other extensions of credit, lending and negotiating loans, and servicing loans and other 2- 6-76 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 1976 No. 6 6 - Received Continued extensions of credit for any person, organization, or authority) at 100 Broadway, Oklahoma City, Oklahoma, through a subsidiary, L N C Financial Corporation. 12 **BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (making or acquiring, for its own account loans and other extensions of credit and servicing for itself or others loans and other extensions of credit, such activities to include, but not be limited to, the following: making of consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real or personal property or a combination thereof; acting as agent or broker for the sale of credit life and credit accident and health insurance and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) at 9036 Van Nuys Boulevard, Panorama City, California, through its subsidiary, FinanceAmerica Corporation. 1-28-76 12 **BankAmerica Corporation, San Francisco California, notification of intent to engage in d^e novo activities (making or acquiring, for its own account loans and other extensions of credit and servicing for itself or others loans and other extensions of credit, such activities to include, but not be limited to, the following: making of consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real or personal property or a combination thereof; acting as agent or broker for the sale of credit life and credit accident and health insurance and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) at 10570 South De Anza Blvd., Cupertino, California, 1480 El Camino Real, San Bruno, California, and 1350 Grant Road, No. 8, Mountain View, California, through its subsidiary, FinanceAmerica Corporation. 1-27-76 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1976 No. 12 7 - Received Continued **Se iI on, Inc., Toledo, Ohio and First Bancorporation, Reno, Nevada, 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 where at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease, from: rentals; estimated tax benefits (investment tax credit, net economic gain from tax deferrals, from depreciation other tax benefits with a substantially similar effect); the estimiated residual value of the property at the expiration of the initial term of the lease which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor; in the case of a lease of not more than seven years in duration, such additional amount, which shall not exceed 60 per cent of the acquisition cost of the property as may be provided by an unconditional guarantee by a lessee, by an independent third party or manufacturer, which has been determined by the lessor to have the financial resources to meet such obligations that will assure the lessor the recovery of its investment and cost of financing) at 4th & Bridger Streets, Las Vegas, Nevada, through its subsidiary, Nevada National Leasing Company, Inc. 1-26-76 12 **Seilon, Inc., Toledo, Ohio and First Bancorporation, Reno, Nevada, notification of intent to engage in de novo activities (acting as insurance agent or broker with respect to credit life and disability and all risk property coverage insurance for customers and/or equipment involved in transactions written in the normal course of business) at 4600 Kietzke Lane, Suite 143, Reno, Nevada and 4th and Bridger Street, Las Vegas, Nevada, through its subsidiary, Nevada National Leasing Company, Inc. 1-26-76 12 **Seilon, Inc., Toledo, Ohio and First Bancorporation, Reno, Nevada, notification of intent to engage in cie novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit in the normal course of its leasing business including the making of business installment loans, the 1-26-76 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 - 1976 No. 6 8 - Received Continued purchase of business installment sales - finance contracts , and making loans to businesses of various sizes) at 4600 Kietzke Lane, Suite 143, Reno, Nevada and 4th and Bridger Street, Las Vegas, Nevada, through its subsidiary, Nevada National Leasing Company, Inc. Approved Central Missouri Bancshares, Inc., Smithton, Missouri, for permission to engage in the activities of a general insurance agency from the premises of the subject banks located in communities with populations not exceeding 5,000 persons. 10 10 Chester Insurance Agency, Inc., Chester, Nebraska, for approval to continue to act as a general insurance agent or broker with respect to all types of insurance in Chester, Nebraska. 10 Henderson State Company, Henderson, Nebraska, for approval to acquire Thieszen Real Estate and Insurance Agency, Henderson, Nebraska. 10 Mountain Financial Services, Inc., Denver, Colorado, for permission to act as agent or broker with respect to the sale of credit life and credit accident and health insurance directly related to extensions of credit by Bank. 1 1 Permitted **Indian Head Banks Inc., Nashua, New Hampshire, notification of intent to engage in de novo activities (to provide all required data processing services for the holding company, its affiliated banks, and subsidiary corporation; to provide financially related data processing services to non-affiliated banks on a fee basis; acting on behalf of the affiliated banks and other users in the selection and development of financially related data processing programs including design and implementation) at 146 Main Street, Nashua, New Hampshire, through a subsidiary, Indian Head Data Services Inc. **Indian Head Banks Inc., Nashua, New Hampshire, notification of intent to engage in de novo activities (to purchase mortgage loans originated by the subsidiary banks of Indian Head Banks Inc. to hold the loans prior to resale; to package these loans for resale to large institutional investors; and to continue to service the **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 2— 2—7 6 2- 2-76 H. 2 1976 No. Permitted Continued mortgages through the de novo subsidiary corporation) at 146 Main Street, Nashua, New Hampshire, through a subsidiary, Indian Head Mortgage Servicing Corp. 4 ^Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to relocate de novo activities (mortgage banking, including the making, acquiring, and servicing for its own accounts or the account of others, loans and other extensions of credit) from 2129 Hacienda Way, Scaramento, California to 5777 Madison Avenue, Sacramento, California, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio. 2- 3-76 7 **First Wisconsin Corporation, Milwaukee, Wisconsin, notification of intent to engage in de novo activities (serving as the advisory company for a real estate investment trust, in which capacity it will, among other activities, obtain or provide for the trust such services as may be required to supervise, service, or manage the existing investments of the trust; represent the trust in transactions with others; originate and recommend to the trust investments in the form of construction mortgage loans, permanent mortgage loans, equity interest in real estate, and other investments in or related to real property; and advise and consult the trustees of the trust) in Boca Raton, Florida, through its subsidiary, First Wisconsin Mortgage Company, Milwaukee, Wisconsin. 2- 3-76 **Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (the leasing and/or financing of personal property and equipment and real property or acting as an agent, broker, or adviser in the leasing and/or financing of such property where at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor f s full investment in the property plus the estimated total cost of financing the property over the term of the lease) at 24200 Chagrin Blvd., Beachwood, Ohio, through its subsidiary, Security Pacific Leasing Corporation. 2- 1-76 12 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1976 No. 12 2 11 - 10 Permitted Continued **Wells Fargo & Company, San Francisco, 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; servicing loans and other extensions of credit for other persons; acting as an insurance agent or broker with respect to the following types of insurance that are directly related to the extensions of credit by Wells Fargo & Company or its subsidiaries: credit life and credit accident and health insurance, mortgage redemption life insurance, and group mortgage disability insurance) at 2000 IBM Building, Seattle, Washington and 1770 St. James Place, Suite 206, Houston, Texas, through its subsidiaries, Wells Fargo Mortgage Company and WFMC Corporation. Withdrawn **Charter New York Corporation, New York, New York, notification of intent to engage in de_ novo activities (making or acquiring, for its own account or for the account of others, commercial loans and other extensions of credit such as would be made by a commercial financing or factoring company; servicing such loans and other extensions of credit for any person; and leasing on a full payout basis real property, personal property and equipment, other than that used for personal, family, or household purposes or acting as agent, broker, or adviser in leasing such property) at 44 Exchange Street, Rochester, New York, through its subsidiary, Charter Credit Corporation. 2- 2-76 PanNational Group Inc., El Paso, Texas, for approval to acquire the shares of Southwest General Agency, Inc., El Paso, Texas. * 10 2- 5-76 * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Received **Helmerich & Payne, Inc., Tulsa, Oklahoma, notification of intent to acquire additional stock in Atwood Oceanics, Inc., Houston, Texas. **4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 2- 6-76 H.2 11 1976 No. 6 Other Actions of the Board Statement by Chairman Arthur F. Burns before the House Committee on Banking, Currency and Housing on monetary policy. Statement by Governor Robert C. Holland before the Senate Banking, Housing and Urban Affairs Committee relating to the Federal Reserve System's performance in supervising the banking institutions under its jurisdiction. Statement by Governor Henry C. Wallich before the House Committee on the Budget relating to budgetary policy. Statement by Brenton C. Leavitt, Director, Division of Banking Supervision and Regulation and Program Director for Banking Structure, before the Commerce, Consumer, and Monetary Affairs Subcommittee of the House Committee on Government Operations on the adequacy and effectiveness of the examination, supervision and regulatory functions of the Federal Reserve System. Statement by Brenton C. Leavitt before the Subcommittee on Antitrust and Monopoly of Senate Judiciary Committee on some experiences Board has had in its regulatory capacity. Letter to Chairman Proxmire of the Committee on Banking, Housing and Urban Affairs relating to procedures for providing Congress with periodic information on the nation 1 s banking system and the effectiveness of federal bank supervision. Procedures for handling collection of cash items and noncash items by Federal Reserve Banks, effective February 2, 1976 Letter responding to request by the Public Interest Research Group for a change in Board procedures regarding petitions for rulemaking. Amendment to Regulation M, Foreign Activities of National Banks, to prevent duplication of Eurodollar reserve requirements in two situations. Two interpretations relating to Fair Credit Billing dealing with (1) the timing of the semiannual statement creditors must send to their customers explaining procedures for correcting billing errors and (2) modification of semiannual statements sent in states that have their own substantially similar Fair Credit Billing Acts. H.2 1976 No. 6 12 Continued Federal Reserve System request for comment on a proposed regulation issued by the Federal Trade Commission on the preservation of consumer claims and defense in credit transactions. Determination not to hold a hearing in regard to application of Fiduciary Investment Company of New Jersey, Newark, New Jersey, to acquire Security National Bank of New Jersey, also of Newark, nor to hold administrative consideration of application in abeyance. First National Bank in Port Angeles, Port Angeles, First American National Bank of Port Townsend, Port Townsend, Bank of Sequim, Sequim, and Forks State Bank, Forks, all in Washington, proposed merger with Seattle-First National Bank, Seattle, Washington, report to the Comptroller of the Currency on competitive factors. Pickerington Bank, Pickerington, Ohio, proposed merger into Huntington National Bank of Columbus, Columbus, Ohio, report to the Comptroller of the Currency on competitive factors. ***Clinton National Bank, Clinton, Mississippi, proposed merger with Peoples Bank of Mississippi, N.A., Union, Mississippi, report to the Comptroller of the Currency on competitive factors. ***Hacienda Bank, La Habra, California, proposed merger into The Mitsubishi Bank of California, Los Angeles, California, report to the Federal Deposit Insurance Corporation on competitive factors. ***Heritage Bank and Trust Company, Westfield, Massachusetts, proposed merger into Old Colony Bank of Hampden County, N.A., Holyoke, Massachusetts, report to the Comptroller of the Currency on competitive factors. ***Ervin Motors, Marshalltown, Iowa, extension of time to May 3, 1976, within which to become a bank holding company through the acquisition of Commercial State Bank, Marshalltown, Iowa. vo'ovpr0Cessed on behalf of the Board of Governors under delegated authority. H.2 1976 No. 6 13 Continued ***First Community Bancorporation, Joplin, Missouri, extension of time to April 1, 1976, within which to commence de novo the sale of insurance through a subsidiary, Conqueror Life Insurance Company, Phoenix, Arizona (main office located in Joplin, Missouri). ***First Manistique Corporation, Manistique, Michigan, extension of time to May 12, 1976, within which the corporation may acquire First National Bank at Manistique, Manistique, Michigan, and Manistique Lakes Bank, Curtis, Michigan. ***First Manistique Corporation, Manistique, Michigan, extension of time to May 12, 1976, within which the de novo Manistique Lakes Bank, Curtis, Michigan, may open for business. ***SYB Corporation, Oklahoma City, Oklahoma, extension or time to May 6, 1976, within which to acquire Stock Yards Bank, Oklahoma City, Oklahoma. ***Traer Shares, Incorporated, Traer, Iowa, extension of time to May 7, 1976, within which to become a bank holding company through acquisition of Farmers Savings Bank, Traer, Iowa. ***United Jersey Bank, Hackensack, New Jersey, investment in bank premises. ***Warren Bank, Warren, Michigan, investment in bank premises. ***Processed on behalf of the Board of Governors under delegated authority.
@FedFRASER