The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on H.2 1975 No, 2 and All Other Actions of the Board During the Week Ending January 11, 1975 District 12 5 Date Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Received Union Bank, Los Angeles, California 1-9-7 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Approved *Nova Bank and Trust Company, Springfield, Virginia •k * 'A' /V 2 5 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Chemical Bank-Buffalo, Buffalo, New York. Branch to be established at 214 Niagara Street, approximately 100 feet West of the intersection of Third Street, Niagara Falls, Niagara County. Approved *First Commercial Bank, Arlington, Virginia. Branch to be established at 3801 Wilson Boulevard, Arlington. *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 1975 No. 2 - 2 Approved Cont'd *Beloit State Bank, Beloit, Wisconsin. Branch to be established at 121-23 West Grand Avenue, Beloit. 12 -Valley Bank of Nevada, Las Vegas, Nevada. Branch to be established at the Northeast corner of the intersection of Harmon Avenue and Las Vegas Boulevard South, Las Vegas, Clark County. 12 ^United California Bank, Los Angeles, California. Branch to be established in the vicinity of Avenue of the Stars and Olympic Boulevard in the Century Plaza Development, City of Los Angeles, Los Angeles County. 2 To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Received First National City Bank, New York, New York: a branch in the Arab Republic of Egypt, to be located in Cairo. * * * * * 2 Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country Approved The Chase Manhattan Bank, N.A., New York, New York: an additional branch in the Virgin Islands, to be located in St. Thomas. 7 The First National Bonk c f Chicago, Chicago, Illinois: an additional branch in France, to be located in Paris. 12 Bank of America N.T. & S.A., San Francisco, California: an additional branch in Colombia, to be located in Bogota. ^Application processed by the Rerervc Bank on behalf of the Board of Governors under dcleppted authority. H.2 1975 No. 2 5 2 - 3 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 Approved Bank of Virginia International, Richmond, Virginia: an increase of ownership from 75.0 to 100.0 percent by acquiring an additional 25.0 percent of The Bank of Nassau Limited, Nassau, Bahamas. Citicorp, New York, New York: an extension of time to purchase additional shares of Ramada Europe, Inc., Delaware. * * * * * 5 To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Approved Nova Bank and Trust Company, Springfield, Virginia for prior approval to merge with The Northern Virginia Bank, Springfield, Virginia, * iV * v? * H.2 1975 7 To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1936 Received Commercial National Corporation, Peoria, Illinois, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to Commercial National Bank of Peoria, Feoria, Illinois. 1 Darien Bancorporation, Inc., Darien, Wisconsin, for approval. to acquire 93.67 per cent of the voting shares of The Farmers State Bank, Darien, Wisconsin. 10 Chetopa State Bancshares, Inc., Coffeyville, Kansas, for approval to acquire 96 per cent of the voting shares >.f Chetopa State Bank & Trust Co., Chetopa, Kanscs. f opa, Kansas. 10 F. S. B. Properties, Inc., Quinton, Oklahoma, for approval to acquire GO per cent or more of the voting shares of The Farmers State Bank, Quinton, Oklahoma. 10 Frontier Tancorporation of Denver. Inc., Denver* O o l c n d o , >or approval to acquire 92.5 per cent of the voting shares of Frontier Bank of Denver, Denver, Colorado. 10 Tipton Insurance Agency, Inc., Tipton, Kansas, for approval tc•acquire 90 per cent or more of the votinf shares of The Tipton State Bank, Tipton, Kansas. 5 8 10 Approved New Virginia Bancorporation, Springfield, Virginia, for approval to acquire 100 per cent of the voting shares of the successor by merger to The Northern Virginia Bank, Springfield, Virginia. United Kentucky, Inc., Louisville, Kentucky, for approval to acquire 100 per cent (less directors 1 qualifying shares) of the voting shares of the successor by merger tc The Louisville Trust Company, Louisville, Kentucky. CENAR Corporation, Wichita, Kansas, for approval to acquire 83 per cent or more of the voting shares of Central State Bank and Trust Company of Wichita, Wichita, Kansas. H.2 1975 No. 2 10 10 11 - 5 Approved Continued Gracemont Bankcorporation, Inc., Gracemont, Oklahoma, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The First National Bank of Gracemont, Gracemont, Oklahoma. Ninnescah Banc Shares, Inc., Arlington, Kansas, for approval to acquire 63.2 per cent of the voting shares of The Citizens State Bank of Arlington, Arlington, Kansas. Withdrawn On H.2 No. 47 (1974), the Board reported receipt of an application from Durant Bancorporation, Inc., Durant, Oklahoma, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The Durant Bank & Trust Company, Durant, Oklahoma. In a letter dated December 31, 1974, Applicant requested that the application be withdrawn. * * * * * 7 10 To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Security Bancorp, Inc., Southgate, Michigan, for approval to acquire 100 per cent of the voting shares of Security Bank of Novi, Novi, Michigan, a proposed new bank. Approved First Community Bancorporation, Joplin, Missouri, for approval to acquire 80 per cent or more of the voting shares of Bank of Wheaton, Wheaton, Missouri. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **Harris Bankcorp, Inc., Chicago, Illinois, notification of intent to engage in cte novo activities (making or acquiring, for its own account secured and unsecured **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 1- 9-75 H. 2 1975 No. 2 - 6 Received Continued installment loans and other extensions of credit (including through acceptance of drafts), primarily to individuals, and selling participations in (but not acting as underwriter, agent or broker with respect thereto) group credit life and group credit health and accident insurance coverage directly related to such loans and other extensions of credit) in Hillside and Aurora, Illinois, through a subsidiary, Harriscorp Finance, Inc., Chicago, Illinois. 10 Chetopa State Bancshares, Inc., Coffeyville, Kansas, for approval to acquire the assets of Fox Insurance Agency, Chetopa, Kansas to be operated as a division of Chetopa State Bancshares, Inc., Coffeyville, Kansas. 10 **Commercial Landmark Corporation, Muskogee, Oklahoma, 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 such as would be made by a finance company; and leasing personal property and equipment) in San Antonio, Texas, through a subsidiary, Commercial Landmark Finance Company. 1-10-75 10 **Commercial Landmark Corporation, Muskogee, Oklahoma, 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 such as would be made by a finance company; leasing personal property and equipment; and selling registered debt securities and acceptance of savings accounts) in Oklahoma City, Oklahoma, through a subsidiary, Commercial Landmark Finance Company. 1-10-75 10 ^Commercial Landmark Corporation, Muskogee, Oklahoma, notification of intent to engage in de novo activities (selling registered debt securities and acceptance of savings) in Muskogee, Oklahoma, through its subsidiary, Commercial Landmark Finance Company. 1-10-75 10 Tipton Insurance Agency, Inc., Tipton, Kansas, for approval to acquire the insurance agency business of Tipton Insurance Agency, Tipton, Kansas. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 12 Received Continued **Crocker National Corporation, San Francisco, California, notification of intent to engage in de novo activities (acting as an insurance agent or broker with respect to mortgage guarantee insurance and mortgage life and disability insurance on the life or health of a borrower of Crocker National Corporation or its subsidiaries when Crocker National Corporation or a subsidiary is a beneficiary of the insurance) at One Montgomery Street, San Francisco, California, through a subsidiary, CNC Insurance Agency, Inc. 12-31-74 12 **Crocker National Corporation, San Francisco, California, notification of intent to engage in de novo activities (acting as an insurance agent or broker with respect to credit life and credit disability insurance on life or health of a borrower or lessee of Crocker National Corporation or its subsidiaries where Crocker National Corporation or a subsidiary is the beneficiary of the insurance) at One Montgomery Street, San Francisco, California, through a subsidiary, CNC Insurance Agency, Inc. 12-31-74 12 **Crocker National Corporation, San Francisco, California, notification of intent to engage in de novo activities (acting as an insurance agent or broker with respect to (i) any insurance for Crocker National Corporation and its subsidiaries, (ii) any insurance to protect the value of assets being financed or leased by Crocker National Corporation or its subsidiaries, including fire and extended coverage insurance, liability insurance, homeowner 1 s insurance, performance bonds connected with construction loans, boiler and machinery insurance, theft insurance, collision and comprehensive insurance, surety bonds and marine property insurance, and (iii) any insurance that is otherwise sold as a matter of convenience to the purchaser) at One Montgomery Street, San Francisco, California, through a subsidiary, CNC Insurance Agency, Inc. 12-31-74 12 * A Washington Bancshares, Inc., Spokane, Washington, notification of intent to engage in de novo activities (acting as investment or financial adviser to the extent of (i) serving as investment adviser, as defined in Section 2(a)(20) of the Investment Company Act of 1- 2-75 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. I H. 2 1975 No. Received Continued 1940, to an investment company registered under that Act, (ii) providing portfolio investment advice to any other person, (iii) furnishing general economic information and advice, general economic statistical forecasting services, and industry studies, and (iv) providing financial advice to State and local governments, such as with respect to the issuance of their securities) at West 422 Riverside Avenue, Spokane, Washington, through a subsidiary, Compass Group, Inc. Approved United Kentucky, Inc., Louisville, Kentucky, for approval to acquire Louisville Mortgage Service Corporation, Louisville, Kentucky. 8 Denied Union Bond & Mortgage Company, Port Angeles, Washington, for approval to acquire 51 per cent of the voting shares of Union Bond Insurance Agency, Inc., Port Angeles, Washington. 12 8 Permitted **Central Bancompany, Jefferson City, Missouri, 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 such as would be made, for example, by a mortgage or finance company) at 1916 Paris Road, Columbia, Missouri, through a newly formed subsidiary to be known as Madison Financial Services Company. 1- 9-75 8 **Central Bancompany, Jefferson City, Missouri, 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 such as would be made, for example, by a mortgage or finance company) at 500 Madison Street and 104 Commerce Drive, both of Jefferson City, Missouri, through a newly formed subsidiary to be known as Madison Financial Services Company. 1- 9-75 11 **First International Bancshares, Inc., Dallas, Texas, notification of intent to shift de novo activities (providing bookkeeping and data processing services for 1- 6-75 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 2 - 9 - Permitted Continued the internal operations of Bancshares and its subsidiaries, storing and processing other banking, financial, and related economic data, and performing such incidental activities) from Dallas Management Services, Inc. an affiliate of First International Bancshares, Inc., to First International Services Corporation, at 402 West Erwin Street, Tyler, Texas. 12 6 **U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (acting as insurance agent with regard to the transaction of group and individual credit life and credit health insurance in connection with extensions of credit by the holding company or its subsidiaries, such insurance shall be limited in term to a maximum of ten years and in amount to the total amount repayable, except that, in the case of agricultural credit transactions of up to 18 months duration, the insurance may be in the amount of the commitment) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. Returned **Southern Bancorporation, Birmingham, Alabama, notification of intent to engage in de novo activities (acting as insurance agent or broker at one or more of its offices at which the holding company or its subsidiaries are otherwise engaged in business (or in an office adjacent thereto) with respect to mobile home credit insurance) at 112 North 20th Street, Birmingham, Alabama, through a subsidiary, Southern Insurance Agency, Inc. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 1-11-75 1- 7-75 H.2 1975 No. 2 10 Other Actions of the Board Determination by the Board that Issuance of foreign currency time deposits at U.S. offices of American banks would not be in the public interest at the present time. Fopark National Bank, Forest Park, Illinois, proposed merger with Forest Park National Bank, Forest Park, Illinois, report to the Comptroller of the Currency on competitive factors. Ostego County Bank, Gaylord, Michigan, proposed merger with Gaylord State Bank, Gaylord, Michigan, report to the Federal Deposit Insurance Corporation on competitive factors. Chester Savings Bank, Chester, Connecticut, proposed acquisition by The Chester Trust Company, Chester, Connecticut, report to the Federal Deposit Insurance Corporation on competitive factors. Lawrence branch of The American National Bank and Trust Company of Michigan, Kalamazoo, Michigan, proposed acquisition by The American National Bank in South Haven, Michigan, report to the Comptroller of the Currency on competitive factors.*Chardon Savings Bank Company, Chardon, Ohio, extension of time to July 9, 1975, in which to establish a branch at 8490 Kinsman Road, Russell Township, Ohio. ^Carolina Bancorp, Inc., Sanford, North Carolina, extension of time in which to acquire voting shares of The Friendly Loan Company, Inc., Rockingham, North Carolina. ^Carolina Bancorp, Inc., Sanford, North Carolina, extension of time in which to acquire voting shares of National Finance Company, Inc., Rockingham, North Carolina. A State Street Boston Financial Corporation, Boston, Massachusetts, extension of time to April 4, 1975, in which to acquire 100 per cent of the voting shares of Chatham Trust Company. *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 2 11 Continued ^Michigan National Corporation, Bloomfield Hills, Michigan, extension of time to April 18, 1975, in which to acquire First National Bank of East Lansing, East Lansing, and First National Bank of Wyoming, Wyoming, Michigan. *Gretna Capital Company, Gretna, Nebraska, extension of time to February 1, 1975, in which to file its registration statement. *State Bank and Trust Company, San Marcos, Texas, to make an investment in bank premises. *Beloit State Bank, Beloit, Wisconsin, to make an investment in bank premises. ^Central Bank, Monroe, Louisiana, to make an investment in bank premises. ^Central Bank, Monroe, Louisiana, extension of time until December 31, 1975, within which to establish a branch in the 600 block of North Fourth Street, West Monroe, Louisiana. *0hio Bank and Savings Company, Findlay, Ohio, extension of time in which to establish a branch at 1691 Tiffin Avenue, Marion Township, Ohio. ^Walter E. Heller International Corporation, Chicago, Illinois, extension of time to May 11, 1976, within which to divest itself of Knoll International, Inc. ^Marine Midland International Corporation, New York, New York, extension of time within which to acquire, directly or indirectly, shares of Intermarine do Brazil Limitada, Rio de Janeiro, Brazil. ^Security Bank of Rich Hill, Rich Hill, Missouri, extension of time to March 8, 1975, within which to withdraw fr.om membership in the Federal Reserve System. ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.