Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : January 15, 1972

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ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
He2
1971 No.3

A p p l i c a t i o n s arid R e p o r t s R e c e i v e d or Acted on
During t h e Week Ending J a n u a r y 15, 1972.

District

pate
Proxy Statement ( S p e c i a l Meeting) F i l e d Pursuant
t o S e c t i o n 1 4 ( a ) of t h e S e c u r i t i e s Exchange Act
Received
Union County T r u s t Company, E l i z a b e t h , New J e r s e y

2

*

*

*

*

1 - 6-72

*

To Withdraw f r o m Membership i n t h e F e d e r a l R e s e r v e
System 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
The Atoka S t a t e Bank, A t o k a , Oklahoma.

11

Approved
-The Atoka S t a t e Bank, A t o k a , Oklahoma.

11

Vc * * * *

To E s t a b l i s h a Domestic Branch P u r s u a n t t o
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
The C o n n e c t i c u t Bank and T r u s t Company, H a r t f o r d ,
C o n n e c t i c u t . Branch t o be e s t a b l i s h e d a t 36 Elm
S t r e e t , New Cannan, C o n n e c t i c u t .

1

7

S t a t e Bank and T r u s t Company of P e t o s k e y , P e t o s k e y ,
M i c h i g a n . Branch t o b e e s t a b l i s h e d a t 2149 N o r t h
S t a t e S t r e e t , u n i n c o r p o r a t e d V i l l a g e of Wallon Lake,
M e l r o s e Township, C h a r l e v o i x C o u n t y .

8

S e l l e r s b u r g S t a t e Bank, S e l l e r s b u r g , I n d i a n a .
Branch t o be e s t a b l i s h e d a t Hamburg, C l a r k
County, a p p r o x i m a t e l y 1 - 1 / 2 m i l e s f r o m t h e
Sellersburg office.

*

A p p l i c a t i o n s a p p r o v 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
under d e l e g a t e d a u t h o r i t y .




Approved ( c o n t ' d )
^Commerce Bank of S t . C h a r l e s , S t . C h a r l e s , M i s s o u r i .
To o p e r a t e p r e s e n t main b u i l d i n g a t 204 North Main
as a w a l k - i n f a c i l i t y , a f t e r main o f f i c e moves t o
new q u a r t e r s , S t . C h a r l e s .

8

* * * * *

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
Powhatan Community Bank, Powhatan, 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 merge Bank of Powhatan, Powhatan,
V i r g i n i a , u n d e r t h e c h a r t e r and t i t l e of t h e l a t t e r .

5

* * * * *

*

A p p l i c a t i o n s 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 Board of
Governors under d e l e g a t e d a u t h o r i t y .




H.2
1972 No. 3

6

-3To 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
Tennessee Valley Bancorp, I n c . , N a s h v i l l e , Tennessee,
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 merger
t o Commerce Union Bank, N a s h v i l l e , T e n n e s s e e .

10

*Bankshares of N e b r a s k a , I n c . , Grand I s l a n d , N e b r a s k 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 a l l t h e 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 F i r s t N a t i o n a l
Bank of Grand I s l a n d , Grand I s l a n d , N e b r a s k a .

1-11-72

12

^ 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 s u b s t a n t i a l l y a l l of
t h e s h a r e s of 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 , C a l i f o r n i a .

1-11-72

3

3

Approved
C i t i z e n s B a n c o r p . , V i n e l a n d , New J e r s e y , 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 C i t i z e n s S t a t e Bank, V i n e l a n d , New
J e r s e y , and 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 n t i n e n t a l Bank of New J e r s e y , Maple Shade,
New J e r s e y .
^American BanCorp, Dover Township (Toms R i v e r P . O . )
New J e r s e y , 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 o u t s t a n d i n g s t o c k of F i r s t S t a t e Bank
of Ocean C o u n t y , Dover Township (Toms R i v e r P . O . )
New J e r s e y .
*

*

*

*

1-14-72

*

^ 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 Board of Governors
under d e l e g a t e d a u t h o r i t y .







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
F i r s t N a t i o n a l C i t y C o r p o r a t i o n , New Y o r k , 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 100 p e r c e n t ( e x c e p t
d i r e c t o r s 1 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 C i t i b a n k ( M i d - W e s t e r n ) , N a t i o n a l A s s o c i a t i o n ,
Honeoye F a l l s , New Y o r k , t h e s u c c e s s o r by merger
t o S t a t e Bank of Honeoye F a l l s , Honeoye F a l l s ,
New Y o r k .
F i r s t at Orlando C o r p o r a t i o n , Orlando, 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 90 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 Bank of C o r a l G a b l e s ,
I n c o r p o r a t e d , Coral Gables, F l o r i d a .
F i r s t at Orlando C o r p o r a t i o n , Orlando, 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 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 F i r s t N a t i o n a l Bank of Palm Bay, Palm Bay,
F l o r i d a , a p r o p o s e d new b a n k .
F i r s t a t Orlando C o r p o r a t i o n , O r l a n d o , 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 90 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 Midtown Bank of Miami,
Miami, F l o r i d a .
F i r s t at Orlando C o r p o r a t i o n , Orlando, 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 90 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 R i v e r s i d e Bank, Miami,
Florida.
F l o r i d a Commercial B a n k s , I n c . , Miami, 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 F l o r i d a Commercial
Bank of Hollywood, H o l l y w o o d , F l o r i d a , a p r o p o s e d
new b a n k .
P a l m e r Bank C o r p o r a t i o n , S a r a s o t a , 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 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 V i l l a g e P l a z a P a l m e r N a t i o n a l Bank, S a r a s o t a
County, F l o r i d a .
Approved
Banks of I o w a , I n c . , Cedar R a p i d s , Iowa, 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 C o u n c i l B l u f f s S a v i n g s Bank,
C o u n c i l B l u f f s , Iowa,

H.2
19 72 No. 3

7

-5Re a c t i v a t e d
On H.2 No. 41 (19 71) 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 r o m Hawkeye B a n c o r p o r a t i o n ,
Red Oak, Iowa, 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
v o t i n g s h a r e s of K e l l o g g S a v i n g s Bank, K e l l o g g ,
Iowa. 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 December 23, 19 71.
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 ' s r e p l y d a t e d
J a n u a r y 1 0 , 19 72, t h i s a p p l i c a t i o n h a s b e e n
reactivated.

7

On H.2 No. 41 (1971) 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 r o m Hawkeye B a n c o r p o r a t i o n ,
Red Oak, I o w 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
v o t i n g s h a r e s of J a s p e r County S a v i n g s Bank,
Newton, I c w a . 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 Department 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 December 2 3 ,
19 71. 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 ' s r e p l y
d a t e d J a n u a r y 1 0 , 1972, 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 .

8

On H.2 No. 42 (1971) 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 from County N a t i o n a l
Bancorporation, Clayton, Missouri, for p r i o r
a p p r o v a l t o a c q u i r e n o t l e s s t h a n 90 p e r c e n t
of t h e v o t i n g s h a r e s of Big Bend Bank, W e b s t e r
G r o v e s , M i s s o u r i . 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 Department
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 December 1 5 ,
1971. 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 ' s r e p l y
d a t e d J a n u a r y 10, 1972, 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 .




On H.2 No. 43 (1971) 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 from F i r s t T u l s a B a n c o r p o r a t i o n ,
I n c . , T u l s a , Oklahoma, 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 7,250 of t h e v o t i n g s h a r e s of S o u t h e a s t e r n
S t a t e Bank, T u l s a , Oklahoma. 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
Department 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
December 2.9, 1971. 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 ' s
r e p l y d a t e d J a n u a r y 10, 1972, t h i s a p p l i c a t i o n
has been r e a c t i v a t e d .

H. 2
1972 No. 3

6

-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
F i r s t N a t i o n a l Holding Corp., A t l a n t a , Georgia, f o r
the Board's p r i o r approval to acquire a l l the
o u t s t a n d i n g s h a r e s of t h e w h o l l y - o w n e d f i n a n c e
s u b s i d i a r i e s of Gulf F i n a n c i a l C o r p . , A t l a n t a ,
Georgia.

7

**American F l e t c h e r C o r p o r a t i o n , I n d i a n a p o l i s , I n d i a n a ,
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 c e r t a i n de
novo a c t i v i t i e s ( m a k i n g , a c q u i r i n g , o r s e r v i c i n g
l o a n s o r 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 p e r s o n a l ,
f a m i l y o r h o u s e h o l d p u r p o s e s , and a c t i n g as b r o k e r
with respect to insurance d i r e c t l y r e l a t e d to said
e x t e n s i o n of c r e d i t ) t h r o u g h i t s s u b s i d i a r y ,
American F l e t c h e r F i n a n c i a l C o r p o r a t i o n ,
Indianapolis, Indiana.

7

**Hawkeye B a n c o r p o r a t i o n , Red Oak, Iowa, n o t i f i c a t i o n
1-12-72
of i n t e n t t o e n g a g e de_ novo i n c e r t a i n a c t i v i t i e s
( a c t i n g as a m o r t g a g e b a n k e r , by ( i ) o r i g i n a t i n g
and o t h e r w i s e a c q u i r i n g r e a l e s t a t e m o r t g a g e s on
r e s i d e n t i a l and c o m m e r c i a l p r o p e r t y f o r i t s own
a c c o u n t ; ( i i ) s e l l i n g p a r t o r a l l of t h e m o r t g a g e s
so acquired or s e l l i n g i n t e r e s t s or p a r t i c i p a t i o n s
i n such m o r t g a g e s o r i n p o o l s t h e r e o f ; ( i i i )
s e r v i c i n g such m o r t g a g e s a f t e r t h e y h a v e b e e n s o l d ,
and i n some c a s e s , s e r v i c i n g o t h e r m o r t g a g e s f o r
f i n a n c i a l i n s t i t u t i o n s o r o t h e r s ; ( i v ) making
c o n s t r u c t i o n and d e v e l o p m e n t l o a n s t o b u i l d e r s
and o t h e r s ; and (v) c o n d u c t i n g t r a n s a c t i o n s as
an i n c i d e n t t o t h e f o r e g o i n g a c t i v i t i e s , b u t n o t
including taking equity positions in construction
a c t i v i t i e s or r e a l e s t a t e development, or a c t i n g
as a r e a l e s t a t e b r o k e r ) t h r o u g h i t s s u b s i d i a r y
known a s Hawkeye Mortgage Company, Des M o i n e s , Iowa.
These a c t i v i t i e s w i l l b e p e r f o r m e d i n C l i n t o n ,
B u r l i n g t o n , Red Oak, E l l i o t , P e l l a , Rock R a p i d s ,
Glenwood, S i l v e r C i t y , Des M o i n e s , and Cedar
R a p i d s , a l l i n Iowa.

2

Approved
L i n c o l n F i r s t B a n k s , 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 v o t i n g s h a r e s of
L i n c o l n F i r s t / B a e r C o r p o r a t i o n , New Y o r k , New Y o r k .

* * 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
under delegated a u t h o r i t y .




11-22-71

-7-

7

Delayed**
American F l e t c h e r C o r p o r a t i o n , I n d i a n a p o l i s , I n d i a n a ,
1-11-72
t o engage i n a de novo a c t i v i t y ( r e n d e r i n g f i n a n c i a l
a d v i c e t o b a n k s and o t h e r f i n a n c i a l i n s t i t u t i o n s
i n t h e d e v e l o p m e n t and s e r v i c i n g of l o a n s and r e l a t e d
a c t i v i t i e s and t o r e n d e r f i n a n c i a l a d v i c e as t o t h e
management and a d m i n i s t r a t i o n of such b a n k i n g and
f i n a n c i a l i n s t i t u t i o n s ) t h r o u g h a s u b s i d i a r y t o be
known as Consumer S e r v i c e s C o r p o r a t i o n , I n d i a n a p o l i s ,
Indiana.

7

Hawkeye B a n c o r p o r a t i o n , Red Oak, Iowa, t o s h i f t
1-13-72
c e r t a i n a c t i v i t i e s p r e v i o u s l y e n g a g e d i n de novo
by i t s s u b s i d i a r y F i r s t N a t i o n a l Bank, C l i n t o n , I o w a ,
( a c t i n g as i n v e s t m e n t o r f i n a n c i a l a d v i s e r 9 i n c l u d i n g
t h e f u r n i s h i n g of i n v e s t m e n t s u p e r v i s o r y s e r v i c e s ;
t h a t i s , t h e g i v i n g of c o n t i n u o u s a d v i c e t o c l i e n t s
as t o t h e i n v e s t m e n t of f u n d s on t h e b a s i s of
i n d i v i d u a l n e e d s of each c l i e n t ) t o Hawkeye
B a n c o r p o r a t i o n I n v e s t m e n t Management, I n c . , Des
M o i n e s , I o w a , a w h o l l y - o w n e d s u b s i d i a r y of Hawkeye
Ban c o r p o r a t i o n .

7

Hawkeye B a n c o r p o r a t i o n , Red Oak, I o w a , t o engage de
novo i n c e r t a i n 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
agent or b r o k e r with r e s p e c t t o t h e following types
of i n s u r a n c e :
( ! ) 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 ; and ( 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 bank o r 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 of t h e Board
of Governors > 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 by a bank
o r such 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 as t h e premium income f r o m s a l e s w i t h i n
t h e s u b c l a u s e ( 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 f r o m 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 c l a u s e ( i i ) ) t h r o u g h i t s s u b s i d i a r y Hawkeye
B a n c o r p o r a t i o n I n s u r a n c e S e r v i c e s , I n c . , Red Oak,
Iowa. These a c t i v i t i e s w e r e t o b e p e r f o r m e d i n
t h e f o l l o w i n g new l o c a t i o n s :
Cedar R a p i d s and
Des Moines, Iowa.

1-13-72

10

The C-M, I n c . , M e d i c i n e Lodge, K a n s a s , 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 i n a de_ novo
a c t i v i t y ( w r i t i n g c r e d i t l i f e and h e a l t h and
a c c i d e n t i n s u r a n c e ) a t o f f i c e s i n Medicine Lodge,
K a n s a s , r e c e i v e d J a n u a r y 1 1 , 1972 and d e l a y e d
J a n u a r y 14, 1972.

1-14-72

* * P r o c e s s e d by R e s e r v e Bank on h e h a l f of t h e Board of Governors
under d e l e g a t e d a u t h o r i t y .




H.2
1972 No. 3

-8Permitted**
American F l e t c h e r C o r p o r a t i o n , I n d i a n a p o l i s , I n d i a n a ,
t o e n g a g e de novo i n c e r t a i n a c t i v i t i e s ( m a k i n g ,
a c q u i r i n g , or s e r v i c i n g loans or other extensions
of c r e d i t f o r p e r s o n a l , f a m i l y o r h o u s e h o l d
p u r p o s e s , and a c t i n g a s b r o k e r w i t h r e s p e c t t o
i n s u r a n c e d i r e c t l y r e l a t e d t o s a i d e x t e n s i o n of
c r e d i t ) t h r o u g h i t s s u b s i d i a r y American F l e t c h e r
Financial Corporation, Indianapolis, Indiana.

1 - 6-72

* * * * *

7

7

12

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 ) (12) of t h e Bank H o l d i n g Company Act of 1956
Received**
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 ,
I l l i n o i s , 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 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
Moines, Iowa, 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 shares
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 , Iowa; 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 Moines,
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 , Monterey P a r k ,
C a l i f o r n i a ; P a r k s & Company, Los A n g e l e s ,
C a l i f o r n i a ; G e n e r a l U n i t e d S e r v i c e s , I n c . , West
Des M o i n e s , I o w a ; U n i t e d S e c u r i t y L e a s i n g C o r p . ,
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 , Iowa; T r a n s - S i e r r a
Development 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.
Permitted**
The J a c o b u s Company, M i l w a u k e e , W i s c o n s i n , t o a c q u i r e
s u b s t a n t i a l l y a l l of t h e a s s e t s of Empire F u e l O i l
Co. and Empire H o l d i n g Company, I n c . , a p a r t n e r s h i p
and a c o r p o r a t i o n , r e s p e c t i v e l y , o p e r a t i n g a f u e l
o i l b u s i n e s s i n Madison, Wisconsin.
H F Ahmanson & Company, Los A n g e l e s , C a l i f o r n i a ,
t o a c q u i r e Mountain View S a v i n g s and Loan
A s s o c i a t i o n , Mounta i n View, C a l i f o r n i a , t h r o u g h
a m e r g e r of s u c h a s s o c i a t i o n w i t h t h e a p p l i c a n t ' s
s u b s i d i a r y , Home S a v i n g s and Loan A s s o c i a t i o n ,
Los A n g e l e s , C a l i f o r n i a .

* * 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 Governors
under d e l e g a t e d a u t h o r i t y .




1 - 7-72

1-10-72

1 - 8-72