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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 1975 No. 3 During the Week Ending January 18, 1975 District 2 2 Date Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Received Hempstead Bank, Hempstead, New York 1-13-75 The Maplewood Bank and Trust Company, Maplewood, New Jersey 1-13-75 * * * * * 9 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received First United Bank of Sidney, Sidney, Montana 9 Guaranty State Bank of Ely, Ely, Minnesota * * * * * 2 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received The Bank of New York-Southern Tier, Endicott, New York. Branch to be established in the immediate vicinity of Pine Street and Oak Hill Avenue, Endicott, Broome County. I H.2 1975 No. 3 5 12 2 - 2 Received Cont'd United Virginia Bank of Charlottesville, Charlottesville, Virginia. Branch to be established at Park and High Streets, Charlottesville. Withdrawn United California Bank, Los Angeles, California. Branch to be established in the vicinity of Union Square, City and County of San Francisco. Approved ^Manufacturers Hanover Trust Company, New York, New York. Branch to be established at 600 Fifth Avenue, New York. 2 -Lincoln First Bank of Rochester, Rochester, New York. Branch to be established at 2499 East Henrietta Road, Wegman's Supermarket, Town of Henrietta, Unincorporated Area, Monroe County. 5 ''Farmers & Merchants State Bank, Fredericksburg, Virginia. Branch to be established at 401 Jefferson Davis Boulevard, Fredericksburg. 5 ^'United Virginia Bank of Williamsburg, Williamsburg, Virginia. Branch to be established within the Busch Gardens Complex, located on U.S. Route 60, James City County. 8 *Camden County Bank, Camdenton, Missouri. Branch to be established at 101 South Highway 5, Camdenton, Camden County. 2 To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Received The Morgan Guaranty Trust Company, New York, New York: a branch in Singapore, The Republic of Singapore. ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. Approved The Chase Manhattan Bank, N.A., New York, New York: a branch in the Sultanate of Oman, Arabian Peninsula, to be located in Muscat. First National City Bank, New York, New York: in Denmark, to be located in Copenhagen. a branch * * * * * 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 Rainier International Bank, Los Angeles, California: to establish a nominee company subsidiary in Ring Kong, to be called International Bank of Commerce (Nominee) Limited. Chase International Investment Corporation, New York, New York: an additional investment in Scottish Timber Products, Ltd., Stirling, Scotland. Citicorp, New York, New York, a Bank Holding Company: an extension of time to purchase additional shares of Ramada Europe, Inc., Delaware. Boston Overseas Financial Corporation, Boston, Massachusetts an additional investment in its Brazilian subsidiary, Boston S.A, Administracao e Empreendimentos, Brazil. (This application was approved 12-31-74), To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received The Hampton Banco, Inc., Des Moines, Iowa, for approval to acquire 89 per cent of the voting shares of Hampton State Bank, Hampton, Iowa. Stapleton Investment Co., Stapleton, Nebraska, for approval to acquire 98 per cent of the voting shares of Bank of Stapleton, Stapleton, Nebraska. Approved American Bancorp, Inc., Hammond, Indiana, for approval to acquire 80.25 per cent of the voting shares of American State Bank of North Judson, Indiana, North Judson, Indiana. Central States Bancor, Inc., Des Moines, Iowa, for approval to acquire 93.01 per cent of the voting shares of Capital City State Bank, Des Moines, Iowa. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Citibanc Group, Inc., Alexander City, Alabama, for approval to acquire 51 per cent of the voting shares of Peoples Bank, Anniston, Alabama. Southeast Banking Corporation, Miami, Florida, for approval to acquire 80 per cent or more of the voting shares of Florida Center Bank, Orlando, Florida. Hawkeye Bancorporation, Des Moines, Iowa, for approval to acquire 51 per cent or more of the voting shares of Farmers & Merchants State Bank, Lake Mills, Iowa. Western Corporation, Rapid City, South Dakota, for approval to acquire 80 per cent or more of the voting shares of First National Bank of Chugwater, Chugwater, Wyoming. H.2 1975 No. 3 _5 Approved Worcester Bancorp, Inc., Worcester, Massachusetts, for approval to acquire 100 per cent of the voting shares of The Peoples National Bank of Marlborough, Marlboro, Massachusetts. 8 KAYCO Investment Corporation, Nevada, Missouri, for approval to acquire 84.95 per cent of the voting shares of The First National Bank of Golden City, Golden City, Missouri. 11 First International Bancshares, Inc., Dallas, Texas, for approval to acquire 100 per cent (less directors! qualifying shares) of the voting shares of North Austin State Bank, Austin, Texas. 9 Denied Archer-Daniels-Midland Company, Decatur, Illinois, and National City Bancorporation, Minneapolis, Minnesota, for approval to acquire 100 per cent (less directorsf qualifying shares) of the voting shares of National City Bank of Ridgedale, Minnetonka, Minnesota, a- proposed new bank. * * * * * 2 6 To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received First Commercial Banks Inc., Albany, New York, for approval to acquire the shares of FCB Life Insurance, Ltd., Phoenix, Arizona. **The Royal Trust Company, Montreal, Quebec, Canada, notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries, storing and processing other banking, financial, and other related economic data, such as performing payroll, accounts receivable or payable, or billing services, and permitted activities incidental thereto) at 3401 N.W. 7th Street, Miami, Florida, through a subsidiary, Information Systems Design of Florida, Inc. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 1-13-75 H. 2 1975 No. 3 7 ; Received Continued **St. Joseph Bank and Trust Company, South Bend, Indiana, South Bend, Indiana, and St. Joseph Agency, Inc., South Bend, Indiana, notification of intent to engage in de novo activities (originating, acquiring, selling, and servicing of residential, commercial, and industrial mortgage loans as well as making construction and development construction loans; and the sale of credit life/ accident and health insurance on such extensions of credit by the company) through a subsidiary of St. Joseph Agency, Inc., known as St. Joseph Mortgage Co., Inc., South Bend, Indiana. 10 Stapleton Investment Co., Stapleton, Nebraska, for approval to acquire the shares of Burnham Insurance Agency, Stapleton, Nebraska. 10 Western Corporation, Rapid City, South Dakota, for approval to acquire the shares of Chugwater Insurance Agency, Chugwater, Wyoming, and to retain the shares of Newcastle Insurance Agency, Newcastle, Wyoming. 7 1-14-75 Approved Union Commerce Corporation, Cleveland, Ohio, for approval to acquire all of the voting shares of Union Commerce Life Insurance Company, Phoenix, Arizona. 4 7 1 Permitted **Citizens Bancorporation, Sheboygan, Wisconsin, notification of intent to engage in de novo activities (mortgage banking, including origination and sales of construction and long-term loans on commercial, residential, and industrial real estate) at 636 Wisconsin Avenue, Sheboygan, Wisconsin, through a subsidiary, Citizens Mortgage Company. **Financial Services Corporation of the Midwest, Rock Island, Illinois, notification of intent to engage in de_ novo activities (making or acquiring, for its own account secured and unsecured 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 credit health and accident insurance coverage directly related to such loans and other extensions of credit) at 160 19th Avenue, Moline, Illinois, through a subsidiary, F. S. C. Money Shops, Inc. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 1-13-75 1-17-75 H. 2 1975 No. 3 10 12 - 7 - Permitted Continued **Guaranty Loan and Investment Corporation of Tulsa, Inc., • Tulsa, Oklahoma, notification of intent to engage in de novo activities (industrial banking) in Oklahoma City, Oklahoma, through a subsidiary, Western Trust and Savings Company, Tulsa, Oklahoma. **BankAmerica Corporation, San Francisco, California, notification of intent to engage in de_ novo activities (leasing real property or acting as agent, broker, or adviser in leasing such property provided the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property; the property to be leased is acquired specifically for the leasing transaction under consideration or was acquired specifically for an earlier leasing transaction; the lease is on a nonoperating basis; at the inception of the initial lease the effect of the transaction (and with respect to government entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor1s 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 deferral from accelerated depreciation, and other tax benefits with a substantially similar effect); and the estimated 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; the maximum lease term during which the lessor must recover the lessor's full investment in the property plus the estimated cost of financing the property shall be 40 years; and at the expiration of the lease (including any renewals or extensions with the same lessee) all interests in the property shall be either liquidated or released on a nonoperating basis as soon as practicable but in no event later than two years from the expiration of the lease, however, in no case shall the lessor retain any interest in the property beyond 50 years after its acquisition of the property) at 7900 Xerxes Avenue South, Minneapolis, Minnesota; 720 Main Street, Kansas City, Missouri; 233 South Wacker Drive, Chicago, Illinois; 2600 Douglas Road, Coral Gables, Florida; and 57 Executive Park South, Atlanta, Georgia; through its subsidiary, BA Mortgage Company, Inc., at 7801 East Belleview Avenue, Englewood, Colorado, through its subsidiary, BA Mortgage Company of Denver, Inc., and at 3141 Hood Street, Dallas, Texas, through its subsidiary, BA Mortgage Company of Texas, Inc. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. ,v 1-13-75 1-17-75 -tz?- H.2 1975 No. 3 - 8 # 12 Permitted Continued **Security Pacific Corporation, Los Angeles, California, notification of intent to engage in d£ novo activities (acting as broker or agent for the sale of consumer related life/accident and health insurance and consumer related property and casualty insurance) at 3711 Long Beach Boulevard, Long Beach, California, through its subsidiary, Security Pacific Finance Corp. 1-16-75 12 **U. S . Bancorp, Portland, Oregon, notification of intent to engage in d£ novo activities (acting as insurance agent with regard to the following: mortgage life and disability insurance relating only to extensions of credit by the holding company or its subsidiaries which are secured by mortgages or other liens on real property and improvements thereon, with the limitation that the initial amount of such insurance issued with respect to any debtor may not exceed the amount repayable under such mortgage indebtedness) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 1-.17-75 12 **U. S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (acting as insurance agent with regard to transactions of insurance of all kinds, limited, however, to insurance on risks and property of the holding company and its subsidiaries, including: (1) wet marine, inland marine, transportation, and all types of casualty insurance; (2) fire and other types of property insurance; (3) fidelity and surety insurance but excluding life and health insurance covering employees of the holding company and its subsidiaries) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life Insurance Agency, Inc. 1-17-75 .S. Bancorp, Portland, Oregon, notification of intent 1-18-75 to engage in de novo activities (acting as insurance agent with regard to the transaction of dual interest insurance against all kinds of loss or damage to vehicles or other items of personal property in which the holding company or its subsidiaries has a security interest as collateral security for extensions of credit by the holding company or its subsidiaries, but excluding dual interest collision and liability insurance on motor vehicles sold to retail purchasers) at 309 S.W. Sixth Avenue, Portland, Oregon, through a subsidiary, Mt. Hood Credit Life 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. H. 2 1975 No. 3 6 9 - Returned First Financial Corporation, Tampa, Florida, for approval to acquire shares of First Financial Courier Service, Inc., Tampa, Florida. * 6 7 * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Received **The Charter Company, Jacksonville, Florida, notification of intent to acquire 51 per cent or more of the common stock of Louisiana and Southern Life Insurance Company. Delayed **Chicago Helicopter Industries, Inc., Chicago, Illinois, notification of intent to acquire through a wholly-owned subsidiary, to be formed, the operating division known as "Steel Packaging Division - St. Louis Region," of N.L. Industries, Inc., New York, New York. * * * * * Other Actions of the Board Supplemental information to F.R. Y-6 (Bank Holding Company Annual Report) for 1974. Denial of request from the Co-operative Central Bank, Boston, Massachusetts, to enter the Federal funds market with transactions exempt under Regulations D and Q. Payments Mechanism, request to the National Association of State Auditors, Comptrollers, and Treasurers to clarify the issues cited in a resolution adopted November 20, 1974, on payments mechanism matters. Denial of a request from an individual for a copy of a letter in the Boardfs files. *Alabama Bancorporation, Birmingham, Alabama, extension of time until March 31, 1975, within which to acquire the successor by merger to Shoals National Bank of Florence, Florence, Alabama. ^Processed on behalf of the Board of Governors under delegated authority. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 1-17-75 1-14-75 H.2 1975 No. 3 10 Continued *City National Bank Corporation, Miami, Florida, extension of time until March 15, 1975, within which to acquire and open for business City National Bank of South Dade, Dade County, Florida. *First Bancshares of Florida, Inc., extension of time until February to acquire and open for business of Palm Beach County, Palm Beach Boca Raton, Florida, 15, 1975, within which First Forest Hill Bank County, Florida. *First New Mexico Corporation, Albuquerque, New Mexico, extension of time to January 9, 1975, in which to consumate the acquisition of Valley Bank, Farmington, New Mexico. ^Southland Bancorporation, Mobile, Alabama, extension of time until April 18, 1975, within which to become a bank holding company through the acquisition of the successors by merger to The Merchants National Bank of Mobile and City National Bank of Birmingham, Alabama. Texas Commerce Bancshares, Inc., Houston, Texas, order amending requirement for divestiture of interest in Permian Bank & Trust, Odessa, Texas; issuance of order. ^Fidelity Union Trust Company, Newark, New Jersey, request for permission to make an additional investment in bank premises in connection with the relocation of the East Rutherford Office. *Manufacturers Hanover Trust Company/Mid-Hudson, Monroe, New York, extension of time to establish a branch in the immediate neighborhood of the intersection of Routes 9W and 32, in the proposed Midway Shopping Center, Town of Saugerties, New York. ^United California Bank, Los Angeles, California, extension of time to August 21, 1975, within which to establish a branch office in the vicinity of the intersection of Stevens Creek Boulevard and Saich Way, City of Cupertino, California. ^Waterloo Savings Bank, Waterloo, Iowa, extension of time to March 15, 1975, within which to establish a branch at 3228 Cedar Heights Drive, Cedar Falls, Iowa. ^Processed on behalf of the Board of Governors under delegated authority. • H. 2 1975 No. 3 • _11_ Continued ^Manufacturers Hanover Trust Company/Mid Hudson, Monroe, New York, request for permission for an extension of time to establish a branch in the immediate neighborhood of Mill and New Market Streets, Poughkeepsie, New York. *First & Merchants Corporation, Richmond, Virginia, extension of time in which to acquire shares of First & Merchants National Bank of Loudoun, Leesburg, Virginia (a proposed new bank), into which will be merged three Loudoun County branches of First & Merchants National Bank, Richmond, Virginia. *First Commercial Bank, Arlington, Virginia, application for permission to establish a branch at 3801 Wilson Boulevard, Arlington, Virginia. Fidelity State Bank, Dodge City, Kansas, extension of time to March 7, 1975, in which to establish a branch facility at 1801 Central, Dodge City, Kansas. ^Boston Overseas Financial Corporation, Boston, Massachusetts, extension of time to September 25, 1975, in which to invest the remaining half of First National Boston (Hong Kong), Limited, Victoria. ^Chemical Bank of Binghamton, Binghamton, New York, extension of time in which to become a member of the Federal Reserve System. Feliciana Bank & Trust Company, Norwood, Louisiana, proposed merger with Bank of Jackson, Jackson, Louisiana; report to the Federal Deposit Insurance Corporation on competitive factors. ^Marshall County Bank, Arab, Alabama, proposed merger with Bank of Arab, Arab, Alabama; report to the Federal Deposit Insurance Corporation on competitive factors. *0brok National Bank, Oak Brook, Illinois, proposed merger with First National Bank and Trust Company of Oak Brook, Oak Brook, Illinois; report to the Comptroller of the Currency on competitive factors. ^Processed on behalf of the Board of Governors under delegated authority.
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