Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : January 19, 1979

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ANNOUNCEMENT BY

Q

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1979 No. 3)
Actions of the Board; Applications and Reports
Received During the Week Ending January 19, 1979
ACTIONS OF THE BOARD
Letter to Chairman Ullman, House Ways and Means Committee,
in response to request for the views of the Board of
Governors on the President's inflation tax rebate proposal.
Statement of policy regarding expanded rulemaking procedures.
(Docket No. R-0196)
Central Bancshares of the South, Inc., Birmingham, Alabama,
extension of time to April 23, 1979, within which to
open Central Bank of Dothan, N.A., Dothan, Alabama. 1/
First City Bancorporation of Texas, Inc., Houston, Texas,
extension of time to March 1, 1979, within which to consummate the acquisition of The Lufkin National Bank,
Lufkin, Texas. 1/
Provident Bank, Cincinnati, Ohio, requesting permission
to make an investment in bank premises. 1/
United California Bank, Los Angeles, California, extension
of time to January 25, 1980, within which to establish a
branch office in the vicinity of the intersection of the
Santa Ana and San Diego Freeways in the proposed Irvine
Center, California. 1/
Walker Bank & Trust Company, Salt Lake City, Utah, extension
of time to August 1, 1979, within which to establish a
branch office in the vicinity of dcwntcwn Roosevelt, Utah. 1/
Fidelity Union Trust Company, Newark, New Jersey, requesting
permission to declare a dividend. 1/
Montana Bank of Billings, Billings, Montana, extension of
time to accomplish membership in Federal Reserve System.

1/

First Alabama Bank of Conecuh County, Evergreen, Alabama,
proposed merger with The Conecuh County Bank, Evergreen,
Alabama; report to the Federal Deposit Insurance Corporation on competitive factors. 1/
1/ Application processed on behalf of the Board of Governors under delegated
authority.

I

H.2, 1979 No. 3

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2

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ACTIONS OF THE BQAPD-Continued
Gulf Bank, National Association, Houston, Texas, proposed
merger with Gulf Freeway National Bank, Houston, Texas;
report to the Comptroller of the Currency on competitive
factors. 1/

1/ Application processed on behalf of the Board of Governors under delegated
authority.




1

H.2, 1979 No. 3

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ACTIONS OF THE BOftRD-Oontinued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Commerce Union Bank Chattanooga, Chattanooga, Tennessee.
Branches to be established at the following locations:
4409 Gakwood Drive, and 2701 47th Street, Chattanooga.

1/ & 2/

*

* * * *

To merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
Approved
Central Bank of Northern Virginia, Bailey's Crossroads,
Virginia to merge with First Manassas Bank and Trust
Company, Manassas, Virginia. 1/ & 2/
*

* * * *

To Become a Member of the Fsieral Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
Tri-County Banking Co., Junction City, Oregon. 1/ & 2/
*

*

*

*

*

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
Citibank, N.A., New York, New York: permission to
establish a branch in Niamey, Niger.
City National Bank and Trust Company, Coluntous, Ohio:
permission to establish a branch in George Tom, Grand
Cayman, British West Indies.
17 Application processed on behalf of the Board of Governors under delegated
~~ authority.
2/ Application subject to Community Reinvestment Act.




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H.2, 1979 No. 3

ACTIONS OF TOE BOARD-Continued
International Investments and Other Actions 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
Maryland National Overseas Investment Corporation,
Baltimore, Maryland: consent to purchase and hold,
directly or indirectly, 99.9 per cent of the shares
of Maryland National (Brazil) S/C Ltda., Sao Paulo,
Brazil.
*

* * * *

To Organize, or Invest in, a Corporation Doing Foreign
Banking and Other Foreign Financing Pursuant to Section
25 or 25(a) of the Federal Reserve Act
Approved
Republic National Bank of New York, New York, New York:
to establish an Edge Act Corporation to be known as
Republic New York International Banking Corp., Miami,
Florida.
*

* * * *

To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Approved
Chenoa Corporation, Farmer City, Illinois, for approval
to acquire 51 per cent or more of the voting shares
of Bank of Chenoa, Chenoa, Illinois. 2/
SAC CITY LIMITED, Sac City, Iowa, for approval to
acquire 80 per cent or more of the voting shares
of Sac City State Bank, Sac City, Iowa. 1/ & 2/
Bank of Mansfield Holding Company, Mansfield, Missouri,
for approval to acquire 91.5 per cent of the voting
shares of Bank of Mansfield, Mansfield, Missouri. 1/ & 2/
T & C Bancorp, Inc., St. Joseph, Missouri, for approval
to acquire 86 per cent of the voting shares of Town and
Country Bank of Quincy, Quincy, Illinois. 1/ & 2/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.



H.2, 1979 No. 3

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ACTIONS OF TOE BQARD-Continued
First Bancshares of Hoxie, Hoxie, Kansas, for approval
to acquire 81 per cent or more of the voting shares
of The First National Bank of Hoxie, Hoxie, Kansas.
1/ & 2/
Lockney Bancshares, Inc., Lockney, Texas, for approval
to acquire 80 per cent or more of the voting shares
of First National Bank in Lockney, Lockney, Texas.

1/ & 2/

* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Approved
Central Wisconsin Bankshares, Inc., Wausau, Wisconsin,
for approval to acquire 50.66 per cent or more of
the voting shares of Conrnunity State Bank, Eau Claire,
Wisconsin. 1/ & 2/
First City Banoorporation of Texas, Inc., Houston, Texas,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of First
City Bank-Bear Creek, Harris County, Texas, a proposed
new bank. 2/
Denied
Citizens Ban-Corporation, Rock Port, Missouri, for approval
to acquire 95.31 per cent of the voting shares of Farmers
and Merchants Bank of Elmo, Elmo, Missouri. 2/
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Approved
Chenoa Corporation, Farmer City, Illinois, for approval
to act as agent or broker for the sale of insurance
directly related to extensions of credit by Bank of
Chenoa, Chenoa, Illinois.
Alaska Banoorporation, Anchorage, Alaska, for approval
to retain its 89.6 per cent interest in Alaska Bancshares, Inc., Anchorage, Alaska.
1/ Application processed on behalf of the Board of Governors under delegated
authority
2/ Application subject to Community Reinvestment Act.



H.2, 1979 No. 3 f P

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ACTIONS OF THE BQARD-Continued
Withdrawn
The Summit Bancorporation, Summit, New Jersey, notification
of intent to engage in de novo activities (to cash checks,
drafts and money orders as a licensed cashier of checks
pursuant to the provisions of The New Jersey Check Cashing
Law) at Prudential Insurance Company, Spring Street and
Central Avenue, New Providence, New Jersey (1/15/79) 3/
Delayed
Patagonia Corporation, Tucson, Arizona, notification of
intent to engage in de novo activities (originating
residential mortgages for sale to permanent investors)
at 3200 South Rural Road, Tempe, Arizona, through its
subsidiary, Western American Mortgage Company (1/17/79) 3/
Permitted
J. P. Morgan & Co., Incorporated, New York, New York,
notification of intent to engage in de novo activities
(providing bookkeeping or data processing services and
storing and processing other banking, financial or related economic data such as performing payroll, accounts
receivable or payable, or billing services all for the
internal operations of the holding company and its
subsidiaries) at 3000 Kennedy Boulevard, Jersey City,
New Jersey, through its subsidiary, Morgan Data Services
Incorporated (1/19/79) 3/
Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in de novo activities
(arranging, 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;
making or acquiring, for its cwn account or for the
account of others loans and other extensions of credit
such as would be made by a sales finance company including purchasing installment sales finance contracts;
servicing any such loans and other extensions of credit
for any person; and acting as agent or broker for the
sale of credit related life and accident and health insurance and property damage and liability insurance which
is related to extensions of credit made by The Financial
Source, Inc. of Indiana) at Linton Shopping Center, State
Road No. 54, East Linton, Indiana, through its subsidiary,
The Financial Source, Inc. of Indiana (1/19/79) 3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(making or acquiring, for its cwn account secured and
3/ 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




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H.2, 1979 No. 3

ACTIONS OF TOE BQARD-Continued
unsecured loans and other extensions of credit such
as would be made by a finance company, which activities include making direct consumer installment loans
and purchasing consumer installment sales contracts;
acting as insurance agent with respect to credit life
and credit accident and health insurance which insurance will be provided only in conjunction with extensions of credit by Freedom Financial Services Corporation or its wholly-owned subsidiaries and which will be
available solely at the option of the borrower and the
borrower is advised of this option in advance; and
acting as insurance agent with respect to credit property
insurance on personal property subject to security
agreements with Freedom Financial Services Corporation
or its wholly-owned subsidiaries, which insurance will
be provided only in conjunction with extensions of credit
by Freedom Financial Services Corporation and purchase of
this insurance through Freedom Financial Services
Corporation is solely at the option of the borrower and
the borrower is advised of this option in advance;
Freedom Financial Services Corporation does not act as a
general insurance agent) at 300 E. Ninth Avenue, Denver,
Colorado, through its wholly-owned subsidiary, Freedom
Financial Services Corporation (1/14/79) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking, including the making or acquiring and
servicing for its own accounts or the accounts of others,
loans and other extensions of credit) at the west part
of San Bernadino, California and the Metropolitan area
of Fayetteville, North Carolina, through its wholly-owned
subsidiary, The Kissell Company (1/20/79) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking, including the making or acquiring
and servicing for its own accounts or the accounts of
others, loans and other extensions of credit) at the
north side of town, Jackson, Mississippi and 5821 Park
Road, Suite 119, Park View Building, Charlotte, North
Carolina, through its wholly-owned subsidiary, The Kissell
Company (1/14/79) 3/
NCNB Corporation, Charlotte, North Carolina, notification
of intent to engage in de novo activities (operating as
a finance company including the extensions of direct
loans for consumer and other purposes, the discounting of
retail installment notes or contracts, the purchasing of
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.

http://fraser.stlouisfed.org/
i
Federal Reserve Bank of St. Louis

i

ACTIONS OF THE BQARD-Continued
recreational lot notes, the extension of direct loans
to dealers for the financing of inventory (floor planning) and working capital purposes, the purchasing of
personal property lease contracts; and acting as agent
in the sale of credit life, credit accident and health
and physical damage insurance which is directly related
to the extensions of credit of said company) at 6328
Clinton Highway, Knoxville, Tennessee, through its
subsidiary, TranSouth Financial Corporation (1/15/79) 3/
Johnson County Bankshares, Inc., Prairie Village, Kansas,
notification of intent to engage in de novo activities (the
holding company orginates and services permanent mortgage
loans, construction and development loans and commercial
loans for the account of its subsidiary bank and arranges
for the sale of mortgage loans to permanent investors and
services such loans for others) at 83rd Street and
Somerset Road, Prairie Village, Kansas (1/19/79) 3/
First International Bancshares, Inc., Dallas, Texas,
notification of intent to engage in de novo activities
(making and acquiring, for its cwn account or the account of others, loans and other extensions of credit;
and offering as agent credit related life and disability
insurance in connection with extensions of credit made
by it; property and casualty insurance on property
owned by its banking subsidiaries; and group protection
insurance and fidelity insurance for employees of its
banking subsidiaries) at 400 North Akard Street, Dallas,
Texas, through a wholly-owned subsidiary, First International Finance Company (1/18/79) 3/
Old National Bancorporation, Spokane, Washington, 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 including
the making of consumer installment loans, purchasing consumer installment loans, purchasing consumer installment
sales finance contracts, and the making of loans to small
businesses; acting as an insurance agent or broker for the
purpose of selling credit life and credit accident and
health insurance in connection with extensions of credit
by Old National Financial Services, Inc., secured or unsecured; and acting as an agent or broker for the purpose
of selling property and casualty insurance on personal
property subject to security interests held by Old National
Financial Services, Inc.) at 300 North Sixth Street, Boise,
Idaho, through it subsidiary, Old National Financial
Services, Inc. and (acting as an insurance agent or broker
for the purpose of selling credit life and credit accident
and health insurance in connection with extensions of credit
3/ 4 (c) (8) or 4 (c) (12) notification processed by Reserve Bartioon behalf
of the Board of Governors under delegated authority.
\



ACTIONS OF THE BQARD-Continued
by Old National Financial Services, Inc., secured and
unsecured; and acting as an agent or broker for the
purpose of selling property and casualty insurance on
personal property subject to security interests held by
Old National Financial Services, Inc.) at 300 North
Sixth Street, Boise, Idaho, through its subsidiary, Union
Securities Co. (1/14/79) 3/
Old National Bancorporation, Spokane, Washington, 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, including
the making of consumer installment loans, purchasing
consumer installment loans, purchasing consumer installment
sales finance contracts, and the making of loans to small
businesses; acting as an insurance agent or broker for the
purpose of selling credit life and credit accident and
health insurance in connection with extensions of credit
by Old National Financial Services, Inc. , secured or unsecured; and acting as an agent or broker for the purpose
of selling property and casualty insurance on personal
property subject to security interests held by Old National
Financial Services, Inc.) at 39138 Fremont Boulevard,
Fremont, California, through its subsidiary, Old National
Financial Services, Inc. and (acting as an insurance agent
or broker for the purpose of selling credit life and credit
accident and health insurance in connection with extensions
of credit by Old National Financial Services, Inc., secured
and unsecured; and acting as an agent or broker for the
purpose of selling property and casualty insurance on personal
property subject to security interests held by Old National
Financial Services, Inc.) at 39138 Fremont Boulevard, Fremont,
California, through its subsidiary, Union Securities Co.
(1/14/79) 3/
Old National Banoorporation, Spokane, Washington, 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 including the making of
consumer installment loans, purchasing consumer installment
loans, purchasing consumer installment sales finance contracts,
and the making of loans to small businesses; acting as an
insurance agent or broker for the purpose of selling credit
life and credit accident and health insurance in connection with
extensions of credit by Old National Financial Services, Inc.,
secured or unsecured; and acting as an agent or broker for
the purpose of selling property and casualty insurance on
personal property subject to security interests held by Old
National Financial Services, Inc.) at 835 Blossom Hill Road,
San Jose, California, through its subsidiary, Old National
Digitized
FRASER or 4(c)(12) notification processed by Reserve Bank on behalf
3/ for4(c)(8)
http://fraser.stlouisfed.org/
of the Board of Governors under delegated authority.
Federal Reserve Bank of St. Louis

H.2, 1979 No. 3

-10ACTCCNS CF THE BQARD-Continued
Financial Services, Inc. and (acting as an insurance
agent car broker for the purposes of selling credit life
and credit accident and health insurance in connection
with extensions of credit by Old National Financial
Services, Inc., secured and unsecured; and acting as an
agent or broker for the purpose of selling nroperty and
casualty insurance cn personal property subject to
security interests held by Old National Financial Services, Inc.) at 835 Blossom Hill Road, San Jose, California, through its subsidiary, Union Securities, Co.
(1/14/79) 3/

VJells Fargo & Canoany, San Francisco, California, notification of intent to engage in de novo activities (making
or acquiring, for its a m account or for the account of
others, loans and other extensions of credit; leasing
personal or real property or acting as agent, broker or
advisor in leasing such property where the lease is to
serve as the functional equivalent of an extension of
credit to the lessee of the oroperty and where at the
inception of the initial lease the effect of the transaction
and, with respect to governmental agencies, 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 olus the estimated total
cost of financing the nroperty over the term of the
lease from rentals, estimated tax benefits (investment
tax credit, net economic gain from tax deferral frcm
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 lessor)
at 12700 Park Central Place, Dallas, Texas; 230 West
Monroe Street, Chicago, Illinois; 16600 Sprague Road,
Cleveland, Ohio; 1770 St. James Place, Houston, Texas;
Six East 43rd Street, New York, New York; 425 California
Street, San Francisco, California; 950 17th Street,
Denver, Colorado; 1206 Van Ness Avenue, Fresno, California;
and 2230 Fast Imperial Highway, Los Angeles, California,
through its indirect subsidiary, %lls Fargo Leasing and
Financial Corporation (1/14/79) 3/
37 4(c) (B) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1979 No, 3

— 11 —

IONS OF THE BQAHD-COntinued
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Returned
Ganble-Skogmo, Inc., Minneapolis, Minnesota, notification
of intent to acquire 17 per cent of the capital stock of
the First American Financial Corporation, St. Paul,
Minnesota, Gamble currently cwns approximately 3 per
cent of the capital stock of this corporation (12/13/78)
3/
Permitted
Heights Finance Corporation, Peoria, Illinois, notification
of intent to purchase all the direct loan receivables of
Wacholz Finance Company, Quincy, Illinois (1/14/79) 3/

3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Piedmont Trust Bank, Collinsville, Virginia. Branch
to be established at 300 Franklin Street, Martinsville. 2/
Commerce Bank of Moberly, Moberly, Missouri. Branch
to be established at South Morley and Urbandale
Road, Moberly, Randolph County. 2/
Commerce Bank of Moberly, Moberly, Missouri. Branch
to be established at North Morley and Sparks Avenue,
Moberly, Randolph County. 2/
*

*

*

*

*

To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Taylor Bancor, Inc., Emington, Illinois, for approval
to acquire 80 per cent or more of the voting shares
of The Taylor State Bank, Emington, Illinois. 2/
Montgomery Bancorporation, Inc., Montgomery, Minnesota,
for approval to acquire 90 per cent of the voting
shares of Citizens State Bank of Montgomery, Montgomery,
Minnesota. 2/
M.S.B. Agency, Inc., St. Paul, Minnesota, for approval
to acquire 85.9 per cent of the voting shares of
Minnesota State Bank of St. Paul, St. Paul, Minnesota.
Tri County State Bank Holding Company, Inc., Chamberlain,
South Dakota, for approval to acquire 84.7 per cent
of the voting shares of Tri-County State Bank, Chamberlain, South Dakota. 2/
The Avoca Company, Avoca, Nebraska, for approval to acquire
97 per cent or more of the voting shares of Farmers State
Bank, Avoca, Nebraska. 2/
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire more than 80 per cent
(less directors' qualifying shares) of the voting shares
of The Security National Bank and Trust Company of Norman,
Norman, Oklahoma. 2/
27 Application subject to Community Reinvestment Act.




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H.2, 1979 No. 3

APPLICATICNS REEEB/ED-Continued
Gushing Bancshares, Inc., Gushing, Texas, for approval
to acquire 80-100 per cent of the voting shares (less
directors' qualifying shares) of The First National
Bank of Gushing, Gushing, Texas. 2/
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
4 (c) (8) of the Bank Holding Company Act of 1956
Citicorp, New York, New York, notification of intent
to engage in de novo activities (making loans to
individuals for personal, family or household usage
and businesses to finance the purchase of mobile hones,
modular units or related manufactured housing together
with the real property to which such housing will be
permanently affixed, such property being used as the
security for loans; sale of credit related life and
accident and health insurance to cover the outstanding
balances of credit transactions (singly or jointly with
co-signers in the case of life coverage) in the event of
death, or, to make contractual monthly payments of the
credit transactions in the event of the obligor's disability by licensed agents or brokers to the extent
permissible under applicable State insurance laws and
regulations; the sale of credit related property and
casualty insurance protecting such property subject to
security agreements with Citicorp Person-to-Person Financial
Center, Inc. and to include liability coverage where such
is the general practice by licensed agents or brokers to
the extent permissible under applicable State insurance
laws and regulations; credit related decreasing term life
insurance and accident and health insurance may be
directly insured or reinsured by Family Guardian Life
Insurance Company, an affiliate of Citicorp Person-to. Person Financial Center, Inc.) at 10615 S. E. Cherry
Blossom Drive, Suite 200, Portland, Oregon, through its
subsidiary, Citicorp Person-to-Person Financial Center,
Inc. (1/16/79) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (commercial lending activities for its own account, with the intention that Citibank,
N.A., Citibank (New York State), N.A., and other commercial
banks may participate in the loans; and leasing personal or
real property or acting as agent, broker or advisor in
leasing such property subject to all of the qualifications
specified in 12 CFR 225.4(a) (6) (b) and where the leases serve
2/ Application subject to Community Reinvestment Act.

Digitized
FRASER
3/for4(c)
(8) or 4(c) (12) notification processed by Reserve Bank on behalf
http://fraser.stlouisfed.org/
of the Board of Governors under delegated authority.
Federal Reserve Bank of St. Louis

H.2, 1979 No. 3

- 14 APPLICATIONS RBCEIVED-Continued
as the functional equivalent of an extension of credit
to the lessee of the property) at 515 South Flcwer
Street, Los Angeles, California, through its subsidiary,
Citicorp (USA), Inc. (1/16/79) 3/
Deutsche Bank AG, Frankfurt, Germany, for approval to
acquire 50 per cent of the shares of Fiat Credit Services,
Inc., Deerfield, Illinois.
F&M National Corporation, Winchester, Virginia, notification of intent to engage in de novo activities (engaging in the business of arranging, making or acquiring
for it own account or for the account of others, loans
and other extensions of credit such as would be made by
a consumer finance company under a revolving loan plan,
secured or unsecured, including loans under a revolving
loan agreement secured by mortgages or deeds of trust
on real property and/or security interests in personal
property; servicing any such loans and other extensions
of credit for any person? or acting as agent or broker
for the sale of credit life insurance and credit accident
and health insurance which is related to extensions of
credit made; and to engage in the making of loans, acquiring or servicing such loans, and taking such security as
authorized by the Code of Virginia as amended) at 7 East
Luray Shopping Center, Luray, Virginia, through a subsidiary, Peoples Credit Corporation (1/18/79) 3/
NCNB Corporation, Charlotte, North Carolina, notification
of intent to engage in de novo activities (operating as
a finance company including the extension of direct
loans for consumer and other purposes, the discounting
of retail installment notes or contracts, the purchasing
of recreational lot notes, the extension of direct loans
to dealers for the financing of inventory (floor planning)
and working capital purposes, the purchasing of personal
property lease contracts; and acting as agent in the sale
of credit life, credit accident and health and physical
damage insurance which is directly related to the extensions
of credit) at Alexander City Shopping Center, Alexander City;
1129 Opelika Road, Auburn; 1109 Rucker Boulevard, Enterprise; 601 S. Eufaula Avenue, Eufaula; Gateway Plaza Shopping Center, Greenville By-Pass, Greenville; Pratt Plaza Mall,
Prattville; 212 E. Battle Street, Talladega; and South 231
By-Pass at Highway 87, Troy, Alabama, through its subsidiary,
TranSouth Financial Corporation (1/15/79) 3/

37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1979 No. 3

*

- 15 -

@

APPLICATIONS RRX^IVED-Continiied
Correction:
First Alabama Bancshares, Inc., Birmingham, Alabama,
notification of intent to engage in de novo activities (acting as insurance agent or broker with respect to credit life or accident and health insurance
that is directly related to the extension of credit
by First Alabama Bank of Lauderdale County and The
First Alabama Bank of Cullman and First Alabama Leasing, Inc.; credit life or accident and health insurance that is directly related to the provision of
other financial services by a bank or bank-related
firm; the sale of physical damage insurance which is
directly related to an extension of credit or the
provision of other financial services by a bank or
bank related subsidiary of First Alabama Bancshares,
Inc.) in Cullman and Rogersvilie, Alabama, through a
subsidiary, The FAB Agency, Inc. (12/14/79) 3/
Banks of Icwa, Inc., Cedar Rapids, Icwa, notification
of intent to engage in de novo activities (providing
bookkeeping or data processing services for the internal operations of its subsidiaries and other banking institutions and storing and processing other banking, financial or related economic data such as performing payroll, accounts receivable or payable, or
billing services for other businesses) in the vicinity
of 302 Brady Street, Davenport, Icwa, through its
subsidiary, Banks of Icwa Computer Services, Inc.
(1/19/79) 3/
Continental Illinois Corporation, Chicago, Illinois,
notification of intent to engage in de novo activities
(making or acquiring, for its cwn account or for the
account of others, secured and unsecured loans and other
extensions of credit to or for business, governmental and
other customers (excluding direct consumer lending),
entities or projects, purchasing or acquiring receivables
or chattel paper (including, without limitation, consumer
receivables and paper), issuing letters of credit and accepting drafts, servicing loans and other extensions of
credit for others, and providing portfolio investment and
financial advioe to others) at 231 South LaSalle Street,
Chicago, Illinois, through a subsidiary, Continental
Equity Corporation (1/18/79) 3/
Fennimore Bancorporation, Inc., Fennimore, Wisconsin,
for approval to acquire the shares of Fennimore Finance
Co., Fennimore, Wisconsin.
37 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




APPLICATIONS REXXTVED-Cmtinued
SJV Corporation, Elkhart, Indiana, notification of intent
to engage in de novo activities (making or acquiring,
for its own account of for the account of others, loans
and other extensions of credit including secured and unsecured consumer loans such as would be made by a mortgage
or finance company; and selling, as an insurance agent,
credit life and credit accident and health insurance which
is directly related to and in connection with said loans
and other extensions of credit) at 1205 West Lincoln
Highway (Route 30), Merrillville, Indiana, through its
subsidiary, St. Joseph Valley Finance Corp. (1/17/79) 3/
New Mexico Bancorporation, Inc., Santa Fe, New Mexico,
notification of intent to engage in de novo activities
(acting as agent or broker for the sale of life, accident
and health, property and casualty insurance which are
directly related to extensions of credit by it or its
bank subsidiaries and in the sale of any insurance for
Applicant's banking subsidiaries; Applicant's insurance
activities will be limited to the sale, as agent or broker,
of the following: insurance assuring repayment of an extension
of credit in the event of death or disability of the
borrower; insurance protecting the collateral in which
the lender has acquired (directly or indirectly) a
security interest; insurance sold to individual borrowers
in conjunction with or as part of an insurance package
with insurance protecting collateral; insurance purchased
by bank subsidiaries to provide surety, liability or
casualty protection for bank subsidiaries) such activities
will be conducted at the main offices of the holding
company's banking subsidiaries at: First National Bank of
Santa Fe, Santa Fe, New Mexico, Fidelity National Bank,
Albuquerque, New Mexico and First State Bank of Taos, Taos,
New Mexico (1/16/79) 3/
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire the beneficial interest
in J. H. Patten Company, Norman, Oklahoma and thereby to
indirectly acquire the shares of Patten Insurance Agency,
Inc., Norman, Oklahoma.
Survco Bancorp, Inc., Sugar Creek, Missouri, notification
of intent to engage in de novo activities (the sale of
credit-related property~Ihsurance in connection with extensions of credit made by Sugar Creek National Bank,
Sugar Creek, Missouri; Survco would act as agent for the
sale of credit-related property insurance to insure dwellings, buildings, real estate, automobiles, aircraft,
37 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1979 No. 3

0

-17-

APPLICATIONS RECEIVED-Continued
vessels and all other types of property, real or personal,
which may be pledged as collateral or otherwise used to
secure extensions of credit to the customers of the bank;
the insurance would name the bank as loss payee in the
event the collateral was damaged or destroyed; any such
insurance would be extended coverage insurance providing
coverage against all risks and perils, including without
limitation, those perils occasioned by fire, lightning,
removal, windstorm, hail, dust, explosion, riot, aircraft,
vehicles, smoke damage, vandalism, theft, falling objects,
weight of ice, sncw or sleet, collapse of buildings,
accidental discharge, leakage or overflow of water or
stream, sudden and accidental tearing, cracking, burning
or bulging of steam or hot water heating systems, freezing
of plumbing, heating and air conditioning systems and any
earth movement, flood or surface water; the specific risks
insured against would be dependent upon the nature of the
collateral securing the credit extension) such activities
will be conducted on the premises of Sugar Creek National
Bank, Sugar Creek, Missouri (1/16/79) 3/
First United Bancorporation, Inc., Fort Worth, Texas, notification of intent to engage in de novo activities (making
or acquiring loans or extensions of credit, including
issuing letters of credit and accepting drafts, loans such
as would be made by a mortgage, finance, credit card, or
factoring company? consumer credit loans; accounts receivable
of a bank in connection with credit card purchases; loans
secured by liens on improved real estate; construction loans;
short-term commercial loans; loans to finance the acquisition
or carrying of accounts receivable or inventory; retail
installment paper originated by dealers or others; sellers
of goods or services purchased by a bank; certificates of
deposit issued by a bank; mortgage warehousing loans; equipment financing loans; income-producing mineral interest
loans; and repurchase agreements with financial institutions
involving money-market or other investments in short-term
securities either on a direct investment or repurchase basis)
at 410 West Seventh Street, Ft. Worth, Texas (1/12/79) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (acting
as agent or broker for the sale of credit-related property
and casualty insurance pursuant to Section 225.4(a) (9) of
Regulation Y; such activities will include: (1) insurance
protecting one-to-four family residences securing loans
made or acquired by subsidiaries of BankAmerica from
physical damage or loss and liability and other insurance
sold in conjunction therewith as a matter of general practice;
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.



H.2, 1979 No. 3 @

-18-

^

APPLICATIONS RECEBZED-Continued
(2) insurance protecting personal property securing extensions of credit made by subsidiaries of BankAmerica
from physical damage or loss and liability and other
insurance sold in conjunction therewith as a matter of
general practice; (3) insurance protecting collateral
(both real and personal) securing construction loans
made by subsidiaries of BankAmerica from physical damage
or loss and related surety and liability insurance sold
in conjunction therewith as a matter of general practice;
(4) insurance protecting property (both real and personal)
leased to customers of subsidiaries or BankAmerica; (5)
insurance protecting Bank of America N.T. & S.A. and its
subsidiaries from any type of loss or liability; and (6)
insurance protecting properties held in trust from physical
damage or loss and liability insurance sold in conjunction
therewith as a matter of general practice) such activities
will be conducted where permitted by law throughout the
States of the United States and the District of Columbia,
from offices at the following locations: 1105 Hamilton,
Allentown, Pennsylvania; 12700 Park Central Place, Dallas,
Texas; 315 Montgomery Street, San Francisco, California;
7900 Xerxes Avenue South, Minneapolis, Minnesota, through its
subsidiary, BA Insurance Agency, Inc. (1/12/79) 3/
Patagonia Corporation, Tucson, Arizona, notification of
intent to engage in de novo activities (originating
residental mortgages for sale to permanent investors)
at 3200 South Rural Road, Tempe, Arizona, through its
subsidiary, Western American Mortgage Company (12/28/78) 3/
Wells Fargo & Company, San Francisco, California, notification
of intent to engage in de novo activities ((1) making or
acquiring, real estate related loans and other extensions
of credit for its account or for the account of others;
(2) servicing the loans and extensions of credit described
in (1) above; (3) acting as an investment advisor to Wells
Fargo Mortgage and Equity Trust (a real estate investment
trust), other affiliates of Wells Fargo & Company and other
investors with respect to real estate investment portfolios;
(4) providing full payout leasing of real property or acting
as agent, broker or advisor in arranging such leases to the
extent permitted by 225.4(a) (6) (b) of Regulation Y of the
Federal Reserve Board; and (5) providing bookkeeping or data processing services related to real estate investments of Wells
Fargo & Company and its affiliates) at 8th and Nicollet Mall,
Minneapolis, Minnesota, through its subsidiary, Wells Fargo
Realty Advisors (1/12/79) 3/
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




^

H.2, 1979 No. 3

- 19 -

APPLICATIONS RECEB/ED-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
American Financial Corporation, Cincinnati, Ohio, notification of intent to purchase approximately 12 per
cent of the outstanding cannon stock of Mission Insurance
Group, Inc., Los Angeles, California; Mission Insurance
Group, Inc. is a property and casualty insurer (1/12/79) 3/
*

* * * *

REPORTS RECEIVED
None
*

* * * *

PETITIONS FOR RULEMAKING
None.