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ANNOUNCEMENT BV
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
H.2, 1987, No. 4
Actions of the Board
Applications and Reports Received
During the Week Ending January 24, 1987
ACTIONS OF THE BOARD
Statement by Chairman Volcker before the
Senate Committee on Banking, Housing, and
Urban Affairs to provide comments on
legislative tools needed by bank regulators
to deal with pressing problems, January 21,
1987.
Statement by Governor Angell before the House
Committee on Banking, Finance and Urban
Affairs concerning H.R. 28, the "Expedited
Funds Availability Act," which deals with
check holding practices of some depository
institutions, January 27, 1987.
FedWire — request for public comment by
April 13, 1987, on the concept of pricing
FedWire daylight overdrafts (Docket R-0592).
Director,
BS&R
Over-the-counter stocks — revised list of
OTC stocks subject to margin requirements,
effective February 10, 1987.
1/
Boston
Independent BankGroup, Inc., Springfield,
Vermont — extension to April 18, 1987, to
commence mortgage banking activities through
Independent MortgageGroup, Inc.
1/
Richmond
Bank Maryland Corp., Towson, Maryland —
extension to February 22, 1987, to acquire
Bank of Maryland.
1/
Richmond
PNB Financial Corporation, Warrenton,
Virginia — extension to May 25, 1987, to
acquire The Peoples National Bank of
Warrenton.
1/
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2,
1987, No. 4
-2-
ACTIONS OF THE BOARD - Continued
Chicago
First National Bank, Glendale, Wisconsin —
proposed merger with First Wisconsin National
Bank of Milwaukee, Milwaukee, Wisconsin —
report to the Comptroller of the Currency on
competitive factors.
1/
Chicago
The First State Bank, Bourbon, Bourbon,
Indiana — extension to January 31, 1987, to
establish a branch at 436 East Center Street.
1/
Kansas City
Clearwater Home State Bancshares, Inc.,
Clearwater, Kansas — extension to April 16,
1987, to engage de novo through Home Finance
Corp., Wichita, Kansas, in mortgage and
consumer loans, and selling U.S. savings
bonds and travelers checks.
1/
Dallas
Gateway Bancshares, Inc., Dallas, Texas —
extension to April 21, 1987, to acquire
Gateway National Bank.
1/
San Francisco
First Security Corporation, Salt Lake City,
Utah — extension to divest certain
properties.
1/
San Francisco
Union Bancorp, Los Angeles, California, and
United Bancorp of Arizona, Phoenix, Arizona
— extension to divest certain properties.
1/
* * * * *
To Establish a Domestic Branch Pursuant
to Section 9 of the Federal Reserve Act
Approved
New York
Chemical Bank, New York, New York — to
establish a branch office at American Express
Tower, World, Financial Center, 200 Vesey
Street, New York, New York.
1/
(1/20/87)
Cleveland
The Dollar Savings and Trust Company,
Youngstown, Ohio — to establish a de novo
branch office at 815 Youngstown-Warren Road
(Nile Park Plaza), Niles, Ohio.
1/
(1/21/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2,
1987, No. 4
-3-
ACTIONS OF THE BOARD - Continued
Richmond
Fairfax Bank and Trust Company, Fairfax,
Virginia — to establish a branch at 14006
Lee Jackson Highway, Chantilly, Virginia.
1/
(1/21/87)
Chicago
The First State Bank of Decatur, Decatur,
Indiana — to establish an offsite electronic
facility at 927 South 13th Street, Decatur,
Indiana.
1/
(1/20/87)
Chicago
Peoples Bank and Trust Company, Cedar Rapids,
Iowa — to establish an offsite Automated
Teller Machine at 308 - 29th Street, NE,
Cedar Rapids, Iowa.
1/
(1/23/87)
To Become a Member of the Federal Reserve
System Pursuant to Section 9 of the
Federal Reserve Act
Approved
Cleveland
The Home Banking Company, Gibsonburg, Ohio.
1/
(1/23/87)
* * * * *
To Form a Bank Holding Company Pursuant to
Section 3(a)(1) of the Bank Holding Company
Act Of 1956
Approved
Philadelphia
Cardinal Bancorp, Inc., Everett,
Pennsylvania — for approval to acquire 100
percent of the voting shares of The First
National Bank of Everett, Everett,
Pennsylvania.
1/
(1/22/87)
Philadelphia
Luzerne National Bank Corporation, Luzerne,
Pennsylvania — for approval to acquire 100
percent of the voting shares of The Luzerne
National Bank, Luzerne, Pennsylvania.
1/
(1/23/87)
Cleveland
U.B. Bancshares, Inc., Bucyrus, Ohio — for
approval to acquire 80 percent of the voting
shares of United Bank, N.A. Bucyrus, Ohio.
1/
(1/20/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2,
1987, No. 4
-4-
ACTIONS OP THE BOARD - Continued
Chicago
ALTA VISTA BANCSHARES, INC., Alta Vista, Iowa
— for approval to acquire 61 percent of the
voting shares of Alta Vista State Bank, Alta
Vista, Iowa.
1/
(1/23/87)
St. Louis
Vernois Bancshares, Inc., M t . Vernon,
Illinois — for approval to acquire 100
percent of the voting shares of Vernois
Bancorp, Inc., Mt. Vernon, Illinois,
indirectly Bank of Illinois in Mt. Vernon
Mt. Vernon, Illinois.
1/
(1/23/87)
Minneapolis
Valley National Banc Holding Company, Apple
Valley, Minnesota — for approval to acquire
100 percent of the voting shares of Valley
National Bank, Apple Valley, Minnesota.
1/
(1/21/87)
* * * * *
To Expand a Bank Holding Company Pursuant to
Section 3(a)(3) of the Bank Holding Company
Act of 1956
Approved
Boston
Westbank Corporation, West Springfield,
Massachusetts — for approval to acquire 100
percent of the voting shares of Chicopee
Co-operative Bank, Chicopee, Massachusetts.
(1/20/87)
New York
United Bank Corporation of New York,
Downsville, New York — for approval to
acquire 100 percent of the voting shares of
The First National Bank of Amenia, Amenia,
New York.
1/ (1/21/87)
Cleveland
Pikeville National Corporation, Pikeville,
Kentucky — for approval to acquire 100
percent of the voting shares of First
Security Bank and Trust Co., Whitesburg,
Kentucky.
1/
(1/21/87)
Richmond
Mountaineer Bankshares of West Virginia,
Inc., Martinsburg, West Virginia — for
approval to acquire 100 percent of the voting
shares of Bank of Wadestown, Fairview, West
Virginia.
(1/20/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2,
1987, No. 4
-5-
ACTIONS OP THE BOARD - Continued
St. Louis
Montgomery County Bancshares, Inc., Little
Rock, Arkansas -- for approval to acquire 100
percent of the voting shares of First
National Bank in Mena, Mena, Arkansas.
1/
(1/22/87)
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to
Section 3(a)(5) of the Bank Holding Company
Act of 1956
Approved
Kansas City
Turner Bancshares, Inc., Kansas City, Kansas
— for approval to merge with Kaw Valley
Bancshares, Inc., Kansas City, Kansas and
indirectly Kaw Valley State Bank & Trust,
Kansas City, Kansas.
1/
(1/22/87)
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to
Section 4(c)(8) of the Bank Holding Company
Act of 1956
Returned
Chicago
Alliance Financial Corporation, Dearborn,
Michigan — to engage de novo (making,
acquiring and/or servicing loans for itself
or for others of the type made by a mortgage
company) through its subsidiary, Alliance
Mortgage Incorporated of Michigan, Dearborn,
Michigan.
3/
(1/20/87)
Chicago
National Bancorp, Inc., Melrose Park,
Illinois — to engage de novo (providing
management consulting services to depository
institutions).
3/ (1/20/87)
Approved
New York
Citicorp, New York, New York — to engage de
novo through its subsidiary, Citicorp Futures
Corporation, New York, New York in the
execution and clearance of futures contracts
on stock indexes and options thereon, and
provide advisory services (1/23/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
3/
Notification processed by Reserve Bank on behalf of the
Board of Governors under delegated authority.
H.2,
1987, No. 4
-6-
ACTIONS OF THE BOARD - Continued
New York
Saban, S.A., Panama City, Panama and Republic
New York Corporation, New York, New York —
for approval to engage de novo through their
wholly owned subsidiary, Republic Clearing
Corporation, New York, New York in the
execution and clearance, on major commodity
exchanges, of futures contracts on stock
indexes, options on such futures contracts,
and futures contracts on a municipal bond
index and Government National Mortgage
Association certificates.
(1/20/87)
Cleveland
Banc One Corporation, Columbus, Ohio — to
acquire Tecumseh Insurance Agency, Marion,
Indiana and thereby engage in credit
insurance underwriting.
1/
(1/22/87)
Cleveland
Banc One Corporation, Columbus, Ohio — to
acquire American Fletcher Mortgage Company,
Inc., Indianapolis, Indiana and thereby
engage in mortgage lending, equity financing
and related real estate financing activities,
and also in mortgage servicing for
unaffiliated parties.
1/
(1/22/87)
Cleveland
Banc One Corporation, Columbus, Ohio — to
acquire American Fletcher Financial Services,
Inc., Marion, Indiana and thereby engage in
consumer lending as well as in the sale of
credit related insurance in connection with
its extension of credit.
1/ (1/22/87)
Cleveland
Banc One Corporation, Columbus, Ohio — to
acquire Guardian Insurance Agency, Marion,
Indiana and thereby engage in the sale of
certain credit-related insurance in
connection with extensions of credit by
American Fletcher Financial Services, Inc.,
the sale of fidelity insurance to AFFS and
the sale of credit-related casualty
insurance.
1/ (1/22/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2,
1987, No. 4
-7-
ACTIONS OF THE BOARD - Continued
Cleveland
Banc One Corporation, Columbus, Ohio — to
acquire American Fletcher Financial
Corporation, Indianapolis, Indiana, an
inactive subsidiary of American Fletcher
Corporation.
1/
(1/22/87)
Richmond
Sovran Financial Corporation, Norfolk,
Virginia — to engage de novo through its
subsidiary, Sovran Investment Corporation,
Richmond, Virginia, in offering cash
management services, including customer
account-related functions, for customers of
SIC and its affiliate banks.
(1/20/87)
Atlanta
Farmers and Merchants Bancorp, Inc., Dover,
Tennessee — to acquire Peoples' Insurance
Agency, Inc., Dover, Tennessee and thereby
engage in general insurance activities.
1/
(1/20/87)
Kansas City
Eastman National Bankshares, Inc., Newkirk,
Oklahoma — to acquire The Eastman Company,
Newkirk, Oklahoma, and thereby engage in
making and servicing loans.
1/
(12/24/86)
* * * * *
Permitted
Richmond
Shawsville Bancorp, Inc., Shawsville,
Virginia — to engage de novo (consumer
financial counseling; tax planning and
preparation).
The activities will be
conducted in Virginia.
3/
(1/21/87)
Richmond
Signet Banking Corporation, Richmond,
Virginia — to engage de novo (selling credit
life, disability, or involuntary unemployment
insurance, underwriting credit life and
disability insurance on consumer loans)
through its subsidiary, Landmark Financial
Services, Inc., Silver Spring, Maryland.
The
activities would be conducted nationwide.
3/
(1/21/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
3/
Notification processed by Reserve Bank on behalf of the
Board of Governors under delegated authority.
H.2,
1987, No. 4
-8-
ACTIONS OF THE BOARD - Continued
Atlanta
Southeast Banking Corporation, Miami, Florida
— to engage de novo (providing to others
financially related data processing and data
transmission services, facilities, and data
bases; or access to them) through its
subsidiary, Southeast Mortgage Company,
Miami, Florida.
These activities will be
conducted throughout the United States.
3/
(1/23/87)
Kansas City
Andover Banc Shares, Inc., Andover, Kansas —
to engage de novo (engaging in insurance
agency activities in a town of less than
5,000 persons) through a yet to be formed
subsidiary, Andover Financial Services, Inc.,
Andover, Kansas.
3/
(1/20/87)
* * * * *
Redemption of Shares
Approved
Kansas City
Sweet Springs Bancshares, Inc., Sweet
Springs, Missouri.
1/
(1/23/87)
Issued Intent Not to Disapprove Change
of Control Pursuant to Change in Bank
Control Act of 1978
Approved
Atlanta
St. Francisville Bancshares, Inc., St.
Francisville, Louisiana.
1/
(1/22/87)
Kansas City
Louisburg Bancshares, Inc., Louisburg,
Kansas.
1/ (1/22/87)
Kansas City
Sweet Springs Bancshares, Inc., Sweet
Springs, Missouri.
1/ (1/23/87)
1/
Processed on behalf of the Board of Governors under
delegated authority.
H.2, 1987, No. 4
-9-
APPLICATIONS RECEIVED - Continued
To Establish a Domestic Branch Pursuant
to Section 9 of the Federal Reserve Act
Received
Cleveland
The Fifth Third Bank, Columbus, Ohio — to
establish a CBCT branch at The Meijer Store,
2675 Brice Road, Columbus, Ohio.
2/
Cleveland
The Fifth Third Bank, Columbus, Ohio — to
establish a CBCT branch at The Meijer Store,
775 Georgesville Road, Columbus, Ohio.
2/
* * * * *
To Merge Pursuant to Section 18(c) of the
Federal Deposit Insurance Act
Received
Dallas
Texas Capital Bank-Richmond, Richmond, Texas
— to merge with Texas Capital Bank-Katy,
N.A., Katy, Texas.
2/
San Francisco
County Bank and Trust, Santa Cruz, California
— to merge with Pacific Valley Bank, San
Jose, California.
2/
* * * * *
To Become a Member of the Federal Reserve
System Pursuant to Section 9 of the
Federal Reserve Act
Received
Cleveland
The Home Banking Company, Gibsonburg, Ohio.
2/
* * * * *
2/
Application subject to Community Reinvestment Act.
The
Community Affairs Officer of the applicable Reserve Bank
may be contacted as to the length of the comment period.
H.2,
1987, No. 4
-10-
APPLICATIONS RECEIVED - CONTINUED
Applications and Notifications for International
Investments.and Other Actions Pursuant to
Sections 25 and 25(a) of the Federal Reserve
Act and Sections 4(c)(9), 4(c)(13) and
4(c)(14) of the Bank Holding Company Act
of 1956, as amended
Received
Atlanta
State of Florida Banking Dept., Tallahassee,
Florida — request the Board's views
concerning a proposal by Banco Atlantico,
S.A., Barcelona, Spain, ("Atlantico") to
establish an agency in Miami, Florida.
San Francisco
First Pacific Investments Limited, Monrovia,
Liberia, and First Pacific Holdings Limited,
Hong Kong, prior notification of its intent
to acquire all the outstanding shares of The
Hong Nin Bank, Limited, Hong Kong.
San Francisco
Standard Chartered PLC, et al. Standard
Chartered Bank, Standard Chartered Overseas
Holdings Limited all of London, England —
retroactive notice of additional investment
in their wholly-owned subsidiary, StanChart
Export Trading Company (formerly StanChart
Export Services Company)
* * * * *
To Form a Bank Holding Company Pursuant to
Section 3(a)(1) of the Bank Holding Company
Act of 1956
Received
Atlanta
Pontchartrain Bancshares, Inc., Metairie,
Louisiana — for approval to acquire 100
percent of the voting shares of Pontchartrain
State Bank, Metairie, Louisiana.
2/*
* * * * *
2/
Application subject to Community Reinvestment Act.
The
Community Affairs Officer of the applicable Reserve Bank
may be contacted as to the length of the comment period.
H.2,
1987, No. 4
-11-
APPLICATIONS RECEIVED - Continued
To Expand a Bank Bolding Company Pursuant
to Section 4(c)(8) of the Bank Holding
Company Act of 1956
Received
Boston
Granite State Bankshares, Inc., Keene, New
Hampshire — to engage de novo (making,
acquiring and/or servicing loans for itself
or for others of the type made by a mortgage
company) through GSBI Mortgage, Inc., Keene,
New Hampshire.
The activities would be
conducted on a nationwide basis.
(1/23/87)
New York
The Royal Bank of Canada, Montreal, Canada —
to engage de novo (advising a mortgage
company registered under the Investment
Company Act of 1940; providing portfolio
investment advice to any person; providing
economic information and advice, statistical
forecasting services, and industry studies)
through an indirect subsidiary, Capel Court
Pacific, Inc., Los Angeles, California.
The
geographic area to be served encompasses all
50 states and the District of Columbia.
(1/21/87)
Cleveland
Equimark Corporation, Pittsburgh,
Pennsylvania — to engage de novo (engaging
in operating a collection agency) through a
wholly-owned subsidiary, Equimanagement, Inc,
Pittsburg, Pennsylvania.
The activity will
be conducted throughout the United States.
(1/20/87)
Atlanta
SunTrust Banks, Inc., Atlanta, Georgia — for
approval to engage de novo in providing
financial advisory services to issuers of
municipal securities and to assist in the
structuring of new issues of such securities
through SunTrust Securities, Inc, Atlanta,
Georgia.
Chicago
Hayesville Bancshares, Inc., Hayesville, Iowa
— to engage de novo (engaging in insurance
agency activities in a town of less than
5,000 persons)
(1/20/87)
* * * * *
H.2,
1987, No. 4
-12-
APPLICATIONS RECEIVED - Continued
Agreements Filed Pursuant to Section 8 of the
securities Exchange Act of 1934
Toyo Trust & Banking Co., Ltd. has filed an
agreement with the Federal Reserve Bank of
San Francisco (which is authorized to accept
such agreements on behalf of the Board of
Governors under delegated authority),
undertaking to comply with all provisions
which relate to the use of credit to finance
transactions in securities.
@FedFRASER