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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 2)
Actions of the Board; Applications and Reports
Received During the Week Ending January 8, 1977
ACTIONS OF THE BOARD
Annual report to Congress on Truth in Lending for the
year 1976.
Regulation L, interlocking relationships, the Board announced
easing of its rules to permit interlocking relationships,
under specified conditions, between a member bank and a
minority for a women1s bank. (Docket No. R0059)
Request for a determination of the applicability of section
212.3(g) of the Board's Regulation L, to the appointment
of Mr. W. Hunter Piatt, Vice President, Citibank, N.A.,
New York, New York, to serve as a director of Freedom
National Bank of New York, New York, New York.
Reorganization of the Division of Consumer Affairs, effective
immediately, creating two Associate Director positions;
the new positions will be filled by Mr. Nathaniel E.
Butler and Mr. Jerauld C. Kluckman.
Regulation F, revision, which governs disclosures to shareholders by State member banks with more than 500 shareholders; the revision affects a guideline form, and
accompanying instructions, that set forth the form and
content of financial statements these banks must file
with the Board of Governors.
Regulations B, Z and AA, Rules Regarding Delegation of
Authority amendments, part 202Equal Credit Opportunity
part 226Truth in Lending; part 227Unfair or Deceptive
Acts or Practices; part 265Rules Regarding Delegation of
Authority; the amendments delegate authority to issue
certain examination, inspection and reporting materials
to the Board's Division of Banking Supervision and Regulation
and Division of Consumer Affairs. (Docket No. R0076)
H.2, 1977 No. 2
-
2
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ACTIONS OF THE BOARD-Continued
Peninsula Financial, Inc., Sturgeon Bay, Wisconsin, extension
of time to March 31, 1977, within which to acquire 98.20
per cent of the First State Bank of Algoma, Algoma,
Wisconsin. If
Ann Arbor Bank and Trust Company, Ann Arbor, Michigan,
extension of time to February 10, 1977, within which to
establish a branch at the corner of Main Street and
Eisenhower Boulevard, Ann Arbor, Michigan. 1/
City Bank & Trust Company, Moberly, Missouri, to make an
additional investment in bank premises. 1/
17
Application processed on behalf of the Board of Governors under delegated
authority.
H,2, 1977 No. 2
- 3 ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Approved
Glenwood State Bank, Glenwood, Iowa. Branch to be
established in the Glenwood Shopping Center, Glenwood. 2/
* * * * *
To Withdraw from Membership in the Federal Reserve System
Without a Six-Month Notice as Prescribed by Section 9 of
the Federal Reserve Act
Denied
The Oberlin Savings Bank Company, Oberlin, Ohio. 2/
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Marion National Corporation, Marion, Indiana, for approval
to acquire 28.29 per cent or more of the voting shares
of Marion National Bank of Marion, Marion, Indiana.
Reed Street Company, Inc., Red Oak, Iowa, for approval
to acquire an additional 66.8 per cent of the voting
shares of The Montgomery County National Bank of Red
Oak, Red Oak, Iowa. 2/
Midwest Bancshares, Inc., Midwest City, Oklahoma, for
approval to acquire 80 per cent or more of the voting
shares of Security Bank & Trust Company, Midwest City,
Oklahoma. 2/
Denied
Lake View Bancorp, Inc., Northbrook, Illinois, for approval
to acquire 100 per cent of the voting shares (less
directors1 qualifying shares) of Lake View Trust and
Savings Bank, Chicago, Illinois.
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H. 2, 1977 No. 2
~ 4 ACTIONS OF THE BOARD-Continued
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Independent Bank Corporation, Ionia, Michigan, for approval
to acquire 100 per cent of the voting shares of the
successor by consolidation to Western State Bank, Howard
City, Michigan.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(5) of the Bank Holding Company Act of 1956
Approved
Trust Company of Georgia, Atlanta, Georgia, for approval
to merge with Central Bankshares Corporation, Jonesboro,
Georgia.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Mid America Bancorporation, Inc., Minneapolis, Minnesota,
notification of intent to engage in de novo activities
(the placement and servicing of real estate mortgages of
all kinds including but not limited to mortgages on
industrial, commercial, apartments, and homes) at 815
Foshay Tower, Minneapolis, Minnesota, through a division
of the Corporation known as Mid America Mortgage Company
(1/7/77) 3/
Delayed
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(consumer finance and insurance agency for any insurance
directly related to an extension of credit or provision
of other financial services or otherwise sold as a
matter of convenience to the purchaser) at 715 W. Oglethorpe
Boulevard, Albany, Georgia, through a subsidiary, Southern
Discount Company, a subsidiary of Industrial National
Corporation (1/5/77) 3/
37
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 2
- 5 ACTIONS OF THE BOARD-Continued
Reactivated
Shawmut Corporation, Boston, Massachusetts, notification of
intent to engage in de novo activities (agricultural
commodity financing, and servicing such financing and
related and incidental activities and in general, making,
servicing, or acquiring, for its own account of for the
account of others, loans and other extensions of credit
to agricultural enterprises or secured by agricultural
commodities) at 4701 Marion Street, Denver, Colorado,
through a subsidiary, American Cattle and Crop Services
Corporation (1/5/77) 3/
Citicorp, New York, New York, notification of intent to engage
in de novo activities (purchasing and servicing for its
own account consumer installment sales finance contracts;
and will act as broker for the sale of consumer credit
related life/accident and health insurance on purchased
consumer installment sales finance contracts, said
insurance will only be offered when such transactions
are the equivalent of direct extensions of consumer
credit by the subsidiary; if the proposal is effected,
the subsidiary will offer to sell insurance as follows:
group credit life/accident and health insurance to cover
the outstanding balances on consumer installment sales
finance contracts to obligators, singly or jointly, with
their spouses or cosigners in the case of life coverage
in the event of death, or, to make the contractual
monthly payment on consumer installment sales finance
transactions in the event of the obligators1 disability
to the extent permissible under applicable State insurance laws and regulations; and individual casualty
insurance on personal property subject to security
agreements; further, in regard to the sale of credit
related insurance, the subsidiary will not act as a
general insurance agency) at 3000 Lynch Extension,
Jackson, Mississippi, through its subsidiary, Nationwide
Financial Corporation (12/28/76) 3/
Permitted
Bank of Virginia Company, Richmond, Virginia, notification of
intent to engage in de novo activities (making loans or
extensions of credit such as would be made by a finance
company; and acting as agent for credit life/accident
and health insurance and other insurance written to
protect collateral during the period of credit extension)
at 10750 Lee Highway, Fairfax Mall Shopping Center,
Store //26, Fairfax, Virginia, through a subsidiary, The
Budget Plan Company of Virginia (a wholly-owned subsidiary
of General Finance Service Corporation) (1/2/77) 3/
J7
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 2
6
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ACTIONS OF THE BO AM)-Continued
Bank of Virginia Company, Richmond, Virginia, notification
of intent to engage in de novo activities (leasing of
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 to
be acquired specifically for the leasing transaction or
having been acquired specifically for an earlier leasing
transaction) at 11011 West Broad Street Road, Richmond,
Virginia, through its subsidiary, BVA Credit Corporation
(1/8/77) 3/
Banks of Iowa, Inc., Cedar Rapids, Iowa, notification of
intent to engage in de novo activities (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) at 1014 Nebraska Street, Sioux City,
Iowa, through its subsidiary, Banks of Iowa Computer
Services, Inc., (1/6/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (the
financing of personal property and equipment and real
property and the leasing of such property or the acting
as agent, broker, or adviser in the leasing and/or financing of such property where at the inception of the
initial lease the effect of the transaction (and, with
respect to Governmental entities 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 plus the estimated total
cost of financing the property over the term of the
lease and the servicing of such financings and/or leases)
at Suite 910, 7777 Bonhomme, Clayton, Missouri, through
its subsidiary, Security Pacific Leasing Corporation
(1/7/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to relocate d£ novo activities (the
origination and acquisition of mortgage loans including
development and construction loans on multi-family and
commercial properties for its own account or for the
sale to others and the servicing of such loans for
others) from 319 West 5th Avenue to 1011 East Tudor
Road, Anchorage, Alaska, through its subsidiary, Security
Pacific Mortgage Corporation (1/6/77) 3/
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 2
- 7 ACTIONS OF THE BOARD-Continued
Approved
Trust Company of Georgia, Atlanta, Georgia, for approval
to acquire direct acquisition of ownership and control
of the leasing activities of Central Bankshares Corporation, Jonesboro, Georgia.
Trust Company of Georgia, Atlanta, Georgia, for approval to
acquire acquisition of 100 per cent of the voting shares
of Central Bankshares Equity Corporation, Jonesboro,
Georgia.
H.2, 1977 No. £
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Piedmont Trust Bank, Martinsville, Virginia. Branch to
be established at 200 East Church Street, Martinsville.
Tracy Collins Bank and Trust, Salt Lake City, Utah. Branch
to be established at 1090 North 500 East, North Salt
Lake, Davis County.
*
* * * *
To Withdraw from Membership in the Federal Reserve System
Without a SixMonth Notice as Prescribed by Section 9 of
the Federal Reserve Act
_______
The Oberlin Savings Bank Company, Oberlin, Ohio.
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Bancorporation of Wisconsin, Inc., West Allis, Wisconsin, for
approval to acquire 80 per cent or more of the voting
shares of West Allis State Bank, West Allis, Wisconsin
and Southwest Bank, New Berlin, Wisconsin.
Spencer Financial Corporation, Spencer, Iowa, for approval
to acquire 66.44 per cent or more of the voting shares
of Spencer National Bank, Spencer, Iowa.
NBC Corp., Jackson, Tennessee, for approval to acquire
108,000 shares of the voting shares of The National Bank
of Commerce of Jackson, Jackson, Tennessee and to acquire
723,047 shares of the voting shares of The First National
Bank of Gibson County, Humboldt, Tennessee.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Holding Company Act of 1956
Ellis Banking Corporation, Bradenton, Florida, for approval
to acquire 50.1 per cent or more of the voting shares of
Citizens Bank of Bunnell, Bunnell, Florida.
- 9
H.2, 1977 No. 2
APPLICATIONS RECEIVED-Continued
The Royal Trust Company, Montreal, Quebec, Canada, for
approval to acquire 80 per cent or more of the voting
shares of Baymeadows Bank, Jacksonville, Florida.
Spencer National Bank Trust, Spencer, Iowa, for approval
to acquire 75.94 per cent of the voting shares of
Spencer Financial Corporation, Spencer, Iowa and indirectly to acquire 66.44 per cent or more of the voting
shares of Spencer National Bank, Spencer, Iowa.
First City Bancorporation of Texas, Inc., Houston, Texas, for
approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of East Dallas Bank,
Dallas, Texas.
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
CBT Corporation, Hartford, Connecticut, notification of intent to engage in de novo activities (the financing of
accounts receivable, inventories and imports for business customers) at Room No. 20, Gateway Suites, Suite
640, 1801 Avenue of the Stars, Los Angeles, California,
through a subsidiary, Lazere Financial Corporation, a
wholly-owned subsidiary of CBT Financial Corporation
which is in turn a wholly-owned subsidiary of CBT Corporation (1/3/77) 3/
CBT Corporation, Hartford, Connecticut, notification of intent to engage in cte novo activities (purchasing on a
recourse basis residential second mortgage loans) at One
Constitution Plaza, Hartford, Connecticut, through a
subsidiary, Nutmeg Commercial Corporation, a whollyowned subsidiary of CBT Financial Corporation, which is
in turn a wholly-owned subsidiary of CBT Corporation
(1/3/77) 3/
First National Boston Corporation, Boston, Massachusetts,
notification of intent to engage in de novo activities
(making, acquiring, and servicing for its own account,
loans and other extensions of credit including loans to
individuals for property improvement, debt consolidation
and other purposes; and offering credit life and credit
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 2
- 1 0 -
APPLICATIONS RECEIVED-Continued
accident and health insurance coverage to its borrowers
through a master health insurance policy) at 4900
Veterans Boulevard, Metairie, Louisiana, through a subsidiary of FSC Corp., Boston, Massachusetts, which is a
wholly-owned subsidiary of First National Boston Corporation to be known as First Louisiana Acceptance Corporation (1/3/77) 3/
Fidelity Union Bancorporation, Newark, New Jersey, notification of intent to engage in de novo activities (the
business of making loans in the present maximum amount
of $5,000.00 or less under the provision of the Pennsylvania Consumer Discount Company Act; and making
available to customers, credit life insurance and disability insurance covering the unpaid balance of loans
outstanding and fire and theft insurance to protect
household goods held as collateral during the periods of
credit extensions) at 1505 Market Street, Camp Hill,
Cumberland County, Pennsylvania, through its subsidiary,
Suburban Finance Company and its subsidiary Sentry
Consumer Discount Company (1/7/77) 3J
Fidelity Union Bancorporation, Newark, New Jersey, notification
of intent to engage in de novo activities (the business
of making loans in the present maximum amount of $5,000.00
or less under the provisions of the Pennsylvania Consumer
Discount Company Act; and making available to customers,
credit life insurance and disability insurance covering
the unpaid balance of loans outstanding and fire and
theft insurance to protect household goods held as
collateral during the periods of credit extensions) at
616 Baltimore Pike, Springfield, Delaware County,
Pennsylvania, through its subsidiary, Suburban Finance
Company and its subsidiary, Sentry Consumer Discount
Company (1/5/77) 3/
* * * * *
For Certification Pursuant to the Bank Holding Company
Tax Act of 1976
_________ _____
H. F. Ahmanson & Company, Los Angeles, California, divestiture
of Ahmanson Bank & Trust Co., Beverly Hills, California.
37
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
.2, 1977 No. 2
- 11 APPLICATIONS RBCEIVED-Continued
GATX Corporation, Chicago, Illinois, divestiture of 100,000
shares of LaSalle National Bank, Chicago, Illinois.
The Signal Companies, Inc., Beverly Hills, California,
divestiture of Signal Equities, formerly Arizona
Bancorporation, Phoenix, Arizona.
The Wachovia Corporation, Winston-Salem, North Carolina,
divestiture of Wachovia Insurance Agency, Inc., WinstonSalem, North Carolina.
The Wachovia Corporation, Winston-Salem, North Carolina,
divestiture of North Carolina Title Company, WinstonSalem, North Carolina,
First Missouri Banks, Inc., Creve Coeur, Missouri, divestiture of certain real property in Ellisville, Missouri.
Republic of Texas Corporation, Dallas, Texas to divest:
(a)
all of the Howard Corporation's interests in its
oil and gas properties and related real estate
interests;
(b) the common stock of Round Rock Lime Company;
(c) three shopping centers located in Dallas and Midland,
Texas and Shreveport, Louisiana, and
(d) approximately 6 acres of real estate in Dallas, Texas *
Republic of Texas Corporation, Dallas, Texas, divestiture
of Highland Park Shopping Center and other real property,
all in Dallas, Texas.
Transohio Financial Corporation, Cleveland, Ohio, divestiture of Port Clinton National Bank, Port Clinton, Ohio.
World Airways, Inc., Oakland, California and its wholly-owned
subsidiary, Worldamerica Investors Corp., divestiture of
shares of Western Bank and Trust Company, Los Angeles,
California.
Southern National Corporation, Lumberton, North Carolina,
through its wholly-owned subsidiary, Southern National
Insurance Services, Inc.:
(a)
divestiture of general insurance agency business
located in Lumberton, North Carolina on December
31, 1976.
(b) proposed divestiture of general insurance agency
business located in Rockingham, North Carolina, (c)
(c) proposed divestiture of general insurance agency
business located in Henderson, North Carolina.
H.2, 1977 No. 2
-12APPLICATIONS RECEIVED-Continued
G.S. Bancshares, Inc., Goodland, Kansas (formerly Western
Agency, Inc.), divestiture of its shares of Western
Insurance Agency, Goodland, Kansas.
University Bancorp, Inc., Kansas City, Missouri (formerly
Orwig and Company, Inc.), divestiture of real property
located in Topeka, Kansas by Ward Parkway Building
Company ("Ward Parkway").
Earl R. Waddell & Sons, Inc., Fort Worth, Texas, proposed
divestiture of 58,714 shares (approximately 39 per cent
of outstanding shares) of City National Bank, Fort
Worth, Texas.
Shelter Resources Corporation, Lyndhurst , Ohio ("Applicant")
divestiture by its subsidiary, Capital Bancorporation,
of shares of Capital National Bank, Lyndhurst, Ohio.
Educators Investment Company of Kansas, Inc., Emporia,
Kansas, divestiture of Flint Hills Manor, Inc., Emporia,
Kansas.
Midwestern Fidelity Corporation, Milford, Ohio, divestiture of
The Miami Deposit Bank, Yellow Springs, Ohio.
Pan American Bancshares, Inc., Miami, Florida, divestiture
of Commercial Aseguradora Suize Americano, S.A.,
Guatemala City, Guatemala.
First Oklahoma Bancorporation, Inc., Oklahoma City,
Oklahoma, divestiture of 30 various nonbanking companies,
assets and activities.
First National Bank, Stewartville, Minnesota, proposed
divestiture of its insurance agency.
MEI Corporation, Minneapolis, Minnesota, divestiture of
Olmstead County Bank and Trust Company, Rochester,
Minnesota and the First National Bank, Sioux City, Iowa.
Tracy Bancorp., Salt Lake City, Utah, proposed divestitures
of Tracy Realty Company, Salt Lake City, Utah and
Tracy-Osbornc-Dickson & Associates, Inc.
Westland Banks, Inc., Lakewood, Colorado, divestiture of Its
travel agency business.
H.2, 1977 No. 2
13 APPLICATIONS RECEIVED-Continued
First International Bancshares, Inc., Dallas, Texas:
(a) Divestiture by its subsidiary, First National Bank
in Dallas, of 264,143 shares of Guaranty Bank, Dallas,
Texas, and a $150,000 debenture of Guaranty Bank.
(b) Divestiture by its subsidiary, First National Securities
Company, Dallas, Texas of:
19,200 shares of White Rock National Bank, Dallas,
Texas;
4,458 shares of DeSoto State Bank, Dallas, Texas;
9,960 shares of North Park National Bank of Dallas,
Dallas, Texas;
21,464 shares of North Dallas Bank & Trust Co., Dallas,
Texas;
6,130 shares of East Dallas Bank & Trust Company, Dallas,
Texas;
14,058 shares of Citizens State Bank, Irving,
Texas;
22,080 shares of 1st National Bank of Richardson,
Richardson, Texas.
Union Financial Corporation, Denver, Colorado, divestiture
of substantially all of its oil and gas properties.
Crocker National Corporation, San Francisco, California,
proposed divestiture of Crocker McAlister Equipment
Leasing Inc. and Crocker McAlister Leasing Inc.
American Affiliates, Inc., South Bend, Indiana, divestiture
of American Home Industries, Inc., and Maron Products,
Inc., both of South Bend, Indiana.
Helmerich & Payne, Inc., Tulsa, Oklahoma, divestiture of
shares of Utica Bankshares Corporation, Tulsa, Oklahoma.
Beverly Agency, Inc., Chicago, Illinois, divestiture of shares
of Mt. Greenwood Bank, Chicago, Illinois.
* * * * *
REPORTS RECEIVED
Current Report Filed Pursuant to Section 13
of the Securities Exchange Act
The State Bank of North Jersey, Pine Brook, New Jersey.
1977 No. 2
14
PETITIONS FOR RULEMAKING
None.
@FedFRASER