Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : July 20, 1974

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A N N O U N C E M E N T BY
BOARD OF G O V E R N O R S OF THE F E D E R A L RESERVE SYSTEM
A p p l i c a t i o n s and Reports Received or Acted on
H.2
1974 No. 29

During the Week Ending July 20, 1974

District

4

Date
Ownership Statement Filed Pursuant to Section 13(d)
of the Securities Exchange Act
Received
The Fifth Third Bank, Cincinnati, Ohio ,
(Filed b y Cincinnati Financial Corporation
C i n c i n n a t i , Ohio, Amendment #10)
* * * * *

4

To Become a M e m b e r of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Received
HBT Bank of Canton, Canton, Ohio

6

The First B a n k of Pensacola, Pensacola, Florida

7

Approved
-Midwest Securities Trust Company, Chicago, Illinois
* * * * *

^ A p p l i c a t i o n processed b y the Reserve Bank on b e h a l f of the Board of
Governors under delegated authority.




7-15-74

H.2
1974 No. 29

- 2 To Establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
Security Trust Company, Rochester, New York, Branch
to be established at Store 16, East Rochester
Village Mall, approximately 190 feet South of the
intersection of Main and Commercial Streets,
East Rochester, (Incorporated area) Monroe County,
Marine Midland Bank-Western, Buffalo, New York. Branch
to be established on the West Side Mall corridor
in the Thruway Mall, Harlem and Walden Avenue, Town
of Cheektowaga, Erie County.
Manufacturers and Traders Trust Company, Buffalo,
New York. Branch to be established at 6095
Transit Road, Village of Depew, Erie County.
The Fidelity Bank, Rosemont, Montgomery County, Pennsylvania.
Branch to be established at 705 Hamilton Street,
Allentown, Lehigh County.
Bank of Warrenton, Warrenton, Virginia. Branch to be
established at the intersection of U.S. Route 17
and State Route 637, Morrisville, Faquier County.
First Citizens and Trust Company, Poplarville, Mississippi.
Branch to be established at 200 North Harvey Avenue,
Picayune, Pearl River County.
American Bank and Trust Company, Lansing, Michigan. Branch
to be established at 6500 West Saginaw Road, Delta
Township, Lansing, Eaton County.
Approved
-Manufacturers Hanover Trust Company, New York, New York.
Branches to be established at the following locations:
A.

To be established at 798 Manhattan Avenue,
Greenpoint, Borough of Brooklyn.

B.

To be established at 200 West 79th Street,
New York.

*Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.




H.2
1974 No. 29

~3
Approved Cont'd
* A m e r i c a n Guaranty Bank, Tampa, Florida.
Branch to
t o be established slightly North of the Northwest
corner of the intersection of 56th Street and Sligh
Avenue, T a m p a .
^Marine Bank & Trust Company, Tampa, Florida.
To
establish a Trust Service Office at t h e Liberty
National Bank of St. Petersburg, St. Petersburg.
* * * * *

2

7

To establish an Overseas Branch o f a M e m b e r B a n k
Pursuant to Section 25 of the Federal Reserve Act
Received
The Chase M a n h a t t a n Bank, N.A., New York, N e w York:
a branch in the Sultanate of Oman, Arabian P e n i n s u l a ,
to be located in M u s c a t .
Approved
City N a t i o n a l Bank of Detroit, Detroit, M i c h i g a n :
a branch in Grand Cayman, Cayman Islands, to be
located in Georgetown.
* * * * *

11

To O r g a n i z e , or Invest in, a Corporation Doing
Foreign Banking and Other Foreign Financing Pursuant
to Section 25 or 25(a) of the Federal Reserve Act
Received
A p p l i c a t i o n to organize a corporation in Dallas, Texas,
to be k n o w n as "International Bank of C o m m e r c e . M

* A p p l i c a t i o n processed b y the Reserve Bank on b e h a l f of the Board o f
Governors under delegated authority.







Received Cont'd
Manufacturers Hanover Trust Company, New York,
New York:
to organize a corporation in Houston,
Texas to be known as "Manufacturers Hanover Bank
International (Houston). 11
Irving Trust Company, New York, New York:
to
organize a corporation in Los A n g e l e s C a l i f o r n i a
to be known as "Irving Trust Company International
(Pacific)."
* * * * *

To Merge Pursuant to Section 18(c) of
the Federal Deposit Insurance Act
Received
The Harter Bank & Trust Company, Canton, Ohio for
prior approval to merge with The HBT Bank of
Canton, Canton, Ohio.

H. 2
1974 No. 29
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
Harter BanCorp, Canton, Ohio, for approval to acquire
100 per cent (less directors 1 qualifying shares) of
the successor by merger to The Harter Bank & Trust
Company, Canton, Ohio.
Alton Bancorporation, Alton, Iowa, for approval to
acquire 50.47 per cent or more of the voting shares
of The Alton Savings Bank, Alton, Iowa.
Oregon Corporation, Oregon, Illinois, for approval to
acquire 95.3 per cent of the voting shares of The
Ogle County National Bank of Oregon, Oregon, Illinois.
Denied
Southland Bancorporation, Mobile, Alabama, for approval
to acquire 100 per cent of the voting shares (less
directors 1 qualifying shares) of the successors by
merger to The Merchants National Bank of Mobile,
Mobile, Alabama; City National Bank of Birmingham,
Birmingham, Alabama; and First National Bank of
Fairhope, Fairhope, Alabama.
Withdrawn
On H.2 No. 16 (1974), the Board reported receipt of an
application from Gainesville Bancshares, Inc.,
Gainesville, Missouri, for approval to acquire 80
per cent or more of the voting shares of Bank of
Gainesville, Gainesville, Missouri. This application
has been withdrawn at Applicant's request.

* * * * *

1




To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
First National Boston Corporation, Boston, Massachusetts, for approval to acquire 100 per cent (less
directors' qualifying shares) of the voting shares
of the successor by merger to Blackstone Valley
National Bank, Whitinsville, Massachusetts.




Received Continued
First National Boston Corporation, Boston, Massachusetts, for approval to acquire 100 per cent (less
directors 1 qualifying shares) of the voting shares
of the successor by merger to The First National
Bank of Ipswich, Ipswich, Massachusetts.
First National Boston Corporation, Boston, Massachusetts, for approval to acquire 100 per cent (less
directors f qualifying shares) of the voting shares
of the successor by merger to The First National
Bank of Yarmouth, Yarmouth, Massachusetts.
First & Merchants Corporation, Richmond, Virginia, for
approval to acquire 100 per cent of the voting shares
(less directors f qualifying shares) of First & Merchants National Bank of Fairfax, McLean, Virginia,
a proposed new bank.
First & Merchants Corporation, Richmond, Virginia, for
approval to acquire 100 per cent o f the voting shares
(less directors 1 qualifying shares) of First & Merchants National Bank of Loudoun, Leesburg, Virginia,
a proposed new bank.
United Virginia Bankshares Incorporated, Richmond,
Virginia, for approval to acquire 100 per cent of
the voting shares of United Virginia Bank of Gloucester, Gloucester, Virginia, the successor by merger
to Bank of Gloucester, Gloucester, Virginia.
Alabama Bancorporation, Birmingham, Alabama, for approval to acquire 100 per cent (less directors T
qualifying shares) of the voting shares of the successor by merger to Shoals National Bank of Florence,
Florence, Alabama.
Flagship Banks, Inc., Miami Beach, Florida, for approval
to acquire 90 per cent or more of the voting shares
of Citizens State Bank, Marianna, Florida.
First Alabama Bancshares, Inc., Birmingham, Alabama,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of the
successor by merger to Farmers and Marine Bank,
Bayou La Batre, Alabama.




Received Continued
Southeast Banking Corporation, Miami, Florida, for
approval to acquire 80 per cent or more of the voting
shares of The Sebastian River Bank, Sebastian, Florida.
National Detroit Corporation, Detroit, Michigan, for
approval to acquire 80 per cent or more of the voting
shares of Grand Valley National Bank, Grandville,
Michigan.
First Tennessee National Corporation, Memphis, Tennessee,
for approval to acquire 100 per cent of the voting
shares of the successor by merger to Cleveland Bank
and Trust Company, Cleveland, Tennessee.
Archer-Daniels-Midland Company, Decatur, Illinois, and
Independent Bancorporation, Minneapolis, Minnesota,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of National
City Bank of Ridgedale, Minnetonka, Minnesota, a proposed new bank.
First National Charter Corporation, Kansas City, Missouri,
for approval to acquire 80 per cent or more of the
voting shares of Bank of Carthage, Carthage, Missouri.
Western Agency, Inc., Goodland, Kansas, for approval to
acquire 2,000 additional voting shares of Goodland
State Bank and Trust Company, Goodland, Kansas.
Approved
Mercantile Bankshares Corporation, Baltimore,
for approval to acquire 80 per cent or more
voting shares of The First National Bank of
Maryland of Upper Marlboro, Upper Marlboro,

Maryland,
of the
Southern
Maryland.

Mercantile Bancorporation Inc., St. Louis, Missouri, for
approval to acquire 90 per cent or more of the voting
shares of Bank of Memphis, Memphis, Missouri.
The Dunmire Agency, Inc., Spring Hill, Kansas, for approval to acquire an additional one per cent of the
voting shares of The State Bank of Spring Kill, Spring
Hill, Kansas.

H.2
1974 No. 29

:
6

- 8

-

To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of the Bank Holding Company Act
of 1956
Received
Trust Company of Georgia and Trust Company of Georgia
Associates, both of Atlanta, Georgia, for approval
to retain 51.01 per cent of the shares of The First
State Bank of Fitzgerald, Fitzgerald, Georgia.

* * * * *

2

2

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Received
**The Chase Manhattan Corporation, New York, New York,
notification of intent to engage in de novo activities
(leasing real property or acting as agent, broker,
or adviser in connection with the leasing of real
property, all such leases to be on a full payout
basis; acting as an equipment leasing and financing
corporation and as agent, broker, or adviser in connection with the leasing or financing of personal
property, all such leases to be on a full payout
basis; and making or acquiring, for its own account
or for the account of others, loans and other extensions of credit, whether secured or unsecured) in
New York, New York, through a subsidiary to be known
as Chase Manhattan Realty Leasing Corporation.

7-19-74

**Citicorp, New York, New York, notification of intent
6-28-74
to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker
for the sale of consumer credit related life-accident
and health insurance, and consumer credit related
property and casualty insurance; if this proposal is
effected, Nationwide Financial Corporation will offer
to sell insurance as follows:
(a) group credit lifeaccident and health insurance to cover the outstanding
balances of loans to borrowers in the event of their
death, or, to make the contractual monthly payments on
the loans in the event of the borrowers' disability;
(b) individual casualty insurance on property, generally
automobiles and household goods, subject to security
agreements with Nationwide; further, in regard to the
sale of credit related insurance, Nationwide Financial
Corporation will not offer insurance counseling) in

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2
1974 No. 29

- 9 .
Received Continued
Denver, Colorado; New Orleans, Louisiana; Phoenix,
Arizona; and Salt Lake City, Utah; through a subsidiary of Nationwide Financial Corporation.

2

2

**Citicorp, New York, Hew York, notification of intent
to engage in de_ novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker
for the sale of consumer credit related life-accident and health insurance, and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation
of Idaho and Oklahoma will offer to sell insurance
as follows:
(a) group credit life-accident and health
insurance to cover the outstanding balances of loans
to borrowers in the event of their death, or, to make
the contractual monthly payments on the loans in the
event of the borrowers f disability; (b) individual
casualty insurance on property, generally automobiles
and household goods, subject to security agreements
with Nationwide; further, in regard to the sale of
credit related insurance, Nationwide Financial Corporation of Idaho and Oklahoma will not offer insurance counseling) in Napa City, Idaho, and Edmond,
Oklahoma, through its subsidiaries, Nationwide Financial Corporation of Idaho and Nationwide Financial
Corporation of Oklahoma.

7-10-74

**First Commercial Banks Inc., Albany, New York, notification of intent to engage in de novo activities
(leasing personal property, or acting as agent, broker,
or adviser in leasing 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 f s full investment in
the property plus the estimated total cost of financing
the property over the term of the lease) in New York,
New York, through its subsidiary, FCB Leasing Ltd.

**4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




6- 5-74

•

•

H.2
1974 No. 29

4

- 10 Received Continued
**Centran Corporation, Cleveland, Ohio, notification of
intent to engage in de novo activities (the sale,
as agent, of fire, inland marine, and extended
coverage insurance on real property, furniture and
household goods, and vehicular physical damage insurance on vehicles taken as collateral on loans
made or purchased by Major Finance Corporation and
its subsidiaries) at the main office of its whollyowned subsidiary, Major Finance Corporation, 912
Thayer Avenue, Silver Spring, Maryland, and its
subsidiaries: Major Finance Service Company; Major
Insurance Agency, Inc.; Major Insurance Agency of
Silver Spring, Inc.; all located at 912 Thayer Avenue,
Silver Spring, Maryland; Major Finance Corporation of
Silver Spring, 8404 Georgia Avenue, Silver Spring,
Maryland; Major Acceptance Corporation, 8055 13th
Street, Silver Spring, Maryland; Major Mortgage Corporation, 8001 Forbes Place, Springfield, Virginia;
Major Finance Corporation of Alexandria, 622 North
Washington Street, Alexandria, Virginia; and Major
Finance Corporation of Arlington, 2419 Columbia Pike,
Arlington, Virginia and its office at 1108 West Broad
Street, Falls Church, Virginia.

4

5

7-16-74

Pittsburgh National Corporation, Pittsburgh, Pennsylvania, for approval to retain all of the shares of
The Kissell Company, Springfield, Ohio.
**First Virginia Bankshares Corporation, Falls Church,
Virginia, notification of intent to relocate an
office of its subsidiary, First General Financial
Services, Inc., from 600 Peachtree Street, N.W.,
Atlanta, Georgia, to 5204 Jonesboro Road, Lake City,
Georgia, and to engage at the new location in the
following activities: operating as a finance company, including the extension of small personal loans;
financing retail installment sales; granting real
estate loans, primarily second mortgage loans; and
acting as agent or broker in the sale of property
insurance, credit life insurance, and credit accident
and health insurance only to its loan customers.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




7-15-74

H. 2
1974 No. 29

- 11 Received Continued
Alton Bancorporation, Alton, Iowa, for approval to
acquire Krogman Kiernan Insurance Agency, Alton,
Iowa.

7

Bankshares of Indiana, Inc., Merrillville, Indiana,
for approval to acquire through merger the assets
and liabilities of Goodwin Brothers Leasing, Inc.,
Lexington, Kentucky.

7

7

**Cherry Hills Enterprises, Springfield, Illinois, notification of intent to engage in d_e novo activities
(the sale of credit life and accident and health
insurance on loans extended by Town & Country Bank
of Springfield) at 1925 South MacArthur Boulevard,
Springfield, Illinois, through a subsidiary to be
known as Town & Country Credit Life Insurance Company.

7-16-74

7

**The Indiana National Corporation, Indianapolis, Indiana,
notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, direct loans in the form of consumer loans which would b e made by companies subject
to regulation under the Uniform Consumer Credit Code
and Wisconsin Consumer Act; business purpose loans
and other extensions of credit in the form of conditional sales contracts and retail installment sales
contracts; and loans to mobile home dealers for the
purpose of financing inventory) through its subsidiary,
Citadel Finance, Inc., Indianapolis, Indiana.

7-17-74

7

^ M a n u f a c t u r e r s National Corporation, Detroit, Michigan,
notification of intent to engage in de novo activities
(leasing personal and real property, and acting as
agent, broker, or adviser in the leasing of such
property, where at the inception of the initial
lease the effect of the transaction will yield a return that will compensate the lessor for not less than
the lessor T s full investment in the property plus the
estimated total cost of financing the property over the
term of the lease) at 151 West Fort Street, Detroit,
Michigan, through a subsidiary, Manulease Corporation.

7-15-74

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H. 2
1974 No. 29

12

12

4

- 12 Received Continued
**Marine Bancorporation, Seattle, Washington, notification
7-11-74
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 sales finance contracts,
and making loans to small businesses; leasing real
or personal property, or acting as agent, broker, or
adviser in leasing of such property, where at the inception of the initial lease the expectation is that
the effect of the transaction and reasonably anticipated future transactions with the same lessee as to
the same property will be to compensate the lessor
for not less than the lessor T s full investment in
the property plus the estimated cost of financing
the property; acting as insurance agent or broker with
regard to credit life and disability insurance relating
only to extensions of credit by Commerce Credit Company,
or its affiliates, secured or unsecured with the limitation that the initial amount of such insurance issued
with respect to any debtors may at no time exceed the
amount owed by such debtors, and consumer credit related
property and casualty insurance on personal property
subject to security agreements with Commerce Credit
Company or its affiliates) at 1945 Yale Place East,
Seattle, Washington, through its subsidiary, Commerce
Credit Company.
**Zions Utah Bancorporation, Salt Lake City, Utah, notification of intent to engage in de novo activities
(lease financing of real and personal property including, but not limited to, industrial and commercial
properties, manufacturing facilities and processes
which are considered real property, automatic data
processing equipment, aircraft, manufacturing equipment, and rolling stock) at 310 South Main Street,
Salt Lake City, Utah, through a subsidiary to be known
as Argus Leasing Corporation.
Correction:
**Centran Corporation, Cleveland, Ohio, notification of
intent to engage in de novo activities (the sale,
as agent, of fire insurance and extended coverage

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




7- 2-74

7-11-74

H.2
1974 No. 29

- 13 Received Continued
insurance, at the request of borrowers, on real
property, furniture and household goods, taken as
collateral on loans made or purchased by Cumberland
Financial Service, Inc. of Mississippi) at the main
office and Gulfport, Mississippi office of its whollyowned subsidiary, Cumberland Financial Service, Inc.
of Mississippi, Jackson, Mississippi. On H.2 No. 28,
the name was reported as Central Corporation.
Approved
United Carolina Bancshares Corporation, Whiteville,
North Carolina, notification of intent to engage in
de novo activities (a consumer finance company, including extending personal loans of $900 or less;
and acting as agent with respect to credit life,
accident and health insurance directly related to
Company ! s extensions of credit) in Whiteville, North
Carolina, through its subsidiary, First Credit Corporation, Shallotte, North Carolina.

5

7

Delayed
^ C o n t i n e n t a l Illinois Corporation, Chicago, Illinois,
notification of intent to engage in 4 e novo activities
(leasing, on a nonoperating basis, personal property
and equipment acquired specifially for a leasing transaction, and acting as agent, broker, or adviser in
the leasing thereof, where the lease serves as the
functional equivalent of an extension of credit to
the lessee of the property, and where at the inception
of the initial lease the expectation is that the
effect of the transaction and, with respect to governmental entities only, reasonably anticipated future
transactions with the same lessee as to the same
property, will be to compensate the lessor for not
less than the lessor 1 s full investment in the property
plus the estimated total cost of financing the property
over the term of the lease; and making or acquiring,
for its own account or for the account of others,
secured and unsecured loans and other extensions of
credit to or for business, governmental, and other

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




7-18-74

H.2
1974 No. 29

- 14 Delayed Continued
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
undertaking secondary obligations similar in effect
thereto and accepting drafts; and servicing loans
and other extensions of credit for others) in Chicago,
Illinois, through subsidiaries, CI Aircraft Leasing
Corp; CI Marine Leasing Corp.; and CI General Equipment Leasing Corp.

2

2

Permitted
**Bankers Trust New York Corporation, New York, New York,
notification of intent to engage in de. novo activities
(the facilitation of and the m a l . f o r acquiring,
for its own account or for the act ruint of others,
unsecured and secured loans, including real estate
loan, and other extensions of credit, including
issuing letters of credit and accepting drafts;
servicing loans and other extensions of credit; and
leasing real and personal property and equipment, or
acting as agent, broker, or adviser in leasing such
property; the leases will serve as the functional
equivalent of an extension of credit or such leases
will be on a full payout basis) in Houston, Texas,
through a subsidiary to be known as BT Southwest, Inc.

**Citicorp, New York, New York, notification of intent
7-19-74
to engage in de novo activities (making consumer
installment personal loans, purchasing consumer
installment sales finance contracts; and acting as
broker for the sale of consumer credit related lifeaccident and health insurance, and consumer credit
related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation
will offer to sell insurance as follows: (a) group
credit life-accident and health insurance to cover
the outstanding balances of loans to borrowers in
the event of their death, or, to make the contractual
monthly payments on the loans in the event of the
borrowers' disability; (b) individual casualty insurance
on property, generally cutrraobi 1 rr,
household goods,
subject: to security &gs 11
nts
.'^tionwide;
further, in regard to the rale of c.redit related insurance, Nationwide will not otiar insurance counseling)
in Omaha, Nebraska, through its subsidiary, Nationwide
Financial Corporation of Nebraska.

**4 (c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




7-19-74

H.2
1974 No. 29

2

-15Permitted Continued
**Citicorp, New York, New York, notification of intent
to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker
for the sale of consumer credit related life-accident
and health insurance, and consumer credit related
property and casualty insurance; if this proposal is
effected, Nationwide Financial Corporation of Arizona,
Nebraska, and South Dakota will offer to sell insurance
as follows: (a) group credit life-accident and health
insurance to cover the outstanding balances of loans
to borrowers in the event of their death, or, to make
the contractual monthly payments on the loans in the
event of the borrowers' disability; (b) individual
casualty insurance on property, generally automobiles
and household goods, subject to security agreements
with Nationwide; further, in regard to the sale of
credit related insurance, Nationwide Financial Corporation of Arizona, Nebraska, and South Dakota will
not offer insurance counseling) in Yuma, Arizona;
Lincoln, Nebraska; and Sioux Falls, South Dakota;
through its subsidiaries, Nationwide Financial Corporation of Arizona, Nebraska, and South Dakota,

7-19-74

2

**First Commercial Banks Inc., Albany, New York, notification of intent to engage in de novo activities
(leasing personal property, or acting as agent, broker,
or adviser in leasing 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) in New York,
New York, through its subsidiary, FCB Leasing Ltd.

7-19-74

2

**J.P. Morgan & Co. Incorporated, New York, New York,
notification of intent to engage in de. novo activities
(leasing real property located anywhere in the United
States, its territories and possessions, Puerto Rico
or foreign countries, and acting as agent, broker, or
adviser in leasing such property, the leases to serve
as the functional equivalent of an extension of credit,
to be so-called "full payout leases") through its subsidiary, J.P. Morgan Interfunding Corp.

7-14-74

**4 (c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2
1974 No. 29

12

12

2

- 16 Permitted Continued
**Washington Bancshares, Inc., Spokane, Washington,
notification of intent to engage in die novo activities
(acting as agent or broker for the sale of vendors f
single interest and lenders 7 indemnity insurance
to be sold in connection with credit extended by
banks or related firms) at West 422 Riverside Avenue,
Spokane, Washington, through its subsidiary, Union
Securities Co.
**Zions Utah Bancorporation, Salt Lake City, Utah, notification of intent to engage in de_ novo activities
(operating as an industrial bank under the laws of
the State of Colorado which includes the lending of
money to consumers and others, the sale on an optional
basis of credit life, health and accident insurance
relating to such loans, and the acceptance of savings
in the form of passbook accounts and certificate
accounts) at 730 Royal Gorge Boulevard, Canon City,
Colorado, through a subsidiary to be known as Canon
City 1st Industrial Bank.
Reactivated
**Citicorp, New York, New York, notification of intent
to engage in de novo activities (making consumer
installment personal loans, purchasing consumer installment sales finance contracts; and acting as
broker for the sale of consumer credit related lifeaccident and health insurance, and consumer credit
related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation
will offer to sell insurance as follows: (a) group
credit life-accident and health insurance to cover the
outstanding balances of loans to borrowers in the event
of their death, or, to make the contractual monthly
payments on loans in the event of the borrowers V disability; (b) individual casualty insurance on property,
generally automobiles and household goods, subject to
security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide will not offer insurance counseling) in Omaha,
Nebraska, through its subsidiary, Nationwide Financial
Corporation of Nebraska.

7-14-74

7-19-74

7-19-74

**4 (c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




#
H. 2
1974 N o . 29

6

- 17 Returned
**First A l a b a m a Bancshares, Inc., M o n t g o m e r y , A l a b a m a ,
n o t i f i c a t i o n of intent to engage in de novo a c t i v i t i e s
(acting as investment or financial adviser to the
extent of (a) serving as investment adviser, as d e fined in section 2 (a)(20) of the Investment C o m p a n y Act
of 1940, to an Investment Company Registered under
that act; (b) providing portfolio investment a d v i c e
to any other person; (c) furnishing general economic
i n f o r m a t i o n and advice, general economic statistical
forecasting services and industry studies; and (d)
providing financial advice to State and local governments, such as w i t h respect to the issuance of
their s e c u r i t i e s ) in Birmingham and M o n t g o m e r y ,
A l a b a m a , through a subsidiary, First A l a b a m a I n v e s t m e n t C o u n s e l o r s , Inc.

1

8

7-19-74

Withdrawn
On H. 2 No. 16 (1974), the Board reported receipt of an
a p p l i c a t i o n from Shawmut A s s o c i a t i o n , Inc., Boston,
M a s s a c h u s e t t s , for approval to a c q u i r e at least 87
per cent of the voting shares of Cenco M e d i c a l / H e a l t h
Supply C o r p . , Great Neck, N e w Y o r k .
In a letter
dated J u l y 9, 1974, Applicant requested that the
a p p l i c a t i o n be w i t h d r a w n .
On H . 2 N o . 16 (1974), the Board reported receipt of an
a p p l i c a t i o n from Gainesville Bancshares, Inc.,
G a i n e s v i l l e , Missouri, for a p p r o v a l to engage de n o v o
in the s a l e of credit life and credit accident and h e a l t h
insurance directly related to extensions of credit b y
Bank of Gainesville, Gainesville, M i s s o u r i .
This
a p p l i c a t i o n has been w i t h d r a w n at A p p l i c a n t ' s request.

* * * * *

6

To Expand a Bank Holding Company Pursuant to Section
4 ( c ) ( 1 2 ) of the Bank Holding Company Act of 1956
Received
First C a p i t a l Corporation, Jackson, M i s s i s s i p p i , for
a p p r o v a l to acquire 50,000 shares of Intersystems,
Inc., J a c k s o n , M i s s i s s i p p i .

* * 4 ( c ) ( 8 ) and 4 ( c ) ( 1 2 ) notifications processed by R e s e r v e Bank on behalf
of the Board of G o v e r n o r s under delegated a u t h o r i t y .




H.2
1 9 7 4 N o . 29

-

18

-

Permitted
**Heights Finance C o r p o r a t i o n , Peoria, Illinois, for
a p p r o v a l to a c q u i r e W a y n e Printing C o m p a n y , P e o r i a ,
Illinois, a g e n e r a l offset printing b u s i n e s s .

* * * * *

For E x e m p t i o n Pursuant to Section 4 ( d ) of t h e
B a n k Holding C o m p a n y Act of 1956
Received
T r u s t e e s of D a r t m o u t h C o l l e g e , H a n o v e r , N e w H a m p s h i r e .

**4 (c)(8) and 4 ( c ) ( 1 2 ) n o t i f i c a t i o n s p r o c e s s e d by R e s e r v e B a n k on behalf
o f the Board of Governors under delegated a u t h o r i t y .




^

7-18-74