Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : July 23, 1977

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 30)
Actions of the Board; Applications and Reports
Received During the Week Ending July 23, 1977
ACTIONS OF THE BOARD
Amendment to Regulation Z, effective immediately, to clarify
provisions that permit discounts for cash customers.
Report on bill S. 1726, the Small Business Economic Policy
and Advocacy Reorganization Act of 1977, response to request for BoardTs views sent to Senator Thomas J.
Mclntyre.
SWB Corporation, Oklahoma City, Oklahoma, extension of time
to September 20, 1977, within which to consummate the
acquisition of Southwestern Bank and Trust Company,
Oklahoma City, Oklahoma. 1/
Utah Bancorporation, Salt Lake City, Utah, extension of time
to October 21, 1977, within which to acquire shares of Utah
Valley Bank, Orem, Utah. 1/
Yoakum County Bancshares, Inc., Denver City, Texas, extension
of time to August 22, 1977, within which to consummate the
acquisition of Yoakum County State Bank, Denver City, Texas. 1/
Du Quoin State Bank, Du Quoin, Illinois, to make an additional
investment in bank premises. 1/
Merchants-Produce Bank, Kansas City, Missouri, extension of
time to December 17, 1977, within which to complete the
sales of subordinated capital notes. 1/
Mainland Bank, Linwood, New Jersey, proposed acquisition by
First Peoples National Bank of New Jersey, Westmont, New
Jersey; report to the Comptroller of the Currency on competitive factors. 1/
1/

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




H.2, 1977 No. 30

-

2

-

ACTIONS OF THE BOARD-Continued
New City National Bank of Bryan, Bryan, Texas, proposed merger
with The City National Bank of Bryan, Bryan, Texas, report to
the Comptroller of the Currency on competitive factors. 1/
Sun Bank of Fort Pierce, Fort Pierce, Florida, proposed merger
with Sun Bank of St. Lucie County, Fort Pierce, Florida; report to the Federal Deposit Insurance Corporation on competitive factors. 1/
Sun Bank of Holly Hill, Holly Hill, Florida, and Sun Bank of
Daytona Beach Shores, Daytona Beach Shores, Florida, proposed merger with Sun Bank of Volusia County, Daytona Beach,
Florida; report to the Federal Deposit Insurance Corporation
on competitive factors. If

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




H.2, 1977 No. 30

~ 3 ACTIONS OF THE BOARD-Continued

To establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Approved
The Sylvanla Savings Bank Company, Sylvanla, Ohio. Branch
to be established at 3204 Tremalnsvllle Road, Toledo,
Lucas County. 2/
The Detroit Bank & Trust Company, Detroit, Michigan.
to be established at 660 Jones Street. 2/

Branch

The Bank of Neosho, Neosho, Missouri. Branch to be established
at 528 Neosho Boulevard, Neosho, Missouri. 2/
Tyler Bank and Trust Company, Tyler, Texas. Branch to be
established on the Northwest Corner of College and Locust
Streets. 2/
* * * * *

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
Bamerical International Financial Corporation: Investment to acquire the remaining five per cent of the shares of
Bankamerica Finance Limited, Reading, England.
Bank of America N.T. and S.A.: Investment - to restructure
the holdings of International Mexican Bank, Limited,
London
* * * * *

To Form a Bank Holding Company Pursuant to Section 3(a)(1)
of the Bank Holding Company Act of 1956
Withdrawn
Farmbanc Company, Chattanooga, Tennessee, for approval to
acquire 95.7 per cent of the voting shares of Farmers
National Bank, Winchester, Tennessee.
2/

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




H.2, 1977 No. 30

— 4 —
ACTIONS OF THE BOARD-Continued

Citizens Bankers, Inc., Baytown, Texas for approval to
acquire .100 per cent (less directors1 qualifying shares)
of Citizens National Bank & Trust Company of Baytown and
Baytown State Bank, both of Baytown, Texas.
Approved
BANKSTOCK ONE, INC., Ozark, Arkansas, for approval to acquire
80 per cent of the voting shares of Bank of Ozark, Ozark,
Arkansas. 2/
Berbanc, Inc., Salina, Kansas, for approval to acquire 100
per cent of the voting shares (less directorsT qualifying
shares) of The Gypsum Valley National Bank of Gypsum,
Gypsum, Kansas.
Marble Falls Financial Corporation, Marble Falls, Texas, for
approval to acquire 81 per cent or more of the voting
shares of Home State Bank, Marble Falls, Texas. 2/
* * * * *

To expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Berco, Inc., Bennington, Kansas, for approval to acquire 24
per cent of the voting shares of Berbanc, Inc., Salina,
Kansas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Returned
Great American Corporation, Baton Rouge, Louisisana, notification of intent to engage in de novo activities (making
and acquiring for its own account, loans, discounts,
acceptances and other extensions of credit and such other
business as is customarily engaged in by consumer credit
2J

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




H.2, 1977 No. 30

- 5 ACTIONS OF THE BOARB-Continued

or finance company, and acting as insurance agent or
broker in selling insurance to borrowers from such finance subsidiary to include credit life insurance,
accident and health insurance and property insurance for
collateral supporting loans made by said finance subsidiary) at 3204 Ryan Street, Lake Charles, Louisiana,
through a subsidiary, Ambank Acceptance Corporation
d/b/a/ American Acceptance Associates (7/18/77) 3/
Delayed
United Bancorp, Roseburg, Oregon, notification of intent to engage in de novo activities (to provide bookkeeping or
data processing services for the internal operations of
the holding company and its subsidiaries; to store and
process other banking, financial or related economic
data, such as performing payroll accounts receivable or
payable, or billing services) at S.E. Oak and Kane Streets,
Roseburg, Oregon, though its subsidiary, United D.P. Co.
(7/21/77) 3/
Reactivated
Valley Bancorporation, Rexburg, Idaho, notification of intent
to engage in de novo activities (making or acquiring, for
its own account or for the account of others, loans
secured by real property and related fixtures, and/or
personal property and servicing such loans for any other
person, corporation, firm or legal entity) at 110 East
Main, Rexburg; 1625 Northgate Mile, Idaho Falls; 1 Riverside Plaza, Blackfoot; 910 Yellowstone Avenue, Pocatello;
30 West Main, St. Anthony; 503 Main, Ashton; and 15 North
Main, Driggs; all located in Idaho, through its subsidiary,
Mountain Mortgage Company (7/23/77) 3/
Permitted
Hartford National Corporation, Hartford, Connecticut, notification of intent to continue to engage de novo in activities
(origination, negotiation, making and collection of loans
secured by real estate) from an existing office located
at 830 Post Road East (formerly known as 830 East State
Street), Westport, Connecticut, which was established in
June, 1970, and will also be conducted from a new location
at 111 Main Street, Hartford, Connecticut through its
subsidiary, HNC Realty Company (7/20/77) 3/
Industrial National Corporation, Providence, Rhode Island,
notification of intent to form de novo, a whollyowned
subsidiary under the name of MAI Corporation and to transfer
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. 30
ACTIONS OF THE BOAJRD-Continued
to such subsidiary all of the stock of Mortgage Associates,
Inc., therefore continuing to engage through (Mai Corporation and Mortgage Associates, Inc. in
novo actitivties
origination and sale of residential and commercial mortgages;
origination and sale of loans for the purchase of mobile
homes; consumer finance; servicing of mortgage loans and
mobile home loans; and insurance agency for any insurance
for the holding company and its subsidiaries and 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 purchase) through
Mortgage Associates, Inc., at the sole office of Mai
Corporation, located at the main office of Mortgage
Associates, Inc., at 125 East Wells Street, Milwaukee,
Wisconsin (7/21/77) 3/
Florida National Banks of Florida, Inc., Jacksonville, Florida,
notification of intent to relocate jde novo activities (to
engage in data processing services to Commercial Banks
and/ or other financial institutions and their corporate
clients) from 169E Flagler Street, Miami, Florida to 7550
N.W. 26th Street, Miami, Florida, through a department of
the company known as Miami Computer Services Facility
(7/17/77) 3/
Mercantile Bancorporation, Inc., St. Louis, Missouri, notification of intent to engage in de novo activities (operating
as an industrial loan company in the manner authorized by
the laws of West Virginia and will not both accept deposits
and make commercial loans; and insurance agency or
brokerage in connection with selling to borrowers credit
life insurance and credit accident and health insurance)
at 300 Carolina Avenue, Chester, West Virginia, through a
subsidiary, Franklin Finance Company, through its whollyowned subsidiary, Franklin Thrift and Loan Company of
Chester, Inc. (7/18/77) 3/
Mercantile Bancorporation Inc., St. Louis, Missouri, notification of intent to relocate de novo activities (making,
acquiring or servicing loans or other extensions of
credit for personal, family or household purposes such as
are made by a finance company; and insurance agency or
brokerage in connection with selling to consumer finance
borrowers credit life insurance and credit accident and
health insurance) from 537 9th Street, Huntington, West
Virginia, to 3201 U.S. 60 East, Huntington, West Virginia,
through its subsidiary Franklin Finance Company with a
name change to Franklin Thrift and Loan Company of
Huntington, Inc. (7/21/77) 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. 30

7
ACTIONS OF THE BOARD-Continued

Mercantile Bancorporation, Inc., St. Louis, Missouri, notification of intent to relocate de novo activities (operating
as an industrial loan company in the manner authorized by
the laws of West Virginia and will not both accept deposits
and make commercial loans; and insurance agency or brokerage
in connection with selling to borrowers credit life insurance
and credit accident and health insurance) from 541 9th Street,
Huntington, West Virginia, to 3203 U.S. 60 East, Huntington,
West Virginia, through a subsidiary, Bond Industrial Loan
Company of Huntington, Inc. (7/21/77) 3/
First Security Corporation, Salt Lake City, Utah, notification
of intent to engage in dj£ novo activities (making or acquiring,
for its own account or for the account of others, loans and
other extension of credit such as are normally made by a
mortgage company and the servicing of such loan accounts for
itself and for others including loans on improved and unimproved
residential and commercial properties) at 300 South 4th
Street, Las Vegas, Nevada, through its subsidiary, First
Security Mortgage Co. (7/17/77) 3/
Valley Bancorporation, Rexburg, Idaho, notification of intent
to engage in de novo activities (making or acquiring,
for its own account or for the account of others, loans
secured by real property and related fixtures and/or personal
property, and servicing such loans for any other person,
corporation, firm or legal entity) at seven locations in
southeastern Idaho: 110 East Main, Rexburg; 1625 Northgate
Miles, Idaho Falls: 1 Riverside Plaza, Blackfoot; 910
Yellowstone Avenue, Pocatello; 20 West Main, St. Anthony;
503 Main Street, Ashton; and 15 North Main Street, Driggs,
through its subsidiary, Mountain Mortgage Company (7/23/77) 3/
*

* * * *

Certifications Issued Pursuant to the Bank Holding Company
Tax Act of 1976
Westland Banks, Inc., Lakewood, Colorado (formerly Weerva,
Inc.), prior certification pursuant to Section 6158(a)
of the Internal Revenue Code, that the sale of substantially all of the assets of its travel agency, Westland Travel Service, to Westland Travel Service, Inc. on
June 1, 1 9 7 r > , was necessary or appropriate to effectuate
Section 4 of the Bank Holding Company Act. (Legal
Division Docket TCR 76-113 */
3/

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

jV

Processed on behalf of the Board of Governors under delegated authority.




H.2, 1977 No. 30

—

8

—

APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Valley Bank & Trust Company, Salt Lake City, Utah. Branch
to be established in the vicinity of 8600 South and 1300
East, Sandy, Salt Lake County.
Walker Bank & Trust Company, Salt Lake City, Utah. Branch
to be established in the vicinity of Downtown Roosevelt,
Duchesne County.
National Bank of Richmond, Richmond, Virginia. Branch to
be established at 1900 Lauderdale Drive, Henrico County.
Long Island Trust Company, Garden City, New York. Branch
to be established at 206 Terminal Drive, Plainview, unicorporated area of Town of Oyster Bay, Nassau County.
The Oberlin Savings Bank Company, Oberlin, Ohio. Branch
to be established at 56 South Pleasant Street, Oberlin,
Lorain County.
Citizens Bank of Hattiesburg, Hattiesburg, Mississippi.
Branch to be established at The Lincoln Road Square
Shopping Center on the Corner of Lincoln Road and
South 28th Avenue, Hattiesburg.
* * * * *

To Become a Member of The Federal Reserve System Pursuant
to Section 9 of The Federal Reserve Act
Freeport State Bank, Freeport, Illinois.
* * * * *

To Merge Pursuant to Section 18(c) of the Federal Deposit
Insurance Act
The Central Trust Company, Reynoldsburg, Ohio for prior
approval to merge with the Newark Trust Company, Newark,
Ohio
Freeport State Bank Freeport, Freeport, Illinois, for prior
approval to merge with the State Bank of Freeport, Freeport, Illinois.



H.2, 1977 No. 30

9 APPLICATIONS RECEIVED-Continued

To Establish an Overseas Branch of a Member Bank Pursuant
to Section 25 of The Federal Reserve Act
Citibank, National Association:
Seychelles.

Branch - Shell in Victoria,

Manufacturers and Traders Trust Company:
Bahamas.

Branch - Nassau,

Bank of America, National Trust & Savings Association:
Branch - San Juan, Puerto Rico.
* * * * *

Thirty Day Notice by a Member Bank of Intention to
Establish an additional Branch in a Foreign Country
The First National Bank of Boston:
in Brasilia, Brazil.

Branch - Additional

Bank of America, National Trust & Savings Association
Branch - Additional in Pusan, Korea.
* * * * *

To Form a Bank Holding Company Pursuant to Section 3(a)(1)
of the Bank Holding Company Act of 1956
First of Iowa Bank Shares, Inc., Delhi, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
Delhi Savings Bank, Delhi, Iowa.
Northwest Illinois Bancorp, Inc., Freeport, Illinois, for
approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of the successor
by merger to the State Bank of Freeport, Freeport,
Illinois. 27

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




H.2, 1977 No. 30

- 1 0 -

APPLICATIONS RECEIVED-Cont inued
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Barnett Banks of Florida, Inc., Jacksonville, Florida
for approval to acquire 100 per cent of the voting
shares of Amelia Island Bank, Fernandina Beach,
Florida.
First Charter Financial Corporation, Syracuse, Indiana,
for approval to retain 882 shares of the voting shares
of State Bank of Syracuse, Syracuse, Indiana.
First Texas Bancorp, Inc., Georgetown, Texas, for approval
to acquire 80 percent or more of the voting shares of The
First National Bank in Belton, Belton, Texas. 2/
* * * * *

To Expand a Bank Holding Company Pursuant to Section 4(c)(8)
of the Bank Holding Company Act of 1956
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) at 344
West Street Road, Feasterville, Pennsylvania, through a
subsidiary of its subsidiary, Suburban Finance Company, known
as Sentry Discount Company (7/18/77) 3/
First Commercial Banks Inc., Albany, New York, notification
of intent to relocate an office engaging in the following
de novo activities (in the business of providing investment
advice to persons other than mortgage or real estate
investment trusts and investment companies registered under
the investment company act of 1940) from 290 Madison
Avenue, New York, New York to 321 Mantoloking Road, Township of Brick, New Jersey, through its subsidiary, FCB
Advisory Services, Inc. (7/15/77) 3/
3/

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




H.2, 1977 No. 30

0^
APPLICATIONS RECEIVED-Continued

Citizens and Southern Holding Company, Atlanta, Georgia,
notification of intent to engage in die novo activities
(making or acquiring, for its own account or for the
account of others, loans and other extensions of credit,
including specifically (but without limitation upon the
foregoing) the making of loans secured by second mortgages
upon residential and other real property; and servicing
loans and other extensions of credit) at 487 Cherry
Street, Macon (Bibb County), Georgia through a subsidiary,
Citizens and Southern Equity Mortgage Company (7/22/77) 3J
BancOklahoma Corp., Tulsa, Oklahoma, notification of intent
to engage through BankOklahoma Agri-Service Corp., a whollyowned subsidiary, in a general partnership known as
Agbanc of Oklahoma and thereby engage in de novo activities
(to make, acquire, sell participations, and/or service
for its own account or for the account of others, loans
or other extensions of credit for agricultural and
agricultural related purposes) at Highway 54 East,
Guyman, Oklahoma (7/21/77) 3/
Mountain Financial Services, Inc., Denver, Colorado, notification of intent to engage in de novo activities (in the
business of servicing, brokering, making or acquiring, for
its own account or for the account of others, loans, mortgages
and other extensions of credit, including first or
second commercial real estate loans and mortgages; first
or second residential real estate loans and mortgages;
guaranteed veterans administration loans and mortgages;
insured federal housing administration loans and mortgages;
and construction loans and mortgages) at 3600 South
Yosemite, Denver, Colorado (7/18/77) 3/
Jefferson Bankshares of Colorado, Inc., Denver, Colorado,
notification of intent to engage in <ie novo activities
(leasing personal property or acting as agent, broker or
advisor in leasing such property, and leasing real property
or acting as agent, broker or advisor in leasing such
property) at 7590 West Colfax Avenue at Wadsworth, Denver,
Colorado (7/21/77) 3/
Scottsbluff National Corporation, Scottsbluff, Nebraska,
notification of intent to engage in de_ novo activities
(operating an industrial loan and investment company
pursuant to the laws of the State of Nebraska, including
the issuance of installment and paid-up certificates of
indebtedness and making consumer installment loans and
agricultural equipment loans secured by the property purchased and making second mortgage loans secured by real
estate; sale of all types of credit life and credit accident
and health insurance related soley to extension of credit) at
702 East 27th Street, Scottsbluff, Nebraska, through a
subsidiary, Scotts Bluff Savings Co. (7/22/77) 3/
1[7 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.



APPLICATIONS RECEIVED-Continued
Bankamerica Corporation, San Francisco, California, notification
of intent to engage in c[e novo activities (making or acquiring,
for its own account loans and other extensions of credit such
as would be made or acquired by a finance company and servicing
loans and other extensions of credit; such activities will include but not be limited to making consumer instalment loans,
purchasing instalment sales finance contracts, making loans
and other extensions of credit to small businesses, and making
loans secured by real and personal property; actings as agent
or broker for the sale of credit related life and credit related accident and disability insurance in connection with
extensions of credit made or acquired by FinanceAmerica Corporation) at 37777 Paseo Padre Parkway, Fremont, California,
through its indirect subsidiary FinanceAmerican Corporation
(A California Corporation) (7/14/77) 3/
Security Pacific Corporation, Los Angeles, California, notification
of intent to relocate d£ novo activities (the financing of
personal property and equipment and real property and the leasing
of such property or the acting as an agent, broker or advisor
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) from 505
Northern Boulevard, Great Neck, New York to 150 East 58th
Street, New York, New York, through its subsidiary, Security
Pacific Leasing Corporation (7/13/77) 3/
* * * * *

To Expand a Bank Holding Company Pursuant to Section 4(c)(12)
of the Bank Holding Company Act of 1956
The Jacobus Company, Milwaukee, Wisconsin, notification of
intent to acquire Madison Fuel Company, Madison, Wisconsin,
a residential and commercial heating fuel oil business (7/18/77) 3/
N L Industries, Inc., New York, New York, notification of intent to acquire all of the outstanding stock of Ashton
Supply Co., Inc., a Utah Corporation (7/18/77) 3/
Sterling Precision Corporation, West Palm Beach, Florida,
notification of intent to acquire the outstanding stock of
the following automotive replacement parts distributors,
having corporate headquarters in Bangor, Main: Automotive
Jobbers Warehouse, Ellsworth Auto Parts Company, American
Auto Parts Company, and American Gear & Auto Parts Company
(7/20/77) 3/
17

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

or the Board of Governors under delegated authority.



H.2, 1977 No. 30

- 13 APPLICATIONS RECEIVED-ContInued

For Certification Pursuant to the Bank Holding Company
Tax Act of 1976
Searco Investment Company, Prairie Village, Kansas, to
divest shares of Southgate Bank and Trust Company,
Prairie Village Kansas. (Legal Division Docket TCR
76-143) */
* * * * *

REPORTS RECEIVED
Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act.
The Bank of Eden, Eden, North Carolina.
Citizens Commercial & Savings Bank, Flint, Michigan.
Hempstead Bank, Hempstead, New York.
* * * * *

Proxy Statement (Special Meeting) Filed Pursuant to
Section 14(a) of the Securities Exchange Act
The Ohio Citizens Trust Company, Toledo, Ohio.
* * * * *

PETITIONS FOR RULEMAKING
None.

*/

Processed on behalf of the Board of Governors under delegated authority.