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ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (H.2, 1976 No. 27) Actions of the Board; Applications and Reports Received During the Week Ending July 3, 1976 ACTIONS OF THE BOARD Statement by Chairman Arthur F. Burns before the Joint Economic Committee on the condition of the national economy. Statement by Governor Philip E. Coldwell before the Joint Committee on Defense Production, commenting on the responsibilities of the Federal Reserve System in the emergency preparedness area. Regulations B and Z, amendments, to implement recent changes in consumer credit protection laws intended to make compliance easier, especially for small creditors, the action is effective July 30, 1976. Report on bill S. 1267, letter to Chairman William Proxmire, Senate Committee on Banking, Housing and Urban Affairs, commenting on the proposed amendment to legislation extending the moratorium on the authority of States and localities to levy "doing business" taxes on out-of-state financial depositories; the proposed amendment would make many of the provisions of the Act applicable to eight Northeastern States. Report on bill S. 2304, proposed amendment which would require a bank's Report of Condition to disclose separately the aggregate total of loans and extensions of credit to (1) officers and their related interests; (2) directors and their related interests; and, (3) individuals who own or control 10 per cent or more of the bank's stock and their related interests; reply to request for the Board's views sent to Senator John Tower. Report on bill H.R. 13876—The International Banking Act of 1976, letter to Congressman St. Germain in response to request for comments on certain amendments. ACTIONS OF THE BOARD-Continued Over-the-counter stocks, the Board amended, effective August 6, 1976, the criteria that over-the-counter stocks must meet and continue to meet to be included on its List of OTC Margin Stocks. Regulation Z, proposed amendment to implement the Consumer Leasing Act of 1976 requiring disclosure of terms under which personal property is leased; the Board will receive comment through August 16, 1976. Clear Bancorp, Inc., Chicago, Illinois, extension of . time to September 10, 1976, within which to acquire Clearing Bank, Chicago, Illinois. 1/ Citizens and Southern Holding Company, Atlanta, Georgia, extension of time to September 30, 1976, within which to open for business the offices located in Albany, Columbus, and Rome, Georgia. 1/ First New Mexico Bankshare Corporation, Albuquerque, New Mexico, extension of time to September 29, 1976, within which to acquire Bank of Las Cruces, N.A., Las Cruces, New Mexico. 1/ Johnson County Bankshares, Inc., Prairie Village, Kansas, extension of time to February 14, 1977, within which to divest of real estate. 1/ SYB Corporation, Oklahoma City, Oklahoma, extension of time to August 9, 1976, within which to acquire Stock Yards Bank, Oklahoma City, Oklahoma. 1/ Walter E. Heller International Corporation, Chicago, Illinois, extension of time to May 11, 1977, within which to divest of its nonbanking subsidiary, Knoll International, Inc. 1/ Bank of New Jersey, Camden, New Jersey, to make an additional investment in bank premises. 1/ Central Bank of Montgomery, Montgomery, Alabama, to make an investment in bank premises. 1/ Savings & Trust Company of Pennsylvania, Indiana, Pennsylvania, to make an investment in bank premises. 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 27 - 3 ACTIONS OF THE BOARD-Continued State Bank, Fort Dodge, Iowa, extension of time to October 22, 1976, within which to establish a branch at Second Avenue North and 27th Street, Fort Dodge, Iowa, 1/ Sun Second National Bank of Delray Beach, Delray Beach, Florida, proposed merger with Sun First National Bank of Delray Beach, Delray Beach, Florida; report to the Comptroller of the Currency on competitive factors* 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. NOTE: The H.2 release is now published in the Federal Register. It will continue to be sent, upon request, to anyone desiring a copy. H.2, 1976 No. - 4 ~ W ACTIONS OF THE BOARD-Continued To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Withdrawn The Union Commerce Bank, Cleveland, Ohio. Branch to be established in the Great Northern Shopping Center, 5281 Great Northern Boulevard, North Olmsted, Cuyahoga County. * * * * * To Establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Approved First Pennsylvania Bank National Association, Bala Cynwyd, Pennsylvania: branch - Nassau, Bahamas. * * * * * International Investments and Other Actions Approved 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 The Fidelity Bank, Rosemont, Pennsylvania: investmentto acquire indirectly 55 per cent of Banque de la Mediterranee S.A., Paris, France. Walter E. Heller International Corporation, Chicago, Illinois, a bank holding company: investment - to acquire the foreign subsidiaries of PepsiCo Leasing Corporation, Lexington, Massachusetts. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Approved Park Financial Corporation, St. Louis Park, Minnesota, for approval to acquire 80 per cent or more of the voting shares of Park National Bank of St. Louis Park, St. Louis Park, Minnesota. 2/ 2/ Application processed by the Reserve Bank on behalf of the Board of Governers under delegated authority. H.2, 1976 No. 27 W -5 - ACTIONS OF THE BOARD-Continued United Bankshares, Inc., Salina, Kansas, for approval to acquire 80 per cent or more of the voting shares of Planters State Bank and Trust Company, Salina, Kansas. 2/ Suspended Chambanco, Inc., Chambers, Nebrska, for approval to acquire 100 per cent (less directors1 qualifying shares) of voting shares of Chambers State Bank, Chambers, Nebraska. 2/ * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Approved First Freeport Corporation, Freeport, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Chemical National Bank, Clute, Texas, a proposed new bank. First United Bancorporation, Inc., Fort Worth, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Las Colinas National Bank of Irving, Irving, Texas, a proposed new bank. Denied Western Michigan Corporation, Niles, Michigan, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to The First National Bank of Cassopolis, Cassopolis, Michigan. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Approved Walter E. Heller International Corporation, Chicago, Illinois, for approval to acquire PepsiCo Leasing Corporation, Lexington, Massachusetts. 2/ Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 27 - 6 - ACTIONS OF THE BOARD-Continued D. H. Baldwin Company, Cincinnati, Ohio, for approval to engage de novo leveraged leasing of personal property through a subsidiary, FMC-Baldwin Leasing Company, Chicago, Illinois. BancOklahoma Corp., Tulsa, Oklahoma, for approval to acquire shares of BancOklahoma Life, Inc., Tulsa, Oklahoma. Security Bancorp, Inc., Ponca City, Oklahoma, for approval to retain the assets of A.D.P.C., Inc., Ponca City, Oklahoma. Security Bancorp, Inc., Ponca City, Oklahoma, for approval to retain assets of Security Datacenter, Ponca City, Oklahoma. Delayed Union Commerce Corporation, Cleveland, Ohio, notification of intent to engage in de novo activities (leasing personal property and equipment, 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 with respect to governmental entities only, reasonably anticipated future transactions) will be to compensate the lessor for not less than the lessor's full investment in the property; making or acquiring, for its own account or the account of others, loans and other extensions of credit primarily to finance the acquisition of personal property and equipment; such loans would include, but not be limited to, the financing of time sales contracts, conditional sales agreements, installment purchase loans, and secured term loans) at 6065 Roswell Road, N.E., Suite 304, Atlanta, Georgia, through its wholly-owned subsidiary, Union Commerce Leasing Corporation, Cleveland, Ohio (6/29/76) 3/ Flagship Banks, Inc., Miami Beach, Florida, notification of intent to continue to engage through a subsidiary known as Flagship Services Corporation (Company), a subsidiary, Flagship Bank of Tampa in the following activities now being performed by Company (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries and storing and processing other banking, financial, or related economic data such as performing payroll, accounts receivable or payable, or billing services) After reorganization, Company will be a direct wholly owned subsidiary of Flagship Banks, Inc.; activities will be conducted at 120 Andalusia Avenue, Coral Gables; 4720 Cypress Street, Tampa; 103 Century 21 Drive, Suite 110, Bulling No. 2, Jacksonville; and 5800 Diplomat Circle, Ambassador Building, Orlando, all located in Florida (6/17/76) 3/ 57 4(c)(8) and 4(c)(12) notifications processed by Reserve bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 27 - 7 ACTIONS OF THE BOARD-Continued Root River Agency, Inc., Preston, Minnesota, notification of intent to engage in de novo activities (an agricultural credit company) at 100 Anthony, North, Preston, Minnesota (6/30/76) 3/ Chambanco, Inc., Chambers, Nebraska, for approval to acquire the assets of Adams & Adams Insurance Agency, Chambers, Nebraska. 2J Reactivated Flagship Banks, Inc., Miami Beach, Florida, notification of intent to continue to engage through a subsidiary known as Flagship Services Corporation (Company), a subsidiary, Flagship Bank of Tampa in the following activities now being performed by Company (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries and storing and processing other banking, financial, or related economic data such as performing payroll, accounts receivable or payable, or billing services) After reorganization, Company will be a direct wholly owned subsidiary of Flagship Banks, Inc.; activities will be conducted at 120 Andalusia Avenue, Coral Gables; 4720 Cypress Street, Tampa; 103 Century 21 Drive, Suite 110, Building No. 2, Jacksonville; and 5800 Diplomat Circle, Ambassador Building, Orlando, all located in Florida (6/30/76) 3/ Permitted BancOklahoma Corp., Tulsa, Oklahoma, notification of intent to engage in de novo activities (making, acquiring, and/ or servicing for the account of BancOklahoma Service Corp. or for the account of others, secured and unsecured consumer loans and other extensions of credit and to provide factoring accounts receivables, acceptances and other commercial paper, and credit instruments) at 321 South Boston, Tulsa, Oklahoma, through a subsidiary, BancOklahoma Service Corp. (6/28/76) 3/ 2/ 3/ Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 27 — 8 — ACTIONS OF THE BOARD-Continued Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de 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 sale to others and the servicing of such loans for others) at 710 South Broadway Street, Walnut Creek, California, through its subsidiary, Security Pacific Mortgage Corporation (6/27/76) 3/ Withdrawn U.S. Bancorp, Portland, Oregon, notification of intent to engage in de novo activities (making, acquiring, and servicing of loans and other extensions of credit either secured or unsecured for its own account or for the account of others, including the making, originating, acquiring, purchasing, arranging for holding, warehousing, and selling, for its own account and for the account of others, loans of all types and other extensions of credit secured by mortgages or deeds of trust on real property such as would be made by a mortgage company, servicing such loans and other extensions of credit for any person; and acting as insurance agent with regard to credit life and disability insurance, property and casualty insurance solely in connection with extensions of credit by U.S. Bancorp Mortgage Company) at 309 Southwest Sixth Avenue, Portland, Oregon; 1218 Third Avenue, Seattle, Washington; W. 127 Boone Avenue, Spokane, Washington; 3 North 7th Avenue, Yakima, Washington; 1411 "C" Street, Vancouver, Washington; and 550 Kensington, Missoula, Montana; through a subsidiary, U.S. Bancorp Mortgage Company (7/2/76) 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, 1976 No. 27 - 9 APPLICATIONS RECEIVED To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act W. D. Bank Company, Wheeling, West Virginia. * * * * * To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act First Bank and Trust Company of South Bend, South Bend, Indiana. Branch to be established at the Southwest corner of U.S. 20 (McKinley Highway), and Rittersweet Road, Penn Township, St. Joseph County. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Colonial Bancorp, Inc., Waterbury, Connecticut, for approval to acquire 100 per cent of the voting shares of the successor by merger, to Constitution Bank and Trust Company, Hartford, Connecticut. Colonial Bancorp, Inc., Waterbury, Connecticut, for approval to acquire 100 per cent of the voting shares of The Plainville Trust Company, Plainville, Connecticut. First National Cincinnati Corporation, Cincinnati, Ohio, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The First National Bank of Ironton, Ironton, Ohio. First National Cincinnati Corporation, Cincinnati, Ohio, for approval to acquire 100 per cent (less director's qualifying shares) of the voting shares of the successor by absorption to The First National Bank & Trust Company, Troy, Ohio. Tennessee National Bancshares, Inc., Maryville, Tennessee, for approval to acquire 100 per cent of the voting shares of Bank of Cannon County, Woodbury, Tennessee. H.2, 1976 No. 27 10 APPLICATIONS RECEIVED-Cont inued Tennessee National Bancshares, Inc., Maryville, Tennessee, for approval to acquire 100 per cent of the voting shares of Citizens State Bank, McMinnville, Tennessee. Shaw Investment Company, New Hampton, Iowa, for approval to acquire an additional 33.33 per cent of the voting shares of First National Bank in New Hampton, New Hampton, Iowa. Fishback Insurance Agency, Inc., Brookings, South Dakota, for approval to acquire an additional 49.6 per cent of the voting shares of First National Bank in Brookings, Brookings, South Dakota. King Ranch, Inc., Kingsville, Texas, for approval to acquire an additional 6.67 per cent of the voting shares of Kleberg First National Bank of Kingsville, Kingsville, Texas. King Ranch, Inc., Kingsville, Texas, for approval to retain 337 shares of the voting shares of State Bank of Kingsville, Kingsville, Texas. A * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Citicorp, New York, New York, for approval to expand de novo the activity of Gateway Life Insurance Company, Phoenix, Arizona, and thereby engage in the underwriting of credit life and credit accident and health insurance in connection with extensions of credit by the holding company system First Chicago Corporation, Chicago, Illinois, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, secured or unsecured loans and other extensions of credit such as would be made by a finance company which activities include making consumer installment loans, purchasing consumer installment sales contracts, and making loans to small businesses) in Arlington Heights, Calumet City, Cicero, Deerfield, and Naperville, Illinois, through its subsidiary, First Chicago Credit Company (6/29/76) 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, 1976 No. 27 11 APPLICATIONS RECEIVED-Continued First & Merchants Corporation, Richmond, Virginia, notification of intent to engage in de novo activities (making mortgage loans principally secured by second mortgages on residential and commercial real estate and such other incidental activities as may be necessary to the business of making such loans; including acting as agent for the sale of credit life, credit disability, mortgage redemption and mortgage cancellation insurance in connection with the making of such loans) at Springfield, Virginia, through its subsidiary, First Realty Mortgage Corporation (7/2/76) 3/ Maryland National Corporation, Baltimore, Maryland, notification of intent to engage in cle novo activities (engaging generally in the business of leasing real property where the lease is the functional equivalent of an extension of credit, originating real property leases as principal or agent, servicing real property leases for affiliated or nonaffiliated individuals, partnerships, corporations, or other entities; buying, selling, and otherwise dealing in real property leases as principal, agent, or broker; and acting as adviser in real property leasing transactions) at Light Street, Baltimore, Maryland and 409 Washington Avenue, Towson, Maryland, through its subsidiaries, Maryland National Leasing Corporation and Maryland National Realty Investors, Inc. (7/1/76) 3/ Flagship Banks, Inc., Miami Beach, Florida, notification of intent to continue to engage through a subsidiary known as Flagship Services Corporation (Company), a subsidiary, Flagship Bank of Tampa in the following activities now being performed by Company (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries and storing and processing other banking, financial, or related economic data such as performing payroll, accounts receivable or payable, or billing services) After reorganization, company will be a direct wholly owned subsidiary of Flagship Banks, Inc.; activities will be conducted at 120 Andalusia Avenue, Coral Gables; 4720 Cypress Street, Tampa; 103 Century 21 Drive, Suite 110, Building No. 2, Jacksonville; and 5800 Diplomat Circle, Ambassador Building, Orlando, all located in Florida (5/27/76) 3/ Otto Bremer Company and Otto Bremer Foundation, St Paul, Minnesota, notification of intent to engage in de novo activities (providing certain investment financial or economic information and advice) at 1300 Northern Federal Building, 385 North Wabasha Street, St. Paul, Minnesota, through a subsidiary, Bremer Service Company, Inc.(6/30/76) 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, 1976 No. 27 — 12 APPLICATIONS RECEIVED-Continued FrostBank Corporation, San Antonio, Texas, for permission to retain certain of the activities of Main Plaza Corporation, San Antonio, Texas (making or acquiring, for its own account or for the account of others, loans and other extensions of credit) BankAmerica Corporation, San Francisco, California, notification of intent to relocate d<2 novo activities (making or acquiring, for its own account loans and other extensions of credit and providing services incident to such loans and extensions of credit such as would be made or provided by a finance company including, but not limited to, sales finance contracts, and making of loans to small businesses and making loans secured by real or personal property, or a combination thereof; acting as agent or broker for the sale of credit related life/accident and health insurance, and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation of Nebraska) from 1907 Harney Street and 6019 Maple Street, Omaha to Oak Park Plaza, 7433 Pacific Street, Omaha, Nebraska, through its indirect subsidiary, FinanceAmerican Corporation of Nebraska, a subsidiary of FinanceAmerica Corporation (6/24/76) 2/ Wells Fargo & Company, San Francisco, California, notification of intent to engage in cle novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit, servicing loans and other extensions of credit for other persons; acting as an insurance agent or broker with respect to the following types of insurance that are directly related to the extension of credit by Wells Fargo & Company or its subsidiaries: credit life and credit accident and health insurance, and mortgage redemption life insurance and group mortgage disability insurance) at 201 East Monte Vista, Vacaville, California, through its subsidiaries, Wells Fargo Mortgage Company and WFMC Corporation (6/22/76) 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, 1976 No. 27 13 REPORTS RECEIVED Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Union Bank, Los Angeles, California (amendment //1) * * * * * PETITIONS FOR RULEMAKING None.
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