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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 31)
Actions of the Board; Applications and Reports
Received During the Week Ending July 30, 1977
ACTIONS OF THE BOARD
Statement by Chairman Arthur F. Burns before the House
Committee on Banking, Finance and Urban Affairs presenting the views of the Board on H.R. 8094, the "Federal
Reserve Reform Act of 1977".
Statement by Chairman Arthur F, Burns before the House
Committee on Banking, Finance and Urban Affairs on the
condition of the national economy and the course of
monetary policy.
Letter to Chairman Reuss, House Committee on Banking, Finance and Urban Affairs in response to request for Board's
views on the need for additional legislation to "clarify
ambiguities" in the area of bank securities activities.
Issuance of a subordinated capital note by European American
Bank & Trust Company, New York, New York.
Dime Bank, Canton, Ohio, proposed acquisition by The Central
Trust Company of Northeastern Ohio, N.A., Canton, Ohio,
report to the Comptroller of the Currency on competitive
factors.
Western Michigan Corporation, Niles, Michigan, extension of
time to October 27, 1977, within which 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. V
Farmers Trust Company of Lebanon, Pennsylvania, Lebanon County,
Pennsylvania, to increase its investment in bank premises.
1/
Atlantic Bancorporation, Jacksonville, Florida, subsidiaries of,
propoLv! merger with Atlantic National Bank of West
Hollywood, Hollywood, Florida, report to the Comptroller
of the Currency cn competitive factors. 37
TJ
Application processor on behalf of the Board of Governors under delegated
authority.
H.2, 1977 No. 31.
—
2
—
ACTIONS OF THE BOARD-Continued
Florida National Banks of Florida, Inc., Jacksonville,
Florida, subsidiaries of, proposed merger with Florida
First National Bank of Jacksonville, Jacksonville,
Florida, report to the Comptroller of the Currency on
competitive factors. V
Golden State Bank, Downey, California, proposed merger with
The Sanwa Bank of California, San Francisco, California,
report to the Federal Deposit Insurance Corporation on
competitive factors. 1/
Morgan Bank and Trust, Spartanburg, South Carolina, proposed
merger with Southern Bank and Trust Company, Greenville,
South Carolina, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Peoples Bank and Trust Company, Wilmington, Delaware, proposed merger with Peoples Corporation, Wilmington, Delaware,
report to the Federal Deposit Insurance Corporation on
competitive factors. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1977 No. 31
- 3 ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
The Toledo Trust Company, Toledo, Ohio. Branch to be
established at the southeast corner of Wales Road and
Oregon Road, Village of Northwood, Wood County. 2/
The Bank of Waverly, Waverly, Virginia. Branch to be
established at the intersection of State Routes 735 and
634, Sussex Courthouse, Sussex, 2/
The Citizens Bank, Batesville, Arkansas. Branch to be
established in the Wal-Mart Shopping Center on Harrison
Street, Batesville, Independence County. 2/
The United California Bank, Los Angeles, California.
to be established in the following locations:
Branches
A.
At the intersection of Imperial Highway and Santa Ana
Canyon Road, City of Anaheim, Orange County.
B.
At the intersection of Pacific Coast Highway and East
Second Street, Long Beach, Los Angeles County.
C.
At the intersection of Victoria Avenue and Telephone
Road, San Buenaventura, Ventura County.
D.
At the intersection of the Santa Ana and San Diego
Freeways, in the Irvine Center, Orange County. 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
The Industrial Bank of Japan, Limited: To continue to hold
the shares of the Chuo Trust and Banking Company Limited,
after the latter establishes an agency in New York City.
2/
"Tf Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1977 No. 31
— A —
ACTIONSOFTIIEBOAJR^-Corv^jii^^
The Dai-Ichi Kangyo Bank Limited: To continue to hold the
shares of Chuo Trust and Banking Company, Limited, after
the latter establishes an agency in New York.
Security Pacific Corporation: Investment - additional shares
respectively: 50 per cent of Security Universe, Ltd.,
Bermuda; 10 per cent of Security Universe (Hong Kong)
Ltd; and 25 per cent of Security Universe Espana, S.A.
The Tokai Bank, Ltd: To continue to hold the shares of the
Chuo Trust and Banking Company, Limited, after the latter
established an agency in New York City.
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
New Jersey National Bank: Branch - George Town, Grand
Cayman, Cayman Islands.
Union Trust Company of Maryland:
Grand Cayman, Cayman Islands.
Branch - George Town,
First International Bank in Houston, National Association:
Branch - George Town, Grand Cayman, Cayman Islands.
Wells Fargo Bank, National Association:
England.
Branch - London,
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Banco Central, S.A., Madrid, Spain, for approval to acquire
all the voting shares of Banco Central y Economias, Hato
Rey, Puerto Rico, a new bank.
Peotone Bancorp, Inc., Peotone, Illinois, for approval to
acquire 80 per cent or more of the voting shares of
Peotone Bank and Trust Company, Peotone, Illinois.
H.2, 1977 No. 31
5
ACTIONS OF THE BOARD-Continued
American State Financial Corporation, Lubbock, Texas, for
approval to acquire 100 per cent of the voting shares
(less directors' qualifying shares) of the successor by
merger to American State Bank, Lubbock, Texas. 2/
Sandy Holding Company, Sandy, Utah, for approval to acquire
100 per cent (except directors' qualifying shares) of the
voting shares of Sandy State Bank, Sandy, Utah, a proposed
new bank. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Northeast United Bancorp, Inc. of Texas, Fort Worth, Texas,
for approval to acquire 51 per cent or more of the voting
shares of First State Bank, Bedford, Texas.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Platte Valley Bancorp, Inc., Brighton, Colorado, notification of intent to engage in de novo activities (providing
bookkeeping or data processing services for the internal
operations of the holding company, its subsidiary banks,
and other unaffiliated organizations such as commercial
banks and credit unions) at 25 North Spruce Street,
Colorado Springs, Colorado, through a 25 per cent owned
subsidiary, First Financial Services, Inc.. (7/28/77) 3/
Permitted
Citicorp, New York, New York, notification of intent to
engage in cie novo activities (making consumer installment
personal loans, purchasing and servicing for its own account consumer installment sales finance contracts; and
acting as agent or broker for the sale of credit related
life/accident and health insurance) at Centre 71, 71st
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, 1977 No. 31
ACTIONS OF THE BOARD-Continued
Street and Memorial Drive, Tulsa, Oklahoma and Southroads
Shopping Center, 4945 E. 41st Street, Tulsa, Oklahoma,
through its subsidiary, Citicorp Person-to-Person Financial
Center, Inc. (7/30/77) 3/
Citicorp, New York, New York, notification of intent to
engage in de^ novo activities (making consumer installment
personal loans, purchasing and servicing for its own account consumer installment sales finance contracts; and
acting as agent or broker for the sale of credit related
life/accident and health insurance) at 714 Lincoln Highway, Fairview Business Campus, Fairview Heights, Illinois,
through its subsidiary, Citicorp Person-to-Person Financial
Center, Inc. (7/23/77) 3/
Citicorp, New York, New York, notification of intent to
relocate de novo activities (purchasing consumer installment sales finance contracts for its own account; sale of
credit related life/accident and health insurance; sale
by a licensed agent of insurance which protects personal
property) from 4305-07 Plank Road, Baton Rouge, Louisiana
to Village Square Shopping Center, College Drive and I10, Baton Rouge, Louisiana, through its subsidiary,
Nationwide Financial Services Corporation (7/30/77) 3/
Citicorp, New York, New York, notification of intent to
engage in jde novo activities (making loans for the account
of others such as one-to-four family unit mortgage loans)
from 4520 N.W. 50th, Oklahoma City, Oklahoma to Jamestown
Executive Center, 3011 N.W. 63rd Street, Suite 110,
Oklahoma City, Oklahoma and from 1514 North Rockwell,
Oklahoma City, Oklahoma to 2507 N.W. 23rd Street, Oklahoma
City, Oklahoma, through its subsidiary, Nationwide Financial Services Corporation (7/25/77) 3/
Citicorp, New York, New York, notification of intent to
relocate de novo activities (making of consumer installment personal loans; purchasing consumer installment
sales finance contracts; sale of credit related life/
accident and health insurance; sale by a licensed agent
of insurance which protects personal property subject to
a security agreement with Nationwide Financial Corporation of Oklahoma, Inc.) from 4520 N.W. 50th, Oklahoma
City, Oklahoma and 1514 North Rockwell, Oklahoma City,
Oklahoma to Jamestown Executive Center, 3011 N.W. 63rd
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. 31
7 ACTIONS OF THE BOARD-Continued
Street, Suite 110, Oklahoma City, Oklahoma and 2507 N.W.
23rd Street, Oklahoma City, Oklahoma, respectively,
through its subsidiary, Nationwide Financial Services
Corporation (7/25/77) 3/
Citicorp, New York, New York, notification of intent to
relocate cle novo activities (making of consumer installment personal loans; purchasing consumer installment
sales finance contracts; sale of credit related life/
accident and health insurance; sale by a licensed agent
of insurance which protects personal property subject to
a security agreement with Citicorp Person-to-Person
Financial Center) from #3, 28 East 21st Street, Salt Lake
City, Utah to 3828 South Main Street, Salt Lake City,
Utah, through its subsidiary, Nationwide Financial Services Corporation (7/25/77) 3/
Citicorp, New York, New York, notification of intent to
relocate die novo activities (making of consumer installment personal loans; purchasing consumer installment
sales finance contracts; sale of credit related life/
accident and health insurance; sale by a licensed agent
of insurance which protects personal property) from 5935
E. Admiral Place, Tulsa, Oklahoma to Main Park Plaza,
Tulsa, Oklahoma, through its subsidiary, Nationwide
Financial Services Corporation (7/28/7 7) 3/
Horizon Bancorp, Morristown, New Jersey, notification of
intent to engage in d<£ novo activities (making or acquiring, for its own account or for the account of others,
loans and other extensions of credit as would be made by
a mortgage company; and servicing loans and other extensions of credit for any person) at Jefferson Office Complex, 7500 West Mississippi, Denver,, Colorado, through
its subsidiary, Mortgage Investment Securities, Inc.
(7/24/77) 3/
Manufacturers Hanover Corporation, New York, New York, notification of intent tc engage in de novo activities
(arranging, making or acquiring for its own account or
for the account of others, loans and other extensions of
credit such as would be made or acquired by a mortgage
company and servicing such loans and other extensions of
credit) at 1052 Forstdale Boulevard, Birmingham, Alabama,
through its subsidiary, Citizens Mortgage Corporation
(7/26/77) 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. 31
— R —
ACTIONS OF THE BOARD-Contlnued
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo
activities (second mortgage lending which consists of
making personal installment loans secured by mortgages
other than first liens on the borrowers real estate and
by security interests in personal property of borrowers;
and selling credit life insurance in connection with such
personal installment loans and reinsuring such insurance
through Patrick Henry Life Insurance Company an indirect
subsidiary of Philadelphia National Corporation) at 3600
North Duke Street, North Duke Mall, Durham, North Carolina
and 530 East Innes Street, Salisbury, North Carolina,
through an indirect subsidiary, Signal Mortgage Corporation of North Carolina (7/24/77) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(leasing personal property, or acting as agent, broker,
or adviser in leasing such property, on a full pay-out
basis, in accordance with the provisions of Section 225.4
of Regulation Y of the Federal Reserve Board) at Pittsburgh
National Building, Fifth Avenue and Wood Street, Pittsburgh,
Pennsylvania, through its wholly-owned subsidiary,
Pittsburgh National Leasing Coorporation (7/28/77) 3/
Union Trust Bancorp, Baltimore, Maryland, notification of
intent to engage in d£ novo activities (making installment loans to individuals for personal, family or household purposes; purchasing sales finance contracts executed
in connection with the sale of personal, family or household goods or services; and acting as agent in the sale
of credit life and credit accident and health insurance
directly related to its extension of credit) at 119 East
Innes Street, Salisbury, North Carolina, through its
subsidiaries, Landmark Financial Corporation of North
Carolina and Landmark Mortgage Corporation (wholly-owned
subsidiaries of Landmark Financial Services, Inc.) (7/28/77)
3/
Sun Banks of Florida, Inc., Orlando, Florida, notification 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; and servicing loans
and other extensions of credit for any person) at 1501
N.E. 26th Street, Wilton Manors (Fort Lauderdale), Florida,
through a subsidiary, Sunbank Mortgage Company (7/28/77)
1/
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. 31
-
9
-
ACTIONS OF THE BOARD-Continued
BankAmerica Corporation, San Francisco, California, notification of intent to relocate d£ novo activities (making
and acquiring, for its own account loans and other extensions of credit such as would be made or acquired by a
finance company; such activities will include, but not be
limited to, making loans and other extensions of credit
to small businesses, purchasing installment sales finance
contracts, and making loans secured by real property;
acting as agent or broker for the sale of credit related
life and credit related accident and disability insurance
and credit related property insurance in connection with
extensions of credit made or acquired by FinaneeAmerica
Mortgage Services, Inc.) from 490 Valley Street to 50
Bridge Street, Manchester, New Hampshire, through its
indirect subsidiary, FinaneeAmerica Mortgage Services,
Inc. (7/24/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to relocate cie novo activities (making or acquiring, for its own account or for the account
of others, loans and other extensions of credit including
secured and unsecured consumer, commercial and agricultural loans, sale contracts and other forms of receivables
and such other types of loans and credit extension as are
customarily made or acquired by a finance company; and
acting as broker or agent for the sale of credit-related
life/accident and health insurance and credit-related
property and casualty insurance) from 110 N. Wewoka,
Wewoka, Oklahoma to 1707 N. Milt Phillips Avenue, Seminole,
Oklahoma, through its subsidiary, The Bankers Investment
Company (7/25/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in &e 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 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
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. 31
—
10
—
ACTIONS OF THE BOARD-Continued
the servicing of such financings and/or leases as is
authorized by the Federal Reserve Board under Regulation
Y and the Bank Holding Company Act) at 5100 Westheimer,
Houston, Texas, through its subsidiary, Security Pacific
Leasing Corporation (7/23/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to relocate 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 the sale
to others and the servicing of such loans for others) from
8316 Claremont Mesa Boulevard to 591 Camino de Reina, San
Diego, California, through its subsidiary, Security
Pacific Mortgage Corporation (7/28/77) 3/
Wells Fargo & Company, San Francisco, California, notification 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; 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 22 W. Osborn
Road, Phoenix, Arizona, through its subsidiaries, Wells
Fargo Mortgage Company and WFMC Corporation (7/29/77) 3/
Wells Fargo & Company, San Francisco, California, notification of intent to relocate de 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) from One East
First Street, Reno, Nevada to 1135 Terminal Way, Reno,
Nevada, through its subsidiaries, Wells Fargo Mortgage
Company and WFMC Corporation (7/25/77) 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. 31
-
11
-
ACTIONS OF THE BOARD-Continued
Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
Union Financial Corporation, Denver, Colorado (formerly
Stuarco Oil Company, Inc.), (1) prior certification
pursuant to section 6158(a) of the Internal Revenue Code
("Code") that its sales of various oil and gas properties
during 1973 and 1974 were necessary or appropriate to
effectuate section 4 of the Bank Holding Company Act
("BHC Act"); and (2) final certification pursuant to
section 6158(e)(2) of the Code that it has (before the
expiration of the period prohibited property is permitted
to be held under the BHC Act by a bank holding company)
disposed of all of the property and disposition of which
is necessary or appropriate to effectuate section 4 of
the BHC Act. (Legal Division Docket TCR 76-126)
Processed on behalf of the Board of Governors under delegated authority.
H.2, 1977 No. 31
- 12 APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Oakwood Deposit Bank Company, Oakwood, Ohio. Branch
to be established at 100 South Main Street, Grover Hill,
Paulding County.
Withdrawal
Application received from The Oberlin Savings Bank Co.,
Oberlin, Ohio to withdraw the request of establishing a
branch at 56 South Pleasant Street, Oberlin, Lorain
County.
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Chase Manhattan Bank National Association:
Abijan, Ivory Coast.
Branch -
Continental Illinois National Bank & Trust Company of
Chicago: Branch - Seoul, Korea.
*
* * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Banco Central, S.A., Madrid, Spain, for approval to acquire
all the voting shares of Banco Central y Economies, Hato
Rey, Puerto Rico, a new bank. (Received 6/28/77)
Royal Trustee Limited, Ottawa, Ontario, Canada, for approval
to acquire 100 per cent of the voting shares of Royal
Trust Bank Corp., Miami, Florida and indirectly acquire
Royal Trust Bank of Miami, N.A., Miami, Florida; Royal
Trust Bank of Tampa, Tampa, Florida; Royal Trust Bank of
St. Petersburg, Gulfport, Florida; Royal Trust Bank of
Palm Beach, N.A., Palm Beach, Florida; First Bank of
Pembroke Pines, Pembroke Pines, Florida; Royal Trust Bank
of South Dade, N.A., Dade County, Florida and The American
Bank of Orange County, Orlando, Florida.
H.2, 1977 No. 31
-13APPLICATIONS RECEIVED-Cont inued
Summit Holding Corporation, Tamarac, Florida, for approval
to acquire 90 per cent of the voting shares of Summit
Bank, Tamarac, Florida.
WISCUB, INC., Milwaukee, Wisconsin, for approval to acquire
86.7 per cent or more of the voting shares of Cleveland
State Bank, Cleveland, Wisconsin.
Central Bancshares, Inc., Browerville, Minnesota, for approval to acquire 92 per cent of the voting shares of The
Lee State Bank, Browerville, Minnesota.
CRETE STATE CORPORATION, Crete, Nebraska, for approval to
acquire 80 per cent or more of the voting shares of Crete
State Bank, Crete, Nebraska.
Fairlawn Bancshares, Inc., Topeka, Kansas, for approval to
acquire 80 per cent of the voting shares of Fairlawn
Plaza State Bank, Topeka, Kansas.
* * * * *
To Expand a Bank Holding Company Pursuant, to Section
3(a)(3) of the Bank Holding Company Act of 1956
Florida Coast Banks, Inc., Pompano Beach, Florida, for approval to acquire 99 per cent of the voting shares of
Florida Coast Bank of South Palm Beach* N.A., Boca Raton,
Florida, a proposed new bank.
Hawkeye Bancorporation, Des Moines, Iowa, for approval to
acquire 60 per cent or more of the voting shares of
Morningside State Bank, Sioux City, Iowa»
B.O.C. Corporation, Sheridan, Wyoming, for approval to
acquire 100 per cent (less directors' qualifying shares)
of the voting shares of The. Wyoming Security Bank,
Sheridan, Wyoming.
H.2, 1977 No. 31
14
APPLICATIONS RECEIVED
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, notification of intent to
engage in de novo activities (making or acquiring, for
its own account or the account of others, commercial
loans) at 1300 E. 9th Street, Cleveland, Ohio, through
its wholly-owned subsidiary, Citicorp Commercial, Inc. (a
Delaware Corporation) (7/27/77) 37
Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities
(making or acquiring, for its own account secured and
unsecured loans and extensions of credit such as would be
made by a finance company which activities include making
direct consumer installment loans and purchasing consumer
installment sales finance contracts; providing credit
life and credit accident and health insurance in conjunction
with the above lending activities; such insurance will be
provided only in connection with extensions of credit by
Local Loan Co., and its wholly-owned subsidiaries and
will be available solely at the option of the borrower
and the borrower is advised of this option in advance) at
1917 Irving Park Road, Schaumburg, Illinois, through its
wholly-owned subsidiary, Local Loan Co., Chicago, Illinois
(7/27/77) 3/
CleveTrust Corporation, Cleveland, Ohio, for approval to
acquire Lake Life Insurance Company, Wilmington, Delaware
(and thereby engage in acting as underwriter of credit
life and credit accident and health insurance directly
related to extensions of credit by the bank holding
company system).
Commercial Bankshares, Inc., Grand Island, 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 loans, commercial loans,
agricultural loans and first and second mortgages on real
estate; and also to act as an insurance agent for the
sale of decreasing term credit life insurance 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. 31
- 15
APPLICATIONS RECEIVED
accident and health insurance which coverages are directly related to extensions of credit by Commercial
Savings Company of Grand Island) at 1616 South Locust,
Grand Island, Nebraska, through a subsidiary, Commercial
Savings Company of Grand Island (7/29/77) 3/
UB Financial Corp., Phoenix, Arizona, for approval to
retain the Mesa, Arizona office of H.S. Pickrell Company,
Phoenix, Arizona and to engage in the following activities (the origination, making, 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; and servicing loans and other
extensions of credit for any person).
UB Financial Corp., Phoenix, Arizona, for approval to
continue to engage in acting as insurance agent or broker
for credit life and accident and health insurance by H.S.
Pickrell Company, Phoenix, Arizona and to engage in the
following activities (the origination, purchase, sale and
servicing of mortgage loans, and acting as broker or
agent for the sale, by mail solicitation, of credit
related life and accident and health insurance, solely in
connection with extensions of credit by H.S. Pickrell
Company).
* * * * *
To Expand a Bank Holding Company Pursuant, to Section
4(c) (12) of the Bank Holding Company Act of 1956
N L Industries, Inc., New York, New York, notification of
intent to acquire all the assets of Drilprodco, Inc.,
Hobbs, New Mexico, engaged primarily in the manufacture
for sale and rent of roller reamers and other stabilizers
used as downhole tolls in the drilling of oil wells
(7/28/77) 3/
N L Industries, Inc., New York, New York, notification of
intent to acquire all the outstanding stock of Jett
Engineering, Inc., Charlotte, North Carolina, a distributor of hydraulic components used in a variety of
agricultural and manufacturing activities (7/27/77) 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. 31
16 -
APPLICATIONS RECEIVED
For Certification Pursuant to the Bank Holding Company
Tax Act of 1976
King Ranch, Inc., Kingsville, Texas to divest shares of
Kleberg First National Bank, Kleberg, Texas and shares of
State Bank of Kingsville, Kingsville, Texas (Legal Division
Docket TCR 76-144) */
A * * * *
REPORTS RECEIVED
Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act
Seattle Trust and Savings Bank, Seattle, Washington.
* * * * *
PETITIONS FOR RULEMAKING
None.
jV
Processed on behalf of the Board of Governors under delegated authority.
@FedFRASER