Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : July 31, 1976

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1976 No. 31)
Actions of the Board; Applications and Reports
Received During the Week Ending July 31, 1976
ACTIONS OF THE BOARD
Statement by Chairman Arthur F. Burns before the House
Committee on Banking, Currency and Housing on the condition of the national economy and the course of
monetary policy.
Statement by Governor Philip C. Jackson before the Senate
Committee on Banking, Housing and Urban Affairs on the
Board's enforcement activities under the Consumer Credit
Protection Act.
Termination of registration for Columbus Production Credit
Association, Columbus, Ohio. 1/
Commercial Bankshares Corp., Adrian, Michigan, extension
of time within which to become a bank holding company
through the acquisition of 100 per cent of the voting
shares of the successor by consolidation to The
Commercial Savings Bank, Adrian, Michigan. 1/
Trans Texas Bancorporation, El Paso, Texas, extension of
time to July 31, 1977, within which to dispose of its forty
per cent interest in Associated International, Ltd. 1/
United California Bank, Los Angeles, California, extension
of time to March 6, 1977, within which to establish a
branch in the vicinity of the intersection of Fairview
Avenue and Calle Real, Santa Barbara County, California. 1/
Citizens Bank of Warrenton, Warrenton, North Carolina, proposed merger with Branch Banking and Trust Company,
Wilson, North Carolina; report to the Federal Deposit
Insurance Corporation on competitive factors.
Monroe Bank and Trust Company, Monroe, Connecticut, proposed
merger with Lafayette Bank and Trust Company, Bridgeport,
Connecticut; report to the Federal Deposit Insurance
Corporation on competitive factors.
V

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




H.2, 1976 No. 31

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ACTIONS OF THE BOARD-Continued
Plaza National Bank, Secaucus, New Jersey, proposed merger
with New Jersey Bank (National Association), Clifton,
New Jersey; report to the Comptroller of the Currency
on competitive factors.
Somerset Loan and Building Association, Skowhegan, Maine,
proposed merger with Franklin County Savings Bank,
Farmington, Maine; report to the Federal Deposit Insurance
Corporation on competitive factors.
1_/ Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1976 No. 31

3
ACTIONS OF THE BOARD-Corxtinued

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Barclays Bank of New York, New York. Branch to be
established at 3 Park Avenue, New York. 2/
Manufacturers Hanover Trust Company, Central New York,
Rochester, New York. Branch to be established in the
immediate neighborhood of Teal Avenue and Grant
Boulevard, City of Syracuse, Onondaga County. 2/
Lincoln First Bank of Rochester, Rochester, New York.
Branches to be established at the following locations:
A. The rehabilitation and diagnostic center, University
of Rochester Medical Center, Crittenden Boulevard,
Rochester, Monroe County.
A. Todd Union, University of Rochester-River Campus,
Alumi Road, Rochester, Monroe County. 2/
Commonwealth Bank and Trust Company of Virginia, Sterling,
Virginia. Branch to be established on Catoctin Circle
near the Route 7 intersection in Leesburg, Loudoun County. 2/
Bank of Virginia, Richmond, Virginia. Branch to be
established in the Canterbury Shopping Center at the
intersection of Patterson Avenue and Pump Road, Henrico
County. 2]
Denied By State
First Bank and Trust Company of South Bend, South Bend,
Indiana. Branch to be established at 12435 Lincoln
Way East, Penn Township, Osceola, St. Joseph County.
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
Seabrook Bank and Trust Company, Seabrook, New Hampshire. 2_/
* * * * *

2/ Application processed on behalf of the Board of Governors under delegated


authority.


H.2, 1976 No. 31

4 ACTIONS OF THE BOARD-Continued

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
Boston Overseas Financial Corporation, Boston, Massachusetts:
investment - additional in Boston leasing - Arrendamento
representacoes E. servicos, Sao Paulo, Brazil.
First National City Overseas Investment Corporation,
New York, New York: removal of the standard condition
presently imposed on Coic's holding of shares of
Bangkek First Investment & Trust Ltd.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Suspended
Utica Agency, Inc., Utica, Kansas for approval to acquire
80 per cent or more of the voting shares of The Citizens
State Bank of Utica, Utica, Kansas.
Reactivated
Chambanco, Inc., Chambers, Nebraska, for approval to
acquire 100 per cent (less directors* qualifying shares)
of voting shares of Chambers State Bank, Chambers,
Nebraska. 1)
Approved
Banco de Santander, S.A., Santander, Spain, for approval
to become a bank holding company through the acquisition
of 67 per cent or more of the voting shares of First
National Bank of Puerto Rico, San Juan (P.O.), Hato
Rey, Puerto Rico.
Chambanco, Inc., Chambers, Nebraska, for approval to
acquire 100 per cent (less directors1 qualifying
shares) of the voting shares of Chambers State Bank,
Chambers, Nebraska. 2/
2/ Application processed on behalf of the Board of Governors under
delegated authority.




11.2, 1976 No. 31

- 5 ACTIONS OF THE BOARD-Continned

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Indian Head Banks Inc., Nashua, New Hampshire, for
approval to acquire 67 per cent or more of the voting
shares of Community National Bank of Rochester,
Rochester, New Hampshire.
Denied
Florida National Banks of Florida, Inc., Jacksonville,
Florida, for approval to acquire 50.37 per cent or
more of the voting shares of the Citizens Bank of
Bunnell, Bunnell, Florida.
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Delayed
Utica Agency, Inc., Utica, Kansas, for approval to acquire
the shares of Horn Insurance Agency, Phoenix, Arizona.
Returned
Merchants National Corporation, Indianapolis, Indiana, notification of intent to engage in de novo activities (leasing
of capital of goods and equipment to industry, and banks,
or others, or acting as agent, broker or adviser in leasing
such personal property, where at the inception of the inital
lease the effect of the transaction 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 such leases shall contain such other terms and conditions)
at Austin Center, Cypress at West Shore Boulevard, Tampa,
Florida, through a subsidiary of Circle Leasing Corp., to
be known as Circle Leasing of Florida Corp. (7/30/76) 3/
First Security Corporation, Salt Lake City, Utah, for
approval to retain 100 per cent of the voting shares of
First Security Savings and Loan Association, Pocatello5
Idaho.
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. 31

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ACTIONS OF THE BOARD-Continuecl
Reactivated
Ashton Investment Company, Rock Rapids, Iowa, notification
of intent to engage in de novo activities (leasing of
real property on a one time basis where at the inception
of the initial lease the expectation is that the effect of
the transaction will be to compensate the lessor for
not less than the lessor1s full investment in the
property plus the estimated cost of financing the investment over the term of the lease) at 104 North Story
Street, Rock Rapids, Iowa (7/30/76) 3/
Permitted
Citicorp, New York, New York, notification of intent to
engage in de_ novo activities (consumer personal lending,
preauthorized consumer revolving credit; and acting as
broker for the sale of consumer credit related life and
accident and health insurance and consumer credit related
property and casualty insurance; if these proposals are
effected, the subsidiary will offer to sell insurance
as follows: credit life and accident and health or individual decreasing or level (in the case of single payment loan life insurance to cover the outstanding balance
of consumer credit transactions singly or jointly with
their spouses or cosigner in the case of life coverage
in the event of death, or to make the contractual monthly
payments on the consumer credit transactions in the
event of the obligators' disability to the extent permissible under applicable state insurance laws and regulations and individual casualty insurance on personal
property, subject to security agreements and to include
liability coverage, in home or automobile owner "package"
policies where such is the general practice; further, in
regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) at 1701
North Kipling Street, Suite 205, Lakewood, Colorado, through
its subsidiary, Nationwide Financial Services Corporation
and its subsidiary, Citicorp Person-to-Person Financial
Center, Inc., (7/24/76) 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. 31

7
ACTIONS OF THE BOARD-Continued

Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in die novo activities
(a consumer finance business included without limitation,
making or acquiring, for its own account or for the account
of others, loans and other extensions of credit such as
would be made by a finance company, servicing loans and
other extensions of credit for any person; and acting as
agent or broker for the sale of credit related life/
accident and health insurance and consumer credit related
property which is related to extensions of credit made or
acquired by Ritter Finance Company and/or its direct and
indirect subsidiaries) at King Street, Elizabethtown,
North Carolina, through its subsidiary, Ritter Finance
Company and its subsidiary, Ritter Finance Company, Inc.,
of North Carolina. (8/1/76) 3/
First Pennsylvania Corporation, Philadelphia, Pennsylvania,
notification of intent to relocate de novo activities
(making, or acquiring and servicing loans or other
extensions of credit for personal, family or household
purposes, including the sale of credit insurance (life/
accident and health and disability insurance) which is
directly related to such consumer loans) from 1302 Horner
Road, Woodbridge, Virginia to 14337 Jefferson Davis
Highway, Woodbridge, Virginia through its indirect subsidiary, Investors Loan Corp. of Virginia (7/31/76) 3/
Union Trust Bancorp, Balitmore, Maryland, notification of
intent to engage in de novo activities (making secondary
mortgage loans secured in whole or in part by mortgage,
deed of trust, security agreement or other lien on real
estate situated in the State of Maryland, which property
is subject to the lien of one or more prior encumbrances,
or other leasehold interest; and act as agent in the
sale of credit life insurance and credit accident and
health insurance in connection with its extensions of
credit) at Fallston Building, Room 202, 1710A Harford Road,
Fallston, Maryland, through its subsidiary Union Home
Loan Corporation (7/29/76) 3/
Root River Agency, Inc., Preston, Minnesota, notification of
intent to engage in the activities of (an agriculture
credit company) at 100 Anthony, North Preston, Minnesota
(7.29.76) 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. 31

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ACTIONS OF THE BOARD-Contimied
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Permitted
Sterling Precision Corporation, West Palm Beach, Florida,
notification of intent to acquire the outstanding stock
of Thorpe Automotive Company, Pawtucket, Rhode Island,
an automotive replacement parts distributor (7/29/76) 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. 31

9
APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Girard Trust Bank, Bala Cynwyd, Montgomery County,
Pennsylvania. Branch to be established in the John
Wanamaker Store located in the Roosevelt Mall, Cottman
Avenue and Roosevelt Boulevard, Philadelphia County?
Pennsylvania.
The Union Bank and Savings Company, Bellevue, Ohio. Branch
to be established at 855 Kilbourne Street, Bellevue,
Sandusky County.
Citizens Bank of Pacific, Pacific, Missouri. Branch to be
established on the West side of State Highway 100 near its
intersection with Highway M in the unincorported community
of Gray Summitt, Franklin County.
Planters Bank & Trust Company, Hopkinsville, Kentucky. Branch
to be established on U. S. Highway 41-A between gates 4 and
5 of Fort Campbell, in Oak Grove, Christian County.
Walker Bank and Trust Company, Salt Lake City, Utah. Branch
to be established in the vicinity of Downtown Tooele,
Tooele County.
* * * * *

To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of The Bank Holding Company Act
of 1956
First International Bancshares, Inc., Dallas, Texas, to
retain shares of The First State Bank of Kerens, Kerens,
Texas. 2/
* * * * *

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




i

H.2, 1976 No. 31




- 10 APPLICATIONS RECEIVED-Contlnued

To form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
First Hanover Park Corporation, Chicago, Illinois, for
approval to acquire 80.03 per cent of the voting shares
of First State Bank & Trust Company of Hanover Park,
Hanover Park, Illinois.
Inland Beloit Corporation, Milwaukee, Wisconsin, for approval
to acquire 100 per cent of the voting shares of Financial
Network Corporation, Beloit, Wisconsin, and Community Holding
Corporation, Beloit, Wisconsin, and indirectly acquire 95.4
per cent of the voting shares of The Beloit State Bank,
Beloit, Wisconsin, and 75.3 per cent of the voting shares of
Community Bank of Beloit, Beloit, Wisconsin.
Union Holding Company, Halliday, North Dakota, for approval
to acquire 80 per cent of the voting shares of The Union
Bank, Halliday, North Dakota.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Inland Heritage Corporation, Wauwatosa, Wisconsin for approval
of successor by merger to Financial Network Corporation,
Beloit, Wisconsin, and indirectly acquire The Beloit
State Bank, Beloit, Wisconsin.
Inland Heritage Corporation, Wauwatosa, Wisconsin, for
approval of successor by merger to Community Holding Corporation,
Beloit, Wisconsin, and indirectly acquire Community Bank of
Beloit, Beloit, Wisconsin.
The Jacobus Company, Milwaukee, Wisconsin, for approval of
successor by merger to Financial Network Corporation,
Beloit, Wisconsin, and indirecly acquire The Beloit State
Bank, Beloit, Wisconsin.
The Jacobus Company, Milwaukee, Wisconsin, for approval of
successor by merger to Community Holding Corporation,
Beloit, Wisconsin, and indirectly acquire Community Bank
of Beloit, Beloit, Wisconsin.

H.2, 1976 No. 31




- 11 APPLICATIONS RECEIVED-Continued

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company of 1956
National Central Financial Corporation, Lancaster, Pennsylvania,
for approval to acquire all of the mortgage servicing portfolio
of Land Mortgages, Inc., Dayton, Ohio (and to engage in the
mortgage banking business at Land Mortgages' Dayton office).
Southern Bankshares, Inc., Richmond, Virginia, for approval
to retain the shares of Charter Insurance Managers, Inc. and
National Union Life Insurance Company, both in Richmond,
Virginia (acting as an insurance agency for credit life
and credit accident and health insurance directly related
to an extension of credit by the bank holding company
system; and acting as an underwriter for credit life insurance and credit accident and health insurance which is
directly related to extensions of credit by the bank holding
company system).
Great American Corporation, Baton Rouge, Louisiana, notification
of intent to engage in de novo activities (making and acquiring
for its own account, loans discounst, acceptances and other
extensions of credit and such other business as is customarily
engage in by consumer credit of 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 2960 Johnston, Winwood Shopping Center, Lafayette, Louisiana,
through a subsidiary, Ambank Acceptance Corporation D/B/S
American Acceptance Associates. (7/30/76) 3/
First Tennessee National Corporation, Memphis, Tennessee,
notification of intent to engage in de_ novo activities
(making or acquiring, for its own account, interestbearing and discount loans and other extensions of credit;
and offering through the direct insurer or the reinsurer,
or acting as agent or broker with respect to insurance
that is directly related to an extension of credit by the
company or its subsidiaries), at 2711 North Fourteenth
Street, Ponca City, Oklahoma, through its wholly-owned
subsidiary, Crown Finance Corporation. (7/30/76) 3/

H.2, 1976 No. 31

12

APPLICATIONS RECEIVED-Continued
Patagonia Corporation, Tucson, Arizona, notification of
intent to engage in de novo activities (leasing personal
property or acting as agent, broker or advisor in
leasing such property provided: the lease is to serve
as the functional equivalent of an extension of credit
to the lessee of the property; the property to be leased
is acquired specifically for the leasing transaction
under consideration or was acquired specifically for an
earlier leasing transaction; the lease is on a nonoperating basis: and at the inception of the inital lease
the effect of the transaction (and, with respect to
governmental entities only, reasonable 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 term of the lease)
at Transco Tower, 2700 Post Oak, Houston, Texas, through
its subsidiary, Patagonia Leasing Company. (7/21/76) 3/




*

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H.2, 1976 No. 31




-13REPQRTS RECEIVED

Current Report Filed Pursuant to Section 13
of the Securities Exchange Act
None.
* * * * *

PETITIONS FOR RULEMAKING
None.