The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on H. 2 1974 No, 27 During the Week Ending July 6, 1974 District 11 Date Proxy Statement (Special Meeting) Filed Pursuant to Section 14(g) of the Securities Exchange Act Received Main Bank and Trust, San Antonio, Texas fe * * * * 5 To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received New Bank of Richmond, Richmond, Virginia 5 New Bank of Roanoke, Roanoke, Virginia To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received The Connecticut Bank and Trust Company, Hartford, Connecticut. Branch to be established at the intersection of Interstate Route 84 and New Britain Avenue, Farmington. 7-3-74 H.2 1974 No. 27 2 2 - 2 Received Cont 1 d Peoples Trust of New Jersey, Hackensack, New Jersey. Branches to be located at the following locations: A. To be located at the proposed George Washington Plaza between South Marginal Road, Main Street, Central Road and Lemoine Avenue, Fort Lee, Bergen County. B. To be located at the Southwest corner of Columbia Avenue and Abbott Boulevard, Fort Lee, Bergen County. Fidelity Union Trust Company, Newark, New Jersey. to be established at the following locations: A. Branches To be located at Chestnut Ridge Road, near the Woodcliff Lake-Montvale Border, Woodcliff Lake Boro, Bergen County. B. To be located at Fair Lawn Avenue in the vicinity of Plaza Road, Fair Lawn Boro, Bergen County. 5 12 3 United Citizens Bank, Winston Salem, North Carolina. Branch to be established at 4316 Old Walkertown Road, Winston Salem, Forsyth County. United California Bank, Los Angeles, California. Branch to be established in the vicinity of the intersection of Holly Street and Fair Oaks Avenue, City of Pasadena, Los Angeles County. Approved *The Fidelity Bank, Rosemont, Montgomery County, Pennsylvania. Branch to be established at 90 North Main Street, Doyestown Borough, Bucks County. 6 *The Sun Bank of Ocala, Ocala, Florida. Branch to be established at the intersection of N.E. 8th Avenue and N.E. 14th Street, Ocala. 7 *State Bank of Caledonia, Caledonia, Michigan, Branch to be established at 3205 68th Street, S.E., Village of Button, Gaines Township, Kent County. ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1974 No. 27 12 - 3 Approved Cont'd *g e attle Trust & Savings Bank, Seattle, Washington. Branch to be established at 1016 Madison Street, Seattle. /V V<r i< Vc * 2 Thirty Day Notice of Intention to Establish an Additional Brar, "h in a Foreign Country Approved First National City Bank, New York, New York: an additional branch in Colombia, to be located in Baranquilla, Free Trade Zone. * * * * * 2 To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Received The Oystermen 1 s Bank and Trust Company, Sayville, New York for prior approval to merge with Sayville Bank and Trust Company, Sayville, New York. -k * "k Vc V? ^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received First Moore Bancshares, Inc., Moore, Oklahoma, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Moore, Moore, Oklahoma. Approved First Dakota Bancorporation, Inc., Fargo, North Dakota, for approval to acquire 100 per cent of the voting shares (less directors 1 qualifying shares) of West Fargo State Bank, West Fargo, North Dakota. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Broward Bancshares, Inc., Fort Lauderdale, Florida, for approval to acquire 80 per cent or more of the voting shares of Broward National Bank of Boynton Beach, Boynton Beach, Florida, a proposed new bank. Associated Bank Corporation, Iowa City, Iowa, for approval to acquire 80 per cent or more of the voting shares of First Trust & Union Savings Bank, Sigourney, Iowa. Associated Bank Corporation, Iowa City, Iowa, for approval to acquire 80 per cent or more of the voting shares of Hawkeye State Bank, Iowa City, Iowa. Associated Bank Corporation, Iowa City, Iowa, for approval to acquire 80 per cent or more of the voting shares of Kalona Savings Bank, Kalona, Iowa. Twin Gates Corporation, Wilmington, Delaware, and Northern States Bancorporation, Inc., Detroit, Michigan, for approval to acquire 100 per cent of the voting shares (less directors ! qualifying shares) of First National Bank of Plymouth, Plymouth, Michigan, a proposed new bank. Boatmen's Bancshares, Inc., St. Louis,1 Missouri, for approval to acquire 80 per cent or more of the voting shares of Baltimore Bank and Trust Co., Kansas City, Missouri. H.2 1974 No. 27 5 Received Continued Boatmen's Bancshares, Inc., St. Louis, Missouri, for approval to acquire 80 per cent or more of the voting shares of North Hills Bank, Kansas City, Missouri. Approved Ellis Banking Corporation, Bradenton, Florida, for approval to acquire 100 per cent (less directors* qualifying shares) of the voting shares of Ellis Bank of North Tampa, Tampa, Florida, a proposed new bank. First Financial Corporation, Tampa, Florida, for approval to acquire not less than 90 per cent of the voting shares of Second National Bank of Lakeland, Lakeland, Florida, a proposed new bank. Flagship Banks, Inc., Miami Beach, Florida (formerly United First Florida Banks, Inc., Tampa, Florida), for approval to acquire 90 per cent or more of the voting shares of Flagship Bank of North Dade, Inc., Dade County, Florida, a proposed new bank. National Detroit Corporation, Detroit, Michigan, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of National Bank of Dearborn, Dearborn, Michigan, a proposed new bank. * * * * * 1 To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de novo activities (consumer finance; and insurance agency 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 purchaser) at Alton Plaza, 1824 E. Broadway, Alton, Illinois, through a subsidiary, Mortgage Associates, Inc. 7- 1-74 **4 (c) (8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1974 No. 27 Received Continued **Multibank Financial Corp., Boston, Massachusetts, notification of intent to engage in a de novo activity (computerized bookkeeping, statement, payroll, billing, and accounting services for the holding company, its subsidiaries and others) at 11 Midstate Drive, Auburn, Massachusetts, and 1666 Main Street, Springfield, Massachusetts, through a subsidiary, Multibank Computer Corporation. 7- 2-74 **First Pennsylvania Corporation, Philadelphia, Pennsylvania, notification of intent to relocate a de novo activity (leasing of personal property and equipment and acting as agent, broker, or adviser in the leasing of such property and equipment) from 3411 Silverside Road, Wilmington, Delaware, to 1500 Chestnut Street, Suite 1805, Philadelphia, Pennsylvania, through its subsidiary, First Pennsylvania Leasing, Inc. 6-28-74 **Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in a de novo activity (leasing real property on a full payout basis and acting as agent, broker, or adviser in leasing such property) located in the Land Title Building, Broad and Chestnut Streets, Philadelphia, Pennsylvania, through its subsidiary, Provident National Realty Corporation. 6-27-74 **Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in a de novo activity (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 mortgage company) at Suite 111, 921 East 86th Street, Indianapolis, Indiana, through its wholly-owned subsidiary, Mellon National Mortgage Company of Ohio, Cleveland, Ohio. 7- 1-74 National City Corporation, Cleveland, Ohio, for approval to acquire the shares of National City Life Insurance Company, Phoenix, Arizona. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1974 No. 27 6 6 7 11 - 7Received Continued **Citibanc Group, Inc., Alexander City, Alabama, notification of intent to engage in a de novo activity (leasing personal property and equipment, or acting as agent, broker, or adviser in the leasing of such property, where at the inception of the initial lease the expectation is that the effect of the transaction and reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor 1 s full investment in the property) through a subsidiary, Citibanc Leasing Services, Alexander City, Alabama. 7- 1-74 **First Alabama Bancshares, Inc., Montgomery, Alabama, 7- 5-74 notification of intent to engage in a _de novo activity (acting as investment or financial adviser to the extent of (a) serving as investment adviser, as defined in Section 2(a)(20) of The Investment Company Act of 1940, to an investment company registered under that act; (b) providing portfolio investment advice to any other person; (c) furnishing general economic information and advice, general economic statistical forecasting services and industry studies; and (d) providing financial advice to State and local governments, such as with respect to the issuance of their securities) in Birmingham and Montgomery, Alabama, through a subsidiary, First Alabama Investment Counselors, Inc. Jacobus Company, and Inland Financial Corporation, both in Milwaukee, Wisconsin, for approval to engage de novo in the activity of providing management consulting advice to nonaffiliated banks. **Republic of Texas Corporation, Dallas, Texas, notification of intent to engage in a d-e novo activity (making or acquiring, for its own account or for the account of others, loans and other extensions of credit, including issuing letters of credit and accepting drafts) at 1800 Republic National Bank Building, Dallas, Texas. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 7- 5-74 H. 2 1974 No. 27 12 12 6 10 9 Received Continued **Banl<America Corporation, San Francisco, California, notification of intent to relocate the Houston, Texas branch of its indirect subsidiary, GAC Finance Corporation, a subsidiary of GAC Finance Inc., which engages in (a) making consumer instalment loans and purchasing instalment sales finance contracts, and making loans to small businesses; (b) acting as agent or broker for the sale of credit related life, accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Corporation) from K-Mart Shopping Center, 7519 South Park Boulevard to Suite 12, 7701 Bellfort Street. 6-26-74 Security Pacific Corporation, Los Angeles, California, for approval to acquire the shares of General Rediscount Corporation, Allentown, Pennsylvania. Approved Southern Bancorporation (formerly The Alabama Financial Group, Inc.), Birmingham, Alabama, for approval to engage jde novo in certain insurance agency activities at various locations in Alabama at which Applicant or its banking and bank-related subsidiaries are otherwise engaged in business, through an insurance agency subsidiary to be formed by Applicant. Rimco, Inc., Rangely, Colorado, for approval to retain the assets of Rimco Insurance Agency, Rangely, Colorado. Delayed **Northwest Bancorporation, Minneapolis, Minnesota, notification of intent to engage in a de novo activity (business of making mortgage banking loans to corporations and partnerships secured by a lien on real estate property) through a new wholly-owned subsidiary to be known as Banco Realty Company, Inc., San Francisco, California. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 7- 5-74 11.2 1974 No. 27 1 - 9 Permitted **Hartford National Corporation, Hartford, Connecticut, 7- 1-74 notification of intent to engage in a de novo activity (leasing real property on a full pay-out basis or acting as agent, broker, or adviser in leasing such property) at 830 East State Street, Westport, Connecticut, through subsidiaries, HNC Realty Advisers, Inc., HNC Mortgage and Realty Investors, and HNC Realty Company. 1 **New England Merchants Company, Inc., Boston, Massachusetts, notification of intent to engage in a dje novo activity (provide investment services for non-affiliated commercial banks, thrift institutions, and municipal employee retirement funds, such investment services to consist of the following: (a) investment counseling including periodic reviews and comprehensive investment advisory services, (b) custodial services for securities, (c) acting as agent for the trading of securities at the direction and risk of the customer, and (d) computer services directly related to maintaining the customer portfolio) at One Washington Mall, Boston, Massachusetts, through a subsidiary, New England Investment Services Corporation. 7- 1-74 4 **Centran Corporation, Cleveland, Ohio, notification of intent to engage in a de novo activity (the sale, as agent, of fire and extended coverage insurance at the request of borrowers on real property, furniture and household goods taken as collateral on loans made or purchased by Colonial Financial Service, Inc.) through its wholly-owned subsidiary, Colonial Financial Services, Inc., Birmingham, Alabama. 7- 1-74 5 **NB Corporation, Charlottesville, Virginia, notification 6-30-74 of intent to engage in de novo activities (servicing and managing loans and other extensions of credit; acting as escrow agent and custodian in connection therewith; acting as investment or financial adviser; and acting as financial agent) in Richmond and Roanoke, Virginia, through a subsidiary to be known as NB Management Corporation. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 1974 No. 27 6 - io Permitted Continued **First Commerce Corporation, New Orleans, Louisiana, notification of intent to engage in a de novo activity (leasing personal and real property and acting as agent, broker, or adviser in the leasing of personal and real property) in New Orleans, Louisiana, through a subsidiary, First Money, Inc. 7- 4-74 6 **First Commerce Corporation, New Orleans, Louisiana, notification of intent to engage in d-e novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit; and acting as agent or broker in the sale of credit life and credit accident and health insurance incidental to such extensions of credit) in Kenner, Louisiana, through a subsidiary, First Money, Inc. 7 **The Indiana National Corporation, Indianapolis, Indiana, 6-30-74 notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, direct loans in the form of consumer loans which would be made by companies subject to regulation under the Uniform Consumer Credit Code and Wisconsin Consumer Act, business purpose loans and other extensions of credit in the form of conditional sales contracts and retail installment sales contracts, and loans to mobile home dealers for the purpose of financing inventory) in Milwaukee, Wisconsin, through its subsidiary, Citadel Finance, Inc., Indianapolis, Indiana. 10 7- 4-74 **Colorado National Bankshares, Inc., Denver, Colorado, notification of intent to engage in a de novo activity (the sale of decreasing term credit life insurance on installment loans, level term credit life insurance on single payment loans, credit accident and health insurance and hazard insurance which provides for physical damage protection of collateral securing consumer and real estate loans made by Colorado National Bankshares, Inc., and its subsidiaries) at six locations in Denver, Colorado, one location in Lakewood, Colorado, and one location in Arapahoe County, Colorado, through a subsidiary, Colorado National Insurance Agency, Inc. **4(c) (8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 7- 1-74 H. 2 1974 No. 27 12 12 -11Permitted Continued **BankAmerica Corporation, San Francisco, California, notification of intent to relocate the Norfolk, Virginia branch of its indirect subsidiary, G.A.C. Finance Corporation, a subsidiary of GAC Finance Inc., which engages in (a) making consumer instalment loans, purchasing instalment sales finance contracts, and making loans to small businesses; and (b) acting as agent or broker for the sale of credit related life, accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by G.A.C. Finance Corporation) from 145 Granby Street to 5329 A Virginia Beach Boulevard. 7- 4-74 **BankAmerica Corporation, San Francisco, California, notification of intent to relocate the Red Lion, Pennsylvania branch of its indirect subsidiary, G.A.C. Finance Corporation, a subsidiary of GAC Finance Inc., which engages in (a) making consumer instalment loans and purchasing instalment sales finance contracts, and making loans to small businesses; and (b) acting as agent or broker for the sale of credit related life, accident and disability insurance in connection with extensions of credit by G.A.C. Finance Corporation) from 41 North Main Street to 2709 South Queen Street, York, Pennsylvania. 7- 6-74 * * A A * 4 To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Permitted **Citizens Financial Corporation, Cleveland, Ohio, notification of intent to retain 11.28 per cent of the total outstanding common shares of Payment Systems Incorporated, New York, New York, which provides educational services and related services in the general field of electronic fund transfer systems, which was acquired inadvertently without prior approval. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 7- 6-74 H. 2 1974 No. 27 4 - 12 Permitted Continued **Midwestern Fidelity Corporation, Milford, Ohio, notification of intent to retain 9.9 per cent interest in Zernarc Ltd., Downington, Pennsylvania, an insurance holding company, through its wholly-owned subsidiary, Investors Fidelity Life Insurance Company, Milford, Ohio, which was acquired inadvertently without prior approval and notification of intent to acquire additional shares of the company. 7- 4-74 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.