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 arid Reports Received or Acted on H.2 1974 No. 22 During the Week Ending June 1, 1974 District 5 Date Registration Statement Filed Pursuant to Section 12(g) of the Securities Exchange Act Received Burlington Bank and Trust Company, Burlington, North Carolina (Amendment #1) V' 2 -k -k it >V To Withdraw from Membership in the Federal Reserve System Without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act Received The Amalgamated Bank of New York, New York, New York * * * * * 2 2 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Manufacturers and Traders Trust Company, Buffalo, New York, Branch to be established at 90 Morgan Street, City of Tonawanda, Erie County. Bankers Trust Company of Western New York, Rochester, New York. Branch to be established in the immediate neighborhood of the intersection of Sheridan Drive and Military Road, Town of Tonawanda, Erie County. 5-29-74 H. 2 1974 No. 22 2 - 2 Received Cont'd First Trust & Deposit Company, Syracuse, New York. Branch to be established at 110 Genessee Street, Auburn, Cayuga County. 6 American Guaranty Bank, Tampa, Florida. Branch to be established across from the main banking house which is located at 6925 North 56th Street, Tampa. 6 Trust Company of Georgia, Atlanta, Georgia. Branch to be established at the intersection of Bucknell Drive and Fulton Industrial Boulevard, Atlanta. 7 Manufacturers Bank of Livonia, Livonia, Michigan. Branch to be established at the Southwest corner of Plymouth Road and Hubbell Road (30905 Plymouth Road), Livonia. 10 5 6 McDonald State Bank, North Platte, Nebraska. Branch to be established at 1801 West A Street, North Platte. Approved *Union Trust Company of Maryland, Baltimore, Maryland. Branches to be established in the following locations: A. To be established in the 1776 Plaza Shopping Center, East Jefferson Street, Rockville, Montgomery County. B. To be established at 11716 Reisterstown Road, Reisterstown, Baltimore County. C. To be established in the Regional Shopping Park at the intersection of State Routes 3 and 24, Crofton, Anne Arundel County. -Columbia Bank of Tampa, Tampa, Florida. Branch to be established at the Southwest corner of Adamo Drive and 21st Street, Tampa. -Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. 6 11 Approved Cont'd *The Bank of New Orleans and Trust Company, New Orleans, Louisiana, Branches to be established at the following locations: A. To be established at Jefferson Avenue, New Orleans. B. To be established at Kabel Drive, just off the corner of General Degaulle on the West side of Kabel, Orleans Parish, New Orleans. *Sulphur Springs State Bank, Sulphur Springs, Texas. Branch to be established in the 300 block of Church Street, diagonally across the street from present quarters, Sulphur Springs. -k -k -k -k /'<• 5 To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Approved The National Bank of Washington, Washington, D.C.: a branch to be located in Nassau, Bahamas. *k k -k V? -k Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country Received First National City Bank, New York, New York: an additional branch in Colombia, to be located in Barranquilla, Free Trade Zone. Approved The Chase Manhattan Bank, N.A., New York, New York: an additional branch to be located in Hong Kong. -k -k -k -k -k -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 Profile Bankshares, Inc., Rochester, New Hampshire, for approval to acquire at least 80 per cent; of the voting shares of First National Bank of Rochester, Rochester, New Hampshire. Morris County Bankshares, Inc., Naples, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The Morris County National Bank of Naples, Naples, Texas. Approved Republic New York Corporation, New York, New York, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Republic Bank, National Association, New York, New York, the resulting bank from the proposed merger of Republic National Bank of New York and Kings Lafayette Bank, New York, New York. Safrabank S.A., Panama City, Panama; Trade Development Bank Holding S.A., Luxembourg, Luxembourg; and Trade Development Bank, Geneva, Switzerland; for approval to acquire directly and indirectly approximately 40 per cent of the voting shares of Republic New York Corporation, New York, New York. American Heritage Shares, Inc., East Lansing, Michigan, for approval to acquire 93.69 per cent of the voting shares of State Bank of Michigan, Coopersville, Michigan. L.W.J.S. Corporation, Gower, Missouri, for approval to acquire 80 per cent or more of the voting shares of The Farmers Bank of Gower, Gower, Missouri. The First of Brownfield Corporation, Brownfield, Texas, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of The First National Bank of Brownfield, Brownfield, Texas. Korea Exchange Bank, Seoul, Korea, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Korea Exchange Bank of California, Los Angeles, California, a proposed new bank. Delayed Mountain Financial Services, Inc., Denver, Colorado, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Northwest State Bank, Arvada, Colorado, a proposed new bank. A * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received North Atlantic Bancorp., Framingham, Massachusetts, for approval to acquire at least 51 per cent and up to 100 per cent of the voting shares of Neponset Valley Bank and Trust Company, Canton, Massachusetts. First Commercial Banks Inc., Albany, New York, for approval to acquire 100 per cent of the voting shares of the successor by merger to The Oystermen's Bank and Trust Company, Sayville, New York. 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. Southeast Banking Corporation, Miami, Florida, for approval to acquire at least 23 per cent of the voting shares of Bank of Lake Buena Vista, Lake Buena Vista, Florida, a proposed new bank. Sun Banks of Florida, Inc., Orlando, Florida, for approval to acquire 50 per cent or more of the voting shares of Bank of Lake Buena Vista, Lake Buena Vista, Florida, a proposed new bank. 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. First City Bancorporation of Texas, Inc., Houston, Texas, for approval to acquire 762.40 shares of stock through a rights offering of Citizens State Bank, Sealy, Texas. Approved Safrabank S.A., Panama City, Panama, for approval to acquire an additional 3 per cent of the shares of Trade Development Bank Holding S.A., Luxembourg, Luxembourg. Safrabank S.A., Panama City, Panama and Trade Development Bank Holding S.A., Luxembourg, Luxembourg, for approval to acquire indirectly and directly an additional 19 per cent of the shares of Republic New York Corporation, New York, New York. First Virginia Bankshares Corporation, Falls Church, Virginia, for approval to acquire 100 per cent of the voting shares (less directorsf qualifying shares) of the successor by merger to The Peoples National Bank of Rocky Mount, Rocky Mount, Virginia. Barnett Banks of Florida, Inc., Jacksonville, Florida, for approval to acquire 90 per cent or more of the voting shares of Southern National Bank of Palm Beach County, Lake Worth, Florida, a proposed new bank. Southeast Banking Corporation, Miami, Florida, for approval to acquire 80 per cent or more of the voting shares of Edgewood Bank, Jacksonville, Florida. United Missouri Bancshares, Inc., Kansas City, Missouri, for approval to acquire 80 per cent or more (plus directors1 qualifying shares) of the voting shares of First City Bank of Springfield, Springfield, Missouri. Wyoming Bancorporation, Cheyenne, Wyoming, for approval to acquire 97.5 per cent of the voting shares of Bank of Wyoming, N.A., Rock Springs, Wyoming, a proposed new bank. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956 Approved Republic New York Corporation, New York, New York, for approval to merge with Kings Lafayette Corporation, New York, New York. H.2 1974 No. 22 10 - 7To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act of 1956 ; ^ • Received Liberty National Corporation, Oklahoma City, Oklahoma, for approval to retain the stock of The Citizens National Bank of Edmond, Edmond, Oklahoma. * * * * * 1 5 5 To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received Profile Bankshares, Inc., Rochester, New Hampshire, for approval to acquire Rochester Savings Bank and Trust Company, Rochester, New Hampshire. Fidelity American Bankshares, Inc., Lynchburg, Virginia, for approval to acquire 100 per cent of the voting shares of the successor by merger to Security Finance Corporation of Spartanburg, Spartanburg, South Carolina. **Maryland National Corporation, Baltimore, Maryland, 5-29-74 notification of intent to engage in de novo activities (engaging generally in commercial lending operations, including, but not limited to, financing of accounts receivable, inventories, and other types of secured and unsecured loans to commercial enterprises; servicing commercial loans for affiliated or nonaffiliated individuals, partnerships, or corporations; and acting as adviser or broker in commercial lending transactions) in Baltimore, Maryland, through a subsidiary to be known as Maryland National Industrial Finance Corporation. 5 United Virginia Bankshares Incorporated, Richmond, Virginia, for approval to acquire 100 per cent of the outstanding voting shares of Bank Management Consultants Inc., Richmond, Virginia, a proposed new whollyowned subsidiary. 11 Galbank, Inc., and United States National Bancshares, Inc., both of Galveston, Texas, for approval to acquire the shares of Bankers Data Services, Inc., Houston, Texas. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. i • H. 2 1974 No. 22 2 " 8 ~ Received Continued Correction: **Fidelity Union Bancorporation, Newark, New Jersey, notification of intent to engage in de novo activities (the business of making loans in the present maximum of $1,000 or less, and making loans secured by second mortgages on residential real estate (up to fourfamily occupancy) owned by the borrowers under the New Jersey Secondary Mortgage Loan Act; and making available to the customers credit life insurance and disability insurance covering the unpaid balance of loans outstanding) in Garfield, New Jersey, through a subsidiary of its subsidiary, Suburban Finance Company of Nutley. 10 10 2 2 5- 7-74 Approved Ingalls Insurance Agency, Inc., Ingalls, Kansas, for approval to retain the assets of Ingalls Insurance Agency, Ingalls, Kansas. Ingalls Insurance Agency, Inc., Ingalls, Kansas, for approval to retain the assets of McCune Agency, Montezuma, Kansas. Permitted **Citicorp, New York, New York, notification of intent to engage in de_ novo activities (making, acquiring, and servicing sales finance and retail installment sales contracts and agreements; and acquiring and servicing indebtedness under such contracts and agreements; such servicing may include issuance of credit and identification cards, billing and related services) at 399 Park Avenue, New York, New York; 111 Wall Street, New York, New York; and at 2 Huntington Quadrangle, Huntington Station, New York, through a subsidiary, Citicorp Custom Credit, Inc. **Citicorp, New York, New York, notification ot intent to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Florida will offer to sell insurance as follows: (a) group credit life-accident 5-26-74 5-30-74 **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. 22 - 9 Permitted Continued and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrowerTs disability; (b) individual casualty insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of Florida will not offer insurance counseling) in Sarasota, Florida, through its subsidiary, Nationwide Financial Corporation of Florida. 3 **Provident National Corporation, Philadelphia, Pennsylvania, 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 including conditional sales, inventory and accounts receivable financing) at the present office of Provco Leasing Corporation, located at 931 Haverford Avenue, Bryn Mawr, Pennsylvania, as well as a proposed new office to be located at 1290 Avenue of the Americas, New York, New York, through its indirect subsidiary, Provco Leasing Corporation. 5-26-74 5 **Southern Bankshares, Inc., Richmond, Virginia, notification of intent to engage in de novo activities (making or acquiring, loans or other extensions of credit such as would be made by a consumer finance company; and acting as agent for credit life, accident and health insurance, directly related to extensions of credit by its subsidiary, and also multi-peril insurance written to protect collateral on such loans during the period of credit extension) in Richmond, Virginia, through a subsidiary to be known as Charter Financial, Inc., and the latter!s wholly-owned subsidiary, Charter Loans, Inc. 5-31-74 6 **The Alabama Financial Group, Inc., Birmingham, Alabama, notification of intent to engage in a de novo activity (making loans to individuals and businesses secured by first or second mortgages; making loans for land acquisition and construction; making secured and unsecured commercial loans; engaging in consumer financing, factoring and related commercial financing, including conditional sales; and operating as a general finance company) in Birmingham, Alabama, through a subsidiary, Southern Financial Services, Inc. 5-26-74 **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. 22 8 10 2 -10Permitted Continued **First Tennessee National Corporation, Memphis, Tennessee, 5-27-74 notification of intent to engage in a cle novo activity (providing bookkeeping or data processing services and related activities for the internal operations of the holding company and its subsidiaries) at 921 Woodland Street, Nashville, Tennessee, through a newly formed subsidiary to be known as First Tennessee Data Services Corporation. **Colorado National Bankshares, Inc., Denver, Colorado, 5-30-74 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, such as would be made by a finance company; selling credit life, health and accident insurance, and hazard insurance for the protection of collateral securing such loans) in Denver and Northglenn, Colorado, through a subsidiary, Colorado National Financial Services, Inc. Returned **Citicorp, New York, New York, notification of intent to 5-30-74 engage in de novo activities (making consumer installment personal loans; purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life-accident and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of New Mexico will offer to sell insurance as follows: (a) group credit life-accident and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrowerf s disability; (b) individual casualty insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of New Mexico will not offer insurance counseling) in Yuma, Arizona, through its subsidiary, Nationwide Financial Corporation of New Mexico. Applicant has been requested to refile. **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. 22 2 7 7 -11To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Received **Warner Communications Inc., New York, New York, notification of intent to acquire Wallmaster Cleaning Services, Ltd., Montreal, Providence of Quebec, Canada, through its subsidiary, National Kinney Corporation, New York, New York. **Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire, through its nonbanking subsidiaries, 97.1 per cent of Southern Casualty Insurance Company, a casualty insurance underwriter, and its wholly-owned subsidiary, United Southern Insurance Agency, an insurance agency, both in Alexandria, Louisiana. 5-24-74 5-29-74 Permitted ^Berkshire Hathaway Inc., New Bedford, Massachusetts, 5-30-74 notification of intent to acquire 100 per cent of the outstanding stock of Diversified Retailing Company Inc., Baltimore, Maryland, a holding company which renders financial and operating advice to its subsidiaries, which are the following corporations: Associated Retail Stores, Inc., Long Island City, New York, a women's and childrenTs apparel retailer; Fashion Outlet of Michigan, Inc., Saginaw, Michigan, a fashion retailer; Anbec, Inc., Long Island City, New York, a real property owner; Columbia Insurance Company, Omaha, Nebraska, a property and casualty reinsurance company reinsuring risks originally written by the reinsurance division of a subsidiary of Berkshire; Blauner1s Inc. (inactive), Long Island City, New York; Blue Chip Stamps, Los Angeles, California, a furnisher of trading stamp service; See1s Candy Shops, Incorporated, Los Angeles, California, a fine chocolate manufacture and retailer; See T s Candies, Inc., South San Francisco, California, a fine chocolate manufacturer and retailer; Wesco Financial Corporation, Pasadena, California, a holding company which owns mutual savings and loan associations and real estate properties, Mutual Savings and Loan Association, Pasadena, California: WSE Insurance Agency, Pasadena, California, an insurance agency principally for fire and extended coverage property insurance and mortgage life insurance; and Wes Fin Service Corporation (inactive), Pasadena, California. **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. 22 7 # - 12 - Permitted Continued **Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire through its nonbanking subsidiaries, additional shares of the outstanding voting stock of Handy & Harman, New York, New York, whose primary business is the processing of silver, gold and other precious metals into bimetals , inlays, etc; and J. Walter Thompson Co., New York, New York, whose principal line of business is an advertising agency with additional services including public relations and publicity, and market research. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 5-30-74