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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1979 No. 24)
Actions of the Board; Applications and Reports
APPLICABLE
RESERVE BANK
Received During the Week Ending June 16, 1979
ACTIONS OF THE BOARD
Statement by Governor Philip E. Coldwell before the Senate
Committee on Governmental Affairs on S. 445, the
"Regulatory Reform Act of 1979," and stating Board's
views on Title V of S. 2, the "Sunset Act of 1979."
Statements by Governor J. Charles Partee before the Senate
Banking Committee describing the recent Board staff
study of possible tie-ins between the granting of credit
and the sale of insurance by bank holding companies and
other lenders.
The Board submits its recommendations concerning membership
in the Federal Reserve System for corporations organized
under Sections 25 and 25(a) of the Federal Reserve Act
("Edge" and "Agreement" Corporations); letter to Vice
President Mondale.
Regulation K revision, to conform with the International
Banking Act of 1978; at the same time, the Board revised
and consolidated into the new Regulation K provisions
of other regulations dealing with foreign operations of
U.S. banks (Regulation M) and foreign investments by bank
holding companies (Regulation Y) (Docket No. R-0204)
Proposed 1980 budget objective for the Federal Reserve
Banks.
Proposed purchase of a communications system for the
Federal Reserve Bank of Philadelphia.
Robert A. Jacobsen, Assistant Director for Financial
Institutions Supervision, Division of Banking Supervision and Regulation, appointment announced, effective
July 9.
H.2, 1979 No. 24
—
2
—
ACTIONS OF THE BQARD-Ccntinued
Chicago
Manufacturers National Corporation, Detroit, Michigan,
extension of time to September 26, 1979, within which
to acquire 100 per cent of the voting shares of
American Heritage Bancshares, Inc., East Lansing,
Michigan, and indirectly acquire 90 per cent or more
of the voting shares of State Bank of Michigan,
Cooper sville, Michigan. 1/
Dallas
Texas Commerce Bancshares, Inc., Houston, Texas, extension
of time to September 17, 1979, within which to consummate
and open South Belt Commerce Bank, National Association,
Houston, Texas. 1/
San
Francisco
Chartered Bank of London, San Francisco, California,
extension of time to September 16, 1979, within which
to consummate merger into Union Bank, Los Angeles,
California. 1/
St. Louis
Merchants and Farmers Bank, Columbus, Mississippi,
additional investments in bank premises. 1/
Cleveland
Beaver Trust Company, Beaver, Pennsylvania, extension of
time to December 31, 1979, within which to establish a
branch at Edgetown Square, Moon Township, Pennsylvania.
y
San
Francisco
Regulation G, deregistration for Wells Fargo Realty Advisors,
Marina Del Rey, California. 1/
Atlanta
American Bank of Hallandale, Hallandale, Florida, Pembroke
Park Branch of, proposed acquisition by American Bank of
Hollywood, Hollywood, Florida; report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
Atlanta
Century Bank of Pinellas County, St. Petersburg, Florida,
proposed merger with Century First National Bank in St.
Petersburg, St. Petersburg, Florida; report to the
Comptroller of the Currency on competitive factors. 1/
Boston
Chatham Trust Company, Chatham, Massachusetts, proposed
merger with The Barnstable County National Bank of
Hyannis, Barnstable, Massachusetts; report to the
Comptroller of the Currency on competitive factors. 1/
Kansas City
Community Banksite, Inc., Tulsa, Oklahoma, proposed merger
with Community Bank and Trust Company, Tulsa, Oklahoma;
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, 1979 No. 24
- 3—
ACTIONS OF THE BOARD-COntinued
Boston
Guaranty Bank and Trust Company, Hartford, Connecticut,
proposed acquisition by First Bank, New Haven,
Connecticut; report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
San
Francisco
Hood River County Interim Bank, Hood River, Oregon,
proposed merger with Hood River County Bank, Hood
River, Oregon? report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Richmond
Liberty Bank & Trust Company, Durham, North Carolina,
proposed acquisition by The Planters National Bank and
Trust Company, Rocky Mount, North Carolina; report to
the Comptroller of the Currency on competitive factors. 1/
Chicago
Summit Bank and Trust Company of Fort Wayne, Fort Wayne,
Indiana, proposed merger with Indiana Bank and Trust
Company of Fort Wayne, Fort Wayne, Indiana; report to
the Federal Deposit Insurance Corporation on competitive factors. 1/
New York
Westchester County Savings and Loan Association, Ossining,
New York, proposed merger with Peoples Westchester
County Savings Bank, Tarrytown, New York; report to the
Federal Deposit Insurance Corporation on competitive
factors. 1/
1/ Applications processed on behalf of the Board of Governors under delegated
authority.
I
H.2, 1979 NO. 24
4 ACTIONS OF THE BQARD-Continued
Tto Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Atlanta
Approved
St. Bernard Bank & Trust Company, Arabi, Louisiana.
Branch to be established at the intersection of
West Judge Perez Drive and Dr. Meraux Boulevard,
Chalmette, St. Bernard Parrish. 1 & 2/
San
Francisco
Valley Bank of Nevada, Las Vegas, Nevada. Branch to
be established 900 feet north of Vegas Drive on the
west side of Decatur Boulevard, Clark County. 1/ & 2/
San
Francisco
United California Bank, Los Angeles, California. Branch
to be established at the intersection of San Diego
Freeway and Avery Parkway, Community Mission Vie jo,
Orange County. 1/ & 2/
San
Francisco
United California Bank, Los Angeles, California.
Branch to be established at the intersection of
Palomar Airport Road and El Camino Real, City of
Carlsbad, San Diego County. 1/ & 2/
* * * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Richmond
Approved
Farmers and Merchants Bank, Inc., of Amherst,
Amherst, Virginia. 1/
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
New York
Atlanta
Approved
Manufacturers Hanover Trust Company, New York, New York:
grants permission to establish a branch in Buenos Aires,
Argentina.
Fulton National Bank, Atlanta, Georgia: grants permission
to establish a branch in George Town, Grand Cayman,
British West Indies.
3/ Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Community
~
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
i
- 5-
H.2, 1979 No. 24
ACTIONS OF THE BQARP-Continued
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
Boston
Approved
First National Boston Corporation, Boston, Massachusetts:
grants consent to purchase and hold, directly or indirectly, all of the shares of Boston International
Finance Corporation, N.V., Curacao, Netherlands
Antilles.
New York
Manufacturers Hanover Trust Company, New York, New York:
grants consent to continue to hold the shares of
Manufacturers Hanover International Finance Corporation, New York, New York, after MHIFC acquires all the
shares of Manufacturers International Investment
Corporation, Dover, Delaware; after MHIIC acquires
all the shares of Manufacturers Hanover Bank,
Luxembourg; grants permission to MHIFC to amend
Article SEVENTH of its Articles of Association.
San
Francisco
Bank of America, N.T. & S.A., San Francisco, California:
grants permission to purchase and hold 130,000 shares
of cannon stock of Banco Comercial para America,
Madrid, Spain.
*
* * * *
To Form a Bank Holding Caipany Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Atlanta
Minneapolis
Approved
First Central Corporation, Smithville, Tennessee, for
approval to acquire 80 per cent of the voting shares
of The First Central Bank, Smithville, Tennessee.
V & 2/
Morris State Bancorporation, Inc., Morris, Minnesota,
for approval to acquire 80.3 per cent of the voting
shares of Morris State Bank, Morris, Minnesota. 1/ &
1/
I7
Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the oooment period.
H.2, 1979 No. 24
- 6ACTIONS CF THE DQARD-Contdnued
Dallas
lone Star Bancshares, Inc., Lone Star, Texas, for
approval to acquire 80 per cent or more (less
directors' qualifying shares) of the voting shares
of The Lone Star State Bank, Lone Star, Texas. 1/ & 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Boston
Chicago
Reactivated
First National Boston Corporation, Boston, Massachusetts,
for approval to acquire 100 per cent of the voting
shares of Southeastern Bank and Trust Company, New
Bedford, Massachusetts. 2/
Approved
Hawkeye Bancorporation, Des Moines, Icwa, for approval
to acquire 100 per cent of the voting shares of Lake
City State Bank, Lake City, Icwa. 1/ & 2/
Chicago
Independent Bank Corporation, Ionia, Michigan, for approval to acquire 100 per cent of the voting shares
of the successor by consolidation to The Olivet State
Bank, Olivet, Michigan. 1/ & 2/
Dallas
First United Bancorporation, Inc., Fort Worth, Texas,
for approval to acquire 100 per cent of the voting
shares (except directors' qualifying shares) of First
United Bank-Arlington, N.A., Arlington, Texas, a
proposed new bank. 1/ & 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4 (c) (8) of the Bank Holding Company Act of 1956
New York
Approved
Manufacturers Hanover Corporation, New York, New York,
for approval to acquire 100 per cent of the shares
of Merchants Industrial Bank and Merchants Acceptance
Company, both of Denver, Colorado.
17 Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the ooirment period.
H.2, 1979 No. 24
- 7ACTIONS OF THE BCftKDH^tinued
San
Francisco
New York
New York
Wells Fargo Company, San Francisco, California, for
approval to engage in the activity of underwriting
(pursuant to a reinsurance agreement) credit life
insurance which is directly related to extensions
of credit by Applicant and its subsidiaries in the
State of Arizona, through its indirect subsidiary,
Central Western Insurance Company which activity
will be conducted at 6710 East Camelback Road,
Suite 106, Scottsdale, Arizona, 330 Washington
Street, Marina del Rey and 420 Montgomery Street,
San Francisco, California. 1/
Withdrawn
Chemical New York Corporation, New York, New York, notification of intent to convert an indirect subsidiary
finance company office to an industrial bank, to engage
in the following activities (making direct loans and
purchasing sales finance contracts and extending such
other credit as would be made or acquired by an industrial
bank; providing, at the election of debtors of said
industrial bank, group credit life and group accident
and health insurance directly related to such extensions
of credit; and receiving time savings deposits) at
2779 Canyon Boulevard, Boulder, Colorado, through
Boulder Sunamerica Industrial Bank (6/15/79) 3/
Citicorp, New York, New York, notification of intent to
relocate de novo activities (making consumer installment
personal loans, purchasing and servicing for its own
account installment sales finance contracts, making loans
for the account of others such as one-to-four family unit
mortgage loans, making loans to individuals and
businesses secured by real and personal property, the
proceeds of which may be for purposes other than personal,
family or household usage; sale of credit related life
and accident and health, or decreasing or level (in the
case of single payment loans) term life insurance to
cover the outstanding balances of credit transactions
(singly or jointly with co-signers in the case of life
coverage) in the event of death, or, to make contractual
monthly payments of the credit transactions in the event
of obligor's disability by licensed agents or brokers to
the extent permissible under applicable State laws and
regulations; the sale of credit related property and
casualty insurance protecting personal and real property
subject to a security agreement with Citicorp Person-toPerson Financial Center, Inc., and to include liability
coverage in heme and automobile policies where such is
17 Application processed on behalf of the Board of Governors under delegated
authority 3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
—
8
—
ACTIONS OF THE BQARD-Continued
the general practice by licensed agents or brokers to
the extent permissible under applicable State insurance
laws and regulations; credit decreasing term life insurance and accident and health insurance may be reinsured by Family Guardian Life Insurance Company) from
9029 Mansfield Road, Suite 103, Shreveport, Louisiana
to 1892 East Airline Drive, Bossier City, Louisiana,
through its subsidiary, Citicorp Person-to-Person
Financial Center, Inc. (6/11/79) 3/
San
Francisco
Chicago
BankAmerica Corporation, San Francisco, California,
notification of intent to relocate de novo activities
(offering credit related property insurance in connection with extensions of credit made or acquired by
Finai.ceAmerica Corporation of Massachusetts) from 1467
South Main Street, Fall River, Massachusetts to 1211
Grand A m y Highway, Swansea, Massachusetts, through its
subsidiary, FinanceAmerica Corporation of Massachusetts
(6/11/79) V
Delayed
Continental Illinois Corporation, Chicago, Illinois,
notification of intent to engage in de novo activities
(to engage in activities that may be carried on by a
trust company including activities of a fiduciary,
investment advisory, agency or custodian nature)
at Interstate Plaza, 1499 Palmetto Road, Boca Raton,
Florida, through a subsidiary, Continental Illinois
Trust Ccnpany of Florida, N.A. (6/14/79) 3/
Chicago
Continental Illinois Corporation, Chicago, Illinois,
notification of intent to engage in de novo activities
(to engage in activities that may be carried on by a
trust company including activities of a fiduciary,
investment advisory, agency or custodian nature) in the
vicinity of Orange and Main Streets, Sarasota, Florida,
through a subsidiary, Continental Illinois Trust Ccnpany
of Sarasota, N.A. (6/14/79) 3/
Chicago
The Marine Corporation, Milwaukee, Wisconsin> notification of intent to engage in de novo activities
(to engage in trust activities) in Milwaukee, Neenah,
Green Bay, Madison, West Bend and Beaver Dam, Wisconsin,
through a subsidiary, The Marine Trust Ccnpany, N.A.
(6/15/79) 3/
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
- 9ACTIONS OF THE BQARD-Continued
St. Louis
First Union Banoorporation, St. Louis, Missouri, notification of intent to engage in dte novo activities
(acting as agent or broker with respect to the following types of insurance: credit life, accident and
health insurance directly related to an extension of
credit or the provision of other financial services
by a banking subsidiary of First Uhion Banoorporation
or Union Finance Ccnpany; physical damage and fire insurance an property used as collateral for an extension
of credit or the provision of other financial services
by any banking subsidiary of First Union Banoorporation
or Union Finance Company; and act as insurance agent or
broker with respect to any insurance for a banking
subsidiary of First Union Banoorporation) such activities
to be conducted at various locations in Missouri as
described in H.2 No. 18, through a subsidiary known as
Union Finance Company (6/12/79) 3/
Kansas City
Jefferson Bankshares of Colorado, Inc., Lakewood,
Colorado, notification of intent to engage in de novo
activities (the origination, purchase and sale for
its own account or for the account of others, extensions
of credit secured or otherwise related to real estate)
in Lakewood, Colorado, through its subsidiary, Jefferson
Mortgage Company (6/14/79) 3/
St. Louis
Cleveland
Reactivated
Mercantile Banoorporation Inc., St. Louis, Missouri, notification of intent to engage in de novo activities (acting
as agent or broker in the sale of any insurance for its
banking subsidiaries; and credit life, disability, credit
accident and health insurance directly related to an
extension of credit or the provisions of other financial
services made by a subsidiary) at various Missouri offices
of both Mercantile Banoorporation Inc. 's banking
subsidiaries and of its Franklin Finance Ccnpany
subsidiaries which were listed on H.2 No. 7, through a
subsidiary known as MBI Insurance Co. Inc. (6/12/79) 3/
Permitted
Centran Corporation, Cleveland, Ohio, notification of intent to engage in de novo activities (the making and
acquiring of consumer and oonmerical finance loans for
its own account or the account of others (including loans
secured by mortgages or deeds of trust en real property),
the purchasing of installment sales contracts; and the
sale as agent of credit life insurance and credit health
and accident insurance to borrowers at their request in
connection with extensions of credit) at Rockside Plaza,
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
- 10 ACTIONS OF THE BOARD-Continued
Suite 306, 1440 Snow Road, Parma, Ohio, through
Peoples Financial Corporation of Cleveland, a
wholly-owned subsidiary of Peoples Investment
Company, which is a wholly-owned subsidiary of
Centran Corporation (6/14/79) 3/
Cleveland
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(to engage in mortgage banking activities including the
making or acquiring and servicing, for its cwn account
or the account of others, loans and other extensions of
credit) in the Metropolitan area of Savannah, Georgia,
through its subsidiary, The Kissell Company (6/14/79) 3/
Richmond
United Virginia Bankshares Incorporated, Richmond,
Virginia, notification of intent to engage in de novo
activities (originating loans as principal? originating
loans as agent; servicing loans for non-affiliated individuals, partnerships and corporations; servicing loans
for affiliates of United Virginia Bankshares Incorporated?
the sale, as agent of credit life, credit disability,
mortgage redemption and mortgage cancellation insurance
in connection with such loans and such other activities
as may be incidental to the business of a mortgage
corporation) at One Regency Place, 9570 Regency Square
Boulevard, Jacksonville and 5415 Mariner Street, Tampa,
Florida, through its subsidiary, United Virginia Mortgage
Corporation d/b/a United Virginia Financial Service
(6/10/79) 3/
St. Louis
Mercantile Bancorporation Inc., St. Louis, Missouri,
notification of intent to engage in de novo activities
(acting as agent or broker in the sale of any insurance
for its banking subsidiaries; and credit life, disability,
credit accident and health insurance directly related
to an extension of credit or the provision of other
financial services made by a subsidiary) at various
Missouri offices of both Mercantile Bancorporation Inc. 's
banking subsidiaries and of its Franklin Finance Company
subsidiaries which were listed on H.2 No. 7, through a
subsidiary known as MBI Insurance Co. Inc. (6/13/79) 3/
Kansas City
Midland Capital Co., Oklahoma City, Oklahoma, notification
of intent to engage in de novo activities (originating
and servicing FHA, VA, and conventional residential
mortgage loans) at 200 Isauros, Laredo, Texas, through
a subsidiary, Midland Mortgage Co. (6/15/79) 3/
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
- 1 1 -
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Richmond
Famplico Bank and Trust Company, Panplico, South
Carolina. Branch to be established at 41 Walnut
Street, Panplico. 2/
Atlanta
North First Bank, North Fort Myers, Florida. Branch to
be established at the corner of Del Prado Boulevard
and Viscaya Parkway, Cape Coral. 2/
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Atlanta
City Savings Bancshares, Inc., DeRidder, Louisiana,
for approval to acquire 80-100 per cent (less
directors1 qualifying shares) of the voting shares
of City Savings Bank & Trust Company, DeRidder,
Louisiana. 2/
Atlanta
Southwest Louisiana Bancshares, Inc., Oakdale,
Louisiana, for approval to acquire 80 per cent
or more (less directors1 qualifying shares) of the
voting shares of Bank of Southwest Louisiana, Oakdale,
Louisiana. 2/
St. Louis
Frankfort Bancorporation, Inc., West Frankfort, Illinois,
for approval to acquire 80.9 per cent of the voting
shares of The Bank of West Frankfurt, West Frankfurt,
Illinois. 2/
Minneapolis
Continental Banksystem, Inc., St. Paul, Minnesota, for
approval to acquire 87.9 per cent of the voting
shares of St. Anthony Park State Bank, St. Paul,
Minnesota. 2/
Kansas City
Jackson Hole Banking Corporation, Jackson, Wyoming,
for approval to acquire 80 per cent or more of
the voting shares of The Jackson State Bank,
Jackson, Wyoming. 2/
27 Application subject to Coranunity Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1979 No. 24
-12APPLICATIQNS REXZEIVED-KZontinued
Kansas City
Kilgore Bancshares, Inc., Kilgore, Nebraska, for
approval to acquire 100 per cent (less directors1
qualifying shares) of the voting shares of Farmers
State Bank, Kilgore, Nebraska. 2/
Dallas
Henrietta Bancshares, Incorporated, Henrietta, Texas,
for approval to acquire 80-100 per cent of the
voting shares of First National Bank of Henrietta,
Henrietta, Texas. 2/
*
* * * *
Tb Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Atlanta
Southwest Florida Banks, Inc., Fort Myers, Florida,
for approval to acquire more than 80 per cent of
the voting shares of The Palmetto Bank and Trust
Conpany, Palmetto, Florida. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4 (c) (8) of the Bank Holding Company Act of 1956
Boston
Old Stone Corporation, Providence, Rhode Island,
notification of intent to engage in de novo
activities (orgination, sale and servicing of
second mortgage loans; and in connection with extensions of credit, making available to borrowers
credit life insurance and credit accident and
health insurance) at Suite 205, 6221 14th Street,
West, Brandenton, Florida and 2240 Palm Beach
Lakes Boulevard, West Palm Beach, Florida, through
Old Stone Corporation's indirect subsidiary, E8XC
Corporation (a Florida Corporation) which is a
wholly-owned subsidiary of Old Stone Financial
Corporation (a Rhode Island Corporation) which is
a direct subsidiary of Old Stone Corporation
(6/11/79) 3/
2/ Application subject to Community Reinvestment Act. The Community
Reinvestment Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2/ 1979 No. 24
- 13 APPLICATIONS RECEIVED-Continued
New York
The Chase Manhattan Corporation, New York, New York,
notification of intent to engage in de novo
activities (making or acquiring, forTts own
account or for the account of others, loans and
other extensions of credit such as wDuld be made
by a commercial finance, equipment finance or
factoring company including factoring accounts
receivable, making advances and over advances on
receivable and inventory and business installment
lending; servicing loans and other extensions of
credit; leasing on a full payout basis personal
property or acting as agent, broker or adviser in
leasing such property including the leasing of
motor vehicles) at 800 Wilshire Boulevard, Los
Angeles, California; 9950 West Lawrence Avenue,
Schiller Park, Illinois; 50 Federal Street, Boston,
Massachusetts; Boston Mutual Building, 120 Royal
Street, Canton, Massachusetts; Ogelthorpe Building,
2971 Flowers Road South, Atlanta, Georgia; 8150
North Central Expressway, Dallas, Texas; 1100
Milam, Suite 2345, Houston, Texas; 1300 East Ninth
Street, Cleveland, Ohio; and in the vicinity of
Gateway I, Newark, New Jersey; through its subsidiaries, CCC Holding Inc. and Chase Commercial Corporation, Newark, Delaware (6/14/79) 3/
New York
Citicorp, New York, New York, notification of intent to
relocate de novo activities (making consumer installment personal loans, purchasing and servicing
for its cwn account installment sales finance contracts,
making loans for the account of others such as one-tofour family unit mortgage loans, making loans to individuals and businesses secured by real and personal
property, the proceeds of which may be for purposes
other than personal, family or household usage; sale
of credit related life and accident and health, or
decreasing or level (in the case of single payment
loans) term life insurance to cover the outstanding
balances of credit transactions (singly or jointly with
co-signers in the case of life coverage) in the event
of death, or, to make contractual monthly payments
of the credit transactions in the event of the obligor's
disability by licensed agents or brokers to the extent
permissible under applicable State laws and regulations;
the sale of credit related property and casualty insurance protecting personal and real property subject to
a security agreement with Citicorp Person-to-Person
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
-14APPLICATIONS KEHSIVED-Cantdjiued
Financial Center, Inc. and to include liability
coverage in hems and automobile policies where
such is the general practice by licensed agents
or brokers to the extent permissible under
applicable State insurance laws and regulations;
credit decreasing term life insurance and accident
and health insurance may be reinsured by Family
Guardian Life Insurance Company) from 1892 East
Airline Drive, Bossier City, Louisiana to 9029
Mansfield Road, Suite 103, Shreveport, Louisiana,
through its subsidiary, Citicorp Person-to-Person
Financial Center, Inc. (6/11/79) 3/
New York
United Jersey Banks, Princeton, New Jersey, notification
of intent to engage in de novo activities 1(1) mortgage
banking, including the making, acquiring, origination,
and servicing (including escrow services) for its own
account or the account of others, loans and other extensions of credit; the sale of loans, loan participations, and securities secured by loans; and acting as
temporary straw title holder for customers where the
customers indemnifies the company against all risk of
ownership and the resale, insurance and maintenance of
the property are provided by others; (2) the furnishing of financial advice to the extent of serving as the
advisory company for a mortgage or real estate trust,
providing portfolio advice relating to real estate to
any other person, furnishing general economic information and advice, general economic statistical forecasting services and industry studies related to the
real estate industry; (3) leasing real property or
acting as agent, broker or adviser in leasing such
property (in accordance with the limitations in Regulation
Y); (4) making equity and debt investments in corporations
or projects designed primarily to promote community
welfare such as the economic rehabilitation and development of low-income areas; (5) acting as insurance agent
or broker in offices at which United Jersey Banks or
its subsidiaries are otherwise engaged in business (or
in an office adjacent thereto) with respect to credit life
insurance, credit accident and health insurance, mortgage
cancellation or redemption insurance, or mortgage
accident and health insurance that is directly related
to an extension of credit or the provision of other
financial services by United Jersey Banks or its
subsidiaries; and (6) property management activities
limited to management of: (a) properties held in a
fiduciary capacity; (b) properties owned by United
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1979 No. 24
-15APPLICATIQNS RECEIVED-Continued
Jersey Banks or its subsidiaries for conducting its
cwn bank and bank related operations; and (c)
properties acquired by United Jersey Banks or a
subsidiary as a result of a default on an extension
of credit or a lease) at 25 East Salem Street,
Hackensack; 210 Main Street, Hackensack; 90 Nassau
Street, Princeton; 14 Washington Road, Princeton;
288 North Broad Street, Elizabeth; Commerce & Laurel
Street, Bridgeton; 25 West Front Street, Keyport; 15
West Blackwell Avenue, Dover; 315 Madison Avenue,
Lakewood; 216 Haddon Avenue, Westmont; and 20 Brace
Road, Cherry Hill; all in New Jersey, and at 350
Fifth Avenue, New York, New York, through its
subsidiary, United Jersey Mortgage Company (6/11/79) 3/
Philadelphia
New Jersey Corporation, Trenton, New Jersey, notification of intent to engage in de novo activities (making, acquiring, selling and servicing for its own
account or the account of others extensions of credit
principally secured by mortgages) at Riverview Plaza,
River Road, Yardley, Pennsylvania, through its direct
subsidiary, Underwood Mortgage and Title Company,
Lawrenceville, New Jersey (6/8/79) 3/
Cleveland
Wesbanco, Inc., Wheeling, West Virginia, for approval
to acquire all the shares outstanding of Ohio Valley
Finance Company, Wheeling, West Virginia.
Richmond
Maryland National Corporation, Baltimore, Maryland,
notification of intent to engage in de novo activities (engaging generally in the business of a mortgage
banker, mortgage broker and mortgage servicing, orginating, buying, selling and otherwise dealing in mortgage
loans as principal or agent; servicing mortgage loans
for affiliated or nonaffiliated entities; acting as
adviser in mortgage loan transactions; and engaging
in the sale, as agent, of credit life, credit disability and credit accident and health insurance in
connection with extensions of credit by bank and nonbank
subsidiaries) at 10 Light Street, Baltimore, and at
8630 Fenton Street, Silver Spring, Maryland, through
its subsidiary, Maryland National Mortgage Corporation
(6/11/79) 3/
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
APPLICATIONS RECTIVEEK^ntinued
Richmond
NCNB Corporation, Charlotte, North Carolina, notification of intent to engage in
novo activities
(operating as a finance company including the extension of direct loans for consumer and other
purposes, the discounting of retail installment
notes or contracts, the purchasing or recreational
lot notes, the extensions of direct loans to
dealers for the financing of inventory (floor planning) and working capital purpose, the purchasing
of personal property lease contracts; and acting as
agent in the sale of credit life, credit accident
and health and physical damage insurance which is
directly related to the extensions of credit of
said company) in Marion, South Carolina, through
its subsidiaryf TranSouth Financial Corporation
(6/14/79) 3/
Richmond
NCNB Corporation, Charlotte, North Carolina, notification of intent to engage in de novo activities
(making loans and extensions of credit to dealers
for the financing of inventory (floor planning) and
for working capital purposes) at 202 Madison
Avenue, Athens; Campbell Plaza, Columbia; 270 Oooee
Street, Cleveland; 505 Broad Street, Elizabethton;
River Oak Shopping Center, Fayetteville; 1214
Tusculum Boulevard, Greenville; 1204 West Broadway,
Newport; 111 The Acres, Lewisburg; 207 Woodland
Street, Manchester; 610 North Chancery Street,
McMinnville; Independence Square, Franklin; Imperial
Square Shopping Center, Hendersonvilie; 412 South
Cumberland Street, Lebanon; 105 N. Porter Streetf
Winchester; 66 Plaza Shopping Center, Rogersville;
and 6328 Clinton Highway, Knoxville, Tennessee,
through its indirect subsidiary, TranSouth Mortgage
Corporation (6/14/79) 3/
Richmond
NCNB Corporation, Charlotte, North Carolina, notification of intent to engage in de novo activities
(operating as a finance company including the extension of direct loans for consumer and other
purposes, the discounting of retail installment
notes or contracts, the purchasing of recreational
lot notes, the purchasing of personal property lease
contracts; and acting as agent in the sale of credit
life, credit accident and health and physical damage
insurance which is directly related to the extensions
of credit of said company) through its direct subsidiary,
TranSouth Financial Corporation, and (making loans
and extensions of credit to dealers for the financing
3? 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
8
H.2, 1979 No. 24
— 17 —
APPLICATIONS RBCEIVED-Continued
of inventory (floor planning) and for working capital
purposes) through its indirect subsidiary, TranSouth
Mortgage Corporation in Brownsville, Covington,
Dickson, Dyersburg, Humboldt, Huntington, Lawrenceburg, Lexington, La Follette, Livingston, Paris,
Pulaski, Savannah, Springfield, Union City, and
Waverly, Tennessee (6/14/79) 3/
San
i rancisco
Crocker National Corporation, San Francisco, California,
notification of intent to engage in de novo activities
(acting as agent or broker with respect to credit life
and credit disability insurance (including mortgage
redemption insurance) directly related to extensions
of credit by Crocker National's lending subsidiaries)
at One Montgomery Street, San Francisco, California,
through its subsidiary, CNC Insurance Agency, Inc.
(6/11/79) 3/
San
Francisco
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 multifamily and commercial properties for its ovn account
or for the sale to others and the servicing of such
loans for others) at 5284 South 320 West, Murray,
Utah, through its subsidiary, Security Pacific Mortgage Corporation (6/6/79) 3/
* * * * *
REPORTS RECEIVED
Current Report filed Pursuant to Section 13 of the
Securities Exchange Act
New York
Commercial Trust Ccnpany of New Jersey, Jersey City,
New Jersey.
*
* * * *
PETITIONS FOR RULEMAKING
None.
3/ 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
@FedFRASER