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
(H.2, 1978 No. 25)
Actions of the Board; Applications and Reports
Received During the Week Ending June 24, 1978
ACTIONS OF THE BOARD
Statement by Chairman G. William Miller before the Senate
Subcommitee on Financial Institutions regarding H.R.
10899, the International Banking Act of 1978.
First National Holding Corp., Atlanta, Georgia, extension
of time until September 26, 1978, within which to acquire
the remaining shares of The First National Bank of Dalton,
Dalton, Georgia. 1/
Metropolitan Bank and Trust Company, Philippine Securities
Corporation and Tytana Corporation, all of Makati, Rizal,
Philippines, extension of time to September 22, 1978, within which to acquire shares of International Bank of California, Los Angeles, California. 1/
Midland Mortgage Corporation, Detroit, Michigan, extension
of time to September 20, 1978, within which to establish
a de novo subsidiary, and engage in activities at 350
First National Building, through its subsidiary,
Midland Mortgage Service Corporation, Detroit, Michigan. 1/
Texas Bancorp Shares, Inc., San Antonio, Texas, extension
of time to August 3, 1978, within which to consummate the
acquisition of Texas State Bank, San Antonio, Texas. 1/
First Security Bank, Hillsboro, Ohio, to make an investment
in bank premises. 1/
Peapack-Gladstone Bank, Gladstone, New Jersey, to make
additional investments in bank premises. 1/
Warren Bank, Warren, Michigan, to make an investment in bank
premises. V
Detroit Bank-Southfield, Southfield, Michigan, extension of
time to October 14, 1978, within which to establish a branch
at the corner of Southfield and Edwards Road, Southfield,
Michigan. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 25
ACTIONS OF THE BOARD-Continued
Union Trust Company of Maryland, Baltimore, Maryland,
extension of time within which to establish its branch
in the Bel Air Plaza Shopping Center, Bel Air, Maryland.
1/
Bank of Nova Scotia, Toronto, Canada, extension of time to
retain the Bank of Nova Scotia Trust Company of New York.
1/
Columbia Union National Bank & Trust Company, Kansas City,
Missouri, extension of time to August 16, 1979, within
which to dispose of shares of The State Bank of Herndon,
Herndon, Kansas. 1/
First National Bank of
proposed acquisition
Pennsylvania; report
commpetitve factors.
Scottdale, Scottdale, Pennsylvania,
by Gallatin National Bank, Uniontown,
to the Comptroller of the Currency on
1J
Garden State National Bank, Paramus, New Jersey, proposed
consolidation with The National State Bank, Elizabeth,
N.J., Elizabeth, New Jersey; report to the Comptroller of
the Currency on competitive factors. 1/
Virginia National Bankshares, Inc., Norfolk, Virginia, subsidiaries, of proposed merger with Virginia National Bank,
Norfolk, Virginia; report to the Comptroller of the
Currency on competitive factors. V
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 25
- 3 ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
The Stonewall Jackson Bank and Trust Company, Mount
Jackson, Virginia. Branch to be established at the
intersection of Main (U.S. Route 11 ) and High Streets,
Woodstock, Shenandoah County. 2/
North Park Bank of Commerce, Logan, Utah.
established in Garden City. 2,/
Branch to be
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
The Alamo National Bank, San Antonio, Texas: grants
consent to establish a branch in George Town, Grand
Cayman, Cayman Islands.
The Connecticut National Bank, Bridgeport, Connecticut:
grants consent to establish a branch in George Town,
Grand Cayman, Cayman Islands.
Bank of Oklahoma, National Association, Tulsa, Oklahoma:
grants permission to establish a branch in George Town,
Grand Cayman, Cayman Islands.
* * * * *
Thirty Day Notice of Intention to Establish as Additional
Branch in a Foreign Country
Approved
Citibank, N.A., New York, New York: to establish an
additional branch in Puerto Rico, to be located in
Hato Rev.
2J
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
a.2, 1978 No. 25
- 4
ACTIONS OF THE BOARD-Continued
To Form a Bank Holding Company Pursuant, to Section
3(a) (.1) of the Bank Holding Company Act of 1956
Approved
Community Bancorporation, Clear Lake, Iowa, for approval
to acquire 100 per cent of the voting shares of
Community State Bank of Clear Lake, Clear Lake, Iowa.
FirsTrust Banshares, Corporation, Cedar Rapids, Iowa,
for approval to acquire 90 per cent or more of the
voting shares of First Trust & Savings Bank, Cedar
Rapids, Iowa. 2/
Villa Grove Bancshares, Inc., Villa Grove, Illinois,
for approval to acquire 80 per cent of the voting
shares of Villa Grove State Bank, Villa Grove,
Illinois. 2/
Polk County Banco, Inc., Centuria, Wisconsin, for approval
to acquire 90 per cent or more of the voting shares of
Polk County Bank, Centuria, Wisconsin.
City Bancshares, Inc., Kansas City, for approval to
acquire 90 per cent or more (less directors' qualifying
shares) of the voting shares of City Bawk and Trust
Company of Kansas City, Kansas City, Missouri.
Commerce Companies, Inc., Topeka Kansas, for approval to
acquire 80 per cent or more of the voting shares of
Commerce Bank and Trust, Topeka, Kansas.
Overland Park Bancshares, Inc., Overland Park, Kansas,
for approval to acquire 90 per cent or more (less
directors1 qualifying shares) of the voting shares
of The Overland Park State Bank and Trust Company,
Overland Park, Kansas.
Bovina Bancshares, Inc., Bovina, Texas, for approval to
acquire 80 per cent or more of the voting shares (less
directors1 qualifying shares) of First State Bank of
Bovina, Bovina, Texas.
Glen Rose Bancshares, Inc., Glen Rose, Texas, for approval
to acquire 80 per cent or more of the voting shares of
Thr First National Bank in Glen Rose, Glen Rose, Texas.
2/
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1978 No. 25
#
ACTIONS OF THE BOARD-Continued
Grandview Brmc shares, Inc., Grandview, Texas, for approval
to acquire at least 30 per cent of the voting shares of
First State Bank, Grandview, Texas. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved .
Southwest National Corporation, Albuquerque, New Mexico,
for approval to acquire 100 per cent (less directors?
qualifying shares) of the voting shares of Southwest
National Bank, Hobbs, New Mexico, a proposed new bank.
2/
Texas Commerce Bancshares, Inc., Houston, Texas, for approval
to acquire 100 per cent (less directors? qualifying shares)
of the voting shares of South Belt Commerce Bank,
National Association, Houston, Texas, a proposed new
bank. 2/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
A (c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Bank of Virginia Company, Richmond, Virginia, notification of intent to expand de novo activities (making loans or extensions of credit such as would be
made by a finance company, and acting as agent for
credit life, accident and health insurance, and other
insurance written to protect collateral during the
period of credit extensions) at 4509 West Broad Street,
Richmond, Virginia, through its indirect subsidiary,
The Budget Plan Company of Virginia (6/21/78) 3/
Permitted
Citicorp, New York, New York, notification of intent to
expand de novo activities (making loans to individuals
and businesses secured by real and personal property,
2/
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
3/
4(e) (8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
•
H.2, 1978 No. 25
#
- 6ACTIONS OF THE BOARD-Continued
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 transaction in the event of the obligorTs disability by licensed agents or brokers to the extent
permissible under applicable state insurance 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 Financial Center, Inc., and to include liability coverage in home or automobile policies where such as the general practice, by licensed
agents or brokers to the extent permissible under
applicable state insurance laws and regulations,
credit related decreasing term life insurance and
accident and health insurance may be reinsured by
Gateway Life insurance Company, an affiliate of Citicorp Person-To-Person Financial Center, Inc., further,
in regard to the sale of credit-related insurance, the
subsidiary does not act as a general insurance agency)
at 227 North Main, Sheridan; 307 West 18th Street,
Cheyenne; 415 West Cedar Street, Rawlins; 1415 Dewar
Drive, Rock Springs; and 232 East 2nd Street, Suite
200, Casper; all located in Wyoming, through its
subsidiary, Nationwide Financial Services Corporation
(6/23/78) 3/
Citicorp, New York, New York, notification of intent to
expand de novo activities (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 balance 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 transaction in the event of the obligor1s disability by
licensed agents or brokers to the extent permissible
under applicable State insurance laws and regulations;
3V
4(c)(8) and 4(c)"(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
ACTIONS OF HIE BOARD-Continued
the sale of credit related property and casualty Insurance protecting personal and real property subject
to a security agreement with Nationwide Financial Corporation of Idaho and to include liability coverage in home or
automobile policies where such is the general practice,
by licensed agent or brokers to the extent permissible
under applicable State insurance laws and regulations,
credit related-decreasing term life insurance and
accident and health insurance may be reinsured by Gateway
Life Insurance Company, an affiliate of Nationwide Financial Corporation of Idaho) at 886 South Holmes, Idaho
Falls, Idaho, through its subsidiary, Nationwide Financial
Services Corporation (6/23/78) 3]
Centran Corporation, Cleveland, Ohio, notification of intent
to engage in de novo activities, (the making and acquiring
of consumer finance loans for its own account or the account of others (including loans to individuals secured
by second mortgages or deeds of trust on residential property) , the purchasing of installment sales contracts, the
sale as agent of credit life and health and accident insurance to borrowers at their request in connection with
extensions of credit, and the servicing of loans and other
extensions of credit to any person) at 108 East Washington
Street, Syracuse, New York, through, Protective Loan Corporation, a wholly-owned subsidiary of Protective Credit
Corporation, Albany, New York (6/4/78) 3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in d£ novo activities
(acting as insurance agent with respect to credit property insurance on personal property subject to security
agreements with Local Loan Co., or its wholly-owned subsidiaries, such insurance will be provided only in conjunction with extensions of credit by Local Loan Co., or
its wholly-owned subsidiaries, purchase of this insurance
through Local Loan Co., is solely at the option of the
borrower and the borrower is advised of this option in
advance, Local Loan does not act as a general insurance
agent) at various offices located throughout the State of
Washington, through its wholly-owned subsidiary, Local
Loan Co., Oak Brook, Illinois (6/5/78) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de_ novo activities
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, .1.978 No. 25
8
_
6STK)NS__0F TIIE BOARD-Continued
(mortgage banking, including the making or acquiring
and servicing for its own accounts or the accounts of
others, loans and other extensions of credit) at 134
South Stratford Road, Winston-Salem, North Carolina
(6/18/78) C 3/ W h ° l i y _ O W n e d
subsidiar
y > The Kissell Company
Barnett Banks of Florida, Inc., Jacksonville, Florida,
notification of intent to engage in de novo activities
(performing or carrying on any one or more of the functions or activities that may be performed or carried on
by a trust company, including activities of a fiduciary
agency or custodial nature in the manner authorized by
Federal and State law; provided, however, that loans and
investments will be made and deposits accepted only in
conformity with regulations of the Board of Governors
of the Federal Reserve System) at 3210 Cleveland Avenue,
(6/24/78) S 3/ F 1 ° r i d a '
B a r n e
"
BSnkS
TrUSt
^mpany, N.A.
Commercial Landmark Corporation, Muskogee, Oklahoma,
notification of intent to engage in de novo activities
(making or acquiring for its own account or the account
or others, loans and other extensions of credit, such
as would be made by a finance company in direct lending
for consumer, commercial and business purposes, loans on
accounts and contracts receivables to dealers for business
purposes, business inventory, floor planning, purchase or
sales, contracts from dealers; collateral shall include
o fice equipment and furnishings, vending equipment, furniture, applicances, automobiles, other consumer goods, lot
sales contracts, hospital and nursing home equipment, food service and restaurant equipment, construction and oil field equipment, and rolling stock; and leasing personal property
and equipment which serve as the functional equivalent
or an extension of credit to the lessee of the property,
where the property to be leased is acquired specifically for
the leasing transactions under consideration or was
acquired specifically for an earlier leasing transaction,
where the lease is on a non-operating basis, and where
at the inception of the lease the effect of the transaction will yield a return that will compensate the lessor
tor not less than the lessor's full investment in the
property plus the total cost of financing the property
over the term of the lease) at Corner of South York and
ancock Streets, Muskogee, Oklahoma, through a subsidiary,
Commercial Landmark Finance Company (6/19/78) 3/
^
notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
9
H.:L 1978 No. 25
ACTIONS OF THE BOARD-Continued
Liberty National Corporation, Oklahoma City, Oklahoma,
notification of intent to engage in de novo activities
(originating real estate mortgage loans on residental
properties) at 7200 South Pennsylvania Avenue,
Oklahoma City, Oklahoma, and 710 West Oakland Street,
Broken Arrow, Oklahoma, through Liberty Mortgage Company,
a wholly-owned subsidiary of Liberty Financial Corporation,
which is a wholly-owned subsidiary of Liberty National
Corporation (6/22/78) 3/
* >V
•k i< *
Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
Evans Insurance Agency, Inc., Billings, Oklahoma
("Agency"), prior certification pursuant to section 1101(b) of the Internal Revenue Code that the
proposed divestiture of all of the 905 shares of
The First State Bank in Billings, Billings,
Oklahoma ("Bank"), presently held by Agency
through the distribution of such shares to the
sole shareholder of Agency, is necessary or appropriate to effectuate the policies of the Bank
Holding Company Act. (Legal Division Docket No.
TCR 76-133)*
Lindoe, Inc., Pueblo, Colorado ("Lindoe"), prior
certification pursuant to section 1101(c) of the
Internal Revenue Code that Lindoe1s proposed
distribution to its shareholders of all of its
right, title and interest in the Colonial Motel,
Estes Park, Colorado, is necessary or appropriate
to effectuate section 4 of the Bank Holding Company
Act. (Legal Division Docket No. TCR 76-160)*
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
Processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 25
-
10
-
ACTIONS OF THE BOARD-Continued
304 Corporation, Omaha, Nebraska ("304"), final certification pursuant to section 6158(c)(2) of the
Internal Revenue Code that it has (before the expiration of the period prohibited property is permitted under the Bank Holding Company Act (12 U.S.C.
§ 1841 et seq.) (f,BHC Act") to be held by a bank
holding company) disposed of all property the disposition of which is necessary or appropriate to
effectuate section 4 of the BHC Act. (Legal Division
Docket No. TCR 76-140)*
*
Processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 25
11
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
First Virginia Bank - South Central, Brookneal,
Virginia. Branch to be established at the intersection of U.S. Route 460 and State Route 656,
Concord, Campbell County.
United California Bank, Los Angeles, California.
Branch to be established in the vicinity of the
intersection of Valencia Boulevard and McBean
Parkway, Unincorporated Community of Valencia,
Los Angeles County.
Sun Banks of Florida, Inc., Orlando, Florida. Branch
to be establish on the North Side of State Road
484 between Eighth and Ninth Streets, Belleview.
McHenry State Bank, McHenry, Illinois. Branch to be
established on the West Side of Crystal Lake Road
on a site just South of Lillian Street, McHenry.
United California Bank, Los Angeles, California. Branch
to be establish in the vicinity of the intersection
of Ridgeback and Otay Lakes Roads, Community of Bonita,
City of Chula Vista, San Diego County.
* * * * *
To Merge Pursuant to Section 18(c) of the Federal Deposit
Insurance Act.
Flagship Bank of Tampa, Tampa, Florida, for prior approval
to merge with Flagship Bank of Town f n Country, Tampa,
Florida; Flagship Bank of Tampa-East, Tampa, Florida; and
Flagship Bank of Lutz, Lutz, Florida.
* * * * *
To Become a Member of the Federal Reserve System Pursuant
to Section 9 of the Federal Reserve Act
Big Stone Gap Bank and Trust Company, Big Stone Gap, Virginia.
First Russell County Bank and Trust Company, Lebanon, Virginia.
12
11.2, 1978 No. 25
APPLICATIONS RECEIVED-Cont inued
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Pecatonica Bancshares, Inc., Pecatonica, Illinois,
for approval to acquire 84.3 per cent of the voting shares of Bank of Pecatonica, Pecatonica, Illinois .
First National Bank of Gillette Holding Company,
Gillette, Wyoming, for approval to acquire more
than 80 per cent of the voting shares of the First
National Bank of Gillette, Gillette, Wyoming.
Harlingen National Bancshares, Inc., Harlingen, Texas,
for approval to acquire 81.01 per cent of the voting
shares of The Harlingen National Bank, Harlingen,
Texas.
First Bancorporation, Salt Lake City, Utah, for approval
to acquire 100 per cent (less directors1 qualifying
shares) of the voting shares of Utah Firstbank, Salt
Lake City, Utah, a proposed new bank.
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Southern Bancorporation of Alabama, Birmingham, Alabama,
for approval to acquire at least 80 per cent of the
voting shares of First National Bank of Attalla,
Attalla, Alabama.
Duclarkee, Inc.* Knoxville, Iowa, for approval to retain
31.64 percent of the voting shares of Iowa State
Savings Bank, Knoxville, Iowa.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Manufacturers Hanover Corporation, New York, New York,
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
H.2, 1978 No. 25
-13APPLICATIONS RECEIVED-Continued
such as would be made by a finance company; 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 sales finance company including purchasing installment sales finance contracts;
servicing any such loans and other extensions of
credit for any person; and acting as agent or broker
for the sale of credit related life and accident and
health insurance and property damage and liability insurance which is related to extensions of credit made
u
and acquired by Ritter Finance Company; reinsurance,
through Ritter Life Insurance Company, of credit life
insurance which is related to extensions of credit made
or acquired by Ritter Finance Company) at 204A Main
Street, Wise, Virginia and Anchorage Shopping Center,
Deel, Virginia, through its subsidiary, Ritter Finance
Company, Incorporated of Virginia (6/23/78) 3/
Manufacturers Hanover Corporation, New York, New York,
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 sales finance company including purchasing installment sales finance contracts;
and servicing such loans and other extensions of credit
for any person) at 410 East Plank Road, Altoona; 40
East Butler Avenue, Ambler; 16 East Lancaster Avenue,
Ardmore; 104 North Allegheny Street, Beliefonte; 118
North Market Street, Berwick; 1304 East Main Street,
Clarion; 160 West Crawford Avenue, Connellsville; 120
West Ridge Pike, Conshohocken; Neshaminy Mall, Store
207A, U.S. Route 1, Cornwells Heights; 812 North
Easton Road, Doylestown; 110 North Center Street, Ebensburg
439 East Enola Road, Enola; 42 Baltimore Street, Gettysburg; 40 South Antrim Way, Greencastle; 1509 Scalp
Avenue, Johnstown; 15 East Main Street, Kutztown;
612 East Main Street, Lansdale; 1331 East Lincoln Highway,
Levittown; 19 South Olive Street, Media; 45-47 Broadway,
Milton; 21 North Third Street, Oxford; 349 Main Street,
Pennsburg; 9 North Broad Street, Ridgeway; 105 East Main
Street, Somerset; 113 South Front Street, Steelton; 3463
Lincoln Highway, Thorndale; 22 West Chestnut Street,
Washington; 117 West Market Street, West Chester; 451 Hepburn Street, Williamsport; 137 North York Road, Willow
Grove; 14 North Beaver Street, York; and 1837 South Queen
Street, York, all located in Pennsylvania and at 243
3J
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 25
— 14 —
APPLICATIONS RECEIVED-Continued
Pleasant Street, Morgantown, West Virginia; 330 Seventh
Street, Parkersburg, West Virginia, through its subsidiary, Ritter Consumer Discount Company, Incorporated of
Pennsylvania for the Pennsylvania offices and through
its subsidiary, Ritter Finance Company, Inc., of West
Virginia for the West Virginia offices (6/21/78) 3/
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo
activities (the purchase of accounts receivable and
the making of loans secured by accounts receivable,
inventory, machinery and equipment and generally engaging in the factoring and commercial finance business) at
3440 Wilshire Boulevard, Los Angeles, California,
through its subsidiaries, Congress Factors Corporation
and Congress Financial Corporation (6/14/78) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(mortgage banking, including making or acquiring and servicing for its own accounts or the accounts of others,
loan and other extensions of credit) at 1309 E. Palmdale
Boulevard, Suite 1, Palmdale, California and 4074 Eggers
Drive, Suite E, Fremont, California, through its whollyowned subsidiary, The Kissell Company (6/22/78) Zj
The Citizens and Southern Corporation, Charleston, South
Carolina, for approval to engage through a subsidiary,
Carolina Credit Life Insurance Company, Phoenix, Arizona;
in the activity of underwriting, as reinsurer, credit
life and accident and health insurance which is directly
related to extensions of credit in South Carolina by The
Citizens and Southern National Bank of South Carolina.
Union Trust Bancorp, Baltimore, Maryland, notification
of intent to engage in d_e novo activities (making installment loans to individuals for personal, family
or household purposes; purchasing sales finance contracts
executed in connection with the sale of personal, family
or household goods, or services; acting as agent in the
sale of credit life and credit accident and health insurance directly related to its extensions of credit,
and acting as agent in the sale of insurance protecting
collateral held against the extensions of credit) at 1206
Highway 123 Bypass, Easley, South Carolina, through its
subsidiary, Landmark Financial Services, Inc. (6/23/78)
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, 1978 No. 25
- 15 APPLICATIONS RECEIVED-Cont inued
Continental Illinois Corporation, Chicago, Illinois,
notification of intent to engage in de novo activities
(leasing on a non-operating basis real or personal property acquired specifically for leasing transaction, and
acting as agent, broker or adviser in the leasing thereof,
where the lease serves as the functional equivalent of an
extension of credit to the lessee of the property and
where at the inception of the initial lease the expection
is that the effect of the transaction (and, with respect
to governmental entities only, 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's full investment in the property plus
the estimated total cost of financing the property over
ther term of the lease, and where the lease otherwise
conforms with section 225.4(a)(6)(a) and (b) of the
Board's Regulation Y; and making or acquiring for its own
account or for the account of others, secured and insecured loans and other extensions of credit to or for business,
governmental and other customers (excluding direct consumer
lending), entities or projects, purchasing or acquiring
receivables of chattel paper (including without limitation, comsumer receivables and paper), issuing letters of
credit and accepting drafts and servicing loans and other
extensions of credit for others) at 277 Park Avenue, New
York, New York, through its subsidiary, Continental
Illinois Leasing Corporation (6/23/78) 3/
Midland Capital Co., Oklahoma City, Oklahoma, notification
of intent to engage in de novo activities (mortgage
banking, including origination and servicing of all types
of residental and commercial mortgage loans) at 1700
First Avenue, Suite 306, Yuma, Arizonia, through a subsidiary, Midland Mortgage Co. (6/19/78) 3j
Central Banking System, Oakland, California, notification
of intent to engage in de novo activities (leasing of
personal property to individual and businesses and acting as agent, broker, and adviser in leasing of personal
property) at 301-20th Street, Oakland, California,
through its subsidiary, CBS Leasing, Inc. (6/20/78) 3/
BankAmerica Corporation, San Francisco, California,
notification of intent to engage in de novo activities
(making or acquiring for its own account loans and other
extensions of credit such as would be made or acquired by
a finance company and servicing loans and other extensions
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, 1978 No. 25
•
- 16 APPLICATIONS RECEIVED-Continued
of credit, such activities will include but not be
limited to making consumer installment loans, purchasing
installment sales finance contracts, making loans and
other extensions of credit to small businesses, and making loans secured by real and personal property; and the
offering of credit related life, credit related accident
and disabiltiy insurance, and credit related property insurance in connection with extensions of credit made or
acquired by FinanceAmerica Corporation) at 6100 Building,
Eastgate Center, Chattanooga, Tennessee, through its indirect
subsidiary, FinanceAmerica Corporation (a Tennessee
Corporation) (6/19/78) 3/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Sterling Precision Corporation, West Palm Beach, Florida,
notification of intent to acquire the outstanding stock
of King & Gavaris Consulting Engineers, Inc., New York
City, New York (6/23/78) 3/
Baldwin-United Corporation, Cincinnati, Ohio, notification
of intent to acquire capital stock of Cincinnati
Equitable Insurance Company in excess of 5 per cent of
the outstanding stock through periodic purchases of stock
in the open market (6/20/78) 3/
* * * * *
REPORTS RECEIVED
Ownership Statement filed Pursuant of Section 13(d) of
the Securities Exchange Act
Lorain County Savings & Trust Co., Elyria, Ohio
(filed by Delbert Mintz - June 16, 1978
* * * * *
PETITIONS FOR RULEMAKING
None.
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors of the Federal Reserve System.
@FedFRASER