Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : June 4, 1977

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977, No. 23)
Actions of the Board; Applications and Reports
Received During the Week Ending June 4, 1977
ACTIONS OF THE BOARD
H.R 7325, the International Banking Act of
Chairman St. Germain, House Subcommittee
Institutions Supervision, Regulation and
enclosure of Board's proposed amendments

1977, letter to
on Financial
Insurance, with
to the bill.

Report on H.R 1675, a bill to establish a national system
of regional capital development banks, letter sent to
Chairman Reuss, House Committee on Banking, Finance and
Urban Affairs, in response to request for comments.
Results of a survey of U.S. banks1 claims on foreigners.
Regulation G, Securities Credit by Persons other than Banks,
Brokers, or Dealers — adoption of revised forms required
under Regulation G.
Issuance of subordinated capital notes by Seattle Trust &
Savings Bank, Seattle, Washington.
First Security Corporation, Salt Lake City, Utah, letter to
Corporation relating to the divestiture of FSC's interest
in First Security Savings & Loan Association of Pocatello,
Idaho, and requesting FSC to file a revised plan of
divestiture by June 30, 1977.
First City Bancorporation of Texas, Inc., Houston, Texas, extension of time to August 29, 1977, within which to
consummate the acquisition of Red Bird National Bank,
Dallas, Texas. 1/
Northwestern State Bank of Austin, Austin, Minnesota, to make
an additional investment in bank premises. 1/
Mcllroy Bank & Trust, Fayetteville, Arkansas, extension of
time to October 14, 1977, within which to complete the
sale of subordinated capital notes to the public. 1/

1/

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




H.2, 1977 No. 23

2

-

ACTIONS OF THE BOARB-Continued
Burlington Bank Realty Company, Burlington, Iowa, proposed
merger with Hawkeye Bank and Trust, Burlington, Iowa,
report to the Federal Deposit Insurance Corporation on
competitive factors. 1/
Exchange National Bank of Pinellas County, Largo, Florida,
proposed merger with The Exchange Bank of Dunedin, Dunedin,
Florida, and The Exchange Bank and Trust Company of
Clearwater, Clearwater, Florida, report to the Comptroller
of the Currency on competitive factors. 1/
Valley National Bank of Auburn, Auburn, Washington, proposed
acquisition by Puget Sound National Bank, Tacoma, Washington, report to the Comptroller of the Currency on competitive factors. 1/

1/

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




H.2, 1977 No. 23

- 3 ACTIONS OF THE BOARD-Continued

To Establish a Domestic Branch Pursuant to Section
__
9 of the Federal Reserve Act
Approved
The Barter Bank & Trust Company, Canton, Ohio. Branch to
be established at the Mellett Mall Shopping Center, 4196
West Tuscarawas Street, Canton, Stark County. 2/
The State Savings Bank of West Branch, West Branch, Michigan.
Branch to be established at 620 Saginaw Street, Village
of Sterling, Deep River Township, Arenac County, Michigan.
2/
* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Chemical Bank:

Approved
Branch - Hong Kong.
* * * * *

Thirty Day Notice by a Member Bank of Intention to
Establish an Additional Branch in a Foreign Country
Approved
Manufacturers Hanover Trust Company:
in Dusseldorf, Germany.

Branch - additional

* * * * *

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
Approved
Marine Midland International Corporation: One-year extension of time - Disposition of additional shares of
Irish Intercontinental Bank Limited.
2/

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




H.2, 1977 No. 23

— 4 —
ACTIONS OF THE BOARD-Continued

Morgan Guaranty International Finance Corporation: Investment - additional in Cofiber, S.A., Madrid, Spain, to
increase its ownership to 80 per cent.
* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Brogan Bankshares, Inc., Kaukauna, Wisconsin, for approval
to acquire 80 per cent of the voting shares of The Bank
of Kaukauna, Kaukauna, Wisconsin. 2/
Panhandle Aviation, Inc., Clarinda, Iowa, for approval to
acquire 80 per cent or more of the voting shares of
Citizens State Bank, Clarinda, Iowa. 2/
Krey Co. Ltd., Pratt, Kansas, for approval to acquire 51
per cent of the voting shares of The Peoples Bank, Pratt,
Kansas.
North Fork Corporation, Paonia, Colorado, for approval to
acquire 80 per cent or more of the voting shares of The
First National Bank of Paonia, Paonia, Colorado. 2/
Denied
Granite Holding Corp., Granite Falls, Minnesota, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Granite Falls Bank,
Granite Falls, Minnesota.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
First National Charter Corporation, Kansas City, Missouri,
for approval to acquire 80 per cent or more of the voting
shares of The Farmers Trust Company of Lee's Summit,
Lee's Summit, Missouri.
2/

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




H.2, 1977 No. 23

- 5 ACTIONS OF THE BOARD-Continued

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Guaranty Loan and Investment Corporation of Tulsa, Inc.,
Tulsa, Oklahoma, notification of intent to engage in de
novo activities (industrial banking including the issuance
of thrift certificates and the extension of credit by
first and second real estate mortgages and durable consumer goods) at 7021 South Memorial Drive, Tulsa, Oklahoma,
through a subsidiary, Western Trust & Savings Company
(5/31/77) 3/
Delayed
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(acting as agent or broker for the sale of credit related
property and casualty insurance) at 1730 South Amphlett,
San Mateo, California, through its subsidiary, Security
Pacific Finance Corp. (5/31/.77) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to relocate de novo activities
(consumer finance and insurance agency for any insurance
directly related to an extension of credit or provision
of other financial services) from 1768 Lawrenceville
Highway, Decatur, Georgia to 2955B N. Druid Hills Road,
Atlanta, Georgia, through its subsidiary, Southern Discount Company, a subsidiary of Industrial National Corporation (6/4/77) 3/
Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities (leasing
real and personal property and equipment on a nonoperating,
full payout basis and acting as agent, broker, and adviser
with respect to such leases; financing real and personal
property and equipment such as would be done by a commercial finance company; and servicing such extensions of
credit) at 244 West Passaic Street, Rochelie Park, New
Jersey, through its subsidiary, ChemLease, Inc. (5/28/77)
3/
United Bank Corporation of New York, Albany, New York, notification of intent to relocate de novo activities (making
and acquiring, for its own account or for the account of
others, loans and other extensions of credit such as
could be made by a finance company including secured and
37

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Govenors under delegated authority.




H.2, 1977 No. 23

- 6 ACTIONS OF THE BOARD-Continued

unsecured loans to individuals, discounting of installment sales contracts, and secured commercial financing
such as dealer floor-plan financing and furnishing services or performing services in the leasing of personal
property and equipment under the terms of leases which
provide for compensating the lessor for not less than the
lessor's full investment in the property) from 3588
Delaware Avenue, Buffalo, New York to Liberty Bank Building,
Buffalo, New York, through its subsidiary, UBC Leasing of
New York Inc. (6/2/77) 3/
United Virginia Bankshares Incorporated, Richmond, Virginia,
notification of intent to relocate de_ novo activities
(originating loans as principal; originating loans as
agent; servicing loans for nonaffiliated individuals,
partnerships, and corporations; servicing loans for
affiliates of United Virginia Bankshares Incorporated;
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) from 11009 Warwick Boulevard, Newport News, Virginia
to 718 J. Clyde Morris Boulevard, Newport News, Virginia,
through its subsidiary, United Virginia Mortgage Corporation (5/29/77) 3/
Third National Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (conducting the business of a mortgage company including the
making or acquiring, for its own account or for the account of others, loans and other extensions of credit,
servicing loans and other extensions of credit for any
person; and to act as agent or broker in the sale of
mortgage redemption insurance, credit life/accident and
health insurance) at 201 Fourth Avenue, North, Nashville,
Tennessee, through a subsidiary, Third National Mortgage
Company (6/2/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the account of others, loans and extensions of credit including
making consumer installment personal loans, purchasing
consumer installment sales finance contracts, making
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, 1977 No. 23

- 7
ACTIONS OF THE BOARD-Continued

loans to small businesses and other extensions of credit
such as would be made by a factoring company or a commercial finance company; and acting as broker or agent for
the sale of credit-related life/accident and health
insurance) at 2025 Gateway Place, San Jose, California,
through its subsidiary, Security Pacific Finance Corp.
(6/4/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de_ novo activities
(making or acquiring, for its own account or for the account of others, loans and extensions of credit including
making consumer installment personal loans, purchasing
consumer installment sales finance contracts, making
loans to small businesses and other extensions of credit
such as would be made by a factoring company or a commercial
finance company; and acting as broker or agent for the
sale of credit-related life/accident and health insurance)
at 600 N. Mountain Avenue, Upland, California, through
its subsidiary, Security Pacific Finance Corp. (6/4/77)
3/
Approved
Peoples Credit Co., Kansas City, Missouri, for approval
to retain the assets of Midwest Data Processing (a
division of Peoples Credit Co.), Kansas City, Missouri.
Krey Co. Ltd., Pratt, Kansas, for permission to acquire
consummer finance company offices in Liberal, Kansas and
Guymon, Oklahoma.

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, 1977 No. 23

- 8 APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Barter Bank & Trust Company, Canton, Ohio. Branch
to be established adjacent to the Edison Park Shopping
Center, Route #619, Hartville, Stark County.
* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the'Federal Reserve Act
Union Trust Company of Maryland:
Grand Cayman, Cayman Islands.

Branch - George Town,

* * * * * .

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
First City Bancorporation of Texas, Inc., Houston, Texas,
for approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of The City National
Bank of Bryan, Bryan, Texas.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Maryland National Corporation, Baltimore, Maryland, notification of intent to engage in de novo activities (engaging generally in the business of leasing personal
property including, but not limited to, the leasing of
various types of equipment, machinery, vehicles, transportation equipment, and data processing equipment;
originating personal property leases as principal or
agent; servicing personal property leases for affiliated
or nonaffiliated individuals, partnerships or corporations; buying and selling and otherwise dealing in
personal property lease contracts as principal or agent;




H.2, 1977 No. 23

- 9
APPLICATIONS RECEIVED-Cont inued

acting as adviser in personal property leasing transactions; engaging in the sale, as agent or broker, of
insurance similar in fqrm and intent to credit life
and/or mortgage redemption insurance; engaging generally
in the business of leasing real property where the lease
is the functional equivalent of an extension of credit;
originating real property leases as principal or agent;
servicing real property leases for affiliated or nonaffiliated individuals, partnerships, corporations or
other entities; buying, selling and otherwise dealing in
real property leases as principal, agent or broker; and
acting as adviser in real property leasing transactions)
at 79 Oak Hill Road, Red Bank, New Jersey, through its
subsidiary, Maryland National Leasing Corporation (5/31/77)
3/
Mercantile Bancorporation Inc., St. Louis, Missouri, notification of intent to engage in de novo activities (operating as an industrial loan company in the manner
authorized by laws of West Virginia and will not both
accept deposits and make commercial loans; and insurance
agency or brokerage in connection with selling to borrowers credit life insurance and credit accident and
health insurance) at 300 Carolina Avenue, Chester, West
Virginia, through a subsidiary of Franklin Finance Company,
a wholly-owned subsidiary, to be known as Franklin Thrift
and Loan Co. of Chester, Inc. (6/3/77) 3/
First National Lincoln Corp., Lincoln, Nebraska, notification of intent to engage in de novo activities (operation of a detached auxiliary office pursuant to Article
4 of Chapter 8, reissue revised statutes of Nebraska,
1943 as amended; this auxiliary office of the industrial
bank will receive savings deposits, both installment
(passbook) and time certificate paying interest thereon
at rates not to exceed those approved from time to time
by the Director of Banking & Finance of the State of
Nebraska; the auxiliary office of the industrial bank
will also make loans, principally consumer installment
loans, and loans secured by first or second mortgages,
pursuant to sections 8-435 to 8-450, reissue revised
statutes of Nebraska, 1943) on the northwest corner of
14th & "L" Streets, Lincoln, Nebraska, through its subsidiary, First Savings Company of Lincoln (5/31/77) 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, 1977 No. 23

-

10

-

APPLICATIONS RECEIVED-Continued
BankAmerlca Corporation, San Francisco, California, notification of intent to engage in cle novo activities (acting as investment or financial adviser to the extent of
providing portfolio investment advice to others with
emphasis on real property investments and real property
interests) at 333 South Wacker Drive, Chicago, Illinois;
7801 East Belleview Avenue, Englewood, Colorado; 5401
West Kennedy Boulevard, Tampa, Florida; 57 Executive
Park South, Atlanta, Georgia; 720 Main Street, Kansas
City, Missouri; 7900 Xerxes Avenue South, Minneapolis,
Minnesota; 500 West Wilson Bridge Road, Columbus, Ohio;
12700 Park Central Place, Dallas, Texas; and 5909 West
Loop South, Bellaire, Texas; and to merge its subsidiary,
BankAmerica International Realty Corporation with and
into another subsidiary, BA Mortgage Company, Inc., the
resulting subsidiary to be known as BA Mortgage and International Realty Corporation (5/25/77) 3/
Nevada National Bancorporation, Reno, Nevada and Seilon,
Inc., Toledo, Ohio, notification of intent to relocate
de novo activities (financing of personal property and
equipment and the leasing of such property or the acting
as an agent, broker, or adviser in the leasing and/or
financing of such property where at the inception of the
initial lease the effect of the transaction will yield a
return that will compensate the lessor for not less than
the lessor1s full investment in the property plus the
estimated total cost of financing the property over the
term of the lease; making or acquiring, for its own
account or for the account of others, loans and other
extensions of credit in the normal course of its leasing
business including the making of business installment
loans, the purchase of business installment sales finance
contracts and making loans to businesses of various
sizes) from 4th and Bridger Streets to 3160 West Sahara
Avenue, Las Vegas, Nevada, through its subsidiary,
Nevada National Leasing Company, Inc. (5/26/77) 3/
Rainier Bancorporation, Seattle, Washington, 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) at 33110
Pacific Highway South, Federal Way, Washington, through
its subsidiary, Rainier Mortgage Company (5/26/77) 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, 1977 No. 23

- 1 1 -

APPLICATIONS RECEIVED-Continued
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (making
or acquiring, for its own account or for the account of
others, loans and extensions of credit including making
consumer installment personal loans, purchasing consumer
installment sales finance contracts, making loans to
small businesses and other extensions of credit such as
would be made by a factoring company or a commercial
finance company; and acting as broker or agent for the
sale of credit related life/accident and health insurance
and credit related property and casualty insurance) at
1730 South Amphlett, San Mateo, California, through its
subsidiary, Security Pacific Finance Corp. (5/23/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (origination and acquisition of mortgage loans including
development and construction loans on multi-family and
commercial properties, for its own account or for the
sale to others and the servicing of such loans for others)
at 2020 Hurley Way, Sacramento, California, through its
subsidiary, Security Pacific Mortgage Corporation (5/26/77)
3/
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 multi-family and
commercial properties, for its own account or for the
sale to others and the servicing of such loans for others)
at 404 James Robertson Parkway, Nashville, Tennessee,
through its subsidiary, Security Pacific Mortgage Corporation (5/25/77) V
* * * * *

REPORTS RECEIVED
Registration Statement Filed Pursuant to Section 22(g)
of The Securities Exchange Act
The Ypsilanti Savings Bank, Ypsilanti, Michigan.
37

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1977 No. 23

12 -

REPORTS RECEIVED-Cont inued
Ownership Statement Filed Pursuant to Section 13(d)
of The Securities Exchange Act
Metropolitan Bank, Tampa, Florida. (Filed by The Summit
Organization, Inc. - Amendment #2).
* * * * *

PETITIONS FOR RULEMAKING
None