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ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on and All Other Actions of the Board H.2 1975 No. 23 During the Week Ending June 7, 1975 District 5 Date Registration Statement Filed Pursuant to Section 12(g) of the Securities Exchange Act Received The Community Bank, Petersburg, Virginia -k * * 6-2-75 * To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Approved Hirschfeld Bank of Commerce, Virginia Beach, Virginia * * * * * 1 2 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received B.M.C. Durfee Trust Company, Fall River, Massachusetts. Branch to be established in the Swansea Mall Shopping Center at the intersection of Route 18 and Route 6, Swansea, Massachusetts. The Columbus Trust Company, Newburgh, New York. Branch to be established at the corner of Powelton Road and Route 32 (North Plank Road), Town of Newburgh, Newburgh. H. 2 1975 No. 23 - 2 Approved ^Western State Bank, Sioux Falls, South Dakota. Branch to be established at 1808 South Cliff Avenue, Sioux Falls. 2 To.establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Approved First National City Bank, New York, New York: a branch in Abidjan, Ivory Coast, to be located in Abidjan. * * * Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country Received Marine Midland Bank, New York, New York: an additional branch in France, to be located in Paris. Approved Manufacturers Hanover Trust Company, New York, New York: an additional branch in Germany, to be located in Hamburg. * * * * * •Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. International Investments and Other Actions Approved 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 State of New York Banking Department, New York, New York: views of the Board for establishment of a branch in New York City by Westdeutsche Landesbank Girozentrale, Duesseldorf, Germany. Chase Manhattan Overseas Banking Corporation, New York, New York: suspension of operation limitations applied to the holding of stock of Deutsche Familienbank, A.G., Dusseldorf, Germany. Bank of Boston International Los Angeles, Los Angeles, California: re issuance of promissory notes payable to the Export-Import Bank of the United States. Bank of America National Trust and Savings Association, San Francisco, California: to continue to hold the shares of Bank of Credit and Commerce International S.A., Luxembourg after it establishes branches in Jordan, Bahrain, Germany and the Yemen Arab Republic. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received First Lincolnwood Corp., Lincolnwood, Illinois, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Lincolnwood, Lincolnwood, Illinois. Union Illinois Company, East St. Louis, Illinois, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of the successor by merger to Union National Bank of East St. Louis, East St. Louis, Illinois. Boulevard Bancshares, Inc., Prairie Village, Kansas, for approval to acquire 80 per cent or more of the voting shares of Boulevard State Bank, Wichita, Kansas. First National Agency, Inc., Wayne, Nebraska, for approval to acquire 88.66 per cent of the voting shares of The First National Bank of Wayne, Wayne, Nebraska. Osborne Investments, Inc., Osborne, Kansas, for approval to acquire 90 per cent of the voting shares of The Farmers National Bank of Osborne, Osborne, Kansas. Approved Peoples Bancorporation, Hampton, Iowa, for approval to acquire 86.5 per cent of the voting shares of Peoples Savings Bank, Elma, Iowa. Plaza National Bancshares, Inc., St. Louis, Missouri, for approval to acquire 87.36 per cent of the voting shares of The First National Bank of Wellston, Wellston Missouri. Willard Bancshares, Inc., North St. Paul, Minnesota, for approval to acquire 86 per cent of the voting shares of First State Bank of North St. Paul, North St. Paul, Minnesota. Mercantile National Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to Mercantile National Bank at Dallas, Dallas Texas. Denied Intermountain Bankshares Company, Charleston, West Virginia, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successors by merger to Kanawha Banking & Trust Company, National Association, Charleston, and Community Bank and Trust, N.A., Fairmont, both located in West Virginia. (In a related matter, the Board vacated its approval Order dated August 1, 1974.) Returned Nabach, Inc., Farmer City, Illinois, for approval to acquire 52.27 per cent of the voting shares of State National Bank of Lincoln, Lincoln, Illinois, and 1.33 per cent of the voting shares of National Bank of Chenoa, Chenoa, Illinois. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received CleveTrust Corporation, Cleveland, Ohio, for approval to acquire 100 per cent of the voting shares of the successor by merger to The City Bank, Kent, Ohio. Florida National Banks of Florida, Inc., Jacksonville, Florida, for approval to acquire 1,511 shares of the voting shares of Citizens Bank of Bunnell, Bunnell, Florida. Chemical Financial Corporation, Midland, Michigan, for approval to acquire 100 per cent of the voting shares of The Bank of Albion, Albion, Michigan. Independent Bank Corporation, Ionia, Michigan, for approval to acquire 100 per cent of the voting shares of Bank of Rockford, Rockford, Michigan, a proposed new bank. Approved Ameribanc, Inc., St. Joseph, Missouri, for approval to acquire 90 per cent or more of the voting shares of Exchange Bank of Richmond, Richmond, Missouri. H.2 1975 No. 23 10 11 - Approved Continued Country Agencies & Investments, Inc., Odessa, Missouri, for approval to acquire 26.3 per cent of the voting shares of Bunceton State Bank, Bunceton, Missouri. First Bancorp, Inc., Corsicana, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of First National Bank, Kaufman, Texas, a proposed new bank. * 2 6 * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **Citicorp, New York, New York, notification of intent to engage in de novo activities (the full payout leasing of real property or acting as agent, broker, or adviser in leasing such property when the lease is the functional equivalent of an extension of credit to the lessee and the property is acquired for a specific lease transaction and not used by the lessor) at 399 Park Avenue, New York, New York, through its subsidiary, Citicorp Lascaman, Inc. 6- 4-75 2 **Citicorp, New York, New York, notification of intent to engage in de novo activities (the full payout leasing of real property or acting as agent, broker, or adviser in leasing such property when the lease is the functional equivalent of an extension of credit to the lessee and the property is acquired for a specific lease transaction and not used by the lessor) at 399 Park Avenue, New York, New York, through its subsidiary, Citicorp Translease, Inc. 6- 4-75 2 ^^Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (all facets of a consumer finance business including without limitation 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; servicing loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit related life/accident and health insurance and consumer credit related property (including 6- 2-7 5 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 23 - 7 Received Continued non-filing insurance) and casualty insurance which is related to extensions of credit made or acquired by Ritter Finance Company and/or its direct and indirect subsidiaries) at 223 Mason Avenue, Cape Charles, Virginia, through an indirect subsidiary, Ritter Finance Company Inc. of Onancock. 6 **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 acting as agent or broker in the sale of mortgage redemption insurance, credit life, accident and health insurance) in Charlotte, North Carolina, through its subsidiary, John W. Murphree Company. 7 National Detroit Corporation, Detroit, Michigan, for approval to acquire certain assets of Atlantic Mortgage Company, Inc., Alexandria, Virginia. 7 **Ridge Bancorporation of Wisconsin, Greendale, Wisconsin, notification of intent to engage in de novo activities (acting as an insurance agent or broker with respect to any insurance that is directly related to an extension of credit by or through Ridge Financial Corporation or is directly related to the provision of other financial services by Ridge Financial Corporation) in Milwaukee and Greendale, Wisconsin, through a subsidiary, Ridge Financial Corporation. 6- 6-75 7 **Ridge Bancorporation of Wisconsin, Greendale, Wisconsin, 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 issuing letters of credit and accepting drafts), such as would be made by a finance company; servicing loans and other extensions of credit for any person; and acting as an insurance agent or broker with respect to any insurance that is directly related to an extension of credit by or through Ridge Financial Corporation, or is directly related to the provision of other financial services by Ridge Financial Corporation) in Glendale, Wisconsin, through a subsidiary, Ridge Financial Corporation. 6- 6-75 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 6- 6-75 Received Continued First National Agency, Inc., Wayne, Nebraska, for approval to retain the general insurance activities of First National Agency, Inc., Wayne, Nebraska, formerly J.A.L.A. Corp., Wayne, Nebraska. 10 10 **0maha National Corporation, Omaha, Nebraska, notification of intent to engage in de novo activities (the business of leasing personal property, or acting as agent, broker or adviser in leasing such property; and also including the making and servicing of leases between individuals, partnerships, trusts, corporation and other business entities for the purpose of engaging in the leasing of personal property; such personal property leasing activities will serve as the functional equivalent of an extension of credit to the lessee of the property, the property to be leased will be acquired specifically for the leasing transaction under consideration on a nonoperating basis, and 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 lessor's full investment in the property over the term of the lease) at Farnam at Seventeenth Street, Omaha, Nebraska, through a subsidiary, Leasebanc Financial Corporation. 10 Osborne Investments, Inc., Osborne, Kansas, for approval to retain its general insurance agency business at The Farmers National Bank of Osborne, Osborne, Kansas. 10 **United Banks of Colorado, Inc., Denver, Colorado, notification of intent to engage in de novo activities (a general mortgage banking business, including the origination of real estate mortgage loans, the purchase of mortgage loans from others, and the sale of loans to; and servicing of loans for investors) at 510 East Cooper Aspen, Colorado, through a subsidiary, United Mortgage Company. 12 First Hawaiian, Inc., Honolulu, Hawaii, for approval to acquire certain assets and assume certain liabilities of Hawaii Thrift & Loan, Inc., Honolulu, Hawaii. 5 Permitted **First Maryland Bancorp, Baltimore, Maryland, 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; servicing **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 23 Permitted Continued loans and other extensions of credit; and acting as insurance agent or broker in the sale of credit accident and health insurance and credit life insurance related to loans and other extensions of credit by First Maryland Bancorp or any of its bank or bank-related affiliates and of other insurance to protect the collateral in which First Maryland Bancorp or any of its bank or bankrelated affiliates have a security interest) at 20 Mall Shopping Center, Guilderland, New York, through a subsidiary, State Loan Corp. 12 **BankAmerica Corporation, San Francisco, California, notification of intent to relocate the Clovis, New Mexico, office of its subsidiary, GAC Finance Corporation (New Mexico), which engages in (making loans, extending credit, and providing of services incident to such loans and extensions of credit such as would be made or provided by a finance company, including the following specific activities: (a) making of consumer installment loans and purchasing installment sales finance contracts, and making of loans to small businesses; (b) acting as agent or broker for the sale of credit related life/accident and disability insurance and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Corporation) from 418 Mitchell Street to 818 West 21st Street. 6- 2-75 12 **SEAFIRST CORPORATION, Seattle, Washington, notification of intent to engage in de novo activities (acting as insurance agent with regard to group and individual credit life, credit accident and health, and credit disability insurance in connection with extension of credit by SEAFIRST CORPORATION or its subsidiaries (e.g. Seattle-First National Bank, Firstbank Mortgage Corporation and Firstbank Leasing Corporation)) at branches of Seattle-First National Bank in Centralia and Bremerton, Washington, through its subsidiary, Spokane Eastern Company. 6- 1-75 12 **Security Pacific Corporation, Los Angeles, California, notification of intent to engage in cie novo activities (the origination and acquisition of mortgage loans, including development and construction loans of multifamily and commercial properties, for its own account or for the sale to others; and the servicing of such loans for others) at 1225 Pickens Street, Columbia, South Carolina, through its subsidiary, Kassler & Co. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 6- 2-75 H. 2 1975 No. 23 - 1 0 - Returned Nabach, Inc., Farmer City, Illinois, for approval to continue to engage in the provision of investment advisory service for the National Bank of Chenoa, Chenoa, Illinois; to continue to operate a general insurance agency in an office of said bank; and to act as an insurance agent or broker in an office at State National Bank of Lincoln, Lincoln, Illinois. 7 A * * * * 6 6 To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Received **The Charter Company, Jacksonville, Florida, notification of intent to acquire a major portion of the assets of the Dayton Division of The McCall Corporation from Norton Simon, Inc. **The Charter Company, Jacksonville, Florida, notification of intent to acquire all of the issued and outstanding common stock of The Redbook Publishing Company from Norton Simon, Inc. * * * * * Other Actions of the Board Proposal to amend the definition of savings deposits in Regulations D and Q, to permit corporations, partnerships and other profitmaking organizations to maintain savings accounts at member banks, comment will be received by the Board through July 25, 1975. Amendment to Regulation Q, (1) permit member banks to redeem a time deposit before maturity without penalty in case of death of the depositor or a co-depositor, the amendment is effective immediately, and (2) effective September 1, require member banks to print or stamp a conspicuous statement on the face of the time deposit that no interest will be paid after the maturity date. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 6- 3-75 6- 3-75 H.2 1975 No. 23 - 1 1 - Extension of Regulation banks with comment on 30, 1975. Continued time for comment on a proposal to amend F, which concerns securities of state member more than 500 shareholders, the time for the proposal was extended from May 27 to June Report on bill, H. 6463, the proposed amendment to the Small Business Act, reply to request for Board1s views sent to Honorable Joe L. Evins, Chairman, House Committee on Small Business. The Board urged the banks under its supervision to strengthen their security programs. Issued for comment, proposed arrangements for utilizing Federal Reserve facilities in clearing and settling magnetically recorded payment instructions, comment will be received through July 11, 1975. Issuance of a subordinated capital note by EuropeanAmerican Bank & Trust Company, New York, New York. Medina County Bank, Lodi, Ohio, proposed merger with Ohio State Bank of Medina, Medina, Ohio, report to the Federal Deposit Insurance Corporation on competitive factors. ***Commerce Mortgage Company, Kansas City, Missouri, termination as a registered lender under Regulation G. ***BankAmerica Corporation, San Francisco, California, 60day extension of time to August 13, 1975, in which to commence the credit related mortgage redemption insurance and mortgage disability insurance activities of the subsidiary, BA Insurance Agency, Inc. ***First National Charter Corporation, Kansas City, Missouri, extension of time until May 23, 1976, in which it may divest of undeveloped property owned by Carthage Loan and Investment Company. ***Processed on behalf of the Board of Governors under delegated authority. H. 2 1975 No. 23 - 12 - Continued ***First National Lincoln Corp., Lincoln, Nebraska, extension of time to August 1, 1975, within which to commence activities in industrial banking through First Savings Company of Lincoln, Lincoln, Nebraska. ***First Tennessee National Corporation, Memphis, Tennessee, a multibank holding company, 110-day extension of time, to and including September 30, 1975, to acquire all of the voting shares of the successor by merger to Pioneer Bank, Chattanooga, Tennessee, and all of the voting shares of Valley Company, Chattanooga, Tennessee. ***First Tennessee National Corporation, Memphis, Tennessee, a multibank holding company, 90-day extension of time, to and including September 28, 1975, to open a de novo office of Crown Finance Corporation at Sapulpa, Oklahoma. ***Mercantile Bancorporation, Inc., St. Louis, Missouri, additional extension of time, to and including August 5, 1975, to acquire 90 per cent or more of the voting shares of Bank of Eldon, Eldon, Missouri. ***Processed on behalf of the Board of Governors under delegated authority.
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