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# ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (H.2, 1980 No. 23) Actions of the Board; Applications and Reports Received During the Week Ending June 7, 1980 APPLICABLE RESERVE BANK ACTIONS OF THE BOARD The Board issued for comment a proposed Regulation D designed to carry out the provisions for reserve requirements in the Monetary Control Act of 1980; comment should be received by July 15. (Docket No. R-0306) Statement by John E. Ryan, Director of Banking Supervision and Regulation, before the Senate Banking Committee to participate on behalf of the Federal Reserve System in an inquiry into the effects of the narcotics money flow on banks in south Florida. Solicitation of additional nominations for members of the Consumer Advisory Council. Kansas City First National Bancorporation, Inc., Denver, Colorado, extension of time to August 14, 1980, within which to consummate the acquisition of Buckingham Square National Bank, Aurora, Colorado. 1/ Chicago Highland Park Bancshares, Inc., Chicago, Illinois, extension of time to August 30, 1980, within which to become a bank holding company through the acquisition of 80 per cent or more of the voting shares of Bank of Highland Park, Highland Park, Illinois. 1/ San Francisco Security Pacific Corporation, Los Angeles, California, extension of time to June 6, 1981, within which to acquire directly or indirectly additional shares of Security Pacific Finance Limited, Reading, England. 1J Kansas City TBC Incorporated, Taylor, Nebraska, extension of time to July 7, 1980, within which to consummate the acquisition of the Bank of Taylor, Taylor, Nebraska. V T7 Application processed on behalf of the Board of Governors under delegated authority. H.2, 1980 N o . 23 - 2 - ACTIONS OF THE BOARD-Continued Atlanta Commerce Union Bank of Sumner County, Gallatin, Tennessee, an investment in bank premises. 1/ Kansas City Fidelity Bank and Trust, Aurora, Colorado, a proposed new bank, extension of time to September 6, 1980, within which to complete its application for membership in the Federal Reserve System. 1/ San Francisco Home Valley Bank, Cave Junction, Oregon, extension of time to September 3, 1980, within which to complete the requirements for membership in the Federal Reserve System. 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. 3 - H . 2 , 1980 H o . 23 A C T I O N S OF T H E B O A R D - C o n t i n u e d T o Establish a Domestic Branch Pursuant to Section 9 o f the Federal R e s e r v e Act Atlanta Approved Royal Trust Bank o f O r l a n d o , Orlando, Florida. Branch to be established at the corner of Curry Ford Road and State Road # 4 3 6 , O r a n g e County, F l o r i d a . 1/ & 2/ San Francisco Farmers and M e r c h a n t s B a n k of Long Beach, Long Beach, C a l i f o r n i a . Branch to b e established in the vicinity of C a l i f o r n i a Street and K a t e l l a A v e n u e , O r a n g e , California. 1 & 2/ Minneapolis V a l l e y B a n k and Trust C o m p a n y , Grand Forks, North D a k o t a . Branch to b e established in Grand Forks, North D a k o t a . 1/ & 2/ * * * * * Issued Disapproval o f C h a n g e o f Control Pursuant to C h a n g e in B a n k Control A c t o f 1978 K a n s a s City Disapproved R u s s e l l S t a t e B a n c s h a r e s , Inc., R u s s e l l , K a n s a s . * * * * * T o Establish an O v e r s e a s Branch of a M e m b e r Bank Pursuant to Section 25 of the Federal Reserve Act San Francisco 1J 2/ Approved Zions First N a t i o n a l Bank, Salt L a k e City, Utah: grants consent to establish a branch in George Town, Grand Cayman, Cayman Islands, British West Indies. A p p l i c a t i o n processed on b e h a l f of the Board of Governors under delegated authority. A p p l i c a t i o n subject to C o m m u n i t y Reinvestment A c t . The C o m m u n i t y Reinvesmtent O f f i c e r of the applicable R e s e r v e Bank may be contacted as to the length of the comment p e r i o d . I 1 - 4 - H.2, 1980 N o . 23 ACTIONS OF THE BOARD-Continued Applications and Notifications for 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 New York Sixty Day Notification Period Allowed to Expire Citibank, N.A., New York, New York: no objection to acquire 40 per cent of the voting shares of A1 Bank A1 Saudi A1 Ameriki, Riyadh, Saudi Arabia. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Kansas City Cleveland Withdrawn 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/ Approved United Ohio Bancs, Inc., Dayton, Ohio, for approval to acquire 100 per cent of the voting shares of The . Third National Bank and Trust Company, Dayton, Ohio. JJ & 2/ Atlanta FSB Bancorp, Inc., Peachtree City, Georgia, for approval to acquire 100 per cent of the voting shares of The Fayette State Bank, Peachtree City, Georgia. 1/ & 2/ Chicago Cowden Bancorp, Inc., Springfield, Illinois, for approval to acquire 80 per cent or more of the voting shares of State Bank of Cowden, Cowden, Illinois. 1/ & 2/ Chicago GREATER MILWAUKEE FINANCIAL CORP., Milwaukee, Wisconsin, for approval to acquire 80 per cent or more of the voting shares of Greater Milwaukee Bank, Milwaukee, Wisconsin. 1/ & 2/ 1/ 2/ Application processed on behalf of the Board of Governors under delegated authority. Application subject to Community Reinvetment Act. The Community Reinvestment Officer of the applicable Reserve Bank may be contacted as to the length of the comment period. H.2, 1980 N o . 23 - 5 ACTIONS OF THE BOARD-Continued Chicago Tolono Bancshares, Inc., Tolono, Illinois, for approval to acquire 87 per cent of the voting shares of Citizens Bank of Tolono, Tolono, Illinois. \J & 1/ Chicago Waytru Bancorp., Cambridge City, Indiana, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Wayne Bank and Trust Co., Cambridge City, Indiana. V & 2/ Minneapolis Elk River Bancshares, Inc., Elk River, Minnesota, for approval to acquire 95.5 per cent of the voting shares of The First National Bank of Elk River, Elk River, Minnesota. V & 2/ Minneapolis Robinson Bank Holding Company, Robinson, North Dakota, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Security State Bank of Robinson, Robinson, North Dakota. 1/ & 2/ Minneapolis Windom State Investment Company, Windom, Minnesota, for approval to acquire 87.9 per cent or more of the voting shares of Windom State Bank, Windom, Minnesota. 1 & 2/ * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 New York Chicago Approved Fidelity Union Bancorporat ion, Newark, New Jersey, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Garden State National Bank, Paramus, New Jersey. 2/ First Financial Group, Inc., Janesvilie, Wisconsin, for approval to acquire 93.9 per cent or more of the voting shares of Tobacco Exchange Bank, Edgerton, Wisconsin. 1/ & 2/ 17 2/ Application processed on behalf of the Board of Governors under delegated authority. Application subject to Community Reinvestment Act. The Community Reinvesmtent Officer of the applicable Reserve Bank may be contacted as to the length of the comment period. H.2, 1980 N o . 23 - 6 ACTIONS OF THE BOARD-Continued St. Louis South St. Louis Investment Company/Contract Leasing Corporation, St. Louis, Missouri, for approval to acquire additional shares of Clayton Bancshares Corporation, St. Louis, Missouri. 1/ & 2/ * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956 St. Louis Approved Clayton Bancshares Corporation, St. Louis, Missouri, for approval to merge with Crestwood Bank Shares Corporation and Hampton Bankshares Corporation, both of St. Louis, Missouri. 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 Citicorp, New York, New York, for approval to retain all of the voting shares of Citicorp Homeowners, Inc., Des Peres, Missouri. N e w York Manufacturers Hanover Corporation, New York, New York, for approval to acquire certain assets of Pennamco, Inc., Bala Cynwyd, Pennsylvania. New York Manufacturers Hanover Corporation, New York, New York, for approval to acquire all of the voting shares of First Pennsylvania Financial Services, Inc., Philadelphia, Pennsylvania; Continental Finance Corporation of America, Aurora, Colorado; and Ellwood Consumer Discount Company, Inc., Ellwood City, Pennsylvania. Philadelphia First Pennsylvania Corporation, Philadelphia, Pennsylvania, for approval to retain Pennamco, Inc., Bala Cynwyd, Pennsylvania. 1/ 2/ Application processed on behalf of the Board of Governors under delegated authority. 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. 1 H.2, 1980 No. 23 - 7 ACTIONS OF THE BOARD-Continued Atlanta FSB Bancorp, Inc., Peachtree City, Georgia, for approval to acquire FSB Services Corp., which will provide bank management consulting services. JJ St. Louis Clayton Bancshares Corporation, St. Louis, Missouri, for approval to acquire Metro Trust Company, Clayton, Missouri, a company that would engage in trust and fiduciary services. 1/ Minneapolis Windom State Investment Company, Windom, Minnesota, for approval to acquire 90.1 per cent of the presently outstanding shares of Windom State Credit Company, Windom, Minnesota, an operating agriculture company. V Kansas City Carleton Agency, Inc., Carleton, Nebraska, for approval to continue to engage in general insurance activities in a community with a population of less than 5,000. Kansas City Circle Management Company, Kearney, Nebraska, for approval to continue to engage in the activity of selling credit related insurance directly related to extensions of credit by its subsidiary bank, Platte Valley State Bank & Trust Company, Kearney, Nebraska. V Kansas City Iola Bancshares, Inc., Iola, Kansas, for approval to acquire the assets of Gilpin Insurance Agency, Iola, Kansas and to engage as agent or broker in the the sale of insurance that is directly related to extensions of credit. Boston New York 1/ 3V Permitted First National Boston Corporation, Boston, Massachusetts, notification of intent to engage in de novo activities (to engage in factoring, commercial finance, and personal property leasing activities) at 406 Reo Street, Tampa, Florida, through its wholly-owned indirect subsidiary, FNB Financial Company, Boston, Massachusetts (6/7/80) 3/ Barlcays Bank Limited and Barclays Bank International Limited, both of London, England, notification of intent to relocate jie novo activities (making direct consumer loans and purchasing of sales finance contract representing extensions of credit such as would be made or acquired by a consumer finance company, and wholesale finance Application processed on behalf of the Board of Governors under delegated authority. 4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1980 No. 23 - 8 - ACTIONS OF THE BOARD-Continued (floor planning); acting as agent for the sale of related credit life, credit accident and health and credit property insurance, and selling at retail travelers checks issued by Barclays Bank International Limited (only at the South Carolina office) from 233 South Tryon Street to 5541 South Boulevard, Charlotte, North Carolina; from 117 Public Square to 312 Hillcrest Drive, Barksdale Square, Laurens, South Carolina; from 819 Chestnut Street to Franklin Building, Suite 104, Chattanooga, Tennessee; and from 9 Sixth Street to 1395 Volunteer Parkway, Bristol, Tennessee, through their subsidiary, BarclaysAmericanCorporation and BAC's subsidiary, BarclaysAmerican/Financial, Inc. (6/7/80) 3/ Atlanta Landmark Banking Corporation, Fort Lauderdale, Florida, notification of intent to relocate jle novo activities (making, acquiring, and servicing loans and other extensions of credit secured by real estate mortgages, for its own account and for the account of others; and selling credit life and accident and health insurance directly related to its extensions of credit) from 6666 22nd Avenue North, St. Petersburg, Florida to One Financial Plaza, Fort Lauderdale, Florida, through its subsidiary, Landmark Mortgage Corporation (6/4/80) 3/ Chicago Viola Insurance Agency, Inc., Viola, Wisconsin, notification of intent to engage in de novo activities (to retain its general insurance agency activities in a town with a population of less than 5,000) such activities will be conducted in the Farmers State Bank Building, Viola, Wisconsin (6/2/80) 3/ San Francisco Security Pacific Corporation, Los Angeles, California, notification of intent to relocate de novo activities (to continue to engage in lending and credit related insurance activities) from 321 Pat Mell Road, S.W., Marietta, Georgia to Suite 200, One Perimeter Way, Security Pacific Finance Corporation (a Georgia Corporation) (6/2/80) 3/ JJ 4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1980 No. 23 - 9 ACTIONS OF THE BOARD-Continued San Francisco U.S. Bancorp, Portland, Oregon, notification of intent to relocate de novo activities (to continue to engage in lending, servicing loans, leasing of personal property, and credit related insurance activities) from 5151 South Federal, Littleton, Colorado to 2545 YoungfieId, Golden, Colorado, through its subsidiary, U.S. Bancorp Financial, Inc. (6/5/80) 3/ San Francisco Western Bancorporation, Los Angeles, California, notification of intent to engage in de novo activities (selling credit related life, accident and health insurance throughout the United States) at 707 Wilshire Boulevard, Los Angeles, California, through its subsidiary, Western Bancorp Insurance Company (6/5/80) 3/ * * * * * Agreement Filed Pursuant to Section 8 of the Securities Exchange Act of 1934 Westdeutsche Landesbank Girozentrale has filed an agreement with the Board undertaking to comply with all provisions which related to the use of credit to finance transactions in securities. 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 , 1980 N o . 23 - 1 0 - APPLICATIONS RECEIVED T o Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Atlanta Gulf Coast B a n k of P i n e l l a s , M a d e i r a Beach, Florida, Branch to be established at the intersection of Gould Street and Missouri A v e n u e , C l e a r w a t e r , F l o r i d a , 2/ Atlanta Flagship B a n k of Tampa, T a m p a , Florida, Branch to be established at 9300 N . 56th Street, T e m p l e Terrace, Florida# If Atlanta First Commercial B a n k of Fort M y e r s , Fort M y e r s , Florida, Branch to b e established in the vicinity of McGregor Boulevard and J o h n M o r r i s R o a d , Fort M y e r s , Florida. 2/ Chicago M & I Marshall & Ilsley Bank, M i l w a u k e e , W i s c o n s i n . Branch to be established at 4 1 4 West National A v e n u e , Milwaukee, W i s c o n s i n , 2/ San Francisco United C a l i f o r n i a Bank, L o s A n g e l e s , C a l i f o r n i a . Branch to be established in the vicinity of the intersection of H a m m e r and West L a n e s , Stockton, S a n J o a q u i n County, C a l i f o r n i a . 7j New York Chemical Bank, N e w Y o r k , N e w Y o r k . To establish a Public A c c o m m o d a t i o n office at 300 W h e a t l e y Plaza, Greenvale, N o r t h H e m p s t e a d , N a s s a u County, N e w Y o r k . 2/ * * * * * T o Organize, or Invest in, a Corporation Doing F o r e i g n Banking and Other F o r e i g n Financing Pursuant to Section 25 or 2 5 ( a ) of the Federal Reserve Act New York San Francisco 2/ Banco de Bogota Trust C o m p a n y , New York, N e w York: requests consent to establish an Edge corporation in Miami, Florida to be known as Banco de Bogota International C o r p o r a t i o n . Correction: The a p p l i c a t i o n for Bank of A m e r i c a NT & SA, San F r a n c i s c o , California which was listed o n H,2 N o , 17, 1980 as Received included at the end 6 b r a n c h e s . There was one branch that was mistak e n l y left off and that should have b e e n Seattle. A p p l i c a t i o n subject to C o m m u n i t y Reinvestment A c t . The C o m m u n i t y Reinvesmtent Officer of the applicable Reserve Bank may be contacted as to the length of the comment period. H.2, 1980 N o . 23 - 11 APPLICATIONS RECEIVED-Cont inued To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Chicago East Troy Bancshares* Inc., East Troy, Wisconsin, for approval to acquire 80 per cent or more of the voting shares of State Bank of East Troy, East Troy, Wisconsin. 2/ Chicago Longviev Capital Corporation, Longview, Illinois, for approval to acquire 90 per cent or more of the voting shares of Longview State Bank, Longview, Illinois. 2/ Chicago North Community Bancorp, Inc., Chicago, Illinois, for approval to acquire 90 per cent or more of the voting shares of North Community Bank, Chicago, Illinois. 2/ St. Louis First Bancshares, Inc., Paris, Tennessee, for approval to acquire 83 per cent of the voting shares of First Trust and Savings Bank, Paris, Tennessee. 2/ Minneapolis CLARKFIELD BANCSHARES, INC., Clarkfield, Minnesota, for approval to acquire 81.1 per cent of the voting shares of Farmers and Merchants State Bank of Clarkfield, Incorporated, Clarkfield, Minnesota. 2/ Minneapolis First Minnetonka Bancorporat ion, Inc., Minnetonka, Minnesota, for approval to acquire 82.35 per cent of the voting shares of First Minnetonka City State Bank, Minnetonka, Minnesota. 2/ Minneapolis The First National Corporation in Ontonagon, Ontonagon, Michigan, for approval to acquire 80 per cent or more of the voting shares of The First National Bank in Ontonagon, Ontonagon, Michigan. 2/ Minneapolis Florence Bancorporation, Inc., Florence, Wisconsin, for approval to acquire 81.6 per cent of the voting shares of State Bank of Florence, Florence, Wisconsin. 2/ Minneapolis L e Sueur Bancorporation, Inc., L e Sueur, Minnesota, for approval to acquire 89.5 per cent of the voting shares of Le Sueur State Bank, L e Sueur, Minnesota. 2/ 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. H . 2 , 1980 N o . 23 - 1 2 A P P L I C A T I O N S RECEIVED-Continued Minneapolis Security State Agency of A i t k i n , Inc., Aitkin, Minnesota, for approval to acquire 87.49 per cent of the voting shares of Security State Bank of A i t k i n , Aitkin, M i n n e s o t a . 2/ Kansas City Jasper Bancshares, Inc., Jasper, Missouri, for approval to acquire 95 per cent of the voting shares of Bank of Jasper, Jasper, M i s s o u r i . 2/ Kansas City South Ridge Bancshares, Inc., Lincoln, Nebraska, for approval to acquire directly 100 per cent of the voting shares of South Ridge Bank, Inc., Lincoln, Nebraska and indirectly South Ridge Bank, L i n c o l n , N e b r a s k a . 2/ Kansas City United K a n s a s Bancshares, Inc., Atchison, Kansas, for approval to acquire 100 per cent of the voting shares of The City National Bank of Atchison, Atchison, K a n s a s . 2/ Dallas A m e r i c a n Bancorporation, Inc., Longview, Texas, for approval to acquire 80 per cent or m o r e of the voting shares of A m e r i c a n Bank, L o n g v i e w , T e x a s . If San Francisco C o l u m b i a National Bankshares, Inc., Longview, W a s h i n g t o n , for approval to acquire 51.4 per cent of the voting shares of Columbia N a t i o n a l Bank, Longview, W a s h i n g t o n . 21 * * * * * T o Expand a Bank Holding C o m p a n y Pursuant to Section 3 ( a ) ( 3 ) of the B a n k H o l d i n g C o m p a n y Act of 1956 K a n s a s City 17 M o u n t a i n Banks, L t d . , Denver, acquire 100 per cent of the rectors' qualifying s h a r e s ) N . A . , L o u i s v i l l e , Colorado, Colorado, for approval to voting shares (less diof Louisville M o u n t a i n Bank, a proposed new b a n k . 2/ A p p l i c a t i o n subject to C o m m u n i t y Reinvestment A c t . The Community Reinvestment Officer of the applicable Reserve B a n k may be contacted as to the length of the comment period. H.2, 1980 N o . 23 13 APPLICATIONS RECEIVED-Continued 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, for approval to engage de novo in underwriting through reinsurance of certain credit life and credit accident and health insurance in the State of Alabama through its indirect wholly-owned subsidiary, Motor Life Insurance Company, Jacksonville, Florida. Richmond Southern Bancorporation, Inc., Greenville, South Carolina, notification of intent to engage in de novo activities (making extensions of credit as a licensed consumer finance lender and acting as agent for the sale of credit related life, accident and disability insurance and credit related property insurance issued directly in connection with the above-mentioned extensions of credit) at 124 North 5th Street, Hartsville, 153 2nd Street, Cheraw and 615 North Tom Gasoue Boulevard, Marion, South Carolina, through its subsidiary, World Acceptance Corporation (5/2/80) 3/ Chicago Valley Bancorporation, Appleton, Wisconsin, for approval to establish a de novo subsidiary, Community Life Insurance Company, Phoenix, Arizona, and engage in the activity of underwriting, as reinsurer, credit life insurance and credit accident and health insurance on extensions of credit by its subsidiaries. St. Louis Newburg Insurance Agency, Inc., Newburg, Missouri, notification of intent to engage in de novo activities (to continue to engage in the sale of credit life, credit accident and health and property damage insurance directly related to extensions of credit made by its subsidiary bank, Citizens Bank of Newburg, Newburg, Missouri and sale of general insurance in a community of less than 5,000 population) (6/6/80) 3/ Minneapolis GEM Agency, Inc., Amboy, Minnesota, for approval to retain general insurance activities in a town of less than 5,000 population. 37 4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf of the Board of Governors unde delegated authority. - 1 4 - H . 2 , 1980 N o . 23 A P P L I C A T I O N S RECEIVED-Cont inued Minneapolis Security State A g e n c y of A i t k i n , Inc., A i t k i n , Minnesota, for approval to continue to engage in the sale of general insurance agency activities in a community of less than 5,000 population. K a n s a s City First Oklahoma Bancorporation, Inc., O k l a h o m a City, Oklahoma, n o t i f i c a t i o n of intent to engage in de novo activities (to continue through the purchase of A m e r i c a n First Title and Trust Company's trust company charter from A m e r i c a n First C o r p o r a t i o n , to engage in activities of a trust company including activities of a fiduciary, investment advisory, agency or custodian n a t u r e ) these activities will be conducted from offices in O k l a h o m a City and Tulsa serving O k l a h o m a ( 5 / 1 4 / 8 0 ) 3/ * * * * * T o Expand a B a n k Holding Company Pursuant to Section 4 ( c ) ( 1 2 ) of the B a n k H o l d i n g Company Act of 1956 New York W a r n e r C o m m u n i c a t i o n s Inc., N e w York, N e w Y o r k , n o t i f i c a tion of intent to acquire all of the business of H . C . Ostertag C a b l e Television C o . , I n c . in Columbia and W r i g h t s v i l l e , P e n n s y l v a n i a (6/3/80) 3/ * * * * * REPORTS R E C E I V E D None. * * * * * P E T I T I O N S FOR R U L E M A K I N G None. T7 4 ( c ) ( 8 ) or 4 ( c ) ( 1 2 ) n o t i f i c a t i o n processed by R e s e r v e Bank on behalf of the Board of Governors under delegated authority. I i
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