Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : March 10, 1979

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ANNOUNCEMENT BY
BOARD CF GOVERNORS
CF THE
FEDERAL RESERVE SYSTEM
03.2, 1979 No. 10)
Actions of the Board; Applications and Reports
Received During the Week Ending March 10, 1979
ACTIONS CF THE BOARD
Statement by Governor J. Charles
committee en Domestic Monetary
Banking Committee on two bills
authority of the U.S. Treasury
the Federal Reserve System.

Partee before the SubPolicy of the House
that deal with the
to borrow directly fron

The Federal Bank Supervisory agencies announced a change
in the rules under which financial institutions issue
six-month money market certificates.
Regulation O, Loans to Executive Officers, Directors, and
principal shareholders of member banks? amendment to
implement new section 22 (h) of the Federal Reserve
Act, recently enacted by Congress as section 104 of
the Financial Institutions Regulatory and Interest
Rate Control Act of 1978. (Docket No. R-0194)
The Federal Reserve Board and the Federal Deposit Insurance Corporation published for comment proposed regulations to implement Titles VIII and IX of the Financial
Institutions Regulatory and Interest Rate Control Act
of 1978 (FIRA) ? the Board's proposed regulation applies
to all member banks, including national banks. (Docket
No. R-0210)
Rescission of Regulation S.

(Docket No. R-0209)

Amendment to Regulation Z to conform to statutory change;
extension of the prohibition against surcharges to
February 27, 1981.
Right to Financial Privacy Act of 1978; Notice of withdrawal of proposed statement of customer rights.
Southwest
tension
acquire
County,

Florida Banks, Inc., Fort Myers, Florida, exof time to June 3, 1979, within which to
Charlotte County National Bank, Charlotte
Florida. 1/

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



1

•

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H.2, 1979 No. 10

— 2 —
ACTIONS CF THE BQARD-Continued

FIRST EVERGREEN CORPORATION, Evergreen Park, Illinois, extension of time to May 11, 1979, within which to
become a bank holding company through the acquisition
of 100 per cent of the voting shares of the successor
by merger to the First National Bank of Evergreen
Park, Illinois. 1/
Wisconsin Ban Corp., Prairie du Chien, Wisconsin, extension of time to May 27, 1979, within which to became a
bank holding ccnpany through acquisition of 80 per
cent or more of the voting shares of Prairie City
Bank, Prairie du Chien, Wisconsin. 1/
North First Bank, Fort Myers, Florida, to make an investment in bank premises. 1/
Central Banking System, Inc., Oakland, California, Subsidiaries of, proposed merger with Central Bank, Oakland,
California, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Southeast Banking Corporation, Miami, Florida, Subsidiaries
of, proposed merger with Southeast First National Bank
of Miami, Miami, Florida; report to the Comptroller of
the Currency on competitive factors. 1/
Correction:
Issuance of subordinated capital notes by Elliot State Bank,
Jacksonville, Illinois. This corrects the location of
Elliot State Bank which was incorrect on H.2 No. 9.

±7 Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1979 No. 10

- 3 ACTIONS OF THE BCftRD-Ccntinued

To Merge Pursuant to Section 18 (c) of the Federal
Deposit Insurance Act
Approved
Elliot State Bank, Jacksonville, Illinois, to merge
with First National Bank of Jacksonville, Jacksonville,
Illinois. 2/
* * * * *

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Correction: H.2 No. 6 for the week ending February 10,
1979, listed the following two branch applications as
Received and should have listed them as Approved.
Hie Cleveland Trust Company, Cleveland, Ohio. Branch to
be established on the south side of Detroit Road, 300
feet west of Columbia Road, Vfestlake, Cuyahoga County.
y
The Cleveland Trust Catpany, Cleveland, Ohio. Branch to
be established at the southwest earner of Chagrin
Boulevard and ^amerce Park Road, Beachwood, Cuyahoga
County. 2/
* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
Die First National Bank of Boston, Boston, Massachusetts:
permission to establish a branch in Asuncion, Paraguay.
toe Chase Manhattan Bank, N.A., New York, New York: permission to establish a branch in Santiago, Chile.
l7 Application processed cn behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.




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H.2, 1979 No. 10

— 4 —
ACTIONS CF THE BCgVRD-Continued

International Investments and Other Actions Pursuant to
Sections 25 and 25(a) of the Federal Reserve Act and
Sections 4(c) (9) and 4(c) (13) of the Bank Holding Canpany
Act of 1956, as amended
Approved
Citibank, N.A., New York, New York: consent for Citibank
Overseas Investment Corporation, Wilmington, Delaware,
to continue to hold the shares of Arrendadora y
Administradore Citycol S.A., Bogota, Columbia.
Union Bank, Los Angeles, California: permission for Union
International Bank, Los Angeles, California to amend
Articles "Ninth" and "Eleventh" of its Articles of
Association deleting the requirements that all directors
of EDGE must be citizens of the United States and that
a majority of its shares must be held by citizens of
the United States.
*

* * * *

To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Canpany Act of 1956
Reactivated
WHITEWATER BANCORP., INC., Whitewater, Wisconsin, for
approval to acquire 83.85 per cent of the voting
shares of The First Citizens State Bank of Whitewater,
Wisconsin, Whitewater, Wisconsin. 1/ & 2/
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire more than 80 per
cent (less directors1 qualifying shares) of the voting
shares of The Security National Bank and Trust Corpany
of Norman, Norman, Oklahom. 1/ & 2/
Approved
SafraCprp, Miami, Florida, for approval to acquire 100
per cent of the voting shares of SafraBank, Dade
County, Florida. 2/
Fennimore Bancorporation, Inc., Fennimore, Wisconsin, for
approval to acquire 80 per cent or more of the voting
shares of The First State Bank, Fennimore, Wisconsin.
— /

¥
y

Application processed on behalf of the Board of Governors under delegated
authority.
Application subject to Carmunity Reinvestment Act.




H.2, 1979 No. 10

- 5 ACTIONS OF THE BQARD-Ccntinued

WHITEWATER BANCORP., INC., Whitewater, Wisconsin, for approval to acquire 83.85 per cent of the voting shares
of The First Citizens State Bank of Whitewater,
Wisconsin, Whitewater, Wisconsin. 1/ & 2/
High Plains Bancorpora tion, Inc., Fdrgan, Oklahoma, for
approval to acquire 90.25 per cent of the voting
shares of The First State Bank of Fargan, Forgan,
Oklahana. 1/ & 2/
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire more than 80 per
cent (less directors' qualifying shares) of the voting
shares of The Security National Bank and Trust Company
of Norman, Norman, Oklahoma. 1/ & 2/
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Approved
Delaware Service Co., Inc., Manchester, Iowa, for approval to retain 0.3 per cent of the voting shares and
to acquire an additional 1.75 per cent of the voting
shares of First State Bank, Manchester, Icwa. 2/
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Withdrawn
First Pratt Bankshares, Inc., Pratt, Kansas, notification of intent to engage in de novo activities (the
sale of credit life insurance, credit accident and
health insurance and other insurance directly related
to extensions of credit by The First National Bank in
Pratt, Pratt, Kansas) at 223 South Main Street, Pratt,
Kansas (3/7/79) 3/
17 Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1979 Nov 10
ACTIONS OF TOE BQARD-Ccntinued
Approved
Fennimore Bancorporatian, Inc., Fennimore, Wisconsin,
for approval to acquire 100 per cent of the voting
shares of Fennimore Finance Co., Fennimore, Wisconsin.
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire the beneficial
interest in J.H. Patten Company, Norman, Oklahoma and
thereby to indirectly acquire the shares of Patten
Insurance Agency, Inc., Norman, Oklahoma.
Reactivated
Security National of Norman Holding Corporation, Norman,
Oklahoma, for approval to acquire the beneficial
interest in J.H. Patten Company, Norman, Oklahoma and
thereby to indirectly acquire the shares of Patten
Insurance Agency, Inc., Norman, Oklahoma.
United Banks of Colorado, Inc., Denver, Colorado, notification of intent to engage in de novo activities
(the sale of mortgage life and disability insurance
and homeowner's insurance (property and casualty) to
persons whose real estate mortgage loan is either
owned or serviced by another bank related subsidiary
firm known as United Mortgage Company) at 1700 Broadway,
Denver, Colorado; United Mortgage Company (main office),
1660 Lincoln Street, Denver, Colorado; United Mortgage
Company (branch office), 1660 South Albion Street,
Denver, Colorado; United Mortgage Company (branch
office), 1675 Carr Street, Lakewood, Colorado; United
Mortgage Company (branch office), 3849 Wfest 72nd
Avenue, Westminster, Colorado, through a subsidiary,
Lincoln Agency, Inc. (3/8/79) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(consumer finance and insurance agency for the sale of
credit life, credit accident and health, and credit
property insurance sold in connection with extensions
of credit) at American Plaza Shopping Center, Vine
Street, Highway 192W, Kissimee, Florida, through
Industrial's indirect subsidiaries, Southern Discount
Company and S.D.A. Corporation (both Florida Corporations) which are wholly-owned by Industrial's indirect
subsidiary, Southern Discount Company (a Rhode Island
Corporation) headquatered in Atlanta, Georgia (3/8/79)

v
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




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H.2, 1979 No. 10

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- 7 -

ACTIONS OF THE BQARD-Ccntinued
Citicorp, New York, New York, notification of intent to
engage in de novo activities (commercial lending
activities~For its own account with the intention that
Citibank, N.A., Citibank (New York State) N.A., and
other commercial banks may participate in the loans;
and leasing personal or real property or acting as
agent, broker, or adviser in leasing such property
subject to all of the qualifications specified in 12
CFR 225.4(a) (6) (a) and (b) where the leases serve as
the functional equivalent of an extension of credit to
the lessee of the property) at Metro-Center 1, 100
Wood Avenue, South, Iselin, New Jersey, through its
subsidiary, Citicorp (USA), Inc. (formerly known as
Citicorp Commercial, Inc.) (3/8/79) 3/
First Pennsylvania Corporation, Philadelphia, Pennsylvania,
notification of intent to relocate de novo activities
(operating an industrial bank in the manner authorized
by Colorado State Law including the acceptance of time
and savings deposits? 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; selling the following types of insurance in
connection with its loans and other extensions of
credit: credit life insurance, credit accident and
health insurance and property damage and liability
insurance as part of a package of insurance relating
to physical damage of collateral) from 9975 East
Colfax Avenue, Aurora, Colorado to Hanpden Green
Shopping Center, 15111 East Hampden Avenue, Aurora,
Colorado, through its indirect subsidiary, East
Continental Industrial Bank (3/9/79) 3/
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to continue to engage
in de novo activities (providing investment advisory
and investment management services for portfolios of
fixed income securities of domestic and foreign customers
wherever located) Philadelphia National Corporation
proposes to transfer to itself from its subsidiary,
The Philadelphia National Bank, the capital stock of
Charter Atlantic Corporation and thereby to continue
to engage through Charter Atlantic Corporation and its
wholly-owned subsidiaries, Fischer, Francis, Trees &
Watts, Inc., both of New York City, New York, the
above activities which vere originally commenced de
novo by Philadelphia National Corporation (3/10/79) 3/
37 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
~~ of tte Board of Governors under delegated authority.




H.2, 1979 No. 10

- 8 ACTIONS OF THE BQABD-Continued

Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(credit related life insurance, including mortgage redemption insurance, and credit related accident and
disability insurance on the life or health of borrowers,
debtors or lessees of Pittsburgh National Corporation
and its subsidiaries or of borrowers, debtors or
lessees of loans or other extensions of credit serviced
by Pittsburgh National Corporation and its subsidiaries)
at Pittsburgh National Building, 5th Avenue and Wood
Street, Pittsburgh, Pennsylvania, through a subsidiary,
PINACO, Inc. (3/5/79) 3/
F & M National Corporation, Winchester, Virginia, notification of intent to engage in de novo activities (engaging in the business of arranging, 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 consumer finance conpany under a revolving
loan plan, secured or unsecured, including loans under
a revolving loan agreement secured by mortgages or
deeds of trust on real property and/or security interests in personal property? servicing any such loans
and other extensions of credit for any person; or
acting as agent or broker for the sale of credit life
insurance and credit accident and health insurance
which is related to extensions of credit made, and to
engage in the making of loans, acquiring or servicing
such loans, and taking such security as authorized by
the Code of Virginia, as amended) at 7 East Luray
Shopping Center, Luray, Virginia, through a subsidiary, Peoples Credit Corporation (3/4/79) 3/
Mercantile Bankshares Corporation, Baltimore, Maryland,
notification of intent to engage in de novo activities
(acting as insurance agent (or broker!" with respect to
the provision, under individual policies, of credit
life insurance in connection with extensions of credit)
at 1 Plaza East, Salisbury? The Barley Company, P.O.
Box 483, Waldorf? P.O. Box 717, S. Ritchie Highway and
MtiKinsey Road, Severna Park? 2000 E. Joppa Road,
Parkville? and 5910 Baltimore National Pike, Baltimore,
all in Maryland? and 1003 Delaware Avenue, Wilmington,
Delaware, through its subsidiary, Mercantile Mortgage
Corporation (3/9/79) 3/
37

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




H.2, 1979 No. 10

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- 9 -

ACTIONS OF THE BQARD-Ccntinued
Banks of Iowa, Inc., Cedar Rapids, Iowa, notification of
intent to engage in de novo activities (providing
bookkeeping or data processing services far the internal
operations of its subsidiaries and other banking
institutions and storing and processing other banking,
financial or related economic data such as performing
payroll, accounts receivable or payable, or billing
services for other businesses) in the vicinity of 302
Brady Street, Davenport, Iowa, through its subsidiary,
Banks of Iowa Computer Services, Inc. (3/5/79) 3/
Continental Illinois Corporation, Chicago, Illinois, notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, secured and unsecured 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 or chattel paper (including,
without limitation, consumer receivables and paper),
issuing letters of credit and accepting drafts, and
servicing loans and other extensions of credit for
others, and providing portfolio investment and financial advice to others) at 231 South LaSalle Street,
Chicago, Illinois, through a subsidiary, Continental
Illinois Equity Corporation (3/4/79) 3/
Missouri Banc-Management, Inc., Kansas City, Missouri,
notification of intent to engage in de novo activities
(the holding ccnpany acts as insurance agent for the
sale of reducing term credit life insurance, level
term credit life insurance on single payment demand
notes, and credit accident and health insurance) the
activity is conducted on the premises of the holding
company's subsidiary bank, Stadium Bank, 8959 East 40
Highway, Kansas City, Missouri (3/8/79) 3/
BankAmerica Corporation, San Francisco, 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 pursuant to
Section 225.4(a) (9) of Regulation Y; such activities
will include: (1) insurance protection for one-tofour family residences, securing loans made or acquired
by subsidiaries of BankAmerica frcm physical damage or
loss and liability and other insurance sold in conjunction therewith as a matter of general practice; (2)
insurance protecting personal property, securing ex37 4jc) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
~
of the Board of Governors under delegated authority.




H.2, 1979 No. 10

- 1 0 -

ACTIONS OF THE BOARD-Ccntinued
tensions of credit made by subsidiaries of BankAmerica
fran physical damage or loss and liability and other
insurance sold in conjunction therewith as a matter of
general practice; (3) insurance protecting collateral
(both real and personal), securing construction loans
made by subsidiaries of BankAmerica fran physical
damage or loss and related surety and liability insurance sold in conjunction therewith as a matter of
general practice; (4) insurance protecting property
(both real and personal) leased to customers of subsidiaries of BankAmerica; (5) insurance protecting Bank
of America N.T. & S.A. and its subsidiaries from any
type of loss or liability; and (6) insurance protecting
properties held in trust from physical damage or loss
and liability insurance sold in conjunction therewith
as a matter of general practice; such activities will
be conducted where permitted by law throughout the
States of the United States and the District of Columbia)
at 1105 Hamilton, Allentown, Pennsylvania, 12700 Park
Central Place, Dallas, Texas, and 7900 Xerxes Avenue
South, Minneapolis, Minnesota, through its subsidiary,
BA Insurance Agency, Inc. (2/26/79) 3/

3/

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




H.2, 1979 No. 10

— 11 —

APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Long Island Trust Company, Garden City, New York.
Branch to be established at 665 Fifth Avenue, New York
City. 2/
First Virginia Bank-South, Hurt, Virginia. Branch to
be established at 1410 Piney Forest Road, Danville. 2/
River Rouge Savings Bank, River Rouge, Michigan. Branch
to be established at 10537 West Jefferson Avenue, City
of River Rouge, Wayne Ccxinty. 2/
First Bank and Trust Company of South Bend, South Bend,
Indiana. Branch to be established on the southwest
corner of Ireland Road and South Ironwood Drive, South
Bend, St. Joseph County. 2/
* * * * *

To Merge Pursuant to Section 18 (c) of the Federal
Deposit Insurance Act
The Ohio Citizens Trust Company, Toledo, Ohio, to merge
with The Peoples State Bank, Wauseon, Ohio. 2/
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
County Hill State Bank, Lenexa, Kansas. 2/
* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Bankers Trust Company, New York, New York: requests
consent to establish an initial branch in Madrid,
Spain.
27 Application subject to Community Reinvestment Act.




H.2, 1979 No. 10

- 1 2 -

APPLICATICNS RECEIVED-Ccntinued
To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Algemene Bank Nederland N.V. and A.B.N. - Stichting,
both of Amsterdam, The Netherlands, for approval to
acquire 98 per cent of the voting shares of Lasalle
National Bank, Chicago, Illinois. 2/
Northeast Icwa Bancorporation, Oelwein, lava, for approval to acquire 80 per cent or more of the voting
shares of Oelwein State Bank, Oelwein, Iowa. 2/
Schuyler Bancorp, Inc., Springfield, Illinois, for approval to acquire 80 per cent or more of the voting
shares of Schuyler State Bank, Rushville, Illinois. 2/
Caimercial Bancshares, Inc., Texarkana, Arkansas, for
approval to acquire 80-100 per cent (less directors'
qualifying shares) of the voting shares of Caimercial
National Bank of Texarkana, Texarkana, Arkansas. 2/
St. Michael Bancorporation, Inc., St. Michael, Minnesota,
for approval to acquire 80 per cent or more of the
voting shares of Security State Bank of St. Michael,
St. Michael, Minnesota. 2/
Stanley Bancorporation, Inc., Stanley, Wisconsin, for
approval to acquire 85.4 per cent of the voting shares
of Farmers & Merchants State Bank, Stanley, Wisconsin.

2/

Sayre Bancorporation, Inc., Colorado Springs, Colorado,
for approval to acquire 96 per cent of the voting
shares of City National Bank of Sayre, Sayre, Oklahoma.

2/

Family Financial Institution, Inc., Yorktovn, Texas, for
approval to acquire 84.5 per cent of the voting shares
of The First National Bank of Yorktovn, Yorktovn,
Texas. 2/
Marlin Bancshares, Incorporated, Marlin, Texas, for approval to acquire 80-100 per cent (less directors'
qualifying shares) of the voting shares of First State
Bank of Marlin, Marlin, Texas. 2/
27 Application subject to Cannunity Reinvestment Act.




H.2, 1979 NO. 10

— 13 —
APPLICATIONS HECEIVED-Continued

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
The Summit Bancorporation, Summit, New Jersey, for approval to acquire 100 per cent of the voting shares of
The Chatham Trust Company, Chatham Township, New
Jersey. 2/
Northwest Ohio Bancshares, Inc., Toledo, Ohio, for approval to acquire 80 per cent or more of the voting
shares of The Peoples National Bank of Delphos, Delphos,
Ohio. 2/
Community Holding Company, Knoxville, Icwa, for approval
to acquire 80 per cent or more of the voting shares of
The Community National Bank & Trust Company of Knoxville,
Knoxville, Iowa. 2/
* * * * *

To Expand a Bank Holding Cotpany Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Manufacturers Hanover Corporation, New York, New York,
for approval to acquire the shares of Merchants Industrial Bank and Merchants Acceptance Company, both of
Denver, Colorado.
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(to engage in the activity of mortgage banking) in the
Metropolitan area of Columbia, South Carolina and
Metropolitan area of Chillioothe, Ohio (a satellite of
Columbus, Ohio), through its wholly-owned subsidiary,
The Kissell Company, Springfield, Ohio (3/8/79) 3/
Pittsburgh National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(to engage in the activity of mortgage banking) in the
Metropolitan area of Wheeling, West Virginia, through
its wholly-cwned subsidiary. The Kissell Coipany,
Springfield, Ohio (3/7/79) 3/
Mercantile Bankshares Corporation, Baltimore, Maryland,
on behalf of MBC Agency, Inc., a wholly-cwned affiliate,
for approval to engage dke novo in underwriting as reinsurer certain insurance policies sold in connection
with extensions of credit by its subsidiaries, through
a subsidiary, Mercantile Insurance Company of Maryland,
Phoenix, Arizona.
27 Application subject to Community Reinvestment Act.
3/ 4(c) (8) or 4(c) (12) notification processed bv Reserve Bank on behalf

~
of the Board of Governors under delegated authority.


APPLICATIONS EECBIVED-Cohtinued
First Alabama Bancshares, Inc., Montgomery, Alabama, notification of intent to engage in de novo activities
(to include the sale, as agent or broker, of certain
property and casualty insurance which are directly
related to the extension of credit by the bank and
non-bank subsidiaries of Applicant and certain insurance for the banking subsidiaries of Applicant) at
offices located in Notasulga, Athens, Bay Minette,
Birmingham, Cullman, Dothan, Gadsden, Guntersville,
Hartsville, Huntsville, Rogersville, Bayou La Batre,
Montgomery, Phenix City, Selma and Tuscaloosa, all in
Alabama, through its subsidiary, FAB Agency, Inc.
(3/9/79) 3/
Citizens Bancorporation, Sheboygan, Wisconsin, notification of intent to engage in de novo activities (performing or carrying on any activities of a trust company, (fiduciary, agency or custodian activities) in
the manner authorized by the laws of the State of
Wisconsin, except tfcat Citizens Trust Company will not
accept deposits or make loans and investments (other
than deposits that are generated frcm trust funds not
currently invested or other funds received for special
use as custodian cor agent); Citizens Trust Carpany
plans to assume all of the current duties of the
Citizens Bank of Sheboygan Trust Department; in addition,
it will provide trust services to customers of all
holding carpany affiliates and other non-affiliated
banks under a provision of the Wisconsin Banking Law
which allows a host bank to contract with a provider
of trust services to render such services on the
host's premises) at 636 Wisconsin Avenue, Sheboygan;
1504 Calumet Drive, Sheboygan; 1251 Wilson Avenue,
Sheboygan; 908 South Fisk Street, Green Bay; 4015
North Oakland Avenue, Sborewood; 26 East Main, Chilton;
233 Dodge Street, Kaukauna; 905 Center Avenue, Oostburg;
and 211 North Wisconsin Drive, Howards Grove, all in
Wisconsin, through a subsidiary, Citizens Trust Ccnpany
(3/9/79) 3/
Michigan National Corporation, Bloomfield Hills, Michigan,
notification of intent to engage in de novo activities
(acting as investment or financial adviser to the extent
of (i) serving as investment adviser, as defined in
Section 2(a) (20) of the Investment Company Act of 1940,
to an investment company registered under that Act;
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




H.2, 1979 No. 10

-15APPLICATIONS BBCEIVED-Continued
(ii) providing portfolio investment advice to any other
person; (iii) serving in a fiduciary capacity as investment management agent; (iv) furnishing general economic
information and advice, general economic statistical
forecasting services and industry studies) at 1400
West Fourteen Mile Road, Clawson, Michigan, through a
subsidiary, Michigan National Investment Corporation
(3/8/79) 3/

Midland Mortgage Corporation, Detroit, Michigan, notification of intent to engage in de novo activities
(servicing real estate mortgage loans) at 350 First
National Building, Detroit, Michigan, through a subsidiary, Midland Mortgage Service Corporation (3/8/79)
3/
River Cities Investment Co. and its subsidiary, Investment Management, Inc., both in Davenport, Icwa, notification of intent to engage in de novo activities (to
retain data processing activities) at 200 Northwest
Tower, 100 East Kimberly Road, Davenport, Iowa, through
its subsidiary, Mid-America Financial Services, Ltd.
(3/6/79) 3/
Allied Bancshares, Inc., Houston, Texas, notification of
intent to (to acquire all of the outstanding capital
stock of J.C. Penny Insurance Agency, Inc. and through
it to engage de novo in the activities of acting as
broker for certain insurance requirements of Allied1 s
present and future banking subsidiaries) (3/7/79) 3/
BankAmerica Corporation, San Francisco, 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 other extensions of
credit such as would be made or acquired by a mortgage
company; leasing real property or acting as agent,
broker, or adviser in the leasing of real property in
accordance with the provisions of Section 225.4(a) (6) (b)
of Regulation Y; 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; servicing
loans and other extensions of credit for itself and
others) at 500 Newport Center Drive, Newport Beach,
California, through its subsidiary, BA Mortgage and
International Realty Corporation (2/27/79) 3/
37 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
~~ of the Board of Governors under delegated authority.




H.2, 1979 No. 10

— 16 —

APPLICATIONS RECEIVED-Ccntinued
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 of credit; such activities will include, but not be limited to, purchasing installment
sales finance contracts, making loans and other extensions of credit to small businesses, making loans
secured by real property; and the offering of credit
related life and credit related accident and disability
insurance in connection with the extensions of credit
made or acquired by FinanceAmerica Mortgage Services
Company) at 7825 Midlothian Turnpike, Richmond,
Virginia, through its subsidiary, FinanceAmerica
Mortgage Services Company (3/1/79) 3/
Rainier Bancorporation, Seattle, Washington, for approval of the retention of the credit related insurance agency activities of its subsidiary. Rainier
Mortgage Company, Seattle, Washington.
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(acting as escrow agent for the purchase and sale of
real property and the execution of all documents and
dispersal of funds relating to loan transactions, and
all other activities normally engaged in by an escrow
conpany) at 333 Bowers Avenue, Santa Clara, California, through its subsidiary, SP Escrow Service,
Inc. (2/28/79) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(acting as escrow agent for the purchase and sale of
real property and the execution of all documents and
dispersal of funds relating to loan transactions, and
all other activities normally engaged in by an escrow
conpany) at 18321 Ventura Boulevard, Tarzana, California, through its subsidiary, SP Escrow Service, Inc.
(2/28/79) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in cte novo activities
(making or acquiring, for its own account or for the
account of others, loans and extensions of credit
37 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




-17-

H.2, 1979 No. 10

APPLICATICNS BECEIVED-Caitinued
including making consumer installment personal loans,
purchasing consumer installment sales finance contracts,
raking loans to small businesses and other extensions
of credit such as would be made by a factoring company
or a consumer finance company; and acting as broker or
agent for the sale of credit related life, accident,
arxl health insurance and credit related property and
casualty insurance) at 18654 Pacific Highway, West
Linn, Oregon, through its subsidiary, Security Pacific
Finance Carp. (2/28/79) 3/
*

* * * *

REPORTS RECEIVED
None.
*

* * *

*

PETITIONS FOR RULEMAKING
None.

37
~

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




I