Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : March 12, 1977

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 11)

//JS

Actions of the Board; Applications and Reports
Received During the Week Ending March 12, 1977
ACTIONS OF THE BOARD
Statement by Chairman Arthur F. Burns before the Senate
Banking, Housing and Urban Affairs Committee on the
condition of the banking system.
Government in the Sunshine Act, Board rules regarding
public observation of its meetings.
Consumers Union of the United States, petition requesting
that the Board amend its Rules of Procedure to provide
for a program of financial assistance to certain participants in Board proceedings.
Regulation Y, the Board decided for the present against
adding money orders and similar consumer-type payment
instruments to the list of activities that are permissible generally for bank holding companies; the Board
will process applications to engage in this type of
activity on a case-by-case basis because of the limited
number of companies that have expressed interest in
entering this business.
First Company, Powell, Wyoming, extension of time to June
17, 1977, within which it may consummate the acquisition
of The First National Bank of Powell, Powell, Wyoming.
II
Cheboygan Bank, Cheboygan, Michigan, to make an investment
in bank premises. 1J
Chemical Bank of Binghamton, Binghamton, New York, extension of time within which to establish a branch office
at 1935-1997 Lake Street, Town of Eimire, New York. 1/
First National Bank of Boston, Boston, Massachusetts, extension of time to March 14, 1978, within which to
complete its investment in Banco de Boston Dominicano,
S.A., Dominican Republic. J 7

1/

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




H.2, 1977 No. 11

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2

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ACTIONS OF THE BOARD-Continued
Security State Bank, Hartley, Iowa, application for
permission to exercise full trust powers. 1/
Baldwyn State Bank, Baldwyn, Mississippi, proposed
merger with The Peoples Bank and Trust Company, Tupelo,
Mississippi, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Bank of Auburn, Auburntown, Tennessee, proposed merger
with Bank of Commerce, Woodbury, Tennessee, report to
the Federal Deposit Insurance Corporation on competitive
factors. 1/

1/

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




H.2, 1977 No. 11

- 3 ACTIONS OF THE BOARD-Continued

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Dutchess Bank & Trust Company, Poughkeepsie, New York.
Branch to be established at the Southwest corner of Mill
and Garden Streets, City of Poughkeepsie, County of
Dutchess. 2/
Piedmont Trust Bank, Martinsville, Virginia. Branch to
be established at 200 East Church Street, Martinsville.
2/
Sun Bank of Ocala, Ocala, Florida. Branch to be established near the intersection of Silver Springs Boulevard
and Northeast 36th Avenue, Ocala. 2/
Bank of Florida in St. Petersburg, St. Petersburg, Florida.
Branch to be established at 2350 - 34th Street, North,
St. Petersburg. 2/
Citizens Fidelity Bank & Trust Company, Louisville, Kentucky.
Branch to be established at 2901 Bardstown Road, Louisville,
Jefferson County. 2/

* * * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
First Maywood, Inc., Maywood, Illinois, for approval to
acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to
First National Bank of Maywood, Maywood, Illinois. If
Spencer Financial Corporation, Spencer, Iowa, for approval
to acquire 66.44 per cent or more of the voting shares
of Spencer National Bank, Spencer, Iowa. 2/
New York Mills Bancshares, Inc., New York Mills, Minnesota,
for approval to acquire 80.8 per cent of the voting
shares of Farmers & Merchants State Bank of New Y o r k
Mills, Incorporated, New York Mills, Minnesota. 2/
2/

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




4
H.2, 1977 No. 11

- 4 ACTIONS OF THE BOARD-Continued

Firststate, Inc., Topeka, Kansas, for approval to acquire
80 per cent or more of the voting shares of The First
State Bank and Trust Company, Topeka, Kansas. 2/
Hildreth State Company, Inc., Hildreth, Nebraska, for approval to acquire 95.6 per cent of the voting shares of
The State Bank of Hildreth, Hildreth, Nebraska. 2/
Denied
OLD CANAL BANKSHARES, INC., Lockport, Illinois, for approval
to acquire 80 per cent or more of the voting shares of
Heritage First National Bank of Lockport, Lockport,
Illinois.

* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Lincoln National Company, Bala Cynwyd, Pennsylvania, for
approval to acquire indirectly 9.9 per cent of the
voting shares of The Byrn Mawr Trust Company, Bryn Mawr,
Pennsylvania.
Marshall & Ilsley Corporation, Milwaukee, Wisconsin, for
approval to acquire 80 per cent or more of the voting
shares of Fox Heights State Bank, Ashwaubenon Township
(P.O. Green Bay), Wisconsin. 2/
Spencer National Bank Trust, Spencer, Iowa, for approval
to acquire 75.94 per cent of the voting shares of
Spencer Financial Corporation, Spencer, Iowa and indirectly acquire 64.62 per cent of the voting shares of
Spencer National Bank, Spencer, Iowa. 2/
First City Bancorporation of Texas, Inc., Houston, Texas,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of the
successor by merger to East Dallas Bank, Dallas, Texas.

2/

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




H.2, 1977 No. 11

- 5
ACTIONS OF THE BOARD-Continued

To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of the Bank Holding Company Act
of 1956
Approved
First United Bancorporation, Inc. and The First National
Bank of Fort Worth, both of Fort Worth, Texas, for approval to retain 222 shares of University Bank, Fort
Worth, Texas. 2/

* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Fulton National Corporation, Atlanta, Georgia, for approval to engage de novo in various insurance agency
activities through Martin and Bazzle Insurance Agency,
Inc., Atlanta, Georgia.
Delayed
Citicorp, New York, New York, notification of intent to
relocate de novo activities (making of consumer installment personal loans and purchasing consumer installment
sales finance contracts; credit related insurance
coverages are sold; if this proposal is effected, Nationwide Financial Corporation of Idaho will continue to
perform the above mentioned activities at the proposed
new location; credit related insurance coverages will be
sold in accordance with applicable State laws and regulations; in regard to the sale of credit related insurance, the business of a general insurance agency is
not conducted) from 3401 Chinden Boulevard, Boise, Idaho
to the Corner of Five Mile Road and Fairview Avenue,
Boise, Idaho, through its subsidiary, Nationwide Financial Corporation of Idaho (3/11/77) 3/
Permitted
Worcester Bancorp, Inc., Worcester, Massachusetts, notification of intent to engage in de novo activities (acting as insurance agent or broker in offices at which
Worcester Bancorp, Inc. or its subsidiaries are otherwise engaged in business with respect to the following
2/
3/

Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
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. 11

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ACTIONS OF THE BOARD-Continned
types of insurance:
credit life insurance, credit
accident and health insurance, and mortgage redemption
insurance) at 172 Central Street, Winchendon, Massachusetts, through a subsidiary, Wornat Insurance Agency,
Inc. (3/10/77) V
Fidelcor, Inc., Rosemont, Pennsylvania, notification of
intent to relocate de novo activities (making and acquiring, consumer and mortgage loans to individuals
including second mortgage loans; servicing these loans
and possibly other loans secured by mortgages in Massachusetts where the loans are owned by direct or indirect
subsidiaries of Fidelcor; engaging in a general consumer
finance business; purchasing installment contracts
arising from the sale of personal property and services;
and with respect to all of the above, selling credit
life and credit accident and health insurance, mortgage
life and disability insurancs, accidental death insurance, and casualty insurance on the collateral; and
through Master Life Insurance Company, an indirect
subsidiary of Fidelcor, reinsuring credit life insurance
and credit accident and health insurance sold) from 933
County Street, Somerset, Massachusetts to 2760 County
Street, Somerset, Massachusetts, through its subsidiary,
Fidelcor Financial Centers, Inc. (3/9/77) 3/
Fredonia Bancshares, Inc., Fredonia, Kansas, notification
of intent to engage in de novo activities (the sale of
credit accident and health insurance in connection with
extensions of credit by its subsidiary bank, State Bank
of Fredonia, Fredonia, Kansas) at 401 North Sixth,
Fredonia, Kansas (3/11/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to relocate de novo activities (making and acquiring, loans and other extensions of credit
such as would be made or acquired by a finance company
including purchasing installment sales finance contracts
and financing inventory; making available, fire, theft,
and damage insurance on a monthly reporting basis covering only the outstanding indebtedness on inventory; in
addition, FinanceAmerica Management Service Corporation
proposes to engage in the activity of servicing loans

3/

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




2, 1977 No. 11

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ACTIONS OF THE BOARD-Continued
and other extensions of credit) from 1105 Hamilton
Street, Allentown, Pennsylvania to Suite 51, 1401 Cedar
Crest Boulevard, Allentown, Pennsylvania, through its
indirect subsidiaries, FinaneeAmerica Management Service
Corporation, also d/b/a Manufacturers Credit Corporation;
Jarvis Credit Corporation; Specialty Financial Services,
Inc.; and Executive Finance Group, Inc., subsidiaries of
FinaneeAmerica Corporation (3/7/77) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to relocate de novo activities
(making or acquiring, for its own account or others,
loans and other extensions of credit including secured
and unsecured consumer, commercial, agricultural loans,
sales contracts and other forms of receivables and such
other types of loans and credit extension as are customarily made or acquired by a 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) from 373 South Main
Street, Salt Lake City, Utah to 99 West 7200 South
Street, Midvale, Utah, through its subsidiary, The
Bankers Investment Company (3/10/77) 3/
Approved
Citicorp, New York, New York, for approval to engage de
novo through a new nonbank subsidiary, Citicorp Services, Inc., New York, New York and Buffalo, New York in
the activity of issuing and offering on a consignment
basis general purpose variable denominated payment
instruments.
Republic of Texas Corporation, Dallas, Texas, for approval
to retain ownership of the voting shares of Republic
Commerce Company, Dallas, Texas and indirect ownership
of the voting shares of Republic Money Orders, Inc. and
Republic Money Orders of California, Inc., both of
Dallas, Texas.

/

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. 11




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APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Bankers Trust Company of Western New York, Jamestown,
New York. Branch to be established at the Statler
Hilton Building, 107 Delaware Avenue, City of Buffalo,
Erie County.
State Bank of Albany, Albany, New York. Branch to
be established on the West Side of Route 32, approximately one mile north of the intersection of Routes 32
and 81, and in the parking lot of Bryant f s Country
Square, Greenville, Green County.
The Peoples-Merchants Trust Company, Canton, Ohio.
Branch to be established at 832 West Maple Street,
Village of Hartville, Lake Township, Stark City.
The Detroit Bank and Trust Company, Detroit, Michigan.
Branch to be established at 660 Jones Street, Detroit.

* * * * *

To Withdraw from Membership in the Federal Reserve
System without a six-month notice as prescribed by
Section 9 of the Federal Reserve Act
Citizens Bank & Trust Company, Campbellsville, Kentucky.

* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
United California Bank:
of the Philippines.

re - Branch - Manila, Republic

H.2, 1977 No. 11

- 9 APPLICATIONS RECEIVED-Continued

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Trade Development Finance (Netherlands Antilles) N.V.,
Curacao, The Netherlands Antilles and Trade Development
Holland Holding B.V., Amsterdam, The Netherlands, for
approval to directly acquire 68.63 per cent of the
voting shares of Republic New York Corporation, New
York, New York and to indirectly acquire 99.9 per cent of
the voting shares of Republic National Bank of New York,
New York, New York.
Baylake Corp., Sturgeon Bay, Wisconsin, for approval to
acquire 80 per cent or more of the voting shares of Bank
of Sturgeon Bay, Sturgeon Bay, Wisconsin.
Washington Bancorporation, Washington, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
The National Bank of Washington, Washington, Iowa (a
proposed new bank) the successor by merger to The National Bank of Washington, Washington, Iowa and the
successor by merger to Ainsworth State Bank, Ainsworth,
Iowa.

* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Citicorp, New York, New York, notification of intent to
engage in de novo activities (operating as an industrial
loan company pursuant to the Utah Industrial Loan Law
issuing thrift passbook certificates; if this proposal
is effected, the establishment will also be known as
Citicorp Person-to-Person Financial Center of Utah) at
University Mall, Suite C-52, Orem, Utah, through its
subsidiary, Nationwide Financial Services Corporation,
presently operating as Citicorp Person-to-Person Financial Center (3/8/77) 3/

37

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




H.2, 1977 No. 11

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ACTIONS OF THE BOARD-Continued
First Banc Group of Ohio, Inc., Columbus, Ohio, notification of intent to engage in de novo activities (leasing personal property and equipment, or acting as agent,
broker, or adviser in leasing of such property where
such property is acquired by the lessor at the request
of the lessee for business purposes and where at the
inception of the initial lease the expectation is that
the effect of the transaction and reasonably anticipated
future transactions with the same lessee as to the same
property will be to compensate the lessor for not less
than the lessor 1 s full investment in the property plus
the estimated total cost of financing the property over
the term of the lease; making, acquiring, and selling,
for its own account or for the account of others, loans
and other extensions of credit secured by interests in
real property; and servicing loans and other extensions
of credit secured by interests in real property for
itself and for others) at 8060 Montgomery Road, Suite
201, Cincinnati, Ohio and 100 East Broad Street, Columbus,
Ohio, through its wholly-owned subsidiary, First Banc
Group Financial Services Corporation (2/28/77) 3/
Fulton National Corporation, Atlanta, Georgia, notification of intent to engage in cle novo activities (the sale
of insurance directly related to extensions of credit by
Fulton National Bank including property and liability
insurance, credit life/accident and health insurance,
and homeowners and fire and extended coverage insurance)
at 55 Marietta Street, N.W., Atlanta, Georgia (3/10/77)
2/
Southeast Banking Corporation, Miami, Florida, notification of intent to engage in d<a novo activities (performing or carrying on any one or more of the functions
or activities that may be performed or carried on by a
trust company including activities of a fiduciary,
agency or custodian nature) at 1010 Fifth Avenue, South,
Naples, Florida, through a subsidiary, Southeast Banks
Trust Company, N.A. (3/9/77) 3/
Trust Company of Georgia, Atlanta, Georgia, notification
of intent to engage in de novo activities (acting as
agent for the sale of decreasing term credit life/
accident and health insurance) at 1945 The Exchange,
Cobb County, Georgia; 8 LaVista Perimeter Park, Tucker,

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. 11

11
APPLICATIONS RECEIVED-Continued
Georgia; 5444 Bay Center Drive, Tampa, Florida; 1895
Phoenix Boulevard, College Park, Georgia; and 25 Park
Place, N.E., Atlanta, Georgia, through a subsidiary,
Adair Mortgage Company (3/9/77) 3/

United Kentucky, Inc., Louisville, Kentucky, for approval
to acquire the shares of Kesselring-Netherton & Associates, Inc., Louisville, Kentucky (engaged in originating for its own account and the account of others
conventional and guaranteed residential mortgage loans,
commercial mortgage loans and the servicing of such
loans for permanent investors)
BankAmerica Corporation, San Francisco, California, notification of intent to relocate djB novo activities (making or acquiring, for their own account extensions of
credit such as would be made or acquired by a finance
company; FinaneeAmerica Corporation will engage in making consumer installment loans, loans and other extensions of credit to small businesses, and loans secured
by real or personal property; FinaneeAmerica Industrial
Plan, Inc. will engage in purchasing installment sales
finance contracts; both corporations will act as agent
or broker for the sale of credit related life and credit
related accident and disability insurance and credit related property insurance in connection with extensions
of credit made or acquired by FinaneeAmerica Corporation
or FinaneeAmerica Industrial Plan, Inc.) from 1833 East
7th Avenue, Tampa, Florida to 205 East Brandon Boulevard,
Brandon, Florida, through its indirect subsidiaries,
FinanceAmerica Corporation, FinanceAmerica Industrial
Plan, Inc. (both Florida Corporations) (3/1/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to relocate 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; such activities will include, but
not be limited to, making consumer installment loans,
purchasing installment sales finance contracts, making
loans and other extensions of credit to small businesses,
and making loans secured by real and personal property;
acting as agent or broker for the sale of credit related
life and credit related accident and disability insurance

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. 11

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APPLICATIONS RECEIVED-Cont inued
in connection with extensions of credit by FinanceAmerica Corporation of Massachusetts) from Store 31B,
Westgate Shopping Center, Brockton, Massachusetts to
Store #11, Park Plaza, 1334 Park Street, Stoughton,
Massachusetts, through its indirect subsidiary,
FinaneeAmerica Corporation of Massachusetts (3/1/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to relocate 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; such activities will include, but
not be limited to, making consumer installment loans,
purchasing installment sales finance contracts, making
loans and other extensions of credit to small businesses;
acting as agent or broker for the sale of credit related
life and credit related accident and disability insurance and credit related property insurance in connection
with extensions of credit made or acquired by FinanceAmerica Corporation) from 525 West Carpenter Road,
Flint, Michigan to Suite 5, 1535 East Pierson Road,
Flushing, Michigan, through its indirect subsidiary,
FinanceAmerica Corporation (a Michigan Corporation)
(3/1/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to relocate de novo activities (making loans and extending credit, servicing for itself and
others, loans and other extensions of credit and providing services incident to such loans and extensions of
credit such as would be made or provided by a finance
company including, but not limited to, providing funds
and/or credit services in connection with the financing
of stock and floor plan inventory of distributors and
dealers of consumer products; making available to such
dealers at their option and cost, fire, theft, and
damage insurance on a monthly reporting basis covering
only the outstanding indebtedness on such floor plan
inventory) from 151 - 87th Street to 347 Gellert Boulevard, Daly City, California, through its indirect subsidiaries, FinanceAmerica Private-Brands, Inc. and
Ariens Credit Corporation (Pennsylvania Corporations)
and Hupp Credit Corporation (a Delaware Corporation)
(3/1/77) 2/

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. 11

— 13 —
APPLICATIONS RECEIVED-Continued

First Security Corporation, Salt Lake City, Utah, 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 are normally made by a mortgage company and the
servicing of such accounts for itself and for others
including commercial and residential loans) at No. 8
East Broadway, Salt Lake City, Utah, through its subsidiary, First Security Mortgage Co. (2/28/77) *3/
First Security Corporation, Salt Lake City, Utah, 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 are normally made by a mortgage company and the
servicing of such accounts for itself and for others
including commercial and residential loans) at 502 South
Main, Rock Springs, Wyoming, through its subsidiary,
First Security Mortgage Co. (2/28/77) 3/

* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Heights Finance Corporation, Peoria, Illinois, notification of intent to acquire all the direct loan and sales
finance receivables of Montgomery County Loan Company,
Hillsboro, Illinois (3/10/77) 3/

* * * * *

REPORTS RECEIVED
Registration Statement Filed Pursuant to Section 12(g)
of the Securities Exchange Act
Union Trust Company of Wildwood, Wildwood, New Jersey
(Amendment #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, 1976 No. 11




14 REPORTS RECEIVED-Continued

Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act
Hempstead Bank, Hempstead, New York.
Manufacturers Bank & Trust Company of St. Louis, St.
Louis, Missouri.

* * * * *

PETITIONS FOR RULEMAKING
None