The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
#
#
ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
03.2, 1979 No. 9)
Actions of the Board; Applications and Reports
Received During the Week Ending March 3, 1979
ACTIONS OF THE BOARD
Statement by Chairman G. William Miller before the Senate
Banking Committee an proposals to facilitate the
implementation of monetary policy and to promote
competitive equality among depository institutions.
Statement by Governor Nancy H. Teeters before the Senate
Banking Cormittee on the Administration's proposals
for improving control over Federal credit programs.
Statement by Governors J. Charles Partee before the Senate
Banking Cormittee and the Cormittee on Governmental
Affairs on S. 332, a bill that would consolidate the
bank supervisory functions into a newly created Federal
Bank Commission.
Regulation Y amendment to permit bank holding companies to
sell money orders, travelers checks and U.S. savings
bonds to the public at their nonbank offices? the
Board declined to adopt an amendment that was earlier
proposed that would have permitted bank holding companies
to sell variable denominated instruments and financial
management courses; in related action the Board announced
its approval of application by Citicorp, New York, to
sell money orders, travelers checks and U.S. savings
bonds and to provide consumer-oriented financial
management courses on a case-by-case basis.
Issuance of subordinated capital notes by Elliot State Bank,
Jacksonville, Florida.
ANKENY BANCSHARES, INC., Ankeny, Iowa, extension of time to
June 25, 1979, within which to become a bank holding
company through the acquisition of 80 per cent or more
of the voting shares of Ankeny National Bank, Ankeny,
Iowa. 1/
Combanks Corporation, Winter Park, Florida, extension of
time to May 30, 1979, within which to consummate the
acquisition of 51.5 per cent of the voting shares of
American Bancshares, Incorporated, North Miami, Florida.
1/
1/ Application processed on behalf of the Board of Governors under delegated
Digitized for— FRASER
authority.
#
e
H.2, 1979 No. 9
-
2
-
ACTIONS CF THE BQARD-Ccntinued
Guaranty Corporation, Denver, Colorado, extension of time
to March 28, 1979, within which to consummate the
acquisition of Guaranty Bank and Trust Company, Denver,
Colorado. 1/
Hawthorn Center State Bank, Bernon Hills, Illinois, permission to make an investment in bank premises. 1/
Manufacturers and Traders Trust Company, Buffalo, New
York, premission to make an additional investment in
bank premises in connection with a public accommodation
office relocation. 1/
Port Byron State Bank, Port Byron, Illinois, permission
to make an investmnet in bank premises. 1/
State Bank of Freeport, Freeport, Illinois, permission to
make an investment in bank premises. 1/
Bank of America N.T. & S.A., San Francisco, California,
extension of time to April 1, 1980, within which to
establish a de novo branch at Causeway Bay, Hong Kong.
1/
Farmers and Merchants State and Savings Bank, Montpelier,
Ohio, extension of time until October 31, 1979 within
which to establish a branch at 103 West Main Street,
Montpelier, Ohio. 1/
Lapeer County Bank & Trust Co., Lapeer, Michigan, extension of time to September 6, 1979, within which to establish a branch on the northeast corner at the intersection of Imlay City Road and Lake Pleasant Road,
Attica Township, Michigan. 1/
Issuance of subordinated capital notes by Fidelity State
Bank of New Prague, New Prague, Minnesota. 1/
BankOhio Corporation, Columbus, Ohio, Subsidiaries of,
proposed merger with The Ohio National Bank of Columbus,
Columbus, Ohio; report to the Comptroller of the
Currency on competitive factors. 1/
CMB Bank, Big Rapids, Michigan, proposed merger with Central
Michigan Bank and Trust, Big Rapids, Michigan? report
to the Federal Deposit Insurance Corporation on competitive
factors. 1/
17 Application processed on behalf of the Board of Governors under delegated
~
authority.
H.2, 1979 No. 9
— 3 —
ACTIONS OF THE BQARDHZontinued
Colonial National Bank, Ohio Township, Indiana, proposed
merger with Warrick National Bank of Boonville, Boonville,
Indiana; report to the Comptroller of the Currency on
competitive factors. 1/
1409 Avenue K National Bank, Piano, Texas, proposed
merger with The First National Bank of Piano, Piano,
Texas? report to the Comptroller of the Currency on
coipetitive factors. 1/
17 Application processed on behalf of the Board of Governors under delegated
authority.
- 4 -
H.2, 1979 No. 9
ACTIONS OF TOE BOARD-Ccntinued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
The Farmers Banking Company, Lakeview, Ohio. Branch
to be established on North Main Street, Beliefontaine,
Logan County. 1/ & 2/
First Virginia Bank-Shenandoah Valley, Strasburg,
Virginia. Branch to be established at King and
Holiday Streets, Strasburg. 1/ & 2/
United California Bank, Los Angeles, California. Branch
to be established in the vicinity of the intersection
of El Toro Road and Moulton Parkway, Laguna Hills,
Orange County. 1_ & 2/
United California Bank, Los Angeles, California. Branch
to be established in the vicinity of the intersection
of Nineteenth and Camelian Streets, Rancho Cucamonga,
San Bernadino County. 1/ & 2/
*
* * * *
International Investments and Other Actions Pursuant to
Section 25 and 25(a) of the Federal Reserve Act and
Sections 4(c) (9) and 4(c) (13) of the Bank Holding Company
Act of 1956, as amended
Approved
Manufacturers-Detroit International Corporation, Detroit,
Michigan: consent to purchase and hold, directly or
indirectly, 382,453 additional shares of Permanent Finance Corporation Limited, Brisbane, Australia.
*
*
*
*
*
To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Approved
Jacksonville National Corporation, Jacksonville, Florida,
for approval to acquire 98.6 per cent of the voting
shares of Jacksonville National Bank, Jacksonville,
Florida. 2/
17 Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
ACTIONS OF THE BQARD-Continued
Park Rapids Bancshares, Inc., Park Rapids, Minnesota, for
approval to acquire 82.67 per cent of the voting
shares of Citizens National Bank of Park Rapids, Park
Rapids, Minnesota. 1/ & 2/
Tri County State Bank Holding Company, Chamberlain, South
Dakota, for approval to acquire 84.7 per cent of the
voting shares of Tri County State Bank, Chamberlain,
South Dakota. 1/ & 2/
Treleco, Inc., Trenton, Nebraska, for approval to acquire
an additional 69.4 per cent of the voting shares of
State Bank of Trenton, Trenton, Nebraska. 1/ & 2/
Suspended
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 Security National Bank & Trust Company,
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
Banconac Shares, Inc., Hollywood, Florida, for approval
to acquire 99 per cent of the voting shares of The
Dania Bank, Dania, Florida. 1/ & 2/
Southwest Florida Banks, Inc., Fort Myers, Florida, for
approval to acquire 80 per cent or more of the voting
shares of Madeira Beach Bank, Madeira Beach, Florida.
1/&2/
*
*
*
*
*
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Approved
Old Stone Corporation, Providence, Rhode Island, for
approval to acquire all the shares of DAC Corporation,
Jacksonville, Florida.
1/ Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
ACTIONS OF TOE BQARD-Ccntinued
Citicorp, New York, New York, for approval to sell at
retail at eight locations in Utah of its subsidiary,
Citicorp Person-to-Person Financial Center, money
orders, travelers checks, and U.S. savings bonds, and
to provide at those locations consumer-oriented financial management courses, counseling, and related
instructional material.
Manufacturers Hanover Corporation, New York, New York,
for approval to acquire Manufacturers Hanover Commercial Corporation (Del.), Los Angeles, California, which
will engage de novo in factoring and commercial activities
and to transfer the California factoring assets of its
existing indirect subsidiary, Manufacturers Hanover
Commercial Corporation, New York, New York ("MHOC-NY"),
to the de novo direct subsidiary.
National Detroit Corporation, Detroit, Michigan, for approval to acquire certain assets of James Talcott,
Inc., New York, New York and to engage in its commercial
finance activities through its subsidiary, Instaloan
Financial Services, Inc.
Returned
Banko, Inc., Osceola, Iowa, notification of intent to
engage in de novo activities (acting as agent or
broker in the sale of credit life, health and accident
insurance incidental to extensions of credit by its
subsidiary bank) at U.S. Highway 34 West, Osceola,
Iowa, through its subsidiary, Banko Insurance Agency
(3/2/79) 3/
Withdrawn
Centran Corporation, Cleveland, Ohio, notification of
intent to engage in de novo activities (the sale as
agent of fire, inland marine, and extended coverage
insurance on real property, furniture and household
goods, and vehicular physical damage insurance on
vehicles taken as collateral on loans made or purchased) at Janaf Office Building, Janaf Shopping
Center, Norfolk, Virginia, through its subsidiaries,
Major Finance Corporation of Alexandria and Major
Mortgage Corporation, wholly-owned subsidiaries of
Centran Corporation (3/1/79) 3/
Wyoming Bancorporation, Cheyenne, Wyoming, for approval
to engage in trust activities through a de novo subsidiary, Wyoming Bancorporation Trust Company, Cheyenne,
Wyoming.
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. 9
- 7 ACTIONS OF THE BOARD-Continued
Delayed
Citicorp, New York, New York, notification of intent to
engage in cte novo activities (leasing real property or
acting as agent, broker, or adviser in leasing such
property in accordance with the Board's Regulation Y)
at 513 South Flower Street, Los Angeles, California,
through its subsidiary, Citicorp (USA), Inc. (2/26/79)
3/
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo
activities (servicing residential mortgage loans) at
11400 Rockville Pike, Suite 200, Rockville, Maryland,
through its subsidiary, Colonial Mortgage Service Company Associates, Inc. (2/26/79) 3/
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to (a) to engage in
de novo activities (originating FHA, VA and Conventional residential mortgage loans) at Route 5 South,
Hughesville, Maryland, 11400 Rockville Pike, Suite
200, Rockville, Maryland, and 9111 Edrroiston Pike,
Suite 200, Greenbelt, Maryland, through its subsidiary, Colonial Mortgage Service Company Associates,
Inc. and (b) to relocate de novo activities (mortgage
loan origination activities) frcm 600 Reistertown
Road, Pikesville, Maryland to 1224 and 1230 Race Road,
Baltimore, Maryland, through a subsidiary, Colonial
Mortgage Service Company Associates, Inc. (2/26/79) 3/
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.
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities
(leasing of real property and personal property within
the limitations now or hereafter set forth in Section
225.4(a) (6) (a) and (b) of Regulation Y) at 555 California
Street, San Francisco, California, through its subsidiaries, Western American Financial, Inc. and BA Facilities
Leasing, Inc. (2/26/79) 3/
Hawaii Bancorporation, Inc., Honolulu, Hawaii, notification of intent to engage in de novo activities (acting
as agent or broker for the sale of credit related life
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. 9
—
8
—
ACTIONS CF THE BQARD-Ccntinued
and credit related accident and health insurance as
well as credit related property and casualty insurance)
at 600 Kapiolani Boulevard, 1857 North King Street and
88 South Hotel Street, Honolulu, Hawaii and 80 Pauahi
Street, Hilo, Hawaii, through its subsidiary, Finance
Hawaii, Inc. (3/2/79) 3/
Reactivated
Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in de novo activities
(arranging, making, or acquiring loans and other
extensions of credit secured by second mortgages on
residential real property such as would be made by a
consumer finance company; servicing such loans and
other extensions of credit; and acting as agent or
broker for the sale of credit life insurance directly
related to such loans or extensions of credit of
Applicant's subsidiaries) at Route 202, Flemington,
New Jersey and 19 Scott Street, Riverside, New Jersey,
through its subsidiary, Ritter Financial Corporation
(3/1/79) 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 ware originally commenced de
novo by Philadelphia National Corporation (3/3/79) 3/
Permitted
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making loans to individuals (for personal, family or household uses) and
businesses to finance the purchase of mobile hones,
modular units, or related manufactured housing together
with real property to which such housing will be
permanently affixed; and the sale of life (singly or
jointly with co-signers), accident and health (or to
make contractual monthly payments of the credit transW
4lc) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
8
ACTIONS OF THE BQABD-Continued
action in the event of the obligor's disability), and
property and casualty insurance (including liability
coverage ttfiere such is the general practice) directly
related to its extensions of credit) at 10615 S. E.
Cherry Blossom Drive, Suite 200, Portland, Oregon,
through its subsidiary, Citicorp Person-to-Person
Financial Center, Inc. (3/1/79) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (carmercial lending for
its cwn 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 property or acting as agent, broker or adviser
in leasing such property subject to the conditions of
the Board's Regulation Y) at 515 South Flower Street,
Los Angeles, California, through its subsidiary,
Citicorp (USA) (3/1/79) 3/
Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in de novo activities
(arranging, making, or acquiring loans and other
extensions of credit secured by second mortgages on
residential real property such as would be made by a
consumer finance company; servicing such loans and
other extensions of credit; and acting as agent or
broker for the sale of credit life insurance directly
related to such loans or extensions of credit by
Applicant's subsidiaries) at Route 202, Flemington,
New Jersey and 19 Scott Street, Riverside, New Jersey,
through its subsidiary, Ritter Financial Corporation
(3/1/79) 3/
NCNB Corporation, Charlotte, North Carolina, notification
of intent to engage in de novo activities (operating
as a finance company including the extension of direct
loans for consumer and other purposes, the discounting
of retail installment notes or contracts, the purchasing
of recreational lot notes, the extension of direct
loans to dealers for the financing of inventory (floor planning) and working capital purposes, the purchasing
of personal property lease contracts; and acting as
agent in the sale of credit life, credit accident and
health and physical damage insurance which is directly
related to the extension of credit) at Alexander City
Shopping Center, Alexander City; 1129 Opelika Road,
Auburn; 1109 Rucker Boulevard, Enterprise; 601 S.
Eufaula Avenue, Eufaula; Gateway Plaza Shopping Center,
Greenville By-Pass, Greenville; Pratt Plaza Mall,
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. 9
- 10 ACTIONS OF THE BOARD-Continued
Prattville; 212 E. Battle Street, Talladega; and South
231 By-Pass at Highway 87, Troy, Alabama, through its
subsidiary, TranSouth Financial Corporation (3/1/79)
3/
SJV Corporation, Elkhart, Indiana, notification of intent
to engage in de novo activities (iraking or acquiring,
for its own account or for the account of others,
loans and other extensions of credit, including secured
and unsecured consumer loans such as would be made by
a mortgage or finance company; and selling, as an
insurance agent, credit life and credit accident and
health insurance which is directly related to and in
connection with said loans and other extensions of
credit) at 1205 West Lincoln Highway (Route 30),
Merrillville, Indiana, through its subsidiary, St.
Joseph Valley Finance Corp. (3/3/79) 3/
Midland Capital Co., Oklahoma City, Oklahoma, notification of intent to engage in de novo activities (mortgage banking which will include origination and servicing of VA, FHA and Conventional residential mortgage loans) at 18400 Highway #18, Apple Valley, California, through a subsidiary, Midland Mortgage Co.
(2/26/79) 3/
Survco Bancorp, Inc., Sugar Creek, Missouri, notification of intent to engage in de novo activities (the
sale of credit related property insurance in connection with extensions of credit made by Sugar Creek
National Bank, Sugar Creek, Missouri; Survco will act
as agent for the sale of property insurance to insure
dwellings, buildings, real estate, automobiles, aircraft, vessels, and all other types of property, real
or personal which may be pledged as collateral or
otherwise used to secure extensions of credit to
customers of the bank; the insurance would name the
bank as loss payee in the event the collateral was
damaged or destroyed) such activities will be conducted
on the premises of Sugar Creek National Bank, Sugar
Creek, Missouri (3/2/79) 3/
First United Bancorporation, Inc., Fort Worth, Texas,
notification of intent to engage in de novo activities
(making or acquiring loans or extensions of credit,
including issuing letters of credit and accepting
drafts, loans such as would be made by a mortgage,
finance, credit card, or factoring company; consumer
37
4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
i
r
s
H.2, 1979 No. 9
- 1 1 -
ACTICNS CF THE BQARD-Ccntinued
credit loans; accounts receivable of a bank in connect!ai
with credit card purchases; loans secured by liens on
improved real estate; construction loans; short-term
commercial loans; loans to finance the acquisition or
carrying of accounts receivable or inventory; retail
installment paper originated by dealers or others;
sellers of goods or services purchased by a bank; certificates of deposit issued by a bank; mortgage warehousing loans; equipment financing loans; inccmeproducing mineral interest loans; and repurchase
agreements with financial institutions involving
money-market or other investments in short-term
securities either on a direct investment or repurchase
basis) at 410 West Seventh Street, Ft. Vforth, Texas
(2/28/79) 3/
Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities
((1) making or acquiring, real estate related loans
and other extensions of credit for its account or for
the account of others; (2) servicing the loans and extensions of credit described in (1) above; (3) acting
as an investment adviser to Wells Fargo Mortgage and
Equity Trust (a real estate investment trust), other
affiliates of Wells Fargo & Company and other investors
with respect to real estate investment portfolios; (4)
providing full payout leasing of real property or
acting as agent, broker or adviser in arranging such
leases to the extent permitted by 225.4 (a) (6) (b) of
Regulation Y of the Federal Reserve Board; and (5)
providing bookkeeping or data processing services
related to real estate investments of Wells Fargo &
Company and its affiliates) at IDS Center, 8th and
Nicollet Mall, Minneapolis, Minnesota, through its
subsidiary, Wells Fargo Realty Advisors (2/26/79) 3/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Permitted
American Financial Corporation, Cincinnati, Ohio, notification of intent to purchase approximately 12 per
cent of the outstanding common stock of Mission Insurance Group, Inc., Los Angeles, California; Mission
Insurance Group, Inc. is a property and casualty
insurer (2/25/79) 3/
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
~~ of the Board of Governors under delegated authority.
z
H.2, 1979 No. 9
- 1 2 -
ACTICNS CF THE BQARD-Continued
Berkshire Hathaway Inc., New Bedford, Massachusetts, and
its non-banking subsidiaries, notification of intent
to acquire more than 5 per cent of the outstanding
voting stock of Empire Fire and Marine Insurance
Company (2/26/79) 3/
Berkshire Hathaway Inc., New Bedford, Massachusetts, and
its non-banking subsidiaries, notification of intent
to acquire more than 5 per cent of the outstanding
voting stock of F.W. Wbolworth Ccnpany, Inc. (2/26/79)
1/
Berkshire Hathaway Inc., New Bedford, Massachusetts, and
its non-banking subsidiaries, notification of intent
to acquire more than 5 per cent of the outstanding
voting stock of Revere Copper and Brass, 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.
II
f
H.2, 1979 No. 9
— 13 —
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Cleveland Trust Canpany, Cleveland, Ohio. Branch
to be established in the front parking area of the
Solonsquare Shopping Center, Solonsquare, Cuyahoga
County. 2/
The Fifth Third Bank, Cincinnati, Ohio. Branch to be
established at Bach-Buxton & SR 125, Union Township,
Clermont County. 2/
*
* * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
The Bank of Illinois in Normal, Normal, Illinois.
* * * * *
To F c m a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Canpany Act of 1956
Kent Bancshares, Inc., Kent, Illinois, for approval to
acquire 80 per cent or more of the voting shares of
State Bank of Kent, Kent, Illinois. 2/
Rockford City Bancorp, Inc., Rockford, Illinois, for
approval to acquire 100 per cent of the voting shares
(less directors' qualifying shares) of the successor
by merger to City National Bank & Trust Co. of Rockford,
Rockford, Illinois. 2/
Mazeppa Bancshares, Inc., Mazeppa, Minnesota, for approval to acquire 84.2 per cent of the voting shares
of People's State Bank of Mazeppa, Mazeppa, Minnesota.
y
Buchel Bancshares, Inc., Cuero, Texas, for approval to
acquire at least 93 per cent of the voting shares of
Buchel Bank and Trust Company, Cuero, Texas. 2/
27 Application subject to Community Reinvestment Act.
i
t
H.2, 1979 No. 9
— 14 —
APPLICATIONS REX3EIVED--Continued
First Financial Bancshares, Inc., Killeen, Texas, for
approval to acquire 80-98.7 per cent of the voting
shares of The First National Bank of Killeen, Killeen,
Texas and 80-98.71 per cent of the voting shares of
Fort Hood National Bank, Fort Hood, Texas. 2/
Lipscomb Bancshares, Inc., Higgins, Texas, for approval
to acquire 80-100 per cent of the voting shares (less
directors1 qualifying shares) of First National Bank
in Higgins, Higgins, Texas. 2/
Mesquite Bancshares, Inc., Mesquite, Texas, for approval
to acquire 100 per cent of the voting shares (less
directors' qualifying shares) of The First National
Bank of Mesquite, Mesquite, Texas. 2/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Alabama Bancorporation, Birmingham, Alabama, for approval
to acquire 100 per cent (less directors' qualifying
shares) of the voting shares of the successor by
merger to Citizens National Bank of Limestone County,
Athens, Alabama. 2/
First Alabama Bancshares, Inc., Birmingham, Alabama, for
approval to acquire 100 per cent of the voting shares
of the successor by merger to The Conecuh County Bank,
Evergreen, Alabama. 2/
Hawkeye Bancorporation, Des Moines, Icwa, for approval
to acquire 100 per cent of the voting shares of Mt.
Pleasant Bank and Trust Company, Mount Pleasant, Iowa.
2/
Independent Bank Corporation, Tenia, Michigan, for approval to acquire 100 per cent of the voting shares of
the successor by consolidation to The Old State Bank
of Fremont, Fremont, Michigan. 2/
National Detroit Corporation, Detroit, Michigan, for approval to acquire 80 per cent or more of the voting
shares of People's Bank and Trust of Alpena, Alpena,
Michigan. 2/
27 Application subject to Community Reinvestment Act.
H.2, 1979 No. 9
-15APPLICATIONS EECEIVED-Ccntinued
Old Kent Financial Corporation, Grand Rapids, Michigan,
for approval to acquire 100 per cent of the voting
shares of the successor by consolidation to Central
Michigan Bank and Trust, Big Rapids, Michigan. 2/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities
(making loans in excess of $10,000) at 533 Marion
Plaza, Marion? 104 West Trade Street, Forest City; 5
Woodlawn Green, Charlotte; 320 West Dixon Boulevard,
Shelby; 255 Charolois Boulevard, Winston-Salem; 2224
North Church Street, Burlington; 415 West Meadowview
Road, Greensboro; 225 Green Street, Fayetteville; 143
West Franklin, Chapel Hill? 4801 East Independence
Boulevard, Charlotte? Executive Park Building, Asheville;
1100 East Wendover Avenue, Greensboro; 332 Highway 6470 S.W., Hickory; 175 Ntirthport Avenue, High Point;
897 Peters Creek Parkway, Winston-Salem; 4010 Oleander
Drive, Wilmington; 1777 South Main Street, Laurinburg;
and 2631 Sunset Avenue, Rocky Mount; all in North
Carolina, through its subsidiary, Sunamerica Corporation
(3/2/79) 3/
Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in de novo activities
(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
company; 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 sales finance
company including purchasing installment sales finance
contracts; servicing any such loans and other extensions
of credit for any person; acting as agent or broker
for the sale of credit life insurance and credit
accident and health insurance directly related to
extensions of credit made by The Financial Source,
Inc. of Indiana; and acting as agent or broker for the
sale of property damage and liability insurance insuring
27 Application subject to Ccmminity 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.
I
H.2, 1979 No
f
1
- 1 6 -
APPLICATIONS REX3EIVEI)-CC8itinued
collateral securing loans and other extensions of
credit made by The Financial Source, Inc. of Indiana
or securing sales finance contracts entered into
directly by The Financial Source, Inc. of Indiana or
securing loans and other extensions of credit (including sales finance contracts) acquired by The
Financial Source, Inc. of Indiana in transactions that
are equivalent to direct extensions of credit by The
Financial Source, Inc. of Indiana) at 100 North Franklin
Highway, Greenburgh, Indiana, through its subsidiary,
The Financial Source, Inc. of Indiana (2/28/79) 3/
United Virginia Bankshares Incorporated, Richmond, Virginia,
notification of intent to relocate de novo activities
(originating loans as principal; originating loans as
agent; servicing loans for non-affiliated individuals,
partnerships and corporations; servicing loans for
affiliates of United Virginia Bankshares Incorporated;
acting as agent in the sale of credit life, credit
disability, mortgage redemption and mortgage cancellation
insurance in connection with such loans; and such
other activities as may be incidental to the business
of a mortgage corporation) from 7676 New Hampshire
Avenue, Langley Park, Maryland to Suite 305, Eastern
Building, 5010 Sunnyside Avenue, Beltsville, Maryland,
through its subsidiary, United Virginia Mortgage
Corporation (2/28/79) 3/
Tennessee Valley Bancorp, Inc., Nashville, Tennessee,
for approval to expand the insurance underwriting
activities, as reinsurer, of its subsidiary, Tennessee
Valley Life Insurance Company, Phoenix, Arizona.
Bozeman Bancorporation, Inc., Billings, Montana, notification of intent to engage in de novo activities (to
engage in the activity of mortgage banking; this
specific activity will include purchasing and/or originating, sell and/or participate, warehouse and receive
real estate and related type loans) at 505 Security
Building, Billings, Montana, through its subsidiary,
Montana Bank Systems Mortgage Company (2/26/79) 3/
First City Bancorporation of Texas, Inc., Houston, Texas,
notification of intent to engage in de novo activities
(making or acquiring, for its cwn account or for the
account of others, commercial loans and other extensions
of credit such as would be made by a finance or factoring company, including secured and unsecured loans;
loans to purchase real estate, improved and unimproved;
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. 9
-17APPLICAJTICNS REX2EIVED-€cntinued
loans to purchase securities; loans to purchase commodities; standby and commercial letters of credit;
acceptances; and such other loans as First City Financial Corp. deems prudent and for which funds are
available; the activity will include the servicing of
such loans and other extensions of credit for any
person, and leasing real property, personal property
and equipment (other than that used for personal,
family or household purposes), or acting as agent,
broker, or adviser in the leasing of such property
where at the inception of the initial lease the expectation is that the effect of the transaction (and,
with respect to governmental entities only, reasonably
anticipated future transactions) will be to compensate
the lessor for not less than the lessor's full investment in the property plus the estimated total cost of
financing the property over the term of the lease) at
1111 Fannin Street, Houston and One Main Place, Dallas,
both in Texas, through a subsidiary, First City Financial Corp. (3/1/79) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities
(making or acquiring, for its cwn 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, making consumer installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to
small businesses, and xtaking loans secured by real and
personal property; and the offering of credit related
property insurance in connection with extensions of
credit made or acquired by FinanceAmerica Corporation
of Massachusetts) at 1421 Westfield Street, West
Springfield, Massachusetts, through its subsidiary,
FinanceAmerica Corporation of Massachusetts (2/26/79)
1/
Rainier Bancorporation, Seattle, Washington, notification of intent to engage in de novo activities (making
or acquiring, for its cwn account or for the account
of others loans and other extensions of credit, including
the making of consumer installment loans, purchasing
consumer installment sales finance contracts and
making of loans to small businesses; leasing personal
property and equipment or acting as agent , broker or
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. 9
- 18 APPLICATIONS REXZEIVED-Ccntinued
adviser in such leasing where at the inception of the
initial lease the effect of the transaction (and, with
respect to governmental entities only, reasonably
ancitipated future transactions) will yield a return
that will compensate the lessor for not less than the
lessor's full investment in the property plus the
estimated total cost of financing the property over
the term of the lease as authorized by the Federal
Reserve Board under Section 225.4(a) (6) (a) of Regulation Y? acting as insurance agent or broker with
regard to credit life and disability insurance relating
only to extensions of credit by Rainier Credit Company,
secured or unsecured, with the limitation that the
initial amount of such insurance issued with respect
to any debtors may at no time exceed the amount owed
by debtors, and with regard to consumer credit related
property and casualty insurance on personal property
subject to security agreements with Rainier Credit
Company) at 3640 Camino Del Rio North, San Diego,
California, through its subsidiary, Rainier Credit
Company (2/20/79) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(the origination and acquisition of mortgage loans,
including development and construction loans on multifamily and commercial properties for its own account
or for the sale to others, and the servicing of such
loans for others) at Stagecoach Center Building,
Colorado Highway 74, Evergreen, Colorado, through its
subsidiary, Security Pacific Mortgage Corporation
(2/22/79) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(the origination and acquisition of mortgage loans,
including development and construction loans on
multi-family and commercial properties for its own
account or for the sale to others and the servicing of
such loans for others) at 6505 218th Street, S.W.,
Mountlake Terrace, Washington, through its subsidiary,
Security Pacific Mortgage Corporation (2/23/79) 3/
3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
~
of the Board of Governors under delegated authority.
-19-
H.2, 1979 No. 9
KEPOKTS RECEIVED
Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act
The Trust Company of New Jersey, Jersey City, New Jersey.
*
*
*
*
*
Ownership Statement Filed Pursuant to Section 13 (d)
of the Securities Exchange Act
First Commercial Bank, Arlington, Virginia. (Filed
by Charles Edward Taylor dated 2-22-79 and C. Daniel
Clouente dated 2-22-79).
*
*
*
*
*
PETHTCNS FOR RULEMAKING
None.
@FedFRASER