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$-//3
ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 22)
Actions of the Board; Applications and Reports
Received During the Week Ending May 28, 1977
ACTIONS OF THE BOARD
Statement by Vice Chairman Stephen S. Gardner before the
Senate Committee on Banking, Housing and Urban Affairs on
S. 71, S. 73, S. 895, and S. 1433, bills that will aid
the regulatory agencies in carrying out supervisory
responsibilities.
Statement by Governor Charles Partee before the Subcommittee on Intergovernmental Relations of the Senate Committee on Governmental Affairs on S. 600, the Regulatory
Reform Act.
International Banking Act of 1977, letter to Chairman St.
Germain recommending enactment of foreign bank legislation; the Board's recommendation was accompanied by proposals for a number of amendments.
Letter in response to request for confirmation that member
banks of the Federal Reserve System will not be required
to maintain domestic reserves under the Board's Regulation
D on deposits of their overseas military banking facilities when the Department of Defense assumes responsibility
for the government's overseas military banking program on
October 1, 1977.
Equal Employment Opportunity, the Board is amending its
Policies and Procedures in order to replace the procedure
for reviewing third party allegations, to allow for consolidation of complaints, and to provide for administrative
processing of class complaints of discrimination in
employment (Docket No. R-0102).
Rules Regarding Delegation of Authority, delegation of certain
new functions to the Director of the Division of Banking
Supervision and Regulation and to the Federal Reserve
Banks in order to expedite and facilitate the performance
of certain of the Board's supervisory and regulatory
functions over bank holding companies and State member
banks, effective May 26, 1977 (Docket No. R-0103).
f
H.2, 1977 No. 22
- 2 ACTIONS OF THE BOARD-Continued
Rules of "Employment Responsibilities and Conduct" amendment, which expands the number of positions for which
Statements of Employment and Financial Interests are
required pursuant to the Board's rules and Executive
Order 11222 (Docket No. R-0101).
Marblehead Bank and Trust Company, Marblehead, Massachusetts, proposed merger with Essex County Bank and Trust
Company, Lynn, Massachusetts, report to the Federal
Deposit Insurance Corporation on competitive factors.
Sullivan County National Bank, LaPorte, Pennsylvania, proposed merger with Citizens & Northern Bank, Ralston,
Pennsylvania, report to the Federal Deposit Insurance
Corporation on competitive factors.
Dakota Bancorporat ion, Rapid City, South Dakota, extension
of time to July S, 1977, within which to complete acquisition of the First National Bank of Crosby, Crosby, North
Dakota. 1/
Bank of Ste. Genevieve, Ste. Genevieve, Missouri, to make an
investment in bank premises. 1/
Elberfeld State Bank, Elberfeld, Indiana, to make an additional investment in bank premises. 1/
Peoples State Bank of Plainview, Plainview, Minnesota, to
make an investment in bank premises. V
Provident Bank, Cincinnati, Ohio, to make in investment in
bank premises. 1/
Mountain Trust Bank, Roanoke, Virginia, request for a ninemonth extension of time within which to establish a
branch at 3702 Brandon Avenue, S.W., Roanoke, Virginia.
v
Chase Manhattan Overseas Banking Corporation, New York, New
York, (1) extension of time to November 23, 1977, within
which to acquire all of the shares of a limited liability
company in Sao Paulo, Brazil, and (2) extension of time
to July 14, 1978, within which to complete its investment
in Chase and Bank of Ireland (International) Ltd., Dublin,
Ireland. 1/
17Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1977 No. 22
— 3 —
ACTIONS OF THE BOARD-Continued
First Citizens Bank of Butte* Butte, Montana, extension
of time to accomplish membership in the Federal Reserve
System. 1/
Carroll Bank, Hillsville, Virginia, proposed merger with
Bank of Carroll, Hillsville, Virginia, report to the
Federal Deposit Insurance Corporation on competitive
factors. If
Issuance of subordinated capital notes by United California
Bank, Los Angeles, California. 1/
Extension of time to December 31, 1977, within which the
Bank of Woodward, Woodward, Oklahoma, may complete the
sale of capital debentures. 1/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1977 No. 22
-4ACTIONS OF THE BOAKD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Fort Worth Bank & Trust, Fort Worth, Texas. Branch to
be established as a Drive-in and Mini-Bank Branch, located
across Beach Street and Main Bank Building. 2J
* * * * *
International Investments and Other Actions Pursuant
to Sections 25 and 25(a) of the Federal Reserve Act
and Sections 4(c)(9) and 4(c)(13) of the Bank Holding
Company Act of 1956, as amended
Approved
Morgan Guaranty International Finance Corporation: Investment-additional shares of Morgan Guaranty Finance
Limited, Hamilton, Bermuda.
Bamerical International Financial Corporation: Investment-additional shares of Jamaican American Merchant
Bankers Limited, Kingston, Jamaica.
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Goodlettsville Bancshares, Inc., Goodlettsville, Tennessee,
for approval to acquire 80 per cent or more of the voting
shares of Bank of Goodlettsville, Goodlettsville,
Tennessee. 2/
Crown Bancshares, Incorporated, Hammond, Indiana, for
approval to acquire 90 per cent or more of the voting
shares of The First National Bank of Crown Point, Crown
Point, Indiana. 2/
"TJ Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1977 No. 22
— 5 —
ACTIONS OF THE BOARD-Continued
Guaranty Bancshares Corporation, Kansas City, Kansas,
for approval to acquire 96.03 per cent of the voting
shares of Guaranty State Bank & Trust, Kansas City,
Kansas. 2J
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Southeast Banking Corporation, Miami, Florida, for approval to acquire 100 per cent of the voting shares of
Southeast Acquisition Company, Miami; Southeast Bank of
Fort Myers, N.A., Fort Myers; Southeast Bank of St.
Armands, Sarasota; Southeast Bank of Village Plaza, N.A. ,
Sarasota; all located in Florida.
Michigan National Corporation, Bloomfield Hills, Michigan,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of Michigan
National Bank-Farmington, Farmington Hills, Michigan, a
proposed new bank.
Republic of Texas Corporation, Dallas, Texas, for approval
to acquire 2,800 shares of the voting shares of The
First National Bank of Duncanville, Duncanville, Texas.
2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Returned
Chemical New York Corporation, New York, New York, for
approval to convert to an industrial bank, to be known as
Depositors Industrial Bank, an office of its indirect
subsidiary, Sun Finance and Loan Company, Boulder,
Colorado.
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
•
H.2, 1977 No. 22
#
- 6 ACTIONS OF THE BOARD-Continued
Withdrawn
First Security Corporation, Salt Lake City, Utah, for approval to continue to engage in the activities of an
industrial mortgage loan company through a subsidiary
known as Simco Industrial Mortgage Company, San Jose,
California.
Delayed
Sun Banks of Florida, Inc., Orlando, Florida, 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 and servicing loans and other extensions of credit for any person)
at 1501 N.E. 26th Street, Wilton Manors (Fort Lauderdale),
Florida, through a subsidiary, Sunbank Mortgage Company
(5/23/77)3/
Permitted
Citicorp, New York, New York, notification of intent to
relocate tie novo activities (consumer sales finance
activities) from 3401 Chinden Boulevard, Boise, Idaho to
1775 Westgate Drive, Suite 225, Boise, Idaho, through its
subsidiary, Nationwide Financial Corporation and its
subsidiary, Nationwide Financial Corporation of Idaho
(5/27/77) 2/
Citicorp, New York, New York, notification of intent to
relocate de novo activities (the making of consumer installment personal loans; and the sale of life/accident
and health, and property insurance related thereto) from
3401 Chinden Boulevard to the Corner of Five Mile Road
and Fairview Avenue, Boise, Idaho, through its subsidiary, Nationwide Financial Corporation and its subsidiary, Nationwide Financial Corporation of Idaho (5/27/77)
3/
Barnett Banks of Florida, Inc., Jacksonville, Florida, notification of intent to engage in de 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 custodial nature in the manner authorized by Federal
and State law; provided however, that loans and investments will be made and deposits accepted only in conformity with Regulations of the Board of Governors of the
37
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. 22
- 7
ACTIONS OF THE BOARD-Continued
Federal Reserve System) at 1900 Tyler Street, Hollywood,
Florida, through a subsidiary, Barnett Banks Trust
Company, N.A. (5/25/77) 3/
Trust Company of Georgia, Atlanta, Georgia, notification
of intent to engage in &e novo activities (providing data
processing services to banks and bank holding companies
including, but not limited to, processing for checking
and savings accounts, savings certificates, installment
loans, commercial loans, overdraft banking, automated
proof transit, general ledger, and check reconcilement)
at 2140 N.E. 2nd Street, Gainesville, Florida, through a
subsidiary, Trusco Data Systems of Florida, Inc. (5/27/77)
3/
National Detroit Corporation, Detroit, Michigan, notification of intent to engage in de novo activities (making,
acquiring, and servicing for its own account and for the
account of others, mortgage loans and other extensions of
credit in connection with the purchase, development
and/or improvement of real property) at 200 Renaissance
Center, Detroit, Michigan, through its subsidiary, NBD
Mortgage Company (5/28/77) 3/
Landmark Bancshares Corporation, St. Louis, Missouri, notification of intent to continue to engage in an activity
earlier commenced de novo (providing bookkeeping and data
processing services to the parent company and its subsidiaries and the storing and processing of other banking,
financial and related economic data including the performance of payroll, accounts receivable or payable, or
billing services) at 6313 Dr. M. L. King Drive, St.
Louis, Missouri, through a subsidiary, Landmark Data
Services Incorporated (5/26/77) 3/
Fremont Bancorporation, Fremont, California, notification
of intent to continue to engage in an activity earlier
commenced de novo (acting as an insurance agent or broker
for the sale of insurance related solely to extensions of
credit by its banking subsidiary, Fremont Bank, in addition to any type of insurance sold to the bank itself) at
39150 Fremont Boulevard, Fremont, California; 35880
Fremont Boulevard, Fremont, California; and 4948 Stevenson
Boulevard, Fremont, California, through its subsidiary,
Appraisal Associates (5/23/77) 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, 1977 No. 22
- 8 ACTIONS OF THE BOARD-Continued
Rainier Bancorporation, Seattle, Washington, notification
of intent to engage in de novo activities (making or
acquiring, for its own account or for the account of
others, loans and other extensions of credit including
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 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 anticipated future
transactions) will yield a return that will compensate
the lessor for not less than the lessor1s full investment
in the property plus the estimated total cost of financing
the property over the term of the lease; 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) at 1729 Tully
Road, Modesto, California, through its subsidiary,
Rainier Credit Company (5/28/77) 3/
Rainier Bancorporation, Seattle, Washington, notification
of intent to engage in de novo activities (making or
acquiring, for its own account or for the account of
others, loans and other extensions of credit including
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 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 anticipated 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; 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
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. 22
- 9 ACTIONS OF THE BOARD-Continued
exceed the amount owed by debtors) at 3278 B Lancaster
Drive N.E., Salem, Oregon, through its subsidiary,
Rainier Credit Company (5/26/77) 3/
* * * A *
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 and its
subsidiaries, notification of intent to acquire from 5
per cent to 35 per cent of the outstanding voting shares
of the following 24 specified corporations: Air Florida
Systems, Inc.; Bangor Punta Corporation; The Charter
Company; Cowles Communications, Inc.; CNA Financial
Corporation; DWG Corporation; Floyd Enterprises, Inc.;
General Host Corporation; Gulf Life Holding Company; Gulf
Life Insurance Company; IC Industries, Inc.; International Mining Corporation; Lone Star Industries, Inc.;
New York Magazine Company, Inc.; The New York Times Company; Orion Capital Corporation; Pennsylvania Engineering
Company; The Progressive Corporation; Rapid-America
Corporation; Reliance Group, Inc.; St. Joe Paper Company;
Stutz Motor Corporation of America, Inc.; The TI Corporation of California; and WUI, Inc. (5/28/77) 3/
* * * * *
Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
The Signal Companies, Inc., Beverly Hills, California
("Signal"), (1) prior certification pursuant to § 6158
(a) of the Internal Revenue Code ("Code") that its
divestiture of 462,636 shares of the outstanding voting
stock of the Arizona Bank, Phoenix, Arizona ("Bank"), by
Signal Equities Company, Phoenix, Arizona, through the
sale of such shares to Arizona Equities Inc., Phoenix,
Arizona, was necessary or appropriate to effectuate the
policies of the Bank Holding Company Act ("BHC Act"); and
(2) final certification pursuant to § 6158(c) of the Code
3 7 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. 22
-
10
-
ACTIONS OF THE BOARD-Continned
that Signal has (before the expiration of the period
prohibited property is permitted under the BHC Act to be
held by a bank holding company) ceased to be a bank
holding company. (Legal Division Docket TCR 76-103) V
Clinton Cable TV Co., Inc., Clinton, Indiana ("Clinton"),
prior certification, pursuant to § 1101(b) of the Internal Revenue Code, that its proposed divestiture of all of
the 10,002 shares of Dulaney National Bank of Marshall,
Marshall, Illinois, through the pro rata distribution of
such shares to the common shareholders of Clinton, is
necessary or appropriate to effectuate the policies of
the Bank Holding Company Act. (Legal Division Docket TCR
76-131) */
304 Corporation, Omaha, Nebraska ("304"), prior certification, pursuant to § 6158(a) of the Internal Revenue
Code, that its proposed sale of all of its 1,050 shares
of the common stock of Industrial Loan and Investment
Company, Omaha, Nebraska, is necessary or appropriate to
effectuate § 4 of the Bank Holding Company Act. (Legal
Division Docket TCR 76-140) */
*7
Processed on behalf of the Board of Governors under delegated authority.
H.2, 1977 No. 22
- 1 1 -
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Western Security Bank, Sandusky, Ohio. Branch to be
established at the Intersection of Route 250 and Hull
Road, Perkins Township, Erie County.
The Detroit Bank-Livonia, Livonia, Michigan. Branch to
be established at 29540 Seven Mile Road in the Livonia
Mall (B-l of "B" Building), Livonia, Wayne County.
English State Bank, English, Indiana. Branch to be established in the Jay-C Plaza shopping center at the intersection of U.S. Highway 64 and State Road 37, R.R.I,
English, Crawford County.
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Security National Bank:
Branch-Manama, Bahrain
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
The Mattatuck Bancorp, Inc., Waterbury, Connecticut, for
approval to acquire 80 per cent of the voting shares
(less directors1 qualifying shares) of The Mattatuck Bank
and Trust Company, Waterbury, Connecticut.
Union Financial Corporation, Manhattan, Kansas, for approval
to acquire 80 per cent or more of the voting shares of
Union National Bank and Trust Company of Manhattan,
Kansas, Manhattan, Kansas.
H.2, 1977 No. 22
12 -
APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
A (c)(8) of the Bank Holding Company Act of 1956
Manufacturers Hanover Corporation, New York, New York, for
approval to acquire all the assets of Modern Loan Company, Incorporated, Louisville, Kentucky.
Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities
(expand the geographical area to be serviced by an office
in Cincinnati, Ohio of Manufacturers Hanover Leasing
Corporation; leasing real and personal property on a full
payout basis, acting as agent, broker, or adviser in
leasing of such property and making and acquiring, for
its own account or for the account of others, loans and
other extensions of credit with respect to such property
and servicing such leases, loans or other extensions of
credit to include the communities served by the Midwestern
and Eastern editions of The Wall Street Journal) (5/27/77)
3/
First & Merchants Corporation, Richmond, Virginia, notification of intent to engage in de novo activities (making
loans for its own account principally secured by second
mortgages or second deeds of trust and such other incidental activities as may be necessary to the business of
making such loans; including acting as agent for the sale
of credit life, credit disability, mortgage redemption,
and mortgage cancellation insurance in connection with
the making of such loans) at 1510 Willow Lawn Drive,
Richmond, Virginia; 7825 Midlothian Turnpike, Richmond,
Virginia; 9286 Warwick Boulevard, Newport News, Virginia;
14749 Warwick Boulevard, Newport News, Virginia; 11 Koger
Executive Center, Norfolk, Virginia; 4336 Virginia Beach
Boulevard, Virginia Beach, Virginia; 3217-B Western
Branch Boulevard, Chesapeake, Virginia; 2036 Colonial
Avenue, S.W., Roanoke, Virginia; 8027 Leesburg Pike,
Vienna, Virginia; 6901 Old Keen Mill Road, Springfield,
Virginia; 17 Executive Park Drive, N.E., Atlanta, Georgia;
2105 South Hamilton Road, Columbus, Ohio; 150 Tri-County
Parkway, Cincinnati, Ohio (doing business in Ohio as
First & Merchants Mortgage Corporation); 416 Hungerford
Drive, Rockville, Maryland; 10750 Columbia Turnpike,
Silver Spring, Maryland; and Beltway Plaza, Camp Springs,
Maryland; through its subsidiary, First Realty Mortgage
Corporation (5/26/77) 3/
37
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. 22
- 13 APPLICATIONS RECEIVED-Continued
First Bancgroup-Alabama, Inc., Mobile, Alabama, 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) at 31 North
Royal Street, Mobile, Alabama (5/23/77) 3/
Associated Bank Corporation, Mason City, Iowa, notification
of intent to relocate cle novo activities (leasing personal property and equipment or acting as agent, broker,
or adviser in leasing of such property 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 lessorT s full investment in the property plus
the estimated total cost of financing the property over
the term of the lease) from Iowa City, Iowa to 5 West
State Street, Mason City, Iowa, through its subsidiary,
Leasing, Inc. (5/12/77) 3/
Affiliated Bankshares of Colorado, Inc., Boulder, Colorado,
notification of intent to engage in de novo activities
(making, acquiring, and/or servicing commercial and residential real estate loans and other extensions of credit)
at 201 West 8th Street, Pueblo, Colorado, through its
wholly-owned subsidiary, Piedmont Mortgage and Investment
Co., Inc. (5/26/77) 3/
BankOklahoma Corp., Tulsa, Oklahoma, notification of intent
engage in de novo activities (to make, acquire, sell participations, and or service for its own account or for
the account of others, loans or other extensions of
credit for agricultural and agricultural related purposes
as well as provide other ancillary services) at Highway
54 East, Guymon, Oklahoma, through its subsidiary,
BankOklahoma Agri-Service Corp., a wholly-owned subsidiary, in a general partnership known as Agbanc of Oklahoma
(5/23/77) 3/
Peoples Savings, Inc., Ottawa, Kansas, notification of intent to engage in d£ novo activities (acting as insurance
agent and/or as depositor for insurance commissions with
respect to the sale of the following types of insurance:
credit life insurance, level term credit life insurance
and credit health and accident insurance directly related
to extensions of credit by the bank holding company's
subsidiary bank, Peoples National Bank & Trust, Ottawa,
Kansas) on the premises of Peoples National Bank & Trust,
434 South Main, Ottawa, Kansas (5/24/77) 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. 22
- 14 REPORTS RECEIVED
Current Report Filed Pursuant to Section 13 of the
Securities Exchange Act
Union Bank & Trust Company, Montgomery, Alabama.
* * * * *
Proxy Statement (Special Meeting) Filed Pursuant to
Section 14(a) of the Securities Exchange Act
Hempstead Bank, Hempstead, New York.
* * * * *
PETITIONS FOR RULEMAKING
None
@FedFRASER