Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : November 19, 1977

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ANNOUNCEMENT BY

£~//2

o

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 47)
Actions of the Board; Applications and Reports
Received During the Week Ending November 19, 1977
ACTIONS OF THE BOARD
Statement by Chairman Arthur F. Burns before the Subcommittee on Domestic Monetary Policy of the House
Banking Committee on H.R. 9465, a bill that would
require the Federal Open Market Committee to maintain
detailed minutes of its meetings and to release those
minutes to the public three years after each meeting;
and on H.R. 9589, a bill that would require that verbatim
transcripts be kept of all meetings of the board of
directors of the twelve Federal Reserve Banks.
The Board approved an inquiry to determine to what extent
consumers are exercising certain rights under the Equal
Credit Opportunity and the Fair Credit Billing Acts, and
the cost to creditors of compliance with those laws.
Delegation of authority to the Director, Division of Banking Supervision and Regulation, to approve a State
member bank's proposed subordinated debt issue as an
addition to the bank's capital• (Docket No. R-0131)
Regulation B, extension of 30 days (to December 15) of the
period for comment on two proposed amendments regarding
the definition of adverse action. (Docket No. R-0117)
Determination regarding the status of Vickars-Henry Corporation, Salem, Oregon, as a bank holding company under
the Bank Holding Company Act.
SWB Corporation, Oklahoma City, Oklahoma, extension of time
to February 20, 1978, within which to consummate the
acquisition of Southwestern Bank and Trust Company,
Oklahoma City, Oklahoma. 1/
Central Bank, Monroe, Louisiana, request for permission to
make an investment in bank premises. 1/
17

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




H.2, 1977 No. 47

2

ACTIONS OF THE BOARD-Continued
Central State Bank, Connersville, Indiana, request for
permission to make an investment in bank premises. 1J
Northeast Bank of Sanford, Sanford, Maine, request for
permission to make an investment in bank premises. JJ
Savings and Trust Company of Pennsylvania, Indiana, Pennsylvania, request for permission to make an investment
in bank premises. 1/
Louisville Trust Bank, Inc., Louisville, Kentucky, request
for an additional extension of time, until November 15,
1978, to establish a branch at Chenoweth Lane and U.S.
Highway 42, Louisville, Kentucky. 1/
Union Trust Company of Maryland, Baltimore, Maryland, extension of time to December 17, 1978, within which to
establish a branch at the intersection of Democracy
Boulevard and Fernwood Road, Bethesda, Maryland. 1/
G. W. Jones Exchange Bank, Marcellus, Michigan, request for
permission to exercise full trust powers. 1/
Morgan Guaranty International Finance Corporation, New York,
New York, extension of time to November 20, 1978, within
which to make an investment in J.P. Morgan (Hong Kong)
Limited, Hong Kong. 1/
Morgan Guaranty International Finance Corporation, New York,
New York, extension of time to November 28, 1978, within
which to acquire up to 30 per cent of the shares of the
Bank of the Philippine Islands, Manila, Philippines. 1/
Harnett Bank of Collier County, Collier County, Florida,
proposed merger with Barnett Bank of Naples, Naples,
Florida, report to the Federal Deposit Insurance Corporation on competitive factors. IV

IV

Application processed on behalf of the Board of Governors under delegated
authori ty.




— 3 —

H.2, 1977 No. 47

ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Central Bank, Monroe, Louisiana, Branch to be established at 2211 Forsythe Avenue, Monroe. 2J
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
United Oklahoma Bank, Oklahoma City, Oklahoma. 2/
*

* * *

*

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
First National Bank of Maryland, Baltimore, Maryland:
a branch in England to be located in London.
Schroder Trust Company, New York, New York: a branch
in Cayman Islands to be located in George Town, Grand
Cayman.
*

* *

* *

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
Chase Manhattan Overseas Banking Corporation, New York,
New York: to acquire additional shares of three
Panamanian-incorporated nominee companies held by Chase
Manhattan Trust Corporation Limited, Nassau, Bahamas,
2j

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




H. 2, 1977 No. 47

- 4 ACTIONS OF THE BOARD-Continued

Manufacturers Hanover International Banking Corporation,
New York, New York: to acquire additional shares of
National Investment Bank for Industrial Development,
S.A., Athens, Greece.
Wells Fargo International Affiliates Corporation, San
Francisco, California: to acquire shares of international companies now held by Wells Fargo International
Investment Corporation, San Francisco, California.
First Pennsylvania Corporation, Philadelphia, Pennsylvania:
to continue to hold 41.6 per cent of the shares of FIBI
Holding Company Limited, Tel Aviv, Israel.
Philadelphia International Investment Corporation, Philadelphia, Pennsylvania: to continue to hold 4.5 per cent
of the shares of Arbuthnot Latham Holdings, Ltd.,
London, England.
Manufacturers Hanover International Banking Corporation,
New York, New York: to acquire additional shares of
Credit Bank, Athens, Greece.
Morgan Guaranty International Finance Corporation, New
York, New York: to acquire an additional 10.42 per cent
of the shares of AUC Holdings Limited, Melbourne,
Australia.
Chemical Bank, New York, New York: to acquire additional
shares of Chemical Bank (Middle East) S.A.L., Rabiya,
Lebanon.
Bank of America, New York, New York: to acquire additional
shares of Financiera FINAM de Chile, S.A., Santiago, Chile.
Morgan Guaranty International Finance Corporation, New
York, New York: to acquire additional shares of Banco
Finasa de Investimento, S.A., Sao Paulo, Brazil.
Citibank, N.A., New York, New York: to acquire an additional
9.24 per cent of Interbank, A.G., Vienna, Austria.
Citicorp, New York, New York: to acquire additional shares
of Fuji National City Consulting Ltd., Tokyo, Japan.




5

H.2, 1977 No. 47

ACTIONS OF THE BOARD-Continued
Manufacturers Hanover International "Finance Corporation,
New York, New York: to acquire additional shares of A1
Saudi Banque, Paris, France.
Boston Overseas Financial Corporation, Boston, Massachusetts: to place interest bearing deposit with the
Central Bank of Chile which would be subordinated to
claims of creditors of Corporation Financiera de Boston,
S.A., Santiago, Chile, a wholly owned subsidiary of
BOFC.
Philadelphia International Investment Corporation, Philadelphia, Pennsylvania: for an extension of time in
which to comply with divestiture requirements imposed by
the Board.
United California Overseas Investment Corporation, Los
Angeles, California: to acquire additional shares of
United California Commercial Corporation, Ontario,
Canada.
*

* * * *

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Royal Trustco Limited, Ottawa, Ontario, Canada, for approval to acquire 100 per cent of the voting shares of
Royal Trust Bank Corp., Miami, Florida.
Griswold State Bancshares, Inc., Griswold, Iowa, for approval to acquire 86.58 per cent of the voting shares of
Griswold State Bank, Griswold, Iowa. 1]
Central State Bancshares, Inc., Nevada, Missouri, for approval to acquire 100 per cent (less directors! qualifying shares) of the voting shares of Webb City Bank,
Webb City, Missouri.
Lenora Bancshares, Inc., Lenora, Kansas, for approval to
acquire 94.57 per cent of the voting shares of The
Exchange Bank of Lenora, Lenora, Kansas. 2/
2?

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




H.2, 1977 No. 47

-

6

-

ACTIONS OF THE BOARD-Continued
Andrews Bancshares, Inc., Andrews, Texas, for approval
to acquire 80 per cent or more of the voting shares of
Commercial State Bank, Andrews, Texas. 2/
Deport Bancshares, Inc., Deport, Texas, for approval
to acquire 80 per cent or more of the voting shares of
The First National Bank of Deport, Deport, Texas.
First Hale Center, Inc., Hale Center, Texas, for approval to acquire 100 per cent of the voting shares
(less directors' qualifying shares) of The First
National Bank of Hale Center, Hale Center, Texas. 2/
Denied
Citizens Bancorp, Inc., Hartford City, Indiana, for approval to acquire 80 per cent or more of the voting
shares of The Citizens State Bank, Hartford City,
Indiana.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
Huntington Bancshares Incorporated, Columbus, Ohio, for
approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of successor by
merger to The Franklin National Bank, Franklin, Ohio. 2/
National City Corporation, Cleveland, Ohio, for approval
to acquire 100 per cent (less directors' qualifying
shares) of the voting shares of the successor by merger
to The First National Bank, Dayton, Ohio, Dayton, Ohio.
County National Bancorporation, Clayton, Missouri, for
approval to acquire 90 per cent or more of the voting
shares of Bank of Louisiana, Louisiana, Missouri, 2/
2/

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




K.2, 1977 No. 47

7
ACTIONS OF THE BOARD-Continued

To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Withdrawn
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other
than personal, family or household usage; and the sale
of credit related life/accident and health insurance
related to such loans; if these proposals are effected,
a licensed agent will offer to sell credit related life/
accident and health, or decreasing or level (in the case
of single payment loans), term life insurance to cover
the outstanding balances of credit transactions (singly
or jointly with co-signers in the case of life coverage)
in the event of death, or, to make the contractual
monthly payments on the credit transactions in the event
of the obligator's disability to the extent permissible
under applicable State insurance laws and regulations;
credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway
Life Insurance Company, an affiliate of West Coast
Credit Corporation; further, in regard to the sale of
credit related insurance, the subsidiary will not act as
a general insurance agency) at 515~116th Street, N.E.,
P.O. Box 3427, Bellevue, Washington, through its subsidiary, Nationwide Financial Services Corporation
presently operating as West Coast Credit Corporation
d/b/a Fidelity Finance Company (10/27/77) 3/
Permitted
Chemical New York Corporation, New York, New York, notification of intent to relocate de novo activities (making of direct loans and purchasing sales finance contracts representing extensions of credit such as would
be made or acquired by a finance company; acting as
agent for the sale of credit life insurance and credit
accident and health insurance issued in connection with
extensions of credit and making available to its borrowers, credit related property and casualty insurance)
from 960 Morrison Drive, Charleston, South Carolina to
6296 Rivers Avenue, North Charleston, South Carolina,
through its indirect subsidiary, Sun Finance Company 1203, Inc. (11/18/77) 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. 47

- 8 ACTIONS OF THE BOARD-Continued

Chemical New York Corporation, New York, New York, notification of intent to engage in d_e 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, 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; making credit related life and credit
related accident and disability insurance available in
connection with extensions of credit made or acquired by
Sunamerica Financial Corp.) at 4431 Northwest 63rd
Street, Oklahoma City, Oklahoma, through a subsidiary to
be known as Sunamerica Financial Corp., through its indirect subsidiary, The Sun Finance & Loan Company
(11/17/77) 3/
Citicorp3 New York, New York, notification of intent to
engage in de novo activities (making or acquiring, for
its own account or for the account of others, commercial
loans) and to engage de novo in additional activities
(leasing personal or real property or acting as agent,
broker, or adviser in leasing such property, and servicing such leases where the leases serve as the functional equivalent of an extension of credit to the
lessee of the property where at the inception of the
initial lease the effect of the transaction will be to
compensate the lessor for not less than its full investment in the property over the term of the lease and
where the transaction is subject to all of the qualifications specified in 12 CFR 225.4(a)(6)(a)) at 1300
E, 9th Street, Cleveland, Ohio, through its subsidiary,
Citicorp Commercial, Inc. (11/14/77) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making or acquiring, for
its own account or for the account of others, commercial
Loans; and leasing personal or real property or acting
as agent, broker, or adviser in leasing such property
and servicing such leases where the leases serve as the
functional equivalent of an extension of credit to the
lessee of the property where at the inception of the
initial lease Che effect of the transaction will be to
compensate the lessor for not less than its full invest2/

4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Hoard of Cove m o r s under delegated authority.




H.2, 1977 No. 47
ACTIONS OF THE BOARD-Continued
merit in the property over the term of the lease and
where the transaction is subject to all of the qualifications specified in 12 CFR 225.4(a)(6)(a)) at Three
Girard Plaza, Philadelphia, Pennsylvania, through its
subsidiary, Citicorp Commercial, Inc. (11/14/77) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other
than personal, family or household usage; and the sale
of credit related life/accident and health insurance
related to such loans; if these proposals are effected,
a licensed agent will offer to sell credit related life/
accident and health, or decreasing or level (in the case
of single payment loans), term life insurance to cover
the outstanding balances of credit transactions (singly
or jointly with co-signers in the case of life coverage)
in the event of death, or, to make the contractual
monthly payments on the credit transactions in the event
of the obligator's disability to the extent permissible
under applicable State insurance laws and regulations;
credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway
Life Insurance Company, an affiliate of West Coast
Credit Corporation; further, in regard to the sale of
credit related insurance, the subsidiary will not act as
a general insurance agency) at 115 Orondo Avenue,
Wenatchee; 364 Columbia Center, Kennewick; 167 South
Stevens Street, Spokane; 654 Northtown Shopping Center,
Spokane; 202 Harper Building, Seattle; 10666 N.E. 8th
Street, Bellevue; 4807 196th S.W., Lvnnwood; Security
Building, Tacoma; 637 Tacoma Mall, Tacoma; 1703 Hewitt
Avenue, Everett; 504 Northgate Mall, Seattle; 245 Fourth
Street, Bremerton; 716 Southgate Shopping Center, Seattle;
Three South Sound Center, Olvmpia; and 514-A North First
Street, Yakima; all located in Washington, through its
subsidiary, Nationwide Financial Services Corporation
presently operating as West Coast Credit Corporation
d/b/a Fidelity Finance Company (11/14/77) 3/
Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities
(leasing real and personal property on a full payout
basis, and acting as agent, broker, or adviser in leasing of such property in accordance with the provisions
3/

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




H.2, 1977 No. 47

- 1 0 -

ACTIONS OF THE BOARD-Continued
of regulations promulgated by the Board of Governors of
the Federal Reserve System; 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) at 3 Landmark Square, Stamford,
Connecticut, through its subsidiary, Manufacturers
Hanover Leasing Corporation (11/19/77) _3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in die novo activities
(making or acquiring, for its own account secured and
unsecured loans and other extensions of credit such as
would be made by a finance company which activities
include making direct consumer installment loans and
purchasing consumer installment finance contracts;
providing credit life and credit accident and health
insurance in conjunction with the above lending activities, such insurance will be provided only in connection with extensions of credit by Local Loan Co. and its
wholly-owned subsidiaries and will be available solely
at the option of the borrower and the borrower is advised
of this option in advance) at 8406 Preston Highway,
Louisville, Kentucky, through its wholly-owned subsidiary, Local Loan Co., Chicago, Illinois (11/17/77) 3/
Milwaukee Western Corporation, West Palm Beach, Florida,
notification of intent to continue to engage in de. novo
activities (leasing personal property and equipment or
acting as agent, banker, or adviser in leasing such
property and equipment where at the inception of the
initial lease the effect of the transaction will yield a
return that will compensate the lessor for not less than
the lessor's full investment in the property or equipment
plus the estimated total cost of financing the property
over the term of the lease and such lease shall contain
such other terms and conditions as shall comply with
Section 225.4 (a)(6)(a) of Regulation Y issued by the
Board of Governors of the Federal Reserve System; and
making or acquiring, for its own account or for the
account of others loans or other extensions of credit
such as would be made by a commercial finance company;
acting as an insurance agent or broker for the sale of
credit life insurance in connection with the extensions
of credit to its customers) at 2703 Linwood Avenue,
Shreveport, Louisiana, through its subsidiary, Bayou
Acceptance Corporation (11/14/77) 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. 47

-

11

-

ACTIONS OF THE BOARD-Continued
Midland Capital Co., Oklahoma City, Oklahoma, notification
of intent to engage in de novo activities (mortgage
banking including origination and servicing of all types
of residential and commercial mortgage loans) at 6101 S,
Rural Road, Suite 130, Tempe, Arizona, through a subsidiary, Midland Mortgage Co. (11/17/77) 3/
Midland Capital Co., Oklahoma City, Oklahoma, notification
of intent to relocate i[e novo activities (mortgage banking including originating and servicing of all types of
residential and commercial mortgage loans) from 4867
South Sheridan, Tulsa, Oklahoma to 7010 South Yale
Avenue, Suite #215, Tulsa, Oklahoma, through a subsidiary, Midland Mortgage Co, (11/17/77) 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. 47

- 12 APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Ohio Citizens Trust Company, Toledo, Ohio. Branches
to be established at Renwyck Shopping Center, Intersection of Reynolds Road & Hill Avenue, Toledo, Lucas
County.
* * * * *

To Merge Pursuant to Section 18(c) of the
Federal Deposit Insurance Act
Walker Bank & Trust Company, Salt Lake City, Utah, to
merge with American Bank of Commerce, Cedar City, Utah.
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
First Trust Company of North Dakota, Fargo, North Dakota.
* * * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Irving Trust Company, New York, New York:
Italy to be located in Milan.

*

a

*

*

a branch in

*

To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
WINGO, LTD., Brooklyn, Iowa, for approval to acquire
80 per cent or more of the voting shares of Poweshiek
County Savings Bank, Brooklyn, Iowa.




H.2, 1977 No. 47

- 13 APPLICATIONS RECEIVED-Continued

First Financial Bancshares, Inc., Nevada, Missouri, for
approval to acquire 94.5 per cent (less director's
qualifying shares) of the voting shares of Mountain
Grove National Bank, Mountain Grove, Missouri.
Traverse County Investment Corporation, Wheaton, Minnesota, for approval to acquire 85 per cent or more of the
voting shares of State Bank of Wheaton, Wheaton,
Minnesota.
Valley Bancorp, Inc., Syracuse, Kansas, for approval to
acquire more than 80 per cent of the voting shares of
The Valley State Bank, Syracuse, Kansas.
West Texas Bancshares, Inc., Muleshoe, Texas, for approval to acquire 99 per cent of the voting shares of
Muleshoe State Bank, Muleshoe, Texas.
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Suburban Bancorporation, Hyattsville, Maryland, for approval to acquire 100 per cent of the voting shares of
the successor by merger to The Peoples National Bank of
Hancock, Hancock, Maryland.
Ellis Banking Corporation, Bradenton, Florida, for approval to acquire 51 per cent or more of the voting
shares of First Gulf Beach Bank and Trust Company, St.
Petersburg Beach, Florida.
Ellis Banking Corporation, Bradenton, Florida, for approval to acquire 51 per cent or more of the voting
shares of Madeira Beach Bank, Madeira Beach, Florida.
Delta Bancshares Company, St. Louis, Missouri, for
approval to acquire 70 per cent or more of the voting
shares of Security Bank of Manchester, Manchester,
Missouri.




H.2, 1977 No. 47




- 14 APPLICATIONS RECEIVED

Commerce Bancshares, Inc., Kansas City, Missouri, for approval to acquire 100 per cent (less directors! qualifying shares) of the voting shares of Commerce Bank of
Clay County, N.A., Kansas City, Missouri, a proposed new
bank.
First United Bancorporation, Inc., Fort Worth, Texas, for
approval to acquire an additional 17,933 shares of the
voting shares of Seminary State Bank, Fort Worth, Texas.
* * * * *

To Retain Bank Shares Acquired in a Fiduciary Capacity
Pursuant to Section 3 of the Bank Holding Company Act
of 1956
Continental Illinois Corporation, Chicago, Illinois and
Continental Illinois National Bank and Trust Company of
Chicago, Chicago, Illinois, for approval to retain and
acquire 53.75 per cent of the voting shares of Libertyville
National Bank, Libertyville, Illinois; 94.58 per cent of
the voting shares of Golf Mill State Bank, Niles, Illinois;
92.47 per cent of the voting shares of First National
Bank of Mundelein, Mundelein, Illinois; 29.42 per cent
of the voting shares of Grayslake National Bank, Grayslake, Illinois; and 60 per cent of the voting shares of
Hawthorn Center State Bank, Vernon Hills, Illinois.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
First National Boston Corporation, Boston, Massachusetts,
notification of intent to engage in de novo activities
(making, acquiring, and servicing for its own account
loans and other extensions of credit including loans to
individuals for property improvement, debt consolidation
and other purposes; and providing credit life and credit
accident and health insurance directly related to extensions of credit to its borrowers through a master insurance policy) at Corporate Square, Suite 211, 555 South
Perry Street, Montgomery, Alabama, through a subsid-

H.2, 1977 No. 47

- 15 APPLICATIONS RECEIVED-Continued
sidiary, First National Boston Corporation's indirect
subsidiary, FNBC Acceptance Corporation, which is
wholly-owned by First National Boston Corporation's
direct subsidiary, FSC Corp., Boston, Massachusetts
(11/18/77) 2/

Industrial National Corporation, Providence, Rhode Island,
notification of intent to relocate d_e novo activities
(origination and sale of loans for the purchase of
mobile homes; servicing of mobile home loans; and insurance agency for the sale of credit life and credit
accident and health insurance sold in connection with
extensions of credit and for the sale of property and
casualty insurance sold in connection with extensions of
credit) from 4600 West Kennedy Boulevard, Tampa, Florida to
418 S. W. 13th Street, Ocala, Florida, through a subsidiary, Kensington Mortgage and Finance Corp.,
Milwaukee, Wisconsin, which is a wholly-owned subsidiary
of Mortgage Affiliates, Inc., Milwaukee, Wisconsin,
eighty-two per cent of the issued and outstanding stock
of which is owned by Mortgage Associates, Inc., Milwaukee,
Wisconsin, which is a wholly-owned subsidiary of Industrial National Corporation's direct subsidiary, MAI
Financial Corporation (11/18/77) 3/
Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities
(leasing real and personal property and equipment on a
non-operating, full payout basis and acting as agent,
broker, and adviser with respect to such leases; financing real and personal property and equipment such as
would be done by a commercial finance company; and
servicing such extensions of credit) at 707 East Main
Street, Richmond, Virginia, through its subsidiary,
ChemLease, Inc. (11/16/77) 3/
Chemical New York Corporation, New York, New York, notification of intent to relocate de novo activities (making of direct loans and purchasing sales finance contracts representing extensions of credit such as would
be made or acquired by a finance company; acting as
agent for the sale of credit life insurance and credit
accident and health insurance issued in connection with
extensions of credit and making available to its borrowers credit related property and casualty insurance)
from 610 Milan Street, Shreveport, Louisiana to 5803
Youree Drive, Suite A, Southfield Plaza Shopping Center,
Shreveport, Louisiana, through its subsidiary, Sunamerica Corporation (11/14/77) 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. 47

- 16 APPLICATIONS RECEIVED-Continued

Citicorp, New York, New York, notification of intent to
engage in _de novo activities (making consumer installment personal loans, purchasing and servicing for its
own account consumer installment sales finance contracts , making loans for the account of others such as
one-to-four family unit mortgage loans, making loans to
individuals and businesses secured by real and personal
property, the proceeds of which may be for purposes
other than personal, family or household usage; sale of
credit related life/accident and health, or decreasing
level (in the case of single payment loans) term life
insurance to cover the outstanding balances of credit
transactions (singly or jointly with co-signers in the
case of life coverage) in the event of death, or, to
make contractual monthly payments on the credit transactions in the event of the obligator's disability by
licensed agents or brokers to the extent permissible
under applicable State insurance laws and regulations;
the sale of credit related property and casualty insurance protecting personal and real property subject to a
security agreement with Citicorp Person-to-Person Financial Center, Inc. and to include liability coverage
and home, automobile or commercial owner "package"
policies where such is the general practice by licensed
agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit
related decreasing term life insurance and accident and
health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Citicorp Person-to-Person
Financial Center, Inc.; further, in regard to the sale
of credit related insurance, the subsidiary will not act
as a general insurance agency) at 133 Glendale Calleria,
Glendale, California, through its subsidiary, Citicorp
Person-to-Person Financial Center, Inc. (11/18/77) 3/
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de_ novo activities
(making or acquriing, for its own account secured and
unsecured loans and other extensions of credit such as
would be made by a finance company which activities
include making direct consumer instalment loans and
purchasing consumer installment sales finance contracts;
and providing credit life and credit accident and health
insurance which insurance will be provided only in conjunction with extension of credit and which will be
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. 47

- 17 APPLICATIONS RECEIVED-Continued

available solely at the option of the borrower and the
borrower is advised of this option in advance) at 826
S.E. Oak Street, Hillsboro, Oregon, through its whollyowned subsidiary, Local Loan Co., Chicago, Illinois
(11/15/77) 3_/
Maryland National Corporation, Baltimore, Maryland, notification of intent to engage in de^ novo activities
(engaging generally in the business of leasing personal
property including, but not limited to, the leasing of
various types of equipment, machinery, vehicles, transportation equipment, and data processing equipment where
the lease is the functional equivalent of an extension
of credit; originating personal property leases as
principal or agent; servicing personal property leases
for affiliated or non-affiliated individuals, partnerships, corporations or other entities; buying, selling
and otherwise dealing in personal property lease contracts as principal or agent; acting as adviser in personal property leasing transactions; engaging generally
in the business of leasing real property where the lease
is the functional equivalent of an extension of credit;
originating real property leases as principal or agent;
servicing real property leases for affiliated or nonaffiliated individuals, partnerships, corporations or
other entities; buying, selling and otherwise dealing in
real property leases as principal, agent or broker; and
acting as adviser in real property leasing transactions)
at 260 Long Ridge Road, Stamford, Connecticut; 300 E.
Joppa Road, Towson, Maryland; and Suite 301, 10227
Wincopin Circle, Columbia, Maryland, through its whollyowned subsidiary, Maryland National Leasing Corporation
to form a joint venture with General Electric Credit
Corporation to be known as GECC & MN Leasing Corporation
(11/18/77) 3/
Mercantile Bankshares Corporation, Baltimore, Maryland,
notification of intent to engage in de novo activities
(making or acquiring, for its own account and for the
account of others, loans and other extensions of credit
such as would be made by a mortgage company) at 555 East
Loockerman Street, Dover, Delaware, through its subsidiary, Mercantile Mortgage Corporation (11/17/77) 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. 47

- 1 8 -

APPLICATIONS RECEIVED-Continued
The Wachovia Corporation, Winston-Salem, North Carolina,
notification of intent to engage in de_ novo activities
(rendering data processing services related to banking,
financial or related economic data and specifically in
the following product areas: data processing services
to banks including deposit, loan and accounting services; data processing services to corporate customers
of banks including accounting services such as payroll,
general ledger, accounts receivable, and accounts payable accounting; and data processing services to financial institutions, colleges and universities in the
accounting and servicing of student loans; and providing
computer output microfilm services for data being processed in connection with the above services) at 4937
Suitland Road, Suitland, Maryland, through a remote job
entry center for its subsidiary, Wachovia Services, Inc.
(11/16/77) 3/
Milwaukee Western Corporation, West Palm Beach, Florida,
notification of intent to continue to engage in de novo
activities (acting as an insurance agent or broker for
the sale of property and casualty insurance in connection with the extension of credit to its customers) at
2703 Linwood Avenue, Shreveport, Louisiana, through its
subsidiary, Bayou Acceptance Corporation (11/14/77) 3/
W1NG0, LTD., Brooklyn, Iowa, for approval to acquire the
shares of World Insurance Agency, Brooklyn, Iowa.
Del State, Inc., Del City, Oklahoma, notification of intent
to engage in de novo activities (acting as a mortgage
broker of permanent first mortgage loans on residential,
apartment, commercial, and industrial properties for
institutional investors; Triad Mortgage Companyrs
activities will be limited to assembling information,
completing application forms, and obtaining consents for
credit investigation) on the premises of the holding
company1s subsidiary bank, Del State Bank, 300 Tower
Drive, Del City, Oklahoma, through a subsidiary, Triad
Mortgage Company (11/14/77) 3/
Midland Capital Co., Oklahoma City, Oklahoma, notification
of intent to engage in de novo activities (mortgage
banking including originating and servicing of all types
of residential and commercial mortgage loans) at 248 E.
Highland Avenue, San Bernadino, California, through a
subsidiary, Midland Mortgage Company (11/14/77) 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. 47

19
APPLICATIONS RECEIVED-Continued

United Missouri Bancshares, Inc., Kansas City, Missouri,
for approval to acquire the shares of City Bond and
Mortgage Company, Kansas City, Missouri and thereby
indirect:ly acquire Central Management, Inc., Minneapolis,
Minnesota.
* * * * *

REPORTS RECEIVED
Proxy Statement (Special Meeting) Filed Pursuant to
Section 14(a) of the Securities Exchange Act
United California Bank, Los Angeles, California.
* * * * *

PETITIONS FOR RULEMAKING
None,