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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1978 No. 47)
Actions of the Board? Applications and Reports
Received During the Week Ending November 25, 1978
ACTIONS OF THE BOARD
Federal Bank Supervisory Agencies announced procedures
for examination of financial institutions covered
under the new Community Reinvestment Act and regulations.
Consumer Advisory Council, meeting scheduled for December 6 7, 1978.
Brownwood Bancshares, Inc., Brownwood, Texas, extension
of time to January 16, 1979, within which to consummate
the acquisition of Citizens National Bank at Brownwood,
Brownwood, Texas. 1/
First City Bancorporation of Texas, Inc., Houston, Texas,
extension of time to January 15, 1979, within which to
consummate the acquisition and to open First City
Bank -West, N.A., El Paso, Texas. 1/
San Augustine Bancshares, Inc., San Augustine, Texas, extension of time to January 2, 1979, within which to
consummate the acquisition of Commercial State Bank,
San Augustine, Texas. 1/
State Exchange Bancshares, Inc., Yates Center, Kansas,
extension of time to January 17, 1979, within which to
consummate the acquisition of The State Exchange Bank,
Yates Center, Kansas. 1/
Texas Commerce Bancshares, Inc., Houston, Texas, extension
of time to March 5, 1979, within which to consummate
the acquisition of Richmond Commerce Bank, a de novo
State bank, Houston, Texas. 1/
South Boston Bank and Trust Company, South Boston, Virginia,
requesting permission to make an investment in bank
premises. 1/
17 Application processed on behalf of the Board of Governors under delegated
authority.
I-1.2, 1978 No. 47
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ACTIONS OF THE BQARD-Continued
Coimnerce Union Bank, Nashville, Tennessee, requesting
an extension of time to December 9, 1979, within which
to open a branch at 2121 Blakemore Avenue, Nashville,
Tennessee. 1/
Springfield Marine Bank, Springfield, Illinois, extension of time to February 19, 1979, within which to
establish a branch at the southeast comer of Rutledge
Street and North Grand Avenue, Springfield, Illinois.
1/
Irving Trust Company, New York, New York, requesting a
six-month extension of time within which to establish
and open for business a branch bank in Milan, Italy.
1/
Morgan Guaranty International Finance Corporation, New
York, New York, requesting an additional one year extension of time within which its whollv-ozned subsidiary, J.P. Morgan Overseas Capital Corporation, may
complete the acquisition of all of the shares of J.P.
Morgan (Hong Kong) Limited. 1/
United California Overseas Investment Corporation, Los
Angeles, California, extension of time to November 18,
1979, within which to acquire additional shares of UBC
Financial Services, Ltd., Toronto, Canada. 1/
Dominion National Bank of the Peninsula, York County,
Virginia, proposed merger with Dominion National Bank
of Tidewater, Norfolk, Virginia, report to the Comptroller of the Currency on competitive factors. 1/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 47
- 3 ACTIONS OF TEE BOAKD-Continued
International Investments and Other Actions Pursuant to
Sections 25 and 25(a) of the Federal Reserve Act and
Sections 4(c)(9) and 4(c)(13) of the Bank Holding Company
Act of 1956, as amended
Approved
Manufacturers Hanover International Finance Corporation,
New York, New York: grants consent for your Corporation to purchase and hold, directly or indirectly, (1)
700,000 newly issued shares of Manufacturers Hanover
Bank, Ltd., Channel Islands; (2) to acquire all the
shares of TKM Credit Corporation Ltd., Redhill, England,
after TKM Credit acquires all the shares of TKM Leasing
Ltd. and TKM Factors Ltd.; and (3) to acquire additional
shares of TKM Credit.
Manufacturers Hanover Trust Company, New York, New York:
grants consent for (a) Manufacturers Hanover International Finance Corporation, New York, New York, to
acquire shares of Manufacturers Hanover Holding Inc.,
Dover, Delaware and to exchange minority investments
for additional shares of Holding, after which Finance
will hold 50 per cent of the outstanding shares of
Holding; (b) Manufacturers Hanover International Banking Corporation, New York, New York, to acquire the
remaining 50 per cent of the outstanding shares of
Holding by exchanging minority investments, and grants
consent for Finance to acquire from Manufacturers
Hanover Trust Company, New York, New York, 2 per cent
of the shares of Manufacturers Hanover Bank/Belgium,
Brussels, Belgium.
Philadelphia International Investment Corporation,
Philadelphia, Pennsylvania: grants consent for
Philadelphia International Investment Corporation,
Philadelphia, Pennsylvania, to increase its investment
in Joh. Berenberg, Gossler & Co., Hamburg, Germany, in
order to maintain its 15 per cent interest in Gossler.
Philadelphia International Investment Corporation,
Philadelphia, Pennsylvania: grants consent for
Philadelphia International Investment Corporation,
Philadelphia, Pennsylvania, to purchase and hold,
directly or indirectly, additional shares of Concord
International S.A., Luxembourg, in order to participate
in a capital increase by International.
4
H.2, 1978 No. 47
ACTIONS OF THE BOARD-Continued
NCNB Corporation, Charlotte, North Carolina: grants permission for North Carolina National Bank, Charlotte,
North Carolina, to purchase and hold 100 per cent of
the shares of a de novo merchant bank in London,
England.
Chemical Bank International of Chicago, Chicago, Illinois:
grants consent for your Corporation to issue and have
outstanding promissory notes payable to the ExportImport Bank of the United States with maturities in
excess of one year.
Walter E. Heller International Corporation, Chicago,
Illinois: grants consent to continue to hold, directly
or indirectly, 100 per cent of the shares of Heller
Financial Services Limited, Melbourne, Australia.
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To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Suspended
DeSoto Financial Corporation, DeSoto, Texas, for approval to acquire 89.66 per cent of the voting shares
of DeSoto State Bank, DeSoto, Texas. 2/
Approved
CHARTER 95 CORPORATION, Hudson, Wisconsin, for approval
to acquire 95.9 per cent of the voting shares of The
First National Bank of Hudson, Hudson, Wisconsin. 1/ &
2/
Rose Banco, Inc., Roseville, Minnesota, for approval to
acquire 82.1 per cent of the voting shares of The
Roseville State Bank, Roseville, Minnesota. 1/ & 2/
Morrill Bancshares, Inc., Morrill, Kansas, for approval
to acquire 80 per cent or more (less directors' qualifying shares) of the voting shares of The Morrill
State Bank, Morrill, Kansas. 1/ & 2/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
.1
H.2, 1978 No. 47
5 ACTIONS OF THE BOARD-Continued
Tarrant Bancshares, Inc., Fort Worth, Texas, for approval to acquire at least 80 per cent of the voting
shares of Tarrant Bank, Fort Worth, Texas. 1/ & 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Approved
National Detroit Corporation, Detroit, Michigan, for approval to acquire, through its wholly owned subsidiary,
NBD Mortgage Company, Detroit, Michigan, certain
assets of Pioneer Mortgage Corporation, Upland, California.
Rainier Bancorporation, Seattle, Washington, for approval
to engage de novo through its indirect subsidiary,
Rainier Credit Life Insurance Company, in the activity
of underwriting (pursuant to a reinsurance agreement)
credit life and disability insurance that is directly
related to extensions of credit by Applicant and its
credit extending subsidiaries in the States of California, Washington, Oregon, Alaska, Nevada, Hawaii and
Utah. 1/
Delayed
First National State Bancorporation, Newark, New Jersey,
notification of intent to engage in de novo activities
(credit life and accident and health insurance for
installment credit borrowers of subsidiary banks; any
other insurance that is directly related to an extension of credit by a subsidiary bank or a bank related
firm or is directly related to the provision of other
financial services by a subsidiary bank or a bank
related firm; and any insurance for the company's
banking subsidiaries) at 550 Broad Street, Newark, New
Jersey, through its subsidiary, Broad & Lombardy
Associates, Inc. (11/22/78) 3/
17 Application processed on behalf of the Board of Governors under delegated
authority.
2/ Application subject to Community Reinvestment Act.
3/ 4(c) (8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
!
H.2, 1978 No. 47
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ACTIONS OF THE WARD-Conbinued
Reactivated
First National State Bancorporation, Newark, New Jersey,
notification of intent to engage in de novo activities
(credit life and accident and health insurance for
installment credit borrowers of subsidiary banks; any
other insurance that is directly related to an extension of credit by a subsidiary bank or a bank related
firm or is directly related to the provision of other
financial services by a subsidiary bank or a bank
related firm; and any insurance for the company's
banking subsidiaries) at 550 Broad Street, Newark, New
Jersey, through its subsidiary, Broad & Lcmbardy
Associates, Inc. (11/21/78) 3/
Tracy Bancorp, Salt Lake City, Utah, notification of
intent to engage in de novo activities (leasing of
personal property and equipment or the acting as an
agent, broker or adviser in the leasing and/or financing of such property 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 as is authorized by the Federal
Reserve Board under Regulation Y and the Bank Holding
Company Act) at 107 South Main Street, Salt Lake
City, Utah (11/22/78) 3/
Permitted
Cliemical 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 8095 East Belleview
Avenue, Englewood, Colorado, through its subsidiary,
C h e m i s e , Inc. (11/20/78) 3/
j7
4 (c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
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H.2, 1978 No. 47
ACTIONS OF TIE BOARD-Continued
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo
activities (making installment loans for personal,
family and household purposes; purchasing sales finance contracts executed in connection with the sale
of personal, family and household goods and services;
in connection with certain personal installment loans
made and sales finance contracts purchased, selling
casualty insurance, credit life insurance and credit
accident and health insurance and reinsuring such
credit life insurance and credit accident and health
insurance through Patrick Henry Life Insurance Company
and Patrick Henry Insurance Company, indirect subsidiaries of Philadelphia National Corporation; advertising,
offering and preparing motor vehicle leases and generally
acting as agent for a lessor of motor vehicle leases
and generally acting as agent for a lessor of motor
vehicle leases; and generally engaging in the business
of a consumer finance company) at 1800 Three Gateway
Center, Pittsburgh, Pennsylvania, through a subsidiary, Signal Consumer Discount Company (11/25/78) 3/
Merchants National Corporation, Indianapolis, Indiana,
notification of intent to engage in de novo activities
(leasing of capital goods and equipment to industry,
banks or others, or acting as agent, broker or adviser
in leasing such personal property 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
plus the estimated total cost of financing the property
over the term of the lease and such leases shall
comply with Section 225.4 (a)(6) of Regulation Y
issued by the Board of Governors of the Federal Reserve
System) at 2709-0 Pan American Freeway N.E., Albuquerque,
New Mexico, through its subsidiary, Pacific American
Leasing Corporation, Albuquerque, New Mexico (11/25/78)
1/
First Bank System, Inc., Minneapolis, Minnesota, notification of intent to engage in de novo activities
(leasing of personal property) in Milwaukee, Wisconsin,
through its wholly-owned subsidiary, FBS Financial,
Inc. (11/26/78) 3/
37
4 (c) (8) or"TfcT(12)" notffication processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
ACTIONS OF THE BOARD-Continued
BankAmerica Corporation, Sari 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 making loans secured by real
and personal property; and the offering of credit
related life, credit related accident and disability
insurance, and credit related property insurance in
connection with extensions of credit made or acquired
by FinanceAmerica Consumer Discount Company) at 1500
DeKalb Pike, Norristown, Pennsylvania, through its
indirect subsidiary, FinanceAmerica Consumer Discount
Company (11/19/78) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities
(making or acquiring, for its own account loans and
other extensions of credit such as would be made or
acquired by a finance company and servicing loans and
other extensions of credit; such activities will
include, but not be limited to, 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; and the offering of credit
related life, credit related accident and disability
insurance, and credit related property insurance in
connection with extensions of credit made or acquired
by FinanceAmerica Corporation) at 145 Grand Avenue,
Grand Junction, Colorado, through its indirect subsidiary, FinanceAmerica Corporation (a Colorado Corporation) (11/25/78) 3/
3/
4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 47
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ACTimSOFTHEBOARD-Continued
Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
Investment Corporation of America, Minneapolis,
Minnesota ("Invesco") prior certification pursuant to
section 1101(a) of the Internal Revenue Code that the
proposed pro rata distribution to Invesco*s shareholders of all of the shares of S&M Corporation,
Minneapolis, Minnesota, is necessary or appropriate to
effectuate section 4 of the Bank Holding Company Act.
(Legal Division Docket No. TCR 76-150) 1/
1/ Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 47
- 1 0 -
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Bank Holding Company Act of 1956
The Chardon Savings Bank Company, Chardon, Ohio.
Branch to be established at 15561 Kinsman Road,
MiddlefieId, Geauga County. 2/
The State Bank and Trust Company, Defiance, Ohio.
Branch to be established at 332 East Main Street,
Ottawa, Putnam County. 2/
Commerce Union Bank Chattanooga, Chattanooga, Tennessee.
Branch to be established at 2107 4th Street, Chattanooga.
2/
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To Merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
Central Bank of Northern Virginia, Bailey's Crossroads,
Virginia, to merge with First Manassas Bank and Trust
Company, Manassas. 2/
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To Form a Bank Holding Company Pursuant to Section
3 (a) (1) of the Bank Holding Company Act of 1956
Clayton Bancshares, Inc., Clayton, Illinois, for approval to acquire 82.6 per cent of the voting shares
of Clayton State Bank, Clayton, Illinois. 2/
Ormsby Bancshares, Inc., Ormsby, Minnesota, for approval to acquire 86 per cent of the voting shares of
Ormsby State Bank, Ormsby, Minnesota. 2/
White Oak Bancshares, Inc., White Oak, Texas, for approval to acquire 80-100 per cent of the voting shares
of White Oak State Bank, White Oak, Texas. 2/
2/ Application subject to Community Reinvestment Act.
#
H.2, 1978 No. 47
11 -
APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Security BancShares of Montana, Inc., Billings, Montana,
for approval to acquire"100 per cent (less directors'
qualifying shares) of the voting shares of Rimrock
Bank of Billings, Billings, Montana. 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 relocate de novo activities
(making or acquiring, for its own account loans and
other extensions of credit such as would be made or
acquired by a finance company 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; acting as agent or broker for
the sale of credit related life, credit related accident
and disability and credit related property and casualty
insurance in connection with extensions of credit made
or acquired by Sun Finance Company-3) from 1836 East
Victory Drive, Savannah, Georgia to 6555 Abercorn
Street, Savannah, Georgia, through its subsidiary,
Sunamerica Corporation (11/20/78) 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 or acquired by a
mortgage company; servicing such loans and other
extensions of credit; and engaging through an indirect
subsidiary known as CMC Insurance Agency, Inc. in
2/ Application subject to Corimunity Reinvestment Act.
3/ 4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No, 47
- 12
APPLICATIONS RECEIVED-Continued
acting as insurance agent or broker for the sale of
credit life and credit accident and health insurance
relating to such loans and other extensions of credit)
such lending activities will be conducted at an office
of Citizens Mortgage Corporation at 4326 Dale Boulevard,
Woodbridge, Virginia and such insurance activities
will be conducted at the head office of Citizens
Mortgage Corporation located at 24700 Northwestern
Highway, Southfield, Michigan (11/22/78) 3/
Manufacturers Hanover Corporation, New York, New York,
notification of intent to relocate de novo activities
(making or acquiring, for its own account or for the
account of others, loans and other extensions of
credit such as would be made by a 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 persons; and acting as agent
or broker for the sale of credit related life and
accident and health insurance which is related to
extensions of credit made and acquired by, and property damage and liability insurance insuring collateral
securing direct extensions of credit by Ritter Consumer Discount Company, Inc. of Pennsylvania; reinsurance through Ritter Life Insurance Company of credit
life insurance which is related to extensions of
credit made or acquired by Ritter Consumer Discount
Company, Inc. of Pennsylvania) from 1331 East Lincoln
Highway, Levittcwn, Pennsylvania to 6908 Briston-Emile
Road, Levittown, Pennsylvania, through its subsidiary,
Ritter Consumer Discount Company, Inc. of Pennsylvania
(11/22/78) 3/
Virginia National Bankshares, Inc., Norfolk, Virginia,
notification of intent to relocate de novo activities
(making, acquiring, and servicing for its own account
or for the account of others, loans secured principally by second mortgages on real property; and act37
4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 47
- 13 APPLICATIONS RECEIVED-Continued
ing as an agent in the sale of credit life insurance
and accident and health insurance in connection with
such loans) from 201 East Gary Street, Richmond,
Virginia to 8310 Midlothian Turnpike, Richmond,
Virginia, through its subsidiary, VNB Equity Corporation (11/21/78) 3/
Michigan National Corporation, Blocmfield Hills, Michigan,
for approval to engage in data processing activities
through a de novo subsidiary, Terminal Devices, Inc.,
Bloomfield Hills, Michigan.
Citizens Fidelity Corporation, Louisville, Kentucky, notification of intent to continue to engage in de novo
activities (leasing of personal property and equipment
and acting as agent, broker or adviser in the leasing
of such property) at Bluegrass Commerce Center, 400
East Main Street, Lexington, Kentucky, through its
subsidiary, Citizens Fidelity Leasing Corporation
(11/24/78) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(acting as escrow agent for the purchase and sale of
real property and the execution of all documents and
disbursal of funds relating to loan transactions and
all other activities engaged in by an escrow company)
at 6809 Magnolia Avenue, Riverside, California, through
a subsidiary, S.P.M.C. Escrow, Inc. (11/16/78) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, loans and extensions of credit
including making consumer installment personal loans,
purchasing consumer installment sales finance contracts,
making loans to small businesses and other extensions
of credit such as would be made by a factoring company
or a consumer finance company; and acting as broker or
agent for the sale of credit related life, accident
and health insurance and credit related property and
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, 1978 No. 47
- 14 APPLICATIONS RECEIVED-Continued
casualty insurance) at 3580 Wilshire Boulevard, Los
Angeles, California, through its subsidiary, Security
Pacific Finance Corp. (11/16/78) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, loans and extensions of credit
including making consumer installment personal loans,
purchasing consumer installment sales finance contracts , making loans to small businesses and other
extensions of credit such as would be made by a
factoring company or a consumer finance company; and
acting as broker or agent for the sale of credit
related life, accident and health insurance and
credit related property and casualty insurance) at 441
South Calle Encilia, Palm Springs, California, through
its subsidiary, Security Pacific Finance Corp.
(11/20/78) 3/
Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, loans and extensions of credit
including making consumer installment personal loans,
purchasing consumer installment sales finance contracts, making loans to small businesses and other
extensions of credit such as would be made by a
factoring company or a consumer finance company; and
acting as broker or agent for the sale of credit
related life, accident and health insurance and credit
related property and casualty insurance) at 1 Market
Plaza, Spear Street Tower, San Francisco, California,
through its subsidiary, Security Pacific Finance Corp.
(11/16/78) 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 camiercial properties for its own account
or for the sale to others and the servicing of such
loans for others) at 36 South State Street, Salt Lake
City, Utah, through its subsidiary, Security Pacific
Mortgage Corporation (11/15/78) 3/
37
4(c)(8) or 4(c)(12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 47
-15APPLICATIONS RECEIVED-Continued
U.S. Bancorp, Portland, Oregon, notification of intent
to engage in de novo activities (making, acquiring and
servicing of loans and other extensions of credit
either secured or unsecured for its own account or for
the account of others, including the making of consumer installment loans, purchasing consumer installment and real estate sales finance contracts and
evidences of debt and making consumer home equity
loans secured by real estate, making industrial loans;
and acting as insurance agent with regard to credit
life and disability insurance solely in connection
with extensions of credit by U.S. Creditcorp) at 235
N.E. 122nd Avenue, Portland, Oregon, through its
subsidiary, U.S. Creditcorp (11/16/78) 3/
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REPORTS RECEIVED
Registration Statement Filed Pursuant to Section
12 (g) of the Securities Exchange Act
Union Trust Company of Wildwood, Wildwood, New Jersey.
(Amendment #1)
PETITIONS FOR RULEMAKING
None.
3/
4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
@FedFRASER