Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : November 30, 1974

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ANNOUNCEMENT BY
BOARD OF GOVERNORS-OF THE FEDERAL RESERVE SYSTEM
Applications and Reports Received or Acted on
H.2
1974 No. 48

During the Week Ending November 30, 1974

District

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Date
Registration Statement Filed Pursuant to
Section 12(g) of the Securities Exchange Act
Received
The Oberlin Savings Bank Company, Oberlin, Ohio
(Amendment #2)

To Establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
The Loramie Banking Company, Fort Loramie, Ohio.
Branch to be established at R.R. 1, Fort Loramie,
Shelby County.
Valley Bank of Nevada, Las Vegas, Nevada. Branches
to be established at the following locations:
A.

To be established at Tropicana Avenue-Pecos Road,
City of Las Vegas, Clark County.

B.

To be established at Harmon Avenue and Las Vegas
Boulevard South, City of Las Vegas, Clark County.

Withdrawn
The City Banking Company, Lorain, Ohio. Branch to be
established at 2311 Colorado Avenue, Lorain, Lorain
County.

'" ^
11-25-74

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H.2
1974 No. 48

1

- 2 Approved
*Newton Waltham Bank and Trust Company, Waltham,
Massachusetts. Branch to be established in the
Deerskin Plaza on the Western corner of the
intersection of Route 9 and Main Street, Framingham.

4

-The Cortland Savings & Banking Company, Cortland, Ohio.
Branch to be established at State Route 45
Bristolvilie, Trumbull City.

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*Southern Bank and Trust Company, Richmond, Virginia.
Branch to be established at 4900 Nine Mile Road,
Henrico County, Richmond.

7

'-Linden State Bank, Linden, Indiana. Branch to be
established 145 feet west of the intersection of
Washington and Wabash Streets, New Richmond.

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







To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Farmers & Merchants Agency, Inc., Pierz, Minnesota, for
approval to acquire 97.8 per cent of the voting shares
of Farmers and Merchants State Bank of Pierz, Pierz,
Minnesota.
Denied
Commonwealth Bancshares, Inc., Dallas, Texas, for approval to acquire 88 per cent of the voting shares of
Commonwealth National Bank of Dallas, Dallas, Texas.

*

* * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
Alabama Bancorporation, Birmingham, Alabama, for approval
to acquire 100 per cent of the voting shares (less
directors 1 qualifying shares) of the successor by merger
to The Bank of Arab, Arab, Alabama.
General Bancshares Corporation, St. Louis, Missouri,
for approval to acquire 100 per cent (less directors 1
qualifying shares) of the voting shares of Traders
National Bank of Kansas City, Kansas City, Missouri.
First United Bancorporation, Inc., Fort Worth, Texas,
for approval to acquire 15,861 shares of the voting
shares of University Bank, Fort Worth, Texas.
Victoria Bankshares, Inc., Victoria, Texas, for approval
to acquire 100 per cent of the voting shares (less
directors1 qualifying shares) of The Jackson County
State Bank, Edna, Texas.
Approved
Tennessee Valley Bancorp, Inc., Nashville, Tennessee,
for approval to acquire 50 per cent or more of the
voting shares of Mountain Empire Bank, Johnson City,
Tennessee, a proposed new bank.

H.2
1974 No. 48

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- 4 Approved Continued
Michigan National Corporation, Bloomfield Hills, Michigan,
for approval to acquire 100 per cent of the voting
shares (less directors f qualifying shares) of Michigan
National Bank of Macomb, Warren, Michigan, the successor
to the deposit liabilities of Tri-City Bank, Warren,
Michigan.
Commercial Security Bancorporation, Ogden, Utah, for
approval to acquire 51 per cent or more of the voting
shares of Bank of Salt Lake, Salt Lake County (P.O. Salt
Lake City), Utah.
Withdrawn
On H.2 No. 31 (1974), the Board reported receipt of an
application from First Banc Group of Ohio, Inc., Columbus, Ohio, for approval to acquire 100 per cent (less
directors' qualifying shares) of the voting shares of
the successor by merger to First National Bank of
Toledo, Toledo, Ohio. In a letter dated November 20,
1974, Applicant requested that the application be withdrawn.
* * * * *

1

To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Received
**First National Boston Corporation, Boston, Massachusetts,
notification of intent to engage in de novo activities
(providing bookkeeping or data processing services for
the internal operations of First National Boston Corporation and its subsidiaries, storing and processing
banking, financial, or related economic data, such as
performing payroll, accounts receivable or payable, or
billing services for others and providing all such other
data processing services and engaging in all such other
activities as are presently permissible as incidental
activities) on Edison Drive, Maine, Turnpike Shopping
Center off Whitten Road and 331 Water Street, Augusta,
Maine, through a subsidiary, Firstbank Data Services,
Inc., Boston, Massachusetts, and through certain subsidiaries of Firstbank Data Services, Inc., including
First of Boston Computeristics, Inc., Boston, Massachusetts.

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



11-29-74

H. 2
1974 No. 48

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Received Continued
**Marine Midland Banks, Inc., Buffalo, New York, notification
of intent to engage in de novo activities (originating,
making, acquiring, and servicing, for its own account or
for the account of others, loans and other extensions of
credit either unsecured or principally secured by mortgages on residential or commercial properties or leasehold interests therein; acting as investment or financial
adviser to the extent of serving as the advisory company
for a mortgage or real estate investment trust, furnishing general economic information and advice on real
estate matters and providing portfolio investment advice
on real estate matters; and performing property management services on property acquired as a result of a
default on loans) at 9595 Wilshire Boulevard, Suite 501,
Beverly Hills, California, through its subsidiary,
Midland Research Corporation.

11-29-74

4

Mellon National Corporation, Pittsburgh, Pennsylvania, for
approval to acquire all of the outstanding common stock
of Local Loan Co., Chicago, Illinois.

7

**Citizens Bancorporation, Sheboygan, Wisconsin, notification
of intent to engage in de novo activities (mortgage
banking, including origination and sales of construction
and long-term loans on commercial, residential, and industrial real estate) at 636 Wisconsin Avenue, Sheboygan,
Wisconsin, through a subsidiary, Citizens Mortgage
Company.

11-29-74

**Guaranty Loan and Investment Corporation of Tulsa, Inc.,
Tulsa, Oklahoma, notification of intent to engage in de
novo activities (industrial banking activities) in
Oklahoma City, Oklahoma, through its subsidiary, Western
Trust & Savings Company, Tulsa, Oklahoma.

11-29-74

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Correction:
**First International Bancshares, Inc., Dallas, Texas, notification of intent to continue to engage in de novo
activities (providing bookkeeping and data processing
services for the internal operations of Bancshares and
its subsidiaries, storing and processing other banking,
financial, and related economic data, and performing
such incidental activities as are necessary to carry on
the foregoing activities) at 402 West Erwin Street,

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




11-22-74

H.2
1974 No. 48

- 6Received Continued
Tyler, Texas; such activities were shifted to First
International Services Corporation from Dallas Management Services, Inc., an affiliate of First International
Bancshares, Inc., and were engaged in by Dallas Management Services, Inc.

12

**BankAmerica Corporation, San Francisco, California, noti11-19-74
fication of intent to relocate the Albuquerque, New
Mexico, office which engages in the activity of (making
loans, extending credit, and providing of services incidental to such loans and extensions of credit such as
would be made or provided by a finance company, including the following specific activities: (a) purchasing
installment sales finance contracts on vehicles, mobile
homes, pleasure equipment, home improvements, and inventory financing; (b) acting as agent or broker for the
sale of credit related life/accident and disability
insurance and credit related property and casualty
insurance in connection with extensions of credit by
FinanceAmerica Credit Corporation) from 1820 San Pedro N.E.,
Albuquerque, New Mexico, to 6224 North 43rd Avenue,
Glendale, Arizona, through its indirect subsidiary,
FinaneeAmerica Credit Corporation (formerly G.A.C.
Trans-World Acceptance Corporation).

12

**Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities (finance
leasing of personal property and equipment, and acting
as agent, broker, and adviser in leasing such property)
at 100 South Wacker Drive, Chicago, Illinois, through
its subsidiary, Wells Fargo Leasing Corporation.

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10-23-74

Approved
Farmers & Merchants Agency, Inc., Pierz, Minnesota, for
approval to acquire the insurance agency business owned
and conducted by William T. Stoll, Pierz, Minnesota.
Delayed
**BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities
(purchasing wholesale and retail sales finance contracts
on vehicles, mobile homes, pleasure equipment, and home
improvements; acting as agent or broker for the sale of
credit insurance in connection with extensions of credit
by FinanceAmerica Service Corporation) at 128 East 6th
Street, Cincinnati, Ohio, through its indirect subsidiary,
FinanceAmerica Service Corporation, Cincinnati, Ohio.

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



11-27-74

H.2
1974 No. 48
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Permitted
**Clticorp, New York, New York, notification of intent to
engage in cle novo activities (purchasing and servicing
for its own account, consumer installment sales finance
contracts; and will act as broker for the sale of consumer credit related life/accident and health insurance
and consumer credit related property and casualty insurance on purchased consumer installment sales finance
contracts; said insurance will only be offered when such
transactions are the equivalent of direct extensions of
consumer credit by the subsidiary; if this proposal is
effected, the subsidiary will offer to sell insurance as
follows: (a) group credit life/accident and health
insurance to cover the outstanding balances on consumer
installment sales finance contracts to obligators,
singly or jointly with their spouses or co-signers in
the case of life coverage, in the event of death, or, to
make the contractual monthly payments on consumer installment sales finance transactions in the event of the
obligators' disability to the extent permissible under
applicable State insurance laws and regulations; (b)
individual casualty insurance on personal property
subject to security agreements; further, in regard to
the sale of credit related insurance, the subsidiary
will not act as a general insurance agency) at 2700
State Street, Suite 11, Las Vegas, Nevada, through its
subsidiary, Nationwide Acceptance Corporation of Nevada.
**Citicorp, New York, New York, notification of intent
to engage in de novo activities (the purchasing and
servicing for its own account, consumer installment
sales finance contracts; and will act as broker for the
sale of consumer credit related life/accident and health
insurance and consumer credit related property and
casualty insurance on purchased consumer installment
sales finance contracts; said insurance will only be
offered when such transactions are the equivalent of
direct extensions of consumer credit by the subsidiary;
if this proposal is effected, the subsidiary will offer
to sell insurance as follows: (a) group credit life/
accident and health insurance to cover the outstanding
balances on consumer installment sales finance contracts
to obligators, singly or jointly with their spouses or
co-signers in the case of life coverage, in the event of
death, or, to make the contractual monthly payments on

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




I

11-28-74

11-24-74

H.2
1974 No. 48

- 8 Permitted Continued
consumer installment sales finance transactions in the
event of the obligators' disability to the extent permissible under applicable State insurance laws and
regulations; (b) individual casualty insurance on personal property subject to security agreements; further,
in regard to the sale of credit related insurance, the
subsidiary will not act as a general insurance agency)
in Bellevue, Washington, through its subsidiary, Nationwide Acceptance Corporation of Washington.

2

**Citicorp, New York, New York, notification of intent to
relocate its Enid, Oklahoma, office and to engage in de
novo activities (making consumer installment personal
loans, purchasing consumer installment sales finance
contracts; and acting as broker for the sale of consumer
credit related life/accident and health insurance and
consumer credit related property and casualty insurance;
if this proposal is effected, Nationwide Financial
Corporation of Oklahoma will offer to sell insurance as
follows: (a) group credit life/accident and health
insurance to cover the outstanding balances of loans to
borrowers in the event of their death, or, to make the
contractual monthly payments on the loans in the event
of the borrowersf disability; (b) individual casualty
insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related
insurance, Nationwide Financial Corporation will not
offer insurance counseling) from Enid, Oklahoma to 1514
North Rockwell, Oklahoma City, Oklahoma, through its
subsidiary, Nationwide Financial Corporation of Oklahoma.

11-26-74

3

**Fidelcor, Inc., Rosemont, Pennsylvania, notification of
intent to engage through its proposed indirect subsidiary, Wayland Agency, Inc., and its existing indirect
subsidiary, Local Finance Company of Florida in the
following de novo activities: Wayland will act as an
insurance agent or broker through which insurance may be
placed by Local; this insurance will be limited to the
sale of insurance that is directly related to an extension of credit which Local may make available to its
customers, including credit life and credit accident and
health insurance and insurance protecting collateral
securing extensions of credit (direct loss or damage
caused by fire or lightning, extended coverage, loss

11-25-74

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



H.2
1974 No. 48

- 9 Permitted Continued
by robbery or burglary, coverage on household goods and
additional living expense coverage sold to individual
borrowers as part of the insurance package that covers
such household goods, but in no event to include liability insurance); the insurance agent or broker activity will be conducted at the existing office of or in an
office adjacent to Local Management Corporation (an
indirect subsidiary of Fidelcor) 179 Wayland Avenue,
Providence, Rhode Island; Local Finance Company of
Florida offices are at the following locations in Florida: Town & Country Plaza, Store 38A, Pensacola and 31
East Blue Heron Boulevard, Riviera Beach.

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^Boatmen's Bancshares, Inc., St. Louis, Missouri, notification of intent to relocate
novo activities (making
or acquiring, for its own account or for the account of
others, mortgage loans on residential, commercial, and
industrial properties as well as other kinds of loans
and other extensions of credit; and servicing of said
loans and other extensions of credit for any person)
from 1031 East Battlefield Road, Springfield, Missouri,
to 117 Park Central Square, Springfield, Missouri,
through a subsidiary, Missouri Mortgage and Investment
Company.

11-29-74

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**United Banks of Colorado, Inc. , Denver, Colorado, notification of intent to engage in de novo activities (mortgage banking activities) in Evergreen, Colorado, through
a subsidiary, United Mortgage Company.

11-29-74

12

**BankAmerica Corporation, San Francisco, California, notification of intent to relocate the Denver, Colorado,
office which engages in (making loans, extending credit,
and providing of services incidental to such loans and
extensions of credit such as would be made or provided
by a finance company, including the following specific
activities: (a) making of consumer installment loans
and purchasing installment sales finance contracts, and
making of loans to small businesses; (b) acting as agent
or broker for the sale of credit related life/accident
and disability insurance and credit related property
casualty insurance in connection with extensions of
credit by FinanceAmerica Service Employees Corporation)
from 960 Lincoln Street to Suite 635, Turnpike Tower
Office Building, 7475 Dakin Street, Denver, Colorado,
through its indirect subsidiary, FinanceAmerica Service
Employees Corporation, Denver, Colorado.

11-29-74

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



H. 2
1974 No. 48

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- 10 Permitted Continued
**Redwood Bancorp, San Francisco, California, notification
of intent to transfer from its banking subsidiary,
Redwood Bank, San Francisco, California, certain assets
(namely, the mortgage servicing portfolio) pertaining to
the bank 1 s mortgage banking activities (to Redwood
Bancorp 1 s nonbanking subsidiary, Redwood National Mortgage Company; Redwood Bancorp will continue to engage
indirectly in the relevant mortgage banking activities)
at 735 Montgomery Street, San Francisco, California.
**Wells Fargo & Company, San Francisco, California, notification of intent to relocate the Los Angeles, California, office of its subsidiaries, Wells Fargo Mortgage
Company and WFMC Corporation, which engages in (making
or acquiring, for its own account or for the account of
others, loans and other extensions of credit; servicing
loans and other extensions of credit for other persons;
acting as insurance agent or broker with respect to the
following types of insurance that are directly related
to the extension of credit by Wells Fargo & Company or
its subsidiaries: (1) credit life and credit accident
and health insurance, and (2) mortgage redemption and
mortgage cancellation insurance) from 5950 Wilshire
Boulevard to Suite 1214, 10960 Wilshire Boulevard, Los
Angeles, California.
Reactivated
**First Amtenn Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (making
or acquiring, for its own account or for the account of
others, loans and other extensions of credit such as
would be made by a finance company, including secured
and unsecured loans to individuals; discounting of
installment sales contracts; and secured commercial
financing, such as dealer floor-plan financing; acting
as agent or broker in selling the following types of
insurance to borrowing customers: credit life/accident
and health insurance, and property damage insurance on
collateral supporting loans made by Atlantic Consumer
Services of Tennessee, Inc.) at the 5800 Building,
Chattanooga, Tennessee, through a subsidiary, Atlantic
Consumer Services of Tennessee, Inc.

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




11-29-74

11-24-74

11-26-74

*

H. 2
1974 No. 48

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- 11Returned
**St. Joseph Bank and Trust Company, and St. Joseph Agency,
Inc., both of South Bend, Indiana, notification of intent to engage in de. novo activities (originating,
acquiring, selling, and servicing of residential,
commercial, and industrial mortgage loans as well as
making construction and development construction loans;
and the sale of credit life/accident and health insurance on such extensions of credit by the company) in
South Bend, Indiana, through a subsidiary of St. Joseph
Agency, Inc., known as St. Joseph Mortgage Co., Inc.,
South Bend, Indiana.
Withdrawn
**First Amtenn Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (secured commercial financing such as lease financing) at
the 5800 Building, Chattanooga, Tennessee, through a
subsidiary, Atlantic Consumer Services of Tennessee,
Inc.

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




11-25-74

11-21-74