Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : November 4, 1978

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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1978 No. 44)
Actions of the Board; Applications and Reports
Received During the Week Ending November 4, 1978
ACTIONS OF THE BOARD
Discount rate increase from 8-1/2 per cent to 9-1/2 per
cent.
Establishment of a supplementary reserve requirement, in
addition to present member bank reserve requirements,
equal to 2 per cent of time deposits in denominations
of $100,000 or more.
Federal bank regulatory agencies proposed regulatory
revisions establishing uniform standards for bank
recordkeeping, confirmation and other procedures in
making securities transactions for trust department
and other bank customers; the agencies requested
comment by December 18, 1978.
CBT Corporation, Savannah, Georgia, extension of time
to January 29, 1979, within which to file registration
statement. 1/
First City Bancorporatiori of Texas, Inc., Houston, Texas,
extension of time to January 18, 1979, within which to
consummate the acquisition of Lewisville State Bank,
Lewisville, Texas. 1/
FIRST EVERGREEN CORPORATION, Evergreen Park, Illinois,
extension of time to January 8, 1979, within which to
become a bank holding company through the acquisition
of 100 per cent of the voting shares (less directors1
qualifying shares) of the successor by merger to The
First National Bank of Evergreen Park, Evergreen Park,
Illinois. 1/
Texas Commerce Bancshares, Inc., Houston, Texas, extension
of time to February 22, 1979, within which to consummate
the acquisition of Westview Commerce Bank, National
Association, Houston, Texas, a proposed new bank. 1/
Application processed on behalf of the Board of Governors under delegated
authority.




H.2, 1978 No. 44

-2ACTIONS OF THE BQARD-Continued

Bay City Bank & Trust Company, Bay City, Michigan,
requesting permission to make an investment in bank
premises. 1/
Royal Trust Bank of Tampa, Tampa, Florida, requesting
permission to make an investment in bank premises. 1/
Sunbank of South Dakota, Sioux Falls, South Dakota, extension of time to December 1, 1978, within which to
open branch at the junction of 10th and 12th Streets,
Sioux Falls, South Dakota. 1/
South Aurora State Bank, Aurora, Colorado (a proposed
new bank), extension of time to November 20, 1978,
within which to complete its application for membership in the Federal Reserve System. 1/
Chase Manhattan Bank, N.A., New York, New York, requesting
a one-year extension of time within which to purchase
and hold, directly or indirectly, up to 67 per cent of
Chase Bank (Cameroon) S.A., Doula, Cameroon. 1/
Barnett Banks of Florida, Inc., Jacksonville, Florida,
subsidiaries of, proposed merger with Barnett Bank of
Jacksonville, National Association, Jacksonville,
Florida, 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. 44

- 3 ACTIONS OF THE BOARD-Continued

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
The Bridgeville Trust Company, Bridgeville, Pennsylvania.
Branch to be established at Route 519, South Fayette
Township, Allegheny County. 2/
The Savings and Trust Company of Pennsylvania, Indiana,
Pennsylvania. Branch to be established at North
Fourth Street and North Avenue, Indiana County. 2/
The Detroit Bank-Southfield, Southfield, Michigan.
Branch to be established near the intersection of
Eight Mile and Greenfield Roads in the Northland
Shopping Center, Building B-l, Southfield, Oakland
County. 2/
Valley Bank and Trust Company, Salt Lake City, Utah.
Branch to be established in the vicinity of "E" Street
and South Temple, Salt Lake City. 2/
United California Bank, Los Angeles, California. Branch
to be established in the vicinity of the intersection
of Scott Boulevard and El Camino Real, Santa Clara,
Santa Clara County. 2/
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
State Bank of Keysville, Keysville, Virginia. 2/
United Bank of Pinellas, St. Petersburg, Florida. 2/
2/ Applications processed by Reserve Bank on behalf of the Board of
Governors under delegated authority.




H.2, 1978 No. 44




- 4 ACTIONS OF THE BOARD-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
Citibank, N.A., New York, New York: grants permission
to Citibank, N.A., New York, New York, to continue to
hold 49 per cent of the shares of Grindlays Bank
Limited, London, England, after Grindlays establishes
an initial branch in Buenos Aires, Argentina.
Citibank, N.A., New York, New York: grants consent for
Citibank Overseas Investment Corporation to continue
to hold shares of Citibank Aktiengesellschaft, Frankfurt,
Germany, after CAG, or any of its subsidiaries, has
issued and outstanding debt obligations with maturities
in excess of one year.
Citibank, N.A., New York, New York: grants consent for
Citibank Overseas Investment Corporation's subsidiary,
Societe de Credit pour l1 Acquisition et 11 Amelioration
des Immeubles, Paris, France, to issue and have outstanding debt obligations with maturities in excess of
one year.
*

* * * *

To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
The First National Bank of Boston, Boston, Massachusetts:
grants permission to establish two branches in Santiago
de Chile, Chile.
Bank of America N.T. & S.A., San Francisco, California:
grants permission to establish a branch in Santiago,
Chile and a branch in Valparaiso, Chile.

H.2, 1978 No. 44

- 5 ACTIONS OF THE BOARD-Continued

To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Approved
FirstBancorp, Inc., New Haven, Connecticut, for approval
to acquire 100 per cent of the voting shares of First
Bank, New Haven, Connecticut. 2/
Georgia Bancshares, Inc., Macon, Georgia, for approval
to acquire 100 per cent of the voting shares of the
successor by merger to Georgia Bank & Trust Company,
Macon, Georgia.
FAIKBANK BANCSHARES, INC., Fairbank, Iowa, for approval
to acquire 85 per cent or more of the voting shares of
Fairbank State Bank, Fairbank, Icwa. 2/
Keystone Bancshares, Inc», Monona, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
Peoples State Bank, Elkader, Icwa.
CITIZENS, INC., Wins ted, Minnesota, for approval to
acquire 89.67 per cent of the voting shares of Citizens
State Bank of Winsted, Wins ted, Minnesota. 2/
Quail Creek Bancshares, Inc., Oklahoma City, Oklahoma,
for approval to acquire 80 per cent or more of the
voting shares of Quail Creek Bank, National Association, Oklahoma City, Oklahoma.
Security Bancshares, Inc., Tulsa, Oklahoma, for approval
to acquire 100 per cent of the voting shares (less directors ' qualifying shares) of Security Bank, Tulsa,
Oklahoma.
Carthage Bancshares, Inc., Carthage, Texas, for approval
to acquire 80 per cent or more of the voting shares of
The First National Bank of Carthage, Carthage, Texas.

2/

Gordon Financial Corporation, Gordon, Texas, for approval
to acquire 80 per cent or more of the voting shares of
The First National Bank of Gordon, Gordon, Texas.
2/ Applications processed by Reserve Bank on behalf of the Board of
Governors under delegated authority.




H.2, 1978 bio. 44

- 6 ACTIONS OF THE BQARD-Continued

Texas Panhandle Bancshares, Inc., Borger, Tessas, for
approval to acquire 80 per cent or more of the voting
shares of Panhandle Bank & Trust Company, Borger,
Texas.
Western Bancshares, Inc., Van Horn, Texas, for approval
to acquire 81 per cent or more of the voting shares of
Van Horn State Bank of Van Horn, Texas, Van Horn,
Texas. 2/
John-Wade Co., Santa Ana, California, for approval to
retain approximately 60 per cent of the voting shares
of Coast Bancorp, Long Beach, California.
*

*

*

*

*

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Approved
First Bancorp of N.H., Inc., Manchester, New Hampshire,
for approval to acquire 45.8 per cent or more of the
voting shares of Londonderry Bank and Trust Company,
Londonderry, New Hampshire.
Alabama Bancorporation, Birmingham, Alabama, for approval
to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by absorption
to The Bank of East Alabama, Opelika, Alabama.
First Railroad & Banking Company of Georgia, Augusta,
Georgia, for approval to acquire 80 per cent of the
voting shares of First Georgia Bank, Atlanta, Georgia.
Hawkeye Bancorporation, Des Moines, Iowa, for approval
to acquire 100 per cent of the voting shares (less directors ' qualifying shares) of Second National Bank,
Eldora, Iowa, through the acquisition of 100 per cent
of the voting shares of Second Bancorporation, Eldora,
Iowa.
Marshall & I Is ley Corporation, Milwaukee, Wisconsin, for
approval to acquire 80 per cent or more of the voting
shares of Western State Bank, Oshkosh, Wisconsin.
27 Applications processed by Reserve Bank on behalf of the Board of
Governors under delegated authority.



H.2, 1978 No. 44




- 7 ACTIONS OF THE BOARD-Continued

First Arkansas Bankstock Corporation, Little Rock,
Arkansas, for approval to retain indirectly approximately 91 per cent of the voting shares of First
National Bank in Mena, Mena, Arkansas.
Obto Bremer Company, St. Paul, Minnesota, for approval
to acquire 68.2 per cent of the voting shares of The
First National Bank of Crookston, Crookston, Minnesota.
First City Bancorporation of Texas, Inc., Houston,
Texas, for approval to acquire 100 per cent of the
voting shares (less directors' qualifying shares) of
the successor by merger to The Lufkin National Bank,
Lufkin, Texas.
Republic of Texas Corporation, Dallas, Texas, for approval
to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger
to Texas State Bank, Austin, Texas.
Texas American Bancshares, Inc., Fort Worth, Texas, for
approval to acquire 75 per cent of the voting shares
of Bank of Fort Worth, Fort Worth, Texas.
First Security Corporation, Salt Lake City, Utah, for
approval to acquire 99.67 per cent of the voting
shares of First Security State Bank of Twelfth Street,
Ogden, Utah, a proposed new bank.
Denied
First National Holding Corp., Atlanta, Georgia, for approval to acquire 100 per cent of the voting shares of
Gwinnett Bank and Trust Company, Norcross, Georgia.
*

* * * *

To Expand a Bank Holding Company Pursuant to Section
3(a) (5) of the Bank Holding Company Act of 1956
Approved
Central National Corporation, Richmond, Virginia and
Fidelity American Bahkshares, Inc., Lynchburg,
Virginia, for approval to consolidate into a new
corporation, Commonwealth Banks, Inc., Richmond,
Virginia.

8

H.2, 1978 No. 44

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
Approved
Old Stone Corporation, Providence, Rhode Island, for
approval to acquire Guild Loan and Investment Company,
Providence, Rhode Island.
Central National Corporation, Richmond, Virginia and
Fidelity American Bankshares, Inc., Lynchburg, Virginia,
for approval to continue to engage after consolidation
in the activities through subsidiaries, The Columbia
Advisory Corporation, Lynchburg, Virginia; Columbia
Insurance Agency, Inc., Lynchburg, Virginia; Fidelity
American Computer Services, Inc., Lynchburg, Virginia;
Cencor Insurance Agency Incorporated, Richmond,
Virginia; and Bankers Mortgage Corporation, Bailey's
Crossroads, Virginia.
Returned
Republic Bancorp Co., Chicago, Illinois, notification of
intent to continue to engage in de novo activities
(sale of life, health and accident insurance policies
commonly knovn in the insurance and banking industries
as credit and mortgage life insurance policies) at
6501 South Pulaski Road, Chicago, Illinois, through
its subsidiary, DRB Insurance Agency, Inc. (10/31/78)

y

Delayed
First National Holding Corp., Atlanta, Georgia, notification of intent to engage in de novo activities
(operating as an industrial bank which shall include
Die accepting of deposits, issuing of certificates of
deposit, engaging in general consumer lending business
and limited commercial lending business) in Grand
Junction, Colorado, through a subsidiary, Gulf Finance
Corp. (10/18/78) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
(origination and sale of residential mortgages and insurance agcncy for the sale of credit life and credit
accident and Iiealth insurance directly related to an
extension of credit) at Suite 204, 1100 East Sahara
Avenue, Las Vegas, Nevada, through its indirect subsidiaiy, Mortgage Associates, Inc., Milwaukee,
3? 4(c)(8) and 4(c) (12) notii icubinns processed by Reserve Bank on behalf

of the Board of Governor; under delegated authority.


H.2, 1978 No. 44

- 9ACTIONS OF THE BGARD-Continued
Wisconsin (a Rhode Island Corporation) which is a
wholly-owned subsidiary of Industrial National Corporation ' s direct subsidiary, MAI Financial Corporation, Milwaukee, Wisconsin (a Wisconsin Corporation)
(11/1/78) 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, comnercial loans; 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
transactions 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 C.F.R.
225.4 (a) (6) (a) and (b)) at 1 S.E. Third Avenue, Miami,
Florida, Sears Tower, 77th Floor, 233 South Wacker Drive,
Chicago, Illinois and First International Building,
Suite 3868, Elm at Field Street, Dallas, Texas, through
its subsidiary, Citicorp Commercial, Inc. (10/29/78)
3/
Union Trust Bancorp, Baltimore, Maryland, notification
of intent to engage in de novo activities (making
installment loans to individuals for personal, family
or household purposes; purchasing sales finance contracts executed in connection with the sale of personal,
family or household goods or services; acting as agent
in the sale of credit life and credit accident and
health insurance directly related to its extensions of
credit; and acting as agent in the sale of insurance
protecting collateral held against its extensions of
credit) at 127 Park Avenue, N.W., Aiken, South Carolina,
through its subsidiary, Landmark Financial Services,
Inc. (10/31/78) 3/
Central Bancorp, Inc., Miami, Florida, notification of
intent to engage in de novo activities (placing credit
life and accident and health insurance in connection
with extensions of credit granted by subsidiary banks)
at 1313 N.W. 36 Street, Miami, Florida, through a
subsidiary, Central Agency, Inc. (11/1/78) 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, 1978 No. 44

- 1 0 -

ACTIONS OF THE BQARD-Continued
Peoples Bankshares, Inc., Mora, Minnesota, notification
of intent to engage in de novo activities (making
loans to individuals, partnerships and corporations
for the purpose of financing farm personal property,
real estate and contracts for deeds) at 45 North
Union, Mora, Minnesota, through their subsidiary,
Peoples Credit Company of Mora, Minnesota, Inc., Mora,
Minnesota (10/30/78) 3/
Midland Capital Co., Oklahoma City, Oklahoma, notification of intent to relocate de novo activities
(mortgage banking, including origination and servicing
of all types of residential and commercial mortgage
loans) from 2480 W. 26th Avenue to a new office located
at 7059 E. West Alameda, Denver, Colorado, through its
subsidiary, Midland Mortgage Co. (11/3/78) 3/
Commercial Security Bancorporation, Ogden, Utah, notification of intent to engage in de novo activities (to
act as a lender in making or acquiring of consumer
loans; CSB Leasing, Inc. has entered into an agreement
with State Farm International Services, Inc. whereby
local State Farm Insurance Agents will assist in the
arranging and developing of loans for the subsidiary;
CSB Leasing, Inc. is acting as a regulated lender as
provided for under the provisions of the Utah Consumer
Credit Code) at 1065 North Highway 89, North Salt
Lake City; 858 East 9400 South, Sandy; 136 South Main
Street, Helper; 609 East Main Street, Price; 305 North
Broadway, Green River; and 245 State Highway, Wendover,
all located in Utah, through its subsidiary, CSB
Leasing, Inc. (10/30/78) 3/
Seilon, Inc., Toledo, Ohio, notification of intent to
engage in de novo activities (leasing personal property and equipment or acting as agent, broker or
adviser in leasing 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
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, 1978 No. 44

- 11 ACTIONS OF THE BQARD-Continued
Federal Reserve Board under Regulation Y and the Bank
Holding Company Act) at 6001 Marble NE, Albuquerque,
New Mexico, through its subsidiary, Bancorporation
Leasing (10/29/78) 3/

Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities
(making or acquiring loans and other extensions of
credit, including commercial loans secured by a
borrower's inventory, accounts receivable or other
assets; servicing loans for the account of others; and
making full pay-out leases of personal property to the
extent permitted by section 225.4(a)(6)(a) of Regulation Y of the Federal Reserve Board) at 4100 McEwen
Road, Dallas, Texas, through its subsidiary, Wells
Fargo Business Credit (11/3/78) 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, 1978 No. 44




-12APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
The Apple Creek Banking Company, Apple Creek, Ohio.
Branch to be established at State Route #3,
Madisonburg, Wayne County.
Pee Dee State Bank, Tiirmonsville, South Carolina.
Branch to be established at the intersection of Second
Loop Road and South Heritage Lane, Florence.
Union Trust Bancorp, Baltimore, Maryland. Branch to
be established at 2439 Frederick Avenue, Baltimore.
Wyandotte Savings Bank, Wyandotte, Michigan. Branch
to be established at 3005 Biddle Avenue, Wyandotte.
Hawthorn Center State Bank, Vernon Hills, Illinois.
Branch to be established at 426 Hawthorn Center,
Vernon Hills.
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Pitkin County Bank, Aspen, Colorado.
Tri-County Banking Co., Junction City, Oregon.
*

*

*

*

*

To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company Act of 1956
Savings Banks Shares, Inc., Concord, New Hampshire,
for approval to acquire 93.83 per cent or more of the
voting shares of The Franklin National Bank, Franklin,
New Hampshire.

H.2, 1978 No. 44




- 13 APPLICATIONS RECEIVED-Continued

FOUR SEASONS OF WIS., INC., Manawa, Wisconsin, for approval to acquire 80 per cent of the voting shares of
Farmers State Bank of Manawa, Manawa, Wisconsin.
Marjon Bancorporation, Inc., Colesburg, Iowa, for approval to acquire 80 per cent or more of the voting
shares of Farmers Savings Bank, Colesburg, Iowa.
Magnolia Bancshares, Inc., Magnolia, Kentucky, for approval to acquire 94.6 per cent of the voting shares
of Bank of Magnolia, Magnolia, Kentucky.
West Plains Bancshares, Inc., West Plains, Missouri,
for approval to acquire 100 per cent of the voting
shares (less directors' qualifying shares) of West
Plains Bank, West Plains, Missouri.
Catoosa Bancshares, Inc., Catoosa, Oklahoma, for approval to acquire 100 per cent (less directors1
qualifying shares) of the voting shares of 1st Bank of
Catoosa, Catoosa, Oklahoma.
Palisade Bancshares, Inc., Palisade, Colorado, for approval to acquire 100 per cent (less directors'
qualifying shares) of the voting shares of The
Palisades National Bank, Palisade, Colorado.
Wood River Financial Services, Inc., Wood River,
Nebraska, for approval to acquire 95 per cent (less
directors' qualifying shares) of the voting shares of
Bank of Wood River, Wood River, Nebraska.
* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a) (3) of the Bank Holding Company Act of 1956
Northwest Ohio Bancshares, Inc., Toledo, Ohio, for
approval to acquire 80 per cent or more of the voting
shares of The Willard United Bank, Willard, Ohio.

H.2, 1978 No. 44

-14APPLICATIONS RECEIVED-Cont inued

Hawkeye Lancorpor ation, Des Moines, Iowa, for approval
to acquire 100 per cent of the voting shares (less
directors' qualifying shares) of Second National Bank,
Eldora, Icwa, through the acquisition of 100 per cent
of the voting shares of Second Bancorporation, Eldora,
Icwa.
*

*

*

*

*

To Expand a Bank Holding Company Pursuant to Section
4(c) (8) of the Bank Holding Company Act of 1956
Chittenden Trust Company, Burlington, Vermont, notification of intent to engage in de novo activities
(making, acquiring, or servicing loans to individuals,
partnerships and corporations exclusively to finance
the payment of fire and casualty insurance premiums)
at the main banking office of The Chittenden Trust
Company, Two Burlington Square, Burlington, Vermont,
through an inactive subsidiary of the holding company
known as Agents Finance Company, Inc., Burlington,
Vermont (10/30/78) 3/
Citicorp, New York, New York, notification of intent
to engage in de novo activities (making or acquiring,
for its am account or for the account of others,
commercial loans? 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 a 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) and (b)) at 3000 Town Center, Southfield,
Michigan; Fountain Plaza, 4823 S. Sheridan Road,
Tulsa, Oklahoma; First American Center, Nashville,
Tennessee; 200 Market Street, Portland, Oregon; 233
South Wacker Drive, Chicago, Illinois; 399 Park Avenue,
New York, New York; 925 Westchester Avenue, White
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, 1978 No. 44

- 15 APPLICATIONS RECETVEEMZtontinued
Plains, New York; 4615 Southwest Freeway, Houston,
Texas; Three Girard Plaza, Philadelphia, Pennsylvania;
and 47.3 Broad Street, Meridan, Connecticut, through
its subsidiary, Citicorp Industrial Credit, Inc.
(11/3/78) 3/

Citicorp, New York, New York, notification of intent to
engage in de novo activities (making consumer installment personal loans, 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 property, the proceeds of which may be for purposes other than personal, family or household usage;
sale of credit related life and 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 contractual monthly payments
of the credit transactions in the event of the obligorfs
disability by licensed agents or brokers to the extent
permissible under applicable State laws and regulations;
the sale of credit related property and casualty
insurance protecting real property subject to a security
agreement with Nationwide Mortgage Corporation and to
include liability coverage 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 Family Guardian Life Insurance Company an
affiliate of Nationwide Mortgage Corporation? further,
in regard to the sale of credit related insurance the
subsidiary will not act as a general insurance agency)
at 4020 Maryland Parkway, Las Vegas, Nevada, through
its subsidiary, Nationwide Mortgage Corporation
(10/30/78) 3/
First Commercial Banks Inc., Albany, New York, notification of intent to engage in de novo activities (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 custodian nature)
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, 1978 No. 44

- 1 6 -

APPLICATIONS RECEIVED-Continued
in the manner authorized by Federal or State law so
long as the institition does not make loans or investments or accept deposits other than (i) deposits
that are generated from trust funds not currently
invested and are properly secured to the extent
required by law and (ii) deposits representing funds
received for a special use in the capacity of managing
agent or custodian for an owner of, or investor in,
real property, securities, or other personal property,
or for such owner or investor as agent or custodian of
funds held for investment or escrow agent, or for an
issuer of, or broker or dealer in securities, in a
capacity such as paying agent, dividend disbursing
agent, or securities clearing agent, and not employed
by or for the account of the customer in the manner of
a general purpose checking account or bearing interest,
or (iii) making of call loans to securities dealers or
purchase of money market instruments such as certificates
of deposit, cannercial paper, government or municipal
securities and bankers acceptances (such authorized
loans and investments, however, may not be used as a
method of channeling funds to non-banking affiliates
of the trust company)) at 60 State Street, Albany;
201-211 S. Warren Street, Syracuse; 260 Fair Street,
Kingston; and 131 Main Street, Sayville, all in New
York, through its subsidiary, Key Trust Company
(10/31/78) 3/
Third National Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities
(making of installment loans direct to borrowers and
discounting of installment notes receivable issued to
dealers by purchasers; and acting as insurance agent
or broker in selling insurance to borrowers from such
finance subsidiary to include credit life insurance,
accident and health insurance, and acting as agent in
the sale of property damage insurance for collateral
supporting loans made by such finance subsidiary) at
Market Basket Center, Highway 70 West, Lebanon,
Tennessee, through a subsidiary, Friendly Finance,
Inc. (11/1/78) 3/
Republic Bancorp Co., Chicago, Illinois, notification
of intent to continue to engage in de novo activities
(sale of life, health and accident insurance policies
commonly known in the insurance and banking industries
3/ 4(c)(8) and 4(c)(12) notifications processed by Rserve Bank on behalf
of the Board of Governors under delegated authority.



H.2, 1978 No. 44

— 17 —
APPLICATIONS KEXEIVED-Continued
as credit and mortgage life insurance policies) at
6501 South Pulaski Road, Chicago, Illinois, through
its subsidiary, DRB Insurance Agency, Inc. (11/3/78)
3/

West Plains Bancshares, Inc., West Plains, Missouri,
for approval to engage de novo in acting as agent or
broker in the sale of credit life and credit accident
and health insurance directly related to credit extensions made or acquired by West Plains Bank, West
Plains, Missouri.
First National Bancorporation, Inc., Denver, Colorado,
notification of intent to engage in de novo activities
(originating, processing and closing VA, FHA, and
Conventional permanent real estate mortgage loans) at
14231 East Fourth Avenue, Aurora, Colorado, through a
subsidiary, First Denver Mortgage Company (10/30/78)
3/
First National Charter Corporation, Kansas City, Missouri,
notification of intent to engage in de novo activities
(originating, acquiring and servicing Conventional,
FHA and VA guaranteed residential mortgage loans; nonresidential mortgages on commercial and industrial,
construction land development, farm and ranch properties ; and second mortgages; and act as agent for the
sale of mortgage related credit life and disability
insurance) at 100 Ten Main Center, Kansas City, Missouri
and 6605 West Florissant Avenue, Jennings, Missouri,
through a subsidiary, Charter Bankers Mortgage Company
(10/30/78) 3/
United Missouri Bancshares, Inc., Kansas City, Missouri,
notification of intent to engage in de novo activities
(origination of Convention, FHA and VA residential
mortgage loans) at Interstate Highway 70 and Noland
Road, Independence, Missouri, through a subsidiary,
City Bond and Mortgage Company (10/31/78) 3/
Correction:
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
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, 1978 No. 44

18 -

APPLICATIONS RECEIVEDContinued
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. This notification was received on H.2 No. 43.
(10/20/78) 3/
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 of
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 259 Barnett Road, Suite
B, Medford, Oregon, through its subsidiary, U.S.
Creditcorp (10/30/78) 3/
*

* * * *

Certifications Issued Pursuant to the Bank Holding
Company Tax Act of 1976
C.I.T. Financial Corporation, New York, New York, to
divest shares of National Bank of North America, New
York, New York. (Legal Division Docket No. TCR 76167) */
3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
V Processed on behalf of the Board of Governors under delegated authority.




H.2, 1978 No. 44

- 19 APPLICATIONS RECEIVED-Continued

First Missouri Banks, Inc., Creve Coeur, Missouri, to
divest certain real property in Creve Coeur, Missouri.
(Legal Division Docket No. TCR 76-106(b)) */
Sloan State Corporation, Sloan, Iowa, to divest certain
real property in Monona County, Iowa. (Legal Division
Docket No. TCR 76-168) */
k

k

k

k

-k

REPORTS RECEIVED
None.
*

*

*

*

*

PETITIONS FOR RULEMAKING
None.

*/ Processed on behalf of the Board of Governors under delegated authority.