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ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on and All Other Actions of the Board H. 2 1975 No. 45 During the Week Ending November 8, 1975 District 7 Date Ownership Statement Filed Pursuant to Section 13(d) of the Securities Exchange Act Received Bank of the Commonwealth, Detroit, Michigan (Amendment #1 - filed by Ghaith Pharaon) ~k * /V "k 5 To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Pee Dee State Bank, Timmonsville, South Carolina. Branch to be established at the Northeast corner of Railroad Avenue and Main Street, Lamar. 7 Grayling State Bank, Grayling, Michigan. Branch to be established at 2316 S. Grayling Street, Grayling, Crawford County. 9 The Bank of Rhame, Rhame, North Dakota. To establish a Paying-Receiving Station upon the removal and relocation of the Bank in Bowman. 6 9 Approved -The Bank of New Orleans and Trust Company, New Orleans, Louisiana. Branch to be established at the intersection of LaSalle Street and Tulane Avenue, New Orleans. *The Bank of Rhame, Rhame, North Dakota. To establish a Paying-Receiving Station upon the removal and relocation of the Bank in Bowman. * -a- v? -a- * *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. 11-3-75 To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act Received First National City Bank, New York, New York: branch - Santiago, Chile. * •* * * * International Investments and Other Actions Approved 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 First National City Overseas Investment Corporation, New York, New York: investment - additional in FNCB-Waltons Corporation, Limited, Sydney, Australia. Continental International Finance Corporation, Chicago, Illinois: investment - additional convertible subordinated notes of Inter-iPacific Financial Corporation (IPEC) Jakarta, Indonesia, and for IPEC to issue debt obligations. Chase Bank International-Houston, Houston, Texas: to issue debt obligations payable to the ExportImport Bank. Bamerical International Financial Corporation, San Francisco, California: investment - additional in Asian Euro-American Merchant Bankers (Malaysia) Berhad, Kuala Lumpur, Malaysia. I H.2 1975 No • 45 7 7 * - 3- To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received Owen-Curtiss Financial Corporation, Owen, Wisconsin, for approval to acquire 91.33 per cent of the voting shares of Owen-Curtiss State Bank, Owen, Wisconsin, Approved Ervin Motors, Marshalltown, Iowa, for approval to acquire 56.7 per cent of the voting shares of Commercial State Bank, Marshalltown, Iowa. 7 Traer Shares, Incorporated, Traer, Iowa, for approval to acquire 80 per cent or more of the voting shares of Farmers Savings Bank, Traer, Iowa, Traer, Iowa. 9 First Buffalo Holding Company, Buffalo, North Dakota, for approval to acquire 90 per cent of the voting shares of First State Bank of Buffalo, Buffalo, North Dakota. 10 Union State Bancshares, Inc., Uniontown, Kansas, for approval to acquire 80 per cent or more of the voting shares of Union State Bank, Uniontown, Kansas. * * * * * 6 11 To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Southeast Banking Corporation, Miami, Florida, for approval to acquire 80 per cent or more of the voting shares of Worth Avenue National Bank, Palm Beach, Florida. Trans Texas Bancorporation, Inc., El Paso, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Chamizal National Bank, El Paso, Texas, a proposed new bank. Modified Michigan National Corporation, Bloomfield Hills, Michigan, for approval to acquire 100 per cent of the voting shares (less directors* qualifying shares) of West Oakland Bank, National Association, Novi, Michigan. The Board modified the Order of May 27, 1975. e H.2 1975 No. 45 2 - 4 To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received **Citicorp, New York, New York, notification of intent to relocate de novo activities (making of 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 Oregon 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 borrowers * disability; (b) individual physical damage insurance on personal property subject to security agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of Oregon will not offer insurance counseling) from 615 S.W. Park Avenue, Portland, Oregon, to Raleigh Hills (Valley Plaza), Beaverton, Oregon, through its subsidiary, Nationwide Financial Corporation of Oregon. 11- 5-75 3 **Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to engage in de novo activities (leasing of personal property on a full payout basis) at 1290 Avenue of the Americas, New York, New York, through its subsidiary, S.P. Leasing Corporation (formerly known as Provident National Leasing Corporation). 11- 3-75 4 **Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities (making or acquiring, for its own account or the account of others, loans and other extensions of credit such as would be made by a mortgage company) at 3601 1-10 Service Road at Edenborn, Metairie, Louisiana, through its wholly-owned subsidiary, Carruth Mortgage Corporation, New Orleans, Louisiana. 11- 3-75 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 45 5 - 5 Received Continued **First Maryland Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (acting as insurance agent or broker in the sale of credit accident and health insurance and credit life insurance related to loans and other extensions of credit by First Maryland Bancorp, or any of its bank, bank-related or nonbank affiliates, and of other insurance to protect the collateral in which First Maryland Bancorp or any of its bank, bank-related or non bank affiliates has a security interest) at the following locations in Baltimore County: Catonsville, Dundalk, Edgeraere, Ingleside, Lutherville, Parkville, Parkton, Pikesville, Overlea, Reisterstown, Rosedale, Ruxton, Towson, and Woodlawn, Maryland, through a subsidiary, First Maryland Agency Incorporated. 11- 4-75 7 **Rock City Bancshares, Inc., Rock City, Illinois, notification of intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in leasing of such 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 cost of financing the property over the term of the lease) in Rock City, Illinois, through its subsidiary, Rock City Leasing Co., Inc. 11- 3-75 8 **Mercantile Bancorporation Inc., St. Louis, Missouri, notification of intent to engage in de novo activities (making, acquiring, or servicing loans or other extensions of credit for personal, family, or household purposes such as are made by a finance company; and insurance agency or brokerage in connection with selling to consumer finance borrowers credit life insurance credit accident and health insurance and property damage insurance for collateral securing loans made to borrowers) at 119 West Main, Myers Building, Ripley, West Virginia, through a subsidiary, Franklin Finance Company. 11- 6-75 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2 1975 No. 45 - 6 - Permitted **The Chase Manhattan Corporation, New York, New York, notification of intent to engage in de^ novo activities (conducting the business of a mortgage company by soliciting, making, acquiring, and servicing loans and other extensions of credit, either secured or unsecured, for its own account or for the account of others; acting as an issuer, broker, and/or dealer in respect of securities guaranteed by the Government National Mortgage Association; and acting as an investment or financial adviser on real estate matters to the extent of furnishing general economic information and advice as well as portfolio investment advice on real estate matters) at Windy Hill Road and 1-75 North, Atlanta, Georgia; and at 230 Peachtree Street, Atlanta, Georgia, through its subsidiary, Housing Investment Corporation of Florida. 11- 3-75 **Citicorp, New York, New York, notification of intent to engage in de novo activities (operating as an industrial loan company (Morris Plan) issuing thrift certificates and thrift passbook certificates; offering to sell life insurance equal to the difference between the maturity value of a thrift certificate purchase plan or periodic thrift certificate purchases over a specified term and the balance at the time of the depositor's death) at 2465 Washington Boulevard, Ogden, Utah, through its subsidiary, Citicorp Person-to-Person Financial Center. 11- 3-75 **Barnett Banks of Florida, Inc., Jacksonville, Florida, notification of intent to engage in d_e novo activities (performing or carrying on any one or more of the functions or activities that may be performed or carried on by a trust company, including activities of a fiduciary, agency, or custodial nature in the manner authorized by Federal and State law; provided, however, that loans and investments will be made and deposits accepted) at 230 North Woodland Boulevard, Deland, Florida, through a subsidiary, Barnett Banks Trust Company, N.A. 11- 5-75 **Third National Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (servicing commercial banks and savings and loan associations by arranging and servicing mobile home loans 11- 5-75 **4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 1975 No. 45 Permitted Continued for such institutions, performing and assisting on collection work on retail accounts, providing dealers with appraisal services for used mobile homes; acting as agent for credit life and mobile home physical damage insurance companies, and also providing lenders with insurance against credit losses on mobile home financing) at 170 4th Avenue, Nashville, Tennessee, through a subsidiary, Mobilehome Guaranty Corporation. 3 10 Delayed **Provident National Corporation, Philadelphia, Pennsylvania, notification of intent to relocate de novo activities (making or acquiring, for its own account or for the account of others, loans or other extensions of credit in particular factoring and commercial financing including accounts receivable and conditional sales financing; in addition, Maguire of California will continue to engage in the activity of checking the creditworthiness of certain customers of its parent John P. Maguire and Co., Inc.) from 425 South Shatto Place, Los Angeles, California, to 6420 Wilshire Boulevard, Los Angeles, California, through its indirect subsidiary, John P. Maguire of California, Inc. **D. H. Baldwin Company, Cincinnati, Ohio, notification of 11- 5-75 intent to engage in de novo activities (leasing personal property or acting as agent, broker, or adviser in leasing such property, provided the lease serves as the functional equivalent of an extension of credit of lessee; the leased property is acquired specifically for leasing transaction or was acquired specifically for an earlier such transaction; the lease is on a nonoperating basis; 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, which term shall not be more than 40 years; and at lease expiration all interest in the property shall be liquidated as soon as practicable but in no event later than 2 years from such expiration and lessor shall have no interest in the property beyond 50 years after its acquisition) at 200 East Randolph Drive, Chicago, Illinois, through a partnership to be known as FMC-Baldwin Leasing Company. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 11- 6-75 7 To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Permitted **Berkshire Hathaway Inc., New Bedford, Massachusetts, notification of intent to acquire more than 5 per cent of the outstanding voting stock of American Bankers Insurance Co. of Florida, Miami, Florida, an insurance company that writes fire and casualty insurance in the United States, Canada, and Puerto Rico. * * * * * Other Actions of the Board Statement by Chairman Arthur F. Burns, before the Senate Committee on Banking, Housing and Urban Affairs. Letter to all Federal Reserve Banks regarding possible violations of the Bank Holding Company Act or Regulation Y. Financial Institutions in the Nation's Economy (FINE) study; further reply to questionnaire dealing with bank regulations and statutory limitations, bank competition and multiplicity of bank regulatory agencies. Determination that State member banks may acquire membership interests in Payment and Administrative Communications Corporation. ***Osborne Investments, Inc., Osborne, Kansas, exten n of time to December 15, 1975, within which to consummate the acquisition of The Farmers National Bank, Osborne, Kansas. ***SYB Corporation, Oklahoma City, Oklahoma, extension of time to February 6, 1976, within which to consummate the acquisition of Stock Yards Bank, Oklahoma City, Oklahoma. ***Chardon Savings Bank Company, Chardon, Ohio, to make an investment in bank premises. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. ***Processed on behalf of the Board of Governors under delegated authority H. 2 1975 No. 45 - 9 - Continued ***Long Island Trust: Company, Garden City, New York, to make an additional investment in bank premises in connection with its branch at 675 Middle Neck Road, Great Neck, New York. ***Schuyler County State Bank, Lancaster, Missouri, to make an additional investment in bank premises. ***First State Bank, Greene, Iowa, application approved to exercise full trust powers. ***First National Bank of Boston, Boston, Massachusetts, extension of time to November 8, 1976, in which to consummate the proposed acquisition of Banco de* Boston S.A. , Bogota, Columbia. ***Bank of the West, Bellevue, Washington, proposed acquisition by Old National Bank of Washington, Spokane, Washington; report to the Comptroller of the Currency on competitive factors. ***Devon Bank, Chicago, Illinois, extension of time to January 4, 1976, within which to withdraw from membership. ***Ellis Longboat Key Bank, Longboat Key, Florida, extension of time until January 6, 1976, within which to withdraw from Federal Reserve membership. ***Processed on behalf of the Board of Governors under delegated authority.
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