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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1977 No. 40)
Actions of the Board; Applications and Reports
Received During the Week Ending October 1, 1977
ACTIONS OF THE BOARD
Statement by Vice Chairman Stephen S. Gardner before the
Senate Banking, Housing and Urban Affairs Committee, on
the need for additional statutory and regulatory safeguards in banking practices.
Statement by Governor Philip E. Coldwell before the subcommittee on Financial Institutions Supervision, Regulation and Insurance of the House Committee on Banking,
Finance and Urban Affairs on H.R. 9086, the Safe Banking
Act of 1977.
Statement by Governor J. Charles Partee before the subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs on recent
monetary developments.
Letter in response to request for Board's comments on how
the Government in the Sunshine Act has affected the
Board, and conveying an appraisal of the Board's experience under the Act.
Proposal to modify existing provision of Truth in Lending
Regulation Z relating to billing for cash advance check
transactions. (Docket Nos. R-0087, R-0093)
The Secretary of the Board has been delegated the authority
to permit member banks to waive the penalty for early
withdrawal of a time deposit in section 217.4(d) of Regulation Q for depositors suffering disaster-related losses
in areas declared a major disaster area by the President.
(Docket No. R-0116)
Revised proposed regulations under Title II of the Hart-ScottRodino Antitrust Improvements Act of 1976; letter to the
Federal Trade Commission commenting on the proposed rules.
Regulation Q, temporary suspension of early withdrawal
penalty for depositors affected by the severe storms and
flooding beginning about September 12, 1977, in the State
of Kansas.
H.2, 1977 No. 40
2
-
ACTIONS OF THE BOARD-Continued
Citizens and Southern Holding Company, Atlanta, Georgia,
extension of time to December 31, 1977, within which to
open offices of Citizens and Southern Mortgage Company in
Albany, Columbus, and Rome, Georgia. 1/
First Texas Bancorp, Inc., Georgetown, Texas, extension of
time to January 15, 1978, within which to consummate the
acquisition of First National Bank, Copperas Cove, Texas.
1/
Deregistration for Farm Life Insurance Company, Bloomington,
Illinois. 1/
Arkansas Bank and Trust Company, Hot Springs, Arkansas, to
make an investment in bank premises. If
Savings & Trust Company of Pennsylvania, Indiana, Pennsylvania,
to make an investment in bank premises. 1/
Peoples Bank & Trust Company, Greensburg, Kentucky, to make
an additional investment in bank premises. 1/
Allied Addicks Bank, Addicks, Texas, proposed merger with
Addicks Bank, Addicks, Texas, report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
Allied Gulf Coast Bank, Winnie, Texas, proposed merger with
Gulf Coast State Bank, Winnie, Texas, report to the
Federal Deposit Insurance Corporation on competitive
factors. 1/
Allied Hillcroft Bank, Houston, Texas, proposed merger with
Hillcroft Bank, Houston, Texas, report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
Bank of California, National Association, San Francisco,
California, nineteen branches of, proposed acquisitions
by The Sumitomo Bank of California, San Francisco, California, report to the Federal Deposit Insurance Corporation on competitive factors. 1/
Barnett Bank of East Polk County, National Association, Winter
Haven, Florida, proposed merger with Barnett Bank of
Auburndale, Auburndale, Florida, report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1977 No. 40
- 3 ACTIONS OF THE BOARD-Continued
First National Bank of Dunellen, Dunellen, New Jersey,
proposed acquisition by Provident Savings Bank, Jersey
City, New Jersey, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
First National Bank of White River Junction, White River
Junction, Vermont, proposed merger with Inter-State Trust
Company, White River Junction, Vermont, report to the
Federal Deposit Insurance Corporation on competitive
f ctors. 1/
Florida National Bank at Coral Gables, Coral Gables, Florida,
and Florida First National Bank at Opa-Locka, Opa-Locka,
Florida, proposed merger with The Florida National Bank
and Trust Company at Miami, Miami, Florida, report to the
Comptroller of the Currency on competitive factors. 1/
Hongkong Bank of California, San Francisco, California, North
Hollywood Branch of, proposed acquisition of American
Pacific State Bank, Los Angeles, California, report to
the Federal Deposit Insurance Corporation on competitive
factors. V
McAllen Commerce Bank, National Association, McAllen, Texas,
proposed merger with The First National Bank of McAllen,
McAllen, Texas, report to the Comptroller of the Currency
on competitive factors. V
Citibank Overseas Investment Corporation, Wilmington, Delaware,
extension of time to October 20, 1978, within which to
complete its investment in Citicorp Credit Multiple,
Dijon, France. 1/
First State Bank in Temple, Temple, Oklahoma, extension of
time to March 9, 1978, within which to terminate its
membership in the Federal Reserve System. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
e
H.2, 1977 No. 40
— 4
ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
The Barter Bank & Trust Company, Canton, Ohio. Branch
to be established in the vicinity of Locust Street and
Towpath Street, Canal Fulton, Stark County. 2J
The Southern Ohio Bank, Cincinnati, Ohio. Branch to be
established at Cornell Road and Reed Hartman Highway,
Blue Ash, Hamilton County. 2/
* * * * *
To Withdraw from Membership in the Federal Reserve
System without a six-month Notice as Prescribed by
Section 9 of the Federal Reserve Act
Denied
The Peoples State Bank of Holland, Holland, Michigan. 2/
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a) (1) of the Bank Holding Company_ Act__of 1956
Approved
SECURITY STATE BANK HOLDING COMPANY, Hannaford, North
Dakota, for approval to acquire 96 per cent of the voting
shares of Security State Bank of Hannaford, Hannaford,
North Dakota.
Country Bancshares, Inc., Jamesport, Missouri, for approval to acquire 89 per cent of the voting shares of The
Home Exchange Bank of Jamesport, Jamesport, Missouri. 2/
Holt County Investment Company, St. Joseph, Missouri, for
approval to acquire 94 per cent of the voting shares of
Zook and Roecker State Bank, Oregon, Missouri.
2/
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1977 No. 40
- 5
ACTIONS OF THE BOARD-Continued
Kanopolis Bankshares, Inc., Kanopolis, Kansas, for approval to acquire 80 per cent or more of the voting
shares of The Kanopolis State Bank, Kanopolis, Kansas. 2/
PHILLIPSCO, INC., Denver, Colorado, for approval to
acquire 97.5 per cent of the voting shares of The First
National Bank of Holyoke, Holyoke, Colorado.
Twin Lakes Financial Corporation, Wichita, Kansas, for
approval to acquire 98.9 per cent of the voting shares of
...win Lakes State Bank, Wichita, Kansas.
White Cloud Bancshares, Kansas City, Missouri, for approval to acquire 86.7 per cent of the voting shares of
First State Bank, White Cloud, Kansas. 2/
Commercial National Corporation, Brady, Texas, for approval to acquire 81 per cent or more of the voting
shares of The Commercial National Bank of Brady, Brady,
Texas. 2]
Denied
Jackson Hole Banking Corporation, Jackson, Wyoming, for
approval to acquire 91.3 per cent of the voting shares
of The Jackson State Bank, Jackson, Wyoming.
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Reactivated
First National Holding Corp., Atlanta, Georgia, for approval to acquire indirect ownership of 64.4 per cent of
the voting shares of The Bank of Dalton, Dalton, Georgia
indirectly through acquisition of The First National Bank
of Dalton, Dalton, Georgia and National Loan Company,
Dalton, Georgia.
First National Holding Corp., Atlanta, Georgia, for approval to acquire 100 per cent of the voting shares of
First Bank of Savannah, Savannah, Georgia.
Y]
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
e
H.2, 1977 No. 40
- 6
ACTIONS OF THE BQARD-Gontinued
First National Holding Corp., Atlanta, Georgia, for approval to acquire approximately 78 per cent of the voting
shares of The First National Bank of Dalton, Dalton,
Georgia.
Approved
Barnett Banks of Florida, Inc., Jacksonville, Florida,
for approval to acquire 100 per cent of the voting shares
of Amelia Island Bank, Fernandiria Beach, Florida.
First National Holding Corp., Atlanta, Georgia, for approval. to acquire indirect ownership of 64.4 per cent of
the voting shares of The Bank of Dalton, Dalton, Georgia
indirectly through acquisition of The First National Bank
of Dalton, Dalton, Georgia and National Loan Company,
Dalton, Georgia.
First National Holding Corp., Atlanta, Georgia, for approval to acquire 100 per cent of the voting shares of
First Bank of Savannah, Savannah, Georgia.
First National Holding Corp., Atlanta, Georgia, for approval to acquire approximately 78 per cent of the voting
shares of The First National Bank of Dalton, Dalton,
Georgia.
DETROITBANK Corporation, Detroit, Michigan, for approval
to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The Detroit Bank - Sterling,
Sterling Heights, Michigan, a proposed new bank. 2/
Landmark Bancshares Corporation, St. Louis, Missouri, for
approval to acquire 100 per cent of the voting shares
(less directors1 qualifying shares) of Fidelity Bank &
Trust Company, Creve Coeur, Missouri.
K St B Producers, Inc., Wichita, Kansas, for approval to
acquire 24.9 per cent of the voting shares of Twin Lakes
Financial Corporation, Wichita, Kansas and indirectly
acquire Twin Lakes State Bank, Wichita, Kansas.
Sierra Petroleum Co., Inc., Wichita, Kansas, for approval
to acquire 24.9 per cent of the voting shares of Twin
Lakes Financial Corporation, Wichita, Kansas and indirectly acquire Twin Lakes State Bank, Wichita, Kansas.
27
Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
•
H.2, 1977 No. 40
•
- 7 -
ACTIONS OF THE BOARD-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Withdrawn
Mountain Financial Services, Inc., Denver, Colorado, notification of intent to engage in de novo activities (in
the business of servicing, brokering, making or acquiring, for its own account or for the account of others,
first or second commercial real estate loans and mortgages and construction loans and mortgages) at 3600 South
Yoseinite, Denver, Colorado (9/30/77) 3/
Reactivated
Mountain Financial Services, Inc., Denver, Colorado, notification of intent to engage in de novo activities (in
the business of servicing, brokering, making or acquiring, for its own account or for the account of others,
loans, mortgages and other extensions of credit including
first or second commercial real estate loans and mortgages; guaranteed Veterans Administration loans and
mortgages; insured Federal Housing Administration loans
and mortgages; and construction loans and mortgages) at
3600 South Yosemite, Denver, Colorado (9/26/77) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de_ novo activities
(consumer finance and insurance agency for the sale of
credit life and credit accident and health insurance sold
in connection with extensions of credit) at 6028 South
Tamiami Trail, Sarasota, Florida, through its existing
subsidiaries known as Southern Discount Company (a Florida
Corporation) and S.D.A. Corporation (a Florida Corporation) , which are wholly-owned by Industrial National
Corporation1s subsidiary, Southern Discount Company (a
Rhode Island Corporation) (9/29/77) 3/
Citicorp, New York, New York, notification of intent to
engage in cle novo activities (making or acquiring, for
its own account or for the account of others, commercial
loans; and leasing personal or real property or acting as
agent, broker, or adviser in leasing such property subject to
all of the qualifications specified in 12 CFR 225.4(a)(6)
(a) and where the leases serve as the functional equivalent
of an extension of credit to the lessee of the property)
37
4(c)(8) and 4(cT(T2) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
8
ACTIONS OF THE BOARD-Continued
at Three Girard Plaza, Philadelphia, Pennsylvania,
through its wholly-owned subsidiary, Citicorp Commercial,
Inc. (9/29/77) 3/
Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to relocate de novo
activities (making personal installment loans (and,
through Signal Mortgage Corp., second mortgage installment loans) for personal, family or household purposes;
purchasing sales finance contracts executed in connection
with the sale of personal, family or household goods or
services; in connection with certain personal and second
mortgage installment loans made and sales finance contracts purchased; selling casualty insurance, credit life
and credit accident and health insurance and reinsuring
such credit life and credit accident and health insurance
through Patrick Henry Insurance Company and Patrick Henry
Life Insurance Company, indirect subsidiaries of Philadelphia
National Corp.) from Kamm's Plaza, 3766 Rocky River
Drive, Cleveland, Ohio to Olmstead Square, 27328 Lorain
Road, North Olmstead, Ohio, through its subsidiary,
Signal Finance of Ohio, Inc. and Signal Mortgage Corp.
(9/30/77) 3/
Centran Corporation, Cleveland, Ohio, notification of
intent to engage in de_ novo activities (the making and
acquiring of consumer finance loans for its own account
or the accounts of others (including loans secured by
first or second mortgages on real estate), the purchasing
of installment sales contracts; and the selling as agent
of credit life insurance to borrowers at their request in
connection with extensions of credit) at 27589 Euclid
Avenue, Euclid, Ohio, through a subsidiary, Peoples
Financial Corporation of Cleveland (9/29/77) 3/
Bank of Virginia Company, Richmond, Virginia, notification
of intent to engage in de_ novo activities (interim development and construction lending, residential permanent
mortgage lending, commercial permanent mortgage lending,
and servicing of permanent mortgages) at 3206 Cutshaw
Avenue, Richmond, Virginia, through an indirect subsidiary to be known as Bank of Virginia Second Mortgage
Corporation, a wholly-owned subsidiary of BVA Credit
Corporation (9/25/77) 3/
3/
4(c)(8) and 4~(c) (12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
- 9
ACTIONS OF THE BOARD-Continued
Maryland National Corporation, Baltimore, Maryland, notification of intent to engage in de_ novo activities (engaging generally in the business of a mortgage banker,
mortgage broker and mortgage servicing firm including,
but not limited to, second mortgage financing; originating, buying, selling and otherwise dealing in mortgage
loans as principal or agent; servicing mortgage loans for
affiliated or nonaffiliated individuals, partnerships,
corporations or other entities; acting as adviser in
mortgage loan and second mortgage loan transactions; and
engaging in the sale, as agent, of credit life, credit
disability, credit accident and health, loan redemption
and loan cancellation insurance in connection with extensions of credit by bank and nonbank subsidiaries of
the holding company) at 10 Light Street, Baltimore,
Maryland; 225 North Calvert Street, Baltimore, Maryland;
Tysons Corner Center, McLean, Virginia; and 1114 MacArthur
Drive, Greater Wilmington Airport, New Castle, Delaware,
through its subsidiary, Homeowners Loan Corporation
(9/25/77) 3/
Midland Mortgage Corporation, Detroit, Michigan, notification of intent to engage in de novo activities (servicing loans and other extensions of credit for any
person or entity) at 350 First National Building, Detroit,
Michigan, through its subsidiary, Midland Mortgage Service Corporation (9/25/77) 3/
Mountain Financial Services, Inc., Denver, Colorado, notification of intent to engage in de_ novo activities (in
the business of servicing, brokering, making or acquiring, for its own account or for the account of others,
loans, mortgages and other extensions of credit including
guaranteed Veterans Administration loans and mortgages,
and insured Federal Housing Administration loans and
mortgages on residential properties) at 3600 South Yosemite,
Denver, Colorado (9/30/77) 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
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, 1977TJ&. 40
m
ACTIONS OF THE BOARD-Continued
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
and credit-related accident and disability insurance in
connection with extensions of credit made or acquired by
FinanceAmerica Consumer Discount Company) at Hickory
Plaza, 4461 W. Ridge Road, Erie, Pennsylvania, through
its indirect subsidiary, FinanceAmerica Consumer Discount
Company (9/30/77) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in cie novo activities (making
or acquiring, for their own account loans and other
extensions of credit such as would be made or acquired by
a finance company; FinanceAmerica Corporation will engage
in making consumer installment loans, making loans and
other extensions of credit to small businesses, purchasing installment sales finance contracts, and servicing
loans and other extensions of credit; FinanceAmerica Loan
and Investment Company will engage in making consumer
installment loans, making loans and other extensions of
credit to small businesses, making loans secured by real
or personal property and servicing loans and other extensions of credit; both corporations will act as agent
or broker for the sale of credit-related life and creditrelated accident and disability insurance in connection
with extensions of credit made or acquired by FinanceAmerica Corporation or FinanceAmerica Loan and Investment
Company) at 1.200B Sraallhouse Road, Bowling Green, Kentucky,
through its indirect subsidiaries, FinaneeAmerica Corporation (a Kentucky Corporation) and FinanceAmerica Loan
and Investment Company (9/30/77) 3/
Old National Bancorporation, Spokane, Washington, notification of intent to relocate de novo activities (leasing
of personal property and equipment and acting as agent,
broker, or adviser in leasing personal property and
equipment) from 1200 Westlake Avenue North, Seattle,
Washington to 425-108th Northwest, Bellevue, Washington,
through its subsidiary, Old National Leasing Company
(9/29/77) 3/
Pacific Corporation, Eakersfield, California, notification
of intent to engage in de novo activities (acting as
agent with respect to the sale of credit-related life/
accident and health insurance in connection with exten3/
4(c)(8) and ~4(c) (1.2) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
- 1 1 -
ACTIONS OF THE BOARD-Continued
sions of credit made by its lending subsidiary, Community
National Bank) at First and Main Street, Buttonwillow;
10808 Main Street, Lamont; 600 James Street, Shafter;
6100 Highway 178, Lake Isabella; 27 Big Blue Road,
Kernville; 567 Oiler Street, Mendota; 215 S. Madera,
Kerman; 2142 Blossom, Dos Palos; 529 Chester Avenue,
Bakersfield; 3312 Niles Street, Bakersfield; 3831 Mt.
Vernon Avenue, Bakersfield; 1810 Chester Avenue, Bakersfield; 1400 Airport Drive, Bakersfield; 6020 Bellevue,
Atwater; 234 Balsam, Ridgecrest; and 401 Finely Drive,
Taft, all located in California (9/29/77) 3/
Security Pacific Corporation, Los Angeles, California, notification of intent to relocate 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) from 117 East Fourth, Loveland, Colorado to 829
Main Street, Longmont, Colorado, through its subsidiary,
The Bankers Investment Company (9/26/77) 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)
at 1220 S,W. Morrison Street, Portland, Oregon, through
its subsidiary, Security Pacific Finance Corp. (9/29/77)
1/
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
37
4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 N o W + O
- 12
-
ACTIONS OF THE BOARD-Continued
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) at 528 East Main Street, Santa Maria, California,
through its subsidiary, Security Pacific Finance Corp.
(9/29/77) 3/
Approved
CleveTrust Corporation, Cleveland, Ohio, for approval to
acquire shares of Lake Life Insurance Company, Wilmington,
Delaware.
Landmark Banking Corporation of Florida, Fort Lauderdale,
Florida, for approval to engage d_e novo in the activity
of providing management consulting advice to nonaffiliated
commercial banks.
y< * * & *
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Permitted
Lumbermens Mutual Casualty Company, Long Grove, Illinois,
notification of intent to acquire indirectly, through its
subsidiary, Kemper Corporation, Long Grove, Illinois, 50
per cent of the outstanding common stock of Hearex
Occupational Health Services, Tampa, Florida, which
provides industrial multiphasic medical surveillance to
industrial plants (9/30/77) 3/
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
13 APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
'
Manufacturers Hanover Trust Company, New York, New York.
Branch to be established within the Millwood Commons
Building of C.W. Post Center in the Village of Brookville, Town of Oyster Bay, Nassau County.
First Lorain Trust Company, Lorain, Ohio. Branch to be
established at Midway Mall Boulevard and Moraine Street,
Elyria, Lorain County.
The Dallas Savings and Trust Company, Youngstown, Ohio.
Branch to be established at Youngstown State University,
Kilcawley Center, Room 141, Youngstown, Mahoning County.
Commerce Union Bank, Nashville, Tennessee. Branch to be
established at 2121 Blakemore Avenue, Nashville.
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Parish National Corporation, Bogalusa, Louisiana, for
approval to acquire 81 per cent of the voting shares of
Parish National Bank, Bogalusa, Louisiana.
LeDonk Investment Co., McLaughlin, South Dakota, for approval to acquire 92.2 per cent of the voting shares of
The First State Bank, McLaughlin, South Dakota.
American Holding Company of Lindsay, Inc., Lindsay,
Oklahoma, for approval to acquire 80 per cent of the
voting shares of American Exchange Bank, Lindsay,
Oklahoma, Lindsay, Oklahoma.
John-Wade Co., Santa Ana, California, for approval to retain
59 per cent of the voting shares of Coast Bancorp, Long
Beach, California.
11.2, 1977 No. 40
14 APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Midwest Bancorporation (of Ohio), Inc., Cleveland, Ohio,
for approval to acquire 130,000 shares of the voting
shares of The Village Bank of Aurora, Aurora, Ohio.
The Jacobus Company, Wauwatosa, Wisconsin and Inland
Heritage Corporation, Wauwatosa, Wisconsin, for approval
to acquire 99.3 per cent of the voting shares of American
Menomonee Falls Bank, Menomonee Falls, Wisconsin.
First Missouri Banks, Inc., Creve Coeur, Missouri, for
approval to acquire 50 per cent or more of the voting
shares of Bank of Dutzow, Dutzow, Missouri.
* * * * *
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 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 7 Corporate Park
Drive, White Plains, New York, through its wholly-owned
subsidiary, Chemlease, Inc. (9/27/77) 3/
Chemical New York Corporation, New York, New York, for
approval to engage indirectly in the activity of reinsuring credit life and disability insurance sold in
connection with extensions of credit made by its indirect
subsidiaries, Sun States Life Insurance and Great Lakes
Insurance Company, both located in Cleveland, Ohio.
Citicorp, New York, New York, notification of intent to
engage in jde novo activities (making loans to individuals
and businesses secured by real and personal property, the
proceeds of which may be for purposes other than personal,
family or household usage; and the sale of credit related
3J
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Boi.td of Governors under delegated authority.
0
" 15 "
APPLICATIONS RECEIVED-Cont inued
life and accident and health insurance related to such
loans; if these proposals are effected, a licensed agent
will offer to sell credit related life/accident and
health, or decreasing or level (in the case of single
payment loans), term life insurance to cover the outstanding balances of credit transactions (singly or
jointly with co-signers in the case of life coverage) in
the event of death, or, to make the contractual monthly
payments on the credit transactions in the event of the
obligator's disability to the extent permissible under
applicable State insurance laws and regulations; credit
related decreasing term life insurance and accident and
health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of West Coast Credit Corporation; further, in regard to the sale of credit related
insurance, the subsidiary will not act as a general
insurance agency) at 115 Orondo Avenue, P.O. Box 2747,
Wenatchee; 364 Columbia Center, P.O. Box 6871, Kennewick;
167 South Stevens Street, Spokane; 654 Northtown Shopping
Center, P.O. Box 7273, Spokane; 202 Harper Building, 1504
Third Avenue, Seattle; 10666 N.E. 8th Street, Bellevue;
1703 Hewitt Avenue, P.O. Box 4, Everett; 504 Northgate
Mall, P.O. Box 25087, Northgate Station, Seattle; 515116th Street, N.E., P.O. Box 3427, Bellevue; 245 Fourth
Street, Suite 203-204, P.O. Box 316, Bremerton; 716
Southgate Shopping Center, P.O. Box 88071, Seattle; 4807
196th S.W., Lynnwood; Security Building, 915 Pacific
Avenue, Tacoma; 637 Tacoma Mall, Shopping Center, Tacoma;
Three South Sound Center, Olympia; and 514-A North First
Street, Yakima; all located in Washington, through its
subsidiary, Nationwide Financial Services Corporation
presently operating as West Coast Credit Corporation
d/b/a Fidelity Finance Company (9/30/77) 3/
Citicorp, New York, New York, notification of intent to
engage in cle novo activities (making or acquiring, for
its own account or for the account of others, commercial
loans; and leasing personal or real property or acting as
agent, broker, or adviser in leasing such property,
servicing such leases where the leases serve as the
functional equivalent of an extension of credit to the
lessee of the property where at the inception of the
initial lease the effect of the transaction will be to
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No.'
—
16 —
APPLICATIONS RECEIVED-Continued
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 CRF 225.4(a)(6)(a)) at 1300 E. 9th Street,
Cleveland, Ohio, through its subsidiary, Citicorp Commercial, Inc. (9/30/77) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making or acquiring, for
its own account or for the account of others, commercial
loans; and leasing personal or real property or acting as
agent, broker, or adviser in leasing such property and
servicing such leases where the leases serve as the
functional equivalent of an extension of credit to the
lessee of the property where at the inception of the
initial lease 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 CRF 225.4(a)(6)(a)) at Three Girard
Plaza, Philadelphia, Pennsylvania, through its subsidiary, Citicorp Commercial, Inc. (9/30/77) 3/
Central Bancshares of the South, Inc., Birmingham, Alabama,
for approval to acquire the shares of The Trust Company
of California, Newport Beach, California.
Continental Illinois Corporation, Chicago, Illinois, notification of intent to relocate die novo activities (acting
as investment advisor and manager of Continental Illinois
Properties, a publicly held real estate investment trust
("Trust"), in which capacity it will continue to, among
other activities, obtain or provide for the Trust such
services as may be required to supervise, service or
manage the existing investments of the Trust; represent
the Trust in transactions with others; originate and
recommend to the Trust investments in the form of permanent
mortgage loans, equity interest in real estate, and other
investments in or related to real property; and advise
and consult with Trustees of the Trust) from Broadway
Plaza Tower, Suite 1500, 700 Flower Street, Los Angeles,
California to 505 City Parkway West, Suite 300, Orange,
California, through its subsidiary, Continental Illinois
Properties Advisors, Inc. (9/28/77) 37
17
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
- 17 APPLICATIONS RECEIVED-Cont inued
Continental Illinois Corporation, Chicago, Illinois, notification of intent to relocate de novo activities
(acting as investment advisor and manager of Continental
Illinois Realty, a publicly held real estate investment
trust ("Trust"), in which capacity it will continue to,
among other activities, obtain or provide for the Trust
such services as may be required to supervise, service or
manage the existing investments of the Trust; represent
the Trust in transactions with others; originate and
recommend to the trust investments in the form of construction mortgage loans, permanent mortgage loans,
equity interest in real estate, and other investments In
or related to real property; and advise and consult with
Trustees of the Trust) from Broadway Plaza Tower, Suite
1500, 700 Flower Street, Los Angeles, California to 505
City Parkway West, Suite 300, Orange, California, through
its subsidiary, Continental Illinois Realty Advisor, Inc.
(9/28/77) 2/
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;
acting as agent or broker for the sale of credit-related
life and credit-related accident and disability insurance
in connection with extensions of credit made or acquired
by FinaneeAmerica Corporation) at 3015 North Cole Road,
Boise, Idaho, through its indirect subsidiary, FinanceAmerica Corporation (an Idaho Corporation) (9/23/77) 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
37
4 ( c ) ( 8 ) and 4 ( c ) ( 1 2 ) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1977 No. 40
—
18
—
APPLICATIONS RECEIVED-Cont iriued
loans secured by real and personal property; acting as
agent or broker for the sale of credit-related life and
credit-related accident and disability insurance in connection with extensions of credit made or acquired by
FinaneeAmerica Corporation) at 3001 Henderson Drive,
Cheyenne, Wyoming, through its indirect subsidiary, FinanceAmerica Corporation (a Wyoming Corporation) (9/28/77)
3/
Orbanco, Inc., Portland, Oregon, for approval to retain the
shares of Northwest Acceptance Corporation, Portland,
Oregon.
U.S. Bancorp, Portland, Oregon, notification of intent 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 302 State
Street, Salem, Oregon, through its subsidiary, Bancorp
Leasing, Inc. (9/26/77) 3/
* * * * *
REPORTS RECEIVED
None
* * * * *
PETITIONS FOR RULEMAKING
None
37
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
@FedFRASER