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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1981 No. 40)
Actions of the Board; Applications and Reports
Received During the Week Ending October 3, 1981
APPLICABLE
RESERVE BANK
ACTIONS OF THE BOARD
Statement by Chairman Paul A. Voleker before the Subcommittee on Financial Institutions Supervision,
Regulation and Insurance of the House Committee on
Banking, Finance and Urban Affairs in support of H.R.
4603, a bill which would enhance the ability of the
Federal supervisory authorities to address the unusual
financial pressures many depository instititions are
now facing.
Statement by Vice Chairman Frederick H. Schultz before
the Domestic Monetary Policy Subcommittee of the House
Committee on Banking, Finance and Urban Affairs on
proposed legislation dealing with the public release
of Federal Open Market Committee minutes on a deferred
basis.
Increase in penalty on overnight overdrafts to 10 percentage points.
Letter to Chairman Garn of the Senate Committee on Banking,
Housing, and Urban Affairs noting that the Federal Reserve
staff has completed a study on the potential implications
of the acquisition of thrifts by bank holding companies.
Travelers checks, letter extending time from September 29,
1981, to 10 business days later within which to submit
comments to the Board concerning the Board's proposal to
amend Regulation Y to include issuance of travelers
checks in the list of nonbanking activities permisible
for bank holding companies.
First State Holding Company, Inc., Joplin, Missouri, extension of time to October 6, 1981, within which to request
reconsideration of the Board's order dated September 8, 1981,
denying application to acquire First National Bank of
Sarcoxie, Sarcoxie, Missouri.
H.2, 1981 No. 40
-
2
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ACTIONS OF THE BOARD-Continued
Federal Reserve Board published a revised list of over-thecounter (OTC) stocks that are subject to its margin regulations , effective immediately.
Atlanta
Issuance of subordinated notes by Commerce Union Bank,
Nashville, Tennessee. JL/
Boston
Maine National Bank, Portland, Maine, proposed merger with
Merchants National Bank of Bangor, Bangor, Maine; report
to the Comptroller of the Currency on competitive factors.
U
Boston
Plymouth Guaranty Savings Bank, Plymouth, New Hampshire,
proposed merger with State Trust Company, Lincoln, New
Hampshire; report to the Federal Deposit Insurance
Corporation on competitive factors. J L /
Atlanta
Bank of Brooksville, Brooksville, Florida, proposed merger
with Hernando State Bank, Brooksville, Florida, report
to the Federal Deposit Insurance Corporation on
competitive factors. _1/
Atlanta
First National Bank of Sebring, Sebring, Florida, proposed
merger with Flagship First National Bank of Highland
County, Sebring, Florida; report to the Comptroller of
the Currency on competitive factors. _1/
Atlanta '
Flagship State Bank of Polk County, Fort Meade, Florida,
proposed merger with Flagship Bank of Mulberry, Mulberry,
Florida; report to the Federal Deposit Insurance Corporation on competitive factors. JL/
Atlanta
Okeechobee County Bank, Okeechobee, Florida, proposd merger
with First National Bank of Moore Haven, Moore Haen,
Florida; report to the Federal Deposit Insurance Corporation on competitive factors. \J
St. Louis
Simpson County Bank, Franklin, Kentucky, proposed merger
with Simpson Bank, Inc., Franklin, Kentucky; report to
the Federal Deposit Insurance Corporation on competitive
factors. J7
Dallas
First National Bank of Euless, Euless, Texas, proposed merger
with Euless Bank, N.A., Euless, Texas; report to the
Comptroller of the Currency on competitive factors. 1/
17
Application processed on behalf of the Board of Governors under delegated
authority.
I
H.2, 1981 No. 40
3 ACTIONS OF THE BOARD-Continued
Dallas
Harlingen National Bank, Harlingen, Texas, proposed merger
with HNB Bank, Harlingen, Texas; report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
Dallas
New Allen State Bank, Allen, Texas; proposed merger with
Allen State Bank, Allen, Texas; report to the Federal
Deposit Insurance Corporation on competitive factors. 1/
Kansas City
Omaha National Bank, Omaha, Nebraska, proposed merger with
Omaha Interim National Bank, Omaha, Nebraska; report to
the Comptroller of the Currency on competitive factors.
1/
San
Francisco
Interim Capistrano National Bank, Capistrano, California,
proposed merger with Capistrano National Bank, Capistrano,
California; report to the Comptroller of the Currency on
competitive factors. JL/
San
Francisco
Valley State Bank, Eugene, Oregon, proposed merger with
Centennial Bank, Springfield, Oregon and Valley State
Interim Bank, Eugene, Oregon; report to the Federal
Deposit Insurance Corporation on competitive factors. J/
Boston
Indian Head Bank North, Littleton, New Hampshire, investment
in bank premises. J L /
Philadelphia
Union Trust Company of Wildwood, New Jersey, additional
investments in Lower Township Branch, Miildreth Avenue
Branch, and North Cape May Branch. \J
Philadelphia
Independent Bank and Trust Company, West Trenton, New Jersey,
extension of time to April 2, 1982 within which to establish a branch office at Mercer County Airport, Ewing Township, New Jersey. J^
Minneapolis
Ridgedale State Bank, Minnetonka, Minnesota, extension of
time to December 1, 1981, within which to establish a detached
facility in downtown Minneapolis. JL/
San
Francisco
First Interstate Bancorp, Los Angeles, California, extension
of time to December 19, 1981, within which to engage in
reinsurance actiities through a de novo subsidiary, First
Interstate Life Insurance Company, Phoenix, Arizona. J L /
San
Francisco
Independent Bankshares Corporation, San Rafael, California,
extension of time to January 23, 1982, within which to
acquire 100 percent of the outstanding voting shares of
Vaca Valley Bank, Vacaville, California. 1/
1/
Application processed on behalf of the Board of Governors under delegated
authority.
i
H.2, 1981 No. 40
- 4 ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
New York
Approved
The Bank of New York, New York. To establish an offsite
electronic facility at Kenmore Mercy Hospital, 2950
Elmwood Avenue, Incorporated Village of Kenmore, Erie
County, New York. JL/
New York
Chemical Bank, New York, New York. To establish a branch
at City College of New York, 138th Street and Convent
Avenue, Borough of Manhattan, New York, New York. 1/
Cleveland
The Provident Bank, Cincinnati, Ohio. To establish a
branch at 4500 Montgomery Road, Norwood, Hamilton
County, Ohio. 1/
Richmond
The Community Bank of Forest, Forest, Virginia. To establish a branch at 9009 Timberlake Road, Campbell
County, Virginia. JL/
Atlanta
Exchange Bank and Trust Company of Florida, Tampa, Florida.
To establish an automotad teller machine at 5519 West
Idlewild, Tampa, Florida. \J
Atlanta
Royal Trust Bank of Orlando, Orlando, Florida. To establish a branch at the southwest corner of the intersection of Highway 19-92 (Orlando Avenue) and Ventris
Avenue, Maitland, Florida. 1/
Atlanta
Flagship Bank of Kissimmee, Kissimmee, Florida. To establish a branch at the corner of Michigan Avenue and East
Highway 192, Kissimmee, Florida. 1/
* * * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Kansas City
Approved
Bank of Southern Colorado, Pueblo West, Colorado. 1/
Dallas
New Bank of Mimbres Valley, Deming, New Mexico. 1/
T7
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1981 No. 40
- 5 ACTIONS OF THE BOARD-Continued
Issued Intent Not to Disapprove Change of Control
Pursuant to Change in Bank Control Act of 1978
Not Disapproved
First Arkansas Bankstock Corporation, Little Rock, Arkansas. 1/
*
* * * *
Applications and Notifications for 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
New York
Approved
Banco Cafetero International Corporation, New York, New York:
requests a final permit authorizing the initiation of operations
of Banco Cafetero International Corporation, New York, New
York. 1/
New York
Chemical International Finance, Ltd., New York, New York:
grants consent to purchase and hold, directly or indirectly,
additional shares of Far East Bank and Trust Company,
Manila, Philippines.
New York
Citibank, N.A., New York, New York: grants consent to continue to hold shares of Grindlays Bank Limited, London,
England, notwithstanding the fact that Grind lays would
continue to engage indirectly in certain timber brokerage
activities.
New York
Citicorp Overseas Investment Corporation, Wilmington, Delaware:
grants consent to make an additional equity investment in
FNCB Finance Limited, Sydney, Australia and the Board has
also determined that it is not longer necessary for COIC
to file quaterly financial statements of Finance with the
Federal Reserve Bank of New York.
San
Francisco
Crocker International Investment Corporation, San Francisco,
California, a wholly-owned subsidiary of Crocker National
Bank, San Francisco, California: grants consent to purchase
and hold, directly or indirectly, approximately two million
additional shares of its Canadian subsidiary, Crocker
Financial Services Limited, Vancouver, British Columbia,
to enable conversion of the subsidiary to a Canadian bank
known as Crocker Bank Canada.
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1981 No. 40
6
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ACTIONS OF THE BOARD-Cont inued
New York
Sixty Day Notification Period Allowed to Expire
The Chase Manhattan Bank, N.A. , New York, New York: no
objection to establish its initial branch in Karachi,
Pakistan.
New York
Citibank Overseas Investment Corporation, Wilmington,
Delaware: no objection to acquire 40 percent of the
voting shares of Bank of Niger, Ltd., Lagos, Nigeria,
a jie novo bank.
Chicago
Continental Illinois Corporation, Chicago, Illinois: no
objection to make an additional investment in Continental
Illinois Overseas Finance Corporation N.V., Curacao,
Netherlands, Antilles, a medium and long-term funding
subsidiary.
Chicago
Manufacturers National Bank of Detroit, Detrdit, Michigan:
no objection to acquire additional shares of Atlantic
International Bank Limited, London, England.
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act o_f 1956
Atlanta
Approved
Hernando Banking Corporation, Brooksville, Florida, for
approval to acquire 100 percent of the voting shares
of Hernando State Bank, Brooksville, Florida. If
Chicago
First Prairie Corp., Prairie City, Iowa, for approval to
acquire at least 80 percent of the voting shares of
The First National Bank of Prairie City, Prairie City,
Iowa. J7
Chicago
GALENA BANCORP, INC., Galena, Illinois, for approval to
acquire 80 percent or more of the voting shares of
Galena State Bank and Trust Co., Galena, Illinois. \J
Chicago
Kankakee Bancshares, Inc., Kankakee, Illinois, for approval to acquire 100 percent of the voting shares of
the successor by merger to City National Bank of
Kankakee, Kankakee, Illinois. 1/
17
Application processed on behalf of the Board of Governors under delegated
authority.
I
H.2, 1981 No. 40
7 ACTIONS OF THE BOARD-Cont inued
Chicago
Midwest National Corporation, Indianapolis, Indiana, for
approval to acquire 100 percent of the voting shares of
the successor by merger to Midwest National Bank,
Indianapolis, Indiana. J V
St. Louis
Cairo/Moberly Bancshares, Inc., Moberly, Missouri, for
approval to acquire at least 80 percent of the voting
shares of Bank of Cairo and Moberly, Moberly, Missouri.
1/
St. Louis
Chaffee Bancorporation, Inc., Chaffee, Missouri, for approval to acquire at least 80 percent of the voting
shares of Bank of Chaffee, Chaffee, Missouri. J V
St. Louis
Cumberland Bancorp, Inc., Burkesville, Kentucky, for approval
to acquire 100 percent of the voting shares (less directors' qualifying shares) of Bank of Cumberland, Burkesville, Kentucky. J V
Minneapolis
McLean Bank Holding Company, Garrison, North Dakota, for
approval to acquire at least 87.8 percent of the voting
shares of Garrison State Bank, Garrison, North Dakota
and at least 92.7 percent of the voting shares of Bank
of Turtle Lake, Turtle Lake, North Dakota and at least 93.7
percent of the voting shares of The Farmers Security Bank
at Washburn, Washburn, North Dakota. J V
Kansas City
Denver West Bankshares, Inc., Golden,, Colorado, for approval
to acquire 100 percent of the voting shares of Denver West
Bank and Trust, Jefferson (P.O. Golden), Colorado. J V
Kansas City
Metcalf Bancshares, Inc., Overland Park, Kansas, for approval
to acquire at least 84.96 percent of the voting shares of
Metcalf State Bank, Overland Park, Kansas. 1/
Kansas City
Port is Bancorporat ion, Inc., Port is, Kansas, for approval to
acquire at least 80 percent of the voting shares of The
First State Bank of Port is, Kansas, Portis, Kansas. 1/
Kansas City
Prescott State Bank Holding Company, Inc., Prescot t, Kansas,
for approval to acquire at least 80 percent of the voting
shares of Prescott State Bank, Prescott, Kansas. \J
Kansas City
S.T.D. Investments, Mindenmines, Missouri, for approval to
acquire at least 80 percent of the voting shares of Bank
of Minden, Mindenmines, Missouri. 1/
JV
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1981 No. 40
-
8
-
ACTIONS OF THE BOARD-Continued
Dallas
Emory Bancshares, Inc., Emory, Texas, for approval to
acquire at least 80 percent of the voting shares of
The First National Bank of Emory, Emory, Texas. i j
Dallas
First City Financial Corporation, Hobbs, New Mexico,
for approval to acquire 80 percent of the voting
shares of First National Bank of Lea County, Hobbs,
New Mexico and First City National Bank, Carlsbad,
New Mexico. 1/
Dallas
Southwest Independent Bancorp, Inc., Grand Prairie, Texas,
for approval to acquire at least 80 percent of the voting
shares of Grand Prairie State Bank, Grand Prairie, Texas.
1/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Chicago
Dallas
Approved
Tri City Bankshares Corporation, Oak Creek, Wisconsin, for
approval to acquire 21.37 percent of the voting shares
of The First National Bank of Eagle River, Eagle River,
Wisconsin. _1/
First City Bancorporation of Texas, Inc., Houston, Texas,
for approval to acquire 100 percent of the voting shares
of The Lake Jackson Bank of Lake Jackson, Texas, Lake
Jackson, Texas. 1/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Kansas City
V
Approved
Commerce Group, Inc., Commerce Group Grand Island, Inc.,
Commerce Group Hastings, Inc., Commerce Group Kearney, Inc.,
Commerce Group North Platte, Inc. and Commerce Group West
Point Inc., all located in Lincoln, Nebraska, for approval
to engage through a jointly owned company to be known as
Application processed on behalf of the Board of Governors under delegated
authority.
•
H.2, 1981 No. 40
•
- 9 -
ACTIONS OF THE BOARD-Cont inued
Commerce Affiliated Life Insurance Company, Phoenix, Arizona,
in underwriting, as a reinsurer, credit related life, accident and health insurance sold in connection with extensions
of credit by Applicants' lending subsidiaries.
San
Francisco
Delayed
Ammex Holding Co., Los Angeles, California, notification of
intent to engage in de novo activities (making or acquiring
loans and other extensions of credit, primarily mortgage loans
secured by real estate) at 615 South Flower Street, Los Angeles
California, serving the state of California (9/29/81) 3/
Permitted
New York
Barclays Bank Limited, London, England and Barclays Bank InterNational Limited, London, England, request permission to expand
the activities of an existing office (making business loans
to small businesses or individuals borrowing for business
purposes, primarily secured by first and second mortgages
on real estate) at 6525 Morrison Boulevard, Charlotte,
North Carolina, serving customers in Charlotte and areas in
North Carolina, through their subsidiary, Barclays American/
Credit Inc. (9/26/81) 3J
New York
Bankers Trust New York Corporation, New York, New York, requests
permission to establish a de novo office engaging in the
following activities (performing or carrying on any one or
more of the functions of activities that may be performed
or carried on by a trust company (including activities of a
fiduciary, investment advisory, agency or custodian nature)
in the manner authorized by Federal or State Law) at 250
Royal Palm Way, Palm Beach, Florida, through its subsidiary,
Bankers Trust Company of Florida (9/30/81) 3/
New York
Chemical New York Corporation, New York, New York, requests
permission to relocate an existing office engaging in the
following activities (making direct loans, purchasing installment sales finance contracts, and acting as agent or broker
for the sale of credit related insurance) from 567 Roswell
Street, Marietta, Georgia to 1800 Waterplace, Atlanta, Georgia,
serving Cobb County and the cities of Marietta and Smyrna,
through its subsidiary, Sunamerica Financial Corporation
(10/2/81) 3/
37
4(c)(8) notification processed by Reserve Bank on behalf of the Board
of Governors under delegated authority.
H.2, 1981 No. 40
-
10
ACTIONS OF THE BOARD-Cont inued
New York
Citicorp, New York, New York, requests permission to expand the
activities of 170 existing offices to include the following
activity (servicing, for any person, of loans and other extensions of credit, without regard to whether the receivables
being serviced are owned by Citicorp affiliates or by nonaffiliated entities) located in the following States: Alabama,
Arizona, California, Colorado, Connecticut, Florida, Georgia,
Idaho, Illinois, Indiana, Kansas, Louisiana, Mississippi,
Missouri, Nebraska, Nevada, New Mexico, North Carolina,
Ohio, Oklahoma, Oregon, South Carolina, Texas, Utah, Virginia,
Washington and Wyoming, through its subsidiary, Citicorp
Person-to-Person, Inc. (9/27/81) 3/
New York
Manufacturers Hanover Corporation, New York, New York, to engage
in the activity of (reinsuring credit life and credit accident
and health insurance which is directly related to extensions
of credit by applicant's bank subsidiaries in the State of New
York) at 3103 Pilmont Avenue, Huntingdon Valley, Pennsylvania,
through its subsidiary, Ritter Life Insurance Company and at
1421 East Thomas Street, Phoenix, Arizona, serving the State
of New York, through its subsidiary, Tempco Life Insurance
Company (9/27/81) 3/
New York
Manufacturers Hanover Corporation, New York, New York, requests
permission to relocate an existing office and expand the
service area of the relocated office, engaging in the following activities (consumer lending and sale, as agent, of single
and joint credit life, accident and health insurance and
credit related property and casualty insurance and home equity
lending and sales finance lending and the sale, as agent, of
single and joint credit life insurance related to those loans)
from Suite 108, Southgate Financial Center, 7600 State
Line, Prairie Village, Kansas to 6540 W. 95th Street,
Overland Park, Kansas; the new office will serve customers
in Southeastern Atchison, Jefferson, Leavenworth, Eastern
Shawnee, Northeastern Osage, Douglas, Franklin, Northeastern
Anderson, Johnson, Miami, Wyandotte and North Linn Counties,
through its subsidiary, T e m p l a n Incorporated of Kansas.
(9/27/81) 3/
Atlanta
Jefferson Bancshares, Inc., Metairie, Louisiana, notification
of intent to engage in de novo activities (in making leases
of personal property and acting as agent, broker, or adviser
in leasing such property) at 3525 N. Causeway Boulevard,
Metairie, Louisiana, servicing Jefferson-Parish, Louisiana,
through its subsidiary, Jefferson Leasing, Inc. (9/3081) 3J
3/
4(c)(8) notification processed by Reserve Bank on behalf of the Board
of Governors under delegated authority.
H.2, 1981 No. 40
- 11 ACTIONS OF THE BOARD-Continued
Atlanta
Plateau Bancshares, Inc., Crossville, Tennessee, notification of intent to engage in de novo activities (the sale
of credit life insurance and credit accident and health
insurance which is directly related to extensions of
credit by a bank or a bank related firm) at Woodmere Mall,
Crossville, Tennessee, serving the county in which the
insurance office is located and those portions of
contiguous counties in Tennessee within a 75 mile radius
of the office, through its subsidiary, Tri-County Insurance
Company (10/2/81) 3/
Chicago
The Dai-Ichi Kangyo Bank, Limited, Tokyo, Japan, notification of intent to (continue to engage in mortgage banking
activities) at an office at 360 Pine Street, San Francisco,
California, the geographic scope to be served is portions
of contiguous counties in the San Francisco Bay area
within a 30-mile radius from downtown San Francisco through
its subsidiary, C.F. Overseas, Inc. (10/3/81) 3/
Chicago
The Marine Corporation, Milwaukee, Wisconsin, notification of
intent to (establish a de novo trust service office of its
subsidiary, The Marine Trust Company, N.A.) at Burlington
Marine Bank, Burlington, Wisconsin, the geographic scope
to be served consists of the following: Western Racine
County, Western Kenosha County, and Walworth County,
Wisconsin (9/29/81) 3J
Chicago
NBD Bancorp, Inc., Detroit, Michigan, notification of intent
to engage in de novo activities (mortgage banking activities,
including the making and acquiring for its own account and
for the account of others, mortgage loans and other extensions of credit as would be made by a mortgage company) at
3777 Sparke Street, S.E., Grand Rapids, Michigan, the
geographic area to be served will be the cities of Grand
Rapids, Holland and Rockford and the counties of Ottawa
and Kent, Michigan, through its subsidiary, NBD Mortgage
Company (10/3/81) 3/
Minneapolis
Northwest Bancorporation, Minneapolis, Minnesota, notification
of intent to engage in de novo activities ((i) serving as an
advisory company for trusts, pension and profit sharing funds,
real estate investment trusts and other persons, firms or
entities (ii) serving as investment advisor as defined in
Section 2(a) (20) of the Investment Company Act of 1940 with
respect to real estate related securities and (iii) providing
real estate portfolio investment advice to any person except
3?
4(c)(8) notification processed by Reserve Bank on behalf of the Board
of Governors under delegated authority.
H.2, 1981 No. 40
-12ACTIONS OF THE BOARD-Cont inued
where the real property is to be used in the trade or business
of the person being advised) at 1060 Northwestern Bank Building,
Minneapolis, Minnesota, BMC will limit its activities to rendering real estate investment or financial advice with respect to
real estate located in the continental United States, Alaska,
Hawaii, Puerto Rico, or in any commonwealth, territory or
possession of the United States, although such advice may be
rendered to foreign persons as well as United States persons,
serving the entire United States, through its subsidiary,
Banco Mortgage Company (10/3/81) 3j
San
Francisco
BankAmerica Corporation, San Francisco, California, notification
of intent to engage de novo activities (in the activities of
an industrial loan company under the West Virginia Industrial
Bank and Industrial Loan Company Act; the FA Thrift/West
Virginia Corporations also propose to engage in the activities
of making or acquiring for their own accounts loans and other
extensions of credit such as would be made or acquired by a
finance company; servicing such loans and other extensions of
credit; and the offering of credit-related life and creditrelated accident and health insurance; credit-related property
insurance will not be offered by these corporations in the
States of West Virginia; such activities will include, but not
be limited to, selling or offering for sale their secured or
unsecured evidences or certificates of indebtedness, accepting
savings accounts and offering NOW accounts, making consumer
installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to businesses, making loans secured by real and personal property,
and offering credit-related life and accident and health insurance directly related to extensions of credit made or acquired by the FA Thrift/West Virginia Corporations) in Fairmont, Martinsburg and Morgantown, West Virginia, serving the
entire State of West Virginia, through its indirect subsidiaries, FinanceAmerica Thrift Corporation of Fairmont,
FinanceAmerica Thrift Corporation of Mart insburg and Finance
America Thrift Corporation of Morgantown ("FA Thrift/West
Virginia Corporation") (10/1/81) 3/
San
Francisco
BankAmerica Corporation, San Francisco, California, notification
of intent to engage in dje 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, servicing
loans and other extensions of credit, and offering creditrelated life insurance, credit-related accident and health in-
37
4(c)(8) notification processed by Reserve Bank on behalf of the Board
of Governors under delegated authority.
H.2, 1981 No. 40
- 13 ACTIONS OF THE BOARD-Continued
surance, and credit-related property insurance in the State of
Pennsylvania; credit-related property insurance will not be
offered in the States of Ohio, New York, and Maryland; 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; making loans and other extensions of credit
secured by real and personal property; and offering creditrelated life, credit-related accident and health, and creditrelated property insurance directly related to extensions of
credit made or acquired by FinanceAmerica Consumer Discount
Company) in Chambersburg, Pennsylvania, serving the entire
States of Pennsylvania and Maryland; Erie, Pennsylvania,
serving the entire States of Pennsylvania and Ohio; Sayre,
Pennsylvania, serving the entire States of Pennsylvania and
New York; and Williamsport, Pennsylvania, serving the entire
State of Pennsylvania, through its indirect subsidiary,
FinanceAmerica Consumer Discount Company (a Pennsylvania
Corporation) (10/2/81) 3/
San
Francisco
Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (in acting
as escrow agent for the purchase and sale of real property
and the execution of all documents and dispersal of funds
relating to loan transactions, and all other activities engaged in by an escrow company) in Kailua, Hawaii, serving
the State of Hawaii, through its subsidiary, Security Pacific
Escrow, Inc. (10/1/81) 3/
San
Francisco
Security Pacific Corporation, Los Angeles, California, not ification of intent to engage in de novo activities (acting as
escrow agent for the purchase and sale of real property and
the execution of ail documents and dispersal of funds relating
to loan transactions, and all other activities engaged in by
an escrow company) in Puyallup, Washington, serving the State
of Washington, through its subsidiary, Security Pacific Escrow,
Inc. d/b/a Summit Escrow, Inc. (10/3/81) 3/
37
4(c)(8) notification processed by Reserve Bank on behalf of the Board
of Governors under delegated authority.
H.2, 1981 No. 40
— 14 —
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
New York
Chemical Bank, New York, New York. To establish a branch
at Two Jericho Plaza, Jericho, Town of Oyster Bay,
Nassau County, State of New York. 2/
Cleveland
Bank One of Mansfield, Mansfield, Ohio. To establish a
branch a the southwest corner of Main Mill Streets,
Lexington, Richland County, Ohio. 2/
Chicago
Citizens Bank of Sheboygan, Sheboygan, Wisconsin. To
establish an offsite electronic facility at Park &
Shop Supermarket, 1339 Mayflower Avenue, Sheboygan,
Wisconsin. 2/
Chicago
Wayne Bank and Trust Co., Cambridge City, Indiana. To
establish a branch at 6th and South A Street, Richmond,
Indiana. 2/
Chicago
First State Bank of Porter, Porter, Indiana. To establish
a branch at 429 N. Calumet Road, City of Chesterton,
Indiana. 2j
St. Louis
Vandalia State Bank, Vandalia, Missouri. To establish a
facility (branch) at 1000 W. Highway 54, Vandalia,
Audrain County, Missouri. 2J
San
Francisco
First Interstate Bank of California, Los Angeles, California. A branch office in the vicinity of the intersection of Diamond Bar Boulevard and Grand Avenue,
Unincorporated Community of Diamond Bar, Los Angeles,
California. 2/
* * * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Richmond
Anderson Brothers Bank, Mullins, South Carolina.
Dallas
New Bank of Mimbres Valley, Deming, New Mexico. 2/
2/
Application subject to Community Reinvestment Act. The Community
Affairs Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
I
H.2, 1981 No. 40
- 15 APPLICATIONS RECEIVED-Cont inued
Applications and Notifications for 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
New York
Citibank, N.A., New York, New York: prior notification of
its intent to make an additional investment in its wholly
owned subsidiary, Citicorp Overseas Finance Corporation
N.V., Oranjestad, Aruba, Netherlands Antilles.
*
* * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Chicago
Continental Illinois National Bank and Trust Company of
Chicago, Chicago, Illinois: prior notification of its
intent to establish a branch in Manama, Bahrain.
*
* * * *
To Establish a U.S. Branch of an Edge Act Corporation
Pursuant to Section 25(a) of the Federal Reserve Act
New York
Manufacturers Hanover Trust Company, New York, New York,
on behalf of Manufacturers Hanover International Banking
Corporation, Miami, Florida: requests consent for
Manufacturers Hanover International Banking Corporation,
to establish a branch in Atlanta, Georgia.
* * * * *
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Philadelphia
2/
Mid-State Bancorp, Inc., Altoona, Pennsylvania, for approval to acquire 100 percent of the voting shares of
Mid-State Bank and Trust Company, Altoona, Pennsylvania. 2/
Application subject to Community Reinvestment Act. The Community
Affairs Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1981 No. 40
- 16
APPLICATIONS RECEIVED-Cont inued
Cleveland
American Bancorp, Inc., Newport, Kentucky, for approval
to acquire 100 percent and at least 90 percent of the
voting shares of The American National Bank of Newport,
Newport, Kentucky and Bellevue Commercial & Savings Bank,
Bellevue, Kentucky. 2/
Cleveland
Peoples Bancorp of Sandy Hook, Inc., Sandy Hook, Kentucky,
for approval to acquire at least 51 percent of the
voting shares of Peoples Bank, Sandy Hook, Kentucky. 2/
Atlanta
Peoples Holding Company, Inc., Collinsville, Alabama, for
approval to acquire at least 80 percent of the voting
shares of The Peoples Bank, Collinsville, Alabama. 2/
Atlanta
Port Gibson Capital Corporation, Port Gibson, Mississippi,
for approval to acquire at least 80 percent of the voting
shares of Port Gibson Bank, Port Gibson, Mississippi. 2/
Atlanta
United Bank Corporation, Barnesville, Georgia, for approval
to acquire 100 percent of the voting shares of Lamar State
Bank, Barnesville, Georgia, Bank of Zebulon Zebulon, Georgia
and Crawford County Bank, Roberta, Georgia. 2/
Chicago
Cleghorn Financial, Inc., Cleghorn, Iowa, for approval to
acquire 100 percent of the voting shares of Cleghorn
State Bank, Cleghorn, Iowa. 2/
Chicago
CNCC Partners, Chicago, Illinois, for approval to acquire
at least 63 percent of the voting shares of Central
National Chicago Corporation, Chicago, Illinois and
indirectly 100 percent of Central National Bank in
Chicago, Chicago, Illinois. 2/
Chicago
Kasco Financial Corporation, Warren, Michigan, for approval
to acquire 100 percent of the voting shares of the successor by merger to Warren Bank, Warren, Michigan. 2/
St. Louis
Callaway Security Banks, Inc., Fulton, Missouri, for approval to acquire at least 80 percent of the voting
shares of The Callaway Bank, Fulton, Missouri. 2/
St. Louis
First Valley National Corp., Clarksdale, Mississippi, for
approval to acquire at least 80 percent of the voting
shares of First National Bank of Clarksdale, Clarksdale,
Mississippi. 2/
2?
Application subject to Community Reinvestment Act. The Community
Affairs Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1991 No. 40
e-
- 17 —
ACTIONS OF THE BOARD-Cont jtoued
*
f
First Luther Bancorporation, Inc., Luther, Oklahoma, for
approval to acquire at least 80 percent of the voting
shares of The First National Bank of Luther, Luther,
Oklahoma. 2/
'
Kansas City
$
t
First of Oswego Financial Corp., Oswego, tfcansas, for approval to acquire at least 80.61 percent of the votigg
shares of First National.Bank of Oswego, Osweao, iSnsas.
Kansas City
.
Kansas City
First Porter Bancshares, Inc., Porter, Oklahoma, for approval to acquire 90 percent of the voting shares of
The First National Bank of Porter, Porter, Oklahoma. 2/
-
Kansas City
Lincoln; State Company, Inc., Lincoln, Nebraska, for approval to acquire ^)0 percent of the ^kting shares of
Lincoln^State Bank, Lincoln, Nebraska. *2/
Kansas Citj*
The Protection Bank Holding Company, ]$c., Protection.
Kansas, for approval to acquire at least 97.5 percent
<jf the voting shares of The Bank of Protection, Protectiy,
Ks 3as. 2/
San
Francisco
The Bank of San Francisco Holding C<§npany, San^Francisco,
California, for approval to a c q u i y 100 percent of the
voting shares of The jSank of San Francisco, San Francisco,
California. 2/
* * * * *
.
Chicago
-.a
4
J
*
Chitago
1
:
^
To Expand a Bank Holding Company Pursuant to ^ c t i o A
3(a)(3) of the Bank Holding Company Act of 1956
,
:
Chemical ^Financial Corporation, Midland, Michigan, for approval to acquire 100 percent of the voting shares of the
successor by consolidation to Montcalm Central Bank,
Stantron, Michigan. 2/
f
Old Kent Financial Corporation, Grand Rapids, Michigan,
*•' for approval to acquire 100 percent of the voting shares
f of the successor by consolidation to National Bank and
%
Trust Company of Traverse City, Traverse City, Michigan.
2/
2/ Application subject to Community Reinvestment Act. The Community
Affairs Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
&T"
1
H.2, 1981 No. 40
— 18 —
APPLICATIONS RECEIVED-Cont inued
St. Louis
Landmark Bancshares Corporation, St. Louis, Missouri, for
approval to acquire at least 90 percent of the voting
shares of Battlefield National Bank, Springfield,
Missouri. 2/
St. Louis
Landmark Bancshares Corporation, St. Louis, Missouri, for
approval to acquire 100 percent of the voting shares of
Oakville Bank and Trust Company, Oakville, Missouri, a
proposed new bank. 2/
Minneapolis
Dakota Bankshares, Inc., Fargo, North Dakota, for approval
to acquire at least 97.55 percent of the voting shares
of Bank of Kirkwood Plaza, Bismarck, North Dakota. 2/
Kansas City
Greater Metro Bank Holding Company, Aurora, Colorado, for
approval to acquire at least 92.3 percent of the voting
shares of Aurora National Bank - South, Aurora, Colorado,
a proposed new bank. 2/
Dallas
Mercantile Texas Corporation, Dallas, Texas, for approval
to acquire 100 percent of the voting shares of The
Citizens National Bank of Greenville, Greenville, Texas.
2/
Dallas
Texas American Bancshares Inc., Fort Worth, Texas, for approval to acquire 100 percent of the voting shares of
Allen State Bank, Allen, Texas. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Boston
2/
Industrial National Corporation, Providence, Rhode Island,
notification of intent to engage in de novo activities
((i) origination and sale of residential mortgages; (ii)
servicing of residential mortgage loans; (iii) insurance
agency for the sale of credit life and credit accident
and health insurance directly related to an extension
of credit) at Suite A, 4123 Mexico Road, St. Charles,
Missouri, the service area for the new office will be
the following Missouri counties: Lincoln, St. Charles
and Warren, through its subsidiary, Mortgage Associates,
Inc. (9/28/81)
Application subject to Community Reinvestment Act. The Community
Affairs Officer of the applicable Reserve Bank may be contacted
as to the length of the comment period.
H.2, 1981^No. 40
- 19
APPLICATIONS RECEIVED-Continued
New York
S
^
9
Barclays Bank Limited and Barclays Bank International
Limited, both in London, England, request permission
to establish a de novo office engaging in the following activities Tmaking commercial loans) at Two
Neshaminy Interplex, Trevose, Pennsylvania, through
their subsidiary, BarelaysAmerican/Business C r e d i ^
Inc. (9/28/81)
>
•
New York
0
S
$
S
Philadelphia
#
.
0
The Chase Manhattan Corporation, New York, New York,
requests permission to establish a de novo office
engaging in the following activities (making or
acquiring, for its own account and for the account
of others, secured loans and other extensions of credit
including, but not limited to, consumer and business
lines of^credit, installment loans for personal, household anc#business purposes; servicing loans and other
extensions of credit; selling travelers checks at retail;
acting as insurance agent or broker for credit life inisurance and credit accident and health insurance directly
related to such lending and servicing activities) at 3
Palo Alt(^ Square, Group Floor, Suite 206, Palo Alto, California, through its subsidiary, Chase Manhattan Financial
Services, Inc. (9/28/81)
Lincoln National Company, Bala Cynwyd, Perilsylvania, notification of intent to engage in de novo Activities (underwriting, as reinsurer, credit life and credit accident
and health insurance directly related to extensions of
credit by Applicant's subsidiary bank, Lincoln Bank) in
Phoenix, Arizona, the geographic area to be served is
Southeastern Pennsylvania, through its subsidiary, Lenders
Life Insurance Company (9/30/81)
Cleveland
F.N.B. Corporation, Sharon, Pennsylvania, notification of
intent to engage in de novo activities (consumer finance
activities, including the extension of direct loans to
consumers, the discount of retail installment notes or
contracts and acting as agent for the sale of life,
accident and health, and physical damage insurance
directly related to its extensions of credit) at 103
Brady Street, DuBois, Pennsylvania, through its subsidiary, F.N.B. Consumer Discount Company (9/30/81)
Cleveland
Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in cle novo activities
(activities that may be carried on by a trust company,
including activities of a fiduciary, investment advisory
1
#
H.2, 1981 No. 40
- 2 0 -
APPLICATIONS RECEIVED-Cont inued
agency, or custodian nature) at Arvida Financial Plaza,
Glades Road, Boca Raton, Florida, through its subsidiary,
Mellon Trust Company, N.A. (9/29/81)
Chicago
Continental Illinois Corporation, Chicago, Illinois, notification of intent to engage in de novo activities
(in the full range of functions or activities that may
be performed or carried on by a trust company including
activities of a fiduciary, investment advisory, agency
or custodial nature) at 15 South Boulevard of Presidents,
St. Armanda Key, Sarasota, Florida, the geographic area
to be served will be Sarasota County, Florida, through
its subsidiary, Continental Illinois Trust Company of
Sarasota, N.A. (9/17/81)
St. Louis
Tradewater Bancshares, Inc., Providence, Rhode Island, notification of intent to engage in de novo activities
(acting as an agent or broker with respect to the sale
of credit life insurance, credit accident and health
insurance and insurance of the interest of a real
property mortgagee in mortgaged property (other than title
insurance), all of which will directly relate to an extension of credit by Applicant and any affiliate of it,
including its banking subsidiary, Providence State Bank)
on Main Street, Providence, Kentucky, through a subsidiary, Union National Insurance Agency, Inc. (9/25/81)
Kansas City
Coronado, Inc., Sterling, Kansas, for approval of its
nonbanking subsidiary, The Farmers State Agency, Inc. to
retain the assets of First Agency, Inc., Sterling, Kansas.
Kansas City
Liberty National Corporation, Oklahoma City, Oklahoma, notification of intent to engage in de novo activities
(making and acquiring of direct commercial and real
estate loans for its own account) in Oklahoma City,
serving the States of Oklahoma, Texas, Arkansas, Missouri,
Kansas, Colorado, New Mexico, California, New Jersey and
New York (9/28/81)
San
Francisco
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 by made or acquired by a finance
company, servicing loans and other extensions of credit
and offering credit related life insurance in the States
of Rhode Island, Connecticut and Massachusetts; credit
related accident and health insurance will be offered
only in Rhode Island; this type of insurance will not be
H. 2, 1981 No. 40
-21APPLICATIONS RECEIVED-Cont inued
offered in either the State of Connecticut or the State
of Massachusetts; credit related property insurance will
not be offered by FinanceAmerica Corporation of Rhode
Island in the States of Rhode Island, Connecticut and
Massachusetts; 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 secured by real
and personal property; and offering credit related life
and credit related accident and health insurance directly
related to extensions of credit made or acquired by FinanceAmerica Corporation of Rhode Island) at 1185 North
Main Street, Providence, Rhode Island, serving the entire
States of Rhode Island, Connecticut and Massachusetts,
through its indirect subsidiary, FinanceAmerica Corporation of Rhode Island (a Rhode Island Corporation) (9/30/81)
San
Francisco
First Bancorporation, Salt Lake City, Utah, for approval
to acquire 100 percent of the outstanding shares of
Beehive Financial Corporation and its wholly owned subsidiary, Beehive Thrift and Loan Company, Salt Lake City,
Utah and engage in industrial loan activities.
San
Francisco
Seilon, Inc., Toledo, Ohio and Nevada National Bancorporation, Reno, Nevada, notification of intent to engage in
de novo activities (the financing of personal property
and equipment and leasing of such property or the acting
as an agent, broker or adviser in the leasing and/or
financing of such property where at the inception of the
initial lease the effect of the transaction (and, with
respect to governmental entities only, reasonably
anticipated future transactions) will yield a return that
will compensate the lessor for not less than the lessor's
full investment in the property over the term of the
lease, and the servicing of such financings and/or loans
as is authorized by the Federal Reserve Board under
Regulation Y and the Bank Holding Company Act; making or
acquiring for its own company or the account of others,
loans and other extensions of credit in the normal course
of its leasing business including the making of business
installment loans, the purchase of business installment
sales finance contracts and making loans to businesses
of various sizes) at Henderson Bank Building, 401 Railroad
Street, Elko, Nevada, serving Elko south to Tonopah,
Nevada and north to Jackpot, Nevada, it will also service
west to Wendover, Nevada and east to Fallon, Nevada, through
its subsidiary, National Leasing Company, Inc. (10/2/81)
22
H.2, 1981 No. 40
APPLICATIONS RECEIVED-Cont inued
San
Francisco
Valley National Corporation, Phoenix, Arizona, notification of intent to engage in dje novo activities (acting
as agent or broker for the sale of credit life, credit
accident and health insurance, property and casualty
insurance, mortgage life and disability insurance and
lender's single interest insurance in connection with
extensions of credit or other financial services offered
by its subsidiaries) in Phoenix, Arizona, serving the
State of Arizona and from an office in Albuquerque, New
Mexico, serving the State of New Mexico, through a subsidiary, Financial Services Insurance Agency, Inc.
(9/25/81)
* * * * *
REPORTS RECEIVED
Ownership Statement Filed Pursuant to Section 13(d)
of the Securities Exchange Act
Continental Bank and Trust Company, Springfield, Virginia
Filed by: Carl Bernstein
Carolyn W. Hirst
Marvin Jacobs
Thomas C. Kilby
* * * * *
PETITIONS FOR RULEMAKING
None
@FedFRASER