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ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.2, 1987, NO. 40 Actions of the Board Applications and Reports Received During the Week Ending October 3, 1987 ACTIONS OF THE BOARD Statement by Governor Angell before the House Committee on Banking, Finance and Urban Affairs, concerning farm mortgage loans in secondary markets backed by government guarantee, September 30, 1987. Establishment of a new organizational unit, the Division of Monetary Affairs, with the appointment of Donald L. Kohn as Director; David E. Lindsey as Deputy Director; Richard D. Porter as Assistant Director; and Normand R.V. Bernard as Special Assistant to the Board. Appointment of Michael J. Prell as Director of the Division of Research Statistics. Boston The Connecticut Bank and Trust Company, N.A., Hartford, Connecticut, proposed merger with the South Windsor Bank and Trust Company, South Windsor, Connecticut — report to the Comptroller of the Currency on competitive factors. 1/ New York CT Holding Inc., New York, New York, and Chemical New York Corporation — extension to December 19, 1987, to acquire Commerce Bank Richardson, Richardson, Texas. 1/ Richmond Williamsburg First National Bank, Kingstree, South Carolina, proposed purchase of assets and assumption of liability to pay deposits made in the Hemingway, South Carolina, branch of Pee Dee Federal Savings and Loan Association, Marion, South Carolina — 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, 1987, No. 40 2 ACTIONS OF THE BOARD - Continued Richmond The Bank of Charlotte County, Phenix, Virginia — investment in bank premises. 1/ Richmond The Bank of Romney, Romney, West Virginia — investment in bank premises. 1/ Richmond Dominion Bankshares Corporation, Roanoke, Virginia — extension to December 20, 1987, to acquire First Springfield National Corporation, Springfield, Tennessee, and The First National Bank of Springfield. 1/ Atlanta Correction: in H.2 #35 for the week ending August 29, 1987, Citizens Corporation to acquire Peoples Savings Bank, should have read to acquire Citizens Bank. Atlanta Northern Trust Bank of Florida, N.A., Miami, Florida, proposed merger with Northern Trust Bank of Florida/Palm Beach, N.A., Palm Beach, Florida — report to the Comptroller of the Currency on competitive factors. 1/ Atlanta Central State Bank, Calera, Alabama -investment in bank premises. 1/ Atlanta Colonial Bank, Montgomery, Alabama — investment in bank premises. 1/ Atlanta Sun Bank of Ocala, Ocala, Florida — investment in bank premises. 1/ Atlanta Citizens Trust Bank, Atlanta, Georgia — investment in bank premises. 1/ Atlanta Farmers & Merchants Bank, Centre, Alabama — investment in bank premises. 1/ Atlanta Meigs County Bank, Decatur, Tennessee, proposed merger with Citizens Central Bank, Ooltewah, Tennessee — report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Atlanta Financial Services Bancorp, Inc., Miami, Florida — extension to December 21, 1987, to acquire Eagle Bank of Broward, N.A., Fort Lauderdale, Florida. 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 3 ACTIONS OF THE BOARD - Continued Atlanta First National Bank of Atlanta, Atlanta, Georgia, proposed merger with First National Bank of Dalton, Dalton, Georgia -- report to the Comptroller of the Currency on competitive factors. 1/ Chicago Central - State Bancorp, Frankfort, Michigan — extension to December 20, 1987, to acquire State Savings Bank, and Central State Bank, Beulah, Michigan. 1/ St. Louis Independent Southern Bancshares, Inc., Brownsville, Tennessee — extension to December 25, 1987, to engage in management consulting services for depository institutions. 1/ St. Louis The First State Bank of Purdy, Purdy, Missouri, proposed merger with Citizen's National Bank of Monett/Pierce City, Monett, Missouri — report to the Comptroller of the Currency on competitive factors. 1/ St. Louis Boatmen's Bancshares, Inc., St. Louis, Missouri — extension to January 22, 1988, to acquire Boatmen's Bank of Delaware, New Castle, Delaware. 1/ St. Louis TJM Financial Corporation, Lexington, Kentucky — extension of at least fifteen days of processing period to acquire First Farmers Bank and Trust Co., Owenton, Kentucky. 1/ Kansas City First Western Bancorporation, La Jara, Colorado — extension to October 18, 1987 — to engage de novo in insurance agency activities. 1/ Dallas First Federal Savings and Loan Association of San Antonio - Alice Branch, Alice, Texas, proposed merger with First National Bank — report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Dallas Island Bank, South Padre Island, Texas, proposed merger with Merchants Marine Bank, Port Isabel, Texas — 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, 1987, No. 40 4 ACTIONS OF THE BOARD - Continued San Francisco First Hawaiian, Inc., Honolulu, Hawaii — extension to April 15, 1988, to divest certain property. 1/ San Francisco Greyhound Financial Corporation, Phoenix, Arizona — extension to September 30, 1988, to divest certain shares. 1/ San Francisco Family Bank of Commerce, Grants Pass, Oregon, proposed merger with Family Interim Bank — report to the Federal Deposit Insurance Corporation on competitive factors. 1/ San Francisco Wells Fargo & Company, San Francisco, California — extension to October 1, 1988, and November 1, 1988, to divest certain properties. 1/ ***** To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Withdrawn Kansas City Security Benefit Savings & Industrial Bank, Denver, Colorado. (10/2/87) ***** To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Approved Philadelphia Meridian Bank, Reading, Pennsylvania — to establish an offsite Electronic Facility to be located at the ACME Markets, Inc., Roosevelt Boulevard and Harbison Avenue, Philadelphia, Pennsylvania. 1/ (9/28/87) Cleveland The Fifth Third Bank of Columbus, Columbus, Ohio — to establish a branch at 3000 Northwest Boulevard, Upper Arlington, Ohio. 1/ (10/2/87) Richmond The Bank of Romney, Romney, West Virginia — to establish a branch on Main Street, Augusta, West Virginia. 1/ (10/2/87) 1/ Application processed on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 5 ACTIONS OF THE BOARD - Continued Richmond Central Fidelity Bank, Richmond, Virginia — to establish a branch at 1832 Kempsville Road, Virginia Beach, Virginia. 1/ (9/30/87) Atlanta Citizens Trust Bank, Atlanta, Georgia — to establish a branch in the Kroger Store located at 2865 Stewart Avenue, Atlanta, Georgia, to be known as the Kroger-In-Store #364. 1/ (10/2/87) Atlanta Commerce Union Bank, Nashville, Tennessee — to establish a branch at 2021 Memorial Boulevard, Springfield, Tennessee. 1/ (10/2/87) Atlanta Prime Bank, Boynton Beach, Florida — to establish a branch at 211 South Federal Highway, Boynton Beach, Florida. 1/ (9/30/87) Dallas Approval granted on application — to establish and use a branch office from Texas Bank, Weatherford, Texas, Willow Park, Texas. 1/ (9/29/87) San Francisco First Interstate Bank of California, Los Angeles, California — to establish a branch in the vicinity of 11980 Telegraph Road, Building 1, Suite 200, Santa Fe Springs, California. 1/ (9/26/87) * * * * * To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Approved Boston Second BNH Acquisition Bank, Manchester, New Hampshire — to merge with the Suncook Bank, Pembroke, (P.O. Suncook), New Hampshire. 1/ (9/15/87) Minneapolis First American Trust Company of Minnesota, Marshall, Minnesota. 1/ (9/30/87) * 1/ * * * * * Application processed on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 6 ACTIONS OF THE BOARD - Continued To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Approved Chicago Independent Bank - South Michigan, Leslie, Michigan -- to merge with Michigan National Bank, Lansing, Michigan. 1/ (10/1/87) Dallas Central Bank, Monroe, Louisiana — to merge with Lincoln Bank and Trust Company, Ruston, Louisiana. 1/ (9/29/87) ***** To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Approved San Francisco Yardlong Investment Trust, Geneva, Switzerland; Pastock Holdings Limited, Geneva, Switzerland; and International Capital Trust Limited, Geneva, Switzerland — for approval to acquire 75 percent of the voting shares of Western United National Bank, Los Angeles, California. 1/ (10/2/87) * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Approved Richmond Commerce Union Corporation, Nashville, Tennessee — for approval to acquire 100 percent of the voting shares of Security Bank and Trust Company, Centerville, Tennessee. (10/1/87) Richmond Sovran Financial Corporation, Norfolk, Virginia — for approval to acquire 100 percent of the voting shares of Commerce Union Corporation, Nashville, Tennessee and indirectly Commerce Union Bank, Nashville, Tennessee; Commerce Union Bank/Chattanooga, Chattanooga, Tennessee; 1/ Application processed on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 7 ACTIONS OF THE BOARD - Continued Commerce Union Bank/Clarksville, Clarksville, Tennessee; Commerce Union Bank/Eastern, Oak Ridge, Tennessee; Commerce Union Bank/Greeneville, Greeneville, Tennessee; Commerce Union Bank of Memphis, Memphis, Tennessee; Commerce Union Bank/TrirCities, Johnson City, Tennessee; Commerce Union Bank/Union City, Union City, Tennessee; Williamson County Bank, Franklin, Tennessee; First National Bank of Lewisburg, Lewisburg, Tennessee; and Planters Bank and Trust Company, Hopkinsville, Kentucky. (10/1/87) Richmond Sovran Financial Corporation, Norfolk, Virginia — for approval to acquire 100 percent of the voting shares of Security Bank and Trust Company, Centerville, Tennessee. (10/1/87) Atlanta Central and Southern Holding Company, Milledgeville, Georgia — for approval to acquire 100 percent of the voting shares of Bank of Greensboro, Greensboro, Georgia. 1/ (10/1/87) San Francisco Hemet Bancorp, Hemet, California — for approval to acquire 8.7 percent of the voting shares of Riverside National Bank, Riverside, California. 1/ (10/2/87) ***** To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Withdrawn Atlanta Sunshine Bankshares Corporation, Fort Walton Beach, Florida — to engage de novo (consumer financial counseling). The geographical area to be served will be the states of Florida, Georgia, and Alabama. 3/ (9/4/87) 1/ Application processed on behalf of the Board of Governors under delegated authority. 3/ Notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 8 ACTIONS OP THE BOARD - Continued Approved New York Manufacturers Hanover Corporation, New York, New York — for approval to expand the authority of its wholly owned subsidiary, Manufacturers Hanover Securities Corporation, New York, New York, to include the activities of providing investment advisory and research services to "Institutional Customers," and furnishing general economic information and advice, general economic statistical forecasting services and industry studies to such customers. (10/1/87) Richmond Sovran Financial Corporation, Norfolk, Virginia — for approval to acquire Commerce Union Realty Services, Inc., Nashville, Tennessee, and thereby engage in brokering commercial loans, and Tennessee Valley Life Insurance Company, Nashville, Tennessee, and thereby engage in reinsuring credit life, accident, and health insurance directly related to extensions of credit by the subsidiary banks of Company. (10/1/87) San Francisco International Capital Trust Limited, Geneva, Switzerland — for approval to engage de novo in lending/loan servicing. 1/ (10/2/87) Permitted Boston Bank of Boston Corporation, Boston, Massachusetts — to expand its activities to a world-wide service area, and to continue to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a factor) through Banc Boston Financial Corporation, Boston, Massachusetts. 3/ (10/3/87) Cleveland Banc One Corporation, Columbus, Ohio — to engage de novo (engaging in community development activities) through its subsidiary, Banc One Community Development Corporation, Columbus, Ohio. 3/ (10/2/87) 1/ Application processed on behalf of the Board of Governors under delegated authority. 3/ Notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H. 2 , 1987, No. 40 9 ACTIONS OP THE BOARD - Continued Atlanta Boca Bancorp, Inc., Boca Raton, Florida -to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a mortgage company) through Boca Bank Mortgage Corp., Boca Raton, Florida. 3/ (10/1/87) Chicago First Midwest Bancorp, Inc., Naperville, Illinois — to expand its activities to include (underwriting home mortgage redemption insurance) through its subsidiary, First Midwest Insurance Company, Naperville, Illinois. 3/ (9/28/87) * * * * * Redemption of Shares Approved Chicago Lena Bancorp, Inc., Lena, Illinois. (9/30/87) Chicago Olympia Bancorporation, Inc., Chicago Heights, Illinois. 1/ (10/2/87) Kansas City Met-State Corp., Kansas City, Missouri. (9/28/87) 1/ 1/ * * * * * Issued Intent Not to Disapprove Change of Control Pursuant to Change in Bank Control Act of 1978 Approved Chicago First Bancshares, Inc., Highland, Indiana. 1/ (10/1/87) San Francisco Pioneer Bancorp, Fullerton, California. (9/30/87) 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. 3/ Notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1987, No. 40 10 APPLICATIONS RECEIVED To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received New York Chemical Bank, New York — to establish a branch office at the Harris Corporation, 6801 Jericho Turnpike, Syosset, Nassau County, New York. 2/ Richmond The Bank of Romney, Romney, West Virginia — to establish a branch on Main Street, Augusta, West Virginia. 2/ Richmond Crestar Bank, Richmond, Virginia — to establish a branch at 3557 Franklin Road, S.W., Roanoke, Virginia. 2/ Richmond Signet Bank/Virginia, Richmond, Virginia — to establish a night depository and Electronic Funds Transfer Facility at Regency Square Mall, 1420 Parham Road, Richmond, Virginia. 2/ Atlanta Commerce Union Bank, Nashville, Tennessee — to establish a branch office at the American General Center, Nashville, Tennessee. 2/ Chicago Bartonville Bank, Bartonville, Illinois — to establish an automated teller machine at 1202 W. Garfield, Bartonville, Illinois. 2/ Chicago Farmers Loan and Trust Company, Tipton, Indiana — to establish a branch at 1350-52 East 116th Street, Carmel, Indiana. 2/ Chicago M&I Marshall & Ilsley Bank, Milwaukee, Wisconsin — to establish an automated teller machine at 2400 West Villard Avenue, Milwaukee, Wisconsin. 2/ Chicago Republic Bank-Central Williamston, Michigan — to establish a branch at 500 North Homer Street, Lansing Township, 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. H.2, 1987, No. 40 11 APPLICATIONS RECEIVED - Continued To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received Richmond First Community Bank - Adrian Buckhannon, Buckhannon, West Virginia. 2/ Kansas City Lamar Industrial Bank, Lamar, Colorado. Kansas City Ark Valley Industrial Bank, La Junta, Colorado. 2/ 2/ * **** To Merge Pursuant to Section 18 (c) of the Federal Deposit Insurance Act Received Philadelphia Johnstown Bank and Trust Company, Johnston, Philadelphia — to merge with The First National Bank of Avonmore, Avonmore, Philadelphia. 2/ Richmond First Community Bank - Adrian Buckhannon, Buckhannon, West Virginia — to merge with First Community Bank, Inc., Princeton, West Virginia. 2/ Chicago Old Kent Bank and Trust Company, Grand Rapids, Michigan -- to merge with Old Kent Bank of Kentwood, Kentwood, Michigan. 2/ Dallas Texas Commerce Bank - Fort Worth, Fort Worth, Texas — to merge with Texas Commerce Bank Hurst, N.A., Hurst, Texas. 2/ * **** To Expand a Bank Holding Company Pursuant to Section 3(a) (1) of the Bank Holding Company Act of 1956 Boston 2/ Peoples Bancorp of Worcester, Inc., Worcester, Massachusetts — for approval to acquire 100 percent of the voting shares of Peoples Savings Bank, Worcester, Massachusetts. 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, 1987, No. 40 12 APPLICATIONS RECEIVED - Continued Cleveland Cardinal Bancshares, Inc., Lexington, Kentucky — for approval to acquire 100 percent of the voting shares of Union Bank and Trust Company, Irvine, Kentucky. 2/ Richmond First Union Corporation of Tennessee, Charlotte, North Carolina — for approval to acquire Bank of Bellevue, Nashville, Tennessee. 2/ Richmond Sandy Spring Bancorp, Inc., Olney, Maryland — for approval to acquire 100 percent of the voting shares of Sandy Spring National Bank of Maryland, Olney, Maryland. 2/ Atlanta BOL Bancshares, Inc., New Orleans, Louisiana — for approval to acquire 100 percent of the voting shares of BOS Bancshares, Inc., Metairie, Louisiana and indirectly Bank of Louisiana in New Orleans, New Orleans, Louisiana, Fidelity Bank and Trust Co., Slidell, Louisiana, and Bank of the South, Matairie, Louisiana. 2/ St. Louis Golden Bancshares, Inc., Golden, Illinois — for approval to acquire at least 80 percent of the voting shares of Golden State Bank, Golden, Illinois. 2/ St. Louis Shelby Bancshares, Inc., Bartlett, Tennessee — for approval to acquire 100 percent of the voting shares of Shelby Bank, Bartlett, Tennessee, a proposed new bank. 2/ Dallas McCamey Financial Corporation, McCamey, Texas — for approval to acquire 100 percent of the voting shares of McCamey Bancshares, Inc., McCamey, Texas and indirectly Security State Bank, McCamey, Texas. 2/ ***** To Expand a Bank Holding Company Pursuant: -to Section 3(a)(3) of the Bank Holding Company Act of 1956 Richmond 2/ First Union Corporation, Charlotte, North Carolina — for approval to acquire First Union Corporation of Tennessee, Charlotte, North Carolina and indirectly Bank of Bellevue, Nashville, Tennessee. 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, 1987, No. 40 13 APPLICATIONS RECEIVED - Continued Atlanta South Banking Company, Alma, Georgia -- for approval to acquire 50 percent of the voting shares of Georgia Peoples Bankshares, Baxley, Georgia, and indirectly Peoples State Bank and Trust Company, Baxley, Georgia. 2/ Chicago First Mid-Illinois Bancshares, Inc., Mattoon, Illinois — for approval to acquire 100 percent of the voting shares of Eagle Bank of Charleston, Charleston, Illinois. 2/ Chicago Heritage Racine Corporation, Racine, Wisconsin — for approval to acquire 87 percent of the voting shares of Bank of Hayward, Hayward, Wisconsin. 2/ Chicago Lincoln Financial Corporation, Fort Wayne, Indiana — for approval to acquire 100 percent of the voting shares of Harbor County Banking Corporation, Three Oakes, Michigan, and indirectly Heritage Bank, Oronko Township, Michigan, and Bank of Three Oakes, Three Oakes, Michigan. 2/ Chicago Water Tower Bancorp, Inc., Chicago, Illinois — for approval to acquire 82.62 percent of the voting shares of Belmont National Bank, Chicago, Illinois. 2/ St. Louis First Missouri Bancorporation, Inc., Columbia, Missouri — for approval to acquire at least 50 percent of the voting shares of Montgomery Bancshares, Inc., Columbia, Missouri, and indirectly Jonesburg State Bank, Jonesburg, Missouri. 2/ St. Louis North Arkansas Bancshares, Inc., Jonesboro, Arkansas — for approval to acquire 100 percent of the voting shares of First State Bank of Newport, Newport, Arkansas. 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, 1987, No. 40 14 APPLICATIONS RECEIVED - Continued To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956 Philadelphia First Financial Corporation, Terre Haute, Indiana — for approval to merge with FSB Corporation, Sullivan, Indiana, and indirectly acquire Farmer State Bank of Sullivan, Sullivan, Indiana. 2/ ***** To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received New York The Fuji Bank, Ltd., Tokyo, Japan — to engage de novo (providing to others financially related data processing and data transmission services, facilities, and data bases; or access to them) through its existing subsidiaries, or subsidiaries yet to be formed. The activities will be conducted throughout the United States. (9/28/87) Cleveland PNC Financial Corp., Pittsburgh, Pennsylvania — to engage de novo (acting as an intermediary for the financing of commercial or industrial income-producing real estate equities) through its subsidiary, Citizens Fidelity Florida, Inc., Orlando, Florida. (9/29/87) Atlanta First Commerce Corporation, New Orleans, Louisiana — to engage de novo (discount securities brokerage activities including certain securities credit and incidental activities) through its subsidiary, First Commerce Investment Services, Inc., New Orleans, Louisiana. The activity will be conducted throughout the United States. (9/29/87) Atlanta SunTrust Bank, Inc., Atlanta, Georgia — to engage de novo (underwriting credit life and accident insurance on consumer loans) through SunTrust Insurance Company, Phoenix, Arizona. These activities will be conducted throughout the United States. (9/23/87) 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, 1987, No. 40 15 APPLICATIONS RECEIVED - Continued Chicago Beverly Bancorporation, Inc., Chicago, Illinois — to engage de novo (making acquiring and/or servicing loans for itself or for others). (9/25/87) Chicago Manufacturers National Corporation, Detroit, Michigan — to engage de novo (engaging in the activities of a trust company of a fiduciary, agency, or custodial nature) through the acquisition of Manufacturers Affiliated Trust Company, Chicago, Illinois. The activity will be conducted throughout the United States. (9/28/87) Chicago Republic Bancorp Inc., Ann Arbor, Michigan — for approval to acquire Mayflower Corporation, Plymouth, Michigan and thereby indirectly engage in making, acquiring and servicing mortgage loans for its own account or for the account of others. St. Louis Investark Bankshares, Inc., Stuttgart, Arkansas — to engage de novo (performing real estate appraisals). The activity will be conducted in the State of Arkansas. (9/23/87) St. Louis Mercantile Bancorporation Inc., St. Louis, Missouri — to engage de novo (discount securities brokerage activities including certain securities credit and incidental activities) through its subsidiary, Mercantile Investment Services, Inc., St. Louis, Missouri. (10/1/87) San Francisco International Capital Trust Limited, Geneva, Switzerland — for approval to engage de novo in lending/loan servicing. San Francisco Standard Chartered pic, and Standard Chartered Bank, London, England — to engage de novo (providing portfolio investment advice to any person) through Somitar North American Asset Management, Inc., Boston, Massachusetts. (9/28/87)
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