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ANNOUNCEMENT BY
HOARD OF (TiVKKNORS
OF TH:.%
FEDERAL RESERVE SYSTEM
(1L 2," 1978lwr"T(f)
Actions of the Board; Applications and Reports
Received During the Week Ending October 7, 1978
ACTIONS OF THE BOARD
Report on bill H.R. 134 71, a proposed amendment that
would authorize the Hoard to extend the December
31, 1980, divestiture deadline in the Bank Holding
Company Act for companies required to divest certain real estate interests; letter in response to
request for comments sent to Chairman St. Germain,
Subcommittee on Financial Institutions Supervision,
Regulation and Insurance, House Banking Committee.
Authorization for the National Association of Securities Dealers, Inc. to administer professional qualification examinations for municipal securities dealer
personnel.
Issuance of subordinated capital notes by Seabrook Bank
and Trust Company, Scabrook, New Hampshire.
Over-the-counter stocks, the Board published a revised
list of OTC stocks that arc subject to its margin r e g ulations , effective iimiicdlately. If
First hank Holding C^r party, Lakevuod , Colorado, extension
of t ime to Per enN-r 1 •*, 1978, wi: h ia which it may consummale Die acquisition of Fir.xbmk of Wosc Arvada,
N.A. , Arvada, (N'h«radn% a proposed n w bank. 1/
1 m v n n i i on 11 !;rn! h.*rhood i»f !'>m !»t"'<aN r , Iron Ship
! ! d«-i , !U u k : T h:t, F » r a n d
l p« r , Kansas
Ci(v, Kan a;. ,
n ; (on of li:,* to !h\ enb, r U , 1979,
r o re; a (a a%: hnr i i v for i !, xihl, (%-nership not Co exceed
p, r et ui ; or on,' v« ai . 1/
K p'ibli. u.
C
*s* extension
! ? i: ' ; i *. t ut , : M * I # , v,' i i h t a wh i * h I o I\i H i l l
"
'.» in ; *
t he e r i'al jc / o w n s of
' a*-i r
' %'r y
. *1 !: eir
Texas,
^
l h; >u :t :
,, rf .in/in - u- i
h« nt ires. 1
i*,L
!_/
Ap| IfeaLi xi:; pro/ex^ed on be!%al f of the
auihor i(y.
of Cove m o r s under dele
2
11.2, 1978 No. 40
ACTIONS OF THE BOARD-Continned
Wca I11* • r t ()Vd Banc s 11a re,<•;, I.nc . , Wca t: Iic: r f o rd , Te>:as , exIension of time to December 5, 1978, within which to
consummate the acquisition of The First National Bank
oF Weather ford, Weather ford, Texas. 1/
Wyoming Bancorporation, Cheyenne, Wyoming, extension of
time to December 21., 1978, within which to open and
consummate the acquisition of First Wyoming BankC ijlette, Ciliette, Wyoming. 1/
Bank of Tazewell County, Tazewell, Virginia, to make an
investment in hank premises. _1/
Jackson Fxchangc Hank and Trust Company, Jackson, Missouri,
requesting permission to make an additional investment
in bank premises. 1/
Parker Bank & Trust Company, Cullman, Cullman, Alabama,
requesting to make an investment in bank premises. !_/
SunBank if South Dakota, Sioux Falls, South Dakota, requestin: permission to make an investment in bank promises. 1/
Wadena State Bank, Wadena, Minnesota, requesting permission
to make an investment in bank premises. 1/
Manufacturers Bank of Livonia, Livonia* Xichl/an, extension of time to April 28, 1979, within which to establish
a branch in the vicinity of the northwest corner of Six
Mile Road and Newbun;h Road, Livonia, Michigan, j/
Mo r u n < -ua r ant v international
1 nan- e Corporal i un , Xrw
York, X
York, request in - an addiiiena! exteir ien m
l i e within whirl) t. i purcliase an 1 hold, directly or
indirectly, share*; of a Co::,m* reial ;'r,per:y Cicpanv and
o; a Ke' ident ia 1 1'r^per ly Company, !^ih to i*r Iwcatet!
in Frarv «•. 1/
<
U
\ *! I * \ X'U i« u : 1 Biu' ai. ! I u'.r < i ^
n«
:*iie'"',
York, , r ip
/L r with lirsl 1: % % l and
Deper i:
pan", r'v: acu*;,', X, Y e n ; repert (o t:*e
1 ' d«'i ) I ! es i % lie*.; im c ( .*rp rat i,K: u *,,!.*'[ i; i v.
* a c u n \ , 1/
Ap, It- alien t rot
n;t
i t v.
n behalf t
rs under delc/aced
,
H.2, 1978 No. 40
ACTIONS OK TIIK r.OARD-Continucd
Donald K. Anderson, Director of Clio new Division of:
Support: Services, effective January 1, 1979.
Jolm L. Orizzard, Associate ])ivision Director Cor Building Services; he %^il.l be responsible Cor the sections
of Meciianical, Labor, Motor Transport, and Security.
Walter
Kreimann, Associate Division Director for Staff
Support; Mr. Kreimann will be responsible for the Board
service sections of Procurement; Duplicating, Messenger,
Mail, and Supply; Publications; Communications (telephone
and telegragh); and Food Services.
H.2,
1978
No.
- 4 -
40
ACTIONS OF THI% 13()ARD-Continned
To Establish a Domestic Branch Pursuant to Section
9 of the Federal Reserve Act
Approved
Bank of Tazewell County, Tazewell, Virginia. Branch
to be established on Fincastie Turnpike (U.S. Route
460), Tazewell County. 2/
Jackson Exchange Bank and Trust Company, Jackson,
Missouri. Branch to be established at 2025 Highway
61 East, Jackson, Cape Girardeau County. 2/
ft *ftftft
To Merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
Approved
The First State Bank of Miami, Miami, Florida to merge
with Hialcah-Miami Springs First State Bank, Hialeah,
Florida; North Hialeah First State Bank, Hialeah,
Florida; Airport First State Bank, Miami, Florida;
Miami Lakes First State Bank, Hialeah, Florida; and
North Miami First State Bank, North Miami, Florida. 2J
ft ft ft ft ft
International Investments and Other Actions Pursuant to
Section 25 and 25(a) of the Federal Reserve Act and
Sections 4(c)(9) and 4(c)(13) of the Bank Holding Company
Act of 1956, as amended
Approved
Citibank, N.A., New York, New York: grants consent for
Citibank Overseas Investment Corporation (COIC),
W i lining Con
Delaware,
to
purchase
and
hold, directly
or indirectly, 125 thousand additional shares of
Korea Development Finance Corporation, Seoul, Korea.
Citibank Overseas Investment Corporation, New York, New
York: grants consent for Citi.lease S.A. (Citiloase),
Brussels, Belgium to increase its capital by exchanging Citilease shares for the assets of Citicorp International Securities S.A. (CISSA), Brussels, Belgium.
2/^" Appl Motions processed by the Reserve Bank on behalf of the Board of
Coventors under delegated authority.
H.2, 1978 No. 40
- 5
-
ACTIONS OF Till": B()AR.D-Continued
NCNB International Ranking Corporation, New York, New
York: grants consent for your Corporation (NIBC)
Co continue to hold the sliares, directly or indirectly, of Demandand Supply Company Limited (DSL), London,
England.
First Chicago Corporation, Chicago, Illinois: grants
consent, to purchase and hold, directly or indirectly,
all of the shares of First Chicago Trust Company
(Cayman) Ltd. (FCT), Ceorge Town, Grand Cayman, Cayman
Islands, British West Indies.
>'< i'c
ic
A
*
To Form a Rank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Approved
Alden Investment Company, Inc., Alden, Iowa, for approval
to acquire 80 per cent or more of the voting shares of
Alden State Bank, Alden, Iowa. 2/
Sibley Rancorporation, Sibley, Iowa, for approval to
acquire 93 per cent of the voting shares of The First
National Bank of Sibley, Sibley, Iowa.
Dcarmin Bancorp, Inc., Odon, Indiana, for approval to
acquire 80.8 per cent of the voting shares of The
First National Bank of Odon, Odon, Indiana. 2/
LAKFS1DF BANK HOLDING COMPANY, New Town, North Dakota,
for approval to acquire 97.5 per cent of the voting
shares of Lakeside State Bank, New Town, North Dakota.
2/
Kussell State Bancshares, Inc., Russell, Kansas, for
approval to acquire 50 per cent or more of the voting
shares of Russell State Bank, Russell, Kansas. 2/
M a i n v i c w Bancshares, Inc., Plainviow. Texas, for approval
to acquire S3.98 per cent of the voting shares of The
City National Bank of Plainview, Tlainview, Texas. 2/
V
processed by the Reserve Bank on behalf of the Board of
CovL'iiwn; under delegated authority.
H.2, 1978 No. 40
- 6 ACTIONS 01' Till': BOARD-Continned
To Expand a Bank Holding Company Pursuant: to Section
i (a) (_]) L)_l_ t ho Bank Holding Company Act of 1956
Approved
Bank of Virginia Company, Richmond, Virginia, Cor
approval to acquire 100 per cent of; the voting shares
o f Ban k o f: V i r g i n i a - R i c h m ond , Richmo n d , V i r g i n i a, a
proposed new bank. 2/
Florida National Ranks of Florida, inc., Jacksonville,
F Lor ida , f o r approva 1 to acqui r e 51. per cent or more
of the voting shares of Tlie National Bank of Cape
Coral, Cape Coral, Flordia.
National Bancshares Corporation of Texas, San Antonio,
Texas, for approva.1 to acquire 100 per cent of the
voting shares (less directors' qualifying shares) of
Guaranty National Bank, Houston, Texas.
Denied
United Bank Corporation of New York, Albany, New York,
for approval to acquire all the voting shares of the
successor by merger to The Schenectady Trust Company,
Schenectady, New York.
To Expand a Bank Holding Company Pursuant to Section
4(c)(S) of the Bank Holding Company Act of 1956
W i t lid rawn
Amcricorp, Shawnee, Oklahoma, notification of intent
to engage in d_c n m m activities (originating and
servicing ail types of commercial and personal ioans)
at 201 N. Second, Seminole, Oklahoma, 201 N. Broadway,
Shawnee, Oklahoma and 434 W. MacArthur, Shawnee,
Oklahoma, through a subsidiary, ANB Financial Services,
inc. (10/2/78) 3/
BankAmcrica Corporal ion, San Francisco, California,
notification of intent to engage in de novo activities
(the offering of credit related property insurance in
connection with extensions of credit made or acquired)
at 2201 Hardy Street, Hatticshurg, Mississippi, through
its indirect subsidiaries, F.i nance America Corporation
(a Mississippi Corporation) and F inanecAmorica Industr ia L
Flan, Inc. (10/6/78) ],/
2/
2/
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of
the
Kn;jrrl
n f
C n v o r n n r <-j u n d e r
(I e 1 n a l t rwl
;ini h n r i I
11.2, 1978 Nu. 40
ACTIONS OF TIIK MOARD-Continned
Fe^rin^i L l ed
Adwildon Corpora t: i on , Cressk i 1 I , New .Jersey , no t :i f i cation
of intent to engage in d_e novo activities (leasing
personal or real property on a Cull, payout basis including, but not limited to, direct leases and leveraged
leases, or acting as agent, broker or advisor in leasing
such property and servicing such leases where the
leases serve as the functional equivalent of an extension
ol: credit to the lessees of the property, where at the
inception of the initial lease the effect of the transaction will be to compensate the lessor for not less
than its full investment in the property over the term
of tlie lease, all of the above activities to be in
accordance with regulations promulgated by the Board of
Governors of the Federal Reserve System) at One Tcnakill
Park, Cresskill, New Jersey (10/6/78) 2/
Chemical New York Corporation, New York, New York, notification of intent to engage in d_e 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, credit accident and disability and credit related
property and casualty insurance in connection with
extens i ons o f c redit made o r acqu ired by SunAinerica
Financial Corp.; credit life and credit accident and
lieal tii insurance written by the new office will be
reinsured by two existing subsidiaries of Chemical New
York Corporation, Sun States Life Insurance Company and
Croat Lakes insurance Company) at 2172 F. 54 Street,
Indianapolis, Indiana, through its subsidiary, Sunamcrica Financial Corp. (10/2/78) 3/
Citicorp, New York, New York, notification of intent to
engage in dc novo activities (acting as agent or broker
for t he sale of credit related properly and casualty insurance (on purchased installment sales finance contracts, said insurance will only be offered when such
t ransac t i ons a re the equivalent of direct extens ions of
credit by Advance Mortgage Corporation) on property,
generally mobile homes and one-to-four family residences
2/
Ale) (#) and
not it icat i<ms processed by Keservo Bank on behalf
ol the Board of Governors under delegated authority.
(1.2 , 1978 No. 40
-8
-
ACT I ONS OK THE bOAKD-Cont iuued
where Advance Mortgage Corporati on has a security interest: .md to include 1 i a b i. 1. i. I: y r.ovo rage in homeowner "package" policies where such is the general practice by
licensed agents or brokers) at 9247 North Meridian Street,
Inc 1 :i a11a j^o.1. is , I n< 1 i ana, Lh i'cmi; 11 i t s subsid ia ry , Advance
Insurance Agency, Inc. (10/6/78) ^/
Citicorp, New York, New York, notification of intent to
engage in de novo actlviti.es (making or acquiring, for
its own account or lor the account: of others, commerical
loans; leasing personal, or real property or acting as
agent, broker or advisor in leasing such property, and
servicing such leases where the leases serve as the
functional equivalent; or an extension of credit to the
lessee of the property, where at the inception of the
initial lease Che effect of the transaction will be to
compensate the lessor for not less than its full investment in the property over the term of the lease, and
where the transaction is subject to all of the qualifications specified in 12 CFR 225.4(a)(6)(a) and (b)) at
407 7 Woodcock Drive, Jacksonville, Florida; One Southeast Third Avenue, Miami, Florida; 100 North Broadway,
St. Louis, Missouri; 1826 Commerce Tower, 911 Main
Street, Kansas City, Missouri; 4 Office Park Circle,
Birmingham, Alabama; 5 Denver Technological Center,
Fnglewood, Colorado; and 800 Fast Commerce Road,
Elmwood Park, New Orleans, Louisiana, through its
subsidiary, Citicorp Industrial Credit, Inc. (10/6/78)
1/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making consumer installment personal loans, purchasing and servicing for its
own account installment sales finance contracts, 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; sale of credit related life and accident and
health, or decreasing or level (in the case of single
payment loans) term life insurance to cover the outstanding balance; of credit transactions (singly or jointly
wiih ee-signors in the rase oi li;e coverage) in the
event of death, or, to make contractual monthly payments
of the credit: transactions in the event of obligor's
disability hv licensed agents or brokers to the extent
i'.!c under applicable State laws and regulations;
I he sale of credit related property and casualty insur-
2/
41 M ; and
notifications processed b\' Reserve Bank on behalf
of the hoard o! f!«>vernors under delegated authority.
11.2, 197% No. 40
- 9 ACT !
mici' p I'd t tic I; i ri>?( pv f.sonn I. md rea I. p roper t.y subject to
a security agreement with Citicorp Person-Lo-Person
Financial Center, T no. and to include liability coverage
in home and au to mo I) i, .1 e po I ir ics where such is the
general practice by licensed agents or brokers to the
extent permissible under applicable State insurance
laws and regulations; further, in regard to Che sale
of credit-related insurance, the subsidiary will not
act as a general insurance agency) at 2003 Morse Rood,
Columbus, Ohio, through its subsidiary, Citicorp Porsonto-Person Financial Center, Inc. (10/7/78) 2/
Citicorp, New York, New York, notification of intent to
engage in d_e novo activities (making consumer installment personal loans, purchasing and servicing Cor its
own account: installemnt sales finance contracts,
making loans for the account of others such as one-tofour family unit mortgage loans, 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; sale
credit related life and accident and health, or decreasing
or level (in the case of single payment loans) term
life insurance to cover the outstanding balances of
credit transactions (singly or jointly with co-signers
in the case of life coverage) in the event of death,
or, to make contractual monthly payments of the credit
transactions in the event of obligor's disability by
licensed agents or brokers to the extent permissible
under applicable State laws and regulations; the sale
of credit related property and casualty insurance
protecting personal and real property subject to a
security agreement with Citicorp Person-to-Person
Financial Center, Inc. and to include liability coverage
in home and automobile policies where such is the
general practice by licensed agents or brokers to the
extent permissible under applicable State insurance
laws and regulations; credit related decreasing term
life insurance and accident and health insurance may
be reinsured by Family Cuardian Life Insurance Company
(formerly known as Gateway Life Insurance Company) an
af fi1iate ot C it i corp Per son™ to~V<• r son Financi a1
Center, Inc; further, in regard to the sale of creditrelated insurance, the subsidiary will not act as a
general insurance agency) at 7315 Midlothian Pike,
Richmond, Virginia, through its subsidiary, Citicorp
Person-to-Person Financial Center, Inc. (10/7/78) 3/
3V
4(c)(S) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
11.2, 1978 No. 41)
- 10 ACTIONS OF THK BOAKD-ConLinued
Citicorp, New York, Now York, notification of intent Co
engage in _d_e novji ncLiviLics (making Loans Co individuals
and businesses secured by real, and personal properLy,
the v rov eed s of which may he. for purposes other than
personal., family or household usage; sale of crediL
relaLed life and accident and hcalLh, or decreasing or
level (in Che case of single payment loans) Lerm life
insurance to cover Lhe onLsLanding balance of crediL
transactions (singly or joinLly with co-signers in Lhe
case of life coverage) in the ovenL of deaLh, or, Lo
make contractual monthly paymenLs of Lhe crediL LransacLions in Lhe ovonL of Lhe ob]. igoir's disahiliLy by
licensed agents or brokers Lo the extent permissible
under applicable SLate insurance laws and regulaLions;
Lhe sale of credit relaLed properLy and casualLy
insurance proLecLing personal and real properLy subjecL
Lo a securiLy agreement with Nationwide Financial
CorporaLion of Montana and Lo include liabiliLy coverage
in home or auLomobile policies where such is Lhe
general pracLicc by licensed agenLs or brokers Lo Lhe
exLenL permissible under applicable SLaLe insurance
laws and regulaLions; crediL relaLed decreasing Lerm
life insurance and accidenL and hcalLh insurance may
be reinsured by Family Guardian Life Insurance Company
(formerly known as CaLeway Life Insurance Company) an
affiliate of NaLionwide Financial CorporaLion of
Montana) aL 3100 Harrison Avenue, BuLLo, Montana,
Lhrough its subsidiary, NaLionwide Financial Services
CorporaLion presenLly operaLing as NaLionwide Financial
CorporaLion of MonLana (10/7/78) 3/
BancOhio CorporaLion, Columbus, Ohio, noLificaLion of
inLcnL Lo engage in do myyo activities (performing or
carrying on pursuanL Lo conLracLual agreemenL of any
one or more of Lhe funcLions or activiLies incidenLal
Lo investmenL managemenL of non-corporaLe funds held
by business and nonbusiness organixaLion in a fiduciary
or agency capaciLy such as, huL noL limiLed Lo, employee
benefit, charitable and escrowed funds) aL 155 KasL
Broad SLrceL, Columbus, Ohio (10/4/78) 3/
Me I I on Na t i on a 1 Corpora L ion , I' i 11: «;bu rgh , Fennsy Ivan La ,
notification of intenL Lo engage in de novo activiLies
(making or acquiring, for iLs own accounL secured and
unsecured loans and other extensions of credit such as
would be made by a finance company, which activities
including making direct consumer insLailmenL loans
3/
4(c)(8) and -He ) (12) not iLicaLions processed by Reserve Bank on behalf
of the Board or Covcrnors under delegated authority.
H... , 1 U/8 No. 4u
~ 11
'OAKD-Continned
and pit rc ha sin g consumer 1 os Lai linen t: sales contract:;
acting as insurance agent with respect Co credit Lire
and crod i t acc.if.len L and hea l th Insurance which insurance
will, be p rov i clecl only in con j uc t ion with extensions of
credit by Freedom Financial Services Corporation or
its wholly-owned subsidiaries and which will be available
soley at the option of the borrower and their borrower
is advised of this option in advance; and acting as
insurance agent with respect to credit property insurance
on personal property subject to security agreements
with Freedom Financial Services Corporation or its
who.I Ly-owned subsidiaries, which insurance will be
provided only in conduction with extensions of credit
by Freedom Financial Services Corporation and purchase
of this insurance through Freedom Financial Services
Corporation is solely at the option of the borrower and
the borrower is advised of this option in advance;
Freedom Financial Services Corporation does not act as
a general insurance agent) at 6617 E. Mill Plain
Boulevard, Vancouver, Washington, through its whollyowned subsidiary, Freedom Financial Services Corporation,
Oak Brook, Illinois (10/6/78) 2/
Dominion Bankshares Corporation, Roanoke, Virginia,
notification of intent to relocate d£ novo activities
(mortgage banking activities by originating residential,
commercial and industrial mortgage loans for its own
account but principally for sale to others, servicing
such loans for others; and writing credit life, credit
accident and health, and mortgage redemption insurance
in connection with such mortgage loans) from 3284
Virginia Beach Boulevard to 3623 Virginia Beach Boulevard,
Virginia Beach, Virginia, through its subsidiary,
Metropolitan Mortgage Fund, Inc. (10/7/78) _3/
First Maryland Bancorp, Baltimore, Maryland, notification
of intent to engage in de novo activities (rendering
data processing services related to banking, financing
or related economic data and including, without limitation, the following: data processing services for
banks including, deposit, Joan and accounting services;
data processing services to corporate customers of
banks including services such as payroll, general
ledger, accounts receivable, accounts payable and
inventory accounting; data processing services for
2/
4(c)(H) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 40
- 12
ACTIONS
financial
the
providing
processed
at
Baltimore,
Suburban
(making
and
for
keeping
and
data
of
storing
related
6495
of
(engaging
Finance
Street
intent
and
other
as a g e n t ,
broker,
personal
other
in
financial
nancing
the
structuring
Hyattsville,
Maryland,
tion
ing
at
a
and
and
Maryland,
of
a commercial
for
analysis
31
acquiring
and
leasing
loans,
itself
or
of
real
and
others;
and
financing,
ol: e q u i p m e n t
Light
for
to a c t
leases,
and
Hampshire
subsidiary,
of
itself
property
the
notifi-
activities
arranging
New
services)
Maryland
fi-
Avenue,
Street,
Suburban
Baltimore,
Funding
(10/2/78) 2/
Bancorporation,
ol" i n t e n t
generally
mortgage
for
of
6495
Maryland
through
Corporation
Suburban
business
problems)
in
servicing
or
(10/2/78) 2 /
credit
personal
of: c r e d i t
financial
the b u s i n e s s
of
internal
payroll,
billing
business
adviser
property;
extensions
engaging
and
and
of
book-
subsidiaries
Hyattsville,
in de^ n o v o
in
the
its
banking,
Maryland
the
and
for
and
Hyattsville,
in
extensions
preforming
payable,
engaging
real
as
notifi-
activities
providing
services
Avenue,
extensions
leasing
and
other
Hancock,
generally
Maryland,
other
company
to e n g a g e
company;
others;
and
or
Hampshire
Streets,
First
(10/2/78) 2/
and
such
Bancorporation,
cation
loans
data,
Redwood
subsidiary,
oilier;
processing
and
I.or d a t a
a f o r e d e s e r i bed
and
in d_e n o v o
loans
for
holding
receivable
New
East
Suburban
and
or
the
Light
a
Loans;
services
Hyattsville,
engage
processing
the
economic
accounts
6
through
acquiring
itself
with
Street,
Corporation
to
intent
operations
and
in c o n n e c t i o n
Maryland,
mui universi l ic;; in
o I student:
output: m i c r o f i l m
1.4 L i g h t
Services
on
credit
at
sorvie i
Bancorporation,
cation
and
and
computer
services)
Maryland
MOARD-Continued
i nr. t i l: n { i.on:; , c I I •
a c c o n n L i ng
being
OF T H E
Hyattsville,
to e n g a g e
in
the
broker;
in ^ 2
business
engaging
in
novo
of
Maryland, notificaactivities
a mortgage
the
business
(engag-
banker
of
and
acquiring
l o a n s and o t h e r e x t e n s i o n s of c r e d i t for i t s e l f or for
o t h e r s ; e n g a g i n g in t h e b u s i n e s s o f s e r v i c i n g l o a n s
and
other
and
engaging
financial
3/
4(c)(8)
of
the
and
Board
4(c)(12)
of
extensions
in
the
of
structuring
notifications
Governors
under
credit
business
and
of
for
analysis
processed
delegated
itself
arranging
by
of
real
Reserve
authority.
and
others;
financing,
estate
Bank
on
behalf
11.2, .1978 No. 4 0
ACTIONS Or Till: BOARU-Continned
problems) at 6495. New Hampshire Avenue, Hyattsville,
Maryland, 1250 Connecticut Avenue, N.W., Washington,
D.C. and 186 Broad Street, Providence, Rhode Island,
through a subsidiary, Suburban Mortgage Associates
Incorporated (10/2/78) 3/
St. Joseph Agency, Inc., South Bend, Indiana, notification of intent to engage in do novo activities (in the
leasing of personal property or acting as agent or
adviser in leasing such property, such lease transactions to serve as the functional equivalent of an
extension of credit to the lessee of the property, to
yield a return that will compensate the lessor for not
less than the lessor's full investment in the property
plus the estimated total cost of financing the property
over the term of the lease and to otherwise comply
with Section 225.4(a)(6)(i) of the Board's Regulation
Y) through a dje novo subsidiary, St. Joseph Lease
Capital Corporation and its subsidiaries, St. Joseph
Leasing Corporation and St. Joseph Equity Corporation,
both in South Bend, Indiana and Alexandria, Virginia
(10/1/78) 3/
BankArnerica Corporation, San Francisco, California, notification of intent to engage in d_e 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; and the offering of credit
related life, credit related accident and disability
insurance, and credit related property insurance in
connection with extensions of credit made or acquired
by FinancoAmorica Corporation) at 4416 Johnslon Street,
Lafayette, Louisiana, through its indirect subsidiary,
FinanceAmerica Corporation (a Louisiana Corporation)
(10/2/78) 3/
2/
4(c)(%) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Covcrnors under delegated authority.
H.2, 1978 No. 40
- 14
ACTIONS OF Till;: I^OAKD-Continued
To Expand a Bank Ilold ing Company Pursuant to SeeI. 1on
4(c)(12) o 5 the Bank Holding Company Act of 1956
Permitted
The Sperry and Hutchinson Company, New York, New York,
notification of intent to acquire indirectly The HighCountry Corporation (10/7/78) 3/
2/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
11.2, 1978 No. 40
-15Ai i i H \rIONS iiiccF.iVF.D
To Fstablish a Ikn lie Branch Pursuant Co Section
9 of the Federal reserve Act
Bank of South Florida, South Miami, Florida. Branch
to be established at the northwest corner of the inCersection of North Kendall Drive and S. W. 137th Avenue.
Bank of South Florida, South Miami, Florida. Branch to
be established at the southwest corner of intersection
U.S. Highway One and Caribbean Boulevard, in the Cutler
Ridge area of South Dade County.
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
The George Mason Bank, Fairfax, Virginia.
Bank of Bland County, Bland, Virginia.
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
The Chase Manhattan Bank, N.A., New York, New York:
request permission to establish an initial branch
in Madrid, Spain.
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
H U N T ICR H O L D I N G
CO.,
Hunter,
North
Dakota,
for
approval
to
acquire 100 per cent (less directors' qualifying shares)
of the voting shares of Security State Bank of Hunter,
Hunter,
North
Dakota.
M. S. B. Agency, Inc., St. Paul, Minnesota, for approval to
acquirc 85.9 per cent of the voting shares of Minnesota
State Bank of St. Paul, St, Paul, Minnesota.
H.2, 1978 No. 40
- 16 APPLICATIONS RFCF LVFD-Continued
Yellow Medicine liancshares, Inc., Granite Foils, Minnesota,
for approval to acquire 92.26 per cent of the voting
sha re s o f Ye 11 ow Med ic ine Coiin ty Bank, Granite Fa 11 s ,
Minnesota.
First Holdrege BancShares, Inc., Holdrege, Nebraska, for
approval to acquire 100 per cent (less directors'
qualifying shares) of the voting shares of The First
National Bank of Holdrege, Holdrege, Nebraska.
Morrill Bancsharos, Inc., Morrill, Kansas, for approval
to acquire 88 per cent of the voting shares of The
Morrill State Bank, Morrill, Kansas.
The Walsh Bancorporation, Inc., Walsh, Colorado, for
approval to acquire 98.8 per cent (less directors'
qualifying shares) of the voting shares of The Colorado
State Bank of Walsh, Walsh, Colorado.
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Northwest Ohio Bancshares, Inc., Toledo, Ohio, for approval
to acquire 80 per cent or more of the voting shares of
National Bank of Paulding, Paulding, Ohio.
The Wyoming National Corporation, Casper, Wyoming, for
approval to acquire not less than 85.8 per cent of the
voting shares of Wyoming National Bank of East Casper,
Casper, Wyoming, a proposed new bank.
Mercantile Texas Corporation, Dallas, Texas, for approval
to acquire 100 per cent of the voLing shares (less
directors' qualifying shares) of Citizens National
Bank o[ Austin, Austin, Texas.
U.2, 1978 No. 4 0
- 17
APPLICATIONS KKCCIVl!:D-Con tinned
To Exp rind a M.ink Hold in;; Company Pursuant to Srv1 ion
4 (cj_(8)_ o f_ _tjio__ Bank Holding Coin pan y A c t of 1956
Chemical New York Corporation, New York, New York, notificntion of intent; to engage i.n do novo act ivi Lies
(leasing real and personal property and equipment on a
nonoperating, full payment basis and acting as agent,
broker and advisor 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 8095 Hast
Be 1levlew Avenue, Fnglcwood, Colorado, through its
subsidiary, ChemLeaso, Inc. (10/6/78) 3/
Citicorp, New York, New York, notification of intent to
engage in de_ novo activities (making consumer installment personal loans, purchasing and servicing for its
own account installment sales finance contracts,
making loans for the account of others such as one-tofour family unit mortgage loans, 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; sale
of credit related life and accident and health, or
decreasing or level (in the case of single payment
loans) term life insurance to cover the outstanding
balances of credit transactions (singly or jointly
with co-signers in the case of life coverage) in the
event of death, or, to make contractual monthly payments
of the credit transactions in the event of obligor's
disability by licensed agents or brokers to the extent
permissible under applicable State laws and regulations;
the sale of credit related property and casualty
insurance, protecting personal and real property subject
to a security agreement with Citicorp Porson-to-Person
Financial Center, Inc. and to include liability coverage
in home and automobile pplicics where such is the
general practice by licensed agents or brokers to the
extent permissible under applicable State insurance
laws and regulations; credit related decreasing term
life insurance and accident and health insurance may
be reinsured by Family Guardian Life Insurance Company
an affillate of Citicorp Person-1o-Person Financial
Center, Inc.; further, in regard to the sale of creditr e 1 a t ed insu rance , the subs id i a r y wi 11 no t: ac t as a
general insurance agency) at 1025 Shoeshone Street
Nor th, Suite 41, Twin Fa 11s, Ida 1 io, t hrough its subs1diar y, Citicorp Person-to-Person Financial. Center , Inc.
(10/3/78) 3/
37 4(c)(8) and 4(c) (1.2) notifications processed by Reserve Bank on behalf
of the Borad of Governors under delegated authority.
H.2, 1978 No. 40
-18
APPL I.CAT I.ONS
First Nntional Slate liancorporntion, Newark, New Jersey,
no ti I" ieat: ion of intent to engage in de_ novo activities
(credit life and accident and health insurance for installment credit borrowers of subsidiary banks; any
other insurance that is directly related to an extension
of cred it by a subs id iar y bank or a bank re1a ted f irm
o r i s d i r e c 11 y-re 1 a ted to the p r o v is ion of o 111 e r
financial services by a subsidiary bank or a bank
re ].a ted f i rni; and a11y ins11ran<• e for the cornpa11y ' s
banking subsidiaries) at 550 Broad Street, Newark, New
Jersey, through its subsidiary, Broad & Lombardy
Associates, Inc. (10/6/78)
Mellon National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de novo activities
(making or acquiring, for its own account secured and
unsecured loans and other extensions of credit such as
would be made by a finance company, which activities
include making direct consumer installment loans and
purchasing consumer installment: sales contracts;
acting as insurance agent with respect to credit life
and credit accident and health insurance which Insurance
will be provided only in conjunction with extensions
of credit by Freedom Financial Services Corporation or
its who fly-owned subsidiaries which will be available
solely at the option of the borrower and the borrower
is advised of this option in advance; and acting as
insurance agent with respect to credit property insurance
on personal property subject to security agreements
with Freedom Financial Services Corporation or its
wholly-owned subsidiaries which insurance will be
provided only in conjuction with extensions of credit
by Freedoin Financ ia 1 Servi.ces Cor j>ora t i on and purc 11ase
of this insurance through Freedom Financial Services
Corporation is solely at the option of the borrower
and the borrower is advised of this option in advance;
Freedom Financial Services Corporation does not act as
a general insurance agent) at 11.65 Ne win ark Ave., Coos
Bay, Oregon, through its wholly-owned subsidiary,
Freedom Financial Services Corporat ion, Oak Brook,
Illinois (formerly Local Loan Co.) (10/2/78) 3/
Pittsburg}) National Corporation, Pittsburgh, Pennsylvania,
notification of intent to engage in de_ novo activities
_3/
4(c ) (8) and 4(c)(12) notifications processed bv Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 40
- %% ..
AI'I'L I CA'f 10NS_RFCI: I VI':l)-C(mj:i,nK^d
(mortgage I),'inking, including the making or acquiring and
so rv i c i nr for its own accounts or (lie accoun t s of others
ion us and other extensions o i: credit) at 6000 Grand
Central. Avenue, Suite 1, Vienna, West Virginia, through
its wholly-owned subsidiary, The Kissell Company,
Springfield, Ohio (10/2/78) 3/
Third National Corporation, Nashville, Tennessee, notification of intent to engage in dc novo activities (making of installment loans direct to borrowers and discounting of installment notes receivable issued to
dealers by purchasers; and acting as insurance agent or
broker in selling insurance to borrowers from such
finance subsidiary to include credit life insurance,
accident and health insurance, and acting as agent in
the sale of property damage insurance for collateral
supporting loans made by such finance subsidiary) at
419 Harding Place, Nashville, Tennessee, through a
subsidiary, Friendly Finance, Inc. (10/2/78) 2/
National Detroit Corporation, Detroit Michigan, to acquire
ccrtain assets of Pioneer >Iortage Corporation, Up1and,
California, and engage in mortgage banking activities
through its subsidiary, NBD Mortgage Company.
Mercantile Bancorporat ion Inc., St. Louis, Missouri,
to acquire certain assets of Financial Loan and Investment Company, Tulsa, Oklahoma.
BankAiner ica Corporation, San Francisco, California, noti.fi
cation 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;
a n (J t h e o f f c r i n g o f c r e < 1 i t: r o 1 a t; e d 1 i I' e , c r e d i t r e 1 a t o d
accident and disability Insurance, and credit related
property insurance in connection with extensions of cred
made or acquired by FinanccAmerica Corporation) at North
gate Village Shopping Center, Suite K, 3025 McHenry
Avenue, Modesto, California, through its indirect subsid
2/
4(c)(8) and 4(c)(12) notifications processed by Reserve Hank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 40
20
i:u-conL i inuxi
ary, FinanceAmerica Corporation (a California corporation)
(9/29/78) 3/
Rainier Bancorporation, Seattle, Washington, For approval
Co engage de_ novo through its indirect subsidiary,
R a i n 1 e r C v e d 1 t L ife I n s u r a nee Co in p any, Phoenix,
Arizona, in the activity of- underwriting (pursuant to
a reinsurance agreement) credit life and disability
insurance which is directly related to extension of
credit by Rainier National Bank and Rainier Credit
Company in the S ta tes o i: Washing ton , Oregon, Ca I if ornia ,
Alaska, Hawaii, Nevada and Utah.
•k -A' >V *
>'c
To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Heights Finance Corporation, Peoria, Illinois, notification of intent to acquire all of the issued and outstanding shares of capital stock of Central Acceptance
Corporation, Davenport, Iowa (10/3/78) 2/
*
*
*
REPORTS RECEIVED
Current Report filed Pursuant to Section 13 of the
Securities Exchange Act
The Savings & Trust Company o[ Pennsylvania, Indiana,
Pennsylvania.
vV *
Ownership Statement filed Pursuant to Section 13(d) of
the Socurities Exchange Act
First Commor ica1 Bank, Arlington, Virginia. (Filed by
C. Daniel. Clementc)
2/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of: Governors under delegated authority.
H.2,
197H
No.
-21
40
-
AFTLICATIONS RECEIVICD-^LimJod
First: Commerical Hank, Arlington, Virginia.
(Filed by Charles Edward Taylor)
riLTITIONS FOR RULEMAKING
None.
@FedFRASER