The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (H.2, 1977 No. 37) Actions of the Board; Applications and Reports Received During the Week Ending September 10, 1977 ACTIONS OF THE BOARD Letter to Senator John Tower commenting on legislation to regulate standby letters of credit, ineligible acceptances, and similar instruments, that was recently approved by the Senate as an Amendment to S.71, The Financial Institutions Supervisory Act Amendments of 1977. Report on bill H.R. 753, a bill to repeal the Section 4(c)(i) exemption for labor, agricultural, and horticultural organizations under the Bank Holding Company Act; letter in response to request for views sent to Congressman Fernand J, St. Germain. Securities and Exchange Commission, Rule 17a-3(a)(9), proposed amendment which is to improve the effectiveness of the enforcement of Federal securities laws where foreign dealings in U.S. securities are involved; letter to the Secretary of the Commission commenting on the proposal. Appointment of Mr. John L. Grizzard as Assistant Director, Division of Administrative Services, effective September 19, 1977. First Arkansas Bankstook Corporation, Little Rock, Arkansas, extension of time to September 16, 1977, within which to file exceptions to the recommended decision of the hearing officer in the matter of First Arkansas Bankstock Corporation, a proceeding under Section 2(a) of the Bank Holding Company Act of 1956, as amended. Old Kent Financial Corporation, Grand Rapids, Michigan, extension of time to March 1, 1978, within which to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Old Kent Bank of Norton Shores, N.A., Norton Shores, Michigan (in organization). 1/ 17 Application processed on behalf of the Board of Governors under delegated authority. H.2, 1977 No. 37 - 2 - ACTIONS OF THE BOARD-Continued Piedmont Bankgroup Incorporated, Martinsville, Virginia, extension of time to November 30, 1977, within which to become a bank holding company through the acquisition of 100 per cent of the voting shares of the successors by merger to Piedmont Trust Bank, Collinsville, Virginia, and Bank of Carroll, Hillsville, Virginia. 1/ Detroit Bank - Troy, Troy, Michigan, extensions of time to October 24, 1977, within which to establish branches; (1) at the southeast corner of the intersection of Maple and John R. Roads, Troy, Michigan and (2) at 1495 Crooks Road, Troy, Michigan. 1/ Piedmont Bank, Collinsville, Virginia (an organizing bank), extension of time to November 30, 1977, within which to merge with Piedmont Trust Bank, Collinsville, Virginia. 1/ State Bank of Howards Grove, Howards Grove, Wisconsin, request for permission to exercise full trust powers. 1/ Piedmont Bank, Collinsville, Virginia (an organizing bank), an extension of time to November 30, 1977, within which to accomplish membership in the Federal Reserve System. V A-V Bank Company, Aurora, Ohio, proposed merger with The Village Bank of Aurora, Aurora, Ohio; report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Cross Plains State Bank, Cross Plains, Indiana, proposed merger with Bank of Versailles, Versailles, Indiana; report to the Federal Deposit Insurance Corporation on competitive factors. 1/ First Bancshares of Florida, Inc., subsidiaries of, proposed merger with First Bank and Trust Company of Boca Raton, National Association, Boca Raton, Florida; report to the Comptroller of the Currency on competitive factors. 1/ First Pacific Bank, Los Angeles, California, proposed acquisition by Ocean State Bank, Santa Monica, California; report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Huntington National Bank of Franklin, Franklin, Ohio, proposed merger with The Franklin National Bank, Franklin, Ohio; report to the Comptroller of the Currency on competitive factors. 1/ T7 Application processed on behalf of the Board of Governors under delegated authority. / H.2, 1977 No. 35 - 3 ACTIONS OF THE BOARD-Continued James Staples and Company, Bridgeport, Connecticut, proposed merger with The Valley Bank and Trust Company, Shelton, Connecticut; report to the Federal Deposit Insurance Corporation on competitive factors. 1_! It Application processed on behalf of the Board of Governors under delegated authority. - 4 H.2, 1977 No. 37 ACTIONS OF THE BOARD-Continued To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Approved Summit Holding Corporation, Tamarac, Florida, for approval to acquire at least 90 per cent of the voting shares of Summit Bank, Tamarac, Florida. 2/ Kelly Field Bancshares Corporation, San Antonio, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Kelly Field National Bank of San Antonio, San Antonio, Texas. 2] * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Approved Florida Coast Banks, Inc., Pompano Beach, Florida, for approval to acquire 99 per cent or more of the voting shares of Florida Coast Bank of South Palm Beach County, N.A., Boca Raton, Florida, a proposed new bank. 2J Republic of Texas Corporation, Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to First Bank & Trust, Carrollton, Texas. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Withdrawn Avon Securities, Inc., Avon Park, Florida, notification of intent to engage in de novo activities (data processing services for financial institutions) at 560 E. McNab Road, Pompano Beach, Florida, through a subsidiary, Central Independent Financial Centers, Inc. (9/8/77) 37 Tj 3/ Application processed by 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 Board of Governors under delegated authority. H.2, 1977 No. 37 - 5 ACTIONS OF THE BOARD-Continued Permitted Citicorp, New York, New York, notification of intent to engage in de novo activities (making or acquiring, for its own account or the account of others, commercial loans) at 1300 E. 9th Street, Cleveland, Ohio, through its wholly-owned subsidiary, Citicorp Commercial, Inc. (9/10/77) 3/ Citizens and Southern Holding Company, Atlanta, Georgia, notification of intent to engage in die novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit including specifically (but without limitation upon the foregoing) the making of loans secured by second mortgages upon residential and other real property and servicing loans and other extensions of credit) at 487 Cherry Street, Macon, Georgia, through a subsidiary, Citizens and Southern Equity Mortgage Company (9/4/77) 3/ Great American Corporation, Baton Rouge, Louisiana, notification of intent to engage in die novo activities (making and acquiring for its own account, loans, discounts, acceptances and other extensions of credit and such other business as is customarily engaged in by consumer credit or finance company; and acting as insurance agent to include credit life insurance and accident and health insurance) at 3204 Ryan Street, Lake Charles, Louisiana, through a subsidiary, Ambank Acceptance Corporation (9/9/77) 3/ Scottsbluff National Corporation, Scottsbluff, Nebraska, notification of intent to engage in de^ novo activities (operating an industrial loan and investment company pursuant to the laws of the State of Nebraska including the issuance of installment and paid-up certificates of indebtedness and making consumer installment loans and agricultural equipment loans secured by the property purchased and making second mortgage loans secured by real estate; sale of all types of credit life and credit accident and health insurance related solely to extensions of credit by Scottsbluff Savings Co.) at 702 East 27th Street, Scottsbluff, Nebraska, through a subsidiary, Scottsbluff Savings Co. (9/5/77) 3/ 37 4(c) (8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. II. 2, 1977 No. 35 - 6 ACTIONS OF THE BOARD-Continued Approved Financial Services Corporation of the Midwest, Rock Island, Illinois, for approval to acquire all of the voting shares of Federal Discount Corporation, Dubuque, Iowa. 7 H.2, 1977 No. 37 APPLICATIONS RECEIVED To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Security Bank & Trust Company, Southgate, Michigan. Branch to be established in the vicinity of Allen Road and Vreeland Road, Brownstown Township, Wayne County. Central Bank, Monroe, Louisiana. Branch to be established at 2211 Forsythe Street, Monroe. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Oilman Investment Co., Gibson, Iowa, for approval to acquire 84.3 per cent of the voting shares of Citizens Savings Bank, Oilman, Iowa. Mid Michigan Bank Corporation, Gladwin, Michigan, for approval to acquire 100 per cent of the voting shares of the successor by consolidation to Mid Michigan Bank, Gladwin, Michigan. Fortune Insurance Company, Inc., Hugoton, Kansas, for approval to acquire 100 per cent of the voting shares of The First State Bank, Norton, Kansas. Atoka State Bancorporation, Inc., Atoka, Oklahoma, for approval to acquire 80 per cent or more (less directors1 qualifying shares) of the voting shares of The Atoka State Bank, Atoka, Oklahoma. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 First National Corporation, Appleton, Wisconsin, for approval to acquire 51 per cent or more of the voting shares of The First State Bank of Campbellsport, Campbellsport, Wisconsin. H.2, 1977 No. 37 - 8 APPLICATIONS RECEIVED-Continued Michigan National Corporation, Bloomfield Hills, Michigan, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Michigan National Bank - Port Huron, Port Huron, Michigan, a proposed new bank. County National Bancorporation, Clayton, Missouri, for approval to acquire 90 per cent of the voting shares of Bank of Louisiana, Louisiana, Missouri. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 CBT Corporation, Hartford, Connecticut, notification of intent to engage in de novo activities (the financing of accounts receivable, inventories and imports for business customers) at 444 Brickell Avenue, Miami, Florida, through a subsidiary, Lazere Financial Corporation, New York, New York, which is a wholly-owned subsidiary of CBT Financial Corporation, Hartford, Connecticut, which is in turn a wholly-owned subsidiary of CBT Corporation (9/6/77) 3/ First National Boston Corporation, Boston, Massachusetts, notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of First National Boston Corporation; storing and processing banking, financial or related data including performing such reports as are typically performed or prepared by or for banks such as, but not limited to, demand deposit, savings, installment loan, commercial loan, mortgage and central information accounting for The First National Bank of Boston and, indirectly, those banks which have entered or will enter into a data processing services agreement with The First National Bank of Boston) at 5 Whittier Road, Framingham, Massachusetts, through its existing subsidiary, First of Boston Computeristics, Inc., Boston, Massachusetts (9/6/77) 3/ 3 7 4 ( c ) ( 8 ) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. - 9 H.2, 1977 No. 37 APPLICATIONS RECEIVED-Continued Chemical New York Corporation, New York, New York, notification of intent to engage in de novo activities (the origination and sale of mortgage loans on residential, commercial and industrial real estate, and the servicing of mortgage loans owned by The Galbreath Mortgage Company and owned by others) at the intersection of Highways 1-85 and 285, Atlanta, Georgia, through its subsidiary, The Galbreath Mortgage Company (9/6/77) 3/ Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (leasing real and personal property on a full payout basis and acting as agent, broker, or adviser in leasing of such property in accordance with the provisions of Regulations promulgated by the aforesaid Board of Governors of the Federal Reserve System; and making and acquiring, for its own account or for the account of others, loans and other extensions of credit with respect to such property and servicing such leases, loans or other extensions of credit) at 3 Landmark Square, Stamford, Connecticut, through its subsidiary, Manufacturers Hanover Leasing Corporation (9/6/77) 3/ United Virginia Bankshares Incorporated, Richmond, Virginia, notification of intent to engage in de novo activities (originating loans as principal; originating loans as agent; servicing loans for nonaffiliated individuals, partnerships, and corporations; servicing loans for affiliates of United Virginia Bankshares Incorporated; the sale, as agent, of credit life, credit disability, mortgage redemption and mortgage cancellation insurance in connection with such loans; and such other activities as may be incidental to the business of a mortgage corporation) at Northgate Office Building, Suite 104, 5861 River Avenue, North Charleston, South Carolina, through its subsidiary, United Virginia Mortgage Corporation (9/6/77) 3/ First Bancshares of Florida, Inc., Boca Raton, Florida, notification of intent to engage in de_ novo activities (leasing hospital and medical equipment, office equipment, construction equipment, and other personal property) at 3700 Broadway, Riviera Beach, Florida, through a subsidiary, Beacon Leasing Corporation (9/8/77) 3/ 3? 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. 10 H.2, 1977 No. 37 APPLICATIONS RECEIVED-Continued Merchants National Corporation, Indianapolis, Indiana, notification of intent to relocate de novo activities (leasing of capital goods and equipment to industry, banks, or others, or acting as agent, broker, or adviser in leasing such personal property where at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease and such leases shall contain such other terms and conditions as shall comply with Section 225,4 (a)(6)(a) of Regulation Y issued by the Board of Governors of the Federal Reserve System) from 2640 E. Old Forge Road, Columbus, Ohio to 4041 N. High Street, Suite 410, Columbus, Ohio, through its subsidiary, Circle Acceptance Leasing Corp. (9/8/77) 3/ * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c) (12) of the Bank Holding Company Act of 1956 American Financial Corporation, Cincinnati, Ohio, and its subsidiaries, notification of intent to purchase more than 5 per cent of the outstanding voting stock of the following companies: Centennial Corporation, Grand Rapids, Michigan; American Export Lines, Inc., New York, New York; and Performance Systems, Inc., Nashville, Tennessee (9/6/77) 3/ * * * * * REPORTS RECEIVED None * * * * * PETITIONS FOR RULEMAKING None 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
@FedFRASER