Full text of H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received : September 14, 1974

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ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Application and Reports Received or Acted on
H. 2
1974 No. 37

During the Week Ending September 14, 1974

District

Date

12

Current Report Filed Pursuant to Section 13
of the Securities Exchange Act
Received
Union Bank, Los Angeles, California

9-10-74

12

Valley Bank of Nevada, Las Vegas, Nevada

9-11-74

* * * * *

Ownership Statement Filed Pursuant to Section 13(d)
of the Securities Exchange Act
Received
Dearborn Bank and Trust Company, Dearborn, Michigan
(Filed by Bank of the Commonwealth, Detroit,
Michigan)
* * * * *

To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Received
Missoula Bank of Montana, Missoula, Montana
Approved
^Missoula Bank of Montana, Missoula, Montana
"k "k ic

-k

*Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.




9-9-74

H.2
1974 No. 37

To establish a Domestic Branch Pursuant to
Section 9 of the Federal Reserve Act
Received
Potomac Valley Bank, Petersburg, West VirginiaBranch to be established at 7 Park Street,
Petersburg.
The Peoples Savings Bank, Clanton, Alabama.
Branch to be established at U. S. Highway 31,
Clanton.
Approved
*Chemical Bank, New York, New York. Branch to be
established in the immediate neighborhood of
Kappock Street and Knolls Crescent, Riverdale,
Bronx.
^Manufacturers and Traders Trust Company, Buffalo,
New York.
Branch to be established at
6095 Transit Road, Village of Depew, Erie County.
3

*The Fidelity Bank, Rosemont, Montgomery County,
Pennsylvania. Branch to be established at
705 Hamilton Mall, Allentown, Lehigh County.

6

*Trust Company of Georgia, Atlanta, Georgia.
Branch to be established at 101 Marietta Street,
Atlanta.

7

^Citizens Commercial & Savings Bank, Flint, Michigan.
Branches to be established at the following locations:

11

A.

To be established at G-5008 Corunna Road,
Flint Township, Genessee County.

B.

To be established in the vicinity of G-6444
Pierson Road, Mt. Morris Township, Genessee
County.

*The First State Bank, Abilene, Texas. Branch to
be established across 5th Street and About 300
feet from the present quarters, Abilene. .

*Application processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.




H.2
1974 No. 37

12




- 3 Approved Cont 1 d
*United California Bank, Los Angeles, California/
Branch to be established in the vicinity of Fairview
Avenue and Calie Real in the unincorporated community
of Go1eta; Santa Barbara County,
* * * * *




To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Received
Second Bancorporation, Eldora, Iowa, for approval to
acquire 100 per cent of the voting shares (less d i rectors 1 qualifying shares) of Second National Bank,
Eldora, Iowa.
Gainesville Bancshares, Inc., Gainesville, Missouri,
for approval to acquire 80 per cent or more of the
voting shares of Bank of Gainesville, Gainesville,
Missouri.
Pentagon Bankshares, Inc., Minneapolis, Minnesota, for
approval to acquire 87 per cent of the voting shares
of State Bank of St. Anthony Village, St. Anthony
Village, Minnesota.
Oskaloosa Bancshares, Inc., Oskaloosa, Kansas, for
approval to acquire 81.5 per cent of the voting
shares of The State Bank of Oskaloosa, Oskaloosa,
Kansas.
PBC Financial Corporation, Oklahoma City, Oklahoma,
for approval to acquire 82.4 per cent of the voting
shares of Farmers & Merchants Bank, Eufaula, Oklahoma .
Shepherd Mall State Corporation, Oklahoma City, Oklahoma, for approval to acquire 100 per cent of the
voting shares of Shepherd Mall State Bank, Oklahoma
City, Oklahoma.
Commonwealth Bancshares, Inc., Dallas, Texas, for approval to acquire between 59.1693 and 88 per cent
of the voting shares (less directors 1 qualifying
shares) of Commonwealth National Bank of Dallas,
Dallas, Texas.
Approved
Walhalla Bank Holding Company, Walhalla, North Dakota,
for approval to acquire 98.5 per cent of the voting
shares of Walhalla State Bank, Walhalla, North
Dakota.
Eagle Capital Co., Eagle, Nebraska, for approval to
acquire 94 per cent of the voting shares of Eagle
State Bank, Eagle, Nebraska, a proposed new bank.

Approved Continued
Fredonia Bancshares, Inc., Fredonia, Kansas, for approval to acquire 82.65 per cent of the voting
shares of State Bank of Fredonia, Fredonia, Kansas.
Locust Grove Banshares 9 Incorporated, Locust Grove,
Oklahoma, for approval to acquire 80 per cent of
the voting shares of Bank of Locust Grove, Locust
Grove, Oklahoma.
The Mitsui Bank, Ltd., Tokyo, Japan, for approval to
acquire 100 per cent of the voting shares (less
directors 1 qualifying shares) of The Mitsui Bank of
California, los Angeles, California, a proposed new
bank.
Delayed
UNION BANCORPORATION, INC., Union Grove, Wisconsin,
for approval to acquire 87.75 per cent of the voting
shares of State Bank of Union Grove, Union Grove,
Wisconsin.

* * * * *

To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Received
Independent Bank Corporation, Ionia, Michigan, for approval to acquire 100 per cent of the voting shares
of The First State Bank of Newaygo, Newaygo, Michigan.
First International Bancshares, Inc., Dallas, Texas,
for approval to acquire 100 per cent of the voting
shares (less directors 1 qualifying shares) of San
Jacinto State Bank, Pasadena, Texas.
First United Bancorporation, Inc., Fort Worth, Texas,
for approval to acquire 51 per cent or more of the
voting shares of Gateway National Bank of Fort Worth,
Fort Worth, Texas.
Texas Commerce Bancshares, Inc., Houston, Texas, for
approval to acquire 100 per cent of the voting shares
(less directors 1 qualifying shares) of Pan American
Bank, Brownsville, Texas.




Received Continued
First Security Corporation, Salt Lake City, Utah, for
approval to acquire 99.5 per cent of the voting shares
of First Security State Bank of Kaysville, Kaysville,
Utah, a proposed new bank.




Approved
First Virginia Bankshares Corporation, Falls Church,
Virginia, for approval to acquire 100 per cent of
the voting shares of the successor by merger to
People 7 s Bank of Chesapeake, Chesapeake, Virginia.
Virginia National Bankshares, Inc., Norfolk, Virginia,
for approval to acquire 100 per cent (less directors T
qualifying shares) of the voting shares of Virginia
National Bank/Fairfax, Springfield, Virginia, the
successor by merger to Community Bank and Trust
Company, Franconia, Virginia.
First Alabama Bancshares, Inc., Birmingham, Alabama,
for approval to acquire 100 per cent of the voting
shares (less directors 1 qualifying shares) of the
successor by merger to Farmers and Marine Bank,
Bayou La Batre, Alabama.
First Alabama Bancshares, Inc., Birmingham, Alabama,
for approval to acquire 100 per cent of the voting
shares (less directors 1 qualifying shares) of the
successor by merger to Phenix National Bank, Phenix
City, Alabama.
Commerce Bancshares, Inc., Kansas City, Missouri, for
approval to acquire 50 per cent or more of the voting
shares of Mound City Trust Company, St. Louis, Missouri, and indirectly a majority of the voting shares
of Valley Bank of Florissant, Florissant, Missouri.
First City Bancorporation of Texas, Inc., Houston,
Texas, for approval to acquire 100 per cent (less
directors 7 qualifying shares) of the voting shares
of Southwood Bank, Houston, Texas, a proposed new
bank.
Texas Commerce Bancshares, Inc., Houston, Texas, for
approval to acquire 100 per cent of the voting shares
(less directors 1 qualifying shares) of the successor
by merger to Highland Park State Bank, San Antonio,
Texas.

- 7
H.2
1974 No. 37
Withdrawn
On H.2 N o , 29 (1974), the Board reported receipt of
an a p p l i c a t i o n from First T e n n e s s e e N a t i o n a l C o r p o r a tion, M e m p h i s , T e n n e s s e e , for a p p r o v a l to acquire 100
per cent of the v o t i n g shares of the successor by
m e r g e r to Cleveland B a n k and Trust Company, Cleveland,
Tennessee.
In a letter dated August 29, 1974, A p p l i cant requested that the application b e w i t h d r a w n .

* * * * *

T o R e t a i n B a n k Shares A c q u i r e d in a Fiduciary Capacity
Pursuant to Section 3 of the B a n k H o l d i n g Company Act
_ _ _
of 1956
Received
Texas A m e r i c a n B a n c s h a r e s Inc., Fort W o r t h , Texas, for
p e r m i s s i o n to r e t a i n 720 shares of the v o t i n g shares
of B a n k of Fort W o r t h , Fort W o r t h , T e x a s .

11

11
."

T e x a s A m e r i c a n B a n c s h a r e s Inc., Fort W o r t h , Texas, for
a p p r o v a l to r e t a i n 1 5 0 shares of the v o t i n g shares
of R i v e r s i d e State Bank, Fort W o r t h , Texas.

* * * * *

1

To Expand a B a n k H o l d i n g C o m p a n y Pursuant to Section
4(c)(8) o f the B a n k H o l d i n g C o m p a n y Act of 1956
Received
**Industrial N a t i o n a l Corporation, P r o v i d e n c e , R h o d e
Island, n o t i f i c a t i o n of intent to engage in de novo
a c t i v i t i e s (consumer finance; and insurance agency
for any i n s u r a n c e directly related to an extension
of credit or p r o v i s i o n of other financial services
or otherwise sold as a m a t t e r of convenience to the
p u r c h a s e r ) at 811 W . Hodges Street, Raleigh, N o r t h
Carolina, through a subsidiary, Southern Discount
Company.

**4 (c)(8) and 4 ( c ) ( 1 2 ) n o t i f i c a t i o n s processed by Reserve B a n k on behalf
of the Board of Governors under delegated authority.




9-11-74

H. 2
1974 No. 37
Received Continued
**Clticorp, New York, New York, notification of intent
to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as
broker for the sale of consumer credit related life/
accident and health insurance and consumer credit
related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation
of Alabama will offer to sell insurance as follows:
(a) group credit life/accident and health insurance
to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event
of the borrowers 1 disability; (b) individual casualty
insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related
insurance, Nationwide Financial Corporation will not
offer insurance counseling) at 5332 Oporto Avenue,
Birmingham, Alabama, through its subsidiary, Nationwide Financial Corporation of Alabama.
2

**Citicorp, New York, New York, notification of intent
to engage in die novo activities (purchasing and processing consumer installment sales finance contracts;
and acting as broker for the sale of consumer credit
related life/accident and health insurance and consumer credit related property and casualty insurance
on purchased consumer installment sales finance contracts, said insurance will only be offered when such
transactions are the equivalent of direct extensions
of consumer credit by the subsidiary; if this proposal
is effected, Nationwide Financial Corporation of
Nevada will offer to sell insurance as follows: (a)
group credit life/accident and health insurance to
cover the outstanding balances on consumer installment
sales finance contracts to obligators, singly or jointly with their spouses or co-signers, in the case of
life coverage, in the event of death, or, to make the
contractual monthly payments on consumer installment
sales finance transactions in the event of the obligators 1 disability to the extent permissible under
applicable State insurance laws and regulations; and
(b) individual casualty insurance on personal property
subject to security agreements; further, in regard to
the sale of credit related insurance, Nationwide Financial Corporation will not act as a general insurance
agency) at 4600 Kietzke Lane, Reno, Nevada, through
its subsidiary, Nationwide Financial Corporation of
Nevada.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf


of the Board of Governors under delegated authority.


9-12-74

9-12-74

H.2
1974 No. 37

2

3

4

- 9Received Continued
**Citicorp, New York, New York, notification of intent
to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker
for the sale of consumer credit related life/accident
and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of New Mexico
will offer to sell insurance as follows: (a) group
credit life/accident and health insurance to cover
the outstanding balances of loans to borrowers in
the event of their death, or, to make the contractual
monthly payments on the loans in the event of the
borrowers ! disability; and (b) individual casualty
insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related
insurance, Nationwide Financial Corporation will not
offer insurance counseling) at 3157 Cerrillos Road,
Santa Fe, New Mexico, through its subsidiary, Nationw i d e Financial Corporation of New Mexico.
Fidelcor, Inc., Rosemont, Pennsylvania, for approval
to acquire substantially all of the assets of Keen
Factors, Inc., Beverly Hills, California.
**National City Corporation, Cleveland, Ohio, notifiestion of intent to continue to engage and to engage
in de novo activities (making or acquiring, for its
own account or for the account of others, working
capital loans, real estate loans, floor-plan loans,
personal loans and other extensions of credit (whether secured or unsecured) to dealers who sell or lease
motor vehicles or other vihicles and to the subsidiaries and affiliates of such dealers, loans and other
extensions of credit (whether secured or unsecured)
to the proprietors, partners, officers, and other
principals of dealers who sell or lease motor vehicles
or other vehicles, loans and other extensions of
credit secured by motor vehicles or by other vehicles;
and leases of motor vehicles or of other vehicles
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

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




8-30-74

9-13-74

H.2
1974 No. 37

- 10
Received Continued
lessor for not less than the lessor's full investment in the vehicle plus the estimated total cost
of financing the vehicle over the term of the lease;
and acting as the agent of others who as principals
make or acquire such and similar kinds of loans,
credit extensions and leases) through its whollyowned subsidiary, Motor Discount Corporation, Cleveland , Ohio.
Union Trust Bancorp, Baltimore, Maryland, for approval
to acquire the shares of Atlantic Management Corporation, Silver Spring, Maryland.
Union Trust Bancorp, Baltimore, Maryland, for approval
to acquire the shares of Atlantic-Phoenix Life Insurance Company, Phoenix, Arizona.
United Carolina Bancshares Corporation, Whiteville,
North Carolina, for approval to engage in providing
consulting services to banks in the areas of personnel
operations and facilities planning through a new
division (UCB Management Services) in Whiteville and
Monroe, North Carolina.

7

^^Continental Illinois Corporation, Chicago, Illinois,
notification of intent to engage in de novo activities
(leasing, on a nonoperating basis, real or personal
property acquired specifically for a leasing transaction and acting as agent, broker, or adviser in
the leasing thereof, where the lease serves as the
functional equivalent of an extension of credit to
the lessee of the property and where at the inception
of the initial lease the expectation is that the effect
of the transaction (and, with respect to governmental
entities only, reasonably anticipated future transactions with the same lessee as to the same property)
will be to 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; making or acquiring, for its
own account or for the account of others, secured and
unsecured loans and other extensions of credit to or
for business, governmental and other customers (excluding direct consumer lending), entities or projects,
purchasing or acquiring receivables or chattel paper
(including, without limitation, consumer receivables
and paper), issuing letters of credit and accepting
drafts; and servicing loans and other extensions of
credit for others) in Cincinnati, Ohio, through its
subsidiary, Continental Illinois Leasing Corporation,
Chicago, Illinois.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

of the Board of Governors under delegated authority.


9-13-74

H.2
1974 No. 37

8

11 Received Continued
Gainesville Bancshares, Inc., Gainesville, Missouri,
novo in the sale of
for approval to engage
credit life and credit accident and health insurance
directly related to extensions of credit by Bank of
Gainesville, Gainesville, Missouri.

10

Oskaloosa Bancshares, Inc., Oskaloosa, Kansas, for approval to acquire Curtis Patrick Agency, Oskaloosa,
Kansas and to engage in the sale of credit accident
and health insurance directly related to extensions
of credit by The State Bank of Oskaloosa, Oskaloosa,
Kansas.

10

PBC Financial Corporation, Oklahoma City, Oklahoma, for
approval to continue to engage in the business of lending money on insurance premiums, making personal installment loans, automobile financing, commercial demand lending, and private school tuition financing
through PBC Financial Corporation, at Oklahoma City,
Oklahoma.

12

3

10

**Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(originating and acquiring mortgage loans, including
development and construction loans, on multi-family
and commercial properties, for its own account or for
sale to others; and servicing such loans for others)
at 875 Johnson Ferry Road, N.E., Atlanta, Georgia,
through its subsidiary, Kassler & Co.
Approved
Girard Company, Bala Cynwyd, Pennsylvania, for approval
to acquire 50 per cent of the voting shares of
Omnilease Corporation, San Diego, California, and
through such subsidiaries to engage in the activities
of leasing personal property and equipment on a fullpayout basis and act as agent, broker, or adviser in
the leasing of such property.
Fredonia Bancshares, Inc., Fredonia, Kansas, for approval to acquire the credit life insurance business
presently conducted by Beal and Beal, Fredonia, Kansas.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




9 - 4-74

H.2
1974 No. 37

7

- 12 Delayed
**SJV Corporation, Elkhart, Indiana, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of
others, loans and other extensions of credit (including issuing letters of credit and accepting drafts),
such as would be made, for example, by a mortgage,
home improvement, finance, and consumer loan company;
and servicing loans and other extensions of credit
for any person) in La Porte, Indiana, through a subsidiary, St. Joseph Valley Finance Corp., Elkhart,
Indiana.

9- 9-74

10

**Guaranty Loan and Investment Corp. of Tulsa, Inc.,
Tulsa, Oklahoma, notification of intent to acquire
the common capital stock of Western Trust & Savings
Co., Tulsa, Oklahoma, and thereby to engage in de
novo activities (industrial banking, including the
issuance of thrift certificates and the extensions
of credit secured by first and second real estate
mortgages and durable consumer goods) in Tulsa, Oklahoma.

9-10-74

10

**United Banks of Colorado, Inc., Denver, Colorado, notification of intent to engage in de novo activities
(mortgage banking) in Evergreen, Colorado, through
its subsidiary, United Mortgage Company.

9 - 9-74

12

**Security Pacific Corporation, Los Angeles, California,
notification of intent to engage in de novo activities
(making or acquiring, for its own account or for the
account of others, loans and other extensions of
credit, including making consumer installment personal
loans, purchasing consumer installment sales finance
contracts, and making loans to small businesses; and
acting as broker or agent for the sale of consumer
related life/accident and health insurance and consumer related property and casualty insurance) at
7255 Irving Street, Westminster, Colorado; 17526 - 15th
Avenue North East, Seattle, Washington; and 333 South
Hope Street, Los Angeles, California; through its subsidiary, Security Pacific Finance Corp.

9-11-74

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




#
H.2
1974 No. 37

1

2

- 13Permitted
**Worcester Bancorp, Inc., Worcester, Massachusetts, notification of intent to engage in de novo activities
(acting as insurance agent or broker in offices at
which Worcester Bancorp, Inc., or its subsidiaries
are otherwise engaged in business with respect to
the following types of insurance: credit life insurance, credit accident and health insurance, and
mortgage redemption insurance, all directly related
to extensions of credit by Worcester Bancorp, Inc.'s
banking and nonbanking subsidiaries, subject to, however, the conditions of an order of the Board of
Governors of the Federal Reserve System, dated January
28, 1974, approving the conduct of such activities by
Worcester Bancorp, Inc. and subsidiaries; namely, the
condition that language will be inserted in bold type
on the insurance application forms to inform a prospective purchaser of insurance that he need not
purchase such insurance in order to obtain an extension of credit from Worcester Bancorp, Inc., or any
of its subsidiaries or affiliates, and subject to
the further condition that all sales of individual
insurance policies for amounts in excess of $10,000
and ten year's duration will be made by a licensed
insurance agent) at 1073 Main Street, Holden, M a s sachusetts; 11 Massasoit Road, Worcester, Massachusetts; Water Street, Fltchburg, Massachusetts; 346
Greenwood Street, Worcester, Massachusetts; and 209
West Central Street, Natick, Massachusetts; through
a subsidiary, Wornat Insurance Agency, Inc.
**Fidelity Union Bancorporation, Newark, New Jersey,
notification of intent to engage in de novo activities
(making loans in the present maximum amount of $1,000
or less and making loans secured by second mortgages
on residential real estate (up to 4-family occupancy)
owned by the borrowers under the New Jersey Secondary
Mortgage Loan Act and making available to the customers
credit life and disability insurance, covering the unpaid balance of loans outstanding) in Wall Township,
Monmouth County, New Jersey, through its subsidiary,
Suburban Finance Company.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




9 - 9-74

9-12-74

II. 2
1974 No. 37

3

-14Permitted Continued
**Heritage Bancorporation, Cherry Hill, New Jersey, notification of intent to relocate de novo activities
(making or acquiring, for its own account or for the
account of others, loans secured by mortgages on
commercial or residential property, construction projects or vacant land; servicing of mortgage loans
which will include conventional, FHA, VA, and commercial loans; and acting as sales agent for credit life/
accident and health insurance on mortgage loans originated or serviced by the company) from 11400
Rockville Pike, Rockville, Maryland, to 8318 Arlington Boulevard, Fairfax, Virginia, through its subsidiary, Heritage Mortgage Finance Company.

9-14-74

6

**Barnett Banks of Florida, Inc., Jacksonville, Florida,
notification of intent to engage in de novo activities
(performing or carrying on any one or more of the
functions or activities that may be performed or
carried on by a trust company, including activities
of a fiduciary, agency, or custodial nature, in the
manner authorized by Federal and State law) in Tampa,
Florida, through a subsidiary, Barnett Banks Trust
Company, N.A.

9- 8-74

6

**Citibanc Group, Inc., Alexander City, Alabama, notification of intent to engage in de_ novo activities
(leasing personal property and equipment, or acting
as agent, broker, or adviser in the leasing of such
property, where at the inception of the initial
lease the expectation is that the effect of the transaction and reasonably anticipated future transactions
with the same lessee as to the same property Will be
to compensate the lessor for not less than the lessor's
full investment in the property) through a subsidiary,
Citibanc Leasing Services, Alexander City, Alabama.

9-10-74

6

^ S o u t h e a s t Banking Corporation, Miami, Florida, notification of intent to engage in die novo activities (an
insurance agency with respect to credit life/accident
and health insurance directly related to an extension
of credit) through a subsidiary, Southeast Consumer
Finance, Inc., Miami, Florida.

9-12-74

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




#
H.2
1974 No. 37

12

12

12

15 .
Permitted Continued
**Marine Bancorporation, Seattle, Washington, notification
9-12-74
of intent to engage in de_novo activities (making or
acquiring, for its own account or for the account of
others, loans and other extensions of credit, including the making of consumer installment loans, purchasing consumer installment sales finance contracts, and
making of loans to small businesses; leasing personal
property and equipment, or acting as agent, broker,
or adviser in leasing of such property, where at the
inception of the initial lease the expectation is that
the effect of the transaction and reasonably anticipated future transactions with the same lessee as to
the same property will be to compensate the lessor
for not less than the lessor f s full investment in the
property; and acting as insurance agent or broker with
regard to credit life and disability insurance relating
only to extensions of credit by Commerce Credit Company,
secured or unsecured, with the limitation that the
initial amount of such insurance with respect to any
debtors may at no time exceed tha amount owed by such
debtors) in Suite 100, 2233 Watt Avenue, Sacramento,
California, through its subsidiary, Commerce Credit
Company.
**Patagonia Corporation, Tucson, Arizona, notification
of intent to engage in de novo activities (making or
acquiring, for its own account or for the account of
others, loans and other extensions of credit (including issuing letters of credit and accepting drafts),
such as would be made, for example, by a mortgage,
finance, credit card, or factoring company) at 222
West Osborn Road, Suite 310, Phoenix, Arizona, through
its subsidiary, Patagonia Leasing Company.

Reactivated
**BankAmerica Corporation, San Francisco, California,
9-10-74
notification of intent to engage in de novo activities (storing and processing banking, financial,
and related economic data, for those institutions
such as demand deposit accounting, general ledger
accounting, account reconciliation, installment loan
accounting, mortgage loan accounting, savings accounting, credit union accounting, and commercial loan
accounting and the storing and processing of financial
and accounting data for non-financial institutions relating to payroll, accounts receivable or payable,
and other billing services) at the corner of Colonial
Road and South Randolphville Road, Picataway Township,
New Jersey, through its subsidiary, Decimus Corporation.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




9-12-74

#
H.2
1974 No. 37

2

2

- 16Withdrawn
**Citicorp, New York) New York, notification of intent
to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as
broker for the sale of consumer credit related life/
accident and health insurance and consumer credit
related property and casualty insurance; if this
proposal is effected, Nationwide Financial Corporation
of Oklahoma will offer to sell insurance as follows:
(a) group credit life/accident and health insurance
to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the
contractual monthly payments on the loans in the
event of the borrowers 1 disability; (b) individual
casualty insurance on property, generally automobiles
and household goods, subject to security agreements
with Nationwide; further, in regard to the sale of
credit related insurance, Nationwide Financial Corporation of Oklahoma will not offer insurance counseling) in Edmond, Oklahoma, through its subsidiary,
Nationwide Financial Corporation of Oklahoma.
**Citicorp, New York, New York, notification of intent
to engage in de novo activities (operating as a thrift
company, Morris Plan, issuing thrift certificates and
thrift passbook certificates, consumer personal lending, the purchase of consumer installment sales finance contracts, consumer home equity lending secured
by real estate; making loans for the account of others,
such as one-to-four family unit mortgage loans, preauthorized consumer revolving credit by use of credit
cards or other means, the sale of money orders and
traveler ! s checks, consumer financial planning and
counseling; and acting as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and
casualty insurance on purchased consumer installment
sales finance contracts; said insurance will only be
offered when such transactions are the equivalent of
direct extensions of consumer credit by the subsidiaries; if this proposal is effected, the subsidiaries
will offer to sell insurance as follows: (a) group
credit life/accident and health or individual decreasing or level (in the case of single payment

**4 (c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




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9- 6-74

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H.2
1974 No. 37

- 17 Withdrawn Continued
loans) term life insurance to cover the outstanding
balances of consumer credit transactions, singly or
jointly with their spouses or co-signers in the case
of life coverage, in the event of death, or, to m a k e
the contractual monthly payments on the consumer
credit transactions in the event of the obligators 1
disability to the extent permissible under applicable
State insurance laws and regulations; in addition,
life insurance equal to the difference between the
maturity value of a deposit plan or periodic deposits
over a specified term and the balance in the account
of the time of the depositor's death; (b) individual
casualty insurance on personal property, subject to
security agreements and to include liability coverage
in home or automobile owner "package" policies where
such is the general practice; and (c) other coverages
as a convenience to customers, but gross commissions
on such sales will not exceed 5 per cent of Citicorp * s
gross commission on credit and other financial services
related insurance sales; in this regard, the subsidiaries
will not act as a general insurance agency) in Murray,
Utah, through its subsidiary, Nationwide Financial Services Corporation.

* * * * *

7

To Expand a Bank Holding Company Pursuant to Section
4(c)(12) of the Bank Holding Company Act of 1956
Received
**Berkshire Hathaway Inc., New Bedford, Massachusetts,
notification of intent to acquire Waumbec Mills Incorporated, and its wholly-owned subsidiary, Waumbec
Dyeing & Finishing Co., Inc., both of Manchester,
New Hampshire, engage respectively in manufacture
and sale of woven fabrics and dyeing and finishing
of textiles; and through nonbanking subsidiaries
proposes to acquire more than 5 per cent of Servomat ion Corp., New York, New York, an automatic vendor
of food and tobacco products.

**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.




9-13-74