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, 1976 No. 38) Actions of the Board; Applications and Reports Received During the Week Ending September 18, 1976 ACTIONS OF THE BOARD Statement by Governor Philip C. Jackson, Jr., before the Subcommittee on Commerce, Consumer, and Monetary Affairs of the House Committee on Government Operations, regarding enforcement of the Truth in Lending Act. Information, access to records of the Board, letter approving in part and denying in part an appeal to the Secretary of the Board? s previous action approving in part and denying in part a request for access to certain records of the Board. Independent Financial, Ltd., Brown Deer, Wisconsin, extension of time to December 14, 1976, within which to become a bank holding company through the acquisition of 80 per cent or more of the voting shares of The Brown Deer Bank, Brown Deer, Wisconsin. 1/ First Marine Banks, Inc., Riviera Beach, Florida, extension of time until October 29, 1976, within which to acquire First Marine Bank of Boca Raton, First Marine Bank of Palm Beach Gardens, and First Marine National Bank, Palm Springs, Florida. 1/ First United Bancorporation, Inc., Fort Worth, Texas, extension of time to December 28, 1976, within which to consummate and an extension of time to March 20, 1977, in which to open for business Las Colinas National Bank of Irving, Irving, Texas, a proposed new bank. 1/ 1/ Application processed on behalf of the Board of Governors under delegated authority. # H.2, 1976 No. 38 2 ACTIONS OF THE BOARD-Continued Bank of Ste. Genevieve, Ste. Genevieve, Missouri, to make an additional investment in bank premises. 1/ Security Bank and Trust Company, Southgate, Michigan, to make an investment in bank premises. 1/ Southside Bank, Tappahannock, Virginia, to make an investment in bank premises. 1/ Deregistration under Regulation G for Funded Investors, Inc., San Rafael, California. 1/ Beloit State Bank, Beloit, Wisconsin, extension of time to December 6, 1976, within which to establish a branch at 121-23 West Grand Avenue, Beloit, Wisconsin. 1/ Morgan Guaranty International Finance Corporation, New York, New York, extension of time to September 19, 1977, within which to complete its investment in Commercial Property Company and Residential Property Company, both located in France. 1/ Town and Country Bank, Lumberton, North Carolina, proposed merger with Wachovia Bank and Trust Company, N.A., WinstonSalem, North Carolina; report to the Comptroller of the Currency on competitive factors. 1/ 1/ Applications processed on behalf of the Board of Governors under delegated authority. NOTE: The H.2 release is now published in the Federal Register. It will continue to be sent, upon request, to anyone desiring a copy. 11.2, .1976 No. 38 ^ - 3 - ACTIONS OF THE BOARD-Continued To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Approved Lakeshore Trust Company, Painesville, Ohio. Branch to be established at 29118 Euclid Avenue, Wickliffe, Lake City. 2/ Chemical Bank and Trust Company, Midland, Michigan. Branch to be established at 2009 South Saginaw Road, Midland. The Detroit Bank-Troy, Troy, Michigan. Branches to be established at the following locations: A. The northeast corner of the intersection of Square and Rochester Roads. B. The northeast corner of the intersection of John R. Road and Wattles Road, both in Troy. * * * * * To Withdraw from Membership in the Federal Reserve System without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act Denied Citizens Bank, Savannah, Tennessee. * * * * * Thirty Day Notice of Intention to Establish an Additional Branch of a Member Bank in a Foreign Country . Approved Citibank, N.A., New York, New York. Branch - additional in the United Kingdom, to be located in Edinburgh, Scotland. * * * * * International Investments and Other Actions Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)(9) and 4(c)(13) of the Bank Holding Company Act of 1956, as amended Approved Chase Manhattan Bank, N.A., New York, New York. Investment - additional in leasing Lar Brazileiro S.A., Rio de Janeiro, Brazil. "2/ Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. £ H.2, 1976 No. 3 ^ ACTIONS OF THE BOARD-Continued Chase Manhattan Corporation and subsidiaries. Investment reinvestment of dividends received for additional stock of foreign companies. Continental International Finance Corporation. Investment additional in the form of a subordinated loan to Conill Bank A.G., Austria. Bamerical International Financial Corporation. Financiera Bamerical S.A., Panama, to issue debt obligations. Hawaii Bancorporation, Inc. Investment - to continue to hold additional shares of Pacific S & L Co. Ltd., Western Samoa, despite their acquisition without prior Board consent. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Withdrawn Citizens National Corporation, Wisner, Nebraska, for approval to acquire 80 per cent or more of the voting shares of The Citizens National Bank of Wisner, Wisner, Nebraska. Shawnee Mission Bancshares, Inc., Fairway, Kansas, for approval to acquire more than 80 per cent of the voting shares of First National Bank of Shawnee Mission, Fairway, Kansas. Approved M & D Holding Company, Spring Lake Park, Minnesota, for approval to acquire 92.0 per cent of the voting shares of First State Bank of Spring Lake Park, Spring Lake Park, Minnesota. 2/ * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Returned The Citizens and Southern National Bank, Savannah, Georgia, for permission to retain 31.45 per cent of the shares of Commercial Bank, Waycross, Georgia. 2/ Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. ACTIONS OF THE BOARD-Contlnued Approved First Bank System, Inc., Minneapolis, Minnesota, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of First National Bank of Burnsville, Burnsville, Minnesota, a proposed new bank. Fishback Insurance Agency, Inc., Brookings, South Dakota, for approval to acquire an additional 49.6 per cent of the voting shares of First National Bank in Brookings, Brookings, South Dakota. Tower-Soudan Agency, Inc., Tower, Minnesota, for approval to acquire 300 additional shares of State Bank of Tower, Tower, Minnesota. 2/ Roger Billings, Inc., Delphos, Kansas, for approval to acquire an additional 4.6 per cent of the voting shares of The State Bank of Delphos, Delphos, Kansas. First City Bancorporation of Texas, Inc., Houston, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Red Bird National Bank, Dallas, Texas, a proposed new bank. * * * * * To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act of 1956 Approved First Community Bancorporation, Joplin, Missouri, for approval of the retention of voting control of stock of The First National Bank of Sarcoxie, Sarcoxie, Missouri. 2/ First International Bancshares, Inc., Dallas, Texas, for approval to retain shares of The First State Bank of Kerens, Kerens, Texas. 2j First United Bancorporation, Inc., Fort Worth, Texas, and The First National Bank of Fort Worth, Fort Worth, Texas, for approval to retain 2,725 shares of University Bank, Fort Worth, Texas. 2/ 2/ Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 38 ACTIONS Or THE BOARD-Continued To Expand a Bank Holding Company Pursuant to Section 4 (cl(8) of the Bank iloId i n ^ Company Act of 1956 Withdrawn Shawnee Mission Bancshares, Inc., Fairway, Kansas, for approval to acquire the assets of Owen Insurance Agency, Fairway, Kansas Old National Bancorporation, Spokane, Washington, notification of intent to engage in cle novo activities (serving as an escrow or closing agent in connection with the closing of real estate loans financed by credit extending subsidiaries of Old National Corporation; at present the credit extending subsidiaries are Old National Bank of Washington; The First National Bank in Spokane; and Bancshares Mortgage Company, all of which have their principal places of business in Spokane, Washington) to be located in the Sherwood Building, 510 Riverside and East 10812 Sprague, Spokane, Washington and 3400 West Clearwater, Kennewick, Washington, through its indirect subsidiary, Cascade Escrow Company (9/14/76) 3/ Reactivated Hawaii Bancorporation, Inc., Honolulu, Hawaii, notification of intent to engage in de novo activities (an industrial loan company under Chapter 408, Hawaii Revised Statues and as may be permitted from time to time under the Hawaii Revised Statues) at 800 Nuuanu Avenue, Honolulu, Hawaii, through a subsidiary, Resource Financial Corp. Permitted Great American Corporation, Baton Rouge, Louisiana, notification of intent to engage in de 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 or broker in selling insurance to borrowers from such finance subsidiary to include credit life insurance, accident and health insurance, and property insurance for collateral supporting loans made by said finance subsidiary) at 2960 Johnston Street, Winnwood Shopping Center, Lafayette, Louisiana, through a subsidiary, Ambank Acceptance Corporation (9/12/76) 3/ 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 38 — 7 — ACTIONS OF THE BOARD-Continued Walter E. Heller International Corporation, Chicago, Illinois, notification of intent to engage in de novo activities (to engage in the business of commercial finance, factoring, and leasing of personal property provided that at the inception of the initial lease the effect of the transaction will be to yield a return that will compensate the lessor for not less than its full investment in the property over the term of the lease) at 300 Delaware Avenue, Wilmington, Delaware, through its subsidiary, Walter E. Heller & Company (9/17/76) 3/ Marshall & Ilsley Corporation, Milwaukee, Wisconsin, notification of intent to engage in d_e 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 custodian nature and acting as investment or financial advisor in the manner authorized by State law but without power to accept demand deposits or make commercial loans) at 5125 North 16th Street, Phoenix, Arizona, through its subsidiary, The Marshall & Ilsley Trust Company of Arizona (9/15/76) 3/ 3_/ 4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 38 - 8APPLICATIONS RECEIVED-Continued To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act The Dollar Savings & Trust Company, Youngstown, Ohio. Branch to be established in the Village Plaza at the intersection of Routes 164, Alternate 14 and 46, Village of Columbiana, Beaver Township, Mahoning City. Bank of Christianburg, Virginia. Branch to be established at the corner of South Main and Davis Streets, on Highway 460, Blacksburg, Virginia. Security Savings Bank, Marshalltown, Iowa. Branch to be established at the corner of the intersection of Main (Highway 375) and South Streets, Albion. * * * * * To Become a Member of the Federal Reserve System pursuant to Section 9 of the Federal Reserve Act First Bank of Snook, Snook, Texas. * * * * * To Withdraw from Membership in the Federal Reserve System without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act Citizens Bank, Savannah, Tennessee. * * * * * Thirty Day Notice of Intention to Establish an Additional Branch in a Foreign Country Citibank, N.A., New York, New York. Branch - additional in the United Kingdom to be located in Jersey. Citibank, N.A., New York, New York. in Oman, to be located in Ruwi. Branch - additional # H.2, 1976 No. 38 . 9 APPLICATIONS RECEIVED-Continued To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 OLD CANAL BANKSHARES, INC., Lockport, Illinois, for approval to acquire 80 per cent or more of the voting shares of Heritage First National Bank of Lockport, Lockport, Illinois. Braymer Bankshares, Inc., Braymer, Missouri, for approval to acquire 80.88 per cent of the voting shares of The First National Bank of Braymer, Braymer, Missouri. Stark Bankshares, Inc., Stark, Kansas, for approval to acquire 80 per cent or more of the voting shares of The Stark State Bank, Stark, Kansas. * A * A * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Northeast Bancorp, Inc., New Haven, Connecticut, for approval to acquire 100 per cent of the voting shares of the successor by merger to Metropolitan Bank & Trust Company, Bridgeport, Connecticut. Freeco, Inc., Hermitage, Missouri, for approval to acquire an additonal 48.9 per cent of the voting shares of The Bank of Hermitage, Hermitage, Missouri. TIC, Inc., Kansas City, Kansas, for approval to acquire an additional 52,82 per cent of the voting shares of Tower State Bank, Kansas City, Kansas. * a * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Chemical New York Corporation, New York, New York, notification of intent to relocate de_ novo activities (leasing real and personal property and equipment on a non-operating full payout basis and acting as agent, broker, and 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 38 - 1 0 - APPLICATIONS lUiCEIVED-Con tinned adviser 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) from 1760 Century Circle, N.E., Suite 4, Atlanta, Georgia to 5775-C Peachtree Dunwoody Road, N.E., Suite 530, Atlanta, Georgia, through its subsidiary, ChemLease, Inc. (9/17/76) 3/ Philadelphia National Corporation, Philadelphia, Pennsylvania, notification of intent to relocate de_ novo activities (making installment loans for personal, family, or household purchases; purchasing sales finance contracts executed in connection with, the sale of personal, family, or household goods or services in connection with certain personal instailment loans made and sales finance contracts purchased; selling casualty insurance, credit life insurance, credit accident and health insurance, and reinsuring such credit life insurance and credit accident and health insurance through Patrick Henry Insurance Company and Patrick Henry Life Insurance Company, indirect subsidiaries of Philadelphia National Corporation; advertising, offering, and preparing motor vehicle leases and generally acting as agent for a lessor of motor vehicle and generally engaging in the business of a consumer finance company) from 941 Fifth Avenue, Corapolis, Pennsylvania, to 1020 Beers School Road, Corapolis, Pennsylvania, through its indirect subsidiary, Signal Consumer Discount Company (9/7/76) 3/ First Maryland Bancorp, Baltimore, Maryland, notification of intent to engage in tie novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit secured by first or second mortgages or deeds of trust on real property or leasehold interests; servicing such loans and other extensions of credit for its own account or for the account of others, acting as investment or financial adviser to the extent of providing portfolio investment advice to any other person covering generally the investment of funds in real property interests other than real property which is to be used in the trade or business of the person being advised and furnishing general economic information and advice, general economic statistical forecasting services, and industry studies for the real estate business and industry in general; and leasing real property or acting as agent, broker, or adviser in leasing such property) at 25 South Charles Street, Baltimore, Maryland, through a subsidiary, First Maryland Mortgage Corporation (9/14/76) 3J 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority, H.2, 1976 No. 38 - 1 1 - APPLICATIONS RECEIVED-Continued Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (making installment loans to individuals for personal, family, or household purposes; purchasing sales finance contracts executed in connection with the sale of personal, family, or household goods or services; acting as agent in the sale of credit life and credit accident and health insurance directly related to its extension of credit and acting as agent in the sale of insurance protecting collateral held against its extension of credit) at 1316 26th Avenue, Fulport, Mississippi and 3234 Pascagoula Street, Pascagoula, Mississippi, through a subsidiary, Landmark Financial Services, Inc. (9/17/76) 3/ Boatmen's Bancshares, Inc., St. Louis, Missouri, for approval to acquire the shares of Boatmen1s Life Insurance Company, Phoenix, Arizona (engaged in underwriting, as reinsurer, credit life and credit accident and health insurance directly related to extensions of credit by the holding company system) Mercantile Bancorporation Inc., St. Louis, Missouri, notification of intent to relocate de novo activities (making, acquiring, or servicing loans or other extensions of credit for personal, family, or household purposes such as are made by a finance company; and insurance agency or brokerage in connection with selling to consumer finance borrowers credit life insurance, credit accident and health insurance, and property damage insurance for collateral securing loans made to borrowers) from 1670 A Highway, 171 - NorthBridge Ter., Charleston, South Caroling to 1414 Savannah Highway, Charleston, South Carolina* through a subsidiary, Franklin Finance Company (9/17/76) 3/ Braymer Bankshares, Inc., Braymer, Missouri, for approval to retain the assets of former insurance agency selling credit related insurance at The First National Bank of Braymer, Braymer, Missouri Stark Bankshares, Inc., Stark, Kansas, for approval to engage in the sale of credit life, credit accident and health and other insurance directly related to extensions of credit at The Stark State Bank, Stark, Kansas 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. H.2, 1976 No. 38 - 1 2 - APPLICATIONS RECEIVED-Continued Southeast Banking Corporation, Miami, Florida, notification of intent to engage in de novo activities (performing or carrying on any one of more or the functions or activities that may be performed or carried on by a trust company including activities of a fiduciary, agency, or custodian nature) at 801 West Bay Drive, Largo and 1710 South Andrews Avenue, Fort Lauderdale, both located in Florida, through a subsidiary, Southeast Banks Trust Company, N.A. (9/13/76) 3/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (making, acquiring, or participating in loans and other extensions of credit and leases of personal and real property, such leases to be those where at the inception of the initial lease the effect of the transaction (and, with respect to government entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessors full investment in the property plus the estimated total cost of financing the property over the term of the lease) at 333 South Hope Street, Los Angeles, California (9/8/76) 3/ * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of 1956 Sterling Precision Corporation, West Palm Beach, Florida, notification of intent to acquire through its subsidiary, McKerlie-Millen, Inc., the assets of Lariviere & Freres Limited of Rouyn, Quebec, and Centennial Auto Parts Limited of Ottawa, Canada, automotive replacement parts distributors (9/15/76) 3/ Gamble-Skogmoy Inc., Minneapolis, Minnesota, notification of intent to acquire up to 20 FABS Fashion Fabrics Stores (9/13/76) 3/ 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority. # H.2, 1976 No. 38 -13REPORTS RECEIVED None. * * * * * PETITIONS FOR RULEMAKING None.
@FedFRASER