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ANNOUNCEMENT BY
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
(H.2, 1978 No. 39)
Actions of the Board; Applications and Reports
Received During the Week Ending September 30, 1978
ACTIONS OF THE BOARD
Citibanc Holding Company, Inc., Muskogee, Oklahoma, extension of time to December 28, 1978, within which to
consummate the acquisition of City Bank, Muskogee,
Oklahoma, and the acquisition of the beneficial interest
in Citibanc Trust which will own Citibanc Insurance
Agency, Inc., Muskogee, Oklahoma. 1/
Barton County State Bank, Lamar, Missouri, to make an
investment in bank premises. 1/
Commercial & Savings Bank, Millersburg, Ohio, extension of
time to January 28, 1979, within which to establish a
branch at U.S. Route 62, Winesburg, Ohio. 1/
Independent Bank and Trust Company, West Trenton, New Jersey,
extension of time to April 6, 1979, within which to establish a branch at Interstate 95 and Bear Tavern Road, Ewing
Township, New Jersey. 1/
Dearborn Bank and Trust Company, Dearborn, Michigan, extension of time to June 27, 1979, within which The First
Arabian Corporation, S.A., Paris, France, must divest of
the shares of the Dearborn Bank. 1/
Issuance of subordinated capital notes by American Trust
& Savings Bank, Dubuque, Iowa. V
Banco de Intercambio Regional, Corrientes, Argentina, letter
to New York State Banking Department interposing no objection to the Bank establishing a branch in The Borough of
Manhattan, City of New York. 1/
Societe Genera 1c, Paris, France, letter to New York State
Department interposing no objection to the Bank establishing a branch in the Borough of Manhattan, City of New York.
if
1/
Application processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 39
-
2
ACTIONS OF THE BOARD-Continued
Bank of West Jersey, Delran Township, New Jersey, proposed
merger with Burlington County Trust Company, Moorestown,
New Jersey, report to the Federal Deposit Insurance
Corporation on competitive factors. 1/
Crater National Bank, Medford, Oregon, proposed merger with
Western Bank, Coos Bay, Oregon, report to the Federal
Deposit Insurance Corporation on competitive factors. \J
Liberty National Bank in Ellsworth, Ellsworth, Maine, proposed
merger with Depositors Trust Company of Bangor, Bangor,
Maine, report to the Federal Deposit Insurance Corporation
on competitive factors. 1/
1/
Applications processed on behalf of the Board of Governors under delegated
authority.
H.2, 1978 No. 39
- 3 ACTIONS OF THE BOARD-Continued
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
Approved
The Georgia Railroad Bank & Trust Company, Augusta,
Georgia. Branch to be established at 3430-32
Wrightsboro Road, Augusta. 2/
*
* * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Approved
The Jackson County Bank, Scottsboro, Alabama. 2/
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
Approved
Mellon Bank, N.A*., Pittsburgh, Pennsylvania: grants
permission to Mellon Bank, N.A., (Mellon Bank) Pittsburgh, Pennsylvania, to establish a branch in Hong Kong.
*
* * * *
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
Citibank, N.A., New York, New York: grants consent for
your bank to continue to hold the shares of Citibank
(Austria) Aktiengesellschaft (CAAG), Vienna, Austria.
2/
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H. 2, 1978 No. 39
- 4 ACTIONS OF THE BOARD-Continued
Citibank, N.A., New York, New York: grants consent,
to purchase and hold, directly or indirectly, all
of the shares of Citicorp Credit, Inc., (CCI), Nagoya,
Japan.
Citibank, N.A., New York, New York: grants consent to
Citibank, N.A. ("Citibank"), to continue to hold shares
of Grindlays Bank Limited, London, England ("GBL"),
after GBL acquires, directly or indirectly, additional
shares of Merchant Bank (Ghana) Limited, Accra, Ghana
("MB").
International Bank of Detroit, Detroit, Michigan: grants
consent for your Corporation (IBD) to purchase and
hold, directly or indirectly, 10 per cent of the shares
of Beneficial Finance Corporation, Ltd. (BFC), Adelaide,
Australia.
Bank of America, N.T. & S.A., San Francisco, California:
grants consent for Bamerical International Financial
Corporation (Bamerical), San Francisco, California, to
acquire by dividend from Bank of America (BANY), New York,
New York, 50.1 per cent of the shares of Wobaco Holding
Company, S.A., (Wobaco)-, Luxembourg, and to continue to
hold the shares of Wobaco following redemption by that
company of all of its minority shares.
Bank of America, N.T. & S.A., San Francisco, California:
grants consent to continue to hold the shares of BankAmerica Nominees Limited (BAN London), London, England;
BankAmerica Nominees Edinburgh (BAN Edinburgh), Edinburgh,
Scotland; BankAmerica Nominees (Hong Kong) Limited (BAN
Hong Kong), Hong Kong; and BankAmerica Nominees (Singapore)
Pte. Limited (BAN Singapore), Singapore.
Morgan Guarantee International Bank of San Francisco, San
Francisco, California: grants consent for Morgan Guaranty
International Bank of San Francisco, to issue and have
outstanding obligations with maturities in excess of one
year.
H.2, 1978 No. 39
- 5 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
Cedar River Bancorporation, Cedar Rapids, Iowa, for
approval to acquire 90 per cent or more of the voting
shares of The United State Bank, Cedar Rapids, Iowa. 2/
Bates County Bancshares, Inc., Rich Hill, Missouri, for
approval to acquire 80.7 per cent of the voting shares
of Security Bank of Rich Hill, Rich Hill, Missouri.
GUARANTY CORPORATION, Denver, Colorado, for approval to
acquire 80 per cent or more of the voting shares of
Guaranty Bank and Trust Company, Denver, Colorado.
QUAIL COUNTY INVESTMENT CORP., Pawnee City, Nebraska,
for approval to acquire 99.56 per cent of the voting
shares of Pawnee County Bank, Pawnee City, Nebraska. 2/
Morris County Bankshares, Incorporated, Naples, Texas,
for approval to acquire at least 80 per cent of the
voting shares of The Morris County National Bank of
Naples, Naples, Texas. 2/
* * * * *
To Expand a Bank Holding Company Pursuant to Section
3(a)(3) of the Bank Holding Company Act of 1956
Approved
DETROITBANK Corporation, Detroit, Michigan, for approval
to acquire 100 percent of the voting shares (less
directors' qualifying shares) of The Detroit Bank - Novi,
National Association, Novi, Michigan, a proposed new bank.
Commerce Bancshares, Inc., Kansas City, Missouri, for
approval to acquire 100 per cent of the voting shares of
Commerce Bank of Clay County, N.A., Kansas City, Missouri,
a proposed new bank.
State Bancshares, Inc., Olton, Texas, for approval to acquire
56.8 per cent of the voting shares of Security State Bank,
Littlefield, Texas.
2/
Applications processed by the Reserve Bank on behalf of the Board of
Governors under delegated authority.
H.2, 1978 No. 39
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6
ACTIONS OF THE BOARD-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Returned
Chemical New York Corporation, New York, New York, notification
of intent to engage in che 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, and purchasing installment
sales finance contracts) at 3-1 Marunouchi 2-Chome,
Chiyoda-Ku, Tokyo, Japan, through its subsidiary, Sunamerica
Nippon Financial Corporation (9/28/78) 3/
Permitted
Industrial National Corporation, Providence, Rhode Island,
notification of intent to relocate de_ novo activities
(consumer finance and insurance agency for the sale of credit
life, credit accident and health and credit property
insurance sold in connection with extensions of credit)
from 4831 Old National Highway, College Park, Georgia to
7202 Tara Boulevard, Jonesboro, Georgia, through Southern
Discount Company of Georgia (a Georgia Corporation) which
is wholly-owned by Industrial National Corporation's indirect
subsidiary, Southern Discount Company (a Rhode Island Corporation) with its principal office in Atlanta, Georgia (10/1/78)
3/
Horizon Bancorp, Horristown, New Jersey, notification of intent
to engage in cie novo activities (making or acquiring, for
its own account or for the account of others, loans and other
extensions of credit as would be made by a mortgage company
and servicing loans and other extensions of credit for any
person) at 1917 Tyrone Boulevard, St. Petersburg, Florida
and 3725 Grace Street, Tampa, Florida, through its subsidiary, Mortgage Investment Securities, Inc. (9/28/78) 3/
First Pennsylvania Corporation, Philadelphia, Pennsylvania,
notification of intent to expand the activities of subsidiaries (sale of credit-related property damage and liability
insurance on collateral at the offices of Ellwood Consumer
Discount Company in Ellwood City, A!iquippa and Beaver Falls,
all in Pennsylvania) (9/24/78) 3/
3/
4(c)(8) and 4(c) (1.2) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
"
H.2, 1978 No. 39
- 7 ACTIONS OF THE BOARD-Continued
First Pennsylvania Corporation, Philadelphia, Pennsylvania,
notification of intent to engage in de novo activities
(selling property damage and liability insurance as part
of a package of insurance relating to physical damage of
collateral in connection with its loans and other extensions of credit) at 203 E. Main St., Newark, Delaware,
109 Market Street, Laurel, Delaware and the Smyrna Mart,
Smyrna, Delaware, through its subsidiary, Investors Loan
Corporation (9/25/78) 3J
F.N.B. Corporation, Sharon, Pennsylvania, notification of intent to relocate de novo activities (consumer lending including the making of loans to individuals and the purchasing of installment sale contracts through Citizens Budget
Co., Youngstown, Ohio and Citizens Financial Services, Inc.,
Youngstown, Ohio) from 202 Stambaugh Building, Youngstown,
Ohio to 3870 Belmont Avenue, Youngstown, Ohio, through its
wholly-owned subsidiary, Citizens Budget Co., Youngstown,
Ohio (9/24/78) 3/
National City Corporation, Cleveland, Ohio, notification of
intent 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 vehicles and to the subsidiaries and affiliates of
such dealers, loans and other extensions of credit (whether
secured or unsecured) to the proprietors, partners, and other
principals of dealers who sell or lease motor vehicles or
other vehicles and loans and other extensions of credit
secured by motor vehicles or other vehicles and leases of
motor vehicles or other vehicles, making or acquiring for
its own account or for the account of others, leases of
motor vehicles acquired specifically for a leasing transaction, which leases are the functional equivalent of an
extension of credit to the lessee of the vehicles are on
a non-operating basis and 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
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 agent
of others who as principals make or acquire such and
J3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalt
of the Board of Governors under delegated authority.
H.2, 1978No. 39
-8ACTIONS OF THE BOARD-Continued
similar kinds of loans, credit extensions and leases)
at 623 Euclid Avenue, Cleveland, 341 Broad Street,
Elyria, 404 West Washington Street, Sandusky, and One
First National Plaza, Dayton, all in Ohio, through its
wholly-owned subsidiary, Motor Discount Corporation,
Cleveland, Ohio (9/29/78) 3/
Southeast Banking Corporation, Miami, Florida, notification
of intent to engage in de novo activities (the business
of making, acquiring, or servicing for its own account
or for the account of others, loans and other extensions
of credit such as would be made, for example, by a finance
or factoring company, pursuant to Regulation Y) at
Highway 1792 and Packwood Avenue, Maitland, Florida, 100
South Biscayne Boulevard, Miami, Florida and 560 N.W. 165th
Street, Unincorporated Dade County, Florida, through a
subsidiary, Southeast Acceptance Corporation (9/29/78) 3/
Wells Fargo & Company, San Francisco, 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; leasing personal or real property or acting as agent, broker or advisor in leasing such
property where the lease is to serve 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
effect of the transaction (and, with respect to governmental
entities only, reasonably acticipated future transactions)
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 in financing the property
over the term of the lease from rentals, estimated tax benefits
(investment tax credit, net economic gain from tax deferrel
from accelerated depreciation, and other tax benefits with
a substantially similar effect) and the estimated residual
value of the property at the expiration of the initial
term of the lease which in no case shall exceed 20 per cent
of the acquisition cost of the property to lessor) at 950
17th Street, Denver, Colorado, through its subsidiaries,
Wells Fargo Leasing Corporation, Wells Fargo Transport
Leasing Corporation, and Wells Fargo Equipment Leasing
Corporation (9/28/78) 3/
3/
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, 1978 No. 39
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section 9
of the Federal Reserve Act
The State Bank and Trust Company, Defiance, Ohio.
Branch to be established at 2010 South Jefferson
Avenue, Defiance, Defiance County.
First Citizens Bank and Trust Company, Poplarville,
Mississippi. Branch to be established at the corner
of McGeehee Street and Williams Avenue, Picayune.
Valley Bank and Trust Company, Salt Lake City, Utah.
Branch to be established in the vicinity of flEM
Street and South Temple, Salt Lake County.
*
* * * *
To Merge Pursuant to Section 18(c) of the Federal
Deposit Insurance Act
Nova Bank and Trust Company, Newport News, Virginia,
for prior approval to merge with First City Bank of
Newport News, Newport News, Virginia.
*
* * * *
To Become a Member of the Federal Reserve System
Pursuant to Section 9 of the Federal Reserve Act
Nova Bank and Trust Company, Newport News, Virginia.
* * * * *
To Establish an Overseas Branch of a Member Bank
Pursuant to Section 25 of the Federal Reserve Act
The First National Bank of Boston, Boston, Massachusetts:
requests permission to establish an initial branch in
Santiago de Chile, Chile.
Citibank, N.A., New York, New York: requests consent
to establish an initial branch in Madrid, Spain.
H.2, 1978 No. 39
10 -
APPLICATIONS RECEIVED-Continued
To Form a Bank Holding Company Pursuant to Section
3(a)(1) of the Bank Holding Company Act of 1956
Jacksonville National Corporation, Jacksonville,
Florida, for approval to acquire 98.6 per cent
of the voting shares of Jacksonville National Bank,
Jacksonville, Florida.
Byron Bancorporation, Inc., Byron, Minnesota, for approval
to acquire 96.0 per cent of the voting shares of State
Bank of Byron, Byron, Minnesota.
St. Anthony National Company, St. Anthony Village,
Minnesota, for approval to acquire 93.3 per cent of
the voting shares of St. Anthony National Bank, St. Anthony
Village, Minnesota.
FTCO, INC., Filley, Nebraska, for approval to acquire
100 per cent (less directors1 qualifying shares) of
the voting shares of Filley Bank, Filley, Nebraska.
OK Bancorporation, Inc., Okemah, Oklahoma, for approval
to acquire 80 per cent of the voting shares of The
Okemah National Bank, Okemah, Oklahoma.
South Plains Bancshares, Inc., Idalou, Texas, for approval
to acquire 80-100 per cent of the voting shares (less
directors1 qualifying shares) of Idalou State Bank,
Idalou, Texas.
*
* * * *
To E'xpatul a Rank Holding Company Pursuant to Section
3(a) O ) of th»* Bank Holding Company Act of 1956
New Virginia Bancorporation, Springfield, Virginia, for
approval to acquire 100 per cent of the voting shares
of the successor by mer&er to First City Bank of Newport
News, Nrwporl News, Virginia.
FalsbullJln#, Inc.* Columbia Falls, Montana, for approval
to acquire
per cent of United National Bank, Libby,
Montana through acquisition of 100 per cent of the votuf Lincoln Corporation, Libby, Montana.
H.2, 1978 No. 39
-11APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section
4(c)(8) of the Bank Holding Company Act of 1956
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making consumer installment personal loans, making loans for the account of
others such as one-to-four 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; further, in regard to the sale of credit-related insurance, the subsidiary will not act as a general
insurance agency) at Carriage Hill Shopping Center, 1200
Post Road, Westport, Connecticut, through its subsidiary,
Citicorp Person-to-Person Financial Center of Connecticut,
Inc. (9/26/78) 3/
Citicorp, New York, New York, notification of intent to
engage in de novo activities (making consumer installment personal 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
the 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 of Illinois, Inc. and to include liability
1/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
H.2, 1978 No. 39
—
12
—
APPLICATIONS RECEIVED-Continued
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; further, in regard to the
sale of credit-related insurance, the subsidiary will
not act as a general insurance agency) at Suite 2,
714 Lincoln Highway, Fairview Heights, Illinois,
through its subsidiary, Citicorp Person-to-Person
Financial Center of Illinois, Inc. (9/26/78) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in de novo activities (making
or acquiring, for their own account loans and other extensions of credit as would be made or acquired by a
finance company and servicing loans and other extensions
of credit; BA FinanceAmerica Corporation will engage in
making consumer installment loans and loans to small
businesses; BAC Credit Corporation will engage in purchasing installment sales finance contracts; both corporations will offer credit related life and credit related
accident and disability insurance in connection with
extensions of credit made or acquired by BA FinanceAmerica
Corporation or BAC Credit Corporation) at 1524 Central
Avenue, Albany, New York, through its indirect subsidiaries,
BA FinanceAmerica Corporation and BAC Credit Corporation
(New York Corporations) (9/21/78) 3/
BankAmerica Corporation, San Francisco, California, notification of intent to engage in die novo activities (making
and acquiring, for their 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; FinanceAmerica Corporation will engage in making consumer installment loans, loans and other extensions
of credit to small businesses and loans secured by real and
personal property; FinanceAmerica Industrial Plan, Inc.
will engage in purchasing installment sales finance contracts
both corporations will offer credit related life, credit
related accident and disability and credit related property
insurance in connection with the extensions of credit made or
acquired) at 2201 Hardy Street, Hattiesburg, Mississippi,
through its indirect subsidiaries, FinanceAmerica Corporation
(a Mississippi Corporation) and FinanceAmerica Industrial
Plan, Inc. (9/21/78) 1/
3/
4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf
of the Board of Governors under delegated authority.
13
H.2, 1978 No. 39
APPLICATIONS RECEIVED-Continned
BankAmerica Corporation, San Francisco, California,
notification of intent to engage in de novo acitivies
(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,
and making loans and other extensions of credit to small
businesses; 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 FinanceAmerica Corporation) at
the South Corner, South Virginia Street and Kietzke Lane,
Reno, Nevada, through its indirect subsidiary, FinanceAmerica
Corporation (a Nevada Corporation) (9/21/78) 3/
Wells Fargo & Company, San Francisco, California, notification of intent to engage in de novo activities (making
or acquiring loans and other extensions of credit, including acquiring consumer installment loans originated
by others and making or acquiring commercial loans secured
by a borrower1s or a guarantor's assets; servicing loans
for the account of others; making full pay-out leases of
personal property to the extent permitted by section
225.4(a)(6)(a) of Regulation Y of the Federal Reserve Board;
and acting as agent for credit life or accident or health insurance related to its extensions of credit) at 1858 E.
Southern, Tempe, Arizona, through its subsidiary, Wells
Fargo Credit Corporation (9/25/78) 3/
*
* * * *
To Expand a Bank Holding Company Pursuant to Section
4(c) (12) of the Bank Holding Company Act of 1956
Warner Communications Inc., New York, New York, notification
of intent to acquire Specialty Records Corporation
(9/29/78) 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, 1978 No. 39
14 APPLICATIONS RECEIVED-Continued
REPORTS RECEIVED
Ownership Statement filed Pursuant to Section 13(d) of
the Securities Exchange Act
First Commercial Bank, Arlington, Virginia
(Filed by Stephen H. Schachner)
First Commercial Bank, Arlington, Virginia
(Filed by Paul E. Emerson)
A * * * *
PETITIONS FOR RULEMAKING
None.
@FedFRASER