Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 8, 1941, Volume 28, Part 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

41

A meeting of the Board of Governors of the Federal Reserve
System was held in Washington on Tuesday, April 8, 1941, at 11:30
a.m.
PRESENT:

Mr.
Mr.
Mr.
Mr.

Eccles, Chairman
Szymczak
McKee
Draper

Mr.
Mr.
Mr.
Mr.

Morrill, Secretary
Bethea, Assistant Secretary
Carpenter, Assistant Secretary
Clayton, Assistant to the Chairman

The action stated with respect to each of the matters hereinafter referred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
Federal Reserve System held on April 7, 1941, were approved unanimously.
Letter to Mr. Gidney, Vice President of the Federal Reserve
Bank of New York, reading as follows:
"Reference is made to your letter of April 3, 1941,
submitting the request of the Washington Irving Trust
Company, Tarrytown, New York, for approval of the establishment of a branch at Port Chester, New York, in connection with the proposed assumption of the deposit liabilities of the Mutual Trust Company of Westchester County
and The First National Bank and Trust Company of Port
Chester, both located in Port Chester, New York.
"In view of your recommendation and the information
available, the Board approves the establishment and operation by the Washington Irving Trust Company, Tarrytown,
New York, of a branch at Port Chester, New York, subject
to the consummation of the plan involving the assumption
of the deposit liabilities of the Mutual Trust Company
of Westchester County and The First National Bank and
Trust Company of Port Chester, substantially as submitted, and approval of the establishment of the proposed
branch by the appropriate State authorities. This approval




/M2
4/8/4.l
"is given with the understanding that Counsel for the
Federal Reserve Bank of New York is to be satisfied as
to the legal aspects of the transaction."
Approved unanimously.
Letter to the Federal Deposit Insurance Corporation, reading
as follows:
"Pursuant to the provisions of section 12B of the
Federal Reserve Act, as amended, the Board of Governors
of the Federal Reserve System hereby certifies that the
Security State Bank, Fredericksburg, Texas, became a MBEH
ber of the Federal Reserve System on April 7, 1941 and
is now a member of the System. The Board of Governors
of the Federal Reserve System further hereby certifies
that, in connection with the admission of such bank to
membership in the Federal Reserve System, consideration
was given to the following factors enumerated in subsection (g) of section 12B of the Federal Reserve Act:
1. The financial history and condition
of the bank,
2. The adequacy of its capital structure,
3. Its future earnings prospects,
4. The general character of its management,
5. The convenience and needs of the community to be served by the bank, and
6. Whether or not its corporate powers
are consistent with the purposes
of section 126 of the Federal Reserve Act."




Approved unanimously.
Thereupon the meeting adjourned.

Secretary.

Chairmnn.