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^
9
Minutes for
To:
Members of the Board
From:
Office of the Secretary
April 8, 1966
Attached is a copy of the minutes of the
Board of Governors of the Federal Reserve System on
the above date.
It is not proposed to include a statement
with respect to any of the entries in this set of
minutes in the record of policy actions required to
be maintained pursuant to section 10 of the Federal
Reserve Act.
Should you have any question with regard to
the minutes, it will be appreciated if you will advise
the Secretary's Office. Otherwise, please initial
below. If you were present at the meeting, your
initials will indicate approval of the minutes. If
you were not present, your initials will indicate
only that you have seen the minutes.
Chin. Martin
Gov. Robertson
Gov. Shepardson
Gov. Mitchell
Gov. Daane
Gov. Maisel
Gov. Brimmer
1280
Minutes of the Board of Governors of the Federal Reserve
System on Friday, April 8, 1966.
The Board met in the Board Room at
10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Robertson, Vice Chairman
Shepardson
Mitchell
Maisel
Brimmer
Sherman, Secretary
Kenyon, Assistant Secretary
Broida, Assistant Secretary
Young, Senior Adviser to the Board and
Director, Division of International Finance
Mr. Holland, Adviser to the Board
Mr. Solomon, Adviser to the Board
Mr. Molony, Assistant to the Board
Mr. Fauver, Assistant to the Board
Mr. Hackley, General Counsel
Mr. Solomon, Director, Division of Examinations
Mr. Shay, Assistant General Counsel
Mr. Leavitt, Assistant Director, Division of
Examinations
Miss Eaton, General Assistant, Office of the
Secretary
Mr. Heyde, Attorney, Legal Division
Messrs. Egertson and Maguire, Supervisory Review
Examiners, Division of Examinations
Mr.
Mr.
Mr.
Mr.
Messrs. Brill, Williams, Axilrod, Gramley, Bernard,
Eckert, Ettin, and Keir, and Mrs. Frase of the
Division of Research and Statistics
Messrs. Sammons, Katz, Reynolds, Baker, and Hayes
of the Division of International Finance
Discount rates.
The establishment without change by the Federal
Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta,
Chicago, St. Louis, Kansas City, Dallas, and San Francisco on April 7,
1966, of the rates on discounts and advances in their existing schedules
4/8/66
-2-
was approved unanimously, with the understanding that appropriate advice
Would be sent to those Banks.
Approved items.
The following items, copies of which are attached
to these minutes under the respective numbers indicated, were approved
unanimously after consideration of background material that had been made
available to the Board:
Item No.
Letter to State Street Bank and Trust Company,
B°ston, Massachusetts, approving the establishment
of a branch in Chelsea.
1
Letter to Valley Bank and Trust Company, Springfleld, Massachusetts, approving the establishment
of a branch at 32 Fort Pleasant Avenue.
2
Letter to Lewis County Trust Company, Lowville,
New York, approving the establishment of a branch
111 Carthage.
3
Letter to Long Island Trust Company, Garden City,
!
1 ew York, approving the establishment of a branch
in Deer Park.
4
Letters to Manufacturers Hanover Trust Company,
New York, New York, approving the establishment
°f branches at 485 Lexington Avenue, Borough of
Ma nhattan, and in the Baldwin Harbor Shopping
Center, Baldwin Harbor.
Letter to Marine Midland Trust Company of Western
5-6
7
New York, Buffalo, New York, approving the establishment of a branch in the Town of Lockport.
Report on competitive factors.
A report to the Comptroller of
the Currency on the competitive factors involved in the proposed merger
Of The Belton Bank, Belton, South Carolina, into The Peoples National
12
4/8/66
e
-3-
Bank of Greenville, Greenville, South Carolina, was approved unanimously
for transmittal to the Comptroller, the conclusion being stated as
follows:
The proposed merger of The Belton Bank into The Peoples
National Bank of Greenville would not have adverse competitive effects.
Application of Springville Banking Company (Items 8-10).
There
had been distributed a proposed order and statement reflecting the
Board's approval on March 28, 1966, of the application of Springville
Banking Company, Springville, Utah, to merge State Bank of Provo, Provo,
Utah, under the title Central Bank and Trust Company.
After agreement had been reached on certain changes in the
s tatement, the issuance of the order and statement was authorized; copies
of the documents, as issued, are attached as Items 8 and 9.
A copy of
the letter sent to the applicant bank is attached as Item No. 10.
At this point Messrs. Shay, Leavitt, Egertson, Maguire, and
Heyde withdrew from the meeting.
Money market review.
Mr. Bernard commented on the Government
securities market, following which Mr. Eckert reported on bank credit
developments.
Mr. Hayes then reported on foreign exchange market condi-
ti°as and commented on some of the economic problems facing the British
Government.
Distributed materials included tables affording perspective
011. the money market, the capital market, and bank reserve utilization.
All members of the staff except Mr. Sherman then withdrew from
the meeting.
-4-
4/8/66
Foreign mission.
After discussion the Board referred to
Governor Shepardson with power to act the question of authorizing a
member of the Board's staff in the administrative or secretarial area
to accompany Mr. Young on the prospective mission to Viet Nam mentioned
in the minutes of March 7, 1966.
The meeting then adjourned.
Secretary's Notes: Governor Shepardson
today approved on behalf of the Board
the following items:
Letter (copy attached as Item No. 11) to Mr. John J. Balles, Vice
President and Chief Economist, Mellon National Bank and Trust Company,
Pittsburgh, Pennsylvania, advising that the Board would be glad to
have its staff render technical assistance in designing the sample for
a forthcoming statistical study of pledged assets of the banking system,
which would be used in a survey to be conducted by the American Bankers
Association as part of a more general study by that Association and the
Association of Reserve City Bankers.
Letter to Professor Edwin L. Stevens of Washington, D. C., confirming arrangements for him to conduct a 24-hour course in Effective Oral
Communication for members of the Board's staff, as an activity of the
Board's Employee Training and Development Program, at a fee of $900.
Memorandum from the Division of International Finance dated April 6,
1966, recommending the reestablishment of an economist position in the
Asia, Africa, and Latin America Section.
Memorandum from the Division of Research and Statistics dated
March 31, 1966, recommending that Patric H. Hendershott, Economist in
that Division, be granted leave without pay for approximately eight
weeks from about June 13 to about August 5, 1966.
Memoranda recommending the following actions relating to the Board's
staff:
Permission to engage in outside activity
Patric H. Hendershott, Economist, Division of Research and Statistics,
teach and direct research in the General Electric economic institute
Or junior college instructors at Purdue University, Lafayette, Indiana,
while on leave without pay.
O
12S
4/8/66
-5-
A.2221LILEIC.
Mary Lynn Hallett as Secretary to Governor Brimmer, with basic
annual salary at the rate of $9,573, effective April 11, 1966.
.§.allEy increases
Loree D. Bernard, Statistical Assistant, Division of Research and
Statistics, from $5,694 to $6,086 per annum, effective April 10, 1966.
Frank J. Miller, Senior Operator, Tabulating Equipment, Division
of Data Processing, from $5,352 to $5,702 per annum, effective April 10,
1966.
Transfer
.
George
Division of
Division of
at the rate
G. Noory, from the position of Assistant Review Examiner,
Examinations, to the position of Administrative Assistant,
International Finance, with no change in basic annual salary
of $8,241, effective April 10, 1966.
AS_ceptance of resignations
Alfreda Powers, Key Punch Operator, Division of Data Processing,
effective at the close of business April 22, 1966.
Sylvia E. Withers, Statistical Clerk, Division of Research and
S tatistics, effective at the close of business April 15, 1966.
On April 8, 1966, the available members of
the Board (Chairman Martin and Governors
Shepardson, Maisel, and Briuuner) approved
the sending of a letter to the Department of
Justice (copy attached as Item No. 12) requesting confirmation of the Board's understanding
that, in the absence of special circumstances,
the Department would have no objection to the
Board making available to the public, upon
request, copies of statements filed with the
Board containing the Department's views on
applications pending before the Board under
the Bank Holding Company Act.
Secretary'
1290
Item No. 1
4/8/66
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADORES/
orrociAL
COPIRCIPPONDIENCIE
TO THC BOARD
April 8, 1966
Board of Directors,
State Street Bank and Trust Company,
Boston, Massachusetts.
Gentlemen:
Reserve
The Board of Governors of the Federal
Bank
Street
State
by
System approves the establishment
at
branch
a
of
s,
husett
Massac
and Trust Company, Boston,
r
Overmye
and
ion
Extens
the intersection of Beacham Street
is
branch
the
d
provide
Place, Chelsea, Massachusetts,
date of this letter.
established within six months from the
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
< 't
-
BOARD OF GOVERNORS
Item No. 2
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON. D. C. 20551
ADDRESS
OFFICIAL
CORRIEBPONDIENCC
TO THIC BOARD
April 8, 1966
Board of Directors,
Valley Bank and Trust Company,
Springfield, Massachusetts.
Gentlemen:
Reserve
The Board of Governors of the Federal
and
Bank
Valley
System approves the establishment by
branch
a
of
chusetts,
Trust Company, Springfield, Massa
gfield, Massachusetts,
Sprin
e,
Avenu
ant
Pleas
at 32 Fort
within six months
provided the branch is established
from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
e -a,%e
•-•
Item No. 3
BOARD OF GOVERNORS
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
NOCNCE
ADDRESS orriceAL CORREISPO
TO THE IJOARO
April 8, 1966
Board of Directors,
Lewis County Trust Company,
Lowville, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Lewis County Trust
Company, Lowville, New York, of a branch at 414-418
State Street, Carthage, Jefferson County, New York,
provided the branch is established within one year from
the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
,4
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 4
4/8/66
WASHINGTON, D. C. 20551
C
AOONEIHI OrrlOiAt. COMPIIIMPONOCNO
TO THE 110AMO
April 8, 1966
Board of Directors,
Long Island Trust. Company,
Garden City, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Long Island Trust
Company, Garden City, New York, of a branch at the
Park
intersection of Commack and Nicolls Roads, Deer
County,
Suffolk
Babylon,
of
Town
area),
(unincorporated
New York, provided the branch is established within
one year from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
129,1
BOARD OF GOVERNORS
Item No. 5
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
IC
ADDRESS OFFICIAL COIRNIE•PONOIENC
TO THIE 110ARO
April 8, 1966
Board of Directors,
Manufacturers Hanover Trust Company,
New York, New York.
Gentlemen:
Reserve
The Board of Governors of the Federal
ers
actur
Manuf
by
ent
System approves the establishm
of a branch
Hanover Trust Company, New York, New York,
New York,
ttan,
Manha
of
at 485 Lexington Avenue, Borough
n one
withi
d
lishe
estab
New York, provided the branch is
year from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch,
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
1295
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 6
4/8/66
WASHINGTON, D. C. 20551
ADDRESS OrrICIAL CORRIMPONOENCE
TO THE BOARD
April 8, 1966
Board of Directors,
Manufacturers Hanover Trust Company,
New York, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Manufacturers
branch
Hanover Trust Company, New York, New York, of a
Harbor
Baldwin
Center,
g
Shoppin
in the Baldwin Harbor
(an unincorporated area), Town of Hempstead, Nassau
shed
County, New York, provided the branch is establi
letter.
this
of
date
the
within one year from
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
1296
BOARD OF GOVERNORS
Item No. 7
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
April 8, 1966
Board of Directors,
Marine Midland Trust Company of
Western New York,
Buffalo, New York.
Gentlemen:
The Board of Governors of the Federal
approves the establishment by
System
Reserve
Company of Western New York,
Trust
Marine Midland
a branch at the intersection
of
York,
New
Buffalo,
(State Route 77) and
Road
Ridge
t
of Chestnu
31), Town of Lockport
Route
(State
Road
Rochester
County, New York,
Niagara
area),
d
rporate
(uninco
within six
shed
establi
is
branch
the
d
provide
letter.
this
of
date
the
from
months
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
1297
Item No. 8
4/8/66
UNITED STATES OF AMERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.
%Er
---------------
Ia the Matter of the Application of
SPR
INGVILLE BANKING COMPANY
f°r approval of merger with
State Bank of
Provo
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors, pursuant to the
44k Merger Act, as amended (12 U.S.C. 1828(c), Public Law 89-356), an
aPPlication by Springville Banking Company, Springville, Utah, a State
illerilber bank of the Federal Reserve System, for the Board's prior approval
q the merger of that bank and State Bank of Provo, Provo, Utah, under
the charter of Springville Banking Company and the title of Central Bank
411d Trust Company.
As an incident to the merger, the sole office of
State Bank of Provo would become a branch of the resulting bank.
Notice
-e proposed merger, in form approved by the Board, has been published
ilatsuaut to said Act.
Upon consideration of all relevant material in the light of
the
factors set forth in said Act, including reports furnished by the
C°N)t
roller of the Currency, the Federal Deposit Insurance Corporation,
1298
-2-
alul the Attorney General on the competitive factors involved in
the
Proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth in the
80ardl5 Statement of this date, that said application be and hereby
is
approved, provided that said merger shall not be consummated
(a) before the thirtieth calendar day following the date of this Order or
(b) later than three months after said date.
Dated at Washington, D. C., this 8th day of April, 1966.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Robertson, Shepardson, Mitchell,
Daane, Maisel, and Brimmer.
(signed) --
Merritt Sherman
Merritt Sherman,
Secretary.
1299
Item No. 9
4/8/66
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
COMPANY
APPLICATION BY SPRINGVILLE BANKING
WITH
ER
MERG
FOR APPROVAL OF
STATE BANK OF PROVO
STATEMENT
Springville, Utah ("Springville
Springville Banking Company,
Ba nk )
em, with deposits of about
a member of the Federal Reserve Syst
amended
$1 million, has applied, pursuant to the Bank Merger Act, as
Board's prior approval
(12 U.S.C. 1828(c), Public Law 89-356), for the
Utah ("State
Of the merger of that bank with State Bank of Provo, Provo,
1/
tankfl),
The banks would merge under
with about $8 million of deposits.Central Bank and Trust
the charter of Springville Bank and the new title
sole office of State Bank
As an incident to the merger, the
number of
vould become an office of the resulting bank, increasing the
CORIPanY.
its
offices to two.
tion of State Bank, is situated
Competition. - Provo, the loca
With a population of some
ab°ut 44 miles south of Salt Lake City.
Utah County. Springville is six
363°00, Provo is the largest town in
of about 7,900.
tniles south of Provo and has a population
V Deposit figures are as of June 30, 1965.
Four miles north
1300
-20).
Of Provo is the tom of Orem (population of about 20,00
These three
population of about 120,000.
t°uns contain over half of Utah County's total
is considered the leading
While part of Utah County is mountainous, it
agricultural county in the State.
Bank overlap.
of Springville Bank and State
'
The service areas
, and there is no present
however, the banks are under common management
competition between them.
competitive aspects of the proposal,
For considering the remaining
Utah County is the relevant area.
the
Provo, Orem, and Springville are
y
much of the business of the count
largest towns in the county, and
would be a competitor
8raVitates to these three centers. The resulting bank
banks involved in the proposal,
throughout the county. In addition to the two
three
eight banks operate 11 banking offices in Utah County.
Four of these
, including
eight banks operate offices in the three towns mentioned above
Bank of Utah, N.A.,
the two largest banks in the State: First Security
and Walker Bank and Trust Company,
(Igden, with four offices in the county,
cent
Salt Lake City, with one office. First Security holds about 30 per
Of county deposits and Walker Bank about 18 per cent.
The resulting bank
/4°41d hold slightly less than 20 per cent.
er banks would be adversely
There is no evidence that small
the capacity to
a Qected by the merger, and the resulting bank would have
in
tition for the two largest banks
ils°vide somewhat more effective compe
more of its deposits
tuat area from which a bank derives 75 per cent or
4 individuals, partnerships, and corporations.
1301
-3..
Utah County.
The Board concludes that any adverse competitive effects
that might result from consummation of the proposal would not be
si
gnificant.
Financial and managerial resources and future prospects. 8Pringville Bank's financial and managerial resources and future prospects
are
satisfactory.
As a result of State Bank's rapid growth during recent years,
its capital position when related to risk assets has deteriorated.
earnings
have not been able to keep pace with growth.
Net
The present chairman
the board of State Bank (formerly its chief executive officer) is well
Past the normal retirement age and recently found it necessary to curtail
his
activity at the bank.
As the bank lacked personnel of management
alibar, the president of Springville Bank was elected president of State
}lank. The resulting institution will be under the competent management of
SPtingville Bank.
Consummation of the proposal would result in operating
ec"cmies and would hasten needed improvement in the present condition of
the smaller
bank.
Convenience and needs of the communities.
for
Needs in Utah County
banking services are being served by the two largest banks in the State
and a number of smaller banks, as noted above.
However, effectuation of
the Proposal would provide the county with a third bank large enough to
cntpete more effectively with the branches of the larger institutions and
in, the
process offer broader banking service to the community.
Because of
this
and factors noted previously, the needs and convenience of the
cust°mers
of the two banks should be benefited by the proposed merger.
1302
-4-
and conclusion,
Consummation of the proposal would
'result in operating economies, hasten needed improvement
at the smalley
batik,
and provide Utah County with a third bank capable of providing
ellhanoed service and more effective competition
for the two largest
batiks.
These results would offset the slight and potentially adverse
"mpetitive effects of the merger.
Accordingly, the Board concludes that the proposed merger
should
e approved.
April
1966.
1303
BOARD OF GOVERNORS
Item No. 10
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADORESS
orrtetm. CORRESPONDENCE
TO THE BOARD
April 8, 1966.
AIR MAIL - REGISTERED
RETURN RECEIPT REQUESTED
Springville Banking Company,
SPringville, Utah.
Gentlemen:
The Board of Governors has approved the application,
under the Bank Merger Act, as amended (12 U.S.C. 1828(c),
Public Law 89-356), for the Board's prior consent to the merger
'If State Bank of Provo, Provo, Utah, into Springville Banking
Company, Springville, Utah.
Enclosed are the Board's Order of this date, the
accompanying Statement, and the press release on this action.
Approval of this merger does not imply approval of
the continuing bank's capital position. It is the understanding of the Board that the capital needs of the bank will be
carefully watched and, after approximately a year, any
additional capital funds which are needed will be provided.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosures
1304
BOARD OF GOVERNORS
Item No. 11
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON., D. C. 20551
AOONES•
orriosAt. COOINCIIIPONOCNOIC
TO TUC 110ARO
April 11, 1966
Mr. John J. Belles,
Vice President and Chief Economist,
Company,
Mellon National Bank and Trust
Mellon Square,
0
Pittsburgh, Pennsylvania. 1523
Dear John:
letter to Mr. Partee of
This is in reply to your
f in
stance from the Board's staf
April 1, 1966, requesting assi
of
forthcoming statistical study
designing the sample for a
the
that
od
rsto
unde
is
It
em.
Pledged assets of the banking syst
ican
be conducted by the Amer
Sample will be used in a survey to
a more general study by that
Bankers Association as part of
ion of Reserve City Bankers.
Association and the Associat
Board will be glad to have
This is to advise that the
designing the sample.
its staff render technical assistance in
continue to be in touch with
It is suggested that Mt. Haywood
ng the
of Data Processing concerni
Mr. Gedanken of the Division
work desired to be accomplished.
With best regards.
Sincerely yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
1305
BOARD OF GOVERNORS
Item No. 12
4/8/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
April 12, 1966.
The Honorable Richard M. Roberts,
Acting Assistant Attorney General,
Tax Division,
Department of Justice,
Washington, D. C. 20530
Attention
Mr. Donald F. Melchior,
Chief, Special Trial Section.
Dear Mr. Roberts:
This confirms conversations had between Mr. Donald F.
Melchior of your staff and Mr. Thomas J. O'Connell of the Board's
legal staff concerning the Department's view with respect to the
Ik'ard making available to the public, upon request, copies of
statements filed with the Board containing the Department's views
°n applications pending before the Board under the Bank Holding
eftpany Act of 1956. Upon specific past requests by the Board's
staff, Mr. Melchior has advised by telephone that the Department
Would not object to the Board's responding to a request for release
Of such statements if the Board felt that the release was otherwise appropriate.
It is the Board's view that, except where special
circumstances compel a different conclusion, a statement by the
,
!
12ePartment on an application under the Bank Holding Company Act may
De viewed in the same light as a competitive factors report filed by
the Department with the Board under the Bank Merger Act of 1960, as
amended. As you know, the Board makes available to the public copies
°f the competitive factors reports filed with it by your Department
and the other two Federal supervisory agencies. With respect to any
statement
of the Department in a bank holding company matter, should
the Department wish to restrict the public's access thereto, that
fact could be made known in the letter transmitting the particular
statement to the Board.
Assuming the Board's understanding to be correct that in
usual case the Department has no objection to the Board's release
!_f
c a statement filed with the Board, it will be appreciated if you
will confirm this understanding by letter to that effect.
I Very trul your's.(
the
C
erritt Shermah,
Secretary..
@FedFRASER