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9161
Minutes for
To:
Members of the Board
From:
Office of the Secretary
June 21 1962
Attached is a copy of the minutes of the
BoarA of Governors of the Federal Reserve System on
the above date.
It is not proposed to include a statement
nth respect to any of the entries in this set of
!anutes in the record of policy actions required to
u'e 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
th
Secretary's Office. Otherwise, please initial
4el°14. If you were present at the meeting, your
'
flitials will indicate approval of the minutes. If
Y°4 were not present, your initials will indicate
cIllY that you have seen the minutes.
Chin. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
223
111 1
:
Minutes of the Board of Governors of the Federal Reserve System
on
Thursday, June 21, 1962. The Board met in the Board Room at 10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Balderston, Vice Chairman
Mills
Robertson
Shepardson
King
Sherman, Secretary
Kenyon, Assistant Secretary
Molony, Assistant to the Board
Fauver, Assistant to the Board
Hackley, General Counsel
Farrell, Director, Division of Bank
Operations
Mr. Solomon, Director, Division of
Examinations
Mr. Hexter, Assistant General Counsel
Mr. Shay, Assistant General Counsel
Mr. Benner, Assistant Director, Division
of Examinations
Mrs. Semia, Technical Assistant, Office
of the Secretary
Mr. Young, Senior Attorney, Legal Division
Mr. Hill, Attorney, Legal Division
Mr. McClintock, Supervisory Review Examiner,
Division of Examinations
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Discount rates.
Resery_
The establishment without change by the Federal
Bank of Atlanta on June 19, 1962, of the rates on discounts and
441'ellees in its existing schedule was approved unanimously, with the
141clex'starlding that appropriate advice would be sent to that Bank.
Circulated items. The following items, which had been circulated
t° the4 b
- oard and copies of which are attached to these minutes under
B
the,
esPective item numbers indicated, were approved unanimously:
'
f)
•
6/21/62
-2Item No.
tLietter to The Chase Manhattan Bank, New York,
e/4' Yc'rk, approving an extension of time to
establish
a branch in Yorktown Heights.
1
letter .0
4- Chemung Canal Trust Company, Elmira,
llew York, approving an extension of time to
e tablish a branch in the Village of Horseheads.
2
Letter to First Wisconsin National Bank of
,thfaukee, Milwaukee, Wisconsin, approving its
q14111cation for fiduciary powers.
3
Letter to Fidelity Bank and Trust Company, Houston,
Texas
aPproving an investment in bank premises.
4
Application of Wilmington Trust Company (Items 5 and
Purs
uant
haa
6).
to the decision reached at the meeting on June 11, 1962, there
been distributed a proposed order and statement reflecting the
kardt s
approval of the application of Wilmington Trust Company,
Wi3m4
---Lngton, Delaware, to acquire the assets and assume the liabilities
T°14Ilsend Trust Company, Townsend, Delaware, and, as an incident to
that tr
ansaction, to establish a branch at the location of Townsend
°r
Company.
After discussion, the issuance of the order and statement was
-*---.4 -11251.
Copies of the order and statement, as issued, are attached
In connection with approval of the application, the Board had
ki-so
approved an investment in bank premises, described as follows in
s
the
Board'_letter of June 21, 1962, to Wilmington Trust Company:
6/21/62
-3-
At such time as the proposed acquisition of the assets
and the assumption of liabilities of Townsend Trust Company
become effective the Board approves an additional investment
Of $17,000 in bank premises by Wilmington Trust Company.
Mr. Young then withdrew.
APplication of Windber Bank and Trust Company (Items 7 and 8),.._
k7sUant to the decision reached at the meeting on June 8, 1962, there
had been distributed a proposed order and statement reflecting the
approval of the application of Windber Trust Company (title
sithsequently changed to Windber Bank and Trust Company), Windber,
Sylvania, to acquire the assets and assume the liabilities of
Central City National Bank, Central City, Pennsylvania, and as an
Illeident to that transaction, to establish a branch at the location
or
Central City National Bank.
After a discussion during which certain changes in the wording
orthe statement were agreed upon, the issuance of the order and
ata emant was authorized, subject to such changes being made.
Copies
or the order and statement, as issued, are attached as Items 7 and 8.
Examination reports of national banks.
'rune „
J-1-,
At its meeting on
1962, the Board discussed increased charges announced by the
Ccell)troller of the Currency, in a letter dated April 30, 1962, for
151‘civicling copies of reports of examination of national and District
or
'°1-utbia banks to Federal Reserve Banks. (According to present
1, 1962.) The
1141elltions, the schedule would become effective July
df,f)Ai 3-)
6/21/62
-4-
discussion centered upon the views that had been expressed by the
Fecleral Reserve Banks on the subject in response to a Board request.
subject was discussed further at a joint meeting of the Reserve
klIk Presidents and the Board on June 19, 1962.
In the light of the discussion at the joint meeting with the
esidents, two rough drafts of reply to the Comptroller's April 30
'
Pl
letter were read at this meeting.
The general position taken therein
/las that the Federal Reserve, without departing from the views expressed
the Board's letter to the Comptroller of April 9, 1962, would
lletantly accept the schedule of charges in view of the needs of the
Resellere Banks for information contained in the examination reports in
"-Lang their responsibilities, although one examination report a
l on each bank would appear sufficient and the need for branch and
'
'
ree
trust
ue artment reports might not be extensive.
During discussion, a number of suggestions were made for
tile'clitication of the respective drafts.
There was, however, general
841'eelllent with the principal thoughts expressed in the drafts except
the
indication, expressed in one of the drafts, that the Board would
(use"48 the problem in its Annual Report for 1962 in order to bring it
to th
e attention of appropriate Congressional committees. The consensus
1748 that it
'
would be preferable not to commit the Board to that course,
4t least
for the present.
6/21/62
-5At the conclusion of the discussion it was understood that
Governor Robertson would work with the staff in developing a revised
cire'ft incorporating elements of both of the drafts read at this meeting,
the revised draft to be returned to the Board for consideration. It
/414 also understood that at some appropriate stage the Reserve Bank
?residents would be given an opportunity to review the letter that
44at
be sent to the Comptroller.
All of the members of the staff except Mr. Sherman then withdrew
fromthe meeting.
2SIKaLly Mr. Sammons.
The Board authorized Robert L. Sammons,
Acilriser) Division of International Finance, to travel to Mexico City
c1141-rig the period July 29-August
5, 1962,
to lecture at the Center for
149;t111 American Monetary Studies.
The meeting then adjourned.
Secretary's Notes: The steps contemplated
by the Board's action of May 31, 1962,
in issuing preliminary permits to Irving
International Banking Corporation and
Irving International Financing Corporation,
both of New York, New York, having been
completed, final permits to commence
business were issued today to those corporations.
Governor Shepardson today approved on
behalf of the Board the following items:
170. 00 Letter to the Federal Reserve Bank of New York (attached Item
Bruce G. Alexander, William B.
5 P
Lu Proving the appointment of
,
) Lawrence E. Blonsky, and Michael Randall as assistant examiners.
1
6/21/62
-6-
Letter to the Federal Reserve Bank of Richmond (attached Item
ln) approving the designation of five employees as special assistant
ex
aadners.
NO,
Reserve Bank of Richmond (attached Item
170. 111 Letter to the Federal
of 22 employees as special assistant
designation
approving the
iners
Reserve Bank of Kansas City (attached Item
170. 1,NN Letter to the Federal
approving the designation of 6)-t. employees as special assistant
)calnitters.
at .
Memorandum from Mr. Koch, Adviser, Division of Research and
tics,
tenls
requesting that leave with pay be granted to Helmut Wendel,
,
1;
18 4aast in that Division, for the period September 24, 1962, through
rorell 29) 1963, for completing course work in residence and preparing
tr,°ral examinations requisite to his candidacy for a Ph.D., Economics,
1 Columbia University. It was understood, as recommended in a
th:arldum from Mr. Johnson, Director, Division of Personnel Administration,
clIZhis action should not be considered as establishing a precedent or
pr(746.1rig in any way the policy, under the Employee Training and Development
erabg
l razi, of granting academic leave for the purpose of enabling an
1,r07,;()Yee to complete work on his doctoral dissertation. (Mr. Wendel
'
44 not start work on his dissertation until his return to the Board.)
4
the r , Memoranda from appropriate individuals concerned recommending
(LI-owing actions relating to the Board's staff:
Trzthe ti Florence S. Doane, from the position of Clerk (Librarian) in
the t4 v1s1on of Personnel Administration to the position of Clerk in
sale. /Ision of International Finance, with an increase in basic annual
etree
rY•from $2,114.3 (Wf-time basis) to $4,145 (full-time basis),
tive the date of assuming her new duties.
Sea
increase
trom
effective June 24, 1962
Hiram J. Roush, Guard in the Division of Administrative Services,
P )235 to $4,340 per annum.
6/21/62
--14.1.2112.2.
reases
effective July
8 1962
Basic annual salary
To
From
Division
Research and Statistics
Loretta Brockway, Statistical Clerk
liargaret Campbell, Clerk-Stenographer
Cullipher, Clerk-Stenographer
ZYT. Gregory, Statistical Clerk
y Jane Harrington, Economist
4,145
4,145
4,145
4,565
8,080
$ 4,250
5,850
4,145
4,040
4,145
6,015
4,250
4,145
4,250
4,o4o
4,145
5,005
3,500
5,170
7,095
7,260
13,730
14,055
4,250
4,250
4,670
8,34o
Examinations
a
ti,!Tes H. Joyce, Assistant Federal Reserve Examiner
0`4kY Marcni,
o
Stenographer
s:T Ann Slocombe, Stenographer
—4Lra J. Rider, Stenographer
Personnel Administration
Stle Oldland, Clerk-Stenographer
Administrative Services
iani R. McDonald, Building Maintenance Clerk
Sazalu
VanHook, Guard
3,605
Office of the Controller
A44.
Waller, Jr., Supervisory Accountant
Office of Defense Planning
Grimwood, Chief, Liaison Office
activit
kvis4 Permission granted Helen Heacock, Statistical Clerk in the
l'iashi,"*°n of Bank Operations, to engage in part-time work for the
"gton Calculating and Inventory Service.
Secretlar
224
Item No. 1
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25 O. C.
ADDRESS orriciAL. CORRESPONDENCE
TO THE BOARD
June 210 1962
Board of Directors,
The Chase Manhattan Bank,
New York) New York.
Gentlemen:
•
The Board of Governors of the Federal Reserve
SYstem extends to October 12, 1962, the time within
Which The Chase Manhattan Bank may establish a branch
at 2035 Crompond Road, Yorktown Heights (Unincorporated
Area), Town of Yorktown, Westchester County, New York.
Very truly yours)
(Signed) Kenneth Ah, Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
Item No. 2
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. 0 C.
AOORLS OFf101AL. CORRell ONOCNCE
TO THC BOARD
June 21, 1962
Board of Directoti
Chemung Canal 2rilt5t 'Oa puny,
lmira, New Yorks
lemen:
The Board of Gove ors of the Federal Re erVe
3Ystem extends to October i5, 1962, the time within which
Chemung Canal Trust Comply, Llmira, New York, may establish a branch at 602 South Main Street, Village of
Horseheads Chemung County, New York.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
,
Item No.
3
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE SOAR°
June 21, 1962.
!!?ard of
Directors,
4'-Lrst
'Wisconsin National Bank
of
Milwaukee,
viaaWaukee,
Wisconsin.
•
Gettiemen:
The Board of Governors of the Federal Reserve System
'Ten
consideration
to your application for fiduciary
Pow
allthrs and grants First Wisconsin National Bank of
Milwaukee
law °ritY to act, when not in contravention of State or local
as
4 bond trustee,executor, administrator, registrar of stocks
Of
s, guardian of estates, assignee, receiver, committee
10,,,states of lunatics, or in any other fiduciary capacity in
etZch State
banks, trust companies, or other corporations which
larld
:into competition with national banks are permitted to act
r the
in
The exercise of such
rights stiall
laws of the State of Wisconsin.
Pede
be subject to the provisions of Section 11(k) of the
the
Reserve Act and Regulation F of the Board of Governors of
zederal Reserve System.
has 4
that _
A formal certificate indicating the fiduciary powers
our bank is now authorized
to exercise will be forwarded
course.
w
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
•
Item No. 4
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFPIOAI. CORHEOPONOEHLIE
TO THE BOARD
June 21, 1962
Board of Directors,
Fidelity Bank and Trus
Houston, Texas.
Company,
Gentlemen:
The Board of Governors of the Federal Reserve
Sys
thetem approves, under the provisions of Section 24A of
pr Federal Reservia Art, an additional investment in bank
r emises by Fidelity nank and Trust Company of $276,947
"l
easehold improvements in the bank's new quarters.
It is mndetstood that the bank is to sell the
premises at a price of approxiPl'eeerlta7
InstalY 6' occupied bank
*400 000 the proceeds of which are to be used, in
'
Part to
eliminate tho book vaLue of these premises and to
retire
ththe entire outstanding indebtedness and lien against
-se Premises.
Very truly yours,
(Signed) Kenneth A. Kenyon
Yenieth A. Kenyon,
Assistant Secretary.
Item No. 5
6/21/62
UNITED STAT,73 07 AME7,ICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEli
TAASHINGTV, D. C.
Th the ir
iatter of the Application of
WILIZOTON TRUST COMPANY
1
aPprovd1 of acquisition of assets of
'01111send Trust
Company
ORDER APPROVI-fTG ACQUISITION OF BANK'S ASSETS
There has come before the "Board of Governors, pursuant to
the B
a"
4 lerger Act of 1960 (12 U.S.C. 1828(c)), an application by
la i
to Trust Company, 'Jilmingtons Delaware, a member bank of the
'
aLL Reserve System, for the Board's prior consent to its acquisition
the
assets and assumption of the liabilities of Townsend Trust Company,
qnse,,
Delaware and, as an incident thereto, 'Wilmington Trust Company
1
has a,
9Plied, under section 9 of the 7ederal Reserve Act, for the Board's
Prtor
aPProval of the establishment of a branch by that bank at the
1°t1 Qf Townsend Trust Company. Notice of the proposed acquisition
°I' the
assets and assumption of liabilities has been published pursuant
to
Id Bank herger Act.
UPon consideration of all relevant materials in the light
the
p
-actors set forth in said Bank ilerger Act, including reports
11111ish d by
the Comptroller of the Currency, the Federal Deposit Insur—
allee c
°rPoration, and the Department of Justice on the competitive
raQtor
8 involved in the proposed transaction,
225_
2a
IT IS HEREBY ORDERED, for the reasons sot forth in the
80ardt8
Statement of this data, that said applications be and hereby
arre 814)rolmd, provided that said acquisition of assets and assumption
o
'jab'
ilities and establishment of said branch shall not be consummated
(a) so
oner than seven calendar days after the date of this Order or
ater
han three months after said date°
Dated at Washington, D. C., this 21st
day of June, 1962.
By order of the Board of Governors.
Voting for this action: Chairman ifartin„ and
Governors Balderston, Lil1s, Robertson, and Shepardson.
Absent and not voting: Governors Icing and Mitchell.
(Signed)
MOM
(szkia)
..erritt Sherman
Lerritt Sherman,
Secretary.
9'9,52
Item No, 6
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
APPLICATION BY WIIPUNGTON TRUST COMPANY
FOR APPROVAL OF ACQUISITION OF THE ASSETS
OF TOWNSEND TRUST COMPANY
STATEMENT
Wilmington Trust Company, Wilmington, Delaware ("Wilmington
TI7tist"1, with deposits of approximately $317 million, has applied,
1314'suant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the
kardi
8 Prior approval of its acquisition of the assets and assumption
Or +
""e liabilities of Townsend Trust Company, Townsend, Delaware
—send Trust"), with deposits of approximately 1,'383,000.
As an
1
1110 A
.4 terit to the foregoing, Wilmington Trust has applied, under section
o
9
+1,
Federal Reserve Act (12 U.S.C. 321), for the Board's prior approval
th
e establishment of a branch at the location of Townsend Trust.
This
11131114 increase the offices operated by Wilmington Trust from 14 to 15.
Under the Bank Merger Act, the Board is required to consider
(1) the f
inancial history and condition of each of the banks involved,
(2
) the adequacy
of its capital structure, (3) its future earnings
Pl'°81Deets, (4) the general,character of its management,
(5) whether
its
e°113°1'ate powers are consistent with the purposes of 12 U.S.C., Ch. 16
(the
Pederal Deposit Insurance Act),
(6) the convenience and needs of the
e°M41141itY to be served, and (7) the effect of the transaction on
(including any tendency toward monopoly).
r
-2-
Banking factors. - The capital position of Townsend Trust is
11elatively not as strong
as
that of Wilmington Trust. However, the
Proposed acquisition
would Add only about .1 per cent to the deposits
of
Wilmington Trust, so that the capital structure of the continuing
bank Would
continue to be adequate.
The earnings prospects of Wilmington
TrIlst are
good and, while those of Townsend Trust are not encouraging for
te i
miediate future, the long-range prospects are favorable. The
T°IjIlsend area,
principally agricultural, has experienced some industrial
gr°11th and further expansion is expected. In the event the transaction
is co,,,
"eunimated, Wilmington Trust, because of its relatively large size,
e°11141"aadily absorb small operating losses at a Townsend branch during
the
Ile:ct few
years. Following the acquisition, Wilmington Trust's
141.1ageillent, which is satisfactory, would operate the continuing bank,.
tl.k8
eliminating the current management succession problem of Townsend
'414ets
There is no indication that the powers exeilcised by the banks
1.111red are or would be inconsistent with the purposes of 12 U.S.C.,
C111•16.
Convenience and needs of the comnunities. - Wilmington
(PON
'
ation around 100,000) is the state's most highly industrialized
T°1/rnsend (population around ;0 with an estimated 2,500 in
the trao
area) is located 27 miles south of ':ilminton and 16 miles
e°14,11
Almington Trust's nearest branch.
Because or Townsend Trust's relatively small size and the
tl4taxin
-es between the offices of the banks involved, the proposed
1°11 Would have practically ho effect on the convenience and
-3'teed
of Wilmington or other communities presently served by Wilmington
Truc..4.
The proposed transaction would make available, at a local bank-
irlOP
-Lacility
in the Townsend area, a much larger source of bank credit
Ra
"
11 as the services of a large trust department.
CcmDetttion. - There is now little or no competition between
Wilmi
ngton Trust and Townsend Trust.
Wilmington Trust competes in
ngton and in other areas with the other three of Delaware's four
1argee,4.
commercial banks all of which operate branches within a sevenradius of Townsend.
eo
Inpetition.
ght miles
branches of
The proposed acquisition would increase this
bank with deposits of less than $2 million, located about
southeast of Townsend Trust, is already in competition with
two large banks, and it appears that consummation of the
trans .
action would not significantly affect the prospects of this bank.
§ummary and conclusion. - The proposed acquisition would increas
e competition among Delaware's larger banks without having a sigarrt adverse effect on any small banks, and residents of the Townsend
area
Would be provided with broader banking services.
Accordingly, the Board finds the proposed acquisition to be
the Public interest.
ti‘111 213 1962
r
Item. No. 7
6/21/62
UNITED STATES OF AIERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.
111 the
Matter of the Application of
WIlltBER DANK
AND TRUST COMPANY
tor
0 aPproval
of acquisition of assets of
"entral. City
National Bank
ORDER APPROVING ACQUISITION OF BANK ASSETS
There has come before the Board of Governors, pursuant to
the
1,1
Ballk Merger Act of 1960 (12 U.S.C. 1828(c)), an application by
Bank and Trust Company, Windber, Pennsylvania, a State member
t44 Of the
Federal Reserve System, for the Boardts prior approval of
Ille4equisition by that bank of the assets, and assumption of the
iabtlities, of Central City National Bank, Central City, Pennsylvania,
.arict
'48 an incident thereto, Windber Bank and Trust Company has applied,
1414? 8ection 9 of the Federal Reserve Act, for the Boardfs prior
413PN'al Of the establishment of a branch by that bank at the loca404 OCr
Pied IV the office of Central City National Bank. Notice
q the
14
ProPosed acquisition of assets and assumption of liabilities,
411/1 aPProved by the Board, was published pursuant to said Bank
'I'ger Act
of 1960.
UPon consideration of all relevant materials in the light of
the
factors set forth in said Act, including reports furnished by the
C014Ptrc11er of the Currency) the Federal Deposit Insurance Corporation,
4"he Department of Justice on the competitive factors involved in
the
Proposed transactions,
IT IS HEREBY ORDERED, for the reasons set forth in the
toardts S
tatement
aPProved
of this date, that said applications be, and hereby
provided that said acquisition of assets, assumption of
and establishment of a branch approved herein shall not
be const
t11.18
ated (a) sooner than seven calendar days after the date of
Order or (b) later than three months after said date.
Dated at Washington, D. C., this 21st day of June, 1962.
BY order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Balderston, Mills, Robertson, and Shepardson.
Absent and not voting: Governors King and Mitchell.
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No. 8
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
APPLICATION BY WINDBER BANK AND TRUST COMPANY
FOR APPROVAL OF THE ACQUISITION OF ASSETS OF
CENTRAL CITY NATIONAL BANK
STATEMENT
(ii
Windber Bank and Trust Company, Windber, Pennsylvania
irldh
'
er Bank"), with deposits of approximately $9.4 million, has
a.13Pliecl) Pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(o)),
t° the,
,oardls prior approval of the acquisition of the assets and
1i11
Ptl°11 of deposit liabilities of Central City National Bank,
e rltral n.
ltY, Pennsylvania ("Central National"), with deposits of
'
13Prox- Th
1—atelY $1.9 million. As an incident to the foregoing, Windber
,nas
(12
also applied, under section 9 of the Federal Reserve Act
/1.3.0 101\
" -)c---4), for the Board's prior approval of the establishment
ot
a 10,
— anch by that bank at the location now occupied by the office of
eerltral N
ational. This would increase the offices operated by Windber
1141k rr°111 2 to 3.
Under the law, the Board is required to consider (1) the
al history and condition of each of the banks involved, (2) the
cleqUa.
e- of its capital structure, (3) its future earnings prospects,
(It) the
elleral character of its management, (5) whether its corporate
-2—
are consistent with the purposes of 12 U.S.C., Ch. 16 (Federal
DePcsit Insurance Act), (6) the convenience and needs of the community
"deserved, and (7) the effect of the transaction on competition
(iricluding any tendency toward monopoly). The Board may not approve
the transaction
unless, after considering all these factors, it finds
the tra
nsaction to be in the public interest°
Bankina factors. - The financial condition and capital
----__z_
etrbucture
of both banks are satisfactory, as would be true of the
--.‘"g
bank, which would be under the present management of Windber
C°nsummation of the proposal would have the effect of providing
14ProiroA
-- earning power and strengthened management to what had been
the on
eratic)n of Central National. There is no indication that the
'
o/„Te
exercised by the banks involved are or would be inconsistent
thth
e Purposes of 12 U.S.C., Ch. 16.
Convenience and needs of the communities. - Both Windber
(P°Pulation
about 7,000) and Central City (population about 1,600)
41'e 1°cated
-n Somerset County in south central Pennsylvania. Ten
"lee to the
north of Windber, in adjoining Cambria County, is Johnstown
(Nklation about 54,000), the largest city and the most influential
ecorioraically and financially in the area. Central City is 10 miles
°f Windber, the territory between the two being hilly and sparsely
1°1)111ated.
Windber is served by two banks, Windber Bank and a national
ba" with ono
out-of-town branch.
Cetltrai city.
the co
Central National is the only bank
The effect of the proposal on the convenience and needs of
11111111nities to be served would be limited almost entirely to
Central National's present service area. Consummation of the proposal
11°111d assure continuance of good banking facilities in Central City.
2221122Iition. - There is little competition between Windber Bank
." Central
National. Windber Bank draws 6 per cent of its loan volume
and 7
"Per cent of its time deposits from the service area of Central
—LL.; and only about 2 per cent of the dollar amount of the outstanding
loans
°I' Central National and less than .3 per cent of its total deposits
ae
from
the service area of Windber Bank,
As to the effect of the proposal upon other financial institutions
14 the
area,the
continuing bank would derive no noticeable advantage over
its In
-cal competitor in the town of Windber. The managements of two small
4ati0
nal banks,
about 10 miles west from Central City, which would appear
to
be m„,_
ul'e likely than any others to be affected competitively by the proksal
have
expressed the opinion that there would be no perceptible increase
in the
competition they encounter. Taking into consideration the banks in
4418town (
— oghere there are two much larger banks and two other banks of about
i°n of deposits each), the applicant would move from fifth to third
'eat
flOng the commercial banks in the area. It would hold less than 9 per
%It of ,
-'
41e aggregate deposits of individuals, partnerships, and corporations
ahd aho
lit 10 per cent of the loans in the over-all service area.
a
Summary and conclusion. - Consummation of the proposed transaction
---
ssul'e the residents of Central City of good banking services. It
1104)
4
lic
't so affect competition as to be detrimental to any other bank.
Accordingly, the Board finds the proposed transaction to be
the
Public interest.
21) 1962.
Item No.
6/21/62
BOARD OF GOVERNORS
9
926(
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June 21, 1962
Poward D. Crosse, Vice President,
Federal Reserve Pank of New Yor,
New York 45, New York.
Dear Mr. Crosse:
In accordance with the request contained in your
letter of Jun. 14, 1962, the Poard approves the appointment
°f Pruce G. Alexander, William P. Pirdsall, Lawrence 7.1.
,
D.onsky, and Michael Randall es assistant examiners for the
Feueral
Reserve Pank of New York. Please advise the of
dates of the appointments.
Very truly yours,
(Signed) Kenneth A. Kenyon
Venneth A. Yenyen,
Assisttnt Secrtarv.
Item No. 10
6/21/62
BOARD OF GOVERNORS
,491140
4M444
OF THE
40
'
C *
:
‘
e*
FEDERAL RESERVE SYSTEM
WASHINGTON 25. O. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
440*
'
June 21, 1962
John L. Nosker, Vice President,
r?deral Reserve Bank of Richmond,
4chni°nd 13, Virginia.
Dear Mr.
Nosker:
In accordance with the request contained in your
letter
er of June 18, 1962, the Board approves the designation
„
William G. Burnette, Jr., and Herbert T. Gordon as special
f!sistant examiners for the Federal Reserve Bank of Richmond
ravl' the purpose of participating in examinations of State
ember banks only.
The Board also approves the designation of the
f°11ow• g employees as special assistant examiners for the
Pederal
ppi
Reserve Bank of Richmond for the purpose of particiaTitng in the examination of State member banks except those
8Ged opposite their names:
Jimmie W. Carpenter
The Bank of Virginia,
Richmond, Virginia
John A. Mardigian
State-Planters Bank of
Commerce and Trusts,
Richmond, Virginia
Bruce W. Melton
The Bank of Virginia,
Richmond, Virginia
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
ilo4*1- 3
Item NO. 11
6/21/62
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE 00ARD
June 21, 1962
John L. Nosker, Vice President,
-ederal Reserve Rank of Richmond,
Richmond
13, Virginia.
near mr.
Nosker:
In accordance with the request contained in your letter
1 4Jme 18, 1962, the Board approves the designation of the fol11;:4-ng employees as special assistant ex(lminers for the Federal
e,,-::!re Bank of Richmond for the purpose of participating in
nations of State member banks only:
D. Frank Gwynn, Jr.
Everett G. Melton
J. C. Brockenbrough
Harry B. Smith
George B. Evans
Thomas E. Hutt
Kenneth L. Tiller, Jr.
J. Weldon Mitchell
Lloyd B. Gee
Melvin B. Nunnally
Wilbert C. Parrish
these
Sheldon G. Phaup
E. Milton Smith
William C. Glover
William R. Henshaw
James R. Flinn
Fenton L. Marsh
Clarence E. Proffitt
James W. Cloud
0. Ridgely Flohr
Salvatore J. Spinnicchio
Perry J. Churchwell, Jr.
All authorizations heretofore given your Rank to designate
individuals as special assistant examiners are hereby canceled.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
•
)
f
BOARD OF GOVERNORS
ctoiltsitttrA,.4
Item No, 12
OF THE
*
4
o
a4,
6/21/62
FEDERAL RESERVE SYSTEM
tki.k4t,414NGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
is
is
TO THE BOARD
June 21, 1962
Mr. L. F.
Mills, Vice President,
eral Reserve Dank of Kansas City,
l\artsas City 6,
Missouri.
N
Dear lir.
hne 131n accordance with the request contained in your letter of
1962, the Board approves the designation of the following
ofyYses as special assistant examiners for the Federal Reserve Dank
tio ensas City for the purpose of participating in the 1962 examinaof Commerce Trust Company, Kansas City, Missouri:
Brown, Robert A.
Bruner, Jerry
BrYan, Dave
Cable, Willard
Cahill, Robert
Carr, Gordon
Chinn, G. S.
Cockrell, Paul E.
Coleman, P. E.
Culbertson, W. E.
Curtis, E. J.
Czerwinski,
H. R.
Elliott,
Jerry
Pisler, James V.
Foley, Cecil
Pouks, William
Hain, W. U.
Hamilton,
Dave
HoPper, Grady
Rughes, WM, N.
Lahm, Ronald
diat
LaRose, Sylvester
Liggett, Robert
Mathews, F. J.
Miller, Larry
McArthUr, Jaries I.
McKee, Hugh
Nash, Michael
Neville, William
Novak, Frank J.
Parsons, John F.
Patterson, Charles
Paulson, Robert
Pope, Joseph M.
Rhodes, Fred C.
Rogers, Guy
Searle, Joseph
Slover, Don
Smith, Lewis
Spurlock,' John B.
Stanley, Billy R.
Swanson, Estus A.
Tindall, Keith
Trimble, Harry B.
Tuggle, Jesse E.
Walker, Lawrence
Wangler, Arthur
Werner, Darrell
White, Donald I.
Whitsitt, W. E.
Willock, Edwin S.
Wilson, James
Wisneiswski, Chester
Woolworth, Richard
Wray, Jack
?urns, Dorothy
Dawson, Patricia A.
Haines, Mary Helen
Hirsch, Catherine
Johnson, Aileen
Lynn, Mary
Norris, Dorothy Y.
Polfer, Edna
Smart, Dorothy J.
It is noted that these designations will be terminated immeupon completion of the examination.
Very truly yours,
(Signed) Kenneth A. Kenyon
Ycnnith A. Yenyon,
tssistant Secretary.
@FedFRASER