Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 25, 1966, Volume 53, Part 5

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609

Minutes for

To:

Members of the Board

From:

Office of the Secretary

May 25, 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.

Chm. Martin
Gov. Robertson
Gov. Shepardson
Gov. Mitchell
Gov. Daane
Gov. Maisel
Gov. Brimmer

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Federal Reserve Bank of St. Louis

Minutes of the Board of Governors of the Federal Reserve
System on Wednesday, May 25, 1966.

The Board met in the Board Room

at 2:30 p.m.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

Robertson, Vice Chairman
Shepardson
Mitchell
Maisel
Brimmer
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.

Sherman, Secretary
Kenyon, Assistant Secretary
Molony, Assistant to the Board
Fauver, Assistant to the Board
Hackley, General Counsel
Brill, Director, Division of Research
and Statistics
Mr. Solomon, Director, Division of Examinations
Mr. Johnson, Director, Division of Personnel
Administration
Mr. O'Connell, Assistant General Counsel
Mr. Leavitt, Assistant Director, Division of
Examinations
Mr. Gramley, Associate Adviser, Division of
Research and Statistics
Miss Eaton, General Assistant, Office of the
Secretary
Mr. Egertson, Supervisory Review Examiner,
Division of Examinations
Messrs. Burton and Poundstone, Review Examiners,
Division of Examinations
Miss Greene and Mr. Kline, Assistant Review
Examiners, Division of Examinations
Ratification of actions.

Actions taken at a meeting of the

available members of the Board on May 23, 1966, as recorded in the minutes
Of that meeting, were ratified by unanimous vote.
Approved items.

The following items, copies of which are attached

t° these minutes under the respective numbers indicated, were approved
unanimously after consideration of background material that had been made

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Federal Reserve Bank of St. Louis

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5/25/66

-2-

available to the Board and clarification of points of information about
Which members of the Board inquired:
Item No.
Letter to Fidelity Union Trust Company, Newark,
New Jersey, approving an investment in bank
premises.

Letter to State Street Bank and Trust Company,
Boston, Massachusetts, granting an extension of
time to establish a branch at 6 Tremont Street,
in lieu of the existing branch at 199 Washington
Street.

Letter to Marine Midland Trust Company of Central
New York, Syracuse, New York, approving the establishment of a branch at 500 East Genesee Street,
in lieu of the existing branch at 711 Erie Boulevard East.

Letter to Fidelity-Philadelphia Trust Company,
Philadelphia, Pennsylvania, approving the
establishment of a branch at 3919 Chestnut
Street and an investment in bank premises
incident thereto.

Letter to Girard Trust Bank, Philadelphia,
Pe nnsylvania, approving the establishment of
a branch at 1101-1103 South Ninth Street.

Letter to Wachovia Bank and Trust Company,
Wlnston-Salem, North Carolina, approving the
es tablishment of a branch in Greensboro.

Letter to Wachovia Bank and Trust Company,
Winston-Salem, North Carolina, approving the
establishment of a branch in Kinston.

Letter to The Farmers State Bank of Englewood,
Englewood, Ohio, granting an extension of time
t° establish a branch in Dayton.

Letter to United California Bank, Los Angeles,
,alifornia, approving the establishment of a
uranch in Goleta.

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Federal Reserve Bank of St. Louis

5/25/66

-3Item No.

Letter to United California Bank, Los Angeles,
California, approving the establishment of a
branch in Victorville.
Letters to Irving International Financing
Corporation and Marine Midland International
Corporation, both of New York, New York,
approving the acquisition of additional shares
of Industrial Finance Corporation, Manila,
Philippines.

11-12

Telegram to the Federal Reserve Agent at Boston
authorizing the issuance of a general voting
permit to New Hampshire Bankshares, Inc.,
Nashua, New Hampshire, covering its stock of
The Indian Head National Bank of Manchester,
Manchester, New Hampshire.

Letter to the Bureau of the Budget regarding
Proposed model State legislation suggested by
the Council of State Governments for regulation
Of the sale and issuance of checks, money orders,
and other instruments by nonbank concerns.

Letter to the Federal Reserve Bank of Chicago
regarding Blue Shield coverage at the head office
and the Detroit Branch.

Letter to the Federal Reserve Bank of San
Francisco approving the appointment of Irwin L.
Jennings as Vice President in charge of the
bank examination function and approving the
Payment of salary to him and certain other
°fficers at rates fixed by the Board of Directors.

Reports on competitive factors.

Reports on the competitive

factors
involved in the following proposed mergers or similar transactions were approved unanimously for transmittal, the conclusions being
stated as follows:

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To the Federal Deposit Insurance Corporation regarding
the proposed merger of The Tamaqua National Bank, Tamaqua,
Pennsylvania, into American Bank and Trust Co. of Pa.,
Pennsylvania
Consummation of the proposed merger of American Bank and
Trust Co. of Pa., Reading, Pennsylvania, and The Tamaqua National
Bank, Tamaqua, Pennsylvania, would eliminate existing and potential
competition between the former's Coaldale office and the latter bank,
While increasing the concentration of banking resources in the bank
that now is by far the largest bank in the overall area. The net
effect on competition clearly would be adverse.
To the Comptroller of the Currency regarding the proposed
merger of The Bank of Russell County, Cleveland, Virginia,
into First National Bank in Honaker, Honaker, Virginia
The proposed merger of The Bank of Russell County, Cleveland,
Virginia, into First National Bank in Honaker, Honaker, Virginia, would
not have adverse competitive effects.
To the Federal Deposit Insurance Corporation regarding the
Proposed acquisition of assets and assumption of liabilities
of Commerce City Bank, City of Commerce, California, by
C°mmunit Bank Huntin ton Park California
The proposed acquisition of Commerce City Bank, City of Commerce,
California, by Community Bank, Huntington Park, California, would have
no adverse effects on competition.
Application of United Bancshares of Florida (Items 17-19).

There

had been distributed drafts of an order and statement reflecting the
Board's approval on April 26, 1966, of the application of United Bancshares
°f Florida, Inc., Miami Beach, Florida, to become a bank holding company
through acquisition of voting shares of The Miami Beach First National
Bank, Miami Beach, and United National Bank, Miami, Florida.
After discussion, the issuance of the order and statement was
au

thorized.

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Federal Reserve Bank of St. Louis

Copies of the documents, as issued, are attached as

5/25/66

-5-

Items 17 and 18.

A copy of the letter sent to the applicant is attached

as Item No. 19.
Procedure on holding company applications (Item No. 20).

Refer-

ence was made to a letter dated May 24, 1966, in which Senator Douglas
expressed concern that the Board give due notice to the Attorney General
if it intended to approve any acquisition, merger, or consolidation transactions under the Bank Holding Company Act of 1956 immediately prior to
the enactment of the Bank Holding Company Act Amendments of 1966.

Senator

Douglas pointed out that H.R. 7371, in the form in which it was favorably
reported by the Senate Banking and Currency Committee on May 19, established
in section 11 a conclusive presumption that any acquisition, merger, or
consolidation transaction consummated at any time prior to the enactment
of that section was not in violation of any antitrust laws other than
section 2 of the Sherman Act.

He felt it would be unfortunate if any

"last minute" application were to be approved just prior to enactment of

this legislation, thus depriving the Department of Justice of an opportunity to bring suit under the antitrust laws.
After discussion, approval was given to a reply to Senator
Douglas in the form attached as Item No. 20.
Data on certificates of deposit.

In connection with a request

made by Congressman Ottinger, a member of the House Banking and CurrencY Committee, at the hearing this morning for information on the
amount of outstanding certificates of deposit broken down according to

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size, Mr. Brill described sources of data most nearly responsive to the
request, including information tabulated from a special supplement to
the call report of April 1965.

It was his understanding that the Comp-

troller of the Currency had previously interposed objection to the
release of that information, reportedly on the ground that it would
disclose a breakdown between State and national banks, and that the
data had not been made public.
After discussion, it was agreed that such available data should
be furnished as would be most responsive to the request.
Request from Central Bank of Tanzania.

A memorandum dated

May 23, 1966, had been submitted to Governor Shepardson by Mr. Irvine
of the Division of International Finance listing several persons who
might be suitable candidates for an assignment to render technical
assistance to the Central Bank of Tanzania in establishing a research
department, as requested by that bank, for a period of 20 to 24 months.
At its meeting on May 6, the Board had agreed that it would be appropriate to assist the bank in locating such a person, and it was now
that the staff should proceed to ascertain whether any of the
individuals listed would have an interest in the assignment.
The meeting then adjourned.
Secretary's Notes: On May 24, 1966,
Governor Shepardson approved on behalf
of the Board the following items:
Letter to the Federal Reserve Bank of Chicago (copy attached as
!tem No. 21) approving the appointment of Roy K. Anderson and John M.
'
°ntgomery as assistant examiners.

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Memoranda recommending the following actions relating to the
Board's staff:
..4ppointments
Jane E. Davis as Digital Computer Programmer (Trainee), Division
of Data Processing, with basic annual salary at the rate of $5,181,
effective the date of entrance upon duty.
Michael Vern Maxson as Assistant Federal Reserve Examiner, Division
Of Examinations, with basic annual salary at the rate of $5,352, effective the date of entrance upon duty.
Mary E. Ray as Technical Editor (Economics), Division of Research
and Statistics, with basic annual salary at the rate of $12,091, effective the date of entrance upon duty.
Governor Shepardson today approved on
behalf of the Board the following items:
Memorandum from Mr. Holland, Adviser to the Board, dated May 24,
1966, requesting approval to compensate Professors Hyman Minsky and
Franco modigliani for their attendance at prospective planning meetings
relative to the study of the discount mechanism on the same basis as
they were compensated in connection with their participation in the
academic seminar held on May 11, 1966.
Memorandum from the Division of Research and Statistics recommending
acceptance of the resignation of Kathryn A. Morisse, Economist in that
Division, effective at the close of business June 3, 1966.
10

Secrethry

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

Item No. 1
5/25/66

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

ADOREBB OFFICIAL CORRESPONCIENCE
TO THE BOARD

May 25, 1966

Board of Directors,
Fidelity Union Trust Company,
Newark, New Jersey.
Gentlemen:
Pursuant to the provisions of Section 24A of the
Federal Reserve Act, the Board of Governors of the Federal
Reserve System approves an investment in bank premises by
Fidelity Union Trust Company, Newark, New Jersey, of not
to exceed $285,000 incident to the establishment of a
branch at 305-311 Wilson Avenue, Newark, New Jersey. This
approval is in lieu of the Board's previous approval of a
$235,000 investment in connection with the establishment
of the above-mentioned branch.
Very truly yours,
(Signed) Karl E. Bakke

Karl E Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Item No. 2
5/25/66

WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25,1966

Board of Directors,
State Street Bank and
Trust Company,
Boston, Massachusetts.
Gentlemen:
The Board of Governors of the Federal Reserve
System has approved an extension to January 2, 1967, of
the time within which State Street Bank and Trust Company,
Boston, Massachusetts, may establish a branch at 6 Tremont
Street, Boston, Massachusetts.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

1,
BOARD OF GOVERNORS

Item No. 3
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE BOARD

May 25, 1966

Board of Directors,
Marine Midland Trust Company of
Central New York,
Syracuse, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch at 500 East
Genesee Street, Syracuse, New York, by Marine Midland
Trust Company of Central New York, Syracuse, New York,
provided the branch is established within one year from
the date of this letter, and provided further that branch
operations conducted at 711 Erie Boulevard East are discontinued simultaneously with the establishment of the
above branch.
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.)

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

Item No. 4
5/25/66

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
Fidelity-Philadelphia Trust
Company,
Philadelphia, Pennsylvania.
Gentlemen:
The Board of Governors of the Federal Reserve System
approves the establishment by Fidelity-Philadelphia Trust
Company, Philadelphia, Pennsylvania, of a branch at 3919
Chestnut Street, Philadelphia, Pennsylvania, provided the branch
is established within six months from the date of this letter.
The Board also approves under the provisions of
Section 24A of the Federal Reserve Act an investment of $25,000
in bank premises incident to establishment of the branch.
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.)

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Federal Reserve Bank of St. Louis

IS,
BOARD OF GOVERNORS
OF THE

Item No. 5
5/25/66

FEDERAL RESERVE SYSTEM
WASHINGTON, 0. C. 20551

ADDRESS OrFICIAL. CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
Girard Trust Bank,
Philadelphia, Pennsylvania.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Girard Trust Bank,
Philadelphia, Pennsylvania, of a branch at 1101-1103 South
Ninth Street, Philadelphia, Pennsylvania, provided the
branch is established within six months from the date of
this letter.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

IS50
BOARD OF GOVERNORS
Item No. 6
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, 0. C. 20551

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

(
4.

May 25,1966

Board of Directors,
Wachovia Bank and Trust Company,
Winston-Salem, North Carolina.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Wachovia Bank and
Trust Company, Winston-Salem, North Carolina, of a
branch at 5608 Friendly Road, Greensboro, North Carolina,
provided the branch is established within six months
from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
Item No. 7
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
Wachovia Bank and Trust Company,
Winston-Salem, North Carolina.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Wachovia Bank and
Trust Company, Winston-Salem, North Carolina, of a
branch at 707 Plaza Boulevard, Kinston, North Carolina,
provided the branch is established within six months
from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Item No. 8
5/25/66

WASHINGTON, O. C. 20551
ADDRESS orraciAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
The Farmers State Bank, of Englewood,
Englewood, Ohio.
Gentlemen:
The Board of Governors of the Federal Reserve
System extends to November 17, 1966, the time within which
The Farmers State Bank, of Englewood, Englewood, Ohio, may
establish a branch at 18 on the Mall, 30 South Main Street,
Dayton, Ohio.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

1853

BOARD OF GOVERNORS
OF THE

Item No. 9
5/25/66

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
United California Bank,
Los Angeles, California.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by United California
Bank, Los Angeles, California, of a branch in the vicinity
of the intersection of Hollister Avenue and Storke Road in
Goleta (unincorporated area), Santa Barbara County,
California, provided the branch is established within 18
months from the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF THE

Item No. 10
5/25/66

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551

ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Board of Directors,
United California Bank,
Los Angeles, California.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by United California
Bank, Los Angeles, California, of a branch in the vicinity
of the intersection of Seventh Street and Seneca Road,
Victorville, California, 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.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS
OF TP-4E

FEDERAL RESERVE SYSTEM

Item No, 11
5/25/66

WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966.

Irving International
Financing Corporation,
One Wall Street,
New York, New York. 10015
Gentlemen:
As requested in your letter of April 27, 1966, the
Board of Governors grants consent for your Corporation to purchase and hold additional shares, par value P10 each, of
Industrial Finance Corporation, Manila, Philippines, at a cost
of approximately US$152,000, provided such stock is acquired
Within one year from the date of this letter. In this connection, the Board also approves the purchase and holding of
such shares in excess of 10 per cent of your Corporation's
capital and surplus.
The foregoing consent is being given with the understanding that the investment now being approved, combined with
Other foreign loans and investments of your Corporation and
Irving Trust Company, will not cause the total of such loans
and investments to exceed the guidelines established under the
voluntary foreign credit restraint effort now in effect and that
due consideration is being given to the priorities contained
therein.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

1S56
BOARD OF GOVERNORS

Item No. 12
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966.

Marine Midland
International Corporation,
120 Broadway,
New York, New York. 10005
Gentlemen:
As requested in your letter of May 3, 1966, the
Board of Governors grants consent for your Corporation to purchase and hold additional shares, par value P10 each, of
Industrial Finance Corporation, Manila, Philippines, at a cost
of approximately US$152,000, provided such stock is acquired
Within one year from the date of this letter.
The foregoing consent is being given with the understanding that the investment now being approved, combined with
Other foreign loans and investments of your Corporation, will
not cause the total of such loans and investments to exceed the
guidelines established under the voluntary foreign credit restraint effort now in effect and that due consideration is being
given to the priorities contained therein.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

1857
GRAM
TELE
LEASK° WINK SKNVICK

Item No. 13
5/25/66
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

May 25, 1966.
HOYLE - BOSTON
ICEBJE
A. New Hampshire Bankshares, Inc., Nashua, New Hampshire.
B.

The Indian Head National Bank of Manchester, Manchester, New
Hampshire.

C. Prior to issuance of permit authorized herein, Applicant shall
execute and deliver to you, in duplicate, an agreement in form
accompanying Board's letter S-964 (F.R.L.S. #7190).
(Signed) Karl E. Bakke
BAKKE

Definition of KEBJE

under
The Board authorizes the issuance of a general voting permit,
the
of
Statutes
the provisions of section 5144 of the Revised named below
affiliate
United States, to the holding company

organization to vote the
after the letter "An, entitling such
named below
stook which it owns or controls of the bank(s)
shareholders of such •
after the letter "Bn at all meetings of
stated below after the
bank(s), subjeot to the condition(e)
permit may be issued
letter OC". The period within which a
to thirty days from
pursuant to this authorization is limited
of time is granted
extension
the date of this telegram unless an
the instrucwith
e
accordanc
by the Board. Please proceed in
1947, (5-964).
10,
March
of
letter
tions contained in the Board's

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Federal Reserve Bank of St. Louis

aiS
Item No. 14
5/25/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 26, 1966

Mr. William D. Carey,
Executive Assistant Director,
Bureau of the Budget,
Washington, D. C. 20503
Dear Mr. Carey:
This refers to your letter of May 10, 1966, requesting the
Board's views on a proposal involving suggested State legislation
for the regulation of sales of checks and money orders by private
nonbank concerns, submitted for consideration by the Committee on
S uggested State Legislation of the Council of State Governments.
In a letter to you dated July 1, 1965, the Board expressed
Lts views that to the extent greater
regulation of private money order
b usiness
was desirable, the States, rather than the Federal Government,
Should be encouraged to take the necessary action. Accordingly, the
Board favored the recommendation of the Department of Commerce that the
Council of State Governments develop model legislation to provide
necessary
safeguards for the protection of the public in its dealings
14ith money order firms.
The proposal submitted by the Committee on Suggested State
Legi
slation is in line with the course previously favored by the Board,
and the Board sees no objection to
the suggested legislation.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

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Federal Reserve Bank of St. Louis

I ".
BOARD OF GOVERNORS

Item No. 15
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE EICIARD

May 25, 1966

AIR MAIL
Mr. C. J. Scanlon, President,
Federal Reserve Bank of Chicago,
Chicago, Illinois. 60690
Dear Mr. Scanlon:
Reference is made to your letter of May 6 and Mr. Newman's
letter of April 22, advising that the Board of Directors has approved
Changes in surgical-medical coverage from commercial insurance carriers
at the Head Office and Detroit Branch to the Illinois Blue Shield Plan
and Blue Shield Plan of Michigan, respectively, effective July 1,
1966.
The Board of Governors approves the program of benefits under
new contracts and the absorption of two-thirds of the premium costs
111 connection therewith.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

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Federal Reserve Bank of St. Louis

Item No. 16
5/25/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON. D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE SWARD

May 25, 1966

CONFIDENTIAL (FR)
Mr. Eliot J. Swan, President,
Federal Reserve Bank of San Francisco,
San Francisco, California. 94120
Dear Mr. Swan:
The Board of Governors approves the payment of salary to
the following officers of the Federal Reserve Bank of San Francisco,
assigned to the Los Angeles Branch for the period June 1 to December 31,
1966, at rates indicated, which are those fixed by your Board of
Directors, as reported in your letter of May 6:

Name
Paul W. Cavan
Gerald R. Kelly
James M. Davis

Annual
Salary

Title
Vice President
and Manager
Vice President
Assistant Manager

$22,500
16,000
11,250

The Board also approves, effective July 1, 1966, the appointIrwin
L. Jennings as Vice President in charge of the Bank
ient of
Vtamination function at the Federal Reserve Bank of San Francisco, and
he Payment of salary to him at the rate of $22,500 per annum.

Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.

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Federal Reserve Bank of St. Louis

I. RG1
Item No. 17
5/25/66
UNITED STATES OF AMERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.

•fiw

In the Matter of the Application of
UNITED BANCSHARES OF FLORIDA, INC.,
MIAMI BEACH, FLORIDA,
f°r permission to become a bank holding
"mPany through acquisition of stock of
470 banks in Florida.
•••

ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors, pursuant
t° section 3(a)(1) of the Bank Holding Company Act of 1956
1842(a)(1)) and section 222.4(a)(1) of Federal Reserve
eaulation Y (12
CFR 222.4(a)(1)), an application on behalf of
ted Bancshares
of Florida, Inc., Miami Beach, Florida, for the
44"'s approval of action whereby Applicant would become a bank
h°1ding company through the acquisition of 80 per cent or more of

the "ting shares of The Miami Beach First National Bank, Miami
Ile4ehs and United National Bank, Miami, both in Florida.
As required by section 3(b) of the Act, the Board
40ti
fled the Comptroller of the Currency of receipt of the
application

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Federal Reserve Bank of St. Louis

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and requested his views and recommendation thereon.

The Comptroller

recommended approval.
Notice of receipt of the application was published in
the Federal Register on March 15, 1966 (31 Federal Register 4425),
which provided an opportunity for submission of comments and views
regarding the proposed transaction.

Time for filing such views

and comments has expired and all those filed with the Board have
been considered by it.
IT IS ORDERED, for the reasons set forth in the Board's
S tatement of this date, that said application be and hereby is
approved, provided that the acquisition so approved shall not be
consummated (a) within seven calendar days after the date of this
Order or (b) later than three months after said date.
Dated at Washington, D. C., this 26th day of May, 1966.
By order of the Board of Governors.
Voting for this action: Vice Chairman Robertson, and
Governors Shepardson, Mitchell, Daane, and Maisel.
Absent and not voting:
Governor Brimmer.

Chairman Martin and

(Signed)

Merritt Sherman

Merritt Sherman,
Secretary.
(SEAL)

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Federal Reserve Bank of St. Louis

1 8G3
BOARD OF GOVERNORS

Item No. 18
5/25/66

OF THE
FEDERAL RESERVE SYSTEM

APPLICATION BY UNITED BANCSHARES OF FLORIDA, INC.,
MIAMI BEACH, FLORIDA, FOR PRIOR APPROVAL OF
ACTION TO BECOME A BANK HOLDING COMPANY

STATEMENT

United Bancshares of Florida, Inc., Miami Beach Florida
('APPlicantu), has filed with the Board, pursuant to section 3(a)(1)
°f the Bank Holding Company Act of 1956 ("the Act"), an application
for

approval of action to become a bank holding company through the

aecitasition of 80 per cent or more of the outstanding voting shares
Of The Miami Beach First National Bank, Miami Beach, Florida
(t'Miami Beach Bank"), and United National Bank, Miami, Florida
("United National").
Applicant presently owns about 95 per cent of the
°4tstanding voting shares of Coral Gables First National Bank,
C°t'al Gables, Florida ("Coral Gables Bank"), which at December 31, 1965,
114d dePosits of about $37 million.

At that date, Miami Beach Bank

44(1 United National, respectively, had deposits of $103 million and
44

million.
Views and recommendation of supervisory authority. - As

Nlaired by section 3(b) of the Act, since the proposed subsidiary
batit,
"are national banks, notice of receipt of the application was
en to the Comptroller of the Currency requesting his views

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and recommendation thereon.

The Comptroller recommended approval of

the application.
Statutory factors. - Section 3(c) of the Act requires that
the Board take into consideration the following five factors: (1) the
financial history and condition of the holding company and the banks
concerned; (2) their prospects; (3) the character of their management;
(4) the convenience, needs, and welfare of the communities and the
area concerned; and (5) whether or not the effect of the proposal
would be to expand the size or extent of the bank holding company
sYstem involved beyond limits consistent with adequate and sound
banking, the public interest, and the preservation of competition
in the field of bank:Ing.
Financial history and condition, prospects, and management
Of A
---aPPlicant and the banks concerned. - As earlier noted, Applicant,

chartered in November 1965, has recently acquired ownership of 95 per
cent of the stock of Coral Gables Bank.

That acquisition was accom-

Plished by cash purchase, with Applicant borrowing some $5 million on
as

hort-term basis.

Applicant proposes to refinance the debt on a

1°ng-term basis through the sale of capital notes or debentures.

is Proposed that Miami Beach Bank and United National will be acquired
through stock exchange and, assuming acquisition by Applicant of all

the outstanding voting shares of each of the three banks, Applicant
14(3u1d have, on a pro forma basis, total assets of about $16 million
"
4 a net worth of about $11 million.

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Federal Reserve Bank of St. Louis

Applicant's pro forma financial

-3-

structure is reasonably satisfactory.

Its financial prospects,

dependent in major respects upon the prospects of Coral Gables Bank
and the two proposed subsidiary banks, hre similnrly satisfactory.
Coral Gables Bank commenced operations in 1926.

Its financial

history and condition are satisfactory even though is has experienced
a slight decrease in total deposits in recent years - from $37.4 million
at the end of 1960 to $36.6 million at the end of 1965.

In substantial

measure, this deposit decrease is attributable to the fact that the
bank's controlling ownership has changed hands five times in the last
15 years.

The bank has paid no cash dividends in the last five cal-

endar years and, in that period, total capital accounts have increased
nearly one million dollars through retention of earnings.

Considering

the good earnings record of the Coral Gables Bank and
its location in
one of the largest suburbs in Dade County, in which substantial population growth is occurring, bank's prospects appear satisfactory.

the Board's judgment, however, its prospects will be enhanced under the
111°re stable ownership and control which Applicant's holding company
8Ystem will provide.

This consideration is favorable to approval of

APPlicant's proposal.
Miami Beach Bank, the second largest of 16 banks located
in

its primary service area,'
— has been in operation since 1921.

"Pite the fact, later discussed, that its service area is composed
The area from which about 75 per cent of the bank's deposits of
gldi •
vlduals, partnerships, and corporations originate.

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Federal Reserve Bank of St. Louis

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to a large extent of low income retirees from whom no source of
substantial deposit growth might reasonably be expected, bank's total
deposits have increased $34 million in the most recent five calendar
Years.

Of this increase, $13 million represented deposits of States

and political subdivisions made between June 30, 1965, and December 31,
1965.

Apart from the volatile nature of these deposits, bank's total

deposit structure appears sound, its capital position good, and its
earnings record quite satisfactory.

Accordingly, Miami Beach Bank's

financial history and condition are found to be satisfactory and its
Prospects favorable.
United National's financial history and condition and prospects
are considered satisfactory.

This bank commenced operations in October

1964, and by the end of that year had total deposits of $4.6 million.
Deposits had increased to more than $14 million by year-end 1965, and
the bank showed a profit in its first full calendar year in operation.
Regarding the management of Applicant and the banks,
Frank Smathers, Jr., who was instrumental in organizing Applicant,
is chairman and president of each of the three banks concerned and,
together with Applicant's directors, owns or controls approximately
7° and 60 per cent, respectively, of the Miami Beach Bank and United
Following consummation of Applicant's proposal, the same group
or control 68 per cent of Applicant's voting stock.

Thus,

Control of each of the three banks involved in this proposal is
rally in the hands of the same group of individuals.

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Federal Reserve Bank of St. Louis

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1 867

Applicant's management will be drawn largely from its
subsidiary banks.

Of Applicant's 11 directors, four serve on the

boards of both United National and Miami Beach Bank; two are directors
of Miami Beach Bank, only; and five others are directors of United
National.

Six of Applicant's directors also serve on the Board of Coral

Gables Bank.

The directorate and management of Applicant and of each

Of the banks involved are competent and experienced.

In the Board's

judgment, considerations relating to management are consistent with
approval of the application.
Convenience, needs, and welfare of the communities and area
- Miami Beach Bank is located in the center of the City of
Miami Beach.

Its primary service area lies within Dade County, and

extends along the Atlantic coastline for approximately 10 miles from
north to south and four to five miles from east to west.

It encompasses

the Atlantic beach communities of Bal Harbour, Surfside, and Miami Beach
snd extends west across Biscayne Bay to include a portion of Miami
Shores and the eastern fringe of the City of Miami.

The area, with an

es timated population of 138,400 persons, is experiencing continued populatift growth.

Miami Beach has an annual population growth rate of nearly

five Per cent.

A large portion of the population growth is apparently

the result of an influx into the area of elderly, retired persons.

The

P°Pulation make-up has produced a median family income in the area below
that of Dade County or the State as a whole.

Business in Miami Beach is

reported to have declined in recent years, apparently due in
part to the

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1 868

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large number of low income retirees in the area (36 per cent of all
Miami Beach families earn less than $3,000 a year).

While the popula-

tion of Miami Beach will probably continue to increase as more retired
Persons move into the area, it does not appear that there will be a
significant increase in the demand for banking services, or that existing
institutions will be unable to serve adequately the needs of the area.
United National is located in the heart of downtown Miami.
Due to United National's brief operating history, and the resulting
inability to ascertain any distinct deposit concentration pattern,
APPlicant designated as the bank's primary service area all of Dade County.
Dade County, which comprises the Miami Standard Statistical Metropolitan
Area, is the largest and most heavily populated

county in the State.

has a population of nearly 1.1 million persons, and a projected population figure by 1970 of nearly 1.5 million.

Tourism constitutes the most

imPortant factor in the economy of Dade County, and nearly one-third of
Its labor force is engaged in retail and wholesale trade.

Manufacturing

second to tourism in impertance in the local economy and is expanding

a rather significant rate.

Another recent development of economic

iMPortance to Miami and all of Dade County is the new $20 million Dodge
Island Seaport, now reported to be two-thirds completed.

This sea ter-

Will accommodate both passenger and cargo vessels and is expected
to boost the economy of Dade County by some $5 million annually.

elleral, the prospects appear favorable for continued population and
ee°nomic expansion within United National's service area.

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Federal Reserve Bank of St. Louis

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Coral Gables Bank is located in the central business district
of Coral Gables.

Its primary service area extends approximately

15 miles from east to west and 5-1/2 miles from north to south, and
encompasses the communities of Coral Gables, West Miami, South Miami,
and the southwestern section of the City of Miami.

Population estimates

for the primary service area are 207,000, and for Coral
Gables, 42,500.
Coral Gables is primarily a residential area. Its inhabitants includ
e
many business executives and professional
s. 'More than 38 per cent
of the families in Coral Gables have incomes in excess
of $10,000.
”hile business expansion within the City of Coral Gables
has been
moderate, a number of new homes
and apartment buildings are under construction in the western sector of the
bank's service area.

A shopping

center,
reportedly the second largest in Dade County, is located in
the southwest sector of the service area.
The primary service areas of Miami Beach Bank and Coral
Cables Bank are both within Dade County and, thus, wholly within
United National's designated primary
service area.

All three banks,

44d their respective service areas,
are within the Miami Standard
iletropolitan Statistical Area.

In the Board's judgment, this con-

stitutes the area most relevant for consideration with respect to
the
'
c llrth and fifth statutory factors.
Applicant's organizers assert that the holding company was
e°11Ceived

to meet a growing need for banking services in South Florida.

It is contended that, through Applicant's reserv
es or through sales of

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Federal Reserve Bank of St. Louis

-8-

securities by Applicant, additional capital funds will be available. to
the three banks to assist them in keeping pace with the population and
commercial growth in their respective areas.

It is also asserted that

loan participations among the banks will be facilitated by Applicant's
Proposal; that this viii strengthen the lending power of the banks;
and that the aggregate funds available in the three banks for lending
14i1l be more effectively utilized.

In addition, Applicant anticipates

that operating costs within the banks will be reduced rather significantly through the centralization of investment research and managesupply and equipment purchasing, personnel recruitment and
training, and advertising.

Finally, it is Applicant's belief that

the problem of attracting and holding competent officers and employees
1411 be more easily met by the banks as members of Applicant's system
f°r the reason that advancement opportunities will be greater within
the system than within each individual bank.
As previously noted, the three banks are presently under
e°ramon ownership and management, and the principal organizer of Applicant
Presently serves as board chairman and president of each of the three
batiks.

In the Board's judgment, numercus of the services to be

effered by Applicant, including those related to certain operating
efficiencies and facilitation of loan participations, can be effected
tlder the present close working relationship resulting from common
Illanagement and control.

It may be that Applicant could more easily

tl3arket additional securities, if necessary, to implement the capital

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Federal Reserve Bank of St. Louis

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structures of one or more of the banks, and that under its holding
company system better opportunities would be available to attract and
hold personnel.

These considerations as applied to Miami Beach Bank

and United National are accorded minimal weight inasmuch as the record
before the Board contains no assertion by Applicant of capital needs
°r personnel placement problems in these banks at the present time.
As earlier noted, however, ownership and control of Coral Gables Bank
has changed hands five times within 15 years, occurrences not conducive
to attracting or retaining quality management personnel.

The assurance

of continuing control and direction afforded Coral Gables Bank constitutes a consideration favoring approval of the application.

The

resulting likelihood of improved banking service by Coral Gables Bank
bears also upon the weight to be accorded this consideration.

On the

basis of the record, the Board finds that considerations relating
to the convenience, needs, and welfare of the communities and area
involved offer some weight toward approval of the application.
Effect of proposed holding company formation on adequate
.11t-11_1012Dd banking, the public interest, and banking competition. If APplicant's proposal is consummated, Applicant will become the
second registered bank holding company headquartered and operating in
he Miami Standard Metropolitan Statistical Area.

Applicant's proposed

hold;
--,ng company system will be comprised of three banks with deposits at
2/
Jtjt
e JO, 1965,— of $131 million, or about nine per cent of the deposits

Unless otherwise indicated, all banking data noted hereafter are
sa of this date.

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Federal Reserve Bank of St. Louis

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1872

of commercial banks in Dade County.

The other registered bank holding

company now operating there is Commercial Bancorp, Inc., which has
three subsidiary banks with total deposits of $41 million, or about
three per cent of the commercial bank deposits in the county.
There are 61 commercial banks operating in Dade County, but
a number of these banks are constituents of group banking systems.

addition to the registered bank holding company, the following "banking
groups" also operate in Dade County:

The Florida National Group, with

three banks in the county holding deposits of $117 million, or about
eight per cent of the commercial bank deposits; The City National Bank
Group, comprised of three banks with deposits aggregating $120 million,
or eight per cent of the commercial bank deposits; the Peoples Group of
National Banks, with six banks having combined deposits of $57 million,
or four per cent of the above total; and the "Little River Bank and Trust
Company Group", operating three banks in the county with aggregate deposits
Of $109 million, or seven per cent of the above total.

Thus, Applicant's

Proposed system, together with the registered bank holding company and
the four banking groups, operates 21 of Dade County's 61 commercial
banks, and controls 39 per cent of the deposits of those banks.

addition to the portion of Dade County's banking resources under control
of the six aforementioned groups of banks, the area's largest bank,
First National Bank of Miami, has deposits of $422 million, representing
28 per cent of the total deposits of the county's commercial banks.

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Federal Reserve Bank of St. Louis

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A significant proportion of the banking resources in the
Miami Standard Metropolitan Statistical Area is now controlled by the
seven banking units above mentioned.

However, the Board does not find

this concentration, viewed in relation to the circumstances attending
the present application, to be a consideration adverse to approving
that application.

The effect of Applicant's proposal will be, in

reality, to convert an existing banking chain into a registered bank
holding company.

Although bank holding companies will, upon con-

summation of Applicant's proposal, control about 12 per cent, rather
than the present three per cent, of the deposits of Dade County
commercial banks, in reality, there will be no expansion of any
existing banking system.

Nor will the portions of the area's banking

resources that will be under Applicant's control or under the control
of all bank holding companies be of undfle size.

Further, there will

remain in the area a relatively large number of alternative banking
sources, both within and independent of the aforementioned groups.
Inasmuch as the three banks involved in Applicant's proposal
are affiliated under generally common ownership and management, and
since that affiliation is likely to continue despite approval or denial
of Applicant's holding company proposal, the Board concludes that no
appreciable present or potential competition will be eliminated or
foreclosed between or among Applicant's present and proposed subsidiary banks by consummation of this plan.

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Banks competing in the Miami Standard Netropolitan Statistical
Area are presently faced with the competitive force offered by the
three affiliated banks.

In the Board's opinion, formation of the holding

company system proposed will not change this competitive impact to any
marked degree within the immediate future.

It may be that under holding

company control the three banks will, in time, through coordinated
direction

and stable management, improve the nature and scope of their

service rendition and thereby stimulate banking competition in the
Iletropolitan Area. The possibility of this occurrence, particularly
in
relation to the potential ability of Applicant's Miami subsidia
ry to
compete more effectively with the area's major bank, First National
Eank of Miami, is sufficiently consistent with the preservation of
banking competition and the public interest as to support approval of
the application.
On the basis of all the relevant facts as contained in the
tecord before the Board, and in light of the factors set forth in
section 3(c) of the Act, it is the Board's judgment that the proposed
acquisition would be consistent with the public interest and that the
application should be approved.

May
"
6, 1966.

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Federal Reserve Bank of St. Louis

A S745
BOARD OF GOVERNORS

Item No. 19
5/25/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 26, 1966,

AIR MAIL - REGISTERED
RETURN RECEIPT REQUESTED
United Bancshares of Florida, Inc.,
1651 Alton Road,
Miami Beach, Florida. 33139
Gentlemen:
The Board of Governors of the Federal Reserve Syste
m
has approved the application of United Bancs
hares of Florida, Inc.,
to become a bank holding company throu
gh the acquisition of
80 per cent or more of the voting share
s of The Miami Beach
National Bank, Miami Beach, and United National Bank,
Miami,
both in Florida. The Board's Order, accom
panying Statement, and
press release are enclosed.
Regarding Bancshares' proposed financial structure, the
Board views with concern the relatively large
amount of debt with
which Bancshares will begin business, not only
because the debt
to net worth ratio will
be higher than for holding companies,
generally, but also because the debt is short-term
and no definite
Plans for refinancing have been formu
lated. In these circumstances,
the Board would look unfav
orably upon any action that would create
more debt prior to a significan
t improvement in the initial debt
to net worth ratio.
Further, you are advised of the Board's view that the
carrying value of investments in subsidiary banks
given in annual
reports filed with the Board and in Bancshares
' published statements should be no greater than
the corporation's interest in the
net assets of
such subsidiaries as included in call reports submitted to Federal supervisory authoritie
s.

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Federal Reserve Bank of St. Louis

United Bancshares of Florida, Inc.

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Lo"X 44X

In connection with the provision of the Board's Order
requiring that the acquisition be consummated no later than three
months from the date of the Order, advice of the fact of consummation should be given in writing to the Federal Reserve Bank of Atlanta.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosures

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Federal Reserve Bank of St. Louis

Item No. 20
5/25/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON

OFFICE OF THE VICE CHAIRMAN

May 25, 1966.

Dear Senator Douglas:
In Chairman Martin's absence, permit me to acknowledge your
letter of May 24 regarding the possibility of "last minute" approval
of bank holding company transactions prior to enactment of the pending
amendments to the Bank Holding Company Act of 1956, thereby depriving
the Department of Justice of an opportunity to bring suit with respect
to such transactions under the Antitrust laws.
Under the Board's present procedures, the Department of
Justice is immediately notified of the receipt of each bank holding
company application and the Board gives careful consideration to any
views that may be submitted by the Department. Every order of the Board
approving a holding company acquisition provides that the acquisition
shall not be consummated within seven calendar days after the date of
the Board's order, thus affording the Department of Justice an opportunity to determine whether to institute antitrust proceedings.
However, in order to preclude any occurrence of the kind
mentioned in your letter, the Board, during the present session of
Congress, will notify the Attorney General immediately upon the Board's
action approving any application and in advance of the date of the
issuance of the Board's order in the case; this will afford the Department additional time before the date of issuance of the Board's order
when the Board's action becomes legally effective. In addition, the
Board will withhold the issuance of any order approving a holding
company application during the period between approval of the pending
legislation by the Congress and the date when the legislation becomes
law with the signature of the President.
With best regards, I am
Sincerely,

(Signed) J.L. Robertson
J. L. Robertson
The Honorable Paul H. Douglas
United States Senate
Washington, D. C.

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Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS

•......

Item No. 21
5/25/66

OF THE

0,00F GO1,,,.•.

4001
1N

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

May 25, 1966

Mr. Leland M. Ross, Vice President,
Federal Reserve Rank of Chicago,
Chicago, Illinois.
60690
Dear Mr. Ross:
In accordance with the request contained in
your letter of May 18, 1966, the Board approves the appointment3of Roy K. Anderson and John M. Montgomery as
assistant examiners for the Federal Reserve Bank of
Chicago. Please advise the effective dates of the
appointments.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.

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Federal Reserve Bank of St. Louis

Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 25, 1966, Volume 53, Part 5

FRASER