Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 29, 1951, Volume 38, Part 5

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Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Monday, October 29, 1951.
PRESENT:

Mr. Martin, Chairman
Mr. Norton
Mr. Powell
Mr. Carpenter, Secretary
Mr. Sherman, Assistant Secretary
Mr. Kenyon, Assistant Secretary

Letter to Board of Directors, Norfolk County Trust Company,
Brookline,
Massachusetts, reading as follows:
"Reference is made to your letter of October 1,
1951, submitted through the Federal Reserve Bank of
Boston advising that the Norfolk County Trust Company,
Brookline, Massachusetts, proposes to purchase the
assets and assume the liabilities of The Braintree
National Bank, Braintree, Massachusetts.
"Consideration has been given to the proposed
transaction and the Board of Governors hereby gives
its written consent, pursuant to the provisions of
Section 18(c) of the Federal Deposit Insurance Act,
to the acquisition of the assets and assumption of the
liabilities of The Braintree National Bank by the
Norfolk County Trust Company, provided the transaction
is effected substantially in accordance with the plan
submitted, and formal approval of the appropriate
State authorities is obtained."
Approved unanimously, together
with the following letter to Mr.
Latham, Vice President of the Federal
Reserve Bank of Boston:
"Reference is made to your letter of October 11,
1951, submitting the request of the Norfolk County
Trust Company, Brookline, Massachusetts, for approval
of the establishment of branches in Braintree and
South Braintree, Massachusetts, in connection with a
roposed absorption of The Braintree National Bank,
raintree, Massachusetts.

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10/29/51

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"In view of your recommendation, the Board of
Governors approves the establishment and operation of
branches in Braintree and South Braintree, Massachusetts, by the Norfolk County Trust Company, Brookline,
Massachusetts, provided the absorption of The Braintree National Bank, Braintree, Massachusetts, is effected substantially in accordance with the plan
submitted; the prior formal approval of the appropriate
State authorities is obtained; and with the understanding that Counsel for the Reserve Bank will review and
satisfy himself as to the legality of all steps taken
to effect the proposed absorption and establishment of
the branches°
"In view of your favorable recommendation the
Board of Governors also consents, under the provisions
of Section 18(c) of the Federal Deposit Insurance Act,
to the absorption of the national bank by the Norfolk
County Trust Company. Please transmit the enclosed
letter of consent to the Board of Directors of the
Norfolk County Trust Company. A copy is enclosed for
Your files."