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1579 Minutes of actions taken by the Board of Governors of the Iral Reserve System on Wednesday, September 10, 19)2. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Evans Mills Robertson Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary linutes of actions taken by the Board of Governors of the federal Roserve System on September 9, 19)2, were approved unanimously. Letter to the Board of Directors, The Genesee County Savings Flint, Michigan, reading as follows: "Pursuant to your request submitted throuvh the Federal Reserve Bank of Chicago, the Board of Governors aPProves the establishment and operation of a branch On Davison Road near Dort Highway within the city urnof Flint, Michigan, by The Genesee County Savings .L''411k, provided formal approval is obtained from the e "ProPriate State authorities and the branch is estab, J-1E3hed within six months from the date of this letter. Approved unanimously, for transmittal through the Federal Reserve Bank of Chicago. Letter to the Board of Directors, Merchants and Mechanics Bank, ?lint m '-dchigan, reading as follows: "Pursuant to your request submitted through the Federal Reserve Bank of Chicago, the Board of Governors oPProves the establishment and operation of a branch a iZ Dort Highway near Atherton Road within the city lim,8 of Flint, Michigan, by Merchants and Mechanics Bank, fovided formal approval is obtained from the appropriate ate authorities, and the branch is established within L 9/10/52 -2- ?I six months from the date of this letter. It is understood that the capital of your bank will be increased from *360,000 to *C0,000 by declaration of a $40,000 stock dividend and the sale of $100,000 par value of new common stock at a premium of *150,000." Approved unanimously, for transmittal through the Federal Reserve B,Ink of Chicago. Telegram to Mr. Powell, President, Federal Reserve 1. 3,n1c of —esiTolis, stating that, subject to conditions of membership ralllibersd 1 and P set forth in Board's Regulation H and the following 41)ec1al condition, the Board apnroves the application of Rapid City Trug+ Company, Rapid City, South Dakota, for membership in the Fed- Reserve system and for the appropriate amount of stock in the Reserve Bank of Minneapolis: 3. At the time of admission to membership, such bank shall have paid-up and unimpaired capital stock of not less than *100,000 and surplus of not less than *20,000. Approved unanimously.
@FedFRASER