ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on and All Other Actions of the Board H.2 1975 No. 52 During the Week Ending December 27, 1975 District To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Received 10 Baltimore Bank and Trust Company, Kansas City, Missouri Approved 5 ^Heritage Bank and Trust, Norfolk, Virginia 10 ^Baltimore Bank and Trust Company, Kansas City, Missouri Vr -/V -V * "k To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received The Merrill Trust Company, Bangor, Maine. Branch to be established at Wing Park on State Street, Bangor. The Wayne Trust Company, Cambridge, Indiana. Branch to be established at 1100 Chester Boulevard, Richmond. Wi thdrawn The Peoples Bank & Trust Company, Grand Haven, Michigan. Branch to be established at the Southeast corner of Beechtree Street and Pennover Avenue, Grand Haven, Ottawa County. '^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Transcript
ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Applications and Reports Received or Acted on
and All Other Actions of the Board H.2 1975 No. 52 During the Week Ending December 27, 1975
District
To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act
Received 10 Baltimore Bank and Trust Company, Kansas City, Missouri
Approved 5 ^Heritage Bank and Trust, Norfolk, Virginia
10 ^Baltimore Bank and Trust Company, Kansas City, Missouri
Vr -/V -V * "k
To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act
Received The Merrill Trust Company, Bangor, Maine. Branch to be
established at Wing Park on State Street, Bangor.
The Wayne Trust Company, Cambridge, Indiana. Branch to be established at 1100 Chester Boulevard, Richmond.
Wi thdrawn The Peoples Bank & Trust Company, Grand Haven, Michigan.
Branch to be established at the Southeast corner of Beechtree Street and Pennover Avenue, Grand Haven, Ottawa County.
'^Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.
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International Investments and Other Actions Approved Pursuant to Sections 25 and 24(a) of the Federal Reserve Act and Sections 4(c)9 and 4(c)13 of the Bank Holding Company Act of 1956, as amended
First National City Overseas Investments Corporation, New York, New York: investment - additional in FNC Comercio e Participacoes S.A., Rio de Janeiro, Brazil, and Banco Crefisul de Investimento S.A., Porto Alegre, Brazil.
First National City Bank, New York, New York: investment -additional in Gesellschaft fur Transatlantische Beteiligungen mbH, Frankfurt, Germany, through the transfer of some of the bank's German branches.
Citizens and Southern International Corporation, Atlanta, Georgia: to issue promissory notes.
Bankers International Corporation, New York, New York: investment - additional in Ord-BTCo. Ltd., Sydney, Australia.
Manufacturers Hanover International Finance Corporation, New York, New York: investment - to acquire 100 per cent of Manufacturers Hanover Financial Canada Limited, Manufacturers Hanover Realty Canada Limited, and Manu-facturers Hanover Leasing Canada Limited, Canada.
Federal Deposit Insurance Corporation: Competitive Factors Report re: purchase of assets and assumption of liabil-ities of Virgin Islands National Bank, Charlotte Amalie, St. Thomas, United States Virgin Islands, by First Pennsylvania Bank N.A., Bala Cynwyd, Pennsylvania.
Rainier International Bank, Los Angeles, California: to acquire 100 per cent of a finance company to be organized in Hong Kong.
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H.2 1975 N o . 5 2 - 3 -
To Form a Bank H o l d i n g Company Pursuant to Section 3(a)(1) o f the B a n k Holding Company Act of 1956
Received 9 P.B.C., Inc., P i n e City, Minnesota, for approval to
acquire 48.93 p e r cent or more of the voting shares of The First N a t i o n a l Bank of Pine City, Pine City, Minnesota.
10 Cameron B a n c s h a r e s , Inc., Cameron, Missouri, for ap-proval to a c q u i r e 80 per cent or more of the voting shares o f C a m e r o n State Bank, Cameron, Missouri.
12 First National B a n c shares Inc., San Jose, California, for approval to acquire 100 per cent (except di-rectors T q u a l i f y i n g shares) of the voting shares of the successor b y merger to The First National Bank of San J o s e , San Jose, California.
Approved 6 Gallatin B a n c s h a r e s , Inc. , Gallatin, Tennessee, for
approval to a c q u i r e 80 per cent of the voting shares of Bank o f G a l l a t i n , Gallatin, Tennessee.
6 Royal Holding Corporation, Miami, Florida, for approval to acquire 100 p e r cent of the voting shares (less directors' qualifying shares) of Inter National Bank of Miami, Miami, Florida.
10 First Penn Corporation, Oklahoma City, Oklahoma, for approval to a c q u i r e 50,929 shares of the voting shares of Penn Square B a n k , N.A., Oklahoma City, Oklahoma.
Denied 10 Allen Bancshares, I n c . , Allen, Oklahoma, for approval
to acquire 90 p e r cent or more of the voting shares of Farmers State B a n k , Allen, Oklahoma, Allen, Okla-homa .
* * * * *
To Expand a Bank H o l d i n g Company Pursuant to Section 3(a)(3) of the Bank. Holding Company Act of 1956
Received CleveTrust C o r p o r a t i o n , Cleveland, Ohio, for approval
to acquire 100 p e r cent of the voting shares of The Peoples-Merchants Trust Company, Canton, Ohio.
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Received Continued CleveTrust Corporation, Cleveland, Ohio, for approval
to acquire 100 per cent of the voting shares of The Scio Bank Company, Scio, Ohio.
CleveTrust Corporation, Cleveland, Ohio, for approval to acquire 100 per cent of the voting shares of The Union Savings Bank and Trust Company, Steubenville, Ohio.
Ellis Banking Corporation, Bradenton, Florida, for ap-proval to acquire 51 per cent or more of the voting shares of North Port Bank, North Port, Florida.
General Financial Systems, Inc., Riviera Beach, Florida, for approval to acquire 59,325 shares of the voting shares of Congress National Bank, Palm Springs, Florida
General Financial Systems, Inc., Riviera Beach, Florida, for approval to acquire 57,550 shares of the voting shares of First Community Bank of Boca Raton, Boca Raton, Florida.
General Financial Systems, Inc., Riviera Beach, Florida, for approval to acquire 37,550 shares of the voting shares of Tri-City Bank, Palm Beach Gardens, Florida.
Citizens Bancorporation, Sheboygan, Wisconsin, for ap-proval to acquire 85 per cent or more of the voting shares of American National Bank of Green Bay, Green Bay, Wisconsin.
Texas Commerce Bancshares, Inc., Houston, Texas, for approval to acquire 100 per cent (except directors1
qualifying shares) of the voting shares of The First National Bank of New Braunfels, New Braunfels, Texas.
Approved Michigan National Corporation, Bloomfield Hills, Michigan
for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Commercial National Bank, Cassopolis, Michigan.
Denied Popular Bancshares Corporation, Miami, Florida, for
approval to acquire 97.42 per cent of the voting shares of The Security State Bank of Pompano Beach, Pompano Beach, Florida.
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H.2 1975 No. 52
To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956
Received 2 **Schroders Incorporated, New York, New York, notification 12-23-75
of intent to engage in de_ novo activities (acting as investment and financial adviser to persons with re-spect to their investments and oil and gas interests and assisting in the financing of such interests) in Houston, Texas, through the acquisition of 80 per cent of the shares of Schroder Oil Financing and In-vestment Company Inc.
9 P.B.C., Inc., Pine City, Minnesota, for approval to re-tain the activity of general insurance sales by P.B.C., Inc., Pine City, Minnesota.
10 Cameron Bancshares, Inc., Cameron, Missouri, for approval to conduct a general insurance agency business in a community with a population of less than 5,000 and thereby to engage in the following activities: the sale of fire, casualty, accident, health and life insurance, as well as credit life insurance and credit accident and health insurance directly related to ex-tensions of credit by Cameron State Bank, Cameron, Missouri.
11 Republic of Texas Corporation, Dallas, Texas, for per-mission to retain the shares of The Howard Corporation, Dallas, Texas.
12 **Security Pacific Corporation, Los Angeles, California, 12-18-75 notification of intent to engage in d£ novo activities (the leasing and/or financing of personal property and equipment and real property or acting as an agent, broker, or adviser in the leasing and/or financing of such prop-erty where at the inception of the initial lease the effect of the transaction (and, with respect to govern-mental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor's full invest-ment in the property plus the estimated total cost of financing the property over the term of the lease) at 24200 Chagrin Boulevard, Beachwood, Ohio, through its subsidiary, Security Pacific Leasing Corporation.
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
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H.2 1975 No. 52
Approved 12 The Toronto-Dominion Bank, Toronto, Ontario, Canada,
for approval to retain the shares of The Toronto-Dominion Bank Trust Company, New York, New York.
Delayed 10 **Johnson County Bankshares, Inc., Prairie Village, Kansas,
notification of intent to engage in de novo activities (leasing personal property, including the leasing of personal property or acting as agent, broker, or adviser in leasing such property, and also including the making and servicing of leases between individuals, partnerships, trusts, corporations, and other business entities for the purpose of engaging in the leasing of personal property; such personal property leasing activities will serve as the functional equivalent of an extension of credit to the lessee of the property; the property to be leased will be acquired specifically for the leasing transaction under consideration on a nonoperating basis and at the inception of the initial lease the effect of the transaction will yield a return that will compensate the lessor for not less than the lessor's full invest-ment in the property over the term of the lease) at 6940 Mission Road, Prairie Village, Kansas, through a subsid-iary, Republic Investment Company, Inc.
Permitted 8 **County National Bancorporation, St. Louis, Missouri, noti-
fication of intent to engage in de novo activities (the business of origination and servicing of real estate mortgage loans as well as other general mortgage banking activities) at 10449 St. Charles Rock Road, St. Louis, Missouri, through a subsidiary, CMC Investment Company.
8 **First Tennessee National Corporation, Memphis, Tennessee, notification of intent to engage in de novo activities (acting as agent or broker with respect to the sale of general insurance) at 10039 Manchester Road, Warson Woods, Missouri, through a subsidiary, Crown Finance Corporation.
8 **Mercantile Bancorporation Inc., St. Louis, Missouri, noti-fication of intent to engage in de novo activities (making, acquiring, or servicing loans or other exten-sions of credit for personal, family, or household
12-22-75
12-22-75
12-26-75
12-22-75
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
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1975 No. 52
Permitted Continued purposes such as are made by a finance company; and insurance agency or brokerage in connection with selling to consumer finance borrowers credit life insurance, credit accident and health insurance, and property damage insurance for collateral securing loans made to borrowers) at 119 West Main, Myers Building, Ripley, West Virginia, through a subsidiary, Franklin Finance Company.
10 **United Banks of Colorado, Inc., Denver, Colorado, notifi- 12-24-75 cation of intent to engage in de novo activities (a general mortgage banking business, including the orig-ination of real estate mortgage loans, the purchase of mortgage loans from others, and the sale of loans to; and servicing of loans for investors) at 510 East Looper, Aspen, Colorado, through a subsidiary, United Mortgage Company.
10 **United Banks of Colorado, Inc., Denver, Colorado, noti- 12-24-75 f ication of intent to engage in de_ novo activities (a general mortgage banking business, including the orig-ination of real estate mortgage loans, the purchase of mortgage loans from others, and the sale of loans to and servicing of loans for investors; the company will also continue to perform various activities for its affil-iated banks, such as assembling credit information and soliciting mortgage investors) in Craig, Colorado, through a subsidiary, United Mortgage Company.
12 **BankAmerica Corporation, San Francisco, California, noti- 12-21-75 fication of intent to relocate de novo activities (mak-ing of consumer installment loans and purchasing in-stallment sales finance contracts, and making of loans to small businesses; acting as agent or broker for the sale of credit related life/accident and disability insurance and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) from 3109 Erdman Avenue to 5006 Sinclair Lane at Moravia, Parkside Shopping Center, Baltimore, Maryland, through its subsidiary, Finance-America Corporation.
**4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
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Permitted Continued 12 **BankAmerica Corporation, San Francisco, California, 12-21-75
notification of intent to relocate de novo activities (purchasing installment sales finance contracts on vehicles, mobile homes, pleasure equipment, and home improvements; acting as agent or broker for the sale of credit related property and casualty insurance in connection with extensions of credit by FinaneeAmerica Credit Corporation) from 3109 Erdman Avenue to 5006 Sinclair Land at Moravia, Parkside Shopping Center, Baltimore, Maryland, through its subsidiary, Finance-America Credit Corporation.
12 **Security Pacific Corporation, Los Angeles, California, 12-25-75 notification of intent to engage ±n de novo activities (the leasing and/or financing of personal property and equipment and real property o r acting as an agent, broker, or adviser in the leasing and/or financing such property where at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease) at 1055 E. Wayzata Boulevard, Minneapolis, Minnesota, through its subsidiary, Security Pacific Leasing Corporation.
Reactivated 9 **First Bank System, Inc., Minneapolis, Minnesota, notifi— 12-23-75
cation of intent to engage in de novo activities (leasing personal property and acting as an agent, broker, or adviser i n the leasing of real or personal property) at Suite 900, 730 Second Avenue South, Minnea-polis, Minnesota, through its wholly-owned subsidiary, FBS Financial, Inc.
* * * * *
To Expand a Bank Holding Company Pursuant to Section 4 ( c ) (12) of the Bank Holding Company Act of 1956
o f intent to acquire the heating fuel oil and gasoline distribution business of Prairie Oil Co., North Prairie, Wisconsin.
**4(c) (8) and 4(c) (12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.
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H. 2 1975 No. 52
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Other Actions of the Board Equal Credit Opportunity, issuance of an interpretation
that will make it clear that banks in Pennsylvania may continue making Federally guaranteed loans to married students.
The Board published for comment a proposed statement of policy concerning the participation by United States banking organizations in foreign joint ventures.
The Board announced another structural change in reserve requirements on member bank time deposits. Under the action, reserve requirements on time deposits maturing in 180 days to 4 years will be reduced from 3 per cent to 2-1/2 per cent.
Letter to American Institute of Certified Public Account-ants concerning the accounting treatment of certain State and local government securities.
American Bank & Trust Company, New York, New York, to issue subordinated capital notes.
***American Bancshares, Incorporated, North Miami, Florida, extension of time until March 27, 1976, to merge with Combanks Corporation, Winter Park, Florida.
***Boston Overseas Financial Corporation, Boston, Massachusetts, extension of time to June 30, 1976, within which to con-summate the proposed acquisition in Corporacion Financiera de Boston, S.A., La Paz, Bolivia.
***Citicorp, New York, New York, requesting an extension of time for its subsidiary, Citicorp Leascaman, Inc., to commence real property leasing activities at 399 Park Avenue, New York, New York.
***Citicorp, New York, New York, requesting an extension of time for its subsidiary, Citicorp Translease, Inc., to commence real property leasing activities at 399 Park Avenue, New York, New York.
***0maha National Corporation, Omaha, Nebraska, extension of time to March 31, 1976, within which to commence leasing activities of Leasebanc Financial Corporation, Omaha, Nebraska.
***Processed on behalf of the Board of Governors under delegated authority.
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Continued ***pfister, Inc., Clifton, Kansas, extension of time to
January 16, 1976, within which to file its registra-tion statement.
***Union Illinois Company, East St. Louis„ Illinois, a proposed one-bank holding company, extension of time through April 7, 1976, to acquire the. successor by merger to Union National Bank of East St. Louis, East St. Louis, Illinois.
***York State Company, York, Nebraska, extension of time to January 24, 1976, within which to complete the con-summation of the acquisition of York State Bank, York, Nebraska.
***United California Bank, Los Angeles, California, to make an investment in bank premises.
***Brown City Savings Bank, Brown City, Michigan, application to declare dividends.
***Somerset Hills & County National Bank, Basking Ridge, Mew Jersey, proposed merger with First National State Bank/ Mechanics, Burlington Township, New Jersey, report to the Comptroller of the Currency on competitive factors.
***Union Trust Company of Shelby, Shelby, North Carolina, pro-posed merger with Citizens National Ban?: in Gastonia, Gastonia, North Carolina, report to the Comptroller of the Currency on competitive factors.
***Devon Bank, Chicago, Illinois, extension of time to January 30, 1976, within which to withdraw from member-ship in Federal Reserve System.
***Processed on behalf of the Board of Governors under d;legated authority*
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