h2_19760522.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1976 No. 21)

Actions of the Board; Applications and Reports

Received During the Week Ending May 22, 1976

ACTIONS OF THE BOARD

Statement by Governor J. Charles Fartee before the Senate Committee on Banking, Housing and Urban Affairs, on S. 50, the "Full Employment and Balanced Growth Act of 1976", the bill would amend the Employment Act of 1946,

Report on bill H.R. 12344, a bill to amend Title VIII of the Civil Rights Act of 1968; letter in response to request for comments sent to Honorable Gladys Noon Spellman.

Report on bill S. 2347, a bill that would impose certain standards and limitations upon the issuance of standby letters of credit, ineligible acceptances, and related instruments; letter in response in request for Board1s comments sent to Chairman Proxmire Senate Committee on Banking, Housing and Urban Affairs.

Regulation Y interpretation regarding the underwriting of credit life and credit accident and health insurance by subsidiaries of bank holding companies.

First Missouri Bank of Gasconade County, Hermann, Missouri, issuance of subordinated capital notes.

First National Charter Corporation, Kansas City, Missouri, extension of time to December 23, 1976, within which to divest of a tract of land it acquired indirectly in con-nection with the acquisition of Bank of Carthage, Carthage, Missouri.

V Davenport Bank and Trust Company, Davenport, Iowa, to make an investment in bank premises.

1/ First Bancshares of Florida, Inc., Boca Raton, Florida, ex-tension of time until September 19, 1976, within which to acquire 90 per cent or more of the voting shares of Vero Beach National Bank, Vero Beach, Florida.

1/ Application processed on behalf of the Board of Governors under delegated authority.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACTIONS OF THE BOARD-Continued

1./ Republic of Texas Corporation, Dallas, Texas, 90-day ex-tension of time to August 18, 1976, within which to consummate the acquisition of First National Bank of Henderson, Henderson, Texas, and First Bank in Groveton, Groveton, Texas.

V Southern Illinois Bancorporation, Inc., Highland, Illinois, extension of time to May 31, 1976, within which to file its registration statement.

1/ SWB Corporation, Oklahoma City, Oklahoma, extension of time to August 19, 1976, within which to consummate the acquisition of The Southwestern Bank & Trust Company, Oklahoma City, Oklahoma.

V Union Illinois Company, East St. Louis, Illinois, 30-day extension of time to June 17, 1976, within which to acquire a majority of the shares of Union National Bank of East St. Louis, East St. Louis, Illinois.

1/ First Freeport Bank, National Association, Freeport, Illinois, proposed merger with First National Bank of Freeport, Freeport, Illinois; report to the Comptroller of the Currency on competitive factors.

±j First National Bank of Mount Savage, Mount Savage, Maryland, proposed merger with The First National Bank and Trust Company of Western Maryland, Cumberland, Maryland; report to the Comptroller of the Currency on competitive factors.

1/ Westgate Plaza Branch, San Diego, of Bank of Montreal (California), San Francisco, California, proposed acqui-sition by Japan California Bank, Los Angeles, California; report to the Federal Deposit Insurance Corporation on competitive factors.

1/ Application processed on behalf of the Board of Governors under delegated authority.


H.2, 1976 No. 21 - 3 -


To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956

Approved Crawford State Company, Crawford, Nebraska, for ap-

proval to acquire 94 per cent or more of the voting shares of Crawford State Bank, Crawford, Nebraska.

2/ Elgin Bancshares, Inc., Elgin, Oklahoma, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of The Bank of Elgin, Elgin, Oklahoma.

Woodbine Agency, Inc., Woodbine, Kansas, for approval to acquire 50.8 per cent or more of the voting shares of The Citizens State Bank, Woodbine, Kansas.

2j Panhandle Bancshares, Inc., Panhandle, Texas, for ap-proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The First National Bank of Panhandle, Panhandle, Texas.

* * * * *

To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956

Approved Southwest Florida Banks, Inc., Fort Myers, Florida, for

approval to acquire 80 per cent or more of the voting shares of First National Bank and Trust Company of Naples, Naples, Florida.

* * * * *

To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956

Approved Dakota Bancorporation, Rapid City, South Dakota, for ap-

proval to continue to engage in the activity of a general insurance agency, through Columbus Insurance Agency, Columbus, North Dakota.

2/ Application processed by the Reserve Bank on behalf of the Board of of Governors under delegated authority.


H.2, 1976 No. 2] - 4 -


Crawford State Company, Crawford, Nebraska, for per-mission to acquire Crawford Bank Agency, Crawford, Nebraska.

Woodbine Agency, Inc., Woodbine, Kansas, for permission to continue to engage in general insurance agency activities in a community with a population not ex-ceeding 5,000 persons.

Republic of Texas Corporation, Dallas, Texas, for ap-proval to continue the lending activities of its trusteed affiliate, The Howard Corporation, Dallas, Texas.

Delayed 3/ Liberty National Corporation, Oklahoma City, Oklahoma,

notification of intent to engage in de novo activities (making or acquiring, for its own account or the account of others, loans or other extensions of credit) at 100 Broadway, Oklahoma City, Oklahoma (5/21/76)

Reactivated 3/ Commercial Security Bancorporation, Ogden, Utah, notifi-

cation of intent to engage in de novo activities (to act as a lender in the making or acquiring of consumer loans; CSB Leasing, Inc., will act as a regulated lender as provided for under the provisions of the Utah Uniform Consumer Credit Code) at 2491 Washington Boulevard, Ogden; 3565 Harrison Boulevard, Ogden; 3775 Wall Avenue, South Ogden; 124 West 4600 South, Washington Terrace; 79 South State Street, Salt Lake City; 2299 Highland Drive, Salt Lake City; 130 West 2100 South, Salt Lake City; 5625 South Waterbury Way, Salt Lake City; 5101 South State Street, Murray; 924 East Union Fort Boulevard, Midvale; 201 North Main Street, Tooele; 50 West Main Street, Grantsville; 185 South State Street, Or em; 207 North University Avenue, Provo; 3081 South State Street, Salt Lake City; 290 South 1300 East, Salt Lake City; and 280 North Main Street, Logan, all located in Utah, through its subsidiary, CSB Leasing, Inc. (5/20/76)

Permitted 3/ First National Boston Corporation, Boston, Massachusetts,

notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of First National Boston Corpo-ration and its subsidiaries, storing and processing banking, financial, or related economic data such as

3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1976 No. 21 5

ACTIONS OF THE BOARD-Continned

performing payroll, accounts receivable or payable, or billing services for others and providing all such other data processing services and engaging in all other ac-tivities as are presently permissible as incidental ac-tivities) at the intersection of Route 9 and Lyman Street, Westhorough? Massachusetts, through a subsid-iary, Firstbank Data Services, Inc., Boston, Massachusetts

3/ Industrial National Corporation, Providence, Rhode Island, notification of intent to relocate de novo activities (origination and sale of residential mortgages, servicing of residential mortgage loans, and insurance agency for any insurance directly related to an extension of credit or provision of other financial services or otherwise sold as a matter of convenience to the purchaser) from 609 East Jolly Road, Lansing, Michigan to 700 North Washington* Lansing, Michigan, through a subsidiary, Mortgage Associates, Inc. (5/21/76)

3/ Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities (mortgage banking, including the making, acquiring, and servicing for its own account or the account of others, loans and other extensions of credit) at Suite 301, 71 Broadway, New York City, New York, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio

3/ Southern Bancorporation, Inc., Greenville, South Carolina, notification of intent to engage in de novo activities (making extensions of credit as a licensed consumer fi-nance lender under the Consumer Finance Act of South Carolina as supervised by the South Carolina Board of Bank Control, Consumer Finance Division; and acting as agent for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance issued in connection with the above-mentioned extensions of credit) in Goose Creek, South Carolina, through its subsidiary, World Finance Corpora-tion of South Carolina (5/16/76)

3/ United Carolina Bancshares Corporation, Whiteville, North Carolina, notification of intent to relocate de novo activities (making loans, including but not limited to, loans under the Georgia Industrial Loan Act, first and second mortgage loans, purchase of retail paper; and

(5/22/76)

(5/17/76)



H.2, 1976 No. 21 - 6 -


acting as agent with respect to l;he sale of credit life, credit accident and health, and physical damage insur-ance that is directly related to an extension of credit made by First Credit Corporation of Georgia) from 42 West Railroad Avenue, Pine Mountain, Georgia to 34 South Court Square, LaGrange, Georgia, through its subsidiary, First Credit Corporation of Georgia (5/22/76)

3/ Combanks Corporation, Winter Park, Florida, notification of intent to engage in de novo activities (the sale to mortgage applicants of credit life insurance on an agency basis) at 411 Wymore Road, Winter Park, Florida, through a subsidiary, Combanks Mortgage Company (5/22/76)

3/ Southern Bancorporation of Alabama, Birmingham, Alabama, notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries and storing and processing other banking, financial, or other related economic data such as per-forming payroll, accounts receivable or payable, or billing services for others) at 2430 Fairlane Drive, Montgomery, Alabama and 1820 Montgomery Highway, Dothan, Alabama, through a subsidiary, Southern Data Services, Inc. (5/22/76)

3/ Commercial Security Bancorporation, Ogden, Utah, notifi-cation of intent to engage in de_ novo activities (to act as a lender in the making or acquiring of consumer loans; CSB Leasing, Inc., will act as a regulated lender as provided for under the provisions of the Utah Uniform Consumer Credit Code) at 2491 Washington Boulevard, Ogden; 3565 Harrison Boulevard, Ogden; 3775 Wall Avenue, South Ogden; 124 West 4600 South, Washington Terrace; 79 South State Street, Salt Lake City; 2299 Highland Drive, Salt Lake City; 130 West 2100 South, Salt Lake City; 5625 South Waterbury Way, Salt Lake City; 5101 South State Street, Murray; 924 East Union Fort Boulevard, Midvale; 201 North Main Street, Tooele; 50 West Main Street, Grantsville; 185 South State Street, Orem; 207 North University Avenue, Provo; 3081 South State Street, Salt Lake City; 290 South 1300 East, Salt Lake City; and 280 North Main Street, Logan, all located in Utah, through its subsidiary, CSB Leasing, Inc. (5/20/76)



H.2, 1976 No. 21 7


3/ Rainier Bancorporation, Seattle, Washington, notification of intent to engage in de novo activities (operating as an industrial loan company in the manner authorized by the law of the State of Washington which law does not permit the acceptance of demand deposits; the company will not make commercial loans) at 3000 South Main Street, Union Gap, Washington, through a subsidiary, Rainier Industrial Loan Company, a subsidiary of Rainier Credit Company (5/17/76)

3/ Rainier Bancorporation, Seattle, Washington, notification of intent to engage in de_ novo activities (operating as an industrial loan company in the manner authorized by the law of the State of Washington which law does not permit the acceptance of demand deposits; the company will not make commercial loans) at 324 East Pike, Seattle, Washington, through a subsidiary, Rainier Industrial Loan Company, a subsidiary of Rainier Credit Company (5/17/76)



H.2, 1976 No. 21 a

APPLICATIONS RECEIVED

To Establish a Domestic Branch Pursuant to Sectlon 9 of the Federal Reserve Act

The Richwood Banking Company, Richwood, Ohio. Branch to be established at 601 West Main Street, Plain City, Union and Madison Counties.

New Bank of Roanoke, Roanoke, Virginia. Branches to be established at the following locations:

A. At 5301 Williamson Road, N.W., Roanoke.

B. At the Oak Grove Plaza, Virginia Route 410, Roanoke County.

Louisville Trust Bank, Inc., Louisville, Kentucky. Branch to be established at 3940 Westport Road, Louisville, Jefferson County.

To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956

Central Bancorp, Inc., Owensboro, Kentucky, for approval to acquire 80 per cent of the voting shares of Central Bank & Trust Company, Owensboro, Kentucky, Owensboro, Kentucky.

First Yukon Bankshares, Inc., Oklahoma City, Oklahoma, for approval to acquire 84.77 per cent of the voting shares of The First National Bank of Yukon, Yukon, Oklahoma.

United Bankshares, Inc., Salina, Kansas, for approval to acquire 80 per cent or more of the voting shares of Planters State Bank and Trust Company, Salina, Kansas.

To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956

First United Bancorporation, Inc., Fort Worth, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Las Colinas National Bank of Irving, Irving, Texas, a proposed new bank.

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H.2, 1976No. 21 - 9 -

APPLICATIONS RECEIVED-Continued

First Security Corporation, Salt Lake City, Utah, for approval to acquire 98.75 per cent of the voting shares of First Security Bank of Orem, National Association, Orem, Utah, a proposed new bank.

* A * * *

To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the. Bank Holding Company Act of 1956

C.I.T. Financial Corporation, New York, New York, for approval to acquire substantially all of the assets of 27 offices of Guardian Commercial Corp., Roslyn Heights, New York, (engaged in making, acquiring and servicing loans and other extensions of credit such as would be made by a finance company; and making available to customers credit life, accident and health insurance in connection with such loans and other extensions of credit and casualty insurance in connection with col-lateral securing such loans and extensions of credit)

Walter E. Heller International Corporation, Chicago, Illinois, for approval to acquire the shares of PepsiCo Leasing Corporation, Lexington, Massachusetts. (to engage in the business of (1) commercial finance, (2) leasing (but not operation) of personal property, and (3) furnishing electronic data processing service of a financial or economic nature)

3/ Root River Agency, Inc., Preston, Minnesota, notification of intent to engage in &e novo activities (an agricul-tural credit company) at 100 St. Anthony 1 North, Preston, Minnesota (5/21/76)

3/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in d_e novo activities (the origination and acquisition of mortgage loans including development and construction loans on multi-family and commercial properties for its own account or for sale to others and the servicing of such loans for others) at 710 South Broadway Street, Walnut Creek, California, through its subsidiary, Security Pacific Mortgage Corporation (5/13/76)



H.2, 1976 No. 21 10 -

REPORTS RECEIVED

Ownership Statem n( I i led Pursuant to Section 13(d) of the Securities 1 xthange Act

Received Bank of Commonwealth, Detroit» Michigan (Amendment #2

- filed by Ghaith Pharson)

* * * * *

PETITIONS FOR RULEMAKING

None.


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