h2_19770305.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1977 No. 10)

Actions of the Board; Applications and Reports

Received During the Week Ending March 5, 1977

ACTIONS OF THE BOARD

Statement by Chairman Arthur F. Burns, statement before the House Committee on the Budget.

Statement by Philip E. Coldwell, statement before the Commerce, Consumer, and Monetary Affairs Subcommittee of the House Committee on Government Operations on H.R. 2176, a bill that would direct the General Accounting Office to conduct audits of the Federal Reserve Board and all of the Federal Reserve Banks.

Regulations D and Q "Loan-to-Lender" program - notice of continuation of waiver of reserve requirements and in-terest rate limitations (Docket No. R-0085).

Freedom of Information Act, submission of the Board's annual report to Congress covering the implementation of its administrative responsibilities under the Act during calendar year 1976.

Ramapo Financial Corporation, Wayne Township, New Jersey, order amending time requirement for raising equity capital to augment the capital of its subsidiary, The Ramapo Bank, Wayne Township, New Jersey; issuance of order.

Bank of Cookeville, Cookeville, Tennessee, proposed merger with Bank of Putnam County, Monterey, Tennessee; report to the Federal Deposit Insurance Corporation on competi-tive factors.

Subordinated, issuance of subordinated capital notes by Tracy-Collins Bank and Trust Company, Salt Lake City, Utah.

Central Bancorp, Inc., Owensboro, Kentucky, extension of time to April 1, 1977, within which to file its registra-tion statement. 1/

17Application processed on behalf of the Board of Governors under delegated authority.

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

m

H.2, 1977 No. 10 - 2

ACTIONS OF THE BOARD-Continued

Ameribanc, Inc., St. Joseph, Missouri, extension of time to June 21, 1977, within which it may consummate the merger with Consolidated Bancshares of Missouri, Inc., St. Joseph, Missouri. 1/

First Missouri Banks, Inc., Creve Coeur, Missouri, ex-tension of time until May 31, 1977, to open its de novo bank, First Missouri Bank of West County, St. Louis, Missouri. V

Morgan Guaranty International Finance Corporation, New York, New York, extension of time within which to acquire, directly or indirectly, additional shares of Bank Almashrek S.A.L., Beirut, Lebanon. 1/

Peoples Bank & Trust Company, Russellville, Arkansas, to make an additional investment in bank premises. 1J

Detroit Bank - Troy, Troy, Michigan, extension of time to April 15, 1977, within which to establish branches at the intersections of (1) Square Lake and Rochester Roads, and (2) of John R and Wattles Roads, both in Troy, Michigan. 1/

United Jersey Bank/Northwest, Dover, New Jersey, extension of time within which to open a branch office in the vicinity of Glen and Edison Roads, Township of Sparta, New Jersey. 1/

Termination of registration pursuant to Regulation G for Funding, Inc., Fort Lauderdale, Florida. 1/

Termination of registration pursuant to Regulation G for St. Louis Telephone Employees Credit Union, St. Louis, Missouri. 1/

Termination of registration pursuant to Regulation G for St. Louis Headquarters Telephone Credit Union, St. Louis, Missouri. 1/

Termination of registration pursuant to Regulation G for Memphis Buckeve Federal Credit Union, Memphis, Tennessee. 1/

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


H.2, 1977 No. 10 - 3 -


Mission Bank, El Toro, California, proposed merger with Southwest Bank, Vista, California; report to the Federal Deposit Insurance Corporation on competitive factors. 1/

New Franken Bank, New Franken, Wisconsin, proposed merger with Peoples Marine Bank of Green Bay, Green Bay, Wisconsin; report to the Federal Deposit Insurance Cor-poration on competitive factors. 1/

Southeast Bank of West Bradenton, National Association, Manatee County, Florida, proposed merger with Southeast National Bank of Bradenton, Bradenton, Florida; report to the Comptroller of the Currency on competitive factors. 1/

Subsidiaries of Pan American Bancshares, Inc., Miami, Florida, proposed merger with Pan American Bank of Kendale Lakes, National Association, Kendale Lakes, Florida; report to the Comptroller of the Currency on competitive factors.

Citibank Overseas Investment Corporation, Wilmington, Delaware, extension of time within which to complete its investment in Institute Italiano di Intermediazione, Milan, Italy. V

1/

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


H.2, 1977 No. 10 ~ 4 -


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

Approved Union Trust Company of Maryland, Baltimore, Maryland.

Branch to be established at the intersection of Crusader Road and Meteor Avenue, Cambridge, Dorchester County. 2/

Union Bank & Trust Company, Montgomery, Alabama. Branch to be established at 5510 Atlanta Highway, Montgomery. 2/

* * * * *

To Establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act

Approved Manufacturers Hanover Trust Company: re - Branch -

Manila, Philippines.

* * * * *

International Investments and Other Actions Pursuant to Section 25 and 25(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

Approved Wells Fargo Bank International: re - to continue to

hold Wells Fargo Assessoria Financiera Ltda., Brazil after the latter issues debt obligations.

* * * * *

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

Approved Farmers Bancshares, Inc., Hardinsburg, Kentucky, for ap-

proval to acquire 80 per cent of the voting shares of The Farmers Bank, Hardinsburg, Kentucky. 2/

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


H.2, 1977 No. 10 - 5 -


Page Bank Holding Company, Page, North Dakota, for ap-proval to acquire 92.7 per cent of the voting shares of Page State Bank, Page, North Dakota.

Buffalo Bank Corporation, Buffalo, Wyoming, for approval to acquire 80 per cent or more of the voting shares of Wyoming Bank and Trust Company, Buffalo, Wyoming. 2/

* * * * *

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

Approved First International Bancshares, Inc., Dallas, Texas, for

approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to Beaumont State Bank, Beaumont, Texas.

Denied Bancorporation of Montana, Great Falls, Montana, for ap-

proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Bank of Montana, Helena, Montana.

* * * * *

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

Delayed Sun Banks of Florida, Inc., Orlando, Florida, notification

of intent to engage in dis novo activities (the business of acting as agent or broker for the sale of credit life/accident and health insurance directly related to extensions of credit by the bank holding company and/or its banking and nonbanking subsidiaries) at 15 West Church Street, Orlando, Florida, through a subsidiary, Sunbank Agency, Inc. (3/4/77) 3/

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

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, 1977 No. 10


Platte Valley Bancorp, Inc., Brighton, Colorado, notifi-cation of intent to engage in de novo activities (pro-viding bookkeeping or data processing services for the internal operations of the holding company, its subsid-iary banks, and other unaffiliated organizations such as commercial banks and credit union) at 25 North Spruce Street, Colorado Springs, Colorado, through an interest in First Financial Services, Inc. (3/4/77) 3/

Northern States Bancorporation, Inc., Detroit, Michigan, notification of intent to relocate de novo activities (mortgage banking activities by originating residential, commercial and industrial mortgage loans for its own account but principally for sale to others, servicing such loans for others, and acting as an investment or a financial adviser to the extent of serving as the advi-sory company for a mortgage or real estate investment trust) from 717 S. Grand Traverse Street, Flint, Michigan to G 3306 W. Corunna Road, Flint * Michigan, through its subsidiary, Kelly Mortgage and Investment Company (3/2/77) 3/

First National of Nebraska, Inc., Omaha, Nebraska, noti-fication of intent to engage in de novo activities (in all aspects of the business of a finance company engaged in making or acquiring, for its own account or the ac-count of others and servicing loans and other extensions of credit in connection with a credit card business) at One First National Center, Omaha, Nebraska and will serve the communities of a five State area consisting of Nebraska, Iowa, Minnesota, South Dakota and North Dakota, through a subsidiary, First National Credit Corporation (3/3/77) 3/

The Osawatomie Agency, Inc., Osawatomie, Kansas, notific -tion of intent to continue to engage in de novo activ-ities (the sale of credit life and credit accident and health insurance in connection with extensions of credit by its subsidiary bank, The First National Bank of Osawatomie, Osawatomie, Kansas) on the premises of The First National Bank of Osawatomie, Osawatomie, Kansas

Permitted

(3/4/77) 3/



H.2, 1977 No. 10 — 7 —


Approved Trust Company of Georgia, Atlanta, Georgia, for approval

to acquire 100 per cent of the voting shares of Adair Mortgage Company, Atlanta, Georgia.

Trust Company of Georgia, Atlanta, Georgia, for approval to acquire through its wholly-owned subsidiary, Adair Mortgage Company, Atlanta, Georgia, the loan servicing contracts and certain other assets of Georgia Loan and Trust Company, Macon, Georgia.

Farmers Bancshares, Inc., Hardinsburg, Kentucky, for ap-proval to acquire the assets of Farmers Insurance Agency (previously operated as the Bennett Insurance Agency), Hardinsburg, Kentucky. 2/

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


H.2, 1977 No. 10 - 8 -

APPLICATIONS RECEIVED

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

Royal Trust Bank of Tampa, Tampa, Florida. Branch to be established on the South Side of Fowler Avenue, 365 feet West of 22nd Street, in the city of Tampa, Hillsborough County.

The State Savings Bank of West Branch, West Branch, Michigan. Branch to be established at 620 Saginaw Street, Village of Sterling, Deep River Township, Arenac County.

Gaylord State Bank, Gaylord, Michigan. Branch to be established at the Southeast Corner of Old U.S. 27 and Grandview Boulevard, Gaylord.

* * * * *

To Establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act

Citibank North America: re - Branch - Victoria, Seychelles.

Northern Trust Company: re - Branch - Hong Kong,

* * * * *

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

Inland Beloit Corporation, Milwaukee, Wisconsin, for approval to acquire 100 per cent of the voting shares of Financial Network Corporation, Beloit, Wisconsin, and Community Holding Corporation, Beloit, Wisconsin, and indirectly acquire 95.4 per cent of the voting shares of The Beloit State Bank, Beloit, Wisconsin, and 75.3 per cent of the voting shares of Community Bank of Beloit, Beloit, Wisconsin.


H.2, 1977 No. 10

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

Alabama Bancorporation, Birmingham, Alabama, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of The Farmers & Merchants Bank, Ashford, Alabama.

Inland Heritage Corporation, Wauwatosa, Wisconsin, for approval to acquire the successor by merger to Community Holding Corporation, Beloit, Wisconsin, and indirectly acquire Community Bank of Beloit, Beloit, Wisconsin.

Inland Heritage Corporation, Wauwatosa, Wisconsin, for approval to acquire the successor by merger to Financial Network Corporation, Beloit, Wisconsin, and indirectly acquire The Beloit State Bank, Beloit, Wisconsin.

The Jacobus Company, Wauwatosa, Wisconsin, for approval to acquire the successor by merger to Community Holding Corporation, Beloit, Wisconsin, and indirectly acquire Community Bank of Beloit, Beloit, Wisconsin.

The Jacobus Company, Wauwatosa, Wisconsin, for approval to acquire the successor by merger to Financial Network Corporation, Beloit, Wisconsin, and indirectly acquire The Beloit State Bank, Beloit, Wisconsin.

Manufacturers National Corporation, Detroit, Michigan, for approval to acquire 100 per cent of the voting shares of Manufacturers Bank of St. Clair Shores, St. Clair Shores, Michigan, a proposed new bank.

Valley Bancorporation, Appleton, Wisconsin, for approval to acquire 80 per cent or more of the voting shares of Shawano National Bank, Shawano, Wisconsin.

- 9 -

APPLICATIONS RECEIVED-Continued

* * * * *

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

Correction: Industrial National Corporation, Providence, Rhode Island,

notification of intent to continue to engage in de novo activities (consumer finance and insurance agency for any insurance directly related to an extension of credit or provision of other financial services) at 5972 Univer-


H.2, 1977 No. 10 - 10 -


sity Boulevard, Suite No. 1, Jacksonville, Florida, through a subsidiary, Southern Discount Company, a subsidiary of Industrial National Corporation. This was placed on H.2 No. 9 as to engage in de novo activities. It should have read to continue to engage in de novo activities. (2/22/77) 3/

Correction: Industrial National Corporation, Providence, Rhode Island,

notification of intent to continue to engage in dtB novo activities (consumer finance and insurance agency for any insurance directly related to an extension of credit or provision of other financial services) at 42-A Court Square, Mocksville, North Carolina, through a subsid-iary, Southern Discount Company, a subsidiary of Indus-trial National Corporation. This was placed on H.2 No. 9 as to engage in de novo activities. It should have read to continue to engage in de novo activities. (2/22/77) 2/

Massachusetts Bankshares, Inc., HIngham, Massachusetts, no-tification of intent to engage in d_e novo activities (making, acquiring, or servicing loans or other exten-sions of credit to persons, partnerships, trusts, asso-ciations and corporations secured by a mortgage or other lien on real estate, or pledge, or by security interest in personal property, or without security) at 13 Main Street, Hingham, Massachusetts, through its subsidiary, Mortgage Shops, Inc. (3/1/77) 3/

Citicorp, New York, New York, notification of intent to relocate de novo activities (making of consumer install-ment personal loans and purchasing consumer installment sales finance contracts; credit related insurance cov-erages are sold; if this proposal is effected, Nation-wide Financial Corporation of Idaho will continue to perform the above mentioned activities at the proposed new location; credit related insurance coverages will be sold in accordance with applicable State laws and regu-lations; in regard to the sale of credit related insur-ance, the business of a general insurance agency is not conducted) from 3401 Chladen Boulevard, Boise, Idaho to Corner of Five Mile Road and Fairview Avenue, Boise, Idaho, through its subsidiary, Nationwide Financial Corporation and its subsidiary, Nationwide Financial Corporation of Idaho (3/1/77) 3/

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


H.2, 1977 No. 10 - 1 1 -


Bank of Virginia Company, Richmond, Virginia, notification of intent to relocate de novo activities (making loans or extensions of credit such as would be made by a fi-nance company; and acting as agent for credit life/acci-dent and health insurance and other insurance written to protect collateral during the period of credit extension) from 721 Braddock Avenue, Braddock, Pennsylvania to The Greater Valley Shopping Center, Room L, 500 Lincoln Highway, North Versailles, Pennsylvania, through its Indirect subsidiary, General Finance Service Corporation (3/4/77) 3/

Tennessee Valley Bancorp, Inc., Nashville, Tennessee, noti-fication of intent to relocate de novo activities (the making or acquiring, for its own account or for the ac-count of others, loans or other extensions of credit, for the servicing of loans and other extensions of credit made by it and any other persons or entities; acting as an investment or financial adviser; acting as a mortgage bank or agent for others in negotiating, obtaining, placing, or making loans including, but not limited to, real estate loans and in connection there-with and/or to aid thereof; and to sell insurance di-rectly related to such mortgages as prescribed by laws of the State of Tennessee and Kentucky) from 4004 Dutchmans Lane, Louisville, Kentucky to Suite 115, Breckinridge Building, 4400 Breckinridge Lane, Louisville, Kentucky, through a subsidiary, TVB Mortgage Corporation (2/28/77) 3/

Merchants National Corporation, Indianapolis, Indiana, no-tification of intent to engage in de novo activities (leasing of capital goods and equipment to industry and banks or others, or acting as agent, broker, or adviser in leasing such personal property where 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 investment in the property plus the estimated total cost of financing the property over the term of the lease) at Austin Center, Cypress at Westshore Boulevard, Tampa, Florida, through a sub-sidiary of Circle Leasing Corp. known as Circle Leasing of Florida Corp. (2/28/77) 3/

Otto Bremer Company and Otto Bremer Foundation, both of St. Paul, Minnesota, notification of intent to engage in de novo activities (providing portfolio investment advice to any other person and furnishing general economic information and advice, general economic statistical forecasting services and industry studies) at 1300



H.2, 1977 No. 10 - 1 2 -


Northern Federal Building, 366 North Wabasha Street, Saint Paul, Minnesota, through a wholly-owned subsid-iary, Bremer Service Company, Inc. (3/1/77) 3J

First Security Corporation, Salt Lake City, Utah, for approval to continue to engage in the activities of an industrial mortgage loan company, through a subsidiary known as Simco Industrial Mortgage Company, San Jose, California.

First Security Corporation, Salt Lake City, Utah, noti-fication of Intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as would be made by a mortgage company particularly commercial and residential real estate loans) at 1325 South 800 East Street, Orem, Utah, through its subsid-iary, Utah Mortgage Loan Corporation (2/22/77) 3/

First Security Corporation, Salt Lake City, Utah, noti-fication of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit such as would be made by a mortgage company particularly commercial and residential real estate loans) at 1445 South Poplar Street, Casper, Wyoming, through its sub-sidiary, Utah Mortgage Loan Corporation (2/22/77) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to relocate de 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 the sale to others and the servicing of such loans for others) from 3441 Torrance Boulevard, Torrance, California to 20620 South Leapwood, Carson, California, through its subsidiary, Security Pacific Mortgage Corpo-ration (2/28/77) 3/

Wells Fargo & Company, San Francisco, California, for ap-proval to acquire shares of Ben G. McGuire & Company, Houston, Texas (engaged in mortgage banking, to include making or acquiring, for its own account or for the account of others, loans and other extensions of credit; servicing loans and other extensions of credit for other persons).



H.2, 1976 No. 10 13 -

REPORTS RECEIVED

Registration Statement Filed Pursuant to Section 12(g) of the Securities Exchange Act

Cape Cod Bank and Trust Company, Hyannis, Massachusetts.

* * * * *

Current Report Filed Pursuant to Section 13 of the Securities Exchange Act

The Dollar Savings and Trust Company, Youngstown, Ohio.

* * * * *

PETITIONS FOR RULEMAKING

None


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