h2_19781230.pdf

# ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1978 No. 52)

Actions of the Board; Applications and Reports

Received During the Week Ending December 30, 1978

ACTIONS OF THE BOARD

Consumer Advisory Council, announcement of a new Chairman and Vice Chairman and appointment of eight new members.

Uniform guidelines for the enforcement of the Truth in Lending law and its implementing regulations have been adopted by the five Federal agencies that regulate Federally insured commercial banks, mutual savings banks, savings and loan associations and credit unions.

The Board is informing bank holding companies that they should file by September 30, 1979 divestiture plans required by the Bank Holding Company Act to be effective by the end of 1980, to avoid facing significant prospects of forced sales to meet the statutory deadline.

First Security Corporation, Salt Lake City, Utah, extension of time to April 20, 1979, within which to acquire shares of First Security State Bank of Twelfth Street, Ogden, Utah, a de novo bank not yet in operation. 1/

Florida Bankshares, Inc., Hollywood, Florida, extension of time to March 27, 1979, to acquire additional shares of First National Bank of Sebring, Sebring, Florida. I/

Georgia Bancshares, Inc., Macon, Georgia, extension of time to April 30, 1979, within which to become a bank holding company by acquisition of The Georgia Bank & Trust Company, Macon, Georgia. 1/

Guaranty Corporation, Denver, Colorado, extension of time to February 28, 1979, within which to consummate the acquisition of Guaranty Bank and Trust Company, Denver, Colorado. 1/

Kenco Bancshares, Inc., Jayton, Texas, extension of time to February 27, 1979, within which to consummate the acquisition of Kent County State Bank, Jayton, T6xas. 1/

V 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

H.2, 1978 No. 52 - 2 -

ACTIONS OF THE BQARD-Continued

Mercantile Texas Corporation, Dallas, Texas, extension of tine to March 30, 1979, within which to divest of the property owned by Main and Polk Corporation. 1/

Metropolitan Bank and Trust Company, Philippine Securities Corporation, and Tytana Corporation, all of Makati, Rizal, Philippines, extension of time to March 22, 1979, within which to acquire shares of International Bank of California, Los Angeles. 1/

Deregistration for Brown Company, Pasadena, California. 1/

United California Bank, Los Angeles, California, extension of time to July 25, 1979, within which to establish a branch office in the vicinity of Imperial Highway and Santa Ana Canyon Road, City of Anaheim, California. 1/

Citibank Overseas Investment Corporation, Wilmington, Delaware, 3-year extension of time within which to complete its in-vestments in 6 corporations, all located in Belgium. 1/

Citibank Overseas Investment Corporation, Wilmington, Delaware, one-year extension of time within which Citibank Aktiengesellschaft may complete its investments in Kundenkreditbank Komrariditgesellschaft Auf Aktien and Trinkaus & Burkhardt, both located in Dusseldorf, West Germany. 1/

Citibank, N.A., New York, New York, one-year extension of time within which to complete its previously approved investment in Bank Lebanon and Kuwait S.A.L., Beirut, Lebanon. 1/

Bank of America N.T. & S.A., San Francisco, California, ex-tension of time to December 23, 1979, within which to acquire shares of European Brazilian Bank Ltd., London, presently held, directly or indirectly, by Bank of America International S.A., Luxembourg. 1/

Cordova State Bank (proposed), Pensacola, Florida, extension of time to July 9, 1979, to open for business as a member of the Federal Reserve System. 1/

Bank of Mid Jersey, Borden torn, New Jersey, six-month ex-tension of time to November 15, 1979, within which to issue subordinated notes. 1/

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


H.2, 1978 No. 52 - 3 -

ACTIONS OF THE BOARD-Continued

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

Approved Bank of Florida in South Florida, South Miami, Florida. Branch to be established at the northwest corner of the intersection of North Kendall Drive and S.W. 13th Avenue, Dade County. 1/ & 2/

* * * * *

To Withdraw frcm Membership in the Federal Reserve System without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act

Approved Citizens Bank & Trust Company, Campbellsville, Kentucky. 1/

* * * * *

International Investments and Other Actions Pursuant to Sections 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 Citibank, N.A., New York, New York: consent for Citibank Overseas Investment Corporation, Wilmington, Delaware, to continue to hold the shares, directly or indirectly, of Citicorp Credit Multiple (CREDIM), Dijon, France, after CREDIM increases its issued and outstanding debt obligations.

Marine Midland Bank, Buffalo, New York: consent for Marine Midland International Corporation, New York, New York, to continue to hold the shares of Marine Midland Over-seas Corporation (MMOC), New York, New York, after MMOC acquires all of the outstanding shares and subor-dinated debt of Mazmid Financial Services Limited, Toronto, Canada.

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

2/ Application subject to Community Reinvestment Act.


H.2, 1978 No. 52


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

Approved The First National Bank of Chicago, Chicago, Illinois: consent to establish a branch in Hong Kong.

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

Suspended First Munday Bancshares, Inc., Munday, Texas, for ap-proval to acquire 80-100 per cent of the voting shares of First National Bank in Munday, Munday, Texas. 2/

Raymondville State Bancshares, Incorporated, Raymondville, Texas, for approval to acquire 80.0-93.82 per cent of the voting shares of Raymondville State Bank, Raymond-ville, Texas. 2/

State National Bancorp, Inc., Greenwich, Connecticut, for approval to acquire 99.3 per cent of the voting shares of The State National Bank of Connecticut, Bridgeport, Connecticut. 1/ & 2/

ANKENY BANCSHARES, INC., Ankeny, Iowa, for approval to acquire 80 per cent or more of the voting shares of Ankeny National Bank, Ankeny, Iowa. 2/

Denison Bancshares, Inc. of Holton, Holton, Kansas, for approval to acquire 94.37 per cent of the voting shares of The Denison State Bank, Holton, Kansas. 1/ & 1/

Houston Bancshares, Inc., Houston, Texas, for approval to acquire 80 per cent or more of the voting shares of North Side Bank, Houston, Texas. 1/ & 2/

State National Financial Corporation, Corsicana, Texas, for approval to acquire at least 80 per cent of the voting shares of The State National Bank of Corsicana, Corsicana, Texas. 1/ & 2/

* * * * *

Approved

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



H.2, 1978 No. 52 - 5 -


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

Approved! First Michigan Bank Corporation, Zeeland, Michigan, for approval to acquire 100 pezr cent of the voting shares (less directors' qualifying shares) of the successor by merger to National Lumberman * s Bank and Trust Company, Muskegon, Michigan. 2/

First Financial Bancshares, Inc. , Nevada, Missouri, for approval to acquire 100 per- cent of the voting shares of The First National Bank: of Mount Vernon, Mount Vernon, Missouri. 2/

The Wyoming National Corporation, Casper, Wyoming, for approval to acquire 85.8 per cent or more of the voting shares of Wyoming National Bank of East Casper, Casper, Wyoming, a proposed, new bank. 2/

* * * * *

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

Approved Financial General Bank shares , Inc., Washington, D.C., for approval to retain ownership of National Mortgage Cor-poration , Washington, D.C .

The Wachovia Corporation, Winston-Salem, North Carolina, for approval to retain Wachovia Mortgage Company, Winston-Salem, North Carolina.

DeniecL BankAmerica Corporation, San Francisco, California, for approval to continue to engage in lending activities permissible under section 225.4(a) (1) of Regulation Y and to engage de novo in credit related insurance, servicing loans and other: extensions of credit, leas-ing personal property, leasing real property, through a subsidiary, FinanceAmerrica Commercial Corporation, Allentown, Pennsylvania.

27 Application subject to Community Reinvestment Act.


H.2, 1978No. 52 - 6 -

ACflUNS Or' THE BOARD-ConLmued

Permitted Manufacturers Hanover Corporation, New York, New York, no-tification of intent to engage in de novo activities (acting as an agent or broker for the sale of property damage and liability insurance which is related to loans and other extensions of credit such as would be made by a sales finance company including the purchase of sales finance contracts, acquired or serviced by Ritter Finance Company, Incorporated of Virginia) at Main Street, Bowling Green; 1153 Berryville Avenue, Winchester; 101 South Main Street, Bridgewater; 193 West Spotswood Avenue, Elk ton; 113 North Main Street, Woodstock; 223 Mason Avenue, Cape Charles; 9 North Street, Onancock; and 260 Broadview Avenue, Warrenton, all in Virginia, through its subsidiary, Ritter Finance Company, Incorporated of Virginia (12/28/78) 3/

Tanufacturers Hanover Corporation, New York, New York, no-tification of intent to engage in de novo activities (acting as an agent or broker for the sale of property damage and liability insurance which is related to loans and other extensions of credit such as would be made by a sales finance company including the purchase of sales finance contracts, acquired or serviced by Ritter Finance Company, Incorporated of Virginia) at 4653 Duke Street, Alexandria; 8347 Sudley Road, Manassas; 241-A Harry Flood Byrd Highway, Sterling; 13943 Jefferson Davis Highway, Woodbridge; 109 East Carolina Avenue, Crewe; 212 Main Street, Warsaw; 520 North Main Street, Ir/oria; Main Street, Louisa; 11-B Walnut Hill Plaza, Petersburg; Main & Hunter Streets, Waverly; Franklin Plaza Shopping Center, Rocky Mount; 526 Main Street, South Boston; 1144 Route 17, Tabb; 223 West Main Street, Charlottesville; 1853 Seminole Trail, Charlottesvi1le; Loudoun Valley Shopping Center, Pureellvilie; 402B West Main Street, Bedford; and 114 Country Club Drive, S.W., Blacksburg, all in Virginia, through its subsidiary, Ritter Finance Company, Incor-porated of Virginia (12/25/78) 3/

First National State Bancorporation, Newark, New Jersey, notification of intent to engage in de novo activities (credit life and accident and health insurance for in-stallment credit borrowers of subsidiary banks; and any insurance for the company's banking subsidiaries) at 550 Broad Street, Newark, New Jersey, through its sul;siuiciry, Broad & Lombardy Associates, Inc. (12/24/78) 1/

37 4(c)(8) or 4(c) (12) notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1978NO. 52 - 7 -ACTIWS OF THE BOARD-Continued

Pit I l)iu:xjh National Corporation, Pittsburgh, Pennsylvania, i'k ): ' ! i cation of intent to engage in de novo activities (Mortgage banking, including the making or acquiring and servicing for its own accounts or the accounts of others, loans and other extensions of credit) at Suite 17, 333 31st Street, North, St. Petersburg, Florida and Executive Suite #2, Kahului Building, 33 Lono Avenue, Kahului, Maui, Hawaii, through its wholly-owned subsidiary, The Kissell Company, Springfield, Ohio (12/24/78) 3/

Heritage Wisconsin Corporation, Wauwatosa, Wisconsin, no-tification of intent to engage in de novo activities & (succeed to and be substituted for the Heritage Bank Beloit as to all fiduciary powers, rights, duties, privileges and liabilities of the Bank in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary relationships of which the Bank is no/ serving as fiduciary to the extent permitted by Section 225.4(a)(4) of Regulation Y of the Board of Governors; and engage in the conduct of all of the routine activities involved in the administration of fiduciary accounts) at 500 East Grand Avenue, Beloit, Wisconsin, through its wholly-cwned subsidiary, Heritage Trust Company (12/30/78) 3/

BankAmerica Corporation, San Francisco, California, noti-fication of intent to engage in de novo activities ! (making or acquiring, for its own accounts loans and other extensions of credit such as would be made or acquired by a finance company and servicing loans and other extensions of credit; such activities will include, but not be limited to, making consumer install-ment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real and personal property; and the offering, of credit related life and credit related accident and disability insurance in connection with extensions of credit made or acquired by FinanceAmerica Corporation) at 9191-A North Washington Street, Thornton, Colorado, through its subsidiary, FinanceAmerica Corporation (a Colorado Corporation) (12/28/78) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to engage in 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

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


H.2, 1978 No. 52 - 8 -

AOI'IONS OF THE BQ/vl D-Continued

for the sale to others and the servicing of such loans for others) at 36 South State Street, Salt Lake City, Utah, through its subsidiary, Security Pacific Mortgage Corporation (12/30/78) 3/

* * * * *

To Expand a Bank Holding Company Pursuant to Section 4(c) (12) of the Bank Holding Company Act of 1956

Permitted Berkshire Hathaway Inc., New Bedford, Massachusetts, no-tification of intent to acquire the assets and business of Diversified Retailing Company, inc. and its subsid-iaries (12/25/78) 3/

Berkshire Hathaway Inc., New Bedford, Massachusetts, no-tification of intent to acquire the business and assets of Precision Steel Warehouse, Inc. and its subsidiaries (12/25/78) 3/

GATX Corporation, Chicago, Illinois, notification of intent acquire substantially all of the assets and assume certain outstanding liabilities of H. W. Moore Equip-ment Company, through its wholly-owned indirect subs id-iary, GATX Leasing Corporation (12/25/78) 3/

37 4 (c) (8) or 4 (c) (12) notification processed by Reserve IBank on behalf of the Board of Governors under delegated authority.


H.2, 1978 No. 52 - 9 -

APPLICATIONS RECEIVED

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

farmers Loan and Trust Ccrrpany, Tipton, Indiana. Branch to be established at 202 North Main Street, Tipton. 2/

* * * * *

Withdraw from Membership in the Federal Reserve System without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act

Citizens Bank & Trust Company, Campbellsville, Kentucky

* * * * *

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

African National Bancorp., Inc., South Bend, Indiana for approval to acquire 80 per cent or more of the voting shares of American Affiliates, Inc., South Bend, Indiana, and indirectly acquire 80 per cent or more of the voting shares of American National Bank and Trust. Company of South Bend, South Bend, Indiana.

rst Bancorporation of Holdenville, Inc., Holdenville Oklahoma, for approval to acquire more than 80 per ' cent (less directors' qualifying shares) of the voting -hares of The First National Bank & Trust Co., Holdenville Ok lahcma. 2/

e - est National Bancshares, Inc., Plainview, Texas, for approval to acquire at least 80 per cent of the'votincr tit tares of First National Bank of Plainview, Plainview Texas. 2/ '

2/ Application -object to Community Reinvestment Act.


H.2, 1978 No. 52 10 -

APPLICATIONS RECEIVED-Continued

Security State Bancshares, Inc., Stockdale, Texas, for approval to acquire 80-100 per cent of the voting shares of Security State Bank, Stockdale, Texas. 2/

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

Trust Company of Georgia, Atlanta, Georgia, for approval to acquire 80 per cent or more of the voting shares of the successor by merger to Gwinnett Commercial Bank, Lawrenceville, Georgia. 2/

Manufacturers National Corporation, Detroit, Michigan, for approval to acquire 100 per cent of the voting shares of American Heritage Bancshares, Inc., East Lansing, Michigan, and indirectly acquire 90 per cent or more of the voting shares of State Bank of Michigan, Coopersville, Michigan. 2/

American Pioneer Life Insurance Company, Trumann, Arkansas, for approval to retain an additional 55.04 per cent of the voting shares of First National Bank of Poinsett County, Trumann, Arkansas. 2/

Texas American Bancshares Inc., Fort Worth, Texas, for approval to acquire 75 per cent of the voting shares of Riverside State Bank, Fort Worth, Texas. 2/

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

Citicorp, New York, New York, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, commer-cial loans; leasing personal or real property or acting as agent, broker or adviser in leasing such property, and servicing such leases where the leases serve as the functional equivalent of an extension of

* * * * *

* * * * *



H.2, 1978 No. 52 ~ 1 1 -APPLICATIONS RECEIVED-CQntinued

credit to the lessee of the property where at the inception of the initial lease the effect of the transaction will be to compensate the lessor for not less than its full investment in the property over the term of the lease, and where the transaction is subject to all of the qualifications specified in 12 CFR 225.4 (a) (6) (a) and (b)) at 4615 Southwest Freeway, Houston, Texas and Three Girard Plaza, Philadelphia, Pennsylvania, through its subsidiary, Citicorp Industrial Credit, Inc. (12/27/78) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, commer-cial loans) at 233 South Wacker Drive, Chicago, Illinois, through its subsidiary, Citicorp Industrial Credit, Inc. (12/27/78) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (acting as agent or broker for the sale of credit related property and casualty insurance (on purchased installment sales finance contracts, said insurance will only be offered when such transactions are the equivalent of direct extensions of credit by Advance Mortgage Corporation) on property, generally mobile hemes and one-to-four family residences, where Advance Mortgage Corporation has a security interest and to include liability coverage in homeowners "package" policies where such is the general practice by licensed agents or brokers) at 9247 North Meridian Street, Indianapolis, Indiana, through its subsidiary, Advance Insurance Agency, Inc. at offices of Advance Mortgage Corporation in Phoenix, Arizona,. Tucson, Arizona and Montgomery, Alabama (12/28/78) 3/

Chemical New York Corporation, New York, New York, noti-fication of intent to engage in de novo activities (the origination and sale of mortgage loans on residential, commercial and industrial real estate; the servicing of mortgage loans owned by Galbreath Mortgage Company and owned by others) at 277 Park Avenue, New York, New York and International Boulevard and Peachtree Street, N.E., Atlanta, Georgia, through its subsidiary, The Galbreath Mortgage Company (12/27/78) 3/

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


H.2, 1978 No. 52 - 12 -

gjCATIQNS RECEIVED-Cor tinugd

Manufacturers Hanover Corporation, Now York, Nev York, notification 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 as would be made by a finance company; making or acquiring, for its account or for the account of others, loans and other extensions of credit such as would be made by a sales finance company including purchasing installment sales finance contracts; ser-vicing any si^h loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit related life and accident and health insurance which is related to extensions of credit made and acquired by, and property damage and liability insurance insuring collateral securing direc: exten-sions of credit by Bitter Finance Company, Inc. of South Carolina) at Highway 123, Store #2, Clanson, South Carolina, through its subsidiary, Rittar Finance Company, Inc. of South Carolina (12/29/78) 3/

Manufacturers Hanover Corporation, New York, Is sw York, notification of intent to engage in de novo activities (acting as an agent or broker for the sale of property damage and liability insurance which is related to loans and other extensions of credit such as would be mac" by a sales finance company including tl te purchase of sales finance contracts, acquired or serviced by Ritter Finance Company, Incorporated of Virginia) at 105A North Main Street, Faxraville, 513 Culpsper Shopping Center, Culpeper and Route 501, BrXDkneal, both located in Virginia, through its subsidiary, Ritter Finance Company. Incorporated of Virginia (12/29/78) 3/ ^ ^ *

F irst Pennsy ivania Corporation, Phi lade i phia, Pennsylvania, notification of intent to continue to engace in activities previously commenced de novo (the business of acting as investment adviserTo the extent of (1) serving as investment adviser, as defined in section Z(a) (2.0) of the Investment Company Act of 1940, to an :.nvestment company registered under the act; (2) providing portfolio investment advice to any other person; (3) furnishing general economic information and advice, general economic statistical forecasting services md industry studies) at 1500 Chestnut Street, Philadelphia, Penn-sylvania and 3 Embarcadero Center, San Francisco, California through its subsidiary, Vestaur Corp. (12/21/78) 3/

3/ 4 () (8) or 4 (c) (12) notification processed by Reserve Dark on behalf of the Board of Governors under delegated authority.


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