h2_19760731.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1976 No. 31)

Actions of the Board; Applications and Reports

Received During the Week Ending July 31, 1976

ACTIONS OF THE BOARD

Statement by Chairman Arthur F. Burns before the House Committee on Banking, Currency and Housing on the con-dition of the national economy and the course of monetary policy.

Statement by Governor Philip C. Jackson before the Senate Committee on Banking, Housing and Urban Affairs on the Board's enforcement activities under the Consumer Credit Protection Act.

Termination of registration for Columbus Production Credit Association, Columbus, Ohio. 1/

Commercial Bankshares Corp., Adrian, Michigan, extension of time within which to become a bank holding company through the acquisition of 100 per cent of the voting shares of the successor by consolidation to The Commercial Savings Bank, Adrian, Michigan. 1/

Trans Texas Bancorporation, El Paso, Texas, extension of time to July 31, 1977, within which to dispose of its forty per cent interest in Associated International, Ltd. 1/

United California Bank, Los Angeles, California, extension of time to March 6, 1977, within which to establish a branch in the vicinity of the intersection of Fairview Avenue and Calle Real, Santa Barbara County, California. 1/

Citizens Bank of Warrenton, Warrenton, North Carolina, pro-posed merger with Branch Banking and Trust Company, Wilson, North Carolina; report to the Federal Deposit Insurance Corporation on competitive factors.

Monroe Bank and Trust Company, Monroe, Connecticut, proposed merger with Lafayette Bank and Trust Company, Bridgeport, Connecticut; report to the Federal Deposit Insurance Corporation on competitive factors.

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, 1976 No. 31 2

ACTIONS OF THE BOARD-Continued

Plaza National Bank, Secaucus, New Jersey, proposed merger with New Jersey Bank (National Association), Clifton, New Jersey; report to the Comptroller of the Currency on competitive factors.

Somerset Loan and Building Association, Skowhegan, Maine, proposed merger with Franklin County Savings Bank, Farmington, Maine; 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. 31 3

ACTIONS OF THE BOARD-Corxtinued

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

Approved Barclays Bank of New York, New York. Branch to be established at 3 Park Avenue, New York. 2/

Manufacturers Hanover Trust Company, Central New York, Rochester, New York. Branch to be established in the immediate neighborhood of Teal Avenue and Grant Boulevard, City of Syracuse, Onondaga County. 2/

Lincoln First Bank of Rochester, Rochester, New York. Branches to be established at the following locations:

A. The rehabilitation and diagnostic center, University of Rochester Medical Center, Crittenden Boulevard, Rochester, Monroe County.

A. Todd Union, University of Rochester-River Campus, Alumi Road, Rochester, Monroe County. 2/

Commonwealth Bank and Trust Company of Virginia, Sterling, Virginia. Branch to be established on Catoctin Circle near the Route 7 intersection in Leesburg, Loudoun County. 2/

Bank of Virginia, Richmond, Virginia. Branch to be established in the Canterbury Shopping Center at the intersection of Patterson Avenue and Pump Road, Henrico County. 2]

Denied By State First Bank and Trust Company of South Bend, South Bend, Indiana. Branch to be established at 12435 Lincoln Way East, Penn Township, Osceola, St. Joseph County.

Seabrook Bank and Trust Company, Seabrook, New Hampshire. 2_/

* * * * *

To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act

Approved

* * * * *

2/ 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, 1976 No. 31 4 -


International Investments and Other Actions Approved 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

Boston Overseas Financial Corporation, Boston, Massachusetts: investment - additional in Boston leasing - Arrendamento representacoes E. servicos, Sao Paulo, Brazil.

First National City Overseas Investment Corporation, New York, New York: removal of the standard condition presently imposed on Coic's holding of shares of Bangkek First Investment & Trust Ltd.

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

Suspended Utica Agency, Inc., Utica, Kansas for approval to acquire 80 per cent or more of the voting shares of The Citizens State Bank of Utica, Utica, Kansas.

Chambanco, Inc., Chambers, Nebraska, for approval to acquire 100 per cent (less directors* qualifying shares) of voting shares of Chambers State Bank, Chambers, Nebraska. 1)

Banco de Santander, S.A., Santander, Spain, for approval to become a bank holding company through the acquisition of 67 per cent or more of the voting shares of First National Bank of Puerto Rico, San Juan (P.O.), Hato Rey, Puerto Rico.

Chambanco, Inc., Chambers, Nebraska, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of Chambers State Bank, Chambers, Nebraska. 2/

* * * * *

Reactivated

Approved

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


11.2, 1976 No. 31 - 5 -

ACTIONS OF THE BOARD-Continned

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

Approved Indian Head Banks Inc., Nashua, New Hampshire, for approval to acquire 67 per cent or more of the voting shares of Community National Bank of Rochester, Rochester, New Hampshire.

Denied Florida National Banks of Florida, Florida, for approval to acquire more of the voting shares of the Bunnell, Bunnell, Florida.

* * * * *

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

Delayed Utica Agency, Inc., Utica, Kansas, for approval to acquire the shares of Horn Insurance Agency, Phoenix, Arizona.

Returned Merchants National Corporation, Indianapolis, Indiana, noti-fication of intent to engage in de novo activities (leasing of capital of 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 inital 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, and such leases shall contain such other terms and conditions) at Austin Center, Cypress at West Shore Boulevard, Tampa, Florida, through a subsidiary of Circle Leasing Corp., to be known as Circle Leasing of Florida Corp. (7/30/76) 3/

First Security Corporation, Salt Lake City, Utah, for approval to retain 100 per cent of the voting shares of First Security Savings and Loan Association, Pocatello5 Idaho.

Inc., Jacksonville, 50.37 per cent or Citizens Bank of

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. 31 6 ~

ACTIONS OF THE BOARD-Continuecl

Reactivated Ashton Investment Company, Rock Rapids, Iowa, notification of intent to engage in de novo activities (leasing of real property on a one time basis where at the inception of the initial lease the expectation is that the effect of the transaction will be to compensate the lessor for not less than the lessor1s full investment in the property plus the estimated cost of financing the invest-ment over the term of the lease) at 104 North Story Street, Rock Rapids, Iowa (7/30/76) 3/

Permitted Citicorp, New York, New York, notification of intent to engage in de_ novo activities (consumer personal lending, preauthorized consumer revolving credit; and acting as broker for the sale of consumer credit related life and accident and health insurance and consumer credit related property and casualty insurance; if these proposals are effected, the subsidiary will offer to sell insurance as follows: credit life and accident and health or in-dividual decreasing or level (in the case of single pay-ment loan life insurance to cover the outstanding balance of consumer credit transactions singly or jointly with their spouses or cosigner in the case of life coverage in the event of death, or to make the contractual monthly payments on the consumer credit transactions in the event of the obligators' disability to the extent per-missible under applicable state insurance laws and regula-tions and individual casualty insurance on personal property, subject to security agreements and to include liability coverage, in home or automobile owner "package" policies where such is the general practice; further, in regard to the sale of credit related insurance, the sub-sidiary will not act as a general insurance agency) at 1701 North Kipling Street, Suite 205, Lakewood, Colorado, through its subsidiary, Nationwide Financial Services Corporation and its subsidiary, Citicorp Person-to-Person Financial Center, Inc., (7/24/76) 3/



H.2, 1976 No. 31 7


Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in die novo activities (a consumer finance business included without limitation, 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 finance company, servicing loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit related life/ accident and health insurance and consumer credit related property which is related to extensions of credit made or acquired by Ritter Finance Company and/or its direct and indirect subsidiaries) at King Street, Elizabethtown, North Carolina, through its subsidiary, Ritter Finance Company and its subsidiary, Ritter Finance Company, Inc., of North Carolina. (8/1/76) 3/

First Pennsylvania Corporation, Philadelphia, Pennsylvania, notification of intent to relocate de novo activities (making, or acquiring and servicing loans or other extensions of credit for personal, family or household purposes, including the sale of credit insurance (life/ accident and health and disability insurance) which is directly related to such consumer loans) from 1302 Horner Road, Woodbridge, Virginia to 14337 Jefferson Davis Highway, Woodbridge, Virginia through its indirect sub-sidiary, Investors Loan Corp. of Virginia (7/31/76) 3/

Union Trust Bancorp, Balitmore, Maryland, notification of intent to engage in de novo activities (making secondary mortgage loans secured in whole or in part by mortgage, deed of trust, security agreement or other lien on real estate situated in the State of Maryland, which property is subject to the lien of one or more prior encumbrances, or other leasehold interest; and act as agent in the sale of credit life insurance and credit accident and health insurance in connection with its extensions of credit) at Fallston Building, Room 202, 1710A Harford Road, Fallston, Maryland, through its subsidiary Union Home Loan Corporation (7/29/76) 3/

Root River Agency, Inc., Preston, Minnesota, notification of intent to engage in the activities of (an agriculture credit company) at 100 Anthony, North Preston, Minnesota (7.29.76) 3/



H.2, 1976 No. 31 8

ACTIONS OF THE BOARD-Contimied

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

Permitted Sterling Precision Corporation, West Palm Beach, Florida, notification of intent to acquire the outstanding stock of Thorpe Automotive Company, Pawtucket, Rhode Island, an automotive replacement parts distributor (7/29/76) 3/

* * * * *



H.2, 1976 No. 31 9

APPLICATIONS RECEIVED

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

Girard Trust Bank, Bala Cynwyd, Montgomery County, Pennsylvania. Branch to be established in the John Wanamaker Store located in the Roosevelt Mall, Cottman Avenue and Roosevelt Boulevard, Philadelphia County? Pennsylvania.

The Union Bank and Savings Company, Bellevue, Ohio. Branch to be established at 855 Kilbourne Street, Bellevue, Sandusky County.

Citizens Bank of Pacific, Pacific, Missouri. Branch to be established on the West side of State Highway 100 near its intersection with Highway M in the unincorported community of Gray Summitt, Franklin County.

Planters Bank & Trust Company, Hopkinsville, Kentucky. Branch to be established on U. S. Highway 41-A between gates 4 and 5 of Fort Campbell, in Oak Grove, Christian County.

Walker Bank and Trust Company, Salt Lake City, Utah. Branch to be established in the vicinity of Downtown Tooele, Tooele County.

To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of The Bank Holding Company Act

of 1956

First International Bancshares, Inc., Dallas, Texas, to retain shares of The First State Bank of Kerens, Kerens, Texas. 2/

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

* * * * *

* * * * *

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

H.2, 1976 No. 31 - 10 -

APPLICATIONS RECEIVED-Contlnued

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

First Hanover Park Corporation, Chicago, Illinois, for approval to acquire 80.03 per cent of the voting shares of First State Bank & Trust Company of Hanover Park, Hanover Park, Illinois.

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.

Union Holding Company, Halliday, North Dakota, for approval to acquire 80 per cent of the voting shares of The Union Bank, Halliday, North Dakota.

* * * * *

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

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

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

The Jacobus Company, Milwaukee, Wisconsin, for approval of successor by merger to Financial Network Corporation, Beloit, Wisconsin, and indirecly acquire The Beloit State Bank, Beloit, Wisconsin.

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


H.2, 1976 No. 31 - 11 -

APPLICATIONS RECEIVED-Continued

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

National Central Financial Corporation, Lancaster, Pennsylvania, for approval to acquire all of the mortgage servicing portfolio of Land Mortgages, Inc., Dayton, Ohio (and to engage in the mortgage banking business at Land Mortgages' Dayton office).

Southern Bankshares, Inc., Richmond, Virginia, for approval to retain the shares of Charter Insurance Managers, Inc. and National Union Life Insurance Company, both in Richmond, Virginia (acting as an insurance agency for credit life and credit accident and health insurance directly related to an extension of credit by the bank holding company system; and acting as an underwriter for credit life in-surance and credit accident and health insurance which is directly related to extensions of credit by the bank holding company system).

Great American Corporation, Baton Rouge, Louisiana, notification of intent to engage in de novo activities (making and acquiring for its own account, loans discounst, acceptances and other extensions of credit and such other business as is customarily engage in by consumer credit of finance company, and acting as insurance agent or broker in selling insurance to borrowers from such finance subsidiary to include credit life insurance, accident and health insurance and property insurance for collateral supporting loans made by said finance subsidiary) at 2960 Johnston, Winwood Shopping Center, Lafayette, Louisiana, through a subsidiary, Ambank Acceptance Corporation D/B/S American Acceptance Associates. (7/30/76) 3/

First Tennessee National Corporation, Memphis, Tennessee, notification of intent to engage in de_ novo activities (making or acquiring, for its own account, interest-bearing and discount loans and other extensions of credit; and offering through the direct insurer or the reinsurer, or acting as agent or broker with respect to insurance that is directly related to an extension of credit by the company or its subsidiaries), at 2711 North Fourteenth Street, Ponca City, Oklahoma, through its wholly-owned subsidiary, Crown Finance Corporation. (7/30/76) 3/


H.2, 1976 No. 31 12 APPLICATIONS RECEIVED-Continued

Patagonia Corporation, Tucson, Arizona, notification of intent to engage in de novo activities (leasing personal property or acting as agent, broker or advisor in leasing such property provided: the lease is to serve as the functional equivalent of an extension of credit to the lessee of the property; the property to be leased is acquired specifically for the leasing transaction under consideration or was acquired specifically for an earlier leasing transaction; the lease is on a non-operating basis: and at the inception of the inital lease the effect of the transaction (and, with respect to governmental entities only, reasonable anticipated future transactions) will yield a return that will com-pensate the lessor for not less than the lessor's full investment in the property plus the estimated total cost of financing the property over term of the lease) at Transco Tower, 2700 Post Oak, Houston, Texas, through its subsidiary, Patagonia Leasing Company. (7/21/76) 3/

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H.2, 1976 No. 31 - 1 3 -

REPQRTS RECEIVED

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

None.

* * * * *

PETITIONS FOR RULEMAKING

None.


h2_19760731.pdf

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