h2_19770604.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1977, No. 23)

Actions of the Board; Applications and Reports

Received During the Week Ending June 4, 1977

ACTIONS OF THE BOARD

H.R 7325, the International Banking Act of 1977, letter to Chairman St. Germain, House Subcommittee on Financial Institutions Supervision, Regulation and Insurance, with enclosure of Board's proposed amendments to the bill.

Report on H.R 1675, a bill to establish a national system of regional capital development banks, letter sent to Chairman Reuss, House Committee on Banking, Finance and Urban Affairs, in response to request for comments.

Results of a survey of U.S. banks1 claims on foreigners.

Regulation G, Securities Credit by Persons other than Banks, Brokers, or Dealers — adoption of revised forms required under Regulation G.

Issuance of subordinated capital notes by Seattle Trust & Savings Bank, Seattle, Washington.

First Security Corporation, Salt Lake City, Utah, letter to Corporation relating to the divestiture of FSC's interest in First Security Savings & Loan Association of Pocatello, Idaho, and requesting FSC to file a revised plan of divestiture by June 30, 1977.

First City Bancorporation of Texas, Inc., Houston, Texas, ex-tension of time to August 29, 1977, within which to consummate the acquisition of Red Bird National Bank, Dallas, Texas. 1/

Northwestern State Bank of Austin, Austin, Minnesota, to make an additional investment in bank premises. 1/

Mcllroy Bank & Trust, Fayetteville, Arkansas, extension of time to October 14, 1977, within which to complete the sale of subordinated capital notes to the public. 1/

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

H.2, 1977 No. 23 2 -

ACTIONS OF THE BOARB-Continued

Burlington Bank Realty Company, Burlington, Iowa, proposed merger with Hawkeye Bank and Trust, Burlington, Iowa, report to the Federal Deposit Insurance Corporation on competitive factors. 1/

Exchange National Bank of Pinellas County, Largo, Florida, proposed merger with The Exchange Bank of Dunedin, Dunedin, Florida, and The Exchange Bank and Trust Company of Clearwater, Clearwater, Florida, report to the Comptroller of the Currency on competitive factors. 1/

Valley National Bank of Auburn, Auburn, Washington, proposed acquisition by Puget Sound National Bank, Tacoma, Washing-ton, report to the Comptroller of the Currency on compet-itive factors. 1/

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


H.2, 1977 No. 23 - 3 -

ACTIONS OF THE BOARD-Continued

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

Approved The Barter Bank & Trust Company, Canton, Ohio. Branch to

be established at the Mellett Mall Shopping Center, 4196 West Tuscarawas Street, Canton, Stark County. 2/

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, Michigan. 2/

* * * * *

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

Approved Chemical Bank: Branch - Hong Kong.

* * * * *

Thirty Day Notice by a Member Bank of Intention to Establish an Additional Branch in a Foreign Country

Approved Manufacturers Hanover Trust Company: Branch - additional

in Dusseldorf, Germany.

* * * * *

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 Marine Midland International Corporation: One-year ex-

tension of time - Disposition of additional shares of Irish Intercontinental Bank Limited.

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


H.2, 1977 No. 23 — 4 —


Morgan Guaranty International Finance Corporation: In-vestment - additional in Cofiber, S.A., Madrid, Spain, to increase its ownership to 80 per cent.

* * * * *

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

Approved Brogan Bankshares, Inc., Kaukauna, Wisconsin, for approval

to acquire 80 per cent of the voting shares of The Bank of Kaukauna, Kaukauna, Wisconsin. 2/

Panhandle Aviation, Inc., Clarinda, Iowa, for approval to acquire 80 per cent or more of the voting shares of Citizens State Bank, Clarinda, Iowa. 2/

Krey Co. Ltd., Pratt, Kansas, for approval to acquire 51 per cent of the voting shares of The Peoples Bank, Pratt, Kansas.

North Fork Corporation, Paonia, Colorado, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Paonia, Paonia, Colorado. 2/

Denied Granite Holding Corp., Granite Falls, Minnesota, for ap-proval to acquire 100 per cent (less directors' quali-fying shares) of the voting shares of Granite Falls Bank, Granite Falls, Minnesota.

* * * * *

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

Approved First National Charter Corporation, Kansas City, Missouri,

for approval to acquire 80 per cent or more of the voting shares of The Farmers Trust Company of Lee's Summit, Lee's Summit, Missouri.

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


H.2, 1977 No. 23 - 5 -


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

Withdrawn Guaranty Loan and Investment Corporation of Tulsa, Inc., Tulsa, Oklahoma, notification of intent to engage in de novo activities (industrial banking including the issuance of thrift certificates and the extension of credit by first and second real estate mortgages and durable con-sumer goods) at 7021 South Memorial Drive, Tulsa, Oklahoma, through a subsidiary, Western Trust & Savings Company (5/31/77) 3/

Delayed Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (acting as agent or broker for the sale of credit related property and casualty insurance) at 1730 South Amphlett, San Mateo, California, through its subsidiary, Security Pacific Finance Corp. (5/31/.77) 3/

Permitted Industrial National Corporation, Providence, Rhode Island, notification of intent to relocate de novo activities (consumer finance and insurance agency for any insurance directly related to an extension of credit or provision of other financial services) from 1768 Lawrenceville Highway, Decatur, Georgia to 2955B N. Druid Hills Road, Atlanta, Georgia, through its subsidiary, Southern Dis-count Company, a subsidiary of Industrial National Cor-poration (6/4/77) 3/

Chemical New York Corporation, New York, New York, notifi-cation of intent to engage in de novo activities (leasing real and personal property and equipment on a nonoperating, full payout basis and acting as agent, broker, and adviser with respect to such leases; financing real and personal property and equipment such as would be done by a commer-cial finance company; and servicing such extensions of credit) at 244 West Passaic Street, Rochelie Park, New Jersey, through its subsidiary, ChemLease, Inc. (5/28/77) 3/

United Bank Corporation of New York, Albany, New York, noti-fication of intent to relocate de novo activities (making and acquiring, for its own account or for the account of others, loans and other extensions of credit such as could be made by a finance company including secured and

37 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. 23 - 6 -


unsecured loans to individuals, discounting of install-ment sales contracts, and secured commercial financing such as dealer floor-plan financing and furnishing ser-vices or performing services in the leasing of personal property and equipment under the terms of leases which provide for compensating the lessor for not less than the lessor's full investment in the property) from 3588 Delaware Avenue, Buffalo, New York to Liberty Bank Building, Buffalo, New York, through its subsidiary, UBC Leasing of New York Inc. (6/2/77) 3/

United Virginia Bankshares Incorporated, Richmond, Virginia, notification of intent to relocate de_ novo activities (originating loans as principal; originating loans as agent; servicing loans for nonaffiliated individuals, partnerships, and corporations; servicing loans for affiliates of United Virginia Bankshares Incorporated; sale as agent, of credit life, credit disability, mort-gage redemption and mortgage cancellation insurance in connection with such loans and such other activities as may be incidental to the business of a mortgage corpora-tion) from 11009 Warwick Boulevard, Newport News, Virginia to 718 J. Clyde Morris Boulevard, Newport News, Virginia, through its subsidiary, United Virginia Mortgage Corpo-ration (5/29/77) 3/

Third National Corporation, Nashville, Tennessee, notifi-cation of intent to engage in de novo activities (con-ducting the business of a mortgage company including the making or acquiring, for its own account or for the ac-count of others, loans and other extensions of credit, servicing loans and other extensions of credit for any person; and to act as agent or broker in the sale of mortgage redemption insurance, credit life/accident and health insurance) at 201 Fourth Avenue, North, Nashville, Tennessee, through a subsidiary, Third National Mortgage Company (6/2/77) 3/

Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in de novo activities (making or acquiring, for its own account or for the ac-count of others, loans and extensions of credit including making consumer installment personal loans, purchasing consumer installment sales finance contracts, making

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. 23 - 7


loans to small businesses and other extensions of credit such as would be made by a factoring company or a commer-cial finance company; and acting as broker or agent for the sale of credit-related life/accident and health insurance) at 2025 Gateway Place, San Jose, California, through its subsidiary, Security Pacific Finance Corp.

Security Pacific Corporation, Los Angeles, California, no-tification of intent to engage in de_ novo activities (making or acquiring, for its own account or for the ac-count of others, loans and extensions of credit including making consumer installment personal loans, purchasing consumer installment sales finance contracts, making loans to small businesses and other extensions of credit such as would be made by a factoring company or a commercial finance company; and acting as broker or agent for the sale of credit-related life/accident and health insurance) at 600 N. Mountain Avenue, Upland, California, through its subsidiary, Security Pacific Finance Corp. (6/4/77)

Approved Peoples Credit Co., Kansas City, Missouri, for approval

to retain the assets of Midwest Data Processing (a division of Peoples Credit Co.), Kansas City, Missouri.

Krey Co. Ltd., Pratt, Kansas, for permission to acquire consummer finance company offices in Liberal, Kansas and Guymon, Oklahoma.

(6/4/77) 3/

3/



H.2, 1977 No. 23 - 8 -

APPLICATIONS RECEIVED

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

The Barter Bank & Trust Company, Canton, Ohio. Branch to be established adjacent to the Edison Park Shopping Center, Route #619, Hartville, Stark County.

* * * * *

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

Union Trust Company of Maryland: Branch - George Town, Grand Cayman, Cayman Islands.

* * * * * .

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

First City Bancorporation of Texas, Inc., Houston, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The City National Bank of Bryan, Bryan, Texas.

* * * * *

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

Maryland National Corporation, Baltimore, Maryland, noti-fication of intent to engage in de novo activities (en-gaging generally in the business of leasing personal property including, but not limited to, the leasing of various types of equipment, machinery, vehicles, trans-portation equipment, and data processing equipment; originating personal property leases as principal or agent; servicing personal property leases for affiliated or nonaffiliated individuals, partnerships or corpora-tions; buying and selling and otherwise dealing in personal property lease contracts as principal or agent;


H.2, 1977 No. 23 - 9

APPLICATIONS RECEIVED-Cont inued

acting as adviser in personal property leasing trans-actions; engaging in the sale, as agent or broker, of insurance similar in fqrm and intent to credit life and/or mortgage redemption insurance; engaging generally in the business of leasing real property where the lease is the functional equivalent of an extension of credit; originating real property leases as principal or agent; servicing real property leases for affiliated or non-affiliated individuals, partnerships, corporations or other entities; buying, selling and otherwise dealing in real property leases as principal, agent or broker; and acting as adviser in real property leasing transactions) at 79 Oak Hill Road, Red Bank, New Jersey, through its subsidiary, Maryland National Leasing Corporation (5/31/77)

Mercantile Bancorporation Inc., St. Louis, Missouri, noti-fication of intent to engage in de novo activities (op-erating as an industrial loan company in the manner authorized by laws of West Virginia and will not both accept deposits and make commercial loans; and insurance agency or brokerage in connection with selling to bor-rowers credit life insurance and credit accident and health insurance) at 300 Carolina Avenue, Chester, West Virginia, through a subsidiary of Franklin Finance Company, a wholly-owned subsidiary, to be known as Franklin Thrift and Loan Co. of Chester, Inc. (6/3/77) 3/

First National Lincoln Corp., Lincoln, Nebraska, notifi-cation of intent to engage in de novo activities (oper-ation of a detached auxiliary office pursuant to Article 4 of Chapter 8, reissue revised statutes of Nebraska, 1943 as amended; this auxiliary office of the industrial bank will receive savings deposits, both installment (passbook) and time certificate paying interest thereon at rates not to exceed those approved from time to time by the Director of Banking & Finance of the State of Nebraska; the auxiliary office of the industrial bank will also make loans, principally consumer installment loans, and loans secured by first or second mortgages, pursuant to sections 8-435 to 8-450, reissue revised statutes of Nebraska, 1943) on the northwest corner of 14th & "L" Streets, Lincoln, Nebraska, through its sub-sidiary, First Savings Company of Lincoln (5/31/77) 3/

3/

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. 23 - 1 0 -

APPLICATIONS RECEIVED-Continued

BankAmerlca Corporation, San Francisco, California, noti-fication of intent to engage in cle novo activities (act-ing as investment or financial adviser to the extent of providing portfolio investment advice to others with emphasis on real property investments and real property interests) at 333 South Wacker Drive, Chicago, Illinois; 7801 East Belleview Avenue, Englewood, Colorado; 5401 West Kennedy Boulevard, Tampa, Florida; 57 Executive Park South, Atlanta, Georgia; 720 Main Street, Kansas City, Missouri; 7900 Xerxes Avenue South, Minneapolis, Minnesota; 500 West Wilson Bridge Road, Columbus, Ohio; 12700 Park Central Place, Dallas, Texas; and 5909 West Loop South, Bellaire, Texas; and to merge its subsidiary, BankAmerica International Realty Corporation with and into another subsidiary, BA Mortgage Company, Inc., the resulting subsidiary to be known as BA Mortgage and In-ternational Realty Corporation (5/25/77) 3/

Nevada National Bancorporation, Reno, Nevada and Seilon, Inc., Toledo, Ohio, notification of intent to relocate de novo activities (financing of personal property and equipment and the leasing of such property or the acting as an agent, broker, or adviser in the leasing and/or financing of such 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 lessor1s full investment in the property plus the estimated total cost of financing the property over the term of the lease; making or acquiring, for its own account or for the account of others, loans and other extensions of credit in the normal course of its leasing business including the making of business installment loans, the purchase of business installment sales finance contracts and making loans to businesses of various sizes) from 4th and Bridger Streets to 3160 West Sahara Avenue, Las Vegas, Nevada, through its subsidiary, Nevada National Leasing Company, Inc. (5/26/77) 3/

Rainier Bancorporation, Seattle, Washington, 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) at 33110 Pacific Highway South, Federal Way, Washington, through its subsidiary, Rainier Mortgage Company (5/26/77) 3/



H.2, 1977 No. 23 - 1 1 -

APPLICATIONS RECEIVED-Continued

Security Pacific Corporation, Los Angeles, California, 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 extensions of credit including making consumer installment personal loans, purchasing consumer installment sales finance contracts, making loans to small businesses and other extensions of credit such as would be made by a factoring company or a commercial finance company; and acting as broker or agent for the sale of credit related life/accident and health insurance and credit related property and casualty insurance) at 1730 South Amphlett, San Mateo, California, through its subsidiary, Security Pacific Finance Corp. (5/23/77) 3/

Security Pacific Corporation, Los Angeles, California, noti-fication of intent to engage in de novo activities (orig-ination 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) at 2020 Hurley Way, Sacramento, California, through its subsidiary, Security Pacific Mortgage Corporation (5/26/77) 3/

Security Pacific Corporation, Los Angeles, California, noti-fication 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 for the sale to others and the servicing of such loans for others) at 404 James Robertson Parkway, Nashville, Tennessee, through its subsidiary, Security Pacific Mortgage Corpora-tion (5/25/77) V

* * * * *

REPORTS RECEIVED

Registration Statement Filed Pursuant to Section 22(g) of The Securities Exchange Act

The Ypsilanti Savings Bank, Ypsilanti, Michigan.

37 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. 23 12 -

REPORTS RECEIVED-Cont inued

Ownership Statement Filed Pursuant to Section 13(d) of The Securities Exchange Act

Metropolitan Bank, Tampa, Florida. (Filed by The Summit Organization, Inc. - Amendment #2).

* * * * *

PETITIONS FOR RULEMAKING

None


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