h2_19790224.pdf

# ANNOUNCEMENT By

BOARD CF GOVERNORS CF THE

FEDERAL RESERVE SYSTEM (H.2, 1979 No. 8)

Actions of the Board? Applications and Reports

Received During the Week Ending February 24, 1979

ACTIONS CF THE BOARD

Statement by Chairman G. William Miller before the Senate Budget Committee to present the views of the Federal Reserve System as the Committee develops the First Concurrent Budget Resolution for fiscal year 1980.

Statement by Governor Nancy H. Teeters before the Sub-committee on Financial Institutions Supervision, Regulation and Insurance of the House Banking, Finance and Urban Affairs Committee on H.R. 1903.

Monetary Policy Report to Congress on Full Employment and Balanced Growth Act of 1978.

Letters sent to Congressional Committees regarding pro-posals for enactment of the Board's 1979 legislative program, entitled the "Federal Reserve Act Amendments of'1979".

Policy statement on Board's supervision of foreign bank holding companies in the United States and steps it is taking to carry out this policy.

F.N.B.C. of La Grange, Inc., La Grange, Illinois, exten-sion of time to April 26, 1979, within which to acquire additional voting shares (up to 36.85 per cent) of First National Bank of La Grange, La Grange, Illinois. 1/

Greencactle Investment Corporation, Wilmington, Delaware, extension of time to April 28, 1979, within which to become a bank holding company through the acquisition of 80 per cent or more of the voting shares of First-Citizens Bank and Trust Company, Greencastle, Indiana. y

Southern Bank Holding Company, Savannah, Georgia, exten-sion of time to May 28, 1979, within which to become a bank holding company by acquiring Southern Bank and Trust Company, Savannah, Georgia. 1/

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

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H.2, 1979 No. 8 2

ACTIONS CF THE BQARD-Continued

Texas Commerce Bancshares, Inc., Houston, Texas, exten-sion of time to May 23, 1979, within which to consummate the acquisition of Vfestview Commerce Bank, National Association, Houston, Texas, a proposed new bank. 1/

Northern Trust, Chicago, Illinois, to accept drafts in excess of capital and surplus. 1/

Pleasants County Bank, St. Marys, West Virginia, permis-sion to pay dividend. 1/

Farmers Savings Bank, Marshall, Missouri, permission to make an investment in bank premises. 1/

Farmers Trust Company, Lebanon, Pennsylvania, permission to make an additional investment in bank premises. 1/

Security State Bank of Cannon Falls, Cannon Falls, Minnesota, extension of time to May 6, 1979, within which to sell its approved subordinated capital note issue. 1/

Ashville Bank, Ashville, Ohio, permission to make an in-vestment in bank premises. 1/

Bank of Belle Fourche, Belle Fourche, South Dakota, per-mission to make an investment in bank premises. 1/

Manufacturers Hanover Trust Company, New York, New York, permission to make an additional investment in bank premises. 1/

Naumkeag Trust Company, Salen, Massachusetts, permission to make an investment in bank premises. 1/

Savannah Bank & Trust Company of Savannah, Savannah, Georgia, permission to make an investment in bank premises. 1/

Farmers Trust Company, Lebanon, Pennsylvania, permission for an extension of time to August 1, 1979, to establish a branch office to be located at 250 N. Eighth Street, Lebanon, Pennsylvania. 1/

Security Bank and Trust Company, Southgate, Michigan, ex-tension of time to September 23, 1979, within which to establish a branch in the vicinity of Canton Center and Warren Roads, Or ton Township, Michigan. 1/

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


H.2, 1979 No. 8 - 3 -

ACTIONS OF THE BQAHD-Ccntinued

Springfield Marine Bank, Springfield, Illinois, extension of time to May 19, 1979, within which to establish a branch at the southeast corner of Rutledge Street and North Grand Avenue, Springfield, Illinois. 1/

v Application processed cn behalf of the Board of Governors under delegated authority.


H.2, 1979 No. 8 - 4 -

ACTIONS (F THE BQARD-Continued

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

Manufacturers and Traders Trust Company, Buffalo, New York. Branch to be established in the Millard Filmore Hospital, 3 Gates Circle, Buffalo, Erie County. 1/ & 2/

Pee Dee State Bank, Tintnonsville, South Carolina. Branch to be established at the intersection of Second Loop Road and South Heritage Lane, Florence. 1/ & 2/

United Jersey Bank, Hackensack, New Jersey. Branch to be established at Meadowlands Corporate Center, Lyndhurst, Bergen County.

To Merge Pursuant to Section 18 (c) of the Federal Deposit Insurance Act

Approved United California Bank, Los Angeles, California, .to merge with Sierra National Bank, Petaluma, California. V & 2/

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 Chase Manhattan Overseas Banking Corporation, Newark, Delaware: consent for The Chase Manhattan Bank, N.A., New York, New York, to purchase and hold, directly or indirectly, 120,000 additional shares of Saudi Invest-ment Banking Corporation, Jeddah, Saudi Arabia.

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

2/ Application subject to Canmunity Reinvestment Act.

Approved

Withdrawn

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H.2, 1979 No. 8 - 5 -

ACTIONS (F Uffi BQARD-Ccntinued

Manufacturers Hanover International Banking Corporation and Manufacturers Hanover International Finance Corpo-ration, New York, New York: permission to amend Article "Ninth" of their Articles of Association to delete the requirement that all directors must be citizens of the United States.

Marine Midland International Corporation, New York, New York: permission to amend Articles "Ninth" and "Tenth" of their Articles of Association deleting the requirements that all directors must be citizens of the United States and that a majority of their shares must be held by citizens of the United States.

Morgan Guaranty International Bank of Miami, Miami, Florida: permission to amend Article "Ninth" of its Articles of Association by deleting the requirement that all directors must be citizens of the United States.

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

Returned Assets, Inc., Alexander City, Alabama, for approval to acquire 73.7 per cent of the voting shares of Citibanc Group, Inc., Alexander City, Alabama. 2/

California Bancorp., Inc., Anaheim, California, for ap-proval to acquire 100 per cent (less directors1 qual-ifying shares) of the voting shares of Anaheim National Bank, Anaheim, California. 1/ & 2/

Metropolitan Bancorporation, Tampa, Florida, for approval to acquire 90 per cent or more of the voting shares of Metropolitan Bank and Trust Company, Tampa, Florida and 80 per cent or more of the voting shares of Bank of Holiday, Holiday, Florida. 2/

17 Application processed on behalf of the Board of Governors under delegated ~ authority. 2/ Application subject to Community Reinvestment Act.

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Suspended

Approved

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H.2, 1979 No. 8 6 -

ACTIONS CF TOE BOARD-Ccntinued

Bownan Capital Co., Ctoaha, Nebraska, for approval to acquire 99 per cent or more of the voting shares of First National Bank of Bowman, Bcwraan, North Dakota. 2/

Diversified Financial Services, Inc., Otis, Kansas, for approval to acquire 92.1 per cent of the voting shares of Otis State Bank, Otis, Kansas. 1/ & 2/

Minatare State Company, Minatare, Nebraska, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of The Minatare State Bank, Minatare, Nebraska. 1/ & 2/

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

Approved Security BancShares of Montana, Inc., Billings, Montana, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Rimrock Bank of Billings, Billings, Montana. 2/

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

. of 1956 Approved

First National Lincoln Corp., Lincoln, Nebraska, for ap-proval to retain 57 per cent of the voting shares of First State BancShares, Inc., Soottsbluff, Nebraska. y

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

2/ Application subject to Catriunity Reinvestment Act.


H.2, 1979 No. 8 - 7 -

ACTIONS OF THE BQAICt-Ccntinued

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

Returned Assets, Inc., Alexander City, Alabama, for approval to acquire the shares of Citibanc Computer Systems, Inc., Alexander City, Alabama.

Assets, Inc., Alexander City, Alabama, for approval to engage in leasing activities through Citibanc Group, Inc., Alexander City, Alabama.

Assets, Inc., Alexander City, Alabama, for approval to acquire the shares of The Citibanc Money Store, Inc., Alexander City, Alabama.

Assets, Inc., Alexander City, Alabama, for approval to engage in acting as agent or broker for the sale of credit life or accident and health insurance related to extensions of credit with its subsidiary banks through Citibanc Group, Inc., Alexander City, Alabama.

Midland Mortgage Corporation, Detroit, Michigan, notifi-cation of intent to engage in de novo activities (ser-vicing loans and other extensions of credit for any person or entity) at 350 First National Building, Detroit, Michigan, through a subsidiary, Midland Mortgage Service Corporation (2/22/79) 3/

Third National Corporation, Nashville, Tennessee, for approval to engage in insurance underwriting activities as reinsurer through a subsidiary, Third National Life Insurance Company, Phoenix, Arizona.

Maryland National Corporation, Baltimore, Maryland, for approval for its subsidiary, Maryland National Leasing Corporation, to form a joint venture with General Electric Credit Corporation, and to acquire voting shares of GEGC and MN Leasing Corporation, Stamford, Connecticut, a de novo corporation that would engage in the activities of leasing personal and real prop-erty.

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

Approved

Denied


H.2, 1979 No. 8 - 8 -

ACTTCNS OF THE BOARD-Continued

Delayed Old Stone Corporation, Providence, Rhode Island, noti-fication of intent to engage in de novo activities (making mortgage loans, consumer~installment loans, consumer demand loans, and accepting savings deposits in the manner authorized by Massachusetts State Law for Morris Plan Banking Companies; in connection with extensions of credit, making available to borrowers credit life insurance under a group policy) at 174 Taunton Avenue (Route 44), Seekonk, Massachusetts, through its indirect subsidiary, Old Stone Banking Company of Bristol County, New Bedford, Massachusetts, which is a wholly-cwned subsidiary of Old Stone Cor-poration's direct subsidiary, Can. & Fin. Services Corp., Providence, Rhode Island (2/21/79) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (acting as agent or broker for the sale of property and casualty insurance which is directly related to an extension of credit or the provision of other financial services by Advance Mortgage Corporation, generally with regard to mobile hones and one-to-four family residences, and to include liability coverage in homeowner "package" policies where such is the general practice) at 9247 North Meridian Street, Indianapolis, Indiana, through its subsidiary, Advance Insurance Agency, Inc. at offices of Advance Mortgage Corporation in Cleveland, Dayton and Cincinnati, Ohio (2/14/79) 3/

Centran Corporation, Cleveland, Ohio, notification of intent to engage in de novo activities (the making or acquiring of consumer finance loans for its own account or the account of others (including loans to individuals secured by second mortgages or deeds of trust on residential property), the purchasing of installment sales contracts; the sale as agent of credit life insurance and health and accident insurance to borrowers at their request in connection with extensions of credit, the sale as agent of fire, inland marine, and extended coverage insurance on real property, furniture and household goods, and vehicular physical damage insurance cn vehicles taken as collateral on loans made or purchased, and the servicing of loans and other extensions of credit for any person) at Janaf Office Building, Janaf Shopping Center, Norfolk, Virginia, through its subsidiaries, Major Finance Corporation of Alexandria and Major Mortgage Corporation, wholly-owned subsidiaries of Centran Corporation (2/23/79) 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, 1979 No. 8 9

ACTIONS OF THE BQARD-Ccntinued

New Mexico Bancorporation, Inc., Santa Fe, New Mexico, notification of intent to engage in de novo activities (acting as agent or broker for the sale of life, acci-dent and health, property and casualty insurance which are directly related to extensions of credit by it or its bank subsidiaries and in the sale of any insurance for Applicant's banking subsidiaries; Applicant's in-surance activities will be limited to the sale, as agent or broker, of the following: insurance assuring repayment of an extension of credit in the event of death or disability of the borrower; insurance protecting the collateral in which the lender has acquired (directly or indirectly) a security interest; insurance sold to individual borrowers in conjunction with or as part of an insurance package with insurance protecting collat-eral; insurance purchased by bank subsidiaries to provide surety, liability or casualty protection for bank subsidiaries) such activities will be conducted at the main offices of the holding company's banking subsidiaries at: First National Bank of Santa Fe, Santa Fe, New Mexico, Fidelity National Bank, Albuquerque, New Mexico and First State Bank of Taos, Taos, New Mexico (2/22/79) 3/

First Chicago Corporation, Chicago, Illinois, 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 secured by real estate mortgages and servicing such loans and other extensions of credit) at 1101 17th Street, N.W., Washington, D.C., through its subsidiary, First Chicago Realty Services Corporation (2/23/79) 3/

First Chicago Corporation, Chicago, Illinois, 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 secured by real estate mortgages and servicing such loans and other extensions of credit) at 11 Milam Building, Houston, Texas, through its subsidiary, First Chicago Realty Services Corporation (2/23/79) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (making consumer install-ment personal loans, purchasing and servicing for its own account consumer installment sales finance contracts, making loans for the account of others such as one-to-

Reactivated

Permitted

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, 1979 No. 8 - 1 0 -ACTTCNS (F THE BQARD-Ccntinued

family unit mortgage loans, making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other than personal, family or household usage; the sale of credit related life and accident and health or decreasing or level (in the case of single payment loans) tern life insurance and the sale of credit related property and casualty insurance (to include liability coverage on hone and automobile policies where such is the general practice) by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life in-surance and accident and health insurance m y be re-insured by Gateway Life Insurance Company (new known as Family Guardian Life Insurance Company), an affiliate of Citicorp Person-to-Person Financial Center, Inc.) at Financial Plaza Office Building, 1661 Hanover, City of Industry, California and Four Seasons Office Building, 4827 Sepulveda Boulevard, Sherman Oaks, California, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (2/23/79) 3/

Citicorp, New York, New York, notification of intent to engage in de novo activities (making consumer install-ment personal loans, purchasing and servicing for its own account consumer installment sales finance con-tracts, making loans for the account of others, such as one-to-four family unit mortgage loans, making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other than personal, family or household usage; the sale of credit related life and accident and health or decreasing or level (in the case of single payment loans) term life insurance, and the sale of credit related properly and casualty insurance (to include liability coverage on heme and automobile policies where such is the general practice) by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations) at 4730 West 109 Street, Suite 398, Overland Park, Kansas, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (2/22/79) 3/

Lincoln First Banks Inc., Rochester, New York, notifica-tion 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 commercial finance or factoring

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, 1979 No. 8 - 1 1 -

aCTIONS CF TOE BQARD-Continued

conpany; such activities will include making advances on demand to various domestic ccrrmercial customers secured by assignments of accounts receivable, inven-tory, equipment, and other collateral; servicing loans and other extensions of credit for any person) at 183 Main Street, Rochester, New York, through its subsidiary, Lincoln First Commercial Corporation (2/22/79) 3/

Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (arranging, making or acquiring for its own account or for the account of others, loans and other extensions of credit secured by second mortgages on residential real property such as would be made by a consumer finance company; securing such loans and other exten-sions of credit for any person; and acting as an agent or broker for the sale of credit life insurance which is related to such loans and extensions of credit made, acquired or serviced by The Financial Source, Inc. of New Jersey) at Virginia Avenue & Marsden Avenue, Penns Grove; Williams town and Sicklerville Road, Sicklerville; 29 West White Horse Pike, Berlin; 2620 Federal Street, Camden; 1638 Kings Highway, Store #4, Cherry Hill; 3 Kings Highway East, Haddonfield; 285 S. Church Street, Moorestcwn; 13 Commerce Walk, Lambertville; Route 130, Willingboro; Cornwell Drive and Maple Avenue, Bridgeton; 214 Bellevue Avenue, Harrmcnton; 430 Bridgeton Pike, Mantua; Black Horse Pike and Doughty Road, Pleasantville; and 38 West land is Avenue, Vineland; all in New Jersey, through its subsidiary, Hitter Financial Corporation (2/18/79) 1/

Union Trust Bancorp, Baltimore, 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 may be subject to one or more encumbrances or other leasehold interests; 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 Suite 107, 111 Baptist Street, Salisbury, Maryland, through its subsidiary, Union Heme Loan Corporation (2/24/79) 3/

St. Joseph Bank and Trust Company, South Bend, Indiana, notification of intent to engage in de novo activities (originating, acquiring, selling and servicing of residential, commercial and industrial mortgage loans) in Olyitpia Fields, Illinois, through a subsidiary, St. Joseph Mortgage Co., Inc., South Bend, Indiana (2/24/79) 3/

3/ 51c) (8) or 4(c) U^) notification processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1979 No. 8 12

ACTIONS OF THE BOARD-Continued

Missouri Country Banc shares, Inc., Liberal, Missouri, no-tification of intent to engage in de_ novo activities (acting as agent or broker for the sale of property and casualty insurance and credit life and accident and health insurance which are directly related to extensions of credit by its bank subsidiary, Citizens Bank of Liberal, Liberal, Missouri; and in the sale of any insurance for Applicant's banking subsidiary; Applicant's insurance activities will be limited to the sale, as agent or broker, of the following: in-surance protecting the collateral in which the bank has acquired (directly or indirectly) a security in-terest; insurance sold to individual borrowers in conjunction with, or as part of an insurance package with, insurance protecting collateral; reducing term or level term credit life insurance, either joint or single life, and accident and health insurance coverages to bank subsidiary borrowing customers; and insurance purchased by bank subsidiary to provide surety, lia-bility or casualty protection for bank subsidiaries) activities will be conducted on the premises of Citizens Bank of Liberal, Liberal, Missouri (2/22/79) 3/

First Security National Corporation, Beaumont, Texas, notification of intent to engage in de novo activities (provide financially related data processing services primarily for banks, savings and loan associations and credit unions and to provide bookkeeping or other data processing services for the internal operations of the holding company and its subsidiaries) at 1705 East 29th Street, Bryan, Texas, through a division known as First Security Financial Systems, Bryan, Texas (2/22/79)

Old National Bancorporation, Spokane, Washington, 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 including the making of consumer installment loans, purchasing consumer installment loans, purchasing consumer installment sales finance contracts and the making of loans to small businesses; acting as an insurance agent or broker for the purpose of selling credit life and credit accident and health insurance in connection with extensions of credit by Old National Financial Services, Inc., secured or unsecured, and acting as an agent or broker for the purpose of selling

2/

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, 1979 No. 8 - 1 3 -

ACTICNS OF THE BCftRD-Contnued

property and casualty insurance on personal property subject to security interests held by Old National Financial Services, Inc.) at 798 Cass Street, Monterey, California, through its subsidiary, Old National Fi-nancial Services, Inc. and (acting as an insurance agent or broker for the purpose of selling credit life and credit accident and health insurance in connection with extensions of credit by Old National Financial Services, Inc., secured and unsecured, and acting as an agent or broker for the purposes of selling property and casualty insurance on personal property subject to security interests held by Old National Financial Services, Inc.) at 798 Cass Street, Monterey, Cali-fornia, through its subsidiary, Union Securities Co. (2/22/79) 3/

Western Bancorporation, Los Angeles, California, notifi-cation of intent to engage in de novo activities (mak-ing or acquiring real estate or construction loans for its own account or for the account of others; selling or servicing real estate or construction loans for its own account or for the account of others? conducting such related activities as are incidental to the mort-gage banking business; and acting as insurance agent or broker with respect to credit life and credit acci-dent and health insurance, and mortgage disability and mortgage redemption insurance directly related to ex-tensions of credit or the provision of other financial services by Western Bancorporation or its subsidiaries) at 1515 Arapahoe Street, Denver, Colorado, through its subsidiary, Western Bancorp Mortgage Company (2/18/79) 3/

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

Permitted Baldwin-United Corporation, Cincinnati, Ohio, notifica-tion of intent to acquire, through its wholly-cwned subsidiary, Baldwin Piano & Organ Ccmpany, approximately 35 per cent of the assets of Kustcm Electronics, Inc., whose principal offices are located at 11700 West 85th Street, Shawnee Mission, Kansas; Kustcm Electronics, Inc. is engaged in the manufacture and sale of electronic musical instruments, amplifiers and public address systems and speakers (2/22/79) 3/

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, 1979 No. 8 - 1 4 -

APPLICATIONS RECEIVED

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

Chemical Bank, New York, New York. Branch to be es-tablished on the first floor of the main building of Columbia Presbyterian Medical Center, New York. 2/

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

Union Colony Bank, Greeley, Colorado. 2/

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

Union First National Bank of Washington, Washington, D.C.: permission to establish a branch at Nassau, Bahamas.

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

First Busey Corporation, Urbana, Illinois, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Busey First National Bank, Urbana, Illinois. 2/

Kerndt Bank Services, Inc., Lansing, Iowa, for approval to acquire 98.125 per cent of the voting shares of Kerndt Brothers Savings Bank, Lansing, Iowa. 2/

Caneyville Bancshares, Inc., Caneyville, Kentucky, for approval to acquire 99.1 per cent of the voting shares (less directors1 qualifying shares) of Bank of Caneyville, Caneyville, Kentucky. 2/

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27 Application subject to Community Reinvestment Act.


H.2, 1979 No. 8 - 1 5 -

APPLICATICNS RBCEIVED-Ccntlnued

Attica Bank Corporation, Attica, Kansas, for approval to acquire 96.67 per cent (less directors' qualifying shares) of the voting shares of The First National Bank of Attica, Attica, Kansas. 2/

First Bancorp in Davidson, Inc., Davidson, Oklahoma, for approval to acquire 80 per cent or more of the voting shares of First State Bank in Davidson, Davidson, Oklahoma. 2/

Wood & Huston Bancorporation, Inc., Marshall, Missouri, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Wood & Huston Bank, Marshall, Missouri and Missouri Southern Bank, Vfest Plains, Missouri, a proposed new bank. 2/

Mainland Bancshares, Inc., La Marque, Texas, for approval to acquire 80-100 per cent of the voting shares of The First Bank of La Marque, La Marque, Texas. 2/

Muleshoe Bancshares, Inc., Muleshoe, Texas, for approval to acquire 80-100 per cent of the voting shares of First National Bank of Muleshoe, Muleshoe, Texas. 2/

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

Zions Utah Bancorporation, Salt Lake City, Utah, for ap-proval to acquire 98.8 per cent of the voting shares of Zions First National Bank of Cedar City, Cedar City, Utah, a proposed new bank. 2/

To Expand a Bank Holding Ccnpany 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 (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 related economic data such as performing payroll, accounts receivable or payable, or billing services) at 399 Park Avenue, New York, New York, through its subsidiary, Citishare Corporation (2/23/79) 3/

27 Application subject to Community Reinvestment Act. 3/ 4(c) (8) or 4(c) (12) notification processed by Reserve Bank on behalf

of the Board of Governors under delegated authority.

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

H.2, 1979 No. 8 16

APPLICATIONS KEXEIVED-Continued

Mellon National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de novo activities (general consumer finance activities including acting as insurance agent with respect to the sale of credit life insurance, credit accident and health insurance, and credit property insurance) at 3788 South East Street, Indianapolis, Indiana and 2120 State Road 109 South, Anderson, Indiana, through its wholly-owned subsidiary, Freedom Financial Services Corporation, Oak Brook, Illinois (2/20/79) 3/

Montgomery Bancorporation, Inc., Mt. Sterling, Kentucky, notification of intent to engage in de novo activities (acting as agent or broker for the sale of life, acci-dent and health, property and casualty insurance which are directly related to extensions of credit by its bank subsidiary and in the sale of any insurance to the company's banking subsidiary) such activities will be conducted on the premises of the subsidiary bank, Montgomery Bank and Trust Company, Mt. Sterling, Kentucky (2/20/79) 3/

Virginia National Bankshares, Inc., Norfolk, Virginia, notification of intent to engage in de novo activities (making, acquiring, and servicing for its own account or for the account of others, loans secured princi-pally by second mortgages on real property; and acting as an agent in the sale of credit life insurance and accident and health insurance in connection with such loans) at 2030 Colonial Avenue, S.W., Roanoke, Virginia, through its subsidiary, VNB Equity Corporation (2/2/79)

Tennessee Valley Bancorp, Inc., Nashville, Tennessee, notification of intent to engage in de novo activities

. (acting as insurance agent or broker for the sale of the following kinds of life, accident and health, and physical damage insurance which are directly related to extensions of credit by the bank and non-bank sub-sidiaries of Tennessee Valley Bancorp, Inc.: insur-ance assuring repayment of an extension of credit in the event of death or disability of the borrower, and insurance protecting the collateral in which the lender has acquired a security interest) in Nashville, Elizabethton, Chattanooga, Lawrenceburg, Memphis,

y

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


APPLICATICNS BEXZEIVED-Continiied

Murfreesboro, Gallatin, Greeneville, Clarksville, Johnson City, Union City, MdEwen, Camden, Colunbia, Lebanon, Sparta, Springfield, Tennessee, and also Phoenix, Arizona, through a subsidiary, Tennessee Volunteer Insurance Agency, Inc. (2/22/79) 3/

Commerce Companies, Inc., Topeka, Kansas, notification of intent to transfer the credit-related insurance agency activities conducted by its subsidiary bank, Commerce Bank and Trust, Topeka, Kansas, which were previously commenced de novo to the bank holding company (the kinds of insurance coverages sold are reducing term credit life insurance and credit accident and health insurance, level term credit life insurance on single payment notes, hazard or property and casualty insurance which protects collateral securing loans made by the bank, which include fire, hail, and wind peril coverages, and insurance which is sold to individual borrowers in conjunction with or as a part of an insurance package including liability insurance sold in conjunction with insurance relating to physical damage of an automobile purchase which is financed by the bank and homeowner's insurance policies with respect to a residence mortgaged by the bank) such activities will be conducted on the premises of the subsidiary bank located at 31st and South Topeka Avenue, Topeka, Kansas (2/21/79) 3/

Kansas City Bancshares, Inc., Kansas City, Missouri, no-tification of intent to engage in de novo activities (acting as an agent or broker in the sale of any in-surance for its bank subsidiaries, Kansas City Bank & Trust Co., Kansas City, Missouri and Westport Bank, Kansas City, Missouri, and for the sale of credit life insurance, accident and health insurance, property and casualty insurance which is directly related to exten-sions of credit by its bank subsidiaries) these activities will be conducted on the premises of the two subsidiary banks (2/22/79) 3/

First Bancorporation, Salt Lake City, Utah, notification of intent to engage in de novo activities (the indus-trial loan business under the provisions of Title 7, Chapter 8, Utah Code Annotated 1953, as amended; and act as agent for the sale of life, accident or health insurance sold in connection with extensions of credit by Foothill Thrift and Loan) at 1304 Foothill Drive, Salt Lake City, Utah, through its subsidiary, Foothill Thrift and Loan (2/16/79) 3/

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


I I

H.2, 1979 No. 8 - 1 8 -

KEPOKIS RECEIVED None.

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PETITIONS FOR RULEMAKING None.

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

h2_19790224.pdf

Documents

bank premises

national bank

ashville bank

citizens bank

federal reserve bank

bank of belle fourche

proposed new bank

y southern bank