h2_19741123.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on H.2 1974 No. 47 During the Week Ending November 23, 1974

District pate

Proxy Statement (Special Meeting) Filed Pursuant to Section 14(a) of the Securities Exchange Act

Received 4 The Ohio Citizens Trust Company, Toledo, Ohio 11-20-74

* * * * *

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

Received 6 Trust Company of Georgia, Atlanta, Georgia 11-18-74

* * * * *

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

Received 5 Pee Dee State Bank, Timmonsville, South Carolina

5 Nova Bank and Trust Company, Springfield, Virginia

Approved 5 *Pee Dee State Bank, Timmonsville, South Carolina

* * * * *

*Application processed by the Reserve Bank 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 1974 No. 47

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

Received The Trust Company of New Jersey, Jersey City, New Jersey.

Branches to be established at the following locations:

A. To be established at 946-8 Bloomfield Avenue, Glen Ridge, New Jersey.

B. To be established in the Edison Mall, Route 1, Edison, New Jersey.

Commerce Union Bank Chattanooga, Chattanooga, Tennessee. Branch to be established at the corner of Brainerd Road and Springcreek Road, Chattanooga.

Commerce Union Bank of Rutherford County, Murfreesboro, Tennessee. Branches to be established at the following locations:

A. To be established at 802 Memorial Boulevard.

B. To be established at 707 South Tennessee Boulevard.

Commerce Union Bank of Lawrence County, Lawrenceburg, Tennessee. Branch to be established at 1225 North Locust Avenue, Lawrenceburg.

Commerce Union Bank of Sumner County, Gallatin, Tennessee. Branch to be established at Imperial Shopping Center on Gallatin Road, Hendersonville.

Commerce Union Bank of Memphis, Memphis, Tennessee. Branch to be established at 2670 Union Avenue Extended, Memphis, Shelby County.

Approved -Marine Midland Bank-New York, New York, New York. Branch to

be established on the Southwest corner of Northern Boulevard and Buttonwood Road, Unincorporated Area of Great Neck, Town of North Hempstead, Nassau County.

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


H.2 1974 No. 47 - 3

Approved Cont1d -Barclays Bank of New York, New York, New York. Branch to

be established at One North Broadway, Tarrytown, Westchester County.

-Lincoln First Bank of Rochester, Rochester, New York. Branch to be established at 3701 Mt. Read Boulevard, (Wegman's Supermarket) Town of Greece, Monroe County.

-'First Trust and Deposit Company, Syracuse, New York. Branch to be established at 750 West Genesee, Syracuse, Onondaga County.

''The Peoples Bank and Trust Company, Richmond, Virginia. Branch to be established at 3720 Merchanicsville Pike, Henrico County.

-Commerce Union Bank, Nashville, Tennessee. Branch to be established at the intersection of Gallatin Pike and Stratford Avenue, Nashville.

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

Received 5 Nova Bank and Trust Company, Springfield, Virginia

for prior approval to merge with The Northern Virginia Bank, Springfield, Virginia.

''"Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.


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

Received New Virginia Bancorporation, Springfield, Virginia, for

approval to acquire 100 per cent of the voting shares of the successor by merger to The Northern Virginia Bank, Springfield, Virginia.

Dexter Banking Company, Dexter, Kansas, for approval to acquire 95 per cent of the voting shares of The Farmers & Merchants State Bank of Dexter, Kansas, Dexter, Kansas.

Edwardsville Bank-Shares, Inc., Edwardsville, Kansas, for approval to acquire 88 per cent of the voting shares of The Edwardsville State Bank, Edwardsville, Kansas.

First Western Corporation, Casper, Wyoming, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of the successor by merger to Western National Bank of Casper, Casper, Wyoming.

Durant Bancorporation, Inc., Durant, Oklahoma, for ap-proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The Durant Bank & Trust Company, Durant, Oklahoma.

Approved First West Virginia Bancorp, Inc., Wheeling, West Virginia,

for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successors by merger to The Bank of Warwood, National Association, and Community Savings Bank, National Association, both located in Wheeling, West Virginia.

M. G. Bancorporation, Inc., Chicago, Illinois, for ap-proval to acquire 90 per cent or more of the voting shares of Mount Greenwood Bank, Chicago, Illinois.

POLO BANCORP, INC., Polo, Illinois, for approval to ac-quire 97.2 per cent of the voting shares of The Polo National Bank, Polo, Illinois.

Second Bancorporation, Eldora, Iowa, for approval to acquire 100 per cent of the voting shares (less di-rectors' qualifying shares) of Second National Bank, Eldora, Iowa.


Approved Continued Wisdom Holding Corporation, Salem, Missouri, for ap

proval to acquire 81 per cent or more of the voting shares of The Bank of Bunker, Bunker, Missouri, and 100 per cent (less directors1 qualifying shares) of Dent County Bank, Salem, Missouri.

Withdrawn On H.2 No. 38 (1974), the Board reported receipt of an

application from Financial Services Holding Corporation, Wichita, Kansas, for approval to acquire the shares of Seneca State Bank of Wichita, Wichita, Kansas. In a letter dated November 13, 1974, Applicant requested that the application be withdrawn.

On H.2 No. 34 (1974), the Board reported receipt of an application from United Bancshares of Nebraska, Inc., Lincoln, Nebraska, for approval to acquire 100 per cent (less directors1 qualifying shares) of the voting shares of Old Mill National Bank, Douglas County, Nebraska, a proposed new bank. In a letter dated November 8, 1974, Applicant requested that the application be withdrawn.

* * * * *

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

Received First State Banking Corporation, Miami, Florida, for

approval to acquire 100 per cent (less directorsT

qualifying shares) of the voting shares of North Miami First State Bank, North Miami, Florida, a proposed new bank.

Ameribanc, Inc., St. Joseph, Missouri, for approval to acquire 84 per cent or more of the voting shares of Bank of Higginsville, Higginsville, Missouri.

Commerce Bancshares, Inc., Kansas City, Missouri, for approval to acquire 50.9 per cent of the voting shares of Barry County Bank, Cassville, Missouri.


H.2 1974 No. 47 - 6 -

Approved 6 Pan American Bancshares, Inc., Miami, Florida, for ap-

proval to acquire 80 per cent or more of the voting shares of Pan American Bank of Kendale Lakes, National Association, Dade County, Florida, a proposed new bank.

8 County National Bancorporation, Clayton, Missouri, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of First National Bank of Arnold, Arnold, Missouri, a proposed new bank.

8 Mercantile Bancorporation Inc., St. Louis, Missouri, for approval to acquire at least 90 per cent of the voting shares (plus directors' qualifying shares) of Salisbury Savings Bank, Salisbury, Missouri.

Returned 12 First Security Corporation, Salt Lake City, Utah, for

approval to acquire shares of First Security State Bank of Kaysville, Kaysville, Utah, a proposed new bank.

Withdrawn 4 On H.2 No. 42 (1974), the Board reported receipt of an

application from BancOhio Corporation, Columbus, Ohio, for approval to acquire 100 per cent (less directors1

qualifying shares) of the voting shares of the successor by merger to The Geauga County National Bank of Chardon, Chardon, Ohio. In a letter dated November 18, 1974, Applicant requested that the application be withdrawn.

* * * * *

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

Received Correction:

3 **Fidelcor, Inc., Rosemont, Pennsylvania, notification 10-21-74 of intent to engage through its proposed indirect subsidiary, Wayland Agency, Inc., and its existing in-direct subsidiary, Local Finance Company of Florida in the following de novo activities: Wayland will

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


H.2 1974 No. 47

Received Continued act as insurance agent or broker through which insurance may be placed by Local; this insurance will be limited to the sale of insurance that is directly related to an extension of credit which Local may make available to its customers, including credit life and credit accident and health insurance and insurance protecting collateral securing extensions of credit (direct loss or damage caused by fire or lightning, extended coverage, loss by robbery or burglary, coverage on household goods, and additional living expense coverage sold to individual borrowers as part of the insurance package that covers such household goods, but in no event to include lia-bility insurance); the insurance agent or broker activ-ity will be conducted at the existing office of or in an office adjacent to Local Management Corporation (an indirect subsidiary of Fidelcor) 179 Wayland Avenue, Providence, Rhode Island; Local Finance Company of Florida offices are at the following locations in Florida: 2212 First Street, Bradenton; 703 Mason Avenue, Daytona Beach; 4460 Cleveland Avenue, Fort Myers; 1365 Cassat Avenue, Jacksonville; 10031 Atlantic Boulevard, Jacksonville; 1600 East Spacecoast Parkway, Kissimmee; 1508 South Harbor City Boulevard, Melbourne; 9353 S.W. 40th Street, Miami; 3033 Coral Way, Miami; 901 N.E. 79th Street, Miami; 1415 1/2 Lisenby Avenue, Panama City; 4162 S. Tamiami Trail, Sarasota; 3348 Tyrone Boulevard, St. Petersburg; 3092 M Aloma Avenue, Winter Park; and 1450 Eight Avenue, Vero Beach.

Correction: 3 **Fidelcor, Inc., Rosemont, Pennsylvania, notification of 10-10-74

intent to engage through its proposed indirect sub-sidiary, Wayland Agency, Inc., and its existing indirect subsidiary, Local Finance Company of Florida in the following de novo activities: Wayland will act as insurance agent or broker through which insurance may be placed by Local; this insurance will be limited to the sale of insurance that is directly related to an ex-tension of credit which Local may make available to its customers, including credit life and credit accident and health insurance and insurance protecting collateral securing extensions of credit (direct loss or damage caused by fire or lightning, extended coverage, loss by robbery or burglary, coverage on household goods, and additional living expense coverage sold to individual

A*4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2 1974 No. 47

- 8 -

Received Continued borrowers as part of the insurance package that covers such household goods, but in no event to include lia-bility insurance); the insurance agent or broker activ-ity will be conducted at the existing office of or in an office adjacent to Local Management Corporation (an indirect subsidiary of Fidelcor) 179 Wayland Avenue, Providence, Rhode Island; Local Finance Company of Florida offices are at the following locations in Florida: Town & Country Plaza, Store 38A, Pensacola and 31 East Blue Heron Boulevard, Riviera Beach.

Correction: 3 **Fidelcor, Inc., Rosemont, Pennsylvania, notification of

intent to engage through its proposed indirect sub-sidiary, Wayland Agency, Inc., and its existing indirect subsidiary, Local Finance Company of Florida in the following de novo activities: Wayland will act as in-surance agent or broker through which insurance may be placed by Local; this insurance will be limited to the sale of insurance that is directly related to an ex-tension of credit which Local may make available to its customers, including credit life and credit accident and health insurance and insurance protecting collateral securing extensions of credit (direct loss or damage caused by fire or lightning, extended coverage, loss by robbery or burglary, coverage on household goods, and additional living expense coverage sold to individual borrowers as part of the insurance package that covers such household goods, but in no event to include lia-bility insurance); the insurance agent or broker activ-ity will be conducted at the existing office of or in an office adjacent to Local Management Corporation, (an indirect subsidiary of Fidelcor) 179 Wayland Avenue, Providence, Rhode Island; Local Finance Company of Florida offices are at the following locations in Florida 1121 Pinehurst Road, Dunedin; 407 E. Broward Boulevard, Fort Lauderdale; 5114 E. Fowler Avenue, Tampa; and 4034 West Kennedy Boulevard, Tampa.

5 **South Carolina National Corporation, Columbia, South Carolina, notification of intent to engage in a cle novo activity (financing of insurance premiums) in Jackson-ville Beach, Florida, through a subsidiary, Acceptance Premium Company.



H.2 1974 No. 47 _ g _

Received Continued 6 **First Commerce Corporation, New Orleans, Louisiana, 11-20-74

notification of intent to engage in de novo activities (servicing loans and other extensions of credit for any person) at 821 Gravier Street, New Orleans, Louisiana, through a subsidiary, First Investment Advisors, Inc.

6 **First Commerce Corporation, New Orleans, Louisiana, noti- 11-20-74 fication of intent to engage in de novo activities (mak-ing or acquiring, for its own account or for the account of others, loans and other extensions of credit; and acting as agent or broker in the sale of credit life and credit accident and health insurance incidental to such extensions of credit) at 134 North Market Street, Shreve-port, Louisiana, through a subsidiary, First Money, Inc.

6 **First Commerce Corporation, New Orleans, Louisiana, notifi- 11-20-74 cation of intent to engage in d<e novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit including issuing letters of credit and accepting drafts) at 210 Baronne Street and 821 Gravier Street, New Orleans, Louisiana.

10 D. H. Baldwin Company, Cincinnati, Ohio, for approval to acquire up to 51 per cent of the shares of Computer Congenerics Corporation of Colorado, Denver, Colorado, through a joint venture with Computer Congenerics Cor-poration, Oklahoma City, Oklahoma.

10 Dexter Banking Company, Dexter, Kansas, for approval to retain the assets of the former Kemp-McFall Agency, Dexter, Kansas.

10 Edwardsville Bank-Shares, Inc., Edwardsville, Kansas, for approval to acquire certain assets of the Steffey Agency, Edwardsville, Kansas.

10 **Peoples Credit Co., Kansas City, Missouri, notification 11-20-74 of intent to engage in de novo activities (making and servicing consumer loans, such as made by a finance company) on the premises of the Metropolitan Bank, 3400 East Red Bridge Road, Kansas City, Missouri.



H. 2 1974 No. 47 - 10 -

Received Continued 11 **First International Bancshares, Inc., Dallas, Texas, noti- 11-22-74

fication of intent to continue to engage in de novo activities (providing bookkeeping and data processing services for the internal operations of Bancshares and its subsidiaries, storing and processing other banking, financial, and related economic, data, and performing such incidental activities as are necessary to carry on the foregoing activities) at 492 West Erwin Street, Tyler, Texas, through a subsidiary, First International Services Corporation, Tyler, Texas.

12 **BankAmerica Corporation, San Francisco, California, noti- 11-12-74 fication of intent to relocate the Pascagoula, Missis-sippi, office of its indirect subsidiary, FinanceAmerica Corporation (a Mississippi Corporation) a subsidiary of FinanceAmerica Corporation, San Francisco, California, which engages in (making of consumer installment loans and purchasing installment sales finance contracts, and making of loans to small businesses; acting as agent or broker for the sale of credit life/accident and dis-ability insurance and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) from 718 Delmas Avenue, Pascagoula to Woolco Shopping Center, 3521 Denny Avenue, Pascagoula, Mississippi.

Approved 5 United Carolina Bancshares Corporation, Whiteville, North

Carolina, for approval to engage in the activity of pro-viding management consulting advice on an explicit fee basis to nonaffiliated banks with respect to personnel operations and facilities planning.

6 Landmark Banking Corporation of Florida, Fort Lauderdale, Florida, for approval to acquire all of the voting shares of Robert Wilmoth Associates, Inc., Palm Beach, Florida.

8 Wisdom Holding Corporation, Salem, Missouri, for approval to acquire the insurance agency business owned and con-ducted as a sole proprietorship by Glen W. Wisdom, Salem, Missouri.

Delayed 2 **Citicorp, New York, New York, notification of intent to 11-20-74

engage in dj2 novo activities (making consumer install-ment personal loans, purchasing consumer installment



1974 No. 47 - 11 -

Delayed Continued sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Montana will offer to sell insurance as follows: (a) group credit life/ accident and health insurance to cover the outstanding balances of loans to borrowers in the event of their death, or, to make the contractual monthly payments on the loans in the event of the borrower's disability; (b) individual casualty insurance on property, generally automobiles and household goods, subject to security agreements with Nationwide; further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of Montana will not offer insurance coun-seling) at 18th Street and Grand Avenue, Billings, Montana, through its subsidiary, Nationwide Financial Corporation of Montana.

2 **Citicorp, New York, New York, notification of intent to 11-22-74 relocate its Salt Lake City, Utah, office and to engage in de novo activities (the sale of U.S. savings bonds, money orders, and travelerfs checks; consumer financial planning and counseling) from 3601 South 2700 West, Salt Lake City to 56 South Main Street, Salt Lake City, Utah, through a subsidiary of its subsidiary, Nationwide Fi-nancial Services Corporation, called Citicorp Person-to-Person Financial Center.

6 **Citizens and Southern Holding Company, Atlanta, Georgia, 11-19-74 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; and the servicing thereof, and in particular, loans se-cured by second or lesser mortgages on real and personal property, pursuant to North Carolina General Statutes 24-12 through 24-17 and loans unsecured by real property pursuant to North Carolina General Statutes 24-12) at 607 Peters Creek Parkway, Winston-Salem, North Carolina, through a subsidiary, State Mortgage Company of Winston.

Denied 7 Bankshares of Indiana, Inc., Merrillville, Indiana, for

approval to acquire all of the assets of Goodwin Brothers Leasing, Inc., Lexington, Kentucky.



H.2 1974 No. 47 - 12 -

Permitted 2 **Citicorp, New York, New York, notification of intent to 11-20-74

engage in de novo activities (purchasing and processing of consumer installment sales finance contracts; and will act as broker for the sale of consumer credit related life/accident and health insurance and consumer credit related property and casualty insurance on pur-chased consumer installment sales finance contracts; said insurance will only be offered when such trans-actions are the equivalent of direct extensions of consumer credit by the subsidiary; if this proposal is effected, the subsidiary will offer to sell insurance as follows: (a) group credit life/accident and health insurance to cover the outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payments of consumer in-stallment sales finance transactions in the event of the obligators' disability to the extent permissible under applicable State insurance laws and regulations; (b) individual casualty insurance on personal property subject to security agreements; further, in regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) at 725 Old Ballas Road, Creve Coeur, Missouri, through its sub-sidiary, Nationwide Financial Corporation of Missouri.

3 **Fidelcor, Inc., Rosemont, Pennsylvania, notification of 11-23-74 intent to engage through its proposed indirect sub-sidiary, Wayland Agency, Inc., and its existing indirect subsidiary, Local Finance Company of Florida in the following de novo activities: Wayland will act as in-surance agent or broker through which insurance may be placed by Local; this insurance will be limited to the sale of insurance that is directly related to an ex-tension of credit which Local may make available to its customers, including credit life and credit accident and health insurance and insurance protecting collateral securing extensions of credit (direct loss or damage caused by fire or lightning, extended coverage, loss by robbery or burglary, coverage on household goods, and additional living expense coverage sold to individual borrowers as part of the insurance package that covers



• • H. 2 1974 No. 47 - 13 -

Permitted Continued such household goods, but in no event to include lia-bility insurance); the insurance agent or broker activ-ity will be conducted at the existing office of or in an office adjacent to Local Management Corporation (an indirect subsidiary of Fidelcor) 179 Wayland Avenue, Providence, Rhode Island; Local Finance Company of Florida offices are at the following locations in Florida: 2212 First Street, Bradenton; 703 Mason Avenue, Daytona Beach; 4460 Cleveland Avenue, Fort Myers; 1365 Cassat Avenue, Jacksonville; 10031 Atlantic Boulevard, Jacksonville; 1600 East Spacecoast Parkway, Kissimmee; 1508 South Harbor City Boulevard, Melbourne; 9353 S.W. 40th Street, Miami; 3033 Coral Way, Miami; 901 N.E. 79th Street, Miami; 1415 1/2 Lisenby Avenue, Panama City; 4162 S. Tamiami Trail, Sarasota; 3348 Tyrone Boulevard, St. Petersburg; 3092 M Aloma Avenue, Winter Park; and 1450 Eighth Avenue, Vero Beach.

6 **Sun Banks of Florida, Inc., Orlando, Florida, notification 11-21-74 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 200 South Orange Avenue, Orlando, Florida.

7 **First Chicago Corporation, Chicago, Illinois, notification 11-18-74 of intent to engage in de novo activities (leasing real property, or acting as agent, broker, or adviser in leasing such property, 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 lessor's full investment in the property plus the estimated total cost of financing the property over the term of the lease) through subsidiaries known as: First Chicago Realty Services Corporation in Chicago, Illinois; Atlanta, Georgia; and Los Angeles, California; and First Chicago Leasing Corporation in Chicago, Illinois.

10 **Affiliated Bankshares of Colorado, Inc., Boulder, Colorado, 11-22-74 notification of intent to shift a de_ novo activity (data processing) from First Colorado Bankservices, Inc., Littleton, Colorado, a wholly-owned data processing sub-sidiary of four of Applicant's subsidiary banks, to Affiliated Banks Service Co., Thornton, Colorado, a wholly-owned data processing subsidiary of Applicant.



H.2 1974 No. 47 - 1 4 -

Permitted Continued 12 **Marine Bancorporation, Seattle, Washington, notification 11-18-74

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 sales finance contracts and making of loans to small businesses; leasing personal property and equipment, or acting as agent, broker, or adviser in leasing 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 lessorTs full investment in the property plus the estimated total cost of financing the property over the term of the lease, from: (1) rentals; (2) estimated tax benefits (investment tax credit, net economic gain from tax deferral from accelerated de-preciation, and other tax benefits with a substantially similar effect); (3) the estimated residual value of the property at the expiration of the initial term of the lease, which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor; and (4) in the case of a lease of not more than 7 years in duration, such additional amount, which shall not exceed 60 per cent of the acquisition cost of the property, as may be provided by an unconditional guarantee by a lessee, independent third party, or manufacturer, which has been determined by the lessor to have the financial resources to meet such obligation, that will assure the lessor of recovery of its investment and cost of fi-nancing) at 16625 Redmond Way, Redmond, Washington, through its subsidiary, Commerce Credit Company.

12 **Marine Bancorporation, Seattle, Washington, notification 11-18-74 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 sales finance contracts and making of loans to small businesses; leasing personal property and equipment, or acting as agent, broker, or adviser in leasing 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 lessor's full investment in the property plus the



• • H. 2 1974 No. 47 - 15 -

Permitted Continued estimated total cost of financing the property over the term of the lease, from: (1) rentals; (2) estimated tax benefits (.investment tax credit, net economic gain from tax deferral from accelerated depreciation, and other tax benifits with a substantially similar effect); (3) the estimated residual value of the property at the expiration of the initial term of the lease, which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor; and (4) in the case of a lease of not more than 7 years in duration such addi-tional amount, which shall not exceed 60 per cent of the acquisition cost of the property, as may be provided by an unconditional guarantee by a lessee, independent third party, or manufacturer, which has been determined by the lessor to have the financial resources to meet such obligation, that will assure the lessor of recovery of its investment and cost of financing; acting as insurance agent or broker with regard to credit life and disability insurance relating only to extensions of credit by Commerce Credit Company, secured or unsecured, with the limitation that the initial amount of such insurance issued with respect to any debtors may not exceed the amount owed by such debtors) at 50 Old Court-house Square, Santa Rosa, California, through its sub-sidiary, Commerce Credit Company.

12 **Security Pacific Corporation, Los Angeles, California, 11-23-74 notification of intent to engage in dje novo activities (making or acquiring, for its own account or for the account of others, loans and other extensions of credit, including making consumer installment personal loans, purchasing consumer installment sales finance contracts, and making loans to small businesses; and acting as broker or agent for the sale of consumer related life/ accident and health insurance and consumer related prop-erty and casualty insurance) at 7255 Irving Street, Westminster, Colorado, through its subsidiary, Security Pacific Finance Corp.

12 **Washington Bancshares, Inc., Spokane, Washington, noti- 11-18-74 fication of intent to engage in die novo activities (leasing of personal property and equipment and acting as agent, broker, or adviser in leasing personal prop-erty and equipment) at 1200 Westlake Avenue North, Seattle, Washington, through its subsidiary, Old National Leasing Company.



e H.2 1974 No. 47 - 16 -

Reactivated 2 **Manufacturers Hanover Corporation, New York, New York,

notification of intent to engage in de_ novo activities (leasing real and personal property on a full payout basis; and acting as agent, broker, or adviser in leasing such property; making and acquiring, for its own account or for the account of others, loans and other extensions of credit with respect to such property; and servicing such leases, loans, and other extensions of credit) at 600 Montgomery Street, San Francisco, Cali-fornia, through its subsidiary, Manufacturers Hanover Leasing Corporation.

Withdrawn 10 On H.2 No. 38 (1974), the Board reported receipt of an

application from Financial Services Holding Corporation, Wichita, Kansas, for approval to engage in the sale of credit life, credit accident and health, and single interest insurance. In a letter dated November 13, 1974, Applicant requested that the application be withdrawn.

10 **Fourth Financial Corporation, Wichita, Kansas, notification of intent to engage in de novo activities (the sale and underwriting of joint credit life insurance policies) in Wichita, Kansas, through a subsidiary, Fourth Financial Insurance Company, Phoenix, Arizona.

12 **Security Pacific Corporation, Los Angeles, California, 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, including making consumer installment personal loans, purchasing consumer installment sales finance contracts, and making loans to small businesses; and acting as broker or agent for the sale of consumer related life/ accident and health insurance and consumer related prop-erty and casualty insurance) at 17526 - 15th Avenue North East, Seattle, Washington, through its subsidiary, Security Pacific Finance Corp.

11-20-74

11-22-74

11—18—74



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