h2_19750412.pdf

H.2 1975 No. 15

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ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on

and All Other Actions of the Board

During the Week Ending April 12, 1975

Date

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

Received The Barter Bank & Trust Company, Canton, Ohio 4-7-75

Manufacturers Bank & Trust Company of St. Louis, St. Louis, Missouri 4-9-75

Union Bank, Los Angeles, California 4-11-75

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

Received Lincoln First Bank of Rochester, Rochester, New York. Branch to be established at 375 Driving Park Avenue, Wegman's Supermarket, Rochester, Monroe County.

Approved *Cape Cod Bank and Trust Company, Hyannis, Massachusetts.

Branch to be established at the Southeast corner of the intersection of Route 6A and Underpass Road, Brewster.

^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

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

Received The Chase Manhattan Bank, National Association, New York, New York: two additional branches in the Dominican Republic, one each to be located in Los Ninas and Avenida Bolivar, Santo Domingo.

First National City Bank, New York, New York: an additional branch in the United Arab Emirates, to be located in Ras A1 Khaimah.

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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

First National Bank of Boston, Boston, Massachusetts: an additional investment to maintain its 30 per cent investment in Banco de Boston Dominicano, Santo Domingo, Cominican Republic.

Marine Midland International Corporation, New York, New York: an additional investment in Arawak Trust Company (Cayman) Limited, Georgetown, Grand Cayman.

Bank of America, New York, New York: an additional invest ment to maintain its 50 per cent interest in Banco Comercial para America, Madrid, Spain.

Chemical International Finance, Ltd., New York, New York: a subordinated loan with options to maintain its 10 per cent interest in Development Underwriting Limited Sydney, Australia.

State Street Bank Boston International, New York, New York re: issuance of promissory notes payable to the Export-Import Bank of the United States.


H.2 1975 No. 15 - 3

International Investments Cont'd

7 The First National Bank of Chicago, Chicago, Illinois: an additional investment in a wholly-owned subsidiary, First Chicago Merchant Bank (Jamaica) Limited, Kingston, Jamaica.

11 First City National Bank of Houston, Houston, Texas: an additional investment in Rothschild Intercontinental Bank Limited, London, England.

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

Received The Lahdmands Corporation, Kimballton, Iowa, for ap-

proval to acquire 80 per cent or more of the voting shares of The Landmands National Bank of Kimballton, Kimballton, Iowa.

Peoples Bancorporation, Hampton, Iowa, for approval to acquire 86.5 per cent of the voting shares of Peoples Savings Bank, Elma, Iowa.

Approved The Bank of Nova Scotia, Toronto, Ontario, Canada, for

approval to acquire 75 per cent or more of the voting shares of Banco Mercantil de Puerto Rico, Inc., San Juan (Rio Pedras), Puerto Rico.

HOMEWOOD BANCORPORATION, INC. , Homewood, Illinois, for approval to acquire 95.16 per cent of the voting shares of Bank of Homewood, Homewood, Illinois.

Goose River Holding Company, Mayville, North Dakota, for approval to acquire 93.1 per cent or more of the voting shares of The Goose River Bank, Mayville, North Dakota.

Suspended First Union Corporation, Stillwater, Oklahoma, for ap-proval to acquire 80 per cent or more of the voting shares of The First National Bank and Trust Company of Stillwater, Stillwater, Oklahoma.

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

Received Bank of Virginia Company, Richmond, Virginia, for approval

to acquire 100 per cent of the voting shares of Bank of Virginia-Shenandoah, Winchester, Virginia, a proposed new bank, the successor by merger to Virginia Loan and Thrift Corporation, Winchester, Virginia.


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Received Continued First National Bankshares of Florida, Inc., Pompano Beach, Florida, for approval to acquire at least 80 per cent of the voting shares of First National Bank of New Smyrna Beach, New Smyrna Beach, Florida.

Country Agencies & Investments, Inc., Odessa, Missouri, for approval to acquire 26.3 per cent of the voting shares of Bunceton State Bank, Bunceton, Missouri.

Arizona Equities, Inc., Scottsdale, Arizona, for approval to acquire not more than 36 per cent of the voting shares of The Arizona Bank, Phoenix, Arizona.

Approved T.N.B. Financial Corp., Springfield, Massachusetts, for approval to acquire 100 per cent of the voting shares of Ware Trust Company, Ware, Massachusetts.

DETROITBANK Corporation, Detroit, Michigan, for approval to acquire 100 par cent of the voting shares (less directors' qualifying shares) of First National Bank of Warren, Warren, Michigan.

United Banks of Colorado, Inc., Denver, Colorado, for ap-proval to acquire 100 per cent of the voting shares (less directorsf qualifying shares) of United Bank of Monaco, N.A., Denver, Colorado, a proposed new bank.

United Banks of Colorado, Inc., Denver, Colorado, for ap-proval to acquire 97.5 per cent of the voting shares of United Bank of Steamboat Springs, Steamboat Springs, Colorado, a proposed new bank.

Texas American Bancshares Inc., Fort Worth, Texas, for ap-proval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of Gulf Southern National Bank, Houston, Texas, a proposed new bank.

Denied United Banks of Colorado, Inc., Denver, Colorado, for

approval to acquire 90 per cent or more of the voting shares of Republic National Bank of Englewood, Engle-wood, Colorado.


H. 2 1975 No. 15 - 6 ~

To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act of 1956

Received 6 American Bancshares, Incorporated, North Miami, Florida,

for approval to merge with ComBanks Corporation, Winter Park, Florida.

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

Received 6 American Bancshares, Incorporated, North Miami, Florida,

for approval to acquire the shares of ComBanks Data Processing Center, Winter Park, Florida.

6 American Bancshares, Incorporated, North Miami, Florida, for approval to acquire the shares of ComBanks Mortgage Company, Winter Park, Florida.

9 **First Bank System, Inc., Minneapolis, Minnesota, noti- 4-10-75 fication of intent to engage in cle novo activities (making direct consumer loans; and selling incidental credit-related insurance) at 1808 Main Street, Broken Arrow, Oklahoma, through a subsidiary, FBS Financial of Oklahoma, Inc.

11 Victoria Bankshares, Inc., Victoria, Texas, for approval to acquire 100 per cent of the voting shares of Central Computers, Inc., Victoria, Texas.

Approved 10 Correction:

Utica Bankshares Corporation, Tulsa, Oklahoma, for ap-proval to acquire 100 per cent of the voting shares of Allstates Capital Corporation, Tulsa, Oklahoma, and its subsidiaries, Allstates Leasing Corporation, Allstates Mortgage Company, and Allstates International Finance Corporation, Tulsa, Oklahoma.

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


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Denied 8 Memphis Trust Co., Memphis, Tennessee, for approval to

acquire 100 per cent of the voting shares of Homeowners Savings and Loan Association, Inc., Collierville, Tennessee.

Permitted 2 **Citicorp, New York, New York, notification of intent to 4- 7-75

engage in de_ novo activities (making consumer install-ment personal loans, purchasing consumer installment 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 will offer to sell in-surance 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 borrowers' disability; (b) individual physical damage insurance on personal property subject to security agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related insurance, Nationwide Financial Corpora-tion will not offer insurance counseling) at 18 Green Springs Highway, Homewood, Alabama, through its subsid-iary, Nationwide Financial Corporation.

2 **Citicorp, New York, New York, notification of intent to 4-11-75 relocate its Denver, Colorado office and to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment 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 Colorado 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 borrowers1 disability; (b) individual physical

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


H.2 1975 No. 15

Permitted Continued damage insurance on personal property subject to secu-rity agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related insurance, Nationwide Financial Corporation of Colorado will not offer insurance counseling) from 2585 S. Colorado Boulevard, to 3913 East Exposition, Denver, Colorado, through its subsidiary, Nationwide Financial Corporation of Colorado.

2 **Citicorp, New York, New York, notification of intent to relocate its New Orleans, Louisiana office and to engage in de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health insur-ance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Louisiana 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 borrowers1 disability; (b) individual physical damage insurance on personal property subject to security agreements (including liability only when such insurance is sold as part of an insurance package on such property); further, in regard to the sale of credit related insurance, Nationwide Financial Corpo-ration of Louisiana will not offer insurance counseling) from 2414 South Carrollton, to 1000 Veteran*s Road at Oaklawn Drive, New Orleans, Louisiana, through its subsidiary, Nationwide Financial Corporation of Louisi-ana.

10 **United Rock Construction, Inc., Weeping Water, Nebraska, notification of intent to engage in de_ novo activities (leasing of personal property which serves as the functional equivalent of an extension of credit to the lessee of the property where the property to be leased is acquired specifically for the leasing transaction under consideration on a nonoperating basis and at the inception of the initial lease the effect of the trans-action will yield a return that will compensate the lessor for not less than the lessor's full investment in the property over the term of the lease) on the premises of Security National Bank Building, Superior, Nebraska.

4-11-75

4-11-75

**4(c)(8) and 4(c)(12) notifications processed by 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 1975 No. 15 - g .

Other Actions of the Board Reduction from 8 per cent to 4 per cent in the reserve

requirement on foreign borrowings of member banks, primarily Euro-dollars.

Determination that Puerto Rico is not a "State" for the purposes of Section 3(d) of the Bank Holding Company Act (the interstate prohibition).

The Board authorized member banks to permit use of the telephone by their customers to withdraw funds from their savings accounts or to transfer funds from a savings account; and proposal, issued for comment, to amend Regulation 0, that would permit member banks to offer a bill-paying service through preauthorized transfer of funds from a customerfs savings account to pay his debts; comments will be received by Board through June 6.

Merrill Trust Company, Bangor, Maine, to make an invest- , ment in bank premises.

Issuance of subordinated capital notes by Manufacturers Hanover Trust Company, New York, New York.

Bay City Bank & Trust Company, Bay City, Michigan, pro-posed merger with Manufacturers Bank of Bay City, Bay City, Michigan, report to the Federal Deposit Insurance Corporation on competitive factors.

Cromwell Savings Bank, Cromwell, Connecticut, proposed merger with Farmers and Mechanics Savings Bank, Middle-town, Connecticut, report to the Federal Deposit In-surance Corporation on competitive factors.

FSNB National Bank and Trust Company, Lexington, Kentucky, proposed merger with First Security National Bank and Trust Company of Lexington, Lexington, Kentucky, report to the Comptroller of the Currency on competitive factors.

***Central Home Trust Company of Elizabeth, New Jersey, Elizabeth, New Jersey, extension of time within which to establish a branch on the corner of Elizabeth Avenue and Sixth Street, Elizabeth, New Jersey.

***Processed on behalf of the Board of Governors under delegated authority.


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Continued ***First International Bancshares, Inc., Dallas, Texas,

request for additional extension of time to July 9, 1975, in which to consummate the acquisition of American Bank of Commerce, Victoria, Texas.

***First Security Corporation, Salt Lake City, Utah, ex-tension of time to September 9, 1975, for acquisition of substantially all of the voting shares of First Security Bank of Murray, N.A., Murray, Utah.

***George Madison Corporation, Pawnee, Oklahoma, extension of time from April 20, 1975 to May 20, 1975, within which to consummate the acquisition of The First Nation-al Bank, Pawnee, Oklahoma.

***NBC Corporation, Altus, Oklahoma, extension of time from April 23, 1975 to May 23, 1975, within which to con-summate the acquisition of The National Bank of Commerce, Altus, Oklahoma.

***Union Commerce Corporation, Cleveland, Ohio, extension of time until June 30, 1975, within which to consummate its purchase of Union Commerce Life Insurance Company, Phoenix, Arizona.

***Security Bank and Trust Company, Southgate, Michigan, to make an investment in bank premises.

***Newton-Waltham Bank and Trust Company, Waltham, Masssachu-setts, extension of time to November 7, 1975, within which to establish a branch at the intersection of Route 9 and Main Street, Framingham, Massachusetts.

***Crocker International Corporation, San Francisco, Califor-nia, extension of time to April 11, 1976, within which to accomplish purchase of shares of Crocker Servicos Limitada, a corporation to be formed in Sao Paulo, Brazil.

***Central Bank of Walker County, Jasper, Alabama, extension of time until October 30, 1975, to withdraw from member-ship in the Federal Reserve System.

***Processed on behalf of the Board of Governors under delegated authority.


Documents

h2_19750412.pdf