h2_19751129.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1" t&.

Applications and Reports Received or Acted on

and All Other Actions of the Board H.2 1975 No. 48 During the Week Ending November 29, 1975

District Date

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

Received 8 The Louisville Trust Company, Louisville, Kentucky 11-28-75

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

Received 3 The Fidelity Bank, Rosemont, Montgomery County. Branch

to be established at 30 Lawrence Road, Broomall, Delaware County.

4 The Fifth Third Bank, Cincinnati, Ohio. Branches to be established at the following locations:

A. To be established at Bridgetown and Ebenezer Roads, Bridgetown, Hamilton County.

B. To be established at Taylor and Ebenezer Roads, Green Township, Hamilton County.

12 Seattle Trust and Savings Bank, Seattle, Washington. Branch to be established in the Maynard Building at 117 First Avenue South, Seattle, King County.

Denied by State 5 Burlington Bank and Trust Company, Burlington, North Carolina,

Branch to be established at 2221 Maple Avenue, Burlington, Alamance County.

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

H. 2 1975 No. 48

Approved *Naumkeag Trust Company, Salem, Massachusetts. Branches

to be established at the following locations:

A. To be established at 49 Margin Street, Peabody.

B. To be established at 81 Bridge Street, Beverly.

*Union Trust Company of Maryland, Baltimore, Maryland. Branch to be established at the intersection of U. S. Route 1 and Laurel Avenue, Laurel, Prince Georges County.

* American Trust & Savings Bank, Dubuque, Iowa. Branch to be established at 3202 Jackson Street, Dubuque.

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

Received 5 The South Carolina National Bank, Columbia, South Carolina:

branch - in George Town, Grand Cayman, Cayman Islands.

It vV * * *

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

Approved Bank of Buffalo, Buffalo, New York, for prior approval

to merge with Niagara Frontier Bank of New York, Buffalo, New York.

The Bank of New York, New York, New York, to merge with the following banks in New York State:

Bank of New York, Albany The Bank of New York Southern Tier, Endicott The County Trust Company, White Plains The Exchange Bank of Olean, Olean

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


H. 2 1975 No. 48

2

Approved Cont1d Metropolitan Bank of Syracuse, Syracuse Valley Bank of New York, Valley Stream Bank of Buffalo, Buffalo

Marine Midland Bank, Buffalo, New York, for approval to merge with the following banks in New York State:

Marine Midland Bank - New York, New York City Marine Midland Bank - Western, Buffalo Marine Midland Bank - Central, Syracuse Marine Midland Bank - Rochester, Rochester Marine Midland Bank of Southeastern

New York, N.A., Poughkeepsie Marine Midland Bank - Southern, Elmira Marine Midland Bank - Eastern, N.A., Troy Marine Midland Tinker, National Bank, East Setauket Marine Midland Bank - Northern, Watertown Marine Midland Bank - Chautauqua, N.A., Jamestown

Manufacturers and Traders Trust Company, Buffalo, New York, for approval to merge First Empire Bank-New York, New York, New York

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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 Fiduciary Investment Company of New Jersey, Newark, New Jersey, for approval to acquire 50.2 per cent of the voting shares of Security National Bank of New Jersey, Newark, New Jersey.

South Dakota Bancshares, Inc., Pierre, South Dakota, for approval to acquire 96.2 per cent or more of the voting shares of The Pierre National Bank, Pierre, South Dakota.

Approved First Bancorp of Oak Lawn, Inc., Oak Lawn, Illinois,

for approval to acquire 80 per cent or more of the voting shares of First National Bank of Oak Lawn, Oak Lawn, Illinois.

WESTBANCO, INC., Westville, Illinois, for approval to acquire 80 per cent or more of the voting shares of The First National Bank of Westville, Westville, Illinois.

First National Agency, Inc., Wayne, Nebraska, for ap-proval to acquire 88.7 per cent of the voting shares of The First National Bank of Wayne, Wayne, Nebraska.

Suspended Independent Financial, Ltd., Brown Deer, Wisconsin,

for approval to acquire 80 per cent or more of the voting shares of The Brown Deer Bank, Brown Deer, Wisconsin.

* * * * *

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

Received Hawkeye Bancorporation, Des Moines, Iowa, for approval

to acquire 80.25 per cent or more of the voting shares of The Centerville National Bank,.Centerville, Iowa.


Received Continued Republic of Texas Corporation, Dallas, Texas, for ap-

proval to acquire 24.9 per cent of the voting shares (less directors' qualifying shares) of Diboll State Bank, Diboll, Texas.

Republic of Texas Corporation, Dallas, Texas, for ap-proval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of First Bank in Groveton, Groveton, Texas.

Republic of Texas Corporation, Dallas, Texas, for ap-proval to acquire 100 per' cent of the voting shares (less directors' qualifying shares) of First Bank & Trust, Lufkin, Texas.

Republic of Texas Corporation, Dallas, Texas, for ap-proval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The First National Bank of Henderson, Henderson, Texas.

Approved First State Banking Corporation, Miami, Florida, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of North Miami First State Bank, North Miami, Florida, a proposed new bank.

Powell Lumber Company, Lake Charles, Louisiana, for approval to acquire an additional 12,948 shares of American Bank of Commerce, Lake Charles, Louisiana.

Park Capital Corp., La Grange Park, Illinois, for ap-proval to acquire an additional 1.2 per cent of the voting shares of Bank of La Grange Park, La Grange Park, Illinois.

Miami Agency, Inc., Shawnee Mission, Kansas, for ap-proval to acquire an additional 30 per cent of the voting shares of The Miami County National Bank of Paola, Paola, Kansas.

First United Bancorporation, Inc., Fort Worth, Texas, for approval to acquire 51 per cent or more of the voting shares of the successor by merger to Gateway National Bank of Fort Worth, Fort Worth, Texas.


H. 2 1975 No. 48 - 6 -

Denied 4 Community Bancorporation, Columbus, Ohio, for ap-

proval to acquire 94.6 per cent of the voting shares of Community National Bank, Flushing, Ohio.

* * * * *

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

Received 3 **Provident National Corporation, Philadelphia, Pennsyl- 11-17-75

vania, notification of intent to engage in de novo activities (the leasing of equipment and other per-sonal property on a full payout basis) at 931 Haver-ford Road, Bryn Mawr, Pennsylvania, through a sub-sidiary, Provident National Leasing Corporation.

5 **First Maryland Bancorp, Baltimore, Maryland, notifi- 11-26-75 cation of intent to engage in de novo activities (acting as insurance agent or broker in offices at which First Maryland Bancorp or its subsidiaries are otherwise engaged in business with respect to any insurance for First Maryland Bancorp and its subsidiaries) at 25 South Charles Street, Balti-more, Maryland, through a subsidiary, First Mary-land Agency Incorporated.

5 **South Carolina National Corporation, Columbia, South 11-28-75 Carolina, notification of intent to engage in de novo activities (making or acquiring loans and other extensions of credit such as would be made by a con-sumer finance company and offering as agent, property, credit life/accident and health insurance for the convenience of its borrowing customers in connection with such activities) at 28 East Main Street, Carters-ville, Georgia, through a subsidiary, First Provident Financial Corporation of Georgia, Inc.

7 **Ashton Investment Company, Rock Rapids, Iowa, notifi- 11-25-75 cation of intent to engage in cle novo activities (leasing of real property on a one time basis where at the inception of the initial lease the expectation

**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. 48 . 7

Received Continued is that the effect of the transaction will be to com-pensate the lessor for not less than the lessor's full investment in the property plus the estimated cost of financing the investment over the term of the lease) at 104 North Story Street, Rock Rapids, Iowa.

12 **First Security Corporation, Salt Lake City, Utah, noti- 11-13-75 fication of intent to relocate de novo activities (making or acquiring, for its own account or others, loans and other extensions of credit such as are normally made by a mortgage company; and the servicing of such accounts for itself and for others) from 2500 Louisiana Boulevard to 8015 Mountain Road Place, N.E., Albuquerque, New Mexico, through its subsidiary, Utah Mortgage Loan Corporation.

Approved 10 First Community Bancorporation, Joplin, Missouri, for

approval to acquire all of the voting shares of Con-queror Life Insurance Company, Phoenix, Arizona.

10 First National Agency, Inc., Wayne, Nebraska, for per-mission to retain the general insurance agency busi-ness presently operated by First National Agency, Inc., Wayne, Nebraska, on the premises of Bank.

Delayed 7 Independent Financial, Ltd., Brown Deer, Wisconsin, for

approval to acquire the shares of Independent Leasing, Ltd., Brown Deer, Wisconsin.

7 **SJV Corporation, Elkhart, Indiana, notification of intent 11-28-75 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 mortgage or finance company including consumer loans on a secured or unsecured basis) in Mishawaka, Indiana, through its subsidiary, St. Joseph Valley Finance Cor-poration.

9 **Northwest Bancorporation, Minneapolis, Minnesota, noti- 11-25-75 fication of intent to engage in de novo activities (providing to residents of the State of Montana (in-cluding corporations, individuals, partnerships, and



H. 2 1975 No. 48

Delayed Continued other associations) trust services as may be allowed by law and so provided for in the Articles of Incorporation; it is intended that this corporation will assume by appropriate legal transfer the trust activities of the First National Bank, Butte/Anaconda; Northwestern National Bank of Great Falls; First National Bank and Trust Company, Billings; and Northwestern Bank & Union Trust Co., Helena) at 350 North Last Chance Gulch, Helena, Montana; 21 Third Street North, Great Falls, Montana; and 201 North Broadway, Billings, Montana; through a subsidiary trust company to be named Northwestern Union Trust Co.

Permitted **Colonial Bancorp, Inc., Waterbury, Connecticut, notifi- 11-28-75

cation of intent to engage in de novo activities (making extensions of credit to individuals and corporations to finance payment of casualty, liability, and other in-surance premiums) at 8 Patton Street, Rochester, New Hampshire, through its subsidiary, Policy Advancing Corp.

**Colonial Bancorp, Inc., Waterbury, Connecticut, notifi- 11-28-75 cation of intent to engage in de novo activities (making extensions of credit to individuals and corporations to finance payment of casualty, liability, and other in-surance premiums) at 111 West Main Street, Waterbury, Connecticut, through its subsidiary, Policy Advancing Corp.

**The Chase Manhattan Corporation, New York, New York, 11-28-75 notification of intent to engage in de novo activities (acting as an equipment leasing and financing corpora-tion and as agent, broker, or adviser in connection with the leasing or financing of personal property, all such leases to be on a full payout basis) at 120 Royal Street, Canton, Massachusetts, through its subsidiary, Chase Manhattan Leasing Corporation.

3 ^Philadelphia National Corporation, Philadelphia, Pennsyl- 11-29-75 vania, notification of intent to engage in de novo activities (selling multiperil insurance on household goods in connection with personal installment loans


I


H.2 1975 No. 48

Permitted Continued made and sales finance contracts purchased pursuant to Signal Finance of Maryland, Inc.1s consumer finance business; such insurance will be sold through Grabuck Agency Inc. an indirect subsidiary of Philadelphia National Corporation) at 68 West Main Street, Westminis-ter, Maryland, through its indirect subsidiary, Signal Finance of Maryland, Inc.

4 **Pittsburgh National Corporation, Pittsburgh, Pennsylvania, 11-27-75 notification of intent to consolidate two offices of its wholly-owned subsidiary, The Kissell Company, Spring-field, Ohio, (and continue to engage in the activity of mortgage banking) at 8921 California Avenue, South Gate, California, and 811 Beverly Boulevard, Los Angeles, California, into one office to be located at 8141 E. Second Street, Downey, California.

5 **United Virginia Bankshares Incorporated, Richmond, Virginia, 11-23-75 notification of intent to continue to engage in de novo activities (leasing personal property and equipment, and making extensions of credit through conditional sales contracts; and acting as agent, broker, or adviser in leasing such property under such circumstances) at 900 East Main Street, Richmond, Virginia, through a sub-sidiary, United Virginia Leasing Corporation.

6 **Southeast Banking Corporation, Miami, Florida, notification 11-27-75 of intent to engage in cte novo activities (making con-sumer loans as authorized under the Florida Consumer Finance Act (Florida Statutes Chapter 516) and extend-ing credit secured from time to time by second mort-gages; and engaging in the activities of an insurance agency with respect to the sale of credit life and credit accident and health insurance directly related to an extension of credit by Southeast Consumer Finance, Inc.) in Jacksonville and Tampa, Florida, through a subsidiary, Southeast Consumer Finance, Inc.

7 **First Wisconsin Corporation, Milwaukee, Wisconsin, noti- 11-28-75 fication of intent to continue to engage in de novo activities (serving as the advisory company for a real estate investment trust, in which capacity it will,



H.2 1975 No. 48 - 10 -

Permitted Continued among other activities, obtain or provide for the trust such services as may be required to supervise, service, or manage the existing investments of the trust; represent the trust in transactions with others; originate and recommend to the trust invest-ments in the form of construction mortgage loans, permanent mortgage loans, equity interest in real. estate, and other investments in or related to real property; and advise and consult the trustees of the trust) at Suite 4, 1597 Phoenix Boulevard, Atlanta, Georgia, through its subsidiary, First Wisconsin Mortgage Company.

12 **BankAmerica Corporation, San Francisco, California, noti- 11-29-75 fication of intent to relocate de novo activities (mak-ing of consumer installment loans and purchasing in-stallment sales finance contracts, and making of loans to small businesses; acting as agent or broker for the sale of credit related life/accident and dis-ability insurance and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Corporation) from 1512 South Shaver Street, Pasadena, Texas to 3372 Shaver Street, Pasadena, Texas, through its subsidiary, GAC Finance Corporation (Texas).

12 **First Security Corporation, Salt Lake City, Utah, noti- 11-26-75 fication of intent to engage in de_ novo activities (leasing real property, including but not limited to, commercial and agricultural property; or acting as agent, broker, or adviser in leasing such property under circumstances where each lease is to serve as the functional equivalent of an extension of credit to the lessee, the property to be leased is acquired specifically for the leasing transaction or an earlier leasing transaction, the lease is on a nonoperating basis) at 79 South Main Street, Salt Lake City, Utah and 119 North Ninth Street, Boise, Idaho, through its subsidiary, First Security Leasing Company.

12 **Wells Fargo & Company, San Francisco, California, noti- 11-27-75 fication of intent to engage in de novo activities (making or acquiring, for its own account or for the



H. 2 1975 No. 48

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Permitted Continued account of others, loans and other extensions of credit; servicing loans and other extensions of credit for other persons; acting as insurance agent or broker with respect to the following types of insurance that are directly related to the extension of credit by Wells Fargo & Company or its subsidiaries: (1) credit life and credit accident and health insurance; and (2) mortgage redemption insurance) at 1120 "K" Street, Modesto, California and 201 Main Street, Salinas, California, through its subsid-iaries, Wells Fargo Mortgage Company and WFMC Corporation.

* * * * *

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

Received 9 **Gamble-Skogmo, Inc., Minneapolis, Minnesota, notification 11-26-75

of intent to acquire convertible subordinated notes of Aristar, Inc., Wilmington, Delaware, which if converted to common stock, Gamble-Skogmo would own approximately 49 per cent of Aristar; Aristar and its subsidiaries engage in consumer finance, the sale of home furnishings on a retail basis, and insurance sales.

* * * * *

Other Actions of the Board Regulation Y amendment to provide for the registration of bank holding companies and certain of their subsidiaries that act as transfer agents.

Report on bill H.R. 10183, four title bill providing bank regulatory agencies with broader authority; letter to Chairman St. Germain in response to request for Board!s views.

Letter to legal firm representing Purolator Courier Corpo-ration stating that in accordance with Court1s instructions, and in reliance upon First Union Corporation's assurance that it has no present plans to expand its courier activities, the Board dismisses the petition of Purolator as moot.

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


H. 2 1975 No. 48

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Continued Citizens and Southern Bank of Tucker, Tucker, Georgia, proposed acquisition by The Citizens and Southern Emory Bank, De Kalb County, Georgia; report to the Federal Deposit Insurance Corporation on competitive factors.

**.*First National Bankshares of Florida, Inc., Pompano Beach, Florida, extension of time until December 15, 1975, within which to acquire First National Bank of New Smyrna Beach, New Smyrna Beach, Florida.

***First Financial Group of New Hampshire, Inc., Manchester, New Hampshire, extension of time until December 31, 1975, within which to acquire the successor by merger to Colonial Trust Company, Nashua, New Hampshire.

***Manistee Bank & Trust Company, Manistee, Michigan, extension of time until June 18, 1976, within which to establish a branch in the vicinity of U.S. 31 and M-55, Manistee Township, Michigan.

***Citicorp, New York, New York, proposed mergers of subsidiaries of Citicorp; report to the Comptroller of the Currency on competitive factors.

***New Jersey National Bank of Princeton, Princeton, New Jersey, and New Jersey National Bank - Delaware Valley, Cherry Hill, New Jersey, proposed merger with New Jersey National Bank, Trenton, New Jersey; report to the Comptroller of the Currency on comptitive factors.

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


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h2_19751129.pdf