h2_19740921.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on H.2 1974 No. 38 During the Week Ending September 21, 1974

Dis trict

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

Approved AIB Bank, Mount Pleasant, Michigan

* * * * *

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

Received 5 Farmers & Merchants State Bank, Fredericksburg,

Virginia. Branch to be established at 401 Jefferson Davis Boulevard, Fredericksburg.

6 The Peoples Savings Bank, Clanton, Alabama. Branch to be established at Chilton Mart on U.S. Highway 31, Clanton.

12 Bank of Utah, Ogden, Utah. Branch to be established on the Southeast corner of 7th Souther and State Street, Salt Lake City.

Approved 2 ^Marine Midland Bank-Western, Buffalo, New York. Branch

to be established on the West Side Mall Corridor in the Thruway Mall, Harlem and Walden Avenue, Town of Cheektowaga, Erie County.

* * * * *

^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

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

Received American Corporation, North Platte, Nebraska, for ap-

proval to acquire an additional 57.6 per cent of the voting shares of American Security Bank, North Platte, Nebraska.

Financial Services Holding Corporation, Wichita, Kan-sas, for approval to acquire Seneca State Bank of Wichita, Wichita, Kansas.

Lakeland Bancorporation, Inc., Grove, Oklahoma, for approval to acquire 94.5 per cent of the voting shares of State Bank of Grove, Grove, Oklahoma.

Ninnescah Banc Shares, Inc., Arlington, Kansas, for approval to acquire 63.2 per cent of the voting shares of The Citizens State Bank of Arlington, Ar-lington, Kansas.

Approved Bank of Florida Corporation, St. Petersburg, Florida, for approval to acquire 100 per cent (less directorsT qualifying shares) of the voting shares of Bank of Florida in St. Petersburg, St. Petersburg, Florida.

Long Bancorporation, Des Moines, Iowa, for approval to acquire 73.89 per cent of the voting shares of Union-Whitten State Savings Bank, Union, Iowa.

Northbrook Bancorp, Inc., Northbrook, Illinois, for approval to acquire 99.2 per cent of the voting shares of Northbrook Trust & Savings Bank, Northbrook, Illinois.

Rock City Bancshares, Inc., Rock City, Illinois, for approval to acquire 80.27 per cent of the voting shares of Rock City Bank, Rock City, Illinois.

UNION BANCORPORATION, INC., Union Grove, Wisconsin, for approval to acquire 87.75 per cent or more of the voting shares of State Bank of Union Grove, Union Grove, Wisconsin.


Approved Continued Valley Bancorporation, Rexburg, Idaho, for approval to acquire 100 per cent of the voting shares (less di-rectors' qualifying shares) of the successor by mer-ger to Valley Bank, Rexburg, Idaho.

Denied Water Tower Financial Group, Inc., Chicago, Illinois,

for approval to acquire 50.625 per cent or more of the voting shares of Water Tower Trust & Savings Bank, Chicago, Illinois, a proposed new bank.

Reactivated UNION BANCORPORATION, INC., Union Grove, Wisconsin, for approval to acquire 87.75 per cent or more of the voting shares of State Bank of Union Grove, Union Grove, Wisconsin.

* * * * *

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

Received 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,

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

Ameribanc, Inc., St. Joseph, Missouri, for approval to acquire up to 100 per cent of the voting shares of The First National Bank of Tarkio, Tarkio, Missouri.

United Banks of Colorado, Inc., Denver, Colorado, for approval to acquire 80 per cent or more of the voting shares of Republic National Bank of Englewood, Engle-wood, Colorado.

PanNational Group Inc., El Paso, Texas, for approval to acquire 100 per cent of the voting shares (less di-rectors' qualifying shares) of The First National Bank of Waco, Waco, Texas.


Approved First Bancgroup - Alabama, Inc., Mobile, Alabama, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Farmers & Merchants Bank, Foley, Alabama.

First Financial Corporation, Tampa, Florida, for ap-proval to acquire 51 per cent or more of the voting shares of First Bank of Marco Island, Marco Island, Florida.

Associated Bank Corporation, Iowa City, Iowa, for ap-proval to acquire 80 per cent or more of the voting shares of First Trust & Union Savings Bank, Sigourney, Iowa.

Associated Bank Corporation, Iowa City, Iowa, for ap-proval to acquire 80 per cent or more of the voting shares of Hawkeye State Bank, Iowa City, Iowa.

Associated Bank Corporation, Iowa City, Iowa, for ap-proval to acquire 80 per cent or more of the voting shares of Kalona Savings Bank, Kalona, Iowa.

Peoples Banking Corporation, Bay City, Michigan, for approval to acquire 100 per cent of the voting shares of the successor by consolidation to American Security Bank, Mount Pleasant, Michigan.

Michigan Financial Corporation, Marquette, Michigan, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to First National Bank of Iron-wood, Ironwood, Michigan.

* * * * *

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

Received Ameribanc, Inc., St. Joseph, Missouri, for approval to merge with First American Bancshares, Inc., St. Joseph, Missouri.


H. 2 1974 No. 38 . 5 -

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

Received 2 **Citicorp, New York, Mew York, notification of intent to 9-19-74

relocate 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 of Nevada 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 borrowers' 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 will not offer insurance counseling) from 708 South Decatur Boulevard to 4601 West Sahara, #Z, Las Vegas, Nevada, through its subsidiary, Nationwide Financial Corporation of Nevada.

2 **Manufacturers Hanover Corporation, New York, New York, 9-18-74 notification of intent to engage in dje novo activities (leasing real and personal property on a full payout basis and acting as agent, broker, or advisor 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 prop-erty; and servicing such leases, loans, or other ex-tensions of credit) in Dallas, Texas, through its sub-sidiary, Manufacturers Hanover Leasing Corporation.

3 **New Jersey National Corporation, Trenton, New Jersey, 9-16-74 notification of intent to engage in de novo activities (leasing real property on a full payout basis and act-ing as agent, broker, or adviser in leasing such prop-erty) at One West State Street, Trenton, New Jersey, through its direct subsidiary, New Jersey National Leasing Corporation.

**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. 38 . & .

Received Continued 3 **Provident National Corporation, Philadelphia, Pennsyl- 8-30-74

vania, notification of intent to engage in de novo activities (leasing real property on a full payout basis and acting as agent, broker, or adviser in leasing such property; and making or acquiring, for its own account or for the account of others, loans or other extensions of credit, in particular commercial financing such as conditional sales and chattel mort-gages) at 931 Haverford Avenue, Bryn Mawr, Pennsylvania, through its direct subsidiary, Lease Financing Corpora-tion.

4 Mellon National Corporation, Pittsburgh, Pennsylvania, for permission to retain the shares of Allomon Cor-poration, McKees Rocks, Pennsylvania; National Realty Enterprises, Inc., McKees Rocks, Pennsylvania; Hay-meadow National Corporation, McKees Rocks, Pennsyl-vania; Mellon National Mortgage Co. of Ohio, Cleveland, Ohio; Allied Mortgages, Inc., Cleveland, Ohio; Lake States Investment, Inc., Cleveland, Ohio; Lake States Insurance Agency, Inc., Cleveland, Ohio; Zook Manage-ment & Realty Company, Cleveland, Ohio; 3826 Euclid Avenue Corporation, Cleveland, Ohio; and Clark Develop-ment Company, Cleveland, Ohio.

5 **Union Trust Bancorp, Baltimore, Maryland, notification 9-20-74 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 is subject to the lien of one or more prior encumbrances other than a ground rent or other leasehold interest) in Columbia, Mary-land, through a subsidiary, Union Home Loan Corporation.

5 **Virginia National Bankshares, Inc., Norfolk, Virginia, 9-20-74 notification of intent to engage in d novo activities (making, acquiring, and servicing, for its own account or for the account of others, loans secured principally by second mortgages on real property; acting as an agent in the sale of credit life/accident and health in-surance in connection with such loans; making consumer finance loans; and acting as agent in the sale of credit life/accident and health insurance and automobile physical damage insurance in connection with extensions of credit in the making of consumer finance loans) at 788 North Main Street and 347 South Main Street, High Point, North Carolina, through its subsidiary, Atlantic Equity Corporation.

**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 1974 Ho. 38 ' 1 '

Received Continued 6 **Southern Bancorporation, Birmingham, Alabama, notifi- 9-16-74

cation of intent to engage in jde novo activities (performing or carrying on any one or more of the functions or activities that may be performed or carried on by a trust company including activities of a fiduciary, agency, or custodian nature, in the manner authorized by State law so long as the in-stitution does not both accept demand deposits and make commercial loans; to act as investment or fi-nancial advisor to the extent of serving as the ad-visory company for a mortgage or real estate invest-ment trust; serving as investment advisor, as defined in Section 2(a)(20) of The Investment Company Act of 1940, to an investment company registered under that Act; providing portfolio investment advice to any other person; furnishing general economic information and advice, general economic statistical forecasting services and industry studies; providing financial advice to State and local governments, such as with respect to the issuance of their securities; and to engage in such incidental activities as are necessary to carry on the activities so specified; furthermore, Southern Financial Advisors, Inc., proposes to retain discretionary authority to make any of the following determinations without obtaining the consent of the investment advisory client before the transaction is effected: where securities are to be bought or sold, which securities are to be bought or sold, and the total amount of the securities to be bought or sold) in Birmingham, Alabama, through a subsidiary, Southern Financial Advisors, Inc.

7 **First Chicago Corporation, Chicago, Illinois, notifi- 9-12-74 cation of intent to engage in de novo activities (leasing real property, or acting as agent, broker, or advisor in leasing such property, where at the in-ception of the initial lease the expectation is that the effect of the transaction will be to compensate the lessor for not less than the lessor1s full invest-ment in the property, plus the estimated total cost of financing the property over the term of the lease) through its subsidiaries, First Chicago Realty Ser-vices Corporation, in Chicago, Illinois; Atlanta, Georgia; and Los Angeles, California; and First Chicago Leasing Corporation, in Chicago, Illinois and New York, New York.

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


1974 No. 38 " 8 "

Received Continued 8 **First Tennessee National Corporation, Memphis*, Tennessee, 9-20-74

notification of intent to engage in de novo activities (making or acquiring, for its own account, interest bearing and discount loans and other extensions of credit; and acting as agent or broker with respect to the following credit-related types of insurance: re-ducing term credit life insurance on the maker of the note or reducing term joint spouse credit life in-surance coverage, credit accident and health insurance, and physical damage insurance on personal property pledged as collateral for extensions of credit) at 6086 Millbranch Road, Southaven, Mississippi, through its subsidiary, Crown Finance Corporation.

10 American Corporation, North Platte, Nebraska, for ap-proval to retain 95.6 per cent of the voting shares of American State Savings Company, North Platte, Ne-braska, and to continue to engage in insurance agency activities with regard to insurance sold in connection with extensions of credit by Applicant's proposed subsidiaries.

10 Financial Services Holding Corporation, Wichita, Kansas, for approval to engage in the sale of credit life, credit accident and health, and single interest in-surance.

12 **BankAmerica Corporation, San Francisco, California, 9-10-74 notification of intent to relocate the Northglenn, Colorado office of its indirect subsidiary, GAC Finance Inc. of Colorado, a subsidiary of Finance America Corporation, which engages in (making con-sumer installment loans, purchasing installment sales finance contracts, and making loans to small businesses; acting as agent or broker for the sale of credit re-lated life/accident and disability insurance and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Inc. of Colorado) from Room 521, First National Bank Building of Northglenn, 10701 Melody Drive, Northglenn, Colorado to the Thornton Shopping Center, 780 East 104th Avenue, Thornton, Colorado.



H.2 1974 No. 38 ' 9 "

Received Continued 12 **Patagonia Corporation, Tucson, Arizona, notification 9- 6-74

of intent to engage in de novo activities (acting as an industrial loan company in the manner authorized by the law of the State of Iowa) at 105 Pearl Street Council Bluffs, Iowa, through an indirect subsidiary, General Finance Ltd., of its subsidiary, Model Finance Company.

Approved 5 Carolina BanCorp, Inc., Sanford, North Carolina, for

approval to acquire all of the voting shares of National Finance Company, Inc., Rockingham, North Carolina.

11 First International Bancshares, Inc., Dallas, Texas, for approval to acquire 100 per cent of the voting shares of First International Bancshares Insurance Company, Dallas, Texas.

Delayed 7 **First Chicago Corporation, Chicago, Illinois, notifi- 9-17-74

cation of intent to engage in de novo activities (making or acquiring, for its own account, secured and unsecured loans and other extensions of credit (including issuing guarantees and letters of credit and accepting drafts), such as would be made by a commercial finance company, which activities include without limitation, purchasing of accounts or notes receivable on a recourse or nonrecourse basis, and making loans to commercial customers, secured by ac-counts receivable, inventory, equipment, interests in real estate and other property) through a wholly-owned subsidiary, First Chicago Credit Corporation, Chicago, Illinois.

8 **First Tennessee National Corporation, Memphis, Tenn- 9-18-74 essee, notification of intent to engage in de novo activities (acting as agent or broker with respect to the sale of general insurance) at 10039 Manchester Road, Warson Woods, Missouri, through its subsidiary, Crown Finance Corporation.

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


H-2 m 1974 No. 38 " 1 0 ~ Permi tted

2 **Marine Midland Banks, Inc., Buffalo, New York, notifi- 8-18-74 cation of intent to engage in de_ novo activities (originating, making, acquiring, and servicing for its own account or for the account of others, loans and other extensions of credit either unsecured or principally secured by mortgages on residential or commercial properties or leasehold interest therein; acting as investment or financial adviser to the extent of (a) serving as the advisory company for a mortgage or real estate investment trust, (b) furn-ishing general economic information and advice on real estate matters, and (c) providing portfolio investment advice on real estate matters and per-forming property management services on property acquired as a result of a default of loans) in Buffalo, Syracuse, and Rochester, New York; and Clearwater, Florida; through its subsidiary, Midland Research Corporation.

6 **Ancorp Bancshares, Inc., Chattanooga, Tennessee, noti- 9-19-74 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, such as would be made by a finance company) at 4736 Highway 58, Chattanooga, Tennessee, through its subsidiary, Ancorp Finance Company.

6 ^Southeast Banking Corporation, Miami, Florida, notifi- 9-18-74 cation of intent to engage in de novo activities (performing or carrying on any one or more of the functions or activities that may be performed or carried on by a trust company, including activities of a fiduciary, agency, or custodial nature) in Miami, Florida, through a subsidiary, Southeast Banks Trust Company, N.A.

7 **First Chicago Corporation, Chicago, Illinois, notifi- 9-16-74 cation of intent to relocate a de novo activity (ser-vicing student loans and other extensions of credit) from Hawthorne, California, to Torrance, California, through its subsidiary, AFSA Data Corporation.

**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. 38 - 11

Permitted Continued 7 **Nortrust Corporation, Chicago, Illinois, notification 9-19-74

of intent to engage in a de novo activity (conducting activities of an agricultural nature, including manag-ing ranches and farms and purchasing, arranging for the feeding of, and selling livestock for trusts and probate, guardian and conservator estates of which The Northern Trust Company of Arizona, Phoenix, Ari-zona, is acting as fiduciary) through a subsidiary, Nortrust Farm Management, Inc., Chicago, Illinois.

8 **First Tennessee National Corporation, Memphis, Tennessee, 9-20-74 notification of intent to engage in a de novo activity (acting as agent or broker with respect to insurance for the holding company and its subsidiaries) at 10039 Manchester Road, St. Louis, Missouri, through its subsidiary, Crown Finance Corporation.

12 **BankAmerica Corporation, San Francisco, California, 9-15-74 notification of intent to relocate a Houston, Texas branch of its indirect subsidiary, GAC Finance Cor-poration, a subsidiary of Finance America Corporation (formerly GAC Finance Inc.), which engages in (making consumer installment loans, purchasing installment sales finance contracts, and making of loans to small businesses; and acting as agent or broker for the sale of credit related life/accident and disability in-surance and credit related property and casualty insurance in connection with extensions of credit by GAC Finance Corporation) from 9413 Jensen Drive to 4830 Mount Houston Road.

12 **BankAmerica Corporation, San Francisco, California, noti- 9-21-74 fication of intent to relocate a Dallas, Texas branch of its indirect subsidiary, G.A.C. Trans-World Accept-ance Corporation, a subsidiary of Finance America Cor-poration (formerly GAC Finance Inc.), which engages in (purchasing installment sales finance contracts on vehicles, mobile homes, pleasure equipment, and home improvements; and acting as agent or broker for the sale of credit related life/accident and disability insurance and credit related property and casualty in-surance in connection with extensions of credit by G.A.C. Trans-World Acceptance Corporation) from Room 816, Carter Tower Building, 351 West Jefferson to 2525 Stemmons Freeway



H. 2 1974 No. 38 - 12

Reactivated 7 **SJV Corporation, Elkhart, Indiana, notification of in-

tent to engage in de novo activities (making or ac-quiring, for its own account or for the account of others, loans and other extensions of credit (includ-ing issuing letters of credit and accepting drafts), such as would be made, for example, by a mortgage, home improvement, finance, and consumer loan company; and servicing loans and other extensions of credit for any person) in La Porte, Indiana, through a sub-sidiary, St. Joseph Valley Finance Corp., Elkhart, Indiana.

9-19-74



h2_19740921.pdf

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