h2_19750426.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Applications and Reports Received or Acted on

and All Other Actions of the Board H.2 1975 No. 17 During the Week Ending April 26, 1975

District Date

Ownership Statement Filed Pursuant to Section 13(d) of the Securities Exchange Act

Received 7 Bank of the Commonwealth, Detroit, Michigan 4-24-75

(Filed by James T. Barnes, Sr. - Amendment #4)

7 Bank of the Commonwealth, Detroit, Michigan 4-24-75 (Filed by James T. Barnes, Jr. - Amendment #3)

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

Received 5 Bank of Harpers Ferry, Harpers Ferry, West Virginia

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

Received Northeast Bank of Sanford, Sanford, Maine. Branch to be established on the East Side of Mousam River, Sanford.

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

H. 2 1975 No. 17 - 2 -

Received Contf d 2 European-American Bank and Trust Company, New York, New York.

Branch to be established at Fifth Avenue and 85th Street, Bay Ridge, Brooklyn.

4 The Southern Ohio Bank, Cincinnati, Ohio. Branch to be established on Delhi Pike, Delhi Township, Hamilton County.

4 The Toledo Trust Company, Toledo, Ohio. Branch to be established at 6160 North Summit Street, Toledo, Lucas County.

5 United Citizens Bank, Winston-Salem, North Carolina. Branch to be established at 107 West Fourth Street, Winston-Salem, Forsyth County.

5 The Peoples Bank and Trust Company, Richmond, Virginia. Branch to be established at 814 East Main Street, Richmond.

7 Bentonvilie State Bank, Bentonville, Indiana. Branch to be established at the Southwest corner of State Road No. 44 and County Line Road No. 200, 25 miles east of the city limits of Connersville, Connersville Township, Fayette County.

7 Bankers Trust Company, Des Moines, Iowa. Branch to be established at Army Post Plaza, Army Post Road and Southeast 14th Street, Des Moines.

8 The Louisville Trust Company, Louisville, Kentucky. Branch to be established at Chenoweth Lane and U.S. Highway 42, Louisville, Jefferson County,

12 United California Bank, Los Angeles, California. Branch to be established in the vicinity of the intersection of Colusa Avenue and Rocca Way, City of Yuba City, Sutter County.

Withdrawn 4 Lakeshore Trust Company, Painesville, Ohio. Branch to be

established at 8820 Mentor Avenue, Mentor Lake County.

Approved 8 -Peoples Bank & Trust Company, Russellville, Arkansas. Branch

to be established at Junction U.S. Highway 64E and State Highway #326, Russellville, Pope County.

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

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H. 2 1975 No. 17

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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

Hartford National Bank and Trust Company, Hartford, Connecticut: to acquire 20 per cent of the Equator Bank Ltd., Nassau, Bahamas.

Hartford National Bank and Trust Company, Hartford, Connecticut: to hold and exercise rights to acquire shares of The Latin American Bank, Georgetown, Grand Cayman, Cayman Islands.

The Bank of New Orleans and Trust Company, New Orleans, Louisiana: to hold and exercise rights to acquire shares of The Latin American Bank, Georgetown, Grand Cayman, Cayman Islands.

American Fletcher National Bank, Indianapolis, Indiana: to hold and exercise rights to acquire shares of The Latin American Bank, Georgetown, Grand Cayman, Cayman Islands.

Union International Bank, Los Angeles, California: an additional investment to maintain its 49 per cent interest in Saitama-Union International (Hong Kong) Limited, Hong Kong.

Security Pacific Overseas Corporation, Los Angeles, California: an additional investment in Canbank Finance Limited, Hong Kong.

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H.2 1975 No. 17

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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 Plaza National Bancshares, Inc., St. Louis, Missouri,

for approval to acquire 13,978 shares of the voting shares of The First National Bank of Wellston, Wellston, Missouri.

Farmers State Corporation, Mountain Lake, Minnesota, for approval to acquire 93.4 per cent of the voting shares of Farmers State Bank of Mountain Lake, Mountain Lake, Minnesota.

Lakeland Financial Corporation, Woodruff, Wisconsin, for approval to acquire 90.06 per cent of the voting shares of Lakeland State Bank, Woodruff, Wisconsin.

Padgett Agency, Inc., Greenleaf, Kansas, for approval to acquire 91.67 per cent of the voting shares of The Citizens National Bank of Greenleaf, Greenleaf, Kansas.

Approved Community Bancshares Corporation, Woodbury, New Jersey,

for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to National Bank and Trust Company of Gloucester County, Woodbury, New Jersey.

First National Corporation of Oak Brook, Oak Brook, Illinois, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger to First National Bank and Trust Company of Oak Brook, Oak Brook, Illinois.

First Security Corporation, Sutherland, Nebraska, for approval to acquire 89.97 per cent of the voting shares of First Security Bank, Sutherland, Nebraska.

York State Company, York, Nebraska, for approval to acquire 100 per cent of the voting shares (less direc-tors ' qualifying shares) of York State Bank, York, Nebraska.

Fort Sam Houston Bankshares, Incorporated, San Antonio, Texas, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of The National Bank of Fort Sam Houston at San Antonio, San Antonio, Texas.

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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 Community Bancorporation, Columbus, Ohio, for approval

to acquire 94.6 per cent of the voting shares of Com-munity National Bank, Flushing, Ohio.

Manufacturers National Corporation, Detroit, Michigan, for approval to acquire 100 per cent of the voting shares of Bay City Bank & Trust Company, Bay City, Michigan.

Mercantile Bancorporation Inc., St. Louis, Missouri, for approval to acquire up to 100 per cent of the voting shares of Home Trust Company, Perryville, Missouri.

Commerce Financial Corporation, Fort Worth, Texas, for approval to acquire 100 per cent (less directors1

qualifying shares) of the voting shares of American State Bank, Fort Worth, Texas, a proposed new bank.

Approved First Financial Group of New Hampshire, Inc., Manchester,

New Hampshire, for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Colonial Trust Company, Nashua, New Hampshire.

Country Agencies & Investments, Inc., Odessa, Missouri, for approval to acquire an additional 25.33 per cent of the voting shares of Bank of Odessa, Odessa, Missouri.

Country Agencies & Investments, Inc., Odessa, Missouri, for approval to acquire an additional 26.50 per cent of the voting shares of La Monte Community Bank, La Monte, Missouri.

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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 Citicorp, New York, New York, for approval to acquire

the shares of Amfac Credit Corporation, Los Angeles, California.

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Received Continued 2 Citicorp, New York, New York, for approval to acquire

the shares of West Coast Credit Corporation, Seattle, Washington.

2 United Jersey Banks, Princeton, New Jersey, for approval to acquire all of the shares of United Jersey Credit Life Insurance Company, Phoenix, Arizona.

9 Farmers State Corporation, Mountain Lake, Minnesota, for approval to acquire the assets and business of Willis D. Schroeder Insurance Agency D/B/A Farmers State Insurance Agency, Mountain Lake, Minnesota.

10 Padgett Agency, Inc., Greenleaf, Kansas, for approval to acquire the shares of Padgett Insurance Agency, Greenleaf, Kansas.

Approved 10 First National Bancorporation, Inc., Denver, Colorado,

for approval to acquire indirectly, through its wholly-owned subsidiary, First Denver Insurance Agency, Inc., certain assets of The Grand Valley Agency, Inc., Grand Junction, Colorado.

12 First Security Corporation, Salt Lake City, Utah, fox-approval to acquire all of the common shares of Secur-ities-Intermountain, Inc., Portland, Oregon.

Delayed 3 **Provident National Corporation, Philadelphia, Pennsylvania, 4-25-75

notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account of others, loans or other extensions of credit, in particular commerical financing such as conditional sales, chattel mortgages, accounts receivable, and in-ventory financing) at 931 Haverford Avenue, Bryn Mawr, Pennsylvania, through a subsidiary, Provident National Leasing Corporation.

Permitted **Industrial National Corporation, Providence, Rhode Island, 4-26-75

notification of intent to engage in de novo activities (the origination and sale of commercial mortgages) at 9777 Wilshire Boulevard, Beverly Hills, California, through a subsidiary, Mortgage Associates, Inc.

**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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H. 2 1975 No. 17

Permitted Continued 2 **Cit.icorp, New York, New York, notification of intent 4-24-75

to engage in de_ novo activities (the incorporation and ownership of a single purpose corporation under the name of Mission Park Corporation who will engage in the construction, ownership, and operation of a low and middle income housing project and related facilities in the Roxbury section of Boston pursuant to State and local programs designed to stimulate and support such community development, Mission Park Corporation act-ivities will be restricted to the project described above) at 70 Federal Street, Boston, Massachusetts, through its subsidiary, Citicorp Community Development Corporation.

2 **Citicorp, New York, New York, notification of intent 4-24-75 to engage in de novo activities (making consumer in-stallment personal loans, purchasing consumer install-ment 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 borrowers' disability; (b) individual physical damage insurance on personal pro-perty subject to security agreements (including lia-bility 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 Montana will not offer insur-ance counseling) at the intersection of Amherst and Harrison Avenues, Butte, Montana, through a subsidiary, Nationwide Financial Corporation of Montana.

**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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H.2 1975 No. 17

Permitted Continued 2 **Fidelity Union Bancorporation, Newark, New Jersey, 4-25-75

notification of intent to engage in de novo activities (making loans in the present maximum amount of $1,000 or less under the provisions of the New Jersey Small Loan Law and making loans secured by second mortgages on residential real estate (up to 4-family occupancy) owned by the borrowers under the New Jersey Secondary Mortgage Loan Act; and making available to the customers credit life insurance and disability insurance covering the unpaid balance of loans outstanding) at 8 Highway 36, Atlantic Highlands, New Jersey, through its subsidiary, Suburban Finance Company.

Returned 12 Central Banking System, Inc., Oakland, California,

for approval to acquire 74.8 per cent of the common stock of Computer Dynamics, Inc., Oakland, California.

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Other Actions of the Board Letter to Congressman Reuss transmitting a draft bill

for the mandatory reporting of the uses of bank credit.

Proposed regulations to implement the Equal Credit Oppor-tunity Act, which forbids discrimination by creditors on the basis of sex or marital status.

Issuance of interpretation of "foreign bank" in Section 25 of the Federal Reserve Act.

Statement by Governor Bucher before the House Subcommittee on Consumer Affairs.

The Board published for comment a proposed regulation prohibiting the use by banks of certain credit practices the Federal Trade Commission has proposed to declare unfair.

Second National Bank of Connellsville, Connellsville, Pennsylvania, proposed acquistion by Pittsburgh National Bank, Jeannette, Pennsylvania, report to the Comptroller of the Currency on competitive factors.

**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

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Continued ***Coronado, Inc., Sterling, Kansas, extension of time to

June 28, 1975, within which to consummate the acquisi-tion of The Farmers State Bank in Sterling, Sterling, Kansas.

***Crocker National. Corporation, San Francisco, California, extension of time to June 1, 1975, within which to form Western Bradford Trust Company, San Francisco, California.

***First International Bancshares, Inc., Dallas, Texas, re-quest for an additional 90-day extension of time to July 24, 1975, in which to consummate the acquisition of Bank of Alameda, Houston, Texas.

***First International Bancshares, Inc., Dallas, Texas, re-quest for an additional 90-day extension of time to July 29, 1975, within which to consummate the acquisition of Nassau Bay National Bank of Clear Lake, Nassau Bay, Texas.

***Graham-Michaelis Financial Corporation, Wichita, Kansas, extension of time to November 1, 1975, within which to divest its indirect ownership of Pic-Chek Corporation to 5 per cent or less.

***Sun Banks of Florida, Inc., Orlando, Florida, extension of time to August 13, 1975, within which to acquire Peoples Bank of Broward County, Tamarac, Florida.

***McIlroy Bank, Fayetteville, Arkansas, to make an additional investment in bank premises.

***Schuyler County State Bank, Lancaster, Missouri, to make an additional investment in bank premises.

***Bank of Lansing, Lansing, Michigan, extension of time to October 21, 1975, within which to establish a branch at 1110 East Michigan Avenue, Lansing, Michigan.

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

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H.2 1975 No. 17

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Continued ***Ba.nk of New Orleans and Trust Company, New Orleans,

Louisiana, extension of time to August 31, 1975, within which to open a branch at the intersection of Jefferson Avenue and Magazine Street, New Orleans, Louisiana.

***Farmers & Merchants Bank of Central California, Lodi, California, extension of time to November 6, 1975, with-in which to establish a branch in the vicinity of the intersection of Lower Sacramento Road and Sargent Road, Lido, California.

***Flagship Bank of Tampa, Tampa, Florida, extension of time until November 13, 1975, within which to establish the drive-in and walk-up facility at the intersection of Swann and Magnolia Avenues, Tampa, Florida.

*>v*processed on behalf of the Board of Governors under delegated authority.

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