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ANNOUNCEMENT BY
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM (H.2, 1976 No. 31)
Actions of the Board; Applications and Reports
Received During the Week Ending July 31, 1976
ACTIONS OF THE BOARD
Statement by Chairman Arthur F. Burns before the House Committee
on Banking, Currency and Housing on the con-dition of the national
economy and the course of monetary policy.
Statement by Governor Philip C. Jackson before the Senate
Committee on Banking, Housing and Urban Affairs on the Board's
enforcement activities under the Consumer Credit Protection
Act.
Termination of registration for Columbus Production Credit
Association, Columbus, Ohio. 1/
Commercial Bankshares Corp., Adrian, Michigan, extension of time
within which to become a bank holding company through the
acquisition of 100 per cent of the voting shares of the successor
by consolidation to The Commercial Savings Bank, Adrian, Michigan.
1/
Trans Texas Bancorporation, El Paso, Texas, extension of time to
July 31, 1977, within which to dispose of its forty per cent
interest in Associated International, Ltd. 1/
United California Bank, Los Angeles, California, extension of
time to March 6, 1977, within which to establish a branch in the
vicinity of the intersection of Fairview Avenue and Calle Real,
Santa Barbara County, California. 1/
Citizens Bank of Warrenton, Warrenton, North Carolina, pro-posed
merger with Branch Banking and Trust Company, Wilson, North
Carolina; report to the Federal Deposit Insurance Corporation on
competitive factors.
Monroe Bank and Trust Company, Monroe, Connecticut, proposed
merger with Lafayette Bank and Trust Company, Bridgeport,
Connecticut; report to the Federal Deposit Insurance Corporation on
competitive factors.
V Application processed on behalf of the Board of Governors
under delegated authority.
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H.2, 1976 No. 31 2
ACTIONS OF THE BOARD-Continued
Plaza National Bank, Secaucus, New Jersey, proposed merger with
New Jersey Bank (National Association), Clifton, New Jersey; report
to the Comptroller of the Currency on competitive factors.
Somerset Loan and Building Association, Skowhegan, Maine,
proposed merger with Franklin County Savings Bank, Farmington,
Maine; report to the Federal Deposit Insurance Corporation on
competitive factors.
1_/ Application processed on behalf of the Board of Governors
under delegated authority.
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H.2, 1976 No. 31 3
ACTIONS OF THE BOARD-Corxtinued
To Establish a Domestic Branch Pursuant to Section 9 of the
Federal Reserve Act
Approved Barclays Bank of New York, New York. Branch to be
established at 3 Park Avenue, New York. 2/
Manufacturers Hanover Trust Company, Central New York,
Rochester, New York. Branch to be established in the immediate
neighborhood of Teal Avenue and Grant Boulevard, City of Syracuse,
Onondaga County. 2/
Lincoln First Bank of Rochester, Rochester, New York. Branches
to be established at the following locations:
A. The rehabilitation and diagnostic center, University of
Rochester Medical Center, Crittenden Boulevard, Rochester, Monroe
County.
A. Todd Union, University of Rochester-River Campus, Alumi Road,
Rochester, Monroe County. 2/
Commonwealth Bank and Trust Company of Virginia, Sterling,
Virginia. Branch to be established on Catoctin Circle near the
Route 7 intersection in Leesburg, Loudoun County. 2/
Bank of Virginia, Richmond, Virginia. Branch to be established
in the Canterbury Shopping Center at the intersection of Patterson
Avenue and Pump Road, Henrico County. 2]
Denied By State First Bank and Trust Company of South Bend,
South Bend, Indiana. Branch to be established at 12435 Lincoln Way
East, Penn Township, Osceola, St. Joseph County.
Seabrook Bank and Trust Company, Seabrook, New Hampshire.
2_/
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To Become a Member of the Federal Reserve System Pursuant to
Section 9 of the Federal Reserve Act
Approved
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2/ Application processed on behalf of the Board of Governors
under delegated authority. Digitized for FRASER
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Federal Reserve Bank of St. Louis
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H.2, 1976 No. 31 4 -
ACTIONS OF THE BOARD-Continued
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
Boston Overseas Financial Corporation, Boston, Massachusetts:
investment - additional in Boston leasing - Arrendamento
representacoes E. servicos, Sao Paulo, Brazil.
First National City Overseas Investment Corporation, New York,
New York: removal of the standard condition presently imposed on
Coic's holding of shares of Bangkek First Investment & Trust
Ltd.
To Form a Bank Holding Company Pursuant to Section 3(a)(1) of
the Bank Holding Company Act of 1956
Suspended Utica Agency, Inc., Utica, Kansas for approval to
acquire 80 per cent or more of the voting shares of The Citizens
State Bank of Utica, Utica, Kansas.
Chambanco, Inc., Chambers, Nebraska, for approval to acquire 100
per cent (less directors* qualifying shares) of voting shares of
Chambers State Bank, Chambers, Nebraska. 1)
Banco de Santander, S.A., Santander, Spain, for approval to
become a bank holding company through the acquisition of 67 per
cent or more of the voting shares of First National Bank of Puerto
Rico, San Juan (P.O.), Hato Rey, Puerto Rico.
Chambanco, Inc., Chambers, Nebraska, for approval to acquire 100
per cent (less directors1 qualifying shares) of the voting shares
of Chambers State Bank, Chambers, Nebraska. 2/
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Reactivated
Approved
2/ Application processed on behalf of the Board of Governors
under delegated authority.
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11.2, 1976 No. 31 - 5 -
ACTIONS OF THE BOARD-Continned
To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of
the Bank Holding Company Act of 1956
Approved Indian Head Banks Inc., Nashua, New Hampshire, for
approval to acquire 67 per cent or more of the voting shares of
Community National Bank of Rochester, Rochester, New Hampshire.
Denied Florida National Banks of Florida, Florida, for approval
to acquire more of the voting shares of the Bunnell, Bunnell,
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
Delayed Utica Agency, Inc., Utica, Kansas, for approval to
acquire the shares of Horn Insurance Agency, Phoenix, Arizona.
Returned Merchants National Corporation, Indianapolis, Indiana,
noti-fication of intent to engage in de novo activities (leasing of
capital of goods and equipment to industry, and banks, or others,
or acting as agent, broker or adviser in leasing such personal
property, where at the inception of the inital 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 estimated total cost of financing the property over the
term of the lease, and such leases shall contain such other terms
and conditions) at Austin Center, Cypress at West Shore Boulevard,
Tampa, Florida, through a subsidiary of Circle Leasing Corp., to be
known as Circle Leasing of Florida Corp. (7/30/76) 3/
First Security Corporation, Salt Lake City, Utah, for approval
to retain 100 per cent of the voting shares of First Security
Savings and Loan Association, Pocatello5 Idaho.
Inc., Jacksonville, 50.37 per cent or Citizens Bank of
3/ 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, 1976 No. 31 6 ~
ACTIONS OF THE BOARD-Continuecl
Reactivated Ashton Investment Company, Rock Rapids, Iowa,
notification of intent to engage in de novo activities (leasing of
real property on a one time basis 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 lessor1s
full investment in the property plus the estimated cost of
financing the invest-ment over the term of the lease) at 104 North
Story Street, Rock Rapids, Iowa (7/30/76) 3/
Permitted Citicorp, New York, New York, notification of intent
to engage in de_ novo activities (consumer personal lending,
preauthorized consumer revolving credit; and acting as broker for
the sale of consumer credit related life and accident and health
insurance and consumer credit related property and casualty
insurance; if these proposals are effected, the subsidiary will
offer to sell insurance as follows: credit life and accident and
health or in-dividual decreasing or level (in the case of single
pay-ment loan life insurance to cover the outstanding balance of
consumer credit transactions singly or jointly with their spouses
or cosigner in the case of life coverage in the event of death, or
to make the contractual monthly payments on the consumer credit
transactions in the event of the obligators' disability to the
extent per-missible under applicable state insurance laws and
regula-tions and individual casualty insurance on personal
property, subject to security agreements and to include liability
coverage, in home or automobile owner "package" policies where such
is the general practice; further, in regard to the sale of credit
related insurance, the sub-sidiary will not act as a general
insurance agency) at 1701 North Kipling Street, Suite 205,
Lakewood, Colorado, through its subsidiary, Nationwide Financial
Services Corporation and its subsidiary, Citicorp Person-to-Person
Financial Center, Inc., (7/24/76) 3/
3/ 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, 1976 No. 31 7
ACTIONS OF THE BOARD-Continued
Manufacturers Hanover Corporation, New York, New York,
notification of intent to engage in die novo activities (a consumer
finance business included without limitation, 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,
servicing loans and other extensions of credit for any person; and
acting as agent or broker for the sale of credit related life/
accident and health insurance and consumer credit related property
which is related to extensions of credit made or acquired by Ritter
Finance Company and/or its direct and indirect subsidiaries) at
King Street, Elizabethtown, North Carolina, through its subsidiary,
Ritter Finance Company and its subsidiary, Ritter Finance Company,
Inc., of North Carolina. (8/1/76) 3/
First Pennsylvania Corporation, Philadelphia, Pennsylvania,
notification of intent to relocate de novo activities (making, or
acquiring and servicing loans or other extensions of credit for
personal, family or household purposes, including the sale of
credit insurance (life/ accident and health and disability
insurance) which is directly related to such consumer loans) from
1302 Horner Road, Woodbridge, Virginia to 14337 Jefferson Davis
Highway, Woodbridge, Virginia through its indirect sub-sidiary,
Investors Loan Corp. of Virginia (7/31/76) 3/
Union Trust Bancorp, Balitmore, Maryland, notification 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, or other leasehold interest; and act as agent
in the sale of credit life insurance and credit accident and health
insurance in connection with its extensions of credit) at Fallston
Building, Room 202, 1710A Harford Road, Fallston, Maryland, through
its subsidiary Union Home Loan Corporation (7/29/76) 3/
Root River Agency, Inc., Preston, Minnesota, notification of
intent to engage in the activities of (an agriculture credit
company) at 100 Anthony, North Preston, Minnesota (7.29.76) 3/
3/ 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, 1976 No. 31 8
ACTIONS OF THE BOARD-Contimied
To Expand a Bank Holding Company Pursuant to Section 4(c) (12)
of the Bank Holding Company Act of 1956
Permitted Sterling Precision Corporation, West Palm Beach,
Florida, notification of intent to acquire the outstanding stock of
Thorpe Automotive Company, Pawtucket, Rhode Island, an automotive
replacement parts distributor (7/29/76) 3/
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3/ 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, 1976 No. 31 9
APPLICATIONS RECEIVED
To Establish a Domestic Branch Pursuant to Section 9 of the
Federal Reserve Act
Girard Trust Bank, Bala Cynwyd, Montgomery County, Pennsylvania.
Branch to be established in the John Wanamaker Store located in the
Roosevelt Mall, Cottman Avenue and Roosevelt Boulevard,
Philadelphia County? Pennsylvania.
The Union Bank and Savings Company, Bellevue, Ohio. Branch to be
established at 855 Kilbourne Street, Bellevue, Sandusky County.
Citizens Bank of Pacific, Pacific, Missouri. Branch to be
established on the West side of State Highway 100 near its
intersection with Highway M in the unincorported community of Gray
Summitt, Franklin County.
Planters Bank & Trust Company, Hopkinsville, Kentucky.
Branch to be established on U. S. Highway 41-A between gates 4 and
5 of Fort Campbell, in Oak Grove, Christian County.
Walker Bank and Trust Company, Salt Lake City, Utah. Branch to
be established in the vicinity of Downtown Tooele, Tooele
County.
To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant
to Section 3 of The Bank Holding Company Act
of 1956
First International Bancshares, Inc., Dallas, Texas, to retain
shares of The First State Bank of Kerens, Kerens, Texas. 2/
27 Application processed on behalf of the Board of Governors
under delegated authority.
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H.2, 1976 No. 31 - 10 -
APPLICATIONS RECEIVED-Contlnued
To form a Bank Holding Company Pursuant to Section 3(a)(1) of
the Bank Holding Company Act of 1956
First Hanover Park Corporation, Chicago, Illinois, for approval
to acquire 80.03 per cent of the voting shares of First State Bank
& Trust Company of Hanover Park, Hanover Park, Illinois.
Inland Beloit Corporation, Milwaukee, Wisconsin, for approval to
acquire 100 per cent of the voting shares of Financial Network
Corporation, Beloit, Wisconsin, and Community Holding Corporation,
Beloit, Wisconsin, and indirectly acquire 95.4 per cent of the
voting shares of The Beloit State Bank, Beloit, Wisconsin, and 75.3
per cent of the voting shares of Community Bank of Beloit, Beloit,
Wisconsin.
Union Holding Company, Halliday, North Dakota, for approval to
acquire 80 per cent of the voting shares of The Union Bank,
Halliday, North Dakota.
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To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of
the Bank Holding Company Act of 1956
Inland Heritage Corporation, Wauwatosa, Wisconsin for approval
of successor by merger to Financial Network Corporation, Beloit,
Wisconsin, and indirectly acquire The Beloit State Bank, Beloit,
Wisconsin.
Inland Heritage Corporation, Wauwatosa, Wisconsin, for approval
of successor by merger to Community Holding Corporation, Beloit,
Wisconsin, and indirectly acquire Community Bank of Beloit, Beloit,
Wisconsin.
The Jacobus Company, Milwaukee, Wisconsin, for approval of
successor by merger to Financial Network Corporation, Beloit,
Wisconsin, and indirecly acquire The Beloit State Bank, Beloit,
Wisconsin.
The Jacobus Company, Milwaukee, Wisconsin, for approval of
successor by merger to Community Holding Corporation, Beloit,
Wisconsin, and indirectly acquire Community Bank of Beloit, Beloit,
Wisconsin.
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H.2, 1976 No. 31 - 11 -
APPLICATIONS RECEIVED-Continued
To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of
the Bank Holding Company of 1956
National Central Financial Corporation, Lancaster, Pennsylvania,
for approval to acquire all of the mortgage servicing portfolio of
Land Mortgages, Inc., Dayton, Ohio (and to engage in the mortgage
banking business at Land Mortgages' Dayton office).
Southern Bankshares, Inc., Richmond, Virginia, for approval to
retain the shares of Charter Insurance Managers, Inc. and National
Union Life Insurance Company, both in Richmond, Virginia (acting as
an insurance agency for credit life and credit accident and health
insurance directly related to an extension of credit by the bank
holding company system; and acting as an underwriter for credit
life in-surance and credit accident and health insurance which is
directly related to extensions of credit by the bank holding
company system).
Great American Corporation, Baton Rouge, Louisiana, notification
of intent to engage in de novo activities (making and acquiring for
its own account, loans discounst, acceptances and other extensions
of credit and such other business as is customarily engage in by
consumer credit of finance company, and acting as insurance agent
or broker in selling insurance to borrowers from such finance
subsidiary to include credit life insurance, accident and health
insurance and property insurance for collateral supporting loans
made by said finance subsidiary) at 2960 Johnston, Winwood Shopping
Center, Lafayette, Louisiana, through a subsidiary, Ambank
Acceptance Corporation D/B/S American Acceptance Associates.
(7/30/76) 3/
First Tennessee National Corporation, Memphis, Tennessee,
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 offering through the direct
insurer or the reinsurer, or acting as agent or broker with respect
to insurance that is directly related to an extension of credit by
the company or its subsidiaries), at 2711 North Fourteenth Street,
Ponca City, Oklahoma, through its wholly-owned subsidiary, Crown
Finance Corporation. (7/30/76) 3/
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H.2, 1976 No. 31 12 APPLICATIONS RECEIVED-Continued
Patagonia Corporation, Tucson, Arizona, notification of intent
to engage in de novo activities (leasing personal property or
acting as agent, broker or advisor in leasing such property
provided: the lease is to serve as the functional equivalent of an
extension of credit to the lessee of the property; the property to
be leased is acquired specifically for the leasing transaction
under consideration or was acquired specifically for an earlier
leasing transaction; the lease is on a non-operating basis: and at
the inception of the inital lease the effect of the transaction
(and, with respect to governmental entities only, reasonable
anticipated future transactions) will yield a return that will
com-pensate the lessor for not less than the lessor's full
investment in the property plus the estimated total cost of
financing the property over term of the lease) at Transco Tower,
2700 Post Oak, Houston, Texas, through its subsidiary, Patagonia
Leasing Company. (7/21/76) 3/
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H.2, 1976 No. 31 - 1 3 -
REPQRTS RECEIVED
Current Report Filed Pursuant to Section 13 of the Securities
Exchange Act
None.
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PETITIONS FOR RULEMAKING
None.
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