h2_19771008.pdf

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM (H.2, 1977 No. 41)

Actions of the Board; Applications and Reports

Received During the Week Ending October 8, 1977

ACTIONS OF THE BOARD

Statement by Vice Chairman Stephen S Gardner before the Subcommittee on Consumer Affairs, Senate Banking, Housing and Urban Affairs Committee on consumer safeguards under the proposed "Electronic Funds Transfer Consumer Protection Act/'

Regulation B, proposed amendments affecting the definition of adverse action which requires notifications to the customer that an application for credit had been refused; the Board requested comment by November 15, 1977.

Lagged reserve accounting, letter with new study sent to Chairman Henry S. Reuss, House Banking, Finance and Urban Affairs Committee.

Insurance agency activities, letter to all Federal Reserve Banks notifying them of recent 5th Circuit Court decision re: insurance agency activities of bank holding companies reactivating applications previously suspended by the Board.

In order to expedite and facilitate the performance of its functions, the Board of Governors has delegated to the secretary of the Board the authority to approve certain conforming changes in the Boards outstanding rules and regulations. (Docket No. R-0120)

Issuance of subordinated notes by First Wyoming Bank-Evanston, Evanston, Wyoming.

Issuance of subordinated capital note by Bradford Trust Company, New York, New York.

Adoption of memorandum dated July 1 outlining standards of conduct for participation in Board decisions.

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

11.2, 1977 N o J ^ L - 2 - #

ACTIONS OF THE BOAKD-Contlnued

American State Financial Corporation, Lubbock, Texas, ex-tension of time to December 31, 1977, within which to con-summate the acquisition of American State Bank, Lubbock, Texas. 1/

International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers, Kansas City, Kansas, extension of time to December 31, 1978, within which to re-tain authority for flexible ownership of not to exceed 40 per cent of its sole subsidiary bank. 1/

Union Financial Corporation, Manhattan, Kansas, extension of time to December 8, 1977, within which to consummate the acquisition of Union National Bank & Trust Company, Manhattan, Kansas. V

United Oklahoma Bankshares, Inc., Oklahoma City, Oklahoma, exten-sion of time to December 6, 1977, within which it may consummate the acquisition of United Oklahoma Bank, Oklahoma City, Oklahoma. _1/

Western Michigan Corporation, Niles, Michigan, extension of time to January 25, 1978, within which to acquire 100 per cent of the voting shares (less directorsT qualifying shares) of the successor by merger to The First National Bank of Cassopolis, Cassopolis, Michigan. 1/

Citizens Bank of Pacific, Pacific, Missouri, request for permission to make an additional investment in bank premises. 1/

Allied Irish Banks Limited, Dublin, Ireland, letter to New York State Banking Department interposing no objection to the Bank establishing a branch at 299 Park Avenue, Borough of Manhattan, City of New York. 1/

Ewing Bank and Trust Company, West Trenton, New Jersey, extension of time of six months from October 6, 1977, within which to establish a branch office to be located in the Mercer County Airport Terminal, Ewing Township, New Jersey. 1/

Valley Bank of Nevada, Las Vegas, Nevada, extension of time to April 11, 1978, within which to establish a branch at 4101 East Charleston Boulevard, Las Vegas, Nevada. 1/

Georgia Railroad Bank & Trust Company, Augusta, Georgia, request for permission to pay a special dividend. 1/

Southern National Bank of North Carolina, Lumberton, North Carolina, Roanoke Rapids Branch of, proposed acquisition by Peoples Bank & Trust Company, Rocky Mount, North Carolina; report to the Federal Deposit Insurance Corporation on competitive factors. 1/

JL/ Application processed on behalf of the Board of Governors under delegated authoritv. Digitized for FRASER http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

H.2, 1977 No. 41 - 3 -

ACTIONS OF THE BOARD-Continued

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

Withdrawn Walker Bank & Trust Company, Salt Lake City, Utah.

Branch to be established at 10600 South State Street, Sandy.

* * * * *

International Investments and Other Actions Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)(8) and 4(c)(13) of the Bank Holding Company Act of 1956, as amended

Approved Continental International Finance Corporation:

Investment - Additional shares of Compania Financiera Ecuatoriana De DeSarrollo S. A. , Quito, Ecuador.

Wells Fargo Bank, National Association: Final permit for Wells Fargo International Affiliates Corporation, California.

* * * * *

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

SWORD FINANCIAL CORPORATION, Horicon, Wisconsin, for approval to acquire 82.65 per cent of the voting shares of Horicon State Bank, Horicon, Wisconsin. 2/

Jefferson County Agency, Inc., Daykin, Nebraska, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Jefferson County Bank, Daykin, Nebraska. 2/

American National Bancshares, Inc., Midwest City, Oklahoma, for approval to acquire more than 80 per cent of the voting shares of American National Bank of Midwest City, Midwest City, Oklahoma. 2/

2j Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1977 N c ^ t l 4 ~


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

Delayed Virginia National Bankshares, Inc., Norfolk, Virginia,

notification of intent to engage in de novo activities (acting as agent in the sale of automobile physical damage insurance in connection with its extensions of credit) at 406 Main Street, Murfreesboro, North Carolina, through its subsidiary, Atlantic Credit Corporation (10/6/77) ^/

Virginia National Bankshares, Inc., Norfolk, Virginia, notification of intent to engage in de novo activities (acting as agent in the sale of automobile physical damage insurance in connection with consumer finance loans) at 406 Main Street, Murfreesboro, North Carolina, through its subsidiary, Atlantic Equity Corporation (10/6/77) V

Permitted Industrial National Corporation, Providence, Rhode Island,

notification of intent to engage in de novo activities (origination and sale of residential mortgages; consumer finance; servicing of residential mortgage loans; and issuance of credit life and credit accident and health insurance activities) at 522 Seventh Street, Racine, Wisconsin, through a subsidiary, Amortized Mortgages, Inc., a subsidiary of Mortgage Associates, Inc. (10/5/77) 3/

Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (arranging, making or acquiring, for its own account or for the account of others,loans and other extensions of credit such as would be made or acquired by a mortgage company in servicing such loans and other extensions of credit; acting as an investment advisor and manager to a real estate investment trust; providing bookkeeping or data processing services for Manufacturers Hanover Corporation, its sub-sidiaries and affiliates and storing and processing other banking, financial or related economic data such as per-forming payroll, accounts receivable or billings services) at 150 East Mound Street, Columbus, Ohio, through its sub-sidiary, Citizens Mortgage-Corporation (10/6/77) 3/

3/ 4(c)(8) and 4(c)(13) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.


H.2, 1977 No. 41


Mercantile Bankshares Corporation, Baltimore, Maryland, notification 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 mortgage company) at Ritchie Highway and McKinsey Road, Severna Park, Maryland and 2000 East Joppa Road, Parkville, Maryland, through its subsidiary, Mercantile Mortgage Corporation (10/3/77) 3J

Southern Bancorporation, Inc., Greenville, South Carolina, notification of intent to engage in de novo activities (making extensions of credit as a licensed consumer finance lender under the consumer finance act of South Carolina as supervised by the South Carolina Board of Financial Institutions, Consumer Finance Division; and acting as agent for the sale of credit related life/ accident and disability insurance issued in connection with the above-mentioned extensions of credit) at 112 Broad Street, Bennettsville, South Carolina (d/b/a World Finance of Bennettsville); and 811 Bay Street, Suite #4, Beaufort, South Carolina (d/b/a World Finance of Beaufort), through its indirect subsidiary, World Finance Corporation of South Carolina (a wholly-owned subsidiary of World Acceptance Corporation) (10/8/77) 3/

Barnett Banks of Florida, Inc., Jacksonville, Florida, notification of intent to engage in d 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 custodial nature in the manner authorized by federal and state law; provided however, that loans and investments will be made and deposits accepted only in conformity with the regulations of the Board of Governors of the Federal Reserve System) at 1201 Brickell Avenue, Miami, Florida, through a subsidiary, Barnett Banks Trust Company, N.A. (10/3/77) 3/

Security Pacific Corporation, Los Angeles, California, noti-fication of intent to relocate dje novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit including making con-sumer instalment personal loans, purchasing consumer in-stalment sales finance contracts, making loans to small businesses and other extensions of credit such as would be made by a factoring company or a consumer finance company; and acting as broker or agent for the sale of credit-related life/accident and health insurance and credit-related property and casualty insurance) from 333 South Hope Street, Los



H.2, 1977 No. - 6 -

ACTIONS OF THE BOAKD-Continued

Angeles, California to 1100 Glendon Avenue, Los Angeles, California, through its subsidiary, Security Pacific Finance Corp. (10/6/77) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to relocate de novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit in-cluding making consumer instalment personal loans, pur-chasing consumer instalment sales finance contracts, making loans to small businesses and other extensions of credit such as would be made by a factoring company or a consumer finance company; and acting as broker or agent for the sale of credit-related life/accident and health insurance and credit-related property and casualty insurance) from 16200 Ventura Boulevard to 17337 Ventura Boulevard, Encino, California, through its subsidiary, Security Pacific Finance Corp. (10/6/77) 3/

Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (the origination and acquisition of mortgage loans, in-cluding development and construction loans on multi-family and commercial properties, for its own account or for the sale to others and the servicing of such loans for others) at 1225 North 23rd, Grand Junction, Colorado, through its subsidiary, Security Pacific Mortgage Corporation (10/6/77) 3/

Approved UB Financial Corp., Phoenix, Arizona, for approval to retain

the Mesa, Arizona office of H.S. Pickrell Company, Phoenix, Arizona.

UB Financial Corp., Phoenix, Arizona, for approval to continue to engage in the activity of acting as broker or agent for the sale, by mail solicitation, of credit-related life and accident and health insurance, solely in connection with ex-tionsions of credit by H.S. Pickrell Company, Phoenix, Arizona.



11.2, 1977 No. 41 - 7 -

APPLICATIONS RECEIVED

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

The Cleveland Trust Company, Cleveland, Ohio. Branch to be established in the Great Northern Shopping Center, North Olmsted, Cuyahoga County.

The Harter Bank & Trust Company, Canton, Ohio. Branch to be established at 2103 Tuscarawas Street, Canton, Stark County.

* * * * *

To Withdraw from Membership in the Federal Reserve System without a six-month notice as prescribed by Section 9 of the Federal Reserve Act

United Jersey Bank/Central, Elizabeth, New Jersey.

* * * * *

To Establish an Overseas Branch of Corporations operating under Section 25 and Section 25(a) of the Federal Reserve Act

Mellon International Finance Corporations: Branch - Shell in George Town, Grand Cayman, Cayman Islands.

* * * * *

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

Schroder Trust Company, New York: Branch - George Town, Grand Cayman, Cayman Islands.

* * * * *

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

ACORN FINANCIAL CORP., Oak Park, Illinois, for approval to acquire 80 per cent or more of the voting shares of Suburban Trust and Savings Bank, Oak Park, Illinois.

GRISWOLD STATE BANCSHARES, INC., Griswold, Iowa, for approval to acquire 86.58 per cent of the voting shares of Griswold State Bank, Griswold, Iowa. Digitized for FRASER

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

H.2, 1977 No. 8

APPLICATIONS RECEIVED-CotitInued

The Gretna Company, Gretna, Nebraska, for approval to acquire 80 per cent or more of the voting shares of Gretna State Bank, Gretna, Nebraska.

Lenora Bancshares, Inc., Lenora, Kansas, for approval to acquire 94.57 per cent of the voting shares of The Exchange Bank of Lenora, Lenora, Kansas.

Andrews Bancshares,'Inc., Andrews, Texas, for approval to acquire 80 per cent to 100 per cent of the voting shares (less directors' qualifying shares) of Commercial State Bank, Andrews, Texas.

First Hale Center, Inc., Hale Center, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of The First National Bank of Hale Center, Hale Center, Texas.

* * * * *

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

Pacesetter Financial Corporation, Grand Rapids, Michigan, for approval to acquire 100 per cent of the successor by con-solidation to Western Michigan Corporation, Niles, Michigan and thereby indirectly acquire The First National Bank of Southwestern Michigan, Niles, Michigan and The First National Bank of Cassopolis, Cassopolis, Michigan.

Bancorporation of Montana, Great Falls, Montana, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of Bank of Montana, Helena, Montana.

United Missouri Bancshares, Inc., Kansas City, Missouri, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of The Cass County Bank, Peculiar, Missouri.

First International Bancshares, Inc., Dallas, Texas, for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of City National Bank in Wichita Falls, Wichita Falls, Texas.


H.2, 1977 No. 41 ^ - 9 -

APPLICATIONS RECEIVED-Continued

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

Chemical New York Corporation, New York, New York, notification of intent to relocate de novo activities (making of direct loans and purchasing sales finance contracts representing extensions of credit such as would be made or acquired by a finance company; acting as agent for the sale of credit life insurance and credit accident and health insurance issued in connection with extensions of credit and making available to its borrowers, credit related property and casualty insurance) from 960 Morrison Drive, Charleston, South Carolina to 6296 Rivers Avenue, North Charleston, South Carolina, through its indirect subsidiary, Sun Finance Company - 1203, Inc. (10/4/77) 3/

Chemical New York Corporation, New York, New York, notification of intent to engage in jie novo activities (making or acquiring, for its own account loans and other extensions of credit such as would be made or acquired by a finance company and servicing loans and other extensions of credit, such activities will include, but not be limited to, making consumer install-ment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small business, and making loans secured by real and personal property; making credit related life and credit related accident and disability insurance available in connection with extensions of credit made or acquired by Sunamerica Finance Corp.) at 4431 Northwest 63rd Street, Oklahoma City, Oklahoma, subsidiary to be known as Sunamerica Financial Corp., through its indirect subsidiary, The Sun Finance & Loan Company (10/3/77) 3/

Manufacturers Hanover Corporation, New York, New York, notification of intent to engage in de novo activities (leasing real and personal property on a full payout basis, and acting as agent, broker, or advisor in leasing of such property in accordance with the provisions of regulations promulgated by the Board of Governors of the Federal Reserve System; and making and acquiring, for its own account or for the account of others, loans and other extensions of credit with respect to such property and servicing such leases, loans or other extensions of credit) at 3 Landmark Square, Stamford, Connecticut, through its subsidiary, Manufacturers Hanover Leasing Corporation (10/5/77) 3_/

Mellon National Corporation, Pittsburg, Pennsylvania, notifi-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 such as would be made by a finance company which activites include making direct consumer

3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governos under delegated authority


H.2, 1977 No. 41 - 10 -


instalment loans and purchasing consumer instalment finance contracts; providing credit life and credit accident and health insurance in conjunction with the above lending activities, such insurance will be provided only in connection with extensions of credit by Local Loan Co., and its wholly-owned subsidiaries and will be available solely at the option of the borrower and the borrower is advised of this option in advance) at 8406 Preston Highway, Louisville, Kentucky, through its wholly-owned subsidiary, Local Loan Co., Chicago, Illinois (10/3/77) 3/

Virginia National Bankshares, Inc., Norfolk, Virginia, notifi-cation of intent to engage in de novo activities (financing automobile purchases through instalment loans (retail and direct), wholesale inventory financing of automobile dealers, the making of consumer loans; and acting as agent in the automobile physical damage insurance in connection with its extensions of credit) at 406 Main Street, Murfreesboro, North Carolina, through its subsidiary, Atlantic Credit Corporation (10/6/77) 3/

Virginia National Bankshares, Inc., Norfolk, Virginia, notifi-cation of intent to engage in de 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; and acting as an agent in the sale of credit life insurance and accident and health insurance in connection with such loans; the making of consumer finance loans; and acting as agent in the sale of credit life insurance, accident and health insurance, and automobile physical damage insurance in connection with consumer finance loans) at 406 Main Street, Murfreesboro, North Carolina, through its subsidiary, Atlantic Equity Corporation (10/6/77) 3/

Money Management Corporation, Chicago, Illinois, notification of intent to engage in de novo activities (acting as a financial advisor to banks including furnishing general economic information and advice, providing general economic statistical forecasting services and industry studies to banks, assisting in asset allocation planning (only as incidental to financial advisory activities), and publishing and providing bank statistical analyses) at 100 N Ashley Drive, Tampa, Florida (10/3/77) 3/

First Bank System, Inc., Minneapolis, Minnesota, for permission to organize a subsidiary trust company to be named First Trust Company of North Dakota, Fargo, North Dakota (10/7/77) 3/



H.2, 1977 No. 41 - 1 1 -


Midland Capital Co., Oklahoma City, Oklahoma, notification of intent to engage in de novo activities of (mortgage banking, including originating az,d servicing of all types of residential and commercial mortgage loans) at 6101 S. Rural Road, Suite 130, Tempe, Arizona, through a subsidiary Midland Mortgage Co. (10/3/77) 3/

Midland Capital Co., Oklahoma City, Oklahoma, notification of intent to relocate de novo activities (mortgage banking, including originating and servicing or all types of resi-dential and commercial mortgage loans) from 4867 South Sheridan, Tulsa, Oklahoma to 7010 South Yale Avenue, Suite #215, Tulsa, Oklahoma, through a subsidiary, Midland Mortgage Co. (10/3/77) 3/

First United Bancorporation, Inc., Fort Worth, Texas, for approval to acquire the shares of Texas Credit Life In-surance Company, Fort Worth, Texas.

Correction: On H.2, No. 38 The address of the notification of BankAmerica Corporation to engage de_ novo through a subsidiary FinaneeAmerica Corporation (a Nevada Corporation) is changed from Sugarhouse Shopping Center, Suite F, 1461 South Eastern Avenue, Las Vegas, Nevada to Sugarhouse Shopping Center, Suite F. 4161 South Eastern Avenue, Las Vegas, Nevada. (9/12/77) 3/

* * * * *

REPORTS RECEIVED

None

* * * * *

PETITIONS FOR RULEMAKING

None.


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