h2_19750531.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. 22 During the Week Ending May 31, 1975

District

To Withdraw from Membership in the Federal Reserve System Without a Six-Month Notice as Prescribed by Section 9 of the Federal Reserve Act

Received Security First Bank & Trust Company, Grand Haven, Michigan

Denied Security First Bank & Trust Company, Grand Haven, Michigan

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

Received 4 The Peoples Banking Company of Lewisburg, Lewisburg, Ohio.

Branch to be established at East Main Street, Verona, Preble County.

Approved 6 -First Bank, Slidell, Louisiana. Branch to be established

at the intersection of Covington Highway and Morgan Street, St. Tammany Parish, Madisonville.

7 "Warren Bank, Warren, Michigan. Branch to be established at 13490 Ten-Mile Road, Warren.

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-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

H.2 1975 No. 22 - 2 -

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

Approved 1 First National Bank of Boston, Boston, Massachusetts:

a branch to be located in Luxembourg.

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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

1 ' The First National Bank of Boston, Boston, Massachusetts: competitive factors report to the Federal Deposit Insurance Corporation to assume the liabilities of the Luxembourg branch of Bank of Boston International, New York, New York, a Section 25(a) Corporation.

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International Investments and Other Actions Denied 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

2 Bank of Tokyo Ltd., Tokyo, Japan, a foreign bank holding company: to acquire 100 per cent of Tokyo Bancorp International (Houston) Inc., Houston, Texas.

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

Received 5 The Peoples Bank and Trust Company, Richmond, Virginia

for prior approval to merge with New Bank of Richmond, Richmond, Virginia.

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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 The First National Corporation of Ardmore, Inc., Ardmore,

Oklahoma, for approval to acquire 100 per cent of the voting shares of First National Bank and Trust Company of Ardmore, Ardmore, Oklahoma.

Approved Lakeland Financial Corporation, Woodruff, Wisconsin, for

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

First Union Corporation, Stillwater, Oklahoma, for ap-proval to acquire 80 per cent or more of the voting shares of The First National Bank and Trust Company of Stillwater, Stillwater, Oklahoma.

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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 Popular Bancshares Corporation, Miami, Florida, for ap-

proval to acquire 50.152 per cent of the voting shares of Trans Florida Bancshares, Inc., Sarasota, Florida.

First Banc Group, Inc., Creve Coeur, Missouri, for ap-proval to acquire 76 per cent or more of the voting shares of Commonwealth Bank, Wentzville, Missouri.

Approved First National Bankshares of Florida, Inc., Pompano

Beach, Florida, for approval to acquire at least 80 per cent of the voting shares of First National Bank of New Smyrna Beach, New Smyrna Beach, Florida.

Michigan National Corporation, Bloomfield Hills, Michigan for approval to acquire 100 per cent of the voting shares (less directors' qualifying shares) of West Oak-land Bank, National Association, Novi, Michigan.

Denied Michigan National Corporation, Bloomfield Hills, Michigan

for approval to acquire 100 per cent of the voting shares (less directors1 qualifying shares) of the successor by merger to Commercial National Bank, Casso-polis, Michigan.


H. 2 1975 No. 22

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, New York, for approval to acquire the

consumer finance assets of Federal Discount Corporation, Dubuque, Iowa.

2 **Citicorp, New York, New York, notification of intent to 5-30-75 relocate de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health in-surance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Colorado will offer to sell in-surance 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 property subject to security agreements (including liability 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 Colorado will not offer insurance counseling) from 5703 E. Colfax Avenue, Denver, Colorado to 11470 East Colfax, Aurora, Colorado, through its subsidiary, Nation-wide Financial Corporation of Colorado.

2 **Citicorp, New York, New York, notification of intent to 5-27-75 relocate de novo activities (making consumer installment personal loans, purchasing consumer installment sales finance contracts; and acting as broker for the sale of consumer credit related life/accident and health in-surance and consumer credit related property and casualty insurance; if this proposal is effected, Nationwide Financial Corporation of Louisiana 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 property subject

**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. 22

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Received Continued to security agreements (including liability 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 Cor-poration of Louisiana will not offer insurance counsel-ing) from 501 Baronne Street, New Orleans, Louisiana to 3949 Veterans Memorial Boulevard, Metairie, Loui-siana, through its subsidiary, Nationwide Financial Corporation of Louisiana.

5 Virginia National Bankshares, Inc., Norfolk, Virginia, notification of intent to engage in de novo activities (acting as insurance agent or broker with respect to the following types of insurance related to or arising out of loans made or credit transactions involving an affiliate or subsidiary of Virginia National Bankshares, Inc.: (1) credit life insurance and credit accident and health insurance; (2) physical damage insurance on mobile homes, motor homes or other similar vehicles; (3) mortgage redemption insurance; (4) single premium decreasing term life insurance; and (5) vendor1s single interest physical damage insurance for motor vehicles, boats, trailers and other kinds of personal property or attachments designed for use in connection therewith) at One Commercial Place, Norfolk, Virginia, through a subsidiary, VNB Insurance Agency, Inc. Its activities will be conducted through offices in Virginia and North Carolina.

6 **Central Bankshares Corporation, Jonesboro, Georgia, noti- 5-29-75 fication of intent to engage in de novo activities (mak-ing loans principally secured by second mortgages on single family residences) at 176 Covington Street, McDonough, Georgia, through a subsidiary, Central Bank-shares Equity Corporation.

8 **First Tennessee National Corporation, Memphis, Tennessee, 5-29-75 notification of intent to engage in de novo activities (providing bookkeeping or data processing services for the internal operations of the holding company and its subsidiaries; and storing and processing other banking, financial, or related economic data, such as performing payroll, accounts receivable or payable, or billing ser-vices) at 921 Woodland Street, Nashville, Tennessee, through its division known as First Tennessee Data Service Center.



H.2 1975 No. 22 ^

Permitted 2 **Fidelity Union Bancorporation,. Newark, New Jersey, noti-

fication of intent to engage in de novo activities (the business of making loans in the present maximum amount of $3,500 or less under the provisions of the Pennsyl-vania Consumer Discount Company Act; and making available to customers, credit life insurance and disability in-surance covering the unpaid balance of loans outstanding; and other insurance to protect collateral during the periods of credit extensions) at 25th and Butler Streets, Palmer Township, Pennsylvania, through a subsidiary of its subsidiary, Suburban Finance Company, known as Sentry Consumer Discount Company.

6 **CB&T Bancshares, Inc., Columbus, Georgia, notification of intent 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 such as would be made by a first mortgage company) at 620 Shuring Drive, Northeast Plaza Shopping Center, Macon, Georgia, through a subsidiary, The Georgia Company of America.

12 **BankAmerica Corporation, San Francisco, California, noti-fication of intent to relocate the St. Petersburg, Florida office of its subsidiary, Finanee Ame rica Cor-poration, (Florida), a subsidiary of FinanceAmerica Corporation, which engages in (making of consumer in-stallment loans and purchasing installment sales finance contracts, and making of loans to small businesses; acting as agent or broker for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Corporation) from 654 Central Avenue, St. Petersburg, Florida, to 769 - 34th Street North, St. Petersburg, Florida.

12 **BankAmerica Corporation, San Francisco, California, noti-fication of intent to relocate the Miami, Florida, office of its indirect subsidiary, FinaneeAmerica Credit Corporation, a subsidiary of FinanceAmerica Corporation, which engages in (purchasing installment sales finance contracts on vehicles, mobile homes, pleasure equipment, and home improvement; acting as agent or broker for the sale of credit related life/accident and disability insurance, and credit related property and casualty insurance in connection with extensions of credit by FinanceAmerica Credit Corporation) from Suite 226, 7800 Building, 7800 Red Road, to 1141 East Altamonte Drive, Altamonte Springs, Florida.

5-29-75

5-30-75

5-25-75

5-25-75



H.2 1975 No. 22 - 7 -

Permitted Continued 12 **BankAmerica Corporation, San Francisco, California, 5-30-75

notification of intent to engage in de novo activities (making loans, extending credit, and providing of ser-vices incident to such loans and extensions of credit such as would be made or provided by a finance company, including the following specific activities: (a) pro-viding funds and/or credit services in connection with the financing of stock and floor plan inventory of dis-tributors and dealers of consumer products; (b) makes available to such dealers, at their option and cost, fire, theft, and damage insurance on a monthly report-ing basis covering only the outstanding indebtedness on such floor plan inventory) at 3074 A Whitney Avenue, Hamden, Connecticut; 9901 Paramount Boulevard, Downey, California; 3969 Peachtree Road, N.E. , Atlanta, Georgia; 927 Temple Street, Whitman, Massachusetts; 9001 East Bloomington Freeway, Bloomington, Minnesota; 6501 East Livingston Avenue, Reynoldsburg, Ohio; and 5600 West 95th Street, Leawood, Kansas; through its indirect subsidiary, MerCredit Corporation, a subsidiary of FinanceAmerica Corporation.

12 **Rainier Bancorporation, Seattle, Washington, notification 5-26-75 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; and ser-vicing loans and other extensions of credit for other persons) at 190 South King Street, Honolulu, Hawaii, through its subsidiary, Rainier Mortgage Company.

12 **SEAFIRST CORPORATION, Seattle, Washington, notification 5-25-75 of intent to engage in de novo activities (acting as insurance agent with regard to group and individual credit life, credit accident and health, and credit disability insurance in connection with extensions of credit by SEAFIRST CORPORATION or its subsidiaries (e.g. Seattle-First National Bank, Firstbank Mortgage Corporation and Firstbank Leasing Corporation) at all branches of Seattle-First National Bank located through the State of Washington, through a subsidiary, Spokane Eastern Company.

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. 22 8

Other Actions of the Board Proposal to amend Regulation T that would permit brokers

and dealers to assist in the private placement of securities, comment should be received by the Board by June 30, 1975.

The Board extended until June 20 the deadline for filing comments on proposed regulations to implement the Fair Credit Billing Act, in view of the extension, the Board denied requests for a public hearing on the proposed regulation.

Issuance of subordinated capital notes by Manufacturers Hanover Trust Company, New York, New York.

***Barnett Banks of Florida, Inc., Jacksonville, Florida, extension of time until September 5, 1975, within which to acquire First Marine Bank of Fort Lauderdale, Fort Lauderdale, Florida.

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

***Harris Bankcorp, Inc., Chicago, Illinois, extension of time to January 1, 1976, to engage de novo in certain activities through a subsidiary known as Harriscorp Finance, Inc., in Hillside and Aurora, Illinois.

***Washington Bancshares, Inc., Spokane, Washington, extension of time to August 30, 1975, within which to commence the investment advisory activities of its subsidiary, Compass Group, Inc., Spokane, Washington.

***Adams Bank, Millersburg, Ohio, to make an investment in bank premises.

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

***Warren Bank, Warren, Michigan, to make an investment in bank premises.

***Connecticut Bank and Trust Company, Hartford, Connecticut, six months1 extension of time until November 28, 1975, to continue operation of Capitol Office at 414 Asylum Avenue, Hartford, Connecticut, pending relocation of Pearl Street Office, at 111 Pearl Street, to new location not yet determined.

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


H. 2 1975 No. 22 9 -

Continued ***Bridgewater National Bank, Bridgewater Township, New

Jersey, proposed acquisition by United National Bank, Plainfield, New Jersey, report to the Comptroller of the Currency on competitive factors.

***First National Bank of Boston, Boston, Massachusetts, proposed assumption of liability to pay any deposits made in, or similar liabilities of The Luxembourg branch of Bank of Boston International New York, New York, a noninsured institution, report to the Federal Deposit Insurance Corporation on competitive factors.

***First National Bank of Cape Cod, Orleans, Massachusetts, proposed merger with Second National Bank of Cape Cod, Orleans, Massachusetts, report to the Comptroller of the Currency on competitive factors.

***Security First Bank & Trust Co., Grand Haven, Michigan, request for waiver of the six months1 notice to withdraw from membership; request denied.

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


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h2_19750531.pdf