ANNOUNCEMENT BY. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (H.2, 1977 No. 42) Actions of the Board; Applications and Reports

Transcription

1 ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (H.2, 1977 No. 42) Actions of the Board; Applications and Reports Received During the Week Ending October 15, 1977 ACTIONS OF THE BOARD Statement by Governor Philip E. Coldwell before the Senate Banking, Housing and Urban Affairs Committee on the Federal Reserve System 1 s role in the payments mechanism. The Board acted today to encourage bank holding companies that are required to carry out divestitures by the end of 1980 to submit plans for doing so not later than June 30, Regulation V amendment, effective October 1, 1977, to reflect that the Department of Energy now possesses the authority formerly held by the Energy Research and Development Administration to guarantee V-loans. (Docket No. R-0119) Issuance of subordinated capital notes by State Bank of Anoka, Anoka, Minnesota. Issuance of subordinated capital notes by The Oberlin Savings Bank Company, Oberlin, Ohio. Bank of Oglethorpe, Oglethorpe, Georgia, proposed consolidation with The Citizens Bank of Montezuma, Montezuma, Georgia, report to the Federal Deposit Insurance Corporation on competitive factors. First Maywood, Inc., Maywood, Illinois, extension of time to December 9, 1977, within which to become a bank holding company through the acquisition of 100 per cent of the voting shares (less directors f qualifying shares) of the successor by merger to the First National Bank of Maywood, Maywood, Illinois. 3J V Application processed on behalf of the Board of Governors under delegated authority.

2 H.2, 1977 No Texas Commerce Bancshares, Inc., Houston, Texas, extension of time to March 31, 1978, within which to divest of the Telephone Road property which Texas Commerce agreed to dispose of in a commitment dated December 1, / Citizens State Bank, Clarinda, Iowa, to make an investment in bank premises. \j Ewing Bank and Trust Company, West Trenton, New Jersey, extension for six months from October 17, 1977, the time within which to establish a branch at 790 River Road, West Trenton, New Jersey. Xj Community Banks of Florida, Inc., Seminole, Florida, subsidiaries of, proposed merger with Community Bank of Seminole, Seminole, Florida, report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Dekalb Exchange Bank, De Kalb County, Georgia, proposed merger with Citizens Dekalb Bank, Clarkston, Georgia, report to the Federal Deposit Insurance Corporation on competitive factors. 1/ First National Bank of Cassopolis, Cassopolis, Michigan, proposed merger with Cassopolis National Bank, Cassopolis, Michigan, report to the Comptroller of the Currency on competitive factors. 1/ Jefferson National Bank at Kandall, Dade County, Florida, proposed merger with Jefferson National Bank at Miami Beach, Miami Beach, Florida, report to the Comptroller of the Currency on competitive factors. 1_I Southeast Banking Corporation, Miami, Florida, subsidiaries of, proposed merger with Southeast Everglades Bank of Fort Lauderdale, Fort Lauderdale, Florida, report to the Federal Deposit Insurance Corporation on competitive factors. \J Virginia National Bank/Fairfax, Springfield, Virginia, proposed merger with Virginia National Bank, Norfolk, Virginia, report to the Comptroller of the Currency on competitive factors. 1/ 17 Application processed on behalf of the Board of Governors under delegated authority.

3 H.2, 1977 No To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Withdrawn Seattle Trust and Savings Bank, Seattle, Washington. Branch to be established at South 180th and Andover, Park West in Tukwila. * * * * * To Withdraw from Membership in the Federal Reserve System without a six-month notice as prescribed by Section 9 of the Federal Reserve Act Denied United Jersey Bank/Northwest, Dover, New Jersey. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Approved First Park Ridge Corporation, Chicago, Illinois, for approval to acquire 80 per cent or more of the voting shares of First State Bank & Trust Company of Park Ridge, Park Ridge, Illinois. 2J Waukon Financial Corp., Waukon, Iowa, for approval to acquire 54.8 per cent or more of the voting shares of Waukon State Bank, Waukon, Iowa. 2/ Atoka State Bancorporation, Inc., Atoka, Oklahoma, for approval to acquire 80 per cent of the voting shares (less directors f qualifying shares) of The Atoka State Bank, Atoka, Oklahoma. 2/ ~Tj Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.

4 H.2, 1977 No To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Withdrawn City National Bank Corporation, Miami, Florida, for approval to acquire 22.5 per cent or more of the voting shares of City National Bank of Lauderhill, Lauderhill, Florida. * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Reactivated Industrial National Corporation, Providence, Rhode Island, (acting as an insurance agency for the sale of credit life and credit accident and health insurance sold in connection with extensions of credit) at 300 Duncan Street, Clearwater, Florida, through its wholly-owned indirect subsidiary, Mortgage Associates, Inc., Milwaukee, Wisconsin (10/11/77) 3/ Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de_ novo activities (acting as an insurance agency for the sale of credit life and credit accident and health insurance sold in connection with extensions of credit) at 5813 Melton Drive, Oklahoma City, Oklahoma, through its wholly-owned indirect subsidiary, Mortgage Associates, Inc., Milwaukee, Wisconsin (10/11/77) 3/ Southern Bancorporation, Inc., Greenville, South Carolina, (acting as agent for the sale of credit related property and casualty insurance) 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) (10/14/77) 3/ 3/ 4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf

5 H.2, 1977 No Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in djb novo activities (acting as agent in the sale of insurance protecting collateral held against the extensions of credit) at 111 North Palafox Street, Pensacola, Florida, through a subsidiary, Landmark Finance Corporation of Florida (a wholly-owned subsidiary of Landmark Financial Services, Inc.) (10/14/77) V Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (acting as agent in the sale of insurance protecting collateral held against the extensions of credit) at Terry Road, Jackson, Mississippi; 122 East Pine Street, Hattiesburg, Mississippi; and 283 West Evans Street, Florence, South Carolina, through its subsidiaries, Landmark Finance Corporation of Mississippi and Landmark Finance Corporation of South Carolina (wholly-owned subsidiaries of Landmark Financial Services, Inc.) (10/14/77) 3/ Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in cle novo activities (acting as agent in the sale of insurance protecting collateral held against the extensions of credit) at 119 East Innes Street, Salisbury, North Carolina, through its subsidiaries, Landmark Financial Corporation of North Carolina and Landmark Mortgage Corporation (wholly-owned subsidiaries of Landmark Financial Services, Inc.) (10/14/77) 3/ Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (acting as agent in the sale of insurance protecting collateral held against the extensions of credit) at 135 Caldwell Street, Rock Hill, South Carolina, through a subsidiary, Landmark Finance Corporation of South Carolina (a wholly-owned subsidiary of Landmark Financial Services, Inc.) (10/14/77) 3/ Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (acting as agent in the sale of insurance protecting collateral held against the extensions of credit) at 4908-A West Mercury Boulevard, Hampton, Virginia, through a subsidiary, Landmark Finance Corporation of Virginia (a wholly-owned subsidiary of Landmark Financial Services, Inc.) (10/14/77) 3/ 37 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

6 H.%, 1977 No Virginia National Bankshares, Inc., Norfolk, Virginia, (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 (10/14/77) 3/ Virginia National Bankshares, Inc., Norfolk, Virginia, (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 (10/14/77) 3/ Permitted Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in de_ novo activities (consumer finance; insurance agency for the sale of credit life and credit accident and health insurance sold in connection with extensions of credit) at 1055 Highway 90, Milton, Florida, through its existing indirect subsidiary, Southern Discount Company (a Rhode Island Corporation) (10/14/77) 3/ Industrial National Corporation, Providence, Rhode Island, (consumer finance; insurance agency for the sale of credit life and credit accident and health insurance sold in connection with extensions of credit) at Lanier Village Shopping Center, Camming, Georgia, through its existing indirect subsidiary, Southern Discount Company (a Rhode Island Corporation) (10/14/77) 3/ Industrial National Corporation, Providence, Rhode Island, notification of intent to engage in do novo activities (consumer finance; insurance agency for the sale of credit life and credit accident and health insurance sold in connection with extensions of credit) at 107 W. 16th North Street, Summervilie, South Carolina, through its existing indirect subsidiary, Southern Discount Company (a Rhode Island Corporation) (LO/14/77) 3/ 37 4(c)(8) and 4(c)(12) notifications processed by Reserve Hank on behalf

7 11.2, 1977 No Citicorp, New York, New York, notification of intent to engage in de novo activities (making consumer installment personal loans, purchasing and servicing for its own account consumer installment sales finance contracts, making loans for the account of others such as one-tofour family unit mortgage loans, making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other than personal, family or household usage; sale of credit related life/accident and health, or decreasing or level (in the case of single payment loans) term life insurance to cover the outstanding balances of credit transactions (singly or jointly with co-signers in the case of life coverage) in the event of death, or, to make contractual monthly payments on the credit transactions in the event of the obligators T s disability by licensed agents or brokers to the extent permissible under applicable State insurance laws and regulations) at Parkway Center #23, 206 Fletcher Parkway, El Cajon, California, through its subsidiary, Citicorp Person-to-Person Financial Center, Inc. (10/15/77) 3/ Pittsburgh National Corporation, Pittsburgh, Pennsylvania, notification of intent to engage in de^ novo activities (mortgage banking, including the making, acquiring, and servicing for its own account or the accounts of others, loans and other extensions of credit) at Suite 100 and 101, 1250 Terminal Way, Reno, Nevada, through its whollyowned subsidiary, The Kissell Company, Springfield, Ohio (10/9/77) 3/ Southern Eancorporation, Inc., Greenville, South Carolina, (making extensions of credit as a licensed consumer finance lender under the Texas Consumer Credit Code as supervised by the office of Consumer Credit Commissioner) at nd Street, Orange, Texas d/b/a World Finance Corporation of Orange and 508 Brazos Street, Austin, Texas d/b/a World Finance Corporation of Austin, through its subsidiary, World Acceptance Corporation (10/15/77) 3/ 37 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

8 H.2, 1977 No Southern Bancorporation, Inc., Greenville, South Carolina, notification of intent to engage in &e_ 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, Bonnettsville, 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/ Citizens and Southern Holding Company, Atlanta, Georgia, (making or acquiring, for its own account or for the account of others, loans and other extensions of credit; servicing loans and other extensions of credit for any person; and operation of a licensed small loan company and of an installment sales finance company) at 4302 Chef Monteur Highway, New Orleans, Louisiana, through a subsidiary, Citizens and Southern Finance Company d/b/a Citizens and Southern Financial Services (10/12/77) 3/ First Aintenn Corporation, Nashville, Tennessee, notification of intent to engage in de novo activities (making or acquiring, for its own account or the account of others, loans and other extensions of credit such as would be made by a finance company including secured and unsecured loans to individuals; discounting of installment sales contracts; and secured commercial financing such as dealer floor-plan financing; and acting as agent or broker in selling the following types of insurance to borrowing customers: credit life insurance, accident and health insurance and property damage insurance on collateral) at 4233 Atlantic Boulevard, Jacksonville, Florida, through a subsidiary, Atlantic Discount Company, Inc and its subsidiaries, Atlantic Consumer Services of Jacksonville, Tnc., and Atlantic Investment Corporation (10/12/77) 3/ 37 4(cj(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

9 H.2, 1977 No BankAmerica Corporation, San Francisco, California, notification of intent to engage in de 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 installment loans, purchasing installment sales finance contracts, making loans and other extensions of credit to small businesses, and making loans secured by real and personal property; acting as agent or broker for the sale of credit-related life and credit-related accident and disability insurance in connection with extensions of credit made or acquired by FinaneeAmerica Corporation) at Suite K, 3063 Walnut Street, Boulder, Colorado, through its indirect subsidiary, FinaneeAmerica Corporation (a Colorado Corporation) (10/10/77) 2/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in cle novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit including making consumer installment 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) at 4760 Flintridge Drive, Colorado Springs, Colorado, through its subsidiary, The Bankers Investment Company d/b/a Security Pacific Finance Corp. (10/13/77) 3/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the accounts of others, loans and extensions of credit including making consumer installment 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) at 1777 West Camelback Road, Phoenix, Arizona, through its subsidiary, Security Pacific Finance Corp. (10/13/77) 3/ 3J 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority,

10 H.2, 1977 No APPLICATIONS RECEIVED To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Farmers Savings Bank, Northwood, Ohio. Branch to be established at 5734 Fremont Pike, Stony Ridge, Wood County. Bank of the Commonwealth, Detroit, Michigan. Relocation of branch from Van Dyke, Sterling Heights, Michigan, to the northeast corner of Seventeen Mile and Dequindre, Sterling Heights, Macomb County, Michigan. * * * * * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Cahokia Bancshares, Inc., Chesterfield, Missouri, for approval to acquire per cent of the voting shares of Bank of Cahokia, Cahokia, Illinois. Junction City First National Company, Junction City, Kansas, for approval to acquire 94 per cent or more of the voting shares of The First National Bank of Junction City, Kansas, Junction City, Kansas. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Royal Trust Bank Corp., Miami, Florida, for approval to acquire per cent of the voting shares of Baymeadows Bank, Jacksonville, Florida. Royal Trustco Limited, Ottawa, Ontario, Canada, for approval to acquire per cent of the voting shares of Baymeadows Bank, Jacksonville, Florida.

11 H.2, 1977 No APPLICATIONS RECEIVED-Continued To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Citicorp, New York, New York, notification of intent to engage in de novo activities (making loans to individuals and businesses secured by real and personal property, the proceeds of which may be for purposes other than personal, family or household usage; and the sale of credit related life/accident and health insurance related to such loans; if these proposals are effected, a licensed agent will offer to sell credit related life/accident and health, or decreasing or level (in the case of single payment loans), term life insurance to cover the outstanding balances of credit transactions (singly or jointly with co-signers in the case of life coverage) in the event of death, or, to make the contractual monthly payments on the credit transactions in the event of the obligator's disability to the extent permissible under applicable State insurance laws and regulations; credit related decreasing term life insurance and accident and health insurance may be reinsured by Gateway Life Insurance Company, an affiliate of Nationwide Financial Corporation of Missouri; further, in regard to the sale of credit related insurance, the subsidiary will not act as a general insurance agency) at 403 Main Street, Joplin, Missouri, through its subsidiary, Nationwide Financial Services Corporation presently operating as Nationwide Financial Corporation of Missouri (10/14/77) 3/ Manufacturers Hanover Corporation, New York, New York, 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 finance company; servicing loans and other extensions of credit for any person; and acting as agent or broker for the sale of credit life and credit accident and health insurance which is related to extensions of credit made, acquired or serviced by Ritter Finance Company, Inc. of Indiana) at 163 E. Walnut Street, North Vernon, Indiana, through an indirect subsidiary, Ritter Finance Company, Inc. of Indiana (10/14/77) 3/ 37 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

12 H.2, 1977 No APPLICATIONS RECEIVED-Contlriued Union Trust Bancorp, Baltimore, Maryland, notification of intent to engage in de novo activities (make 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 South Carolina which property may be subject to one or more encumbrances or other leasehold interests; and act as agent in the sale of credit life insurance and credit accident and health insurance in connection with its extension of credit) at 33 Villa Raod, Greenville, South Carolina, through its subsidiary, Union Home Loan Corporation (10/12/77) 37 Walter E. Heller International Corporation, Chicago, Illinois, notification of intent to continue to engage in de novo activities (the business of commercial finance) at 720 Olive Street, St. Louis, Missouri, through its subsidiary, National Acceptance Company of America, Chicago, Illinois (10/14/77) 3/ Walter E. Heller International Corporation, Chicago, Illinois, notification of intent to continue to engage in de novo activities (the business of commercial finance) at 3000 Town Center, Southfield, Michigan, through its subsidiary, National Acceptance Company of America, Chicago, Illinois (10/14/77) 3/ Walter E. Heller International Corporation, Chicago, Illinois, notification of intent to continue to engage in de novo activities (the business of commercial finance) at 2401 West Big Beaver Road, Troy, Michigan, through its subsidiary, Walter E. Heller & Company, Chicago, Illinois (10/14/77) 3/ Milwaukee Western Corporation, West Palm Beach, Florida, notification of intent to continue to engage in de novo activities (leasing personal property and equipment or acting as agent, banker, or adviser in leasing such property and equipment where at the inception of the initial 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 or equipment plus the estimated total cost of financing the property over the term of the lease and such lease shall contain such other terms and conditions shall comply with Section 225.4(a)(6)(a) of Regulation Y issued by the Board of 3/ 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf

13 H.2, 1977No APPLICATIONS RECEIVED-Continued Governors of the Federal Reserve System; and making or acquiring, for its own account or for the account of others, loans or other extensions of credit such as would be made by a commercial finance company; and acting as an insurance agent or broker for the sale of credit, life insurance in connection with the extension of credit to its customers) at 2703 Linwood Avenue, Shreveport., Louisiana, through its subsidiary, Bayou Acceptance Corporation (10/3/77) 3/ The First National Bancorporation, Inc., Denver, Colorado, (the origination, processing and closing of VA and Conventional permanent real estate mortgage loans in the Glenwood Springs, Colorado area, and in the area bounded by and including the Town of Vail, Aspen, Redstone, Rifle and Meeker, Colorado) at 310-9th Street, Glenwood Springs, Colorado, through its subsidiary, First Denver Mortgage Company (10/14/77) 3/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in de novo activities (making or acquiring, for its own account or for the account, of others, loans and extensions of credit including making consumer installment 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 crcdit-related life/ accident and health insurance) at fill East Skelly Drive, Tulsa, Oklahoma, through its subsidiary, The Bankers Investment Company d/b/a Security Pacific Finance Corp. (10/6/77) 3/ Security Pacific Corporation, Los Angeles, California, notification of intent to engage in dje novo activities (making or acquiring, for its own account or for the account of others, loans and extensions of credit including making consumer installment 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) at -^270 Johnson Drive, 3/ 4(c)(8) and 4(c) (12) notifications processed by Reserve Bank on behalf

14 H.2, 1977 No APPLICATIONS RECEIVED-Continued Shawnee Mission, Kansas, through its subsidiary, The Bankers Investment Company d/b/a Security Pacific Finance Corp. (10/6/77) 3/ * * * * * REPORTS RECEIVED Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Hempstead Bank, Hempstead, New York. * * * * * None. PETITIONS FUR RULEMAKING 37 4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf