ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Applications and Reports Received or Acted on. and All Other Actions of the Board

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1 ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports Received or Acted on 1975 No. 49 and All Other Actions of the Board During the Week Ending December 6, 1975 District Date Current Report Filed Pursuant to Section 13 of the Securities Exchange Act Received United Counties Trust Company, Elizabeth, New Jersey k i< *k -k To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act "First State Bank of Pensacola, Pensacola, Florida * -k * ic * To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act *Union Trust Company of Ellsworth, Ellsworth, Maine. Branch to be established in a Shopping Center in Meader Field, U. S. Route 1, Machias. -Miner's and Merchant's Bank and Trust Company, Grundy, Virginia. Branch to be established in the Anchora^c Shopping Center, Vansant, Buchanan County. *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.

2 1975 ~ 2 - Cont'd 7 *The Detroit Bank-Southfield, Southfield, Michigan. Branch to be established at the Northwest corner of the intersection of Beech and Nine-Mile Roads, Southfield, Oakland County. k k k ~k k To establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act 2 First National City Bank, New York, New York: branch - Santiago, Chile. 3 First Pennsylvania Bank National Association,. Bala Cynwyd, Pennsylvania: branch - seven in the U.S. Virgin Islands, two in the British Virgin Islands, and two in Antigua, West Indies. k Vc * * To Organize, or Invest in, a Corporation Doing Foreign Banking and Other Foreign Financing Pursuant to Section 25 or 25(a) of the Federal Reserve Act Withdrawn 6 First National Boston Corporation, Boston, Massachusetts: to organize a Corporation in New Orleans, Louisiana, to be known as, "Bank of Boston International of New Orleans." >'< k k k k *Application processed by the Reserve Bank on behalf of the Board of Governors under delegated authority.

3 # 1975 No International Investments and Other Actions 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 The Chase Manhattan Bank, National Association, New York, New York: investment - additional in Corporacion Financiera del Tolima, Ibaque, Departaniento del Tolima, Colombia. 2 State of New York Banking Department, New York, New York: views concerning the establishment of UBAF Arab American Bank. 2 Comptroller of the Currency: Competitive Factors Report re: purchase of assets and assumption of liabilities Virgin Islands National Bank, Charlotte Amalie, St. Thomas, United States Virgin Islands, by First Pennsylvania Bank N.A., Bala Cynwyd, Pennsylvania. 3 Philadelphia International Investment Corporation, Philadelphia, Pennsylvania: investment - additional in Joh. Berenberg, dossier & Co., Hamburg, Germany. 12 Bank of America National Trust and Savings Association, San Francisco, California: investment - retroactive in Banam Nominees Limited, London, England. * * * * *

4 To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received Beaver Bancshares, Inc., Beaver, Oklahoma, for approval to acquire more than 80 per cent of the voting shares of The Bank of Beaver City, Beaver, Oklahoma. CAPCO Corporation, Lincoln, Nebraska, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of Citizens State Bank, Lincoln, Nebraska. Chester Insurance Agency, Inc., Chester, Nebraska, for approval to acquire 80 per cent or more of the voting shares of State Bank of Chester, Chester, Nebraska. Morrill & Janes Bancshares, Inc., Hiawatha, Kansas, for approval to acquire 80 per cent or more of the voting shares of The Morrill and Janes Bank and Trust Company, Hiawatha, Kansas. Roxton Bancshares, Inc., Roxton, Texas, for approval to acquire 100 per cent of the voting shares (less directors 1 qualifying shares) of The First National Bank of Roxton, Roxton, Texas. Valparaiso Enterprises, Inc., West Point, Nebraska, for approval to acquire 99.4 per cent of the voting shares of Oak Creek Valley Bank, Valparaiso, Nebraska. Reactivated Independent Financial, Ltd., Brown Deer, Wisconsin, for approval to acquire 80 per cent or more of the voting shares of The Brown Deer Bank, Brown Deer, Wisconsin. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received Banks of Iowa, Inc., Cedar Rapids, Iowa, for approval to acquire 94.8 per cent or more of the voting shares of First National Bank in Sioux City, Sioux City, Iowa.

5 1975 No Received Continued 10 United Missouri Bancshares, Inc., Kansas City, Missouri, for approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of The Park Bank of St. Joseph, Missouri, St. Joseph, Missouri. * * * * * To Retain Bank Shares Acquired in a Fiduciary Capacity Pursuant to Section 3 of the Bank Holding Company Act of 1956 Received 10 Commerce Bancshares, Inc., Kansas City, Missouri, for approval of the retention of stock of Plaza Bancshares, Inc., Kansas City, Missouri. * * * * * To Expand a Bank Holding Company Pursuant to Section 3(a)(5) of the Bank Holding Company Act: of Orwig and Company, Inc., Kansas City, Missouri, for approval to merge with Merchants Investors, Inc., Kansas City, Missouri. * * * * * 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, 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/ 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: (a) group credit life/accident and health or individual decreasing or level (in the case of single payment loans) term life insurance to cover the outstand- **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.

6 1975 No. 49 Received Continued ing balances of consumer credit transactions, singly or jointly with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payment on the consumer credit transactions in the event of the obligator's disability to the extent permissible under applicable State insurance laws and regulations; (b) 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 subsidiary will not act as a general insurance agency; the establishment will continue to offer the existing approved services which are: purchasing and processing of consumer installment 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 when such obligations are the equivalent of a direct extension of credit by the subsidiary; the insurance which the establishment offers to sell is group credit life/accident and health insurance to cover the outstanding balances on consumer installment sales finance contracts to obligators, singly or jointly, with their spouses or co-signers in the case of life coverage, in the event of death, or, to make the contractual monthly payments on consumer installment sales finance transactions in the event of the obligator! s disability to the extent permissible under applicable State insurance laws and regulations; individual casualty insurance on personal property subject to security agreements) at 3840 North 16th Street, Phoenix, Arizona, through its subsidiary, Citicorp Person-to-Person Financial Center. 6 **First Railroad & Banking Company of Georgia, Augusta, Georgia, 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 including issuing letters of credit and accepting drafts such as would be made by a mortgage, finance, credit card, or factoring company; and acting as an insurance agent or broker in the sale of insurance directly related to such activities) at 301 7th Street, Augusta, Georgia, through a subsidiary, FRBC Finance, Inc. **4(c) (8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.

7 **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority No Received Continued 9 **First Bank System, Inc., Minneapolis, Minnesota, noti fication of intent to engage in de_ novo activities (credit-related insurance agency activities) in Dublin, Georgia, through FBS Homes, Inc., a wholly-owned sales finance subsidiary of FBS Financial, Inc. which is a wholly-owned consumer finance and mortgage banking subsidiary of First Bank System, Inc. 10 Chester Insurance Agency, Inc., Chester, Nebraska, for approval to continue to engage in general insurance agency activities at State Bank of Chester, Chester, Nebraska. 10 Valparaiso Enterprises, Inc., West Point, Nebraska, for approval to acquire Valparaiso Insurance Agency, Valparaiso, Nebraska. 11 Republic of Texas Corporation, Dallas, Texas, for approval to retain indirect ownership through its trusteed affiliate, Republic Enterprises Corporation, of the voting shares of Republic National Mortgage Corporation of Texas, both of Dallas, Texas. Delayed 8 **County National Bancorporation, St. Louis, Missouri, noti fication of intent to engage in de novo activities (the business of originating and servicing real estate mortgage loans; acting as an agent or broker of insurance which is directly related to extensions of mortgage loan credit and mortgage loan servicing as well as other general mortgage banking activities) at St. Charles Rock Road, St. Louis, Missouri, through a subsidiary, CMC Investment Company. Permitted 12 **BankAmerica Corporation, San Francisco, California, notifi cation 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 or acquired by a mortgage company, including the development, making, placement, and servicing of mortgage loan investments in residential, industrial, and commercial real property; leasing real property or acting as agent, broker, or adviser in leasing such property provided: the lease is to serve as the functional equivalent of an extension of credit to the

8 1975 No, 49 Permitted Continued 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 nonoperating basis; at the inception of the initial lease the effect of the transaction (and, with respect to governmental entities only, reasonably anticipated future transactions) will yield a return that will compensate the lessor for not less than the lessor 1 s full investment in the property plus the estimated total cost of financing the property over the term of the lease, from: rentals; estimated tax benefits (investment tax credit, net economic gain from tax deferral from accelerated depreciation, and other tax benefits with a substantially similiar effect); and the estimated residual value of the property at the expiration of the initial term of the lease which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor) at 500 West Wilson Bridge Road, Columbus, Ohio, through its subsidiary, BA Mortgage Company, Inc. 12 **BankAmerica Corporation, San Francisco, California, noti.fi cation of intent to relocate 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 or acquired by a mortgage company, including the development, making, placement, and servicing of mortgage loan investments in residential, industrial, and commercial real property; leasing real property or acting as agent, broker, or adviser 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 nonoperating basis; at the inception of the initial lease the effect of the transaction (and, with respect to governmental. entities only, reasonably anticipated future transactions) 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, from: rentals; estimated tax benefits (investment tax credit, net economic gain from tax deferral from accelerated **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.

9 1975 No Permitted Continued depreciation and other tax benefits with a substantially similar effect); and the estimated residual value of the property at the expiration of the initial term of the lease which in no case shall exceed 20 per cent of the acquisition cost of the property to the lessor) from 3141 Hood Street, Suite 101, Dallas, Texas to Park Central Place, Suite 1405, Dallas, Texas, through its subsidiary, BA Mortgage Company, Inc. Reactivated 7 **Bankshares of Indiana, Inc., Merrillville, Indiana, noti fication of intent to engage in de novo activities (acting as investment or financial adviser to the extent of providing portfolio investment advice to any person; and performing an activity that may be performed by a trust company namely acting in an agency capacity with respect to both discretionary (managing agency) accounts and accounts where the approval of the client would be necessary before any investment change is made) in Merrillville, Indiana, and Chicago, Illinois. Returned 6 **Atlantic Bancorporation, Jacksonville, Florida, notifi ~ cation of intent to engage in de novo activities (the business of acting as agent and underwriter for the sale of credit life/accident and health insurance directly related to extensions of credit by the bank holding company and/or its banking and nonbanking subsidiaries) at 200 West Forsyth Street, Jacksonville, Florida, through its subsidiary, Atlantic Financial Corporation. Withdrawn 7 Independent Financial, Ltd., Brown Deer, Wisconsin, for approval to acquire the voting shares of Independent Leasing, Ltd., Brown Deer, Wisconsin. >'c * * * * Other Actions of the Board Condition and Income Reports; the Board, together with the other Federal bank regulatory agencies, postponed the effective date for implementing proposed revised condition and income reports required of banks under their supervision. **4(c)(8) and 4(c)(12) notifications processed by Reserve Bank on behalf of the Board of Governors under delegated authority.

10 1975 No Continued Letter to all Federal Reserve Banks expressing Board's concern about transactions between banking and nonbanking subsidiaries of the same bank holding company that may adversely affect the banking subsidiaries. Security State Bank, New Hampton, Iowa, extension of time until May 12, 1976, within which to issue capital notes. Bank data, letter and forms sent to certain large United States banks with significant international operations; forms should be filed by December 20, 1975, the reports should be filed directly with the International Banking Section of the Board's Division of International Finance. "91-day rule", decision that, under the provisions in sections 3 and 4 of the Bank Holding Company Act, applications thereunder shall be deemed to be granted in the event of the failure of the Board to act on any such application "within the ninety one-day period which begins on the date of submission to the Board of the complete record on that application". Regulation Q amendment to facilitate the establishment by eligible individuals of Individual Retirement Accounts (IRA), effective December 4, Letter to the New York State Banking Department regarding the application by a group of foreign and domestic banking organizations to establish a bank to be located in New York City and to be known as UBAF Arab-American Bank. ***First Virginia Bankshares Corporation, Falls Church, Virginia, extension of time until March 1, 1976, within which to acquire voting shares of the successor by merger to the Peoples National Bank of Rocky Mount, Rocky Mount, Virginia. ***Frontier Bancorporation of Denver, Inc., Denver, Colorado, extension of time until January 4, 1976, within which to file its registration statement. ***Processed on behalf of the Board of Governors under delegated authority.

11 1975 No Continued ***Sun Banks of Florida, Inc., Orlando, Florida, extension of time until April 1, 1976, within which to open for business The Bank of Lake Buena Vista, Lake Buena Vista, Florida. ***Citizens Bank of Pacific, Pacific, Missouri, to make an additional investment in bank premises. ***Lorain County Savings and Trust Company, Elyria, Ohio, to make an investment in bank premises. ***Bamerical International Financial Corporation, San Francisco, California, extension of time until December 12, 1976, within which to acquire 331/3 per cent of the shares of a de novo finance company in Ecuador. ***Bank of America National Trust and Savings Association, San Francisco, California, extension of time until June 6, 1976, within which to acquire additional shares of Banco International S.A., Sao Paulo, Brazil, and in which BISA can acquire an interest in a Brazilian investment bank. ***Citizens 1 Bank Company, Ansonia, Ohio, proposed acquisition by Greenville National Bank, Greenville, Ohio; report to the Comptroller of the Currency on competitive factors. ***Georgia National Bank, Atlanta, Georgia, proposed merger with The National Bank of Georgia, Atlanta, Georgia; report to the Comptroller of the Currency on competitive factors. ***Processed on behalf of the Board of Governors under delegated authority.