ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Transcription

1 ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Applications and Reports or Acted on 1972 No 39 During the Week Ending September 23, 1972 District Date To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act 7 Southridge Bank of Greendale, Greendale, Wisconsin. 9 Citizens State Bank, Clark, South Dakota. 9 Bank of Lemmon, Lemmon, South Dakota. To Withdraw from Membership in the Federal Reserve System Without a Six Month Notice as Prescribed by Section 9 of the Federal Reserve Act 7 Union Bank and Trust Company, Strawberry Point, Iowa. To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act 1 Bar Harbor Banking and Trust Company, Bar Harbor, Maine. Branch to be established on Maine Street, Milbridge. 5 First Virginia Bank, Falls Church, Virginia. Branch to be established at the intersection of Centreville Road and Parchcr Avenue, Fairfax County. 7 American Bank and Trust Company, Lansing, Michigan, Branch to be established at 6420 South Cedar Street, Lansing.

2 H,2-2- Continued Bay City Bank & Trust Company, Bay City, Michigan. Branch to be established at 3521 Wilder Road, Bangor Township, Bay City. Citizens Trust and Savings Bank, South Haven, Michigan. Branch to be established at the intersection of Blue Star Memorial Highway (Old U.S. and M-43), South Haven Township. Approved 2 -Hempstead Bank, Hempstead, New York. Branch to be established in the immediate neighborhood of the intersection of Green and Main Streets, unincorporated village of Huntington, Suffolk County. 2 *Security Trust Company of Rochester, Rochester, New York. Branch to be established in the southwest corner of the First Floor of the George Eastman Memorial Building, Rochester Institute of Technology, Jefferson Road and East River Road, Town of Henrietta, unincorporated area, Monroe County. ^Bankers Trust Company, New York, New York. Branch to be established at rd Street, Rosedale, Queens County, *Valley Bank of New York, Valley Stream, New York. Branch to be established at 204 Long Beach Boulevard, incorporated village of Island Park, Nassau County. *Long Island Trust Company, Garden City, New York. Branch to be established at the intersection of Hicksville- Massapequa Road and Louis Street, Bethpage, Town of Oyster Bay, Nassau County. ^Marine Midland Bank Western, Buffalo, New York. Branch to be established in the immediate neighborhood of the intersection of Transit and Shimer Roads, Town of Lockport, Niagara County. 7 -Old Kent Bank and Trust Company, Grand Rapids, Michigan. Branch to be established (drive-in facility) in the vicinity of the intersection of 68th Street, S. E. and Eastern Avenue, S. E., Cutlerville, Gaines Township, Kent County, ^Applications processed by the Reserve Bank on behalf of the Board of Governors under I

3 To Establish an Overseas Branch of a Member Bank Pursuant to Section 25 of the Federal Reserve Act The Fidelity Bank, Rosemont, Pennsylvania. Branch to be established in London, England.

4 To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 **Banc of Main Corporation, Augusta, Maine, for prior approval to acquire at least 80 per cent of the voting shares of the successor by merger to the Bank of Maine, N.A., Augusta, Maine, **Republic New York Corporation, New York, New York, for prior approval to acquire 100 per cent of the voting shares of the successor by merger to Republic National Bank of New York, New York, New York Peninsular Holding Corporation of Michigan, Grand Rapids, Michigan, for prior approval to acquire 100 per cent (less directors f qualifying shares) of the voting shares of the successor by merger to Union Bank and Trust Company (National Association), Grand Rapids, Michigan. 10 Elmer Crosley and Sons Investment Corporation, Center, Nebraska, for prior approval to acquire 198 1/2 of the voting shares of Center State Bank, Center, Nebraska. Approved 9 **St Croix Banco, Inc., New Richmond, Wisconsin, for prior approval to acquire 80 per cent or more of the voting shares of the Bank of New Richmond, New Richmond, Wisconsin Graham-Michaelis Financial Corporation, Wichita, Kansas, for prior approval to acquire 80 per cent or more of the voting shares of Wichita State Bank, Wichita, Kansas. ^Processed by Reserve Bank on behalf of the Board of Governors under

5 1972 No, Approved Continued 10 L&L Holding Company, Fort Collins, Colorado, for prior approval to acquire 56 per cent or more of the voting shares of Rocky Mountain Bank and Trust Company, Fort Collins, Colorado. 12 Independent Bankshares Corporation, San Rafael, California, for prior approval to acquire 100 per cent (less directors f qualifying shares) of the voting shares of the successors by merger to Bank of Marin, San Rafael, California; Bank of Sonoma Countyj Sebastopol, California; and The First National Bank of Cloverdale, Cloverdale, California. * * * * A To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 **Atlantic Bancorporation, Jacksonville, Florida, for prior approval to acquire 100 per cent (except directors T qualifying shares) of the voting shares of Westside Atlantic Bank, Palm Beach County, Florida, a proposed new bank. Third National Corporation, Nashville, Tennessee, for prior approval to acquire 100 per cent of the voting shares of the successor by merger to Merchants Bank, Cleveland, Tennessee. Third National Corporation, Nashville, Tennessee, for prior approval to acquire 100 per cent (less directors' qualifying shares) of the voting shares of The First National Bank of Lawrenceburg, Lawrenceburg, Tennessee. **Processed by Reserve Bank on behalf of the Board of Governors under

6 -6- Continued Northern States Financial Corporation, Detroit, Michigan, for prior approval to acquire 100 per cent of the voting shares of the successor by merger to Bank of Lansing, Lansing, Michigan. 7 Twin Gates Corporation, Wilmington, Delaware, for prior approval to acquire per cent of the voting shares of the successor by merger to Bank of Lansing, Lansing, Michigan. 7 Security National Corporation, Sioux City, Iowa, for prior approval to acquire 80 per cent or more of the voting shares of Northwestern State Bank of Orange City, Orange City, Iowa. 7 United Banks of Wisconsin, Inc., Madison, Wisconsin, for prior approval to acquire 95 per cent or more of the voting shares of The Kraft State Bank, Menomonie, Wisconsin. 8 Boone County Insurance Agency, Inc., Centralia, Missouri, for prior approval to acquire an additional per cent of the voting shares of The First National Bank of Centralia, Centralia, Missouri. 10 The Kemmerer Corporation, New York, New York, for prior approval to acquire 50 per cent or more of the voting shares of The First National Bank of Kemmerer, Kemmerer, Wyoming, through the acquisition of First Wyoming Bancorporation, Kemmerer, Wyoming. 11 **Dynamerica Corporation, Richardson, Texas, for prior approval to acquire 57 per cent or more of the voting shares of American National Bank of Garland, Garland, Texas, a proposed new bank. **Processed by Reserve Bank on behalf of the Board of Governors under

7 Continued 11 First National Bank in Dallas, Dallas, Texas, and First National Securities Company in Dallas, Dallas, Texas, for approval to retain 1,029 shares of Citizens State Bank of Irving, Irving, Texas. 11 First National Bank in Dallas, Dallas, Texas and First National Securities Company in Dallas, Dallas, Texas, for approval to retain 743 shares of the voting shares of DeSoto State Bank, DeSoto, Texas. 11 Texas Commerce Bancshares, Inc., Houston, Texas, for prior approval to acquire The Citizens National Bank of Lubbock, Lubbock, Texas. Approved 5 Equitable Bancorporation, Baltimore, Maryland, for prior approval to acquire 80 per cent or more of the voting shares of Farmers and Merchants Bank of Hagerstown, Maryland, Hagerstown, Maryland. 6 Southeast Banking Corporation, Miami, Florida, for prior approval to acquire 80 per cent or more of the voting shares of Manatee National Bank of Bradenton, Bradenton, Florida. Reactivated 9 On No. 30 (1971), the Board reported receipt of an application from Northwest Bancorporation, Minneapolis, Minnesota, for prior approval to acquire the voting shares of Farmers and Merchants State Bank of Stillwater, Stillwater, Minnesota. This application was placed in suspense awaiting the holding of a public Hearing on the case. Following receipt of the Recommended Decision of the Hearing Examiner dated September 13, 1972, this application has been reactivated. -7- * * * * * To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of **First National Boston Corporation, Boston, Massachusetts, notification of intent to engage in clenovo activities (financing and providing services in connection with the financing of minority business organizations) through a subsidiary to be known as First Venture Capital Corporation of Boston, Boston, Massachusetts. **Processed by Reserve Bank on behalf of the Board of Governors under

8 -8~ Continued 2 First Commercial Banks Inc., Albany, New York, for prior approval to acquire not less than 95 per cent of the outstanding common shares of Schenectady Discount Corporation, Colonie, New York. 4 **Equimark Corporation, Pittsburgh, Pennsylvania, and its wholly-owned subsidiary Atlantic Management Corporation, Silver Springs, Maryland, notification of intent to engage in de novo activities ((1) making or acquiring, for its own account or for the account of others, loans and other extensions of credit; (2) servicing loans and other extensions of credit; (3) making available to its borrowers, at the borrower T s option, group credit life, accident, and health insurance covering the balance of the borrower f s indebtedness) through a subsidiary known as Landmark Finance Corporation of Charleston, Charleston Heights, South Carolina. 6 **Jefferson Bancorp, Inc., Miami Beach, Florida, notification of intent to engage in de novo activities (accounts receivable financing, mortgage financing, factoring, and servicing loans and other extensions of credit) in Orlando, Florida, through its present subsidiary, Jefferson Capital Corporation. 7 **First Chicago Corporation, Chicago, Illinois, notification of intent to engage in a de_novo activity (acting as an investment or financial adviser to the extent of (a) serving as investment adviser; (b) providing portfolio investment advice to other persons; and (c) furnishing general economic information and advice, general statistical forecasting services and industry studies) through subsidiaries known as First Chicago Fiduciary and Investment Services Corporation, Chicago, Illinois, and Starwood Associates, Inc., New York, New York. ^Processed by Reserve Bank on behalf of the Board of Governors under

9 Continued 12 **Security Pacific Corporation, Los Angeles, California, notification of intent to engage in a de novo activity (leasing personal property and equipment, and acting as an agent, broker, or advisor in leasing of such property, where at the inception of the initial lease the expectation is that the effect of the transaction and reasonable anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor 1 s full investment in the property). Such an activity is to be conducted through a subsidiary to be known as Security Pacific Leasing Corporation, to be located in Los Angeles, California. Approved 10 L&L Holding Company, Fort Collins, Colorado, for prior approval to engage in insurance agency activities through the acquisition of the assets of W&W Insurance Agency, Fort Collins, Colorado. 10 Third National Corporation, Nashville, Tennessee, for prior approval to acquire 100 per cent of the voting shares of Friendly Finance, Incorporated, Paducah, Kentucky. Delayed 8 **U. N. Bancshares, Inc., Springfield, Missouri, notification of intent to engage in de novo activities (the originating, purchasing, selling and servicing of mortgage loans on residential, commercial and industrial properties, as well as loans of other kinds and types) through a subsidiary known as Missouri Mortgage & Investment Co., in a general mortgage company operation. Such activities will be conducted in temporary offices located in Springfield, Missouri. **Processed by Reserve Bank on behalf of the Board of Governors under

10 -10- v- Permitted 1 **Industrial National Corporation, Providence, Rhode Island, to continue to engage in a de novo activity (leasing of personal property and equipment) through a subsidiary known as Industrial Leasing Corporation, to be located at 50 Executive Park South, N.E., Atlanta, Georgia. 2 **Chemical New York Corporation, New York, New York, to engage in de novo activities (providing real estate financing principally through short-term land, development and construction mortgage loans; also act as advisor and counsellor to Chemical Bank as well as its servicing agent with regard to the bank's customer real estate lending activities) through a subsidiary known as Chemical Realty Corporation, New York, New York. 2 **United Bank Corporation of New York, Albany, New York, to engage in a de novo activity (leasing personal property and equipment, and acting as agent, broker, or adviser in leasing such property) through a wholly-owned subsidiary, UBC Leasing of New York Inc., Albany, New York. 4 **First Banc Group of Ohio, Inc., Columbus, Ohio, to engage in a de novo activity (leasing personal property and equipment, and acting as agent, broker, or advisor in leasing of such property) through a subsidiary known as First Group Leasing Corporation, Columbus, Ohio. 6 **Central and State Corporation of Alabama, Birmingham, Alabama, to engage in a de novo activity (leasing personal property and equipment, or acting as agent, broker, or adviser in leasing of such property, where at the inception of the initial lease the expectation is that the effect of the transaction and reasonably anticipated future transactions with the same lessee as to the same property will be to compensate the lessor for not less than the lessor's full investment in the property) through a subsidiary to be known as CSN Leasing, Inc., Birmingham, Alabama. ^Processed by Reserve Bank on behalf of the Board of Governors under

11 -11- Permitted Continued 8 **First Tennessee National Corporation, Memphis, Tennessee, to engage in a d_enovo activity (the rendering of trust administration and clerical services and the solicitation of the appointment of banking affiliates of First Tennessee National Corporation as fiduciaries, and in solicitation of the appointment of First Tennessee Investment Management, Inc., as investment and financial adviser) through a subsidiary to be known as First Tennessee Trust Service Corp. The activities are to be conducted at offices in Johnson City, Tennessee. 10 **United Banks of Colorado, Inc., Denver, Colorado, to engage in de novo activities (general mortgage banking business, including the origination of real estate mortgage loans, the purchase of mortgage loans from others, and the sale of loans to and servicing of loans for investors; the company will also continue to perform various activities for its affiliated banks, such as assembling credit information, making property inspections and appraisals, securing title information and soliciting mortgage investors) through a subsidiary, United Mortgage Company, in Breckenridge, Durango and Montrose, Colorado. 12 **Marine Bancorporation, Seattle, Washington, to engage in a de novo activity (making or acquiring for its own account or for the account of others, loans and other extensions of credit). Such an activity to be conducted through an office of its subsidiary, Coast Mortgage Company, to be located in Aloha, Oregon. * * * * * **Processed by Reserve Bank on behalf of the Board of Governors under

12 -12- To Expand a Bank Holding Company Pursuant to Section 4(c)(12) of the Bank Holding Company Act of ^^Arizona-Colorado Land & Cattle Company, Phoenix, Arizona, notification of intent to acquire an interest in Texas Beef Producers, Dumas, Texas. Permitted 4 **American Financial Corporation, Cincinnati, Ohio, to acquire through an exchange of shares Gates- Stone & Company, Denver, Colorado, a corporation engaged in the business of general insurance agency. **Processed by Reserve Bank on behalf of the Board of Governors under