1/ Processed on behalf of the Board of Governors under delegated authority.

Transcription

1 ANNOUNCEMENT BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H.2, 1987, No. 3 Actions of the Board Applications and Reports Received During the Week Ending January 17, 1987 Actions of the Board Extension of comment period to February 27, 1987, for the proposals concerning the risks associated with book-entry securities transfers, reduction of existing levels for net debit caps, establishment of a "de minimis" cap category, and the adoption of limits on inter-affiliate Fedwire transfers; comment period remains the same, March 16, for the proposed changes to the automated clearing house (ACH) procedures; and comment still requested by April 13, on the concept of charging a fee for all daylight overdrafts in accounts maintained with the Federal Reserve that are subject to the net debit cap (Docket R-0587, R-0588, R-0589, and R-0590). The Bath National Bank, Bath, proposed merger with The Dundee State Bank, Dundee, report to the Comptroller of the Currency on competitive factors. 1/ The Bath National Bank, Bath, proposed merger with The First National Bank of Wayland, Wayland, report to the Comptroller of the Currency on competitive factors. 1/ Philadelphia The Turbotville National Bank, Turbotville, Pennsylvania proposed merger with the Turbotville Interim National Bank report to the Comptroller of the Currency on competitive factors. 1/

2 H.2, 1987, No ACTIONS OF THE BOARD - Continued Richmond The Bank of Romney, Romney, West Virginia investment in bank premises. 1/ Richmond Atlanta Atlanta New Middleburg National Bank, Middleburg, Virginia proposed merger with The Middleburg National Bank report to the Comptroller of the Currency on competitive factors. 1/ Community Bankshares, Inc., Cornelia, Georgia extension to April 20, 1987, to engage in insurance activities through Community Insurance Agency. 1/ United Southeastern Bancshares, Inc., Athens, Alabama -- extension to April 21, 1987, to acquire Athens-Limestone Bank. 1/ Atlanta CB&T Bancshares, Inc., Columbus, Georgia extension to March 25, 1987, to merge with First Camden Bancorporation, St. Marys, Georgia. 1/ Chicago St. Louis St. Louis First of America Bank Corporation, Kalamazoo, Michigan extension to March 16, 1987, to expand its credit related reinsurance underwriting activity through First of America Insurance Company, Phoenix, Arizona. 1/ Morgan County Community Bank, Jacksonville, Illinois proposed merger with MCCB Bank report to the Federal Deposit Insurance Corporation on competitive factors. 1/ First State Bank of Dongola, Dongola, Illinois investment in bank premises. 1/ St. Louis U.C. National Bank, Anna, Illinois proposed merger with The Anna National Bank report to the Comptroller of the Currency on competitive factors. 1/ Kansas City First National Bank of Johnston County, Tishomingo, Oklahoma proposed merger with American National Bank, Durant, Oklahoma report to the Comptroller of the Currency on competitive factors 1/

3 H.2, 1987, No ACTIONS OF THE BOARD - Continued Kansas City United Missouri Bank North Central, Brookfield, Missouri -- proposed merger with United Missouri Bank of Milan, Milan, Missouri report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Kansas City Sherman County Bank, Loup City, Nebraska proposed acquisition of assets and assumption of liabilities of Dannebrog Credit Union, Dannebrog, Nebraska report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Kansas City Kansas City Nebraska National Corporation, Omaha, Nebraska extension to March 27, 1987, to commence mortgage lending activities. 1/ Capital National Bancshares, Inc., Oklahoma City, Oklahoma extension to April 21, 1987, to acquire Capital National Bank. 1/ Arizona Bank, Phoenix, Arizona proposed merger with Bank of Prescott, Prescott, Arizona report to the Federal Deposit Insurance Corporation on competitive factors. 1/ Mission Valley Bancorp, Pleasanton, California extension to engage de novo in data processing. 1/ To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Withdrawn Chemical Bank,, to establish a branch office at Yeshiva University, 500 West 185 Street,,. (1/15/87)

4 h.2 f 1987, No ACTIONS OF THE BOARD - Continued To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act Returned Heritage Bank, Mesa, Arizona, a proposed new bank. (1/16/87) To Establish a Domestic Branch Pursuant to to Section 9 of the Federal Reserve Act Approved Cleveland Cleveland Richmond Citibank, N.A.,, for Citibank International, Miami, Florida to establish a branch in Honolulu, Hawaii after -January 30, / (1/9/87) Chase Bank of Ohio, Mentor, Ohio to establish a branch at Cornell Center, Cornell Park Drive, Blue Ash, Ohio. 1/ (1/13/87) Chase Bank of Ohio, Mentor, Ohio -- to establish a branch at Corporate Hill IV, 250 Old Wilson Bridge Road, Worthington, Ohio. 1/ (1/13/87) Fairfax Bank and Trust Company, Fairfax, Virginia to establish a branch at 8221 Old Courthouse Road, Vienna, Virginia. 1/ (1/14/87) Richmond United Virginia Bank, Richmond, Virginia to establish a branch at 3110 Fairview Park Drive, Falls Church, Virginia. 1/ (1/14/87) Richmond United Virginia Bank, Richmond, Virginia to establish a branch at 1430 Springhill Road, McLean, Virginia. 1/ (1/14/87) Richmond United Virginia Bank, Richmond, Virginia to establish a branch at 4601 North Fairfax Drive, Arlington, Virginia. 1/ (1/14/87)

5 H.2, 1987, No ACTIONS OP THE BOARD - Continued Atlanta United Citizens Bank of Alachua County, Alachua, Florida to establish a branch at 708 N.E. 39th Avenue, Gainesville, Florida, to be known as the United Citizens Bank of Alachua County, Gainesville, Florida. 1/ (1/16/87) Union Bank, Los Angeles, California to establish a branch in the vicinity of 250 Montgomery Street in the City of San Francisco, County of, State of California. 1/ (1/13/87) Applications and Notifications for International Investments and Other Actions Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)(9), 4(c)(13), and 4(c)(14) of the Bank Holding Company Act of 1956, as amended Forty-Five Day Notification Allowed to Expire Approved Security Pacific Corporation, Los Angeles, California: no objection to make an additional indirect investment in Japan Security Pacific Finance Company Limited, Tokyo, Japan, and make additional indirect investments in Security Pacific Trust Limited, Security Pacific Finance Limited, Security Pacific Credit Limited and Golf Financial Services Limited, all located in Reading, England. (1/12/87) To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Approved Boston Bankers Financial Services Corporation, Schuylkill Haven, Pennsylvania for approval to acquire 100 percent of the voting shares of Th Schuylkill Haven Trust Company, Schuylkill Haven, Pennsylvania. 1/ (1/14/87)

6 i.2, 1987, No ACTIONS OF THE BOARD - Continued Philadelphia First Peoples Financial Corporation, Westmont, New Jersey for approval to acquire 100 percent of the voting shares of First Peoples Bank of New Jersey, Westmont, New Jersey. 1/ (1/12/87) Cleveland Park National Corporation, Newark, Ohio for approval to acquire 100 percent of the voting shares of The Park National Bank, Newark, Ohio and the Richland Trust Company, Mansfield, Ohio. 1/ (1/14/87) Atlanta Chicago Montgomery County Bankshares, Inc., Ailey, Georgia for approval to acquire 100 percent of the voting shares of Montgomery County Bank, Ailey, Georgia. 1/ (1/12/87) Hasten Bancorp, Indianapolis, Indiana for approval to acquire 100 percent of the voting shares of H & H Financial Corporation, Kokomo, Indiana and indirectly percent of First National Bank, Kokomo, Indiana; 100 percent of First National Financial Corporation of Martinsville, Martinsville, Indiana and indirectly percent of First National Bank, Martinsville, Indiana; 100 percent of First Bank and Trust Company of Clay County, Brazil, Indiana; percent of Sullivan State Bank, Sullivan, Indiana and 97.9 percent of Peoples State Bank, Farmersburg, Indiana; 100 percent of Farmers Banc, Inc., Tipton, Indiana and indirectly 100 percent of Farmers Loan and Trust Company, Tipton, Indiana. 1/ (1/13/87) Cornerstone Bancshares, Inc.,, Texas for approval to acquire 100 percent of the voting shares of Cornerstone Bank, N.A., Texas. 1/ (1/15/87) Hawaii National Bancshares, Inc., Honolulu, Hawaii for approval to acquire 100 percent of the voting shares of Hawaii National Bank, Honolulu, Hawaii. 1/ (1/14/87)

7 H.2, 1987, No ACTIONS OF THE BOARD - Continued To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Returned Catahoula Holding Company, Kenner, Louisiana for approval to acquire 80 percent of the voting shares of Jena Holding Company, Jena, Louisiana, and indirectly LaSalle State Bank, Jena, Louisiana. (1/13/87) Approved Minneapolis The Bank of Company, Inc.,, for approval to acquire North American Bancorporation, Inc., Garden City and indirectly Long Island Trust Company, N.A., Garden City,. (1/16/87) Financial Institutions, Inc., Warsaw, New York for approval to acquire percent of the voting shares of The Pavilion State Bank, Pavilion,. 1/ (1/16/87) First Bancorp, Inc., Minneapolis, Minnesota for approval to acquire 100 percent of the voting shares of The First Western Bank Sturgis, Sturgis, South Dakota. 1/ (1/14/87) To Expand a Bank Holding Company Pursuant to Section 4(C)(8) of the Bank Holding Company Act of 1956 Approved The Bank of Company, Inc.,, for approval to acquire Nabac Investment Services Corp., Garden City, New York and to engage in discount securities brokerage activities including certain securities credit and incidental activities. (1/16/87)

8 H.2, 1987, N ACTIONS OP THE BOARD - Continued Richmond First Union Corporation, Charlotte, North Carolina to engage de novo through its subsidiary, First Union Brokerage Services, Inc., Charlotte, North Carolina in the purchase and sale of precious metals for the account of customers. (1/12/87) Permitted St. Louis Kansas City The Bank of Tokyo, Ltd., Tokyo, Japan to engage de novo (discount securities brokerage activities including certain securities credit and incidental activities) through its subsidiary, BOT Securities, Inc. The activity will be conducted throughout the United States. 3/ (1/17/87) First Tennessee National Corporation, Memphis, Tennessee to engage de novo (acting as a futures commission merchant on major commodity exchanges with respect to futures contracts on bullion, foreign exchange, government securities, certificates of deposit, and certain other money market instruments), through its subsidiary, FTB Futures Corporation, Memphis, Tennessee. 3/ (1/16/87) Commerce Bancshares, Inc., Kansas City, Missouri to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a mortgage company? a commercial finance company). 3/ (1/16/87) Application to the Board of Governors of the Pederal Reserve System for Prior Approval of an Acquisition Pursuant to Section 5(b) of the Bank Service Corporation Act, as amended Permitted Atlanta Louisiana Crfedit Life Insurance Company, Inc., Phoenix, Arizona, to engage de novo (underwriting credit life and disability insurance on loans secured by first mortgages on real estate) 3/ (1/14/87) 3/ Notification processed by Reserve Bank on behalf of the Board of Governors under

9 H.2, 1987, No ACTIONS OP THE BOARD - Continued Issued Intent Not to Disapprove Change of Control Pursuant to Change in Bank Control Act of 1978 Approved Atlanta Chicago Kansas City Firstbanc Holding Company, Inc., Robertsdale, Alabama. 1/ (1/16/87) Garnavillo Bank Corporation, Garnavillo, Iowa. 1/ (1/13/87) Dean Holbein and Associated, Lincoln, Nebraska. 1/ (1/15/87) Hometown Bancshares, Inc., Houston, Texas. 1/ (1/16/87)

10 h.2, 1987, No APPLICATIONS RECEIVED To Establish a Domestic Branch Pursuant to Section 9 of the Federal Reserve Act Received Cleveland Chicago Chemical Bank,, to establish a branch office at Family Circle, Inc., 110 Fifth Avenue,,. 2/ Chemical Bank,, to establish a branch office at Yeshiva University, 500 West 185 Street,,. 2/ Citibank, N.A.,, -- for Citibank International, Miami, Florida to establish a branch in Honolulu, Hawaii. 2/ The Commercial and Savings Bank, Millersburg, Ohio to establish a branch at the corner of State Route 557 and County Road 70, Charm, Ohio. 2/ Manufacturers Bank of Livonia, Livonia, Michigan to establish a branch at Laurel Park Drive, Livonia, Michigan. 2/ To Merge Pursuant to Section 18(c) of the Federal Deposit Insurance Act Received MBank Beaumont, Beaumont, Texas to merge with MBank Port Arthur, N.A., Port Arthur, Texas. 2/ MBank Wichita Falls Southwest, N.A., Wichita Falls, Texas to merge with MBank Wichita Falls, N.A., Wichita Falls, Texas. 2/ MBank Arlington, Arlington, Texas and MBank Mansfield, Mansfield, Texas to merge with MBank Euless, N.A., Euless, Texas. 2/ 2/ Application subject to Community Reinvestment Act. The Community Affairs Officer of the applicable Reserve Bank may be contacted as to the length of the comment period.

11 H.2, 1987, No APPLICATIONS RECEIVED - Continued MBank Arboretum, Austin, Texas and MBank Austin North, N.A., Austin, Texas -- to merge with MBank Austin, N.A., Austin, Texas. 2/ MBank Bassett, N.A., El Paso, Texas; MBank Franklin, N.A., El Paso, Texas and MBank Vista Hills, N.A., El Paso, Texas and MBank El Paso West, N.A., El Paso, Texas to merge with MBank El Paso, N.A., El Paso, Texas. 2/ Texas Commerce Bank-Border City, El Paso, Texas; Texas Commerce Bank-Chamizal, N.A., El Paso, Texas; Commerce Bank-East, N.A., El Paso, Texas; Texas Commerce Bank-First State, El Paso, Texas; Texas Commerce Bank-Northgate, N.A., El Paso, Texas, and Texas Commerce Bank-West, N.A., El Paso, Texas to merge with Texas Commerce Bank-El Paso, N.A., El Paso, Texas. 2/ Applications and Notifications for International Investments and Other Actions Pursuant to Sections 25 and 25(a) of the Federal Reserve Act and Sections 4(c)(9), 4(c)(13) and 4(c)(14) of the Bank Holding Company Act of 1956, as amended Received Banco de Venezuela International, Miami, Florida requests specific consent to increase its capital stock account and to amend its articles of association to reflect this change. 2/ * To Form a Bank Holding Company Pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956 Received Rog-Lee Incorporated, Manson, Iowa -- for approval to acquire percent of the voting shares of Manson State Bank, Manson, Iowa. 2/ 2/ Application subject to Community Reinvestment Act. The Community Affairs Officer of the applicable Reserve Bank may be contacted as to the length of the comment period.

12 H.2, 1987, No APPLICATIONS RECEIVED - Continued Chicago Minneapolis Du Page County Bancorp, Inc., Glendale Heights, Illinois for approval to acquire percent of the voting shares of M.G. Bancorporation, Inc., Chicago, Illinois and indirectly Mount Greenwood Bank, Chicago, Illinois; percent of the voting shares of Worth Bancorp, Inc., Worth, Illinois and indirectly Worth Bank and Trust, Worth, Illinois and percent of the voting shares of Illini Bancorp, Inc., Danville, Illinois and indirectly The First National Bank of Danville, Danville, Illinois. 2/ Sauk Centre Financial Services, Inc, Sauk Centre, Minnesota for approval to acquire 100 percent of the voting shares of First National Bank of Sauk Centre, Sauk Centre, Minnesota. 2/ Park Cities Bancshares, Inc.,, Texas for approval to acquire 100 percent of the voting shares of First National Bank of Park Cities,, Texas. 2/ To Expand a Bank Holding Company Pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956 Received First Lubbock Bancshares, Inc., Lubbock, Texas for approval to acquire percent of the voting shares of Lubbock Bancorporation, Inc., Lubbock, Texas and indirectly Bank of the West, Lubbock, Texas. 2/ First Lubbock Bancshares, Inc., Lubbock, Texas for approval to acquire percent of the voting shares of Denver City Bancshares, Inc., Denver City, Texas and indirectly Yoakum County State Bank, Denver City, Texas. 2/ First Lubbock Bancshares, Inc., Lubbock, Texas for approval to acquire percent of the voting shares of First Borger Bancshares, Inc., Lubbock, Texas and indirectly First National Bank of Borger, Borger, Texas. 2/ 2/ Application subject to Community Reinvestment Act. The Community Affairs Officer of the applicable Reserve Bank may be contacted as to the length of the comment period.

13 H.2, 1987, No APPLICATIONS RECEIVED - Continued First Lubbock Bancshares, Inc., Lubbock, Texas -- for approval to acquire percent of the voting shares of Plainview First National Bancshares, Inc., Plainview, Texas and indirectly First National Bank of Plainview, Plainview, Texas. 2/ First Lubbock Bancshares, Inc., Lubbock, Texas for approval to acquire 100 percent of the voting shares of West Texas Bancorporation, Inc., Post, Texas and indirectly First National Bank of Post, Post, Texas. 2/ To Expand a Bank Holding Company Pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956 Received The Chase Manhattan Corporation,, to engage through Chase Commercial Corporation in underwriting, and dealing in commercial paper. The Chase Manhattan Corporation,, for approval to acquire all the shares of Clark Equipment Credit Corporation, Buchanan, Michigan and thereby engage in leasing personal property and making and servicing loans and other extensions of credit. 2/ Post-Och Kreidbanken, Stockholm SE for approval to acquire The English Association, Incorporated,, and thereby engage in investment or financial advice, securities brokerage and tax planning preparation. The Ramapo Financial Corporation, Wayne, New Jersey to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a mortgage company) through Ramapo Mortgage Company, Wayne, New Jersey. (1/16/87) 2/ Application subject to Community Reinvestment Act. The Community Affairs Officer of the applicable Reserve Bank may be contacted as to the length of the comment period.

14 H.2, 1987, No APPLICATIONS RECEIVED - Continued Chicago Alliance Financial Corporation, Dearborn, Michigan to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a mortgage company) through its subsidiary, Alliance Mortgage Incorporated of Michigan, Dearborn, Michigan. (1/9/87) Chicago Lane Financial, Inc., Northbrook, Illinois to engage de novo (underwriting credit life insurance on consumer loans) through its subsidiary Lane Life Insurance Company, Northbrook, Illinois. (1/12/87) Chicago St. Louis National Bancorp, Inc., Melrose Park, Illinois to engage de novo (providing management consulting services to depository institutions). (1/9/87) Mercantile Bancshares, Inc., Jonesboro, Arkansas to engage de novo (engaging in full pay-out real property leasing) through Mercantile Corporation, Jonesboro, Arkansas. (1/12/87) Canadian Imperial Bank of Commerce, Toronto, Ontario, Canada and Canadian Imperial Holdings, Inc., Wilmington, Delaware to engage de novo (making, acquiring and/or servicing loans for itself or for others of the type made by a commercial finance company) through an indirect subsidiary, CIBC Financial Services, Inc., Atlanta, Georgia. (1/12/87) The Dai-Ichi Kangyo Bank, Ltd., Tokyo, Japan to engage de novo (advising a mortgage or real estate investment trust; advising a company registered under the Investment Company of 1940; providing portfolio investment advice to any person; providing economic information and advice, statistical forecasting services, and industry studies; providing financial advice to state and local governments) through Dai-Ichi Kangyo Trust Company of,,. (1/13/87)

15 H.2, 1987, No APPLICATIONS RECEIVED - Continued First Interstate Bancorp, Los Angeles, California to expand the geographic scope of its wholly-owned subsidiary, First Interest Capital Markets, Inc., Los Angeles, California, to include offices in London, England and Tokyo, Japan, and to continue to engage de novo (underwriting and dealing in obligations of the United States, general obligations of states and political subdivisions, and other obligations in which state member banks are authorized to underwrite and deal) (1/15/87) United Security Bancorporation, Chewelah, Washington to engage de novo (engaging in insurance agency activities in a town of less than 5,000 persons) through USB Insurance Services, Chewelah, Washington. (1/13/87)