H.2 Actions of the Board, its Staff, and the Federal ...

ANNOUNCEMENT BY

BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM

H.2, 1986 No. 11

Actions of the Board Applications and reports Received For the W e e k Ended March 15, 1986

APPLICABLE RESERVE BANK

ACTIONS OF THE BOARD

Statement by Vice Chairman Preston Martin before the Senate Committee on Banking, Housing, and Urban Affairs on problems experienced by banks in our agricultural communities and on proposals to ease the strains resulting from these problems, March 11, 1986.

Philadelphia

New Tripoli Bancorp, Inc., New Tripoli,> Pennsylvania -- extension of time to July 10, 1986, within which to consummate the formation of a bank holding company. 1/

Atlanta

First Polk Bankshares, Inc., Cedartown, Georgia -- extension of time to May 26, 1986, within which to become a bank holding company through acquisition of First National Bank of Polk County. 1/

Atlanta

Peoples National of LaFollette Financial Corp., LaFollette, Tennessee -- extension of time to May 16, 1986, within which to acquire The Peoples National Bank of LaFollette. 1/

Atlanta

First Commercial Financial Corporation, Bradenton, Florida -- extension of time to May 4, 1986, within which to become a bank holding company through acquisition of First Commercial Bank of Manatee County. 1/

Atlanta

Boca Bank, Boca Raton, Florida -- extension of time to June 16, 1986, within which to merge with Boca Interim Bank. 1/

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of Governors under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H.2, 1986 No. 11

2

ACTIONS OF TEE BOARD - Continued

Atlanta

National City Bank, Coral Springs, Florida, proposed merger with National City Interim Bank -- report to the Comptroller of the Currency on competitive factors. 1/

Atlanta

Cullman Bancshares, Inc., Cullman, Alabama -- extension of time to May 27, 1986, within which to become a bank holding company by acquiring Peoples Bank of Cullman County. 1/

Atlanta

Culverhouse, Sr., Hugh F. -- extension of time to June 29, 1986, within which to acquire additional shares of Florida Commercial Banks, Inc., Miami, Florida. 1/

Chicago

Oak Brook Bank, Oak Brook, Illinois, proposed acquisition of assets and assumption of the liabilities of First National Bank and Trust Company of Oak Brook (name to be changed to First Oak Brook Bank) -- report to the Comptroller of the Currency on competitive factors. 1/

Chicago

First Farmers National Bark of Knoxville, Knoxville, Illinois, proposed merger with Bank of Galesburg, Galesburg, Illinois, under the charter of First Farmers National Bank of Knoxville and title of First Midwest Bank/Knoxville County, National Association -- report to the Comptroller of the Currency on competitive factors. 1/

Chicago

Cloverdale Bank Corporation, Cloverdale, Indiana -- extension of time to June 2, 1986, within which to become a bank holding company through the acquisition of 100 percent of the voting shares of The First National Bank of Cloverdale. 1/

Chicago

First Illini Bancorp, Inc., Galesburg, Illinois -- extension of time to June 22, 1986, within which to acquire 100 percent of the voting shares of Madison Park Bank, Peoria, Illinois. 1/

St. Louis

Dent County Bank, Salem, Missouri, proposed merger with Bank of Bunker, Bunker, Missouri -- report to the Federal Deposit Insurance Corporation on competitive factors. 1/

Kansas City

First National Bank - North in Grand

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of Gov e r n o rs under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H.2, 1986 No. 11

3

ACTIONS OF THE BOARD - Continued

Junction, Grand Junction, Colorado, proposed merger with First National Bank in Grand Junction, under the charter and title of the latter -- report to the Comptroller of the Currency on competitive factors. 1/

Kansas City

York State Bank and Trust Company, York, Nebraska, proposed merger with Gresham State Bank, Gresham, Nebraska, under the charter and title of the former -- report to the Federal Deposit Insurance Corporation on competitive factors. 1/

Dallas

FWNB Bancshares, Inc., Carrollton, Texas -- extension of time to June 22, 1986, within which to acquire First Western National Bank of Mesquite, Mesquite, Texas. 1/

Dallas

Benton Capital Corporation, Benton, Louisiana -- extension of time to acquire East River Bancshares, Inc. 1/ Denied

Dallas

Texas Commerce Bancshares, Inc., Houston, Texas -- extension of time to June 1, 1986, within which to acquire Texas Commerce Financial Services, Inc. 1/

Dallas

Marfa Production Credit Association, Marfa, Texas -- deregistration statement. 1/

Dallas

First Hawaiian, Inc., Honolulu, Hawaii -- extension of time to April 1987, within which to divest certain property. 1/

San Francisco

Valley West Bancorp, Springfield, Oregon -- extension of time to August 31, 1986, within which to divest shares of a certain property. 1/

San Francisco

Valley National Corporation, Phoenix, Arizona -- extension of time to June 12, 1986, for Valley National Financial Services Company of California to commence business. 1/

*****

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of Governors under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H . 2, 1986 No. 11

4

ACTIONS OF THE BOARD - Continued

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

Approved

Philadelphia

Laurel Bank, Ebensburg, Pennsylvania -- to establish a Remote Service Facility at Sheehan's Mini-Market, 926 Second Street, Cresson, Cambria County, Pennsylvania. 1/ (3/12/86)

* * * * *

Issued Intent Not to Disapprove Change of Control Pursuant to Change in Bank Control Act of 1978

Approved

St. Louis

Dixie Bancshares, Inc., Dukedom, Tennessee. 1/ (3/13/86)

Kansas City

Commercial Bankstock, Inc., Oklahoma City, Oklahoma. 1/ (3/14/86)

Kansas City

Val Cor Bancorporation, Inc., Cortes, Colorado. If (3/14/86)

* * * * *

To Become a Member of the Federal Reserve System Pursuant to Section 9 of the Federal Reserve Act

Approved

Chicago

B.N.S. Bank, Northbrook, Illinois. 1/ (3/11/86)

Dallas

Bank of Troy, Troy, Texas, a proposed new bank. 1/ (3/14/86)

Dallas

Bank of Austin, Austin, Texas, a proposed new bank. 1/ (3/13/86)

*****

Chicago

To Merge Pursuant to Section 1 8 (c) of the Federal Deposit Insurance Act

Approved

Bank of the North Shore, Northbrook, Illinois

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of Gov e r n o r s under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H .2 , 1986 N o. 11

5

ACTIONS OF THE BOARD - Continued

-- to merge with B.N.S. Bank, Northbrook, Illinois.' 1/ (3/11/86)

*****

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

Approved

San Francisco

Bank of America National Trust and Savings Association, San Francisco, California -grants consent to make an additional investment, directly or indirectly, in BA Australia Limited ("BAAUL"), Sydney, Australia. (3/12/86)

San Francisco

Bank of America NT&SA, San Francisco, California -- grants consent to increase its investment in Banco Colombo Americano, Bogota, Colombia. (3/12/86)

San Francisco

Security Pacific Corporation, Los Angeles, California -- grants consent to increase its ownership interest in Hoare Govett Limited, London, England. (3/13/86)

* * * * *

Forty-Five Day Notification Period Allowed to Expire

San Francisco

Security Pacific Corporation, Los Angeles, California -- no objection to make an

indirect investment in Security Pacific Bank

(France) S.N.C., Paris, France. (3/13/86) *****

To Form a Bank Holding Company Pursuant to Section 3 ( a ) (1) of the Bank Holding Company Act of 1956

Returned

Atlanta

North Georgia Bancshares, Inc., Canton, Georgia -- for approval to acquire 100 percent of the voting shares of North Georgia Savings & Loan Association, Inc., Canton, Georgia. (3/12/86)

Chicago

Ossian Financial Services, Inc., Ossian,

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of Governors under delecrated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H.2, 1986 No. 11

6

ACTIONS OF THE BOARD - Continued

Indiana -- for approval to acquire 100 percent of the voting shares of Ossian State Bank, Ossian, Indiana. (3/11/86)

Dallas

Fredoria Bancshares, Inc., Nacogdoches, Texas -- for approval to acquire 100 percent of the voting shares of Fredonia State Bank, Nacogdoches, Texas. (3/19/86)

Dallas

Northwest Crossing Bancshares, Inc., Houston, Texas -- for approval to acquire 100 percent of the voting shares of Northwest Crossing National Bank, Houston, Texas. (3/19/86)

Approved

Philadelphia

Fleetwood Bank Corporation, Fleetwood, Pennsylvania -- for approval to acquire 100 percent of the voting shares of The First National Bank in Fleetwood, Fleetwood, Pennsylvania. 1/ (3/12/86)

Richmond

First Union Corporation, Charlotte, North Carolina -- for approval to acquire 100 percent of the voting shares of Citizens DeKalb Bank, Clarkston, Georgia. 1/ (2/14/86)

Atlanta

NKB, Inc., North Miami Beach, Florida -- for

approval to acquire 100 percent of the voting

shares Miami

of Sky Beach,

lake Flor

Ban ida

casnhdari

en sd,i

r

eInc ct .l y,

North The

Skylake State Bank, North Miami Beach,

Florida. (3/12/86)

Chicago

First United Bancorp, Franklin, Indiana -- for approval to acquire 100 percent of the voting shares of Franklin Bank and Trust Company, Franklin, Indiana. 1/ (3/11/86)

Chicago St. Louis

North Shore Bancorp, Inc., Northbrook, Illinois -- for approval to acquire 100 percent of the voting shares (less directors' qualifying shares) of the successor by merger to the Bank of the North Shore, Northbrook, Illinois. 1/ (3/11/86)

Baker Financial Corporation, Pocahoutas, Arkansas -- for approval to acquire at least 80 percent of the voting shares of Planters

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of G o v e r n o r s under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H.2, 1986 No. 11

7

ACTIONS OF THE BOARD - Continued

and Stockmen Bank, Pocahontas, Arkansas. 1/ (3/14/86)

San Francisco

Overseas Finance Holdings Proprietary Limited, Melbourne, Australia; Ormside Proprietary Limited, Melbourne, Australia; Aylworth Proprietary Limited, Melbourne, Australia; Costa Mesa Limited, London, England; Costa Mesa Holdings N.V., Curacao, Netherlands Antilles; Citizens Financial Holdings B.V., Amsterdam, Netherlands; and Citizens Holdings, Brea, California -- for approval to acquire at least 80 percent of the voting shares of Citizens Bank of Costa Mesa, Costa Mesa, California. (3/12/86)

Denied

Dallas

Texstar Financial Corporation, Inc., Azle, Texas -- for approval to acquire 99.9 percent of the voting shares of First National Bank of Azle, Azle, Texas. (3/12/86)

*****

To Expand a Bank Holding Company Pursuant to Section 3 ( a ) (3) of the Bank Holding Company Act of 1956

Approved

Atlanta

CB&T Rancshares, Inc., Columbus, Georgia -- for approval to acquire 100 percent of the voting shares of Bank of Coweta, Newnan, Georgia. 1/ (3/14/86)

St. Louis

First Kentucky National Corporation, Louisville, Kentucky -- for approval to acquire 100 percent of the voting shares of Central Bancorp, Inc., and indirectly Central Bank and Trust Company, both in Owensboro, Kentucky. 1/ (3/14/86)

Dallas

Ruston Bancshares, Inc., Ruston, Louisiana -- for approval to acquire 100 percent of the voting shares of Morehouse Bancshares, Inc., Bastrop, Louisiana and indirectly The Bank of Morehouse, Bastrop, Louisiana. 1/ (3/14/86)*

*****

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of G o vernors under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

H.2, 1986 No. 11

8

ACTIONS OF THE BOAHD - Continued

To Expand a Bank Holding Company Pursuant to Section 3 ( a ) (5) of the Bank Holding Company A ct o f 1956

Approved

Atlanta

Florida National Banks of Florida, Inc., Jacksonville, Florida -- for approval to merge with Citrus Banking Corporation, Tampa, Florida, and indirectly acquire Citrus Park Bank, Tampa, Florida. 1/ (3/14/86)

*****

To Expand a Bank Holding Company Pursuant to Section 4 ( c ) (8) of the Bank Holding Company A ct of 1956

Returned

Philadelphia

Independence Bancorp, Inc., Perkasie, Pennsylvania -- for approval to acquire Independence Abstract, Inc., Rockledge, Pennsylvania and thereby engage de novo in the sale of title insurance. (3/17/86)

Atlanta

North Georgia Bancshares, Inc., Canton, Georgia -- for approval to engage in general insurance activities in a place with a population not exceeding 5,000 persons through the acquisition of N.G.B.S. Investments, Inc., Canton, Georgia. (3/12/86)

Chicago

Unibancorp, Inc., Chicago, Illinois -- to engage de novo (discount securities brokerage activities including certain securities credit and incidental activities) through its wholly-owned subsidiary, Unibanc Brokerage Services, Inc., Chicago, Illinois. (3/12/86)

Dallas

Haleco Bancshares, Inc., Plainview, Texas -- for approval to acquire 100 percent of the voting shares of First Mortgage Services & Invest Inc., Plainview, Texas. (3/14/86)

Approved

New York

The Bank of New York Company, Inc., New York, New York -- for approval to acguire 50.1 percent of RMJ Securities Corp., New York, New York and thereby engage in acting as

1/ A p p l i c a t i o n p r o c e s s e d on b e h a l f of the B o a r d of G o v e r n ors under delegated authority.

Digitized for FRASER Federal Reserve Bank of St. Louis

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