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H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks

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H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks ANNOUNCEMENT Afr 19 9 1 ' N o * 4 Cff ^Actions or the Board, its Staff, and BOARD OF GOVERNORS ^ Federal Reserve Banks; OF THE 0ifiL Appli^tMons and Reports Received FEDERAL RESERVE SYSTEM D u r t o ^ e We^k Ending January 26, 1991 n ACTIONS TAKEN BY THE BOARD OF GOVERNORS TESTIMONY AND STATEMENTS Economic prospects and the appropriate course for policy in the current environment — statement by Chairman Greenspan before the House Committee on the Budget, January 22, 1991. Published, January 22, 1991. BANK HOLDING COMPANIES Chemical Banking Corporation, New York, New York — petition for reconsideration of Board approval of applications to acquire Texas Commerce Equity Holdings, Inc., Wilmington, Delaware, and Equity Holdings to acquire Texas CommerceTs 18 bank subsidiaries in Texas. Denied, January 25, 1991. Creditanstalt - Bankverein, Vienna, Austria — to engage in the private placement of all types of securities as agent through Creditanstalt International Advisers, Inc., New York, New York. Approved, January 22, 1991. Firstar Corporation, Milwaukee, Wisconsin, and Firstar Corporation of Arizona — to engage de novo in investment advisory services. Permitted, January 25, 1991. Hayward Bancshares, Inc., Hayward, Wisconsin — to acquire Peoples Bancshares of Hayward, Inc., and The Peoples National Bank of Hayward. Approved, January 22, 1991. MNC Financial, Inc., Baltimore, Maryland, and the Maybaco Company, a Limited Partnership — to acquire MBNA America, N.A., Newark, Delaware, a de novo bank; and MBNA America Bank, N.A., and MBNA Corp. to become bank holding companies by acquiring the de novo bank. Approved, January 22, 1991. Whitcorp Financial Company, Leoti, Kansas — to acquire First National Bank in Lamar, Lamar, Colorado, and Securities Investment Company; to engage in consumer lending and credit related insurance; and to engage in general insurance agency activities. Approved, January 22, 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H. 2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 2 ACTIONS TAKEN BY THE BOARD OF GOVERNORS BOARD OPERATIONS Office of Information Resources Management — appointment of Steven R. Malphrus as Director, effective February 3, 1991. Approved, January 22, 1991. FORMS Bank Holding Company Application Form For Foreign Companies (FR Yl-F) — extension. Approved, January 23, 1991. Bank Holding Company Application Forms (FR Y~1, FR Y- 2, and FR Y-4); and Bank Merger Application (FR 2070) — extension for FR Y-l through FR Y-4 through January 31, 1994, with FR 2070 to be discontinued. Approved, January 23, 1991. Domestic Branch Application (FR 4001); Notice of Proposed Stock Redemption (FR 4008); and Investment in Banking Premises Application (FR 4014) — extension. Approved, January 23, 1991. Monthly Survey of Industrial Electricity Use FR 2009a and 2009b) — extension. Approved, January 23, 1991. Report of Condition for Edge and Agreement Corporations (FR 2886b) — extension. Approved, January 23, 1991. REGULATIONS AND POLICIES Money laundering — letter to the Treasury commenting on proposed amendments to the Bank Secrecy Act regulations to expand certain recordkeeping requirements. Approved, January 22, 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H.2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 3 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY ABBREVIATIONS: BS&R - Banking Supervision and Regulation; C&CA - Consumer and Community Affairs; FOMC - Federal Open Market Committee; FRBO - Federal Reserve Bank Operations; IF - International Finance; OSDM - Office of Staff Director for Management BANK BRANCHES. DOMESTIC Kansas City United New Mexico Bank at Albuquerque, Albuquerque, New Mexico — to establish a branch in Rio Rancho, New Mexico. Approved, January 22, 1991. BANK HOLDING COMPANIES Cleveland Community Independent Bancorp, Inc., West Salem, Ohio — to acquire The Farmers State Bank of West Salem. Approved, January 22, 1991. Chicago Financial Center Corporation, Holland, Michigan — to engage de novo in management consulting advice through Consolidated Bank Services, Inc. Permitted, January 25, 1991. Chicago First Chicago Corporation, Chicago, Illinois — to engage de novo in trust and investment advisory activities through Brinson Trust Company. Permitted, January 25, 1991. Chicago First Chicago Corporation, Chicago, Illinois — to engage de novo in underwriting and dealing, to a limited extent, in debt securities, acting as agent in the private placement of securities, buying and selling all types of securities, as a riskless principal, and brokerage activities through First Chicago Capital Markets, Inc. Withdrawn, January 25, 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H.2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 4 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY BANK HOLDING COMPANIES Dallas First Gilmer (Delaware) Holdings? Ltd.? Wilmington? Delaware — to acquire First National Bank? Gilmer? Texas. Approved? January 24? 1991. Chicago Great Lakes Financial Resources? Inc. Employee Stock Ownership Plan? Homewood? Illinois? and Great Lakes Financial Resources? Inc. — to acquire Allied Mortgage Corporation. Returned? January 23? 1991. New York Lehigh Financial Bancorp? Union? New Jersey -- to acquire Lehigh National Bank. Returned? January 25? 1991. Chicago Minowa Banshares? Inc., Decorah, Iowa *— to acquire Decorah State Bank? and The First National Bank of Mabel? Mabel? Minnesota. Approved? January 23? 1991. Chicago Northern States Financial Corporation? Waukegan? Illinois — to acquire First Federal Bank? FSB. Returned? January 22? 1991. Cleveland Park National Corporation? Newark? Ohio — to engage de novo in community development activities. Permitted? January 23? 1991. Minneapolis RCB Holding Co.? Roseville? Minnesota — to acquire Roseville Community Bank? N.A. Approved? January 22? 1991. Minneapolis Security State Bank Holding Company? Hannaford? North Dakota — to acquire First State Bank of New Rockford? New Rockford? North Dakota. Approved? January 24? 1991. Chicago Southwestern Wisconsin Bancshares? Inc.? Highland? Wisconsin — to acquire Highland State Bank. Approved? January 25? 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H. 2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 5 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY BANK HOLDING COMPANIES Minneapolis Underwood Bancshares, Incorporated, Underwood, Minnesota — to engage in lending activities and other extensions of credit. Returned, January 23, 1991. Chicago Valley Bancorporation, Appleton, Wisconsin — to acquire Great American Savings Bank, FSB, Milwaukee, Wisconsin, and Western Federal Savings and Loan Association, Sparta, Wisconsin. Approved, January 23, 1991. BANK MERGERS Staff Director Great American Savings Bank, FSB, Milwaukee, BS&R Wisconsin -- to merge with Valley Bank Thiensville Mequon, Thiensville, Wisconsin. Approved, January 23, 1991. Kansas City United New Mexico Bank at Albuquerque, Albuquerque, New Mexico — to acquire American Bank, N.A., Rio Rancho, New Mexico. Approved, January 22, 1991. BANK PREMISES Chicago La Salle State Bank, La Salle, Illinois — investment in bank premises. Approved, January 24, 1991. San Francisco Nevada Community Bank, Las Vegas, Nevada — investment in bank premises. Approved, January 24, 1991. BANKS, STATE MEMBER Minneapolis Farmers State Bank, Madelia, Minnesota — payment of a dividend. Approved, January 22, 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H. 2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 6 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY CHANGE IN BANK CONTROL San Francisco EastWest Financial Group, Inc., Honolulu, Hawaii — change in bank control. Returned, January 22, 1991. Dallas First Republic Bancshares, Inc., Rayville, Louisiana — change in bank control. Permitted, January 22, 1991. Chicago Schroeder - Goodenow Management Co., Atlantic, Iowa - - change in bank control. Permitted, January 25, 1991. Kansas City Valley State Investments, Inc., Lamar, Colorado — change in bank control. Permitted, January 22, 1991. COMPETITIVE FACTORS REPORTS Kansas City Commerce Bank of Kansas City, N.A., Kansas City, Missouri, proposed merger with Commerce Bank of Clay County, N.A. — report on competitive factors. Submitted, January 22, 1991. Kansas City Commercial National Bank of Kansas City, Kansas City, Kansas, proposed merger with First National Bank of Overland Park, Overland Park, Kansas — report on competit ive factors. Submitted, January 22, 1991. Philadelphia Community National Bank of New Jersey, Westmont, New Jersey, proposed merger with Interim Community National Bank of New Jersey — report on compet it ive factors. Submitted, January 24, 1991. Chicago Summitville Bank & Trust Company, Summitville, Indiana, proposed merger with Community Federal Savings Bank, Lapel, Indiana — report on compet it ive factors. Submitted, January 23, 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H.2 JANUARY 22, 1991 TO JANUARY 25, 1991 PAGE 7 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY COMPETITIVE FACTORS REPORTS Dallas Texas Commerce Bank - Arlington, N.A., Arlington, Texas, and Texas Commerce Bank - Fort Worth, N.A., Fort Worth, Texas, proposed merger with Texas Commerce
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