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G.4.5 Changes in Status of Banks and Branches

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM G.4.5 CHANGES IN STATUS OF BANKS AND BRANCHES DURING NOVEMBER 1979 NAME AND LOCATION CF BANKS AND BRANCHES 1/ Dl-ST-BK CLASS DATE OF OF BANK CHANGE NEW BANKS EXCEPT SUCCESSIONS AND CONVERSIONS 02-36-4852 BANK AMERICA SECURITIES NEW YORK NY N0.N1NS. 54 08-13-79 SERVICES COMPANY OF NEW YORK BORO OF MANHATTAN 02-36-5175 GLOBAL UNION BANK NEW YORK NY INS NON 21 11-07-79 . BORO OF MANHATTAN 03-42-6120 COLONIAL MUTUAL SAVINGS BANK PHILADELPHIA PA INS MUT 42 11-19-79 (CONVERSION OF COLONIAL PHILADELPHIA CTY FEDERAL SAVINGS & LOAN ASSNJ 05-24—1423 FIRST WOMENS BANK OF MARYLAND ROCKVILLE MD INS NON 21 11-21-79 MONTGOMERY COUNTY 07-17-7187 SHERMAN COMMUNITY BANK SHERMAN IL INS NON 21 11-16-79 SANGAMON COUNTY 09-30-0465 FIRST FIDELITY BANK GLENOIVE MT INS NON 21. 11-05-79 DAWSON COUNTY 10-40-2445 UNITED BANK OF NORMAN NORMAN OK MEMBER 13 11-16-79 CLEVELAND COUNTY 11-48-3938* TEXAS COMMERCE BANK-SOUTHBELT HOUSTON TX NATIONAL 03 11-01-79 NATIONAL ASSOCIATION WOOD COUNTY 11-48-5445 MiNEOLA STATE BANK MINEOLA TX INS NON 21 11-15-79 WOOD COUNTY 11-48-7797 COLONY BANK THE COLONY TX INS NON 21 11-19-79 DENTON COUNTY 12-06-1168 BAY AREA BANK REDWOOD CITY CA INS NON 21 11-19-79 SAN MATEO COUNTY 12-06-1964 BANK OF WESTMINSTER WESTMINSTER CA INS NON 21 11-12-79 ORANGE COUNTY 12-16-0280 TWIN RIVER NATIONAL BANK LEW 1ST0N ID NATIONAL 03 11-15-79 NEZ PERCE COUNTY 12-32-0038 AMERICAN BANK OF COMMERCE LAS VEGAS NV INS NON 21 11-26-79 CLARK COUNTY 12-41-0370 HIGH LAKES COMMUNITY BANK LA PINE OR INS NON 21 11-08-79 DESCHUTES COUNTY 12-49-0356 FIRST SECURITY BANK OF RICHFIELD UT NATIONAL 03 11-08-79 RICHFIELD NATIONAL ASSOCIATION SEVIER COUNTY 12-53-0052 HORIZON MUTUAL SAVINGS BANK BELLINGHAM WA INS MUT 42 11-09-79 (CONVERSION OF BELL INGHAM WHATCOM COUNTY FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION) CORRECTION TO NEW BANKS EXCEPT SUCCESSIONS AND CONVERSIONS 05-54-0917 CITIZENS INDUSTRIAL FINANCING MURGANTOWN WV INS NON %3 09-20-79 CORPORATION M0N0GAL1A COUNTY 1/ THIS COMPILATION IS DERIVED LARGELY FROM SECONDARY SOURCES. IT IS NOT AN OFFICIAL REPORT OF CHANGES IN THE BANKING STRUCTURE. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis • • t DI-ST-SK CLASS DATE OF OF SANK CHANGE SUCCESSIONS AND CONVERSIONS 10-29-2568 MID-CONTINENT NATIONAL BANK KANSAS CITY MO NATIONAL 03 CONVERTED TO MID-CONTINENT BANK KANSAS CITY MO INS NON 21 11-16-79 12-06-0375 SURETY NATIONAL BANK ENCINO CA NATIONAL 03 CONVERTED TO SURETY BANK ENCINO CA INS NON 21 11-08-79 CONSOLIDATIONS, ABSORPTIONS, ETC. 01-25-0726 §AYBANK MIDDLESEX NA BURLINGTON MA NATIONAL 03 01-25-3315 BAYBANK NEWTON-WALTHAM TR CO WALTHAM MA INS NON 21 MERGED UNDER CHARTER OF LATTER BANK WITH NEW TITLE AND LOCATION 01-25-0727 BAYBANK MIDDLESEX BURLINGTON MA 11-10-79 NEW BRYAN NATIONAL BANK BRYAN OH (NON-OPERATING N0N1NSURED BANK) 04-39-0780 CITIZENS NATIONAL BANK BRYAN OH NATIONAL 03 11-30-79 MERGED UNDER CHARTER AND TITLE OF LATTER BANK 04-39-5 860 FARMERS STATE BANK OF STRYKER STRYKER OH MEMBER 13 04-39-0790 FIRST NATIONAL BANK IN BRYAN BRYAN OH NATIONAL 03 MERGED UNDER CHARTER OF LATTER WITH NEW TITLE FIRST NATIONAL BANK NORTHWEST 11-23-79 OHIO 04-39-0260 FARMERS & MERCHANTS BANK CO ARLINGTON OH MEMBER 13 04-39-4588 MID-AMERICAN NAT BANK & TR CO NORTHWOOD OH NATIONAL 03 11-01-79 MEKGED UNDER CHARTER AND TITLE OF LATTER BANK 04-39-5490 SCIO BANK COMPANY SCIO OH INS NON 21 04-39-5810 UNION SAVINGS BANK & TRUST CO STEUBENVILLE OH MEMBER 13 MERGED UNDER CHARTER OF LATTER WITH NEW TITLE 04-39-5770 AMERITRUST COMPANY OF 11-10-79 JEFFERSON COUNTY 05-24-1300 NATIONAL BANK OF PERRYVILLE 4 PERRYVILLE MO NATIONAL 03 05-24-0160 FIRST NATIONAL BK OF MARYLAND BALTIMORE MD NATIONAL 02 11-01-79 MERGED UNDER CHARTER AND TITLE OF LATTER BANK 05-37-0440 BANK OF CONWAY CONWAY NC INS NON 21 05-37-1584 FIRST-CITIZENS BANK & TRUST CO RALEIGH NC INS NON 21 11-01-79 MERGED UNDER CHARTER AND TITLE OF LATTER BANK 05-51-2 040 FARMERS & MRCHTS NB IN ONLEY ONLEY VA NATIONAL 03 05-51-0550 BANK OF CHINCOTEAGUE INC CHINCOTEAGUE VA INS NON 21 MERGED UNDER CHARTER OF LATTER BANK WITH NEW TITLE AND LOCATION 05-51-2039 FARMERS AND MERCHANTS BANK - ONLEY VA 11-02-79 EASTERN SHORE 05-51-0900 CITIZENS NAT BANK OF EMPORIA EMPORIA VA NATIONAL 03 05-51-2105 CITY SAVINGS BANK & TRUST CO PETERSBURG VA INS NON 21 05-51-2350 CENTRAL FIDELITY BANK NA RICHMOND VA NATIONAL 02 11-10-79 MERGED UNDER CHARTER AND TITLE OF LATTER BANK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I • 3 e DI-ST-BK CLASS DATE OF OF BANK CHANGE 06-12-0660 SOUTHEAST BANK UF EDGEWOOD JACKSONVILLE FL MEMBER 13 06-12-0692 SOUTHEAST FIRST NAT BCH BANK JACKSONVLE BCH FL NATIONAL Q3 06-12-0662 SOUTHEAST FIRST BK OF JCKSNVLE JACKSONVILLE FL INS NON 21 MERGED UNDER CHARTER OF LATTER WITH NEW TITLE SOUTHEAST BANK OF JACKSONVILLE 11-16-79 09-46-0398 DAKOTA STATE BANK OF DELL RAPIDS SOUTH DAKOTA DELL RAPIDS SO INS NON 21 ABSORBED BY 09-46-1280 FIRST NATIONAL BANK IN SIOUX 11-01-79 FALLS SIOUX FALLS SO NATIONAL 03 12-06-0645 CALIFORNIA OVERSEAS BANK LOS ANGELES CA INS NON 21 12-06-0375 SURETY BANK ENCINO CA INS NON 21 MERGED UNDER CHARTER OF LATTER WITH NEW TITLE AND LOCATION 12-06-0646 CALIFORNIA OVERSEAS BANK LOS ANGELES CA 11-08-79 CORPORATE REORGANIZATIONS COLLEGIATE STATE BANK OF FORT FORT WORTH TX , m WON 21 WORTH (A NEWLY ORGANIZED BANK* 11-48-2893 UNIVERSITY BANK , FORT WORTH TX INS NON 2,1 11-01-79 MERGED UNDER CHARTER OF FORMER WITH TITLE OF LATTER WITHDRAWAL OF STATE BANK FROM FEDERAL RESERVE MEMBERSHIP 07-26-0490 BLANCHARD STATE BANK BLANCHARD MI , INS CONT 21 11-22-79 09-30-0125 FIRST SECURITY BK OF BOZEMAN BOZEMAN MT INS CONT 21 11-17-79 CORRECTION TO NONINSURED BANK ADMITTED TO INSURANCE 01-25-1780 LEE SAVINGS BANK LEE MA INS MUT 42 09-24-79 CHANGES IN TITLE AND/OR LOCATION OF BANKS 04-39-0340 NORTHEASTERN OHIO NATIONAL BK ASHTABULA OH NATIONAL 03 TITLE CHANGED TO 04-39-0307 AMERITRUST COMPANY OF 11-13-79 NORTHEASTERN OHIO NA 04-39-1030 PEOPLES-MERCHANTS TRUST CO CANTON OH MEMBER 13 TITLE CHANGED TO 04-39-0986 AMERITRUST COMPANY OF STARK 11-13-79 COUNTY 04-39-1430 CLEVELAND TRUST COMPANY CLEVELAND OH MEMBER 12 TITLE CHANGED TO 04-39-1395 AMERITRyST COMPANY 11-13-79 04-39-1585 COLUMBUS TRUST COMPANY COLUMBUS OH MEMBER 13 TITLE CHANGED TO 04-39-1568 AMERITRUST COMPANY OF FRANKLIN 11-13-79 COUNTY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Dl-ST-BK CLASS DATE OF OF BANK CHANGE 04-39-3050 CITY BANK KENT OH INS NON 21 TITLE CHANGED TO AHEMTRUST COMPANY OF PORTAGE 11-13-79 COUNTY 04-39-3305 FIRST LORAIN TRUST COMPANY LORAIN OH MEMBER 13 TITLE CHANGED TO 04-39-3368 AMERITRUST COMPANY OF LORAIN 11-13-79 COUNTY 04-39-3840 SAVINGS DEPOSIT BANK COMPANY MEDINA OH INS NON 21 TITLE CHANGED TO 04-39-3826 AMERITRUST COMPANY OF MEDINA 11-13-79 COUNTY 04-39-4831 LAKESHORE TRUST COMPANY PAINESVILLE OH MEMBER 13 TITLE CHANGED TO 04-39-4826 AMERITRUST COMPANY OF LAKE 11-13-79 COUNTY 05-51-1628 METROPOLITAN BK OF CENTRAL VA LYNCHBURG VA MEMBER 13 TITLE CHANGED TO 05-51-1623 COLONIAL AMERICAN BK-L VNCHBURG 11-13-79 06-01-1488 FIRST ALABAMA BANK NA NOSTASULGA AL NATIONAL 03 TITLE CHANGED TO FIRST ALABAMA BANK OF LEE 11-09-79 COUNTY NA 06-12-0855 MADEIRA BEACH BANK MADEIRA BEACH FL INS NON 21 TITLE CHANGED TO GULF COAST BANK OF PINELLAS 10-31-79 06-12-1295 MARINE BANK OF PUNTA GOROA PUNTA GORDA FL MEMBER 13 TITLE CHANGED TO FLAGSHIP BANK CHARLOTTE COUNTY 11-06-79 06-12-1540 FLAGSHIP BANK OF TAVARES TAVARES FL INS NON 21 TITLE CHANGED TO FLAGSHIP BANK OF LAKE COUNTY 11-01-79 06-13-2325 MONTEZUMA BANKING COMPANY MONTEZUMA GA INS NON 21 TITLE CHANGED TO. FIRST UNITED BANK 11-08-79 0?-17-4340 STATE BANK OF KENT KENT IL INS NON 21 TITLE CHANGED TO KENT BANK 11-15-79 07-26-0750 FIRST NATIONAL BANK CASSOPOLIS MI NATIONAL 03 TITLjE CHANGED TO 07-26-0757 PACESETTER NATIONAL BANK 11-15-79 09-30-0090 MIDLAND NAT BANK OF BILLINGS BILLINGS NT NATIONAL 03 TITLE CHANGED TO FIRST BANK NA - BILLINGS 11-05-79 09-38-0420 FIRST NATIONAL BANK AND TRUST COMPANY OF FARGO FARGO ND NATIONAL 03 TITLE CHANGED TO FIRST NATIONAL BANK OF FARGO 11-01-79 10-20-4945 MORRILL STATE BANK SABETHA KS INS NON 21 TITLE CHANGED TO MORRILL STATE BANK I TRUST CO 10-20-79 10-40-1340 FIRST NATIONAL BK IN FREDERICK FREDERICK OK NATIONAL 03 TITLE CHANGED TO FIRST NATIONAL BANK AND TRUST 11-01-79 COMPANY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St.
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  • Edited Excerpt on Mutual Form from Howell E. Jackson & Edward L

    Edited Excerpt on Mutual Form from Howell E. Jackson & Edward L

    § 5. The Mutual Form -1- Edited Excerpt on Mutual Form from Howell E. Jackson & Edward L. Symonds, Jr., Regulation of Financial Institutions 551-78 (West 1999) Section 5. The Mutual Form We now turn our attention from the primary focus of insurance regulation -- the relationship between insurer and insured -- to issues of organizational form. One peculiarity of the insurance industry is that many major firms are organized as "mutuals" -- that is legal entities that lack traditional equity shareholders. For example, in the life insurance industry as of 1994, mutual insurance companies held forty-one percent of industry assets. Moreover, six of the ten largest life insurance companies were organized in mutual form. On the property-casualty side, mutuals are somewhat less significant (holding more than a quarter of sector assets), but still constituted a substantial segment of the industry. The focus of attention in this section of the casebook is the "demutualization process," which consists of the legal arrangements whereby mutuals change their corporate form, either through liquidation or conversion into more traditional stock corporations. Demutualization is not unique to insurance companies, and has applications to other types of financial intermediaries, most notably savings and loan associations and savings banks, which also often organize themselves in mutual form. While this section is primarily concerned with the demutualization of insurance companies, we also consider briefly a parallel development in the savings bank industry. A. Demutualization of Insurance Companies To understand the demutualization process, one must first have a general appreciation of the legal relationship between mutual insurance companies and their policyholders.