Board of Governors of the Federal Reserve System, Washington, DC 20551

Actions of the Board, Its Staff,

and the Federal Reserve Banks:

No. 51

Week Ending December 20, 1997

Federal Reserve Release

H.2

Applications and Reports Received
No. 51

ACTIONS TAKEN BY THE BOARD OF GOVERNORS

Citicorp, New York, New York -- to engage through certain affiliates in financing

transactions involving the simultaneous purchase and sale of goods and

commodities.

- Approved, December 18, 1997 

BANK HOLDING COMPANIES

First of Waverly Corporation, Waverly, Iowa -- to acquire Schrage, Ltd., Plainfield,

Iowa, and Farmers State Bank. 

- Approved, December 15, 1997 

ING Group, Amsterdam, the Netherlands -- request for exemption under section

4(c)(9) of the Bank Holding Company Act in connection with proposed acquisition

of Banque Bruxelles Lambert, Brussels, Belgium.

- Granted, December 15, 1997 

Lloyds TSB Group plc, London, England -- to engage in mutual fund advisory and

administrative services and other nonbanking activities through retention of indirect

ownership of IAI Holdings, Inc., Minneapolis, Minnesota.

- Permitted, December 18, 1997 

Star Banc Corporation, Cincinnati, Ohio -- to acquire Great Financial Corporation,

Louisville, Kentucky, and Great Financial Bank, F.S.B.

- Approved, December 18, 1997 

SunTrust Banks, Inc., Atlanta, Georgia -- to engage in underwriting and dealing, to

a limited extent in all types of securities through acquisition of Equitable Securities

Corporation, Nashville, Tennessee.

- Permitted, December 18, 1997 

Telluride Bancorp, Ltd., Montrose, Colorado -- request on behalf of Bank of

Telluride, Telluride, Colorado, for an exemption from section 23A of the Federal

Reserve Act.

- Granted, December 15, 1997 

Division of Research and Statistics -- appointment of Stephen Oliner and Janice

Shack-Marquez as Assistant Directors.

- Approved, December 17, 1997 

BOARD OPERATIONS
H.2

December 14, 1997 to December 20, 1997

ACTIONS TAKEN BY THE BOARD OF GOVERNORS

Page 2

Market risk -- interim rule on measuring specific risk under the Risk-Based Capital

Rules.

- Approved, December 17, 1997 

REGULATIONS AND POLICIES

Regulation K -- request for comment on revisions to the regulation undertaken in

connection with Section 303 of the Riegle Community Development Act; and with

delegation of authority of certain functions to the General Counsel and to the

Director, Division of Banking Supervision and Regulation.

- Announced, December 18, 1997 

Regulations G, T, U, and X -- amendments to reduce distinctions between

broker-dealers, banks, and other lenders and to implement changes in response to

enactment of the National Securities Markets Improvement Act; and request for

comment to allow commenters to make other suggestions to amend Regulations T,

U, and X (Docket R-0995).

- Approved, December 18, 1997 

Chemical Bank, New York, New York -- cease and desist order against Patti

Colbourn, a former managing director, trader and institution-affiliated party of the

Chemical Bank.

- Announced, December 16, 1997 

ENFORCEMENT
H.2

December 14, 1997 to December 20, 1997

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; RBOPS - Reserve Bank Operations and Payment

Systems; IF - International Finance; OSDM - Office of Staff Director for Management

Centura Bank, Rocky Mount, North Carolina -- to establish a branch at 101 South

Main Street, High Point, North Carolina.

- Approved, December 19, 1997 

BANK BRANCHES, DOMESTIC

Secretary

Chase Manhattan Bank, New York, New York -- to establish a branch at 505 Main

Street, Hackensack, New Jersey.

- Approved, December 15, 1997 

New York

F & M-Northern Virginia, Fairfax, Virginia -- to establish a branch at 200 North

Washington Street, Alexandria, Virginia. 

- Approved, December 15, 1997 

Richmond

Manufacturers and Traders Trust Company, Buffalo, New York -- to establish a

branch at 1304 Niagara Falls Boulevard, Tonawanda, New York.

- Approved, December 15, 1997 

New York

North Shore Community Bank & Trust Company, Wilmette, Illinois -- to establish a

branch at 351 Linden Avenue.

- Approved, December 19, 1997 

Chicago

American State Bank Holding Company, Inc., Williston, North Dakota -- to acquire

American State Bank & Trust Company of Williston,

- Approved, December 17, 1997 

BANK HOLDING COMPANIES

Minneapolis
H.2

December 14, 1997 to December 20, 1997

Page 2

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

BCB Financial Services Corporation, Reading, Pennsylvania -- request for relief

from a commitment.

- Granted, December 17, 1997 

Philadelphia

Citizens Financial Corporation, Chicago, Illinois -- to acquire Citizens Bank & Trust

Company of Chicago.

- Returned, December 18, 1997 

Chicago

Community West Bancshares, Goleta, California -- to acquire Goleta National Bank.

- Approved, December 16, 1997 

San Francisco

Compass Banks of Texas, Inc., Birmingham, Alabama and Compass Bancorporation

of Texas, Inc., Wilmington, Delaware -- to merge with Fidelity Resources Company,

University Park, Texas, and Fidelity Resources Company of Delaware, Wilmington,

Delaware, and thereby acquire Fidelity Bank, National Association, University Park,

Texas; Compass Bancshares, Inc., Birmingham, Alabama, to acquire indirectly

Fidelity Bank; Compass Bank, Houston, Texas, to merge with Fidelity Bank; and

Compass Bank to establish branches at the Fidelity Bank branch locations.

- Approved, December 18, 1997 

Secretary

Credit Commercial de France, S.A., Paris, France -- to engage de novo through CCF

International Finance Corporation, New York, New York, in lending activities,

investment and advisory activities, agency transactional services for customer

investments, and investment transactions as principal.

- Approved, December 18, 1997 

New York

Eggemeyer Advisory Corp., Castle Creek, L.L.C., San Diego, California, and Castle

Creek Capital Partners Fund-1 L.P. -- to engage in certain nonbanking activities

through acquisition of Regency Bancorp, Fresno, California.

- Permitted, December 16, 1997 

San Francisco
H.2

December 14, 1997 to December 20, 1997

Page 3

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Farmers State Corporation, Mountain Lake, Minnesota -- to engage in general

Insurance agency activities through acquisition of the assets of Schultz Insurers,

Jackson, Minnesota.

- Permitted, December 16, 1997 

Minneapolis

Fidelity Ban Corp., Independence, Iowa -- to engage in servicing loans through

Leytze, Inc.

- Permitted, December 19, 1997 

Chicago

First Security Corporation, Salt Lake City, Utah -- to engage de novo through First

Security Capital Markets, Inc., in certain nonbanking activities.

- Permitted, December 18, 1997 

Secretary

First Tennessee National Corporation, Memphis, Tennessee -- to acquire all the

limited and general partnership interests of Martin & Company, L.P., Knoxville,

Tennessee, and engage in financial and investment advisory activities.

- Permitted, December 19, 1997 

Secretary

Heritage Commerce Corp., San Jose, California -- to acquire Heritage Bank of

Commerce.

- Approved, December 17, 1997 

San Francisco

Hometown Bancorp, Ltd., Fond du Lac, Wisconsin -- to acquire St. Cloud

Bancshares, Inc., St. Cloud, Wisconsin, and State Bank of St. Cloud.

- Approved, December 15, 1997 

Chicago

Koss-Winn Bancshares, Inc., Employee Stock Ownership Plan, Buffalo Center, Iowa

-- to acquire Koss-Winn Bancshares, Inc., and Farmers Trust and Savings Bank.

- Approved, December 17, 1997 

Chicago
H.2

December 14, 1997 to December 20, 1997

Page 4

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Montana Security, Inc., Havre, Montana -- to acquire Northeast Montana Bank

Shares, Inc., Poplar, Montana, and The Citizens State Bank of Scobey, Scobey; and

Traders State Bank of Poplar Montana, Poplar, Montana. 

- Approved, December 18, 1997 

Minneapolis

Morgantown Bancshares, Inc., Morgantown, West Virginia -- to acquire Citizens

Bank of Morgantown, Inc.

- Approved, December 17, 1997 

Richmond

Narragansett Financial Corp., Fall River, Massachusetts -- to acquire Citizens-Union

Savings Bank.

- Approved, December 19, 1997 

Boston

Panhandle Bancorp, Standpoint, Idaho -- to acquire the Panhandle State Bank.

- Approved, December 16, 1997 

San Francisco

Rockhold Bancorp, Kirksville, Missouri -- to acquire Bank of Kirksville.

- Approved, December 17, 1997 

St. Louis

RW Bancorp, Ltd., Reesville, Wisconsin -- to acquire State Bank of Reesville.

- Approved, December 19, 1997 

Chicago

Sovereign Bancorp, Inc., Wyomissing, Pennsylvania -- to acquire ML Bancorp, Inc.,

Villanova, Pennsylvania.

- Approved, December 18, 1997 

Philadelphia
H.2

December 14, 1997 to December 20, 1997

Page 5

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

SSB Bancshares, Inc., Burnettsville, Indiana -- to acquire State Bank of

Burnettsville.

- Approved, December 19, 1997 

Chicago

Capital City Bank, Tallahasse, Florida -- to purchase the assets and assume the

liabilities of five branches of First Federal Savings and Loan Association, Lakeland,

Florida, and establish branches.

- Approved, December 17, 1997 

BANK MERGERS

Secretary

King George State Bank, King George, Virginia -- to acquire the Colonial Beach,

Virginia, office of First Union National Bank, Charlotte, North Carolina.

- Approved, December 17, 1997 

Richmond

Northern Neck State Bank, Warsaw, Virginia -- to acquire branches at Burgess,

Kilmarnock, Reedville, and White Stone, all in Virginia, of First Union National

Bank, Charlotte, North Carolina.

- Approved, December 17, 1997 

Richmond

Bank of Colorado-Front Range, Windsor, Colorado -- payment of a dividend.

- Approved, December 15, 1997 

BANKS, STATE MEMBER

Kansas City

Farmers State Bank & Trust Co., Aurora, Nebraska -- payment of a dividend.

- Approved, December 15, 1997 

Kansas City

First Union Bank, Neligh, Nebraska -- payment of a dividend.

- Approved, December 15, 1997 

Kansas City
H.2

December 14, 1997 to December 20, 1997

Page 6

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Schuyler State Bank and Trust Company, Schuyler, Nebraska -- payment of a

dividend.

- Approved, December 15, 1997 

Kansas City

Southern California Bank, Newport, California -- payment of a dividend.

- Approved, December 16, 1997 

San Francisco

State Bank, Palmer, Nebraska -- payment of a dividend.

- Approved, December 15, 1997 

Kansas City

Philip Bancorporation, Philip, South Dakota -- change in bank control.

- Permitted, December 16, 1997 

CHANGE IN BANK CONTROL

Minneapolis

Albank Commercial, Albany, New York -- report on competitive factors of the

proposed acquisition of certain assets and assumption of certain liabilities of branches

of First Union National Bank, Avondale, Pennsylvania, at 340 Route 211, Caldor

Plaza, East Middletown; and 5 South Broome Street, Port Jervis, New York.

- Submitted, December 18, 1997 

COMPETITIVE FACTORS REPORTS

New York

Ameriana Savings Bank, F.S.B., New Castle, Indiana -- report on competitive factors

of the proposed purchase of the assets and assumption of the liabilities of the

Morristown, branch of National City Bank of Indiana, Indianapolis, Indiana.

- Submitted, December 17, 1997 

Chicago
H.2

December 14, 1997 to December 20, 1997

Page 7

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Cameron State Bank, Cameron, Louisiana -- report on competitive factors of the

proposed purchase of assets and assumption of liabilities of certain branches of

American Security Bank of Ville Platte, Ville Platte, Louisiana.

- Submitted, December 17, 1997 

Atlanta

Central and Southern Bank of Georgia, Milledgeville, Georgia -- report on

competitive factors of the proposed purchase of assets and assumption of liabilities of

the Central and Southern Bank of North Georgia, FSB, Greensboro, Georgia.

- Submitted, December 17, 1997 

Atlanta

Citizens State Bank, Moundridge, Kansas -- report on competitive factors of the

proposed merger with the Hesston State Bank, Hesston, Kansas.

- Submitted, December 17, 1997 

Kansas City

Community Bank, Granbury, Texas -- report on competitive factors of the proposed

merger with Community Bank, Rockwall, Texas.

- Submitted, December 16, 1997 

Dallas

First Bank of Sparta, Sparta, Wisconsin -- report on competitive factors of the

proposed merger with New State Bank of LaCrosse, LaCrosse, Wisconsin.

- Submitted, December 16, 1997 

Chicago

Hillenbrand Industries, Inc., Batesville, Indiana -- report on competitive factors of the

proposed acquisition of assets and assumption of liabilities of Forethought Financial

Services, Inc., and Forethought Federal Savings Bank.

- Submitted, December 17, 1997 

Chicago
H.2

December 14, 1997 to December 20, 1997

Page 8

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Kankakee Federal Savings Bank, Kankakee, Illinois -- report on competitive factors

of the proposed merger with Coal City National Bank, Coal City, Illinois.

- Submitted, December 17, 1997 

Chicago

Lakeview Savings Bank, Paterson, New Jersey -- report on competitive factors of the

proposed merger with Westwood Savings Bank, Westwood, New Jersey.

- Submitted, December 18, 1997 

New York

Middlesboro Federal Bank, FSB, Middlesboro, Kentucky -- report on competitive

factors of the proposed purchase of the Harlan, Kentucky, branch of National City

Bank of Kentucky, Louisville, Kentucky.

- Authorized, December 18, 1997 

St. Louis

NationsBank of Texas, National Association, Dallas, Texs -- report on competitive

factors of the proposed merger with Boatmen's First National Bank of Amarillo,

Amarillo, Texas.

- Submitted, December 18, 1997 

Richmond

Peabody State Bank, Peabody, Kansas -- report on competitive factors of the

proposed purchase of assets and assumption of liabilities of the Benton, Kansas,

branch of NationsBank, N.A., Charlotte, North Carolina.

- Submitted, December 17, 1997 

Kansas City

Peoples State Bank of Wyalusing, Wyalusing, Pennsylvania -- report on competitive

factors of the proposed purchase of the assets and assumption of the liabilities of

three branches of Northern Central Bank, Williamsport, Pennsylvania.

- Submitted, December 18, 1997 

Philadelphia
H.2

December 14, 1997 to December 20, 1997

Page 9

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Premier Bank, Atlanta, Georgia -- report on competitive factors of the proposed

merger with Central and Southern Bank of North Georgia, FSB, Greensboro,

Georgia.

- Submitted, December 17, 1997 

Atlanta

Savings Institute, Willimantic, Connecticut -- report on competitive factors of the

proposed purchase of assets and assumption of liabilities of the Connecticut branch of

Chelsea Groton Savings Bank, Norwich, Connecticut.

- Submitted, December 17, 1997 

Boston

Skowhegan Savings Bank, Skowhegan, Maine -- report on competitive factors of the

proposed acquisition of six branches of KeyBank, NA, Cleveland, Ohio.

- Submitted, December 19, 1997 

Boston

Southern Bank and Trust Company, Mount Olive, North Carolina -- report on

competitive factors of the proposed merger with Enfield Savings Bank, Inc., SSB,

Enfield, North Carolina.

- Submitted, December 19, 1997 

Richmond

Sovereign Bank, Wyomissing, Pennsylvania -- report on competitive factors of the

proposed merger with Main Line Bank, Villanova, Pennsylvania.

- Submitted, December 18, 1997 

Philadelphia

SpiritBank, N.A., Bristow, Oklahoma -- report on competitive factors of the

proposed merger with SpiritBank, N.A., Tulsa, Oklahoma.

- Submitted, December 17, 1997 

Kansas City
H.2

December 14, 1997 to December 20, 1997

Page 10

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

AmSouth Bancorporation, Birmingham, Alabama -- extension to divest certain

property.

- Granted, December 15, 1997 

EXTENSIONS OF TIME

Director, BS&R

Keene Bancorp, Inc., 401(K) Employee Stock Ownership Plan and Trust, Keene,

Texas -- extension to March 8, 1998, to acquire Keene Bancorp, Inc.

- Approved, December 18, 1997 

Dallas

Norwest Corporation, Minneapolis, Minnesota -- extension to comply with a

commitment made in connection with application to acquire The Foothill Group,

Inc., Los Angeles, California. 

- Granted, December 15, 1997 

Director, BS&R

Saehan Bancorp, Los Angeles, California -- extension to March 24, 1998, to acquire

Saehan Bank.

- Granted, December 18, 1997 

San Francisco

Norwest Corporation, Minneapolis, Minneapolis, and Norwest Financial Services,

Inc., and Norwest Financial, Inc., both of Des Moines, Iowa -- to acquire Finvercon

S.A., Compania Financiera, Buenos Aires. Argentina. 

- Permitted, December 19, 1997 

INTERNATIONAL OPERATIONS

Minneapolis

First State Bank, Brunsville, Iowa -- to become a member of the Federal Reserve

System.

- Approved, December 15, 1997 

MEMBERSHIP

Chicago
H.2

December 14, 1997 to December 20, 1997

Page 11

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Greenville Interim Bank, Greenville, West Virginia -- to become a member of the

Federal Reserve System.

- Approved, December 15, 1997 

Richmond

Cash Access Fees of the Federal Reserve Banks -- Fees are $20 in Boston,

Philadelphia, Cleveland, Richmond, Atlanta, St. Louis, and Kansas City; $25 in 

Chicago, Minneapolis, and Dallas; $30 in New York; and $50 in San Francisco.

- Approved, December 19, 1997 

RESERVE BANK SERVICES

Director RBOPS
H.2

ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS

UNDER DELEGATED AUTHORITY

Additions/Corrections

Citizens Bankers, Baytown, Texas -- to acquire First National Bank of Bay City, Bay

City, Texas.

- Approved, December 8, 1997 

BANK HOLDING COMPANIES

Dallas
District 1

Federal Reserve Bank of Boston

Applications and notifications filed during the week of December 20, 1997 

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

None

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

3(a)(1) Lenox Financial Service Corp., Lenox, Massachusetts - Newspaper - 1/2/98

application to become a mutual holding company through

the acquisition of Lenox Savings Bank, Lenox, Massachusetts* Fed Reg - 1/8/98

3(a)(1) The Independent Mutual Holding Company, Laconia, New Newspaper- 1/21/98

Hampshire - application to become a mutual bank holding

company through the reorganization of Laconia Savings Bank, Fed Reg - 1/28/98

Laconia, New Hampshire

*Subject to the provisions of the Community Reinvestment Act

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None

Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of

None
Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

None

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 2

Federal Reserve Bank of New York

Applications and notifications filed during the week of 12/14/97 - 12/20/97

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

None

 

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

None

 

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

4(c)(8) Deutsche Bank, Frankfurt am Main, Federal Republic of Germany, to 01/02/98

acquire through its wholly-owned subsidiary, Deutsche Morgan

Grenfell, Inc., New York, New York, certain asserts of National

Westminister Bank PLC, London, England, and of its wholly-owned

subsidiary, NatWest Securities corporation, New York, New York,

and thereby engage in the following nonbanking activities: financial

and investment advisory activities; securities brokerage activities;

riskless principal activities; private placement services; futures

commission merchant activities and other transactional services; and

to engage as principal in (1) buying and selling bank-inelibible

securities; and (2) forward contracts, options, futures, swaps, and

similar contracts, on bank-ineligible securities.

4(c)(8) HUBCO Inc., Mahwah, New Jersey, to acquire Poughkeepsie N/Avail

Financial Corp., and its subsidiary, Bank of the Hudson, both of

Poughkeepsie, New York, and therby engage in operating a federally

chartered savings bank.
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

None

Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

None

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None

 
District 3

Federal Reserve Bank of Philadelphia

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch The Bryn Mawr Trust Company, Bryn Mawr, PA, to establish a 1/5/98

branch at One Tower Bridge 100 Front Street, Suite 101, West

Chonshohocken Borough, Montgomery County, PA

18(c) Farmers Trust Bank, Lebanon, PA, to merge with Lebanon N/Avail

Valley National Bank, Lebanon, PA, following the merger of the

parent holding companies

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

None

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

4(c)(8) Franklin Financial Service Corp, Chambersburg, PA, to engage in 1/6/98

community development activities.
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

None

Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

None

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 4

Federal Reserve Bank of Cleveland

Applications and notifications filed during the week ending December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

None

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

CIC Change in control notice filed by Lee Alan Novak, Rebecca Sue Fed Reg: 1/6/98*

Novak, and Nicholas Lee Novak, Urichsville, OH on December 16,

1997, of their intent to retain control of up to 10.92% of the

outstanding voting shares of FNB, Inc., Dennison, OH.

.3(a)(5) Received notice from National City Corporation, Cleveland, OH on Fed Reg: 1/8/98*

December 15, 1997, of its intent to acquire First of America Bank

Corporation, Kalamazoo, MI and its bank subsidiaries.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

4(c)(8) Received notice from National City Corporation, Cleveland, OH on Fed Reg: 1/8/98

December 15, 1997, of its intent to acquire the non-bank subsidiaries

of First of America Bank Corporation, Kalamazoo, MI.
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

4(c)(8) Received notice from National City Corporation, Cleveland, OH

on December 15, 1997, of its intent to acquire Sterling Ltd. Co.,

and Sterling Asset Management Co., both of Pepper Pike, OH.

Section V - Availability of CRA public evaluations

Description of the CRA Goal against which institutions are evaluated, the four performance levels, and the

institutions for which an evaluation is publicly available.

The CRA requires a periodic evaluation of each covered institution regarding the extent to which it has ascertained,

and helped meet, the credit needs of its entire delineated community, including low- and moderate-income

neighborhoods, in a manner consistent with its resources and capabilities.

The federal bank regulators use the following four performance levels to rate an institution’s performance under

CRA.:

Outstanding

Satisfactory

Needs to Improve

Substantial noncompliance

RSSD Examination CRA CRA

number Institution/ Location date public date rating

None

Section VI - CRA examinations scheduled for First Quarter of 1998

Institution Location

Chippewa Valley Bank P.O. Box 68, 20 S. Main Street, Rittman, OH 44270-0068

Oakwood Deposit Bank P.O. Box 207, 218 N. 1st Street, Oakwood, OH 45873-0207

The Ottoville Banking Company P.O. Box 459, 161 W. 3rd Street, Ottoville, OH 45876-0459

WesBanco Bank Barnesville P.O. 70, 101 E. Main Street, Barnesville, OH 
District 5

Federal Reserve Bank of Richmond

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch Farmers and Miners Bank, Pennington Gap, Virginia, 1/10/98

to establish a branch in the Piggly Wiggly Supermarket

on Chase Street, Clintwood, Virginia.*

18(c) George Mason Bank, Fairfax, Virginia, to merge with 1/19/98

United Bank, Arlington, Virginia.*

18(c) Capital One Bank, Glen Allen, Virginia, to purchase N/avail 

certain assets and assume certain liabilities of Capital

One, F.S.B., Falls Church, Virginia.*

*Subject to the provisions of the Community Reinvestment Act.

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

4(c)(8) BB&T Corporation, Winston-Salem, North Carolina, and Fed Reg- 1/6/98

BB&T Financial Corporation of Virginia, Virginia Beach,

Virginia, to acquire Life Bancorp, Inc., Norfolk, Virginia.*

3(a)(3) United Bankshares, Inc., Charleston, West Virginia, to 1-19-98

acquire George Mason Bankshares, Inc., Fairfax, Virginia.*

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None

Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

None
Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

None

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 6

Federal Reserve Bank of Atlanta

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

18(c) 1st United Bank, Boca Raton, Florida, to merge with American Bank N/Avail

of Hollywood, Florida.*

Branch The Home Bank, Guntersville, Alabama, to establish a branch 12/26/97

located at 530 Brindlee Mountain Parkway, Arab, Alabama.*

*Subject to the provisions of the Community Reinvestment Act.

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

3(a)(1) Community National Bank Corporation Employee Stock Ownership Fed Reg - 1/16/98

Plan, Venice, Florida, to become a bank holding company by

acquiring 30 percent of Community National Bank Corporation, and

its subsidiary, Community National Bank of Sarasota County, both of

Venice, Florida.*

CIC Community National Bank Corporation, Venice, Florida, Fed Reg - 1/6/98

change in control notice by Mr. Joseph Rohlen Kondisko, Ms. Allana

Minerva Kondisko, Mr. William Graham McKelvey, and Ms. Jeanne

Wolford McKelvey, to collectively acquire 52 percent of the

outstanding shares of Community National Bank Corporation,

Venice, Florida.*

CIC NGLC, Inc., change in control notice by Ms. Rachel J. Reeves, to Fed Reg - 1/6/98

acquire 51 percent of the outstanding shares of NGLC, Inc., Miami,

Florida.*

*Subject to the provisions of the Community Reinvestment Act.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

4(c)(8) South Alabama Bancorporation, Inc., Mobile, Alabama, to acquire

South Alabama Trust Company, Inc., Mobile, Alabama, and thereby

engage in trust company activities.

4(c)(8) SunTrust Banks, Inc., Atlanta, Georgia, to acquire Reliance Trust

Company, Atlanta, Georgia, and thereby engage in trust company

activities, related investment advisory activities and loan servicing

activities.

Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

295833 Guaranty Bank & Trust Company 9/8/97 12/18/97 Satisfactory Small Bank

Post Office Box 618

Venice, Florida 34284
Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 7

Federal Reserve Bank of Chicago

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch NBD Bank Newspaper - 12/22/97

Detroit, Michigan

 15469 Telegraph Road

 Monroe, Michigan

Newspaper - Newspaper Comment Period Ending Date

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

CIC Damen Financial Corporation Newspaper - 12/22/97

Schaumburg, Illinois Fed Reg - 12/26/97

 Suburban Bank & Trust Company as Trustee for Damen 

Financial Corporation Employee Stock Ownership Plan

3(a)(3) Gifford Bancorp., Inc. Employee Stock Ownersip Plan* Newspaper - 1/12/98

Gifford, Illinois Fed Reg - 1/2/98

 Gifford Bancorp, Inc.

 Gifford, Illinois

 Gifford State Bank

 Gifford, Illinois 

4(c)(8) Marshall & Ilsley Corporation* Newspaper - 12/21/97

Milwaukee, Wisconsin Fed Reg - 12/23/97

 Advantage Bancorp, Inc.

 Kenosha, Wisconsin

 Advantage Bank, F.S.B.

 Kenosha, Wisconsin

Newspaper - Newspaper Comment Period Ending Date

Fed Reg - Federal Register Comment Period Ending Date

*Subject to the provisions of the Community Reinvestment Act
Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None

Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

ROS Freeport Bancshares, Inc.

Freeport, Illinois

 to redeem 2,045 shares (50%) of its common stock

Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

41647 First Banking Center 8/4/97 12/15/97 Outstanding Small

400 Milwaukee Avenue

P.O. Box 660

Burlington, WI 53105-0660

(414) 763-3581
Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

703440 State Bank of Caledonia 9/2/97 12/16/97 Outstanding Small

627 E. Main Street

P.O. Box 278

Caledonia, MI 49316

(616) 891-8113

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 8

Federal Reserve Bank of St. Louis

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

5(d)(3) Notice by Farmers and Merchants Bank, Rogers, Arkansas, to 1/11/98

acquire the main office and three branch offices located in

Rogers, Arkansas, and one branch office located in Bentonville,

Arkansas, of Federal Savings Bank, Rogers, Arkansas.*

*Subject to the provisions of the Community Reinvestment Act.

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

4(c)(8) Notice by First Commercial Corporation, Little Rock, Arkansas, Newspaper - 1/11/98

to acquire KW Bancshares, Inc., Little Rock, Arkansas, and

thereby acquire Federal Savings Bank, Rogers, Arkansas.*

3(a)(3) Notice by First Commercial Corporation, Little Rock, Arkansas, Newspaper - 1/11/98

to acquire First Commercial Bank, N.A. of Fort Smith, Fort Smith,

Arkansas, the resulting bank following the conversion of Federal

Savings Bank, Rogers, Arkansas, into a commercial bank.*

3(a)(1) Notice by Alliance Bancorporation, Inc., Hot Springs, Arkansas, N/Avail

to acquire Alliance Bank of Hot Springs, Hot Springs, Arkansas.*

CIC Notice involving First National Bancshares in Newton, Inc., N/Avail

Newton, Illinois, for Craig D. Heath and Robert T. Heath to

become trustees of the Heath Trust.

*Subject to the provisions of the Community Reinvestment Act.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

None

Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

None

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 9

Federal Reserve Bank of Minneapolis

Applications and Notifications Filed During the Week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch First State Bank of Warner, Warner, South Dakota, to establish a 1/10/98

branch in Aberdeen, South Dakota.*

*Subject to the provisions of the Community Reinvestment Act. 

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of

CIC Marlen Bents to increase his ownership to 25.1% of the Ceylon Fed Reg - 1/7/98

Bancorporation, Inc., Ceylon, Minnesota.

*Subject to the provisions of the Community Reinvestment Act.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None

Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of

None

 
Section V - Publicly available CRA evaluations

RSSD Examination CRA CRA

number Institution/ Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA

number Institution/ Location date public date rating Exam type

None

Section VI - CRA examinations scheduled Quarter of

Institution Location

None
District 10

Federal Reserve Bank of Kansas City

Applications and notifications filed during the week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch BancFirst, Oklahoma City, Oklahoma, for prior approval to Newspaper - 12/24/97

establish a detached facility at 4901 E. 41st Street, Tulsa,

Oklahoma.

Branch BancFirst, Oklahoma City, Oklahoma, for prior approval to

establish a detached facility at 36th & W. Okmulgee, Muskogee,

Oklahoma.

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of 

3(a)(3) J.R. Montgomery Bancorporation, Lawton, Oklahoma, to retain Newspaper - 11/08/97

37.3 percent of the voting shares of Fort Sill National Bank, Fort Fed Reg - 12/19/97

Sill, Oklahoma.

CIC Lester L. Ward, Jr., as Trustee of the Mahlon T. White CRT No. Newspaper -N/Avail

1T1, Denver, Colorado; to acquire voting shares of Monte Vista Fed Reg - 12/26/97

Bank Corp., Monte Vista, Colorado, and thereby indirectly

acquire Bank of Monte Vista, Monte Vista, Colorado.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

None

Section V - Availability of CRA public evaluations

Description of the CRA Goal against which institutions are evaluated, the four performance levels, and the

institutions for which an evaluation is publicly available.

The CRA requires a periodic evaluation of each covered institution regarding the extent to which it has ascertained,

and helped meet, the credit needs of its entire delineated community, including low- and moderate-income

neighborhoods, in a manner consistent with its resources and capabilities.

The federal bank regulators use the following four performance levels to rate an institution’s performance under

CRA.:

Outstanding

Satisfactory

Needs to Improve

Substantial noncompliance

RSSD Examination CRA CRA

number Institution/ Location date public date rating

284154 First Bank of Turley 10/06/97 12/17/97 Satisfactory

6555 N. Peoria

Tulsa, Oklahoma 74126-1744

352857 WestStar Bank 09/08/97 12/18/97 Satisfactory

108 S. Frontage Road West

Vail, Colorado 81657

Section VI - CRA examinations scheduled for Quarter of

Institution Location

None
District 11

Federal Reserve Bank of Dallas

Applications and Notifications Filed During the Week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

None

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of

3(a)(5) State National Bancshares, Inc., Lubbock, TX, to acquire First Sierra N/Avail

Bancshares, Inc., Truth or Consequences, New Mexico* 

3(a)(3) State National Bancshares, Inc., Lubbock, TX, and State National N/Avail

Bancshares of Delaware, Dover, Delaware, to acquire First National

Bank of Denver City, Denver City, Texas*

3(a)(3) Industry Bancshares, Inc., Industry, TX, to acquire Citizens State 01/11/98**

Bank, Buffalo, TX*

* Subject to the provisions of the Community Reinvestment Act.

** Comment period ending date is the date specified in the newspaper only.

N/Avail - Not available at this time.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of

None

Section V - Publicly available CRA evaluations

RSSD Examination CRA CRA

number Institution/ Location date public date rating Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA

number Institution/ Location date public date rating Exam type

None

Section VI - CRA examinations scheduled Quarter of

Institution Location

None
 District 12

Federal Reserve Bank of San Francisco

Applications and Notifications Filed During the Week of December 20, 1997

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

None

Section II - Applications subject to both newspaper and Federal Register notice

Type Application comment period

Ending date of

CIC Langer Family Partnership, Port Orchard, Washington, to retain 76.17 Newspaper 12/11/97

percent of Olympic Bancorp, Inc., Port Orchard, Washington. *

Fed Reg 01/02/98

3(a)(1) New Century Financial Corporation, Spokane, Washington, to Newspaper 01/09/98

become a bank holding company by acquiring New Century Bank (In

Organization), Spokane, Washington. * Fed Reg 01/15/98

3(a)(1) South Valley Bancorp, Inc., Klamath Falls, Oregon, to become a bank Newspaper 1/20/98

holding company by acquiring South Valley Bank & Trust, Klamath

Falls, Oregon. * Fed Reg N/Avail

* Subject to the provisions of the Community Reinvestment Act.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

None
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of

None

Section V - Publicly available CRA evaluations

RSSD Examination CRA CRA Large Small

number Institution/ Location date public date rating bank bank

Exam type

The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of

the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the

Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was

revised in May 1995.

The CRA requires that each depository institution's record in helping meet the credit needs of its entire community

be evaluated periodically. That record is taken into account in considering an institution's application for deposit

facilities.

A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

The federal bank regulators use the following four performance levels to rate an institution's performance under

CRA:

Outstanding

Satisfactory

Needs to improve

Substantial noncompliance

The following state member banks have been examined and their CRA public evaluations are now available.

RSSD Examination CRA CRA Large Small

number Institution/ Location date public date rating bank bank

Exam type

None

Section VI - CRA examinations scheduled Quarter of

Institution Location

None