Federal Reserve Release

H.2

Actions of the Board, Its Staff, 

and the Federal Reserve Banks; 

Applications and Reports Received

No. 21

Week Ending May 23, 1998

Board of Governors of the Federal Reserve System, Washington, DC 20551
H.2 Board Actions May 17, 1998 to May 23, 1998

Testimony And Statements

Global financial system and the Asian crisis -- statement by Chairman Greenspan 

before the House Committee on Agriculture, May 21, 1998.

- Published, May 21, 1998 

Bank Holding Companies

First Union Corporation, Charlotte, North Carolina -- request for reconsideration of 

the Board's approval of the application to acquire CoreStates Financial Corp, 

Philadelphia, Pennsylvania.

- Denied, May 18, 1998 

REGULATIONS AND POLICIES

Federal Agricultural Mortgage Corporation -- determination that the Federal 

Agricultural Mortgage Corporation is a financial institution for purposes of the 

netting provisions in the Federal Deposit Insurance Corporation Improvement Act.

- Granted, May 18, 1998 

Enforcement

Banco Nacional de Mexico, Mexico City, Mexico; Banca Serfin, S.A., Lomas de 

Sante Fe, Mexico; Banco Internacional, S.A., Mexico City, Mexico; Bancomer, 

S.A., Mexico City, Mexico; Banco Santander, Madrid, Spain; and Banco Industrial 

de Venezuela, Caracas, Venezuela -- notice of charges and of hearing and temporary 

cease and desist orders.

- Authorized, May 18, 1998 

(AC) = Addition or Correction Board - Page 1 of 1
May 17, 1998 to May 23, 1998

BS&R

C&CA

FOMC

RBOPS

IF

OSDM

Banking Supervision and Regulation

Consumer and Community Affairs

Federal Open Market Committee

Reserve Bank Operations and Payment

International Fiance

Office of Staff Director for Management

H.2 Actions under delegated authority

Bank Branches, Domestic

Comerica Bank, Detroit, Michigan -- to establish a branch at 725 East Maple, 

Birmingham, Michigan.

- Approved, May 20, 1998 

Chicago

Old Kent Bank, Grand Rapids, Michigan -- to establish a branch at 3010 Union Lake 

Road, Commerce Township, Michigan.

- Approved, May 21, 1998 

Chicago

Bank Holding Companies

Bayerische Vereinsbank AG, Munich, Federal Republic of Germany -- to engage in 

leasing and investment advisory activities through VB Structured Finance Inc., New 

York, New York.

- Approved, May 18, 1998 

New York

BB&T Corporation, Winston-Salem, North Carolina -- to acquire BB&T Bankcard 

Corporation, Columbus, Georgia.

- Approved, May 22, 1998 

Richmond

BYL Bancorp, Yorba Linda, California -- request for waiver of application in 

connection with the acquisition of DNB Financial, Riverside, California, and De 

Anza National Bank.

- Granted, May 19, 1998 

San Francisco

ECB Bancorp, Inc., Engelhard, North Carolina -- to acquire The East Carolina Bank.

- Approved, May 20, 1998 

Richmond

(AC) = Addition or Correction Delegated - Page 1 of 8
H.2 May 17, 1998 to May 23, 1998

Bank Holding Companies

Fryburg Banking Company, Inc., Fryburg, Pennsylvania -- to acquire First United 

National Bank.

- Approved, May 20, 1998 

Cleveland

Guaranty Capital Corporation, Belzoni, Mississippi -- to acquire Hollandale Capital 

Corporation, Hollandale, Mississippi, and Bank of Hollandale.

- Approved, May 22, 1998 

St. Louis

InterWest Bancorp, Inc., Oak Harbor, California -- to acquire Pacific Northwest 

Bank, Seattle, Washington.

- Approved, May 20, 1998 

San Francisco

InterWest Bancorp, Inc., Oak Harbor, California -- to acquire Pioneer Bancorp, Inc., 

Yakima, Washington.

- Approved, May 20, 1998 

San Francisco

Iowa State Bank Holding Company, Des Moines, Iowa -- request for relief from 

certain commitments.

- Granted, May 18, 1998 

Chicago

Marshall & Ilsley Corporation, Milwaukee, Wisconsin -- notice to engage in 

reinsuring mortgage guarantee insurance sold in connection with mortgages 

originated or purchased by affiliates of Marshall & Ilsley Corporation.

- Withdrawn, May 15, 1998 (AC)

Chicago

New England Community Bancorp, Inc., Windsor, Connecticut -- to acquire Olde 

Port Bank & Trust Company, Portsmouth, New Hampshire.

- Approved, May 21, 1998 

Boston

(AC) = Addition or Correction Delegated - Page 2 of 8
H.2 May 17, 1998 to May 23, 1998

Bank Holding Companies

North Country Financial Corporation, Manistique, Michigan -- notice to acquire 

shares of North Country Bank-Southwest, Scottsdale, Arizona.

- Withdrawn, May 20, 1998 

Minneapolis

O.A.K. Financial Corporation, Byron Center, Michigan -- request for relief from 

certain commitments.

- Withdrawn, May 1, 1998 (AC)

Chicago

Premier Bancshares, Inc., Atlanta, Georgia -- to merge with The Bank Holding 

Company, Griffin, Georgia, and acquire First Community Bank of Henry County, 

McDonough, Georgia, and The Bank of Spalding County, Griffin, Georgia.

- Approved, May 21, 1998 

Atlanta

UB&T Financial Services Corporation, Rockmart, Georgia -- to acquire United Bank 

& Trust Company.

- Approved, May 22, 1998 

Atlanta

Union Planters Corporation, Memphis, Tennessee, and Union Planters Holding 

Corporation -- to engage in the operation of a thrift institution through the 

acquisition of Charter Bank, S.B., Sparta, Illinois.

- Approved, May 21, 1998 

St. Louis

Union Planters Corporation, Memphis, Tennessee, and Union Planters Holding 

Corporation -- to acquire Magna Group, Inc., St. Louis, Missouri, HBC Acquisition 

Sub, Inc., and Magna Bank, National Association.

- Approved, May 21, 1998 

St. Louis

United Community Bancshares, Inc., Gonzales, Louisiana -- to acquire United 

Community Bank.

- Approved, May 20, 1998 

Atlanta

(AC) = Addition or Correction Delegated - Page 3 of 8
H.2 May 17, 1998 to May 23, 1998

Bank Holding Companies

Zions Bancorporation, Salt Lake City, Utah -- request for waiver of application in 

connection with the acquisition of The Sumitomo Bank of California, San Francisco, 

California, and the merger of Sumitomo into Grossmont Bank, San Diego, California.

- Granted, May 22, 1998 

San Francisco

Bank Mergers

Republic Security Bank, West Palm Beach, Florida -- to merge with Unifirst Federal 

Savings Bank, Hollywood, Florida.

- Approved, May 21, 1998 

Atlanta

Capital Stock

LoLyn Financial Corporation, Raymore, Missouri -- redemption of shares.

- Approved, May 21, 1998 

Kansas City

Change In Bank Control

Community Bank Group, Inc., Eden Prairie, Minnesota -- change in bank control.

- Permitted, May 20, 1998 

Minneapolis

Marked Tree Bancshares, Inc., Marked Tree, Arkansas -- change in bank control.

- Permitted, May 20, 1998 

St. Louis

P & W Bancshares, Inc., Little Rock, Arkansas -- change in bank control.

- Permitted, May 21, 1998 

St. Louis

Shattuck Bancshares, Inc., Shattuck, Oklahoma -- change in bank control.

- Permitted, May 21, 1998 

Kansas City

(AC) = Addition or Correction Delegated - Page 4 of 8
H.2 May 17, 1998 to May 23, 1998

Competitive Factors Reports

Bancorp Pacific, Inc., Honolulu, Hawaii, and First Federal Savings and Loan 

Association of America -- report on competitive factors of the proposed merger with 

Bank of Hawaii.

- Submitted, May 22, 1998 

San Francisco

Central Illinois Bank MC, Normal, Illinois -- report on competitive factors of the 

proposed merger with Central Illinois Bank, Champaign, Illinois.

- Submitted, May 18, 1998 

Chicago

Clemson Bank and Trust, Clemson, South Carolina -- report on competitive factors 

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

Calhoun Falls, South Carolina, branch of Carolina First Bank, Greenville, South 

Carolina.

- Submitted, May 20, 1998 

Richmond

Community First National Bank, Fort Morgan, Colorado -- report on competitive 

factors of the proposed merger with Community First National Bank, Thornton, 

Colorado; Community First National Bank, Longmont, Colorado; Community First 

National Bank, Greeley, Colorado; and Poudre Valley Bank, Fort Collins, Colorado.

- Submitted, May 15, 1998 (AC)

Kansas City

First National Bank of Graham, Graham, Texas -- report on competitive factors of 

the proposed acquisition of a branch at Highway 380, Bryson, Texas, of First 

Security Bank, Flower Mound, Texas.

- Submitted, May 21, 1998 

Dallas

First Security Corporation, Salt Lake City, Utah -- report on competitive factors of 

the proposed acquisition of California State Bank, Covina, California.

- Submitted, May 21, 1998 

Secretary

(AC) = Addition or Correction Delegated - Page 5 of 8
H.2 May 17, 1998 to May 23, 1998

Competitive Factors Reports

Humble National Bank, Humble, Texas -- report on competitive factors of the 

proposed merger with New Humble Bank.

- Submitted, May 20, 1998 

Dallas

Mid Penn Bank, Millersburg, Pennsylvania -- report on competitive factors of the 

proposed merger with Miners Bank of Lykens, Lykens, Pennsylvania.

- Submitted, May 18, 1998 

Philadelphia

Minnwest Bank Montevideo, Montevideo, Minnesota -- report on competitive 

factors of the proposed merger with Minnwest Bank Dawson, Dawson, Minnesota.

- Submitted, May 20, 1998 

Minneapolis

Norwest Bank Colorado, N.A., Denver, Colorado -- report on competitive factors of 

the proposed merger with Heritage Trust Company, Grand Junction, Colorado.

- Submitted, May 15, 1998 (AC)

Kansas City

Permanent Federal Savings Bank, Evansville, Indiana -- report on competitive factors 

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

branches of NBD Bank, N.A., Indianapolis, Indiana.

- Submitted, May 18, 1998 

St. Louis

Pinellas Community Bank, Largo, Florida -- report on competitive factors of the 

proposed merger with Anchor Savings Bank, F.S.B., St. Petersburg, Florida.

- Submitted, May 19, 1998 

Atlanta

Southern National Bank, Marietta, Georgia -- report on competitive factors of the 

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

College office of Premier Bank, Atlanta, Georgia.

- Submitted, May 19, 1998 

Atlanta

(AC) = Addition or Correction Delegated - Page 6 of 8
H.2 May 17, 1998 to May 23, 1998

Competitive Factors Reports

Sumitomo Bank of California, San Francisco, California -- report on competitive 

factors of the proposed merger with Grossmont Bank, San Diego, California.

- Submitted, May 20, 1998 

San Francisco

Extensions Of Time

Citizens Financial Corporation, Chicago, Illinois -- extension to August 27, 1998, to 

acquire Citizens Bank & Trust Company of Chicago (in organization).

- Granted, May 22, 1998 

Chicago

Community Group, Inc., Dallas, Texas, and The Delaware Community Group, Inc., 

Wilmington, Delaware -- extension to August 24, 1998, to acquire United 

Community Bank, N.A., Highland Village, Texas.

- Granted, May 21, 1998 

Dallas

Countryside Bancshares, Inc., Republic, Missouri -- extension to September 2, 1998, 

to acquire Countryside Bank.

- Granted, May 22, 1998 

St. Louis

Dresdner Bank AG, Frankfurt am Main, Germany -- extension to June 30, 1999, to 

comply with a commitment made in connection with proposal to acquire RCM 

Capital Management, San Francisco, California.

- Granted, May 20, 1998 

Director, BS&R

F&M Bancorporation, Inc., Kaukauna, Wisconsin -- extension to August 19, 1998, 

to acquire BancSecurity Corporation, Marshalltown, Iowa; Security Bank JasperPoweshiek, Kellogg, Iowa; Security Bank, Marshalltown, Iowa; and Story County 

Bank & Trust Company, Story City, Iowa.

- Granted, May 19, 1998 

Chicago

(AC) = Addition or Correction Delegated - Page 7 of 8
H.2 May 17, 1998 to May 23, 1998

Membership

F&M Bank - Cannon Valley, Dundas, Minnesota -- to become a member of the 

Federal Reserve System.

- Approved, May 22, 1998 

Minneapolis

Farmers Savings Bank, Oskaloosa, Iowa -- to become a member of the Federal 

Reserve System.

- Approved, May 21, 1998 

Chicago

Regulations And Policies

Federal Open Market Committee -- minutes of the meeting on March 31, 1998.

- Published, May 21, 1998 

FOMC

(AC) = Addition or Correction Delegated - Page 8 of 8
District 1

Federal Reserve Bank of Boston

Applications and notifications filed during the week of May 23, 1998 

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)(3) The 1855 Bancorp, New Bedford, Massachusetts - application Newspaper - 06/22/98

to acquire 100% of Sandwich Bancorp, Inc., Sandwich, Fed Reg - 06/19/98

Massachusetts.*

*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 ending Saturday, May 23, 1998

Section I – Applications subject to newspaper notice only

Type Application

Ending date of

comment period

None

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

Type Application

Ending date of

comment period

None

Section III – Applications subject to Federal Register notice only

Type Application

Ending date of

comment period

None

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

Type Application

None
Section V – Availability of CRA public evaluations

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:

O = Outstanding

S = Satisfactory

NI = Needs to improve

SN = Substantial noncompliance

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

available.

RSSD Exam type

number Institution/Location

Examination

date

CRA

public date

CRA

rating LrgBk SmBk

236706 Peapack Gladstone Bank

158 Route 206 North

Gladstone, New Jersey 07934

12/01/97 05/21/98 S X

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 May 23, 1998

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 

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 4

Federal Reserve Bank of Cleveland

Applications and Notifications Filed During the Week of May 23, 1998

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)(3) Received application from Premier Financial Bancorp, on May 8, Newspaper - N/Avail

1998, to acquire The Bank of Philippi, Inc., Philippi, WV.

3(a)(3) Received application from Premier Financial Bancorp, on May 8, Newspaper - N/Avail

1998, to acquire Boone County Bank, Inc., Madison, WV.

3(a)(3) Received application from Citizens Bancshares, Inc., Salineville, Newspaper - 6/19/98

OH , on May 19, 1998, to acquire up to 10.13 percent of the

outstanding voting shares of NSD Bancorp, Inc., Pittsburgh, PA.

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 3rd Quarter of 1998

Institution Location

Apollo Trust Company 201 N. Warren Avenue, Apollo, PA 15613-0247

Community First Bank & Trust 225 N. Main Street, Celina, OH 45822-2201

Iron & Glass Bank 1114 Carson Street, Pittsburgh, PA 15203-1124

The Farmers Citizens Bank Washington Square, Bucyrus, OH 44820

The Ohio Bank 236 S. Main Street, Findlay, OH 45840-0300

Sabina Bank 135 N. Howard Street, Sabina, OH 45169-1152

Shore Bank & Trust Company 540 E. 105th Street, Cleveland, OH 44108

Somerset Trust Company 151 W. Main Street, Somerset, PA 15501-0777
District 5

Federal Reserve Bank of Richmond

Applications and notifications filed during the week of May 23, 1998

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

18(c) Triangle Bank, Raleigh, North Carolina, to merge with United 6/13/98

 Federal Savings Bank, Rocky Mount, North Carolina.*

*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)(3) Triangle Bancorp, Inc., Raleigh, North Carolina, to acquire Fed Reg - 6/19/98

United Federal Savings Bank, Rocky Mount, North Carolina.* Newspaper - 6/13/98

3(a)(1) CFBanc Holdings, Incorporated, Washington, D. C., and Fed Reg - N/Avail

CFBanc Corporation, Washington, D. C., to become bank Newspaper - 6/15/98

holding companies through the acquisition of 100% of the

voting shares of City First Bank of D.C., N.A., Washington,

D. C. (in organization). *

3(a)(5) NationsBank Corporation, Charlotte, North Carolina, and Fed Reg - 6/24/98

NationsBank (DE) Corporation, Charlotte, North Carolina Newspaper - 6/4/98

(in organization), to merge with BankAmerica Corporation,

San Francisco, California.*

*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

25825 Bank of Carroll 3/9/98 5/23/98 Satisfactory Small Bank

145 North Main Street

Hillsville, Virginia 24343-1435

47425 F & M Bank-Allegiance 2/23/98 5/24/98 Satisfactory Small Bank

4719 Hampden Lane

Bethesda, Maryland 20814-2944

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 May 23, 1998

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 

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 1998

Institution Location

None
District 7

Federal Reserve Bank of Chicago

Applications and notifications filed during the week of May 23, 1998

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 First of Waverly Corporation Fed Reg - 6/1/98

Waverly, Iowa Newspaper - 6/1/98

 By First National Bank of Waverly Employee Stock Ownership

CIC Community Bancorp, Inc. Fed Reg - 6/9/98

Norwalk, Wisconsin Newspaper - N/Avail

 By John D. Dreier

CIC Grant County State Bancshares, Inc. Fed Reg - 6/10/98

Swayzee, Indiana Newspaper - N/Avail

 By Grant County State Bancshares, Inc.

 Employee Stock Ownership Plan

3(a)(3) Associated Banc-Corp.* Fed Reg - 6/19/98

Green Bay, Wisconsin Newspaper - N/Avail

 Citizens Bankshares, Inc.

 Shawano, Wisconsin

 Citizens Bank, National Association

 Shawano, Wisconsin

3(a)(1) West Burlington Bancorporation, Inc.* Fed Reg - 6/19/98

West Burlington, Iowa Newspaper - N/Avail

 West Burlington Bank

 West Burlington, Iowa

Fed Reg - Federal Register Comment Period Ending Date

Newspaper - Newspaper Comment Period Ending Date

N/Avail - Not Available at this time

*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 

4(c)(8) Citba Financial Corporation Fed Reg - 6/9/98

Mooresville, Indiana

 Independent Life Insurance Company of Indiana

 Phoenix, Arizona

4(c)(8) Associated Banc-Corp. Fed Reg - 6/19/98

Green Bay, Wisconsin

 Wisconsin Finance Corporation

 Shawano, Wisconsin 

 Citizens Financial Services, Inc.

 Shawano, Wisconsin

Fed Reg - Federal Register Comment Period Ending Date

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

Type Application comment period

Ending date of 

SR Shorebank Corporation

Chicago, Illinois

 To redeem its capital 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

717746 M&I Bank South 12/22/97 5/19/98 Satisfactory Large Bank

100 North Main Street

P.O. Box 5000

Janesville, Wisconsin 53547

(608) 754-7771

210434 The Northern Trust Bank 12/8/97 5/20/98 Outstanding Large Bank

50 S. LaSalle Street

Chicago, Illinois 60675 

(312) 630-6000

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 May 18, 1998

Section I - Applications subject to newspaper notice only

Type Application comment period

Ending date of 

Branch Notice by Union Bank of Illinois, Swansea, Illinois, to relocate its 6/1/98

branch office at 200 Collinsville Avenue, and its satellite facility

at St. Louis Avenue and Eight Street, both in East St. Louis,

Illinois, to 350 River Park Drive, East St. Louis, Illinois.*

Branch Notice by Arkansas Bank & Trust Company, Hot Springs, 6/15/98

Arkansas, to establish a branch in the Albertson's Store at 500

Cornerstone Boulevard, Hot Springs, 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 

3(a)(3) Notice by Union Planters Corporation, Memphis, Tennessee, to Newspaper - 6/17/98

indirectly acquire through its wholly owned subsidiary, Union

Planters Holding Corporation, Memphis, Tennessee, AMBANC

Corp., Vincennes, Indiana.*

3(a)(5) Companion notice by Union Planters Holding Corporation, Newspaper - 6/17/98

Memphis, Tennessee, a wholly owned subsidiary of Union

Planters Corporation, Memphis, Tennessee, to acquire, through

merger, AMBANC Corp., Vincennes, Indiana.*

3(a)(1) Notice by RVB Bancshares, Inc., Russellville, Arkansas, to Fed Reg - N/Avail

become a bank holding company through the acquisition of River Newspaper - 6/21/98

Valley Bank, Russellville, Arkansas.*

*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

426141 First State Bank of St. Peter 2/9/98 5/13/98 Satisfactory Small Bank

St. Peter, Illinois

311845 McIlroy Bank & Trust 1/25/98 4/24/98 Satisfactory Large Bank

Fayetteville, Arkansas

Section VI - CRA examinations scheduled for 3rd Quarter of 1998

Institution Location

None
District 9

Federal Reserve Bank of Minneapolis

Applications and notifications filed during the week of May 23, 1998

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) M.I.F. Limited, Chisholm, Minnesota, for prior approval to Fed Reg - 6/19/98

become a bank holding company through the acquisition of 100%

of the voting shares of Chisholm Bancshares, Inc., Chisholm,

Minnesota.*

3(a)(3) Norwest Corporation, Minneapolis, Minnesota, for prior approval Fed Reg - 6/19/98

to acquire 100% of the voting shares of Little Mountain

Bancshares, Inc., Monticello, Minnesota.*

3(a)(3) Norwest Corporation, Minneapolis, Minnesota, for prior approval Fed Reg - 6/19/98

to acquire 100% of the voting shares of First Bancshares of Valley

City, Inc., Valley City, North Dakota.*

3(a)(5) Frandsen Financial Corporation, Forest Lake, Minnesota, for prior Fed Reg - 6/19/98

approval to acquire 100% of the voting shares of Taylor

Bancshares, Inc., North Mankato, 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 

4(c)(8) Norwest Corporation, Minneapolis, Minnesota, to engage in 6/19/98

mortgage servicing activities through the acquisition of the

mortgage business of First National Bank of Monticello,

Monticello, Minnesota.
Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

4(c)(8) Norwest Corporation, Minneapolis, Minnesota, to engage in 6/19/98

general insurance activities through the acquisition of Peoples

Insurance Agency, Inc., Valley City, North Dakota.

4(c)(8) Norwest Corporation, Minneapolis, Minnesota, to engage in 6/10/98

mortgage lending activities through the acquisition of Southwest

Partners, Inc., San Diego, California.

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.
Section V - Availability of CRA public evaluations

RSSD Examination CRA CRA 

number Institution/Location date public date rating Exam type

2352507 BANKFIRST 2/2/98 5/22/98 Needs to Small Bank

Sioux Falls, SD improve

Section VI - CRA examinations scheduled for 3rd Quarter of 1998

Institution Location

Minnesota BANKFIRST Minneapolis, MN

Glacier Bank Whitefish, MT

First Security Bank of Missoula Missoula, MT

Glacier Bank Kalispell, MT

Grand Rapids State Bank Grand Rapids, MN

American Bank of Montana Bozeman, MT

First Security Bank of Laurel Laurel, MT

Rocky Mountain Bank of Billings Billings, MT

Glacier Bank Eureka, MT

Examinations may have to be rescheduled during the calendar quarter in which they are designated to begin. If an

institution’s examination is rescheduled for a date later than the end of the date range reflected in a published

schedule, the institution’s name will be republished in an appropriate later listing. Any comments received as a result

of either the first publication or subsequent publications will be considered during the examination. Written

comments regarding the CRA performance of these institutions should be directed to Ms. Jacquelyn Brunmeier at the

Federal Reserve Bank of Minneapolis, Banking Supervision Department, PO Box 291, Minneapolis, Minnesota

55480-0291.
District 10

Federal Reserve Bank of Kansas City

Applications and notifications filed during the week of May 23, 1998

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) Ceresco Bancorp, Ceresco, Nebraska for prior approval to acquire Newspaper - N/Avail

100 percent of the voting shares of CerescoBank, Ceresco, Fed Reg - 06/22/98

Nebraska.

3(a)(3) Gold Banc Corporation, Leawood, Kansas for prior approval to Newspaper - N/Avail

acquire 100 percent of the voting shares of Farmers State Fed Reg - 06/15/98

Bancshares of Sabetha, Inc., Sabetha, Kansas; and thereby

indirectly acquire Farmers State Bank, Sabetha, Kansas.

Section III - Applications subject to Federal Register notice only

Type Application comment period

Ending date of 

4(c)(8) Orchard Valley Financial Corporation, Hotchkiss, Colorado for Newspaper - 06/15/98

prior approval to acquire MegaBank Financial Corporation, Fed Reg - 06/02/98

Englewood, Colorado; and thereby indirectly acquire MegaBank of

Englewood, Englewood, Colorado, and thereby engage in operation

of a savings association, pursuant to 225.28(b)(4) of Regulation Y.
Section IV - Applications not subject to Federal Register or newspaper notice

Type Application comment period

Ending date of 

18(c) Bank of Cushing & Trust Company, Cushing, Oklahoma for prior Newspaper - N/Avail

approval to purchase the assets and assume the liabilities of the Fed Reg - N/Avail

Cushing, Oklahoma, branch of Bancfirst, Oklahoma City,

Oklahoma; and to establish a branch at 2106 E. Main Street,

Cushing, Oklahoma.

SR Lolyn Financial Corporation, Raymore, Missouri to redeem 128,357 Newspaper - N/Avail

shares of its own voting common stock. Fed Reg - N/Avail

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 Quarter of

Institution Location

None
District 11

Federal Reserve Bank of Dallas

Applications and notifications filed during the week ending Saturday, May 23, 1998

Section I – Applications subject to newspaper notice only

Type Application

Ending date of

comment period

None

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

Type Application

Ending date of

comment period

3(a)(1) Spring Hill Holdings Corporation, Longview, TX, to acquire

Spring Hill Delaware, Inc., Wilmington, DE, and

Spring Hill State Bank, Longview, TX*

Fed Reg – 06/19/1998

Newspaper – 06/19/1998

3(a)(1) Spring Hill Delaware, Inc., Wilmington, DE, to acquire

Spring Hill State Bank, Longview, TX*

Fed Reg – 06/19/1998

Newspaper – 06/19/1998

3(a)(1) Horizons Bancorp, Inc., Monroe, LA, to acquire

Horizons Bank, Monroe, LA*

Fed Reg – 06/14/1998

Newspaper – 06/19/1998

* Subject to provisions of the Community Reinvestment Act

Section III – Applications subject to Federal Register notice only

Type Application

Ending date of

comment period

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

Type Application

3(a)(1) FVNB Corp., Victoria, TX, to acquire

First Victoria National Bank, Victoria, TX

Section V – Availability of CRA public evaluations

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:

O = Outstanding

S = Satisfactory

NI = Needs to improve

SN = Substantial noncompliance

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

available.

RSSD Exam type

number Institution/Location

Examination

date

CRA

public date

CRA

rating LrgBk SmBk

None

Section VI – CRA examinations scheduled for Quarter of

Institution Location

None
District 12

Federal Reserve Bank of San Francisco

Applications and notifications filed during the week ending Saturday, May 23, 1998

Section I – Applications subject to newspaper notice only

Type Application

Ending date of

comment period

Branch Hacienda Bank, Santa Maria, California, to establish a branch

office at 1125 East Clark Avenue, Santa Maria, California.*

Newspaper - 5/20/98

Branch Santa Barbara Bank & Trust, Santa Barbara, California, to

establish a branch office at 1500 South Broadway, Santa Maria,

California.*

Newspaper - 6/21/98

* Subject to the provisions of the Community Reinvestment Act

 Newspaper – Newspaper Comment Period Ending Date

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

Type Application

Ending date of

comment period

3(a)(3) United Security Bancorporation, Spokane, Washington, to acquire

Grant National Bank, Ephrata, Washington.*

Fed Reg - 6/19/98

Newspaper - 6/17/98

* Subject to the provisions of the Community Reinvestment Act

Fed Reg - Federal Register Comment Period Ending Date

Newspaper - Newspaper Comment Period Ending Date

Section III – Applications subject to Federal Register notice only

Type Application

Ending date of

comment period

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

Type Application

COM First Coastal Bancshares, El Segundo, California, requests a relief

of commitment made not to incur debt without prior Federal

Reserve System approval in order to borrow $1 million.

Commitment was made in connection with the acquisition of First

Coastal Bank, N.A., El Segunto, California.

Section V – Availability of CRA public evaluations

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:

O = Outstanding

S = Satisfactory

NI = Needs to improve

SN = Substantial noncompliance

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

RSSD Exam type

number Institution/Location

Examination

date

CRA

public date

CRA

rating LrgBk SmBk

None

Section VI – CRA examinations scheduled for Quarter of

Institution Location

None