21. DESCRIPTION OF EACH MERGER, CONSOLIDATION, ACQUISITION OF ASSETS OR ASSUMPTION OF LIABILITIES APPROVED BY THE BOARD OF GOVERNORS DURING 1965 CONTENTS APPLICANT BANK OTHER BANK OR BANKS Page Bank of Virginia, Richmond, Va. Bank of Wood County Company, Bowling Green, Ohio Farmers Bank of Boydton, Boyd- ton, Va. 297 The First National Bank of North Baltimore, North Baltimore, Ohio 291 Citizens Bank, Vermillion, S. Dak. Citizens Trust and Sav
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  21.  DESCRIPTION OF EACH MERGER, CONSOLIDATION,ACQUISITION OF ASSETS OR ASSUMPTION OF LIABILITIESAPPROVED BY THE BOARD OF GOVERNORS DURING 1965 CONTENTS APPLICANT BANKOTHER BANK OR BANKS PageBank of Virginia, Richmond, Va.Bank of Wood County Company,Bowling Green, OhioFarmers Bank of Boydton, Boyd-ton, Va. 297The First National Bank of NorthBaltimore, North Baltimore,Ohio 291Citizens Bank, Vermillion, S. Dak.Citizens Trust and Savings Bank,South Haven, Mich.Security State Bank, Gayville, S.Dak.Farmers State Bank, Tabor, S.Dak.The Security State Bank, Wakonda,S. Dak. 294The Fruit Growers State Bank ofSaugatauk, Mich., Saugatauk,Mich.The Old State Bank, Fennville,Mich. 300City Bank and Trust Company,Milwaukee, Wise.Commercial and Savings Bank ofSt. Clair County, St. Clair, Mich.Commercial Bank and SavingsCompany, Fostoria, OhioFarmers' Loan and Trust Com-pany, Columbia City, Ind.Fidelity Bank, Beverly Hills,  Calif. First Trust Company of Albany,Albany, N.Y.Greenfield Banking Company,Greenfield, Ind.American State Bank, Milwaukee,Wise, (and change title to  Amer-ican City Bank and Trust Com-pany Yale State Bank, Yale, Mich.The New Riegel State Bank, NewRiegel, OhioMayer State Bank, South Whitley,Ind.South Bay Bank, ManhattanBeach,  Calif. The National Bank of Windham,Windham, N.Y.The First National Bank of Fort-ville, Fortville, Ind. 28729328328 3 92883 7 279 1965  21.  DESCRIPTION  OF  EACH MERGER, CONSOLIDATION,ACQUISITION  OF  ASSETS  OR  ASSUMPTION  OF  LIABILITIESAPPROVED  BY THE  BOARD  OF  GOVERNORS DURING  1965 CONTENTS—Continued APPLICANT BANKOTHER BANK  OR  BANKS PageKingston Trust Company, Kings-ton,  N.Y. The Marine Midland Trust  Com- pany  of New  York,  New  York, N.Y. New Jersey Bank  and  Trust  Com- pany, Clifton,  NJ. Riverside Trust Company, Hart-ford, Conn.State-Planters Bank  of  Commerceand Trusts, Richmond,  Va. Security-Peoples Trust Company,Erie,  Pa. Union Bank,  Los  Angeles,  Calif. United California Bank,  Los Angeles,  Calif. United California Bank,  Los Angeles,  Calif. United California Bank,  Los Angeles,  Calif. Wachovia Bank   Trust Company,Winston-Salem,  N.C. Williamsburg State Bank, Williams-burg,  Va. The First National Bank  of  Marl- boro,  Marlboro,  N.Y. Grace National Bank  of New York,  New  York,  N.Y. Wayne State Bank, Wayne,  NJ. The Girard Battles National Bank,Girard,  Pa. Republic National Bank  of San Diego,  San  Diego,  Calif. Bank  of  Ceres, Ceres,  Calif. Bank  of Mt.  Shasta,  Mt.  Shasta, Calif. The Feather River National Bank,Oroville,  Calif. The Bank  of  Kernersville, Kerners-ville,  N.C. Peninsula Bank  and  Trust  Com- pany, Williamsburg,  Va. James-York Bank, Williamsburg,Va.  (and  change title  to  Penin-sula Bank  and  Trust Company 286298302Bristol Bank  and  Trust Company,Bristol, Conn,  (and  change titleto  United Bank  and  Trust  Com pany 292 The Tri-County Bank, Mechanics-ville,  Va. 295 2823 43 529 2842893 8 28 1965  21.  DESCRIPTION OF EACH MERGER, CONSOLIDATION, ACQUISITIONOF ASSETS OR ASSUMPTION OF LIABILITIES APPROVED  BY THE BOARD OF GOVERNORS DURING 19651 Name  of  bank, and type  of  transaction 2 (in chronological order  of  determination) No.  1— The  Farmers' Loan andTrust Company, Columbia City, Ind. to merge with Mayer State Bank, South Whitley,  Ind. Resources(in millionsof dollars) 7.93.0 Banking In operation 11 officesTo beoperated 2 SUMMARY  REPORT  BY  ATTORNEY GENERAL  (11-16-64) These  2  banks serve areas  in  which other small banks  are  located—none having IPC  3  deposits exceeding $10 million. Moreover, most  of  the7 banks competing  in the  affected service areas are the only banks locatedin their respective towns.The proposed merger would increase Farmers' share  of  time deposits,demand deposits, total deposits and loans. However, these increases  are not large enough  to  make the resulting bank dominant  or to  give  it  such powerthat  it  could prevent other banks from offering meaningful competitionin  the  combined service area.As Mayer's office will  be  converted  to a  branch  of the  resulting bankif  the  merger  is  approved, there will  be  brought  to  Mayer's area  a  moreaggressively competitive bank offering services  not  offered  by  Mayer.Mayer's loan portfolio shows that  it has  been very conservative  in the types  of  loans  it  has offered  to its  area.The proposed merger would  not  appear  to  have significantly adverseeffects upon competition. BASIS  FOR APPROVAL BY BOARD  OF  GOVERNORS  (1-13-65) Farmers' Trust  and  Mayer Bank  are 2 of 7  commercial banks servingWhitley County (population 20,954), which  is  situated  in  the northeasternportion  of  Indiana. The county  is  principally  an  agricultural  and  residen-tial area,  but  industry  is  gradually increasing  in  importance  in the  localeconomy.  The  service area  of  Farmers' Trust, containing about 15,000persons, consists  of  Columbia City (population 4,800)  and the  surround-ing area within  a  radius  of  about  8  miles.  The  service area  of  MayerBank, containing about 2,800 persons, consists  of  South Whitley (popula-tion  1,800)  and the surrounding area within  a  radius  of  from  5 to 8  miles.South Whitley  is  located approximately  10  miles southwest  of  ColumbiaCity,  and the  service areas  of the 2  banks overlap slightly  in a  sectorwhere population density  is  relatively  low. Consummation  of the  merger would eliminate  the  very small amountof competition existing between Farmers' Trust and Mayer Bank and fore-close  the  possible development  of  further competition between them.However, banking customers  in the  service area  of the  resulting bankwould continue  to  have access  to a  number  of  reasonably convenient  al- ternative commercial banking offices. Moreover,  the  merger would resultin  a  bank better able  to  serve  the  banking needs  and  convenience  of Whitley County  and one  capable,  as  well,  of  contributing  to the  area'seconomic development. For notes see  p.  310. 281 1965  21.  DESCRIPTION OF EACH MERGER, CONSOLIDATION, ACQUISITIONOF ASSETS OR ASSUMPTION OF LIABILITIES APPROVED BYTHE BOARD OF GOVERNORS DURING 19651—Continued Name  of  bank, and type  of  transaction 2 (in chronological order of determination) No.  2— Security-Peoples TrustCompany,  Erie,  Pa. to merge with The Girard BattlesNational Bank,  Girard, Pa.Resources(in millionsof dollars)87.37.6Banking officesInoperation23To beoperated 5 SUMMARY REPORT BY ATTORNEY GENERAL  (10-13-64) Security-Peoples Trust Company  of  Erie, Pennsylvania, with total assetsof $87.3 million, and  1  branch office, proposes  to  merge with The GirardBattles National Bank  of  Girard, Pennsylvania, which has total assets  of $7.6 million,  and 2  branch offices.  The  merging banks  are  located  16 miles apart  in a  mixed industrial  and  agricultural area. Neither  of the participating banks  has  been involved  in a  merger  or  acquisition duringthe past 10 years.A degree  of  competition between  the  banks will  be  eliminated.  Al- though  the  resulting bank will continue  to  rank second  in  the Erie area,concentration  in  that area will be increased.We conclude that the proposed consolidation will have an adverse effecton competition. BASIS FOR APPROVAL BY BOARD  OF  GOVERNORS  (1-27-65) Erie  and  Girard,  16  miles apart,  are  located  on  Lake Erie  in  ErieCounty (population about 250,000). Erie (population about 138,000)  is a well-diversified industrial city with good harbor facilities; Girard (popu-lation 2,500) is  a  small manufacturing, residential, and trading center lyingto the west  of  Erie. Much  of  the growth  in  Erie County  in  recent yearshas been  in  Erie  and its  western suburbs along  the  lake shore towardGirard. The  5  largest  of  the 11 banks  in  Erie County are located  in  Erieand  all but 3 of  their  26  offices are  in or  very close  to the  city  of  Erie.Security-Peoples,  the  second largest, has  no  offices outside Erie and onlyGirard Battles  has  offices  in or  immediately around Girard. There  is a need  for  the services  of a  larger bank  in  the Girard area. The record  in- dicates there  are 30  businesses  in the  area served  by  Girard Battles thatmust borrow from Erie banks because  of  the small size  of  Girard Battles.Consummation  of  the proposed merger would eliminate some competi-tion between  the  merging banks,  but in the  long run would improve  the competitive picture  in  Erie County.  It  would benefit the communities nowserved  by  Girard Battles  by  placing the offices  of a  full-service bank withan ample lending limit  in a  growing sector  of  the county. For notes  see p. 310. 282 1965
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