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c C CONFIDENTIAL SUPPLM&fEAL DATA RELATING TO BAMIC HOLDING COMPANIES C 0 N T E N T S Page Comparative Statistics Class A Class B Class C Class D Class E 1 3 5 7 9 Financial Assistance 11 Capital Structure of Typical Bank Holding Companies 12 Transaiiierica Corporation 14 Northwest Bancorporation 17 First Bank Stock Corporation 19 V/isconsin B&nkehares Corporation 21 Marine Midland Corporation 24 First National of Elmira Corporation 25 Marine Baiicorporation 26 United States National Corporation 27 Old National Corporation 28 Vollmer Security Company 29 Farmers Loan & Trust Company 30 Mercantile National Bank at Dallas Equitable Securities Company 31 Continental Bank and Trust Company 32 The First National Bank of Birmingham The First National Company of Birmingham 35 Mellbank Corporation 34 President and Directors of the Manhattan Company 35 Industrial Trust Company 37 Hartford-Connecticut Company Hartford-Connecticut Trust Company Worcester Depositors Corporation Worcester County Shares Association "Net Sound" and "Market" Values 38 39 40 A. Groups still in existence and under a degree of control through agreements required in connection with issuance of general voting permits. Change 1953 Current 26 25 1 256 202 54 State member 30 31 1 Monraember insured -0- 84 84 155 9 ___ 146 441 326 85 200 No. of branches 607 817 210 No. towns or c i t i e s served 692 744 i32 Number of Groups Increase Decrease Group bonks Number of National Nonroember uninsured Total Deposits $5,783,659 $5, 536,466 $1,552,827 Capital structure $ 641,097 $ 665.926 $ (Dollar amounts are in thousands) 24,829 A. The 25 groups still in existence and under a degree of control through agreements required in connection with issuance of general voting permits are: Pist. Name 1 1 1 New Hampshire Bankshares, Nashua, New Hampshire Old Colony Trust Associates, Boston, Massachusetts (First National Bank of Boston) Shawmut Association, Boston, Massachusetts (National Shawmut Bank of Boston - HCA) 2 Marine Midland Corporation, Jersey City, New Jersey (Now includes First National of Elmira Corporation, Elmira, New York) 4 4 BancOhio Corporation, Columbus, Ohio Union Trust Company of Pittsburgh (Union Trust Company of Pittsburgh - HCA) 6 6 Almours Securities, Inc - Florida National Group, Inc., Jacksonville, Fla. Atlantic Trust Company, Jacksonville, Florida (Atlantic National Bank - HCA) Bamett National Securities Corporation, Jacksonville, Florida (Barnett National Bank of Jacksonville) Citizens & Southern Holding Company, Savannah, Georgia (Citizens & Southern National Bank - HCA) Trust Company of Georgia Associates, Atlanta, Georgia (Trust Company of Georgia - HCA) 6 6 6 7 Wisconsin Bankshares Corporation, Milwaukee, Wisconsin 8 First National Trustees, Louisville, Kentucky 9 9 9 Bankshares Corporation, Minneapolis, Minnesota First Bank Stock Corporation, Minneapolis, Minnesota Northwest Bancorporation, Minneapolis, Minnesota 10 Bankers Bond & Share Company, Omaha, Nebraska (First National Bank of Omaha) 12 12 12 12 American Investment Corporation, Ogden, Utah First Security Corporation, Ogden, Utah Marine Bancorporation, Seattle, Washington Rawlins Securities Company, Salt Lake City, Utah (Continental National Bank, Salt Lake City) Sebastopcl National Securities Company, Sebastopol, California Transamerica Corporation, San Francisco, California Union Bond and Mortgage Company, Port Angeles, Washington United States National Corporation, Portland, Oregon (United States National Bank of Portland) 12 12 12 12 c C B. Technical holding company affiliate groups not covered by general voting permits or agreements in connection therewith. 193c Current Change Increase Decrease 6 6 47 31 State member 1 1 Nonmember insured 0 10 Nonmember uninsured 22 0 Total 70 42 10 No. of branches 28 47 19 No. of tov-ns or cities served 66 59 Deposits $320,128 $435,758 $115,630 Capital structure $ 51,122 $ 53,101 $ Number of Groups Group banks Number of National 16 10 22 38 7 (Dollar amounts are in thousands) 1,979 B. The 6 technical holding company affiliate groups not covered by general voting permits or agreements in connection therewith are; Pist. Name 2 First Securities Corporation, Syracuse, New York (First Trust & Deposit Company) 6 Hamilton National Associates, Inc., Chattanooga (Hamilton National Bank, Chattanooga) 8 Trustees, Citizens Union National Bank, Louisville 12 Anglo National Corporation - Consolidated Securities Company, San Francisco, California 12 First National Bank, Everett, Washington (First National Bank of Everett - H.C.A.) 12 Old National Corporation - Investment and Securities Company, Spokane, Washington C. Groups nc longer technical holding company affiliate groups although their subsidiary banks ore subject to influence or control by the former holding company offill*te (includes 1 three-bank group which never hc.ti r, member bank subsidiary), Number of Groups 1935 Current 8 G 27 25 5 3 Chanpe Increase Decrease Group banks Number of National State member Nonmember insured -0- 14 Nonmember uninsured 35 -£- 65 42 24 26 59 44 Total No. of branches No. towns or cities served Deposits Capital structure $453,711 $589,647 $ 63,402 i 14 55 14 37 2 15 £149,936 65,772 (Doll:*r anounts '-re in thousands) $ 3,630 c C. The 8 groups no longer technical holding company affiliate groups, although their subsidiary banks are subject to influence or control by the former holding company affiliate (includes one bank group which never had a member bank subsidiary) are: Dist. Name 1 Industrial Trust Company, Providence, Rhode Island (Industrial Trust Company) 4 Mellbank Corporation, Pittsburgh 6 American National Bank, Nashville (American National Bank) 10 10 11 11 11 Commerce Trust Company, Kansas City, Missouri (Commerce Trust Company) First National Bank, St. Joseph, Missouri (First National Bank; First Trust Company) Continental Bank and Trust Company, Fort Worth, Texas Mercantile National Bank - Equitable Securities Company, Dallas, Texas (Mercantile National Bank) Republic National Bank,-Dallas,. Texas (Republic National Bank,) c C D. Non-technical holding company affiliate or "accidental" groups under Section 301 rulings. Number of Groups Change Increase Decrease 1955 Current 11 11 25 13 8 10 2 9 9 Group banks Number of National State member 12 Nonmember insured ~o~ Nonmember unin sured iZ _3 _ 14 50 35 11 26 Number of branches 92 79 13 No. towns or cities served 46 36 10 Total Deposits $616,884 $917,334 Capital structure $116,315 $103,494 (Dollar amounts are in thousands) !JjS00,450 $12,8 D. The 11 nontechnical-holding company a f f i l i a t e or "accidental" groups under Section 301 rulings are: Dist. Name 2 2 2 4 4 4 4 6 6 7 12 Bank of Nutley, Nutley, New Jersey (Bank of Nutley) President and Directors of the Manhattan Company, New York, N. Y. (Bank of Manhattan Company) Union County Trust Company, Elizabeth, New Jersey (Union County Trust Company) Citizens Trust Company, Clarion, Pennsylvania (Citizens Trust Company) Colonial Trust Company, Pittsburgh, Pennsylvania (Colonial Trust Company) Monongahela Trust Company, Homestead, Pennsylvania (Monongahela Trust Company) Peoples-Pittsburgh Trust Company, Pittsburgh, Pennsylvania (Peoples-Pittsburgh Trust Company) Commerce Union Bank, Nashville, Tennessee (Commerce Union Bank) F i r s t National Building Corporation, Miami, Florida ( F i r s t National Bank, Miami) Farmers Loan and Trust Company, Sioux City, Iowa (Farmers Loan and Trust Company) Corporation of the President of the Church, Salt Lake City, Utah 8 E. Holding company affiliate groups terminated through disposal of subsidiary banks, conversion to branches, mergers, e tc. 1955 10 Number of Groups Current Chcnge Increase Decrease -0- Group banks Number of 28 National 8 State member ~0- Nonmember insured 14 Nonmember uninsured 50 Total No. of branches 150 No. towns or cities served 95 Deposits $589,945 Capital structure $ 87,594 (Dollar amounts are in thousands) 9 6 E. The 10 holding company affiliate groups terminated through disposal of subsidiary banks, conversion to branches, etc., ares Pist. Name 1 Hartford-Connecticut Company, Hartford, Connecticut 1 Western Massachusetts Investment Associates, Greenfield, Massachusetts 1 Worcester Depositors Corporation - Worcester County Shares Association, Worcester, Massachusetts. 2 Hackensack Securities Company, Hackensack, New Jersey 2 Montclair Trust Company, Montclair, New Jersey Z West Side Trust Company, Newark, New Jersey 6 First National Company, Birmingham, Alabama 12 Security-First Company, Los Angeles, California 12 Vollmer Security Company, Lewiston, Idaho 12 Yakima Holding Corporation, Yakima, Washington Financial Assistance In a large number of groups s t i l l in existence, the holding company affiliates have rendered financial assistance to subsidiary banks in comparatively large amounts. This included direct contri- butions, removal, purchase or guarantee of criticized assets, endorsements or guarantees for aid rendered by the R.F.C., etc. Some outstand- ing cases are: Transamerica Corp. Northwest Bancorporation Wisconsin Bankshares Marine Midland Almours Securities First Bank Stock Corp. Mellbank Corp. At least " " " " " » " " " " " " $100,000,000 58,000,000 18,000,000 16,000,000 15,000,000 9,000,000 4,000,000 In addition to the above, holding companies made substantial investments in additional capital stock during the troublesome days, definite figures on which do not appear in the f i l e s . In the Marine Midland case, the amount was reported to be approximately $50,000,000. 11 Data Relative to Capital Structure of 12 Leading and 12 Other Topical Bank Holding Companies (Shares, Shareholders and Dollars Expressed in Thousands) Company Jransamerica Corporation Capital Approximate Number of Structure Shares of Co. Outstanding Shareholders (Book) Bank Stocks Carried 1/ Total Capital Structure of Banks 1/ (Book) 23,181.6 206.1 $153,047 $110,609 $114,250 \nglo Nat, Corporation 308,4 2,4 13,916 10,174 22,885 iarine Bancorporation 361.6 6,4 9,920 6,993 5,871 L^irst Security Corp. 242.2 1.2 3,373 2,753 6,606 First Bank Stock Corp. 3,035.3 17,1 38,398 35,270 42,672 Northwest Bancorporation 1,679.5 17,9 25,557 25,039 42,832 10. 9,591 9,397 27,817 5, 13,385 12,256 12,303 .4 93,207 14,106 64,211 5,836.8 24.5 56,192 51,607 56,373 Shawmut Association 400, 4.9 7,459 1,449 2,585 Old Colony Trust Associates 576.2 7. 9,455 9,506 15,568 $455,460 $288.959 $415,775 Wisconsin Bankshares Corp. 1,956.5 BancOhio Corporation 576.8 Jnion Trust Company 15. ilarine Midland Corp. Sub Total 57.969.9 502.9 1/ Banks approximately 25-100$ controlled. 12 Company Capital Approximate Number of Structure of Co. Shares Outstanding Shareholders (Book) 294.6 2*9 Sank Shares Corporation 59. 1. Trustees - First Nat, Bank 54.8 Hamilton Nat. Associates 105.3 Trust Company of Georgia Citiz.& Sou. Holding Co. Did Nat, Corporation Almours Sec. Inc. Atlantic Trust Company Total Capital Structure Bank Stocks of Banks 1/ Carried I/Book) $ 2,800 $ 1,122 $ 2,068 758 737 767 .5 7,366 4,335 7,394 .6 5,011 1,591 2,408 20. 1.1 6,493 2,473 2,395 40. 2.4 1,054 1,715 2,171 442.3 .1 55,574 1,526 4,402 2.5 .6 676 640 1,061 Barnett Nat. Sec. Corp. 15. .1 574 522 771 New Hampshire Bankshares,Inc, 27.4 .1 275 272 970 First Securities Corp. 85.5 1.5 440 640 1,745 Sebastopol Nat. Sec, Co. 11. .1 412 554 402 11.0 $79,233 433,460 $512,693 $16,227 288,959 $305,186 $27,050 413,773 $440,323 Sub Total Total 1,155.4 37,969,9 59,125.5 302.9 315.9 1/ Banks approximately 25-100$ controlled. 13 TRANSAMERICA CORPORATION Data relating to Bank of America N. T. & S. A. 1933 (September) Recent Examiner's estimated losses 11,526M $ 3,786M Examiner's estimated doubtful 23,823M 8,281M 8,427M (13,951M) 60,000M i/ Examiner's estimated depreciation (appreciation) in securities Other items, including guarantees of losses, etc., real estate contracts, etc., which examiners criticised and said should be removed - Approximately 314,472M 232,758M Other real estate (excluding real estate transferred to Capital Co. and Cal. Lands, Inc.) 10,063M 8,585M Banking house, etc. (including investment in bank building companies) 42,149M 46,017M Cash and securities (market) 517,029M 792,695M Deposits: Demand Time 201,785M 491,851M 406,221M 801,747M Capital structure (book) 103,768M 102,886M 60,012M 105,361M Real estate loans Net sound capital structure 8.7% Ratio net sound capital structure to deposits (U.S. S e c u r i t i e s orcied (included above) 1/ Amount not estimated, but large' made and much l e s s c r i t i c i s m s . 167,546M 467,628M) eliminations and other improvements CONTINUED 14 Northwest Bancorporation. Minneapolis* Minn* comparative Financial Status of the Group as of (circa) April 1934, and September 1936 Holding Company Affiliate 1954 1936 (or later) Condensed Balance Sheet Stocks of banks Stocks of other affiliations Other securities and receivables Cash $35,775,380 2,330,242 228,194 646,228 $58,980.044 §25,030,614 1,674,568 111,765 505,514 $27,1:50,261 Capital stock Surplus and undivided profits Reserve for contingencies Book capital structure Notes payable Provision for "cut-back" pfd. stock Other liabilities $24,001,891 5,900,799 5,998.096 $35,900,786 3,000,000 $ 7,544,469 12,545,738 5.467.677 $25,557,884 79.258 $58,980.044 1,548,750 25.627 $27,130.261 $55,900,786 $25,557,884 (11,087,295) ( 22,875) 52,964 $24,845,580 4,474,784 512,864 55.045 $50.400.577 Adjusted Capital Structure Book capital structure - as above Add or (Subtract) Difference betv/een estimated values and carrying values of: Banks Other affiliations Other assets Adjusted capital structure Dividends Paid by H«C.A. Contributions by H.C.A, To banks To non-banking subsidiaries None since January 1, 1935 $5,400,000 7,200,000 $12,600,000 Also pledged stocks of subsidiaries, and guaranteed R.F.C.'s loan of $3,000,000 to Union Investment Company and purchase of $22,600,000 preferred stock and debentures of banks. Northwest Bancorporation, Minneapolis, Minn. (Continued) 1934 Subsidiary Banks Numb er Deposits 1936 (or later) 120 92 $343,463,924 $379,357,000 Adjusted Capital Structure 688,621 4,649,371 4,402,908 3,442,986 193,356 Book capital structure Less: Loss Doubtful Depreciation (Appreciation) Adjusted capital structure $ 42,791,087 290,753 579,970 ( 3,559.418) S 45,479,782 Capital Ratios Number of banks having capital ratios, after adjustment* Less than 5% O 10%- 15% Over 15% (in liquidation) 8 14 39 57 2 8 66 18 Preferred Stock, Debentures, and R.F«C« Loans 105 $22,610,000 3,000,000 Number of banks Amount Loan to Union Investment Company 48 $10,028,000 Northwest Bancorporation pledged stocks owned in its subsidiaries to the R»F.C. as a guarantee for above loans and purchase of stocks and debentures. Summary It is obvious from the above comparisons that there has been a great improvement in the financial condition of the holding company and of the banks. Reports indicate that all of the banks are now in good or fair shape. The most important remaining problem is that of "cut-back" preferred stock in some of the banks, and this is in process of adjustment. 18 First Bank Stock Corporation, Minneapolis, Minn. Comparative Financial Status of the Group as of (circa) July 30, 1934 and December 51, 1956 1954 1956 Stocks of affiliations Other securities Cash Other assets $36,050,739 150,835 995,903 1,052,967 $38,250,444 $36,368,297 945,1IS 993,875 190,010 $58,502,2915 Capital stock Surplus and undivided profits Reserve for contingencies Book capital structure Notes payable Other liabilities $30,899,875 3,794,619 5,150,065 $37,824,557 304,208 101,679 $58,250,444 $50,352,585 8,044.,804 -_ 158,397,589 $37,824,557 $38,597,589 5,385,614 ( 72,885) 2,077,181 $45,212,467 18,047,972 51,240 $56,496,601 Holding Company Affiliate Condensed Balance Sheet 104,904$58,502,295 Adjusted Capital Structure Book capital structure - as above Add or (Subtract) Difference between estimated values and carrying values of: Affiliations Other securities Other assots Dividends Paid by H.C.A. 1955 1954 615,766 616,501 1935 1936 770,771 1,379,263 Contributions by H.C.A. To banks To non-banking1 ;>ufo~ sidiaries #7,550,000 1,500,000 $9,050,000 In addition to the contributions, the H.C.A. carried special certificates of deposits in the subsidiary banks, which were available for contribution when the requirements were determined; at July 30, 1954, those special deposits in 59 banks totalled $835,500. 19 First Bank Stock Corporation, Minneapolis, Minn. - Continued 1936 (or later) 1954 Sub sidiary Banks Number Deposits Adjusted Capital Structure Book capital structure Less: Loss Doubtful Depreciation (Appreciation and non-book assets) Adjusted Capital Structure 97 76 $532,805,000 $507,789,000 58,976,256 169,57?. 761,695 42,672,185 36,512 106,795 1,057,944 #56,987,045 (11,644,716) $54,1715,594 1936 1954 (or later) Capital Ratios © Number of banks having capital, ratios, after adjustment: Less than 5% 25 55 36 1 2 5$ 1056 Over Trust companies without deposits Information not available Preferred Stock, and Debentures Number of banks 7 44 24 1 9 Amount $1,490,000 Summary This group was able to weather the depression with practically no out- side aid and the combined position of the banks in 1934 was relatively satisfactory even before a million and a half of preferred stock was sold by 9 of the banks. Not only has the holding company paid dividends every year, but the adjusted capital structure of the combined banks has increased nearly 50$ between July 30, 1954, and December 51, 1936, and the adjusted capital structure of the holding company has increased about 25$ in the Base period. 20 Wisconsin Bankshares Corporation, Milwaukee, Wise. Comparative Financial Status of the Group as of about April 30,1934 and June 30,1936 1954 1956 •folding Company Affiliate Condensed Balance Sheet Assets Stocks of subsidiary banks Stocks of other subsidiaries Other securities Cash Guaranty deposit in key bank Due from nonbanking subsidiary Other assets $26,243,000 $9,397,000 5,319,000 701,000 5,000 82,000 800,000 101,000 700,000 600,000 505,000 2,356,000 £52,672,000 $15,957,000 Liabilities Capital stock Surplus and undivided profits Reserve for contingencies Book capital structure Notes payable - subsidiary banks Liability to nonbanking subsidiaries Miscellaneous liabilities $19,565,000 $ 1,956,000 7,867,000 6,269,000 2,192,000 1,565,000 (A) $29,624,000 $ 9,588,000 2,246,000 1,500,000 684,000 2,706,000 (B) 118,000 145,000 $52,672,000 $15,957,000 Adjusted Capital Structure Book capital structure - as above ,624,000 $ 9,588,000 Add or (Subtract) Difference between estimated values and carrying values of: Bank stocks (219,000) 6,204,000 (16,806,000) 75,000 Other subsidiaries ( 42,000) 1,000 Other securities 1,410,000 Other assets Reserve for estimated loss on: Guaranty to key (1,316,000) (A) bank Eventual sale of ( 47,000) (A) Reedsburg bank Adjusted capital structure $12,557,000 $15,915,000 (A) Contra items. (B) Includes liability of $2,108,000 to subsidiary which was instrument for borrowing funds from R.F.C, Dividends Paid by H.C.A. None since January 16, 1933. Contributions by H.C.A. Between April and September 1934 1935 (after R.F.C. loan) - more than $1,286,000 5,000,000 $4,286,000 In addition substantial contributions were made prior to April 1934. The $1,500,000 note s t i l l unpaid resulted from borrowings for t h i s purpose. Through a nonbanking subsidiary $4,600,000 was borrowed from the R.F.C. in 1955 to make cont r i b u t i o n s to banks and to pay off debts previously contracted for t h a t purpose. 1954 1956 59 $215,264,000 18 $250,529,000 26,622,000 9,225,000 7,164,000 28,359,000 1 808,000 $ 1,749,000 Subsidiary Banks Number Deposits Adjusted Capital Structure: Book capital structure Less; Loss Doubtful Depreciation (Appreciation) Adjusted c a p i t a l structure $ | 2,202,000 118,591,000 ft 8.031.000* (1,456,000 1,101,000 27,258,000 --- In September 1934 the R.F.C. estimated only $7,844,000 as the n e t sound c a p i t a l of t h i s group, classifying 119,064,000 as "unacceptable" and in addition $580,000 of high grade depreciation. Capital r a t i o s : Number of banks having c a p i t a l r a t i o s , after adjustments Insolvent Less than 5% 5% - 8% 8% - 10% 10% - 15% Over 15% T r u s t companies with no d e p o s i t s 22 9 12 7 1 4 3 3 None None None 4 10 1 5 c Preferred Stock, Debentures and Loans Number of banks Approximate preferred stock and debentures R.F.C. loan to nonbanking subsidiary 1955 25 $13,000,000 4,600,000 1957 13 $10,895,000 -0- The H.C.A, guaranteed the repayment of the R.F.C. loan and also the 1)15,000,000 preferred stock and debentures purchased by the R»F.C« At June 30, 1936, assets of the H.C.A. T/ith a book value of 09,940,000 and an estimated value of 118,249,000 were pledged with the R.F.C. as security for this contingent liability. (The H.C.A. is still liable as guarantor of the R.F.C. stock and debentures of units which have been sold.) As of December 28, 1957, the total contingent liability of the H.C.A. to the R.F.C. was $10,757,000. Summary c The above figures illustrate a situation where the holding company pledged all its assets and borrowed to capacity to keep its banks from closing, If this aid had not been given, it is obvious a number of the banks would have' suspended. Subsequently a process of merging, liquidating and selling unprofitable banks was followed. Eleven banks were sold to local interests or liquidated. Twelve banks were merged into other units in the group, ten of them becoming branches. Seven branches were discontinued, one being sold with ics parent bank. This reduced the group from 34 banks and 10 branches in 27 communities in 1953 to 14 banks and 15 branches in 13 comminutiee in 1358. (Three of these banks have affiliated trust companies which are not included here as banks.) This process of contraction is nearly complete, although it is understood that at least one other bank is for sale. It will be noted that despite the reduction in number of banks? there have been increases in deposits and net sound capital. The latter is obviously duo in a large measure to appreciation in assets previously classified at lower values. 23 Marine Midland Corpora tion Expansion The Marine Midland group has expanded since 1335 to the extent of 4 banks, with 4 branches, and 9 branches of banks which were in tho group in 1953, with an increase of $81,366,000 in aggregate bank deposits. The expansion i s represented largely by the purchase in 1937 of the First National of Elnira group, with 3 subsidiary banks, and the First National Bank & Trust Company of Eluira, with 4 branches, and the acquisition in the seme year of the Nyack National Bank rend Trust Company* Four of the brinks owned in 1933 were; converted into branches of ether banks* The f;roup extended i t s operations to 12 additional towns or cities* Conditjjn of Banks The aggregate book capital structure of the batiks in the group has been reduced $24,797,000 since Doc. 31, 1953, largely through the use of amounts provided through reductions in capital stock and. of surplus, avdivided profits and reserves for the elimination of classified assets* Based upon d1: ta published in bho annual reports of Marine Midland Corporation, the book capital structure of the banks v/as reduced $24,217,000 during the year 1954. The condition of the banks has generally improved, since 1953. The fallowing facts indicate the improvement in net sound capital structure since September £3, 1354: All banks 9-26-5*1 6-50-57 £364,204M $427,393M Net sound capital structure 45,44711 58,-HIM Ratio of net sound capital structure to deposits 11.9J6 15,756 Total deposits c FIRST NATIONAL OF ELMIRA CORPORATION, EUIIRA, N.Y. First National of Elwira Corporation was organized in 1928 as a securities affiliate of the key bank, First National Bank & Trust Company of Eliuira, for the reported purpose of acquiring nearby banks with the aim of developing a branch banking system in the Elmira area. By 1933 when the voting permit application was filed,"there had been acquired two banks in Elmira (one of which had been converted into a branch in 1929), and four banks in nearby towns. By the end of 1937 three more of these banks had been converted into branches of the key bank. Under present State law one of the regaining two subsidiary banks cannot be converted into a branch of the key bank because of the "prohibition of the establishment of a branch by an outside bank in a town wherein there is already located one or more banks. The group now consists of two subsidiary banks and the key bank with four branches, serving, in all, five communities. The key bank ceased to be a technical holding company affiliate in 1934 through the expediency of removing an endorsement on its stock certificates. In 1937 the Marino wiidland Corp. acquired control of this group through an exchange of stock whereby it obtained the controlling interest in the H.C.A. and the key bank. 1953 1957 Statistics Number of banks (including key bank) 6 Net sound capital: HCA $ 260,000 1,384,000 Key bank 341,000 Subsidiary banks Deposits: $10,255,000 Key bank 3,415,000 Subsidiary banks Capital ratios of banks: 1Z% Key bank O/b Subsidiary n a t ' l bank 3 State banks 15% 4* | 363,000 1,886,000 562,000 $12,574,000 2,235,000 15* (14% 21% * Subsequently one national bank was made a branch of the key bank. No R.F.C. aid has been required by this group. The subsidiary banks and the key bank were formerly criticized for loans to officers, directors and interests, and latest data in the files indicate that the key bank is still subject to this criticism. Also the key bank had a large amount of assets considered slow and of a hazardous nature and its i^anagement has been frequently a matter of criticis.:. The subsidiary banks have generally been considered in good condition and under satisfactory ...anageuent. Marine Bancorporation, Seattle, Washington. This corporation was organized sol.ely for the purpose of engaging in group banking. At the time it filed its application for a voting permit it controlled 3 national banks and 5 State nonmembcr banks, one of the national banks having 6 branches, all of which had previously been controlled banks. The group served 10 cities and towns. Deposits in the banks aggregated .;37,629,000 and the book capital structure totaled $5,278,000. In 1933 the State of Washington enacted a lav; permitting branch banking. After the law's enactment the group was converted, as far as possible, into a branch system, and all subsequent expansion has been in the form of adding branches to the key bank. As of June 30, 1937, the group consisted of only 3 unit banks, 2 national banks, one of which had 12 branches, and 1 State member. Total deposits were $72,507,000, and capital structure was $6,676,000. The reduction of 3 banks represented no loss to the group, as 2 were CDnvertcd into branches of the key bank and the other war absorbed by an existing branch in a nearby town. Four banks, formerly independent, have been taken into the group as branches of the key bank since 1933, which increased the number of its branches to 12. The original 10 cities and towns served wore all in western Washington. During the last two years the key bank's expansion has carried the group into three cities in the eastern part of the State. 26 o United States National Corporation, Portland, Oregon. United States National Corporation, an affiliate of the United States National Bank, was organized to engage in group banking prior to the time when the State of Oregon permitted branch banking. On June 30, 1933, the subsidiaries consisted of four national banks, three of which were in Oregon and one in Washington. Total deposits of the banks were $3,855,000, and their capital structures aggregated $687,000. Prior to the filing of an application for a voting permit the three Oregon banks had been converted into branches of the United States National Bank of Portland, leaving only one operating subsidiary bank, which bank being in Washington cannot be converted into a branch. That bank was fttill controlled on Juno 30, 1937, -And had deposits of $1,865,000 and a capital structure of $185,000 on that date. The activity in this group is bettor seen from a study of the United States National Bank which wa8 originally e technical holding company affiliate also. On June 30, 1933, that bank had deposits of about $66,650,000, -and a capital structure of $6,811,000. On June 30, 1937, deposits were £115,626,000, and capital structure totaled #9,570,000. On the 1935 date the bank operated nine branches, four in its head office city and five in other localities. On June 30, 1937, the bank operated 22 branches, four in the head office city and eighteen in other localities. Of the thirteen branches added, three were the conversions of subsidiaries of the United States National Corporation, mentioned above, and the remaining ten wore; new acquisitions. Old National Corporation, Spokane, Yvashington. Old National Corporation was organized solely for the purpose of engaging in group banking. Investment and Securities Company, one of its non-banking subsidiaries, became a holding company incident to the plan of rehabilitation of the banks in the group following the banking holiday in 1935. When the voting permit applications wore filed there were 18 controlled banks in the group, 11 national banks and 7 State- nonmember banks. Deposits in the banks aggregated £15,261,000 and the book capital structure totaled $2,744,000. The group served 17 cities and towns in the area centering at Spokane, Washington, 14 of them in Washington and three in Idaho. At the close of 1935 the group was practically converted into a branch bank system. Nine of the Washington banks were converted into branches of the key bank, and three were merged with branches. One of the Washington banks was liquidated, and the Idaho banks were all sold to outside interests. Sineo 1953, two banks, formerly independent, have been taken into the group as branches of the key bank. As a result of these changes the group consisted, as of June 50, 1957, of Km banks, both national, and 10 branches. Total deposits were $28,054,000 and capital structure was $2,106,000. Between June 1935 and June 1957, this group both contracted and expanded; contracted through the sale of its Idaho banks, which could not be included in the branching program, and expanded through the absorption of two now units in Washington. 28 c Vollmer Security Company, Lewis ton, Idaho. Vollmer Security Company was organized to hold the assets of an estate, which assets included in June 1933 a controlling interest in seven banks, two of them national and five State nonmembers. The banks had deposits aggregating $3,028,000, capital structures totaling $432,000, and were located in seven cities or towns in the area centering at Lewiston. All the towns were in Idaho. Subsequent to 1933, four of the banks ceased to operate as independent units, three of them being converted into branches and one being absorbed by another subsidiary. Of the remaining throe banks, two were apparently sold to interests outside the group and control of the other, the key bank, was sold to a large stockholder of the holding company* bank. As a result, Vollmer Security Company no longer controls any Farmers Loan & Trust Company Sioux City, Iowa On June 14, 1934 the company applied for a permit to vote stock controlled by it of 10 member banks, 6 in the seventh, 1 in the ninth and 5 in the tenth Federal Reserve Districts, At that time it also controlled 6 nonmember banks in the seventh district. The controlling stock of banks in this group belonged to the James F. Toy Bank Stock Trust, and the company, of which James F. Toy was President and principal stockholder, acted as trustee. Mr. Toy dominated the trustee bank and all banks of the group, and was a director and president of each. His management was highly regarded by supervisory officials, and his banks were all in good condition at the time of application for a voting permit. In the early part of 1955 Mr, Toy sold his controlling interests in several of the member banks to local investors, and endeavored to sell the remainder of his member banks, except the Toy National Bank, to local stockholders. On December 15, 1955 the Board ruled out this case under section 301 of the Banking Act of 1935. Latest available information is that the Farmers Loan & Truct Company holds, as trustee, the controlling stock of 2 State banks and 1 national bank, all located in Iowa, and that Mrs. Mary E. Toy, widow of James E. Toy, owns control of 3 State banks, all located in Iowa, Since direction of the banks controlled by Mrs. Toy is probably still in the hands of the trustee bank, these banks have been included in tabulations as still in the group. 30 c C Mercantile National Bank at Dallas) Equitable Securities Company ) Dallas, Texas. Equitable Securities Company, a wholly owned subsidiary of Mercantile National Bank, controlled seven nonmcmber State banks at the time applications wore filed for voting permits in 1933. Four of these banks were applying for membership. The subsidiary banks had deposits aggregating $1,671,000, capital structure totaling $332,000, and were located in six cities or to vans. By June 1937, three of the subsidiary banks had been sold to interests outside the group and one had been merged with another subsidiary, leaving three nonmember insured banks still controlled. Deposits in these banks on June 30, 1937, amounted to $2,909,000 and their capital structures totaled $423,000. The number of communities served was reduced to two, one of them being Dallas, whoa Mercantile National Bank: is located. The foregoing figures do not include data for Mercantile National Bank. Texas does not permit branch banking. 31 Continental Bank and Trust Company, Fort Worth, Texr.s Tiiis group is a good example of considerable contraction since the enactment of the Banking Act of 1933; at which time the group consisted of two national banks and eight nonmembcr banks. By the- time the application for a voting permit was filed in December 1953, three of the small State banks had. been placed in liquidation and almost immediately thereafter in December 1933, a small State bank in Fort Worth was taken over by Continental National Bank, the key bank of the group. Another of these saall State banks was sold sometime early in 1934 and two other banks, one national and one State, were sold in April 1954. In December 1935, another small State bank was discontinued, leaving only the key bank in Fort Worth and Continental State Bank, Beckville, Texas. The eight banks that were sold, merged, or liquidated, were all small banks and the total deposits of all the banks in the group show an increase fruffi £7,532,000 in 1932, to $15,119,000 in 1937 as a result of the growth of the key bank. Although the holding company has the word "bank" in its title, it has not conducted a banking business since 1921 when it was instrumental in the organization of Continental National Bank of Fort Worth; the new bank took over the banking business of Continental Bank and Trust Company and another lank in Fcrt Worth. 32 c The First National Bank of Birmingham raid The First National Company of Birmingham, Birmingham, Alabama In December 1933 The First National Bank of Birmingham and The First National Company of Birmingham controlled G banks (all located in Jefferson County, Alabama, of which Birmingham is the county seat). Applications wore made for voting permits, and limited permits were authorized by the Board on January 23, 1934, and on December 2.2, 1934, respectively, under conditions which provided that certain requirements relative to the elimination of losses and to other natters be act prior to the issuance of such permits. Inasmuch as the conditions were not iaet, the limited permits wore not issued and no annual meeting was held during 1934. During the early part of 1935 the Legislature of Alabama enacted a law permitting branch banking by State banks under certain circumstances, briefly as follows! 1. Banks must have combined paid in capital and paid in or earned surplus of sore than $1,000,000. 2. Banks uust be situated in a county v.lth population in excess of 250,000. 3. Banks have power to establish, v.lth the consent af the Superintendent of Banks, one or core branches within the county where the principal office is located - only one branch to be established for each £250,000 by which the amount of paid in capital and paid in or earned surplus exceeds $1,000,000. Shortly thereafter the subsidiaries were converted into branches of the First National Bank of Biruingha:*. Accordingly, the holding company affiliate relationship of the group no longer exists. 33 Mellbank Corporation Pittsburgh, Pa. The Mellbank Corporation was organized on December 20, 1929, primarily as a holding company for bank stocks owned by, or to be acquired for, the account of A. W. and R. B. Mellon and their families. Bank stocks having a book value of $2,187,000 were transferred to the corporation by the Mellons and between the years 1930 and 1933 approximately $8,000,000 in cash or its equivalent was turned over to the corporation by Mellon interests. The 18 controlled banks on December 31, 1933, had total capital accounts of $12,268,000 and deposits of $73,080,000 as compared with $13,085,000 and $100,492,000, respectively, on June 31, 1937. Beginning in 1930 a comprehensive program of rehabilitation was carried on by the corporation involving reorganizations, consolidations and cash contributions; the major number of such changes taking place shortly after the Banking Holiday in fulfillment of verbal agreements under which such banks were licensed to reopen. This strengthening of banks was, therefore, practically accomplished prior to the date the corporation submitted an application for a voting permit. Therefore, the extent to which the corporation supported its banks and strengthened them cannot be ascertained fully from the voting permit files of the Board. Outright cash contributions aggregating approximately $1,856,000 were made, special deposits were carried by the corporation or other Mellon interests in banks during periods of stress and the corporation or other Mellon interests purchased at least $368,000 of preferred stock in banks of the group. In other cases new common capital of banks in the group was subscribed by the corporation. The carrying values of bank stocks owned by the corporation were written down $4,222,000 on June 30, 1933, and on the same date stocks with a book value of $1,045,000, apparently old common jtock of banks which were recapitalized, were taken out of the corporation by personal holding companies of the Mellon family. When the subsidiary banks were examined during the latter part of 1934 and/or the early part of 1935, all except one had net sound capital in excess of 1($ of deposits. The corporation had voluntarily effected a correction of najor problems of its banks prior to or shortly after the passage of the Banking Act of 1933. In no instance did a depositor in a bank of the group suffer any loss or submit to any extraordinary restriction as to withdrawal of deposits. Dividends were discontinued in all banks faced with difficulties and no charge whatever was made by the corporation for supervision of its banks. The technical holding company affiliate status of Mellbank Corporation apparently was terminated on January 3, 1936, when the corporation paid a liquidating dividend involving all bank stocks owned. PRESIDENT AND DIRECTORS OF THE MANHATTAN COMPANY, NEW YORK, NEW YORK (A State member bank known as Bank of the Manhattan Company) In 1929 the holding company, then a member bank, turned over its banking business to a subsidiary, the Bank of Manhattan Trust Co. In 1930 it acquired the New York Title and Mortgage Company which owned two banks, the American Trust Company, New York, and the County Trust Company, White Plains, both member banks* The former was converted into a branch of the Bank of Manhattan Trust Company, The County Trust Company could not be made a branch as it is outside of New York City. In 1951 two State banks in Corning, New York, were purchased from the Houghton interests as a courtesy to a director of one of its affiliations who did not have time to supervise them. In 1932 at the time the holding company took back its banking business from the Bank of Manhattan Trust Co., it again became a member bank, A condition of membership was imposed requiring it to dispose of its three subsidiary banks. The two Corning banks were sold back to the Houghton interests, but to date efforts to dispose of the County Trust Company at White Plains have been unsuccessful although the holding company has presented evidence of reasonable efforts to dispose of the bank. In 1935 the holding company was ruled out under Section 301. The condition and management of the banks in this group have been satisfactory during the period since 1933, In 1932 the holding company apparently removed from the County Trust Company about $2,500,000 of mortgages which had been placed there wten the bank was owned by the New York Title and Mortgage Company, As the latter company subsequently failed in 1935, it is evident that the acquisition by the holding company of the County Trust Company was beneficial to the latter bank, and was responsible for its not suspending in 1953, The financial strength of the holding company was said to be responsible for the present good condition and growth of the subsidiary. The latter has established two branches since its acquisition by the holding company. 35 o Statistics 1933 Number of banks (including key bank) Number of branches Key bank Subsidiary banks Current 4 2 73 56 2 Number of towns or cities covered c Deposits Key bank Subsidiary banks $351,665,000 10,046,000 $556,388,000 13,690,000 Book capital structure Key bank Subsidiary banks 61,110,000 3,383,000 48,726,000 1,824,000 36 Industrial Trust Company, Providence, R.I. Statistics 1955 Current 5 3 Number of branches 14 14 Number of towns and cities served 11 11 Number of banks (including key bank) Deposits Key bank Subsidiary banks Book capital structure Key bank Subsidiary banks $107,927,000 7,379,000 $112,822,000 8,009,000 17,051,000 1,580,000 15,843,000 1,566,000 The holding company is a member bank engaged in State wide banking. It operates the two subsidiaries (a national bank and a State nonmember bank) in cities in which it has branches* It is understood that local feeling in these communities is such that the holding company has deemed it advisable to operate these two institutions as individual banks rather than branches» The holding company objected to complying with conditions requiring writedowns of its assets that were imposed in connection with a limited voting permit. After the R.F.C. had purchased stock in the national bank in 1934, the holding company ceased to own a majority of the total stock and therefore its technical holding company affiliate status was deemed to have been terminated. The management and condition of the subsidiary banks have been generally satisfactory during the period since 1933, although the national bank had a capital ratio of only 6% in 1933, which was subsequently remedied by the purchase of $250,000 preferred stock of that bank by the R.F.C, Hartford-Connecticut Company ) Hartford-Connecticut Trust Company) Hertford, Connecticut. In 1955, when tlie voting permit applications were filed, HartfordConnecticut Company, a wholly owned subsidiary of Hartford-Connecticut Trust Company, controlled 5 subsidiary banks, 4 of them national and. 1 State. Deposits in these banks then aggregated $4,603,000 and. capital structure 01,470,000. The banks were located in 5 towns near Hartford. Subsequent to 1933 all 5 >f the subsidiary banks v/ere converted into branches of Hartford-Connecticut Trust Company, and HartfordConnecticut Company was dissolved. On July 17, 1935, the trust company had deposits of 028,157,000, capital structure of &7,120,000, .and operated no branches. On June 50, 1937, it had deposits of $42,766,000, capital structure of $3,436,000, and operated 5 branches. Through the establish- ment of the branches the trust company increased the number of cities and towns served by it from one to six, all of then in Connecticut. In this case there has been a. complete conversion from a group system to a branch bank. 38 c Worcester Depositors Corporation ) Worcester County Shares Association) 'Worcester, Massachusetts. In 1933 Worcester Depositors Corporation controlled one national bank and through its subsidiary, Worcester County Shares Association, five more banks, four national and one State- nonmember. Deposits in the banks of the group aggregated $31,799,000 and the capital structures totaled $5,982,000. One of the banks had four branches. The group served seven torais or cities, centering at Worcester. At the time applications for voting permits were filed, Worcester Depositors Corporation was affiliated with Worcester Bank and Trust Company, a bank in the hands of a conservator. In the reorganization of this bank four of the subsidiaries of the holding companies were taken over as branches. The remaining two wore sold to outsiders and the holding companies were dissolved. 39 "Net Sound" and "Market" Values of Shares of Leading Holding Companies Name "Net Sound" Value Market Value Transamerica $8.25 (3-31-36) $13.25 Anglo-National 23.91 (6-21-37) (11-15-37) 21.00 13.00 First Security Corp. 26.79 (9-30-36) First Bank Stock 18.61 (12-31-36) (1- 8-38) 16.00 10.75 Northwest Bancorporation 18.10 (9-30-36) (1938) 9.37 6.87 8.21 (1936) 8.50 High 5.12 Low 22.51 (1936) 21.00 High 16.00 Low 11,2.18.00 (1936) 7,600.00 High 6,900.00 Low 6,300.00 Current Marine Midland 10.74 (6-30-37) (12-31-37) 9.75 6.00 Shawmut Association 22.80 (7-23-37) (12-31-37) 13.25 10.12 Shawmut National Bank 35.29 (7-23-37) (12-31-37) 30.00 19.75 1,026.00 (1936) 14.29 (12-10-36) Wisconsin Bankshares BancOhio Union Trust Co., Pittsburgh Trust Company of Georgia Atlantic National Bank 25.00 High 12.50 Low 850.00 High 460.00 Low 11.00 No quotations were noted for the following: Marine Bancorporation Old Colony Trust Associates Old National Corporation Bank Shares Corporation First National Trustees Hamilton National Associates Citizens & Southern Holding Co. Almours Securities, Inc. Barnett National Securities New Hampshire Bank Shares First Securities Corporation Sebastopol National Securities Co ESTIMATED DATA RELATIVE TO ILLUSTRATIVE BANK HOLDING COMPANY GROUPS (Varying Sources and Dates, Principally Non-current — Collars, Shares and Shareholders Expressed in Thousands) Holding Company Affiliate Carrying Value Stocks of Capital Structure Total Assets Total (Book) (Book) 25-10056 Deposits Np^ Shares Outst andi nq NonVoting Vot ing No. Shareho1ders Control led Banks Transamerica Corp. (a) 5, $110,609 $189,329 $153,047 10,174 16,612 6,993 9,920 0 23,181.6 13,916 208.4 100 9,920 35241 206.1 Banks 25-IOO£ Controlled lea Capital Structure Common Stock Qvned Total % of Deposi ts Per Cent No. (Book) AverNo. Banks Aver Low Ag greage with Ie6s age gata (Book) than \0% (Adjusted) by H.C.A. of Shares R.F.C. Aid Neqot i ated No. Banks Any One Bank High Total Low 3K 91 68 S 2,078.7 1,993.0 .341 1 $30,000 10,5 2 K-S 90 34 K 182.4 177.5 .298 2 37,550 5,871 9.2 0 80 58 S 100.1 99.1 .200 0 0 6.3 .716 5 I,765 298.5 .150 9 1,500 48.6 .045 6 $1,339,460 $114,250 8 216,913 22,885 8.8 6.4 Voting by 13) 4 63,903 20 8.5 San Francisco, C a l i f . Anglo Nat.Corp.i Cor:s.3ec.Co. 2.4 San Francisco, C a l i f . ,arine Bancorporation S e a t t l e , Washington F i r s t Security Corp. (69* 2,753 3,373 3,373 222.2 1.2 5 60,531 6,606 N 0 90 72 S 79 387,789 42,672 II 7 99 63 S 462 17.9 93 379,587 42,832 II 8 82 22.5 S 154.9 F i r s t Bank Stock Corp. Minneapolis, Minn. 35,270 38,502 38,398 0 Voting by 2) 17.1 3,035.3 Northwest Bancorporation 25,039 ?7, 130 25,557 0 1,679.5 M * nneapo M s , Mi nn. Wisconsin Banksharec Corp. 17,9 (88% Ogden, Utah 9,397 13,937 9,591 0 1,956.5 10.0 18 268,225 27,817 12,256 13,385 13,385 Q 576.C 5.0 16 I 12,046 12,303 4 427,293 22 9.6 .ion Trust Company ( l ) P i t t s b u r g h , Pa. Marine Midland Corp, Jersey C i t y , N, J . (Buffalo) Shawmut Association (2) 14,106 335,780 93,2~,7 0 51,607 57,02C 56,192 0 1,449 7,495 7,439 94 85 6C2.6 495.3 .425 II 3 K-2S 92 71.0 8 245.9 199.2 .670 64,1:11 15 0 94.2 89.6 74.6 53.000 0 0 427,393 56,373 13 IK 91 50.1 1,230.5 24 7.9 .750 21 12,450 9,306 10,391 9,435 376.2 $280,959 S722.802 $433,460 1.559.6 Boston, Mass. TOTALS 0 ] ».s 6 13,991 2,535 17 C 61 51 19.0 .7*0 ! 300 II 97,720 15,363 15 71.1 50.5 S 07.7 1.010 2 1,550 150 S 39.9 (Mass . Trust) Boston, Mass. Old Colony Trust Associates (3) HOJ.O (17* by 8) 0.4 15.0 (60* by 20) 5,836.8 24.5 0 (Mass . Trust) 36.410.3 7.0 302.9 364.2 5,629.1 (KEY: S - small bank; M - medium bank} L - isrgc bank; K - key bank.) (a) Figures represent situation prior to distribution of approximately 53£ of holdings of stock of Bank of America N.T. & S.A, Principal Banks - Associated with Above Holding Corapany Affiliates - Not Included in Above Figures, Except as Noted: (1) Union Trust C o . (H.C.A. - Direct Ownership - Included in H.C.A. Figures Above) $241,255 $93,207 30.6 (2) National Shawmut Bank of Soston (H.C.A. - Through Directors) 172,061 31,760 10.5 (3) First Rational Bank >f Boston (Not H.C.A. - but Key Bank) 22,«00) 3,000)' 13,020) 4,594) j 0 6 K-M Milwaukee, Wisconsin 3anc0h»o Corporation Co 1umbus, Oh io (105 ( (24 '( 0 % 565,766 88,474 15.6 n 23.0 $120,329 Bank3 25-I 00% ControI led Cpnmon Stock Owned by H.C.A. Capital Structure Holding Company Affiliate Page 2. Carrying Value Total Assets Total Stocks of (Book) (Book) Old Nat.Corp.— lnv.,4 Sec.Co. Non- Voting $ 6,418 $ 2,800 244.6 Deposits (Book) Aver- No. Banks Share- age with less hoIders (Book) than 10$ $26,044 2.9 50, $ of Deposits Total No * Vot i ng 25-100$ Control led Banks $1,122 Capital Structure No. Shares Outstanding No. $2,068 8 (Adjusted) 1L Per Cent AverLow Necrot i ated No. of Shares AggreAny One gate Bank age High 82.1 R.F.C. Aid 66.4 9,9 5.4 No. Low 4.6 Spokane, Wash. 737 3ank Shares Corp. 793 758 35,. I (Nonvoting: Mi nneapoIi s, Mi nn. 23.9 # 1 . 0 17$ by (Voting: 54$ by 3 Total Banks (2 $ 750) - 3,585) ; 7,018 767 I I \ S 75 67 K 3.2 2.6 .2 4 185 24.4 9.8 .6 I 150 6.8 1.3 .1 4 760 Dir,,0ff,,etc.) Dir.,0ff.,etc.) 54.8 0.5 6 49,917 7,394 15 0 66.4 41.4 S 103,3 0.6 13 12,074 2,408 20 2S 50.6 27 20 '.I 18,031 2,893 16 0 71.8 61.1 52.2 42.7 1.8 I 300 19,351 2,171 II I L 83.7 54.9 S 10.3 6.S .8 I 50 49,692 4,402 8.9 I-K 4 2-M I-S 77 49.4 K 60.6 29.7 .1 0 0 11,593 1,061 9.2 3S 66.5 52 S 3.6 0 0 5,230 771 15 0 77.2 52 S 2.8 .9 .4 0 0 8,727 970 I I t S 55 50 K 4.3 .6 .5 2 50 8,378 I, A 3 21 0 62.6 23 S 20.1 4.4 12 635 1,786 402 23 0 96.7 93 3 75 72 $2 17,841 324.7 830.7 10,9 $79,233 $114,769 $16,227 # Voting carried on books at $0. "Nonvoting" carried at inflated value and may now have voting rights. Principal banks associated with above holding company affiliates not included in above figures, except as noted: (1) Hamilton Nat.Bank (Not HCA but decidedly key bank) 0 40 29,621 (2) Tr.Co.of Ga. (HCA-Included in Tr.Co.of Ga.Assoc.HCA figures above) 0 20 I.I 19,728 (3) Cit c i Sou.Nat.Bk. (HCA-Holds in trust for its shrhldrs C.4 S.H.Co.) 0 500 2.4 85,831 (4) Atlantic Nat.Bk. (HCA--Through trusteeship of Tr.Co. stock) 0 300 0.6 40,122 (34$ by Lane turn]ly) $27,050 T r u s t e e s — F i r s t N a t . Bank 4,835 7,366. 7,366 1,591 3,522 3,01 1 2,473 28,753 6,493 1,715 1,970 1,054 1,326 63,098 55,374 640 791 676 522 574 574 0 Lou i sv i M e , K y . Hamilton N a t . A s s o c i a t e s (l) Chattanooga, T e n n . T r . C o . o f G a . — T r . C o . o f Ga,Assoc. (2) A t l a n t a , Ga. C i t . & Sou,Holdihg Co. (3) Savannah, Ga. Almours S e c . l n c . - - F 1 a . N a t . G r o u p , 1 n c . Jacksonvi1le, F I a . A t l a n t i c T r u s t Co, (4) J a c k s o n v i l l e , F1 a . B a r n e t t N a t . Sec. Corp. (5) Jacksonvilie, 0 FIa. w Hampshire Bankshares, Inc. 272 276 275 Nashua, N. H. First Sec. C o r p . (6) 640 758 Sebastopol, Calif. 354 450 15 0.1 5 (35$ by 3arnetts) 0 27.4 0 85.5 Less 4 than 100 440 Syracuse, N. Y» Sebastopol N a t . S e c . C o . , 2.4 (By Trustee) •aoQ r> Less n 43 •3^-:> than 100 * (Over 94$ of all by 4) I 1.5 * C.6 * 6 (• Voting by Trustees) 40 10 412 (81$ voting by IP) 1.5 Less than 100 II TOTALS (5) Darnett Nat.Bk.,Jacksonvi I le (Not HCA,not 3-jbsi di ary,but key bank) 0 (6) Fir'jt Trust & Deposit Co. (Not HCA,not subs i di ary, but key bank of group) 0 15 270 D.» - 24,613 51,968 12.4 1.9 .725 .265 .5 200.1 $6,540 S - small bank; M - medium bank; L - targe bank; K - key bank.) 3 , 849 568 7, 926 078 •». 13 23 . 2 9 .2 10 .2 2» 901 9, 760 1 I.0 18 . 7 24.5 0 0 2.5 4.897 0 0 7.5 1,000 0 0 0 .659 0 7,000
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