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Reproduced from the Unclassified / Declassified Holdings of the National Archives

- REC'D IK FILES SECTION)
j

f

JUL. 2 01938

I

I 4 0• O/ .....J
7
I'w

lr« Paul I, doorrlelki Director,
B m u t l i Dlvlaloa,
Saoarltlaa * Isefeang* Coaaiaaion,
C«

D u r Sin

/?

Bafarrlng to jour lattar of Juna 17 cad Xr* QoMiChiHt1!
talaphona eoaTaraation idtli Mr* Borbatt, tha maibar and dapoalta
of aon-lleanaad banks graatad lleanaaa to raopae froai Jvlj 1» 1933
to Baeaabar 31, 1^36 ara atiom balov by yaar of m p « l a | .

Orantad 1Ioannas to
r M B n terttt

luabar
of banka

Dapoaita (in

J«ly 1, 1933 to
Sacatibar 31, 1933

554

410,270

laar 1934

63i

266,480

Toar 1935

47

20,156

laar 1936

3

290

total

1,242

a/#Mf|t»u
f7C
r 4iv

**avl#ion of tha flfora pabllahad In tha tabla
on paga 867 of tha 8aptaabar 1937 laaua of tha
Fadaral Baaarra Baliatln.




faiy truly yours,

P* *%tfcaa,
Assistant Saeratary,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

REC’ IN FILES SECTION
D
Form F . B . 1S1

_ APR 1 2 1933

BOARD DF GDVERNDRS
□ F TH E

FEDERAL

RESERVE

70

SYSTEM

Office Correspondence

O (9 I

Date April 11 f 1988

Subject:
Fmm

R» F» Leonard
In accordance with our telephone conversation, attached are the
foUSttagi
Copy of the Treasujgr Department telegram dated larch 1£,
1953 to the GoYeniGt* of the Fad*ral Reserve banks stip­
ulating the fora in which the license should be issued.
Specimen copy of the printed form of license used by the
federal Reserve Bank of tfew York (attached to letter dated
Bay 5, 1955).
(Both of the above in file 470.01 ~ Licensed
Banks - Banking Holiday - part 1)
Copies of forms of authorisation used by the treasury in
directing the Federal Btsenre basics to issue licenses
(1) The Baraboo Rational Bank (a conversion).
(£) national Bank of Burlington (newly organised
institution)*
(3) Bank of Great leek (upon admission of a nonmeaber
bank to membership)*
(4) The Horwood Hyde Park Bank and Trust Company (upon
admission of a nonmember bank to membership) *
This apparently was an old form no longer strictly
applicable inasmuch as it referred to *the resumption
of normal banking operations”, which is not eltogether
accurate inasmuch as the bank was operating normally
as a nonmember bank* This was taken up with
ComptroUmds office and most of the authorizations
for license* for banks upon becoming members are in­
formed somewhat similar to that in the case of the
Bank of Great leek*
There is no absolute uniformity to the wording of the telegrams
inasmuch as they are prepared by various individuals in the Comptroller's
office*
If any further information is desired in this connection, I shall be
glad to endeavor to obtain it* Mr* Kennedy, Bank Operations, however,
is more familiar with procedures and happenings at the time of the
Banking Holiday*




f.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

FEDERAL R E S E R V E BANK OF CHI CAGO
2 3 0 SOUTH

RECQVED

APRl

1937

DIVISION OF
BANK OPERATIONS

Board of Governors of the
Federal Heserve System
Washington# D. C.
Attenti onf^Mr. £. L. Smead, Chief
Division of Bank Operations
Dear Hr* Sineadt

In accordance with v our letter of March 26, we
shall discontinue sending you the mimeographed lists and
supplements of licensed and unlicensed banks in the
Seventh Federal Reserve district.
ahull pr nimbly d\aconbinue their preparation in the future.

Yours very truly,

A. L. Olson
Assistant Vice-President




/

LASALLE STREET

March
30
19 37

BLfFB

0

:
■
t

Reproduced from the Unclassified / Declassified Holdings of the National Archives

h n k * » 1937
Wat* i, h* Ol*oa*
Aaatjtoat H o o Proaidont,
rodontl *oaorto Bank of ChlaagOj
Ohloafo, m .
* u

Stir Mr* Olaoai
Following tho baaklag holiday in March 1933 prlatod llata
of baaka lloonaod to roopon w n laaaod by tho Fodoral Boaorvo banka
froai tiao to tin# aad waro kopt up to data through tho laauo of woakly
oqpplaaocita. la Traaa ISlft of Juno 9# 1933# tho Board at*tod that
m i l jnrlatod llata ahould bo dlaooatlnuod bat your bonk lndloatod a
doalro to oontlnua laaulag thaa la alaoograiti fora, Slaoa that tiao
tho Board baa boon raeolTing coploa of tho alaoographod llata and
aupploaanta (addraaaad to ir* *oollt Aaalatant Socrotary), tho laat
aoaploto H a t rooolTod (laabor 22} bolag datod Juao 30, 1936* Thoao
llata aad aapploaonta havo booa halpful la tho paat la rooonclllng
oar rooorda of baaka lleoaaod aad not lloanaad, bat no* that rolatlT03y fa* ehaagaa la atatua of baaka aro ooourrlag froa aook to
voak ao aro ablo to aalntaln oar rooorda of baaka la oparatlon la
a aatlafaetoxy aaaaor on tho baaia of your vookly atatoaonta of
baak ehaagaa (fora £~12) aad tho raaoaollaaanta furnlahod aa of
oaoh call data* Aooordlngly, tho alaaographad llata and aupplaamta
aood no longor bo ftsmlahod to aa«
Vary truly youra*

S' 1*0 &aoad, Chlof,
Diviiion of Bank Oporatlona*

B
DMK/lee



J

)

Reproduced from the Unclassified / Declassified Holdings of the National Archives

i{10- V 1

REG ' M GENERAL .FILFS
D
Federal D eposit I s u r a n c e C orpo ra tio n
n

is

WASHINGTON

H ln 9 O (
November 25, 1936^*^

BECE1
YED
Mr, E. L. Sinead, Chief,
*. Division of Bank Operations,
*
'*®feoard of Governors of the
Federal Reserve System,
Washington, D. C#.*
>0

N O V 24 1 9 3 6

DIVISION OF
BANK OPERATIONS

Dear Mr. Smead:
At the request of Mr. Kennedy we are sending yon a
list of banks approved for insurance on or before January 1,
1954, but reported by your Division as not licensed on Janu­
ary I, 1934. In a tabulation which we are preparing of banks
in conservatorship or operating under restrictions when depo­
sit insurance became effective January 1, 1934, these banks
are excluded.
In addition, one unlicensed bank (Standard Bank,
Akron, Ohio) reported by your Division as placed in liquida­
tion or receivership on January 2, 1934, is also excluded from
our list of banks in conservatorship or operating under restric­
tions on January 1, 1954, since the State authority reports
this bank in receivership on December 30, 1933.
Mr. Kennedy has informed us that he has recently com­
pleted a new list and classification of banking institutions by
States. Gould we obtain a copy of the tables for each State,
and also the lists of such institutions other than insured banks?
We are revising our list of noninsured banking institutions, and
are very desirous of cooperating with you so that our figures of
the number of banks will agree with those published by your Divi­
sion.




Very truly yours,

Donald S. Thompson, Acting Chief,
Division of Research and Statistics.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

LIST OF BANKS APPROVED FOR INSURANCE ON OR BEFORE JANUARY 1 1954,
REPORTED BY THE FEDERAL RESERVE BOARD AS NOT LICENSED ON THAT DATE

Date licensed, as
reported by
Federal Reserve

Name and Location of bank

ARKANSAS
BGONEVILLE

Citizens Bank

1-2-34 •

CHIDESTER

Bank of Chidester

1-2-34,

DIERKS

Bank of Dierks

1-2-34 •

DOVER:'

Bank of Dover

1-2-34 -

ENGLAND

Bank of England

1-6-34 *

GLENWOOD

Bank of Glenwood

1-2-34 •

GRIFFITHVILLE

First Bank of Griffithville

1-2-34•

KENSETT

Bank of Kensett

1-2-34•

MAYNARD

Bank of Maynard

1-2-34*

MOUNTAIN VIEW

Bank of Mountain View

1-2-34 '

OLA

Bank of Ola

1-2-34 -

POTTSVILLE

Citizens Bank

1-2-34 *

QUITMAN

Bank of Quitman

1-2-34<

RECTOR

The Bank of Rector

1-2-34 •

WALDO

Bank of Waldo

1-2-34 •

WALDO

Peoples Bank

1-2-34 -

WHEATLEY

Rice Growers Bank

1-2-34 '

GEORGIA
ATLANTA

Georgia Savings Bank & Trust Company

1-3-34-

GREENVILLE

Greenville Banking Company

1-13-34




Repioduced from the Unciasstied / Declassified Holdings of the National Archives

- 2 Date licensed, as
reported by
Federal Reserve

Name and location of bank

ILLINOIS
CUBA

1-2-54 *

State bank of Cuba
MASSACHUSETTS

HAVERK&&.

Haverhill Trust Company

Ab sorb ed

11-10-54

MISSOURI
■

ARCHIE

Archie State Bank

1-24-54 '

BELGRADE

Belgrade State Bank

1-2-54 •

CLARENCE

Shelby County State Bank

1-2-54 '

ELLINGTON

Farmers State Bank

1-2-54 *

FLORISSANT

Citizens Bank

1-2-54 '

FOREST CITI

Home State Bank

1-24-54'

GOODMAN

Goodman State Bank

1-24-54 1

HGUSTONIA

Houstonia Bank

1-2-54 '

KANSAS CITI

South Side Bank

1-24-54 *

LEONARD

Farmers Bank

1-2-54 '

LEWISTOWN

Lewistown State Bank

1-2-54«

LICKING

Peoples Savings Bank

1-2-54 -

MADISON

Farmers & Merchants Bank

1-2-54 •

MONTICELLO

Bank of Montieello

1-2-54i

ROLLA

Rolla State Bank

1-2-54 ‘

SHELBYVILLE

Citizens Bank

1-2-54 •

SPARTA

Citizens Bank

1-2-54 1

SPRINGFIELD

Farmers & Merchants Bank

1-2-54 ,




Reproduced from the Unclassified I Declass tied Holdings of the National Archives

-

5

-

Date licensed, as
reported bv
Federal Reserve

Name and location of bank

MISSOURI - (Continued)
ST, CHARLES

St. Charles Savings Bauk

1-2-54-

ST. ELIZABETH

Bank of St. Elizabeth

1-2-34 ’

ST. JOSEPH

Park -&|mk

1-24-34•
NEBRASKA

WALLACE

Farmers State Bank

4-7-34 /

OKLAHOM
CRESCENT

Farmers & Merchants Bank

1-2-34 ,

OREGON
AMITY

Bank of Amity

1-15-54.

ESTACADA

Estacada State Bank

1-5-34 •

WASHINGTON
MARCUS

Guaranty State Bank

1-2-54 .

WISCONSIN
ARGYLE

State Bank of Argyle

10-6-54 .

BARTON

Barton State Bank

6-26-34 *

BOYD

State Bank of Boyd

6-21-34 *

BRUCE

Bruce State Bank

1-5-54 *

CAMPB ELLSPORT

First State Bank

2-1-54 •

CASHTON

Bank of Cashton

4-19-54‘

CEDARBURG

Farmers & Merchants Bank

3-19-54 -

COCHRANE

Farmers & Merchants Bank

5-21-54 -

CROSS PLAINS

State Bank of Cross Plains

3-6-34 >

CUBA CITY

Cuba City State Bank

6-7-54'

DEERFIELD

Bank of Deerfield

2-7-34 .




Reproduced from the Unclassified I Decla§SffiedsH©ldingSfOf4h.e*Mati0@3kArchives

Federal Reserve
WISCONSIN - (Continued)

%

DEMYAN

Wisconsin State Bank

2- -34 *

ELKHORN

State Bank of Elkhorn

5-23-54,

FRIESLAjjfc

Friesland State Bank

4-16-54 •

HAVEN

State%
jank of Haven

5-28-54 to 4-9-34 .

HILBERT

State Bank of Hilbert

4 - 54

HURLEI

Iron Exchange Bank of Hurley

5-2-34 *

; .S

-

JUNEAU

Citizens Bank

s' (*& .b \
.H
5-5-54 ( 3-- 34 )

KIEL,.

Citizens State Bank

5- -54 •
»

LAKE MILLS

Bank of Lake Mills

5- -54 •

LEBANON

Lebanon State Bank

5-28-54 to 4^9-34'

MADISON

Security State Bank

6-25-54 *

MADISON

South Side ^tate Bank

3- -54 *

HARIBEL

Maribel State Bank

11-7-54 ,

MAUSTON

Bank of Mans ton

5-28-54 to 4-9-34 -

MERRILL

Citizens State Bank

MILWAUKEE

Home Savings Bank

2-1-34 t*
/
2-4-54

MILWAUKEE

Layton Park State Bank

1—

MILWAUKEE

Lincoln State Bank

1-29-54•

MILWAUKEE

Mitchell Street State Bank

2- -54 *

MILWAUKEE

North Milwaukee State Bank

3- -54 *

MILWAUKEE

Teutonia Avenue State Bank

5- —54 ‘

MONDOVI

Mondovi State Bank

6-9-54 •

MONTFORT

Citizens State Bank

8-10-54 *




.

54

O
.KJL'-

(/-ir-34 )

Reproduced from the Unclassified / Declassified Holdings of the National Archives

7
V
:
---

r
y

- 5 Date licensed, as
reported by
Federal Reserve

Name and location of bank

WISCONSIN - (Continued)
MOUNT CALVARY

Mount Calvary State Bank

8-11-54 *

NEW LISBON

New Lisbon State Bank

2- -54 -

OCONQMCfltoC

Bank of Oconomowoc

5-14-54 *

OGEMA

5_25-34

OSSEO

State J3ank of Ogema
Bank of Osseo

PARK FALLS

Park Falls State Bank

4-16-54 ✓

PLATTEVILLE

Mound City Bank

1-29-54 *

POTGSI

Potosi State Bank

1-5-54 '

RANDOLPH

Dairyman’s State Bank

4-25-34 C i1 -<Un 9
'*’

RHINELANDER

Merchants State Bank

4-7-34 ■

SAINT CLOOD

State Bank of Saint Cloud

5-5-54 '

SPENCER

Spencer State Bank

4-17-54'

WATERLOO

Farmers & Merchants State Bank

7-24-54'

WAUSAU

First American State Bank

2-1-54 -

WAUZEKA

Bank of Wauzeka

2-19-54 *

WEST ALLIS

West Allis State Bank

5- - 54 *

WHITEWATER

Whitewater Commercial & Savings Bank

5-51-54 *

WITHEE

State Bank of Withee

4-16-54 .

WOODMAN

Woodman State Bank

1-4-54 '




5-6-54 .

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Form No. 181

/

Office Correspondence

To

A le s

,
_______ ___________

From ,1 Mr. Leonard______________ __
M/r
>
p’
f

7/

FEDERAL RESERVE
BOARD

Date Jan. 28, 1956 ______

Subject:__________________ ^

70 ^

Cre
add

____________________
ea
r

1—82
6 5

Mr. Seitz telephoned yesterday and raised a general question re­
garding issuance ofJLicenses by the Secretary of the Treasury to State

v
.
banhg^upon admission to membership in the System.

^

I told him that the

licenses were still being issued and looked at the files of some of the
banks which had recently been admitted to membership in order to confirm
this statement.

It gAi noted that the files of the .First State Bank of

h

Libby, Libby, Montana, admitted to membership October 8 , 1955, do not
contain such a record.

Mr. Bartz then made a check of all State banks

admitted to membership since January 1, 1935, and it was found that there
was record of a license in all cases except First State Bank of Libby.
The list of the banks 00 checked include banks in all of the districts
except St. Louis.

A further check was made of all State banks in the

9th District admitted to membership since March 4, 1935, and it was found
that there is record of a license in all cases except that of the First
State Bank of Libby.
I advised Mr. Peyton that this was missing, and he said that he would
look into the matter immediately and advise us.
Mr. Seitz and Mr. Wingfield agreed that the matter should be handled
in this manner.




i

Reproduced from the Unclassified I D6<5lS§§ififd Holdings of the National Archives*

< rv i

^

< n ^

JC )
[ J > v a A ^ .

K




^ £ e

c n ^

Reproduced from the Unclassified I Declassified Holdings of the National Archives

i/P * *
Sttt jflatttn

•Sorfolk County Truat Coapany, Brookline, Mass.
the State Bank of Whitehall, Whitehall, Mich* -

-

'■ •7

First Stats £>avinge Bank, Hason, Mich, ~
-CAlvart Bank, Baltimore, lid - '
*
'
Danaard State Bankt Konroe, Mich*Passaic Park Trmat Company, Passaic, H#J.“
•HoDonald State Bank, Horth Platte, Kebr&aka —
Thssfaraers and Merchants State Bank, Turkey, Te*as «( *the First State Bank of Tonganoxle, Tonganoa&e, Kansas /
*

the First State Bank of Petoakey, Petoakey, Michigan
* .the Farmers and Merchant* State B t k Wakefield, Kansas :
ai,
Clyner State Bank, Clymer, i* X* Zeeland State Bank, Zeeland, Sich*Commercialand Faimers Bank, liUloott City, lid*The Algonac Savings Bank, Almanac, Mich* the Farmers State Bank of Alto, Alto, Michigan —
Fountain State Bank, Fountain, ilch* —
The Hone State Bank of Laurence, Lawrence, Mich* —
The Kingston State Bank, Kingston, Mich* —
Commercial Bank & Tyust Company, Knoxville, Tennessee Commonwealth .Bank of B&ltlaore, Baltisaore, id* —
The Citlsens Bank of Aroade, Arcade, I* I* —
Gonaales State Bank, Gonsales, Texas The Lorain Street Bank, Cleveland, Ohio Imaiy City State Bank, Inlay City, Michigan First State Bank of Valparaiso, Valparaiso, Indiana —
The State Savings Bank of Gagetown, Gagetown, Mi<&«
•American Bank of Carlsbad, Carlsbad, Hew Kexico
-First State Bank of Libby, Libby, Mont* ^ *
*
Miners Bank and Trust Company, Lykens, Pennsylvania Farmers & Slerohants State Bank, Darlington, Ind.—
Washington State Bank* Washlngton, Iowa w
The Farmers State Bank of Waupaca, Waupaca, Wisconsin —
the Reading Trust Company, Beading, Pennsylvania —
first Trust Company of Philadelphia, Philadelphia, Penna. •M S Bank and Trust Company, Chicago, Illinois
American State Savings Bank, Lansing, iieh* —
Bank of Sheboygan, Sheboygan, Wise*
—
Pomeroy State Bank, Pomeroy, Wash* I
^




1- 2-8$'
X- 8—88 •
8- M S
g-15-552-14-8#2-21-554—5—35 *
4-5-55*
4-S-55*
4-10-55•
4-22-55*

5500-

11-55 *
17-55 *
15- 55*
14- 5 5 •

6-16-55*

0- 22- 55 ‘
6-26-55 •

6-28-55*
7-1-55 *
7-26-55*
7-51-55*

8m B*|2& *
a »
8-21-85 *
9- 14- 55 *
9- 16- 55 *
9- 17-55 •
9- 18-55 *
10- 8-55 •
10-14-55*
XI- 1-55'
11- 14-55 •
11- 15- 5 5 '
11- 27-55 *
12- 14- 8 5 *
12-24-55 •
12-51-55 *
12- 51-55 '
1-18-56*

Reproduced from the Unclassified / Declassified Holdings of the National Archives

Adird-tted to Member ship
Date effective
Norfolk County Trust Company, Brookline, Mass.
The State Bank of Whitehall, Whitehall, Mich.
First State Savings Bank, Mason, Mich.
Calvert Bank, Baltimore, Md.
Dansard State Bank, Monroe, Mich.
Passaic Park Trust Company, Passaic, N.J.
McDonald State Bank, North Platte, Nebraska
The farmers and Merchants State Bank, Turkey, Texas
The First State Bank of Tonganoxie, Tonganoxie, Kansas
The First State Bank of Petoskey, Petoskey, Michigan
The Farmers and Merchants State Bank, Wakefield, Kansas
Clymer State Bank, Clymer, 1 . 7.
1
Zeeland State Bank, Zeeland, Mich.
Commercial and Farmers Bank, Ellicott City, Md.
The Algonac Savings Bank, Algonac, Mich.
The Farmers State Bank of Alto, Alto, Michigan
Fountain State Bank, Fountain, Mich.
The Home State Bank of Lawrence, Lawrence, Mich.
The Kingston State Bank, Kingston, Mich.
Commercial Bank & . Trust. Company, Knoxville, Tennessee
Commonwealth Bank of Baltimore, Baltimore, aid.
The Citizens Bank of Arcade, Arcade, N. I.
Gonzales State Bank, Gonzales, 'Texas
The Lorain Street Bank, Cleveland, Ohio
Imaly City State Bank, Imlay City, Michigan
First State Bank of Valparaiso, Valparaiso, Indiana
The State Savings Bank of Gagetown, Gagetorn, Mich.
American Bank of Carlsbad, Carlsbsd, New Mexico
First State Bank of Libby, Libby, Mont.
Miners Bank and Trust Company, Lykens, Pennsylvania
Farmers & Merchants State Bank, Darlington, Ind.
Washington State Bank, Washington, Iowa
The Farmers State Bank of Waupaca, Waupaca, Wisconsin
The Reading Trust Company, Reading, Pennsylvania
First Trust Company of Philadelphia, Philadelphia, Penna.
I—C Bank end Trust Company, Chicago, Illinois
American State Savings Bank, Lansing, Mich.
Bank of Sheboygan, Sheboygan, Wise.
Pomeroy State Bank, Pomeroy, Wash.




1 - 2 -5 5
1 - 8 -5 5
2 - 5-55
2 -1 5 -5 5

2-14-55
2 -2 1 -5 5
4 -5 -5 5
4 -5 -5 5
4 -5 -5 5
4 -1 0 -5 5
4 -2 2 -5 5
5— 55
11—
5 -1 7 -5 5
6 -1 5 -5 5
6 -1 4 -5 5
6 -1 8 -5 5
6 -2 2 -5 5
6 -2 6 -5 5
6 -2 8 -5 5
7 -1 -5 5
7 -2 6 -5 5
7 -5 1 -5 5
8 -8 -5 5
8 -2 1 -5 5
9 -1 4 -5 5
9 -1 6 -5 5
9 -1 7 -5 5
9 -1 8 -5 5
1 0 - 8-5 5
1 0 -1 4 -5 5
1 1 - 1 -5 5
1 1 -1 4 -5 5
1 1 -1 5 -5 5
1 1 -2 7 -5 5
1 2 -1 4 -5 5
1 2 -2 4 -5 5
1 2 -5 1 -5 5
1 2 -5 1 -5 5
1 -1 8 -5 6

Reproduced from the Unclassified I Declassified Holdings of the National Archives

idalttoa M

Meaberahlp

Norfolk County trust Company, Brookline, Mass*
The State Bank of Whitehall, Whitehall, Mich.
First State Savings Bank, Mason, Mich*
Calvert Bank, Baltimore, l d
i*
Dansard State Bank, Monroe, Mioh*
Passaic Park Trust Company, Passaic, H.J.
McDonald State Bank, North Platte, Mebraska
The J^armera and Merchants State Bank, Turkey, Texas
The rirst State Bank of Tong&noxie, Tonganoxie, Kansas
The First State Bank of Petoskey, Petoskey, Michigan
The Farmers and Merchants State Bank, Wakefield, Kansas
Clymer State Bank, Clymer, B. I.
Zeeland State Bank, Zeeland, Mich*
Commercial and Farmers Bank, tllicott City, Md#
The Algooac Saving** Bank, Algonac, Mich*
The Farmers State Bank of Alto, Alto, Michigan
Fountain State Bank, Fountain, Mich.
The Hone State Bank of Lawrence, Lawrence, Mich.
The Kingston State Bank, Kingston, Mich.
Commercial Bank & Trust Company, Knoxville, Tennessee
Commonwealth Bank of Baltimore, Baltimore, Md*
The Citisens Bank of Arcade, Arcade, H. Y.
Gonxales State Bank, Ctoasales, Texas
The Lorain Street Bank, Cleveland, Ohio
laaly City State Bank, Imlay City, Michigan
First State Bank of Valparaiso, Valparaiso, Indiana
The State Savings Bank of Gagetown, Gagetown, Mich*
American Bank of Carlsbad, Carlsbad, Hew Mexico
First State Bank of Libby, Libby, &ont*
Miners Bank and Trust Company, Lykens, Pennsylvania
Farmers & Merchants State Bank, Darlington, Ind*
Washington State Bank, Washington, Iowa
The Farmers State Bank of Waupaca, Waupaca, Wisconsin
The Reading Trust Company, Reading, Pennsylvania
First Trust Company of Philadelphia, Philadelphia, Penna*
I-C Bank and Trust Company, Chicago, Illinois
American State Savings Bank, Lansing, iich*
Bank of Sheboygan, Sheboygan, Wise.
Pomeroy State Bank, Pomeroy, Wash*




1- 2-35
1- 8-35
2- 5-8$
2-13-55
2-14-3$
2-21-35
4—3—55
4-3-35
4-5-35
4-10-35
4-22-35
5-11-35
5-17-35
£-13-35
6—14—35
6-18-35
6-22-35
6-26-35
6-28-35
7-1-35
7-26-35
7-31-35
8-8-35
8-21-35
3-14-35
9-18-35
9-17-35
9—18—35
10- 8-35
10-14-35
11- 1-35
11-14-35
11-15-35
11-E7-35
12-14-35
12-&4-35
12-51-35
12~S1~85
1—18—36

Reproduced from the Unclassified I Declassified Holdings of the National Archives

ADMITTED TO MEMBERSHIP
SINCE MARCH 4, 1933.

jaj&S&Sll

State Bank of Aurora, Aurora, Minnesota
Sprague State Bank, Caledonia, Minnesota
Security State Bank, Cannon Falla, Minnesota
Boot Ki*er State Bank, Chatfield, Minnesota . f£sU
Security State Bank, Houston, Minnesota
First State Bank, ftushmore, Minnesota
Faraer^fit Merchants State Bank, Sacred Heart, Minnesota ^
Farmers Merchants State Bank, Springfield, Minnesota ^ £ 0
State Bank of Springfield, Minnesota >
Wadena County State Bank, Sedeaa, Minnesota I f to
First State Bank, ISykoff, Ifinneeota ~
Citizens Bank & Trust Co*, Big Tiabery Montana
Deer Locg* Eank^ft Trust Co*, Beer Lodge, Montana
Faraere State Bank, Denton, Montana
Fara»ers*Stockgrower© lank, Glasgow, Montana
Montana Bank i Trust Co*, Great Falls, Montana HU*
s
the tellowptone Bank, Laurel, Montana
FirstT State Bank, Libby, Montana
lUr'
Honan State Bank, Honan, Montana
S a e : Bank of Terry, Montana
ttI'jUs*
Farmers State Bank, Victor, Montana
States Bank of Alceater, South Dakota
Bank of Alpena, South Dakota
Belvidere State Bank, Belvidere, S©* Dakota 7 ^
Merchants State Bank, Freeman, South Dakota
Security State Bank, McIntosh, South Dakota
Hand County State Bank, Miller, South Dakota'
Citlsem Bank & Trust Co., Mobridge, South Dakota
Faraere & Merchants State Bank, Fresh©, South Dakota
Bear Butte ?alley Bank, Sturgis, South Dakota
Bank of Toronto, South Dakota L *J
jC
Jerauld County Bank, ffessington Springs, South Dakota
Farmers State Bank, Winner, South Dakota
'
Sanbom C u t ? Bank, Woonsockex^ South Dakota
ony*




Date, effective

4* 5-54
X-22-54
11*15*55
11-16*55
12-15*55
2* 7*54
2 * e- 5 4

1£*J£9*55
12*29*55
11*28*55
10-14*2®
1* S*54
4*16*54
11*28*55
l£*28~55
11*20*53
5*16*54
10*8*55
12*29*55

8* 7*55
11*27*55

0*25*58
11* 1*55
7*51*55
11*17*55
5*13*54
74W8

1*24*54
11*15*55
8*22*55
2*10*54
It* 8*55
10* 9*53

4*15*55

Reproduced from the Unclassified / Declassified Holdings of the National Archives

ADMITTED TO MEMBERSHIP
SINCE MARCH 4, 1955.
District 9
State Bank of Aurora, Aurora, Minnesota
Sprague State Bank, Caledonia, Minnesota
Security State Bank, Cannon Falls, Minnesota
Root River State Bank, Chatfield, Minnesota
Securityt^tate Bank, Houston, Minnesota
First State Bank, Rushmore, Minnesota
Farmers & Merchants State Bank, Sacred Heart, Minnesota
Farmers & Merchants State B&nk, Springfield, Minnesota
State Bank of Springfield, Minnesota
Wadena County State Bank, Wadena, Minnesota
First State Bank, Wykoff, Minnesota
Citizens Bank & Trust Co., Big Timber, Montana
Deer Lodge Bank & Trust Co., Deer Lodge, Montana
Farmers State Bank, Denton, Montana
Farmers-Stockgrowers Bank, Glasgow, Montana
Montana Bank & Trust Co., Great Falls, Montana
The lellowstone Bank, Laurel, Montana
First State Bank, Libby, Montana
Ronan State Bank, Ronan, Montana
State Bank of Terry, Montana
Farmers State Bank, Victor, Montana
State Bank of Alcester, South Dakota
Bank of Alpena, South Dakota
Belvidere State Bank, Belvidere, So. Dakota
Merchants State Bank, Freeman, South Dakota
Security State Bank, McIntosh, South Dakota
Hand County State Bank, Miller, South Dakota
Citizens Bank & Trust Co., Mobridge, South Dakota
Farmers & Merchants State Bank, Presho, South Dakota
Bear Butte Valley Bank, Sturgis, South Dakota
Bank of Toronto, South Dakota
Jerauld County Bank, Wessington Springs, South Dakota
Farmers State Bank, Winner, South Dakota
Sanborn County Bank, Woonsocket, South Dakota




Date effective
4- 3-54
1-22-34
11-13-33
11-18-33
12-13-33
2- 7-34
2- 6-34
12-29-33
12-29-33
11-28-33
10-14-35
1- 5-34
4-16-34
11-28-33
12-28-33
11-20-33
3-16-34
10-8-3-5
12-29-35
8- 7-33
12-27-33
9-25-33
11- 1-35
7-31-33
11-17-33
5-16-34
7-29-33
1-24-34
11-15-53
8-22-33
2-10-54
12- 8-33
10- 9-33
4-15-55

Reproduced from the Unclassified I Declassified Holdings of the National Archives

ADMITTED TO M M E S IP
E BRH
SINCE MARCH 4, 1933*
District 9

State Bank of Aurora, Aurora, Minnesota
Sprague State Bank, Caledonia, Minnesota
Security State Bank, Cannon Falls, Minnesota

Boot Mi»r State Bank* Chatfield, Minnesota
Security State Bank, Houston, Minnesota
first State Bank, fotahnore, Minnesota
Faraerc & Merchants State Bank, Sacred Heart, Minnesota
Fernery 6 Merchants State Bank, Springfield, Minnesota
State
of Springfield* Minnesota
Wadena County State Bank, Wadena, Minnesota
First State Bank, l^ykoff, Minnesota
Citisens Bank & Trust Co«,'iig Tisiber, Montana
Deer Lodge Bank & Trust Co*, Deer Lodge, Montana
Fanaers State Bank, Denton, Montana
Farjssers-Stockgrbwers Bank, Glasgow* Montana
Montana Bank & Trust Co*, Great Fills, Montana
The lellowetone Bank, Laurel, Montana
First State Bank, Libby, Montana
Ronan State Bank, Honan, Montana
State? Bank of Terry, Montana
Farsserc State Bank, tictor, Montana
State Bank of Alcester, South Dakota
Bank of Alpena, South Dakota
Belvider® State Bank, Beliridere, £ > Dakota
k*
Merchant* State Bank, Freeawn, South Dakota
Security State Bank, McIntosh, South Dakota
Bam! County State Bank, Miller, South Dakota
Citisens Bank & Trust Co*, Mobridge, South Dakota
Fanaers & Merchants State Bank, Presho, &outh Dakota
Beaur Butte falley Bank, Sturgis, South Dakota
Bank of Toronto, South Dajfcota
Jerauld County Bank, Wessington Springs, South Dakota
Farmers State Bank* Winner, South Dakota
Sanborn County Bank, ioonsocker, South Dakota




Pate ,«rr{M?tlTO
4- S-S4
1»££-S4
U-15-5S
11—18—53
1M84S
£* 7-54
a- e ~ M

1£-Jc9~35
1£-2S~S5
U~2«-S5
10-14—35
1- 5—2 4
5
4-16-54
11-28-33
l£~£8-S5
11-20-35
5-16-54
1*3-8-55
I2-29-3S
8- 7-55
1£~27~55
9-25-55
U- V4*

7—31—35
11-17-35
5—IS—1 4
8
7-29-35
1-24-54
il-U-35
8-22-35
2-10-54

12- 8-55
10- 9-55
4-15-53

Reproduced from the Unclassified I Declassified Holdings of the National Archives

^ 5 V' - (
4
September 2B, 19.35
Hr* Currie

Mutual savings bank® 1b Mew

Mr* Horbett

Hampshire following the banking holiday.

Division of Bank Operations Ft?*
As I indicated this morning, Mutual saving® banks in the New
England state© end How York had restrictions on withdrawals of deposits
following the,banking holiday, imposed generally by the State banking de~
partaents*

restrictions Halted the amount of deposits that could

*<
be withdrawn by any on^depositor.

As time went on the restrictions in

many cases had no orecttcal'ifsffect* since if a depositor demonstrated a

real need for the funds he was permitted to withdraw what he needed.

Our inforration in the case of New Hampshire is that immediately
following the banking holiday depositors at igutusl savings and guaranty
banks could withdraw CIO at one tlae or f 5 a aonth, but not to exceed
-0

10$ of the deposit balsnce*
In July 1933 we were advised that the banks were then authorised
to pay out up to flOO at any one tlae to any depositor or, by vote of
directors, in excess of $100 but not in excess of 20$ of the account*
These liberalised restrictions were put into effect at different tiroes in
different localities but by July were in effect throughout the State.

At the end of December 1933 *11 limitations on deposit with­
drawals at mutual savings banks in Hew Hampshire were lifted*




Reproduced from the Unclassified / Declassified Holdings of the National Archives

)

W o .r-t
SeptoMber 19,

Hies
Mr. Kennedy

Inaaauch aa the Twining Bank of Sleeper, Merrick and Company,
Twining, Michigan, appear* la the Chicago district Monthly stateaent for
July 2^35 as a *aoa-Hcen»ed» bask suspension, we shall include this hank
in oar statistics of non-llcensed b&nke placed in liquidation or receiver*&
-ship* this was a private bask'
which had agreed to examination under
Section 21a of the Banking Act of 1933 aad information with respect to
the licensed status of such banks has not been requested fro* the
Federal Reserve banks*




13
95

Reproduced from the Unclassified / Declassified Holdings of the National Archives

f }0 ■o I
September 19, 1935
me#

Hr* Kennedy

The Merchants h farmers Bank, Junction. City, Arkansas, was
included in the %>ril 12, 1933 list of banks as an unlicensed bank and
reported as having been placed in liquidation or receivership on August
31* 19».

It appears £ro» the Baud Mcfially Bankers Birectory and avail­

able information that thij| bank changed its title on Avgust 31, 1933# to
Onion State Bank, Junction City* and vas licensed on that date.

Accord­

ingly, we shall include this bank in our records of licensed banks rather
than non-licensed banks placed in liquidation or receivership.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

F o rm *N o . 131

tr

*

■Urhce Coj
To

■tyJjkJt—

3
sponuence

FEDERAL RESERVE

Mr. Horbett_________________ Subject:------------- ------------ 4 „ /

I

From— Mr, Kennedy
bo
p

1—82
6 5

With reference to the attached memoranda from Hr. Brown and
Mr. B«£pt of the Federal Deposit Insurance Corporation regarding the
classification of insurec^*stabilized* banks in Wisconsin, Mr. Smead
has approved the change in classification, for statistical purposes,
from "unlicensed* to “licensed1 in the ease of the 3 banks listed below:
1
Farmers State Bank
First State Bank
State Bank of Ogema

Hillsboro
Bio
Ogema

Mr. Smead suggested, inasmuch as there are only two other
"stabilized* banks (Union Trust Company, Madison, and the Vesper-Arpin
State Bank, Vesper), that we also change the classification of these
banks in our records from •unlicensed1 to "licensed*.
1
Accordingly, we have changed the classification of these
banks in our records and have appended a note in our records in ex­
planation.

We do not intend, however, at this time to revise any back

figures of licensed and not licensed banks.
As you know, the Dairymen* s State Bank, Randolph, referred
to in Mr. Brunt1s memorandum was reported ty the Chicago Federal Reserve
Bank as having been licensed on April 23, 1935*
It is assumed that you will want to furnish Mr. Brunt with
a copy of this memorandum so that he may call this matter to the attention
of Mr. Nichols and Mr. Fox.




j
#

' W '

Reproduced from the Unclassified / Declassified Holdings of the National Archives

£ o EX

r

/
^

FEDERAL DEPOSIT INSURANCE CORPORATION
INTER-OFFICE MEMORANDUM
To Mr. John Nichols, Chief Examiner
Several days ago Mr. Brunt told me that the Federal Reserve Board
was carrying four Wisconsin banks which are members of the Temporary Fand on
their list of unlicensed banks. Attached hereto is his memorandum giving the
names of the banks in question.
It was our understanding at the time the Wisconsin banks were under
special consideration that all banks certified to be solvent had been duly
and regularly licensed, rad, therefore, I do not understand why the Federal
Reserve Board is carrying them on their unlicensed list#
I, am passing this information along to you with the thought that
you might wish to take it up with the Wisconsin State Banking Commissioner*
From

(Signed):

Date March 19, 1935

Francis C. Brown
Counsel

.v

FEDERAL DEPOSIT INSURANCE CORPORATION
INTER-OFFICE MEMORANDUM
To Mr. Francis Brown

Room No. 307

The following insured banks are considered as unlicensed by the
Federal Reserve Board:
Hillsboro, Wis.
Ogema, Wis*
Randolph, Wis.
Rio, Wis.
I
which are unlicensed.

Farmers State Bank
State Bank of Ogema
Dairymens1 State Bank
First State Bank
believe there are two or three more insured banks in Wisconsin

From
Date March 16, 1935




A. W. Brunt

Reproduced from the Unclassified / Declassified Holdings of the National Archives

m

'

'

■

u r 29, x m
Mil* Clark /
U u Jonaa s
Mr* Kannaty

l/- */G * 0 /

BWWwi of Btnk Operttkxif Fif#

Kindly change th© claaaificatioti in our racorda and revise
our figures of licensed and not lieanaad banka to show that the £ol~
lowing- b u i a In Wlaoonain art licensed using on tha cards the following
sck
’
’
fr
notei
Farmars St&ta^Bank

Hillsboro

Onion trust Conpasgr

Kadiaon

State Bank of Ogana

Ogana

first State Bank of Bio

Mo

Vesper-Arpin State Bank

Vaapar

Thia la a "stabilised* bank and olaaaificAtion was changed
fro* *unlioensed* to *Xicenaad" In aiftiPftanee with Mr*
Borbett*s naaorandna of May 25 addreaaadto Mr* a*ead.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

m

29 . i m

Hr. Horbstt
Hr. Kennedy

Division of Bank Operations Fila

11I I reference to your question as to whether tbs data shewn In the
I
attached table on bank changes prepared by the Federal Deposit Insurance
Corporation li In agreement with our records* we have checked the national
batik and Stata nonpar bask flgorai and have found ona or two minor dlf far<Sr
encce which lata now been reconciled with the Federal Deposit In*urancs
Corporation.

For exaaple, tha number of national banks on January lv 193**

shown on tha table as

5.153 •bould ha

5.15**«

Tha nusfesr of noamember Panics shown in tha table &s compared with
our raoords are shown btflows
Q y records
January 1. 193**
Deessfeer 31,193**

*.333
8.792

fheee differences appaar dm to tha Fadaral Deposit Iasurance Oorpora­
#
tlon including a number of insured Morris Flan and Industrial hanks (par­
ticularly In Horth Carolina and Haw York) which ara not Included in our re­
cords,

In this connection 1 have haan fumlshad with tha number of basin by states

at tha beginning end end of the year supporting the nu»&er shown in the
table and ean now prepare a reconcilement between the two records.
It la noted that some of ths classifications of changes used in the
tsble do not oorreapond with tha classifications used in our annual report
and It may be that tha Federal Deposit Insurance Corporation would agree to
minor changes In ths classifications so tfcat they may more nearly
agree with those published In our last year*s annual report. the clastificatlon "Primeiy organisation" In view of all the changes through reorganisa­
tion of banks Incident to the banking holiday Is probabjy valueless,




Reproduced from the Unclassified I Declassified Holdings of the National Archives

t 70 , /
!

F o r m N o . 131
4* 4 * *

1

FEDERAL RESERVE

Urrice CoprespGjiidence
Miss Clark ( S'
Tn
Miss Jones ' _____ /
___________

B0ARD

r w

May 2 9 , 1 9 3 5

Subject:__________________ ______

From Mr. Kennedy
epo

Kindly change the classification in our records and revise
our fibres of licenced and not licensed banks to show that the fol­
lowing 'banks in Wisconsin are licensed using on the cards the following
note:

\

Farmers State Bank

Hillsboro

Union Trust Company

Madison

State Bank of Ogema

Ogema

i

First State Bank of Rio

Rio

i

Vesper-Arpin State Bank

Vesper

1

This is a "stabilized* bank and classification was changed
from •unlicensed* to •licensed1 in accordance with Mr.
1
Horbettfs memorandum of May 25 addressed to Mr. Smead.
".
X

t




16— 852

Reproduced from the Unclassified I Declassified Holdings of the National Archives

F o r m N o. 131

Office Corres onuence

FEDERAL RESERVE
BOARD

Jo______ Mr. Smead_

Sbet.
ujc:

Date May 22. lq^ f

/) ,i

j
j^^Diviaion o Bank Operation Hit
i

From____ Mr f Horb e11
opo

The attached memorandum was gotten up in view of your endorsement
on Mr. Kennedy«s memorandum dated May
to stabilized banks in Wisconsin.

returned herewith, pertaining

As indicated^it is practically im­

possible to tell from data available in our files in what states there

be necessary to have the Federal Reserve agents make a survey of this
situation if it is desired to< get the full and correct answer.
I assume, in view of what you said the other day, when reading the
memorandum pertaining to Wisconsin^that it will be satisfactory for us
to include in our statistics of licensed banks, with an appropriate note
in our records, the 5 stabilized banks in Wisconsin, four of which are
insured and one of which is not insured.




16— 8 5 2

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Fearm N o. 131

Office Correspondence
Tn

FEDERAL RESERVE
BOARD

Mr. Horbett________________ _

Date___ May 2 0 , 1935

Subject:___ tlnHnanaftd ’
hsnVa,

U

' '

From__Mr. Kennedy

C V s o of Bank.Opemtfonj R(»'”
iiin
With reference to Mr. Sinead* s question as to whether there are
'
any States other than Wisconsin in which there are any *stabilized® banks,
'X havS^been unable to find in our records or in the bank commissioners1
reports, where availably for the States having non-licensed banks at the
present time any instance where the word *stabilized* has been used.

In

several of the States, however,4 (Florida, Iowa, Michigan and New Jersey)
banks classed in our records as unlicensed appear to be in the same general
condition as the 1stabilized8 banks in Wisconsin, i. e., "they are not
1
permitted to make loans with respect to new deposits and keep such deposits
segregated”, etc.
Two of the three unlicensed banks in Florida have been reported
by the Federal Reserve Bank of Atlanta as operating under conservators and
the third (Bank of La Belle) was reported simply as "restricted”.
The two unlicensed banks in Iowa were reported by the Federal
Reserve Bank of Chicago as operating under Senate File 111, an emergency
measure providing in part as follows:
"An Act amendatory to chapter 412, title 21 of the code, 19319 ex­
tending the right of the superintendent of banking to take pee session of
banking institutions without insolvency proceedings and to protect the debtors
and creditors of such institutions and to reorganize or operate the same as
shall be set forth herein.*
"Section 2. The superintendent of banking, whenever he shall have
taken over the management of any such banking institution as provided in
section 1, shall have the right and power, with the approval of the executive
council, to proceed to wind up its affairs as provided by law; or may continue




/

Reproduced from the Unclassified / Declassified Holdings of the National Archives

M r.

Horbett — 2.

the operation of the same, holding all deposits in the same, talcing in
deposits and carrying on the same Tinder such rules and regulations as he
may make for the conduct of its business and deem for the best interest
of the debtors and creditors of such institution, including the right to
compromise any rights, claims and liabilities of such institution. If such
institution is kept open for business under the management of the banking
department, and new deposits are received, such deposits shall be segregated,
and amr new assets acquired on account of such deposits shall be segregated
and h3fa in trust especially for such new deposits."
Four of the five^unlicensed banks in Michigan have been reported
to the Board by the Federal Reserve Bank of -Chicago as operating under
conservators.

The other bank (jankers Trust Company, Detroit) was shown

in a mimeographed list furnished us by the Chicago bank as "not in operation
buif no conservator has been appointed".
The five unlicensed banks shown in our records in New Jersey are,
according to reports received from the Federal Reserve Bank of New York,
operating under the so-called "Altman* Act, pertinent provisions of which
are quoted below:
Chapter 27, P. L. 1933
An Act concerning banks, trust companies and savings banks.
"(b) To direct all such banks, trust companies and savings banks to
thereafter receive new deposits under a trust agreement to be approved as to
form ty the Commissioner of Banking and Insurance, which moneys so received
shall be, subject to the terms of said agreement, always available to the
depositors."
"(d) All moneys received by any such bank, trust company or savings
bank as new deposits pursuant to the provisions of this act shall be given
preference over all debts and liabilities of any such bank, trust company or
savings bank, except the preferences now accorded ty statute."
For your information there is attached a copy of a list of the un­
licensed basks shown in our records on April 24, 1935» with a notation in
the margin giving any additional information reported to
their status.




the Board regarding

It will be noted that in the case of most of the banks we have

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Mr, Horbett — 3.

no definite information at hand as to whether the banks are under conservators
or other State officials or whether they are operating under restrictions
imposed by their own boards of directors.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

fMLXG2H8ED NOHMBiBER BANKS OH APRIL U 9 193$
ARKANSAS
Peoples State Bank
Bradley County Bank
lank of Shirlsy

r Beriyville
* Heraitage
v Shirley

Citizena Bank of San Pedro

San Pedro
*<

COLORADO
Mercantile Bank & Trust Co.
Guardian Trust Coapany
Hooper State Bank
Bank of jfye

/ Boulder
- 0enire*
* Hooper
* ^re
FLORIDA

Bank of La BeUe
Bank of Starke
Farmers Bank

La Belle
Starke
Vero Beaoh
in m m i
Elkhart

St* Joseph Valley Bank

ISM

Peoples Savings Bank
Iowa Savings Bank

file

Ht

MAIffI
Boulton
Portland

— Bel*ont




Houlton Trust Company
fidelity Trust Company

Belaont Trust Company

C 0*7 S e VI borsruj?
r

Reproduced from the Unclassified I Declassified Holdings of the National Archives

0HLICE18ED B MEMBER B S C OH APRIL 24, 1935
AIS

-2

MICHIOAB

Bankers Trust Coapany
Maoosib County Savings Bank
Stats Savings Bank
Peoples State Bank
Boaulus State Bank

vDtrl>
'*ao«
-Lenox
Lincoln Park
Munsing
Itas lu
u s
MISSISSIPPI

Tallahatchie Hose Bank
MISSOURI

/ Berger

Bank of Berger
Peoples Bank
B x c of Chasolf
&f
Peoples Bank
Bank of C a i
lrs
Ulington Bank
Mark Twain Bank
Horth Side Bank
Bank of Moberly
Richland Bank
Citizens State Bank
Pattonsburg Savings Bask
Parsers Bank
Parsers Savings Bank
faynesville State Bank

►Berger
r Chasois
. Chassis
/ Clatk
✓Islington

' Hannibal
St# Louis County
- Moberly
„ Morrison
. Kiangua

/ Pattonsburg
✓ Powersville

y Waynesvllle
MOSTANA
' Bainvllle
^ Belgrade
✓ Medicine Lake

Farsers State Bank
Belgrade State Bank
First State Bank
NEBRASKA

✓ Arapahoe
„ Cais
lre
Tamaw

Arapahoe State Bank
Farsers *tate Bank
Bank of Tarnov
NEVADA

y Battle Mountain
/ Wells
„ 7erington




Battle Mountain State Bank
Wells State Bank
Massow Talley Bank

C.artServdl'o

Reproduced from the Unclassified / Declassified Holdings of the National Archives

0HUCEH8SD IOHMIHBER BANKS OH APRIL U , 193J

- 3 -

NEW JKBSEY
* Bayonne
v Hawthorne
k Hoboken
Paterson
- Paterson

Mechanics Trust Comply
Peoples Bank
Jeffersor. Trust Company
Merchants Trust Company
Security Trust Company

an *
~

no RIH

Peoples United Bank

/ Southport

S I t DAKOTA
OtH
Aberoroeble State Bank
First State Bank
Citisens State Bank
Northwestern Trust Company
First International Bank

_ Abercrombie
, Burlington
k Goodrich
► 'Grand Forks
. Ii
t nda
OHIO

4i.-v
*
Central Sawings Bank & Trust Company (> Se'a
Dollar Savings Bank Company
Farmers Deposit Bank

Canton
Niles
South Vienna
OKLAHOMA

Bank of Capron
Farmers State Bank

Capron
Spiro

mm
✓ Fossil
^ llaupin
✓ Shaniko
/ Troutdale

Abbeville
Eutawville
Slmpsonville
Union




8telwer and Carpenter Bank
Maupln State Bank
Eastern Oregon Banking Company
Troutdale State Bsrik

C
£> s ' h o r
&
tjfJ
Operative Trust Company
Bank of Eutawville
.
Farmers Bank
Nicholaon Bank & Trust Company
"

Reproduced from the Unclassified I Declassified Holdings of the National Archives

0HUCIHSE& NONMEMBER BANKS Of APRIL U $ 193$
f

Greenfielt!

Greenfield Bank
m af

Wirt County Bank
Bank of Gaaeavay
Twentieth Street Bank
ieroh&nte & Miner# Bank
HiehoXas County Bank

HtSftfceth
imgr

Lr
o
0iMmer*vIIle

rut*

r s-is * Lo/"%hi(
>
y

mmmm.
,
✓
,
/

Hilleboro
Madison
MiXton Junction
Ogema
k Bio
/ Veeper

i




Faraor# State Bank
* 7
>
Union tmst Company
"
State Bank of MiXton Junction
,
State Bank of Ogeaa
sLab>i In**
Firet State Bank of Rio
1
1
VespexHtrpin State Bank
1
1

Reproduced from the Unclassified / Declassified Holdings of the National Archives

7V

Office Corresponuence

FEDERAL RESERVE
BOARD

Date__ May 18, 1935______
____ ______
Subject:

To_ Mr . Snead
_

Lfr

From Mr. Kennedy
a po

16— 852

Olvlslon of Bank Operations Fil«

^

The Examination Division file covering the Putnam County Bank,

Hurricane, West Virginia, attached hereto, indicates that plans are
-------------------------------- --- -

----- ------------------ -------------- £V

definitely under way for its reorganization and reopening.

The only

delay at present appears to be in the completion of the formal requirements necessary in the purchase of $25 >000 capital debentures from the
Reconstruction Finance Corporation.
I have been upaMe to find anything in our files or in the
files of the Div^fon of Examinations relative to the disposition to be
made of the Bank of Marvell, Marvell, Arkansas.

It is suggested that we

correspond with the Federal Reserve Agent and ascertain ■what steps are
being taken to reopen this bank and, accordingly, a proposed letter to
Mr. Wood in this connection is attached.

* T £ n r ''_




Reproduced from the Unclassified / Declassified Holdings of the National Archives

', “
I ■

F o r m N o . 131
£ * 4*6

a

Urnce Correspondence
To

V __ J

t
w

“J f y

Mr. HorbStt_________________

From

FEDERAL RESERVE
F E D E R A L M E 5E R V E

Subject

Mr. Kennedy

1

«av s. i w '
l£ ' ' ' ' 0 1

/
1

Division of Bank Operations Flit

On December 31, /
1934> there were 4&3 insured and 16 non-insured
nonmember State banks in Wisconsin according to the records of the Federal
Deport Insurance Corporation.

According to our records of licensed and

unlicensed banks there were 495 licensed and 9 unlicensed nonmember banks
a?
on December 31, 1934 (including 4 unlicensed banks which are insured).
The four insured banks included in our records as "unlicensed* at the end
of the year ares
Farmers State Bank
First State Bank
State Bank of
Dairymens:1 State Bank

Hillsboro
Rio
Ogema
Randolph

The last named bank was reported by the Federal Reserve Bank of
Chicago as "licensed* on April 22, 1935.

This leaves only three banks in

question at the present time although at various times during 1934 there
were quite a few more insured banks included in our records as "unlicensed*.
The problem of properly classifying banks in Wisconsin was carefully
/

considered at the time we received the December 30, 1933 list of banks from
the Chicago Federal Reserve Bank and you will recall in this connection
that we had considerable correspondence with Mr. Pett, who advised us in
his letter of July 14, 1934> as follows:
"With reference to your letter of June 27, the Wisconsin Banking
department informs us that the fstabilized1 banks in Wisconsin do not conduct
a normal banking business with respect to new deposits. They accept these
deposit* in trust only and mast keep the funds invested either in cash or
government bonds. Moreover, the new deposits are segregated from all earlier
deposits and are a prior lien. Therefore, our classification of these banks
as unlicensed in our December 30, 1933 list not only conforms to the Wisconsin
State Banking departments present interpretation of the status of these banks
but also appears to agree with the definition as set forth in your letter of
June 26, 1934."




-y

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Hr, Horbett — 2.

It appears clear from the paragraph of Mr. Pett1s letter quoted
above that stabilized banks are not •licensed" within the meaning of the
term as defined in our letter of July 26, 1934, to Mr, Pett:
".♦•..it is our feeling that we should classify as licensed
....banks which have completed reorganization and are open, making loans
and conducting a normal banking business with respect to new deposits
even though thqjr may have agreements with depositors to defer the with­
drawal of a portion of their old deposits."
It was decided Recently to change the classification of the State
Bank of Sauk City from "unlicensed" to "licensed", in order that our
statistics of
which suspend.

licensed bank suspensions may include all insured banks
As there are only three banks now in question (the Dairy­

mens* State Bank, Randolph, recently having been licensed) which are all
small institutions, it appears advisable to change the classification of
»
these banks in our records from "unlicensed* to "license^".

This would

not seriously affect our figures one way or the other and would satisfac­
torily handle the matter from the Federal Deposit Insurance Corporation’s
standpoint.

If this is done we would, of course, carry a note in our card

record stating briefly the reason for the change of classification.

The

other alternative would be ta retain the three banks in our records as
"unlicensed* until reported "licensed" or placed in liquidation or receiver­
ship, and if reported in liquidation or receivership, consistent with the
Sauk City case, we would then have to change the classification to "licensed*
in order that

our bank suspension figures may include all insured banks

which suspend.
Deposit
I have talked to Mr. Brunt of the Federal/Insurance Corporation




Reproduced from the Unclassified / Declassified Holdings of the National Archives

/
Mr. Horbett —

and reconciled the difference in the number of banks in Montana as shown
by our records and t r the records of the Federal Deposit Insurance Corporation.
g
This difference of one bank was not due to a difference in classification
but rather to a non-current change reported to the Board and not shown
on. our weekly statement of bank changes.




-■
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i1
>

^

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Reproduced from the unclassified / Declassified Holdings of the National Archives




Reproduced from the Unclassified / Declassified Holdings of the National Archives

f l v 1.
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Reproduced from the Unclassified I Declassified Holdings of the National Archives

if 7 0 , o /
April 27, 1935

Mr.

Horbett

Mr* Kennedy

Tom «111 aote fro* Mr. Xysea’ reply of April 9 to your aenorandu* of
s
Maroh 21 that all of the State bank* In that part of Wisconsin located la
tha 1| &t Federal !e§erve district have been either licensed or placed in
gj h
liquidation or melv tr iM p except tha State Bank of Ogena which is
%S
'*

apparently still operating oa a restrictad hast*.
The Stata Batik of Ogena is oaa of tha four^ankT^incl'adad la our
records as unlicensed wkleh according to Mr, Brunt *s nanorandua ara i w n A .
Va suggeeted la our recent correspondence with Mr. Pott regarding bank
closings la tha Chicago Federal Reserve district that the olasslflcatloa
of the State Bank of Satfc City he changed from ‘unlicensed* to "licensed*
la order that our statistics oa haak auspeasions nay include all Insured
hanks which fail. As the file of correspondence regarding the elassifleatloa of banks la Wisconsin ladlcatee very deflaitely that the "stabilised*
haaks do aot conduct a normal haakiag huslatss with respect to aew deposits,
hut they accept these deposits la trust oaly aad nust keep the funds la*
vested either la cash or Governaeat bonds^ Jtt seems that we should not
change the classification of these k hanks referred to la Mr. Brunt's
randan frowvuallceased^to^ 11ceased 'unless and uatll th^f fall. It appears
V
clear froa the investigation we have nade that although these k banks are
apparently the oaly ones now la question there have beea a good ausfcer of
haaks la Vlscoasln since the first of 193** *Meh we have Included In our
records as unlicensed whlfih have froei r lnsurcd by^
the federal Depot l e
f -^n~
auraace -Corporation aad It weua^i-he Inadvisable at this late date to

revise our records by naklag a change la classification of all sudh haaks.



'

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Hr. Borbett ♦ #2

Unless you tee objection, I suggest that we make no changes In our
records, at least until such time as any of the k banks In question fall.
The attached memoranda from Mr. Brunt to Mr. Brown and from Mr. Brown to
Mr. Hicfcols, all of the Federal Deposit Insurance Corporatlon staff, are
not addressed to the Board and I doubt whether any formal reply will be
necessaiy. (?)


m/fo*


■i
»

Reproduced from the Unclassified I Declassified Holdings of the National Archives

F o rm N o. 13 1

Office
To_

Correspondence

tyi 0
FEDERAL RESER
BOARD

Date_ April 3 ,1 9 3 5 __
_
Subject

Rank Change Files

From_

According to advice received from the Federal Reserve
banks the following non-licensed banks liquidated their deposit
liabilities in full:
» t.

Name of bank

^

Location

Source of Information

Citizens Savings Bank

Dallas Center, Iowa

St. 6386-b

Peoples Bank of Jolley

Jolley, Iowa

St. 6386-b

Millersburg Savings Bank

Millersburg, Iowa

St. 6386-b

Commercial State Savings Bk. Sioux City, Iowa

St. 6386-b

Central Lake Exchange Bank

Central Lake, Mich,

St. 6386-b

Seeley, Andrews, Bach
& Company, Bankers

Colwood, Mich,

St. 6386-b

The Farmers Bank

Hurdland, Mo,

Stewart1s letter 6-9-34-

Farmers & Merchants Bank

Mexico, Mo,

Wire of 1-17-34Weekly bank changes of
1-17-34

The Mosby State Bank

Mosby, Mo,

McAdams1 letter 4-20-33

Bank of Alma

Alma, Nebr,

McClurefs letter 11-22-34
McAdams1 letter 11-30-34

First State Bank

Dustin, Okla.

Wire of 8-27-34
McAdams1 letter 8-30-34

Rubicon State Bank

Rubicon, Wis,

St. 6386-b




Reproduced from the Unclassified I Declassified Holdings of the National Archives

April 1, 1935
J

l r Horbett
l.

0 i

Division of Bank Operations File

Mr. Kennedy

(

With reference to the attached memoranda of i r Broun and S r
f*
i*
Brunt of the Federal Deposit Insurance Corporation regarding insured
hanks which are classified as “unlicensed* in our records, this question
arcfe in oonnection with the State Bank of Sauk City* 8auk City, Wisconsin,
«n tawrrf

« U . ^ «

-hieh ... placd In r-o.lv.r-

ship on Bovoaber 16, 1934. and which we propose to treat as a licensed
hank suspension (see paragraph In proposed letter to Ur, Pett regarding
this bank) in order that our statistics of licensed bank suspensions
*aay include all insured banks which suspend*
At our suggestion, the Federal Deposit Insurance Corporation
has checked the list of unlicensed banks (as of about October 1, 1934)
to see If there are any other cases where beaks classified in our records
as unlicensed are Insured banks* Fron their check-up, it appears that
Wisconsin Is the only state In which banks classified as unlicensed hawe
been Insured*

This, no doubt, results froa the fact that during the last

few days of December 1933 and the early part of 1934 the Federal Deposit
insurance Corporation admitted sons of these banks in the "first rush* to
get the insurance fund into operation*
According to the check wade there are only 3 insured banks in
Wisconsin in the 7th Federal Reserve district which are still in our records
of unlicensed banks as followsi




Reproduced from the Unclassified / Declassified Holdings of the National Archives

*

Mr* Horbett — 2 *

/

»Farmers State B s l
ai:
Baixymen's State Bank
♦First State Bank of M o

Hillsboro
Randolph
Mo

*1 understand that these banks are "conditionally insured", i* e*9
the bank has a contingent liability on certain waived deposits
which the Federal Deposit Insurance Corporation has not included
in the deposits insured,

All of these banks were included in the December 30, 1933 list
fur^^hed by the Federal Reserve Bank of Chicago as "operating under
restrictions or not In operation tot not formerly placed in liquidation
or receivership1 and you will recall that we had considerable correspondence
1
with Mr* Fett regarding the proper classification of these banks, which we

l ater

found were "stabilised” banks* in Mr* ?ett*s letter of July

states^the Wisconsin State Banking Department advised him tha* "stabilised*
1
bank# do not conduct a normal banking busine## with respect to new deposit#!
th^y accept these deposit# in trust only and must keep the funds invested
either in cash or government bonds} and the new deposit# are segregated from
1

earlier deposits and are a prior lien*
In addition to the above banks there are 14 bank# in Wisconsin In
the 9th Federal B©serve district in the same situation but it is probable
that all of these basks may have been licensed without our having been
advised of that fact ty the Federal Reserve Bank of Minneapolis*

This

point will be cleared up when Mr* iyaen furnishes us the information
requested in the memorandum which you handed him on March 21*
In order to expedite reconciling bank suspension data with the
Chicago bank, 1 suggest that we decide on the possible change In classifi­
cation of the State Bank of Sauk City on the basis of the 7 th Federal
Beserve district banks, regarding which we now have all the facts, and




Reproduced from the Unclassified I Declassified Holdings of the National Archives

Mr* Horbett —

3*

hold tho Minneapolis district problem In abeyance until we have tine
to hoar fron the Federal Reserve Bank of Minneapolis with regard to the
dates of licensing and/or receivership of ai^ of the banks now included
In our records of unlicensed banks*
re

It nay be that we could defer our

to Mr* Nichols until we hear frost Mr* Xgrsen*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

I) t

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n
W A S H IN G TO N

February 23, 1935.

Mr. E. L. Smead, Chief,
Division of Bank Operations,
Federal Reserve Board,
Washington, I , C.
)
Dear Mr. Smeacl^
■4'
>$
Enclosed herewith is a size break-down of banks
reported as newly licensed by the Federal Reserve Board’s
Weekly Reports of Bank Changes*
The following tables have been prepared: Newly
Licensed National Banks; Newly Licensed State Banks, In­
cluding State Member and Non-member j and Newly Licensed
National and State Banks Combined•




You^^vjkry truly,

^

L S/f
Mortimer J. Fox, Jr., Cki^'f,
Division of Research and Statistics*

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Reproduced from the Unclassified / Declassified Holdings of the National Archives

FED E R A L

'E S E R V E BANK O F C
230

ICAG

S OUT H L A S A L L E S T R E E T

February
Four

19

35
rfr'l

Federal Reserve Board
Washington* D. C.
#
.

Attention* Mr. E. L. Smead, Chief
Division of Bank Operations
Dear Mr* Smeadt
I
have your letter of February 1 with respect to the semi­
annual lists of licensed and ifflTcensedr
Tbanlcs in this district and the
weekly supplements thereto#
'$
■
You will recall that shortly after the moratorium, printed
lists and frequent supplements were prepared at the Board*s direction
and more' or less generally distributed to all desiring them* Upon the
discontinuance of the pointed lists, there appeared so marked a demand
on the part of several departments of this bank— Check Collection, Mem­
ber Bank Reserve Accounts, Fiscal Agency, and others in lesser degree—
that we rather reluctantly decided to continue these lists on a semi­
annual basis, combined - j i h weekly supplements. Distribution is limited
wrt
almost exclusively to departments and officers in the bank, with the ex­
ception of one or two large member banks in Chicago who urgently requested
them and the State banking departments in the Seventh district. In our
opinion, until such time as the classification "restricted banks1 shall
*
disappear, these lists and supplements will serve a purpose sufficiently
important to warrant their maintenance, and it is therefore our present
plan to continue them more or less indefinitely.
In so far as the work of this department is concerned, we make
considerable use of these lists in reconciling abstracts of condition of
State banks, as requested by you, and for that reason we shall probably
find it desirable to have them available at least for our own use as long
as we reconcile the State banking department call reports. Mimeographing
might be dispensed with, however, when "restricted banks” no longer exist.
The work of maintaining the lists is of course now materially lessened.
We should be glad to have any suggestions you might have regard­
ing these lists and supplements.
Very
•
s
HGPiFB




t
* ,o
4 t

mt
m
^ /

H. G. Tevfc# Iv^nager
Division of Research and Statistics

Reproduced from the Unclassified I Declassified Holdings of the National Archives

tv , c j U n
h'

ot

b a n k

February X, 1 9 3 5

J /
Mr. H 0. Pett, Manager,
.
Division of Research and Statistics,
Federal Reserve Bank of Chicago,
fltlcago, Illin ois.
Dear Mr. pett:

M attention has been called to the faot that your division
y
Issues sead-annually a mimeographed lis t of a ll licensed and un~
11 OSnSed m ber and nonm ber banks and weekly a supplement thereto.
em
em
*e find the semi-annual lis t of value to us in checking our records
which ere kept up to date on the basis of the special reports
rendered to the Board under the provisions of telegram Trans 1815
of June 9, 1933.

interested, however, in knowing what distri­

bution is m of the semi-annual lists and weekly supplements, also
ade
whether you expect to continue to issue them more or less indefinitely
tfe shall appreciate your advise in this connection at your con­
venience .




Very truly yours,