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ANNUAL REPORT
OF THE

F ederal D epo sit I n s u r a n c e C o r p o r a t io n




FOR THE YEAR ENDED
DECEMBER 31, 1961




LETTER OF TRANSMITTAL

F e d e r a l D e p o s it In s u r a n c e

C o r p o r a t io n

Washington, D . C., July 5, 1962

SIRS: Pursuant to the provisions of Section 17(a) of the Federal
Deposit Insurance Act, the Federal Deposit Insurance Corporation is
pleased to submit its annual report.

Respectfully,

E r l e C o c k e , S r ., Chairman

T

he

P r e s id e n t

T

he

Speaker

of t h e

of t h e




Sen ate

H ou se

of

R e p r e s e n t a t iv e s

FEDERAL DEPOSIT INSURANCE CORPORATION




FEDERAL DEPOSIT INSURANCE CORPORATION
N

a t io n a l

P r e ss B u il d in g — W

a s h in g t o n

25, D . C.

BOARD OF DIRECTORS
Chairman...................................................................................... E rle C o c k e , S r .
Comptroller of the Currency................................................ J a m e s J. S a x o n
Director........................................................................................ J e s s e P . W

olcott

OFFICIALS— July 5, 1962
Assistant to Chairman.............................................................William M . Moroney
Assistant to Director (Acting) .............................................. Neil G. Greensides
Chief, Division of Examination............................................Neil G. Greensides
General Counsel, Legal Division..........................................John F. Lord
Controller......................................................................................William G. Loeffler
Chief, Division of Liquidation..............................................A. E. Anderson
Chief, Division of Research and Statistics....................... Edison H. Cramer
Chief, Audit Division...............................................................Mark A. Heck
Deputy Chief, Division of Examination........................... Edward H. DeHority
Secretary....................................................................................... Miss E. F. Downey
Assistant to the Board.............................................................William Matthews




V

DISTRICT OFFICES
D

is t .

No.

S u p e r v is in g
E x a m in e r

A ddress

S t at es

in

D

istr ict

1. Claude C. Phillippe

Room 1365, No. 10 P.O.
Square, Boston 9, Mass.

Maine, New Hampshire,
Vermont, Massachusetts,
Rhode Island,
Connecticut

2. Philip C. Lods

74 Trinity Place,
New York 6, N . Y .

New York, New Jersey,
Delaware, Puerto Rico,
Virgin Islands

3. Gilbert E. Mounts

Suite 500,
50 West Gay Street,
Columbus 15, Ohio

Ohio, Pennsylvania

4. Lundie W . Barlow

200 The Bank of Virginia
Building, Fourth and
Grace Streets,
Richmond 19, Ya.

District of Columbia,
Maryland, Virginia,
West Virginia, North
Carolina, South Carolina

5. Roger C. Eagleton

1000 Bank of Georgia
Building, Atlanta 3, Ga.

Georgia, Florida, Alabama,
Mississippi

6. Charles M . Dunn

1059 Arcade Building,
St. Louis 1, M o.

Kentucky, Tennessee,
Missouri, Arkansas

7. William T . Hammill

715 Tenney Building,
Madison 3, Wis.

Indiana, Michigan,
Wisconsin

8. Darrell E. Wilkins

164 W . Jackson Blvd.,
Chicago 4, 111.

Illinois, Iowa

9. Charles F. Alden

950 Federal Reserve
Bank Building,
Minneapolis 2, Minn.

Minnesota, North Dakota,
South Dakota, Montana

10. James H . Meek, Jr.

1207 Federal Reserve
Bank Building,
Kansas City 6, M o.

Nebraska, Kansas,
Oklahoma, Colorado,
Wyoming

11. Lloyd Thomas

Federal Reserve Bank
Building, Station K ,

Louisiana, Texas
New Mexico, Arizona

Dallas 13, Texas
12. Walter W . Smith




Suite 1120, 315 M ont­
gomery Street, San
Francisco 4, Calif.

vi

Idaho, Utah, Nevada,
Washington, Oregon,
California, Alaska,
Hawaii, Guam

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

V ll







CONTENTS
Page
Summary

..

.............................................................

xv

Part One
Operations o f the Corporation
Deposit insurance development and participation......................................................

3

Insurance operations to protect depositors of failing banks....................................

4

Supervisory activities .............................................................................................................

7

Legal developments .................................................................................................................

14

Administration of the Corporation......................................................................................

15

Finances of the Corporation..................................................................................................

17

Part Two
Legislation and Regulations
Federal legislation .............................................................................................................

29

Rules and regulations of the Corporation.................................................................

29

State banking legislation......................................................................................................

31

Part Three
Banking Developments
Supervisory status of banks..................................................................................................

43

Changes in number of banking offices, and in bank assets and liabilities.............

48

Income of insured banks......................................................................................................

51

Part Four
Statistics o f Banks and Deposit Insurance
Bank absorptions approved by the Corporation........................................................

58

Number, offices, and deposits of banks...........................................................................

58

Assets and liabilities of banks..............................................................................................

98

Income of insured banks.......... ............................................................................................

120

Deposit insurance disbursements........................................................................................

148




ix

LIST OF CHARTS
Page
Organization chart of the Federal Deposit Insurance Corporation.......................
Federal Deposit Insurance Corporation districts (m a p )..........................................

iv
vii

LIST OF TABLES
Part One
Operations o f the Corporation
I nsurance

oper atio n s to protect depositors of f a il in g b a n k s

:

1.

Protection of depositors of insured banks requiring disbursements by the
Federal Deposit Insurance Corporation, 1934-1961....................................

5

2.

Analysis of disbursements, recoveries and losses by the Federal Deposit
Insurance Corporation in insurance transactions, 1934-1961.....................

6

S u p e r v iso r y

3.

a c t iv it ie s

:

Applications acted upon by the Board of Directors of the Federal
Deposit Insurance Corporation during 1961..................................................

9

4.

Mergers, consolidations, acquisitions of assets and assumptions of liabil­
ities approved under Section 18(c) of the Federal Deposit Insurance
Act during 1961...........................................................................................................

11

5.

Bank examination activities of the Federal Deposit Insurance Corpora­
tion in 1960 and 1961................................................................................................

12

6.

Actions to terminate insured status of banks charged with unsafe or
unsound banking practices or violations of law or regulations, 19361961 ................................................................................................................................

13

A d m i n is t r a t i o n

7.

of t h e corporation

:

Number of officers and employees of the Federal Deposit Insurance
Corporation, December 31, 1961.........................................................................

F in a n c e s

of t h e corporation

16

:

8.

Statement of financial condition, Federal Deposit Insurance Corpora­
tion, December 31, 1961..........................................................................................

18

9.

Statement of income and deposit insurance fund, Federal Deposit Insur­
ance Corporation, year ended December 31, 1961..........................................

19

10.

Determination and distribution of net assessment income, Federal De­
posit Insurance Corporation, year ended December 31, 1961.................

20

11.

Income and expenses, Federal Deposit Insurance Corporation, by years,
from beginning of operations, September 11, 1933, to December 31,
1961, adjusted to December 31, 1961.................................................................

21

12.

Insured deposits and the deposit insurance fund, 1934-1961...........................

22

13.

Report on audit of Federal Deposit Insurance Corporation, year ended
June 30, 1961.................................................................................................................

23




X

LIST OF TABLES

xi

Part Three
Banking Developments
Page
S u p e r v iso r y

s t a t u s of b a n k s

:

14.

Classification of banks according to supervisory status and Federal
deposit insurance participation, December 30, 1961....................................

45

15.

Assets of banks classified according to supervisory status and Federal
deposit insurance participation, December 30, 1961....................................

46

16.

Deposits of banks classified according to supervisory status and Federal
deposit insurance participation, December 30, 1961.................................

47

17.

Ratios of capital accounts to assets of banks of deposit classified accord­
ing to supervisory status and Federal deposit insurance participation,
December 30, 1961.....................................................................................................

48

C h anges

18.
19.

20.

i n n u m b e r of b a n k i n g o ff ic e s , a n d i n b a n k a s s e t s a n d l i a b il it ie s :

Analysis of changes in number of banks and branches in the United
States (States and other areas) during 1961..................................................
Amounts and percentages of major categories of assets and liabilities of
all banks in the United States (States and other areas), December 31,
1955-1961 .....................................................................................................................
Annual percentage changes in major categories of assets and liabilities
of all banks in the United States (States and other areas), 1955-1961. .

I ncome

of in s u r e d b a n k s

49

50
51

:

21.

Sources and disposition of total income, insured commercial banks in the
United States (States and other areas), 1955-1961........................................

52

22.

Percentage distribution of sources and disposition of total income,
insured commercial banks in the United States (States and other
areas), 1955-1961 ......................................................................................................

53

23.

Selected operating ratios of insured commercial banks in the United
States (States and other areas), selected years, 1940-1961.........................

54

24.

Distribution of insured commercial banks by deposit size of bank, and
percentages of selected banking totals in each size group, 1961...............

54

25.

Sources and disposition of total income, insured mutual savings banks
in the United States, 1955-1961.............................................................................

56

26.

Percentage distribution of sources and disposition of total income,
insured mutual savings banks in the United States, 1955-1961.................

56

Part Four
Statistics o f Banks and Deposit Insurance
Bank

101.

N

a bso r ptio ns approved b y t h e corporation

:

Description of each merger, consolidation, acquisition of assets, or
assumption of liabilities approved by the Corporation during 1961. . . .

u m b e r , offices , a n d deposits of b a n k s

:

Explanatory note ...................................................................................................................
102.

Changes in number and classification of banks and branches in the
United States (States and other areas) during 1961....................................




60

58
86

FEDERAL DEPOSIT INSURANCE CORPORATION

x ii

Page
103.

Number of banking offices in the United States (States and other areas),
December 30, 1961
Grouped according to insurance status and class of bank, and by
State or area and type oj office...................................................................

88

104.

Number and deposits of all banks in the United States (States and other
areas), December 30, 1961
Banks grouped according to insurance status and b y district and
State ...................................................................................................................

96

A

ss e t s a n d l ia b il it ie s of b a n k s :

Explanatory note ...................................................................................................................

98

105.

Assets and liabilities of all banks in the United States (States and other
areas), June 30, 1961
Banks grouped according to insurance status and type of bank........

100

106.

Assets and liabilities of all banks in the United States (States and other
areas), December 30, 1961
Banks grouped according to insurance status and type of bank........

102

107.

Assets and liabilities of all banks in the United States (States and other
areas), December 30, 1961
Banks grouped by district and State...........................................................

104

108.

Assets and liabilities of all insured banks in the United States (States
and other areas), call dates December 31, 1958 through December 30,
1961 ..............................................................................................................................

106

109.

Assets and liabilities of insured commercial and insured mutual savings
banks in the United States (States and other areas), call dates Decem­
ber 31, 1960 through December 30, 1961......................................................

110

110.

Assets and liabilities and assets and liabilities per $100 of total assets of
insured commercial banks operating throughout 1961 in the United
States (States and other areas), December 30, 1961
Banks grouped according to amount of deposits......................................

114

111.

Average assets and liabilities and assets and liabilities per $100 of total
assets of insured commercial banks in the United States (States and
other areas), 1961
B y class of bank....................................................................................................

115

112.

Average assets and liabilities of insured commercial banks in the United
States (States and other areas), by State, 1961............................................

116

113.

Distribution of insured commercial banks in the United States (States
and other areas), December 30, 1961
Banks grouped according to amount of deposits and by ratios of
selected items to assets..................................................................................

118

I ncome

of in s u r e d b a n k s

:

Explanatory note ...................................................................................................................

120

114.

Income of insured commercial banks in the United States (States and
other areas), 1953-1961..........................................................................................

122

115.

Ratios of income of insured commercial banks in the United States
(States and other areas), 1953-1961.................................................................

124

116.

Income of insured commercial banks in the United States (States and
other areas), 1961
B y class of bank...................................................................................................

126




LIST OF TABLES

x iii

Page
117.

Ratios of income of insured commercial banks in the United States
(States and other areas), 1961
B y class of bank..................................................................................................

128

118.

Income of insured commercial banks operating throughout 1961 in the
United States (States and other areas)
Banks grouped according to amount of deposits......................................

130

119.

Ratios of income of insured commercial banks operating throughout
1961 in the United States (States and other areas)
Banks grouped according to amount of deposits....................................

132

120.

Income of insured commercial banks in the United States (States and
other areas), by State, 1961..................................................................................

134

121.

Income of insured mutual savings banks, 1953-1961........................................

144

122.

Ratios of income of insured mutual savings banks, 1953-1961.....................

146

D

eposit i n s u r a n c e d i s b u r s e m e n t s

:

Explanatory note ...................................................................................................................

148

123.

Depositors, deposits, and disbursements in insured banks requiring dis­
bursements by the Federal Deposit Insurance Corporation, 1934-1961
Banks grouped by class of bank, year of deposit payoff or deposit
assumption, amount of deposits, and State............................................

150

124.

Insured banks requiring disbursements by the Federal Deposit Insurance
Corporation during 1961........................................................................................

152

125.

Recoveries and losses by the Federal Deposit Insurance Corporation on
principal disbursements for protection of depositors, 1934-1961.............

153







SU M M ARY
The 13,445 banks insured by the Federal Deposit Insurance Corpora­
tion at the end of 1961 comprised 97 percent of all incorporated banks
of deposit. Deposits in insured banks totaled $281 billion, and an esti­
mated $164 billion was insured under the limit of $10,000 for each
depositor. (Pp. 4, 22.)
The deposit insurance fund amounted to $2,354 million on December
31, 1961, or 0.84 percent of total deposits in insured banks. (P. 22.)
Five insured banks, with deposits of $8.8 million, required disburse­
ments from the insurance fund during 1961. All were victims of financial
irregularities and were placed in receivership. These closings brought
to 445 the total number of banks whose depositors have received financial
assistance from the Corporation. (Pp. 4-5.)
During 1961, 254 banks operating nearly 2,000 offices were involved
in absorption transactions approved under Section 18(c) of the Federal
Deposit Insurance Act. The Corporation considered and approved the
31 cases where the resulting bank was a State nonmember insured
bank. (Pp. 10-11, 60-84.)
The number of banks declined during 1961, but the number of bank­
ing offices increased by 897 to a total of 26,002, due to growth in the
number of branches. (P. 49.)
Assets of all banks totaled $322 billion on December 31, 1961, and
represented an increase of 8 percent during the year. Insured commercial
banks had assets of $277 billion, and insured mutual savings banks, $37
billion. (Pp. 50-51, 102.)
Net income after taxes of insured commercial banks in 1961 totaled
$2 billion, practically unchanged from 1960. Reduced retentions in
capital accounts, along with increased assets, reduced the capital ratio
slightly to 8.0 percent. (Pp. 47, 123.)
The maximum permissible rates which insured commercial banks
not members of the Federal Reserve System may pay on time and
savings deposits were increased by Corporation regulation in December
1961, effective January 1, 1962. (Pp. 14-15, 29-31.)




xv




PART ONE
OPERATIONS OF THE CORPORATION







D e p o s it I n s u r a n c e D e v e l o p m e n t a n d

P a r t ic ip a t io n

Nationwide insurance of bank deposits was first embodied in the
Banking Act of 1933, which established the Federal Deposit Insurance
Corporation. The insurance became effective on January 1, 1934, under
a temporary plan, and was initially limited to $2,500 for each deposi­
tor, but was increased to $5,000 on July 1 of that year. Banks in the
continental United States that were members of the Federal Reserve
System and had been licensed to reopen after the banking holiday of
1933 were required to participate and other qualified banks were per­
mitted to do so.
The Banking Act of 1935, which became effective on August 23 of
that year, provided for a permanent plan of insurance, replacing a
plan in the Banking Act of 1933 that never came into force. The Act
of 1935 continued the $5,000 coverage for each depositor, provided for
an annual assessment of one-twelfth of 1 percent of deposits, and specified
in more detail the supervisory responsibilities of the Corporation. These
provisions were unchanged for the next 15 years, a period during which
the chief legislative action affecting the Corporation was provision for
retirement of the Corporation’s original capital that had been provided
by the Treasury and the Federal Reserve banks.
The Federal Deposit Insurance Act of 1950 made a number of re­
visions in deposit insurance: the insurance limit was raised to the pres­
ent maximum of $10,000 for each depositor, provision was made for an
annual assessment credit to insured banks after allowance for Corpo­
ration losses and expenses, and additional measures for dealing with
failing banks were authorized. A 1960 statute provided new methods
for determining assessments, and increased the assessment credit to
insured banks from 60 percent (under the 1950 Act) to 66% percent of
the assessment income remaining after deduction of Corporation losses
and expenses.
Participation in Federal deposit insurance. The first problem fac­
ing the Board of Directors of the Corporation at its initial meeting on
September 11, 1933, was establishment of procedures for the exami­
nation of banks applying for insurance. To join the insurance program,
banks that were not members of the Federal Reserve System had to
be certified as solvent by their respective State supervisory agencies
and be examined and approved for insurance by the Federal Deposit
Insurance Corporation. A total of 13,201 banks, or 86 percent of all
banks in the United States, became insured when the insurance took
effect on January 1, 1934. The proportion of banks participating in



3

4

FEDERAL DEPOSIT INSURANCE CORPORATION

Federal deposit insurance has increased each year; the 13,445 so in­
sured on December 31, 1961, comprised 97 percent of the number, and
held 98 percent of the deposits, of all incorporated banks of deposit.
At the end of 1961 there were 514 banks, of varied types, outside
Federal deposit insurance. Of this number, 185 were mutual savings
banks, 141 were incorporated commercial banks operating under the
general banking codes of various States, 81 were unincorporated banks,
52 were trust companies not regularly engaged in deposit banking, 34
were industrial banks, 13 were banks of deposit operating under vari­
ous special charters, and 8 were branches of banks chartered in foreign
countries which are included in the statistics of banks because they are
engaged in deposit banking in the United States. The unincorporated
banks, the trust companies not regularly engaged in deposit banking,
and the branches in the United States of banks chartered in foreign
countries are not eligible for Federal deposit insurance.

I n s u r a n c e O p e r a t io n s

to

P r o te c t D

e p o s it o r s o f

F a i l in g B a n k s

Banks failing during 1961. Five insured banks were placed in re­
ceivership in 1961: The Sheldon National Bank, Sheldon, Iowa; Bank
of Earlsboro, Earlsboro, Oklahoma; Bank of Ochlochnee, Ochlochnee,
Georgia; The First National Bank of Maud, Maud, Oklahoma; and
the First State Bank, Premont, Texas. These banks had approximately
8,250 depositors with total deposits of $8.8 million, and insured de­
posits estimated at $6.2 million. In each case financial irregularities in
the operation of the bank were responsible for the weakened condition
leading to the bank’s closing.
The Federal Deposit Insurance Corporation was appointed re­
ceiver or liquidating agent in each instance. It took about ten days in
each case for the Corporation to review the bank’s books, determine
the amount due each depositor, and start payment of insured deposits.
Depositors in four of the banks had been paid approximately $4.3
million by December 31, 1961, and payment of the remaining $0.9
million of insured deposits in these four cases awaited only presenta­
tion of proof of claims. In the case of the First State Bank, Premont,
Texas, which closed on December 30, 1961, payments began on Jan­
uary 11, 1962, and are not reflected in end-of-year payment figures.
Uninsured deposits in the five cases totaled about $2.6 million at
the end of 1961. Some of these deposits were paid by offset of debts of
individual depositors to the bank. Other deposits, particularly those
of governmental units, have a preferred status or are secured by col­
lateral. Depositors whose deposits are not offset, preferred or secured,



5

INSURANCE OPERATIONS TO PROTECT DEPOSITORS

but are in excess of the insurance limit, share with the Corporation as
claimant for insured deposits paid by it in the proceeds of the liquid­
ation, receiving dividends as declared by the receiver.
Banks failing, 1934-1961. During its 28 years of operation the
Corporation has made disbursements to protect depositors in 445
failing banks. These banks had about 1,460,000 depositors and total
deposits of $611 million.
Table 1.

P rotection of D epositors of I n s u r e d B a n k s R e q u ir in g D i s b u r s e m e n t s
b y t h e F ederal D epo sit I n s u r a n c e C o rporation , 1934-1961
Deposit payoff
cases
(263 banks)

All cases
(445 banks)

Deposit
assumption cases
(182 banks)

Item
Number or
amount
N um ber o f depositors or ac­
counts— total1.........................

Percent

Number or
amount

Percent

Number or
amount

Percent

1,460,235

100.0%

425,502

100.0%

1,034,733

100.0%

recovery received or
available................................
From FDIC*..............................
From offset4................................
From security or preference5..
From asset liquidation6...........

1,452,043
1,409,164
37,234
2,814
2,831

99.4
96.5
2.5
.2
.2

417,310
374,431®
37,234
2,814
2,831

98.1
88.0
8.7
.7
.7

1,034,733
1,034,733

100.0
100.0

Full recovery not received as
of December 31, 1 9 6 1 . . . .

8,192

.6

8,192

1.9

Terminated cases......................
Active cases7..............................

2,781
5,411

.2
.4

2,781
5,411

.6
1.3

A m ount o f deposits (in thou­
sands)— to ta l...........................

$610,985

100.0%

$466,527

Paid or made available...........

605,782

99.1

139,255

96.4

466,527

100.0

575,725
9,426
8,890
11,741

94.2
1.5
1.5
1.9

109.1988
9,426
8,890
11,741

75.6
6.5
6.2
8.1

466,527

100.0

Not paid as of December 31,
1961.........................................

5,203

.9

5,203

3.6

Terminated cases......................
Active cases7..............................

1,779
3,424

.3
.6

1,779
3,424

1.2
2.4

Full

By
By
By
By

FDIC2...................................
offset9....................................
security or preference10. . .
asset liquidation*1...............

100.0%

$144,458

100.0%

1 Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases.
2 Through direct payment to depositors in deposit payoff cases; through assumption of deposits of
other insured banks, facilitated by FDIC disbursements of $198,074 thousand, in deposit assumption
cases.
3 Includes 55,696 depositors in terminated cases who failed to claim their insured deposits (see
note 8).
4 Includes only depositors with claims offset in full; most of these would have been fully protected
by insurance in the absence of offsets.
5 Excludes depositors paid in part by FDIC whose deposit balances were less than the insurance
maximum.
8 The insured portions of these depositor claims were paid by the Corporation.
7 Includes 3,103 depositors with deposits of $2,608,392 in two banks which closed in December, 1961.
It is estimated that most of these depositors will be paid in full.
8 Includes $178 thousand unclaimed insured deposits in terminated cases (see note 3).
9 Includes all amounts paid by offset.
1 Includes all secured and preferred claims paid from asset liquidation; excludes secured and pre­
0
ferred claims paid by Corporation.
1 Includes unclaimed deposits paid to authorized public custodians.
1

The Corporation has used two methods in meeting its insurance
liability. In the deposit payoff method, which has been employed in 263



FEDERAL DEPOSIT INSURANCE CORPORATION

6

cases, the Corporation sends its claim agents to the affected banks, and
they make payments of insured deposits directly to depositors. In these
cases the protection has been limited to $2,500 per depositor in one
bank closed before July 1, 1934; to $5,000 per depositor in 244 banks
closed between July 1, 1934, and September 21, 1950; and to $10,000
per depositor in 18 banks closed after the latter date. In the 182 cases
where the assumption method has been used, the deposits of the dis­
tressed banks have been assumed by other insured banks and made
immediately available in full to depositors. These assumption trans­
actions were made possible by Corporation loans to or purchases of
assets from the failing banks.
Table 2.

A n a l y s i s o f D is b u r s e m e n t s , R e c o v e rie s an d L o s s e s b y t h e
F e d e r a l D e p o s it I n s u r a n c e C o rp o r a tio n i n I n s u r a n c e
T r a n s a c t io n s , 1934-1961

(In thousands)
Type of disbursement

Disburse­
ments

Recoveries1

All disbursements— o t a l...........................................................
-t

$359,572

$328,341

$31,2312

Principal disbursements in deposit assumption and
payofF cases— to ta l................................................................

$308,977

$278,656

$30,321

198,074

184,383
587

Loans and assets purchased (182 deposit assumption
To December 31, 1961.
Estimated additional. .
Deposits paid (263 deposit payofF cases):
To December 31, 1961...............................
Estimated additional..................................
Advances and expenses in deposit assumption and
payofF cases— to ta l................................................................
Expenses in liquidating assets in 182 deposit assumption
cases:
Advances to protect assets.....................................................
Liquidation expenses................................................................
Insurance expenses...................................................................
Field payoff and other insurance expenses in 263 deposit
payoff cases............................................................................
Other disbursements— to ta l.
Assets purchased to facilitate termination of liquida­
tions :
To December 31, 1961...........................................................
Estimated additional..............................................................
Unallocated insurance expenses...............................................

109,020
1,883

90,601 \
3,085 /

$48,727

$47,276

32,860
14,416

13,104

17,217
$1,451

32,860
14,416

212

212

1,239

1,239

$1,868

1,762
” 106

2,409

2,266 '
143 ,

$ (541)4

(647)5
106

1 Recoveries in some cases were in excess of the amount due the Corporation. The excess recoveries
were returned to the stockholders and are not included.
2 Net loss of funds after allowing for $8,999 thousand collected as interest and allowable return on
funds advanced to 158 of the 445 closed insured banks was $22,232 thousand.
3 Not recoverable.
4 Net recovery in excess of disbursements.
6 N et profit and net income.

The restoration of insured deposit balances to their owners
promptly as possible, along with maximum recovery on the assets
failing banks, have been the guiding principles of the Corporation
its insurance operations. Less than 1 percent of the total deposits



as
of
in
in

INSURANCE OPERATIONS TO PROTECT DEPOSITORS

7

the 445 insured banks closed since January 1, 1934, had not been paid
by the end of 1961, and an even smaller percentage of the depositors
had not had their deposits made available in full. The methods and ex­
tent of depositor protection in the 445 banks requiring Corporation dis­
bursements are shown in Table 1.
Corporation disbursements and losses. An analysis of the dis­
bursements, recoveries, and losses of the Corporation in its insurance
operations is presented in Table 2.
Since beginning operations the Corporation has disbursed $359.6 mil­
lion in fulfilling its insurance responsibilities. Nearly all of this amount,
or $357.7 million, represented payment of claims or expenditures to
facilitate assumption of deposit accounts; $1.8 million was used to pur­
chase assets from receivers and liquidators to expedite termination of
particular cases, and non-recoverable expenses unallocated but directly
related to insurance operations amounted to $0.1 million.
The Corporation estimates that recoveries on disbursements, already
made or expected, will total $328.3 million, resulting in an indicated
loss of $31.2 million on insurance transactions. In connection with these
transactions, the Corporation has also received $9.0 million of interest
and allowable return on the funds advanced to 158 of the closed insured
banks, thus reducing the Corporation’s potential loss of funds to about
$22.2 million.

S u p e r v is o r y A

c t iv it ie s

While the concept of free enterprise is basic to the American econo­
mic system, it has long been recognized that certain governmental con­
trols are necessary in the public interest. For more than a century
banking has been one of the most regulated of industries. Prevention of
injury to the public is the basis for the regulation of banks.
The public policy of attempting to maintain competition in our
economy is based upon the belief that this will keep the channels of
trade as free as possible, while promoting efficiency and progress. It is
inevitable that in a market in which many buyers and sellers are com­
peting some will be successful and others will suffer losses. In most in­
dustries occasional business failures are expected, and are not regarded
as too high a price to be paid for the benefits of competition. However,
the suspension of a bank, because of its effects upon the circulating
medium of the community, is a more serious occurrence than is the fail­
ure of another business of comparable size. In addition, banks are
subject to temptation to operate on low capital margins, which is con­
ducive to excessive competition and fluctuations which are inconsist­



8

FEDERAL DEPOSIT INSURANCE CORPORATION

ent with a reasonable rate of growth in the money supply. For these
reasons, banking is subject to special regulations designed to promote
sound banking and at the same time retain the benefits resulting from
effective competition.
Admission to insured status. Banks of deposit become insured
in different ways but, whatever the method, the following factors must
be taken into account by the appropriate authority: (1) the financial
history and condition of the bank, (2) the adequacy of its capital
structure, (3) its future earnings prospects, (4) the general character of
its management, (5) the convenience and needs of the community to be
served by the bank, and (6) the consistency of its corporate powers with
the purposes of the Federal Deposit Insurance Act.
Upon certification by the appropriate authority that these factors
have been considered, when national banks are opened for business and
when State banks are admitted to the Federal Reserve System they
become insured without further action by the Corporation. Other banks
apply directly to the Corporation if they desire deposit insurance.
During 1961 the Corporation acted upon 115 applications for admission
to deposit insurance, and approved all but two of that total. The ap­
preciable decline from the 172 similar applications acted upon in 1960
was in the category of operating non-insured banks, a steadily dimin­
ishing group. New banks approved for insurance in 1961 totaled 81, only
slightly fewer than the 87 approved during 1960.
The 32 operating banks approved for Federal deposit insurance were
scattered among 16 States: of these, 11 were in Iowa, 5 in Maine, and
no more than two in any other State. Of the new banks admitted to
insurance, 16 were in Illinois and 11 in California, with the remaining
54 scattered among 25 States.
Applications for branches. The continued growth in branch bank­
ing was reflected in the applications for approval of branches acted upon
by the Corporation in 1961. Corporation approval is required for the
establishment of branches of insured banks not members of the Federal
Reserve System. The Corporation approved all but two of the 368 such
applications for branches acted upon in 1961. Two-thirds of those ap­
proved, or 245, were for new branches, practically the same number as
in 1960. Of the new branches approved, 22 were in North Carolina, 14
each in California, New York, South Carolina, and Virginia, 13 in
Massachusetts, and 12 each in Indiana and Maryland.
The applications acted upon by the Corporation in 1961, including
those for admission to insurance and establishment of branches, are
classified in Table 3. It may be noted that only five out of a total of 870
applications acted upon were disapproved. The relatively small number




9

SUPERVISORY ACTIVITIES

of disapprovals reflects in part the withdrawal or improvement of some
proposals after preliminary discussion, prior to formal submission of the
applications.
T a b le 3 .

A

p p l ic a t io n s

F ederal D

e p o sit

A

cted

U pon

I nsurance

by the

B oard

C orporation

Type of application

of

D

D

irectors of t h e

u r in g

Total
acted
upon

1961

Approved

All applications1...................................................................................

870

865

Adm ission to insurance— to ta l..................................................
New banks........................................................................................
Operating banks..............................................................................

115
83
32

Dis­
approved

113
81
32

Continuation o f insurance o f banks withdrawing from
Federal Reserve S ystem .......................................................

17

Change in type of business— to ta l...........................................
To engage in trust business.........................................................
To change from agency to branch..............................................

41
39
2

41
39

2

Assum ption of deposit liabilities— tota l...............................
Of another insured bank...............................................................
Of a noninsured bank....................................................................
Of a branch......................................................................................

97
30
2
65

97
30
2
65

Operation o f branches— to ta l.....................................................
New branch offices..........................................................................
Banks to become branches as result of absorption................
Continue branches of absorbed predecessor, or bank
becoming insured........................................................................
Operation by a new bank of branches acquired from a
continuing bank..........................................................................

368
247
26

366
245
26

30

30

65

65

Change o f location— to ta l...........................................................
Main offices......................................................................................
Branches...........................................................................................

209
155
54

209
155
54

Retirement or adjustm ent o f capital.....................................

22

22

Service of person convicted of dishonesty or breach of
tru st..............................................................................................
1 Excludes applications supplementary to a primary application; for example, for an extension of
time with respect to an insurance commitment for a new bank. Also excludes a few applications acted
upon in prior years on which additional action Was taken during 1961.

Regulation of bank mergers. Section 18(c) of the Federal Deposit
Insurance Act as amended in May 1960, provides that no insured bank
may, without prior written consent of one of the Federal banking
authorities, engage in a merger, consolidation, acquisition of assets, or
deposit assumption transaction. In passing upon an application for
a bank to engage in such a transaction the Federal bank supervisory
authority is required to consider the effect of the transaction on compe­
tition, including any tendency toward monopoly, in addition to the six
banking factors previously enumerated. The consent of the Corporation
is required for any transaction in which the acquiring, assuming, or re­
sulting bank is an insured bank not a member of the Federal Reserve
System and is not located in the District of Columbia, and in any
transaction in which one of the participants is a noninsured institution.
The Corporation endeavors to use its supervisory powers to promote




10

FEDERAL DEPOSIT INSURANCE CORPORATION

the public interest through development of sound, competitive banks
which are able to meet the needs of the communities in which they
operate.
Prior to this amendment in M ay 1960, the consent of the Corporation
was required in any assumption case involving a noninsured bank,
and in other absorption cases where the resulting bank was an insured
bank not a member of the Federal Reserve System (except a bank in
the District of Columbia) and a reduction occurred in the capital stock
or surplus of the bank. An examination of the absorption transactions
approved by the Corporation in the years 1955-1961 indicates that,
in a large proportion of the cases, the absorbing bank was attempt­
ing to expand branch operations into areas where it was felt a need
existed. Reasons most frequently given by the absorbed banks for
participating in these transactions included the existence of a manage­
ment problem, unfavorable earnings, and difficulty in meeting competi­
tion. Advantages of the absorptions to communities affected by these
transactions include raising the legal loan limit, strengthening of bank
or branch management, and the provision of additional banking services.
During the year 1961, the Corporation considered and approved 31
applications to participate in absorption transactions where the re­
sulting bank was a State nonmember insured bank. Total resources of
the 60 banks involved in these applications were $1,813 million. Data
regarding each of these banks, with a statement of the basis for the
Corporation’s approval and the Attorney General’s summary of his
report on the competitive factors involved, are given in Table 101.
In addition, during the year 1961, the Corporation submitted a
total of 139 reports to the Comptroller of the Currency or to the
Board of Governors of the Federal Reserve System as to the effects on
competition of proposed absorptions where the resulting bank was a
national bank or a State member bank. In 18 of these cases, the Corpo­
ration reported that the effect on competition would be unfavorable.
In Table 4 information is given regarding the number, resources, and
offices of all banks involved in applications to engage in absorption
transactions approved in 1961 by the three Federal bank supervisory
agencies under section 18(c) of the Federal Deposit Insurance Act.
Bank examinations. Examinations serve the dual purpose of en­
couraging sound banking practices and providing the Corporation with
information about its risk. The individual examination seeks to de­
termine a bank’s capital position, the quality of its loans, the suit­
ability of its securities portfolio, managerial capabilities, conformity
with applicable provisions of law, and whether practices exist which
are likely to lead to financial difficulties. When an examination reveals




11

SUPERVISORY a c t i v i t i e s

an unusual insurance risk, the bank’s condition receives special atten­
tion designed to correct the difficulties before they become serious.
T a b le 4 .

M

ergers ,

C o n s o l id a t io n s , A c q u is it io n s

op

A

ssets a n d

L ia b il it ie s A pproved U n d e r S e c t io n 1 8 ( c )

of

F ederal D

e p o sit

I n s u r a n c e A ct D

u r in g

A

s s u m p t io n s

of t h e

1961
Offices operated2

Number
of
banks1

Banks

ALL

Resources
(in
thousands)2

Prior to
trans­
action

After
trans­
action

CASES

Absorbing banks....................................................................
Absorbed banks3....................................................................
National..............................................................................
State banks members FRS3............................................
Not members F R S...........................................................
Noninsured.........................................................................
CA SE S W IT H R E S U L T IN G B A N K
N A T IO N A L B A N K

254
121
133
46
27
58
2

$31,767,427
25,772,720
5,994,707
1,032,366
3,827,566
1,132,393
2,382

1,980
1,557
423
87
166
168
2

1.973
1.973

140
68
72
30
18
22
2

$14,947,456
12,957,179
1,990,277
756,596
981,468
249,831
2,382

973
786
187
55
73
57
2

969
969

59
27
32
9
9
14

$15,084,057
11,792,313
3,291,744
219,960
2,331,781
740,003

686
569
117
19
28
70

685
685

55
26
29
7

$ 1,735,914
1,023.228
712,686
55,810
514,317
142,559

321
202
119
13
65
41

319
319

A

Banks involved........................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members F R S ...........................................................
N oninsured.........................................................................
CA SE S W IT H R E S U L T IN G B A N K A
ST A T E B A N K M E M B E R OF TH E
FED ERAL

R ESERVE

SYSTEM

Banks involved........................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members F R S...........................................................
CA SE S W IT H R E S U L T IN G B A N K N O T
A M E M B E R OF T H E
F ED E R A L R E SE R V E SYSTEM

Banks involved3.......................................................................
Absorbing banks....................................................................
Absorbed banks3....................................................................
National..............................................................................
State banks members FRS3............................................
Not members F R S...........................................................

22

1 The number of resulting banks is smaller than the number of transactions, which totaled 131,
because a few banks engaged in more than one transaction.
2 In cases where an absorbing bank engaged in more than one transaction, the resources included
are those of the bank before the latest transaction, and the number of offices before the first and after
the last transaction.
3 In one case only portions of an operating member bank’s resources and offices were absorbed
by a new bank, with the operating member bank continuing to operate its other offices. Absorbed re­
sources of $514,317 thousand and 65 offices are included here, but no bank is shown as absorbed (see
Case 1, Table 101).

Cooperation among bank supervisory agencies minimizes the burden
of examination upon any one of them as well as upon the banks them­
selves. The Corporation regularly examines insured State banks other
than District of Columbia banks and members of the Federal Reserve
System, and reviews reports of examination of other insured banks
made by the Comptroller of the Currency and the Federal Reserve
banks. Examinations of insured nonmember banks are sometimes made



12

FEDERAL DEPOSIT INSURANCE CORPORATION

jointly or concurrently with those conducted by the appropriate State
supervisory authority. The Corporation also investigates proposals for
new banks and branches and proposals for bank absorptions where
the resulting bank would be a nonmember insured bank. The number
and classification of the examinations and investigations conducted by
the Corporation during 1961 are given in Table 5.
Table 5.
D

B a n k E x a m i n a t i o n A c t iv it ie s

epo sit

I n s u r a n c e C orporation

in

of t h e

F ederal

1960 a n d 1961

Activity

Field examinations and investigations—-to ta l..........................................
Examinations o f m ain offices.......................................................................
Regular examinations of insured banks not members of Federal
Reserve System.............................................................................................
Re-examinations; or other than regular examinations............................
Entrance examinations of operating noninsured banks...........................
Examinations o f departments and branches........................................
Examinations of trust departments.............................................................
Examinations of branches..............................................................................
Investigations.....................................................................................................
New bank investigations.................................................................................
National banks or State banks members of Federal Reserve System. ..
Banks not members of Federal Reserve System........................................
New branch investigations.............................................................................
Mergers and consolidations............................................................................
Miscellaneous investigations..........................................................................
Washington office review of reports o f examination of insured
banks— to ta l....................................................................................................
National banks......................................................................................................
State banks members of Federal Reserve System........................................
State banks not members of Federal Reserve System................................

11,036
3,297
1,286
6,453

Citations for unsafe and unsound banking practices and viola­
tions of law. When examination of a bank reveals continuation of
unsafe or unsound banking practices or violation of law or regulations,
the Corporation has the authority and duty to institute proceedings for
termination of the bank’s insured status. These proceedings, pre­
scribed under Section 8(a) of the Federal Deposit Insurance Act, are
started only after a diligent effort has been made to obtain satis­
factory corrective action by the bank itself.
Two proceedings under Section 8 (a ), one begun in 1959 and the
other in 1960, were discontinued during 1961 when the cited banks
satisfied the Corporation that they were well along toward rehabilita­
tion. One new proceeding was instituted in 1961. Upon the effectuation
of certain corrections and improvements, and a manifestation of the
management’s determination to complete the bank’s rehabilitation, the
Corporation extended the period for correction, and termination pro­
ceedings were pending at the year-end.



13

SUPERVISORY ACTIVITIES

During the entire period of Federal deposit insurance, proceedings
for termination of insurance have been instituted against 183 banks.
In more than a third of the cases the necessary corrections were made;
and in more than one-half of the cases the banks were absorbed or
succeeded by other banks or suspended operations prior to Corpora­
tion action setting a date for termination of insurance. In 12 cases
the Corporation set this date; in nine of these cases the banks suspended
prior to or on the date set for termination of insurance; in one case,
the bank closed shortly after termination; and in two cases, the banks
continued in operation. Details concerning the outcome of termination
proceedings are given in Table 6.
T a b le 6 .

A c tio n s to T e r m in a te In su red S ta tu s o f B a n k s C h arged

w i t h U n s a f e or U n s o u n d B a n k in g P r a c tic e s o f V i o l a t i o n s
o f L a w o r R e g u la t io n s , 1936-1961
Disposition or s'tatus
T otal banks against which action was ta k e n ........................................................................
Cases closed......................................................................................................................................
Corrections made...........................................................................................................................
Banks absorbed or succeeded by other banks........................................................................
With financial aid of the C orporation..................................................................................
Without financial aid of the Corporation...............................................................................
Banks suspended prior to setting date of termination of insured status by Corporation.
Insured status terminated, or date for such termination set by Corporation, for
failure to make corrections.................................................................................................
Banks suspended prior to or on the date of termination of insured status ...................
Banks continued in operation2 ................................................................................................
Cases not closed, December 319 1961..................................................................................

1936-19611
183
182
70

68
62
6

32
12
9
S
1

1 No action to terminate the insured status of any bank was taken before 1936. In 5 cases where
initial action was replaced by action based upon additional charges, only the latter action is included.
2 One of these suspended 4 months after its insured status was terminated.

R eports fro m banks. Each year since 1934 the Corporation has
obtained reports from insured banks in regard to their assets, liabilities,
and income. Data concerning the assets and liabilities of insured banks
have been received and published semiannually, as of June and Decem­
ber; income data have related to calendar years. Since 1935 the
Corporation has collected information regarding assets and liabilities
of noninsured banks. Following agreement among the Federal bank
supervisory agencies in 1947, the Corporation was assigned responsibility
for preparing and issuing data covering the assets and liabilities of
all banks operating in the United States.
From 1934 to December 31, 1960, each insured bank filed, for the
six months ended June 30 and December 31 of each year, certified
statements of deposit insurance assessments. Under the new method
for computing assessments which took effect in 1961, assessments are
based on the average of deposits shown in two reports of condition in
each semiannual assessment period. Accordingly, in 1961, all insured



14

FEDERAL DEPOSIT INSURANCE CORPORATION

banks submitted, for the first time, four reports of condition: for
April 12, June 30, September 27, and December 30. The change in
method of reporting has simplified the task of both the banks and
the Corporation in determining the correct amount of assessments.
Furthermore, the additional reports of condition provide the basis
for improved statistical series.
Statistics on the income of insured banks, and on the assets and
liabilities of both insured and noninsured banks, are presented in
Parts Three and Four of this report. Tabulations of reports of assets
and liabilities of banks classified by State are published semiannually
by the Corporation in separate reports. Starting in 1961, each of
these semiannual reports presents for two dates detailed asset and
liability data for insured banks grouped by State and class of bank.

L egal D

evelopm ents

Federal legislation. No legislation directly affecting Federal de­
posit insurance or insured banks was enacted by the Congress during
1961.
Rules and regulations of the Corporation. Parts 327 and 329 of
the Corporation's rules and regulations were amended in December
of 1961. The amendment of Section 329.6 of the rules and regulations,
which became effective January 1, 1962, prescribes the maximum
permissible rates of interest which insured banks not members of the
Federal Reserve System, other than mutual savings banks, may pay
on time and savings deposits for a period commencing on or after
that date but not for any period prior thereto. This amendment pro­
vides that after January 1, 1962, such banks may pay interest at a
rate not in excess of 4 percent per annum on savings deposits that
have remained on deposit for not less than twelve months, and on time
deposits which have a maturity date of twelve months or more after
the date of deposit or are payable upon written notice of twelve months
or more. After January 1, 1962, interest at a rate not to exceed 4 percent
may also be paid on a postal savings deposit which constitutes a time
deposit and has remained on deposit for not less than twelve months.
After the effective date of the amendment, interest may be paid
at a rate not to exceed 3% percent per annum on savings deposits
remaining on deposit for less than twelve months and on time deposits
which have a maturity date of between six and twelve months or are
payable upon written notice of from six to twelve months. Interest at
3% percent may also be paid on a postal savings deposit which con­
stitutes a time deposit and has remained on deposit for less than
twelve months.



LEGAL DEVELOPMENTS

15

The amendment continues the maximum rate of 2% percent on
time deposits (except postal savings deposits which constitute time
deposits) which have a maturity date of from 90 days to six months
or are payable upon written notice of from 90 days to six months. It
also continues the maximum rate of 1 percent on time deposits (except
postal savings deposits which constitute time deposits) which have a
maturity date of less than 90 days after the date of deposit or are
payable on written notice of less than 90 days.
The other amendment amends Section 329.1 (e) and Section 327.2
(b) (4) of the Corporation’s rules and regulations which define the
term “ savings deposit” for purposes of Parts 329 and 327. The purposes
of the amendment to Part 329 are (1) to prevent certain practices
that facilitate the use of a savings deposit as a regular means for
drawing checks on the depository bank, and (2) to add certain liberal­
izing provisions with respect to withdrawals from savings deposits; and
the purpose of the amendment to Part 327 is to conform the definition
of the term “ savings deposit” therein to the definition of a savings
deposit under Part 329.
The amended Parts of the Rules and Regulations, published in the
Federal Register December 8, 1961 (26 F. R. 11798) and December 15,
1961 (26 F. R. 12031-12032), are set forth in Part Two of this report.
State legislation. Part Two also includes a summary of State bank­
ing legislation enacted during 1961.
A

d m in is t r a t io n

of

th e

C

o r p o r a t io n

Structure and employees. Management of the Corporation is
vested in a bipartisan Board of Directors consisting of three members
appointed by the President of the United States. Two directors are
appointed for terms of six years; the Comptroller of the Currency
serves ex officio as the third director. With the change in the Federal
administration, Mr. Jesse P. Wolcott resigned as Chairman, and the
Board of Directors elected Mr. Erie Cocke, Sr., as Chairman, effective
at noon on January 20, 1961, with Mr. Wolcott continuing to serve as
director. Mr. Ray M. Gidney served as Comptroller of the Currency,
and director of the Corporation, until November 15, 1961, when he
was succeeded by Mr. James J. Saxon.
The main office of the Corporation is in Washington, D. C., and
district offices are maintained in 12 major cities. During 1961 con­
struction proceeded on a headquarters building for the Corporation
in downtown Washington, which is expected to be completed and
occupied in the latter part of 1962.




16

FEDERAL DEPOSIT INSURANCE CORPORATION

Corporation officials are listed on page v of this report, adjacent
to an organization chart of the Corporation. The location of each
district office and the area it serves, with the names of the respective
Supervising Examiners, are given on pages vi and vii.
The Corporation had 1,281 employees on December 31, 1961. The
net increase of 39 during the year occurred in the field offices of the
Corporation, and was due to greater examination and liquidation
activity. The figures do not include temporary field liquidation em­
ployees, who are generally hired at the site of the liquidation activity
and whose services are terminated when the local peak of activity
has passed.
The turnover rate of all employees (excluding temporary field liquida­
tion personnel) was 16 per 100 in 1961, the same as in 1960. Turnover
among the field examiner staff was 13 per 100, down slightly from 1960.
Field examiners comprise the largest group of employees in the Corpora­
tion; from an average employment of 734 in 1961, 93 left the Corpora­
tion during the year, a third of them going to banks or other financial
institutions or supervisory agencies. A distribution of the Corporation’s
employees at the end of 1961, according to Division and location, is
given in Table 7.
Table 7.
D

N

u m b e r of

epo sit

O fficers

and

E

m p l o y e e s of t h e : F ederal

I n s u r a n c e C orporation , D

Division

ec em be r

Total

1,281

31, 1961

Washington
office

District
and other
field
offices

313

Directors.........................................................................................
3
Executive! offices............................................................................
20
20
Legal Division...............................................................................
21
21
Division of Examination.............................................................
974
53
Division of Liquidation...............................................................
51
33
Division of Research and Statistics.........................................
48
48
Audit Division...............................................................................
49
20
Office of the Controller...............................................................
115
115

968
0
0
o
921
18
0
29
o

Employee benefits and programs. Employees of the Corporation
receive the fringe benefits generally available to Federal employees,
including retirement annuities, group life insurance, vacation and sick
leave, hospitalization and medical payments insurance, compensation
for on-the-job injuries, and unemployment benefits. At the end of 1961
over 99 percent of the employees were included in the Civil Service
Retirement System, nearly 95 percent (of those eligible) had taken
out group life insurance, and 92 percent participated in the Federal
Employees Health Benefits program.




ADMINISTRATION OF THE CORPORATION

17

The educational program for examiners, begun in 1946, continued
to enlist extensive participation. At the end of 1961, 477 examiners
were currently enrolled in correspondence courses conducted by the
American Institute of Banking, 64 were enrolled in banking schools at
eight leading universities, and one was a resident student at a univer­
sity. Nearly 3,000 courses have been completed by Corporation ex­
aminers, present and past, since the program was established. The
educational program was subsequently extended to include auditors,
who have completed about 50 courses.
Examiners and assistant examiners participate in the Inter-Agency
Bank Examination School conducted in Washington jointly by the
Federal bank supervisory agencies. Since its establishment in 1952, 358
Corporation examiners have attended the School.
F in a n c e s

of t h e

C o r p o r a t io n

Assets and liabilities. Assets of the Corporation totaled $2,482
million on December 31, 1961. United States Government obligations,
valued at amortized cost, with accrued interest, were nearly $2,471
million. Other assets amounted to $11 million. One-third of this amount
consisted of the estimated net value of assets acquired in insurance
transactions, and another third was represented by the building site,
planning, and construction costs of the Corporation’s headquarters
building. Cash balances were approximately $3 million. This relatively
small amount is considered adequate because the Government securities
held by the Corporation include a reasonable portion of special issues
convertible into cash on demand.
Liabilities of the Corporation totaled $128 million on December 31,
1961, and consisted principally of net assessment income credits due
insured banks which are available for application to subsequent assess­
ments.
The excess of the Corporation’s assets over its liabilities represents
the accumulated income (surplus) of the Corporation since its inception,
and constitutes the deposit insurance fund. This fund, which comprises
the Corporation’s financial resources for the protection of depositors,
amounted to $2,354 million on December 31, 1961. In addition, the
Corporation is authorized to borrow from the United States Treasury,
and the Secretary of the Treasury is authorized and directed to loan
to the Corporation on such terms as may be fixed by the Corporation
and the Secretary, not to exceed $3 billion outstanding at any one time,
when in the judgment of the Board of Directors of the Corporation such
funds are required for insurance purposes. This borrowing power has
never been used.




18

FEDERAL DEPOSIT INSURANCE CORPORATION

Assets and liabilities of the Corporation on December 31, 1961, are
presented in Table 8.
T a b le 8 .

Statem ent

of

F i n a n c i a l C o n d it io n , F ederal D

I n s u r a n c e C orporation , D

e c em be r

eposit

31, 1961

ASSETS

$

C a sh ............................................................................................................
United States Government obligations:
Securities at amortized cost (face value $2,474,017,000;
market or redemption value $2,380,720,093)............................
Accrued interest receivable................................................................
Assets acquired in receivership and deposit assumption
transactions:
Subrogated claims of depositors against closed insured banks..
Net insured balances of depositors in closed insured banks, to
be subrogated when paid— see related liability.........................
Loans to insured banks........................................................................
Loan to receiver for closed insured bank.......................................
Equitjr in assets acquired under purchase agreements...............
Assets purchased outright..................................................................

$2,456,158,624
14,301,480

$

2,470,460,104

4,179,755
1,883,110
960,272
95,000
4,557,666
143,566

$
Less reserve for losses..........................................................................

2,854,674

11,819,369
8,004,100

3,815,269

Miscellaneous assets............................................................................
Building site, planning, and construction costs....................
Furniture, fixtures, and equipm ent (cost, $787,265).............

120,762
4,260,052
1

Total assets....................................................................

$2,481,510,862

L IA B IL IT IE S

AND

D E P O SIT

IN S U R A N C E

FUND1

Accounts payable and accrued liabilities..................................
Earnest m oney, escrow funds, and collections held for
others.............................................................................................
Accrued annual leave o f employees..............................................
Due insured banks:
Net assessment income credits available July 1, 1962................
Other........................................................................................................
Net insured balances of depositors in closed insured banks
—■see related asset....................................................................
Total liabilities.............................................................

735,077
351,766
1,218,518
$ 115,451,210
8,077,132

123,528,342
1,883,110
$ 127,716,813

Deposit insurance fund (see Table 9)2.........................................

2,353,794,049

Total liabilities and deposit insurance fu n d . .

$2,481,510,862

1 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant
to the Acts of August 5, 1947 (61 Stat. 773), and June 29, 1948 (62 Stat. 1092).
2 The deposit insurance fund, consisting of the cumulative net income (surplus) of the Corporation
from its inception to December 31, 1961, is available for future deposit insurance losses and related
expense. In addition to this fund, the Corporation is authorized to borrow from the United States
Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on
such terms as may be fixed by the Corporation and the Secretary, not to exceed three billion dollars
outstanding at any one time, when in the judgment of the Board of Directors of the Corporation such
funds are required for insurance purposes. No borrowings have been made under this authorization.
Note: These statements do not include accountability for assets and liabilities of closed insured banks
which were acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic
and final accountability reports are furnished to the Courts, supervisory authorities, and others, as
required.

Income in 1961. Net income of the Corporation during 1961 was
$132 million. Income from assessments amounted to $73 million, and
was slightly exceeded, for the first time, by income from United States
Government securities of $74 million. Expenses and losses during the
year totaled $15 million. Table 9 presents a statement of the Corpora-




19

FINANCES OF THE CORPORATION

tion’s income and expenses in 1961, and of changes in the deposit
insurance fund.
T a b le 9 .

Statem ent

of

I ncome

and

D

I n s u r a n c e C orporation , Y

e p o sit
ear

E

I n s u r a n c e F u n d , F ederal D

nded

Incom e:
Deposit insurance assessments:
Assessments becoming due in the year..............................
Less net assessment income credits due insured banks..

D

e c em be r

e po sit

31, 1961

$ 188,651,634
115,446,762

$

73,204,872

$

73,247,909

Corporation’s share of adjustments of assessments for
prior years.............................................................................

43,037

Net income from U. S. Government securities....................
Other income................................................................................

73,827,615
20,712

Total in com e.........................................................

$ 147,096,236

Expenses and losses:
Administrative and operating expenses:
Salaries and wages...................................................................
Civil Service retirement fund and F.I.C.A. payments. .
Travel expenses........................................................................
Rents and utilities...................................................................
Other expenses.........................................................................

9,115,907
582,753
2,389,519
516,721
578,943

Provisions for reserve for insurance losses:
Applicable to 1961...................................................................

2,318,000

Less adjustments to provisions for reserve established in
prior years:
Applicable to net assessment income for 1961.............
Not applicable to net assessment income.....................

$

13,183,843

113,145(D)
1,386(D)
114,531(D)

2,203,469
92,793

Insurance expenses......................................................................
Total expenses and losses................................

$

N et income— addition to the deposit insurance fund
for the year ended December 31, 1961.........................

$

15,480,105
131,616,131

Deposit insurance fund, January 1, 1961...........................

2,222,177,918

Deposit insurance fund, December 31, 1961 (see note
2, Table 8 ) ................................................................................

$2,353,794,049

(D) Deduct.

Income from assessments, after allowing for the Corporation’s ex­
penses and losses, is shared by the Corporation and the insured banks.
Effective in 1961, the share of the insured banks in this net assessment
income was increased from 60 percent to 66% percent. Accordingly,
$115 million of the $189 million of assessments becoming due in 1961
was credited to insured banks to be applied against future assessments.
This credit had the effect of reducing assessments from the statutory
annual rate of one-twelfth of 1 percent of assessable deposits to a rate of
one-thirty-first of 1 percent. The determination and distribution of net
assessment income in 1961 is shown in Table 10.
Income and the deposit insurance fund, 1934-1961. The cumu­
lative income of the Corporation since its establishment reached $2,641
million at the end of 1961. Over that period assessments provided 69




20

FEDERAL DEPOSIT INSURANCE CORPORATION

percent, and investment and other income 31 percent, of the total.
Expenses and losses from 1934 to 1961 have amounted to $287 million.
The resulting accumulated net income, which constitutes the deposit
insurance fund, was $2,354 million at the end of 1961. The amounts
and disposition of the Corporation’s income for each year from 1933
to 1961, and cumulatively, are presented in Table 11.
Table 10.
F ederal D

D

e t e r m in a t io n a n d

epo sit

D

is t r ib u t io n of

I n s u r a n c e C orporation , Y

ear

N

et

A

ssessm ent

E n d ed D

e c em be r

I ncom e,

31,1961

Determination of net assessment incom e:
Total assessments which became due during the calendar
year.........................................................................................
Less:
Administrative and operating expenses............................. .
Net additions to reserve to provide for insurance losses:
Provided in 1961.................................................................
Adjustments to provisions for reserve established
prior to 1961 (reduction)..........................................

188,651,634
$
$

13,183,843

2,318,000
2,204,855

113,145(D)

Other insurance losses and expenses...................................

92,793

Total deductions.....................................................

15,481,491

$

$ 173,170,143

Net assessment income for 1961....................................
Distribution of net assessment income, December 31,
1961:
Net assessment income for 1961:
33 yz% transferred to the deposit insurance fund........... .
Balance credited to insured banks......................................

$

57,723,381
115,446,762

$ 173,170,143

T otal...........................................................................

Percent of total
assessments be­
coming due in
1961

Allocation of net assessment income credit among
insured banks, December 31, 1961:
Credit for 1961.............................................................................
Adjustments of credits for prior years...................................

$ 115,446,762
4,447

61.196%

T o ta l.........................................................................

$ 115,451,209

61.198%

.002

(D) Deduct.

The relationship of the deposit insurance fund to deposits in insured
banks for each year from 1934 to 1961 is shown in Table 12. At the
end of 1961 the fund amounted to 0.84 percent of total deposits in
insured banks.
Audit. The Audit Division of the Corporation makes a continuous
audit of its financial operations. Audits by outside firms or agencies
have been made each year from the beginning, first by private firms,
and since 1945 by the General Accounting Office.
The short form report on audit for the year ended June 30, 1961,
furnished by the Comptroller General, is reproduced in Table 13. As
indicated there, and in his more extensive report to the Congress, the
Comptroller General found the financial accounts to be as represented
and in general conformity with accepted accounting principles.




21

FINANCES OF THE CORPORATION

Table 11.

In c o m e an d E x p e n s e s , F e d e r a l D e p o s it I n s u r a n c e C o rp o r a tio n ,

by Y e a r s , fr o m B e g in n i n g o f O p e r a tio n s, S ep tem ber 11, 1933,
t o D e c e m b e r 31, 1961, A d ju s t e d to D e c e m b e r 31, 1961

(In millions)
Expenses and losses

Income

Year

Total

Deposit
insurance
ments1

Invest­
ments
and
other
sources

Total

Deposit
insurance
losses and
expenses2

Net
income
added to
deposit
insurance
fund4

Interest
on capital
stock*

Adminis­
trative
and
operating
expenses

$80.6

$175.4

$2,353.8

13.2
12.4
11.9

131.6
132.1
124.3

1933-61.

$2,641.0

$1,824.0

$817.0

$287.2

$31.2

1961____
1960____
1959____

147.1
144.6
136.5

73.2
79.6
78.6

73.9
65.0
57.9

15.5
12.5
12.2

2.3

1958____
1957____
1956____
1955____
1954____

126.8
117.3
111.9
105.7
99.7

73.8
69.1
68.2
66.1
62.4

53.0
48.2
43.7
39.6
37.3

11.6
9.7
9.6
9.0
7.8

11.6
9.6
9.1
8.7
7.7

115.2
107.6
102.3
96.7
91.9

1953____
1952____
1951____
1950____
1949____

94.2
88.6
83.8
84.8
151.1

60.2
57.3
54.3
54.2
122.7

34.0
31.3
29.5
30.6
28.4

7.3
7.8
6.9
7.8
6.4

7.2
7.0
6.9
6.4
6.1

86.9
80.8
76.9
77.0
144.7

1948____
1947____
1946____
1945____
1944____

146.9
157.7
130.9
121.2
99.5

119.3
114.4
107.0
93.7
80.9

27.6
43.3
23.9
27.5
18.6

7.3
10.4
10.4
9.7
9.7

.7

.1

.1
.1

4.8
5.8
5.8
5.8

6.0
5.5
4.5
3.8
3.8

139.6
147.3
120.5
111.5
89.8

1943____
1942____
1941____
1940____
1939____

86.7
69.4
62.0
55.9
51.2

70.0
56.5
51.4
46.2
40.7

16.7
12.9
10.6
9.7
10.5

10.2
10.3
10.1
12.9
16.4

.2
.5
.6
3.5
7.2

5.8
5.8
5.8
5.8
5.8

4.2
4.0
3.7
3.6
3.4

76.5
59.1
51.9
43.0
34.8

1938____
1937____
1936____
1935____
1933-34.

47.7
48.2
43.8

38.3
38.8
35.6
11.5

9.4
9.4

11.3
12.2
10.9
11.3

2.5
3.7

5.8
5.8
5.8
5.8
5.6

3.0
2.7
2.5
2.7
4.26

36.4
36.0
32.9
9.5
-3.0 7

20.8
7.0

8.2
9.3
7.0

10.0

.1

.3

1.4
.3
.1

2.6
2.8
.2

1 For 1950-1961, figures are net after deducting the portion of net assessment income credited to
insured banks pursuant to provisons of the Federal Deposit Insurance Act of 1950 and its amendment
by Public Law 86-671, approved July 14, 1960. Assessment credits to insured banks for these years
amounted to $1,047.3 million, equal to 56.779% of gross assessments.
2 Net loss of funds after allowing for $8,999 thousand (included in income from investments and other
sources in this table) collected as interest and allowable return on funds advanced to 158 of the 445
closed insured banks was $22,232 thousand.
8
Paid in 1950 and 1951, but allocated among years to which it applies. Initial capital of $289 million
was retired by payments to the United States Treasury in 1947 and 1948.
4 The amounts shown herein give effect to adjustments to the deposit insurance fund in the years
to which they are applicable, whereas the amounts of the Fund shown in Table 12 represent the Fund
as reported on the dates specified. Hence the deposit insurance fund reported in Table 12 cannot be
computed by annual addition of income reported herein, except for the Fund as of December 31, 1961.
5 Assessments collected from members of the temporary insurance funds which became insured under
the permanent plan were credited to their accounts at the termination of the temporary funds and
were applied toward payment of subsequent assessments becoming due under the permanent insurance
fund, resulting in no income to the Corporation from assessments during the existence of the temporary
insurance funds.
6 Net after deducting the portion of expenses and losses charged to banks withdrawing from the
temporary insurance funds on June 30, 1934.
7 Deduction.

In the report to Congress, two recommendations for amendment of
the Federal Deposit Insurance Act were repeated from earlier audit
reports. The first, relating to the cost of providing retirement, disability,
and compensation benefits for Corporation employees, would require
the Corporation to pay:




22

FEDERAL DEPOSIT INSURANCE CORPORATION

“ 1. Into the civil service retirement and disability fund the Govern­
m ent’s share of the cost of providing retirement and disability benefits for
the Corporation’s employees for the period from the creation of the Corpo­
ration through the year ended June 30, 1957.
2. Into the employees’ compensation fund the amount of benefit pay­
ments made from such fund on account of the Corporation’s employees for
all periods subsequent to the creation of the Corporation.
3. Into the Treasury as miscellaneous receipts a fair portion of the cost
of administering the civil service retirement system and the employees' com­
pensation fund for all periods subsequent to the creation of the Corporation/’

The second recommendation would require the General Accounting
Office to make its report of audit on a calendar-year rather than a
fiscal-year basis.
The Board of Directors of the Corporation has consistently sup­
ported both of these recommendations.

T a b le 1 2 .

In s u r e d D e p o s its a n d t h e D e p o s it I n s u r a n c e F u n d , 1934-1961

Year
(Dec. 31)

Deposits in
insured banks
(in millions)

Percent
of
deposits
insured

Total

Insured1

$281,304
260,495
247,589

$164,071
149,684
142,131

242,445
225,507
219,393
212,226
203,195

137,698
127,055
121,008
116,380
110,973

56.8
56.3
55.2
54.8
54.6

193,466
188,142
178,540
167,818
156,786

105,610
101,842
96,713
91,359
76,589

153,454
154,096
148,458
158,174
134,662

58.3%
57.5
57.4

Deposit
insurance
fund
(in
millions)

Ratio of deposit
insurance fund to—
Total
deposits

Insured
deposits

1958

........................................

1956................................................

1952................................................

1936................................................
1934................................................

•84%
.85
.84

1.43%
1.48
1.47

1,965.4
1,850.5
1,742.1
1,639.6
1,542.7

.81
.82
.79
,77
.76

1.43
1.46
1.44
1.41
1.39

54.6
54.1
54.2
54.4
48.8

1,450.7
1,363.5
1,282.2
1,243.9
1,203.9

.75
.72
.72
.74
.77

1.37
1.34
1.33
1.36
1.57

75,320
76,254
73,759
67,021
56.398

49.1
49.5
49.7
42.4
41.9

1,065.9
1,006.1
1,058.5
929.2
804.3

.69
.65
.71
.59
.60

1.42
1.32
1.44
1.39
1.43

111,650
89,869
71,209
65,288
57,485

1961................................................

48,440
32,837
28,249
26,638
24,650

43.4
36.5
39.7
40.8
42.9

703.1
616.9
553,5
496.0
452.7

.63
.69
.78
.76
.79

1.45
1.88
1.96
1.86
1.84

50,791
48,228
50,281
45,125
40,060

23,121
22,557
22,330
20,158
18,075

45.5
46.8
44.4
44.7
45.1

420.5
383.1
343.4
306.0
333.0

.83
.79
.68
.68
.83

1.82
1.70
1.54
1.52
1.84

$2,353.8
2,222.2
2,089.8

1
Figures estimated by applying to the deposits in the various types of account at the regular call
dates the percentages insured as determined from special reports secured from insured banks, the latest
of which was for September 21, 1955.




23

FINANCES OF THE CORPORATION

T a b le 1 3 .

R e p o r t o n A u d i t o f 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 tio n ,
Y

ear

E nded J u n e 30,1961

C O M P T R O L L E R G E N E R A L OF T H E U N IT E D STA TES
W A S H IN G T O N 25
B -l 14831

December 8, 1961

To
Federal Deposit Insurance Corporation
The General Accounting Office has made an audit of the Federal Deposit Insur­
ance Corporation, an independent Government agency, for the fiscal year ended
June 30, 1961, pursuant to section 17(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1827).
Our audit included an examination of the Corporation’s statement of financial
condition as of June 30, 1961, and its related statement of income and expenses
for the year then ended, in accordance with generally accepted auditing standards
and such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances and appropriate in view of the effective­
ness of the system of internal control and the work performed by the Corporation’s
internal auditors.
The Corporation’s accumulated net income has been retained as a deposit in­
surance fund and is available for future deposit insurance losses. W e are unable
to express an opinion on the adequacy of the deposit insurance fund to meet future
losses because the amount that may be needed is dependent on future economic
conditions which cannot be accurately predicted.
In our opinion, subject to the comments in the preceding paragraph, the state­
ment of financial condition (schedule 1) and the statement of income and deposit
insurance fund (schedule 2) present fairly the financial position of the Federal
Insurance Corporation at June 30, 1961, and the results of its operations for the
year then ended, in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding year and with applicable Federal
laws.




/ s / Joseph C a m p b ell

Comptroller General of the United States

24

FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13.

R eport
Y

on

ear

Schedule 1.
Statem ent

A
E

u d it of
nd ed

F ederal D

F ederal D
of

e p o sit

I n s u r a n c e C o rporation ,

J u n e 30, 1961— Continued
e po sit

I n s u r a n c e C o rporation ,

F i n a n c i a l C o n d it io n , J u n e 30, 1961

ASSETS
C a sh ........ .....................................................................................................
U. S. Government obligations:
Securities at amortized cost (face value, $2,439,517,000;
market or redemption value, $2,363,234,636).............................
Accrued interest receivable..................................................................

$

$2,424,783,210
16,390,205

2,271,493

2,441,173,415

Assets acquired in receivership and deposit assumption
transactions:
Subrogated claims of depositors against closed insured banks. . .
2,693,604
Net insured balances of depositors in closed insured banks, to be
subrogated when paid— see related liability................................
88,373
Loans to insured banks........................................................................
960,145
Loan to receiver for closed insured bank.........................................
175,000
5,159,723
Equity in assets acquired under purchase agreements.................
Assets purchased outright....................................................................
143,977
Less reserve for losses............................................................................

9,220,822
7,544,590

1,676,232

Miscellaneous assets............................... ..............................................
Building site, planning and construction costs (note 1)........
Furniture, fixtures, and equipm ent, cost $774,545..................

119,813
2,467,353
1

Total assets......................................................................

$2,447,708,307

LIABILITIES AND DEPOSIT INSURANCE FUND (note 2)
Account# payable and accrued liabilities....................................
Earnest m oney, escrow funds, and collections held for
others..................................................................................................
Accrued annual leave of employees................................................
Due insured banks (note 3):
Net assessment income credits available July 1, 1961..................
Estimated amount available July 1, 1962, from net assessment
income for 6 months ended June 30, 1961..................................

$

845,101
433,247
1,314,077

$ 100,857,903
57,310,341

158,168,244

Net insured balances o f depositors in closed insured banks
— see related assets............................................................................

88,373

Total liabilities...............................................................

160,849,042

Deposit insurance fund, accumulated income available for
future deposit insurance losses (schedule 2 and note 4 ) ...........

2,286,859,265

T otal liabilities and deposit insurance fu n d . . .

$2,447,708,307

The notes following schedules 1 and 2 are an integral part of this statement.

N

otes to t h e

F i n a n c i a l S t a t e m e n t s — J u n e 30,1961

1. The Corporation has acquired a building site in the District of Columbia on which it is con­
structing its own office building. Through June 30, 1961, accumulated costs totaled SI,598,175 for land
and $869,178 for the building. The Corporation estimates that the completed building, exclusive of land,
will cost about $6.5 million and will be ready for occupancy during calendar year 1962.
2. Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant
to the acts of August 5, 1947 (61 Stat. 773), and June 29, 1948 (62 Stat. 1092).
3. The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the act of July 14, 1960
(74 Stat. 551), provides that, effective with the credit to be computed on the Corporation’s net assessment
income for calendar year 1961, insured banks shall be allowed, against current semiannual insurance
assessments, pro rata credits totaling 66% percent of the Corporation’s net assessment income (as
defined by the act) for the prior calendar year. Prior to enactment of the act of July 14, 1960, pro rata
credits totaling 60 percent of the Corporation’s net assessment income were allowed. In accordance with
the law, the Corporation has estimated the net assessment income credits to insured banks for the first
6 months of calendar year 1961 at the new rate of 66% percent. The net assessment income credits
for calendar year 1960 were computed at the old rate of 60 percent.




25

FINANCES OF THE CORPORATION

Table 13.

R eport
Y

on

ear

Schedule 2.
St a t em en t

of

A
E

u d it of
nded

F ederal D

F ederal D

I ncome

and

E

epo sit

I n s u r a n c e C o r poration ,

J u n e 30, 1961— Continued

D

e po sit

epo sit

nded

I n s u r a n c e C orporation ,

I n s u r a n c e F u n d , F is c a l Y

ear

J u n e 30,1961

Incom e:
Deposit insurance assessments (note 3):
Assessments becoming due in the year. . ..................................
Less net assessment income credits due insured banks..........

$ 183,061,598
107,081,916

75,979,682

Corporation’s share of adjustments of assessments for prior
years...............................................................................................

77,938
76,057,620

Net income from U.S. Government securities..............................
Other income.........................................................................................

69.769,656
36,378

Total incom e.................................................................

145,863,654

Expenses and losses:
Administrative and operating expenses:
Salaries and wages..........................................................................
Civil Service retirement fund and F.I.C.A. payments...........
Travel expense..................................................................................
Rents and utilities...........................................................................
Other expense...................................................................................
Provisions for reserve for insurance losses:
Applicable to fiscal year 1961.......................................................
Less adjustments to provisions for reserve established in
prior years.....................................................................................

9,112,792
574,325
2,229,329
496,078
566,202

12,978,726

1,200,000
146,816

1,053,184

Other insurance losses and expenses...............................................

104,762

Total expenses and losses........................................

14,136,672

Net income-—addition to the deposit insurance fund for
the year ended June 30, 1961..................................................

131,726,982

Deposit insurance fund, July 1, 1960...........................................

2,155,132,283

Deposit insurance fund, June 30, 1961 (note 4 ) .......................

$2,286,859,265

The notes following schedules 1 and 2 are an integral part of this statement.

N

otes to t h e

F i n a n c i a l S t a t e m e n t s — J u n e 30, 1961— Continued

4. The deposit insurance fund of $2,286,859,265 at June 30, 1961, is available for future deposit
insurance losses and related expenses. The fund amounts to about 1.5 percent of all insured deposits,
which the Corporation estimates at $152.8 billion. The law does not specify either the amount or the
ratio of insured deposits to which the insurance fund is to be accumulated.
The Corporation from its inception to June 30, 1961, has made disbursements of about $355.8 million
in protecting depositors of 441 insured banks and in facilitating the termination of liquidations. The
Corporation’s accumulated losses amount to about $30.1 million, including estimated losses of $7.5
million on cases not terminated at the close of the year ended June 30, 1961.
The Corporation is authorized to borrow from the United States Treasury up to $3 billion out­
standing at any one time when, in the judgment of the board of directors, such funds are required for
insurance purposes. The Corporation has never used this borrowing authority.
5. These statements do not include accountability for assets and liabilities of closed insured banks
which were acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic
and final accountability reports are furnished to the Courts, supervisory authorities, and others, as
required.







PART TW O
LEGISLATION AND REGULATIONS







Federal Legislation
No Federal legislation directly affecting federal deposit insurance or insured
banks, by virtue of their insured status, was enacted by the Congress during
1961.
Rules and Regulations of the Corporation*
PART

327—ASSESSMENTS

Effective January 15, 1962, § 327.2(b) (4) of the rules and regulations of the
Federal Deposit Insurance Corporation (12 CFR 327.2(b)(4)) is amended to
read as follows:
§ 327.2

Classification of deposits.
*

*

*

(b) * * *

(4) Savings deposits being deposits.
(i) Which consist of funds deposited to the credit of one or more individuals
or of a corporation, association, or other organization operated primarily for
religious, philanthropic, charitable, educational, fraternal, or other similar pur­
poses and not operated for profit, or in which the entire beneficial interest is
held by one or more individuals or by such a corporation, association, or other
organization; and
(ii) With respect to which the depositor is required, or may at any time be
required, by the bank to give notice in writing of an intended withdrawal not
less than 30 days before such withdrawal is made.

PART

329—PAYMENT

OF DEPOSITS AND INTEREST THEREON

BY INSURED

NONMEMBER BANKS

Effective January 15, 1962, § 329.1(e) of the rules and regulations of the
Federal Deposit Insurance Corporation (12 CFR 329.1(e)) is amended to read
as follows:
§ 329.1 Definitions.
(e) Savings deposits. (1) The term “ savings deposit” means a deposit:
(i)
Which consists of funds deposited to the credit of one or more individ­
uals, or of a corporation, association, or other organization operated primarily
for religious, philanthropic, charitable, educational, fraternal, or other similar
purposes and not operated for profit; 4 or in which the entire beneficial interest
is held by one or more individuals or by such a corporation, association, or
other organization; and
* Amendments to Part 327 of the Corporation’s Rules and Regulations relating to the method
for computing and reporting of assessments on deposits and obligations prescribed as deposits
which became effective January 16, 1961, are published in the 1960 Annual Report, pp. 72-84.
4 Deposits in joint accounts of two or more individuals may be classified as savings deposits
if they meet the other requirements of the above definition but deposits of a partnership operated
for profit may not be so classified. Deposits to the credit of an individual of funds in which any
beneficial interest is held by a corporation, partnership, association, or other organization operated
for profit or not operated primarily for religious, philanthropic, charitable, educational, fraternal,,
or other similar purposes may not be classified as savings deposits.




29

30

FEDERAL DEPOSIT INSURANCE CORPORATION

(ii) W ith respect to which the depositor is required, or m ay at any time be
required, by the bank to give notice in writing of an intended withdrawal not
less than 30 days before such withdrawal is made.
(2) Subject to the provisions of subparagraph (3) of this paragraph, an
insured nonmember bank m ay permit withdrawals to be made from a savings
deposit only through pa ym en t5 to the depositor himself (but not to any other
person whether or not acting for the depositor), except
(i) Where the deposit is represented by a pass book, to any person present­
ing the pass book; 5
(ii) T o an executor, administrator, trustee, or other fiduciary holding the
savings deposit as part of a fiduciary estate, or to a person, other than the
bank of deposit, holding a general power of attorney granted by the depositor;
(iii) To any person, including the depository bank, that has extended credit
to the depositor on the security of the savings deposit, where such payment is
made in order to enable the creditor to realize upon such security;
(iv) Pursuant to the order of a court of competent jurisdiction;
(v) Upon the death of the depositor, to any person authorized by law to
receive the deposit; or
(vi) W ith respect to interest paid to a third person pursuant to written
instruction or assignment by the depositor, accepted by the bank, and placed
on file therein.
(3) Notwithstanding the provisions of subparagraph (2) of this paragraph,
no withdrawal shall be permitted by an insured nonmember bank to be made
from a savings deposit after January 15, 1962, through payment to the bank
itself or through transfer of credit to a demand or other deposit account of the
same depositor (other than of interest on the savings deposit) if such payment
or transfer is made pursuant to any advertised plan or any agreement, written
or oral:
(i) Which authorizes such payments or transfers of credit to be made as a
normal practice in order to cover checks or drafts drawn by the depositor upon
the bank ; or
(ii) W hich provides that such payments or transfers of credit shall be made
at daily, monthly, or other such periodic intervals, except where made to enable
the bank., on the depositor’s behalf and pursuant to his written instruction, to
effect the payment of installments of principal, interest, or other charges (in­
cluding taxes or insurance premiums) due on a real estate loan or mortgage.
(4) Where a savings deposit is evidenced by a pass book, every withdrawal
made upon presentation of the pass book shall be entered in the pass book at the
time of withdrawal, and every other withdrawal from such a deposit shall be
entered in the pass book as soon as practicable after the withdrawal is made.
(26 F .R . 12032).
1. Effective January 1, 1962, § 329.6 of the rules and regulations of the
Federal Deposit Insurance Corporation (12 C F R 329.6) is amended to read as
follows:

§ 829.6 Maximum rates 1 of interest payable on time and savings deposits by
2
insured nonmember banks.
5 Payment from a savings deposit or presentation of a pass book may be made over the counter,
through the mails, or otherwise.
12 The maximum rates of interest payable by insured nonmember banks on time and savings
deposits as prescribed herein are not applicable to any deposit which is payable only at an office
of an insured nonmember bank located outside of the States of the United States and the District
of Columbia.




RULES AND REGULATIONS OF THE CORPORATION

31

(a) Maximum rate of 4 percent. No insured nonmember bank shall pay in­
terest accruing at a rate in excess of 4 percent per annum, compounded quar­
terly,13 regardless of the basic upon which such interest m ay be computed:
(1) On that portion of any savings deposit that has remained on deposit
for not less than 12 months,
(2) On any time deposit having a maturity date 12 months or more after
the date of deposit or payable upon written notice of 12 months or more,
(3) On that portion of any postal savings deposit which constitutes a time
deposit that has remained on deposit for not less than 12 months.
(b) Maximum rate of 3 % percent. N o insured nonmember bank shall pay
interest accruing at a rate in excess of 3 % percent per annum, compounded
quarterly,1 regardless of the basis upon which such interest m ay be computed:
3
(1) On any savings deposit, except as otherwise provided in paragraph
( a ) ( 1 ) of this section,
(2) On any time deposit having a maturity date less than 12 months and
not less than 6 months after the date of deposit or payable upon written notice
of less than 12 months and not less than 6 months,
(3) On any postal savings deposit which constitutes a time deposit, except
as otherwise provided in paragraph (a) (3) of this section.
(c) Maximum rate of
percent. N o insured nonmember bank shall pay
interest accruing at a rate in excess of 2 % percent per annum, compounded
quarterly,1 regardless of the basis upon which such interest m ay be computed:
3
(1) On any time deposit (except postal savings deposits which constitute
time deposits) having a maturity date less than 6 months and not less than
90 days after the date of deposit or payable upon written notice of less than
6 months and not less than 90 days.
(d) Maximum rate of 1 percent. N o insured nonmember bank shall pay in­
terest accruing at a rate in excess of 1 percent per annum, compounded quar­
terly,1 regardless of the basis upon which such interest m ay be computed:
3
(1) On any time deposit (except postal savings deposits which constitute
time deposits) having a maturity date less than 90 days after the date of de­
posit or payable upon written notice of less than 90 days. (26 F.R . 11798.)

State Banking Legislation
In 1961, the legislatures of forty-six states held regular sessions. Ten of these
legislatures also held special sessions. Some of the more important state banking
legislation enacted in 1961 is summarized below.
SUPERVISORY AUTHORITY

Membership, powers and terms of office of state
banking boards and bank supervisory authorities. Colorado (H .S. 330)
Kansas (S.B. 154)
Maine (H .B . 494)
Ohio (H .B . 51)
Texas (S.B. 432)
Incorporation and chartering of state ban k s.................Colorado (H .B . 322;
H .B . 329)
13 This limitation is not to be interpreted as preventing the compounding of interest at other
than quarterly intervals, provided that the aggregate amount of such interest so compounded does
not exceed the aggregate amount of interest at the rate above prescribed when compounded
quarterly.




32

FEDERAL DEPOSIT INSURANCE CORPORATION

Regulation of security transactions....................................Connecticut (P .A. 419;
P.A . 487)
Chartering of state b an k s................... ...................................Colorado (H .B . 329)
Illinois (H .B . 1456)
Supervisory, regulation and examination fees...............Indiana (Ch. 153)
Surety bonds for bank examiners and department
employees...................................................................................Iowa (H .B . 67; H .B . 75)
Statements of condition from b an k s..................................Iowa (S.B. 213)
Oklahoma (H .B . 1239)
Trust reports to Superintendent of B an k s......................Iowa (H .B . 69)
N ew bank capital requirements...........................................Kansas (H .B . 435)
Creation of Department of Banking or bank
advisory board.........................................................................Nebraska (L .B . 4)
N ew Hampshire (H .B . 290)
Regulation of mergers of state bank with national
b a n k .............................................................................................New York (Ch. 47)
Regulation of bank holding companies.............................New York (Ch. 146)
ORGANIZATION AND CHARTER CHANGE

Branch offices, agencies and facilities................................Alabama (Acts 152, 183’
221, 358, 473, 515, 587’
938, 939)
Arkansas (Act 190)
Maine (H .B . 459)
New Jersey (S.B. 70)
Pennsylvania (H .B . 880)
Requirements to organize banks and trust companies. Arkansas (Act 223)
Missouri (S.B. 195,
H .B . 630)
Minimum, par value required of shares of bank stock. Hawaii (Act 150)
Corporate powers and duties of banks............................. Illinois (H .B . 1456)
Kansas (S.B. 310)
New York (Ch. 164)
Pennsylvania (S.B. 428,
S.B. 555, S.B. 511)
Texas (S.B. 141)
Washington (Ch. 280)
Wisconsin (Ch. 592)
Consolidations, mergers and acquisitions........................Maine (H .B . 459)
Value of shares of trust companies.....................................New Hampshire (H .B . 273)
Uniformity of laws relating to banks................................ New Hampshire (H .B . 209)
Location of office.........................................................................New York (Ch. 357)
Pennsylvania (H .B . 880)
Regulation of foreign banks.................................................. Texas (S.B. 142)
Virginia (H .B . 11)
GENERAL OPERATING PROVISIONS

Retention, preservation or destruction of bank
records.........................................................................................Alabama (Act 1013)
Kansas (H .B . 392)
Pennsylvania (H .B . 879)
So. Carolina (H .B . 1385)
W . Virginia (S.B. 168)




STATE BANKING LEGISLATION

33

Securities ownership b y m inors........................................... Alabama (Act 1010)
Regulation of foreign banks...................................................California (A .B . 2165)
Connecticut (P A . 423)
Acceptance of negotiable paper by city and county
officials........................................................................................ California (A .B . 1170)
Exemptions from security sales........................................... Florida (H .B . 279,
H .B . 714)
Registration and sale of securities...................................... Georgia (Act 286)
Indiana (S.B. 170)
Cooperative use of bank bookkeeping automation
equipment................................................................................. Iowa (S.B. 146)
Partial revision of banking laws.......................................... Maine (Ch. 179)
Massachusetts (Ch. 493)
Michigan (P.A. 75)
Minnesota (Ch. 298)
Missouri (S.B. 195)
Nebraska (L .B . 608)
Authority of cooperative banks to issue shares............Massachusetts (Ch. 333)
Registering of securities held in fiduciary capacity.. .Arizona (H .B . 95)
California (S.B. 335)
Missouri (S.B. 133)
Nevada (S.B. 209)
Regulation of stock options and stock option plans. .Missouri (S.B. 301)
Uniform Commercial C o d e .................................................... Arkansas (Act 185)
Connecticut (P.A. 116)
New Jersey (A .B . 666)
Illinois (S.B. 198)
New Mexico (H .B . 50)
Ohio (S.B. 5)
New Hampshire (H .B . 138)
Oklahoma (S.B. 36)
Oregon (Ch. 726)
Wyoming (Ch. 219)
Conflicting claims of authority as to property held
by investment companies or foreign banks................New York (Ch. 107,
Ch. 171)
Method of computing earnings and dividends of
savings banks...........................................................................New York (Ch. 280)
Participation in financing of educational programs. . .Delaware (S.B. 236)
Massachusetts (Ch. 67)
New York (Ch. 392)
Definition of banking term s.................................................. Ohio (S.B. 16)
DEPOSITS

Dormant accounts, reporting................................................California (A .B . 385)
Rhode Island (H .B . 1828)
Deposits of estate funds.......................................................... California (S.B. 291)
Deposit of state funds..............................................................California (A .B . 937)
Pledge of joint savings deposit in savings banks......... Connecticut (P .A . 222)
Deposits in trust in savings banks and savings
departments..............................................................................Connecticut (P .A. 306)




34

FEDERAL DEPOSIT INSURANCE CORPORATION

Limitation on individual deposits....................................... Connecticut (P .A. 90)
Disposition of unclaimed deposits or safe-deposit
box contents............................................................................. Connecticut (P.A. 540)
Florida (S.B. 2)
Idaho (H .B . 16)
Illinois (H .B . 774)
Montana (S.B. 133)
New Hampshire (S.B. 69)
New York (Ch. 932)
N o. Dakota (H .B . 902)
Texas (H .B . 5 - X )
Deposit of public fu n ds........................................................... Idaho (H .B . 314)
Montana (S.B. 32)
Tennessee (Ch. 128)
Interest on dormant state deposits.................................... Indiana (Ch. 273)
Restricting advertising of interest on deposits..............Massachusetts (Ch. 269)
Special notice account deposits............................................ New Hampshire (H .B . 133)
Legal security for deposits of public funds..................... New York (Ch. 348)
Payment of deposits upon death .........................................Ohio (S.B. 63)
Certificates of Deposit as certain security...................... Ohio (H .B . 82)
Regulation of interest on deposits...................................... Oregon (Ch. 96)
Pennsylvania (S.B. 456)
Vermont (H .B . 169)
Regulation of deposits and dividends in mutual
savings banks........................................................................... Washington (Ch. 80)
LOANS

Farm development loans by bank s.................................... Alaska (H .B . 83)
Interest regulation......................................................................Arkansas (Ch. 71)
New York (Ch. 245)
N o. Carolina (S.B. 129)
Connecticut (P.A. 436)
Vermont (H .B . 110)
Wisconsin (Ch. 431)
First Mortgage loans on real property............................. California (S.B. 755)
Limitation on loans................................................................... Pennsylvania (S.B. 860)
Limitation on real estate loans by nondepartmental
banks........................................................................................... California (A .B . 1657)
Future advances secured by mortgages............................Florida (S.B. 140)
General limitation to one person or concern................. Indiana (H .B . 273)
N o. Dakota (S.B. 266)
So. Dakota (H .B . 600)
Limitation on home improvement loans by savings
banks and savings departments...................................... Connecticut (P.A. 209)
Regulation of disaster loans.................................................. Connecticut (P.A. 420)
Classification, limitation and regulation of real
estate mortgage loans...........................................................Connecticut (P.A. 93, 101,
111, 82, 402)
Indiana (H .B . 216)
N . Jersey (S.B. 71)
N ew York (Ch. 185)
Oregon (Ch. 165, 220)
Okla. (H .B . 711)
W yom ing (Ch. 125)




STATE BANKING LEGISLATION

35

Waiver of amortization on mortgage loans....................Connecticut (P .A . 81)
Waiver of priority of mortgages.......................................... Ohio (H .B . 745)
Loans on security of other bank stock ............................. Idaho (H .B . 188)
Financial statements for unsecured loans........................Indiana (Ch. 232)
Iowa (S.B. 440)
Collateral for bank employee loans....................................Maine (H .B . 793)
Residential development loans by savings banks. . . . Massachusetts (Ch. 327)
Interest charged on home mortgage loans...................... New Hampshire (H .B . 296)
Regulation of small loans....................................................... N ew Hampshire (H .B . 43)
New Mexico (H .B . 127)
N o. Carolina (S.B. 9)
N o. Dakota (S.B. 100)
Ohio (H .B . 365)
So. D akota (H .B . 601,
H .B . 602, H .B . 599)
Regulation of bank installment loans............................... N ew Mexico (H .B . 353)
Effect of part payment powers and waivers on time
limited for mortgage foreclosure..................................... New York (Ch. 581,
Ch. 582)
INVESTMENTS

Veterans’ mortgage loans........................................................ Alaska (H .B . 101, H .B . 166)
Common trust fu n d s................................................................. Connecticut (P .A. 166)
Georgia (Act 237)
Iowa (S.B. 292)
Limitation on investments by nondepartmental
banks............................................................................................California (A .B . 2175)
Legal investments for savings banks................................. California (A .B . 1353,
S.B . 51, A .B . 2174)
Connecticut (P .A . 93, 107)
Indiana (H .B . 229)
Iowa (S.B. 229)
New York (Ch. 372,
Ch. 400, Ch. 554)
Washington (Ch. 80)
Limitations on investments................................................... Connecticut (P .A . 87, 91,
96, 97, 98, 103, 107, 157,
189, 197, 296)
Massachusetts (Ch. 174)
Pennsylvania (H .B . 880)
W yom ing (Ch. 58)
General investment powers....................................................Kansas (S.B. 310)
Extension and modification of mortgage invest­
m en ts........................................................................................... New York (Ch. 283)
Legal investment for banks....................................................New Y ork (Ch. 348,
Ch. 616)
Oregon (Ch. 239, Ch. 277)
Rhode Island (H .B . 1878)
Acquisition of or investment in capital stock of
other corporations or banks.............................................. Alabama (S.B. 26)
New York (Ch. 934)
Oregon (Ch. 97)
Vermont (H .B . 170)
Washington (S.B. 127)




36

FEDERAL DEPOSIT INSURANCE CORPORATION

RESERVES

Reserve computations and requirements.........................California (S.B. 650)
New York (Ch. 545)
Requirements for private banks.......................................... Connecticut (P.A. 150)
Minimum guarantee fund for savings institutions.. . .M aryland (Ch. 118)
Form of reserves......................................................................... Maryland (Ch. 4)
Massachusetts (Ch. 41)
TRUST ACTIVITIES

Disposition of estate securities............................................. Indiana (S.B. 13)
Powers and duties in Veterans guardianships...............Indiana (H .B . 300)
N o. Carolina (S.B. 203)
Authority of banks to act as executors or admin­
istrators....................................................................................... Nebraska (L .B . 234)
Legal investments for guardians, trustees, and
conservators and other fiduciaries..................................N ew Hampshire (S.B. 78,
S.B. 79)
New Jersey (S.B. 62)
Administration of small estates........................................... New Hampshire (H .B . 331)
Oklahoma (H .B . 565)
So. Dakota (H .B . 562)
Judicial approval of certain contracts made by
infants or guardians..............................................................N ew York (Ch. 137)
Powers of trustees of common trust funds..................... N ew York (Ch. 284)
Investment of trust funds in obligation of Puerto
R ic o .. ..........................................................................................New York (Ch. 347)
Accounting and reports by guardians of infants’
property and trustees...........................................................Connecticut (P.A. 139)
New York (Ch. 477)
N o. Carolina (H .B . 302,
S.B. 204)
Time of publication of notice of personal represent­
atives........................................................................................... N o. Carolina (H .B . 61)
Oregon (Ch. 515)
Removal of missing fiduciaries............................................. N o. Carolina (H .B . 316)
Time for making claims against decedent’s estate. . . . No. Carolina (H .B . 670)
So. Carolina (H .B . 1108)
Uniform Securities Ownership by Minors A c t .............. Alabama (Act 1010)
N o. Dakota (H .B . 875)
Pennsylvania (S.B. 361)
Wisconsin (S.B. 669)
Uniform Securities Transfer A c t ......................................... Alabama (Act 1016)
Arizona (H .B . 96)
Kansas (H .B . 116)
Florida (S.B. 493)
Minnesota (Ch. 462)
Illinois (H .B . 110)
Washington (Ch. 150)
W . Virginia (H .B . 274)
So. Dakota (S.B. 26)
Utah (S.B. 148)
Gifts of securities to minors.................................................. California (S.B. 336)
Colorado (H .B . 222)




STATE BANKING LEGISLATION

37

Gifts of securities to minors— continued...........................Ohio (H .B . 630)
Connecticut (P.A. 504)
Florida (S.B. 142)
Rhode Island (S.B. 447)
So. Carolina (Act 473)
Devises made by will to trustees of trust........................Arizona (S.B. 116)
Connecticut (P.A. 470)
Florida (H .B . 1748)
Ohio (H .B . 544)
New Hampshire (Ch. 56)
Tennessee (Ch. 303)
Texas (S.B. 140)
So. Carolina (Act 248)
Vermont (H .B . 291)
W . Virginia (H .B . 281)
Rendering of accounts by testamentary trustee.......... Wisconsin (Ch. 25)
CHECKS AND COLLECTIONS

Regulation of check loans...................................................... Arizona (S.B. 108)
Bad Check L aw ...........................................................................Arkansas (Act 500)
California (A .B . 1898)
Florida (H .B . 475, S.B. 279)
Idaho (S.B. 82)
Indiana (Ch. 303)
Nevada (A .B . 92, A .B . 309)
N ew Mexico (H .B . 191)
New York (Ch. 612)
N o. Carolina (S.B. 32)
N o. Dakota (H .B . 923)
Ohio (S.B. 224)
Tennessee (Ch. 141)
Wyom ing (Ch. 216)
Definition of Inland Bill of Exchange...............................Florida (H .B . 654)
M ontana (S.B. 33)
Nebraska (L .B . 321)
N o. Dakota (H .B . 818)
So. Dakota (H .B . 598)
Utah (S.B. 27)
Wisconsin (Ch. 118)
Payment of claims against municipalities by check. .Idaho (H .B . 8)
Countermand or Stop-payment orders.............................Florida (S.B. 484)
License and bond fees for check cashing and money
order agencies..........................................................................Indiana (Ch. 164)
New York (Ch. 49)
Bonds and Cashiers’ checks to secure bids on
contracts.................................................................................... Maryland (Ch. 109)
N o. Dakota (S.B. 213)
Regulation of sale of negotiable checks, drafts, and
money orders........................................................................... Alabama (Act 177)
Iowa (H .B . 536)
Massachusetts (Ch. 607)
Oklahoma (H .B . 942)




38

FEDERAL DEPOSIT INSURANCE CORPORATION

Definition of Bearer Paper..................................................... Texas (S.B. 18)
Stale-check L a w .......................................................................... Vermont (H .B . 136)
DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES

Qualifications of corporations or directors of mutual
savings banks........................................................................... Alaska (H .B . 228)
Oregon (Ch. 278)
Meetings of boards of directors........................................... California (A .B . 2065)
Qualifications and Term of Office for directors of
banks or trust companies................................................... Georgia (Ch. 193)
Missouri (S.B. 195,
H .B . 630)
New Hampshire (H .B . 273)
Pennsylvania (H .B . 880)
Conduct of meetings of bank directors.............................Hawaii (Act 27)
Number and powers of bank board of directors.......... Kansas (H .B . 170)
Reports of trustees of savings banks................................. N ew York (Ch. 163)
Oath of Office of bank directors...........................................Utah (S.B. 9)
Removal of bank directors..................................................... Massachusetts (Ch. 226)
MISCELLANEOUS

Corporate ownership of bank stock....................................Alaska (S.B. 26)
Income tax exemption of banks...........................................Alaska (H .B . 74)
Securities registration............................................................... Alabama (H ..B 35)
Alaska (H .B . 35)
Arkansas (Act 248)
Colorado (H .B . 379)
Georgia (Act 286)
N o. D akota (H .B . 921)
Oklahoma (S.B. 11)
So. D akota (H .B . 967,
H .B . 662)
Wisconsin (Ch. 127)
Marketing facilities for housing mortgages.................... Alaska (H .B . 20)
Registration of jointly held securities............................... Arizona (S.B. 26, H .B . 95)
Taxation of banks.......................................................................Alabama (H .B . 40, H .B . 74)
California (S.B. 112)
Nevada (S.B. 190)
New Mexico (H .B . 204,
H .B . 475)
Pennsylvania (Act 17)
Termination of savings banks' guaranty fu n d ...............Connecticut (P.A. 83,
P .A . 84)
Reducing contracting age of m inors.................................. Georgia (Act 359)
N o. Carolina (H .B . 242)
Authority of notary public employed by banks........... Hawaii (Act 97)
Regulation of currency exchanges...................................... Illinois (H .B . 810)
Maryland (Ch. 115)
Pledge of assets to secure certain deposits......................Michigan (P .A. 161)
Nonapplicability of certain laws to deposits made
by Federal Deposit Insurance Corporation...............Massachusetts (Ch. 175)
Duration of liens of chattel m ortgages.............................M ontana (S.B. 34)
Stay of Foreclosure of prescribed mortgages................. Nebraska (L .B . 506)




STATE BANKING LEGISLATION

Saturday closing

39

Maryland (S.B. 367)
Nevada (S.B. 12)
Oregon (Ch. 57)
W yom ing (Ch. 26)
Uniform acknowledgment of instruments....................... Connecticut (P.A. 934)
Business development corporation...................................... New Hampshire (H .B . 190)
M otor vehicle sales financing................................................ New Hampshire (H .B . 366)
Use of “ Trusts” or “ savings” in advertising................. Minnesota (Ch. 298)
Validation of issued public securities................................. New Mexico (S.B. 301)
Chattel Mortgage Lien L a w .................................................. New York (Ch. 15)
Retail installment credit agreements................................. New York (Ch. 14, Ch. 34,
Ch. 204)
Presentment of negotiable instruments by banks. . . . New York (Ch. 11)
Appointment of real estate appraisers for industrial
banks........................................................................................... New York (Ch. 48)
Filing of conditional sales contracts and chattel
mortgages.................................................................................. New York (Ch. 205)
Insurance premium financing............................................... New York (Ch. 240)
Maintenance of public accommodation offices.............. New York (Ch. 203)
Computation of Time for Performance of A c ts ............ California (S.B. 1331)
Operation of banks during acute emergency................. New York (Ch. 654)
Rights of installment buyers under conditional sales
and purchase money chattel mortgages...................... N o. Carolina (S.B. 41)
Validation of certain instruments....................................... N o. Carolina (H .B . 270,
H .B . 506)
Uniform Trust Receipts A c t .................................................. N o. Carolina (S.B. 114)
W . Virginia (H .B . 282)
Consumer Finance A c t ............................................................. N o. Dakota (H .B . 650)
Robbery of financial institutions......................................... Ohio (H .B . 1097)
Uniform Fraudulent Conveyance A c t ............................... Ohio (H .B . 44)
Urban Redevelopment A c t .................................................... Oklahoma (S.B. 323)
Investment by fiduciaries in interest-bearing
deposits....................................................................................... Pennsylvania (H .B . 591)
Entry into safe deposit boxes of decedents.................... Pennsylvania (H .B . 246)
Fraudulent practices in securities sales............................ So. Carolina (Act 241)
Emergency Bank H oliday...................................................... Connecticut (P.A. 97)










PART THREE
BANKING DEVELOPMENTS




S u p e r v is o r y S t a t u s

of

B anks

Federal and State supervision. Chartering of banks by the govern­
ment of the United States began in 1781, when the Continental Congress
established the Bank of North America; and by States in the next year,
when Massachusetts and Pennsylvania also granted charters to the same
institution. Two years later New York and Massachusetts granted
charters to other banks; and in 1791, after adoption of the new Con­
stitution, the Congress of the United States chartered the Bank of the
United States. Since that time banks have operated in the United States
under charters granted by the State governments; and except for one
period of nearly two decades, just prior to 1863, banks have also been
in existence operating under charters from the Federal Government.
For nearly half of a century after banks were first incorporated in
the United States, regulation of their operations was confined for the
most part to provisions inserted in their charters, though in some cases
the banks were required to make periodic reports to the United States
Treasury or to State officials. In 1829, the State of New York introduced
two principles of bank supervision which have since been adopted
throughout the nation: regular examination of banks by an agency of
government, and insurance or guaranty of bank obligations. The prac­
tice of periodic examination of State-chartered banks was adopted by
all of the States at varying dates during the next 85 years; and by the
Federal Government when, in 1863, it began to charter national banks
throughout the nation. The insurance or guaranty of bank obligations
has also been in use continuously since it was first introduced in New
York. Within a few years, five other States provided for the insurance
of circulating bank notes, or of both notes and deposits, and four of the
six State systems of insurance continued until 1866. Guaranty of the
circulating notes of national banks by the United States Treasury was
in effect from 1863 until the retirement of all national bank notes in
1936. During the years from 1907 to 1917, eight States provided for
insurance (termed guaranty) of bank deposits, and in one of these the
system remained in existence until 1934, though the insurance had
previously become inapplicable to banks that failed subsequent to 1930.
In 1914, the last of the States provided for regular examination of
State-chartered banks. In the preceding year, the Federal Reserve Act
introduced for the first time the examination of State-chartered banks
by a Federal Government agency, with the provision: “ The Comptroller
of the Currency, with the approval of the Secretary of the Treasury,
shall appoint examiners who shall examine every member bank at least




43

44

FEDERAL DEPOSIT INSURANCE CORPORATION

twice in each calendar year and oftener if considered necessary: Pro­
vided, however, that the Federal Reserve Board may authorize examina­
tion by the State authorities to be accepted in the case of State banks
and trust companies and may at any time direct the holding of a
special examination of State banks or trust companies that are stock­
holders in any Federal reserve bank.” This was replaced four years
later by an amendment requiring all State member banks to be subject
to examinations made by direction of the Federal Reserve Board or of
the Federal reserve banks by examiners approved by the Board.
The Banking Act of 1933, which established the Federal Deposit In­
surance Corporation, provided for initial examination of all banks not
members of the Federal Reserve System which applied for admission
to insurance; and the powers given to the Board of Directors of the
Corporation enabled it to initiate a program for regular examination
of all such nonmember insured banks. The Banking Act of 1935 made
explicit the power of the Corporation to examine insured State nonmem­
ber banks (except those in the District of Columbia), “ whenever in the
judgment of the Board of Directors an examination of the bank is
necessary;” and authorized examination of any national or District
bank with the approval of the Comptroller of the Currency, and of
any State member bank with the approval of the Board of Governors
of the Federal Reserve System. The latter part of this provision was
amended in 1950 to authorize the Corporation to make a special exami­
nation of any national, District, or State member bank “ whenever in
the judgment of the Board of Directors such special examination is
necessary to determine the condition of any such bank for insurance
purposes.”
The Banking Act of 1933, approved June 16, 1933, contained a pro­
vision which made it unlawful, after the expiration of one year after
the date of enactment of the Act, for any person, firm, corporation, as­
sociation, business trust, or other similar organization other than a
financial institution or private banker subject to examination and
regulation under State or Federal law to engage to any extent whatever
in the business of receiving deposits subject to check, or to repayment
upon presentation of a passbook, certificate of deposit, or other evidence
of debt or upon the request of the depositor, unless such person or or­
ganization submitted to periodic examination by the Comptroller of the
Currency or by the Federal Reserve Bank of the District.
The Banking Act of 1935 amended this provision of the Banking
Act of 1933 so as to make it unlawful for any such person or organiza­
tion to engage in such business of receiving deposits unless it shall be
incorporated under and authorized to engage in such business by the
laws of the United States or of any State, Territory, or District, or




45

SUPERVISORY STATUS OF BANKS

unless it shall be permitted by any State, Territory, or District to en­
gage in such business and shall be subject by law of the State, Territory,
or District to examination and regulation, or unless it shall submit to
periodic examination by the banking authority of the State, Territory,
or District wherein the business is carried on.
This provision was further amended in 1959 to provide, with respect
to such incorporated organizations, that it shall be unlawful for them
to engage in such business of receiving deposits unless they are sub­
jected by the laws of the United States or of any State, Territory, or
District wherein located to examination and regulation.
The various State and Federal statutes also require incorporated
banks, and other banks engaged in demand deposit banking, to submit
periodic reports of condition, exhibiting in detail their resources and
liabilities, to the respective banking authorities.
Table 14.
and

C l a s s i f i c a t io n

F ederal D

e p o s it

of

B a n k s A c c o r d in g

to

S u p e r v is o r y S t a t u s

I n s u r a n c e P a r t i c ip a t i o n , D

ecem ber

Commercial banks
and trust
companies 1

All banks

30, 1961
Mutual
savings
banks

Supervisory status
Total
Num ber o f banks and trust
companies— to ta l.............
Banks of deposit..............
Examined by and report­
ing to:2
Comptroller of the
Currency3......................
State authorities and
FR banks4.....................
State authorities and
FDIC5............................
State authorities only6. ..
Trust companies not
regularly engaged in
deposit banking7..........
Percentage insured and
noninsured:
All banks and trust com­
panies .................................
Banks of deposit..................
Trust companies not regu­
larly engaged in deposit
banking..............................

Insured

Non­
insured

Insured

Non­
insured

Insured

Non­
insured

13,959

13,445

514

13,115

329

330

185

13,907

13,445

462

13,115

277

330

185

4,520

4,520

1,595

1,595

1,594

1

7,330
462

7,330

7,001

329

462

100.0

96.3%
96.7

277

52

52

100.0%
100.0

4,520

52

3.7%
3.3
100.0

97.6%
97.9

2.4%
2.1

185

64.1%
64.1

35.9%
35.9

100.0

1 Includes stock savings banks.
2 Classification relates to regular examination and periodic submission of reports of condition (assets
and liabilities).
3 Includes all national banks and 7 nonnational banks in the District of Columbia; of the latter, 4
are members of the Federal Reserve System.
4 Includes all State banks that are members of the Federal Reserve System except 4 commercial
banks in the District of Columbia and 1 noninsured trust company.
6
Includes all insured banks not members of the Federal Reserve System except 3 in the District of
Columbia. Includes 1 unincorporated bank which is insured.
6 Includes 81 unincorporated banks located in 7 States. Unincorporated banks in 3 of these States
are not examined by the State authorities, and do not submit periodic condition reports to the State
authorities. At the end of 1961 no State permitted the establishment of new unincorporated banks.
7 Subject to supervision by State authorities only except for 1 which is a member of the Federal
Reserve System but not insured.




46

FEDERAL DEPOSIT INSURANCE CORPORATION

Number of banks classified by supervisory status. Table 14 gives
the number of banks and trust companies operating in the United States
at the close of 1961 classified according to the supervisory authority
or authorities to which they are subject, and by their participation in
Federal deposit insurance. Banks under the jurisdiction of the Comptrol­
ler of the Currency include all national banks and also all banks located
in the District of Columbia. These constitute almost one-third of the
banks and trust companies. Slightly more than one-tenth of the banks
are State banks which are members of the Federal Reserve System.
More than half of all the banks and trust companies are State-chartered
banks which participate in Federal deposit insurance but are not mem­
bers of the Federal Reserve System. At present less than 4 percent of
the banks and trust companies do not participate in Federal deposit
insurance, and are subject to examination and supervision by State
authorities only.

T a b le 1 5 .

A s s e t s o f B a n k s C l a s s if ie d A c c o r d in g t o S u p e r v is o r y S t a t u s

a n d F e d e r a l D e p o s i t I n s u r a n c e P a r t i c i p a t i o n , D e c e m b e r 3 0 , 1961

Commercial banks
and trust
companies

All banks

Mutual
savings
banks

Supervisory status1
Insured

Non­
insured

Insured

Non­
insured

Insured

Non­
insured

Assets o f banks and trust
companies ( in m il­
lions)— to ta l................... $322,336

$314,439

$7,897

$277,374

$2,129

$37,065

$5,768

322,088

314,439

7,649

277,374

1,881

37,065

5,768

151,619

151,619

151,619

83,689

83,689

83,673

79,131
7,649

79,131

Total

Banks o f deposit..............
Examined by and report­
ing to:
Comptroller of the
Currency.......................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In­
surance Corporation. .
State authorities only. . .
Trust companies not
regularly engaged in
deposit banking...........
Percentage in insured and
noninsured banks:
All banks and trust com­
panies .................................
Banks of deposit..................
Trust companies not regu­
larly engaged in deposit
banking.............................

42,082
7,649

100.0

100.0

37,049
1,881

5,768

248

248

100.0%

16

97.5%
97.6

2.5%
2.4
100.0

99.2%
99.3

0.8%
0.7

86.5%
86.5

13.5%
13.5

100.0

1 See notes to Table 14.
Note: Due to rounding, components may not add to total.

Assets, deposits, and capital of banks classified according to
supervisory status. Banks examined by and reporting to the Comp-




47

SUPERVISORY STATUS OF BANKS

troller of the Currency held 47 percent of the assets, and the same per­
centage of the deposits, of all banks on December 30, 1961. Assets and
deposits of the State banks regularly examined by Federal Reserve
banks were 26 percent, and those of banks regularly examined by the
Federal Deposit Insurance Corporation 25 percent, of the assets and
deposits of all banks and trust companies. Only 2 percent of the assets
and deposits of all banks and trust companies were held by banks not
insured by this Corporation. Table 15 shows total assets, and Table 16
total deposits, of the various categories of banks.

Table 16.
and

D

e p o s it s o f

F ederal D

B a n k s C l a s s i f i e d A c c o r d in g

e p o s it

to

I n s u r a n c e P a r t i c ip a t i o n , D

S u p e r v is o r y S t a t u s

ecem ber

Commercial banks
and trust
companies

All banks

3 0 , 1961

Mutual
savings
banks

Supervisory status1
Insured

Non­
insured

Insured

Non­
insured

Insured

Non­
insured

Deposits o f banks and
trust companies (in
m illions)— to ta l............ $287,990

$281,304

$6,686

$247,904

$1,598

$33,400

$5,088

287,897

281,304

6,593

247,904

1,505

33,400

5,088

136,247

136,247

136,247

73,559

73,559

73,545

71,497
6,593

71,497

Total

Banks o f deposit...............
Examined by and report­
ing to:
Comptroller of the
Currency.......................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In­
surance Corporation. .
State authorities only. . .
Trust companies not
regularly engaged in
deposit b anking...........
Percentage in insured and
non insured banks:
All banks and trust com­
panies .................................
Banks of deposit..................
Trust companies not regu­
larly engaged in deposit
banking..............................

100.0 %

100.0

38,112

33,385

6,593

97.7 %
97.7

1,505

93

93

100.0

14

93

2.3%
2.3

100.0

99.4%
99.4

0.6%
0.6

5,088

86.8%
86.8

13.2%
13.2

100.0

1 See notes to Table 14.
Note: Due to rounding, components maytnot~add to total.

For banks insured by this Corporation the capital ratio of commer­
cial banks declined during 1961 from 8.1 percent to 8.0 percent, while
the ratio for mutual savings banks rose from 8.5 percent to 8.6 percent.
The decline in the capital ratio of insured commercial banks was the
first in the past decade. Table 17 shows the ratios of capital accounts
to assets on December 30, 1961, for banks of deposit classified according
to their supervisory status.




48

FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 1 7 .

R a tio s o f C a p ita l A c c o u n ts t o A s s e ts o f B a n k s o f D e p o s it

C la s s ifie d A c c o r d in g t o S u p e r v is o r y S t a t u s an d F e d e r a l D e p o s it
I n s u r a n c e P a r t i c i p a t i o n , D e c e m b e r 3 0 , 1961

All banks of deposit

Commercial banks
and trust
companies

Mutual
savings
banks

Supervisory status1
Total
All banks o f deposit............
Examined by and report­
ing to:
Comptroller of the
Currency.......................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In­
surance Corporation. .
State authorities only. ..

Insured

Non­
insured

Insured

11.1%

8.0%

8.1%

8.1%

7.9

7.9
8.0

8.0

8.4
11.1

8.4

14.4%

Insured

Non­
insured

8.6%

10.0%

7.9

8.0

Non­
insured

8.1

8.3

8.6
14.4

11.1

10.0

1 See notes to Table 14.

C hanges

in

N

um ber

of

B a n k i n g O f f ic e s ,
and

and

in

B a n k A ssets

L ia b il it ie s

Changes in number of banks and branches. During the year 1961
the number of banks ceasing operations exceeded by 40 the number
beginning operations. About nine-tenths of the banks ceasing operations
were absorbed by other banks. Of the 138 banks absorbed, all except
12 continued to serve their communities as branches. These, together
with other branches beginning operations, greatly exceeded the number
closed, resulting in a net increase of 937 branches during the year. Table
18 gives an analysis of the changes in number of banks and branches
during 1961. As a result of these changes, the number of banking offices
increased by 3.6 percent. This was the nineteenth consecutive year
in which there has been an increase in the number of banking offices.
Changes in bank assets and liabilities. The amounts and percent­
ages of principal asset and liability items at the close of each of the
years 1955-1961 for all banks in the United States are given in Table
19. Yearly percentage changes in these items are shown in Table 20.
Total assets increased by 7.8 percent in 1961, compared with increases
of 5.1 percent in the previous year, and 2.3 percent in 1959. The per­
centage increase in 1961 was the largest annual increase since 1945. On
December 30, 1961, total assets were approximately one-third greater
than they had been at the close of 1955, and more than 80 percent
greater than at the end of 1945.
Bank holdings of cash and United States Government obligations
increased substantially during 1961. Other securities increased by 11.4
percent in 1961, and at the end of the year constituted 9.2 percent of
assets compared with 8.6 percent in 1955. Real estate loans were 37.8




49

CHANGES IN OFFICES, ASSETS, AND LIABILITIES

percent of total loans at the close of 1961, almost exactly the same per­
centage as in 1955. Commercial and industrial loans were 28.9 percent
of total loans in 1961, down from 32.8 percent in 1955.
T a b le 1 8 .

A n a l y s i s o f C h a n g e s in N u m b e r o f B a n k s a n d B r a n c h e s

in t h e U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) D u r i n g 1 9 6 11

Type of office and change

Commercial
banks and
trust
companies

All
banks

Mutual
savings
banks

ALL BANKING OFFICES
Number, December 30, 1961.............................................
Number, December 30, 1960............................................

26,002
25,105

24,943
24,103

1,059
1,002

Net change during year.............................................

+ 897

+8 4 0

+57

Number, December 30, 1961.............................................
Number, December 31, 1960............................................

13,959
13,999

13,444
13,484

515
515

Net change during year, ...........................................

-4 0

—40

BANKS

Banks beginning operations:.........................................
New banks opened2.....................................................
Suspended bank reopened..........................................

114
113
1

113
112
1

1
1

Banks ceasing operations:..............................................
Absorbed........................................................................
Suspended......................................................................
Other liquidations.......................................................
Ceased deposit operations.........................................

154
138
9
6
1

153
137
9
6
1

1
1

Number, December 30, 1961............................................
Number, December 31, 1960............................................

12,043
11,106

11,499
10,619

544
487

Net change during year.............................................

+937

+8 8 0

+57

Branches beginning operations:....................................
Succeeded absorbed banks........................................
Other new branches4...................................................

998
126

939
125
814

59
1
58

59

2

BRANCHES 3

Branches discontinued....................................................

872 I
61

1 Excludes changes not affecting number of banks or branches of commercial banks and trust com­
panies or of mutual savings banks.
2 Includes 4 banks opened prior to December 31, 1960, but not previously reported.
3 Includes facilities established in or near military or other Federal Government installations at
request of the Treasury or Commanding Officer of the installation.
4 Includes 13 branches opened prior to December 31, 1960, but not previously reported.
Detailed data (including changes referred to in Note 1): Table 102, pp. 86-87.

Deposits of all banks increased by 7.9 percent in 1961, the largest
annual increase since 1945. In 1961, as has been the case in each year
since 1955, time and savings deposits of individuals, partnerships, and
corporations increased more rapidly than did their demand deposits.
The percentage increase in their time and savings deposits was higher
than in any other year since 1945, and in their demand deposits higher
than in any such year except 1946 and 1950.
Capital accounts increased by 6.9 percent in 1961. This rate of growth
was higher than in most of the years since 1945, but was exceeded in
1946, 1954, and 1960.



T a b le 1 9 .

A m ounts

and

P ercentages

of

M

(S t a t e s

ajor
and

C a t e g o r ie s

of

A

O t h e r A r e a s ), D

ssets a n d

ecem ber

L ia b il it ie s

of

A

ll

Amount (in millions)

U n it e d S t a t e s

C
n
O

1960

1959

1958

1957

1956

1955

1961

1960

1959

1958

1957

1956

1955

$298,933
53,105
67,343
26,674
145,255
6,556

$284,358
50,362
65,882
26,131
136,410
5,574

$277,880
50,147
73,935
26,390
122,287
5,121

$259,188
49,539
66,066
23,051
115,760
4,771

$251,965
49.837
66,795
20,557
110,632
4,144

$243,105
47,979
70,310
20,754
100,575
3,487

100.0%
17.9
22.6
9.2
48.0
2.3

100.0%
17.8
22.5
8.9
48.6
2.2

100.0%
17.7
23.2
9.2
48.0
1.9

100.0%
18.1
26.6
9.5
44.0
1.8

100.0%
19.1
25.5
8.9
44.7
1.8

100.0%
19.8
26.5
8.2
43.9
1.6

100.0%
19.7
28.9
8.6
41.4
1.4

284,358
255,497
5.888
22,973

277,880
251,332
4,726
21,822

259,188
234,178
4,474
20,536

251,965
228,579
4,036
19,350

243,105
221,392
3,503
18,210

100.0
89.4
2.5
8.1

100.0
89.3
2.5
8.2

100.0
89.8
2.1
8.1

100.0
90.4
1.7
7.9

100.0
90.4
1.7
7.9

100.0
90.7
1.6
7.7

100.0
91.1
1.4
7.5

Loans— gross total 2..........................
Commercial and industrial3...........
Agricultural (except real estate) . .
For carrying securities.....................
Real estate loans...............................
Other loans to individuals..............
To financial institutions 4
All other 5............................................

157,689
45,538
6,263
6,213
59,587
28,277
8,374
3,436

147,845
43,463
5,689
5,127
55,741
26,781
8,102
2,941

139,812
40,490
5,030
4,877
53,137
24,509
8,957
2,812

124,476
40,771
4,993
4,698
48,786
21,034
(4
)
4,194

117,760
40,825
4,087
4,250
44,506
20,512
(4)
3,581

112,417
38,965
4,181
4,322
42,464
19,116
(4
)
3,368

102,059
33,456
4,495
5,079
38,461
17,403
(4
)
3,165

100.0
2S.9
4.0
3.9
37.8
17.9
5.3
2.2

100.0
29.4
3.8
3.5
37.7
18.1
5.5
2.0

100.0
29.0
3.6
3.5
38.0
17.5
6.4
2.0

100.0
32.7
4.0
3.8
39.2
16.9

100.0
34.7
3.5
3.6
37.8
17.4

100.0
34.7
3.7
3.8
37.8
17.0

100.0
32.8
4.4
5.0
37.7
17.0

3.4

3.0

3.0

3.1

Deposits— to ta l....................................
Business and personal deposits:
Demand 6.........................................
Time and savings..........................
Government deposits:
States and subdivisions...............
United States.................................

287,991

266,885

255,497

251,332

234,178

228,579

221,392

100.0

100.0

100.0

100.0

100.0

100.0

100.0

130,249
115,218

121,991
103,383

120,389
97,883

119,728
94,012

113,780
85,403

115,292
78,510

113,357
74,444

45.2
40.0

45.7
38.8

47.1
38.3

47.6
37.4

48.6
36.5

50.4
34.4

51.2
33.6

17,843
6,254
18,427

16,370
6,223
18,917

14,749
5,352
17,123

14,722
4,644
18,226

13,655
4,268
17,072

13,005
4,130
17,643

12,769
4,129
16,693

6.2
2.2
6.4

6.1
2.3
7.1

5.8
2.1
6.7

5.9
1.8
7.3

5.8
1.8
7.3

5.7
1.8
7.7

5.8
1.9
7.5

1 Net of valuation reserves.
2 Including valuation reserves.
3 Data for the years 1955 through 1958 are not comparable with those for 1959 and later years. Prior to 1959, a large proportion of loans to financial institutions other than
banks (see note 4) were included with commercial and industrial loans.
4 Loans to banks and other financial institutions. Loans to other financial institutions were not separately reported prior to 1959.
5 Data for 1958 and earlier years are not comparable with those for 1959 and later years. Figures for 1958 and earlier years include loans to banks and a small proportion of loans
to other financial institutions.
6 Includes certified checks, letters of credit, etc.
7 Includes postal savings deposits.
Note: Due to rounding, components may not add to total.




CORPORATION

298,933
266,885
7,445
24,603

INSURANCE

322,336
287,991
8,049
26,296

DEPOSIT

Liabilities and capital accounts
— to ta l.............................................
Deposits— total..................................
Other liabilities..................................
Capital accounts— total...................

FEDERAL

Assets— to ta l........................................ $322,336
Cash and funds due from banks. .
57,487
72,822
U .S . Government obligations. . . .
29,719
Other securities..................................
154,843
Loans and discounts 1......................
7,466
Other assets........................................

in t h e

Percentage distribution

Asset or liability item
1961

B anks

3 1 , 1 9 5 5 -1 9 6 1

CHANGES IN OFFICES, ASSETS, AND LIABILITIES

T a b le 2 0 .
A

A n n u a l Percentage C h anges
L ia b il it ie s

ssets a n d

(S t a t e s

and

of

A

ll

B anks

in

M

a jor

in th e

51

C a t e g o r ie s

of

U n it e d St a t e s

O t h e r A r e a s ), 1 9 5 5 -1 9 6 1

Percentage change during—
Asset or liability item
1961

1960

Assets— to ta l.....................................
Cash and funds due from banks.
U. S. Government obligations.. .
Other securities..............................
Loans and discounts1....................
Other assets....................................

7.8%
8.3
8.1
11.4
6.6
13.9

5.1%
5.4
2.2
2.1
6.5
17.6

Loans— gross total2........................
Commercial and industrial3.........
Agricultural (except real estate) .
For carrying securities.................
Real estate loans............................
Other loans to individuals...........
To financial institutions5.............
All other6..........................................

6.7
4.8
10.1
21.2
6.9
5.6
3.4
16.8

6.5
7.3
13.1
5.1
4.9
9.3
- 9 .5
4.6

Deposits— to ta l................................
Business and personal deposits:
Demand8......................................
Time and savings.......................
Government deposits:
States and subdivisions............
United States..............................
Interbank deposits10......................

7.9
6.8
11.4

Capital accounts— to ta l...............

1959
2.3%
.4
-1 0 .9
- 1 .0
11.5
8.8

1958

1957

1956

1955

3.6%
3.9
- 5 .0
-.9
10.0
18.9

4.5%
7.2
- 9 .9
1.1
16.9
4.1

7.2%
1.2
11.9
14.5
5.6
7.3

2.9%
-.6
- 1 .1
12.1
4.6
15.1

11.5
(4
)
.7
3.8
8.9
16.5
(5
)
(7
)

5.7
-.1
22.2
10.5
9.6
2.5
(5
)
17.1

4.8
4.8
- 2 .2
- 1 .7
4.8
7.3
(5
)
6.3

10.1
16.5
- 7 .0
-1 4 .9
10.4
9.8
(5
)
6.4

16.9
23.6
-1 4 .0
13.3
14.5
16.5
(5
)
55.5

4.5

1.7

7.3

2.4

3.2

4.4

1.3
5.6

.6
4.1

5.2
10.1

- 1 .3
8.8

1.7
5.5

5.9
4.8

9.0
.5
- 2 .6

11.0
16.3
10.5

.2
15.2
- 6 .1

7.8
8.8
6.8

5.0
3.4
- 3 .2

1.8
(9
)
5.7

2.5
-1 0 .3
- 1 .0

6.9

7.1

5.3

6.3

6.1

6.3

4.9

1 Net of valuation reserves.
2 Including valuation reserves.
3 Data for the years 1955 through 1958 are not comparable with those for 1959 and later years.
Prior to 1959, a large proportion of loans to financial institutions other than banks (see note 5) were
included with commercial and industrial loans.
4 Estimated at about 14 percent, after allowance for change in classification.
5 Loans to banks and other financial institutions. Loans to other financial institutions were not
separately reported prior to 1959.
6 Data for 1958 and earlier years are not comparable with those for 1959 and later years. Figures
for 1958 and earlier years include loans to banks and a small proportion of loans to other financial in­
stitutions.
7 Not computed because of change in classification.
8 Includes certified checks, letters of credit, etc.
9 Negligible change.
1 Includes postal savings deposits.
0
Back data: Annual Report for 1959, pp. 91, 92, and 94.

I ncome

of

I nsured B a n k s

Income in 1961. Total income of commercial and mutual savings
banks insured by the Corporation was 4.5 percent greater in 1961 than
in the preceding year. Slightly more than three-fifths of their income
was derived from loans. Insured commercial banks received approxi­
mately seven-eighths of the total income of insured banks in 1961.
However, the income of insured mutual savings banks increased slightly
more rapidly during the year than did that of insured commercial banks.
Income of insured commercial banks. The aggregate revenue for
commercial banks increased 3 percent over 1960. A 7 percent growth in
current operating expenses and a small increase in income taxes led to
a slight reduction in net income after taxes, notwithstanding smaller net
losses and charge-offs on securities and loans.



52

FEDERAL DEPOSIT INSURANCE CORPORATION

Principal items of sources and disposition of income for the years
1955-1961 are shown in Table 21. For the same years percentage dis­
tributions of total income are given in Table 22. Loans, which at the
close of 1961 constituted 45 percent of the assets, are the major source
of income of insured commercial banks. Income from loans was 59.5
percent of total income in 1961, compared with 55.9 percent in 1955.
Obligations of the United States Government amounted to 24 percent
of the assets, and were the second largest source of income. They pro­
vided 16.2 percent of total income in 1961, down from 20.2 percent in
1955. Other securities, which amounted to one-twelfth of the assets, con­
tributed 5.3 percent of the income. Service charges on deposit accounts
represented about one-twentieth of total income in 1961, approximately
the same proportion as in each of the preceding dozen years.
T a b le 2 1 .
B anks

Sources
in t h e

and

D

i s p o s it io n o f

T

U n i t e d S t a t e s (S t a t e s

I n c o m e , I n s u r e d C o m m e r c ia l

otal
and

O t h e r A r e a s ), 1 9 5 5 -1 9 6 1

Amounts (in millions)
Income
1961

1960

1959

1958

1957

1956

1955

$11,299

$9,998

$9,369

$8,249

$7,482

$6,617

7,009
1,902
629
630
900
708

6,807
1,791
579
590
957
575

5,969
1,732
546
532
890
329

5,141
1,544
502
487
827
868

4,964
1,442
413
441
791
198

4,413
1,343
370
386
720
250

3,697
1,334
351
340
656
240

2,899
2,107
2,435
935
1,406
895
1,101

2,798
1,785
2,350
979
1,384
832
1,171

2,577
1,580
2,107
1,362
884
776
712

2,400
1,381
1,832
783
1,271
726
976

2,268
1,142
1,710
757
998
678
696

2,093
806
1,558
994
815
617
600

1,896
678
1,386
707
794
566
590

Total in co m e .................................... $11,778
Sources
Loans........................... : •••
.............
U. S. Government obligations. . .
Other securities..............................
Service charges on deposits.........
Other current income...................
Disposition
Salaries and wages.........................
Interest on deposits.......................
Other current expenses.................
Charge-offs, etc.2............................
Income taxes..................................
Dividends to stockholders3..........
Additions to capital accounts. . .

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
2 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers
to valuation reserve accounts.
3 Includes interest on capital notes and debentures.
Note: Due to rounding, components may not add to total.

The largest component of expenses for insured commercial banks is
salaries and wages. In 1961 expenditures for salaries and wages absorbed
almost one-fourth of total income, approximately the same as in recent
years but well below the 29.6 percent in 1951. The banks paid out about
18 percent of their income in interest on deposits, twice the percentage
paid 10 years earlier. Dividends to stockholders were 7.6 percent of
total income, one of the lowest percentages ever distributed by insured
commercial banks. The proportion of total income added to capital ac­
counts varies considerably from year to year, being 9.4 percent in
1961, slightly below the average of the preceding ten years.



INCOME OF INSURED BANKS

T a b le 2 2 .

P ercen tag e D is t r ib u t io n

of

S ources

I n s u r e d C o m m e r c ia l B a n k s
(S t a t e s

and

in

and
the

D
U

53

is p o s it io n of
n it e d

T otal I n c o m e ,

S tates

O t h e r A r e a s ), 1 9 5 5 -1 9 6 1

Percent of total
Income
1961

1960

1959

1958

1957

1956

1955
100.0%

T otal in co m e ....................................

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Sources
Loans................................................
U. S. Government obligations...
Other securities..............................
Service charges on deposits.........
Other current income...................
Recoveries, etc.1.............................

59.5
16.2
5.3
5.4
7.6
6.0

60.2
15.9
5.1
5.2
8.5
5.1

59.7
17.3
5.5
5.3
8.9
3.3

54.9
16.5
5.3
5.2
8.8
9.3

60.2
17.5
5.0
5.3
9.6
2.4

59.0
17.9
5.0
5.2
9.6
3.3

55.9 1
20.2
5.3 1
5.1
9.9 ]
3.6

Disposition
Salaries and wages.........................
Interest on deposits......................
Other current expenses.................
Charge-offs, etc.2............................
Income taxes..................................
Dividends to stockholders 5.........
Additions to capital accounts. . .

24.6
17.9
20.7
7.9
11.9
7.6
9.4

24.8
15.8
20.8
8.6
12.2
7.4
10.4

25.8
15.8
21.1
13.6
8.8
7.8
7.1

25.6
14.7
19.6
8.4
13.6
7.7
10.4

27.5
13.9
20.7
9.2
12.1
8.2
8.4

27.9
10.8
20.8
13.3
10.9
8.3
8.0

28.7
10.2
20.9
10.7
12.0
8.6
8.9

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
2 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers
to valuation reserve accounts.
3 Includes interest on capital notes and debentures.

Selected operating ratios of insured commercial banks are given in
Table 23. Average rates of income on loans and on United States Gov­
ernment obligations declined in 1961, while the rate earned on other
securities rose. The increasing application of service charges on demand
deposit accounts is evident from the rising ratio of service charges to
demand deposits. The ratio has not declined in any year since 1945,
and in 1961 was more than four times as great as in 1945. The average
interest paid on savings deposits was about three times as high in 1961
as in 1945. Current operating expenses continued to rise relative to cur­
rent operating earnings. In 1961 income taxes again amounted to ap­
proximately two-fifths of profits before income taxes. Net current op­
erating earnings were 1.43 percent of average assets in 1961, slightly
below the 1.54 percent earned in 1960, but more than twice as high as
the rate earned in 1945. The percentage of net profits after taxes to
capital accounts was 9.37 in 1961 compared with 10.03 in the preceding
year, while the ratio of dividends to capital accounts rose from 4.16
percent to 4.20 percent.
Three-fifths of the insured commercial banks had deposits of less
than $5 million on December 30, 1961. However, these banks had only
10 percent of the employees, while about one-third the total was em­
ployed by banks with deposits of $500 million or more. As is shown
in Table 24, banks in the largest size category, constituting one-half of
1 percent of the total number, had approximately two-fifths of the
assets, the net current operating earnings, and the net profits after taxes.



FEDERAL DEPOSIT INSURANCE CORPORATION

54

T a b le 2 3 .

S e l e c t e d O p e r a t i n g R a t i o s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , S e l e c t e d Y e a r s , 1 9 4 0 -1 9 6 1

1961

Item
Average rate of income on loans.....................
Average rate of income on U. S. Government
obligations.........................................................
Average rate of income on other securities . .
Ratio of service charges to demand deposits.
Average interest paid on time and savings
deposits..............................................................
Current operating expenses to current
earnings..............................................................
Income taxes to net profits before income
taxes....................................................................
Net current operating earnings to total
assets..................................................................
Net profits after taxes to total capital
accounts.............................................................
Dividends to total capital accounts................

1960

1955

1950

1945

1940

5.94%

5.96%

4.88%

4.34%

3.09%

4.41%

3.08
2.90
.43

3.10
2.88
.39

2.09
2.15
.25

1.59
2.04
.19

1.37\
2.52/
.10

2.16

2.71

2.56

1.38

.94

.87

1.30

67.22

64.65

62.09

62.19

61.35

72.80

41.33

40.87

40.70

31.35

24.80

C)
1

1.43

1.54

1.19

.93

.66

.67

9.37
4.20

10.03
4.16

7.90
3.87

8.51
3.55

10.S7
3.29

6.08
3.59

1 Not available.

T a b le 2 4 .

D i s t r i b u t i o n o f I n s u r e d C o m m e r c ia l B a n k s b y D e p o s i t S iz e

o f B a n k , a n d P e r c e n t a g e s o f S e l e c t e d B a n k in g T o t a l s in
E a c h S iz e G r o u p , 1961

Size of group

Number
of
banks
(Dec. 30)

Number
of
employees
(Dec. 30)

Assets
(Dec. 30)

Net
current
operating
earnings

Net
profits
after
taxes

100.0%
Banks with deposits of—
Less than $1,000,000....................................
$1,000,000 to $2,000,000...............................
$2,000,000 to $5,000,000.............................
$5,000,000 to $10,000,000.............................
$10,000,000 to $25,000,000...........................
$25,000,000 to $50,000,000...........................
$50,000,000 to $100,000,000.........................
$100,000,000 to $500,000,000.......................
$500,000,000 or more.......................................

100.0%

100.0%

100.0%

100.0%

7.7
18.5
33.4
19.4
13.0
3.9
1.8
1.8
.5

.7
2.2
7.2
8.3
12.2
8.1
7.0
20.5
33.8

.3
1.5
5.7
7.0
10.2
7.0
6.6
20.2
41.5

.3
1.3
5.1
6.2
8.8
6.2
5.9
20.3
45.9

.3
1.6
5.7
6.8
9.3
6.5
6.3
20.7
42.8

Revision of Report of Income and Dividends. The form used by
insured commercial banks in reporting income data was revised in 1961.
Separate data were secured for the first time on (1) fringe benefits
paid to bank officers and employees, (2) occupancy expense of bank
premises, and (3) furniture and equipment expense, including costs
related to the use of automatic data processing systems, an increasingly
significant expense item.
The cost of various benefits to bank officers and employees in addi­
tion to salaries and wages, including social security and unemployment
taxes, hospitalization and life insurance premiums, pension contribu­
tions, cost of medical services, and similar items paid by the bank
totaled $377 million in 1961. Such benefits added an average 13 percent
to the wages and salaries of officers and employees in 1961.



INCOM E OF INSURED BANKS

55

The revised report form provides a schedule for giving details of the
occupancy expenses and any rental income from bank premises. In the
past these expense data were combined in the items “ Recurring deprecia­
tion on banking house, furniture and fixtures” and “ Other current op­
erating expenses” ; while rental income was included in “ Other current
operating earnings.” Reported separately for the first time in 1961, oc­
cupancy expense of insured commercial banks totaled $648 million.
About one-fifth of this expense was offset by rental and other income
from banking premises, which amounted to $137 million.
Furniture and equipment expenses totaled $225 million in 1961.
These expenses were previously included with “ Recurring depreciation
on banking house, furniture and fixtures” and “ Other current operating
expenses.”
In connection with securing separate data on occupancy expense,
officers and employees were classified into two groups: those engaged
in banking functions, and those concerned with building operations and
similar services. Out of total employment of 603,000 at the end of 1961,
about 30,000, or 5 percent, were engaged in building operations.
One further revision in the 1961 schedule deserves mention. Previously,
charge-offs and realized losses on securities were reported as a com­
bined total. The new form divides the previous item into losses on
securities sold and other charge-offs on securities. In 1961 they totaled,
respectively, $44 million and $21 million.
Detailed data showing the amounts of the revised classification of
items are included in the tables of income in Part Four.
Income of insured mutual savings banks. The income of insured
mutual savings banks was $1,709 million in 1961, 6 percent greater than
in 1960. Seven-tenths of the income of these banks was derived from
loans, 98 percent of which were secured by real estate. Securities were
the source of one-fifth of the income, and for the fourth consecutive year
more income was received from other securities than from United States
Government obligations. Income from United States Government obliga­
tions constituted only one-half as large a part of total income in 1961
as in 1955.
Tables 25 and 26 show for insured mutual savings banks in the years
1955-1961 the principal sources of income and its disposition in amounts
as well as in percentages, During this period total income increased in
each year, and in 1961 was slightly more than twice as much as in 1955.
In 1961 the insured mutual savings banks, as in other recent years,
distributed approximately two-thirds of their total income as dividends
and interest on deposits, and added about one-tenth of their income tc



FEDERAL DEPOSIT INSURANCE CORPORATION

56

surplus accounts. This raised the ratio of surplus accounts to assets to
8.6 percent, the highest since 1955, but well below the 1951 ratio of
9.8 percent.
Table 25.

S o u r c e s a n d D i s p o s i t i o n o p T o t a l In c o m e ,

1955-1961

I n s u r e d M u t u a l S a v in g s B a n k s in t h e U n i t e d S t a t e s ,

Amounts (in millions)
Income
1961

1960

1959

1958

1957

1956

1955

$1,709

$1,605

$1,372

$1,216

$1,074

$947

$846

Sources
Loans................................................
U. S. Government obligations...
Other securities..............................
Other current income1.................
Recoveries, etc.2.............................

1,213
152
206
42
96

1,089
153
199
53
111

934
146
181
41
70

821
142
167
37
49

731
147
127
34
35

632
147
103
28
38

536
151
99
28
33

Disposition
Salaries and wages.........................
Dividends and interest on de­
posits ............................................
Other current expenses1...............
Charge-offs, etc.3............................
Income taxes4.................................
Additions to surplus accounts.. .

113

108

97

92

87

80

75

1,148
146
98
16
187

1,073
134
108
14
168

897
116
116
12
134

812
110
66
10
126

716
101
71
9
90

609
89
61
9
98

536
83
56
9
87

1 Includes amounts classified as "nonrecurring” income or expenses.
2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
3 Losses and other items charged off (except those charged to valuation reserve accounts), and
transfers to valuation reserve accounts.
4 Includes franchise taxes computed on an income basis.
Note: Due to rounding, components may not add to total.

Table 26.

P e r c e n ta g e D is t r ib u t i o n o f S o u rc e s a n d D is p o s it io n o f T o t a l In c o m e ,

I n s u r e d M u t u a l S a v in g s B a n k s i n t h e U n i t e d S t a t e s ,

1955-1961

Percent of total
Income
1961

1960

1959

1958

1957

1956

1955

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

U. S. Government obligations. . .
Other securities..............................
Other current income1..................
Recoveries, etc.2.............................

71.0
8.9
12.0
2.5
5.6

67.9
9.5
12.4
3.3
6.9

68.1
10.6
13.2
3.0
5.1

67.5
11.7
13.8
3.0
4.0

68.1
13.7
11.8
3.1
3.3

66.7
15.5
10.9
2.9
4.0

63.3
17.8
11.7
3.3
3.9

Disposition
Salaries and wages........................
Dividends and interest on de­
posits ............................................
Other current expenses1...............
Charge-offs, etc.3...........................
Income taxes4.................................
Additions to surplus accounts.. .

6.6

6.7

7.1

7.6

8.1

8.5

8.9

67.2
8.6
5.7
1.0
10.9

66.9
8.3
6.7
.9
10.5

65.4
8.4
8.4
.9
9.8

66.8
9.0
5.4
.8
10.4

66.7
9.4
6.6
.8
8.4

64.3
9.4
6.5
1.0
10.3

63.3
9.8
6.6
1.1
10.3

Sources

1 Includes amounts classified as “ nonrecurring” income or expenses.
2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
3 Losses and other items charged off (except those charged to valuation reserve accounts), and
transfers to valuation reserve accounts.
4 Includes franchise taxes computed on an income basis.




PART FOUR
STATISTICS OF BANKS AND DEPOSIT INSURANCE




C
n

00
B a n k A b s o r p t io n s A pproved

Table 101.

by

the

C o r p o r a t io n

Description of each merger, consolidation, acquisition of assets, or assumption of
liabilities approved by the Corporation during 1961

umber,

O f f ic e s ,

and

D

e p o s it s

of

B anks

Changes in number and classification of banks and branches in the United States
(States and other areas) during 1961

Table 103.

Number of banking offices in the United States (States and other areas), Decem­
ber 30, 1961

Table 104.

Number and deposits of all banks in the United States (States and other areas),
December 30, 1961

Tabulations for all banks are prepared in accordance with an agree­
ment among the Federal bank supervisory agencies. Provision of
deposit facilities for the general public is the chief criterion for dis­
tinguishing between banks and other types of financial institutions.
However, trust companies engaged in general fiduciary business
though not in deposit banking are included; and credit unions and
savings and loan associations are excluded except in the case of a few
which accept deposits under the terms of special charters.




Branches include all offices of a bank other than its head office,
at which deposits are received, checks paid, or money lent. Banking
facilities separate from a banking house, banking facilities at govern­
ment establishments, offices, agencies, paying or receiving stations,
drive-in facilities and other facilities operated for limited purposes
are defined as branches under the Federal Deposit Insurance Act,
Section 3(o), regardless of the fact that in certain States, including
several which prohibit the operation of branches, such limited facilities
are not considered branches within the meaning of State law.

CORPORATION

Banks grouped according to insurance status and by district and State

INSURANCE

Grouped according to insurance status and class of bank, and by State or area
and type of office

DEPOSIT

Table 102.

FEDERAL

N

Commercial and stock savings banks include the following
categories of banking institutions:
National banks;
Incorporated State banks, trust companies, and bank and trust
companies, regularly engaged in the business of receiving deposits,
whether demand or time, except mutual savings banks;
Stock savings banks, including guaranty savings banks in New
Hampshire ;
Industrial and Morris Plan banks which operate under general
banking codes, or are specifically authorized by law to accept de­
posits and in practice do so, or the obligations of which are regarded
as deposits for deposit insurance;
Special types of banks of deposit: cash depositories in South
Carolina; a cooperative exchange in Arkansas; a savings and loan
company operating under Superior Court charter in Georgia; gov­
ernment operated banks in American Samoa, North Dakota, and
Puerto R ico; a cooperative bank, usually classified as a credit
union, operating under a special charter in New Hampshire; a sav­
ings institution, known as a “trust company,” operating under
special charter in Texas; an employes’ mutual banking association
in Pennsylvania; the Savings Banks Trust Company in New York;
and eight branches of foreign banks which engage in a general de­
posit business in the continental United States or in Puerto Rico;
Private banks under State supervision, and such other private
banks as are reported by reliable unofficial sources to be engaged in
deposit banking.

Nondeposit trust companies include institutions operating under
trust company charters which are not regularly engaged in deposit
banking but are engaged in fiduciary business other than that in­
cidental to real estate title or investment activities.




Mutual savings banks include all banks operating under State
banking codes applying to mutual savings banks.
Institutions excluded. Institutions in the following categories are
excluded, though such institutions may perform many of the same
functions as commercial and savings banks:
Banks which have suspended operations or have ceased to accept
new deposits and are proceeding to liquidate their assets and pay off
existing deposits ;
Building and loan associations, savings and loan associations,
credit unions, personal loan companies, and similar institutions,
chartered under laws applying to such institutions or under general
incorporation laws, regardless of whether such institutions are au­
thorized to accept deposits from the public or from their members
and regardless of whether such institutions are called “banks” (a few
institutions accepting deposits under powers granted in special
charters are included);
Morris Plan companies, industrial banks, loan and investment
companies, and similar institutions except those mentioned in the
description of institutions included;
Branches of foreign banks, and private banks, which confine their
business to foreign exchange dealings and do not receive “deposits’’
as that term is commonly understood;
Institutions chartered under banking or trust company laws, but
operating as investment or title insurance companies and not en­
gaged in deposit banking or fiduciary activities;
Federal Reserve banks and other banks, such as the Federal
Home Loan banks and the Savings and Loan Bank of the State of
New York, which operate as rediscount banks and do not accept
deposits except from financial institutions;
The postal savings system.

FEDERAL DEPOSIT IN SU R AN C E CORPORATION

60

Table 10 1 .
of

A

ss e t s

or

D

e s c r ip t io n

A

ss u m p t io n

of

E

of

D

ach

M

erger ,

C o n s o l id a t io n , A c q u is it io n

L ia b il it ie s A pproved
u r in g

by

the

C orporation

1961
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

No. 1— First Western Bank and Trust Company,
Los Angeles, California (proposed new bank)
to acquire assets of and assume liability to pay de-posits in 65
operating offices of
United California Bank, Los Angeles

Resources
(in
thousands
of dollars)

In
operation

To be
operated

65
514,317

65

Summary report by Attorney General, December 21, 1960
First Western Bank and Trust Company, San Francisco, California, proposes to
merge into California Bank, Los Angeles, California, under the charter of the
latter and with the title of United California Bank. A majority of the outstanding
stock of both banks is held by Firstamerica Corporation, a registered bank hold­
ing company. Firstamerica’s stock interest in California Bank was acquired,
effective April 1,1959.
Prior to the merger, a new bank, headquartered in Los Angeles, will be
organized which will acquire, at the time of merger, the name First Western
Bank and Trust Company. At the consummation of the merger there will be
transferred to this New Bank all right, title and interest in 65 banking offices
operated by the present First Western and all rights held by the present First
Western under certain applications to establish ten additional offices. New Bank’s
assets will be about $500,000,000. After a period of two years, Firstamerica is
to endeavor to dispose of its interest in New Bank so that it will then be an
independent competitor in banking in California. If Firstamerica should be
unsuccessful in its efforts to divest itself of the stock or assets of New Bank
within six years after approval of the merger by the appropriate regulatory
agencies and Firstamerica’s acquisition of the stock of New Bank, it will then
distribute the stock of New Bank to Firstamerica’s stockholders.
All 70 of the banking offices of California Bank are located in what may be
described as the metropolitan Los Angeles area. Thirty-one of Firstamerica’s
offices are located in the same area, the balance being located in other areas
within the State of California. Thus, the principal area of competition between the
two banks, prior to the acquisition of California Bank by Firstamerica, was
in the metropolitan Los Angeles area. This serious anticompetitive effect will
be removed by the transfer of First Western’s 31 banking offices in the metro­
politan Los Angeles area to New Bank which is to be created and later separated
from Firstamerica. And since there will remain a number of large banks in the
metropolitan Los Angeles area, including the first and second largest banks
in California, it is not believed that United California Bank will have a sub­
stantial competitive advantage (in addition to the advantages now held by
California Bank) over small competitors in this area.
Bank of America, the nation’s largest bank, and by far the largest bank in
California, operates throughout the State. It has more than 600 offices in 380
communities in every one of the State’s 58 counties. The only other so-called
statewide bank is the present and much smaller First Western.
Thus, the transfer by Firstamerica of 65 offices located in various areas of
California, to New Bank and the transfer of the remaining offices of First




61

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s or A s s u m p t io n

of
of

E ach

M e r g e r , C o n s o li d a t i o n ,

A c q u is i t io n

L ia b i lit i e s Approved b y t h e

C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Western to United California Bank will result
banking systems instead of two such systems.

Resources
(in
thousands
of dollars)

in three

In
operation

so-called

To be
operated

statewide

Basis for Corporation approval, January 12, 1961
This proposal, which establishes the largest State nonmember insured bank
in the United States, is the means of effecting a court-approved compromise
between the Department of Justice, on the one hand, and Firstamerica Corpora­
tion (now Western Bancorporation), a registered bank holding company, on the
other. In August 1958, Firstamerica Corporation filed an application with the
Board of Governors of the Federal Reserve System for prior approval of the
acquisition by Firstamerica of 80 percent or more of the voting shares of
California Bank, Los Angeles. At that time Firstamerica owned a majority interest
in First Western Bank and Trust Company, San Francisco. Firstamerica contem­
plated, upon the approval by the Board of Governors, merging California Bank
and First Western Bank and Trust Company to create a Statewide banking
institution. Following approval of the acquisition by the Board of Governors,
on January 14, 1959, Firstamerica acquired approximately 97 percent of the
stock of California Bank. On March 30, 1959, the United States filed a complaint
in the United States District Court alleging, inter alia, that the acquisition of
the California Bank and the proposed merger of California Bank and First
Western were in violation of Section 7 of the Clayton Act and Section 1 of the
Sherman Act.
As a result of discussions arising out of said proceeding, the Department of
Justice agreed it would dismiss the litigation on the condition that, upon the
consummation of said proposed merger, the Firstamerica would establish First
Western Bank and Trust Company (a newly organized bank) to acquire the
assets and carry on the business of 65 offices presently operated by then existing
First Western Bank and Trust Company (old bank). The capital of the new
bank was provided in large part by Firstamerica, with the agreement that the
stock therein would be disposed of within a period of six years. The pending
proposal, so far as it pertains to the Merger Act, involves the acquisition by
new First Western of 65 offices of old First Western, and the assets and liabilities
associated with such branches.
At the present time the California Bank operates all of its 70 offices in the
greater Los Angeles area. By the proposed merger of First Western (old bank)
into California Bank, the latter will acquire a State-wide system of 113 branches,
and then dispose of these branches to the new bank. This will leave California Bank
(to be known as United California Bank) with a total of 118 offices, its present
70 in greater Los Angeles, 6 in Southern California communities, 19 in the San
Francisco Bay area, 13 in the San Juan area, and 10 in Northern California.
Thus, United California Bank will become a State-wide branch system, and the
new First Western will also become a State-wide branch system, although it




FEDERAL DEPOSIT IN SU R AN C E CORPORATION

62

Table 101.

D e s c r ip t io n

o f A s s e t s or A s s u m p t io n

of
of

E ach

M erger,

L ia b ilit ie s

C o n s o li d a t i o n ,

Approved by t h e

A c q u is it io n
C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

will have 48 fewer offices than old First Western. These two systems will then
be in a favorable position to compete with Bank of America, which now
operates more than 600 branches, and which now dominates the banking business
in California, with approximately 44 percent of total deposits and 47 percent
of loans in the entire State. The transactions will have the effect of increasing
competition throughout the State of California, and will provide better banking
services therein. Furthermore, the objections of the Department of Justice to
the original transaction have been cured, and the subject proposal has the approval
of the United States District Court in which the antitrust proceedings are pending,
and the approval of the Department of Justice.
The public interest will be better served by these two State-wide systems,
which will be in a position to effectively compete with existing branch banking
systems in the State.

No. 2— The Central Jersey Bank and Trust Company, Freehold,
New Jersey
to merge with
Allenhurst National Bank and Trust Company, Allenhurst

37,983

4

24,306

4

8

Summary report by Attorney General, January 5, 1961
The Central Jersey Bank and Trust Company has assets of $37,983,000, deposits
of $34,687,000 and net current operating income in 1959 of $237,000. The Allenhurst National Bank and Trust Company has assets of $24,306,000, deposits of
$21,944,000 and net current operating income for 1959 of $333,000.
Both banks are engaged in similar types of commercial banking. At least two
of the Applicant bank’s four offices are located near enough to the merging
bank’s four offices to be in substantial competition with them. The proposed
merger would therefore eliminate this competition which has already been
seriously compromised by two common directors.
The merger will also result in the creation of the largest bank in Monmouth
County, New Jersey. And while the combined banks will have a number of
competitors, its competitive advantages over its smaller rivals may lead them
to seek to combine in order to be able to effectively compete.
Basis for Corporation approval, January 26, 1961
The service area of the two banks involved in this proposal includes all of
Monmouth County which is undergoing rapid expansion, both industrially and in
residential development. Consummation of the transaction will bring to M on­
mouth County improved and enlarged lending facilities, and the resulting bank
will be in a position to better serve the expanding economy. Furthermore, the
merger should result in more efficient operating services and will bring a
strengthening of management to the merged institution. The resulting bank will
hold only 17.7 percent of the total resources and 15.3 percent of the loans held




63

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

T a b le
of

A

101.

ssets

D

or

e sc r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A c q u is it io n

A pproved

by

th e

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

by commercial banks in Monmouth County and will be subject to effective
competition from 16 other banks in the County, and particularly from the
banks located in Asbury Park, Freehold, Long Branch and Red Bank. All offices
of the bank will be subject to strong competition, not only from banks, but also
from 15 savings and loan associations, with accounts that aggregate $97.7 million
or 24.4 percent of the combined deposit and share account balances in financial
institutions in Monmouth County, and insurance companies that presently are
taking care of approximately 15 percent of the mortgage loan needs of the
County.

No. 3— The Cass County State Bank, Cassopolis, Michigan
(change of title to First Commercial Savings Bank)
to consolidate with
First Commercial Savings Bank, Constantine

3,541

1

8,709

4

3

Summary report by Attorney General, January 12, 1961
The two banks seeking to consolidate do business within a claimed service area
approximating some 55 square miles in the southwesternmost part of Michigan
and the northernmost part of Indiana. There are no less than thirty-six other
banks, several with branches, doing business in this alleged area. If this area
should be accepted as the appropriate service area, after consolidation the
resulting bank would control but 2.4% of the total bank loans in the area.
However, a realistic approach to the service area affected by the consolidation
indicates that these relatively small banks are, at least to a degree, in competition
with each other, which competition would, of course, be eliminated by the combina­
tion. Moreover, the combination would leave a small bank with deposits of
$2,161,000 to compete in the town of Cassopolis, Michigan, with a combined bank
of over $11 million in deposits, which might affect its ability to remain an effective
competitor.
Basis for Corporation approval, February 9, 1961
The main offices of the banks involved in this proposal are twenty-three miles
apart and there is nine miles between the closest offices of these banks. There
appears to be only a negligible amount of competition (limited to Porter Town­
ship) between the two banks that will be eliminated through this proposal.
The character of the area is changing from rural to suburban with attendant
industrial and residential development, indicating a need for a larger bank
to more adequately serve this expanding economy. The expanded resources and
increased lending facilities of the consolidated bank will contribute to the
further development of the area, which cannot properly be limited to the town
of Cassopolis. The consolidation will enable the applicant to better compete
with the larger banks in Niles throughout the service area, and it will enable
the credit needs of Cassopolis to be better served. The merger will expose the




64

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.

D e s c r ip t io n

op A s s e t s o r A s s u m p t io n

of
of

E ach

M e r g e r , C o n s o li d a t i o n ,

L ia b i lit i e s

Approved b y t h e

A c q u is it io n
C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

remaining; bank in Cassopolis to competition with a larger institution, but the
growth of the economy of the community should assure proper support for
both institutions.

No. 4— Ida County State Bank, Ida Grove, Iowa
to m erge with
Arthur Trust and Savings Bank, Arthur

3,578

1

2,410

1

2

Summary report by Attorney General, December 29, 1960
The Ida County State Bank of Ida Grove, Iowa (Ida Bank) and the Arthur
Trust and Savings Bank of Arthur, Iowa (Arthur Bank) propose to merge. Ida
Bank which presently has no branches intends to operate the merged bank as a
branch office in Arthur, Iowa.
The proposed merger will eliminate all competition between Ida Bank and
the healthy and prosperous Arthur Bank. Ida Bank is presently the third and
Arthur Bank the fourth largest bank in the service area. The proposed consolidation
would place the resulting bank in first position, well ahead of its next two
competitors and the remaining smaller banks in the resulting service area. Thus
the proposed merger may lead toward concentration of banking facilities through
additional mergers in the resulting service area in order for the other smaller
banks to effectively compete with the largest bank. For these reasons it appears
that the proposed merger of Arthur Bank with Ida Bank would have adverse
competitive effects.
Basis for Corporation approval, March 2, 1961
The service area of the two banks involved in this proposal includes all of Ida
County which is predominantly an agricultural area with the production of
feeder cattle the major pursuit. The county is one of the most active feeding areas
in the State and ranks twelfth in the number of cattle marketed among Iowa
counties, for its size. Both banks are hard pressed to provide adequate credit
accommodations to farmers because of the relatively low capital position of
each. Consummation of the transaction will bring to Ida County improved and
enlarged credit facilities which should be of material benefit to farmers, cattle
feeders and other business interests of the community since it would increase
the merged bank’s ability to provide needed bank credit. It should also result
in more efficient operating services and a strengthening of the management
factor for the merged institution. The resulting bank will hold only 24.6 percent
of the total deposits and 26.6 percent of the loans in the service area and there
does not appear to be any undue concentration of resources or a dominant
position to be attained by the applicant.




B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s or A s s u m p t io n

of
of

E ach

M erger,

L ia b ilit ie s

65

C o n s o lid a t io n ,

A c q u is it io n

Approved b y t h e

C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

No. 5— First State Bank of Albany, Albany, Georgia
(change of title to First State Bank and Trust Company)
to merge with
Albany Trust and Banking Company, Albany

Resources
(in
thousands
of dollars)

In
operation

To be
operated

20,653

3

4

3,170

1

Summary report by Attorney General, January 19,1961
The First State Bank of Albany has assets of $20,653,000, deposits of $18,582,000
and net current operating income in 1959 of $130,000. Albany Trust & Banking
Company has assets of $3,170,000, deposits of $2,261,000 and net operating income
in 1959 of $53,000.
Both banks are engaged in similar types of commercial banking, although
Albany Trust did not enter the commercial field until 1959, having formerly
operated as a savings bank. The facilities of both banks are located close
enough to each other that direct competition would normally exist between them.
The proposed merger could be expected to eliminate such competition, and
strengthen the position of First State, the second largest bank in a service area
in which the third largest bank was recently eliminated by merger.
In view of interlocking stock control and directorship of the acquired and
acquiring banks, competition between the two banks may already have been
affected adversely.
Basis for Corporation approval, March 2, 1961
For many years members of the same family have had substantial stock
holdings in sufficient amount to exercise managerial control of each of the
two institutions and, therefore, during that period of time there has been
little effective competition between the two institutions. The recent entry of
the Albany Trust into the commercial field has been most disappointing and
its ability to effectively compete is subject to serious question. The merger of
the two banks will merely formalize a situation that has long existed in a
manner that should be beneficial to customers of both institutions and to the
public.
The banking needs of this community are being adequately served by the
existing banks. The proposal would eliminate one small affiliated bank with
the negligible competition it provides, but the number of available banking
facilities will remain the same. The merged institution will be able to more
effectively compete with the largest bank in Albany, which has 51.5 percent of
deposits and 51.3 percent of the loans in the area. Furthermore, the expanded
resources and strengthened management of the merged institution should result
in more efficient and improved services for the community.

No. 6— First-Citizens Bank & Trust Company,
Smithfield, North Carolina
to merge with
Mid-Carolina Industrial Bank, Greensboro




272,056

60

1,549

1

61

FEDERAL DEPOSIT IN SU R AN C E CORPORATION

66

Table 101.
of

A

ss e t s

or

D

esc r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A c q u is it io n

A pproved

by

th e

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

To be
operated

In
operation
i

Summary report by Attorney General, February 15, 1961
There appears to be no actual competition between the two banks, although
there is a likelihood of potential competition if Mid-Carolina Industrial Bank
were to become an independent commercial bank. Beyond this, there seems to be
little danger of serious adverse effects on the other banks in the merging bank’s
service area. The merger will, of course, strengthen to a slight degree the already
dominant position of the acquiring bank in several of its service areas.
Basis for Corporation approval, March 16, 1961
(See case no. 7 below)
No. 7— First-Citizens Bank & Trust Company,
Smithfield, North Carolina
to merge with
American Bank, Goldsboro

273,605

61

4,311

62

1

Summary report by Attorney General, February 15, 1961
A degree of actual and potential competition exists between the two banks. In
the service area of the acquiring bank the effect may be to render more difficult the
ability of the only other bank, a new entrant, to compete.
In the service area of the merging bank the result will be the elimination of the
only independent bank at a time when its ability to compete with branches of large
banking institutions appears to be rapidly improving.
This merger is but one of many recent bank mergers and consolidations which, if
not halted, threatens to turn North Carolina from a state with many competing
banks into a state in which commercial banking is controlled by a few powerful
banks.
Basis for Corporation approval, March 16, 1961
(cases 6 and 7)
The applicant, which operates a State-wide branch system, proposes to merge two
relatively small, noncompeting, independent banks into its system. In each in­
stance the merged units are competing with multiple branches of well-established
large branch systems.
The Mid-Carolina Industrial Bank is a small institution, organized in 1958, spe­
cializing in installment loans, which accepts only time deposits, and is noncompeti­
tive with the applicant. The merger of this bank with the applicant will correct a
management lacking in banking experience.
In reference to the American Bank, the merger will correct a low capital position
of the institution, which, together with its size, has limited its ability to adequately
serve the area.
The extension of the applicant’s broader facilities to the customers of the merging
banks will result in better banking services for each of the communities, and will
tend to intensify competition in each area.




67

BA N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.
of

A

s se t s

or

D

e sc r ip t io n

A

s s u m p t io n

D

of
of

E ach

Merger, C o n s o l id a t io n , A c q u is it io n

L iab il it ie s

u r in g

A pproved

by

the

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

No. 8— Citizens State Bank of Waterville, Waterville, Minnesota
to acquire the assets and assume the liabilities of
Security State Bank of Waterville, Waterville

Resources
(in
thousands
of dollars)

In
operation

1,926

1

1,175

To be
operated

1

1

Summary report by Attorney General, February 13, 1961
The merger of the Security State Bank of Waterville into the Citizens State
Bank of Waterville will result in the elimination of the competition that has here­
tofore existed between the two relatively small banks and in the creation of monop­
oly banking in the town of Waterville.
However, the merging banks contend that they are in a service area in which are
located six additional banks in towns varying from 7 to 13 miles distant from Water­
ville. In this larger area the merged institution would rank fourth in size with 13.9%
of the total deposits and 12.7% of the total loans and discounts of banks in such
larger area.
Thus, while the merger would adversely affect competition in the small town of
Waterville by creating a monopoly in banking, the effect on competition in the
larger geographic area would not appear to be substantial.
Basis for Corporation approval, March 16, 1961
The proposed purchase of assets and assumption of liabilities will solve an existing
management problem in the bank being liquidated. While the reduction of banks
in Waterville from two to one might suggest a monopoly, the effect on local
competition will be of minor consequence inasmuch as this was virtually eliminated
when controlling ownership of the two banks became vested in the same hands.
Moreover, the size of the community and the population and economy of the area
hardly justify the existence of more than one bank in Waterville, and it appears
that a healthy financial economy can be maintained as well, or better, by one larger
consolidated bank than by two small independent banks. The greater resources and
enlarged capital of the applicant, supplemented by an aggressive and competent
management, will enable it to broaden its services to the community and compete
more effectively with two larger banks in its service area.

No. 9— Benton Harbor State Bank, Benton Harbor, Michigan
(change of title to Inter City Bank)
to consolidate with
Union State Bank, Buchanan

18,168

2

10,053

3

5

Summary report by Attorney General, March 8, 1961
The Department of Justice has reported to the Federal Deposit Insurance Cor­
poration that the proposed consolidation of the Benton Harbor State Bank, Benton
Harbor, Michigan, and the Union State Bank, Buchanan, Michigan, would have an
adverse effect upon competition and substantially reduce competition among bank­
ing institutions in Berrien, Cass and Van Buren Counties, Michigan.




68

FEDERAL DEPOSIT IN SU R AN C E CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s or A s s u m p t io n

of
of

E ach

M erger,

L ia b i lit i e s

C o n s o li d a t i o n ,

A c q u is it io n

Approved b y t h e

C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

The Benton Harbor State Bank is the largest bank in Berrien County with slightly
over 15% of the county’s banking assets, and the third largest bank in the tri-county
area of Berrien, Cass and Van Buren Counties, having about 11% of the area’s bank­
ing assets. The Union State Bank is the fifth largest bank in Berrien County with
almost 9% of the county’s banking assets, and the sixth largest bank in the tri­
county area having only 6% of the area’s banking assets.
The consolidation would make the resulting bank the equal of the largest bank
in each area. The two leading institutions in Berrien County would control ap­
proximately 50% of the county’s assets, the remaining 50% being distributed among
six other banks. The two leading banks in the tri-county area would control 35%
of the area’s banking assets, the remaining 65% being distributed among the re­
maining eighteen banks. The consolidated bank would also own twice the number
of banking offices of any other bank in either area. Thus, in both areas the con­
solidation of the Benton Harbor State Bank and the Union State Bank would con­
centrate banking facilities and resources in two large banks, and work to the detri­
ment of the remaining smaller institutions.
The two sound banks appear to be in substantial actual and potential competition
with each other. The structures of the deposits and loan accounts of the two banks
are the practical duplicate of each other; both have time and demand deposits from
the United States and State governments as well as from individuals, partnerships,
and corporations, and both have commercial, industrial, and farming loans, loans on
farm real estate, residential property, business and other property, instalment loans
on automobiles, consumer goods and other instalment loans.
It, therefore, appears as a reasonable probability that, were this proposed con­
solidation of the Benton Harbor State Bank and the Union State Bank to be ap­
proved, concentration in banking in the Berrien, Cass and Van Buren area of South­
western Michigan would be substantially increased. A substantial factor in com­
petition would be eliminated, and that other smaller banks in the area might seek
to merge in order to remain effective competitors.
Basis for Corporation approval, April 27, 1961
The proposed consolidation will unite two banks both located in Berrien County
but situated approximately twenty-two miles apart. In view of the distance, com­
petition between the two banks is very slight and is limited to the area of the
Baroda branch of Union, located about twelve miles distant from the applicant.
The transaction will solve a successor management problem created by the recent
retirement of the president at the Benton Harbor Bank and the impending retire­
ment, due to poor health, of its present executive officer. Competition will not be
reduced, but from all appearances will be sharpened and stimulated under the in­
fluence of the greater managerial capabilities of the Buchanan Bank. The con­
solidation will provide larger loan accommodations to important customers in this
rapidly growing section of the State and stimulate greater competition for savings
depositors. Therefore, the expanded resources and strengthened management of the
consolidated institution should result in broader and improved banking services
for the community.




69

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s o r A s s u m p t io n

of
of

E ach

M e r g e r , C o n s o lid a t io n ,

L ia b ilit ie s

A c q u is i t io n

Approved b y th e , C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

No. 10— Morganfield National Bank, Morganfield, Kentucky
to merge with
Bank of Waverly, Waverly

Resources
(in
thousands
of dollars)

In
operation

4,587

1

405

To be
operated

1

2*

Summary report by Attorney General, March 24, 1961
Morganfield National is a bank with total IPC deposits of $4.2 million. Waverly
has IPC deposits of $.4 million. An examination of application papers submitted by
Morganfield National would indicate the same competition would be eliminated as
between the merging banks, but that such competition has not been substantial.
It would also appear that there is no discernible tendency toward monopoly in
Morganfield inasmuch as it is still surrounded by substantial competition from the
Union Bank and Trust Company, Farmers State Bank and Henderson County State
Bank.
Basis for Corporation approval, May 11, 1961
The depositors of the Bank of Waverly will receive the benefits of deposit in­
surance, banking facilities will be preserved in the Town of Waverly and this pro­
posed merger will solve the Bank of Waverly’s management successor problem, as
a branch operation will be substituted for a unit bank operation that is too small
to be economically sound.

No. 11— Washburn Trust Company, Washburn, Maine
to acquire the assets and assume the liabilities of
Ashland Trust Company, Ashland

3,462

1

1,374

1

2

Summary report by Attorney General, March 7, 1961
Ashland Trust Company is located in Northern Maine, a town with a population
of approximately 2,370. Washburn Trust Company, located approximately 18 miles
east of Ashland, has a population of about 2,040. There are approximately seven
banks covering the broad area served by Washburn Trust and Ashland Trust, with
the two merging banks being the smallest of the group. The consolidation of Ash­
land Trust and Washburn Trust will add approximately 2 % to Washburn’s per­
centage of all loans in Northern Maine and 2 % to its percentage deposits in this
area. The consolidation will place Washburn on a par with the size of the three
smaller banks in the area and Washburn will remain far smaller than the two
principal banks in Northern Maine, Washburn’s principal competition.
Ashland Trust, in the past ten years, is reported not to have been an aggressive
bank due in part to its aging management. Ashland Trust had previously attempted
to sell its assets to Northern National Bank, the largest in the area, but this ap­
plication was withdrawn. Soon thereafter, Ashland submitted for consideration to
your office a consolidation with Washburn Trust Company. It is the intention of
Washburn Trust to operate Ashland Trust as a branch in Ashland’s present location.




FEDER/VL DEPOSIT IN SU R AN C E CORPORATION

70

Table 10 1.
of

A

sse t s

or

D

e s c r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

the

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

In view of the small size of these two banks and the fact that there are other
larger banks available to service the area, it does not appear that a merger through
the purchase of assets and assumption of liabilities of Ashland Trust by the Wash­
burn Trust will have any appreciable effect on competition.
Basis for Corporation approval, M ay 18, 1961
Although Ashland Trust Company has been in business since 1917, its progress in
this small and declining town has been limited; during the past five years it has
been static. Its small earning power has foreclosed the possibility of acquiring rec­
ognized management ability and providing a fuller range of services. The purchase
and assumption transaction will increase the ability of Washburn Trust Company
to compete with its substantially larger neighbors and at the same time provide Ash­
land with better banking facilities and services under capable management.

No. 12— Jenkintown Bank and Trust Company,
Jenkintown, Pennsylvania
(change of title to Industrial Valley Bank and
Trust Company)
to merge with
Industrial Trust Company, Philadelphia

30,952

4

53,535

11

15

Summary report by Attorney General, May, 29, 1961
Jenkintown Bank and Trust Company is the largest independent bank in the
Jenkintown service area, which is a residential area adjacent to the city of Phila­
delphia. At the present time, there are 9 banking offices in the area, 4 of which
belong to Jenkintown Bank and Trust Company, while an additional 4 are branches
of considerably larger Philadelphia banks and the 9th is a small single unit opera­
tion.
Concentration in commercial banking in the Philadelphia area is among the
highest in the United States, and a pronounced tendency toward oligopoly in com­
mercial banking exists in that area. This is due in large part to the mergers and
consolidations that have taken place in recent years. The 5 largest banks control
83% of all IPC deposits and 84% of all loans and discounts. While the Industrial
Trust is not one of the 5 largest, it is a successful organization, maintaining 11 offices
in the greater Philadelphia area, which area includes Jenkintown.
W e believe that the proposed merger would eliminate a factor in competition,
eliminate a degree of competition between the merging banks and further add to
concentration in banking in the Philadelphia area.
Basis for Corporation approval, June 15, 1961
The Jenkintown Bank and Trust Company and the Industrial Trust Company are
both modest in size in relation to most competing banks in the general service area.
The types of services presently offered by the two banks are largely complementary




71

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.
of

A

ss e t s

D

e sc r ip t io n

A

or

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

th e

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

rather than competitive. The subject proposal will involve no change in the com­
petitive situation in the immediate service area of either bank but should contribute
to improved service by the resulting bank in both areas. The merger will provide
greater resources and needed enlarged and specialized loan facilities in the con­
struction, mortgage and instalment lending fields, thus contributing to improved
banking services in the growing Jenkintown area. Thus, the merged institution will
be in a more advantageous position to compete with the much larger Philadelphia
banks and their branches.

No. 13— The Equitable Trust Company, Baltimore, Maryland
to acquire the assets and assume the liabilities of
The Parkville Bank, Parkville

213,421

24

4,392

1

25

Summary report by Attorney General, May 23, 1961
The Equitable Trust Company, Baltimore, Maryland, proposes to acquire the
assets and to assume the liabilities of the Parkville Bank, Parkville, Maryland.
Equitable and another large Baltimore bank have branch offices in the area served
by The Parkville Bank, a relatively small unit bank. The proposed acquisition would
of course eliminate the competition presently offered by this small bank and leave
in the area served by it only branches of two of Baltimore’s largest banks.
Basis for Corporation approval, June 29, 1961
The impetus for this transaction arose from the sudden absence of experienced
management at the Parkville bank. This transaction by substituting the manage­
ment of a sound, well managed bank will satisfactorily solve a rather serious man­
agement problem at the Parkville Bank. Parkville is an integral part of metropolitan
Baltimore and the degree of competition eliminated is not substantial. There will
remain aggressive competition between two branches of Baltimore banks providing
complete, modern banking services.

No. 14— The Hardeman County Savings Bank,
Bolivar, Tennessee
to acquire the assets and assume the liabilities of
The Bank of Grand Junction, Grand Junction

5,636

2

1,169

1

3

Summary report by Attorney General, May 1, 1961
The acquisition of the assets of the Bank of Grand Junction by the Hardeman
County Savings Bank would eliminate existing and potential competition between
the two banks. Within the service area there are 5 other small independent banks
along with the branch of a larger bank competing for the same type of business.
After the acquisition, the Hardeman Savings Bank would have a substantial portion




72

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s o r A s s u m p t io n

of Each
of

M erger,

L ia b i lit i e s

C o n s o li d a t i o n ,

A c q u is it io n

Approved b y t h e

C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

of the business. However, in view of the management problems confronting the
Bank of Grand Junction, the possibility of its liquidation and the fact that such
acquisition would not substantially increase any advantages of the Hardeman Sav­
ings Bank over its competitors, it is our conclusion that this acquisition would have
no substantial adverse effect on competition.
Basis for Corporation approval, June 29, 1961
The acquisition of assets and assumption of deposit liabilities by the Bolivar bank
will remedy a serious management void at Grand Junction. The chief operating of­
ficer of the latter bank is recently deceased and the bank does not have an experi­
enced officer. Because of its size and limited earning power, it has been unable to
attract adequate management and the chief operating officer of the Bolivar bank
has been devoting about one-half his time to supervising the affairs of the Grand
Junction bank. This transaction appears to be the most desirable means of con­
tinuing banking services at Grand Junction.

No. 15— Coahoma County Bank ^ T ru st Company
Clarksdale, Mississippi
to merge with
Peoples Bank of Jonestown, Jonestown

13,311

1

1,109

1

2

Summary report by Attorney General, June 16, 1961
Coahoma County Bank and Trust Company is the second largest bank in the
service area of approximately 40,000 people. There are only 3 other banks operating
in this area including Peoples Bank of Jonestown, the third or fourth largest de­
pending on the test applied.
The degree of competition between the merging banks is only nominal since the
officers of applicant appear to have recently acquired all of the outstanding stock
of the merging bank.
The merger will, of course, reduce alternate sources of banking services in Coa­
homa County from four to three. However, in view of the relative small size of the
merging bank and the nature of its ownership it does not appear that the effect on
competition by the proposed merger would be substantial.
Basis for Corporation approval, July 6, 1961
Coahoma County Bank is the second largest and Peoples Bank of Jonestown is
the smallest of four banks serving Coahoma County. Banks in the area tend to be
local in their service areas except to the extent that the larger banks serve demands
of larger customers. The subject proposal will involve no significant change in the
competitive situation but should contribute to improved banking services, particu­
larly in the Jonestown community. Because of size, the lending power of Peoples




73

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s o r A s s u m p t io n

of E ach
of

M erger,

L ia b i lit i e s

C o n s o li d a t i o n , A c q u is it io n

Approved b y th e ; C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

Bank of Jonestown has been inadequate to meet the demands of customers and it
has not been able to expand its services. This situation has made it difficult for this
small bank to produce satisfactory earnings and its continuance as a unit bank may
be questionable from an economic standpoint. The proposed merger would not only
provide continuing and somewhat expanded local banking facilities for the Jones­
town community, but as a branch office of the applicant it would have a larger legal
loan limit, much more in keeping with the type of farming operations in the area.

No. 16— The Vermont Bank and Trust Company,
Brattleboro, Vermont
to merge with
Killington Bank and Trust Company, Rutland

24,795

4

15,841

6

2

Summary report by Attorney General, June 14, 1961
Neither bank competes with one another in other than a minimal way. Because
of the geographical location of the merging banks, there appears to be little, if any,
competition between them. Each is the second largest bank in its service area.
There appears to be no substantial adverse effect on competition stemming from
the proposed merger.
Basis for Corporation approval, July 27, 1961
The merging banks operate in separate service areas in central and southern Ver­
mont. There is no present competition between them. The merger will result in a
materially strengthened capital position for the applicant which provides it with
the base for increased competition with its chief competitor, the largest commercial
bank in Vermont. The larger capital and resources of the applicant will also enable
it to more effectively service the credit requirements of the area.

No. 17— Commercial Bank, Winchester, Kentucky
(change of title to Peoples Commercial Bank)
to merge with
Peoples State Bank and Trust Company, Winchester

3,969

1

3,649

1

2

Summary report by Attorney General, M ay 16, 1961
Garvice D . Kincaid, three other persons, and the Kentucky Central Life & Acci­
dent Insurance Co. own 51% of the stock of the Commercial Bank and 50% of the
stock of Peoples State Bank. These parties apparently vote their stock together and
effectively control both banks. Nevertheless, they are under no legal obligation to
act together and their control would end if any of the stock came into adverse
hands or if any of them decided to act independently.
These parties would control over 50% of the stock of the resulting bank. Since
there is practically no other joint ownership of the merging banks the possibility




74

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 10 1 .
of

A

s se t s

or

D

esc r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

the

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

of present or future effective opposition to the Kincaid group in the resulting bank
will be much less than the possibility of effective opposition in either of the merging
banks. Thus, the banks should be viewed as independent entities. Moreover, if
mergers are allowed merely because the same parties control both banks it might
be possible to circumvent Public Law 86-463.
There are four banks in Winchester, a town of approximately 10,000 persons. Each
has the same service area, the population of which is approximately 60,000. By any
measure of size each of the merging banks has approximately 17% of the market
while the other two banks have approximately 40% and 2 7 % , respectively. The
merger will reduce the number of banks to three and create a situation where each
of the three controls roughly one-third of the market. Both of the merging banks
are operating at a profit.
The merger may foreclose nonbanking competitors of Mr. Kincaid from access to
bank funds and it may increase the likelihood that banking competitors of Mr.
Kincaid will be foreclosed from the substantial banking business of his banking and
nonbanking interests.
The effect of the merger upon the banking structure of Winchester, and the in­
terests and activities of M r. Kincaid lead the Department to conclude that the
merger would have an undue anticompetitive impact.
Basis for Corporation approval, July 27, 1961
This merger involves the two smallest of four commercial banks in Winchester.
Majority ownership of both banks is commonly held and, because of this affiliation,
competition between them has been limited. The enlarged bank will be stronger
and will provide broader and more modern facilities and services than either bank
could provide independently.
Although Winchester has supported four banks for many years, there appears to
be no real need for this number of banks, and the community probably should be
regarded as overbanked. As of December 31, 1960, the average population per bank
in Kentucky was 8,558, while the population per bank of the Winchester banks
(Clark County population 21,075) was 5,268 before the merger and 7,025 after the
merger. Three banks of roughly equal size should better fulfill all normal banking
requirements of the Winchester area, and therefore be more likely to offer effective
competition to each other than do the present four banks. In our opinion the nonbanking competitive factor of the Kincaid interests would not be affected were
the merger approved or not approved.

No. 18— The Bank of Orrick, Orrick, Missouri
to merge with
Citizens Exchange Bank, Orrick




1,501

1

707

1

1

75

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 10 1 .
of

A

s se t s

D

or

e s c r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

the

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

Summary report by Attorney General, August 3, 1961
The bank of Orrick, Orrick, Missouri, proposes to merge with the Citizens Ex­
change Bank, Orrick, Missouri.
Since there is far reaching identity of personnel and ownership of the two banks,
it does not appear that there is effective competition between them which would
be eliminated by the proposed merger. The effect of the merger of these small banks
on competition would not be adverse.
Basis for Corporation approval, August 24, 1961
This transaction combines two small, commonly owned and managed banks in
which the death of the President of both banks had caused management and op­
erating problems which could best be solved through merger of the two banks. The
limited growth of the area and of the banks, together with the absence of effective
competition between them indicates the area will be adequately served by the re­
maining bank. The combination of the two banks will formalize existing relation­
ships and thus provide continuity of banking services in the Orrick area in a more
stable and efficient manner than was previously possible.

No. 19— National Bank of Commerce of Lincoln,
Lincoln, Nebraska
(change of title to National Bank of Commerce
Trust and Savings Association)
to consolidate with
The First Trust Company of Lincoln, Lincoln

70,282

2

2,017

22

1

Summary report by Attorney General, August 18, 1961
The only area in which the two institutions significantly compete with each other
is in the rendering of trust services in metropolitan Lincoln, Nebraska.
The consolidation will reduce the number of major institutions competing for trust
business in that area from three to two, but the significance of this reduction is
mitigated by the circumstance that National Bank's trust business is now operating
at a substantial loss. The consolidation will not give National Bank a decisive
advantage over its remaining competitor. Therefore, it does not appear that this
consolidation would have serious adverse effects on competition in the rendering of
trust services in the area involved.
Basis for Corporation approval, September 1, 1961
This proposal involves the consolidation of a commercial bank operating a rela­
tively small trust department and an uninsured trust company which is not au­
thorized to accept deposits. It does not appear, therefore, that consummation of the
proposed consolidation will have any significant effect on the commercial bank




76

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.

D e s c r ip t io n

o f A s s e t s or A s s u m p t io n

of E ach
of

M erger,

L ia b ilit ie s

C o n s o lid a t io n ,

Approved by t h e

A c q u is it io n
C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

activity in the city of Lincoln other than the enlarged capital of the consolidated
bank will permit it to compete more effectively with its larger local competitor,
but with no adverse effect on the smaller existing banks.
The acquisition of the outstanding management of The First Trust Company of
Lincoln, which had some 50 years of experience in trust activities and has developed
a diversified source of business, will materially strengthen the management of the
resulting bank. The trust department of the National Bank of Commerce of Lincoln
does not now have a Farm Management or Mortgage Loan Department and the
acquisition of these activities together with experienced personnel, a strengthened
capital position with resulting larger lending limit, will enable the resulting bank
to more adequately serve the agricultural segment of the State.

No. 20— Durham Bank and Trust Company,
Durham, North Carolina
(change of title to Central Carolina Bank and
Trust Company)
to merge with
The University National Bank of Chapel Hill,
Chapel Hill

45,352

20

3,240

2

22

Summary report by Attorney General, August 11, 1961
The Durham Bank & Trust Company, with headquarters in Durham, North
Carolina, operates 16 offices in Durham and the surrounding area. It has total
deposits of $40,697,000, net loans and discounts of $21,317,000, and total assets of
$45,352,000. University National Bank operates its head office and one branch in
Chapel Hill. It has total deposits of $2,810,000, net loans and discounts of $1,130,000,
and total assets of $3,240,000.
Existing competition between the banks appears to be insignificant. The merger
would eliminate one of two independent banks in Chapel Hill, but would not greatly
increase Durham’s advantage over smaller banks competing in the service area of
the resulting bank, or unduly increase banking concentration. For these reasons, the
effect on competition would not appear to be pronounced.
Basis for Corporation approval, September 14, 1961
The proposed merger will solve an immediate management problem created by
the recent serious illness of the executive officer at the Chapel Hill bank. Enlarged
and more efficient banking services, including trust services not now available
locally, will be made available to the residents of Chapel Hill. All of the factors
required to be considered have been favorably determined and it is concluded that
the proposed merger will be in the public interest.




77

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.
of

A

ssets

D

or

e s c r ip t io n

A

s s u m p t io n

D

of

E ach

of

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

the

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

No. 21— Branch Banking & Trust Company
Wilson, North Carolina
to merge with
The Citizens Bank .Micro

Resources
(in
thousands
of dollars)

In
operation

To be
operated

104,335

25

27

2,510

2

Summary report by Attorney General, July 18, 1961
Branch Banking & Trust Company has deposits of approximately $87,387,000, net
loans and discounts of $36,137,000 and assets of $104,330,000. It has nineteen offices
throughout eastern North Carolina, one of which, in Selma, is within three miles of
the acquired bank’s head office. Citizens, the acquired bank, has deposits of $2,199,000, net loans and discounts of $659,000, and assets of $2,510,000. It operates two
offices.
It is our view that this merger would affect competition in the rural area now
served by Citizens by eliminating an independent factor in competition, increasing
to a degree, banking concentration, and eliminating competition between the ac­
quired bank and the Selma branch of the acquiring bank. The merger would have
little effect on competition with the larger area now served by Branch.
Basis for Corporation approval, September 14, 1961
The management of Citizens was desirous of retiring and was without adequate
management succession within the bank. Although it operated within the over-all
service area of the applicant, the degree of competition between Citizens and any
of the applicant’s offices which was eliminated is considered to be minimal. As a
result of the merger, the applicant, without adversely affecting any of the smaller
banks, can provide much stronger competition for the larger banks soliciting business
in the Micro-Princeton area than could Citizens. The wider range of services, includ­
ing trust services not offered by Citizens and lower interest rates on some types of
loans, redounds to the benefit of the entire community with only a minimal effect
on competition in the area now served by Citizens. Nor will the applicant bank, as
a result of the merger, gain any competitive advantage other than to increase its
area coverage without any significant increase in banking concentration.

No. 22— Franklin Bank, Franklin, Illinois
(proposed new bank)
to acquire the assets and assume the liabilities of
Franklin State Bank, Franklin

1
1,256

1

Summary report by Attorney General, July 25, 1961
The applicant, servicing an agricultural area with a population of 1800, proposes
to liquidate Franklin State Bank and, in its place, establish a new bank under the
title, Franklin Bank. In view of the fact that the transaction would not in any way




78

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.
of

A

sse t s

D

or

e s c r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

tpie

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

change the present relative competitive positions of the financial institutions within
the service area of the proposed bank, it appears that it will have no adverse effect
on competition.
Basis for Corporation approval, September 28, 1961
The Franklin State Bank, and its predecessor, has provided uninterrupted bank­
ing service to the community of Franklin since 1886. This bank is now owned by
outside interests who wish to place the bank in liquidation. A group of local citizens
proposes to organize a new bank, to be locally owned, to assume the deposit lia­
bilities of the liquidating bank, purchase its assets, and provide continued banking
service in the community.
All of the banking factors are considered to be favorable and there will be no
unfavorable effect on the competitive situation.

No. 23— Producers Bank and Trust Company,
Bradford, Pennsylvania
to acquire the assets and assume the liabilities of
Smethport National Bank, Smethport

9,420

3

2,458

1

4

Summary report by Attorney General, September 6, 1961
This acquisition would probably not adversely affect the competitive situation
in the service area of both banks.
Basis for Corporation approval, September 28, 1961
The preceding transaction involving two banks in north-central Pennsylvania has
no significant competitive effects. The transaction provides a continuing banking
alternative in Smethport offering a wider range of services than were previously
provided.

No. 24— Hollidaysburg Trust Company,
Hollidaysburg, Pennsylvania
to acquire the assets and assume the liabilities of
First National Bank of Williamsburg, Williamsburg

9,177

2

1,641

1

3

Summary report by Attorney General, July 28, 1961
The Hollidaysburg Trust Company, Hollidaysburg, Pennsylvania proposed to
purchase the assets and to assume liability to pay deposits made in the First N a­
tional Bank of Williamsburg, Williamsburg, Pennsylvania.
The proposed acquisition would leave Hollidaysburg Trust the third largest bank
in its present and future service areas. The competition between Hollidaysburg
Trust and First National, weak in the past, is only nominal today since five officers




79

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 1 0 1 .
of

A

s se t s

D

or

e s c r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A c q u is it io n

A pproved

by

the

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

and directors of Hollidaysburg Trust have acquired more than two-thirds of the
outstanding shares of First National.
Basis for Corporation approval, September 28, 1961
In the past, both banks in the Borough of Williamsburg have been hampered by
not being able to provide adequate lending power necessary to serve all members
of the community, particularly farmers. As a result, the growth of each has been
below average. While the proposal will subject the local competing bank to in­
creased competition, its management is not concerned as it believes it will be able
to capitalize on being a locally owned and managed bank and benefit from it.
The proposal will bring to the community of Williamsburg complete and en­
larged banking services, including trust services and consumer credit facilities which
are not now available, and will provide depth and continuity of management. The
expanded resources and larger lending limits should permit more adequate financ­
ing of farming operations in the area, which should also be of material benefit to
the community.

No. 25— The Central Jersey Bank and Trust Company,
Freehold, New Jersey
to merge with
The First National Bank of Bradley Beach,
Bradley Beach

61,585

8

12,934

10

2

Summary report by Attorney General, June 26, 1961
The addition of The First National Bank of Bradley Beach to The Central Jersey
Bank and Trust Company would further enhance the dominant position of Central
Jersey in Monmouth County, a position principally attributable to a series of
mergers in recent years. The merger would result in an undue concentration of
banking power as the three largest banks would control over 47% of the total de­
posits in the county.
In addition to eliminating another independent bank, the proposed merger may
lead the remaining small banks to combine in order that they may be able to ef­
fectively compete with the larger banks. Moreover, it appears that the merger would
eliminate substantial competition presently existing between the banks.
It is the view of the Department of Justice, therefore, that the proposed merger,
if consummated, would have substantial adverse competitive consequences on the
general banking area.
Basis for Corporation approval, October 3, 1961
Monmouth County, in which the merging banks are located, is one of the fastest
growing counties in the State and is experiencing rapid expansion both residentially
and in industrial development. During the decade from 1940 to 1950 the population




80

FEDERAL DEPOSIT IN SU R AN C E CORPORATION

Table 101.
o f A sse ts

D e s c r ip t io n

or A s s u m p t io n

of
of

E ach

M erger,

L ia b ilit ie s

C o n s o lid a t io n ,

Approved by t h e

A c q u is it io n
C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Nakne of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

of the county increased nearly 40 percent and in the decade ended 1960 the county
population increased over 48 percent, with such growth reflected in most of the
communities served by the participating banks. The future outlook is bright and
evidences the need for larger financial institutions to adequately serve this expand­
ing economy, and this proposed merger will serve to partially fulfill that need. The
merged institution will have a greater lending capacity and will be in a better posi­
tion to provide broader and more efficient services to the banking public of M on­
mouth County. While the Central Jersey Bank and Trust Company will enhance its
position slightly as the largest bank in the service area, it is not felt it will be
placed in any undue position of dominancy. Although one relatively small in­
dependent bank will be eliminated, there will remain fifteen competing commercial
banks offering ample alternative sources, several of which are sufficiently large to
assure continuing effective and healthy competition.

No. 26— Saline State Bank, Wilber, Nebraska
to acquire the assets and assume the liabilities of
Wilber State Bank, Wilber

1,263

1

1,348

1

1

Summary report by Attorney General, September 21, 1961
These two small banks, located in the same small community, while in competi­
tion with each other, are the third and fourth largest banks in their service area.
Their merger would not substantially affect competition adversely nor would it
tend toward monopoly.
Basis for Corporation approval, October 26, 1961
Although the community of Wilber, Nebraska, has supported three small banks
reasonably well for many years, the lack of growth of each in recent years and the
rather stable character of the economy of this agricultural community would indi­
cate that banking facilities are no doubt excessive, and it is felt that this proposal
will tend to relieve an over-banked situation. While the Saline State Bank will
attain a dominant position in the city of Wilber, there is no indication that this
will work any undue hardship on the remaining local competing bank which ex­
pects to gain a substantial volume of new deposits as a result of this transac­
tion. While the number of banks in Wilber will be reduced from three to two, it
does not appear that consummation of the proposal will result in any significant
lessening of competition and the end result will probably be two substantially
larger banks capable of providing increased and more efficient banking services than
those now being provided by the three small banks.




81

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

T a b le
of

A

101.

ss e t s

D

or

e s c r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger,

C o n s o l id a t io n , A c q u is it io n

L ia b il it ie s A pproved

u r in g

by

the

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

No 27— First State Bank, Eddyville, Kentucky
(change of title to Citizens State Bank of Lyon County,
and change location of head office to New Eddyville)
to consolidate with
Citizens Bank, Kuttawa

Resources
(in
thousands
of dollars)

In
operation

2,511

1

1,329

To be
operated
33

1

Summary report by Attorney General, September 1, 1961
The resulting bank would be the only bank within the service area. In the past,
however, city banks, not considered by the applicants to be within the service area
because of their distance therefrom, have been the only facilities available to the
larger borrowers, due to the limited financial structure of the applicants. The indus­
trialization of the area should stimulate banking activity and the resulting bank
will be in a position to compete with the city banks in providing the required fa­
cilities and to provide the area with banking services not presently available. In
view of this and in view of the limited population of the area (5900), the proposed
consolidation would not appear to have a substantial adverse effect on competition.
Basis for Corporation approval, November 2, 1961
The major portions of Eddyville and Kuttawa, Kentucky, including the principal
business areas, eventually will be flooded by a lake to be created on the Cumber­
land River behind the Barkley Dam, which is now under construction. This neces­
sitates relocation or other disposition of affairs of most businesses in the two com­
munities, including the two banks involved in this proposal. A new community, New
Eddyville, is being established to accommodate the businesses and individuals that
will be affected, and the participating banks propose to establish one bank in New
Eddyville to provide continuing banking services for the community.
It is felt that one bank will be adequate to serve the needs of the community, at
least until a great deal more development than is now under way or anticipated
has materialized. Furthermore, the consolidation will provide a bank with a much
greater potential for strength and adequate servicing than could be obtained in two
independent operations, and the expanded resources and larger legal lending limits
of the resulting bank will doubtlessly be of material benefit in the future develop­
ment of the new community of New Eddyville.

No. 28— The Northwestern Bank,
North Wilkesboro, North Carolina
to merge with
The Bank of Elkin, Elkin

96,076

32

7,329

2

34

Summary report by Attorney General, October 13, 1961
The proposed merger of The Bank of Elkin into the Northwestern Bank is an­
other step in the increasing concentration of banking in North Carolina into a




82

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.
o f A sse ts

D e s c r ip t io n

or A s s u m p t io n

of E ach
of

M erger,

L ia b ilit ie s

C o n s o li d a t i o n ,

A c q u is it io n

Approved by t h e

C o rp o r a tio n

D u r i n g 1961— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

small number of large banks. Northwestern, a $100,000,000 bank, is centered in
western North Carolina. Its offices surround Bank of Elkin and the proposed merger
would add to the adverse effect on competition which the many mergers are having
in the state.
Basis for Corporation approval, November 30, 1961
The Bank of Elkin operated successfully in the northwest section of North Caro­
lina where the surrounding area is mountainous and there is only limited trade
among the various communities. There was no evidence that any important com­
petition between the two banks would be eliminated and none of the bankers in
the area registered an objection to the merger. The applicant is the smallest of six
banks operating extensive branch systems in North Carolina and after this merger
would hold only approximately 3.3 percent of the total deposits of commercial banks
r
in the State; the merger representing an increase of approximately 0.3 percent. The
merger would provide broadened banking services in Elkin and enhance the ap­
plicant’s management.

No. 29— The Northwestern Bank,
North Wilkesboro, North Carolina
to merge with
The Surry County Loan & Trust Company,
Mount Airy

103,405

34

6,466

3

37

Summary report by Attorney General, October 19, 1961
Northwestern Bank, operating 32 offices in 24 communities in western North
Carolina, proposes to merge with Surry County Loan & Trust Company, operating
two offices in Mount Airy and Dobson.
Northwestern has total assets of about $96,000,000 and Surry County Loan, assets
of about $6,400,000. There is little competition in the Mount Airy-Dobson areas
from other banks. It appears that Northwestern is the principal bank operating in
the same general area and the effect of this merger, together with that of another
proposed merger of Northwestern and The Bank of Elkin, now pending, may be to
lessen competition in commercial banking generally in the State of North Carolina.
Basis for Corporation approval, November 30, 1961
The Surry County Loan & Trust Company operated in Mount Airy and Dobson,
North Carolina. Although Mount Airy has considerable industry, the surrounding
area is similar to that of Elkin in the preceding case and topographical conditions
limit competition among the various communities. There did not appear to be any
significant competition between the applicant and Surry and none of the bankers
in the area registered an objection to the merger. Management of the remaining




83

B A N K ABSORPTIONS APPROVED BY T H E CORPORATION

Table 101.
of

A

sse t s

D

or

e sc r ip t io n

A

s s u m p t io n

D

of
of

E ach

M

erger ,

C o n s o l id a t io n , A c q u is it io n

L ia b il it ie s A pproved

u r in g

by

th e

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

bank in Mount Airy expected no difficulty in coping with the new competition and
considered they might gain deposits from those customers who would prefer to deal
with a local bank. The merger would not change the applicant’s position with respect
to the larger banks in the State and its proportion of the total commercial bank
deposits in North Carolina would be only 3.5 percent, an increase of only 0.2 per­
cent. The broader and stronger facilities and larger lending limits of the applicant
would benefit the Mount Airy service area.

No. 30— Guaranty Bank and Trust Company,
Worcester, Massachusetts
to consolidate with
The Peoples NationallBank of ^Southbridge, Southbridge

52,762

6

5,448

2

8

Summary report by Attorney General, November 30, 1961
Guaranty Bank, with assets of approximately $52,762,000 is the second largest
commercial bank in Worcester County. The largest is Worcester County National
Bank, with assets of approximately $154,000,000. Guaranty Bank proposes to con­
solidate with Peoples National Bank of Southbridge, the smallest in Worcester
County, with assets of approximately $5,400,000.
The consolidating banks apparently have no common depositors or borrowers and
the business of one bank arising in the service area of the other is described as
“negligible and immaterial.” No office of one bank is closer than 20 miles from an
office of the other bank. Although a proposed branch of Guaranty Bank at Auburn
will be about 15 miles from the home office of Peoples National and the service
area of the two banks would overlap to some extent, it does not appear that any
substantial amount of potential competition within such overlapping area would be
foreclosed by the consolidation.
The only commercial bank competing with Peoples National in the latter’s service
area is Worcester County National Bank. The proposed consolidation does not ap­
pear to threaten the position of any of the banks in Worcester County and in our
view does not seem to have significant adverse competitive effects.
Basis for Corporation approval, December 21, 1961
The two banks involved in this proposal are located about 20 miles apart, their
service areas do not overlap, and there is very little existing or potential competi­
tion between the two to be eliminated through this proposal. Competition in the
present service area of the applicant will not be affected. In Southbridge Peoples
competes directly, to some disadvantage, with a branch of the largest bank in the
county and as branches of the applicant will be able to compete more effec­
tively. Competition in the Southbridge area will probably be intensified but not
to any degree that would be harmful to other existing banks in the area.
The proposal will extend additional trust services, as well as larger lending limits




84

FEDERAL DEPOSIT IN SU RAN CE CORPORATION

Table 101.
of

A

ss e t s

or

D

e s c r ip t io n

A

s s u m p t io n

D

of

E ach

of

M

erger ,

L ia b il it ie s

u r in g

C o n s o l id a t io n , A

A pproved

by

the;

c q u is it io n

C orporation

1961— Continued
Banking offices

Name of bank, and type of transaction1
(in chronological order of determination)

Resources
(in
thousands
of dollars)

In
operation

To be
operated

and broader banking services to the growing Southbridge-Sturbridge area and the
depth of management personnel in the applicant will assure continued successful
leadership.

No. 31— Berkshire Housatonic Trust Company,
Pittsfield, Massachusetts
(change of title to Berkshire Bank & Trust Company)
to consolidate with
Greylock National Bank, Adams
and
North Adams Trust Company, North Adams

14,900

2

5,782

1

9,168

4

1

Summary report by Attorney General, December 1, 1961
The proposed merger would significantly increase the concentration of banking
Dusiness in Berkshire County. In Adams and North Adams alone, the resulting
bank would have approximately 50 percent of the IPC deposits and loans held by
all commercial banks competing in those cities. W e believe that the merger would
have substantially adverse effects upon competition in the service area of the result­
ing bank, especially in the Adams and North Adams areas.
Basis for Corporation approval, December 29, 1961
Berkshire County, where the three consolidating banks operate, is a distinct eco­
nomic and geographic area in Western Massachusetts. The consolidation provides
geographic diversification for the applicant and extends its broader and larger fa­
cilities to the Adams and North Adams areas. The growth of the consolidating banks
in these towns has been below average, probably reflecting their industrial maturity.
They are now economically dependent to a significant degree on one company or
industry. It was determined that there was little overlapping of service areas and
no important competition among the banks which would be eliminated. There will
remain eight commercial banks and nine mutual savings banks in Berkshire County
providing competition for the applicant which will hold less than 10 percent of the
aggregate deposits and loans of these banks. The savings banks in the County hold
two and one-quarter times the total deposits held by the commercial banks and
more than eight times the time deposits held by the commercial banks. The Board
found favorably on all seven factors required to be considered by law and con­
cluded that the consolidation which would provide increased commercial bank
credit facilities in the service area while not eliminating any important competition
was in the public interest.
1Unless otherwise indicated, the first named bank is a resulting insured nonmember bank.
2 Corporation approval required for absorption of noninsured bank by an insured bank. Approval by
Comptroller of the Currency also required because continuing bank is a national bank.
3 Two offices approved for temporary operation only.







Table 1 0 2 .
in

C h anges
the

in

N

u m b e r an d

U n it e d S tates (S tates

C l a s s if ic a t io n
and

of

Banks

O th er A reas) D

and

Commercial and stock savings banks
and nondeposit trust companies

All banks

Mutual savings banks

Noninsured

Insured
In­
sured

Non­
insured

4,513
4,530

1,598
1,641

7,004
6,955

277
304

-4 3

Total

Banks
of
de­
posit

Non­
deposit
trust
com­
panies1

Total

In­
Non­
sured2 insured

BANKS

Number of banks, December 30, 1961.
Number of banks, December 31, 1960.
Net change during year.
Banks beginning operations.
New banks3...............................
Suspended bank reopened
Banks added to count4.............
Closed because of financial difficulties----Absorptions, consolidations, and mergers .
Other liquidations............................................
Ceased deposit operations............................

13,445
13,451

-4 0
114
109

1

6
1

+49

-2 7

98
98

26
26

2
2

70
70

14

140
5
135

51

30

59

49

29

57

4

-3 4
-3 3

2

1

10
1

+5

1
1

2

4

1
1

+30
+29

-1

+1

+1

-1

+8
+9

*+ i

112

3

4
115

40

40

in

2

2

+29
+29

+i

+1

+i

40

330
325

5

-1

4
118

515
515

3

4
153
9
137

+1

National banks succeeding State banks..........
State bank succeeding national bank. ...........
State bank succeeding noninsured bank.........
Admission to F. R. System................................
Withdrawal from F. R. System.........................

52
54

11

1

14
4
3

+1

Other changes in classification. . . . ..............

Digitized for


-11

113
108

+34
+33

154
9
138

Admission to insurance, operating banks . . . .
Admission to F. R. System, operating banks.

Successions............................................. ..
Changes in title, location, or name of location..
Change in corporate powers .
b
To operate under general banking law5...........
FRASER trust powers6..........................................
Granted

10
1

13,115
13,126

140
5
135

4

Noninsured banks becoming insured..........

Changes not involving number in any class:

15

13,444
13,484
-4 0

-6
99

514
548

40

-1 6
-4

+9
-5

+1
+1

+4
-1 6

-4
+16

17

52

2

1

42

40

-3 0
-2 9

-1

+4
+4

185
190

CORPORATION

Banks ceasing operations. ......................

13,959
13,999

INSURANCE

State

Not
mem­
bers
F. R.
Sys­
tem

Members F. R.
System

Total

DEPOSIT

Na­
tional

Total

FEDERAL

Type of change

oo
o

B ranches

1961

u r in g

BRANCHES
N um ber o f branches, December 30, 1961.
N um ber o f branches, December 31, 1960.
N et change during year.
Branches opened for b usin ess.......................................................
Facilities provided as agents of the government7 .....................
Absorbed banks converted into branches....................................
Branches replacing head offices relocated or placed in liquida­
tion .....................................................................................................
Other branches opened......................................................................
Branches added to count8 ...............................................................

12,043
11,106

11,867
10,940

176
166

11,499
10,619

11,440
10,559

6,044
5,508

2,855
2,624

2,541
2,427

45
46

+937

+927

+ 10

+880

+881

+ 536

+231

+ 114

-1

998
15
126

981
14
125

17

1
1

939
15
125

935
14
125

511

209

215

70

30

25

835
13

820
13

15

777
13

9
774
13

1

2

420
4

174

180
7

59
5
54

57
5
52

36
5
31

12

+3

+61

+34

+19

-1 3

59
5
54

-5

+5'

-1

32
15
17

215
154
61

199
140
59

16
14

+40
+35
+5

-4 0
-3 5
-5

136
483

136
483

35
262

18
172

83
49

24,943
24,103

24,555
23,685

10,557
10,038

4,453
4,265

9,545
9,382

322
350

+ 840

+ 870

+ 519

+188

+163

1,052
113
939

1,033
98
935

537
26
511

211
2

285
70
215

212

197
140
57

87
51
36

42
30

68

+34
+ 31
+3

+69
+61

+19
-1 5
+34

-5 4
+38
-9 2

ALL B A N K IN G OFFICES
Num ber o f offices, December 30, 1961.
Num ber o f offices, December 31, 1960.
Net change during year.
Offices opened.
Banks..............
Branches.........
Offices closed.
Banks............
Branches. . . .
Changes in classification.
Among banks......................
Among branches................

690
714

2

153
59

+8

209

12

59

66
68

1,059
1,002

757
706

302
296

-2 8

+57

+51

+6

18
14
4

60

47

13

59

46

13

3

11
2

-3 3
-3 0

1 Includes 1 trust company member Federal Reserve System, December 30, 1961, and December 31, 1960.
2 Includes 1 mutual savings bank member of the Federal Reserve System, December 30, 1961, and 2 on December 31, 1960.
3 Includes 2 banks succeeding banks closed because of financial difficulties.
4 Banks opened prior to 1961 but not included in count as of December 31, 1960.
6 One of these banks was formerly an industrial bank; the other, formerly a private bank.
6 I ^ 9 r. ria^ on available for only insured banks not members of Federal Reserve System.
r
7 Facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation
8 Branches opened prior to 1961 but not included in count as of December 31, 1960.




1

1

1
2

BANKS

1,080
99
981

-9 3

O
F

+921

1,112
114
998

+2

-3

+5

+51

+2

DEPOSITS

+897

12

-9 2

+42

25,312
24,391

46

2

-5

26,002
25,105

13

. .. „

+3

+1

136
483

+11

46

12

*+ 3

136
484

+46

59

AD
N

Changes not involving num ber in any class:
Branches transferred as result of absorption or succession.
Changes in title, location, or name of location.....................

+5

2

117
106

+ 57

1

427
381

OFFICES,

Other changes in classification......................................................
Branches of national banks succeeding branches of State
banks...................................................................................................
Branches of noninsured banks admitted to insurance................
Branch of an insured bank admitted to F. R. S};r
stem..............
Branches of insured banks withdrawing from F. R. System. . ,
Branches transferred through sale or as result of absorption or
succession...........................................................................................

2
‘’ 2

2

544
487

NUMBER,

Branches discontinued.....................................................................
Facilities................................................................................................
Branches................................................................................................

11

14
14

+6
+4

+2

00
^1

Table 103.

N

u m b e r of

B a n k i n g O ff ices

in

the

U

n it e d

S ta t es (S tat es

and

O t h e r A r e a s) , D

e c em be r

30, 1961

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF B A N K , AND BY STATE OR AREA AND TYPE OF OFFICE

Commercial and stock savings banks
and nondeposit trust companies

All banks

Insured

Mutual savings banks

Noninsured

In­
sured

Non­
insured

Member F. R.
System

Total
Total

Na­
tional

Not
mem­
bers
F.R.S.

Banks
of
de­
posit

Non­
deposit
trust
com­
panies2

Total

All
banks
of
de­
posit

Com­
mercial
banks
of
deposit

Mutual
savings
banks

State

FEDERAL

In­
_ Non­
sured3 insured

State and type of bank or office
Total

Percentage insured1

25,312
13,445
10,760
2,685
11,867

690
514
427
87
176

24,943
13,444
10,885
2,559
11,499

24,555
13,115
10,576
2,539
11,440

10,557
4,513
3,467
1,046
6,044

4,453
1,598
1,178
420
2,855

9,545
7,004
5,931
1,073
2,541

322
277
261
16
45

66
52
48
4
14

1,059
515
302
213
544

757
330
184
146
427

302
185
118
67
117

97.6
96.7
96.6
97.0
98.7

98.7
97.9
97.6
99.4
99.6

71.5
64.1
60.9
68.5
78.5

DEPOSIT

50 States and D . C .’—all offices..........
Banks..........................................................
bnit b a n k s ...........................................
Banks operating branches...................
Branches....................................................

25,839
13,945
11,183
2,762
11,894

25,171
13,437
10,759
2,678
11,734

668
508
424
84
160

24,782
13,431
10,881
2,550
11,351

24,414
13,107
10,575
2,532
11,307

10,554
4,512
3,467
1,045
6,042

4,453
1,598
1,178
420
2,855

9,407
6,997
5,930
1,067
2,410

302
272
258
14
30

66
52
48
4
14

1,057
514
302
212
543

757
330
184
146
427

300
184
118
66
116

97.7
96.7
96.6
97.1
98.8

98.8
98.0
97.6
99.5
99.7

71.6
64.2
60.9
68.9
78.7

Other areas— all o f f ic e s ........................
Banks
...
..................................
Unit b a n k s ...........................................
Banks operating branches...................
Branches
...............................................

163
14
4
10
149

141
8
1
7
133

22
6
3
3
16

161
13
4
9
148

141
8
1
7
133

3
1

138
7
1
6
131

20
5

2
1

2
1

1
1

1
1

87.6
61.5
25.0
77.8
89.9

INSURANCE

2
15

86.5
57.1
25.0
70.0
89.3

Alaljama*- — offices...............................
all
Banks ........................................................
Unit banks......................... ...................
Banks operating branches...................
Branches ..................................................

336
238
213
25
98

336
238
213
25
98

336
238
213
25
98

336
238
213
25
98

152
69
50
19
83

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

Alaska— all o f f ic e s ..................................
Banks .....................................................
Unit banks.............................................
Banks operating branches...................
Branches ..................................................

50
15
7
8
35

45
11
4
7
34

5
4
3
1
1

49
14
6
8
35

44
10
3
7
34

40
7
1
6
33

90.0
73.3
57.1
87.5
97.1

89.8
71.4
50.0
87.5
97.1

Arizona--“all offices
..........................
Banks
.................................................
Unit banks.............................................
Banks operating branches...................
Branches..................................................

210
12
3
9
198

201
11
3
8
190

9
1

210
12
3

201
11
3
8
190

145
3

13
1

3
142

1
12

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

1
2

CORPORATION

26,002
13,959
11,187
2,772
Banks operating branches...................
Branches.................................................... 12,043

State




1
8

198

31
24
20
4
7

153
145
143
2
8
4
3
2
1
1
43
7
3
4
36

1
1
1

5
4
3
1
1
9
1
1
8

1
1
1

100.0
100.0
100.0

1,393
40
20
20
1,353

323
19

Banks.....................................................
Branches................................................
Banks.....................................................

171
164
158
6
7

31
31
31

202
195
189
6
7

171
164
158
6
7

85
80
76
4
5

18
17
16

Unit banks.............................................

Branches................................................
Banks.....................................................

427
138
78
60
289

418
129
69
60
289

9
9
9

286
67
34
33
219

277
58
25
S3
219

134
22
9
13
112

Unit banks.............................................

Delaware— all offices...............................

Banks.....................................................

81
22
13
9
59

78
21
13
8
57

3
1

74
20
13
7
54

71
19
13
6
52

3
3
3

Unit banks.............................................
Banks operating branches...................

Branches................................................
District o f Columbia.- -all offices. . . .

Banks ...................................................

80
11
1
10
69

80
11
1
10
69

80
11
1
10
69

80
11
1
10
69

Unit banks.............................................
Banks operating branches...................

Branches................................................
Florida— all offices...................................

337
322
308
14
15

333
318
804
14
15

4
4
4

337
322
308
14
15

Banks.....................................................
Unit banks.............................................
Banks operating branches...................

Branches................................................

546
420
388
32
126

488
362
830
32
126

58
58
68

Georgia— ll offices................. ................
-a

Banks.....................................................
Unit banks.............................................
Banks operating branches...................

Branches................................................
Hawaii— all offices...................................

Banks.....................................................

103
12
5
7
91

97
7
1
6
90

6
5
4
1
1

Unit banks.............................................
Banks operating branches...................

Branches................................................




202
195
189
6
7

..

2

1
1
1

99.0
98.7
98.5
100.0
100.0

99.0
98.7
98.5
100.0
100.0

10
5
3
2
5

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

84.7
84.1
88.6
100.0
100.0

84.7
84.1
83.6
100.0
100.0

98.1
94.2
89.6
100.0
100.0

97.2
87.9
75.8
100.0
100.0

100.0
100.0
100.0
100.0
100.0

96.3
95.5
100.0
88.9
96.6

95.9
95.0
100.0
85.7
96.3

100.0
100.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

99.4
99.4
99.8
100.0
100.0

99.4
99.4
99.3
100.0
100.0

89.4
86.2
85.1
100.0
100.0

89.4
86.2
85.1
100.0
100.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

23

4

15
304

188
58
SO
28
130

68
67

31
31
31

67

76
28

8
8
8

59

48

27

2

41
14

25

27

4

40
4

31
4

9
3

4
36

’T

333
318
804
14
15

133
121
110
11
12

10
10

546
420
388
32
126

488
362
330
32
126

128
53
88
15
75

43
15

317
294
283

28

23

103
12
6
7
91

97
7
1
6
90

34
2
1
1
32

1
1

8
2
6

66
1
1

14
14

10

141
71

141
71

44

44

3
1

7
2

7
2

1
2

2
5

2
5

1
1
1

27
70

1

27
190
187

184

8

2
2
2

2
2
2

3

P

11

63
5

.. „ .
58

58
58
58

6
5

4

1
1

27
70

100.0
100.0

BANKS

1,904
117
64
63
1,787

20

3
3
S

O
F

1,914
122
57
65
1,792

1,904
117
54
63
1,787

17
5

178
155
135

DEPOSITS

10
5
3
2
5

1,914
122
57
65
1,792

31

22

AND

80
56
42
14
24

4
4
4

OFFICES,

289
233
194
39
56

289
233
194
39
56

NUM BER,

293
237
198
39
56

293
237
198
89
56

00

CO

T a b le

103.

N

u m b e r of

B a n k i n g O ff ic e s

in

the

U n it e d S tates (S ta t es

and

O t h e r A reas) , D

ec em be r

30, 1961— C o n tin u e d

C
O

o

grouped a cco r d in g to in s u r a n c e s t a t u s a n d c lass of b a n k , a n d b y stat e or area a n d t y p e of office

Commercial and stock savings banks
and nondeposit trust companies

All banks

In­
sured

Non­
insured

Member F. R.
System

Total
Total

Na­
tional

Not
mem­
bers
F.R.S.

Non­
deposit
trust
com­
panies2

In­
Non­
sured3 insured

100.0
100.0
100.0
100.0
100.0
99.7
99.7
99.7
100.0
100.0

99.5
99.1
98.7
100.0
100.0

99.5
99.1
98.7
100.0
100.0

97.2
96.4
95.4
100.0
100.0

97.2
96.4
95.4
100.0
100.0

State

79
10
6
4
69

20
8
5
3
12

21
14
12
2
7

6
6
6

980
976
972
4
4

974
970
966
4
4

404
400
S96
4
4

125
125
125

445
445
445

3
3
8

3
3
8

781
441
304
137
340

5
5
5

782
442
305
187
340

111
437
300
187
340

316
126
75
51
190

142
99
76
23
43

319
212
149
63
107

4
4
4

1
1
1

864
674
526
148
190

839
649
501
148
190

25
25
25

864
674
526
148
190

839
649
501
148
190

107
97
87
10
10

77
67
59
8
10

655
485
355
ISO
170

24
24
24

1
1
1

622
590
560
80
32

619
587
557
30
32

3
3
3

622
590
560
30
32

619
587
557
80
32

187
167
149
18
20

49
46
43
3
3

383
374
365
9
9

3
3
3

99.5
99.5
99.5
100.0
100.0

99.5
99.5
99.5
100.0
100.0

516
351
275
76
165

507
342
266
76
165

9
9
9

516
351
275
76
165

507
342
266
76
165

173
86
56
30
87

41
15
8
7
26

293
241
202
39
52

9
9
9

98.3
97.4
96.7
100.0
100.0

98.3
97.4
96.7
100.0
100.0

980
976
972
A
4

T */ ’ si'Y 1 0
T
h i*

.....................
offices
Banks
.............................................
Un/it banks
•......................

T 'V btn7 JQ
T )of
1r

T qtiI q
^ t
Bdfiks opcTQftitiQ bvciTtcJics




..

974
970
966
4
4

786
446
809
137
340

4
4
4

4
4
4

INSURANCE

120
32
23
9
88

120
32
23
9
88

DEPOSIT

120
32
23
9
88

120
32
23
9
88

Mutual
savings
banks

100.0
100.0
100.0

CORPORATION

Com­
mercial
banks
of
deposit

99.7
99.7
99.7
100.0
100.0

Total

All
banks
of
de­
posit

100.0
100.0
100.0
100.0
100.0

Banks
of
de­
posit

FEDERAL

Total

Percentage insured1

Noninsured

Insured
State and type of bank or office

Mutual savings banks

380
191
122
69
189

142
42
18
24
100

35
11
4
7
24

203
138
100
38
65

1
1
1

M aine— all offices.................
Banks......................................
Unit banks..........................
Banks operating branches,
Branches.................................

227
79
40
39
148

208
69
84
35
139

19
10
6
4
9

187
47
14
33
140

174
43
14
29
131

75
23
9
14
52

50
6
2
4
44

49
14
3
11
35

13
4

Maryland— all offices..........
Banks......................................
Unit banks..........................
Banks operating branches.
Branches.................................

437
138
76
62
299

430
136
75
61
294

7
2
1
1
5

398
132
74
68
266

392
131
74
57
261

174
52
26
26
122

45
8
2
6
37

173
71
46
25
102

6
1

M assachusetts— all offices.
Banks......................................
Unit banks..........................
Banks operating branches.
Branches 4..............................

895
351
185
166
544

598
171
71
100
427

297
180
U4
66
117

577
167
72
95
410

572
163
68
95
409

327
98
48
50
229

135
21
1
20
114

110
44
19
25
66

5
4
4

M ichigan— all offices...........
Banks......................................
Unit banks..........................
Banks operating branches
Branches.................................

990
373
230
143
617

986
371
229
142
615

4
2
1
1
2

990
373
230
143
617

986
371
229
142
615

319
79
41
38
240

395
134
86
48
261

272
158
102
56
114

3
1
1
2

M innesota— all offices........
Banks......................................
Unit banks..........................
Banks operating branches,
Branches.................................

688
2
6

696
690

687
681
679
2
6

9
9
9

695
689
687
2
6

686
680
678
2
6

186
180
178
2
6

29
29
29

471
471
471

9
9
9

Mississippi— all offices........
Banks......................................
Unit banks. . ......................
Banks operating branches,
Branches.................................

342
193
119
74
149

340
191
117
74
149

2
2
2

342
193
119
74
149

340
191
117
74
149

60
27
9
18
33

22
7
4
3
15

258
157
104
53
101

2
2
2

Missouri— all offices............
Banks......................................
Unit banks.........................
Banks operating branches.
Branches.................................

663
626
589
37
37

649
612
575
37
37

14
14
14

663
626
589
37
37

649
612
575
37
37

89
77
65
12
12

105
93
81
12
12

455
442
429
13
13

10
10
10

M ontana— all offices...........
Banks......................................
Unit bajiks..........................
Banks operating branches.
Branches.................................

122
1
1

124
123

123
122
121
1
1

1
1
1

124
123
122
1
1

123
122
121
1
1

44
43
42
1
1

45
45
45

34
34
34




99.7
99.5
99.2
100.0
100.0

99.7
99.5
99.2
100.0
100.0

40
32
26
6
8

34
26
20
6
8

6
6
6

91.6
87.3
85.0
89.7
93.9

93.0
91.5
100.0
87.9
93.6

85.0
81.3
76.9
100.0

39
6
2
4
33

38
5
1
4
33

1
1
1

98.4
98.6
98.7
98.4
98.3

98.5
99.2
100.0
98.3
98.1

97.4
83.3
50.0

318
184
113
71
134

26
8
3
5
18

292
176
no
66
116

66.8
48.7
38.4
60.2
78.5

99.1
97.6
94.4
100.0
99.8

99.7
99.7
100.0
99.3
99.7

99.7
99.7
100.0
99.3
99.7

98.7
98.7
98.7
100.0
100.0

98.7
98.7
98.7
100.0
100.0

99.4
99.0
98.3
100.0
100.0

99.4
99.0
98.3
100.0
100.0

4
4
4

98.5
98.4
98.3
100.0
100.0

98.5
98.4
98.3
100.0
100.0

1
1
1

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

4
9

1
5

1
1
1
1

1
1
1

1
1
1

100.0

100.0

1!
2
d

S

w

100.0

n

8.2
4.3
2.7
7.0
13.4

100.0

100.0

100.0

BANKS

381
192
123
69
189

O
F

1
1
1

DEPOSITS

380
191
122
69
189

A D
N

381
192
123
69
189

OFFICES.

Louisiana— all offices..........
Banks......................................
Unit banks..........................
Banks operating branches.
Branches.................................

C
O

Table 103.

N

um ber

of

B

a n k in g

O f f ic e s

in

the

U

n it e d

S tates

(S tates

and

O ther A

r e as) ,

D

ecem ber

30, 1961— C o n tin u e d

g r o u p e d a c c o r d in g t o i n s u r a n c e s t a t u s a n d c l a ss o f b a n k , a n d b y s t a t e or a r e a a n d t y p e o f o f f ic e

Commercial and stock savings banks
and nondeposit trust companies

All banks

Insured

Total

In­
sured

Non­
insured

Noninsured

Member F. R.
System

Total
Total

Na­
tional

Banks ......................................................
Unit banks.............................................
Banks operating branches...................
Branches ..................................................
Banks ........................................................
Unit banks.............................................
Banks operating branches...................
Branches ................................................

Jersey- - all offices........................
Banks
.................................................
Unit banks.............................................
Banks operating branches...................
Branches
.
..................................

Unit banks.............................................
Banks operating branches...................

Unit banks
.
................................
Banks operating branches...................
Branches ^
......................................




48
7
2
5
41

48
7
2
5
41

112
107
102
5
5

109
104
99
5
5

761
268
123
145
493

758
265
120
145
493

121
57
29
28
64

121
57
29
28
64

2,177
517
277
240
1,660

2,157
501
264
237
1,656

31
31
31

In­
Non­
sured* insured

94.1
93.8
93.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0

Mutual
savings
banks

State

442
425
409
16
17

411
394
378
16
17

135
121
108
13
14

18
17
16
1
1

258
256
254
2
2

48
7
2
5
41

48
7
2
5
41

28
3
1
2
25

12
2

8
2
1
1
6

3
3
3

77
74
71
3
3

74
71
68
3
3

53
51
49

1
1
1

20
19
18
1
1

3
3
3

718
247
111
136
471

715
244
108
136
471

433
156
76
80
277

197
54
18
36
143

85
34
14
20
51

121
57
29
28
64

121
57
29
28
64

63
29
15
14
34

12
8
6
2
4

46
20
8
12
26

1,876
390
224
166
1,486

1,856
374
211
163
1,482

766
233
145
88
533

978
102

112
39
22
17
73

20
16
13
3
4

Com­
mercial
banks
of
deposit

94.1
93.8
93.6
100.0
100.0

Total

All
banks
of
de­
posit

100.0
100.0
100.0
100.0
100.0

26
26
26

Non­
deposit
trust
com­
panies2

2
10

2

44

58
876

5
5
5

3
3
3

35
33
31
2
2

15
11
8
3
4

5
5
5

97.3
97.2
97.1
100.0
100.0

96.1
95.9
95.8
100.0
100.0

100.0
100.0
100.0
100.0
100.0

43
21
12
9
22

43
21
12
9
22

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

3
3
3

35
33
31
2
2

100.0
100.0
100.0
100.0
100.0

99.3
97.9
97.1
98.8
99.8

99.2
97.1
96.3
98.2
99.7

301
127
53
74
174

301
127
53
74
174

100.0
100.0
100.0
100.0
100.0

CORPORATION

New Hampshire— all offices...............

411
394
378
16
17

Banks
of
de­
posit

INSURANCE

Nevada—
-all offices................................

442
425
409
16
17

Not
mem­
bers
F.R.S.

DEPOSIT

Unit banks.............................................
Banks operating branches...................
Branches ..................................................

Percentage insured

FEDERAL

State and type of bank or office

Mutual savings banks

99.4
99.4
100.0
98.8
99.5

99.4
99.4
100.0
98.8
99.5

98.4
98.1
97.7
100.0
100.0

98.4
98.1
97.7
100.0
100.0

99.9
99.8
99.7
100.0
100.0

99.9
99.8
99.7
100.0
100.0

99.5
99.5
99.4
100.0
100.0

99.5
99.5
99.4
100.0
100.0

1
1
1

99.6
98.0
96.3
100.0
100.0

99.6
97.9
96.2
100.0
100.0

100.0
100.0
100.0

59
7
2
5
52

59
7
2
5
52

99.4
99.0
98.7
99.5
99.8

99.4
99.0
98.7
99.5
99.8

100.0
100.0
100.0
100.0
100.0

37
8
1
7
29

37
8
1
7
29

98.5
94.1
100.0
93.8
99.2

98.0
88.9

100.0
100.0
100.0
100.0
100.0

98.1
95.8
93.9
100.0
100.0

98.1
95.8
93.9
100.0
100.0

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

4
1

3
3
3

187
156
132
24
31

184
153
129
n
31

41
38
35
3
3

3

140
113

3
3
3

1,275
577
380
197
698

1
1
1

1,272
576
380
196
696

1,271
575
379
196
696

570
222
129
93
348

399
143
96
47
256

302

420
388
359
29
32

417
385
356
29
32

3
3
3

420
388
359
29
32

417
385
356
29
32

224
200
178
22
24

30
26
23
3
4

163
159
155
4
4

2
2
2

1
1
1

Oregon— all offices...................................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches4...................................................

256
50
28

254
48
26
22
206

2
2
2

255
49
27
22
206

253
47
25
22
206

178
10
7
3
168

12
2
1

63
34
16
18
29

1
1
1

1
1
1

1
1
1

Pennsylvania— all offices......................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches4...................................................

1,609
683

1,597
673
459
214
924

12
10
9
1
2

1,550
676
466
210
874

1,538
666
457
209
872

967
450
314
136
517

293
65
35
SO
228

278
151
108
48
127

9
7
6
1
2

3
3
3

Rhode Island— All offices.....................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................

137
17

2
1

100
9

98
8

54
4

20
1

24
3

2
1

120

135
16
1
15
119

1
1

9
91

8
90

4
50

" 's
21

1
1

South Carolina— all offices..................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................

310
144
98
46
166

304
138
92
46
166

6
6
6

310
144
98
46
166

304
138
92
46
166

135
25
9
16
110

10

159
107
79
28
52

6
6
6

South Dakota— all offices........ ............
Banks .............................................
...
Unit banks.............................................
Banks operating branches...................
Branches....................................................

236
174
142
32
62

236
174
142
32
62

236
174
142
32
62

236
174
142
32
62

61
33
28
5
28

28
26

North Dakota— all offices.....................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................

187
156
132
31

184
153
129
24
31

Ohio— all offices........................................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................

1,276
578
381
197
698

Oklahom a— all offices............................
Banks..........................................................
Unit banks.............................................
Ba Jid operating branches...................
Branches....................................................




H

22

206

468

215
926

1

16

1
3

2
1
1
1

3

""l
19

4

U
2
2

1
3

27

210
154
56
92

147
115
90
25
32

1
1
1

4
2
1
1
2

4
2
1
1
2

88.9
98.9

100.0
100.0
100.0
100.0
100.0

2

C
j

g

g

BANKS

455
136
78
58
319

O
F

87
3
••'g
84

4
1

DEPOSITS

175
31
11
20
144

717
170
89
81
547

AD
N

717
170
89
81
547

721
171
89
82
550

OFFICES,

721
171
89
82
550

North Carolina— all offices..................
Banks..........................................................
Unit banks.............................................
B a ik s operating branches...................
B n n .h e s....................................................

C
O
CO

T a b le

103.

N

u m b e r of

B

a n k in g

O f f ic e s

in

th e

U

n it e d

S tates (S tate s

g r o u p e d a c c o r d in g t o i n s u r a n c e s t a t u s a n d c l a s s of b a n k

,

and

Member F. R.
System

Total
Total

Mutual savings; banks

Percentage insured1

Not
mem­
bers
F.R.S.

Banks
of
de­
posit

Non­
deposit
trust
com­
panies2

Total

Non­
In­
sured3 insured

All
banks
of
de­
posit

Com­
mercial
banks
of
deposit

Mutual
savings
banks

State

526
290
210
80
236

6
6
6

532
296
216
80
236

526
290
210
80
236

217
74
39
35
143

26
8
5
3
18

283
208
166
42
75

3
3
3

3
3
3

99.4
99.0
98.6
100.0
100.0

99.4
99.0
98.6
100.0
100.0

1,052
1,020
’987
33
32

1,033
1,001
968
33
32

19
19
19

1,052
1,020
987
33
32

1,033
1,001
968
33
32

493
473
452
21
20

107
99
91
8
8

433
429
425
4
4

18
18
18

1
1
1

98.3
98.2
98.2
100.0
100.0

98.3
98.2
98.2
100.0
100.0

127
50
37
13
77

123
46
33
13
77

4
4
4

127
50
37
13
77

123
46
33
13
77

53
7
5
2
46

33
13
7
6
20

37
26
21
5
11

4
4
4

96.9
92.0
89.2
100.0
100.0

96.9
92.0
89.2
100.0
100.0

97
59
44
15
38

96
58
43
15
38

1
1
1

90
53
39
14
37

89
52
38
14
37

49
30
H
6
19

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

622
302
190
112
320

622
302
190
112
320

622
302
190
112
320

622
302
190
112
320

289
128
82
46
161

135
68
49
19
67

198
106
59
47
92

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

409
93
64
29
316

408
92
63
29
316

394
89
63
26
305

393
88
62
26
305

297
24
11
13
273

28
9
6
3
19

68
55
45
10
13

99.8
98.9
98.4
100.0
100.0

99.7
98.9
98.4
100.0
100.0

1
1
1

1
1
1

40
22
14
8
18

1
1
1

7
6
5
1
1

15
4
1
3
11

7
6
5
1
1

15
4
1
3
11

100.0
100.0
100.0
100.0
100.0

100.0
100.0
100.0
100.0
100.0

CORPORATION

532
296
216
80
236

INSURANCE




CD

30, 1961— C o n tin u e d

DEPOSIT

Na­
tional

Banks operating branches...................

ecem ber

FEDERAL

Total

Non­
insured

D

Noninsured

Insured
In­
sured

re as) ,

Commercial and stock savings banks
and nondeposit trust companies

All banks

State and type of bank or office

O ther A

a n d b y s t a t e or a r e a a n d t y p e o f o f f ic e

West Virginia— all offices. .
Banks......................................
Unit banks..........................
Banks operating branches.
Branches.................................

Wisconsin— all offices........
Banks......................................
Unit banks..........................
Banks operating branches.
Branches.................................

Wyoming— all offices..........

180
180
180

181
181
181

180
180
180

76
76
76

34
34

70
70
70

99.4
99.4
99.4

99.4
99.4
99.4

728
569
473
96
159

723
564

724
565

720
561
465
96
159

121

67
58
54

532
402
318
84
130

99.7
99.6
99.6

99.9
99.8
99.8

56
55
64

56
55
54

56
55
54

27
26

1
1

159

1
1

1
1

101

20
14
14

n

15
15
15

100.0

100.0

100.0

100.0

100.0

100.0

100.0
100.0

75.0
75.0
75.0

100.0

100.0
100.0

100.0

100.0

100.0

Other area
33.3

36.4

36.4

130
7

92.9
63.6

92.9
63.6

123

123

75.0
95.3

75.0
95.3

7

4

77.8
50.0

100.0
100.0

O
F

50.0
85.7

100.0

BANKS

Banks......................................
Unit banks6........................
Banks operating branches.
Branches7................................

Panama Canal Zone— all offices .

Banks......................................
Unit banks..........................
Banks operating branches.
Branches10..............................

140
11

130
7

1
6
1

140
11

8

130
7

1

1
6

100.0

1 Nondeposit trust companies are excluded in computing these percentages.
2 Includes 1 trust company in Missouri member of the Federal Reserve System.
3 Includes 1 bank in Wisconsin member of the Federal Reserve System.
4 Includes branches operated by banks located in other states or in Puerto Rico as follows: 1 noninsured branch in Massachusetts operated by a New York bank; 3 insured branches
in New York operated by 2 banks in Puerto Rico; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank; 1
noninsured branch in Pennsylvania operated by a New York bank; and 2 insured branches in Washington operated by a California bank.
6 In United States possessions (American Samoa, Guam, Midway Islands, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan, and Truk Atoll).
6 In American Samoa.
7 Consists of 5 branches operated by a California bank, of which 4 are in Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) and 1 noninsured in Caroline Islands
(Truk Atoll, Moen Island); and 6 branches operated by a Hawaiian bank of which 1 insured is on Guam, and the following noninsured branches: 1 in Caroline Islands (Palau Islands,
Koror Island), 2 in Marshall Islands (Kwajalein), 1 on Midway Island, and 1 on Wake Island.
8 Consists of 2 noninsured branches operated by 2 New York banks.
9 Includes 15 insured branches operated by 2 New York banks.
1 Includes 4 insured branches operated by a New York bank.
0
Back figures: See the Annual Report for 1960, pp. 128-135, and earlier reports.




DEPOSITS

Virgin Islands-— offices .
all

AND

Banks...................................................
Unit banks......................................
Banks operating branches.............
Branches8.............................................
Banks......................................
Unit banks..........................
Banks operating branches.
Branches9................................

OFFICES,

Pacific Islands— all offices5.

Puerto Rico— all offices... .

NUM BER,

Banks......................................
Unit banks..........................
Banks operating branches.
Branches.................................

181
181
181

CD

Ox

Table 104.

N

um ber and

D

e p o s it s o f

banks

A

ll

Banks

g r o u p e d a c c o r d in g

in

the

U n it e d S t a t e s ( S t a t e s

to i n s u r a n c e

status an d b y

FDIC District
and State

All
banks1

13,945

13,431

13,107

Total

52

272

52

5

FDIC District
District 1................
District 22...............
District 3 ................
District 4 ................
District 5 ................
District 6 ................
District 7 ................
District 8 ................
District 9 ................
District 10..............
District 11..............
District 123.............

751
820
1,261
947
1,173
1,510
1,388
1,650
1,143
1,653
1,281
382

417
669
1,252
941
1,173
1,510
1,380
1,650
1,142
1,653
1,281
376

395
645
1,241
932
1,109
1,477
1,369
1,619
1,129
1,585
1,260
354

20
16

334
151
9

238
15

238
10

237

238
14
12
237

195
138

195
67

22

20

11
322

11

420
12
32
976
446

Georgia.
Hawaii..
Idaho...
Illinois. .
Digitized Indiana.
for FRASER



In­
sured

Non­
insured

249,503,609

247,904,875

1,598,734

38,487,101

33.399.591

5,087,510

287,155,356

248,668,457

247,155,735

1,512,722

38,486,899

33.399.591

5,087,308

1

1

122

Total

835,354

749,140

86,012

8

9
62
25

6

152
150
9
5

182

21,611,171
82,713,775
29,248,653
14,118,216
12,023,089
14,215,030
19,443,425
22,432,474
7,288,947
10,089,094
18,843,169
35,963,667

10,943,718
58,575,962
27,036,855
13,532,844
12,023,089
14,215,030
19,358,840
22,432,474
6,946,396
10,089,094
18,843,169
35,506,138

10,745,669
57,901,717
27,004,271
13,340,482
11,982,489
14,177,195
19,332,287
22,349,845
6,838,858
10,038,188
18,792,729
35,401,145

198,049
674,245
32,584
192,362
40,600
37,835
26,553
82,629
107,538
50,906
50,440
104,993

10,667,453
24,137,813
2,211,798
585,372

5,587,207
24,137,611
2,211,798
579,007

5,080,246
202

6

27
12
62
19

697

11

11

2,191,624
213,206
1,462,811
1,423,678
27,083,127

2,191,624
191,946
1,453,417
1,420,726
27,083,127

21,260
9,394
2,952

233
117
31

322

164
58
19
11
318

420
12
32
976
442

362
7
32
970
437

58

8
1
2

71

2

2,322,985
5,289,052
907,831
1,645,892
5,264,113

2,322,985
2,556,794
738,224
1,645,892
5,264,113

2,301,393
2,521,232
732,699
1,645,892
5,247,181

21,592
35,562
5,525

3,124,870
781,595
684,543
19,092,227
5,122,881

3,124,870
781,595
684,543
19,092,227
5,064,517

3,110,021
766,810
684,543
19,046,819
5,058,609

14,849
14,785

1

84,585

83,888

342,551

342,551

457',529

' 457,529

149

149

2,732,258
169,607

2,732,258
169,607

58,364

58,364

16,932

45,408
5,908

6,365

CORPORATION

8

122

Non­
insured

INSURANCE

13

Colorado.............
Connecticut.........
Delaware..............
District of Columbia
Florida..................

In­
sured

184

514

Total

287,990,710

In­
sured

Nonin­
sured

515

14

12

Mutual savings banks

2,191,624
213,355
1,462,811
1,423,678
27,083,127

Non­
Banks deposit
trust
of de­
com­
posit1
panies

Other areas..........

State
Alabama. .
Alaska. . . .
Arizona. . .
Arkansas. .
California.

30, 1961

All
banks

277

13,444

ecem ber

DEPOSIT

13,959

50 States a
D. C ..

D

FEDERAL

T otal United
States

In­
sured

r e as) ,

state

Commercial and stock savings
banks and nondeposit
trust companies

Mutual savings banks

Noninsured
Total

O ther A

Deposits (in thousands of dollars)

Number of banks
Commercial and stock savings
banks and nondeposit
trust companies

and

d is t r ic t a n d

Iowa...........................
Kansas.......................
Kentucky..................
Louisiana...................
Maine.........................

674
590
351
192
79

674
590
351
192
47

649
587
342
191
43

24
3
9
4

32

Maryland..................
Massachusetts.........
Michigan...................
Minnesota.................
Mississippi................

138
351
373
690
193

132
167
373
689
193

131
163
371
680
191

1

6

1

4

184

176

9

” i

Missouri....................
Montana...................
Nebraska...................
Nevada......................
New Hampshire.. . .

626
123
425
7
107

626
123
425
7
74

394
7
71

New Jersey...............
New Mexico.............
New York4................
North Carolina........
North Dakota.........

268
57
517
171
156

247
57
390
171
156

244
57
374
170
153

Ohio............................
Oklahoma.................
Oregon........................
Pennsylvania...........
Rhode Island...........

578
388
50
683
17

576
388
49
676

South Carolina........
South Dakota..........
Tennessee..................
Texas..........................
Utah...........................

144
174
296

144
174
296

1,020

1,020

50

50

59
302
93
181
569
55

53
302
89
181
565
55

37,221
1,535
10,209
695
28,365

3,259,209
12,077,126
9,345,129
4,845,884
1,442,482

2,673,837
5,861,564
9,345,129
4,503,333
1,442,482

2,528,928
5,764,601
9,327,490
4,494,957
1,433,663

144,909
96,963
17,639
8,376
8,819

6,539,575
864,260
1,783,879
492,510
1,040,681

6,539,575
864,260
1,783,879
492,510
443,503

6,523,024
864,260
1,757,580
492,510
434,889

26,299

9,178,890
769,762
71,850,495
3,211,199
770,943

7,762,033
769,762
49,299,348
3,211,199
770,943

7,761,494
769,762
48,683,733
3,175,909
671,781

575
385
47

11,926,273
2,924,948
2,220,273
17,322,380
1,513,731

11,899,621
2,924,948
2,174,999
15,137,234
961,955

138
174
290
1,001
46

1,109,678
807,860
3,625,340
13,462,341
1,062,764

52
302

552,459
3,552,314
3,366,705
1,339,924
4,975,415
455,321

424,045
3,552,314
2,954,599
1,339,924
4,949,194
455,321

39,089
19,706
735,851
40,708

39,089
19,706
735,851
40,506

612

122

666

2
10
26

33

33

21

21

i.27

i.27

401,864

40,401

585,372
6,215,562

579,007
1,175,717

6,365
5,039,845

342,551

342,551

16,551

8,614

597,178

597,178

539

1,416,857

1,416,857

615,615
35,290
99,162

22,551,147

22,551,147

11,897,613
2,923,468
2,166,013
15,106,658
933,410

2,008
1,480
8,986
30,576
28,545

26,652

26,652

45,274
2,185,146
551,776

45,274
2,185,146
551,776

1,109,678 I
1,105,514
807,860
807,860
3,625,340
3,617,217
13,462,341
13,421,990
1,062,764 | 1,057,210

4,164

424,045
3,552,314
2,933,637
1,331,925
4,946,188
455,321

128,414
20,962
7,999
3,006

128,414

412,106

412,106

26,221

25,524

697

BANKS

25,349
‘ 683,285'
40,506

8,123
40,351
5,554

13,740
19,706
52,566
202

202

26 nomnsured banks of deposit (1 in Colorado, 17 in Georgia, 2 in Iowa, 4 in New York, and 2 in Texas) for which asset, liability, and capital account data are not
Puerto Rico and the Virgin Islands.
Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.
deposit data for 3 insured branches operated by 2 insured banks in Puerto Rico.
. Consists
4 branches
branches (1 on

• consists oi deposit data lor z nomnsured brancnes operated by 'Z insured banks in JNew York.
7 Includes deposit data for 15 insured branches operated by 2 insured banks in New York.
8 Includes deposit data for 4 insured branches operated by an insured bank in New York.
Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.
Back figures: See the Annual Report for 1960, pp. 136-137, and earlier reports.




O
F

180
561
55

1

442,265

DEPOSITS

88

1

AD
N

1 Includes
available.
2 Includes
3 Includes
4 Includes

3,303,026
2,600,426
2,616,228
3,147,560
667,492

OFFICES,

Other area
Pacific Islands5........
Panama Canal Zone®
Puerto Rico7.............
Virgin Islands8.........

3,340,247
2,601,961
2,626,437
3,148,255
695,857

NUMBER,

Vermont....................
Virginia.....................
Washington.............
West Virginia...........
Wisconsin..................
Wyoming..................

3,340,247
2,601,961
2,626,437
3,148,255
1,138,122

A ssets

and

L ia b ilitie s

of Banks

Table 105.

Assets and liabilities of all banks in the United States (States and other areas),
June 30, 1961

Table 106.

Assets and liabilities of all banks in the United States (States and other areas),
December 30, 1961

Table 107.

Assets and liabilities of all banks in the United States (States and other areas),
December 30, 1961

Table 108.

Assets and liabilities of all insured banks in the United States (States and other
areas), call dates December 31, 1958 through December 30, 1961
Assets and liabilities of insured commercial and insured mutual savings banks in
the United States (States and other areas), call dates December 31, 1960 through
December 30, 1961
Assets and liabilities and assets and liabilities per $100 of total assets of insured
commercial banks operating throughout 1961 in the United States (States and
other areas), December 30, 1961

co
00

Banks grouped according to insurance status and type of bank

Table 110.

Average assets and liabilities and assets and liabilities per $100 of total assets of
insured commercial banks in the United States (States and other areas), 1961

Table 112.

Average assets and liabilities of insured commercial banks in the United States
(States and other areas), by State, 1961
Distribution of insured commercial banks in the United States (States and other
areas), December 30, 1961

B y class of bank

Table 113.




Banks grouped according to amount of deposits and by ratios of selected items
to assets

CORPORATION

Banks grouped according to amount of deposits

Table 111.

INSURANCE

Table 109.

DEPOSIT

Banks grouped by district and State

FEDERAL

Banks grouped according to insurance status and type of bank

Statements of assets and liabilities are submitted by insured com­
mercial banks upon either a cash or an accrual basis, depending upon
the bank’s method of bookkeeping. Assets reported represent aggre­
gate book value, on the date of call, less valuation and premium
reserves.

Instalment loans are ordinarily reported net if the instalment pay­
ments are applied directly to the reduction of the loan. Such loans are
reported gross if, under contract, the payments do not immediately
reduce the unpaid balances of the loan but are assigned or pledged to
assure repayment at maturity.

Assets and liabilities held in or administered by a savings, bond,
insurance, real estate, foreign, or any other department of a bank,
except a trust department, are consolidated with the respective assets
and liabilities of the commercial department. “Deposits of individuals,
partnerships, and corporations” include trust funds deposited by a
trust department in a commercial or savings department. Other assets
held in trust are not included in statements of assets and liabilities.

Asset and liability data for noninsured banks are tabulated from
reports pertaining to the individual banks. In a few cases these reports
are not as detailed as those submitted by insured banks, and some of
the items reported have been allocated to more detailed categories
according to the distribution of asset and liability data for insured
State banks not members of the Federal Reserve System or for other
noninsured banks.

In the case of banks with one or more domestic branches, the assets
and liabilities reported are consolidations of figures for the head office
and all domestic branches. In the case of a bank with foreign branches,
net amounts due from its own foreign branches are included in “Other
assets,” and net amounts due to its own foreign branches are included
in “ Other liabilities.” Branches outside the continental United States
of insured banks in the United States are treated as separate entities
but as in the case of other branches are not included in the count of
banks. Data for such branches are not included in the figures for the
States in which the parent banks are located.
Demand balances with and demand deposits due to banks in the
United States, except private banks and American branches of foreign
banks, exclude reciprocal interbank deposits. Reciprocal interbank
deposits arise when two banks maintain deposit accounts with each
other.
Individual loan items are reported gross instead of net of valuation
reserves. Accordingly, reserves for losses on loans are shown sep­
arately.




Additional data on assets and liabilities of all banks as of June 30,
1961, and December 30, 1961, and of insured banks as of April 12, 1961,
and September 27, 1961, are shown in the Corporation’s semiannual
publication, “Assets, Liabilities, and Capital Accounts, Commercial
and Mutual Savings Banks,” Report of Calls N o. 55 and 56, and
Report of Calls No. 57 and 58.

Sources o f data
National banks and State banks in the District of Columbia not
members of the Federal Reserve System: Office of the Comptroller
of the Currency.
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
Other insured banks: Federal Deposit Insurance Corporation.
Noninsured banks: State banking authorities; and reports from
individual banks.

Table 105.

A

sse ts a n d

L ia b i l i t i e s

of

A

ll

Banks

in

the

U

n it e d

S tates (S tates

and

O ther A

r e as) ,

June

30, 1961

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK
(Amounts in thousands of dollars)
Commercial and stock savings banks and
nondeposit trust companies

All banks

Mutual savings banks

Noninsured
Asset, liability, or capital account item

Non­
insured

36,073,943

5,744,432

245,665
19,187

36,730
1,352
28,055
3,107
186
4,030

755,842
102,758
520
435,603
169,204

106,206
19,338

198,879
1,594
3,088
22,917

862,048
122,096
520
510,797
169,224
59,411

47,757

11,654

83,052,878
61,350,363
18,490,315

877,554
526,445
240,001

119,340
44,529
35,984

12,133,003
6,280,796
688,015

9,988,995
4,740,881
634,711

2,144,008
1,539,915
53,304

1,800,650
914,262
647,223

1,751,699
868,687
591,814

48,928
41,902
20,278

23
3,673
35,131

503,586
3,796,435
864,171

503,586
3,462,477
647,340

333,958
216,831

4,048,827
18,426
4,067,253
3,468,824
22,879

118,461,797
2,424,451
120,886,248
29,383,487
1,716,215

117,849,223
2,419,205
120,268,428
29,275,471
1,699,580

574,422
5,189
579,611
93,123
15,766

38,152
57
38,209
14,893
869

28,211,259
223,300
28,434,559
28,014,574
51,416

24,775,006
210,120
24,985,126
24,653,766
45,172

3,436,253
13,180
3,449,433
3,360,808
6,244

13,013,033
11,037,129
18,796,710
9,337,613
1,010,420
6,002,658
2,918,638
1,977,880

440,899
880,94%
1,745,196
378,908
316
20,687
23,862
25,874

5,819,843
2,726,469
12,049,289
7,071,671
1,009,423
6,018,892
2,932,92$
1,994,881

5,810,172
2,718,180
11,996,816
7,050,723
1,009,107
5,998,904
2*909,066
1,970,059

6,217
7,531
45,438
18,171
316
19,988
14,085
20,042

3,454
758
7,035
2,777

7,202,861
8,318,949
6,799,894
2,286,890
1,313
3,754
9,572
7,821

431,228
872,653
1,692,723
357,960

9,777
4,780

7,634,089
9,191,602
8,492,617
2,644,850
1,313
4,453
9,572
8,873

573,996
5,442,825
42,835,956
27,462,028
3,099,916

7,647
31,952
245,462
216,302
26,327

581,643
5,472,627
42,987,481
27,395,241
3,109,645

573,996
5,440,675
42,742,939
27,257,737
3,090,474

7,647
31,792
239,949
135,935
16,734

160
4,593
1,569
2,437

2,150
93,937
283,089
16,598

2,150
93,017
204,291
9,442

920
78,798
7,156

6,886,858
3,227,982
434,968
3,223,908

161,193
52,501
16,409
92,283

6,435,986
3,009,302
426,299
3,000,385

6,332,758
2,992,213
414,111
2,926,434

76,089
10,233
3,637
62,219

27,139
6,856
8,551
11,732

612,065
271,181
25,078
315,806

554,100
235,769
20,857
297,474

57,965
35,412
4,221
18,332

Insured

Banks
of
deposit

296,445,136

288,705,613

7,739,523

254,626,761

252,631,670

1,773,730

46,541,254
3,043,938
16,488,024
11,6134,730
255,154
148,163
14,971,245

46,152,653
3,004,061
16,488,024
11,332,602
250,433
144,889
14,932,644

388,601
39,877
302,128
4,721
3,274
38,601

45,679,206
2,921,842
16,487,504
11,123,933
85,930
148,163
14,911,834

45,396,811
2,901,303
16,487,504
10,896,999
81,229
144,889
14,884,887

96,182,775
68,202,133
19,454,315

93,041,873
66,091,244
19,125,026

3,140,902
2,110,889
329,289

84,049,772
61,921,337
18,766,300

2,304,236
4,710,697
1,511,394

2,255,285
4,331,164
1,239,154

48,951
379,533
272,240

146,673,056
2,647,751
Valuation reserves.....................................................
Loans and discounts, gross— to ta l................. 149,320,807
57,398,061
Real estate loans— total.......................................
1,767,631
Secured by farm land............ ...........................
Secured by residential properties:
13,453,932
Insured by F H A ............................................
11,918,071
Insured or guaranteed by V A ......................
Not insured or guaranteed by F H A or V A .
20,541,906
9,716,521
Secured by other properties. . ..........................
Loans to commercijil and foreign banks
1,010,736
Loans to other financial institutions . . . . . . .
6,023,345
Loans to brokers and dealers in securities... .
2,942,500
Other loans for carrying securities....................
2,003,754
Loans to farmers directly guaranteed by the
581,643
Commodity Credit Corporation...............
Other loans to farmers (excl. real estate). . . .
5,474,777
43,081,418
27,678,330
Other loans to individuals...................................
All other loans (including overdrafts).............
3,126,243

142,624,229
2,629,325
145,253,554
53,929,237
1,744,752

7,048,051
3,280,483
451,377
3,316,191

Cash, balances w ith other banks, and cash
collection item s— to ta l...............................
Currency and coin.................................................
Reserve with F. R. banks (member banks). .
Demand balances with banks in U. S..............
Other balances with banks in U. S...................
Balances with banks in foreign countries. . . .
Cash items in process of collection...................
Securities— to ta l.....................................................
U. S. Gov’t obligations (incl. guaranteed) . . .
Obligations of States and subdivisions............
Securities of Federal agencies and corpora­
tions (not guaranteed by U. S .)...............
Other bonds, notes, and debentures.................
Corporate stocks....................................................

Miscellaneous
to ta l..............................
Digitized for Bank premisesassets—furniture and fixtures. .
FRASER
owned,
Other real estate—
http://fraser.stlouisfed.org/ direct and indirect..........
All other miscellaneous assets............................
Federal Reserve Bank of St. Louis

Non­
deposit
trust
com­
panies1

75,194
20

699
1,052

CORPORATION

41,818,375

Total

INSURANCE

221,361

Non­
insured

DEPOSIT

Insured

Insured

FEDERAL

Total

Total

296,445,136

288,705,613

7,739,523

254,626,761

252,631,670

1,773,730

221,361

41,818,375

36,073,943

5,744,432

Business and personal deposits— to ta l........ 222,747,223
Individuals, partnerships, and corporations
— demand........................................................ 109,390,360
Individuals, partnerships, and corporations
— time.............................................................. 109,576,529
98,588,435
Savings deposits..................................................
Deposits accumulated for payment o f per­
774,061
sonal loans...................................................
Other deposits o f individuals, partnerships,
10,214,033
and corporations.........................................
Certified and officers’ checks, letters of credit,
3,780,334
and travelers’ checks, etc............................

216,779,674

5,967,549

185,219,741

184,271,367

872,797

75,577

37,527,482

32,508,307

5,019,175

108,738,879

651,481

109,142,813

108,492,116

588,749

61,948

247,547

246,763

784

104,296,059

5,280,470

72,304,721

93,379,582

72,042,642

5,208,853

61,335,819

248,478

61,144,933

13,601

37,271,808

190,848

38

37,252,616

32,253,417

5,018,391

32,234,649

5,017,967

77$,852

209

773,569

773,360

209

10,142,625

71,408

10,195,333

10,124,349

57,421

3,744,736

35,598

3,772,207

3,736,609

35,570

Government deposits— to ta l............................
United States Government— demand.............
United States Government— time....................
States and subdivisions— demand....................
States and subdivisions— time...........................

23,955,483
6,385,600
286,895
11,957,096
5,325,892

23,742,796
6,367,691
283,411
11,838,523
5,253,171

212,687
17,909
3,484
118,573
72,721

23,933,259
6,380,167
286,813
11,954,882
5,311,397

23,721,952
6,362,699
283,335
11,836,309
5,239,609

211,307
17,468
3,478
118,573
71,788

Dom estic interbank and postal savings
deposits— to ta l...............................................
Commercial banks in the U. S.— demand. . . .
Commercial banks in the U. S.— time............
Mutual savings banks in the U. S.— demand. .
Mutual savings banks in the U. S.— time
Postal savings......................................................

12,948,037
11,906,195
176,473
676,202
171,561
17,606

12,668,987
11,849,410
173,4,37
605,544
23,004
17,592

279,050
56,785
3,036
70,658
148,557
14

12,946,998
11,905,863
175,766
676,202
171,561
17,606

12,667,948
11,849,078
172,730
605,544
23,004
17,592

278,745
56,480
3,036
70,658
148,557
14

3,665,131

3,604,283

60,848

3,665,121

3,604,273

656,806

652,063

4,743

656,806

652,063

1,829,705
1,064,550
114,070

1,811,070
1,031,500
109,650

18,635
33,050
4,420

1,829,705
1,064,540
114,070

1,811,070
1,031,490
109,650

18,635
33,050
4,420

T otal deposits...............................................
Demand..........................................................
T im e...............................................................

263,315,874

256,795,740

6,520,134

145,817,143
117,498,731

144,828,346
111,967,394

988,797
5,531,337

225,765,119

224,265,540

1,423,663

144,565,908
79,699,632

925,257
498,406

Miscellaneous liabilities— to ta l.....................
Rediscounts and other borrowed money. . ..
All other miscellaneous liabilities....................

7,657,807
464,320
7,193,487

7,409,956
441,799
6,968,157

247,851
22,521
225,330

7,049,842
455,228
6,594,614

6,955,925
433,420
6,522,505

77,177
20,517
56,660

T otal liabilities (excluding capital
accou n ts)................................................

270,973,681

264,205,696

6,767,985

232,814,961

231,221,465

Capital accounts— to ta l....................................
Preferred capital..................................................
Common stock.....................................................
Surplus...................................................................
Undivided profits and reserves........................

25,471,455
67,866
6,542,231
12,871,847
5,989,511

24,499,917
37,866
6,426,162
12,423,665
5,612,224

971,538
30,000
116,069
448,182
377,287

21,811,800
67,716
6,542,231
10,344,230
4,857,623

21,410,205
37,716
6,426,162
10,214,819
4,731,508

Number of banks2........................................................

13,989

13,461

528

13,474

13,136

Total liabilities and capital accounts.............

18,700

18,276

28

8,127

8,127

22,224
5,433
82
2,214
14,495

20,844
4,992
76
2,214
13,562

305
305

1,039
332
707

1,039
332
707

60,814

34

10

4,709

34

m
1,380
441

6

933’

LIABILITIES

13,563

AND

10

10

75,916

37,550,755

62,315
13,601

263,663
37,287,092

32,530,200

16,740
1,291
15,449

607,965
9,092
598,873

454,031
8,379
445,652

153,934
713
153,221

1,500,840

92,656

38,158,720

32,984,231

5,174,489

272,890
30,000
7&,655
89,134
77,101

128,705

3,659,655
150

3,089,712
150

569,943

2,527,617 I 2,208,846
1,131,888 I
880,716

318,771
251,172

284

54

515

5,020,555
1,225
5,019,380

325

1 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations.
2 Includes 24 nonmsured banks of deposit for which asset and liability data are not available.
Back figures: See the Annual Report for 1960, pp. 140-141, and earlier reports.




190

BANKS

39,414
40,277
49,014

262,438
32,267,762

O
F

145,553,480
80,211,639

492

ASSETS

Foreign governm ent and bank deposits—
to ta l...................................................................
Foreign governments, central banks, etc.—
demand..........................................................
Foreign governments, central banks, etc.—
time................................................................
Banks in foreign countries— demand............
Banks in foreign countries— time...................

492

Table 106.

A s s e t s a n d L ia b ilit ie s o f A l l B a n k s in t h e U n ite d S ta te s (S ta te s a n d O t h e r A r e a s ), D e ce m b e r

30, 1961

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK
(Amounts in thousands of dollars)
Commercial and stock savings banks and
nondeposit trust companies

All banks

Mutual savings banks

NonirLsured
^ ggef liability or capital account item

Non­
insured

248,037

42,832,828

37,064,623

5,768,205

324,925
21,050

44,272
1,190
34,691
2,979
187
5,225

828,199
126,598
582
489,800
167,637

108,298
23,527

262,281
7,073
4,846
29,675

936,497
150,125
582
564,768
167,657

Reserve with F. R. banks (member banks)----Demand balances with banks in U. S................
Other balances with banks in U. S .. . ................
Balances with banks in foreign countries.........
Cash items in process of collection.....................

Other bonds, notes, and debentures...................

Loans and discounts, gross— to ta l...................
Secured by farm land..........................................
Secured by residential properties:
Insured by FH A
. . .....................................
Insured or guaranteed by V A ........................
Not insured or guaranteed by F H A o r V A . ..
Secured by other properties. ; ............................
Loans to commercial and foreign banks............
Loans to other financial institutions..................
Loans to brokers and dealers in securities........
Other loans for carrying securities......................
Loans to farmers directly guaranteed by the
Commodity Credit Corporation......................
Other loans to farmers (excl. real estate).........
Commercial and industrial loans.........................
Other loans to individuals.....................................
All other loans (including overdrafts)................
Miscellaneous assets— to ta l............. .. ................
Bank premises owned, furniture and fixtures. .
Other real estate— direct and indirect...............




314,438,740

7,897,467

279,503,379

277,374,117

1,881,225

57,487,161
3,864,958
16,918,416
14,678,651
258,422
254,454
21,512,260

57,009,666
3,819,191
16,918,416
14,306,711
248,350
249,421
21,467,577

477,495
45,767

56,550,664
3,714,833
16,917,834
14,113,883
90,765
254,454
21,458,895

56,181,467
3,692,593
16,917,834
13,816,911
80,713
249,421
21,423,995

371,940
10,072
5,033
44,683

Banks of
deposit

Nondeposit
trust
com­
panies 1

74,968
20

53,365

43,582

9,783
2,018,390
1,446,409
48,251

102,540,736
72,821,684
21,063,440

99,509,384
70,780,767
20,732,516

3,031,352
2,040,917
330,924

90,674,604
66,685,377
20,386,211

89,661,642
66,090,869
20,103,538

874,037
536,771
246,792

138,925
57,737
35,881

11,866,132
6,136,307
677,229

9,847,742
4,689,898
628,978

2,654,263
4,427,165
1,574,184

2,617,755
4,079,476
1,298,870

36,508
347,689
275,314

2,144,846
778,162
680,008

2,112,292
734,884
620,059

32,534
39,957
17,983

20
3,321
41,966

509,417
3,649,003
894,176

505,463
3,344,592
678,811

3,954
304,411
215,365

154,842,810
2,845,878
157,688,688
59,586,593
1,798,666

150,619,460
2,826,177
153,445,637
55,970,118
1,776,811

4,223,350
19,701
4,243,051
3,616,475
21,855

125,449,422
2,612,349
128,061,771
30,441,779
1,747,410

124,807,382
2,606,474
127,413,856
30,330,432
1,731,465

606,170
5,818
611,988
99,375
15,045

35,870
57
35,927
11,972
900

29,393,388
233,529
29,626,917
29,144,814
51,256

25,812,078
219,703
26,031,781
25,639,686
45,346

3,581,310
13,826
3,595,136
3,505,128
5,910

14,020,505
11,893,777
21,651,172
10,222,473
1,045,504
7,328,633
4,072,159
2,140,930

13,532,526
10,991,547
19,858,521
9,810,713
1,039,297
7,313,493
4,046,266
2,113,021

487,979
902,230
1,792,651
411,760
6,207
15,140
25,893
27,909

5,975,334
2,626,720
12,622,791
7,469,524
1,039,071
7,325,167
4,055,893
2,134,070

5,966,563
2,613,165
12,570,273
7,448,966
1,032,864
7,310,112
4,030,000
2,107,360

6,029
12,825
47,136
18,340
6,207
14,955
16,626
21,455

2,742
730
5,382
2,218

7,565,963
8,378,382
7,288,248
2,361,747
6,433
3,381
16,266
5,661

479,208
888,675
1,740,133
391,202

100
9,267
5,255

8,045,171
9,267,057
9,028,381
2,752,949
6,433
3,466
16,266
6,860

934,280
5,329,047
45,537,683
28,277,440
3,436,419

927,685
5,298,734
45,268,944
28,055,161
3,412,918

6,595
30,313
268,739
222,279
23,501

934,280
5,326,669
45,422,416
27,962,165
3,420,261

927,685
5,296,356
45,156,607
27,819,669
3,402,771

6,595
30,154
260,495
140,952
15,174

159
5,314
1,544
2,316

2,378
115,267
315,275
16,158

2,378
112,337
235,492
10,147

2,930
79,783
6,011

7,465,500
3,405,537
476,276
3,583,687

7,300,230
3,348,538
462,483
3,489,209

165,270
56,999
13,793
94,478

6,828,689
3,121,141
451,780
3,255,768

6,723,626
3,101,723
442,272
3,179,631

76,093
12,060
1,701
62,332

28,970
7,358
7,807
13,805

636,811
284,396
24,496
327,919

576,604
246,815
20,211
309,578

60,207
37,581
4,285
18,341

85
1,199

CORPORATION

Loans and discounts, net— to ta l.......................

Insured

INSURANCE

U. S. Gov’t, obligations (incl. guaranteed) . . . .
Obligations of States and subdivisions. . . . . . . .
Securities of Federal agencies and corporations

Total

322,336,207
Cash, balances with other banks, and cash

Non­
insured

DEPOSIT

Insured

Insured

FEDERAL

Total

Total

322,336,207

314,438,740

7,897,467

279,503,379

277,374,117

1,881,225

248,037

42,832,828

37,064,623

5,768,205

Business and personal deposits— to ta l.......... 242,603,885
Individuals, partnerships, and corporations—
demand.................................................................. 124,507,318
Individuals, partnerships, and corporations—■
time......................................................................... 113,017,740
Savings deposits.................................................... 102,267,999
Deposits accumulated for payment of per­
772,528
sonal loans........................................................
Other deposits of individuals, partnerships,
9,977,218
and corporations...............................................
Certified and officers’ checks, letters of credit,
5,078,827
and travelers’ checks, etc..................................

236,462,979

6,140,906

204,142,682

203,088,106

961,659

92,917

38,461,203

33,374,873

5,086,330

123,736,675

770,643

124,256,453

123,489,686

687,741

79,026

250,865

246,989

3,876

107,682,172
96,996,529

5,335,568
5,271,470

74,814,201
64,077,045

74,561,084
63,887,537

239,233
189,466

13,884

38,203,539
88,190,954

33,121,088
83,108,992

5,082,451
5,081,962

596

596

13,842

11,989

11,500

5,044,132

34,695

5,072,028

5,037,336

34,685

7

6,799

6,796

Governm ent deposits— to ta l..............
United States Government— demand.
United States Government— time.......
States and subdivisions— demand. . . .
States and subdivisions— time............

24,096,492
5,969,975
283,599
12,315,431
5,527,487

23,904,925
5,949,325
280,096
12,217,682
5,457,822

191,567
20,650
3,503
97,749
69,665

24,071,392
5,963,337
283,533
12,313,435
5,511,087

23,881,005
5,943,251
280,030
12,215,686
5,442,038

190,337
20,036
3,503
97,749
69,049

50
50

25,100
6,638

23,920
6,074

66

66

1,996
16,400

1,996
15,784

Dom estic interbank and postal savings de­
posits— to ta l.......................................................
Commercial banks in the U.S.— demand..........
Commercial banks in the U.S.— time................
Mutual savings banks in the U.S.— demand.. .
Mutual savings banks in the U.S.— time..........
Postal savings...........................................................

16,955,152
15,792,613
200,191
794,734
150,830
16,784

16,681,398
15,751,964
197,186
700,355
15,113
16,780

273,754
40,649
3,005
94,379
135,717
4

16,954,354
15,792,567
199,439
794,734
150,830
16,784

16,680,600
15,751,918
196,434
700,355
15,113
16,780

273,395
40,290
3,005
94,379
135,717
4

359
359

798
46
752

798
46
752

4,335,181

4,255,164

80,017

4,335,181

4,255,164

79,974

43

662,881

656,922

5,959

662,881

656,922

5,916

43

2.200.533
1.340.533
131,234

2,178,055
1,297,787
122,400

22,478
42,746
8,834

2.200.533
1.340.533
131,234

2,178,055
1,297,787
122,400

22,478
42,746
8,834

287,990,710
166 , 462,812

121,528,398

281,304,466
165,854,842
115,949,624

6,686,244
1,107,470
5,578,774

249,503,609
166,195,968
83,307,641

247,904,875
165,092,941
82,811,934

1,505,365
1,023,542
481,823

93,369
79,485
13,884

38,487,101
266,344
38,220,757

33,399,591
261,901
33,137,690

5,087,510
4,443
5,083,067

8,049,749
493,922
7,555,827

7,820,622
473,448
7,347,174

229,127
20,474
208,653

7,471,990
482,783
6,989,207

7,346,272
462,309
6,883,963

104,922
19,483
85,439

20,796
991
19,805

577,759
11,139
566,620

474,350
11,139
463,211

103,409

T otal liabilities
(excluding capital
accounts)..................................................... 296,040,459

T o ta l lia b ilities a n d c a p ita l a c c o u n ts

1,180
564
616

103,409

289,125,088

6,915,371

256,975,599

255,251,147

1,610,287

114,165

39,064,860

33,873,941

5,190,919

26,295,748
67,002
6,699,975
13,539,944
5,988,827

25,313,652
37,002
6,584,701
13,068,228
5,623,721

982,096
30,000
115,274
471,716
365,106

22,527,780
66,852
6,699,975
10,952,544
4,808,409

22,122,970
36,852
6,584,701
10,798,364
4,703,053

270,938
30,000
76,053
92,256
72,629

133,872

3,767,968
150

577,286

39,221
61,924
32,727

3,190,682
150

2,587,400
1,180,418

2,269,864
920,668

317,536
259,750

13,959

13,445

514

13,444

13,115

277

52

515

330

185

1Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.
2 Includes 26 noninsured banks of deposit for which asset and liability data are not available.
Back figures, 1934-1960: See the preceding table and the Annual Report for 1960, pp. 142-143, and earlier reports.




BANKS

Number of banks 2.

378
49,389

O
F

Capital accounts— to ta l.............
—
Preferred capital..........................
Common stock..............................
Surplus............................................
Undivided profits and reserves .

771,554
9,901,993

LIABILITIES

Miscellaneous liabilities— to ta l...............
Rediscounts and other borrowed money.
All other miscellaneous liabilities.............

771,932
9,965,224

AN
D

Total deposits.
Demand...........
Tim e................

378
63,720

ASSETS

Foreign government and bank deposits—
t o ta l...................................................................
Foreign governments, central banks, etc.—
demand..............................................................
Foreign governments, central banks, etc.—
time.....................................................................
Banks in foreign countries— demand.............
Banks in foreign countries— time...................

772,150
9,913,498

Table 107,

A s s e t s a n d L ia b ilit ie s op A l l B a n k s in t h e U n it e d S ta te s (S ta te s a n d O t h e r A r e a s ), D e c e m b e r

30, 1961

b a n k s g ro u ped b y d is t r ic t a n d s t a t e

(Amounts in thousands of dollars)
Liabilities and capital accounts

Assets

O

Deposits
¥?r»Tr! Diatrlnt.
and State

Numbanks1

Total
Cash and
due from
banks

U. S. Gov­
ernment
obligations

Other
securities

Loans, dis­
counts, and
overdrafts

Miscel­
laneous
assets

Business
and
personal2

Govern­
ment3

Miscel­
laneous
liabilities

Total
capital
accounts

72,821,684

29,719,052

154,842,810

7,465,500

322,336,207

242,603,885

24,096,492

21,290,333

8,049,749

26,295,748

57,361,638

72,709,689

29,664,516 154,308,248

7,325,158

321,371,649

241,942,653

23,936,897

21,275,806

7,990,960

26,225,333

O ther areas....................

14

122,523

112,595

54,536

534,562

140,342

964,558

661,232

159,595

14,527

58,789

70,415

9 ......................
10 ....................
11 ....................
126...................

751
820
1,261
947
1,173
1,510
1,388
1,650
1,143
1,653
1,281
382

2,626,123
15,394,716
5,401,653
3,007,182
2,955,356
3,662,238
3,717,037
4,909,376
1,426,878
2,423,022
5,143,416
6,820,164

5,246,300
16,476,507
8,010,563
4,029,499
3,451,224
3,904,133
6,262,705
6,750,601
2,163,860
2,886,519
4,649,062
8,990,711

2,346,566
8,995,036
3,601,648
1,410,288
1,212,842
1,231,111
1,924,776
2,488,819
817,408
912,290
1,599,639
3,178,629

13,884,079
50,640,585
15,222,250
7,006,152
5,389,127
6,652,850
9,141,787
10,320,201
3,483,866
4,756,000
8,807,630
19,538,283

400,700
3,078,645
540,120
328,367
296,459
211,375
350,853
359,773
137,157
156,338
504,735
1,100,978

24,503,768
94,585,489
32,776,234
15,781,488
13,305,008
15,661,707
21,397,158
24,828,770
8,029,169
11,134,169
20,704,482
39,628,765

19,936,222
70,087,522
25,696,316
11,783,594
9,435,165
11,079,841
16,809,416
18,572,410
6,019,038
8,027,655
14,483,528
30,673,178

1,023,828
4,307,691
2,219,044
1,416,917
1,618,887
1,391,355
1,934,243
1,741,918
779,017
1,329,266
2,249,505
4,084,821

651,121
8,318,562
1,333,293
917,705
969,037
1,743,834
699,766
2,118,146
490,892
732,173
2,110,136
1,205,668

620,424
4,034,122
576,886
364,538
193,758
162,375
342,380
374,932
94,414
110,683
262,089
913,148

2,272,173
7,837,592
2,950,695
1,298,734
1,088,161
1,284,302
1,611,353
2,021,364
645,808
934,392
1,599,224
2,751,950

State
Alabama.......................
Alaska............................
Arizona..........................
Arkansas.......................
California......................

238
15
12
237
122

499,419
35,166
310,813
376,195
5,195,924

582,731
71,578
294,274
341,577
6,589,707

271,394
17,286
91,240
185,212
2,334,972

1,046,224
101,025
860,878
633,849
14,882,428

40,618
6,398
59,143
22,515
846,879

2,440,386
231,453
1,616,348
1,559,348
29,849,910

1,806,812
151,470
1,247,759
1,179,341
23,230,427

284,921
60,450
192,108
136,753
2,859,957

99,891
1,435
22,944
107,584
992,743

37,430
1,852
36,746
7,787
758,825

211,332
16,246
116,791
127,883
2,007,958

Colorado.......................
Connecticut..................
Delaware.......................
District of Columbia..
Florida...........................

195
138
22
11
322

531,988
615,990
160,806
370,746
1,319,747

677,344
991,288
240,562
505,792
1,738,936

115,864
777,441
141,056
65,740
462,313

1,178,942
3,454,876
473,707
825,906
2,117,001

43,681
85,244
20,777
34,906
154,274

2,547,819
5,924,839
1,036,908
1,803,090
5,792,271

1,964,746
5,014,675
816,433
1,484,422
4,111,024

202,901
216,037
81,225
50,093
709,850

155,338
58,340
10,173
111,377
443,239

35,351
125,132
25,393
29,413
81,176

189,483
510,655
103,684
127,785
446,982

Georgia..........................
Hawaii. . .
.................
Idaho.............................
Illinois...........................
Indiana..........................

420
12
32
976
446

785,686
132,280
110,787
4,226,548
1,083,699

790,270
228,687
215,366
5,804,634
1,846,432

246,353
56,504
55,213
2,154,836
373,499

1,604,151
429,938
348,902
8,633,109
2,273,521

71,482
30,059
15,901
323,141
83,148

3,497,942
877,468
746,169
21,142,268
5,660,299

2,413,627
574,158
581,305
15,718,520
4,318,453

394,506
189,869
98,675
1,458,152
617,668

316,737
17,568
4,563
1,915,555
186,760

62,959
16,575
9,292
358,298
95,545

310,113
79,298
52,334
1,691,743
441,873

Iowa...............................
Kansas...........................
Kentucky.....................
Louisiana......................
for FRASER
Maine............................

674
590
351
192
79

682,828
572,616
725,838
834,643
133,104

945,967
770,314
834,775
911,370
291,278

333,983
351,437
162,478
305,634
161,175

1,687,092
1,148,875
1,138,921
1,347,374
681,118

36,632
30,151
33,527
59,964
22,426

3,686,502
2,873,393
2,895,539
3,458,985
1,289,101

2,853,890
1,928,984
2,098,329
2,337,193
1,070,837

283,766
541,327
257,026
467,626
52,577

202,591
131,650
271,082
343,436
14,708

16,634
22,412
23,398
41,440
22,681

329,621
249,020
245,704
269,290
128,298

FDIC District

District 5 ......................
District 6 ......................
District 7 ......................
District
District
District
District

Digitized


CORPORATION

57,487,161

13,945

INSURANCE

13,959

50 States and D . C . . . .

DEPOSIT

T otal United S tates. . .

FEDERAL

Foreign
gov’t.
and
inter­
bank4

1,609,972
7,665,544
4,564,257
2,437,389
621,751

99,018
242,851
173,020
92,329
30,085

3,604,045
13,791,242
10,282,079
5,343,651
1,574,409

2,857,918
10,937,610
8,107,426
3,986,515
1,103,702

281,088
591,845
958,128
440,423
229,610

120,203
547,671
279,575
418,946
109,170

52,328
394,731
165,209
66,119
12,193

292,508
1,319,385
771,741
431,648
119,734

Missouri...............
Montana..............
Nebraska..............
Nevada.................
New Hampshire.

626
123
425
7
107

1,626,365
170,956
409,463
61,146
103,229

1,853,565
281,254
507,457
141.288
246,423

577,279
91,148
144,797
61,057
106,640

3,072,273
383,340
900,570
262,421
712,919

93,771
18,150
24,315
14,532
18,569

7,223,253
944,848
1,986,602
540,444
1,187,780

5,057,411
724,681
1,428,282
407,173
976,065

611,342
100,501
175,822
82,380
51,358

870,822
39,078
179,775
2,957
13,258

72,318
13,387
24,540
10,265
25,960

611,360
67,201
178,183
37,669
121,139

New Jersey........
New M exico... .
New York7.........
North Carolina.
North Dakota. .

268
57
517
171
156

1,333,223
181,314
13,792,002
804,830
109,673

2,309,774
252,433
13,815,434
735,351
296,099

1,434,959
50,194
7,364,485
372,135
139,286

4,890,135
338,527
44,754,846
1,660,953
298,524

169,676
14,691
2,779,257
72,944
13,424

10,137,767
837,159
82,506,024
3,646,213
857,006

8,394,729
598,243
60,244,376
2,447,280
623,032

678,872
152,854
3,417,399
401,942
132,983

105,289
18,665
8,188,720
361,977
14,928

217,425
8,362
3,733,239
147,245
7,305

741,452
59,035
6,922,290
287,769
78,758

Ohio................
Oklahoma. . . .
Oregon............
Pennsylvania.
Rhode Island.

578
388
50
683
17

2,346,257
807,023
416,528
3,055,396
156,417

3,659,034
776,108
594,788
4,351,529
300,855

1,073,989
268,593
270,418
2,527,659
230,086

5,981,228
1,326,692
1,100,683
9,241,022
987,244

203,263
49,046
61,124
336,857
21,312

13,263,771
3,227,462
2,443,541
19,512,463
1,695,914

10,365,100
2,346,920
1,884,826
15,331,216
1,416,626

1,119,764
329,488
301,057
1,099,280
82,674

441,409
248,540
34,390
891,884
14,431

237,578
23,456
37,438
339,308
42,776

1,099,920
279,058
185,830
1,850,775
139,407

South Carolina.
South Dakota. .
Tennessee..........
Texas..................
U tah....................

144
174
296
50

261,146
136,919
933,840
3,816,646
226,269

330,113
295,822
874,216
3,190,985
249,881

140,349
73,056
306,142
1,152,571
80,374

496,273
364,613
1,807,807
6,260,851
588,544

22,077
13,254
61,562
370,937
19,288

1,249,958
883,664
3,983,567
14,791,990
1,164,356

887,022
684,810
2,744,760
10,300,333
847,200

182,162
105,110
386,234
1,436,917
164,219

40,494
17,940
494,346
1,725,091
51,345

33,615
7,603
58,872
175,541
17,985

106,665
68,201
299,355
1,154,108
83,607

59
302
93
181
569
55

61,560
720,719
628,226
285,543
1,031,708
101,932

115,671
975,158
897,558
519,456
1,597,008
155,296

44,985
354,471
302,805
110,365
427,370
31,599

382,378
1,830,764
1,811,677
582,284
2,304,009
200,921

10,298
74,025
75,390
25,397
94,685
9,145

614.892
3,955,137
3,715,656
1,523,045
5,454,780
498.893

520,409
2,962,338
2,967,371
1,144,614
4,383,537
358,723

29,337
367,250
298,814
134,382
358,447
79,728

2,713
222,726
100,520
60,928
233,431
16,870

9,144
73,832
60,192
28,105
81,626
4,924

53,289
328,991
288,759
155,016
397,739
38,648

12,594
1,244
103,491
5,194

105,231
5,506

51,899
2,637

11,762
903
501,263
20,634

13,840
17,567
99,684
9,251

40,054
19,714
861,568
43,222

20,470
8,778
606,233
25,751

18,491
10,909
115,518
14,677

128
19
14,100
280

716
8
57,190
875

68,527
1,639

1,020

Vermont..........
Virginia............
Washington. . ,
West Virginia.
Wisconsin
Wyoming.
Other area
Pacific Islands8..........
Panama Canal Zone9.
Puerto Rico10.
Virgin Islands11.

1,858

249

1 Includes 26 noninsured banks of deposit (1 in Colorado, 17 in Georgia, 2 in Iowa, 4 in New York, and 2 in Texas) for which asset, liability, and capital account data are not
available.
2 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, letters of credit, etc.
3 Deposits of the United States Government and of States and subdivisions.
4 Includes postal savings deposits.
6 Includes Puerto Rico and the Virgin Islands.
6 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.
7 Includes asset and liability data for 3 insured branches operated by 2 insured banks in Puerto Rico.
8 i n United States possessions (American Samoa, Guam, Midway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll). Consists
of asset and liability data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (Moen Island) in the Caroline Islands and 4
branches m the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches
(1 on Midway Island, 1 on Koror Island— Palau Islands, 2 in Marshall Islands— Kwajalein Atoll and 1 on Wake Island) operated by an insured bank in Hawaii.
9 Consists of asset and liability data for 2 noninsured branches operated by 2 insured banks in New York.
Or
1 Includes asset and liability data for 15 insured branehes operated by 2 insured banks in New York.
0
1 Includes asset and liability data for 4 insured branches operated by an insured bank in New York.
1
Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.
Back figures, 1945-1960: See the Annual Report for 1960, pp. 144-145, and earlier reports.




BANKS

367,228
1,026,239
1,123,907
513,918
232,782

O
F

963,629
3,300,785
2,819,265
1,290,685
339.287

LIABILITIES

564,198
1,555,823
1,601,630
1,009,330
350,504

A D
N

138
351
373
690
193

ASSETS

Maryland.........
Massachusetts.
Michigan..........
Minnesota........
Mississippi. . . .

h*

O

1
06

Table 108.

A sse ts

and

L ia b ilitie s

o f A ll

In su red

C a ll D a tes D ecem ber

B anks

31, 1958

in

th e

T h rou gh

U n ite d

D ecem ber

S ta te s

(S ta te s

and

O th er

A r e a s ),

30, 1961

(Amounts in thousands of dollars)
April 12,
1961

June 30,
1961

Sept. 27,
1961

Dec. 30,
1961

263,714,994

275,165,376

273,540,203

291,415,291

285,281,835

288,705,613

295,969,255

314,438,740

49,543,458
3,370,983

43,317,654
3,202,007

49,897,540
3,114,381

47,504,996
3,336,866

52,667,818
3,468,517

46,035,463
3,663,860

46,152,653
3,004,061

44,690,982
3,982,891

57,009,666
3,819,191

18,085,506

17,932,211

17,918,423

16,720,423

16,188,491

16,488,024

16,037,870

16,918,416

12,774,542
235,215
113,509
14,621,157

10,491,951
199,359
96,847
11,241,984

12,393,949
137,634
110,539
16,208,826

11,110,019
167,663
96,059
14,875,966

13,849,277
190,486
139,553
18,299,562

11,745,989
232,579
145,395
14,059,149

11,332,602
250,433
144,889
14,932,644

11,227,722
272,488
157,840
13,012,171

14,306,711
248,350
249,421
21,467,577

71,003,719

66,787,618

63,406,560

59,150,305

65,308,493

64,500,530

66,091,244

70,391,326

70,780,767
11,515,532
2,142,610
8,418,081
18,630,152
601,522
2,465,962
16,098,292
7,143,149
3,550,078
215,389

Total assets......................................................................... 267,662,458
Cash, balances with other banks, and cash
collection item s— to ta l.....................................
Currency and coin......................................................
Reserve with Federal Reserve banks (member
Demand balances with banks in the United
States (except private banks and American
branches of foreign banks)...................................
Other balances with banks in the United States.
Balances with banks in foreign countries.............
Cash items in process of collection........................
Obligations o f the U . S. Governm ent, direct
and guaranteed— to ta l.....................................
Direct:
Treasury bills...........................................................
Treasury certificates of indebtedness................
Treasury notes maturing in 1 year or less. . . .
Treasury notes maturing after 1 year...............
United States non-marketable bonds...............
Other bonds maturing in 1 year or less............
Other bonds maturing in 1 to 5 years..............
Other bonds maturing in 5 to 10 years............
Other bonds maturing after 10 years...............
Guaranteed obligations.............................................

8,110,441
2,965,060
19,628,561
796,533
22,082,834j
7,528,832
4,067,557
128,675

6,944,379
2,145,430
4,599,439
16,032,168
762,650
4,963,787
14,839,305
10,618,995
3,416,873
177,504

7,453,153
3,369,968
5,467,315
15,728,308
756,811
6,632,888
13,542,866
9,724,474
3,218,798
196,663

11,916,282
2.229,899
6,419,993
17,030,225
743,484
5,444,677
14,348,907
8,858,188
3,195,644
204,027

24,256,391
17,193,716

25,653,613
17,954,009

26,762,824
19,089,004

26,950,629
19,125,026

28,118,064
20,096,692

28,728,617
20,732,516

6,384,676
387,358
650,525

6,024,683
398,491
639,501

6,517,679
408,754
773,171

2,078,873
4,371,910
423,602
799,435

2,255,285
4,331,164
426,270
812,884

2,532,815
4,228,644
430,033
829,880

2,617,755
4,079,476
444,213
854,657

88,219,945

83,406,696

90,962,106

91,263,354

93,041,873

98,509,390

99,509,384

6,272,404
7,427,829
13,616,977
1,992,610
22,598,535
12,025,440
7,048,641
21,283

5,156,567
4,805,220
14,353,055
1,890,641
24,425,591
8,926,139
7,202,837
27,568

6,335,854
2,492,967
15,229,161
1,347,518
22,535,155
11,260,410
4,138,845
66,650

3,686,299
2,276,615
15,739,899
971,072
24,999,941

24,852,637
16,948,991

25,115,013
17,441,571

24,813,385
17,390,826

Other bonds, notes, and debentures......................
Federal Reserve bank stock.....................................
Other corporate stocks..............................................

6,895,445
364,555
643,646

6,625,745
378,183
669,514

Total securities................................................

95,856,356

91,902,631

Other securities— to ta l............... ..............................
Obligations of States and subdivisions.................
Securities of Federal agencies and corporations




8,173,070
3,195,245
108,164

j

j

CORPORATION

Dec. 31,
1960

INSURANCE

June 15,
1960

DEPOSIT

Dec. 31,
1959

Dec. 31,
1958

FEDERAL

June 10,
1959

18,428,052

Assets

Loans and discounts, net— to ta l......................... 117,311,454
2,162,327
Valuation reserves..........................................................
Loans and discounts, gross— to ta l...................... 119,473,781
44,422,115
Real estate loans— total...........................................
Secured by farm land.............................................
1,492,334
Secured by residential 'properties:
10,439,879
Insured by F H A .................................................
10,532,270
Insured or guaranteed by V A ..........................
14,659,853
Not insured or guaranteed by F H A or V A ...
7,297,779
Secured by other properties.................^
..................
717,821
Loans to domestic commercial and foreign banks.
Loans to other financial institutions.....................
0)
2,797,220
Loans to brokers and dealers in securities. ; . . . .
1,821,904
Other loans for purchasing or carrying securities.
Loans to farmers directly guaranteed by the
798,684
Commodity Credit Corporation.........................
Other loans to farmers (excluding loans on real
4,129,829
estate)..................................................; ..................
Commercial and industrial loans (incl. open
40,536,115
market paper).....................................................
Other loans to individuals for personal expendi­
20,808,341
tures— total..........................................................
Passenger automobile instalment loans...............
Other retail consumer instalment loans...............
Residential repair and modernization instal­
(2)
ment loans............................................................
Other instalment loans for personal expenditures.
Single-payment loans for personal expenditures,
3,441,752
All other loans (including overdrafts)...................

123,387,760
2,210,835
125,598,595
46,681,287
1,576,588

131,636,872
2,377,750
134,014,622
48,915,438
1,612,664

136,907,882
2,433,168
139,341,050
49,849,800
1,666,441

141,373,751
2,573,216
143,946,967
52,425,085
1,677,974

141,315,156
2,617,912
143,933,068
53,003,615
1,710,203

142,624,229
2,629,325
145,253,55
53,929,237
1,744,752

145,719,794
2,633,436
148,353,230
54,938,279
1,767,469

150,619,460
2,826,177
153,445,637
55,970,118
1,776,811

11,174,935
10,668,956
15,525,966
7,734,842
1,850,422
0)
2,311,797
1,901,836

11,829,192
10,677,984
16,535,555
8,260,043
819,148
7,118,825
2,981,904
1,832,509

11,928,382
10,803,264
16,926,081
8,525,632
2,366,667
7,069,795
2,586,204
1,731,889

12,509,962
10,984,400
18,269,047
8,983,702
970,914
7,114,961
3,247,309
1,819,642

12,759,239
11,018,956
18,380,604
9,134,613
1,988,750
5,766,430
2,431,961
1,838,309

13,013,033
11,037,129
18,796,710
9,337,613
1,010,420
6,002,658
2,918,638
1,977,880

13,262,002
11,023,350
19,392,259
9,493,199
2,412,480
6,398,307
3,107,173
1,970,923

13,532,526
10,991,547
19,858,521
9,810,713
1,039,297
7,313,493
4,046,266
2,113,021

3,573,207

2,786,766

2,758,121

T otal loans and securities.......................... 213,167,810

215,290,391

219,856,817

220,314,578

2,917,687
2,075,419
569,490
66,425

3,108,764
2,235,914
588,720
72,893

3,299,278
2,333,899
639,842
91,929

858,706

573,996

349,859

927,685

5,126,339

5,442,825

5,463,929

5,298,734

41,697,608

40,287,616

41,945,213

43,236,257

42,745,211

42,835,956

43,107,466

45,268,944

22,524,330

24,287,265

25,703,380

26,574,705

26,969,369
8,763,902
3,330,544

27,462,028
8,940,215
3,145,057

27,499,205
8,926,447
2,890,243

28,055,161
9,066,851
2,808,077

(2)

(2)

(2)

(2)
2,916,559

2,668,202
4,314,322
7,892,399
3,204,378

2,718,542
4,424,521
8,233,693
3,099,916

2,756,251
4,492,413
8,433,851
3,105,609

2,755,169
4,522,983
8,902,081
3,412,918

232,335,857

232,578,510

235,666,102

244,229,184

250,128,844

3,445,444
2,389,061
667,626
90,024

3,584,028
2,459,125
706,592
97,891

3,662,950
2,495,042
732,940
103,130

3,749,301
2,544,668
747,775
113,424

3,811,021
2,607,260
741,278
113,989

206,353

211,237

233,608

298,733

320,420

331,838

343,434

348,494

2,189,262

2,302,255

2,421,351

2,966,172

3,083,834

3,223,908

3,299,788

3,489,209

854,561
1,336,569

737,630
1,451,632

759,720
1,542,535

982,163
1,439,188

1,409,041
1,557,131

1,482,898
1,600,936

1,432,973
1,790,935

1,533,117
1,766,671

BANKS

198,223
2,191,130

O
F

677,001
4,964,534

LIABILITIES

125,973
5,204,008

AND

Miscellaneous assets— to ta l....................................
Customers’ liability on acceptances outstand­
ing...............................................................................
Other assets..................................................................

2,760,060
1,978,227
527,017
56,593

196,071
4,789,080

ASSETS

Bank premises, furniture and fixtures, and
other real estate— to ta l...................................
Bank premises.............................................................
Furniture and fixtures.................................. _...........
Real estate owned other than bank premises. . .
Investments and other assets indirectly repre­
senting bank premises or other real estate... .

261,775
4,796,333

1,651,595
1,837,614

PERCENTAGES
To total assets:
Cash and balances with other banks....................
U. S. Government obligations, direct and guar­
anteed ........................................................................
Other securities...........................................................
Loans and discounts..................................................
Other assets..................................................................
Total capital accounts...............................................
T o total assets other than cash and U. S.
Governm ent obligations:
Total capital accounts...............................................




18.5%

16.4%

18.1%

17.4%

18.1%

16.1%

16.0%

15.1%

18.1%

26.5
9.3
43.8 *
1.9
7.7

25.3
9.5
46.8
2.0
8.1

23.1
9.0 /
47.8 y
2.0
8.0

21.6
8.9
50.0
2.1
8.3

22.4
/
8.8
48.5i^
2.2
8.1

22.6
9.4
49.5
2.4
8.5

22.9
9.3
49.4
2.4
8.5

23.8
9.5
49.2
2.4
8.5

22.5
9.2
47.9
2.3
8.1

14.1

13.9

13.5

13.6

13.7

13.9

13.9

13.9

13.6

O

Table 108.

A

ssets

and

L ia b il it ie s

of

A

ll

C a ll D a tes D ecem ber

I nsured B a n k s

31, 1958

T h rou gh

in

the

U

D ecem ber

n it e d

S tates

(S tates

and

O ther A

reas),

30, 1961—Continued

(Amounts in thousands of dollars)
June 10,
1959

Dec. 31,
1959

June 15,
1960

Dec. 31,
1960

April 12,
1961

June 30,
1961

Sept. 27,
1961

Dec. 30,
1961

T otal liabilities and capital accou n ts....................

267,662,458

263,714,994

275,165,376

273,540,203

291,415,291

285,281,835

288,705,613

295,969,255

314,438,740

Business and personal deposits— to ta l..............
Individuals, partnerships, and corporations—
demand..................................................................
Individuals, partnerships, and corporations—
time........................................................................
Savings deposits.......................................................
Deposits accumulated for payment o f per-

205,485,653

202,108,738

210,806,402

205,709,267

219,497,827

217,116,243

216,779,674

219,626,085

236,462,979

114,667,295

109,193,859

115,694,170

109,987,978

116,627,730

112,328,025

108,738,879

110,385,309

123,736,675

86,801,630

89,524,488

91,229,464

92,051,782
83,507,390

98,288,936

104,296,059
93,379,582

106,031,004
94,658,623

107,682,172
96,996,529

(s
)

(3
)

(3
)

101,323,400
f 91,520,592
|
767,879
\

Other deposits of individuals, partnerships,
and corporations..............................................
Certified and officers’ checks, letters of credit,

r

708,810

(3
)

|

7,835,582

773,852

778,698

772,150

9,034,929

10,142,625

10,593,683

9,913,493

Government deposits— to ta l..................................
United States Government— demand...................
United States Government— time..........................
States and subdivisions— demand..........................
States and subdivisions— time................................

Foreign government and bank deposits—
to ta l...........................................................................
Foreign governments, central banks, etc.—
demand......................................................................
Foreign governments, central banks, etc.—

3,882,768

3,669,507

4,581,161

3,464,818

3,744,736

3,209,772

5,044,132

19,059,274
4,267,537
324,948
10,902,276
3,564,513

17,255,309
2,775,816
311,885
10,450,942
3,716,666

19,893,473
5,051,388
275,889
11,434,085
3,132,111

20,969,107
6,407,673
250,608
10,720,704
3,590,122

22,373,193
5,943,322
254,281
11,652,355
4,523,235

18,579,225
2,318,032
269,509
11,003,928
4,987,756

23,742,796
6,367,691
283,411
11,838,523
5,253,171

24,654,301
8,180,032
273,559
10,933,538
5,267,172

23,904,925
5,949,325
280,096
12,217,682
5,457,822

14,220,613
414,036,424
4162,588

11,994,573
411,828,261
4145,393

13,954,019
413,832,298
4101,823

15,573,464
415,355,326
4200,192

\)
21,601

\)
20,919

\)
19,898

12,499,967
412,364,558
4116,463
/4\
VV

13,384,886
12,514,361
149,783
679,620
23,402
17,720

12,668,987
11,849,410
173,437
605,544
23,004
17,592

13,006,392
12,175,296
190,728
601,416
22,049
16,903

16,681,398
15,751,964
197,186
700,355
15,113
16,780

3,679,801

3,388,572

2,934,858

3,485,837

3,604,283

3,873,613

4,255,164

655,923

652,063

688,240

656,922

1,765,010
955,592

1,811,070
1,031,500
109,650

2,091,868
991,286

2,178,055
1,297,787

102,219

122,400

256,795,740

261,160,391

281,304,466

144,828,346
111,967,394

147,164,889
113,995,502

165,354,842
115,949,624

18,946

2,610,468

()
I
17,946

3,051,000
f

(5
)

(5
)

(5
)

(5
)

(5)

Banks in foreign countries— demand.....................
Banks in foreign countries— time...........................

51,629,074
52,050,727

61,517,513
51,8,71,059

51,675,163
51,259,695

51,400,509
51,209,959

61,582,246
51,468,754

242,445,341
149,519,384
92,926,007

234,747,192

247,588,752

Demand.................................................................
Tim e.......................................................................

139,156,782
95,590,410

151,569,872
96,018,880

241,788,809
144,550,929
97,237,880

260,495,484
155,742,140
104,753,344




109,312

252,566,191
1493,20,299
108,645,892

CORPORATION

Dom estic interbank and postal savings de­
posits— to ta l..........................................................
Commercial banks in the U. S.— demand............
Commercial banks in the U. S.— time..................
Mutual savings banks in the U. S.— demand. . .
Mutual savings banks in the U. S.— time...........
Postal savings..............................................................

3,390,391

INSURANCE

4,016,728

DEPOSIT

Dec. 31,
1958

FEDERAL

Liabilities and capital

7,566,137
2,764,499
769,251
4,032,387

5,691,502
617,647
808,920
4,264,935

9,010,879
2,583,760
1,022,861
5,404,258

7,263,444
154,979
1,451,324
5,657,141

8,471,940
1,644,137
1,510,524
5,317,279

7,409,956
441,799
1,461,052
5,507,105

9,720,014
2,232,612
1,564,916
5,922,486

7,820,622
473,448
1,689,406
5,657,768

T otal liabilities (excluding capital ac­
counts) ............................................................

246,998,864

242,313,329

253,280,254

250,799,688

267,758,928

261,038,131

264,205,696

270,880,405

289,125,088

Capital accounts— t o ta l...........................................
Capital stock, notes, and debentures....................
Surplus...........................................................................
Undivided profits........................................................
Reserves........................................................................

20,663,594
5,417,695
10,650,275
3,883,965
711,659

21,401,665
5,690,324
10,875,320
4,171,271
664,750

21,885,122
5,861,297
11,243,009
4,113,496
667,320

22,740,515
6,091,762
11,458,784
4,543,449
646,520

23,656,363
6,207,814
12,076,683
4,586,490
785,376

24,243,704
6,415,472
12,287,195
4,753,185
787,852

24,499,917
6,464,028
12,423,665
4,806,379
805,845

25,088,850
6,536,996
12,491,940
5,229,466
830,448

25,313,652
6,621,703
13,068,228
4,781,267
842,454

Pledged assets and securities loaned .................

26,023,689

27,695,467

27,026,126

28,137,557

28,512,668

28,125,107

29,973,285

32,842,737

31,782,351

Capital stock, notes, and debentures:
Par or face value— to ta l.......................................
Common stock........................................................
Capital notes and debentures.............................
Preferred stock........................................................

5,417,995
5,371,090
27,689
19,216

5,690,624
5,645,978
26,911
17,735

5,861,597
5,818,413
26,364
16,820

6,092,062
6,051,879
25,427
14,756

6,208,114
6,170,095
23,369
14,650

6,415,772
6,377,366
23,140
15,266

6,464,328
6,426,462
22,616
15,250

6,537,296
6,500,144
22,312
14,840

6,622,003
6,585,001
22,257
14,745

Retirable value of preferred stock.........................

24,085

21,120

19,167

16,415

16,287

16,626

16,217

15,500

15,406

Number of banks................................................................

13,365

13,348

13,382

13,415

13,451

13,439

13,461

13,460

13,445

AND

4,553,523
76,460
891,231
3,585,832

ASSETS

M iscellaneous liabilities— to ta l............................
Rediscounts and other borrowed money..............
Acceptances outstanding..........................................
Other liabilities............................................................

M EM ORAN DA

O
F
BANKS




LIABILITIES

1 Previously included with “ Commercial and industrial loans” and “All other loans.”
2 Not reported separately for mutual savings banks.
3 Not reported separately.
4 Deposits of mutual savings banks were not separately reported; included with those of commercial banks.
5 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks in
foreign countries.
Back figures, 1934-1958: See the Annual Report for 1958, pp. 188-191, and earlier reports.

Table 109.

A ss e ts

and

L ia b ilitie s o f In s u re d

C o m m e r c ia l a n d I n s u r e d

(S ta te s a n d O t h e r A re a s), C a l l D a te s D ecem b er

M u t u a l S a v in g s B a n k s

31, 1960

T hrough

D ecem ber

in

th e

U n ite d

S ta te s

30, 1961

(Amounts in thousands of dollars)
Insured mutual savin:gs banks

Insured commercial banks
Assets

June 30,
1961

Sept. 27,
1961

Dec. 30,
1961

35,092,472

35,685,775

36,073,943

36,582,059

37,064,623

April 12,
1961

June 30,
1961

Sept. 27,
1961

Dec. 30,
1961

43,929,178
3,868,745

56,181,467
3,692,593

765,826
121,028

739,945
101,413

755,842
102,758

761,804
114,146

828,199
126,598

16,719,644

16,187,636

16,487,504

16,037,293

16,917,834

779

855

520

577

582

13,369,072

11,305,962

10,896,999

10,799,912

13,816,911

480,205

440,027

435,603

427,810

489,800

169,204

199,204

167,637

.........47,757

65,237
139,553
18,260,997

62,590
145,395
14,031,488

81,229
144.889
14,884,887

73,284
157,840
12,992,104

60,521,956

Balances with banks in foreign countries........
Cash items in process of collection...................

169,989
80,713
125,249
249,421
21,423,995 .........38,565 ........ 27,661

59,642,897

61,350,363

65,653,325

66,090,869

4,786,537

4,857,633

4,740,881

4,738,001

4,689,898

7,998,543
2,887,207
18,876,659
586,994
21,647,553
6,086,334
2,338,937
99,729

6,805,085
2,085,143
f 4,517,046
\15,291,777
571,835
/ 4,864,282
\ 14,584,078
8,791,918
1,995,220
136,513

7,319,899
3,297,500
5,359,206
15,014,765
570,046
6,509,649
13,303,807
7,915,404
1,917,955
142,132

11,743,749
2,181,437
6,254,196
16,331,737
565,330
5,326,317
14,080,802
7,177,561
1,848,595
143,601

11,377,775
2,098,729
8,184,812
17,969,962
435,891
2,402,244
15,707,883
5,826,184
1,940,388
147,001

139,294
111,898
60,287
77,853
/
82,393
751,902 \
740,391
190,815
209,539
f
99,505
435,281 1 255,227
1,827,077
1,442,498
1,421,653
1,728,620
40,991
28,946

133,254
72,468
108,109
713,543
186,765
123,239
239,059
1,809,070
1,300,843
54,531

172,533
48,462
165,797
698,488
178,154
118,360
268,105
1,680,627
1,347,049
60,426

137,757
43,881
233,269
660,190
165,631
63,718
390,409
1,316,965
1,609,690
68,388

CORPORATION

45,396,811
2,901,303

INSURANCE

45,295,518
3,562,447

DEPOSIT

51,901,992
3,347,489

FEDERAL

Reserve with Federal Reserve banks (mem­
ber banks)............ ^
..................#
..................
Demand balances with banks in the United
States (except private banks and American
branches of foreign banks). . .................
Other balances with banks in the United

April 12,
1961

256,322,819 249,596,060 252,631,670 259,387,196 277,374,117
Cash, balances with other banks, and cash

Dec. 31,
1960

Dec. 31,
1960

20,498,282
17,336,667

21,566,924
18,474,969

21,702,515
18,490,315

22,873,565
19,457,459

23,570,773
20,103,538

5,155,331
617,342

5,195,900
614,035

5,248,114
634,711

5,244,499
639,233

5,157,844
628,978

/ 1,611,557
2,590,562 \ 895,997
423,545
408,698
162,355
160,856

1,751,699
868,687
426,228
165,586

2,002,330
816,588
429,990
167,198

2,112,292
734,884
444,170
175,889

/
467,316
3,927,117 \ 3,475,913
56
57
610,816
638,579

503,586
3,462,477
42
647,298

530,485
3,412,056
43
662,682

505,463
3,344,592
43
678,768

81,209,821

83,052,878

88,526,890

89,661,642

10,053,533

9,988,995

9,982,500

9,847,742

Obligations of the U . S. G overnm ent, direct
Direct:
Treasury bills......................................................
Treasury certificates of indebtedness...........
Treasury notes maturing in 1 year or less..
Treasury notes maturing after 1 year.........
United States non-marketable bonds...........
Other bonds maturing in 1 year or less. . . .
Other bonds maturing in 1 to 5 years.........
Other bonds maturing in 5 to 10 years. . . .
Other bonds maturing after 10 years...........

Obligations of States and subdivisions............
Securities of Federal agencies and corpora­
tions (not guaranteed by U .S .).....................
Other bonds, notes, and debentures.................
Federal Reserve bank stock................................
Other corporate stocks.........................................




81,020,238

9,941,868

........ 20,067’ ........ 43,582

Loans and discounts, net— to ta l......................... 117,521,611 116,936,804 117,849,223 120,398,710 124,807,382
2,402,191
2,423,714
2,419,205
Valuation reserves..........................................................
2,356,217
2,606,474
Loans and discounts, gross—-total..................... 119,877,828 119,338,995 120,268,428 122,822,424 127,413,856
28,765,037
29,275,471
29,797,900 30,330,432
Real estate loans— total........................................... 28,694,419
1,681,078
1,666,151
Secured by farm land.............................................
1,699,580
1,722,447
1,781,465
Secured by residential properties:
5,772,782
5,841,001
5,810,172
5,892,568
Insured by F H A .................................................
5,966,563
2,851,097
2,752,130
Insured or guaranteed by V A ..........................
2,718,180
2,669,930
2,613,165
Not insured or guaranteed by F H A or V A . . . 11,596,256
11,667,313
11,996,816
12,311,591
12,570,273
6,774,992
7,050,723
Secured by other properties...................................
6,906,661
7,448,966
7,201,364
970,914
1,978,835
2,409,816
Loans to domestic commercial and foreign banks
1,032,864
1,009,107
7,114,961
5,763,261
5,998,904
6,393,868
7,310,112
Loans to other financial institutions....................
3,247,309
3,088,853
2,427,991
2,909,066
4,030,000
Other loans for purchasing or carrying securities.
1,811,120
1,829,173
1,970,059
1,962,951
2,107,360
Loans to farmers directly guaranteed by the
677,001
858,706
573,996
349,859
927,685
Other loans to farmers (excluding loans on
4,962,634
5,124,296
5,440,675
5,461,784
5,296,356
real estate)..............................................................
Commercial and industrial loans (incl. open
market paper)........................................................ 43,132,100 42,604,892 42,742,939 42,992,134 45,156,607
Other loans to individuals for personal expen­
27,270,836
27,819,669
ditures— total..................................................... 26,376,970 26,791,826 27,257,737
8,928,125
8,759,546
8,935,549
8,921,638
Passenger automobile instalment loans...............
9,062,043
2,805,780
3,330,281
3,144,759
2,889,919
2,807,751
Other retail consumer instalment loans..............
Residential repair and modernization instal­
2,609,825
2,694,678
2,658,675
2,693,068
ment loans............................................................
2,693,774
4,227,887
Other instalment loans for personal expenditures.
4,278,969
4,448,166
4,480,462
4,387,704
7,813,205
8,316,435
Single-payment loans for personal expenditures.
8,131,050
7,721,904
8,776,345
2,890,400
3,094,423
3,194,978
3,090,474
All other loans (including overdrafts).................
3,402,771

23,852,140
216,999
24,069,139
23,730,666
46,901

24,378,352
215,721
24,594,073
24,238,578
44,052

24,775,006
210,120
24,985,126
24,653,766
45,172

25,321,084
209,722
25,530,806
25,140,379
45,022

25,812,078
219,703
26,031,781
25,639,686
45,346

6,668,961
8,133,303
6,672,791
2,208,710
0)
0)

6,986,457
8,266,826
6,713,291
2,227,952
9,915
3,169
3,970
9,136

7,202,861
8,318,949
6,799,894
2,286,890
1,313
3,754
9,572
7,821

7,369,434
8,853,420
7,080,668
2,291,835
2,664
4,439
18,320
7,972

7,565,963
8,378,382
7,288,248
2,361,747
6,433
3,381
16 266
5,661

T otal loans and securities..................... 198,541,849 198,146,625 200,902,101 208,925,600 214,469,024
3,543,995
2,383,934
717,789
93,778

298,733

320,420

331,838

343,434

2,817,907
1,482,898
1,335,009

2,926,434
1,432,973
1,493,461

3,048,499
1,533,117
1,515,382

3,179,631
1,651,595
1,528,036

177,543
4,356
263

204,291
4,666
298

228,369
4,809
324

235,492
4,808
326

26,159

58,877
35,353
79,194
9,400

59,867
86,817
102,643
9,442

61,573
44,247
117,416
11,186

62,101
42,521
125,736
10,147

33,794,008

34,431,885

34,764,001

35,303,584

35,659,820

240,904
206,174
21,185
13,545

248,018
209,169
22,219
16,630

256,626
213,331
22,438
20,857

265,382
218,049
23,145
24,188

267,026
223,326
23,489
20,211

291,734

265,927

297,474

251,289

309,578

29 i,734

265,927

297,474

25 i, 289

309,578

197,735
f
0)

348,494

2,674,438
1,409,041
1,265,397

2,378
112,337

PERCENTAGES
T o total assets:
Cash and balances with other banks...................
U.S. Government obligations, direct and guar­
anteed .......................................................................
Other securities..........................................................
Loans and discounts.................................................
Other assets.................................................................
Total capital accounts..............................................
To total assets other than cash and U .S. Gov­
ernment obligations:
Total capital accounts..............................................




20.2%

18.1%

18.0%

17.0%

20.3%

23.6
8.0
45.9
2.3
8.1

23.9
8.6
46.9
2.5
8.5

24.3
8.6
46.6 *
2.5
8.5

25.3
8.8
46.4
2.5
8.5

23.8
8.5 /
45.0^
2.4
8.0

13.6
14.7
68.0
1.5
8.5

13.6
14.6
68.3
1.4
8.6

13.1
14.6
68.7
1.5
8.6

13.0
14.3
69.2
1.4
8.7

12.7
13.9
69.6
1.6
8.6

14.4

14.7

14.7

14.6

14.3

10.1

10.2

10.1

10.3

10.1

2.2%

2.1%

2.1%

2.1%

2.2%

BANKS

3,483,919
2,326,619
724,630
89,236

2,145
115,332

O
F

3,406,324
2,281,711
710,502
82,273

2,150
93,017

LIABILITIES

3,336,010
2,249,956
684,373
81,261

2,043
140,319

AN
D

Miscellaneous assets— to ta l...................................
Customers’ liability on acceptances outstanding.
Other assets.................................................................

3,204,540
2,182,887
646,441
76,479

1,900
104,157

ASSETS

Bank premises, furniture and fixtures, and
other real estate— to ta l...................................
Bank premises............................................................
Furniture and fixtures..............................................
Real estate owned other than bank premises. . .
Investments and other assets indirectly repre­
senting bank premises or other real estate. . .

8,522

Table 109.

A

ssets

(S t a t es

and

and

L ia b il it ie s
O ther A

of

r e a s ),

I nsured C

o m m e r c ia l

and

I nsured M

C a l l D ates D ecem ber 31, 1960

T

utu al

hrough

D

S a v in g s B a n k s
ecem ber

in

the

U

n it e d

S tates

30, 1961— Continued

£1

to

(Amounts in thousands of dollars)
Insured mutual savings banks

Insured commercial "banks
Liabilities and capital

Sept. 27,
1961

Dec. 30,
1961

Total liabilities and capital accounts............... 256,322,819 249,596,060 252,631,670 259,387,196 277,374,117

35,092,472

35,685,775

36,073,943

36,582,059

37,064,623

Business and personal deposits— to ta l......... 188,016,114 184,928,235 184,271,367 186,811,908 203,088,106
Individuals, partnerships, and corporations—
demand................................................................ 116,605,805 112,073,671 108,492,116 110,131,277 123,489,686
Individuals, partnerships, and corporations—
74,561,084
time....................................................................... 66,834,103 69,397,126 72,042,642 73,476,695
63,887,537
[59,613,395 61,144,933 62,135,792
Savings deposits..................................................
Deposits accumulated for payment of per771,554
778,136
766,697
773,360
(2
)
1
Other deposits o f individuals, partnerships,
9,901,993
10,562,767
( 9,017,034
10,124,349
and corporations.............................................
Certified and officers’ checks, letters of credit,
5,037,336
3,203,936
3,736,609
4,576,206
3,457,438
and travelers’ checks, etc.................................

31,481,713

32,188,008

32,508,307

32,814,177

33,374,873

21,925

254,354

246,763

254,032

246,989

31,454,833

31,926,274
f,31,907,197

32,253,417
32,234,649

32,554,309
32,522,831

33,121,088
33,108,992

Sept. 27,
1961

Dec. 30,
1961

(2
)

4
I
[

1,182

492

562

596

17,895

18,276

30,916

11,500

7,380

8,127

5,836

6,796

20,844
4,992
76
2,214
13,562

19,519
3,873
85
1,516
14,045

23,920
6,074
66
1,996
15,784

1,039
332
707

698
47
651

798
46
752

10

15

22,354,442
5,939,686
254,101
11,650,373
4,510,282

18,559,590
2,312,698
269,306
11,002,584
4,975,002

23,721,952
6,362,699
283,335
11,836,309
5,239,609

24,634,782
8,176,159
273,474
10,932,022
5,253,127

23,881,005
5,943,251
280,030
12,215,686
5,442,038

18,751
3,636
180
1,982
12,953

19,635
5,334
203
1,344
12,754

Dom estic interbank and postal savings
deposits— t o t a l ............................................... 15,571,676
Commercial banks in the U.S.— demand........ 3 15,355,001
3198,729
Commercial banks in the U.S.— time..............
A/Tiifiiol q vinffG U ivo 1 1 tile U ft uciiiauu*
q
T ;« P Y
(z)
X X tucil odVlUgO honlrQ in f np T »k --- n T 1pnn .
VU
dU
1
V/
(3)
"TV .u .cil oo'tn orc! KonlrQ 1 1 t,nA T ft — tiT P . ••••
n
T
D
lV U Uq1 odiVulgo Udllivo in liiC U
A/Ti1i
1
tllilu
q| oovinO
'G
17,946

13,382,841
12,514,022
148,077
679,620
23,402
17^720

12,667,948
11,849,078
172,730
605,544
23^004
17^592

13,005,694
12,175,249
190,077
601,416
22,049
16^903

16,680,600
15,751,918
196,434
700,355
15,113
16,780

1,788
325
1,463

2,045
339
1,706

3,485,837

3,604,273

3,873,598

4,255,164

655,923

652,063

688,225

656,922

(4
)

1,765,010
955,592
109^312

1,811,070
1,031,490
109,650

2,091,868
991,286
102,219

2,178,055
1,297,787
122,400

(4
)

Government deposits— to ta l.............................
United States Government— demand..............
United States Government— time.....................
States and subdivisions— demand.....................
States and subdivisions— time...........................

Foreign government and bank deposits—
total
...........
...................
Foreign governments, central banks, etc.—
demand
Foreign governments, central banks, etc.—
'RonVo in fnroicm pmlTiinPfi—-nptyiT
ln
”
Ronlrc in fA
roiorr» pm 1tflP —
iT
<5— timP

3,051,000
(4
)
(4)
<1,582,246
U]468i754

T otal deposits................................................. 228,993,232 220,356,503 224,265,540 228,325,982 247,904,875
155,709,317 143,651,548 144,565,908 146,899,570 165,092,941
79,699,632 81,426,412 82,811,934
73,283,915
76,704,955




31,502,252
32,823
31,469,429

15
10
32,209,688
268,751
31,940,937

32,530,200
262,438
32,267,762

32,834,409
265,319
32,569,090

33,399,591
261,901
33,137,690

CORPORATION

4,955

INSURANCE

June 30,
1961

June 30,
1961

DEPOSIT

April 12,
1961

April 12,
1961

FEDERAL

Dec. 31,
1960

Dec. 31,
1960

Miscellaneous liabilities— to ta l.......................
Rediscounts and other borrowed money........
Acceptances outstanding.....................................
Other liabilities......................................................

6,671,245
151,900
1,451,324
5,068,021

8,054,326
1,639,482
1,510,524
4,904,320

6,955,925
433,420
1,461,052
5,061,453

9,159,044
2,217,526
1,564,916
5,376,602

7,346,272
462,309
1,689,406
5,194,557

21,410,205
6,463,878
10,214,819
4,213,703
517,805

21,902,170
6,536,846
10,279,419
4,545,618
540,287

22,122,970
6,621,553
10,798,364
4,156,764
546,289

Pledged assets and securities loaned............

28,512,668

28,125,107

29,973,285

32,842,737

6,207,964
6,170,095
23,219
14,650

6,415,622
6,377,366
22,990
15,266

6,464,178
6,426,462
22,466
15,250

6,537,146
6,500,144
22,162
14,840

6,621,853
6,585,001
22,107
14,745

Retirable value of preferred stock....................

16,287

16,626

16,217

15,500

13,126

13,114

13,136

13,131

13,115

412,959

445,652

545,884

‘463,211*

32,094,451

32,627,302

32,984,231

33,395,379

33,873,941

2,998,021
150
2,160,505
565,611
271,755

3,058,473
150
2,179,199
601,006
278,118

3,089,712
150
2,208,846
592,676
288,040

3,186,680
150
2,212,521
683,848
290,161

3,190,682
150
2,269,864
624,503
296,165

150

150

150

150

150

150

150

150

150

150

325

325

325

329

330

15,406

Number of banks...........................................................

589,120

31,782,351

Capital stock, notes, and debentures:
Par or face value— to ta l..................................
Common stock...................................................
Capital notes and debentures........................
Preferred stock...................................................

474,350
11,139

M EM ORANDA

O
F

1 Not reported separately for mutual savings banks.
* Not reported separately.
s Deposits of mutual savings banks were not separately reported; included with those of commercial banks.
4 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks in
foreign countries.
Back figures, 1934-1959: See the Annual Report for 1960, pp. 146-149, and earlier reports.




BANKS

21,185,231
6,415,322
10,107,996
4,152,179
509,734

560,970
15,086

LIABILITIES

20,658,342
6,207,664
9,916,178
4,020,879
513,621

454,031
8,379

AND

Capital accounts— to ta l......................................
Capital stock, notes, and debentures...............
Surplus.....................................................................
Undivided profits...................................................
Reserves...................................................................

417,614
4,655

ASSETS

Total liabilities (excluding capital
accounts)....................................................... 235,664,477 228,410,829 231,221,465 237,485,026 255,251,147

592,199
3,079

00

Table 110.

A s s e t s a n d L ia b ilitie s a n d A s s e ts an d L ia b ilitie s per

B a n k s O p e r a tin g T h r o u g h o u t

1961

banks

in

t h e U n ite d S ta te s

g rouped a c c o r d in g

$100

o f T o t a l A sse ts o f In su red

(S ta te s a n d O t h e r A r e a s ), D e ce m b e r

to a m o u n t

C o m m e r c ia l

30, 1961

o f d e p o s it s

Banks with deposits of— 2
All
banks 1

Asset or liability item

Less
than
$1,000,000

$1,000,000
to
$2,000,000

$2,000,000
to
$5,000,000

$5,000,000
to
$10,000,000

$10,000,000
to
$25,000,000

$25,000,000
to
$50,000,000

275,839,643
55,994,971

843,550
173,426

3,990,142
724,482

15,770,195
2,778,980

19,402,479
3,294,824

28,232,771
4,682,279

19,404,632
3,213,223

18,049,794
3,263,018

55,668,887
11,842,213

114,477,193
26,022,520

65,760,022
23,488,335
124,012,842
6,583,473

262,533
54,950
346,665
5,976

1,266,486
306,076
1,654,788
38,310

4,771,758
1,584,872
6,432,946
201,639

5,529,928
2,178,859
8,104,600
294,268

8,022,220
2,974,095
12,059,775
494,396

5,446,855
1,839,804
8,521,592
383,158

4,887,092
1,780,006
7,778,191
341,487

12,871,073
4,314,443
25,539,867
1,101,291

22,702,071
8,455,230
53,574,418
3,722,948

275,839,643
246,518,317
164,410,461
82,107,856
7,317,287
22,004,039

843,550
740,575
588,930
201,645
2,770
100,205

3,990,142
3,548,881
2,328,548
1,220,333
16,173
425,088

15,770,195
14,214,352
8,767,972
5,446,380
94,634
1,461,209

19,402,479
17,598,574
10,374,020
7,224,554
175,320
1,628,585

28,232,771
25,636,894
15,130,516
10,506,378
405,243
2,190,634

19,404,632
17,605,942
10,591,826
7,014,116
343,219
1,455,471

18,049,794
16,321,949
10,275,121
6,046,828
353,863
1,373,982

55,668,887
50,303,356
35,200,352
15,103,004
1,154,819
4,210,712

114,477,193
100,547,794
71,203,176
29,344,618
4,771,246
9,158,153

$100.00
20.30

$100.00
20.56

$100.00
18.16

$100.00
17.62

$100.00
16.98

$100.00
16.58

$100.00
16.56

$100.00
18.08

$100.00
21.27

$100.00
22.73

Other securities.....................................
Loans and discounts............................
All other assets.....................................

23.84
8.51
44.96
2.39

31.12
6.51
41.10
71

31.74
7.67
41.47
.96

30.26
10.05
40.79
1.28

28.50
11.23
41.77
1.52

28.42
10.53
42.72
1.75

28.07
9.48
43.92
1.97

27.08
9.86
43.09
1.89

23.12
7.75
45.88
1.98

19.83
7.39
46.80
3.25

Liabilities and capital— to ta l..........
Total deposits.......................................
Demand deposits...............................
Time and savings deposits..............
Borrowings and other liabilities. . . .
Total capital accounts........................

100.00
89.37
59.60
29.77
2.65
7.98

100.00
87.79
63.89
23.90
.33
11.88

100.00
88.94
58.36
30.58
.41
10.65

100.00
90.13
55.60
34-53
.60
9.27

100.00
90.70
53.47
37:23
.90
8.40

100.00
90.81
53.59
37.22
1.43
7.76

100.00
90.73
54.58
36.15
1.77
7.50

100.00
90.43
56.93
33.50
1.96
7.61

100.00
90.36
63.23
27.13
2.08
7.56

100.00
87.83
62.20
25.63
4.17
8.00

Number of banks, December 3 0 ..........

13,002

1,005

2,404

4,339

2,518

1,695

507

233

240

61

(in

1 This group of banks is the same as the group shown in Table 11G under the heading “ Operating throughout the year” . These ratios differ slightly from the ratios for all insured
commercial banks shown in Table 115.
2 Asset and liability items are as of December 30, 1961.
Note: For income and expense data by size of bank see Tables 118 and 119 on pp. 130-133.
Back figures, 1941-1960: See the Annual Report for 1960, pp. 163 and 165, and earlier reports.




CORPORATION

Assets and liabilities per
$100 o f total assets 2
Assets— to ta l...........................................
Cash and due from banks......... ..
United States Government obliga-

INSURANCE

Liabilities and capital— to ta l..........
Total deposits.......................................
Demand deposits...............................
Time and savings deposits..............
Borrowings and other liabilities . . . .
Total capital accounts........................

DEPOSIT

Cash and due from banks.........
United States Government obliga­
tions........ ............................................
Other securities.....................................
Loans and discounts............................
All other assets.....................................

FEDERAL

Assets and liabilities
thousands) 2

$50,000,000 $100,000,000 $500,000,000
to
to
or
$100,000,000 $500,000,000
more

Table 111.

A v e r a g e A s s e t s an d L ia b ilit ie s an d A s s e t s an d L ia b ilit ie s P e r $100 o f T o t a l A s s e t s o f I n s u r e d C o m m e r c ia l
Banks

in

th e

U n it e d S tates (S tates

and

O t h e r A r e a s ) , 1961 1

BY CLASS OF BANK

Members F.R. System
Asset or liability item

Total
National

State

39,119,045
5,546,688
11,382,348
4,002,947
17,532,857
654,205

Liabilities and capital— to ta l.......................................................................................................................................
Total deposits.....................................................................................................................................................................
Demand deposits.............................................................................................................................................................
Time and savings deposits...........................................................................................................................................
Borrowings and other liabilities....................................................................................................................................
Total capital accounts.....................................................................................................................................................

254,198,199
225,214,703
147,556,175
77,658,528
7,694,509
21,288.987

138.460.993
123,408,003
80,782,425
42,625,578
3,662,442
11,390,548

76.618.161
66,559,344
46,102,029
20,457,315
3,534,436
6,524,381

39,119,045
35,247,356
20,671,721
14,575,635
497,631
3,374,058

Assets and liabilities per $100 o f total assets 1
Assets— to ta l........................................................................................................................................................................
Cash and due from banks...............................................................................................................................................
United States Government obligations.......................................................................................................................
Other securities..................................................................................................................................................................
Loans and discounts.........................................................................................................................................................
All other assets...................................................................................................................................................................

$100.00
18.34
24.31
8.52
46.41
2.42

$100.00
18.75
24.25
8.52
46.20
2.28

$100.00
19.70
21.97
7.66
47.60
3.07

$100.00
14.18
29.10
10.23
44.82
1.67

Liabilities and capital— to ta l.......................................................................................................................................
Total deposits.....................................................................................................................................................................
Demand deposits.............................................................................................................................................................
Time and savings deposits...........................................................................................................................................
Borrowings and other liabilities....................................................................................................................................
Total capital accounts......................................................................................................................................................

100.00
88.60
58.05
30.55
3.03
8.37

100.00
89.13
58.34
30.79
2.64
8.23

100.00
86.87
60.17
26.70
4.61
8.52

100.00
90.10
52.84
37.26
1.27
8.63

BANKS

76.618.161
15,096,898
16,829,106
5,864,773
36,473,103
2,354,281

O
F

138.460.993
25,969,625
33,580,681
11,792,601
63,964,025
3,154,061

LIABILITIES

254,198,199
46,613,211
61,792,135
21,660,321
117,969,985
6,162,547

AND

United States Government obligations.......................................................................................................................
Other securities..................................................................................................................................................................
Loans and discounts.........................................................................................................................................................
All other assets...................................................................................................................................................................

ASSETS

Average assets and liabilities (in thousands)1

Not
members
F.R.
System

1 Asset and liability items are averages of the amounts reported for the following call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.
Note: For income data by class of bank see Tables 116 and 117, pp. 126-129.
Back figures, 1934-1960: See Tables 114 and 115, pp. 123 and 125; the Annual Report for 1960, pp. 159 and 161, and earlier reports.

115




Table 112,

A

ve rage

A

ssets

and

L i a b il it ie s

of

I n s u r e d C o m m e r c ia l B a n k s

(S ta te s a n d O t h e r A r e a s ), b y S ta te ,

in

the

U

n it e d

States

19611

1
16

(Amounts in thousands of dollars)
Liabilities and capital accounts1

Assets1

l-'CpVOl no
Total

46,613,211

61,792,135

21,660,321

117,969,985

6,162,547

254,198,199

46,559,642

61,724,603

21,611,159

117,724,167

6,145,099

253,764,670

53,569

67,532

49,162

245,818

17,448

Arkansas.........................................
California........................................

438,531
33,774
202,381
307,033
4,406,641

573,502
59,095
268,812
322,183
5,955,705

257,787
15,617
95.405
171,619
2,045,069

1,003,936
88,967
801,335
566,066
14,225,611

Colorado.........................................
Connecticut....................................
Delaware.........................................
District of Columbia...................
Florida.............................................

457,685
428,547
115,036
319,149
1,084,066

552,530
557,933
217,007
488,314
1,692,541

107,573
259,071
34,943
61,470
427,144

Georgia............................................
Hawaii.............................................
Idaho...............................................
Illinois.............................................
Indiana............................................

685,385
94,827
102,360
3,385,829
893,398

722,626
211,683
203,127
5,550,645
1,715,936

Kansas.............................................
Kentucky.......................................
Louisiana........................................

595,498
485,604
498,751
674,740
99,458

Total United States.....................

Other areas......................................
State

Maryland.......................................
Massachusetts...............................
Mississippi......................................
Montana.........................................
New Hampshire............................




All other
assets

Borrowings
and other
liabilities

Total
capital
accounts

Demand

Time and
savings

225,214,703

147,556,175

77,658,528

7,694,509

21,288,987

224,824,914

147,367,825

77,457,089

7,684,856

21,254,900

433,529

389,789

188,350

201,439

9,653

34,087

39,706
5,496
47,162
21,283
801,280

2,313,462
202,949
1,415,095
1,388,184
27,434,306

2,073,493
188,116
1,276,761
1,255,690
24,678,150

1,433,608
105,411
810,761
921,209
12,735,399

639,885
82,705
466,000
334,481
11,942,751

34,962
1,638
34,230
8,812
931,869

205,007
13,195
104,104
123,682
1,824,287

1,061,809
1,316,421
371,628
790,185
2,003,373

38,675
54,541
17,362
34,831
139,995

2,218,272
2,616,513
755,976
1,693,949
5,347,119

2,013,860
2,303,436
651,081
1,540,202
4,836,895

1,377,944
1,683,324
494,228
1,138,073
3,345,410

635,916
620,112
156,853
402,129
1,491,485

33,924
91,042
24,590
29,547
84,604

170,488
222,035
80,305
124,200
425,620

230,281
49,083
49.296
1,854,677
342,780

1,547,824
407,326
337,080
8,110,254
2,127,922

69,198
21,700
14,312
269,814
78,508

3,255,314
784,619
706,175
19,171,219
5,158,544

2,882,343
708,236
642,934
17,266,069
4,646,920

2,049,913
359,988
402,538
11,378,825
3,002,758

832,430
348,248
240,396
5,887,244
1,644,162

73,400
15,993
11,798
339,124
91,367

299,571
60,390
51,443
1,566,026
420,257

869,098
740,981
725,794
891,915
176,294

320,989
329,835
144,880
301,751
51,670

1,545,309
1,073,363
1,068,394
1,263,726
382,006

34,819
28,975
30,950
58,406
15,976

3,365,713
2,658,758
2,468,769
3,190,538
725,404

3,033,916
2,400,708
2,209,494
2,885,857
641,852

2,058,194
1,797,974
1,668,265
2,105,749
349,754

975,722
602,734
541,229
780,108
292,098

18,389
19,313
25,928
38,803
17,725

313,40S
238,737
233,347
265,878
65,827

451,258
1,156,965
1,411,199
847,112
277,319

738,965
1,344,281
2,718,820
1,157,113
334,285

220,950
403,129
1,050,601
385,770
228,038

1,134,187
3,051,789
4,351,448
2,151,094
572,301

48,151
159,477
170,915
84,153
28,081

2,593,511
6,115,641
9,702,983
4,625,242
1,440,024

2,344,417
5,270,876
8,763,970
4,166,122
1,308,057

1,564,983
4,369,593
4,432,532
2,615,973
954,283

779,434
901,283
4,331,438
1,550,149
353,774

44,789
249,272
197,626
71,099
14,695

204,305
595,493
741,387
388,021
117,272

1,382,510
147,367
370,659
59,337
69,381

1,708,808
252,871
469,869
136,000
107,158

511,039
79,847
125,396
44,524
34,802

2,899,065
385,225
824,917
251,876
243,633

84,636
17,140
22,200
12,849
8,029

6,586,058
882,450
1,813,041
504,586
463,003

5,925,900
804,051
1,626,985
459,025
401,909

4,359,732
524,173
1,369,487
257,231
246,038

1,566,168
279,878
257,498
201,794
155,871

90,278
14,548
19,748
10,755
14,132

569,880
63,851
166,308
34,806
46,962

Total

CORPORATION

Loans
and
discounts

INSURANCE

Other
securities

DEPOSIT

U. S. Gov­
ernment
obligations

FEDERAL

Cash and
due from
banks

State

140,300
14,520
2.121,854
71,098
12,297

7,987,927
778,009
50,872,542
3,176,077
716,578

7,225,304
713,286
42,838,434
2,780,749
651,506

3,911,300
504,471
31,599,599
1,973,702
408,708

3,314,004
208,815
11,238,835
807,047
242,798

176,300
7,815
3,486,157
120,432
7,154

586,323
56,908
4,547,951
274,896
57,918

Ohio.................................................
Oklahoma.......................................
Oregon.............................................
Pennsylvania.................................
Rhode Island.................................

2,054,248
694,718
369,962
2,622,678
103,909

3,395,531
733,611
532,984
3,808,514
196,435

1,030,176
246,549
247,603
1,562,227
94,533

5,755,878
1,179,052
1,033,030
7,887,412
570,905

200,831
47,675
51,763
296,203
17,041

12,436,664
2,901,605
2,235,342
16,177,034
982,823

11,134,642
2,601,859
2,013,233
14,225,249
868,348

6,508,532
2,024,401
1,110,165
8,676,862
453,794

4,626,110
580,458
903,068
5,548,387
414,554

251,257
26,475
43,494
346,476
30,998

1,050,765
270,271
178,615
1,605,309
83,477

South Carolina..............................
South Dakota................................
Tennessee.......................................
Texas...............................................
Utah.................................................

225,599
121,228
734,348
3,181,523
195,533

292,111
254,802
817,186
2,984,955
235,875

126,384
65,386
293,033
1,059,679
70,786

473,289
363,726
1,685,985
5,693,274
553,848

20,939
12,389
64,442
335,941
18,105

1,138,322
817,531
3,594,994
13,255,372
1,074,147

1,010,172
745.132
3,242,846
11,985,700
968,283

798,864
484,011
2,109,604
8,945,890
547,102

211,308
261,121
1,133,242
3,039,810
421,181

26,824
7,259
68,455
156,726
25,915

101,326
65,140
283,693
1,112,946
79,949

Vermont..........................................
Virginia...........................................
Washington....................................
West Virginia................................
Wisconsin.......................................
Wyoming........................................

47,511
613,414
573,225
250,340
826,512
87,936

95,222
893,323
718,557
489,945
1,490,343
137,310

40,210
311,556
233,044
105,757
390,658
28,872

259,814
1,748,820
1,470,689
558,820
2,199,916
189,411

9,161
69,010
69,527
24,186
80,640
8,557

451,918
3,636,123
3,065,042
1,429,048
4,988,069
452,086

403,922
3,241,916
2,760,271
1,257,747
4,536,000
409,930

144,128
1,906,635
1,776,258
809,376
2,497,829
263,244

259,794
1,335,281
984,013
448,371
2,038,231
146,686

7,423
75,233
65,474
20,110
75,602
5,277

40,573
318,974
239,297
151,191
376,407
36,879

50,152
3,417

62,219
5,313

46,273
2,889

236,584
9,234

16,958
490

412,186
21,343

370,244
19,545

181,758
6,592

188,486
12,953

9,338
315

32,604
1,483

Other area

i Asset and liability items are averages of the amounts reported for the following call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.
Note: For income data by State see Table 120, pp. 134-143.
Back figures, 1946-1960: See the Annual Report for 1960, pp. 167-175, and earlier reports.




BANKS

3,698,762
327,741
24,318,394
1,496,755
300,576

O
F

1,102,219
46,920
3,913,327
324,329
82,875

LIABILITIES

1,980,275
236,215
10,117,186
627,592
222,740

AND

1,066,371
152,613
10,401,781
656,303
98,090

ASSETS

New Jersey.....................................
New Mexico...................................
New York.......................................
North Carolina..............................
North Dakota................................

18
1

Table 113.

D i s t r i b u t i o n o f I n s u r e d C o m m e r c ia l , B a n k s i n t h e U n i t e d S t a t e s
(S tates

and

O t h e r A reas), D

ecem ber

30, 1961

b a n k s g r o u p e d a c c o r d in g to a m o u n t of d e p o s it s a n d b y r a t io s o f se l e c t e d i t e m s to a s s e t s

Number of banks with deposits of—

Ratios o f obligations of States and sub­
divisions to total assets of—

$2,000,000
to
$5,000,000

1 106
906
3,466
4,127
2,246
802
462

30S
121
316
162
73
26
26

378
330
822
528
233
91
66

303
288
1,203
1,368
759
279
170

57
80
493
956
602
221
112

41
51
358
688
366
130
65

14
17
128
200
104
28
17

1
11
52
93
50
23
4

4
7
67
112
45
4
2

389
2,145
4,492
3,718
1,753
484
134

52
180
270
268
176
53
33

102
355
670
684
430
164
43

128
665
1,399
1,292
669
182
35

67
436
945
747
263
48
15

28
292
680
521
143
29
6

7
74
248
124
48
6
1

2
41
120
49
20
2

3
73
128
32
4

40
337
1,625
3,643
4,536
2,352
582

14
50
161
267
284
175
81

3
88
347
646
757
464
138

9
128
636
1,303
1,389
725
180

5
48
281
742
903
438
104

2
17
141
472
694
327
46

1
4
39
110
228
110
16

1
1
18
56
114
38
6

1
2
42
125
61
10

5
42
14
1

1,109
4,176
3,755
2,163
1,079
505
328

93
217
256
169
110
89
98

230
741
646
403
226
120
82

370
1,404
1,213
778
363
160
82

213
845
804
385
167
72
35

142
641
523
249
103
25
16

40
198
159
64
38
8
]

14
75
72
39
19
10
,}

6
51
66
54
42
14
8

1
4
16
22
11
7
1

10 to 20 percent
20 to 30 percent
30 to 40 percent...................................................
50 to 60 percent...................................................
60 percent or more.............................................
Ratios o f cash and due from banks to
total assets of—
Less than 10 percent..........................................

30 to 35 percent...................................................
35 percent or more.............................................




29
32
I

1

CORPORATION

Ratios o f loans to total assets of—

1
27
20
14

INSURANCE

Ratios o f U. S. Governm ent obligations
to total assets of—
T C tliqn 1H nnrpPTlt
,P Q
10 to 20 percent...................................................
20 to 30 percent...................................................
30 to 40 percent...................................................
40 to 50 percent

$1,000,000
to
$2,000,000

DEPOSIT

More than zero but less than 1 percent . . . .
1 to 5 percent.......................................................
5 to 10 percent.....................................................
10 to 15 percent...................................................
15 to 20 percent...................................................
20 percent or more.............................................

$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
or
to
to
to
to
to
more
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000

Less
than
$1,000,000

FEDERAL

Ratios

All
banks

Ratios o f total capital accounts to total
assets other than cash and due from
banks and U. S. Governm ent obliga­
tions of—
Less than 10 percent..........................................
10 to 15 percent...................................................
15 to 20 percent...................................................
20 to 25 percent...................................................
25 to 30 percent...................................................
30 to 35 percent...................................................
35 to 40 percent...................................................
40 percent or more.............................................

437
4,428
4,054
2,033
1,019
474
264
406

1
97
191
232
163
130
73
145

18
371
707
552
381
174
90
155

79
1,220
1,563
856
358
130
82
82

110
1,146
874
258
80
25
13
15

134
949
472
98
26
9
4
7

47
311
122
21
3
2
1
1

20
147
50
7
4
4

Ratios o f total capital accounts to total
assets other than cash and due from
banks, U. S. Government obliga­
tions, C .C .C . loans and F .II.A . and
Y .A . real estate loans of—
Less than 10 percent..........................................
10 to 15 percent...................................................
15 to 20 percent...................................................
20 to 25 percent...................................................
25 to 30 percent...................................................
30 to 35 percent..................................................
35 to 40 percent...................................................
40 percent or more.............................................

285
3,667
4,184
2,242
1,214
592
364
567

01
139
218
165
143
99
207

10
275
611
572
418
229
123
210

50
959
1,552
926
475
107
116
119

70
905
974
333
105
36
19
19

87
830
582
141
33
11
5
10

SO
270
103
27
2
1
1

to
131
72
10
5
4
1
1

Ratios o f total capital accounts to total
assets of—
Less than 4 percent............................................
4 to 6 percent.......................................................
6 to 8 percent.......................................................
8 to 10 percent.....................................................
30 to 12 percent...................................................
12 to 15 percent...................................................
15 percent or more.............................................

11
703
3,821
4,347
2,418
1,300
515

2
63
225
265
302
175

1
29
340
739
681
461
197

129
1,105
1,672
954
103
107

1
172
977
933
331
84
23

5
225
785
501
137
37
9

3
77
203
132
25
0
2

13,115

1,032

2,448

4,370

2,521

1,699

508

33
22
2

i•
>
117
04
12
5

29
27
3

30
121
60
13
3
1

1
30
134
63
9
3
1

3
33
22
3
1

234

241

62

4

ASSETS

1

1

AND

8

LIABILITIES
O
F
BANKS

Back figures: See tlie following Annual Reports: 1958, pp. 192-193; 1959, pp. 140-141; and 1960, pp. 150-151.




23
154
53
7

I ncome

of

I nsured B a n k s

Table 114.

Income of insured commercial banks in the United States (States and other
areas), 1953-1961

Table 115.

Ratios of income of insured commercial banks in the United States (States and
other areas), 1953-1961

Table 116.

Income of insured commercial banks in the United States (States and other
areas), 1961
B y class of bank

Table 117.

Ratios of income of insured commercial banks in the United States (States and
other areas), 1961
B y class of bank

Table 118.

Income of insured commercial banks operating throughout 1961 in the United
States (States and other areas)
Banks grouped according to amount of deposits

Table 119.

Ratios of income of insured commercial banks operating throughout 1961 in
the United States (States and other areas)
Banks grouped according to amount of deposits

Table 120.

Income of insured commercial banks in the United States (States and other
areas), by State, 1961

Table 121.

Income of insured mutual savings banks, 1953-1961

Table 122.

Ratios of income of insured mutual savings banks, 1953-1961




The income data received and published by the Corporation relate
to commercial and mutual savings banks insured by the Corporation.

Commercial banks
Reports of income and dividends are submitted to the Federal
supervisory agencies on either a cash or an accrual basis.

Two expense items previously reported separately have been com­




BANKS

losses on securities sold.

The present report of income and dividends for mutual savings
banks was first used by the Corporation for the calendar year 1951.
For a discussion of the history and principles of this report see pp.
50-52 in Part Two of the 1951 Annual Report.

INSURED

The new form breaks out the following items not previously avail­
able separately: (1) benefits to officers and other employees; (2)
net occupancy expense of bank premises, with a supporting schedule;
(3) furniture and equipment expense (including costs related to the
purchase or rental of automated data processing systems); and (4)

Mutual savings banks

O
F

The uniform Report of Income and Dividends (formerly called
Report of Earnings and Dividends) was revised extensively in 1961.
New items were added, combining components previously included in
other items; and some items were subsumed into new categories.
Thus certain items, even carrying the same designation (e.g. other
current operating expenses), are not comparable with data reported
for prior years.

In addition to other minor changes in classification, new designa­
tions have been given to certain items. For example, the term “net
income” is the new equivalent of the former term “net profits ” A
further change entailed the division of officers and other employees
into two groups: those engaged in banking operations, and those
concerned with building operations.

INCOME

Income data are included for all insured banks operating at the end
of the respective years, unless indicated otherwise. In addition, appro­
priate adjustments have been made for banks in operation during
part of the year but not at the end of the year. Data for 3 insured
branches in Guam of an insured bank in California, for 3 insured
branches in New York of 2 insured banks in Puerto Rico, for 15
insured branches in Puerto Rico and for 4 insured branches in the
Virgin Islands of insured banks in New York are not available.

bined with other items: (1) taxes other than oil net income; and
(2) recurring depreciation on banking house, furniture and fixtures.
Taxes on bank premises, social security taxes paid in behalf of build­
ing employees, and recurring depreciation on banking house are now
included under occupancy expense of bank premises. Other social
security taxes are included with officer and employee benefits. Re­
curring depreciation on furniture and fixtures is now included with
furniture and equipment expense.

Sources o f data
National banks and State banks in the District of Columbia not
members of the Federal Reserve System: Office of the Comptroller of
the Currency.
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
Other insured banks: Federal Deposit Insurance Corporation.

to

Table 114.

In com e o f In su red

C o m m e r c ia l B a n k s in

th e

U n ite d S ta te s

(S ta te s an d O t h e r A r e a s ),

1953-1961

(Amounts in thousands of dollars)
fcO

to
Income item

1953

1954

1955

1956

1957

1958

11,069,604
1,901,732
629,134
6,891,442
117,259
630,458
223,283
502,871
1173,425

5,612,723
827,142
1,573,330
(3
)
48,271
1,380,575
24,161
221,571

6,264,207
892,657
1,684,159
(3
)
51,866
1,580,250
78,350
252,763

6,932,820
966,643
1,831,323
(3
)
56,292
1,785,086
87,385
285,801

7,440,492
21,028,869
21,869,961
377,494
59,794
2,106,645
37,997
(4
)

146,262

168,371

(6
)

(6
)
(7
)

191,424
(6)

212,493
(8)

7,231,921
1,342,842
370,045
4,339,866
73,562
385,927
168,497
322,117
229,068

8,050,416
1,442,379
412,497
4,879,676
83,815
440,892
186,815
354,520
249,828

8,500,949
1,544,023
501,978
5,046,782
94,674
486,507
191,408
379,395
256,183

Current operating expenses— to ta l.......................
Salaries— officers...........................................................
Salaries and wages— other employees.....................
Officer and employee benefits....................................
Fees paid to directors and committees...................
Interest on time and savings deposits....................
Interest on borrowed money.....................................
Taxes other than on net income...............................
Recurring depreciation on banking house, furni­
ture and fixtures.......................................................
Occupancy expense of bank premises— net...........
Furniture and equipment...........................................
Other current operating expenses............................

3,375,552
582,405
1,069,890
(3
)
34,591
534,493
24,171
148,783

3,638,087
622,862
1,139,013
(*)
37,197
618,341
8,556
166,452

3,960,173
666,152
1,229,756
(»)
39,563
678,237
23,093
176,840

4,457,198
720,866
1,372,262
42,614
805,857
45,392
187,526

5,119,182
773,769
1,493,778
(3
)
45,396
1,141,715
49,538
205,903

94,720
(6)

108,306
(6
)

128,085

(7)
897,137

(7
)

950,945

(7
)

Net current operating earnings..............................

2,108,398

2,135,700

152,373
38,865
11,454
27,545

Recoveries, transfers from valuation reserves,
and profits— to ta l.................................................
On securities:
Profits on securities sold or redeemed.................
Recoveries..................................................................
Transfers from valuation reserves........................
On loans:
Recoveries..................................................................
Transfers from valuation reserves.......................
All other..........................................................................
Losses, cliarge-offs, and transfers to valuation
reserves— to ta l........................................................
On securities:
Losses on securities sold.........................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves............................
On loans:
Losses and charge-offs.............................................
Transfers to valuation reserves............................
All other..........................................................................
Net income before related taxes...............................




84,085

1,038,228

(7)
1,154,600

0
1,262,823

1,369,305

1,532,739

1,707,797

(5
)
510,691
224,852
n ,224,189

2,417,533

2,774,724

2,931,235

2,888,223

3,405,145

3,790,725

3,629,112

631,496

239,598

250,171

198,413

868,115

328,889

574,826

708,171

416,520
14,912
60,555

57,085
20,586
39,930

31,151
14,090
41,001

64,368
9,295
20,751

681,554
9,646
57,145

47,277
27,946
111,447

329,322
12,927
55,568

453,730
9,934
86,574

28,423
18,292
27,794

34,014
57,965
47,530

27,379
50,899
43,722

20,762
77,606
65,563

21,183
39,757
43,063

22,439
42,158
55,176

20,551
57,607
64,062

25,684
70,211
81,114

16,825
51,817
89,291

448,323

552,606

707,155

993,534

757,432

783,213

1,361,515

978,422

935,461

155,969
54,160

66,670
126,173

221,232
67,276

317,381
101,830

237,480
84,996

93,657
268,159

745,081
168,003

219,767
156,232

(44,290
(21,354
224,678

31,774
132,127
74,291

29,269
222,998
107,497

28,159
303,600

86,886

32,018
452,940
89,369

25,636
321,870
87,452

25,053
282,227
114,117

25,459
318,965
104,006

35,760
451,667
114,996

31,194
481,200
132,745

1,812,451

2,214,591

1,949,976

2,031,360

2,372,217

2,973,128

2,372,519

3,387,129

3,401,822

(6)

(6
)

(7
)

(7
)

CORPORATION

6,377,705
1,333,690
351,041
3,625,528
71,048
339,975
155,004
281,841
219,579

INSURANCE

10,723,545
1,790,341
578,783
6,698,655
108,655
589,954
218,566
460,251
278,340

5,773,787
1,272,731
324,823
3,205,894
57,550
311,806
144,140
246,223
210,621

DEPOSIT

9,669,352
1,732,174
546,253
5,856,688
111,991
531,916
205,935
426,016
258,381

5,483,954
1,206,965
297,739
3,107,885
47,850
271,444
132,978
217,996
201,101

FEDERAL

1960

1961

Current operating revenue— to ta l.........................
Interest on U. S. Government obligations.............
Interest and dividends on other securities.............
Interest and discount on loans..................................
Service charges and fees on loans............................
Service charges on deposit accounts........................
Other charges, commissions, fees, etc......................
Trust department.........................................................
Other current operating revenue ............................

(3
)

1959

Taxes on net income— total....................................

786,490
750,796
35,693

907,560
862,065
45,495

793,737
753,883
39,855

814,636
769,843
44,793

998,397
947,998
50,401

1,271,459
1,198,890
72,570

884,458
832,797
51,661

1,384,397
1,300,940
83,457

1,406,102
1,317,292
88,810

Net income after related taxes...............................

1,025,963

1,307,032

1,156,240

1,216,725

1,373,821

1,701,667

1,488,061

2,002,732

1,995,720

Dividends and interest on capital— total...........

473,866
470,888

516,977
514,066

566,124
563,543

616,890
614,501

678,101
675,867

725,866
723,500

776,386
774,167

831,546
829,522

895,053
893,230

Cash dividends declared on common stock.............
Dividends declared on preferred stock and interest
on capital notes and debentures............................

2,979

2,912

2,581

2,389

2,234

2,366

2,219

2,024

1,823

552,097

790,055

590,118

599,835

695,720

975,802

711,675

1,171,186

1,100,667

2,232
33,612

3,154
40,384

3,146
39,794

3,332
42,717

2,646
50,824

10,410
69,073

5,585
73,790

18,294
68,232

9,911
73,844

38,480
89,186

15,841
89,495

68,140
88,417

95,505
123,529

74,529
117,937

19,741
127,515

207,061
122,315

47,716
264,405

22,463
249,500

185,685,283
43,192,523
60,868,295
14,082,070
65,213,144
2,329,251

193,339,614
42,976,798
64,372,065
15,209,165
68,148,039
2,633,547

202,331,676
43,510,745
63,808,049
16,294,075
75,800,688
2,918,119

209,712,780
45,728,691
58,257,149
16,179,498
86,291,628
3,255,814

214,790,440
45,474,318
57,238,574
16,725,206
91,493,989
3,858,353

228,359,687
46,766,041
62,355,819
19,237,561
95,666,835
4,333,431

237,577,389
46,881,654
61,878,548
20,284,525
103,872,351
4,660,311

246,776,722
49,317,003
57,773,429
20,092,632
114,275,450
5,318,208

254,198,199
46,613,211
61,792,135
21,660,321
117,969,985
6,162,547

Time and savings deposits . .......................................
Borrowings and other liabilities..................................
Total capital accounts...................................................

185,685,283
170,075,888
127,028,332
43,047,556
2,667,917
12,941,478

193,339,614
176,865,497
130,023,191
46,842,306
2,712,778
13,761,339

202,331,676
184,734,232
135,422,891
49,311,341
2,965,764
14,631,680

209,712,780
190.786,522
139,690,432
51,096,090
3,372,960
15,553,298

214,790,440
193,993,484
139,023,597
54,969,887
4,242,293
16,554,663

228,359,687
206,196,015
143,813,475
62,382,540
4,440,097
17,723,575

237,577,389
213,428,979
146,599,745
66,829,234
5,410,250
18,738,160

246,776,722
220,099,028
150,451,481
69,647,547
6,712,522
19,965,172

254,198,199
225,214,703
147,556,175
77,658,528
7,694,509
21,288,987

Number of employees (including building employees),
December 31:
Active officers..................................................................
Other employees.............................................................

79,574
376,750

82,167
386,625

84,931
408,791

88,462
433,563

91,597
452,218

95,308
457,023

98,934
481,666

103,211
506,596

107,279
526,101

Number of banks, December 3 1 .....................................

13,432

13,323

13,237

13,218

13,165

13,124

13,114

13,126

13,115

Net additions to capital from income.................
Memoranda
Recoveries credited to valuation reserves (not in­
cluded in recoveries above):

Average assets and liabilities9

Liabilities and capital— total.................................




BANKS

1 Excludes rentals from bank premises; included with “Occupancy expense of bank premises— net.”
2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net."
8 Included with “ Other current operating expenses” , except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”
4 Included with “ Officer and employee benefits” , “ Occupancy expense of bank premises— net,” and “Other current operating expenses.”
6 Included with “ Occupancy expense of bank premises— net” and “Furniture and equipment.”
6 Included with “Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”
7 Included with “ Recurring depreciation on banking house, furniture and fixtures” and “Other current operating expenses.”
8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.
i
9 For 1953 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961, averages of amounts reported for the following call dates: December 31,
1960; April 12, 1961; June 30, 1961; and September 27, 1961.
W
N ote: Due to rounding differences, data for 1953-1959 may not add to total.
Back figures, 1934-1952: See the following Annual Reports: 1952, pp. 114-115; 1950, pp. 250-251; and 1941, pp. 158-159.

INSURED

Loans and discounts......................................................
All other assets................................................................

O
F

Cash and due from banks............................................
United States Government obligations....................

INCOME

Losses charged to valuation reserves (not included in
losses above):

—
a

R a t io s o f I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s in

Income item

(S ta te s a n d O t h e r

A r e a s ),

1953-1961

1953

1954

1955

1956

1957

1958

1959

1960

$100.00
22.01

$100.00

$100.00

$100.00

$100.00

$100.00

20.91
5.51
57.96
5.33
2.43
7.86

17.92
5.12
61.65
5.48
2.32
7.51

$100.00

18.57
5.12
61.03
5.33
2.33
7.62

18.16
5.91
60.48
5.72
2.25
7.48

$100.00

17.91
5.65
61.73
5.50
2.13
7.08

16.69
5.40
63.48
5.50
2.04
6.89

61.63
29.53
(3
)
11.14
2.60
1.77
(6)
(7
)
16.59

63.59
28.73

66.02
28.80

64.78
27.19

(3
)

(3
)

(3
)

64.65
26.62
(3)
16.65

16.30

16.39

16.66

16.74

67.22
226.73
3.41
19.03
(<)
(5
)
4.61
2.03
8 11.41

5.43
57.55
4.95
2.42
7.64

22.04
5.63
56.52
5.40
2.50
7.91

1961

$100.00

17.18
5.68
63.31
5.70
2.02
J6.ll

16.62

62.09
30.35
(3
)
10.63
2.77
1.70
(6)
(7
)
16.64

Net current operating earnings...................................................................

38.45

36.99

37.91

38.37

36.41

33.98

35.22

35.35

32.78

A m ounts per $100 o f total assets 9
Current operating revenue— total......................................................................
Current operating expenses— total.....................................................................
Net current operating earnings...........................................................................
Recoveries, transfers from valuation reserves, and profits— total.............
Losses, charge-offs, and transfers to valuation reserves— total..................
Net income before related taxes.........................................................................
Net income after related taxes............................................................................

2.96
1.82
1.14
.08
.24
.98
.55

2.98

3.15
1.96
1.19

3.45
2.13
1.32

.12

.12

3.74
2.38
1.36
.09
.35

3.72
2.46
1.26
.38
.34
1.30
.75

4.07
2.64
1.43
.14
.57
1.00
.63

4.35
2.81
1.54
.23
.40
1.37
.81

4.35
2.92
1.43
.28
.37
1.34
.79

Am ounts per $100 o f total capital accou n ts9
Net current operating earnings...........................................................................
Recoveries, transfers from valuation reserves, and profits— total.............
Losses, charge-offs, and transfers to valuation reserves— total..................
Net income before related taxes.........................................................................
Taxes on net income..............................................................................................
Net income after related taxes............................................................................
Cash dividends declared........................................................................................
Net additions to capital from income...............................................................

16.29
1.18
3.46
14.01
6.08
7.93
3.66
4.27

15.52
4.59
4.02
16.09
6.59
9.50
3.76
5.74

16.30
4.89
4.42
16.77
7.17
9.60
4.09
5.51

18.17
1.76
7.27

18.99

17.05
3.32
4.39
15.98
6.61
9.37
4.20
5.17

4.84

4.79

4.88

5.11

5.42

1.98

1.98
2.14
.24
1.32

2.09
2.15
.25
1.38

2.31
2.29
.28
1.58

2.52
2.47
.32

Special ratios 9
Income on loans per $100 of loans........................ ............................................
Income on U. S. Government obligations per $100 of U. S. Government
obligations.............................................................................................................
Income on other securities per $100 of other securities...............................
Service charges per $100 of demand deposits.................................................
Interest paid per $100 of time and savings deposits.....................................




2.11

.21

1.24

(3
)

10.71

2.88
1.64
(#
)

(7
)

1.88
1.10
.33
.28
1.15

.35
.96
.57
16.52
1.64
4.83
13.33
5.43
7.90
3.87
4.03

.47
.97
.58
17.84
1.61
6.39
13.06
5.24
7.82
3.96
3.86

14.18
2.56
1.82

(8
)
(7
)

1.10
.64
17.71

1.20

4.58
14.33
6.03
8.30
4.10
4.20

16.24
2.61
1.98
(8)

(7
)

16.34
2.61
1.98
(«)

(7
)

2.66
1.98

(6
)
(7
)

2.88

4.72
7.94
4.14
3.80

4.90
16.97
6.94
10.03
4.16
5.87

5.37

5.75

5.96

5.94

2.48
2.61
.34

2.80
2.69
.36
2.36

3.10

3.08
2.90
.43
2.71

2.21

12.66

2.88
.39
2.56

CORPORATION

63.01
31.16

INSURANCE

61.55
30.76
(3
)
9.75
2.71
1.53
(6)
(7
)
16.80

DEPOSIT

Current operating expenses— to ta l.............................................................
Salaries, wages, and fees...................................................................................
Officer and employee benefits..........................................................................
Interest on time and savings deposits...........................................................
Taxes other than on net income.....................................................................
Recurring depreciation on banking house, furniture and fixtures.........
Occupancy expense of bank premises— net.................................................
Furniture and equipment.................................................................................
Other current operating expenses..................................................................

FEDERAL

A m ounts per $100 o f current operating revenue
Current operating revenue— to ta l............ ..................................................
Interest on U. S. Government obligations...................................................
Interest and dividends on other securities................. .................................
Income on loans..................................................................................................
Service charges on deposit accounts..............................................................
Other charges, commissions, fees, etc............................................................
Other current operating revenue....................................................................

t h e U n ite d S ta te s

1
24

Table 115.

100.00
21.51
31.54
8.05
37.46
1.44

100.00
21.81
27.78
7.71
41.15
1.55

100.00
21.17
26.65
7.79
42.60
1.79

100.00
20.48
27.31
8.42
41.89
1.90

100.00
19.73
26.05
8.54
43.72
1.96

100.00
19.98
23.41
8.14
46.31
2.16

100.00
18.34
24.31
8.52
46.41
2.42

Liabilities and capital— t o ta l..........................................................................
Total deposits........................................................................................................
Demand deposits...............................................................................................
Time and savings deposits..............................................................................
Borrowings and other liabilities.......................................................................
Total capital accounts.........................................................................................

100.00
91.59
6841
23.18
1.44
6.97

100.00
91.48
67.25
24.23
1.40
7.12

100.00
91.30
66.93
84-37
1.47
7.23

100.00
90.97
66.61
24.36
1.61
7.42

100.00
90.32
64.73
25.59
1.97
7.71

100.00
90.30
62.98
27.32
1.94
7.76

100.00
89.83
61.70
28.13
2.28
7.89

100.00
89.19
60.97
28.22
2.72
8.09

100.00
88.60
58.05
30.55
3.03
8.37

Number of banks, December 3 1 ..........................................................................

13,432

13,323

13,237

13,218

13,165

13,124

13,114

13,126

13,115




BANKS

Excludes rentals from bank premises; included with “ Occupancy expense of bank premises— net.”
2 Excludes compensation of building officers and other employees; included with “ Occupancy expense of bank premises— net.”
8Included with “ Other current operating expenses” , except Social Security taxes paid on bank’s account which were included with “ Taxes other than on net income.”
* Included with “ Officer and employee benefits” , “ Occupancy expense of bank premises— net,” and “ Other current operating expenses.”
5 Included with ‘‘Occupancy expense of bank premises— net” and “ Furniture and equipment.”
6 Included with “ Taxes other than on net income,” “ Recurring depreciation on banking house, furniture and fixtures,” and “ Other current operating expenses.”
7 Included with “ Recurring depreciation on banking house, furniture and fixtures” and “ Other current operating expenses.”
8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.
9 For 1953 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961, averages of amounts reported for the following call dates: December 31,
1960; April 12, 1961; June 30, 1961; and September 27, 1961.
Back figures, 1934-1952: See the following Annual Reports: 1952, pp. 116-117; 1950, pp. 252-253; and 1941, pp. 160-161.

INSURED

100.00
22.23
33.29
7.87
35.25
1.36

O
F

100.00
23.26
32.78
7.58
35.12
1.26

INCOME

Assets and liabilities per $100 o f total assets *
Assets— to ta l............................................................................................................
Cash and due from banks..................................................................................
United States Government obligations..........................................................
Other securities................................................................................ ....................
Loans and discounts................................................ ...........................................
All other assets......................................................................................................

Table 11 6 .

I ncome

of

I n s u r e d C o m m e r c ia l B a n k s

in

th e

U n it e d S tates

(S tates

and

O t h e r A r e a s ) , 1961

126

BY CLASS OF BANK

(Amounts in thousands of dollars)
Members F. R. System
Income item

Total

Not
members
F. R.

National

State

System

_a:__
vpcieitiug

A___it ting
x*__
\ jp v i

throughout
the year

less than
full year 1

5,954,722

3,263,950

1,850,932

10,971,756

97,848

1,901,732
629,134
6,891,442
117,259
630,458
223,283
502,871
173,425

1,030,719
338,217
3,759,347
62,196
351,460
98,979
218,765
95,039

507,587
175,630
2,014,021
34,233
143,366
65,423
264,721
58,969

363,426
115,287
1,118,074
20,830
135,632
58,881
19,385
19,417

1,884,794
624,611
6,836,494
115,869
623,609
221,602
492,581
172,196

16,938
4,523
54,948
1,390
6,849
1,681
10,290
1,229

Current operating expenses— to ta l...............................................................................

2,101,350

1,363,507

7,363,724

76,768

520,393
999,493
203,345
27,546
1,158,544
19,259
264,908
122,276
659,873

258,645
586,426
127,139
11,373
562,729
17,149
159,094
58,585
320,210

249,831
284,042
47,010
20,875
385,372
1,589
86,691
43,991
244,106

1,018,487
1,850,834
374,293
59,410
2,084,861
37,773
505,277
222,880
1,209,909

10,382
19,127
3,201
384
21,784
224
5,414
1,972
14,280

Net current operating earnings......................................................................................

3,629,112

1,979,087

1,162,600

487,425

3,608,032

21,080

Recoveries, transfers from valuation reserves, and profits— total..................

708,171

371,577

255,528

81,066

703,238

4,933

453,730
9,934
86,574

243,236
5,052
56,398

160,572
2,088
23,196

49,922
2,794
6,980

451,050
9,924
85,204

2,680

16,825
51,817
89,291

7,880
29,321
29,690

2,441
16,855
50,376

6.504
5,641
9,225

16,655
51,779
88,626

170
38
665

935,461

On securities:
Profits on securities sold or redeemed..................................................................
Recoveries................................................................................................................
Transfers from valuation reserves.........................................................................
On loans:
Recoveries................................................................................................................
Transfers from valuation reserves.........................................................................
All other.......................................................................................................................

Losses, charge-offs, and transfers to valuation reserves— to ta l.......................

10
1,370

532,806

278,255

124,400

926,882

On securities:
Losses on securities sold.........................................................................................
Charge-offs prior to sale.........................................................................................
Transfers to valuation reserves.............................................................................
On loans:
Losses and charge-offs............................................................................................
Transfers to valuation reserves.............................................................................
All other.......................................................................................................................

8,579

44,290
21,354
224,678

22,720
16,677
154,269

9,824
1,615
56,995

11,746
3,062
13,414

40,601
21,228
223,915

3,689
126
763

31,194
481,200
132,745

16,666
260,424
62,050

2,864
156,700
50,257

11,664
64,076
20,438

30,675
479,614
130,849

519
1,586
1,896

Net income before related taxes.....................................................................................

3,401,822

1,817,858

1,139,873

444,091

3,384,388

17,434




CORPORATION

3,975,635

1,028,869
1,869,961
377,494
59,794
2,106,645
37,997
510,691
224,852
1,224,189

INSURANCE

7,440,492

Salaries— officers.........................................................................................................
Salaries and wages— other employees.......................................................................
Officer and employee benefits....................................................................................
Fees paid to directors and committees.....................................................................
Interest on time and savings deposits......................................................................
Interest on borrowed money.....................................................................................
Occupancy expense of bank premises— net..............................................................
Furniture and equipment...........................................................................................
Other current operating expenses.............................................................................

DEPOSIT

11,069,604

Interest on U. S. Government obligations...............................................................
Interest and dividends on other securities...............................................................
Interest and discount on loans..................................................................................
Service charges and fees on loans..............................................................................
Service charges on deposit accounts.........................................................................
Other charges, commissions, fees, etc........................................................................
Trust department........................................................................................................
Other current operating revenue...............................................................................

FEDERAL

Current operating revenue— to ta l.................................................................................

153,445
144,928
8,517

1,398,679
1,310,472
88,207

7,423
6,820
603

Net income after related taxes.......................................................................................

1,995,720

1,042,201

662,873

290,646

1,985,709

10,011

Dividends and interest on capital— to ta l..................................................................
Cash dividends declared on common stock..................................................................
Dividends declared on preferred stock and interest on capital notes and
debentures..........................................................................................................................

895,053
893,230

486,079
485,960

307,071
306,071

101,903
101,199

889,905
888,175

5,148
5,055

1,823

119

1,000

704

1,730

93

Net additions to capital from in co m e........................................................................

1,100,667

556,122

355,802

188,743

1,095,804

4,863

Number of banking employees (exclusive of building employees), December 30:
Active officers........................................................................................................................
Other employees...................................................................................................................

107,060
496,040

52,304
266,662

22,401
143,039

32,355
86,339

106,325
493,031

735
3,009

9,911
73,844

5,552
44,473

3,660
17,748

699
11,623

9,910
73,716

1
128

22,463
249,500

11,839
148,099

6,500
65,117

4,124
36,284

22,430
248,610

33
890

510,691
137,024
647,715
1,580
79,883
9,232
111,363
76,726
110,783
164,160
93,988

264,906
89,432
354,338
936
47,290
5,378
64,962
47,045
58,198
75,834
54,695

159,094
36,161
195,255
515
23,776
3,306
29,444
16,800
32,295
64,896
24,223

86,691
11,431
98,122
129
8,817
548
16,957
12,881
20,290
23,430
15,070

505,277
136,262
641,539
1,544
79,614
9,207
110,389
75,902
109,809
161,723
93,351

5,414
762
6,176
36
269
25
974
824
974
2,437
637

Number of building employees, December 30:
Officers....................................................................................................................................
Other employees...................................................................................................................

219
30,061

110
16,641

56
7,536

53
5,884

215
29,966

4
95

Number of banks, December 3 0 ...........................................................................................

13,115

4,513

1,598

7,004

13,002

113

Memoranda
Recoveries credited to valuation reserves (not included in recoveries above):
On securities..........................................................................................................................
On loans.................................................................................................................................
Losses charged to valuation reserves (not included in losses above):
On securities..........................................................................................................................
On loans.................................................................................................................................
Occupancy expense o f bank premises
Occupancy expense of bank premises, net— total.................................................
Rental and other income........................................................................................................
Occupancy expense o f bank premises, gross— total..............................................
Salaries— building department officers...........................................................................
Salaries and wages— building department employees................................................
Building department personnel benefits........................................................................
Recurring depreciation.......................................................................................................
Maintenance and repairs...................................................................................................
Insurance and utilities........................................................................................................
Rents paid..............................................................................................................................

BANKS

477,000
437,799
39,201

INSURED

775,657
734,565
41,092

O
F

1,406,102
1,317,292
88,810

INCOME

Taxes on net incom e— to ta l.............................................................................................
Federal....................................................................................................................................

1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.
Note: For average asset and liability data see Table 111 on p. 115.
Back figures, 1934-1960: See Table 114, pp. 122-123; the Annual Report for 1960, pp. 158-159, and earlier reports.

127




128

Table 117.

R a t io s o f I n c o m e o f In s u r e d C o m m e r c ia l B a n k s in t h e U n it e d S t a t e s

( S t a t e s an d O t h e r A r e a s ),

1961

BY CLASS OF BANK

Members F. R. System
Income item

National

State

Not
members
F. R.
System

$100.00
15.55
5.38
62.75
4.39
2.01
9.92

$100.00
19.63
6.23
61.53
7.33
3.18
2.10

Current operating expenses— to ta l.............................................................................................................................................
Salaries, wages, and fees.......................................................................................................
Officer and employee benefits.........................................................................................................................................................
Interest on time and savings deposits.........................................................................................................................................
Occupancy expense of bank premises— net................................................................................................................................
Furniture and equipment................................................................................................................................................................
Other current operating expenses.............................................................................................

67.22
26.73
3.41
19.03
4.61
2.03
11.41

66.76
25.99
3.41
19.46
4.45
2.05
11.40

64.38
26.24
3.90
17.24
4.87
1.79
10.34

73.67
29.97
2.54
20.82
4.68
2.38
13.28

Net current operating earnings...................................................................................................................................................

32.78

33.24

35.62

26.33

A m ounts per $100 o f total assets 1
Current operating revenue— total.....................................................................................................................................................
Current operating expenses— total....................................................................................................................................................
Net current operating earnincs..........................................................................................................................................................
Recoveries, transfers from valuation reserves, and profits— total............................................................................................
Losses, charge-offs, and transfers to valuation reserves— total.................................................................................................
Net income before related taxes........................................................................................................................................................
Net income after related taxes...........................................................................................................................................................

4.35
2.92
1.43
.28
.37
1.34
.79

4.30
2.87
1.43
.26
.38
1.31
.75

4.26
2.74
1.52
.33
.36
1.49
.87

4.73
3.48
1.25
.21
.32
1.14
.74

(2
)
.03

(2
)
.03

(*)
.02

(*)
.03

.01
.10

.01
.11

.01
.08

.01
.09

Mem oranda
Recoveries credited to valuation reserves (not included in recoveries above):
On securities.............................................................................................................. .........................................................................
Losses charged to valuation reserves (not included in losses above):
On securities........................................................................................................................................................................................




CORPORATION

$100.00
17.31
5.68
64.18
5.90
1.66
5.27

INSURANCE

$100.00
17.18
5.68
63 31
5.70
2.02
6.11

DEPOSIT

Am ounts per $100 o f current operating revenue
Current operating revenue— to ta l..............................................................................................................................................
Interest on U. S. Government obligations.............................................................................................................
....
Interest and dividends on other securities................................................................................................
Income on loans............................................................................................................................................................
....
Service charges on deposit accounts..................................................................................................................
Other service charges, commissions, fees, etc...............................................................................
Other current operating revenue...........................................................................................................

FEDERAL

Total

A m ounts per $100 o f total capital accounts1
Net current operating earnings....................................................
Recoveries, transfers from valuation reserves, and profits— total. . .
Losses, charge-offs, and transfers to valuation reserves— total.
. .
Net income before related taxes............................
Taxes on net income...............................................
Net income after taxes...........................................
Cash dividends declared......................................
Net additions to capital from income...............................

. ._
_

1 For average asset and liability data see Table 111 on p. 115.
2 Less than .005.
Back figures, 1934-1960: See Table 115, pp. 124-125, the Annual Report for 1960, pp. 160-161, and earlier reports.




A
C
.U
O
D
A
.oy

.06
.27

.02
.34

.11
1 17
1.1 i

i
•n
1U
1Q
f\
l.oU

.10
1.00

.12
1.08

5 94
3.08
2.90
.43
2.71

5 07
o.y /
3.07
9 87
AA
2.72

sA
O
o.oj
3.02
OQ
O
z.yy
Q
I
.oi
O7^

6.50
3 iy
o. IQ
2.88
.66
2.64

4.61
1.24
5.85
.74
.08
1 01
U
i7
1 nn
l.UU
1.4:0
.85

4.45
1 KJ
f\
i.o\
eQ
C
0*7«)
.81
no
*uy
1H
Q
i.uy
.70
/y
Q
Q
.yo
1 07
.92

A ft7
1.11
e oo
i).Vo
.7A
i4
1A
1U
nn
.yu
.52
.99
1.99
.74

A
4*Oo
•62
5.30
AQ
•4o
.03
.92
.70
1.10
1.26
.81

13 115

H XI Q
i,01u

1 £00
l,oyo

7,004

•

.

BANKS

Number of banks, December 3 0 ............................

14.45
2.40
3.69
13.16
4.55
8.61
3.02
5.59

INSURED

Occupancy expense o f bank premises per $100 of current operating revenue
Occupancy expense o f bank premises, net— total....................
Rental and other income..........................................................
Occupancy expense o f bank premises, gross— to ta l.........................
Salaries and wages— building department officers and employees . .
Building department personnel benefits.....................................
Recuning depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities......................................................
Rents paid............................................................................

nr.
.uo
.oO

17.82
QGi
u.y1
AO
f\
17.47
7.31
10.16
A 71
4.71
£ /IS
0.40

O
F

Special ratios 1
Income on loans per $100 of loans...................................................
Income on U. S. Government obligations per $100 of U. S. Government obligations .
Income on other securities per $100 of other securities......................
Service charges per $100 of demand deposits........................................
Interest paid per $100 of time and savings deposits...........................

17 37
i/.UI
3 26
4 fi7
t.U i
1^ Q
A
io.yo
A ftl
O.oi
Q 1P
y.iov
A 07

INCOME

Memoranda
Recoveries credited to reserve accounts (not included in recoveries above):
On securities........................................................
On loans...........................................
Losses charged to reserve accounts (not included in losses above):
On securities............................................................
On loans......................................................

17.05
3.32
4.39
1^ O
R
jLo.yo
6 61
Q 37
y.oi
4 20
5*17
U.il

Table 1 1 8 .

Income

of

I n s u r e d C o m m e r c ia l B a n k s O perating T

hroughout

1961

in

th e

U n it e d S tates (S tates

and

O ther A

reas )

BANKS GROUPED ACCORDING TO AM OUNT OF DEPOSITS

10
3

Banks with deposits of— 2
All
banks 1

Income item

$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
+n
or
to
to
to
to
more
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000

Less
man
$1,000,000

$1,000,000
to
$2,000,000

$2,000,000
to
$5,000,000

Current operating revenue— to ta l............... 10,971,756
1,884,794
Interest on U. S. Government obligations. .
Interest and dividends on other securities. .
624,611
Interest and discount on loans........................
6,836,494
115,869
Service charges and fees on loans...................
Service charges on deposit accounts..............
623,609
221,602
Other charges, commissions, fees, etc............
Trust department...............................................
492,581
172,196
Other current operating revenue....................

36,307
8,395
1,492
22,312
135
1,735
1,829
3
406

171,533
40,423
8,682
104,004
905
8,379
7,356
269
1,515

661,932
147,860
43,334
400,436
3,084
39,183
21,155
854
6,026

817,172
166,611
58,265
496,750
5,851
59,376
19,785
3,144
7,390

1,200,869
235,516
79,032
723,751
11,308
99,929
24,322
15,136
11,875

819,069
154,828
48,713
498,939
9,461
63,177
15,428
21,070
7,453

738,125
139,753
46,224
440,426
7,320
47,262
12,035
36,861
8,244

2,189,433
363,542
116,520
1,382,385
26,258
122,343
36,239
119,769
22,377

4,337,316
627,866
222,349
2,767,491
51,547
182,225
83,453
295,475
106,910

Current operating expenses— to ta l.............
Salaries— officers.................................................
Salaries and wages— other employees...........
Officer and employee benefits..........................
Fees paid to directors and committees.........
Interest on time and savings deposits...........
Interest on borrowed money............................
Occupancy expense of bank premises— net..
Furniture and equipment.................................
Other current operating expenses...................

7,363,724
1,018,487
1,850,834
374,293
59,410
2,084,861
37,773
505,277
222,880
1,209,909

26,161
9,886
3,157
536
788
4,972
34
1,594
621
4,573

122,726
38,525
16,369
3,034
3,465
30,433
123
6,902
3,174
20,701

478,491
114,905
77,207
14,206
12,069
136,027
436
27,892
14,835
80,914

594,769
109,908
113,482
20,430
11,032
180,019
448
37,373
19,056
103,021

882,308
136,401
192,433
34,483
11,423
261,771
843
59,974
29,596
155,384

595,561
83,507
139,870
26,473
5,312
176,880
733
40,493
19,417
102,876

526,250
68,733
124,543
25,418
3,655
152,061
1,141
35,110
16,483
99,106

1,457,874
180,074
402,165
79,568
7,067
377,493
5,886
98,168
46,982
260,471

2,679,584
276,548
781,608
170,145
4,599
765,205
28,129
197,771
72,716
382,863

Net current operating earnings....................

3,608,032

10,146

48,807

183,441

222,403

318,561

223,508

211,875

731,559

1,657,732

703,238

1,089

5,187

22,578

32,356

53,682

42,916

47,693

150,265

347,472

451,050
9,924
85,204

162
63
40

1,413
340
207

10,551
1,932
812

21,144
1,000
1,636

38,422
1,732
3,383

33,190
391
3,312

36,362
785
4,117

88,074
2,582
19,764

221,732
1,099
51,933

16,655
51,779
88,626

652
22
150

2,070
271
886

5,438
1,243
2,602

3,128
1,685
3,763

2,504
2,473
5,168

905
2,083
3,035

263
3,029
3,137

774
9,130
29,941

921
31,843
39,944

926,882

1,937

9,550

40,811

51,980

77,595

53,654

54,293

165,540

471,522

40,601
21,228
223,915

58
56
36

465
328
164

2,443
1,979
2,173

3,703
2,437
3,887

5,431
1,989
10,166

3,474
721
7,782

3,733
637
11,381

12,903
1,343
48,255

8,391
11,738
140,071

30,675
479,614
130,849

1,098
364
325

3,551
3,019
2,023

9,334
17,542
7,340

5,047
26,950
9,956

4,281
43,972
11,756

1,482
32,324
7,871

1,349
27,591
9,602

681
81,328
21,030

3,852
246,524
60,946

3,384,388

9,298

44,444

165,208

202,779

294,648

212,770

205,275

716,284

1,533,682

t
(Amounts in •housands of dollars)

CORPORATION

taxes...................

INSURANCE


Net income before related


DEPOSIT

Losses, charge-oflfs, and transfers to
valuation reserves— to ta l.........................
On securities:
Losses on securities sold...............................
Charge-offs prior to sale...............................
Transfers to valuation reserves...................
On loans:
Losses and charge-offs...................................
Transfers to valuation reserves...................
All other................................................................

FEDERAL

Recoveries, transfers from valuation re­
serves, and profits— to ta l.........................
On securities:
Profits on securities sold or redeemed . . . .
Recoveries........................................................
Transfers from valuation reserves.............
On loans:
Recoveries.........................................................
Transfers from valuation reserves.............
All other................................................................

Taxes on net incom e— to ta l............................
Federal...................................................................
State .......................................................................

1,398,679
1,310,472
88,207

2,744
2,614
130

13,176
12,465
711

51,129
48,525
2,604

68,208
65,213
2,995

110,119
105,388
4,731

82,887
79,635
3,252

81,201
77,750
3,451

304,911
289,461
15,450

684,304
629,421
54,883

Net incom e after related taxes......................
Dividends and interest on capital— t o t a l..
Cash dividends declared on common stock..
Dividends declared on preferred stock and
interest on capital notes and debentures..

1,985,709

6,554

31,268

114,079

134,571

184,529

129,883

124,074

411,373

849,378

889,905
888,175

2,367
2,366

11,314
11,309

41,040
40,997

47,693
47,596

68,082
67,843

48,654
48,441

50,359
50,321

175,703
174,640

444,693
444,662

5

43

97

239

213

38

1,063

31

4,187

19,954

73,039

86,878

116,447

81,229

73,715

235,670

404,685

Number of banking employees (exclusive of
biiilding employees), December 30:
Active officers......................................................
Other employees..................................................

100,325
493,031

2,302
1,518

6,802
6,463

16,505
26,597

13,614
36,136

14,566
58,620

8,060
40,665

6,242
35,882

15,521
107,389

22,713
179,761

9,910
73,716

162

38
929

155
5,139

210
7,983

513
11,016

150
6,744

197
5,535

4,433
12,720

4,214
23,488

22,430
248,610

3
303

16
2,043

221
11,866

457
19,079

1,028
29,164

653
20,206

1,480
17,634

7,053
48,611

11,519
99,704

505,277
136,262

1,594
98

6,902
701

27,892
3,484

37,373
4,710

59,974
10,326

40,493
13,136

35,110
10,899

98,168
50,601

197,771
42,307

641,539
1,544

1,692

7,603
8

31,376
15

42,083
32

70,300
45

53,629
72

46,009
99

148,769
516

240,078
757

79,614
9,207
110,389
75,902
109,809
161,723
93,351

64
1
204
287
691
85
360

473
20
1,273
1,271
2,590
537
1,431

2,987
126
6,691
4,434
8,470
2,913
5,740

4,495
261
9,173
5,752
9,528
5,373
7,469

8,210
583
14,720
9,246
13,249
12,853
11,394

7,242
668
10,291
6,694
8,613
11,285
8,764

6,250
617
7,806
5,704
7,317
10,926
7,290

22,323
2,553
23,679
16,033
22,956
37,546
23,163

27,570
4,378
36,552
26,481
36,395
80,205
27,740

Number of building employees, December 30:
Officers.................................................................
Other employees..................................................

215
29,966

5
198

12
975

14
3,082

17
2,577

14
3,456

16
2,807

18
2,442

56
7,784

63
6,645

Number of banks, December 3 0 ..........................

13,002

1,005

2,404

4,339

2,518

1,695

507

233

240

61

1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year.'
2 For asset and liability data see Table 110 on p. 114.
Back figures,1941—
1960: See the Annual Report for 1960, pp. 162-163, and earlier reports.




BANKS

Occupancy expense o f bank
premises
Occupancy expense o f bank premises,
net— to ta l........................................................
Rental and other income.......................................
Occupancy expense o f bank premises,
gross— to ta l....................................................
Salaries— building department officers..........
Salaries and wages— building department
employees..........................................................
Building department personnel benefits . . . .
Recurring depreciation......................................
Maintenance and repairs..................................
Insurance and utilities.......................................
Rents paid............................................................
Taxes......................................................................

INSURED

M em or anda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities.........................................................
On loans.............................................................. ..
Losses charged to valuation reserves (not
included in losses above):
On securities.........................................................
On loans................................................................

O
F

1

1,095,804

INCOME

1,730

Net additions to capital from in co m e . . . .

R

atios

of

I ncome

of

I n s u r e d C o m m e r c ia l B a n k s O p er atin g T

hroughout

1961

in

the

U n it e d S tat es (S tates

and

O t h e r A reas )

1
32

Table 1 1 9 .

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS
.banks with deposits of— 2
Income item

All
banks1

$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
or
to
to
to
to
to
more
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000

$100.00
23.12
4.11
61.82
4.78
5.04
1.13

$100.00
23.57
5.06
61.16
4.88
4.29
1.04

$100.00
22.34
6.55
60.96
5.92
3.19
1.04

$100.00
20.39
7.13
61.50
7.27
2.42
1.29

$100.00
19.61
6.58
61.21
8.32
2.03
2.25

$100.00
18.90
5.95
62.07
7.71
1.89
3.48

$100.00
18.94
6.26
60.66
6.40
1.63
6.11

$100.00
16.60
5.32
64.34
5.59
1.66
6.49

$100.00
14.48
5.13
64.99
4.20
1.92
9.28

Current operating expenses— to ta l.............
Salaries, wages, and fees...................................
Officer and employee benefits........................
Interest on time and savings deposits...........
Occupancy expense of bank premises— net..
Furniture and equipment.................................
Other current operating expenses...................

67.12
26.70
3.41
19.00
4.61
2.03
11.37

72.05
38.09
1.48
13.69
4.39
1.71
12.69

71.55
34.03
1.77
17.74
4.02
1.85
12.14

72.29
30.85
2.15
20.55
4.21
2.24
12.29

72.78
28.69
2.50
22.03
4.57
2.33
12.66

73.47
28.33
2.87
21.80
4.99
2.47
13.01

72.71
27.92
3.23
21.60
4.94
2.37
12.65

71.30
26.68
3.45
20.60
4.76
2.23
13.58

66.59
26.92
3.63
17.24
4.48
2.15
12.17

61.78
24.50
3.92
17.64
4.56
1.68
9.48

Net current operating earnings....................

32.88

27.95

28.45

27.71

27.22

26.53

27.29

28.70

33.41

38.22

3.98
2.67
J.3 1

4.30
3.10
1.20

4.30
3.08
1.22

1.20
3.04
1.16

4.21
3.06
1.15

4.25
3.12
1.13

4.22
3.07
1.15

4.09
2.92
1.17

3.93
2.62
1.31

3.79
2.34
1.45

Am ounts per $100 o f total assets2
Current operating expenses— total.....................
Net current operating earnings. .........................
Recoveries, transfers from valuation reserves,
and profits— total...........................................
Losses, charge-offs, and transfers to valuation
reserves— total.................................................
Net income before related taxes..........................
Net income after related taxes............................
M emoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities
.................................................
Losses charged to valuation reserves (not in­
cluded in losses above):
On securities.........................................................
On loans................... ............




.25

.13

.13

.14

.17

.19

.22

.27

.27

.30

.33
1.23
.72

.23
1.10
.78

.24
1.11
.78

.25
1.05
.72

.27
1.05
.69

.28
1.04
.65

.27
1.10
.67

.30
1.14
.69

.29
1.29
.74

.41
1.34
.74

C
8)
.03

.02

(*)
.02 |

(3
)
.03

(J
)
.04

(*)
.01

(3)
.03

(3
)
.03

.01
.02

(«)
.02

.01
.09

(*)
.01

(»>
.05

.08

(*)
,10

(*)
.10

(’ )
.10

.01
.10

.01
.09

.01
.09

CORPORATION

Service charges on deposit accounts..............
Other service charges, commissions, fees, etc.
Other current operating revenue....................

$100.00
17.18
5.69
63.37
5.68
2.02
6.06

Am ounts per $100 o f current
operating revenue
Current operating revenue— total .............
Interest on U. S. Government obligations. .
Interest and dividends on other securities. .

INSURANCE

$2,000,000
to
$5,000,000

DEPOSIT

$1,000,000
to
$2,000,000

FEDERAL

Less
than
$1,000,000

Am ounts per $100 of total capital
accounts2
Net current operating earnings...........................
Recoveries, transfers from valuation reserves,
and profits— total...........................................
Losses, charge-offs, and transfers to valuation
reserves— total.................................................
Net income before related taxes..........................
Taxes on net income...............................................
Net income after taxes..........................................
Cash dividends declared........................................
Net additions to capital from income...............

10.40

10.13

11.48

12.55

13.GG

14.54

15.30

15.42

17.37

18.10

3.19

1.08

1.22

1.5 5

1.98

2.45

2.95

3.47

3.57

3.79

4.21
15.38
6.36
9.02
4.04
4.98

1.93
9.28
2.74
6.54
2.36
4.18

2.24
10.46
3.10
7.36
2.66
4.70

2.79
11.31
3.50
7.81
2.81
5.00

3.19
12.45
4.19
8.26
2.93
5.33

3.54
13.45
5.03
8.42
3.10
5.32

3.69
14.62
5.70
8.92
3.34
5.58

3.95
14.94
5.91
9.03
3.66
5.37

3.93
17.01
7.24
9.77
4.17
5.60

5.14
16.75
7.48
9.27
4.85
4.42

.05
.34

.16

.01
.22

.01
.35

.01
.49

.02
.50

.01
.46

.01
.40

.11
.30

.05
.20

.10
1.13

(3
)
.30

(*)
.48

.02
.81

.03
1.17

.05
1.33

.04
1.39

.11
1.28

.17
1.15

.13
1.09

M emoranda
Recoveries credited to reserve accounts (not
included in recoveries above):

6.34

6.27

6.20

6.10

5.97

5.76

5.52

5.20

3.19

3.10

3.01

2.94

2.84

2.86

2.82

2.77

2.66
.38

2.72
.32

2.84
.36

2.73
.45

2.67
.57

2.66
.66

2.65
.60

2.60
.46

2.70
.35

2.63
.20

2.54

2.47

2.49

2.50

2.49

2.49

2.52

2.51

2.50

2.61

4.61
1.24

4.39
.27

4.02
.41

4.21
.53

4.57
.58

4.99
.86

4.94
1.61

4.76
1.47

4.48
2.31

4.56
.98

5.85

4.66

4.43

4.74

5.15

5.85

6.55

6.23

6.79

5.54

.74
.08
1.01
.69
1.00
1.48
.85

.18
(3
)
.56
.79
1.90
.23
1.00

.28
.01
.74
.74
1.51
.31
.84

.45
.02
1.01
.67
1.28
.44
.87

.55
.03
1.12
.70
1.17
.66
.92

.69
.05
1.22
.77
1.10
1.07
.95

.89
.08
1.26
.82
1.05
1.38
1.07

.86
.08
1.06
.77
.99
1.48
.99

1.04
.12
1.08
.73
1.05
1.71
1.06

.66
.10
.84
.61
.84
1.85
.64

13,002

1,005

2,404

4,339

2,518

1,695

507

233

240

61

1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year.”
commercial banks shown in Tables 115 and 117.
CO
2 For asset and liability data see Table 110 on p. 114.
3 Less than .005.
Back figures, 1941-1960: See the Annual Report for 1960, pp. 164-165, and earlier reports.




These ratios differ slightly from the ratios for all insured

BANKS

Number of banks, December 3 0 .........................

6.48
3.20

INSURED

Occupancy expense of bank pre­
mises per $100 o f current op­
erating revenue
Occupancy expense o f bank premises,
net— to ta l........................................................
Rental and other income.......................................
Occupancy expense o f bank premises,
gross— to ta l....................................................
Salaries and wages— building department
officers and employees...................................
Building department personnel benefits . . . .
Recurring depreciation......................................
Maintenance and repairs..................................
Insurance and utilities.......................................
Rents paid............................................................
Taxes......................................................................

5.61
2.87

O
F

Special ratios2
Income on loans per $100 of loans.....................
Income on U. S. Government obligations per
$100 of U. S. Government obligations... .
Income on other securities per $100 of other
securities............................................................
Service charges per $100 of demand deposits. .
Interest paid per $100 of time and savings
deposits..............................................................

INCOME

On loans................................................................
Losses charged to reserve accounts (not in­
cluded in losses above):
On securities.........................................................
On loans................................................................

^

Table 120.

In com e o f In su red

C o m m e r c ia l B a n k s in

th e

U n ite d S ta te s

(S ta te s a n d O t h e r A r e a s ), B y S ta te ,

1961

1
34

(Amounts in thousands of dollars)
Other areas
Income item

Total
United
States

Puerto
Rico

Virgin
Islands

50 States
and
U. (J.

Alabama

11,044,126
1,899,959
627,660
6,874,432
115,288
629,713
220,934
502,851
173,289

104,234
18,160
7,278
64,896
718
7,549
2,346
2,227
1,060

11,859
1,696
471
7,155
736
1,103
564
43
91

68,485
12,308
16,361
3,073
724
17,889
111
3,243
2,362
12,414

Alaska

Arizona

Connecti­
cut

76,245
8,015
2,790
52,685
2,043
6,809
1,955
1,574
374

59,032
10,473
5,189
35,699
173
3,751
2,622
559
566

1,321,723
180,312
57,112
878,454
25,267
97,782
22,005
40,954
19,837

105,003
16,311
3,240
67,245
1,325
9,718
2,125
4,103
936

130,722
17,018
6,826
81,171
1,034
9,666
2,005
11,780
1,222

9,076
1,555
2,682
270
34
1,656
14
770
401
1,694

56,751
7,627
16,046
2,522
136
13,256
62
4,996
2,827
9,279

40,834
8,523
8,068
1,634
900
9,350
52
2,790
1,460
8,057

944,387
97,567
245,833
37,569
1,208
346,610
4,637
57,092
28,867
125,004

71,379
11,530
18,251
3,010
838
17,298
189
5,214
2,467
12,582

90,388
13,938
27,206
6,287
687
16,526
300
6,493
3,459
15,492

Current operating expenses— to ta l..............
Salaries— officers..................................................
Salaries and wages— other employees............
Officer and employee benefits...........................
Fees paid to directors and committees..........
Interest on time and savings deposits...........
Interest on borrowed money............................
Occupancy expense of bank premises— net. .
Furniture and equipment..................................
Other current operating expenses...................

7,440,492
1,028,869
1,869,961
377,494
59,794
2,106,645
37,997
510,691
224,852
1,224,189

19,870
2,633
5,208
780
156
5,026
83
921
652
4,411

681
61
189
24
5
282
13
16
91

7,419,941
1,026,175
1,864,564
376,690
59,633
2,101,337
37,914
509,757
224,184
1,219,687

N et current operating earnings.....................

3,629,112

4,699

328

3,624,185

35,749

2,783

19,494

18,198

377,336

33,624

40,334

708,171

893

13

707,265

6,582

190

1,876

2,422

74,344

4,643

7,062

453,730
9,934
86,574

408

1
3

453,321
9,931
86,574

5,666
18
104

67

909

1,600
12
66

49,204
275
12,971

3,714
37
42

6,120
38
12

16,825
51,817
89,291

1
206
278

16,824
51,611
89,004

345
101
348

70

9

53

2
12
953

504
36
204

634
3,914
7,346

254
126
470

67
297
528

935,461

1,696

67

933,698

6,893

819

5,398

4,548

109,018

7,858

11,065

44,290
21,354
224,678

99

44,191
21,354
224,678

332
90
276

28
4

77
1,189

206
58
407

3,589
8,498
26,112

113
109
1,183

867
14
2,842

31,194
481,200
132,745

1
1,435
161

17
50

31,193
479,748
132,534

736
4,478
981

132
564
91

1
3,081
1,050

694
2,261
922

526
55,099
15,194

423
4,132
1,898

28
4,382
2,932

3,401,822

3,896

174

3,397,752

35,438

2,154

15,972

16,072

342,662

30,409

36,331

Recoveries, transfers from valuation reOn securities:
Profits on securities sold or redeemed . . . .
Recoveries
...........................................
Transfers from valuation reserves
.........
On loans:
Recoveries
.............................................
Transfers from valuation reserves..............
Losses, charge-offs, and transfers to
valuation reserves— to ta l..........................
On securities:
Losses on securities sold ..............................
Charge-offs prior to sale ........................
Transfers to valuation reserves
On loans:
T.naopa ortrl
..............................
Transfers to valuation reserves...................
N et incom e before related taxes....................




39

CORPORATION

24,569
1,629
1,409
16,480
1,931
728
2,275
20
97

909
144
65
530
40
17
74

Other current operating revenue.....................

11,069,604
1,901,732
629,134
6,891,442
117,259
630,458
223,283
502,871
173,425

Current operating revenue— to ta l................
Interest on U. S. Government obligations. . .
Interest and dividends on other securities.. .
Interest and discount on loans........................
Service charges and fees on loans...................
Service charges on deposit accounts...............
Other charges, commissions, fees, etc.............

INSURANCE

Colorado

DEPOSIT

California

FEDERAL

Arkansas

Taxes on net incom e— to ta l............................
Federal....................................................................
State........................................................................

1,406,102
1,317,292
88,810

635
457
178

60
60

1,405,407
1,316,775
88,632

13,776
12,106
1,670

941
934
7

7,758
7,341
417

4.752
4.752

158,995
137,775
21,220

15,034
12,876
2,158

15,708
13,291
2,417

Net income after related taxes.......................

1,995,720

3,261

114

1,992,345

21,662

1,213

8,214

11,320

183,667

15,375

20,623

Dividends and interest on capital— to ta l..
Cash dividends declared on common stock..
Dividends declared on preferred stock and
interest on capital notes and debentures. .

895,053
893,230

1.425
1.425

893,628
891,805

7.397
7.397

372
372

5.270
5.270

4.023
4.023

102,126
102,070

6.797
6.797

10.597
10.597

N et additions to capital from in co m e ........

1,100,667

1,836

114

1,098,717

14,265

841

2,944

7,297

81,541

8,578

10,026

Number of banking employees (exclusive of
building employees), December 30:
Active officers.......................................................
Other employees...................................................

107,060
. 496,040

349
1,135

6
58

106,705
494,847

1,396
5,074

116
599

781
4,205

1,158
2,709

10,195
56,540

1,205
5,093

1,230
7,299

9,911
73,844

320

2

9,911
73,522

2
890

356

758

4
527

2,014
9,487

6
1,451

7
643

22,463
249,500

938

22,463
248,562

120
2,235

612

2,911

12
1,366

353
32,094

21
3,417

10
2,394

510,691
137,024

921
206

13
1

509,757
136,817

3,243
1,066

770
68

4,996
1,150

2,790
536

57,092
7,564

5,214
2,879

6,493
1,710

647,715
1,580

1,127
4

14

646,574
1,576

4,309
25

838

6,146
11

3,326
8

64,656
194

8,093
21

8,203

79,883
9,232
111,363
76,726
110,783
164,160
93,988

124
17
177
119
173
316
197

79,759
9,215
111,185
76,602
110,607
163,840
93,790

645
62
943
406
913
1,104
211

29
3
113
168
213
263
49

442
63
1,093
541
1,328
2,270
398

389
34
771
457
695
491
481

2,835
380
8,309
11,504
9,306
23,683
8,445

1,008
81
869
601
1,132
3,540
841

1,351
143
1,465
841
1,646
1,231
1,526

Number of building employees, December 30:
Officers....................................................................
Other employees...................................................

219
30,061

2
55

217
30,006

5
378

12

1
116

4
236

19
816

3
321

445

Number of banks, December 3 0 ..........................

13,115

7

13,107

238

10

11

233

117

164

58

BANKS

1

INSURED

1
5
3
4
1

Note: For average asset and liability data b y State see Table 112 on pp. 116-117.
Back figures, 19^ 6-1960: See the Annual R eport for 1960, pp. 166-175, and earlier reports.




56

O
F

Occupancy expense o f bank
premises
Occupancy expense o f bank premises,
net — to ta l......................................................
Rental and other income.......................................
Occupancy expense o f bank premises,
gross— to ta l.....................................................
Salaries— building department officers...........
Salaries and wages— building department
employees..........................................................
Building department personnel benefits........
Recurring depreciation.......................................
Maintenance and repairs...................................
Insurance and utilities.......................................
Rents paid.............................................................
Taxes.......................................................................

1,823

INCOME

M emoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..........................................................
On loans.................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..........................................................
On loans.................................................................

1,823

Table 120.

I ncome

of

I n s u r e d C o m m e r c ia l B a n k s

in

the

U n it e d S t a t e s ( S t a t e s

and

O t h e r A r e a s ) , B y S t a t e , 1961— C o n tin u ed

(Amounts in thousands of dollars)

233,045
51,468
12,307
129,103
4,226
22,195
5,032
6,390
2,324

160,201
23,267
7,029
101,976
2,639
12,337
6,277
5,230
1,446

38,085
6,165
1,696
25,750
1,085
1,942
1,203

Current operating expenses— to ta l...................
Salaries— officers......................................................
Salaries and wages— other employees................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits................
Interest on borrowed m o n e y ................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment.......................................
Other current operating expenses........................

20,661
3,556
6,358
1,292
273
3,051
58
1,529
800
3,744

45,678
6,469
12,992
1,737
420
10,188
59
3,799
1,437
8,577

169,188
24,827
43,820
6,993
1,862
40,838
347
11,571
7,928
31,002

112,001
18,661
27,825
5,661
1,414
22,980
298
8,520
3,927
22,715

Net current operating earnings.........................

15,625

25,390

63,857

1,669

1,537

Other current operating revenue.........................

Recoveries, transfers from valuation re­
serves, and profits— to ta l..............................
On securities:
Profits on securities sold or redeemed................
Recoveries..............................................................
Transfers from valuation reserves
On loans:
Recoveries..............................................................
Transfers from valuation reserves...................
All other.....................................................................
Losses, charge-offs, and transfers to valua­
tion reserves— to ta l.........................................
On securities:
Losses on securities sold....................................
Charge-offs prior to sale....................................
Transfers to valuation reserves.......................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................
All other.....................................................................
Net income before related taxes........................




Idaho

Hawaii

Illinois

Indiana

Iowa

Kansas

Kentucky

244

35,166
7,165
1,531
21,224
825
3,029
937
200
255

768,736
174,096
53,399
439,389
6,756
31,013
11,218
45,933
6,932

218,544
52,567
9,109
132,105
1,260
11,483
4,028
5,942
2,050

145,165
27,727
9,080
92,139
402
9,166
3,338
1,866
1,447

110,159
24,864
9,468
63,113
383
8,143
1,890
997
1,301

103,176
22,811
4,517
63,788
714
4,439
1,184
4,473
1,250

27,444
2,535
7,055
1,740
162
9,332
23
1,836
905
3,856

23,123
4,075
5,286
1,001
170
6,773
77
1,255
810
3,676

497,174
68,080
117,717
27,654
4,132
155,358
2,801
32,475
12,055
76,902

154,895
24,615
35,615
6,849
1,918
42,424
167
9,535
4,743
29,029

101,355
23,897
19,073
3,798
1,082
26,001
166
6,148
3,042
18,148

71,750
17,676
14,376
2,489
1,181
15,525
151
4,658
2,187
13,507

65,744
13,373
14,785
2,957
1,149
12,710
172
5,135
1,939
13,524

48,200

10,641

12,043

271,562

63,649

43,810

38,409

37,432

9,652

5,435

890

1,606

93,720

14,594

7,236

5,627

3,753

7,603
6
280

2,832
58
122

655
49

1,470
2
27

73,495
3,278
8,907

10,369
65
2,233

5,356
225
99

3,651
53
327

2,081
196
388

893
1
469

936
1

18
259
29

61
34
505

386
210
1,167

427
212
1,784

26
16
144

82
1
24

628
6,237
1,175

231
450
1,246

405
339
812

1,070
98
428

336
345
407

1,859

2,579

17,701

8,763

922

3,169

98,600

17,670

9,240

8,628

6,229

12
2
485

2
161
126

1,337
96
903

308
94
493

7
102

1,855
5
222

2,414
1,413
46,267

2,879
216
2,988

668
231
673

575
1,073
501

248
305
1,305

29
954
377

222
1,612
456

972
12,106
2,287

468
5,032
2,368

50
469
294

150
825
112

5,012
36,188
7,306

520
8,057
3,010

883
3,565
3,220

1,833
2,412
2,234

668
2,600
1,103

15,435

24,348

55,808

44,872

10,609

10,480

266,682

60,573

41,806

35,408

34,956

CORPORATION

71,068
14,135
1,704
43,522
685
5,183
987
4,436
416

Georgia

INSUBANCB

36,286
6,040
1,086
21,129
614
1,002
233
5,820
362

Current operating revenue— to ta l....................
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................

Florida

DEPOSIT

District of
Columbia

FEDERAL

Delaware

Income item

5,601
4,968
633

112.235
112.235

22.551
22.551

15.417
15.417

11.957
11.957

15.169
15.169

5,928

4,879

154,447

38,022

26,389

23,451

19,787

2.504
2.504

3.049
3.049

51,754
51,706

12,456
12,446

9,711
9,693

7.337
7.337

7,150
7,147

48

10

18

3,424

1,830

102,693

25,566

16,678

16,114

12,637

2,158
8,403

218
1,839

416
1,589

6,341
29,836

2,735
10,350

2,845
6,117

2,301
4,605

1,847
4,948

29
2,292

22
1,482

56
255

76

1,046
4,756

2
2,049

26
762

105
1,097

162
744

1,497

171
9,954

23
4,729

51
641

466

1,019
9,765

57
6,381

101
2,354

10
2,028

105
2,177

INSURED

1,529
224

3,799
857

11,571
4,280

8,520
2,573

1,836
327

1,255
331

32,475
9,231

9,535
3,365

6,148
1,016

4,658
1,393

5,135
1,159

1,753

4,656
15

15,851
53

11,093
27

2,163
19

1,586

41,706
72

12,900
19

7,164
1

6,051
11

6,294
7

BANKS

Taxes on net incom e— to ta l................................
Federal........................................................................
State............................................................................

22,116
22,116

18.137
18.137

N et income after related taxes...........................

7,785

12,629

33,692

26,735

Dividends and interest on capital— total. . . .
Cash dividends declared on common stock. . . .
Dividends declared on preferred stock and
interest on capital notes and debentures. . . .

4.953
4.953

6,181
6,181

11,965
11,930

11,632
11,623

35

9

Net additions to capital from in co m e............

2,832

6,448

21,727

15,103

Number of banking employees (exclusive of
building employees), December 30:
Active officers............................................................
Other employees.......................................................

334
1,821

500
3,148

2,712
13,194

88

151

44
315

168
22
343
144
314
633
129

933
64
742
525
700
1,155
522

1,534
165
2,788
1,984
3,080
3,382
2,865

1,074
102
2,063
1,402
1,843
2,038
2,544

147
26
367
175
434
870
125

214
10
410
140
298
282
232

7,235
632
6,228
5,971
6,168
9,943
5,457

2,256
172
2,539
1,753
2,390
2,128
1,643

831
57
1,191
954
1,489
1,594
1,047

808
41
1,209
955
1,154
712
1,161

895
63
952
890
1,319
920
1,248

Number of building employees, December 30:
Officers........................................................................
Other employees.......................................................

74

2
304

6
553

4
480

2
80

89

7
2,124

3
955

3
580

3
456

1
502

Number of banks, December 3 0 ..............................

19

11

318

362

7

32

970

437

649

587

342

M em oranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..............................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..............................................................
On loans.....................................................................
Occupancy expense o f bank
premises
Occupancy expense o f bank premises,
net— to ta l.............................................................
Rental and other income...........................................
Occupancy expense o f bank premises,
gross— to ta l.........................................................
Salaries— building department officers...............
Salaries and wages— building department
employees..............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Rents paid..................................................................
Taxes...........................................................................




3

137

Note: For average asset and liability data b y State see Table 112 on pp. 116-117.
Back figures, 1946 -1 9 6 0 : See the Annual R eport for 1960, pp. 166-175, and earlier reports.

4,681
4,352
329

O
F

11.719
11.719

INCOME

7,650
7,246
404

T a b le

120.

I ncome

of

I n s u r e d C o m m e r c ia l B a n k s

in

th e

U n it e d S t a t es (S tates

and

O t h e r A reas) ,

by

S t at e , 1961— C o n tin u ed

(Amounts in thousands of dollars)

xiiCOiiiu iteiii

Louisiana

iviaij ic
l

i\
/r--- ^
iViajijianu

Minne-

Massa­
chusetts

Mississippi

Missouri

Montana

MoKrosVo

M -iT
o -crla

432,230
85,090
31,062
264,861
3,685
22,633
7,637
14,334
2,928

213,085
37,639
11,343
129,098
1,239
13,820
11,132
7,108
1,706

64,633
11,098
7,564
36,555
157
4,437
3,533
584
705

261,780
51,863
14,736
166,737
1,695
12,147
3,716
7,881
3,005

41,844
8,140
2,456
25,402
650
3,346
1,224
276
350

76,277
14,875
3,369
49,507
159
4,860
1,511
1,362
634

25,624
3,956
1,299
16,430
818
1,264
778
767
312

Salaries— officers......................................................
Salaries and wages— other employees.................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits................
Interest on borrowed money................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment.......................................
Other current operating expenses........................

91,376
14,353
20,889
3,466
1,281
21,150
217
8,104
2,467
19,449

25,960
3,410
6,127
989
278
7,757
27
2,087
871
4,414

77,400
9,101
20,964
3,264
835
20,771
252
5,208
2,660
14,345

178,181
26,970
58,951
12,720
1,373
21,575
659
15,519
6,552
33,862

318,319
32,507
75,704
15,197
1,963
116,543
856
20,026
8,815
46,708

147,336
27,910
32,318
7,353
1,778
41,419
312
8,753
4,293
23,200

44,873
8,957
9,634
1,880
821
9,677
114
2,617
1,558
9,615

167,352
27,888
40,355
7,233
2,050
41,964
579
10,792
4,909
31,5S2

30,440
5,574
6,031
1,634
269
7,678
64
1,764
1,019
6,407

49,498
13,284
10,854
2,655
846
6,921
284
3,193
1,692
9,769

16,478
2,396
4,201
529
50
5,393
15
1,285
489
2,120

Net current operating earnings.......................

38,413

9,933

33,226

115,561

113,911

65,749

19,760

94,428

11,404

26,779

9,146

Recoveries, transfers from valuation re­
serves, and profits— total............................

7,270

1,132

6,424

20,239

18,899

7,030

3,242

17,706

2,592

2,788

3,843

5,309
63
198

857
4
44

4,121
39
1,512

10,385
216
2,309

14,016
30
1,691

5,406
124
152

1,092
197
752

9,090
157
5,347

1,041
174
380

1,384
200
139

3,803

228
1,122
350

88
20
119

113
415
224

163
1,661
5,505

222
476
2,464

617
87
644

320
339
542

546
1,580
986

625
14.3
229

268
279
518

38

11,732

1,985

7,505

24,520

25,023

8,483

7,039

17,455

2,835

5,250

2,929

498
234
2,819

132
41
311

468
130
1,425

1,562
67
6,053

385
160
6,604

341
810
1,169

212
612
874

2,357
409
3,467

53
292
738

270
187
945

2,019

403
5,490
2,288

51
1,200
250

162
3,816
1,504

164
11,946
4,728

645
12.823
4,406

941
3,506
1,716

647
3,603
1,091

793
7,940
2,489

692
820
240

261
2,465
1,122

54
753
103

33,951

9,080

32,145

111,280

107,787

64,296

15,963

94,679

11,161

24,317

10,060

Current operating expenses— total.................

On securities:
Profits on securities sold or redeemed............
Recoveries ..........................................................
Transfers from valuation reserves
On loans:
Recoveries.............................................................
Tran«fers from valuation reserves
All other.....................................................................

Losses, charge-offs, and transfers to valua­
tion reserves— total......................................
On securities:
Losses on securities sold ...........
...............
Charge-offs prior to sale ...........
...............
Transfers to valuation reserves........................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................

Net income before related taxes......................




2

CORPORATION

293,742
42,063
9,763
177,563
3,098
19,973
9,177
25,592
6,513

INSURANCE

110,626
22,833
6,090
65,333
1,272
8,768
2,466
2,755
1,109

DEPOSIT

35,893
5,248
1,276
24,708
301
2,274
488
1,308
290

Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
Trust department....................................................
Other current operating revenue.........................

FEDERAL

129,789
26,892
9,001
77,392
521
8,572
4,831
1,193
1,387

Current operating revenue— total..................

Taxes on net income— to ta l................................
Federal........................................................................
State............................................................................

13.947
13.947

Net income after related taxes...........................
Dividends and interest on capital— to ta l. . . .
Cash dividends declared on common stock. . . .
Dividends declared on preferred stock and
interest on capital notes and debentures. . . .

1

5

2

10

185

49

5

20

Net additions to capital from in co m e ............

12,105

3,140

10,359

27,703

43,166

21,086

7,299

Number of banking employees (exclusive of
building employees), December 30:
Active officers...........................................................
Other employees.......................................................

1,509
5,993

425
1,986

1,097
6,262

2,497
16,817

3,139
19,639

3,225
9,510

12
922

22
297

5
352

18
1,475

3,489

165
3,334

356
896

11
2,378

174
6,954

8,104
2,524

2,087
362

5,208
1,217

10,628
46

2,449

1,609
117
1,817
851
1,447
1,711
3,030

Number of building employees, December 30:
Officers........................................................................
Other employees.......................................................
Number of banks, December 3 0 ..............................

20,004

5,656

18,828

7,899
7,898

2,516
2,511

8,469
8,467

56,059

6,532

14,255

5,493

20,417
20,397

3.092
3.092

5.861
5.861

2.578
2.578

35,642

3,440

8,394

2,915

1,096
3,020

3,302
12,355

629
1,765

1,583
3,498

279
1,125

1,057

118
737

1,623
1,139

14
280

25
751

63

4,079
9,249

1
3,279

104
1,966

737
4,157

1
666

381
1,459

349

15,519
3,313

20,026
3,265

8,753
4,101

2,617
1,301

10,792
1,870

1,764
724

3,193
1,119

1,285
136

6,425
22

18,832
55

23,291
55

12,854
23

3,918
1

12,662
10

2,488

4,312
15

1,421

354
31
463
230
465
583
323

630
48
1,039
1,038
1,169
1,793
686

2,242
318
3,160
1,916
3,732
3,098
4,311

3,422
405
4,279
2,839
4,539
4,241
3,511

1,199
116
1,649
1,327
2,904
3,909
1,727

359
20
518
380
664
1,050
926

1,968
244
2,559
1,579
2,334
2,859
1,109

351
35
455
259
368
422
598

565
58
834
572
751
917
600

164
17
236
131
296
157
420

7
619

204

3
353

6
725

6
1,236

5
588

1
229

4
826

159

2
348

53

191

43

131

163

371

680

191

612

122

394

7

4.328
4.328

56,293

72,241

35,537

11,635

28,590
28,580

29,075
28,890

14,451
14,402

4,336
4,331

Note: For average asset and liability data b y State see Table 112 on pp. 116-117.
Back figures, 1 9 4 6 -19 60: See the Annual Report for 1960, pp. 166-175, and earlier reports.




38,620
36,455
2,165

4.567
4.567

BANKS

10,062
10,062

28,759
23,591
5,168

INSURED

4,629
4,352
277

35.546
35.546

54,987
46,744
8,243

O
F

Occupancy expense o f bank
premises
Occupancy expense o f bank prem ises, net
— to ta l...................................................................
Rental and other income...........................................
Occupancy expense o f bank prem ises, gross
— to ta l...................................................................
Salaries— building department officers...............
Salaries and wages— building department
employees..............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Rents paid..................................................................
Taxes...........................................................................

13.317
13.317

INCOME

M emoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..............................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..............................................................
On loans.....................................................................

3.424
3.424

Table 120.

I ncom e

of

I n s u r e d C o m m e r c ia l B a n k s

in

the

U n it e d S t a t e s ( S t a t e s

and

O ther A

reas), b y

S t a t e , 1961— C o n tin u e d

(Amounts in thousands of dollars)

Income item

New
Hampshire

New
Jersey

New
Mexico

New
York

North
Carolina

i

i i
—

o
North
Dakota

Ohio

Oklahoma

Oregon

Pennsyl­
vania

Rhode
Island

2,088,797
303,437
119,025
1,288,047
19,956
72,723
39,867
170,358
75,384

145,225
20,333
8,649
90,427
2,917
9,692
6,624
5,250
1,333

33,945
7,692
2,488
18,581
224
1,994
2,451
217
298

520,979
106,585
31,617
316,674
3,939
28,526
7,095
21,166
5,377

121,107
23,696
6,921
75,981
796
9,333
1,758
1,664
958

102,951
14,894
6,569
64,785
1,043
9,420
2,044
2,804
1,392

717,110
118,309
47,232
452,938
5,246
27,705
9,402
47,749
8,529

48,218
6,253
2,657
31,378
183
2,699
785
3,897
366

Current operating expenses— to ta l...................
Salaries— officers......................................................
Salaries and wages— other employees.................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits................
Interest on borrowed money................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment.......................................
Other current operating expenses........................

16,029
2,475
3,177
849
267
4,674
48
1,041
556
2,942

262,888
30,136
63,560
11,606
2,579
86,885
441
18,628
8,503
40,550

25,852
4,471
6,621
939
240
5,559
8
1,893
1,064
5,057

1,271,332
133,767
375,876
94,667
4,723
322,329
17,393
110,409
30,701
181,467

98,580
18,385
25,830
4,675
793
20,730
324
6,213
3,598
18,032

22,716
5,002
3,915
1,089
272
6,825
11
1,139
708
3,755

352,227
41,552
83,062
14,966
2,789
116,003
1,455
18,436
9,702
64,262

76,350
17,674
17,220
3,618
940
15,825
170
4,477
2,444
13,982

75,308
11,254
17,849
3,011
250
26,513
81
4,487
2,347
9,516

488,111
59,130
115,316
24,841
5,200
147,014
1,763
32,464
15,145
87,238

32,607
3,380
7,612
2,428
212
11,614
79
1,938
818
4,526

Net current operating earnings.........................

6,267

87,616

10,458

817,465

46,645

11,229

168,752

44,757

27,643

228,999

15,611

1,072

15,109

1,306

156,581

7,718

1,092

57,046

6,080

665

57,646

3,805

867
60
25

10,054
50
2,230

930
1

79,868
2,399
27,147

5,267
23
157

545
8
85

28,548
173
5,354

4,651
59
6

388

41,351
226
6,751

3,683

39
14
67

269
702
1,804

201

900
20,805
25,462

107
1,346
818

62
13
379

459
2,006
20,506

934
39
391

247

699
4,832
3,787

19
54
49

1,535

28,910

3,421

229,908

11,570

1,662

43,009

7,334

3,513

71,278

5,635

418
73
215

5,420
276
5,071

101
21
206

5,841
492
40,944

1,761
56
1,967

88
34
1

1,133
2,096
20,153

142
115
937

7
10
1,929

3,216
1,089
25,839

2,791

56
583
190

539
14,961
2,643

161
2,528
404

578
147,982
34,071

332
6,074
1,380

105
1,052
382

881
14,691
4,055

1,845
3,352
943

73
1,069
425

957
32,089
8,088

56
1,913
783

5,804

73,815

8,343

744,138

42,793

10,659

182,789

43,503

24,795

215,367

13,781

Recoveries, transfers from, valuation re­
serves, and profits— to ta l..............................
On securities:
Profits on securities sold or redeemed............
P opnvpri p
q
Troncforc frnm VQlllflfinn roQ fV Q
A A
On loans:
Transfers from valuation reserves
Losses, charge-offs, and transfers to valua­
tion reserves— to ta l.........................................
On securities:
Losses cn securities sold....................................
Transfers to valuation reserves........................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................
Net income before related taxes........................




174

3
27

92

CORPORATION

36,310
7,262
1,316
22,564
423
2,955
1,040
431
319

INSURANCE

350,504
57,595
31,541
216,260
3,042
23,031
3,791
11,822
3,422

DEPOSIT

22,296
3,199
1,095
14,908
161
1,943
320
440
230

FEDERAL

Current operating revenue— to ta l....................
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
Trust department....................................................
Other current operating revenue.........................

Taxes on net incom e— to ta l................................
Federal........................................................................

2,066
2,066

N et incom e after related taxes...........................

3,738

Dividends and interest on capital— total. . . .
Cash dividends declared on common stock.. . .
Dividends declared on preferred stock and

1.232
1.232

Net additions to capital from in co m e............

2,506

Number of banking employees (exclusive of
building employees), December 30:
Active officers............................................................
Other employees.......................................................

19.405
19.405

2.878
2.878

315,394
281,208
34,186

18,205
16,612
1,593

54,410

5,465

428,744

23,320
22,894

2.291
2.291

228,431
227,727
704

1

31,090

3,174

200,313

322
1,040

2,863
17,152

481
1,903

142

6
1,880

33
415

3,858
3,629
229

73.068
73.068

17,997
16,777
1,220

10,178
8,058
2,120

84.881
84.881

24,588

6,801

109,721

25,506

14,617

130,486

6,940

9,760
9,759

2.712
2.712

36,066
36,056

8.772
8.772

7.869
7.869

68,180
68,178

4.574
4.574

14,828

4,089

73,655

16,734

6,748

62,306

2,366

10,027
85,509

2,051
8,100

652
1,331

4,111
22,011

2,095
5,272

1,312
4,642

6,223
31,149

337
2,205

2
745

2,358
10,223

147
479

172

195
2,954

1,252

476

120
3,840

140

1,429
5,716

93
2,120

4,574
48,513

2,341
2,516

388

1,075
8,224

18
3,746

3,410
1,294

1,173
15,214

1,063

1,041
148

18,628
3,250

1,893
461

110,409
19,519

6,213
1,434

1,139
407

18,436
9,550

4,477
3,841

4,487
683

32,464
7,244

1,938
1,447

1,189

21,878
38

2,354

129,928
263

7,647
34

1,546
2

27,986
73

8,318
15

5,170
42

39,708
115

3,385
39

142
12
178
119
220
300
218

2,556
318
4,424
3,325
3,678
3,266
4,273

342
16
505
268
347
484
392

13,268
2,566
19,817
10,673
20,622
48,408
14,311

1,111
113
1,616
935
1,577
1,530
731

194
15
322
143
376
247
247

5,278
530
5,002
3,521
4,628
6,167
2,787

1,349
144
1,535
1,075
1,392
2,211
597

718
65
1,227
980
730
676
732

7,368
874
7,632
4,563
6,367
8,081
4,708

750
122
519
244
484
630
597

Number of building employees, December 30:
Officers ......................................................................
Other employees.......................................................

82

4
878

107

27
3,126

4
622

1
145

14
2,144

2
608

4
219

17
2,837

4
285

Numoer of banks. December 3 0 ..............................

71

244

57

374

170

153

575

385

47

666

8

426

BANKS




INSURED

Note: For average asset and liability data b y State see Table 112 on pp. 116-117.
Back figures, 1 946 -19 60: See the Annual Report for I960, pp. 166-175, and earlier reports.

O
F

Occupancy expense o f bank
premises
Occupancy expense o f bank premises, net
— to ta l...................................................................
Rental and other income...........................................
Occupancy expense o f bank premises, gross
— to ta l...................................................................
Salaries— building department officers...............
Salaries and wages— building department
employees..............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and reoairs.......................................
Insurance and utilities............................................
Rents paid..................................................................
Taxes...........................................................................

2

INCOME

Memoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..............................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..............................................................
On loans.....................................................................

10

6,841
5,806
1,035

Table 120.

I ncome

of

I n s u r e d C o m m e r c ia l B a n k s

in

the

U n it e d S t a t e s ( S t a t e s

O th er A

reas) , b y

Vermont

Virginia

Wash­
ington

and

S tate,

1961— C o n tin u e d

(Amounts in thousands of dollars)

Incomc item

South
Carolina

South
Dakota

T phtipsspp

Texas

Utah

West
Virginia

Wisconsin

Wyoming

522,469
92,127
28,512
341,563
3,298
31,946
8,097
10,530
6,396

53,159
6,830
2,115
34,856
1,889
4,467
1,393
1,262
347

21,801
2,903
1,130
15,384
255
1,335
214
375
205

169,020
26,708
9,174
110,085
1,734
11,188
3,313
5,506
1,312

147,919
21,834
6,787
92,844
2,042
14,662
3,580
4,342
1,828

59,873
14,853
2,874
36,298
499
2,407
950
1,446
546

202,365
45,594
11,085
125,409
1,569
10,627
2,629
3,578
1,874

20,311
4,203
851
12,735
203
1,377
619
141
182

Current operating expenses— to ta l...................
Salaries— officers......................................................
Salaries and wages— other employees.................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits................
Interest on borrowed money.................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment......................................
Other current operating expenses........................

34,898
7,244
9,546
1,710
474
4,861
30
2,485
1,450
7,098

26,577
6,358
4,738
1,237
430
7,259
12
1,344
836
4,363

103,242
15,564
22,681
4,293
904
31,998
274
6,236
3,345
17,947

346,061
63,474
76,974
13,156
4,164
75,887
1,851
24,270
11,033
75,252

34,866
4,681
7,836
1,459
301
11,494
139
2,109
1,222
5,625

17,062
2,157
2,974
579
300
7,238
23
1,025
473
2,293

117,609
17,444
26,739
4,633
1,524
35,555
243
7,107
3,945
20,419

102,322
14,725
28,782
4,814
386
28,195
186
6,864
3,600
14,770

39,135
6,827
8,506
1,727
713
10,489
73
2,277
1,303
7,220

145,240
24,660
27,455
6,569
2,117
51,817
219
7,843
3,951
20,609

13,403
2,653
2,918
368
221
3,960
28
665
499
2,091

Net current operating earnings.........................

17,787

12,993

50,298

176,408

18,293

4,739

51,411

45,597

20,738

57,125

6,908

1,763

800

6,387

18,718

2,719

713

6,945

7,040

2,644

16,317

1,096

1,502
24

517
4

4,005
78
610

10,086
279
1,819

2,047
21
44

531
26
14

5,099
34
781

4,988
810
24

2,075
17
86

12,456
159
2,804

738
11
14

62
19
156

133
44
102

340
329
1,025

3,090
1,319
2,125

63
85
459

15
26
101

186
273
572

62
655
501

154
39
273

121
87
690

171
115
47

2,261

2,251

9,994

39,546

2,076

1,053

9,183

7,733

3,601

11,091

1,419

36
48
51

45
37
26

429
332
2,370

825
646
2,909

212
44
498

194
16
10

452
119
2,518

715
76
2,030

293
49
427

934
339
1,102

42
75
186

128
1,583
415

95
1,591
457

534
4,602
1,727

5,453
23,356
6,357

37
1,131
154

21
646
166

313
4,744
1,037

133
4,010
769

227
1,567
1,038

125
7,561
1,030

384
484
248

17,289

11,542

46,691

155,580

18,936

4,399

49,173

44,904

19,781

62,351

6,585

Recoveries, transfers from valuation re­
serves, and profits— to ta l..............................
On securities:
Profits on securities sold or redeemed...........
Recoveries..............................................................
Transfers from valuation reserves...................
On loans:
Recoveries..............................................................
Transfers from valuation reserves...................
All other.....................................................................
Losses, charge-offs, and transfers to valua­
tion reserves— to ta l.........................................
On securities:
Losses on securities sold.....................................
Charge-offs prior to sale.....................................
Transfers to valuation reserves........................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................
All other.....................................................................
Net income before related taxes........................




CORPORATION

153,540
25,658
8,648
104,665
930
6,196
3,301
2,927
1,215

INSURANCE

39,570
8,630
1,883
23,478
275
2,440
2,265
310
289

DEPOSIT

52,685
9,377
3,700
30,443
184
4,643
2,954
949
435

FEDERAL

Current operating revenue-—to ta l....................
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
Trust department....................................................
Other current operating revenue.........................

Taxes on net incom c— to ta l................................
Federal........................................................................
State............................................................................

6,935
6,507
428

N et income after related taxes...........................
Dividends and interest on capital— total. . . .
Cash dividends declared on common stock.. . .
Dividends declared on preferred stock and
interest on capital notes and debentures. . . .
Net additions to capital from in co m e............
Number of banking employees (exclusive of
building employees), December 30:
Active officers...........................................................
Other employees.......................................................

20,229
19,886
343

60.399
60.399

8,482
8,155
327

1,338
1,198
140

20.043
20.043

18.988
18.988

8.310
8.310

21,777
20,247
1,530

2.963
2.963

10,354

6,753

26,462

95,181

10,454

3,061

29,130

25,916

11,471

40,574

3,622

4,242
4,240

2.561
2.561

10.099
10.099

44.006
44.006

4.361
4.361

1,279
1,212

12,035
11,989

10.097
10.097

4.307
4.307

13,585
13,480

1,291
1,287

67

46

105

4

6,112

4,192

16,363

51,175

6,093

1,782

17,095

15,819

7,164

26,989

2,331

888
3,154

811
1,575

1,975
7,117

6,935
22,330

533
2,384

289
917

2,159
8,226

1,535
7,472

824
2,589

2,721
8,596

292
834

213

301

659

1,711
7,846

233

90

54
918

770

236

1,202

325

1
1,004

4
725

6
2,476

66
21,623

1
613

5
302

98
3,824

1
2,038

20
986

7
5,248

2
491

2,485
255

1,344
278

6,236
1,955

24,270
20,774

2,109
84

1,025
163

7,107
1,482

6,864
767

2,277
894

7,843
2,183

665
337

2,740
1

1,622
1

8,191
29

45,044
94

2,193
5

1,188

8,589
10

7,631
74

3,171
21

10,026
1

1,002
9

170
20
525
524
807
560
133

189
23
277
162
430
273
267

1,179
86
1,830
1,020
1,439
843
1,765

4,985
368
9,112
4,499
8,037
6,224
11,725

163
10
299
158
230
1,200
128

159
10
243
115
223
275
163

1,258
100
1,694
961
1,805
2,034
727

828
111
2,110
1,064
1,500
1,223
721

507
45
683
407
643
407
458

1,461
131
2,008
1,180
1,797
1,746
1,702

127
7
223
133
184
76
243

Number of building employees, December 30:
Officers........................................................................
Other employees.......................................................

1
127

1
146

638

13
1,983

1
116

94

2
654

8
240

4
266

5
767

3
61

Number of banks, December 3 0 ..............................

138

174

290

1,001

46

52

302

88

180

561

55




BANKS

Note: For average asset and liability data b y State see Table 112 on pp. 116-117.
Back figures, 1 9 4 6 -19 60: See the Annual Report for 1960, pp. 166-175, and earlier reports.

INSURED

Occupancy expense o f bank
premises
Occupancy expense of bank premises, net
— to ta l...................................................................
Rental and other income...........................................
Occupancy expense o f bank premises, gross
— t o ta l...................................................................
Salaries— building department officers...............
Salaries and wages— building department
employees...............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Rents paid.................................................................
Taxes...........................................................................

O
F

M emorand a
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..............................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..............................................................
On loans.....................................................................

2

INCOME

4,789
4,416
373

Table 121.

I n c o m e o f I n s u r e d M u t u a l S a v in g s B a n k s ,

1953-1961

(Amounts in thousands of dollars)
1960

1961

898,440
146,624
102 590
623^586
645,592
20,475
1,531
8,439
6
108
97
8,328
8,867

1,026,327
147,157
127 212
720[215
744,303
25,138
950
10,848
31
140
109
7,898
12,966

1,149,643
141,950
167 489
808,975
886,515
25,985
1,555
11,749
2
139
137
8,384
11,094

1,280,347
146,353
180,535
92l]315
951,952
29,154
1,483
12,669
-1
216
217
7,486
11,990

1,461,763
152,458
199,258
1,070473
1,104,100
32,343
1,584
18,407
27
897
870
7,474
13,966

1,595,183
151,931
205,751
1,194,282
1,231,774
86,045
1,447
18,767
-3 8
879
417
9,081
15,409

147,678
24,200
50,879

158,317
25,861
53,962

174,758
28,590
58,310

187,758
30,099
61,797

201,402
32,082
64,396

224,789
36,608
71,295

241,685
38,158
75,303

13,544
2,697

14,643
2,809

16,478
3,007

18,314
3,203

20,006
3,366

22,656
3,731

24,134
3,994

1956

Current operating income— to ta l...................................................
Interest on U. S. Government obligations......................................
J C C l/ £ A . C iU J lU U UtUCl .......................................................
-ilL lC S t± U llV .C _ .i3 U
Interest and discount on real estate mortgage loans— net.........
Interest and discount on real estate mortgage loans— gross........
Less: Mortgage servicing fees............................................................
Premium amortization............................................................
Interest and discount on other loans and discounts— net..........
Income on real estate other than bank building— net.................
Income on real estate other than bank building— gross...............
Less: Operating expense....................................................................
Income on other assets.........................................................................

647,067
164,630

721,323
155,869

381,895
896,264
9,483
4,886
5,184
77
338
261
7,171
6,107

447,022
461,769
11,922
2,825
6,642
86
292
206
7,746
7,753

801,682
150,657
on i on
528^426
545,841
15,623
1,792
7,322
-1 7
247
264
8,171
7,933

Current operating expense— t o ta l..................................................

127,336
21,142
44,351

139,931
22,870
48,074

11,566
2,303

12,623
2,526
15,019

15,094

17,492

19,326

20,925

22,695

25,255

27,369

22,495
7,476
7,562
2,755
28,502

22,793
7,699
7,979
2,790
30,495

25,380
I 7,888
1
[ 8,437
13,058
32,055

27,846
8,520
9,407
3,251
36,389

30,252
9,827
10,183
3,501
39,736

82,268
9,573
11,316
4,445
43,096

35,120
9,865
11,707
4,740
48,797

87,298
9,929
12,824
5,438
54,465

N et'current operating in com e..........................................................

519,731

581,392

654,004

740,123

851,569

961,885

1,078,945

1,236,974

1,353,498

State franchise and income taxes......................................................

8,569
6,459
2,110

10,643
7,231
3,412

9,047
7,818
1,229

8,955
8,321
634

9,060
8,972
88

10,342
9,831
511

11,649
11,172
477

13,637
13,190
447

16,011
15,277
734

511,162

644,957

731,168

842,509

951,543

1,067,296

1,223,337

1,337,487

466,119

536,256

609,335

716,383

812,254

897,469

1,073,542

1,147,767

96,211

104,630

108,701

121,833

126,126

139,289

169,827

149,795

189,720

36,962
12,372

Net current operating income after taxes and dividends. . .

570,749

414,951

Net current operating income after taxes..................................

59,228
12,334

44,430
11,586

48,192
10,537

48,148
13,434

66,160
17,295

91,205
21,147

142,009
31,133

113,763
17,567

5,287
783
304
1,489

23,914
389
219
943

18,070
481
3,179
977

17,355
456
413
1,435

16,022
259
437
431

30,974
138
367
624

39,498
192
646
2,498

34,860
283
535
6,576

54,263
629
337
459

6,132
9,965
275
355

10,858
8,450
126
1,995

1,878
7,710
157
392

4,463
12,501
29
1,003

5,939
10,850
65
711

8,345
8,068
28
321

14,270
12,021
17
916

57,588
10,480
86
468

10,873
29,068
36
531

Non-recurring incom e, realized profits and recoveries
credited to profit and loss, and transfers from valuaRealized profits and recoveries on:
Securities sold or matured..............................................................
Real estate mortgage loans.............................................................
Transfers from valuation adjustment provisions1 on:




CORPORATION

13,521
20,926
7,405
6,837
2,445
25,171

INSURANCE

Salaries and wages— employees..........................................................
Pension, hospitalization and group insurance payments, and
other employee benefits...............................................................
Fees paid to trustees and committee members.............................
Occupancy, maintenance, etc.^ of bank premises (including
taxes and recurring depreciation)— net. . . ........... ................
Occupancy, maintenance, etc. of bank premises (including taxes
and recurring depreciation)— gross.........................................
Less: Income from bank building....................................................
Deposit insurance assessments...........................................................
Furniture and fixtures (including recurring depreciation).........
All other current operating expense.................................................

DEPOSIT

1959

1955

FEDERAL

1958

1954

144

1957

1953

Income item

Non-recurring expense, realized losses charged to profit
and loss, and transfers to valuation adjustm ent pro83,870
12,958

79,852
13,699

126,876
11,385

123,664
16,981

116,143
17,692

28,333
152
39
106

12,773
112
49
551

21,673
636
101
823

26,991
542
171
149

35,526
1,036
179
191

25,056
603
191
684

66,875
330
260
440

63,846
508
210
315

40,851
1,252
375
404

10,639
17,005
11
2,066

12,403
20,380
7
4,496

10,630
19,219
42
3,174

16,689
16,194
46
153

18,062
15,236
16
666

21,946
16,733
45
895

30,347
16,151
40
1,048

23,352
17,679
19
754

19,337
35,377
111
744

62,666

98,808

86,746

98,445

90,404

125,597

134,156

168,140

187,340

15
33
10
1

220
41

23
50

1,151
268

571
14

278
53

24

9

5

173
99
2
37

471
136

2

972
365
39
5

585

6

12,523
469
683
89

7,527
166
234
45

4,250
326
180
326

4,055
318

6,267
217
3
300

9,339
197
26
385

8,110
1,131
13
165

7,721
720

51

8,741
342
127
67

Cash and due from banks..................................................................
United States Government obligations...........................................
Other securities......................................................................................
Real estate mortgage loans................................................................
Other loans and discounts..................................................................
Other real estate....................................................................................
All other assets.......................................................................................

19,625,429
744,369
6,620,535
2,591,176
9,288,364
102,768
2,432
275,785

21,872,622
874,215
6,755,391
3,015,662
10,802,477
120,350
2,957
301,570

22,740,783
809,152
5,993,243
3,008,656
12,467,355
130,165
2,019
330,193

24,533,839
757,496
5,730,449
3,034,920
14,494,241
155,376
2,197
359,160

26,904,256
723,830
5,592,025
3,559,430
16,445,982
185,174
3,586
394,229

29,160,570
742,225
5,338,796
4,378,447
18,045,621
227,027
4,361
424,093

31,248,671
689,698
5,236,825
4,677,222
19,937,652
244,010
7,002
456,262

34,339,564
721,308
5,092,512
5,036,291
22,628,058
355,327
11,555
494,513

35,916,590
757,912
4,791,909
5,228,022
24,255,437
353,474
18,955
510,881

Liabilities and surplus accounts— to ta l......................................
Total deposits.................. ......................................................................
Savings and time deposits................................................................
Demand deposits.................................................................................
Other liabilities......................................................................................
Total surplus accounts.........................................................................

19,625,429
17,718,957
17,688,777
80,180
119,359
1,787,113

21,872,622
19,738,300
19,694.981
43,319
159,912
1,974,410

22,740,783
20,577,403
20,525,629
51,774
199,228
1,964,152

24,533,839
22,202,156
22,167,537
54,619
249,779
2,081,904

26,904,256
24,322,261
24,295,761
26,500
318,445
2,263,550

29,160,570
26,304,610
26,274,758
29,852
431,019
2,424,941

31,248,671
28,136,390
28,106,089
30,801
512,192
2,600,089

34,339,564
30,822,839
30,790,599
32,240
598,011
2,918,714

35,916,590
32,320,488
32,113,129
207,359
506,744
3,089,358

Number of active officers, December 3 1 .............................................
Number of other employees, December 3 1 ........................................

1,908
12,525

1,999
13,227

2,042
13,618

2,130
13,860

2,239
14,590

2,356
14,925

2,504
15,110

2,885
16,753

2,977
17,290

Number of banks, December 3 1 ...........................................................

219

218

220

223

239

241

268

325

330

Real estate mortgage loans............................................................
Other real estate................................................................................
All other assets........................................ .. .......................................
Transfers to valuation adjustment provisions1 on:
Securities.............................................................................................
Real estate mortgage loans............................................................
Other real estate................................................................................
Net additions to total surplus accounts from operations. .
M emorand a
Recoveries credited to valuation adjustm ent provisions1
(not included in recoveries above) on :
Real estate mortgage loans................................................................
Other real estate....................................................................................
All other assets.......................................................................................
Realized losses charged to valuation adjustm ent provi­
sions1 (not included in realized losses above) on:
Real estate mortgage loans................................................................
Other real estate....................................................................................
All other assets.......................................................................................

218

Average assets and liabilities2

1Includes “ Valuation reserves” and “ Other asset valuation provisions (direct write-downs).”
^
2 For 1953 through 1960 asset and liability items are averages of figures reported at beginning, middle, and end of year, and for 1961 are averages of figures reported for the following
call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.
Back figures, 1984-1952: Data for 1934-1950, which however are not comparable with figures for 1951-1961, may be found in the following Annual Reports: 1950, pp. 272-273, and
1941, p. 173. For 1951 and 1952 see the Annual Report for 1959, pp. 166-167.




BANKS

71,580
10,645

INSURED

66,385
10,087

O
F

65,050
14,279

INCOME

70,507
12,156
Realized losses on:

Table 1 2 2 .

R atios

of

I ncome

Incom e item

1953

I n su r e d M
1954

utual

S a v in g s B a n k s , 1953-1961

1955

1956

1957

1958

1959

1960

1961

$100.00
16.32
11.42
69.41
.94
.92
.99

$100.00
14.34
12.40
70.17
1.06
.77
1.26

$100.00
12.35
14.57
70.37
1.02
.73
.96

$100.00
11.43
14.10
71.96
.99
.58
.94

$100.00
10.43
13.63
73.21
1.26
.51
.96

$100.00
9.52
12.90
74.87
1.18
.57
.96

Current operating expense— to ta l.....................................................................
Salaries— officers.......................................................................................................
Salaries and wages— employees............................................................................
Pension, hospitalization and group insurance payments, and other em­
ployee benefits.......................................................................................................
Fees paid to trustees and committee members................................................
Occupancy, maintenance, etc. of bank premises (including taxes and
recurring depreciation)— net.............................................................................
Deposit insurance assessments..............................................................................
Furniture and fixtures (including recurring depreciation)............................
All other current operating expense....................................................................

19.68
3.27
6.85

19.40
3.17
6.67

18.42
3.02
6.35

17.62
2.88
6.00

17.03
2.79
5.68

16.33
2.62
5.37

15.73
2.51
5.03

15.38
2.50
4.88

15.15
2.39
4.72

1.79
.35

1.75
.35

1.69
.34

1.63
.31

1.60
.29

1.59
.28

1.56
.26

1.55
.26

1.51
.25

2.09
1.06
.38
3.89

2.08
1.05
.38
3.95

1.88
.99
.35
3.80

1.95
.94
.34
3.57

1.88
.92
.32
3.55

1.82
.89
.30
3.46

1.77
.88
.35
3.37

1.73
.80
.32
3.34

1.72
.80
.34
3.42

Net current operating in com e............................................................................

80.S2

80.60

81.58

82.38

82.97

83.67

84.27

84.62

84.85

Franchise and income taxes— to ta l..................................................................
State franchise and income taxes.........................................................................
Federal income taxes...............................................................................................

1.32
1.00
.32

1.47
1.00
.47

1.13
.98
.15

1.00
.93
.07

.88
.87
.01

.90
.86
.04

.91
.87
.04

.93
.90
.03

1.00
.96
.04

Net current operating income after taxes.....................................................

79.00

79.13

80.45

81.38

82.09

82.77

83.36

83.69

83.85

Dividends and interest on deposits..................................................................

64.13

64.62

66.89

67.82

69.80

70.65

70.10

73.44

71.95

Net current operating income after taxes and dividends......................

14.87

14.51

13.56

13.56

12.29

12.12

13.26

10.25

11.90




CORPORATION

$100.00
18.79
12.37
65.92
.91
1.02
.99

INSURANCE

$100.00
21.61
13.34
61.97
.92
1.09
1.07

DEPOSIT

$100.00
25.44
12.67
59.02
.80
1.12
.95

FEDERAL

A m ounts per $100 o f current operating incom e
Current operating incom e— to ta l......................................................................
Interest on U. S. Government obligations.........................................................
Interest and dividends on other securities.........................................................
Interest and discount on real estate mortgage loans— net...........................
Interest and discount on other loans and discounts— net.............................
Income on other assets............................................................................................
Income from service operations............................................................................

of

3.30
.65
2.65
.05
2.60
2.11
.49

3.30
.64
2.66
.05
2.61
2.13
.48

3.53
.65
2.88
.04
2.84
2.36
.48

3.66
.64
3.02
.04
2.98
2.48
.50

3.81
.65
3.16
.03
3.13
2.66
.47

3.94
.64
3.30
.04
3.26
2.78
.48

4.10
.65
3.45
.03
3.42
2.87
.55

4.26
.66
3.60
.04
3.56
3.12
.44

4.44
.67
3.77
.05
3.72
3.19
.53

.27

.19

.19

.18

.22

.29

.41

.31

.30
.45

.29
38

.29
.40

.31
.34

.27
.43

.41
.43

.36
.49

.32
.52

2.49
3.16

2.31
3.19

2.51
3.30

2.56
3.38

2.63
3.57

2.66
3.83

2.79
3.86

2.99
3.96

3.17
3.94

4.11

4.14

4.24

4.30

4.38

4.48

4.62

4.73

4.92

5.04
2.35

5.52
2.37

5.63
2.61

5.43
2.75

5.86
2.95

5.18
3.09

5.19
3.19

5.18
3.49

5.31
3.57

O
F

3.51

5.00

4.42

4.73

3.99

5.18

5.16

5.76

6.06

100.00
3.79
33.74
13.20
47.33
.52
.01
1.41

100.00
4.00
30.88
13.79
49.39
.55
.01
1.38

100.00
3.56
26.36
13.23
54.82
.57
.01
1.45

100.00
3.09
23.36
12.37
59.08
.63
.01
1.46

100.00
2.69
20.78
13.23
61.13
.69
.01
1.47

100.00
2.55
18.31
15.01
61.88
.78
.02
1.45

100.00
2.21
16.76
14.97
63.80
.78
.02
1.46

100.00
2.10
14.83
14.67
65.90
1.03
.03
1.44

100.00
2.11
13.34
14.56
67.53
.99
.05
1.42

INSURED

Liabilities and surplus accounts— to ta l.........................................................
Total deposits............................................................................................................
Savings and time deposits...................................................................................
Demand deposits...................................................................................................
Other liabilities.........................................................................................................
Total surplus accounts...........................................................................................

100.00
90.28
90.13
.15
.61
9.11

100.00
90.24
90.04
.20
.73
9.03

100.00
90.49
90.26
.23
.87
8.64

100.00
90.50
90.36
.14
1.02
8.48

100.00
90.40
90.30
.10
1.19
8,41

100.00
90.20
90.10
.10
1.48
8.32

100.00
90.04
89.94
.10
1.64
8.32

100.00
89.76
89.67
.09
1.74
8.50

100.00
89.99
89.41
.58
1.41
8.60

Number of banks, December 3 1 ..............................................................................

219

218

220

223

239

241

268

325

330

Special ratios1
Interest on U. S. Government obligations per $100 of U. S. Government
obligations..................................................................................................................
Interest and dividends on other securities per $100 of other securities.........
Interest and discount on real estate mortgage loans per $100 of real estate
mortgage loans..........................................................................................................
Interest and discount on other loans and discounts per $100 of other loans
and discounts............................................................................................................
Dividends and interest on deposits per $100 of savings and time deposits. .
Net additions to total surplus accounts from operations per $100 of total
surplus accounts.......................................................................................................
Assets and liabilities per $100 o f total assets1
Assets— t o t a l...............................................................................................................
Cash and due from banks.....................................................................................
United States Government obligations..............................................................
Other securities.........................................................................................................
Real estate mortgage loans...................................................................................
Other loans and discounts.....................................................................................
Other real estate......................................................................................................

1 For 1953 through 1960 asset and liability items are averages of figures reported at beginning, middle, and end of year and for 1961 are averages of figures reported for the following
call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.
2 Includes “Valuation reserves” and “ Other asset valuation provisions (direct write-downs)” .
^
Back figures, 1934, 1941-1950, and 1951-1952: Data for 1934 and 1941-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual Reports: 1950, pp. 274-275, and 1947, pp. 156-157. For 1951 and 1952 see the Annual Report for 1959, pp. 168-169.




BANKS

.19
.36
.32

INCOME

Am ounts per $100 o f total assets1
Current operating income— total.............................................................................
Current operating expense— total............................................................................
Net current operating income...................................................................................
State franchise and income taxes............................................................................
Net current operating income after taxes.............................................................
Dividends and interest on deposits.........................................................................
Net current operating income after taxes and dividends..................................
Non-recurring income, realized profits and recoveries credited to profit and
loss, and transfers from valuation adjustment provisions2 tota l.............
—
Non-recurring expense, realized losses charged to profit and loss, and
transfers to valuation adjustment provisions2 total....................................
—
Net additions to total surplus accounts from operations..................................

«o

00

FEDERAL

D

I nsurance D

isb u r se m e n t s

Depositors, deposits, and disbursements in insured banks requiring disbursements
by the Federal Deposit Insurance Corporation, 1934-1961

Insured banks requiring disbursements by the Federal Deposit Insurance Cor­
poration during 1961

Table 125.

Recoveries and losses by the Federal Deposit Insurance Corporation on principal
disbursements for protection of depositors, 1934-1961




CORPORATION

Table 124.

INSURANCE

Banks grouped by class of bank, year of deposit payoff or deposit assumption,
amount of deposits, and State

DEPOSIT

Table 123.

e p o s it

Four noninsured banks failed in 1961. These banks, with the dates
of their closing and the amounts of their deposits, were:
Jarrett Bank, Boston, Georgia (private) ;
January 30,1961; deposits, $102,000.




Merchants Exchange Bank, Benevides, Texas (private);
September 27, 1961; deposits, $438,000.
For suspensions of noninsured banks in previous years see the An­
nual Reports of the Corporation as follows: 1943, p. 102; 1946, p. 167;
1947, p. 159; 1949, p. 187; 1950, p. 277; 1951, p. 187; 1952, p. 139;
1953, p. 131; 1954, p. 165; 1955, p. 161; 1956, p. 143; 1957, p. 145;
1958, p. 223; and 1960, p. 181.

Sources o f data
Insured banks: books of bank at date of closing; and books of
FD IC , December 31, 1961.

DISBURSEMENTS

Noninsured bank failures

Bank of Zapata, Zapata, Texas (private);
July 17, 1961; deposits, $600,000.

INSURANCE

in financial difficulties are paid off, or when the deposits of a failing
bank are assumed by another insured bank with the financial aid of
the Corporation. In deposit payoff cases the disbursement is the
amount paid by the Corporation on insured deposits. In deposit
assumption cases the principal disbursement is the amount loaned to
failing banks, or the price paid for assets purchased from them; addi­
tional disbursements are made in those cases as advances for protec­
tion of assets in process of liquidation and for liquidation expenses.

Commonwealth State Bank, Boulder, Colorado;
M ay 5, 1961; deposits, $273,000.

DEPOSIT

Disbursements by the Federal Deposit Insurance Corporation
to protect depositors are made when the insured deposits of banks

C
D

T able 123.
D

D

e p o s it o r s ,

D e p o s it s ,

is b u r s e m e n t s b y t h e

and

D is b u r s e m e n t s

in

I n s u r e d B a n k s R e q u ir in g

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 i o n , 1934-1961

B AN K S GROUPED B Y CLASS OF B A N K , YEAR OF DEPOSIT PAYOFF OR DEPOSIT ASSUMPTION, AM OUNT OF DEPOSITS, AND STATE

Number of banks

Number of depositors 1

Disbursements by FDIC
(in thousands of dollars)

Deposits 1
(in thousands of dollars)

Principal disbursements
Classification
Total

182 1,460,235

79
24
342

26
8
229

53
16
113

9
25
69
75
74
60
43
15
20
5
2
1
1
5
3
4
4
2
3
2
2
5
2
1
4
3
1
5

9
24
42
50
50
32
19
8
6
4
1

107
109
59
67
47
34
13
5
A

83
86
36
32
14
9
1
2

Total

Deposit
payoff
cases 4

Deposit
assump­
tion

Deposit
payoff
cases 6

425,502 1,034,733

610,985

144,458

466,527

308,977

110,903

198,074

1,239

244,676
285,606
504,451

130,557
190,472
289,957

30,844
29,353
84,261

99,712
161,119
205,696

61,109
103,223
144,644

22,496
22,952
65,455

38,614
80,271
79,190

237
109
893

1,968
13,319
27,508
33,349
59,684
157,772
142,429
29,718
19,186
12,525
1,915
5,695
347
7,040
10,674
5,475
5,513
3,408
3,170
18,262
998
11,953
11,329
1,163
8,240
2,595
6,930
8,819

1,968
9,091
11,241
14,960
10,296
32,738
5,657
14,730
1,816
6,637
456

941
8,890
14,781
19,160
30,480
67,770
74,134
23,880
10,825
7,172
1,503
1.768
265
1,724
2,990
2,552
3,986
1,885
1,369
5,017
913
6,784
3,333
1,031
3,027
1,839
4.768
6,191

941
6,026
8,056
12,045
9,092
26,196
4,895
12,278
1,612
5,500
404

6,418
17,759
20,975
50,956
67,412
106,929
84,404
96,713
1K 41 8
Q

4,947
13,920
12,462
24,168
18,595
30,791
6,930
32,644

4,999
12,906
1.4,588
33,967
36,314
55,750
31,052
45,746
73.653

4,309
11,554
10,223
19,110
14,135
21,129
4,768
25,676

Deposit
assump­
tion
cases 7

311,226
372.528
776,481

66,550
86,922
272,030

15,767
44,655
89,018
130,387
203,961
392,718
256,361
73,005
60,688
27,371
5.487
12,483
1,383
10,637
18,540
5,671
6,366
5,276
6,752
24,469
1,811
17,790
15,197
2,338
9,588
3,076
11,186
8,254

15,767
32,331
43,225
74,148
44,288
90,169
20,667
38,594
5,717
16,917
899

3S.347
83,370
89,949
157,507
202,380
244,766
201,469
170,119
979 39S

29,695
65,512
56,777
71,861
63,173
66,127
11,186
61,171

6,196
19,271
22,022

Year 8

193
193
193
193
193
193
194
194
194
194
194
194
194
194
194
194
195
195
195
195
195
195
195
195
195
195
196
196

4
5
6
7
8

9
0
1
2
3
4
5
6
7
8

9
0
1
2
3
4
5
6
7
8

9
0
1

4
1
1
3
3
1
5

1
27
25
24
28
24
7
14
1
1
1
1
5
3
4
4
2
3
2
2
1
1
1

8,080
5,465
2,338
4,381
3,076
11,186
8,254

12,324
45,793
56,239
159,673
302,549
235,694
34,411
54,971
10,454
4,588
12,483
1,383
10,637
18,540
5,671
6,366
5,276
6,752
24,469
1,811
9,710
9,732
5,207

6,503
4,702
1,163
4,156
2,595
6,930
8,819

4,229
16,267
18,389
49,388
125,034
136,773
14,987
17,369
5,888
1,459
5,695
347
7,040
10,674
5,475
5,513
3,408
3,1.70
18,262
998
5,450
6,628
4,084

Banks with deposits ofLess than $100,000 . . . .
$100,000 to $250,000.......
$250,000 to $500,000.......
$500,000 to $1,000,000 . .
$1,000,000 to $2,000,000.
Digitized for$2,000,000 to $5,000,000.
FRASER
$5,000,000 to $10,000,000
http://fraser.stlouisfed.org/
$10,000,000 to $25,000,000
< K non non
ttO
Federal Reserve Bank of®s;n nnn nnn
St. Louis

24
23
23
35
33
25
12
3
A

8,652
17,858
33,172
85,646
139,207
178,639
190,283
108,948
979 398

1,471
3,839
8,513
26,788
48,817
76,138
77,474
64,068
159.418

4,438
2,795
1,031
2,797
1,839
4,768
6,191

2,865
6,725
7,116
21,387
41,574
69,239
11,602
9,213
1,672
1,099
1,768
265
1,724
2,990
2,552
3,986
1,885
1,369
5,017
913
2,346
538

43
108
67
103
93
162
89
50
38
53
9

272
934
905
4,902
17,603
17,234
1,479
1,076
72
37
96

11

342

200

230

106
87
20
38
51
62
61

691
1,352
4,365
14,857
22,179
34,622
26,284
20,070
73.653

209
147
287
123
240
62
84

166
523
127
195
428
145
665
51
24

154
173
583
2,126
3,317
5,519
5,491
5,404
24.721

CORPORATION

263

Total

Deposit
assump­
tion
cases

INSURANCE

445

Deposit
payoff
cases

Deposit
payoff
cases

DEPOSIT

Class o f bank
National banks........................
State banks members F. H. S.
Banks not members F. R. S ..

Total

Deposit
assump­
tion
cases 3

FEDERAL

All banks.

Deposit
payoff
cases

Deposit
assump­
tion
cases

Q
jx
O

Advances and
expenses 2

7,905
4,434
7,516
10
5,379

794
3,529
4,347
10
5,379

7,111
905
3,169

2
10
2
18
20

1
8
2
6
15

1
2

1,642
9,401
2,451
43,291
30,006

448
8,788
2,451
5,372
12,549

1,194
613

Iowa............................................
Kansas.......................................
Kentucky..................................

7
9
23
3
1

4
5
18
3

3
4
5

16,040
5,145
36,139
6,087
9,710

4,051
2,254
18,490
6,087

11,989
2,891
17,649

Maryland..................................
Massachusetts..........................
Michigan...................................
Minnesota.................................
Mississippi................................

5
2
8
5
3

2

3
2
5

22,567
9,046
31,663
2,650
1,651

6,643

Missouri....................................
Montana....................................
Nebraska...................................
New Hampshire......................
New Jersey...............................

47
5
5
1
39

35
3
5

12
2
1
27

35,963
1,500
2,661
1,780
522,564

12

New York..................................
North Carolina........................
North Dakota..........................
Ohio............................................
Oklahoma..................................

26
7
29
4
11

3
2
18
2
8

23
5
11
2
3

Oregon........................................
Pennsylvania............................
South Carolina........................
South Dakota..........................
Tennessee..................................

2
29
2
23
12

1
8
1
22
8

Texas..........................................
Vermont.....................................
Virginia......................................
Washington..............................
West Virginia...........................

24
3
8
1
3

22
2
3

Wisconsin..................................
Wyoming...................................

31
1

20

Florida.......................................
Illinois........................................
Indiana......................................

3
5
3

2,285
1,764
4,792
8
1,526

100
1,168
3,713
8
1,526

2,185
596
1,078

491
1,959
1,894
27,321
13,593

217
1,870
1.S94
1,637
3,932

274
89

9,401
1,234
8,888
1,652
5,450

4,383
539
3,953
1,652

5,018
694
4,934

15,924
9,046
30,735

4,566
3,019
13,532
818
334

828

27,794
849
2,661

8,169
651

103,798

1,780
418,766

8,086
1,095
1,042
296
194,630

' 33,128

269,621
10,408
14,103
13,751
25,079

28,440
3,677
6,760
7,585
20,158

241,181
6,731
7,343
6,166
4,921

145,439
3,266
3,830
7,223
13,713

1
21
1
1
4

3,439
166,894
1,848
12,515
12,358

1,230
43,828
403
11,412
9,993

2,209
123,066
1,445
1,103
2,365

2
1
5
1

33,285
11,057
26,041
4,179
8,346

31,757
8,687
2,964

11
1

26,898
3,212

18,739

12
5

1

3

1,089
984
2,981
8
1,242

94
841
2,120
8
1,242

995
144
861

300
1,623
1.493
9,224
6,197

203
1,554
1,493
1,242
3,096

97
69

3,883
974
5,455
668
2,346

2,811
482
3,329
668

3,738
3,019
13,372

3,109
1,564
6,290
640
257

735

2,033
880

5,007
186
796

646
453

296
161,502

5,654
640
796
117
82,126

26,469

117
55,657

161

8
20,154

13,286
1,421
1,552
2,345
11,001

132,153
1,845
2,278
4,877
2,712

67,872
2,387
2,657
2,097
9,280

10,836
1,156
1,397
1,610
7,969

57,036
1,231
1,259
488
1,311

32
23
24
7
122

10,847
179
203
38
104

2,670
75,756
849
2,987
1,942

1,368
14,340
136
2,862
1,620

1,302
61,416
714
126
322

1,948
51,291
274
2,412
1,278

986
10,133
136
2,388
1,164

962
41,159
138
23
114

11
75
(9
)
26
28

81
9,522
10
9
25

1,528
2,370
23,077
4,179

14,067
3,725
10,756
1,538
2,006

13,380
3,375
629

686
350
10,127
1,538

9,684
3,445
4,908
935
1,458

9,391
3,259
511

293
186
4,396
935

217
21
8

44
22
505
512

8,159
3,212

9,512
2,033

5,966

3,545
2,033

7,188
202

5,096

2,092
202

54

37,919
17,457

9,710

928
2,650
1,651

8,346

25,684
9,662

5,450

159
818
334
6,053
215
1,042

2,006

1
8
34
(9
)

7,982
3,101
1,071
492
2,126

8
3
25
29
30
39
39
5
44
10

2,346

139
640
257

2,374
1,564
6,150

1,458

91
48
138

13
33
791
384
113
72
201
665

9
2
17
5
85
6
20

11

371
1,030
760

77
21

398
19

Note: Due to rounding differences, components may not add to total.
1 Adjusted to December 31, 1961.
2Excludes $106 thousand o f ncn-recoverable insurance expenses in cases which were resolved without payment of claims or a disbursement to facilitate assumption of deposits by
another insured bank and other expenses of field liquidation employees while pending assignments.
^
3 Number of deposit accounts.
^
4 Includes estimated additional disbursements in active cases.
i
—
6 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.
6 These disbursements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.
7 Includes advances to protect assets and liquidation expenses of $47,276 thousand, all of which have been fully recovered by the Corporation, and $212 thousand of non-recoverable
expenses.
8 D isbu rsem en t totals for each year related to cases occurring during that year and may thus contain some amounts disbursed in subsequent years.
9 Less than $500.




DISBURSEMENTS

2
1
1

INSURANCE

1
5
1
1
2

DEPOSIT

3
6
2
1
2

Arkansas....................................
California...................................

Table 124.
Case
number

I n s u r e d B a n k s R e q u ir in g D is b u r s e m e n ts b y t h e 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 D u r in g
Number of
depositors 1

Date of closing

First payment to
depositors

Disburse­
ment 2

Receiver or Liquidating Agent

N

2,364

January 16, 1961

January 26, 1961

$2,426,771

Federal Deposit Insurance
Corporation

The Sheldon National Bank,
Sheldon, Iowa

NM

1,176

August 11, 1961

August 21, 1961

738,383

Federal Deposit Insurance
Corporation

263

Bank of Ochlochnee,
Ochlochnee, Georgia

NM

1,015

September 7, 1961

September 18, 1961

708,214

Federal Deposit Insurance
Corporation

264

The First National Bank of Maud,
Maud, Oklahoma

N

1,912

December 19, 1961

December 29, 1961

1,330,000

Federal Deposit Insurance
Corporation

265

First State Bank,
Premont, Texas

SM

1,766

December 30, 1961

January 11, 1962

987,702

Federal Deposit Insurance
Corporation

Liabilities and capital accounts *

Assets8
Case
number

Deposit
payoff
261
262
263
264
265

U. S. Gov­
ernment
obligations

Other
securities

Loans,
discounts,
and
overdrafts

Banking
house,
furniture &
fixtures

Other
real
estate

Other

Total

Deposits

Other
liabilities

Capital
stock

Other
capital
accounts

$860,632

$2,176,484

$404,516

$2,901,449

$85,233

$4,654

$3,386,727

$9,819,695

$8,819,200

$304,302

$175,000

$521,193

282,617
161,295
75,415
164,268
177,037

1,011,750
158,617
161,172
406,130
438,815

67,327

623,265
244,483
513,113
522,617
997,971

38,218
651
4,550
1,500
40,314

4,654

2,337,642
387,259
194,823
382,173
84,830

4,365,473
962,305
984,250
1,625,775
1,881,892

3,884,421
902,546
871,856
1,508,620
1,651,757

204,488

50.000
25.000
25.000
25.000
50.000

226,564
34,759
72,394
92,155
95,321

10,000
35,177
149,087
142,925

1 At date of closing.
2 To December 31, 1961, plus estimated additional disbursements.
3 As determined by FDIC agents after adjustment of books of bank for liabilities or overdrafts discovered subsequent to closing.
4 Includes $3,036,242 representing shortages and unreconciled differences discovered prior to December 31, 1961.




15,000
'84,814

CORPORATION

T otal

Cash and
due from
banks

INSURANCE

Bank of Earlsboro,
Earlsboro, Oklahoma

DEPOSIT

262

FEDERAL

Class of
bank

Name and location

Deposit
payoff
261

1961

Table 125.

R e c o v e r ie s a n d L osses
P r in c ip a l D is b u r s e m e n t s

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
P r o t e c t io n o f D e p o s it o r s , 1934-1961

b y th e
fo r

on

(Amounts in thousands of dollars)

Principal
disburse­
ments

T o ta l............

445

308,977

274,984

3,672

30
415

96,885
212,091

85,210
189,774

3,672

9
25
69
75
74

941
8,890
14,781
19,160
30,480

734
6,179
12,326
15,611
28,055

60
43
15
20
5

67,770
74,134
23,880
10,825
7,172

60,617
70,192
23,290
10,137
7,048

194
194
194
194
194

4
5
6
7
8

2

1,503
1.768
265
1,724
2,990

1,462
1,768
265
1,583
2,349

194
195
195
195
195

9
0
1
2
3

4
4

2,552
3,986
1,885
1,369
5,017

2,183
2,593
1,792
577
5,017

195
195
195
195
195

4
5
6
7
8

2

2

1
4

913
6,784
3,333
1,031
3.027

195 9
196 0
196 1

3
1
5

1,839
4.768
6,191

2

3

2
5

Principal
disburse­
ments4

Re­
coveries Estimated
to Dec.
additional
31, 19611 recoveries

198,074

587

13,104

587

5,026
8,078

Principal
disburse­
ments3

Re­
coveries
to Dec.
31, 1961

Estimated
additional
recoveries

Losses2

263

110,903

90,601

3,085

17,217

8,004
22,317

15
248

21,017
89,886

14,954
75,646

3,085

2,978
14,239

15
167

75,868
122,206

70,256
114,128

207
2,709
2,455
3,550
2,425

9
24
42
50
50

941
6,026
8,056
12,045
9,092

734
4,274
6,595
9,520
7,908

207
1,751
1,460
2,524
1,184

1
27
25
24

2,865
6,725
7,116
21,387

1,905
5,730
6,090
20,147

7,153
3,798
591

32
19

688

8
6

123

144

4

26,196
4,895
12,278
1,612
5,500

20,399
4,313
12,065
1,320
5,376

5,798
582
213
292
123

28
24
7
14
1

41,574
69,239
11,602
9,213
1,672

40,219
65,879
11,225
8,816
1,672

404

363

40

1
1
1
5

1,099
1,768
265
1,724
2,990

1,099
1,768
265
1,583
2,349

2,552
3,986
1,885
1,369
5,017

2,183
2,593
1,792
577
5,017

236
290

913
2,346
538

649
2,346
443

230

36

40
57

84
641

5
89
(5
)

369
] ,388
5
792

649
6,488
2,836
1,031
2,720

1
61
207

263
236
290

236

71

1,503
4,764
1,216

210
4
2,657

127
' 2,318'

61

4,438
2,795
1,031
2,797

4,141
2,393
1,031
2,684

112
42

71

1,839
4,768
6,191

1,503
4,764
1,216

210
4
2,657

Number
of
banks

Losses2

958
995
1,025
1,241
144

1,355
3,216
378
396

57

369
5
89

(5
)

5
792

1

263

127

’ 95'
’ i94

' 2,3is
153

N ote: Due to rounding differences, components may not add to total.
1 Excludes in deposit assumption cases recovery of all advances for asset protection, totaling $32,860 thousand, and of all liquidation expenses totaling $14,416 thousand.
2 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was fully recovered.
3 Includes estimated additional disbursements in active cases.
4 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.
5 Less than $500.




84
641

DISBURSEMENTS

9
0
1
2
3

Deposit assumption cases

Number
of
banks

Re­
coveries Estimated
to Dec.
additional
31, 19611 recoveries

193
194
194
194
194

1
1
5
3

Deposit payoff cases

INSURANCE

Number
of
banks

Status
Active...........
Terminated.,
Year
193 4
193 5
193 6
193 7
193 8

All cases

DEPOSIT

Liquidation
status and
year of de­
posit payoff
or
deposit
assumption







INDEX




I

n d e x

Page
Absorptions:
Of insured banks requiring disbursements by the Corporation. See
Banks in financial difficulties.
Of operating banks, 1961 ...................................................................11, 49, 60-84, 86-87
Regulation o f.......................................................................................................... 9-10, 58-59
Admission of banks to insurance:
Applications for, 1961..................................................................................................

8-9

Different methods followed..........................................................................................

3, 8

Number of banks admitted, by class of bank, 1961.......................................... 86-87
American Institute of Banking........................................................................................
Applications from

banks....................................................................................................

17
8-9

Areas outside continental United States, banks and branches located in:
Assets and liabilities, December 31, 1961.......................................................... 104-105
Average assets and liabilities, insured commercial banks, 1961...............116-117
Deposits, December 30, 1961...................................................................................... 96-97
Earnings, expenses, profits, and dividends, 1961.............................................. 134-135
Number, December 30, 1961.................................................................88, 96-97, 104-105
Assessments for deposit insurance...............................................................13-14, 19-20, 24n
Assets and liabilities of closed insured banks, 1961..................................................

152

Assets, liabilities, and capital of banks (see also Deposits):
All banks:
Amounts by type and supervisory status, December 30, 1961...............

46

By FD IC district and State, December 30, 1961........................................104-105
Capital ratios by type and supervisory status, December 30, 1961...

48

In banks grouped according to insurance status and type of bank,
June 30 and December 30, 1961.................................................................100-103
Major categories, amounts and ratios, 1955-1961........................................ 48-50
Percentage changes, each year, 1955-1961..............................................48-49, 51
Commercial banks, June 30 and December 30, 1961........................................100-103
Insured banks, call dates, December 31, 1958, through December 30,
1961 ............................................................................................................................... 106-109
Insured commercial banks:
Amount, call dates, December 31, 1960, through December 30, 1961. .110-113
Average for each year, 1953-1961...................................................................

123

Average for 1961, by class of bank...............................................................

115

Average for 1961, by State............................................................................. 116-117
Percentage distributions, average for 1961, by class of bank...................

115

Percentage distributions, call dates, December 31, 1960, through De­
cember 30, 1961....................................................................................................




157

I ll

FEDERAL DEPOSIT INSURANCE CORPORATION

158

Page
Assets, liabilities, and capital of banks (see also Deposits) :
Insured commercial banks— Continued
Percentage distributions of totals among size groups of banks, De­
cember 30, 1961....................................................................................................

114

Ratio of selected items to total assets, by size of bank, December
30, 1961.................................................................................................................118-119
Insured mutual savings banks:
Amount, and percentage distributions, call dates, December 31, 1960,
through December 30, 1961........................................................................... 110-113
Major categories, average, 1953-1961...............................................................

145

Mutual savings banks, June 30 and December 30, 1961............................... 100-103
Noninsured banks, June 30 and December 30, 1961........................................100-103
Sources of data.................................................................................................. 13-14, 99, 149
State legislation............................................................................................................... 31-39
Assets and liabilities of the Federal Deposit Insurance Corporation. . . . 17-18, 24
Assets pledged to secure bank obligations.................................................................109, 113
Assets purchased by the Federal Deposit Insurance Corporation from banks
in financial difficulties......................................................................... 5, 6, 149, 153
Assumption of deposits of insured banks with financial aid of the Corporation
(see also Banks in financial difficulties)........................................4-7, 150-153
Attorney General of the United States, summary reports on absorptions. . . . 60-84
Audit of the Federal Deposit Insurance Corporation.......................................... 20-25

Bad-debt reserves. See Valuation reserves.
Bank supervision. See Supervision of banks; Examination of insured banks.
Banking offices, number of. See Number of banks and branches.
Bank practices. See Unsafe and unsound banking practices.
Banks, applications from, acted on by the Federal Deposit Insurance Cor­
poration .................................................................................................................

8-10

Banks in financial difficulties:
Insured banks requiring disbursements by the Corporation:
Assets and liabilities of 1961.............................................................................

152

Deposit size o f........................................................................................................ 4, 150
Deposits protected, 1934-1961.................................................................5-7, 150-152
Disbursements by the Corporation, 1934-1961.....................5-7, 25n, 150-153
Loans made and assets purchased by the Corporation.........................

5-6

Location by State, 1934-1961........................................................................... 4, 151
Losses incurred by the Corporation..................................................6-7, 25n, 153
Losses incurred by depositors.............................................................................

5-7

Name and location of, 1961............................................................................... 4, 152
Number of, 1934-1961............................................................................................

5-6

Number of deposit accounts, 1934-1961.................................................. 5, 150-152
Recoveries by the Corporation on assets acquired, 1934-1961.... 6-7, 153




IN DEX

159

Page
Banks in financial difficulties— Continued
Sources of data.................................................................................................................

149

Suspensions, 1961.............................................................................................................

86

Suspensions of noninsured banks, 1934-1961........................................................

149

Banks, number of. See Number of banks and branches.
Banks operating branches, December 30, 1961............................................................. 88-95
Board of Directors of the Federal Deposit Insurance Corporation. See Fed­
eral Deposit Insurance Corporation.
Board of Governors of the Federal Reserve System............................... 10, 44, 99, 121
Branches (see also Number of banks and branches):
Establishment approved by Federal Deposit Insurance Corporation, 1961
Examination of, 1960 and 1961.................................................................................

8-9
12

Increase, branches of all banks, 1960-1961.......................................................... 49, 87
Business and personal deposits. See Deposits (items referring to type of
account).

Call reports. See Assets, liabilities, and capital of banks; Reports from banks.
Capital of banks. See Assets, liabilities, and capital of banks; Banks in finan­
cial difficulties; Income of insured commercial banks; Examination
of insured banks.
Charge-offs by banks. See Income of insured commercial banks; Income
of insured mutual savings banks; Valuation reserves.
Class of bank, banking data presented by:
Admissions to and terminations of insurance.................................................... 86-87
Assets and liabilities of all banks.......................................................... 46-48, 100-103
Income of insured commercial banks, 1961........................................................ 126-127
Insured banks requiring disbursements by the Corporation, 1934-1961. ..

150

Insured banks requiring disbursements by the Corporation, 1961...............

152

Number of banks and banking offices, 1961.................................................... 45, 86-95
Ratios of income of insured commercial banks, 1961....................................128-129
Classification of banks...................................................................................................... 45, 58-59
Closed banks. See Banks in financial difficulties.
Commercial banks. See Assets, liabilities, and capital of banks; Deposits;
Income of insured commercial banks;

Number of banks and

branches.
Comptroller General of the United States...................................................................

23

Comptroller of the Currency........................................................ v, 10-11, 15, 43-48, 99, 121
Consolidations. See Absorptions.
Coverage of deposit insurance, banks participating..........................................3-4, 86-97
Credit, bank. See Assets, liabilities, and capital of banks.

Demand deposits. See Assets, liabilities, and capital of banks; Deposits (items
referring to type of account).




FEDERAL DEPOSIT INSURANCE CORPORATION

160

Page
Deposits:
All banks:
By insurance status of bank and type of account, December 30, 1961

103

By insurance status of bank and type of account, June 30, 1 9 6 1 ....

101

By supervisory status and insurance status, December 30, 1961..........

47

By type of account in each State and F D IC district, December 31,
1961

..................................................................................................................... m -1 0 5

By type of bank and insurance status, December 30, 1961.....................

47

By type of bank in each State and F D IC district, December 31,
1961

....................................................................................................................... 96-97

Percentage change, 1955-1961...........................................................................

51

All insured banks:
By type of account, December 30, 1961......................................................

103

By type of account, call dates, December 31, 1958, through Decem­
ber 30, 1961...........................................................................................................

108

Ratios of deposit insurance fund to, 1934-1961......................................22, 25n
Commercial banks:
By FD IC district and State, December 30, 1961........................................ 96-97
By type of account, December 30, 1961........................................................

103

By type of account, June 30, 1961...................................................................

101

Insured banks requiring disbursements by the Corporation. See Banks in
financial difficulties.
Insured commercial banks:
Amount, by type of account, call dates, December 31, 1960, through
December 30, 1961..............................................................................................

112

Percentage distributions of selected totals among size groups of
banks, December 30, 1961...............................................................................

114

Insured mutual savings banks:
By FD IC district and State, December 30, 1961.................................... 95-97
By type of account, call dates, December 31, 1960, through December
30, 1961...................................................................................................................

112

Interest and dividends on, 1953-1961............................................................

144

Mutual savings banks:
By FD IC district and State, December 30, 1961...................................... 96-97
By type of account, June 30 and December 31, 1961........................... 101, 103
Noninsured banks:
By F D IC district and State, December 31, 1961.................................... 96-97
By type of account and type of bank, June 30 and December 30,
1961

..................................................................................................................... 101, 103

Sources of data.................................................................................................................

99

State legislation............................................................................................................... 33-34
Deposits, insured by FDIC, December 31, 1934-1961..............................................




22

161

IN DEX

Page
Directors of the Federal Deposit Insurance Corporation. See Federal Deposit
Insurance Corporation
Disbursements. See Banks in financial difficulties.
Dividends:
To depositors in insured mutual savings banks............................... 56, 144, 146-147
To stockholders of insured commercial banks. See Income of insured
commercial banks.

Earnings of banks. See Income of insured commercial banks; Income of
insured mutual savings banks.
Educational program for bank examiners...............

17

Employees:
Federal Deposit Insurance Corporation. . . .

.. 15-16

Insured commercial banks:
Number and compensation, 1953-1961........................................................ 122-123
Number and compensation, by class of bank, by size of bank, and
by State, 1961.................................................................126-127, 130-131, 134-143
Insured mutual savings banks, number and compensation, 1953-1961... 144-145
State legislation...............................................................................................................

38

Examination of insured banks:
Banks

examined
1960-1961

by

the

Federal

Deposit

Insurance

Corporation,

.................................................................................................. 10-12, 44-45

Examination staff...................................................................................................... vi-vii, 16
Powers granted to supervisory authorities............................................................. 44-45
Expenses of banks. See Income of insured commercial banks; Income of
insured mutual savings banks.
Expenses of the Corporation...............................

. . . .18-21, 25

Failures. See Banks in financial difficulties.
Federal bank supervisory authorities...................................................................7-14, 43-48
Federal Deposit Insurance Act (see also Legislation relating to deposit insur­
ance and banking)..............................................................................................3, 24n
Federal Deposit Insurance Corporation:
Assessments on insured banks.............................................................. 13-14, 19-21, 24n
Assets
Audit

........................................................................................................................... 17-18, 24
.................................................................................................................................. 20-25

Banks examined by, and submitting reports t o ................................... 10-14, 44-47
Board of Directors, actions on applications and banking practices. .8-10, 12-13
Borrowing power.............................................................................................................

25n

Capital stock.....................................................................................................................

24n

Coverage of deposit insurance...................................................................3-4, 45, 88-95
Deposit insurance fund (surplus)........................................................ 19-30, 22, 24-25
Directors (members of the Board).........................................................................




v, 15

FEDERAL DEPOSIT IN SU RANCE CORPORATION

162

Page
Federal Deposit Insurance Corporation— Continued
Disbursements for protection of deposits.................................................. 5-7, 149-153
Districts ..............................................................................................................................vi-vii
Divisions

....................................................................................................................... iv, v, 16

Educational program for bank examiners..........................................................
Employees

.......................................................................................................................

17
15-16

Examination of banks......................................................................... vi, vii, 10-12, 44-47
Expenses

..................................................................................................................... 18-21, 25

Financial statements..........................................................................................18-21, 24-25
Income

......................................................................................................................... 18-21, 25

Insured banks requiring disbursements by. See Banks in financial diffi­
culties.
Liabilities

................................................................................................................... 17-18, 24

Loans to and purchase of assets from insured banks......................... 5-6, 149-151
Losses incurred, 1934-1961........................................................................... 6, 7, 25n, 153
Methods of protecting depositors...............................................................4-7, 149-153
Organization and staff......................................................................................iv-vi, 15-16
Payments to insured depositors........................................................................... 4-7, 152
Protection of depositors................................................................................... 4-7, 149-153
Recoveries

................................................................................................................... 6, 7, 153

Reports from banks........................................................................................................

13-14

Reserve for losses on assets acquired..................................................................... 13-14
Retirement of capital stock of the Corporation............................................18, 24n
Rules and regulations........................................................................................14-15, 29-31
Supervisory activities............................................................................................7-14, 44-47
Federal Deposit Insurance Corporation districts, banking data classified by:
All banks:
Assets and liabilities, December 30, 1961......................................................

104

Number and deposits, by type of bank, December 30, 1961...................

96

Federal Reserve member banks. See Class of bank, banking data presented
by.
Federal Reserve System. See Board of Governors of the Federal Reserve
System.
General Accounting Office.................................................................................................... 22-23
Government deposits. See Deposits (items referring to type of account).
Income of the Federal Deposit Insurance Corporation....

...1 8 -2 1 , 25

Income of insured commercial banks:
Amounts of principal components:
Annually,

1953-1961............................................................................................ 122-123

By class of bank, 1961......................................................................................126-127
By size of bank, 1961........................................................................................130-131
By state, 1961.........................................................................................................134-143




IN D E X

163

Page
Income of insured commercial banks— Continued
Charge-offs and recoveries, 1953-1961.................................................................122-123
Income, sources and disposition of total, 1955-1961.......................................... 51-53
Profits, 1953-1961...........................................................................................................122-123
Profits,

1961.................................................................................................. 126-127, 130-131

Rates of income on assets, 1953-1961.................................................................124-125
Rate of net profit on total capital accounts, 1961............................... 124, 129, 133
Ratios of income items:
Annually, 1953-1961.............................................................................................. 124-125
By class of bank, 1961......................................................................................128-129
By size of bank.................................................................................................. 132-133
Sources and disposition of total, 1955-1961................................................

53

Ratios of expense items................................................ 53, 124-125, 128-129, 132-133
Revision of report of income and dividends........................................................

54-55

Sources of data.................................................................................................................

121

Income of insured mutual savings banks:
Amounts of principal components, 1953-1961................................................ 144-145
Income, sources and disposition of total, 1955-1961........................................ 55-56
Rates of income on assets, 1953-1961.....................................................................

147

Ratios of income items..................................................................................... 56, 146-147
Ratios of expense items..................................................................................... 56, 146-147
Sources of data...............................................................................................................

121

Insolvent banks. See Banks in financial difficulties.
Insurance of bank obligations..................................................

.. .3-7, 43

Insurance status, banks classified by:
Assets and liabilities, June 30 and December 30, 1961.....................46-48, 100-103
Capital

ratios...................................................................................................................

48

Changes in number, 1961............................................................................................ 86-87
Deposits, June 30 and December 30, 1961..................................... 47, 96-97, 100-103
Number, December 30, 1961...................................................................45, 88-95, 96-97
Percentage of banks insured, by State, December 30, 1961........................... 88-95
Insured banks. See Assets, liabilities, and capital of banks; Banks in financial
difficulties; Deposits; Income of insured commercial banks; In­
come of insured mutual savings banks; Number of banks and
branches.
Insured commercial banks not members of the Federal Reserve System. See
Class of bank, banking data presented by.
Insured deposits. See Banks in financial difficulties; Coverage of deposit in­
surance, banks participating.
Insured State banks members of the Federal Reserve System. See Class of
bank, banking data presented by.
Inter-Agency Bank Examination School...............................................................
Interbank deposits. See Deposits (items referring to type of account).




17

FEDERAL DEPOSIT IN SU RANCE CORPORATION

164

Page
Interest. See Income of insured commercial banks; Income of insured mutual
savings banks.
Investments. See Assets, liabilities, and capital of banks; Assets and liabilities
of the Federal Deposit Insurance Corporation; Banks in financial
difficulties.

Law, violations of by insured banks.............................................................................

12-13

Legislation relating to deposit insurance and banking:
Federal, enacted in 1961............................................................................................14, 29
Federal, establishing and amending bank supervision............................... 43-45
State, enacted in 1961.............................................................................................. 15, 31-39
Loans. See Assets, liabilities, and capital of banks; Banks in financial diffi­
culties.
Losses:
Of banks, charged off. See Income of insured commercial banks; Income
of insured mutual savings banks.
Of the Federal Deposit Insurance Corporation................................... 6-7, 25, 153
Provision for, in insured banks, 1953-1961........................................122-123, 144-145

Mergers. See Absorptions.
Methods of tabulating banking data:
Assets and liabilities of banks.................................................................................

99

Deposit insurance disbursements.............................................................................

149

Income of insured banks............................................................................................

121

Number, offices, and deposits of banks...................................................................

58-59

Mutual savings banks. See Assets, liabilities, and capital of banks; Deposits;
Income of insured mutual savings banks; Number of banks and
branches.

National banks. See Class of bank, banking data presented by.
New banks, 1961.......................................................................................................... 48-49, 86-87
Noninsured banks. See Absorptions; Admission of banks to insurance; Assets,
liabilities, and capital of banks; Banks in financial difficulties;
Classification of banks; Class of bank, banking data presented b y;
Deposits; Number of banks and branches; Reports from banks.
Number of banks and branches:
Banking offices (banks and branches):
By insurance status, type of bank, and State, December 30, 1961. . . . 88-95
Changes during 1961................................................................................. 48-49, 86-87
Banks:
By insurance status and type of bank, December 30, 1961. . . . 45, 86, 103
By insurance status and type of bank, June 30, 1961...........................

101

By insurance status, type of bank, and State, December 30, 1 9 61 . . . . 88-95




165

IN DEX

Number of banks and branches:
Banks— Continued
By insurance status, type of bank, FD IC district and State, Decem­
ber 30, 1961........................................................................................................... 96-97
Changes during 1961, by type of bank..............................................48-49, 86
Operating branches, by insurance status and State, December 30,
1961 ......................................................................................................................... 8S-95
Branches:
By insurance status, type of bank, and State, December 30, 19 61. . . . 88-95
Changes in, during 1961................................................................................. 48-49, 87
Number of, 1961...................................................................................................... 86-95
Insured commercial banks:
December 31, 1953-1961....................................................................................123, 125
December 31, 1961, by class, deposit size of bank, or State
45, 127, 131, 135, 137, 139, 141, 143
Distributed by capital ratios and distribution of assets, December 31,
1961 ........................................................................................................................... 118-119
Insured mutual savings banks, December 31, 1953-1961........................... 145-147
Mutual savings banks, December 30, 1961.................................................. 45, 86-97
Noninsured banks, December 30, 1961........................................................ 4, 45, 86-97
Trust companies, December 30, 1961.......................................................... 4, 45, 86-97
Unit banks, by insurance status and State, December 30, 1961................... 88-95

Obligations of banks. See Assets, liabilities, and capital of banks; Deposits.
Officers of insured banks. See Employees.
Officers of the Federal Deposit Insurance Corporation. . .

. . . v-vi, 15-16

Operating banks. See Number of banks and branches.

Payments to depositors in closed insured banks. See Banks in financial
difficulties.
Personnel. See Employees.
Possessions, banks and branches located in. See Areas outside continental
United States, banks and branches located in.
Protection of depositors. See Banks in financial difficulties.
Public funds. See Deposits (items referring to type of account).

Receivership, insured banks placed in. See Banks in financial difficulties.
Recoveries:
By banks on assets charged off. See Income of insured commercial banks;
Income of insured mutual savings banks.
By the Corporation on disbursements. See Banks in financial difficulties.
Reports from banks.......................................................................................................... 13-14, 45




FEDERAL DEPOSIT INSURANCE CORPORATION

166

Page
Reserves:
Of Federal Deposit Insurance Corporation, for losses on assets acquired.. 18-19
Of insured banks for losses on assets. See Valuation reserves.
With Federal Reserve banks. See Assets, liabilities, and capital of banks.

Salaries and wages:
Federal Deposit Insurance Corporation.................................................................19, 25
Insured banks. See Income of insured commercial banks; Income of in­
sured mutual savings banks.
Savings and time deposits. See Deposits (items referring to type of account).
Securities. See Assets, liabilities, and capital of banks; Assets and liabilities
of the Federal Deposit Insurance Corporation; Banks in financial
difficulties.
Size of bank, data for banks classified by amount of deposits:
Assets and liabilities, insured commercial banks, 1961....................................

114

Banks requiring disbursements by the Corporation, 1934-1961.....................

150

Banks requiring disbursements by the Corporation, 1961...........................

150

Disbursements for protection of depositors, 1934-1961...............................

150

Income data of insured commercial banks, 1961............................................130-131
Income ratios of insured commercial banks, 1961................................... 54, 132-133
Number of employees of insured commercial banks, 1961.........................

131

Number of insured commercial banks, 1961.................................................... 131, 133
Number of insured commercial banks grouped by ratios of selected items
to assets, December 30, 1961.....................................................................118-119
Percentages of selected totals, insured commercial banks, 1961.................

54

State bank supervisory authorities:
Chartering and regulation of banks b y ................................................................... 43-45
Data obtained from......................................................................................................

99

Number of banks supervised b y ...............................................................................

45

State legislation regarding............................................................................................ 31-32
State, banking data classified b y:
Assets and liabilities of banks, December 30, 1961......................................104-105
Deposits of banks, by class of bank, December 30, 1961...................................

96-97

Disbursements, deposits, and depositors in insured banks requiring dis­
bursements by the Corporation, 1934-1961..............................................

151

Income of insured commercial banks, 1961.................................................... 134-143
Number of banks and branches, by class of bank and type of office, De­
cember 30, 1961.................................................................................................... 88-97
Percentage of banks insured, December 30, 1961................................................ 88-95
State banking legislation enacted in 1961...............................................................15, 31-39
State banks members of the Federal Reserve System. See Class of bank, bank­
ing data presented by.




IN D E X

167

Page
State banks not members of the Federal Reserve System. See Class of bank,
banking data presented by.
Stockholders of banks, net profits available for. See Income of insured com­
mercial banks.
Summary of this report........................................................................................

xv

Supervision of banks (see also Examination of insured banks):
By the Federal Deposit Insurance Corporation........................... vi-vii, 7-14, 45
Federal and State supervision.................................................................................

43-45

State legislation, 1961.................................................................................................... 31-39
Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Income of insured commercial banks;
Income of insured mutual savings banks.
Terminations of insurance for unsafe and unsound practices.............................

12-13

Time and savings deposits. See Deposits (items referring to type of account).
Trust companies, classification o f......................................................................... 4, 46, 5S-59
Trust powers:
Applications for...............................................................................................................

9

State legislation............................................................................................................... 36-37

Unit banks, by insurance status and State, December 30, 1961........................... 88-95
Unsafe and unsound banking practices......................................................................... 12-13

Valuation reserves (see also Assets, liabilities, and capital of banks):
Amounts held, call dates, December 31, 1958, through December 30, 1961

107

Amounts held, June 30 and December 30, 1961................................... 100, 102, 111
Changes, 1953-1961............................................................

122-123, 144-145

Violations of law or regulations, banks charged with

................. 12-13








Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102