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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 N um ber o f depositors or ac counts— total1......................... Number or amount 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. 10 Includes all secured and preferred claims paid from asset liquidation; excludes secured and pre ferred claims paid by Corporation. 11 Includes unclaimed deposits paid to authorized public custodians. 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—-t o t a l........................................................... $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 32,860 14,416 13,104 17,217 $1,451 212 212 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 32 113 81 32 Continuation o f insurance o f banks withdrawing from Federal Reserve S ystem ....................................................... Dis approved 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) 1961................................................ 1958 ........................................ 1956................................................ 1952................................................ 1936................................................ 1934................................................ 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 •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 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 12 of interest payable on time and savings deposits by 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,13 regardless of the basis upon which such interest m ay be computed: (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,13 regardless of the basis upon which such interest m ay be computed: (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,13 regardless of the basis upon which such interest m ay be computed: (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 52 100.0% 100.0 100.0 96.3% 96.7 4,520 462 277 52 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.............................. 93 100.0 % 100.0 100.0 97.7 % 97.7 14 38,112 33,385 6,593 1,505 93 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 7.9 8.0 8.0 8.0 8.4 11.1 8.4 Non insured 14.4% Non insured 8.6% 10.0% 8.1 8.3 8.6 14.4 11.1 Insured 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 Cn 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. 10 Includes postal savings deposits. 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 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................ 1961 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 C1) 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 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....................................... Number of banks (Dec. 30) Number of employees (Dec. 30) Assets (Dec. 30) Net current operating earnings Net profits after taxes 100.0% 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 Cn 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 3 4 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 1 62 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 1 To be operated 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 1 To be operated 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 2 6 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 1 22 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 2 10 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 1 To be operated 33 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 wrould hold only approximately 3.3 percent of the total deposits of commercial banks 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 1 4 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 In sured Non insured 4,513 4,530 1,598 1,641 7,004 6,955 277 304 -4 3 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 -6 114 109 99 1 6 1 Noninsured banks becoming insured.......... Admission to insurance, operating banks . . . . Admission to F. R. System, operating banks. Other changes in classification. . . . .............. 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......................... Changes not involving number in any class: Successions............................................. .. Changes in title, location, or name of location.. Change in corporate powers . b To operate under general banking law5........... FRASER Granted trust powers6.......................................... Digitized for 15 10 1 13,444 13,484 13,115 13,126 -4 0 -11 +49 -2 7 113 108 98 98 26 26 2 2 70 70 14 140 5 135 51 30 59 11 49 29 57 1 4 4 140 5 135 14 4 3 153 9 137 +34 +33 -3 4 -3 3 4 154 9 138 514 548 330 325 +5 1 1 2 1 2 4 1 5 1 +1 -1 +1 -1 +30 +29 +1 +1 +i +1 +8 +9 *+ i +i 112 3 4 115 40 40 in 2 2 40 515 515 3 -1 4 118 10 1 52 54 40 -1 6 -4 +9 -5 +1 +1 +4 -1 6 -4 +16 17 52 2 1 42 +29 +29 40 -3 0 -2 9 -1 +4 +4 185 190 CORPORATION Banks ceasing operations. ...................... 13,959 13,999 INSURANCE State Total Banks of de posit DEPOSIT Na tional Not mem bers F. R. Sys tem Members F. R. System Total FEDERAL Total Mutual savings banks Noninsured Insured 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 ............................................................... 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 Branches discontinued..................................................................... Facilities................................................................................................ Branches................................................................................................ 59 5 54 -5 +5' 2 +921 1,112 114 998 1,080 99 981 32 15 17 215 154 61 199 140 59 16 14 +40 +35 +5 -4 0 -3 5 -5 13 46 12 2 -9 2 -1 -5 +5 +42 +51 -9 3 +2 +2 -3 136 483 136 483 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.rria^ on available for only insured banks not members of Federal Reserve System. 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 +897 +11 46 OF 25,312 24,391 +46 59 DEPOSITS 26,002 25,105 + 57 . .. „ +3 +1 136 483 117 106 12 *+ 3 136 484 1 427 381 AND 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 2 544 487 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};rstem.............. Branches of insured banks withdrawing from F. R. System. . , Branches transferred through sale or as result of absorption or succession........................................................................................... 2 ‘’ 2 11 14 14 NUMBER, 12,043 11,106 +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 State 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 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*- —all offices............................... 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 Banks..................................................... Banks..................................................... Unit banks............................................. Branches................................................ Unit banks............................................. Banks..................................................... Unit banks............................................. Banks operating branches................... District o f Columbia.- -all offices. . . . Banks ................................................... Unit banks............................................. Banks operating branches................... Branches................................................ Unit banks............................................. Banks operating branches................... Branches................................................ Georgia—-a ll offices................. ................ Banks..................................................... Unit banks............................................. Banks operating branches................... Branches................................................ Hawaii— all offices................................... Banks..................................................... Unit banks............................................. Banks operating branches................... Branches................................................ 1,393 40 20 20 1,353 323 19 171 164 158 6 7 31 31 31 202 195 189 6 7 171 164 158 6 7 85 80 76 4 5 18 17 16 427 138 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 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 80 11 1 10 69 80 11 1 10 69 80 11 1 10 69 80 11 1 10 69 337 322 308 14 15 333 318 804 14 15 4 4 4 337 322 308 14 15 546 420 388 32 126 488 362 830 32 126 58 58 68 103 12 5 7 91 97 7 1 6 90 6 5 4 1 1 202 195 189 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 Banks..................................................... 1,904 117 64 63 1,787 20 3 3 S OF Florida— all offices................................... 1,914 122 57 65 1,792 1,904 117 54 63 1,787 17 5 178 155 135 DEPOSITS Branches................................................ 10 5 3 2 5 1,914 122 57 65 1,792 31 22 AND Delaware— all offices............................... 80 56 42 14 24 4 4 4 OFFICES, Banks..................................................... 289 233 194 39 56 289 233 194 39 56 NUM BER, Branches................................................ 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 CO 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 T^qtiItq Bdfiks opcTQftitiQ bvciTtcJics .. Total In Non sured3 insured All banks of de posit Com mercial banks of deposit 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 99.7 99.7 99.7 100.0 100.0 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 95.4 100.0 100.0 120 32 23 9 88 120 32 23 9 88 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 96.7 100.0 100.0 120 32 23 9 88 120 32 23 9 88 980 976 972 A 4 974 970 966 4 4 786 446 809 137 340 4 4 4 4 4 4 Mutual savings banks 100.0 100.0 100.0 CORPORATION TT'V)of btn71JrQ Non deposit trust com panies2 INSURANCE ..................... offices Banks ............................................. Un/it banks •...................... State Banks of de posit DEPOSIT TT */ ’hsi'Yi 1*0 Na tional Not mem bers F.R.S. 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 12! 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 OF 1 1 1 DEPOSITS 380 191 122 69 189 AND 381 192 123 69 189 OFFICES. Louisiana— all offices.......... Banks...................................... Unit banks.......................... Banks operating branches. Branches................................. CO 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 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 26 26 26 442 425 409 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 2 10 2 44 58 876 Non deposit trust com panies2 In Non sured* insured 5 5 5 3 3 3 3 3 3 15 11 8 3 4 Total 5 5 5 All banks of de posit Com mercial banks of deposit 94.1 93.8 93.6 100.0 100.0 94.1 93.8 93.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Mutual savings banks 35 33 31 2 2 35 33 31 2 2 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 22 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 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 State Banks of de posit INSURANCE Nevada—-all offices................................ 442 425 409 16 17 Na tional 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 Cj g g BANKS 455 136 78 58 319 OF 87 3 ••'g 84 4 1 DEPOSITS 175 31 11 20 144 717 170 89 81 547 AND 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.................................................... CO 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 Percentage insured1 Na tional State 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 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 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 526 290 210 80 236 Mutual savings banks INSURANCE Mutual savings; banks 532 296 216 80 236 1 1 1 CD 30, 1961— C o n tin u e d DEPOSIT 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 15 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 75.0 75.0 75.0 100.0 100.0 100.0 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 OF 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. 10 Includes 4 insured branches operated by a New York bank. Back figures: See the Annual Report for 1960, pp. 128-135, and earlier reports. DEPOSITS Virgin Islands-—all offices . 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 13,444 13,945 13,431 13,107 Total 277 52 515 272 52 514 13 8 5 1 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 Colorado............. Connecticut......... Delaware.............. District of Columbia Florida.................. Georgia. Hawaii.. Idaho... Illinois. . Digitized Indiana. for FRASER 12 122 122 6 In sured 152 150 9 5 6 27 12 62 19 11 11 233 117 31 322 164 58 19 11 318 420 12 32 976 442 362 7 32 970 437 58 8 1 2 71 2 Total In sured Non insured Total In sured Non insured 287,990,710 249,503,609 247,904,875 1,598,734 38,487,101 33.399.591 5,087,510 184 287,155,356 248,668,457 247,155,735 1,512,722 38,486,899 33.399.591 5,087,308 1 835,354 749,140 86,012 182 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 5,080,246 202 697 2,191,624 213,355 1,462,811 1,423,678 27,083,127 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 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 Nonin sured 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 14 State Alabama. . Alaska. . . . Arizona. . . Arkansas. . California. Mutual savings banks INSURANCE Other areas.......... 9 62 25 30, 1961 All banks Non Banks deposit trust of de com posit1 panies 8 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 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 Vermont.................... Virginia..................... Washington............. West Virginia........... Wisconsin.................. Wyoming.................. 1 Includes available. 2 Includes 3 Includes 4 Includes 3,340,247 2,601,961 2,626,437 3,148,255 695,857 3,303,026 2,600,426 2,616,228 3,147,560 667,492 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 88 180 561 55 1 1 2 10 26 33 33 21 21 i.27 i.27 442,265 401,864 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 25,349 ‘ 683,285' 40,506 8,123 40,351 5,554 20,962 7,999 3,006 128,414 128,414 412,106 412,106 26,221 25,524 697 BANKS Other area Pacific Islands5........ Panama Canal Zone® Puerto Rico7............. Virgin Islands8......... 3,340,247 2,601,961 2,626,437 3,148,255 1,138,122 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. OF 24 3 9 DEPOSITS 649 587 342 191 43 AND 674 590 351 192 47 OFFICES, 674 590 351 192 79 NUMBER, Iowa........................... Kansas....................... Kentucky.................. Louisiana................... Maine......................... 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 41,818,375 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 assets— to ta l.............................. Bank premises owned, furniture and fixtures. . Other real estate— direct and indirect.......... http://fraser.stlouisfed.org/ All other miscellaneous assets............................ Federal Reserve Bank of St. Louis Non deposit trust com panies1 75,194 20 699 1,052 CORPORATION 221,361 Total INSURANCE Non insured 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 OF 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 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............... 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 Insured 322,336,207 314,438,740 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....................... 248,037 Total INSURANCE U. S. Gov’t, obligations (incl. guaranteed) . . . . Obligations of States and subdivisions. . . . . . . . Securities of Federal agencies and corporations Non insured Non insured DEPOSIT 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..................... Insured Insured FEDERAL Cash, balances with other banks, and cash 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 OF 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 AND 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...................... forMaine............................ FRASER 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 10 Includes asset and liability data for 15 insured branehes operated by 2 insured banks in New York. 11 Includes asset and liability 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, 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 OF 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 AND 138 351 373 690 193 ASSETS Maryland......... Massachusetts. Michigan.......... Minnesota........ Mississippi. . . . h* O 106 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) Assets 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 18,428,052 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 FEDERAL June 10, 1959 Dec. 31, 1958 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 Miscellaneous assets— to ta l.................................... Customers’ liability on acceptances outstand ing............................................................................... Other assets.................................................................. 2,760,060 1,978,227 527,017 56,593 196,071 125,973 677,001 858,706 573,996 349,859 927,685 4,789,080 5,204,008 4,964,534 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 2,607,260 741,278 113,989 198,223 206,353 211,237 233,608 298,733 320,420 331,838 343,434 348,494 2,191,130 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 1,651,595 1,837,614 BANKS 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 OF 136,907,882 2,433,168 139,341,050 49,849,800 1,666,441 LIABILITIES 131,636,872 2,377,750 134,014,622 48,915,438 1,612,664 AND 123,387,760 2,210,835 125,598,595 46,681,287 1,576,588 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)................... 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, Foreign government and bank deposits— to ta l........................................................................... Foreign governments, central banks, etc.— demand...................................................................... Foreign governments, central banks, etc.— (3) | 778,698 772,150 10,142,625 10,593,683 9,913,493 4,016,728 3,390,391 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 97,237,880 260,495,484 155,742,140 104,753,344 773,852 9,034,929 109,312 252,566,191 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.............................................................. 708,810 7,835,582 INSURANCE Government deposits— to ta l.................................. United States Government— demand................... United States Government— time.......................... States and subdivisions— demand.......................... States and subdivisions— time................................ r 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 OF 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 Sept. 27, 1961 Dec. 30, 1961 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 45,295,518 3,562,447 45,396,811 2,901,303 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 12,992,104 169,989 80,713 125,249 249,421 21,423,995 .........38,565 ........ 27,661 60,521,956 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 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......................................... Dec. 30, 1961 51,901,992 3,347,489 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........... Sept. 27, 1961 INSURANCE Balances with banks in foreign countries........ Cash items in process of collection................... June 30, 1961 June 30, 1961 DEPOSIT 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 April 12, 1961 FEDERAL Cash, balances with other banks, and cash Dec. 31, 1960 Dec. 31, 1960 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 93,778 298,733 320,420 331,838 343,434 348,494 2,674,438 1,409,041 1,265,397 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 2,378 112,337 177,543 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) 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 OF 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 AND 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 qqvinffG honlrQ np T T»k ft;«--- n PTY1pnn . (z)/ X VXUtucil odVlUgO UdUivo in 111 ftile U uciiiauu* V (3) "TV /Ti1i q1 oo'tn norc! KonlrQ in T ft — tiT DP . •••• lVAU .uU.cil odiVulgo Udllivo 1 11 t,nA liiC T U 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—-nptyiTln ”Ronlrc in fAroiorr» pmiT1tflP<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 31,782,351 Capital stock, notes, and debentures: Par or face value— to ta l.................................. Common stock................................................... Capital notes and debentures........................ Preferred stock................................................... 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 15,406 Number of banks........................................................... 13,126 13,114 13,136 13,131 13,115 474,350 11,139 589,120 412,959 445,652 545,884 ‘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 M EM ORANDA OF 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 OF 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 116 (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 OF 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................................ 118 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,PCQ tliqn 1H nnrpPTlt 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 OF 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 OF 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................................................................ OF 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 124 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 OF 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___ x*__ \ j p v i it ting 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 OF 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. AC .U O DA .oy .06 .27 .02 .34 .11 1 1.117i n •i1U 1 Qf\ 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 s.oj AO o 3.02 OQO z.yy QI .oi O7^ 6.50 3 IQ o. iy 2.88 .66 2.64 4.61 1.24 5.85 .74 .08 1 01 Ui7 1 nn l.UU 1.4:0 .85 4.45 1 Kf\ i.o\ J e QC 0*7«) .81 no *uy 1 HQ i.uy .70 /y QQ .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 QG1i u.y A Of\ 17.47 7.31 10.16 A 71 4.71 £ /IS 0.40 OF 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 ^ QA io.yo A ftl O.oi Q 1P v y.io 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 ^ OR 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 130 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 thousands of dollars) (Amounts in • 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................................................................ OF 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 ) 132 Table 1 1 9 . BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS .banks with deposits of— 2 Income item All banks1 $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 C8) .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 $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 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 OF 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 134 (Amounts in thousands of dollars) Other areas Income item Total United States Puerto Rico Virgin Islands 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 Arizona Arkansas California Colorado 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 11,044,126 1,899,959 627,660 6,874,432 115,288 629,713 220,934 502,851 173,289 Alaska DEPOSIT Alabama FEDERAL 50 States and U. (J. 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 OF 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 OF 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 iviaijlic i\/r--- ^ iViajijianu Massa chusetts Minne- Mississippi Missouri Montana MoKrosVo Mo-iT-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.................. 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 .............................. 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..................................................................... 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........................................................................... 20,004 5,656 18,828 7,899 7,898 2,516 2,511 8,469 8,467 4,629 4,352 277 10,062 10,062 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 35.546 35.546 28,759 23,591 5,168 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 54,987 46,744 8,243 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 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. . . . 13.317 13.317 INSURED Net income after related taxes........................... 3.424 3.424 OF 13.947 13.947 INCOME Taxes on net income— to ta l................................ Federal........................................................................ State............................................................................ 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 pq Troncforc frnm VQlllflfinn roQAfVAQ 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......................... 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 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 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..................................................................... 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. 2 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 reoairs....................................... Insurance and utilities............................................ Rents paid.................................................................. Taxes........................................................................... 10 6,841 5,806 1,035 INSURED 315,394 281,208 34,186 OF 2.878 2.878 INCOME Taxes on net incom e— to ta l................................ Federal........................................................................ 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........................................................................... OF 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-ilLClCCSl/ £t±AU. CllViU.CJ_lU.i3 UU UtUCl ....................................................... 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 I17,888 [ 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 Net current operating income after taxes.................................. Net current operating income after taxes and dividends. . . 570,749 644,957 731,168 842,509 951,543 1,067,296 1,223,337 1,337,487 414,951 466,119 536,256 609,335 716,383 812,254 897,469 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 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 OF 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 OF 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 CD 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 1KQ 41 8 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 25,676 311,226 372.528 776,481 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 Deposit assump tion cases 7 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 FRASERto $5,000,000. $5,000,000 to $10,000,000 http://fraser.stlouisfed.org/ $10,000,000 to $25,000,000 <ttOK nonBank non of®s;n nnn Federal Reserve St.nnn 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 Qjx 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 Name and location Class of bank 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 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 5 144 Re coveries Estimated to Dec. additional 31, 19611 recoveries 198,074 587 13,104 587 5,026 8,078 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 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 Principal disburse ments4 Principal disburse ments3 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 2,657 127 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 ’ 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
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