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ANNUAL REPORT OF THE
FEDERAL DEPOSIT INSURANCE CORPORATION




1968




L E T T E R OF T R A N S M I T T A L

FEDERAL DEPOSIT INSURANCE CORPORATION
Washington, D. C., May 1, 1969

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 report for the calendar year 1968.
Respectfully yours,

Chairman

THE PRESIDENT OF THE SENATE
THE SPEAKER OF THE HOUSE OF REPRESENTATIVES




iii

FEDERAL

EXAMINATION
DIVISION



DEPOSIT INSURANCE CORPORATION

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

BOARD OF DIRECTORS
C h a irm a n -------------------------------- ----------------------------- K. A. Randall
D ir e c to r ----------------------------------

---------------------Irvine H. Sprague

Com ptroller o f the Currency-----

----------------------- W illiam B. Camp

OFFICIALS
A ssistant to the C h a irm a n ---------------------------------- John L. Flannery
Special A ssistant to the C h a irm a n -------------------------------- Lynn Mah
Special A ssistant to the Chairman
for M u tu a l Savings B a n k s ----------------------------Raymond T. Cahill
A ssistant to the D ire c to r----------------------------------------- Alan R. M iller
Special A ssistant to the D ir e c t o r ----------------------------John F. Burby
A ssistant to the D irector
(C o m p tro lle r o f the C u r r e n c y ) ------------------------------ A lbert

J. Faulstich

Chief, Division o f E xam in atio n ----------------------- Edward H. D eH ority
General C o u n s e l-------------------------------------------------- Leslie H. Fisher
C ontroller---------------------------------------------------- Edward F. Phelps, Jr.
Director, Division o f R e se a rch ------------------------------ P aulM . Horvitz
Chief, Division o f Liq u id a tio n -------------------------------- John J. Slocum
S e c re ta ry ----------------------------------------------------------------E. F. Downey
A u d ito r (A c tin g )------------------------------------------------John D. Roderick
Senior A dvisor to the Board------------------------- Raymond E. Hengren
Executive Assistant to the B o a rd -------------- Tim othy J. Reardon, Jr.
A ssistant to the B o a rd ---------------------------------- W illiam M. M oroney




May 1, 1969
V

FEDERAL DEPOSIT I NSURANCE CORPORATION DISTRICTS

DISTRICT

OFFICES

AND

SUPERVISING

A tlanta
Lewis C. Beasley
T w o Peachtree St., N.W., Suite 3030
A tlanta, Georgia 30303
Boston
Mark J. Laverick
T w o Center Plaza, Room 810
Boston, Massachusetts 02108
Chicago
John J. Early
164
West Jackson Blvd., Rm. 1500
Chicago, Illinois 60604
Columbus
W illiam D. Allen
37 West Broad Street, Suite 600
Columbus, O hio 43215
Dallas
Q uinton Thompson
S tation K
Dallas, Texas 75222
Kansas C ity
Stanley Pugh
925 Grand Avenue, Room 1708
Kansas C ity, Missouri 64106
Madison
Wallace A . Ryen
110 E. Main Street, Room 715
Madison, Wisconsin 53703

FEDERAL

DEPOSIT

EXAMINERS

Memphis
James W. Thompson
165
Madison Avenue, Suite 1010
Memphis, Tennessee 38103
Minneapolis
Roger B. West
109 South 7th Street, Suite 710
Minneapolis, Minnesota 55402
New Y o rk
Claude C. Phillippe
345 Park Avenue
New Y o rk , New Y o rk 10022
Philadelphia
Charles E. Doster
630 Chestnut Street, Suite 972
Philadelphia, Pennsylvania 19106
R ichm ond
A lb e rt E. Clark
908 E. Main Street, Suite 435
Richmond, V irginia 23219
St. Louis
John Stathos
1015 Locust Street, Room 420
St. Louis, Missouri 63101
San Francisco
Walter W. Sm ith
44 M ontgom ery Street, Suite 3600
San Francisco, C alifornia 94104

INSURANCE

CORPORATION

M a i n O f f i c e : 5 5 0 1 7 t h S t r e e t , N. W„ W a s h i n g t o n , D. C. 2 0 4 2 9
vi




C O N TE N TS
Page

PART ONE
BANKING DEVELOPMENTS
E c o n o m ic and fin a n c ia l d e v e lo p m e n ts ------------------ --------------------

3

B a nk p e rfo rm a n c e in 1 9 6 8 ............................................................. .........

4

Federal le g is la t io n ---------------------------- -------------------------------------------

7

PART TWO
OPERATIONS OF THE CORPORATION
D is b u rs e m e n ts to p ro te c t d e p o s it o r s .................................................

13

Supervisory a c tiv itie s --------- -------------------------------------------------

15

A dm inistration o f the Corporation . .............. .............................

23

F ina nce s o f th e C o r p o r a tio n ............................ .......................................

24

Rules and regulations of the C o rp o ra tio n ----------------------------------

30

PART THREE
LEGISLATION AND REGULATIONS
Federal banking legislation— 1968 --------------------------------------- 137
Rules and regulations of the Corporation — 1968 ......................... 145
State banking legislation — 1 9 6 8 - - ...................- .............................. 156

PART FOUR
STATISTICS OF BANKS AND DEPOSIT INSURANCE
Number o f banks and branches --------------------------------------------------- 164
A s s e ts a n d lia b ilitie s o f b a n k s ................................................................ 180
In c o m e o f in su re d b a n k s --------------------------------------------------------------196

Banks closed because of financial difficulties;
d e p o s it in s u ra n c e d is b u r s e m e n ts -------------------------- ------------------2 28




vii

LIST OF TA B LE S
Page
DISBURSEMENTS TO PROTECT DEPOSITORS:
1. Insured banks closed during 1968 requiring disbursements by the
Federal Deposit Insurance C orporation-------- ------------------ -----------

13

2. Protection of depositors of insured banks requiring disbursements by
the Federal Deposit Insurance Corporation, 1 9 3 4 -1 9 6 8 -------------- 14
3. Analysis of disbursements, recoveries and losses in deposit insurance
transactions, January 1, 1934-D ecem ber 31, 1968 -------------------

15

SUPERVISORY ACTIVITIES:
4. Bank examination activities of the Federal Deposit Insurance Cor­
poration in 1967 and 1968 - - - - - - - - - - - - - - - - - - - - - - 16
5. Actions to term inate insured status of banks charged w ith unsafe or
unsound banking practices or violations of law or regulations,
1 9 3 6 -1 9 6 8 ---------------------------------------------------------------------------------

17

6. Mergers, consolidations, acquisitions of assets and assumptions of
liabilities approved under section 18(c) of the Federal Deposit
Insurance A ct during 1968 --------------------------------------------------------- 19
7. Approvals under section 18(c) of the Federal Deposit Insurance A ct
during 1 9 6 8 — banks grouped by size and in States according to
status of branch b a n k in g ------------------------ ---------------------- ---------- 20
15. Description of each merger, consolidation, acquisition of assets or
assumption of liabilities approved by the Corporation during 1 9 6 8 --- 37
ADM INISTRATION OF THE CORPORATION:
8. Number of officers and employees of the Federal Deposit Insurance
Corporation, December 3 1, 1 967 and 1 9 6 8 --------------------------------- 23

FINANCES OF THE CORPORATION:
9. Statem ent of financial condition, Federal Deposit Insurance Corpora­
tion, December 31, 1 9 6 8 ----------------------------------------------------------25
10. Statement of income and the deposit insurance fund. Federal Deposit
Insurance Corporation, year ended December 3 1 , 1 9 6 8 -------------- 26
11. Determination and distribution of net assessment income, Federal
Deposit Insurance Corporation, year ended December 31, 1968 -

27

12. Sources and application of funds. Federal Deposit Insurance Corpora­
tion, year ended December 31, 1968 ----------------------------------------27
13. Income and expenses, Federal Deposit Insurance Corporation, by
year, from beginning of operations, September 1 1, 1933, to
December 31, 1 968, adjusted to December 31, 1 9 6 8 ----------------

28

14. Insured deposits and the deposit insurance fund, 19 3 4 -1 9 6 8

29

viii



--------

Page
NUMBER OF BANKS AND BRANCHES:
Explanatory n ote----------- ---------- -- ------------------- -------------- -- ----------- --------164
101. Changes in number and classification of banks and branches in the
United States (States and other areas) during 1968 - - - - - - - - 166
102. Changes in number of commercial banks and branches during 1968,
by S tate-------------------------------------------------------------------------------------- 168
103. Number of banking offices in the United States (States and other
areas), December 3 1 , 1 9 6 8
Grouped according to insurance status and class o f bank, and
by State or area and type o f office - - - - - - - - - - - - - - - - - - 170
104. Number and deposits of all commercial and mutual savings banks
(States and other areas), December 3 1 , 1 9 6 8
Banks grouped by class and by deposit size------------------------------ 179

ASSETS AND LIABILITIES OF BANKS:
Explanatory note-------------------------------------------------------------------------------------- 180
105. Assets and liabilities of all banks in the United States (States and
other areas), June 29, 1968
Banks grouped according to insurance status and type o f bank - 1 82
106. Assets and liabilities of all banks in the United States (States and
other areas), December 31, 1968
Banks grouped according to insurance status and type o f bank - 184

107. Assets and liabilities of insured commercial and insured mutual
savings banks in the United States (States and other areas)
December call dates, 1964 - 1968 ------------------------------------------- 186

108. Assets and liabilities of insured comm ercial banks in the United
States (States and other areas), December 31,1 968
Banks grouped by class o f b a n k ---------------------------------------------- 190

109. Assets and liabilities of insured commercial banks operating through­
out 1968 in the United States (States and other areas), December
31, 1968
Banks grouped according to am ount o f d e p o s its -------- ------------- 191

110. Percentages of assets and liabilities of insured comm ercial banks
operating throughout 1968 in the United States (States and other
areas), December 31, 1968
Banks grouped according to am ount o f d e p o s its ---------------------- 192
111. Distribution of insured comm ercial banks in the United States (States
and other areas), December 3 1 ,1 9 6 8
Banks grouped according to am ount o f deposits and by ratios o f
selected item s to assets and d e p o s its ----------------------------------------- 193




ix

Page
INCOME OF INSURED BANKS:
Explanatory note---------------- --------------------------------------------------------------- - - 196
1 12. Income of insured commercial banks in the United States (States ana
other areas), 1960-1 968 ----------------------------------------------------------- 198
113. Ratios of income of insured commercial banks in the United States
(States and other areas), 1960-1 968 ----------------------------------------- 2 0 0
I 14. Sources and disposition of total income, insured commercial banks in
the United States (States and other areas), 1960-1 968 -------------- 201
I I 5. Income of insured commercial banks in the United States (States and
other areas), 1968
Banks grouped by class o f b a n k ---------------------------------------------- 2 0 2
116. Income of insured commercial banks operating throughout 1968 in
the United States (States and other areas)
Banks grouped according to am ount o f d e p o s its -------- -- ---------2 0 4
1 17. Ratios of income of insured commercial banks operating throughout
1968 in the United States (States and other areas)
Banks grouped according to am ount o f d e p o s its ---------------------- 2 0 6
118. Income of insured commercial banks in the United States (States and
other areas), by State, 1968 ------------------------------------------------------ 2 0 8
119. Income of insured mutual savings banks, 1 9 6 0 -1 9 6 8 ---------------------- 2 2 0
120. Ratios of income of insured mutual savings banks, 1960-1 96 8

------ 222

121. Sources and disposition of total income, insured mutual savings
banks, 1 9 6 0 -1 9 6 8 ---------------------------------------------------------------------- 2 2 3
122. Income of insured mutual savings banks in the United States (States
and other areas), by State, 1968 ------------------------------------------------- 22 4
BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES;
DEPOSIT INSURANCE DISBURSEMENTS:
Explanatory note-------------------------------------------------------------------------------------- 2 2 8
123. Number and deposits of banks closed because of financial difficulties,
1 9 3 4 -1 9 6 8 --------------------------------------------------------------------------------- 23 0
124. Insured banks requiring disbursements by the Federal Deposit Insur­
ance Corporation during 1968 --------------------------------------------------- 231
125. Depositors, deposits and disbursements in insured banks requiring
disbursements by the Federal Deposit Insurance Corporation,
1 9 3 4 -1 9 6 8
Banks grouped by class o f bank, year o f deposit payoff or
deposit assum ption, am ount o f deposits, and S ta te ---------------- -- - 2 3 2
126. Recoveries and losses by the Federal Deposit Insurance Corporation
on principal disbursements for protection of depositors, 193419 68 ----------------------------------------------------------------------------------------- 2 3 5







BANKI N6
DEVELOPMENTS

PART

ONE




3

Insured com m ercial banks experienced substantial g ro w th in
deposits, earning assets and income in 1968. Total deposits
increased alm ost 10 percent w hile total assets increased 11 per­
cent and reached a year-end level of $ 5 0 0 billion. Net current
operating earnings were up 1 7 percent compared w ith 1967 w hile
net after-tax income rose 9 percent.
E C O N O M IC A N D F IN A N C IA L D E V E LO P M E N T S
The economic and financial environm ent in w hich banks
operated in 196 8 was one of sustained grow th. Total o utput
advanced throughout the year, unem ploym ent remained at an
extrem ely low level and there was strong evidence of excess
demand in goods and labor markets. As a result there w as con­
siderable pressure on the price level. W hile tota l goods and serv­
ices produced increased by 9 percent in 1968, alm ost half o f this
gain was accounted for by price increases. Still, the “ real" gain
in output o f 5 percent in 1968 compared favorably w ith the increase
in 1967 and "re a l" increases in m ost other recent years.
The advance in o utp ut was som ew hat greater in the first half o f
1968 when a significant increase in spending came from both the
public and private sectors. Interest rates, w hich had been on the;
rise since m id -1967 continued to advance through the spring of
1968. M onetary policy was generally restrictive. The Federal
Reserve raised the discount rate tw ic e — from AV2 to 5 percent
in March and to 5 1/2 percent in m id-April.
On April 19. the Federal Reserve's Regulation Q w as changed,
and the Corporation revised its Regulation 3 29 , to provide for
new m axim um rates on certificates of deposit ranging up to 6!4
percent for large CD's w ith m aturities of 180 days or more. This
action was necessary to stem the heavy losses of large CD's from
banks as the margin widened between market rates and the exist­
ing CD ceiling rates.
By late spring, as chances im proved for tax legislation, credit
market conditions eased and interest rates began to decline. The
Revenue and Expenditure Control A ct of 1968, enacted at m id­
year, provided for a 10 percent surcharge on individual and cor­
porate income taxes and placed restraints on Federal expenditures.
The effect of the legislation was to bring Federal expenditures and
revenues roughly into balance in the second half of calendar year
1 968 and to lessen the expansionary im pact o f the Federal
budget. However, private demand remained very strong w ith the
result that the pace of econom ic expansion slackened only




4

FEDERAL DEPOSIT INSURANCE CORPORATION

modestly in the second half of the year. During this latter period,
the unem ploym ent rate actually declined and pressure on con­
sumer prices increased.
By early fall, financial markets began to react to the continued
strength in private demand in nonfinancial as well as financial
markets. Interest rates began to increase and, by the end of the
year, rates generally were at levels above the highs achieved in
May. A t year-end the pace of the interest rate rise was accelerat­
ing. The discount rate which had been lowered in A ugust was
raised again to 5 1/2 percent in December. The com m ercial bank
prime rate was raised to 6 3A percent in December and to 7 percent
during the first week in 1969. The rate had been raised from 6 to
6 V2 percent in the spring of 1968 and reduced to 6 Va percent by
most banks in September.

B A N K P E R F O R M A N C E IN 1 9 6 8
A ssets and lia b ilitie s o f c o m m e rc ia l banks. Loans and invest­
ments of insured commercial banks rose 11.5 percent in 1 9 68 , an
advance virtually identical w ith that experienced in 1967. Loans
increased by more than 12 percent w ith each of the major loan
com ponents sharing about proportionately in the gain. Bank
investm ents rose alm ost 10 percent, w ith most of the rise
accounted for by an $8.6 billion (17 percent) increase in taxexem pt securities, which have continued to represent a grow ing
share of bank investments.
The increase in demand deposits of $ 1 8 .4 billion alm ost
matched the record post W orld W ar II advance experienced in
1967. W hile the tim e deposit gain in 196 8 was w ell below the
1967 advance it still am ounted to a substantial 11 percent. Once
again the largest gain occurred in consumer certificates of deposit
and open accounts. W hile savings deposits grew by $1.7 billion
(less than 2 percent) other I PC tim e deposits increased about
$ 1 6 billion— more than 23 percent. If large denom ination CD's
are elim inated from these figures the gain in other (largely
consumer) tim e deposits increases to about 27 percent. By yearend 1968, savings deposits accounted for only about 4 6 percent
of total tim e and savings deposits at com m ercial banks, whereas
as recently as December, 1962 the comparable figure had been
80 percent. Savers continued to shift funds from savings deposits
into various higher paying savings instrum ents in 1968. Special
notice accounts, so-called "Golden Passbook" accounts, in most
cases paying the 5 percent ceiling rate permissible on such instru­
ments, appeared to be particularly favored by individual savers.
Banks experienced net runoffs of large denom ination CD's d ur­
ing the early m onths of 1968. The increases in interest rate ceil­



BA N K PERFORMANCE IN 1968

5

ings in April and declines in com peting money market rates fo llo w ­
ing the enactm ent of the surtax strengthened the com petitive
position of large CD's, and their volume expanded sharply during
the summer and early fall. As the end of the year approached,
however, higher money market rates once again began to draw
funds away from the banks. For the year as a whole, large denom i­
nation CD's increased by about $2.5 billion, but the decline that
started in December 1968 continued into 1969.
The relative shift of funds away from savings deposits (w ith a
4 percent ceiling) and the higher maxim um rate payable on large
denom ination CD's contributed to an increase in the average
interest cost of tim e deposits. Interest paid am ounted to 4.48
percent of average tim e deposits in 1968 compared w ith 4 .2 4
percent in 1967.
"O ther liabilities" of insured commercial banks increased by
more than $ 8 billion. This was largely the result of an increase
in Federal funds borrowing and other, including overseas, borrow ­
ing.
B ank earnings. Current operating revenue of insured com ­
mercial banks increased by 17 percent in 1968, reflecting the
com bination of an increase in earning assets and a higher average
return on assets as a result of higher interest rates. The return on
average total assets was 5.44 percent in 1968 compared w ith
5.1 7 percent in 1 967.
The percentage increase in current operating expenses was
slightly below the gain in operating revenue. The percentage
increase in the interest cost of tim e deposits and other expenses,
including the cost of borrowed money and the purchase and rental
of machines and other equipm ent exceeded that for current
operating revenue, whereas the cost of salaries and employee
benefits rose only 12.5 percent.
Net current operating revenue rose 17.1 percent. However,
"b e lo w the line charges", principally security losses, increased
substantially. As a result, net income after taxes increased by
only 9 percent. Net losses on securities am ounted to about $ 4 6 0
m illion in 1968 compared w ith a negligible am ount in 1967. If
the effect of security losses is elim inated and tax liabilities are
adjusted upward accordingly, the advance in net profits in 1968
compared w ith 1967 becomes 15-16 percent— more in line w ith
the increase in current operating revenue and net operating
revenue.
Banks increased their dividends on common stock by 11 per­
cent in 1968. Total dividends of almost $1.5 billion represented
about 43 percent of net after-tax income, a slightly higher per­
centage than in 1967. Retained earnings of $1.8 billion accounted
for most of the 7.7 percent rise in bank capital. Since this was



6

FEDERAL DEPOSIT INSURANCE CORPORATION

less than the percentage increase in bank deposits and assets,
bank capital ratios declined som ewhat in 1968.
The 1968 relationship of bank capital and assets compared
favorably w ith most recent years. The ratio of net current operating
earnings to average assets was higher in 1968 than in any year
since 1962. Even w ith the relatively sizable security losses experi­
enced in 1968 and the im pact of the surtax, the ratio of net after­
tax profits to average assets was higher in 1968 than in any of
the previous five years except 1967. The ratio of net after-tax
profits to average capital accounts, w hich is favorably affected
by the som ewhat reduced capital ratio, was 9.7 percent— higher
than any year since 1960. Use of an earnings figure more in line
w ith bank statem ents (om itting security losses, net increase in bad
debt reserves, and adjusting taxes accordingly ) raises the rate of
return on bank capital to about 11 percent.
In some respects, the earnings experience in 1968 follow s a
pattern that has been in evidence for some tim e. The return per
dollar of earning assets has increased and so have expenses, par­
ticularly the interest cost on tim e deposits. W hile the percentage
of operating revenues going into profits has been declining, the
ratio of after-tax profits to assets has remained relatively stable.
M u tu a l savings banks. Deposits of insured mutual savings
banks rose by 7.5 percent in 1968 to $ 5 6 .9 billion. The gain was
less than that experienced in 1967 when com petition from finan­
cial market instrum ents was som ewhat less intense. M utual sav­
ings banks continued to purchase considerable am ounts of
corporate bonds in 1968 and their holdings of such securities
rose by more than 20 percent. Current operating revenue of
mutual savings banks increased by more than 12 percent reflect­
ing not only the gain in assets but an increase in the ratio of
operating revenue to average assets to 5.42 percent in 1968 from
5.23 percent in 1967. Since average interest payments on tim e
and savings deposits rose very little in 1968, net income after
interest payments increased substantially from the very low level
experienced in 1967.
Net additions to surplus accounts amounted to $223 m illion
in 1968 compared w ith $ 9 6 m illion in 1 967. Despite this increase,
additions to surplus were not sufficient to prevent a further decline
in the ratio of surplus to deposits, although by the end of 1968
mutual savings banks appeared to be moving in the direction
where they w ould be able to forestall further declines in the ratio
of surplus accounts to deposits.
N u m b er o f banks. During 1968, the number of commercial
banks and non-deposit trust companies declined by 43, and
m utual savings banks declined by tw o, reducing the tota l number
of banks to 14,199 at the end of the year. However, there was a



B A N K PERFORMANCE IN 1968

substantial increase in commercial bank branches, w hich num ­
bered 19,222 at the end of the year. The 1968 increase brought
the total number of commercial banking offices to 3 2 ,9 2 0 — a net
gain of 1,060.
Nineteen commercial banks and non-deposit tru st companies
changed from noninsured to insured nonmember status in 1968.
There was a net reduction of 42 in the num ber of national
banks, a reduction of 51 State member banks, and an increase
of 64 insured nonmember banks. Changes in number of banks and
branches during 1968 are shown in table 101 in Part IV of this
report.
FE D E R A L LE G IS LA T IO N
R egulation o f in te re s t rates. Federal banking legislation
enacted during 1968 included Public Law 9 0 -5 0 5 (82 Stat. 856),
approved September 21, 1968, w hich extended for one year from
that date the tem porary legislation enacted in 1966 to give the
Federal Deposit Insurance Corporation, the Board of Governors of
the Federal Reserve System, and the Federal Home Loan Bank
Board flexible authority to regulate the maximum rates of interest
and dividends which may be paid by insured banks and savings
and loan associations. The regulatory authority of the agencies
also was broadened to cover all aspects of the paym ent and adver­
tisem ent of interest and dividends on deposits and share accounts,
This Act, in addition, made permanent the provisions of the 1966
law relating to the purchase of obligations of Federal agencies
by Federal Reserve banks and the reserves required to be m ain­
tained by member banks against tim e deposits, and contained
m inor amendments to the laws governing Federal Reserve bank
loans and discounts.
B ank P ro te c tio n A c t. Prompted by the increase in the num ber
of robberies against financial institutions, Congress enacted the
Bank Protection A ct of 1968 (Public Law 9 0 -3 8 9 , 82 Stat. 294),
which was approved by the President on July 7, 1968. The A ct
directs the Corporation, the Board of Governors of the Federal
Reserve System, the Com ptroller of the Currency, and the Federal
Home Loan Bank Board to prom ulgate rules establishing m inim um
standards w ith w hich banks and savings and loan associations
subject to their supervision must com ply "w ith respect to the
installation, maintenance, and operation of security devices and
procedures, reasonable in cost, to discourage robberies, burglaries,
and larcenies and to assist in the identification and apprehension
of persons w ho com m it such acts.” The rules must include tim e
lim its for compliance w ith the prescribed standards and a require­
ment for submission of periodic reports. Institutions violating the



8

FEDERAL DEPOSIT INSURANCE CORPORATION

rules are subject to a civil penalty of not more than $ 1 0 0 for each
day of the violation. The A ct also directs the supervisory agencies
to consult w ith the insurance industry and insurance regulatory
agencies to determine the feasibility of premium rate differentials
based upon security devices and procedures, and to report to Con­
gress the results of such consultations.
A m e n d m e n ts to th e S e cu ritie s Exchange A c t. Am endm ents
to the Securities Exchange A ct of 1934 contained in Public Law
9 0 -4 3 9 (82 Stat. 454), approved July 29, 1968, prescribed
additional requirements w ith respect to the equity securities
of corporations, including some banks, which must be registered
under section 12 of that Act. The requirements are designed to
compel the disclosure of pertinent inform ation and to afford other
protection to stockholders when a person or group of persons
seeks to acquire a substantial am ount of a corporation's securities,
either by a tender offer or through open market or privately nego­
tiated purchases, or when a corporation repurchases its own
securities. Insofar as banks are affected, the adm inistration of the
new legislation, as in the case of the disclosure requirements
enacted in 1964, is vested in the three Federal bank supervisory
agencies, w ith the Federal Deposit Insurance Corporation having
this responsibility for insured State nonmember banks. A nother
am endm ent to the Securities Exchange A ct of 1 93 4 w hich affects
banks was made by Public Law 9 0 -4 3 7 (82 Stat. 452), also
approved July 29, 1 968, under which the authority of the Board of
Governors of the Federal Reserve System to regulate the am ount
of credit w hich banks and other lenders may extend for the pur­
pose of purchasing and carrying securities was broadened to cover
securities traded "over the counter” , as well as those listed on
national securities exchanges.
H ousing and Urban D e ve lo p m e n t A c t o f 1 96 8 . The Housing
and Urban Development A ct of 1 9 6 8 (Public Law 9 0 -4 4 8 , 82 Stat.
476), approved August 1, 1968, contained numerous am end­
ments to the banking laws. Included among them were various
amendments to section 2 4 of the Federal Reserve A ct w hich
broadened the powers of national banks w ith respect to real
estate loans. There also were am endm ents to section 5 1 3 6 of the
Revised Statutes w hich added certain revenue obligations and
other securities to the classes of securities w hich national banks
may deal in and underwrite (and to that extent Federal lim itations
upon State member banks were removed). A nother am endm ent to
section 5 1 3 6 authorized national banks to issue securities guaran­
teed by the Government National M ortgage Association under
section 306(g) of the National Housing A ct and backed by pools
of Federally insured or guaranteed mortgages. In the same con­
nection, section 21(a) of the Banking A ct of 1933 was amended



F E D E R A L LE G IS LA T IO N

9

to remove a criminal prohibition against the issuance of such
securities by any bank.
C onsum er C re d it P ro te ctio n A c t. The Consumer Credit Pro­
tection A ct (Public Law 9 0 -3 2 1 , 82 Stat. 146), approved May 29,
1968, has broad applicability to banks and to others engaged in
the extension of credit. Included in it, as Title I of the Act, is the
Truth in Lending A ct w hich requires the disclosure of the term s
of consumer credit transactions and regulates consum er credit
advertising. The disclosure requirements are designed to furnish
inform ation concerning the cost of credit w hich w ill prevent
consumers from being misled and enable them to make m eaning­
ful comparisons. The Federal bank supervisory agencies, includ­
ing the Corporation, are given the responsibility for adm inistra­
tive enforcement of the Truth in Lending A ct w ith respect to the
banks subject to their supervision. In addition to the Truth in
Lending Act, the Consumer Credit Protection A ct includes Title
II, relating to extortionate credit transactions, Title III, restricting
garnishm ent of wages, Title IV, creating the National Commission
on Consumer Finance, and Title V, containing general provisions.
T e xt o f s ta tu te s and re g u la tio n s. The pertinent provisions
of the foregoing statutes (except the Consumer Credit Protection
Act), and the amendments to regulations and interpretative rule
described in Part II, together w ith a summary of significant State
banking legislation, are presented in Part III of this report.







OPERATIONS
OF T H E C O R P O R A T I O N




PART TW O




13

D IS B U R S E M E N T S TO PRO TECT D E P O S ITO R S
Banks fa ilin g in 1 968. The Corporation made disbursem ents
of $5 million during 1968 to protect depositors of three banks in
serious financial difficulty. The three banks held deposits a m o un t­
ing to $ 22 .5 m illion (Table 1). Depositors were protected in full
when the liabilities of each of these banks were assumed by newly
organized banks. As is custom ary in such cases, the Corporation,
by purchase or loan, acquired those assets of the distressed banks
which were unacceptable to the assuming banks, enabling the
Table 1. INSURED BANKS CLOSED DURING 1968 REQUIRING
DISBURSEMENTS BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION1
Deposit
assumption
case
number

Name and
location

Date of
closing

Total

Number of
depositors'
accounts

Amount of
deposits
(in thousands)2

FDIC
disbursement
(in thousands)

12,850

$22,524

$5,053

191

Lorenzo State Bank
Lorenzo, Texas

February 7, 1 968

2,179

5,612

1,552

192

Central National Bank
of Jacksonville,
Jacksonville, Florida

May 27, 1968

8,091

11,757

2,476

193

Bank of Commerce,
Tonkawa, Oklahoma

September 25, 1968

2,580

5,155

1,025

1 Figures adjusted to and as of December 3 1 ,1 9 6 8
2 All deposits w ere made available in full through assuming banks

latter to accept all the depositor liabilities of the failing banks. D ur­
ing the 35 years of its operations the Corporation has made dis­
bursements to protect depositors in 4 7 3 failing banks. These
banks had over 1.6 m illion depositors or accounts and had total
deposits of nearly $ 8 3 9 m illion (see Table 2). Data on the extent
and method of deposit insurance protection appear in Table 3.
D e p o sit insurance p a rtic ip a tio n and coverage. A t the end of
1968, about 97 percent of all operating banks in the United States
were insured by the Corporation. A total of 2 1 0 com m ercial banks
and trust companies were noninsured and, of the 167 noninsured
mutual savings banks, 166 were located in the State of Massa­
chusetts and were covered by that State's insurance program.
The maximum am ount of deposit insurance per depositor in
any insured bank, set initially by statute at $ 2 ,5 0 0 , was raised
to $ 5 ,0 0 0 in m id -1934, to $ 1 0 ,0 0 0 in 1950, and on October
16, 1966 to the present level of $ 1 5 ,0 0 0 . Under the Federal
Deposit Insurance Act, as amended, each depositor is now
insured up to $ 1 5 ,0 0 0 on the aggregate of deposits m aintained
in the same right and capacity in an insured bank.
W ith the increases in the maxim um insurance available to each
depositor, all except a very small percentage of accounts continue



14

FEDERAL DEPOSIT INSURANCE CORPORATION

to be fully insured. The Corporation's survey of deposits as of
June 29, 1968 showed that 98.5 percent of the 2 13 m illion
accounts in all insured banks were fully protected by Federal
deposit insurance.
The average size of the 1.5 percent of accounts not fully cov­
ered greatly exceeds the insurance maxim um per depositor; thus
the insurance coverage is considerably greater in term s of num ber
of accounts than in term s of the dollar am ount of deposits. On
June 29, 1968, $ 2 7 2 billion, or 6 0.0 percent of $ 4 5 3 billion in
total deposits in insured banks, were covered by Federal deposit
insurance. Survey findings indicate tha t insured deposits w ould
have totaled about $ 2 4 7 billion had the previous $ 1 0 ,0 0 0 ceil-

Table 2. PROTECTION OF DEPOSITORS OF INSURED BANKS REQUIRING
DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, 1 9 3 4 -1 9 6 8
Deposit
assumption cases
(193 banks)

Deposit payoff
cases
(280 banks)

All cases
(473 banks)
Item

Number of depositors or accounts—total1
Full recovery received or available

Number
or
amount

Percem

Number
or
amount

Percent

1,645,440
1,641,115

100.0%
99.7

501,991
497,666

100.0%
99.1

451,9793
39,873
2,960
2,854

90.0
7.9
.6
.6

1,595,428
39,873
2,960
2,854

96.9
2.4
.2
.2

Full recovery not received as of Decem­
ber 31,1 9 6 8

4,325

.3

4,325

.9

Terminated case s............................
Active cases......................................

3,298
1,027

.2
.1

3,298
1,027

.7
.2

From
From
From
From

FDIC2 .....................................
offset4.....................................
security or preference5 . .
asset liquidation6 ............

Amount of deposits (in thousands)—total
Paid or made available

By
By
By
By

.

FDIC2...........................................
offset8 .........................................
security or preference9..............
asset liquidation10.....................

Not paid as of December 3 1 ,1 9 6 8

Terminated cases....................
Active cases11...........................

$838,709

100.0%

$245,937

100.0%

Number
or
amount

Percent

1,143,449
1,143,449

100.0%
100.0

1,143,449

100.0

$592,772

100.0%

814,012

97.1

221 .2407

90.0

592,772

100.0

756,700
12,943
26,323
18,046

90.2
1.6
3.1
2.2

163,928
12,943
26,323
18,046

66.7
5.3
10.7
7.3

592,772

100.0

24,697

2.9

24,697

10.0

1,859
22,838

.2
2.7

1,859
22,838

.7
9.3

’ Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases
2Through direct payment to depositors in deposit payoff cases; through assumption of deposits by other insured banks, facil­
itated by FDIC disbursements of $ 2 1 8 ,0 6 5 thousand, in deposit assumption cases
in clu d es 5 8 ,4 8 3 depositors in term inated cases who failed to claim their insured deposits (see note 7)
in clu d e s only depositors with claims offset in full; most of these would have been fully protected by insurance in the
absence of offset
5Excludes depositors paid in part by FDIC whose deposit balances were less than the insurance maximum
6The insured portions of these depositor claims were paid by the Corporation
in clu d es $ 2 0 9 thousand unclaimed insured deposits in term inated cases (see note 3)
in clu d e s all amounts paid by offset.
in c lu d e s all secured and preferred claims paid from asset liquidation; excludes secured and preferred claims paid by the
Corporation.
,0lncludes unclaimed deposits paid to authorized public custodians
"In clu d es $ 1 0 ,4 5 8 thousand representing deposits available, expected through offset, or expected from proceeds of liqui­
dations; and $ 4 3 thousand representing up to $ 1 0 ,0 0 0 of each of certain ce rtific a te s of depo sit w hose insured statu s is in
litigation




DISBURSEMENTS TO PROTECT DEPOSITORS

15

T able 3. ANALYSIS OF DISBURSEMENTS, RECOVERIES A N D LOSSES
IN DEPOSIT INSURANCE TRANSACTIONS,
JA N U A R Y 1, 1 9 3 4 — DECEMBER 31, 196 8
(In thousands)
Type of disbursement

Disbursements

All disbursements— total
Principal disbursements
cases—total

in

deposit

assumption

and

in

deposit

assumption

and

Losses

$380,398

$55,284

381,805

329,968

51,837

218,065

191,232
3,899

22,938

163,391
349

125,232
9,605

28,903

51,752

47,992

3,760

32,911
15,081
545

32,911
15,081
12)

545

3,215

12)

3,215

2,125

2,438

(3 1 3 )

1,773

2,423
15
12)

(6 6 5 )

payoff

Loans and assets purchased (193 deposit assumption
cases):
To December 3 1 ,1 9 6 8 .
Estimated a d d itio n a l................................
Deposits paid (2 80 deposit payoff cases):
To December 31, 19 68. . .
Estimated a d d itio n a l....................................................
Advances and expenses
cases— total

Recoveries1

$435,682

payoff

Expenses in liquidating assets:
Advances to protect assets .
Liquidation expenses .
Insurance expenses
................................................
Field payoff and other insurance expenses in 2 8 0
deposit payoff cases . .
Other disbursements— total

Assets purchased to facilitate term ination of liquida­
tions:
To December 3 1 .1 9 6 8 .
Estimated a d d itio n a l................
Unallocated insurance e x p e n s e s ....................................

352

352

’ Excludes am ounts returned to closed bank equity holders and $ 9 .3 million of interest and allow able return received by FDIC.
2Not recoverable

ing remained in effect as of m id -1 9 6 8 — or $ 2 5 billion less than
under the new $1 5 ,0 0 0 lim itation.
Obviously, if the June 29, 1968 ratios of insurance coverage
were to exclude the largest banks w ith extensive corporate,
governm ent and other large accounts, the percentages w ould be
higher. Thus, in banks w ith less than $ 1 0 m illion in total deposits,
83 percent of total deposits are protected by Federal deposit
insurance. Am ong the various types of deposits, the proportion
of the am ounts covered by insurance varies substantially. The
ratio of insured to total savings deposits, for example, for all
insured banks is 91.8 percent. For demand deposits o f individuals,
partnerships, and corporations, the comparable figure is 52.1
percent.
S U P E R V IS O R Y A C T IV IT IE S
B ank e x a m in a tio n s. Although em powered to examine any
insured bank for insurance purposes, the Corporation regularly
utilizes the reports of exam inations made by the other Federal
agencies having supervisory responsibility for these banks, to avoid
duplication of effort. Nonmem ber insured banks, except those
located in the D istrict of Columbia, are examined by the Corpora­
tion and by the respective State authorities.



FEDERAL DEPOSIT INSURANCE CORPORATION

16

The Corporation generally examines nonm em ber insured banks
at least once during each 12-m onth period, but more often if
required by circumstances. The Corporation's exam inations may,
in some cases, be conducted jo intly or concurrently w ith the State
authorities, thus reducing the burden of exam ination a ctivity for
the banks as well as for the supervisory authorities. A t present
this practice is follow ed in more than half the States.
During 1968 the Corporation conducted 1 5,483 field exam ina­
tions and investigations, of w hich not quite half were exam ina­
tions of main offices. Examinations of trust departm ents and
branches accounted for 36 percent of the total, and investigations
about 14 percent. The total number of exam inations and investiga­
tions was 14 percent higher than in 1967 (Table 4).
In the exam ination process, the exam iner appraises the quality
of bank assets, the nature and am ount of the liabilities, and the
adequacy of its capital. He also seeks to uncover any unsound
or unsafe practices w hich may exist, reviews compliance w ith the
pertinent laws and regulations, and finally, makes an evaluation
of the bank's management. In those cases in w hich objectionable
practices or conditions are found to exist, corrective action is
obtained through the usual supervisory methods involving consul­
tation and voluntary compliance. In the event that this approach
fails, however, form al proceedings may be instituted against
the bank.
Under the provisions of the Financial Institutions Supervisory
A ct of 1966, the Federal bank supervisory agencies are authorized
Table 4. BAN K EXAM INATIO N ACTIVITIES OF
THE FEDERAL DEPOSIT INSURANCE CORPORATION
IN 1967 AN D 1968
Number
Activity

1968

1967

Field exa m in a tio n s and in v e s tig a tio n s — t o t a l..............................................

15,483

13,577

E xam inations of m ain o ffic e s — t o t a l ..........................................................
Regular examinations of insured banks not members of Federal
Reserve S y s te m .......................................................................................
Re-examinations; or other than regular exam inations............................
Entrance examinations of operating noninsured ba nks........................
Special exam inations.....................................................................................

7,650

7,148

7,451
154
41
4

6,962
129
44
13

E xam inations of d e partm ents and branches
Examinations of trust de p a rtm e n ts ............................................................
Examinations of branches............................................................................

5.638

4.662

1,210

4,428

1,092
3,570

In v e s tig a tio n s .................................................................................................
New bank investiga tio ns..............................................................................
State banks members of Federal Reserve S ystem ..............................
Banks not members of Federal Reserve S y s te m ................................
New branch in ve stig a tio n s........................................................................
Mergers and c o n s o lid a tio n s .........................................................................
Miscellaneous in v e s tig a tio n s .......................................................................

2,195

1,767

195
25
170
538
185
1,277

165
14
151
412
146
1,044




SUPERVISORY ACTIVITIES

17

to issue cease-and-desist orders to Federally insured banks w ith
respect to specific violations of laws or regulations and unsafe
or unsound practices, after tim e for correction has been allowed.
In addition, the A ct provides that the supervisory authorities may
take action to suspend or remove officers or directors of insured
institutions for violations of law or regulation, or for unsound
practices, where personal dishonesty is involved.
C ita tio n s c o n te m p la tin g te rm in a tio n o f insurance. If the
objectionable practices persist, the Corporation has the authority
under section 8(a) of the Federal Deposit Insurance A ct to initiate
proceedings w hich may result in term ination of the bank's deposit
insurance. Term ination proceedings are regarded as a drastic step,
to be taken infrequently and only when a solution is not obta in ­
able through other methods.
Table 5 summarizes the Corporation's activity under section
8(a) since 1936. Of the 198 banks against w hich action was
taken, in 148 cases the necessary corrections were made or the
cases were closed through absorption of the banks or their suc­
cession by other banks. There were no open cases at the start of
1968; of the three begun during the year, tw o remained open at
year end.
A p p lic a tio n s fo r d e p o sit insurance. State nonm em ber banks
seeking deposit insurance apply directly to the FDIC. In the case
of new national banks, insurance is granted by the FDIC upon
certification by the Com ptroller of the Currency, and by the
Federal Reserve in the case of new State member banks. During
T able 5. ACTIONS TO TERMINATE INSURED STATUS OF BANKS
CHARGED W ITH UNSAFE OR UNSOUND BANKING PRACTICES OR
VIO LATIO N S OF LAW OR REGULATIONS, 1 9 3 6 -1 9 6 8

Disposition or status

Started
during 1968

T o ta l banks ag ainst w h ic h a c tio n w a s take n
Cases c lo s e d .....................................................................................................
C orrections m a d e .......................................................................................
Banks absorbed or succeeded by other banks.............................. ..........
W ith financial aid of the C o rp o ra tio n ..................................................
W ithout financial aid of the C o rp o ra tio n ............................................
Banks suspended prior to setting date of term ination of insured
status by Corporation..............................................................................
Insured status terminated, or date for such term ination set by
Corporation, for failure to make c o rre c tio n s ......................................
Banks suspended prior to or on date of termination of insured status
Banks continued in operation2..............................................................
Cases n o t closed D ecem ber 31, 1 9 6 8 ......................................................
Correction period not exp ired.....................................................................
Action deferred pending analysis of exam ination..................................
1No action to term inate the insured status of any bank w as taken before 1 9 3 6 . In 5 cases w here initial action w as replaced by
action based upon additional charges, only the latter action is included.
2One of these suspended 4 m onths after its insured status w as term inated.




18

FEDERAL DEPOSIT INSURANCE CORPORATION

1968, the Corporation approved applications for deposit insur­
ance of 94 banks, 74 of w hich were new banks and 20 of w hich
were existing noninsured banks. Thirteen new banks were located
in Illinois, nine in Florida and the remainder were scattered among
tw e n ty states.
A p p lic a tio n s fo r branches. In 196 8 there were 461 new
branches approved for insured nonm em ber banks by the Corpora­
tion, an increase of more than 2 0 percent compared w ith 1967
approvals. An additional 51 dom estic branches were created
through Corporation approvals of mergers during the year.
M ergers. Under the Bank Merger A ct of 1960, the Corpora­
tion's prior approval is required in any merger, purchase of assets,
or assumption of liabilities transaction in w hich the resulting bank
is an insured bank not a member of the Federal Reserve System
and not located in the D istrict of Columbia. Such approval is also
required in any absorption of a noninsured bank or institution by
an insured bank.
The 1960 Act, as amended in 1966, provides that the super­
visory agency must consider several specific factors before approv­
ing a merger, including the effect of the transaction on co m p eti­
tion, financial and managerial resources, the future prospects of
the existing and proposed institutions, and the convenience and
needs of the c o m m u n it y to be served.
During 1968 the Corporation approved a total of 68 mergers
under section 18(c) of the Federal Deposit Insurance Act. In these
cases there were 62 absorbed banks w hich operated a total of
138 offices prior to the transactions and had resources of $ 1 ,0 4 0
million. The absorbed banks included 16 national banks, 2 State
bank members of the Federal Reserve System, 3 4 State non­
member insured banks, and 10 noninsured institutions. Details
of these cases are shown in Table 1 5, pages 37 to 133.
Merger approvals involving all insured banks during 1968 are
summarized in Table 6. (It is im portant to note that Tables 6 and
7 do not include corporate reorganizations of individual banking
institutions, such as banks in process of form ing one-bank holding
companies, w hich do not have the effect of lessening the num ber
of existing operating banks.) The 130 banks absorbed through
mergers operated 2 8 4 offices and had total resources of approxi­
mately $ 2 ,1 8 5 m illion prior to the transactions. The num ber of
institutions absorbed in mergers approved in 1968 was eight more
than in 1967, but was slightly below the average annual num ber
during the past several years.
The numbers of banks by size of assets and by the status of
branch banking in their States, (i.e., Statew ide branching, lim itedarea branching, or unit banking) w hich were involved in absorp­



19

SUPERVISORY ACTIVITIES

tions approved by the Federal agencies during 1968 are shown in
Table 7.
R eg ulatio n o f bank se cu ritie s. Legislation enacted in 1 96 4
extended the provisions of the Securities Exchange A ct of 1 93 4 to
cover securities traded in the over-the-counter market. Responsi­
bility for adm inistering the A ct w ith respect to insured banks was
Table 6. MERGERS. CONSOLIDATIONS, ACQUISITIONS OF ASSETS
AND ASSUMPTIONS OF LIABILITIES APPROVED UNDER SECTION 18(c)
OF THE FEDERAL DEPOSIT INSURANCE ACT DURING 1968
Offices operated 3
Banks

Number
of banks 2

Resources
(in thousands )3

Prior to
transaction

After
transaction

ALL CASES1
Banks in v o lv e d ...........................................
Absorbing b a n k s .....................................
Absorbed banks.......................................
N a tio n a l...............................................
State bank members FR S..................
Not members F R S .............................
Noninsured in s titu tio n s ......................

249
119
130
56
9
61
44

$44,158,524
41,973,930
2,184,594
1,055,039
96,797
1,021,780
10,978

3,174
2,890
284
126
13
141
4

3,168
3,168

125
58
67
36
7
23

S25,81 1,369
24,720,137
1.091,232
755.584
63,450
270,700
1,498

2,012

2,007
2,007

640
603
37

4

$14,273,586
14,090.705
182,881
104,046

8

78.835

15

CASES WITH RESULTING BANK
A NATIONAL BANK
Banks in v o lv e d ...........................................
Absorbing b a n k s .....................................
Absorbed banks.......................................
N a tio n a l...............................................
State banks members FR S ................
Not members F R S .............................
Noninsured in s titu tio n s ......................

1

1,884
128
64
10

53
1

CASES WITH RESULTING BANK A
STATE BANK MEMBER OF THE
FEDERAL RESERVE SYSTEM
Banks in v o lv e d ...........................................
Absorbing b a n k s .....................................
Absorbed banks.......................................
N a tio n a l...............................................
State banks members F R S ..............
Not members F R S .............................
Noninsured in s titu tio n s ......................

23
11
12

640
640

22

CASES WITH RESULTING BANK NOT
A MEMBER OF THE
FEDERAL RESERVE SYSTEM6
Banks in v o lv e d ...........................................
Absorbing b a n k s .....................................
Absorbed banks.......................................
N a tio n a l...............................................
State banks members FR S ................
Not members F R S .............................
Noninsured in s titu tio n s ......................

103
51
5/ 5
16
2

30
44

$4,088,661
3,176,682
9 11 .9 7 9 7
195,409
33.347
672,245
10,978

524
404

523
523

1207

40.
3
73
4

'O m itted are corporate reorganizations and other absorptions involving banks which prior to the transaction did not individ­
ually operate an office in the United States.
2The number of absorbing banks is smaller than the number of cases, because a few banks participated in more than one
case.
3W here 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 latest transaction.
4M erger case No. 27 in table 1 5 was reported also as an approved case by the Office of the Comptroller of the Currency. This
case is included only once in the totals in this table,
in c lu d e s one savings and loan association.
in c lu d e s one case approved by the Corporation of an absorption of a noninsured institution by a m em ber bank.
7An existing branch of an insured nonmember bank was acquired by another bank in each of tw o cases; thus the resources
and office of the branches are included. In another case, a portion of a noninsured bank's accounts w as acquired; the am ount of
these assets is included herein.




20

FEDERAL DEPOSIT INSURANCE CORPORATION

given to the Federal bank regulatory agencies. Only those corpora­
tions now having 5 0 0 or more shareholders and more than $1
m illion in assets are covered.
The Corporation, during 1968, received registration statem ents
from 2 0 insured State nonm em ber banks coming under the pro­
visions of the Act, bringing the year-end total to 186. The latter
figure reflects the w ithdraw al from registration of 5 banks through
merger and the addition of 2 registered banks w hich w ith d re w
from the Federal Reserve System.
In addition to the registration statem ent filed by banks, the
Corporation also receives current reports required by the Securi­
ties Exchange A ct and regulates proxy solicitation for annual and
special meetings of the shareholders of these banks. A nother sec­
tion of the A ct requires the filing of beneficial ownership reports
by every director, m ajor officer and large shareholder of a regisTable 7. APPROVALS UNDER SECTION 18(c) OF THE FEDERAL
DEPOSIT INSURANCE ACT DURING 1968
BANKS GROUPED BY SIZE AND IN STATES
ACCORDING TO STATUS OF BRANCH BANKING
Absorbing banks

Number of banks by
size (resources in $m il)1

Absorbed banks
Number
of
banks1

Number
of
branches

Resources
(in
thousands)

Numt)er of bariks by size
(r<^sources n $mil)
-5

5 -10

10-25

2 5 -1 0 0

Over
100

35

18

2

T o ta l-U .S .
119
- 5 ................. 6
5 -1 0 ................. 6
1 0-2 5 ................. 23
25-100 ................. 43
100-500 ................. 23
500 or m ore................. 18

130
7
6
24
43
26
24

154
1
12
19
37
46
39

52,184,594
21,794
100,434
206,247
572,055
634,300
549,764

35
6
4
9
11
5

40
I
10
13
10
6

I
3
13
6
12

1
2
6
4
5

I
1

(A) S tate w ide
branching2
42
- 5 ................. 1
5 -1 0 ................. 2
10-2 5 ................. 7
25-100 ................. 12
1 00-500................. 10
500 or m ore................. 10

49
1
2
8
12
12
14

67

11
1
1
3
4
2

15

15

7

1

10
8
15
14
20

S856.025
329
56,271
70,174
187,944
137,414
403,893

4
2
5
4

3
4
8

1
1
3
1
1

1

(B) Lim ited area
branching2
70
-5 ................. 2
5 -1 0 ................. 4
10-25................. 14
25-100 ................. 30
100 -50 0 ................. 1 2
500 or m ore................. 8

73
2
4
14
30
13
10

83
1
2
11
22
28
19

S I,233,543
9,675
44,163
119,072
378,783
435,979
245,871

19
1
3
5
7
3

24
1

19

10

1

6
10
5
2

1
2
10
2
4

1
3
2
4

4

595,026
11,790
17,001
5,328
60,907

5
4
1

1

1

1

(C) U nit
ba nking2
7
-5 ..................3
10-2 5 ..................2
25-100 ..................1
100-500.................... 1

8
4 .
2 .
1
I3

4

1

1
1
1

’ See footnotes 1. 5 and 7, Table 6
2F o rth e purpose of discussing branching activity. 16 States were included in Group A. 18 in Group B. and 16 in Group C It
should be noted that for other purposes the classification of some States might differ from that used here
3Bank merger in South Dakota in which the five offices of an absorbed bank were continued in operation




SUPERVISORY ACTIVITIES

21

tered bank. As of the end of the year, 3 ,7 0 0 such reports had been
received.
Changes in bank o w n e rs h ip and loans secured by bank
stock. Public Law 8 8 -5 9 3 requires reporting to the appropriate
Federal banking agency of any changes in the outstanding voting
stock of any insured bank w hich w ould result in a change in con­
trol of management. Such reports must include any change or
replacement of the bank's chief executive officer or any director
that occurs during a tw elve -m o n th period follow ing the change
in control. Also, the law specifies that insured banks must report
any loans secured by 25 percent or more of the outstanding
voting stock of an insured bank.
The purpose of this legislation is to alert the supervisory
authorities to management changes w hich m ight adversely affect
the bank. Reports received by one Federal agency are exchanged
w ith the other Federal banking agencies, as w ell as the State
authority if a State-chartered bank is involved. More than 3 8 0
changes in control involving insured nonm em ber banks were
reported to the Corporation in 1968.
O the r re p orts fro m banks and p u b lic a tio n s . Each insured
bank reports its financial condition four tim es each year, and its
statem ent of income and dividends once each year, to the appro­
priate Federal supervisory agency. The Corporation also tabulates
the asset and liability data of noninsured banks. The statistics
collected directly by the Corporation, together w ith inform ation
on member banks of the Federal Reserve System, are published in
Part IV of this Report.
Recent technological developments have made it possible for
the Corporation to provide each insured bank w ith individualized
operating statistics, showing balance sheet and income changes
and various operating ratios, based on the m id-year and end-ofyear reports of condition and on the annual report of income and
dividends. These statistics may be compared w ith sim ilar data for
all insured banks w ith in the State and for certain local areas. The
various State and regional tables were combined in Bank O perat­
ing S tatistics 1967, issued in April 1968.
Four surveys of interest rates paid on tim e and savings deposits
of insured nonm em ber banks were conducted in 1968. These sur­
veys, conducted jo in tly w ith the Board of Governors of the Federal
Reserve System, were designed to provide inform ation on savings
flow s and on the structure of interest rates offered on various
savings instruments.
On June 29, 1968, the Corporation conducted the eleventh in a
series of surveys of accounts and deposits in all com m ercial and
mutual savings banks. These surveys indicate the extent of insur­



22

FEDERAL DEPOSIT INSURANCE CORPORATION

ance coverage and the Corporation's liability under the Federal
Deposit Insurance Act. They also provide data w hich can be useful
to bankers and others for several purposes including the analysis
of local markets, since deposits are reported for individual offices
of all banks. All commercial and mutual savings banks were sent
initial data printouts from the Survey show ing deposit figures for
their own bank on a county basis as of June 1 9 6 6 and June 1968
and sim ilar figures for all banks in each county in the ir State.
The data from the Survey, published in a series of sixteen book­
lets, are classified by geographic area and by size of bank and size
and type of account. Changes in most of these categories since
the previous survey in 1966 are also included.
Use of com puters in smaller banks was the subject of a study
supported by the Corporation, which was intended to be of par­
ticular assistance to banks w hich are initiating or planning to
acquire access to com puter facilities. A sum m ary of the results
was published in October 1968 under the title "The Im pact of
Computers on Small and M edium -Sized Banks". The full report of
the study w ill be available in 1 969.
T ra in in g and e d u ca tio n o f exam in ers. The current training and
educational activities of the Corporation include both new and
continuing programs, of w hich several have been developed for
Examination Division personnel.
The bulk of the Division's training is in the "o n -th e -jo b " cate­
gory. In this connection, a new one-week program m ed selfinstruction course has been developed to acquaint trainees w ith
the functions and activities of the Corporation and thus help them
to be more effective members of a bank exam ination team from
the outset. Supplem enting on-the-job education and training,
selected exam ination personnel are enrolled in a variety of educa­
tional and training activities at non-Corporation facilities.
Am ong the newer programs initiated by the Corporation is a
one-week course on exam ination of com puterized banks. Con­
ducted at various locations throughout the country, the course
familiarizes examiners w ith the skills and knowledge im portant
to examining any bank w hich has autom ated its procedures, or
makes use of computers. Two hundred employees of the Examina­
tion Division took this course during 1 968.
C onferences w ith b an kin g groups. Conferences w ith officials
of State banking departm ents were held in June and Septem ber
1968. The June m eeting was attended by the supervisors and
their aides from the banking departm ents of the 12 States in the
Corporation's A tlanta, Dallas, and M inneapolis Districts. A t the
September meeting supervisors were in attendance from the
States which comprise the Corporation's Chicago, M adison and
San Francisco Districts. These conferences are a continuation



SUPERVISORY ACTIVITIES

23

of a series of such meetings, initiated in 1964, in w hich State
banking departm ent representatives are invited to meet w ith
Corporation officials for the purpose of reviewing industry develop­
ments and exchanging relevant supervisory inform ation.
A D M IN IS T R A T IO N OF THE C O R P O R A T IO N
S tru c tu re and em ployees. The Corporation is managed by a
Board of Directors, tw o members of w hich are appointed for sixyear term s by the President, w ith the advice and consent of the
Senate. The Com ptroller of the Currency, also a Presidential
appointee, serves ex officio as the third m em ber of the Board.
One of the tw o directly appointed members serves as Chairman
of the Board.
Mr. K. A. Randall, appointed a Director on March 10, 1964,
continues as Chairman of the Board. Mr. Irvine H. Sprague was
appointed a Director of the Corporation on Septem ber 27, 1968,
filling a vacancy on the Board of Directors. Continuing as the
ex officio member is Mr. W illiam B. Camp, C om ptroller of the
Currency.
The organization of the Corporation and a list o f the Corpora­
tion's officials, Supervising Examiners and D istrict offices are
shown on pages iv, v and vi.
The net increase in em ploym ent by the Corporation in 1 96 8
included 171 permanent and 15 nonperm anent employees (Table
8). Examination Division personnel increased by 185 during the
year, including 155 additional field personnel. Over 90 percent
of Examination Division employees, w ho account for about threefourths of the Corporation's total em ploym ent, are assigned to the
D istrict offices. Employment in other Divisions of the Corporation
was virtually unchanged during the year.

T able 8. NUMBER OF OFFICERS AND EMPLOYEES
OF THE FEDERAL DEPOSIT INSURANCE CORPORATION,
DECEMBER 31, 1967 A ND 1968

T o ta l..................................................................
D ire c to rs ......................................................
Executive O ffices........................................
Legal D ivision..............................................
Division of E xam ination............................
Division of L iq u id a tio n ..............................
Division of Research..................................
Office of C o n tro lle r....................................

Washington
oflice

Total

Unit

District and other
held oflices

1968

1967

1968

1967

1968

1967

20551

1.8691

589

550

1,466

1,319

3
48
45
1,526
132
146
155

2
49
38
1,341
143
132
164

3
48
45
135
67
146
145

2
49
38
105
70
132
154

0
0
0
1,391
65
0
10

0
0
0
1,236
73
0
10

1 Includes non-permanent employees serving on a short-term appointm ent or when actually employed basis 123 in 1 9 6 8
and 1 0 8 in 1 9 6 7 . Non-perm anent employees include college students participating in the work-study program, clerical workers
employed on a temporary basis at banks in process of liquidation, and other personnel.




24

FEDERAL DEPOSIT INSURANCE CORPORATION

From an average em ploym ent of 1,118 field examiners during
the year, 173 left the Corporation in 1968. This num ber includes
56 w ho left to enter the m ilitary service and five w ho retired. The
em ploym ent turnover rate for field examiners was 16.1 percent
in 1968. For all employees, exclusive of tem porary field liquida­
tion personnel, college students participating in the Corporation's
cooperative w ork-study program, and tem porary sum m er per­
sonnel, the turnover rate was 21.2 percent.
F IN A N C E S OF THE C O R P O R A T IO N
A ssets and lia b ilitie s . Assets and liabilities of the Corpora­
tion on December 3 1 , 1 9 6 8 are shown in Table 9.
The assets of the Corporation totaled $3,971 m illion at the end
of the year. U. S. Government securities valued at an amortized
cost of $3,901 m illion, and including accrued interest, accounted
for over 99 percent of tota l assets. Assets acquired in receiver­
ship and deposit assum ption transactions, after reserves for losses,
totaled $ 1 3 .5 m illion at the year end. The Corporation's W ashing­
ton office building and site, less depreciation on the building, were
carried at $7.6 million.
Total liabilities of the Corporation were $ 2 2 2 m illion on Decem ­
ber 31, 1968, of w hich over $ 2 1 7 m illion were net assessment
credits due insured banks. A lm ost 7 percent of the credits were
available im m ediately, w ith the rem ainder becoming available on
July 1, 1969. The deposit insurance fund, the basic financial
resource available to the Corporation for the protection of deposi­
tors, totaled $ 3 ,7 4 9 m illion at the end of the year.
A dditional resources are available to the Corporation through
its borrowing powers. Legislation enacted in 1947 authorizes and
directs the Secretary of the Treasury to lend to the Corporation
up to $3 billion when, in the judgem ent of the Corporation's Board
of Directors, the funds are required for insurance purposes. The
Corporation has not had occasion to use this borrow ing authority.
In co m e and expenses. Income and expenses of the Corpora­
tion in 1968 are shown in Table 10. During the year, net income
of $ 1 3 2 m illion was obtained from net assessments, and $ 1 6 3
m illion from investm ent income, providing a total income of $ 2 9 5
million.
Assessments are earned by the Corporation at the statutory
annual rate of 1 /1 2 of one percent of total assessable deposits
of insured banks. Legislation enacted in 1 9 5 0 provided th a t a
portion of the assessments earned each year, after allowance for
the Corporation's insurance losses and operating expenses, be
returned to insured banks as a credit against future assessments.
The proportion, first set at 60 percent, was raised in 1961 to
66% percent. In 1968, an am ount of $ 2 0 2 m illion w as credited



FINANCES OF THE CORPORATION

25

to banks against their future assessments, thereby reducing the
effective assessment rate in the year to V30 of one percent of
assessable deposits. A fte r the Corporation's expenses, insurance
losses and allowance for the assessment credit, the addition to the
Table 9. STATEMENT OF FINANCIAL CONDITION,
FEDERAL DEPOSIT INSURANCE CORPORATION,
DECEMBER 31, 1968
ASSETS
Cash

S

U.S. G overnm ent ob ligatio ns:
Securities at amortized cost (face value $3 ,915,884,00; cost
$3 ,887 ,788 ,859 ). . . .
Accrued interest receivable.
Assets acquired in receivership and deposit assum ption tra n s­
a c tio n s :1
Special assistance to insured b a n k s .......................
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 . . . .
Equity in assets acquired under purchase agreements .
Assets purchased outright .

S3,901,074,123
41,906,319

$

3,942,980,442

10,000,000
23,165,650
349,303
5,956,809
14,632

$

Less reserves for losses

6,242,004

39,486,394
2 5,967,900

13,518,494

M iscellaneous assets

376,815

Land and office building, less depreciation on building

7,634,903

Furniture, fix tu re s and eq uipm ent

1

Total assets

$3,970,752,659

LIABILITIES AND DEPOSIT INSURANCE FUND2
A ccounts payable and accrued lia bilities

$

Earnest money, escrow funds, and collections held fo r others

392,754

A ccrued annual leave of employees

1,789,982

Due insured banks:
Net assessment income credits available July 1, 1969 (See
Table 1 1 ) ...............................................
Other assessment credits available immediately

N et insured balances of depositors in closed insured banks—
see related asset

Total lia bilities

Total lia b ilitie s and deposit insurance fund




S 202,136,202
14,963,023

217,099,225

349,303

$ 221,531.734

D eposit insurance fund, net incom e accum ulated since incep­
tio n (See Table 10)

'Reported hereunder is the book value of assets in process
and deposit assumption transactions, including those assets which
’ Capital stock was retired by payments to the United States
NOTE: These statem ents do not include accountability for the
Corporation acts as receiver or liquidating agent.

1,900,470

3,749,220,925
$3,970,752,659

of liquidation. An analysis of all assets acquired in receivership
have been liquidated, is furnished in Table 3.
Treasury in 1 9 4 7 and 19 4 8 .
assets and liabilities of the closed insured banks for which the

26

FEDERAL DEPOSIT INSURANCE CORPORATION

T able 10. STATEMENT OF INCOME AND THE DEPOSIT INSURANCE FUND,
FEDERAL DEPOSIT INSURANCE CORPORATION.
YEAR ENDED DECEMBER 31, 1968
Inco m e:
Deposit insurance assessments:
Assessments earned in 1 9 6 8 ............................................
Less net assessment income credits to insured banks .

$334,551,654
202,126,664

S 132.424,990

Adjustm ents of assessments earned in prior years

52,629
S 132,477,619
162,615,480
(14,831)

Net income from U.S. Government securities.
Other income (deduction)
T o tal incom e .

$

Expenses and losses:
Adm inistrative and operating expenses:
Salaries and w a g e s ........................................................
Civil Service retirement fund and F.I.C.A. payments .
Travel e x p e n s e s ............................................................
Office rentals, com munications and other expenses .
Provisions for insurance losses:
Applicable to banks assisted in 1968 ................................
Adjustments applicable to banks assisted in prior years .

S

S

18,519,540
1,176,568
4,831,158
4,444,471

S

1,310,000
698.400

28,971.737

2,008,400

Non-recoverable insurance expenses incurred to protect deposi­
tors— net
T otal expenses and losses .

295,078,268

363,421
$

31,343,558

N et a d d itio n to the deposit insurance fu n d — 1968

$

263.734.710

D epo sit insurance fund, January 1, 1968

$3,485,486,215

D epo sit insurance fund, D ecem ber 31,
accu m ulate d since incep tio n

1968,

net incom e
. .

$3,749,220,925

insurance fund during the year was $ 2 6 4 million. The sources and
application of funds of the Corporation during the year are shown
in Table 12.
Inco m e and th e d e p o sit insurance fu n d , 1 9 3 3 -1 9 6 8 . The
Corporation's income, expenses and losses, and additions to the
insurance fund since 1934 are shown in Table 13. During the
entire period, expenses and insurance losses have absorbed less
than 11 percent of the Corporation's total income, w ith the
remainder being added to the insurance fund.
The Federal Deposit Insurance A ct specifies tha t monies of the
Corporation not otherwise employed shall be invested in U. S.
Government securities or in obligations guaranteed as to principal
and interest by the United States. Interest on the U. S. Govern­
ment securities held by the Corporation has exceeded net assess­
ment income each year since 1961, and in 1968 rose to 55.1
percent o f total income.
Deposits in insured banks and the deposit insurance fund by
years since 193 4 are shown in Table 14. The estim ated am ount



FINANCES OF THE CORPORATION

27

T able 11. DETERMINATION A ND DISTRIBUTION OF
NET ASSESSM ENT INCOME,
FEDERAL DEPOSIT INSURANCE CORPORATION,
YEAR ENDED DECEMBER 31. 1968
D e te rm in a tio n o f ne t assessm ent in co m e :
Total assessments which became due during the calendar y e a r.

$334,551,654

Less:
Adm inistrative and operating e x p e n s e s ............................
Net additions to reserve to provide for insurance losses:
Provisions applicable to banks assisted in 1968 ................
A djustm ents to provisions for banks assisted in prior years

S 28,971,737
1,310,000
716,500

2.026.500

Insurance expenses .

363,421

Total deductions .

31,361,658
$303,189,996

N e t assessm ent incom e fo r 19 68
D is trib u tio n o f n e t assessm ent incom e, D ecem ber 3 1 , 1 9 6 8 :
Net assessment income for 1968:
3 3 -1 /3 % transferred to the deposit insurance fund
6 6 -2/3 % credited to insured banks .

$101,063,332
202,126,664
$303,189,996

T o tal

Percentage of total
assessment
becoming due in
1968
A llo c a tio n o f ne t assessm ent incom e c re d it am ong insured
banks, D ecem ber 3 1 , 1 9 6 8 :
Credit for 1968 ....................................
Adjustm ents of credits for prior years .
T o tal .

$202,126,664
9,539

60.41718%
.00285

$202,136,203

60.42003%

T able 12. SOURCES A ND APPLICATION OF FUNDS,
FEDERAL DEPOSIT INSURANCE CORPORATION,
YEAR ENDED DECEMBER 31, 1968
Funds provided by:
Net deposit insurance assessm ents................................................................
Income from U.S. Government securities, less amortized net discounts. .
Maturities and sales of U.S. Government s e c u ritie s ....................................
Collections on assets acquired in receivership and deposit assumption
transactions......................................................................................................
Increase in assessment credits due insured banks........................................
To tal funds p r o v id e d ....................
Funds applied to :
Administrative, operating and insurance expenses, less miscellaneous
credits................................................................................................................
Acquisition of assets in receivership and deposit assumption trans­
actions ..............................................................................................................
Purchase of U.S. Government se c u ritie s ........................................................
Net changes in other assets and liabilities..........................................
T otal funds a p p lie d ..............................................................




..

.....

,

$132,477,619
158,613,146
290,753,000

Percent
21.9
26.2
48.1

7,699,578
15,267,343

1.3
2.5

$604,810,686

100.0

$29,214,785

4.8

5,688,491
563,002,329
6,905,081

0.9
93.1
1.2

$604,810,686

100.0

1I........ .

28

FEDERAL DEPOSIT INSURANCE CORPORATION
T able 13. INCOME AND EXPENSES,
FEDERAL DEPOSIT INSURANCE CORPORATION,
BY YEAR, FROM BEGINNING OF OPERATIONS,
SEPTEMBER 1 1, 1933, TO DECEMBER 31, 1968
ADJUSTED TO DECEMBER 31, 1968
(In millions)
Income

Year
Total

1933-68

Expenses and losses
Invest­
ments
and
other
sources 2

Deposit
insurance
assess­
ments 1

Total

Deposit
insurance
losses and
expenses

Interest
on capital
stock 3

Adminis­
trative
and
operating
expenses

$80.6

Net
income
added to
deposit
insurance
fund 4

$4,192.1

$2,544.9

$1,647.2

$442.9

$55.2

$307.1

$3,749.2

1968
1967 .
1966 .
1965 .

295.0
263.0
241.0
214.6

132.4
120.7
111.7
102.2

162.6
142.3
129.3
112.4

30.4
30.4
25.0
24.4

1.4
6.0
5.2
6.7

.
.
.
.

29.0
24.4
19.8
17.7

264.6
232.6
216.0
190.2

1964 .
1963
1962 .
1961
1960 .

197.1
181.9
161.1
147.3
144.6

93.0
84.2
76.5
73.4
79.6

104.1
97.7
84.6
73 9
65.0

18.9
16.4
13.8
14 8
12.5

3.4
2.0
.1
1.6
.1

.
.
.
.
.

15.5
14.4
13.7
13.2
12.4

178.2
165.5
147.3
132.5
132.1

1959
1958
1957
1956 .
1955 .

136.5
126.8
117.3
111.9
105.7

78.6
7 38
69.1
68.2
66.1

57.9
5 30
48.2
43.7
39.6

12.1
11.6
9.7
9.6
9.0

.2 .

11.9
11.6
9.6
9.1
8.7

124.4
115.2
107.6
102.3
96.7

99.7
94.2
88.6
83.5
84.8

62.4
60.2
57.3
54.3
54.2

37.3
34.0
31.3
29.2
30.6

7.8
7.3
7.8
6.6
7.8

1.4 .

7.7
7.2
7.0
6.6
6.4

91.9
86.9
80.8
76.9
77.0

122.7
119.3
114.4
107.0
93.7

28.4
26 3
43.1
23.7
27.3

64
7.0
9.9
10.0
9.4

.3 .
.7
.1
.1
.1

.6
4.8
5.8
5.8

6.1
5.7
5.0
4.1
3.5

144.7
138.6
147.6
120.7
111.6

.1 .
.5 .
.3 .

1954
1953
1952
1951
1950

...
...
...
.
.

1949
1948
1947
1946
1945

.
.
.
.
.

.
.
..
.

151.1
145.6
157.5
130.7
121.0

1944
1943
1942
1941
1940

.
.
.
.
.

.
.
.
.
.

99.3
86.6
69.1
62.0
55.9

80.9
70.0
56.5
51.4
46.2

18.4
16.6
12.6
10.6
9.7

9.3
9.8
10.1
10.1
12.9

.1
.2
.5
.6
3.5

5.8
5.8
5.8
5.8
5.8

3.4
3.8
3.8
3.7
3.6

90.0
76.8
59.0
51.9
43.0

51.2
47.7
48.2
43.8
20.8
7.0

40.7
38.3
38.8
35.6
11.5

10.5
9.4
9.4
8.2
9.3
7.0

16.4
11.3
12.2
10.9
11.3
10.0

7.2
2.5
3.7
2.6
2.8
.2

5.8
5.8
5.8
5.8
5.8
5.6

3.4
3.0
2.7
2.5
2.7
4.2 5

34.8
36.4
36.0
32.9
9.5
-3.0

.
.
.
.

1939 . . .
1938 . . .
1937 . .
1936 . . .
1935 . . . .
193 3 -3 4 . . . .

4

.1 .
.1 .
.8 .

'For the period from 1 9 5 0 to 1 9 6 8 inclusive, figures are net after deducting the portion of net assessment income credited
to insured banks pursuant to provisions of the Federal Deposit Insurance Act of 1 9 5 0 , as am ended. Assessm ent credits to
insured banks for these years amount to $2,1 72 million
in clu d e s $ 9 .3 million of interest and allowable return received on funds advanced to receivership and deposit assum p­
tion cases by the Corporation.
3Paid in 1 9 5 0 and 1 9 5 1 , but allocated among years to which it applies Initial capital of $ 2 8 9 million w as retired by pay­
ments to the United States Treasury in 1 9 4 7 and 1948.
A ssessm en ts collected from members of the temporary insurance funds which becam e insured under the perm anent plan
w ere credited to their accounts at the term ination of the tem porary funds and w ere applied to w ard p aym ent of subsequent
assessments becoming due under the perm anent insurance fund, resulting in no income to the Corporation from assessments
during the existence of the temporary insurance funds
5Net after deducting the portion of expenses and losses charged to banks w ithdraw ing from the tem porary insurance funds
on June 30 , 19 3 4 .




FINANCES OF THE CORPORATION

29

of insured deposits rose to $ 2 9 7 billion at the end of 1968.
Largely as a result of increases in the m axim um insurance cover­
age available to each depositor, the ratio of insured deposits to
total deposits has continued to rise, reaching 6 0 .4 percent in
1968. A t the same tim e, the g row th of the deposit insurance fund
has generally kept pace w ith total deposits in insured banks and
w ith insured deposits.
A u d it. Since 194 5 the financial transactions of the Corporation
have been audited each year by the General A ccounting Office.
Previously, the Corporation engaged private firm s annually to
conduct an audit. A continuous internal audit is provided by the
A ud ito r of the Corporation.
Table 14. INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND,
1 9 3 4 -1 9 6 8
Deposits in
insured banks
(in millions)

Year
(Dec. 31 (

1968
1967
1966
1965
1964

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

Total

Insured1

$491,513
4 48,709
401,096
3 77,400
348,981

$296,701
2 61.149
2 34,150
209,690
191,787

Percent
of
deposits
insured

Deposit
insurance
fund
(in
millions)

60.2%
58.2
58.4
55.6
55.0

$3,749.2
3,485.5
3,252.0
3,036.3
2,844.7

Ratio of deposit
insurance fund to —
Total
deposits

Insured
deposits

.76%
.78
.81
.80
.82

1.26%
1.33
1.39
1.45
1.48

1963 .................
1962 .................
1 9 6 1 .................
1 9 6 0 .................
1959 .................

3 1 3 .3 0 4 2
2 97 ,5 4 8 3
2 81,304
260,495
247,589

177.381
170.2104
160.3094
149,684
142,131

56.6
5 7.24
57.04
57.5
57.4

2,667.9
2,502.0
2,353.8
2,222.2
2.089.8

.85
.84
.84
.85
.84

1.50
1.474
1.474
1.48
1.47

1958
1957
1956
1955
1954

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

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

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

1953 .................
1952 .................
1 9 5 1 .................
1950 .................
1949 .................

193,466
188,142
178,540
167,818
156.786

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

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

1948 .................
1947 .................
1946 .................
1945 .................
1 9 4 4 .................

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

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

1943 .................
1942 .................
1 9 4 1 .................
1 9 4 0 .................
1939 .................

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

4 8,440
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

1938
1937
1936
1935
1934

50,791
48,228
50.281
45,125
4 0,060

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

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

'Figures estim ated by applying to the deposits in the various types of account at the regular call dates the percentages insured
as determ ined from special reports secured from insured banks.
2Decem ber 2 0 . 1 9 6 3 .
3Decem ber 2 8 , 1 9 6 2 .
♦Revised




FEDERAL DEPOSIT INSURANCE CORPORATION

30

RULES A N D R E G U L A T IO N S OF TH E C O R P O R A T IO N
P aym ents o f in te re s t and deposits. Part 3 2 9 of the Corpora­
tion's regulations, relating to the paym ent of deposits and in te r­
est thereon by nonm em ber insured banks, was amended on three
occasions during 1968. On April 19, 1968, section 3 2 9 .3 was
amended to perm it the paym ent of interest on single m aturity
tim e deposits of $ 1 0 0 ,0 0 0 or more at rates up to 6Vi percent
per annum, depending upon their m aturity. The new m axim um
rates prescribed for these large-denom ination deposits were 5 1/2
percent for 30 to 59-day deposits, 5% percent for 60 to 89-day
deposits, 6 percent for 90 to 179-day deposits, and 6 Vi percent
for deposits of 180 days or more. The maxim um rate previously
had been 5V£ percent for all such deposits.
The other am endm ents to Part 3 29 related prim arily to deposits
of foreign governments, monetary and financial authorities of
foreign governments, and international financial institutions. A
statutory provision which exempted these deposits from the
Corporation's interest rate lim itations expired on October 15,
1 968, and am endm ents to section 3 29 .3 of the regulations w hich
became effective January 22 and October 15, 1968, were
designed to provide a comparable exem ption under the Corpora­
tion's regulatory authority for deposits of this nature having
m aturities of not more than tw o years. Included in the October
1 5 amendments were provisions to perm it the paym ent of interest
on a certificate of deposit for the tim e during w hich it is owned
by such an exem pt organization at a rate in excess of the oth e r­
wise applicable maxim um notw ithstanding a transfer of the cer­
tificate to a nonexem pt organization prior to its m aturity.
The am endm ents effective October 15, 1968, also amended
section 3 29 .3 to clarify the already existing law tha t nonm em ber
insured banks are subject to maximum interest rates prescribed
under State laws where the rates are low er than those prescribed
by the Corporation, and to allow renewed tim e deposits, open
account, and savings deposits to draw interest during a 10-day
optional renewal period on the same basis as tim e certificates of
deposit. In addition to the am endm ents to Part 3 29 , the Corpora­
tion issued an interpretive rule, published as section 3 2 9 .1 0 1 ,
relating to the paym ent of interest on the basis that 3 6 0 days
equal one year.
D e p o sit insurance coverage. There were tw o am endm ents
during 1968 to Part 3 3 0 of the Corporation's regulations w hich
relate to the clarification and definition of deposit insurance
coverage. Section 3 3 0 .1 4 was amended effective January 16,
1968, to extend from February 1 to April 1, 1968, the period
w ith in which depositors were to be notified of the revision of Part



RULES AND REGULATIONS OF THE CORPORATION

31

3 3 0 in 1967. Section 330.9(b) was amended effective June 8,
1968, to exempt jo in tly owned tim e certificates of deposit and
other jo in tly owned negotiable deposit obligations from require­
ments concerning signature cards w hich are applicable, for insur­
ance purposes, to other form s of jo in tly owned deposit accounts.
S ecu ritie s o f insured n o n m e m b e r banks. For the purpose of
im plem enting Public Law 9 0 -4 3 9 , described in Part I of this
report, Part 3 3 5 of the Corporation's regulations, relating to
securities of insured nonmember banks w hich are subject to the
registration requirements of section 12 of the Securities Exchange
A ct of 1934, was amended on A ugust 8, 1968. The am endm ents
prescribed requirements concerning the disclosure of inform ation
pursuant to Public Law 9 0 -4 3 9 and form s for use in that
connection.




32

FEDERAL DEPOSIT INSURANCE CORPORATION
BANKS INVOLVED IN ABSORPTIONS
APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
IN 1968

State

Town or City

Arizona

Holbrook
Tucson

California

Anaheim
Los.Angeles
Oxnard
San Francisco

Connecticut

Hartford

New Britain
Norwich

Rocky Hill
Georgia

Albany

A tlanta

Indiana

Pennville
Portland

Iowa

A llerton
Humeston




Bank

No.
(Table 15)

The First Navajo National
Bank
The Bank of Tucson
(change title to Great
W estern Bank & Trust
Company)

40

40
28
The Independent Bank
First W estern Bank and
Trust Company
13
Bank of A. Levy
13
Bank of America
National Trust and
Savings Association 2,25 ,45
Bank of Trade of San
42
Francisco
Barclays Bank of California 28
The Hong Kong and
Shanghai Banking
Corporation of California 42
Dime Savings Bank of
Hartford
State Savings Bank
(change title StateDime Savings Bank)
New Britain Bank and
Trust Company
The Chelsea Savings
Bank (change title to
The Chelsea-Dime
Savings Bank)
The Dime Savings Bank
of Norwich
The Rocky Hill Bank and
Trust Company
Albany Savings Bank
First State Bank & Trust
Company
Am erican Bank of A tlanta
(change title to Peoples
Am erican Bank of
A tlanta)
The Peoples Bank
Pennville State Bank
The Citizens Bank of
Portland
Security State Bank
The Citizens State Bank

8

8
50

32
32
50
53
53

35
35
56
56
11
11

BANK ABSORPTIONS APPROVED BY THE CORPORATION

State

Town or City

Lineville
Oelwein

Maine

Oran
Bangor

Biddeford

Maryland

Massachusetts

Riverdale

Beverly

Lynn
Michigan

Benton Harbor
Calumet
Corunna
Eau Claire
M ohaw k
Owosso

Bank

33

No
(Table 1 5)

Lineville State Bank
The First National Bank
of Oelwein
Oran Savings Bank
Eastern Trust and Banking
Company
Kenduskeag Banking
Company
Biddeford Savings Bank
York Savings and Loan
Association
Citizens Bank of Maryland
(change title to Citizens
Bank and Trust
Company of Maryland)
Citizens Trust Company
of Maryland
Beverly Trust Company
(change title to Bay
Bank and Trust
Company)
Lynn Safe Deposit &
Trust Company
Inter-City Bank
The M erchants & Miners
Bank
The Old Corunna State
Bank
The Eau Claire State Bank
The Keweenaw Savings
Bank
The Owosso Savings Bank

11
27
27
67
67
58
58

39
39

22
22
19
9
61
19
9
61

Minnesota

New Ulm

State Bank of New Ulm
W inslow State Bank of
New Ulm (change title
to State Bank of
New Ulm)

34

Mississippi

Bruce
Clarksdale
Tupelo
Tutw iler

Bank of Bruce
Bank of Clarksdale
Bank of Mississippi
Tutw iler Bank

43
26
43
26

Montana

Bozeman

Security Bank & Trust
Company of Bozeman
Security Building, Inc.

64
64

New Jersey




Englewood
Paramus

34

Englewood National Bank
and Trust Company
31
The M idland Bank and
Trust Company
31

34

FEDERAL DEPOSIT INSURANCE CORPORATION

State

Town or City

New York

Franklinville
New York (Brooklyn)
New York

W ellsville

North Carolina

Denton
Durham
Halifax
W ilson

Ohio

Columbus
Hamilton
Manchester
Okeana
Peebles

W orthington
Oklahoma




Tonkawa

Bank

No.
(Table 1 5)

The Union National Bank
of Franklinville
49
Kings County Lafayette
Trust Company
17
Bank Leumi Le-lsrael B.M. 23
First Israel Bank and Trust
Company of New York 23
Hambro Am erican Bank
44
and Trust Co.
The Kings County Savings
Bank
46
Laidlaw and Co.
44
Morgan Guaranty Safe
Deposit Company
59
M organ Guaranty Trust
Company of New York 59
Title Guarantee Company 17
Trade Bank and Trust
Company
33
Trade Bank Safe Deposit
Company
33
Union Square Savings Bank
(change title to United
M utual Savings Bank)
46
The First Trust Company
o f Allegany County
(change title to First
Trust Union Bank)
49
Carolina Bank and Trust
Company
52
Central Carolina B a n k &
Trust Company
52
Bank of Halifax
3
Branch Banking & Trust
Company
3
The Ohio State Bank
36
The Citizens Bank
37
The Farmers National
Bank of Manchester
15
The First National Bank
of Okeana
37
The Farmers Bank and
Savings Company
(change title to The
Farmers Bank)
15
The W orthington Savings
Bank
36
Bank of Commerce
48
The Service Bank of
Tonkawa
48

BANK ABSORPTIONS APPROVED BY THE CORPORATION

State

Town or City

Oregon

Albany
Independence

Pennsylvania

A llentow n
Chalfont
Jenkintow n
Lower Burrell
M cAdoo
Meadville
N orristow n

Perkasie
Reading

Robesonia
S cott Township
Titusville
Topton
Rhode Island

Providence

South Carolina

Batesburg
Blacksville
Dillon




Greenville
Greenwood
Lancaster
Moncks Corner
Orangeburg

Bank

35

No.
(Table 15)

Citizens Valley Bank
First National Bank of
Independence
Lehigh Valley Trust
Company
The Chalfont National
Bank
Industrial Valley Bank and
Trust Company
Keystone Bank
The First National Bank
of M cAdoo
Merchants Bank and Trust
Company
Peoples National Bank and
Trust Company of
Norristow n
Bucks County Bank and
Trust Company

14
14
51
16
51
63

66

30
16

Am erican Bank and
4 ,3 0
Trust Co. of Pa.
1
Peoples Trust City Bank
The Reading Trust
18
Company
18
Robesonia State Bank
63
Marimac Bank
The Pennsylvania Bank
66
and Trust Company
The National Bank of
1
Topton
Old Stone Trust Company 47
Plantations Bank of
47
Rhode Island
29
Batesburg State Bank
62
County National Bank
The Anderson Bank of
Dillon (change title to
Citizens Bank of South
Carolina)
20
Southern Bank and Trust
Company
6,21
State Bank and Trust
Company
10,29
The First National Bank
of Lancaster
20
The Bank o f Berkeley
38
Am erican Bank & Trust 4 1 ,6 2
Bank of Orangeburg (title
changed to Am erican
Bank & Trust)
41

36

FEDERAL DEPOSIT INSURANCE CORPORATION

State

Town or City

W oodbridge
Bellevue
Kent

Bank of the W est
Bank of Kent

Santiago
Santiago
Basseterre

Banco Italiano, S.A.
Banco Nacional, S.A.
National M id -A tla n tic
Bank Limited

W alhalla
W illiam ston
Killeen

Lorenzo

Utah

Virginia

M anti
Ogden
Salina

Salt Lake City
A rlington
Bristol
Craigsville

Gloucester
Honaker
N ew port News
Norfolk
Richmond
Staunton

W ashington

No.
(Table 15)

The Pickens Bank
A llen's Depository, Inc.
The Springfield State
Bank
Bank of W alhalla
The Pelzer-W illiamston
Bank
American National Bank
of Killeen
First State Bank (change
title to Am erican State
Bank)
Lorenzo State Bank
Lorenzo State Bank at
Lorenzo
Manti City Bank
Commercial Security Bank
First State Bank of Salina
(change title to First
State Bank)
Beehive State Bank
Fidelity National Bank
W ashington Trust Bank
The Bank of Craigsville,
Inc. (change title to
First Security Bank)
Peoples National Bank
of Gloucester
Russell County National
Bank
Bank of W arw ick
Southern Bank of Norfolk
The Bank of Virginia
The Staunton Industrial
Bank
The Am erican Bank

Pickens
St. Stephen
Springfield

Texas

Bank

10
38
41
6
21
24

24
5
5
60
65

60
65
55
54

7
12
54
57
12
57
7
55

68
68

Foreign
Countries
Chile
Dominican Republic
St. Kitts
(West Indies)




2
45
25

37

BANK ABSORPTIONS APPROVED BY THE CORPORATION

Table 15. DESCRIPTION OF EACH MERGER, CONSOLIDATION,
ACQUISITION OF ASSETS OR ASSUMPTION OF LIABILITIES
APPROVED BY THE CORPORATION DURING 1968

Resources
(in
thousands
of dollars)

No. 1
Peoples T ru st C ity Bank
Reading, Pennsylvania
to merge w ith
The N ational Bank o f T o p to n
Topton

Banking Offices
In
operation

162,401

13

2 1 ,3 6 0

3

To be
operated

16

Sum mary report by A ttorney General, November 3, 1967
Peoples Trust City Bank ("Peoples” ) is the second largest bank in Berks
County, Pennsylvania. Its head office is located in Reading, w hich is the com ­
mercial and industrial center of Berks County; it also has 10 branches through­
out Berks County and another branch, acquired by merger, has recently been
approved. The National Bank of Topton ("Topton"), Topton, Pennsylvania, has
its head office and a branch in Topton, Berks County, and another branch in
Salisbury Township, Lehigh County.
The distance between Topton National's head office and the closest branch
of Peoples, in Boyertown, is about 12 miles, w ith no other banks in the
intervening area. Thus, the proposed merger w ould eliminate some direct
com petition between the participating banks.
Acquisition by Peoples of the tw o Topton offices of Topton National would
significantly increase Peoples' share of the concentrated banking market in
Berks County, where Peoples and the county's largest bank have more than
75 percent of total deposits. It w ould appear that the increase w ould be
about 2 percent of I PC demand deposits in Berks County; after the merger
Peoples w ould have about 28 percent of such deposits in the county.

Basis for Corporation approval, January 4, 1968
Peoples Trust City Bank, Reading, Pennsylvania (Applicant), an insured
State nonmember bank w ith total deposits of about $ 1 4 3 ,7 0 0 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge w ith The National
Bank of Topton, Topton, Pennsylvania (M erging Bank), which has total deposits
of about $ 1 8 ,6 0 0 ,0 0 0 . The banks would effect this transaction under the
charter and title of Applicant, and as an incident thereof, the three offices of
Merging Bank would become branches of Applicant, increasing the num ber of
its offices to 1 6.
Competition. The service area of A pplicant includes the City of Reading
and the area surrounding that city w ithin a radius of approxim ately 5 miles,
plus a series of satellite service areas around each branch office location. Also
included is the area w ithin about a 7 mile radius of Boyertown, where Applicant
recently acquired tw o offices by merger. The service area of Merging Bank



38

FEDERAL DEPOSIT INSURANCE CORPORATION

includes an area w ith in approximately 4 miles of Topton except on the east,
where it includes a portion of the City of A llentow n and its suburbs by virtue
of its branch location in Salisbury Township. The main offices of the p articipat­
ing banks are 18 miles apart, and their closest offices are approxim ately 12
miles apart, connected by a road which traverses rather difficult terrain. This
circumstance and the existence of other banking facilities in the area indicate
that there is little, if any, com petition between those offices. The service areas
are not contiguous and do not overlap and it is apparent th a t there is little
com petition between the participants.
Throughout the service area of the resulting bank there are numerous offices
of A pplicant's tw o principal com petitors, one of which is approxim ately tw ice
its size. There are also four sizeable vigorous banks operating in the A lle n ­
tow n area which would offer substantial com petition to the resulting bank. In
addition, there are several branch offices of large and aggressive Philadelphia
headquartered banks located on the periphery of the service area of the result­
ing bank.
Applicant is the second largest commercial bank headquartered in the serv­
ice area, w ith 14.7 percent of the total deposits. Its position would be
unaffected by this proposal and that percentage w ould rise to 16.7 percent.
The commercial banking structure in Berks County and in the service area of
the resulting bank would not be altered to any significant degree.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. The banking factors w ith
respect to the A pplicant are satisfactory. Merging Bank, however, has experi­
enced grow th which has placed a strain on its capital, and its managerial talent
has been depleted by the sudden death of one of its principal officers and the
serious illness of its president. Consummation of this proposal w ould elim inate
these problems. The banking factors are satisfactory w ith respect to the
resulting bank.
Convenience and Needs o f the Com m unity to be Served. Merging Bank's
customers w ould have available complete trust services and com puter services.
Further, Merging Bank is heavily loaned, and the resulting bank could make
available funds to better service the credit needs of the com m unity.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.

No. 2
Bank o f A m e rica N a tio n a l T ru st
and S avings A s s o c ia tio n
San Francisco, California
to acquire the assets and
assume the liabilities o f
Banco Ita lia n o S.A.
Santiago, Chile



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

17,806,731
— (1)

20,591

6

To be
operated

BANK ABSORPTIONS APPROVED BY THE CORPORATION

39

Summary report by A ttorney General, August 4, 1 967
Bank of America had as of March 31, 1967, deposits of $ 1 6 ,2 5 2 ,4 0 8 ,0 0 0
(including IPC demand deposits of $ 4 ,4 7 6 ,6 9 8 ,0 0 0 ), loans and discounts of
$1 0 ,8 3 3 ,8 5 6 ,0 0 0 , and capital accounts of $ 9 5 4 ,3 0 3 ,0 0 0 .
Banco Italiano, as of March 3 1 , 1 9 6 7 , had deposits of $ 1 4 ,8 5 5 ,0 0 0 (includ­
ing IPC demand deposits of $ 8 ,7 5 0 ,0 0 0 ), loans and discounts of $ 7 ,0 4 3 ,0 0 0 ,
and capital accounts of $ 2 ,0 0 0 ,0 0 0 .
It appears th at the only effect the proposed transaction w ill have on com peti­
tion in the United States w ill be in the field of foreign trade. Large Am erican
banks, including Bank of America, may compete for business from some
Chilean residents and corporations. However, such business is not likely to be
a major factor in the overall operations of such banks, and, therefore, w e think
that the transaction is likely to have only a minimal im pact upon Am erican
domestic or foreign trade or commerce.

Basis for Corporation approval, January 4, 196 8
The Bank of America National Trust and Savings Association, San Francisco,
California (Bank of America), total deposits $ 1 6 .2 billion has applied, pursuant
to Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's
approval to purchase the assets and assume the liabilities of Banco Italiano
S. A., Santiago, Chile (Banco), an uninsured foreign bank w hich has total
deposits of $14.9 million. The operation of Banco's six offices by Bank of
America has been approved by the Board of Governors of the Federal
Reserve System.
Bank of America has not previously operated branches in Chile and there
was no com petition between the banks participating in this proposal. This
transaction places Bank of America in a position to enhance com petition in
some degree w ith other U.S. banks in the international banking markets.
The financial and managerial resources and prospects are satisfactory w ith
respect to the participating banks and the resulting bank. Bank of America,
as the result of this transaction, should be in a position to better serve the
fo re ig n tra d e re q u ire m e n ts o f its c u s to m e rs .

The Board of Directors is of the opinion that the proposed transaction w ill
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
On the basis of the inform ation presented and other inform ation available
to the Corporation, the Board of Directors has concluded th a t approval of the
bank's application is warranted.

No. 3
Branch B anking & T ru s t C om pany
Wilson, North Carolina
to merge w ith
B ank o f H alifax
Halifax

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

167,409

42

16,643

6

To be
operated

48

Sum mary report by A ttorney General, November 27, 1967
Branch Banking and Trust Company (BB&T), the sixth largest com m ercial
bank in North Carolina, operates 4 0 banking offices, prim arily in eastern North
Carolina. Halifax Bank operates its head office in the to w n of Halifax and also
has branch offices in Enfield, Weldon, Scotland Neck, and Littleton. All of



FEDERAL DEPOSIT INSURANCE CORPORATION

40

Halifax Bank's offices are located in Halifax County which is situated in the
northeastern part of the State.
A t present the Halifax County market is served by only four banks. Halifax
Bank has more offices than the other three combined and has about 4 0 percent
of total deposits in the county.
Since the nearest office of BB&T is approximately 30 miles from the nearest
office of Halifax Bank, we think it unlikely that substantial direct com petition
w ill be foreclosed by the proposed merger.
North Carolina law permits statewide branch banking (N.C. Gen. State.
§§53-62). BB&T is the sixth largest comm ercial bank in the State and would
appear to be among the most likely entrants into Halifax County, an area in
the natural path of its expansion tow ard the northeast portion of the State.
Acquisition of Halifax Bank by BB&T would eliminate one of the most
probable independent entrants into the already highly concentrated banking
market in Halifax County.
This proposed merger of BB&T and its recent acquisition of Bank of Davie,
are part of a continuing trend of acquisitions and mergers by North Carolina's
largest commercial banks. The recent statewide merger trend has already had
an adverse effect on potential com petition and the structure of local banking
markets in North Carolina by inhibiting the establishm ent of de novo branches
by the largest banks, and thereby retarding the developm ent of a more com ­
petitive banking structure in North Carolina.

Basis for Corporation approval, January 1 1 , 1 9 6 8
Branch Banking & Trust Company, W ilson, North Carolina (Applicant), an
insured State nonmember bank, w ith total deposits of about $ 1 4 3 .4 million,
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior approval to merge Bank of
Halifax, Halifax, North Carolina which has total deposits of about $14 .5
million. The banks w ould merge under the charter and title of Applicant and
as an incident thereof the six offices of Bank of Halifax would become branches
of Applicant, increasing the number of its offices to 48.
Competition. The main office of Applicant at W ilson is 50 miles southw est
of that of Bank of Halifax; their closest offices— at Elm City for A pplicant and
Enfield for Bank of Halifax— are about 30 miles apart and separated by the
growing population center of Rocky Mount, itself domiciling three banks w ith
1 5 offices. There is no apparent com petition existing between Applicant and
Bank of Halifax and no realistic potential. Applicant is the State's sixth
largest bank and currently operates 42 offices in the eastern part of North
Carolina, com peting w ith the four largest banks of the State and many
of the smaller institutions. Bank of Halifax operates its six offices in
five small com m unities in com petition w ith nine other banks, four of them
larger institutions.
The Board of Directors is of the opinion that the proposed merger would
not substantially lessen com petition, tend to create a monopoly, or in any
other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are favorable for A pplicant and Bank of Halifax as they would be w ith respect
to the resulting bank.
Convenience and Needs o f the Community. As a result of this proposal, the
much w ider and more progressive banking services of A pplicant w ould be
offered to the trade area presently serx/ed by Bank of Halifax. Included w ould
be greatly expanded legal lending lim itations and capacity as well as trust
and other specialized bank facilities which should tend to advance the trend



BANK ABSORPTIONS APPROVED BY THE CORPORATION

41

tow ard industrialization and diversification of the traditionally agricultural
economy of the Halifax area.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the bank's application
is warranted.
Resources
(in
thousands
of dollars)

No. 4
A m e rica n B ank and T ru st Co. o f Pa.
Reading, Pennsylvania
to merge w ith
The First N ationa l Bank o f M c A d o o
McAdoo

Banking Offices
In
operation

352,751

19

4 ,423

1

To be
operated

20

Summary report by A ttorney General, October 12, 1967
American is the largest bank headquartered in Central Pennsylvania, largely
as a result of acquisitions and mergers. Its closest offices to th a t of First
National (at McAdoo) are at Tamaqua and Coaldale, approxim ately 7 and 10
miles away, respectively. They would appear to be directly com petitive.
In addition to the participating banks, tw o others operate w ith in the threecom m unity geographic triangle consisting of McAdoo, Tamaqua and Coaldale:
Miners National Bank of Pottsville (IPC deposits, $32.7 million), Pennsylvania
National Bank and Trust Company of Pottsville (IPC deposits, $ 7 4 .6 million).
The proposed merger would remove the only locally owned bank from the area
and concentrate banking facilities in three relatively large banks, each head­
quartered outside of the area.
In Schuylkill County, as a whole, the proposed merger w ould increase
Am erican's share of total deposits from 7.4 to 9.2 percent.
Thus, the proposed merger w ould elim inate existing direct com petition
between First National in M cAdoo and A m erican's branch offices at Tamaqua
and Coaldale, and remove the sole locally owned bank there. Moreover,
concentration in Schuylkill County and in the local area w ould be increased.

Basis for Corporation approval, February 7, 1968
Am erican Bank and Trust Co. of Pa., Reading, Pennsylvania (Applicant),
an insured State nonmember bank w ith total deposits of $ 3 2 9 ,0 1 7 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge w ith The First
National Bank of M cAdoo, M cAdoo, Pennsylvania (National) w hich has total
deposits of $ 4,2 1 3 ,0 0 0 . The banks would merge under the charter and title
of the A pplicant and, as an incident to the merger, the sole office of National
would become a branch of Applicant, increasing the number of its offices to 20.
Competition. Applicant's main office is in Reading (population 9 8 ,200),
the seat of Berks County. It operates branches in four of the seven counties in
which it may legally establish such offices. Eleven branches are in Reading and
general vicinity, three are located in Schuylkill County, north of Berks County,
and there are tw o each in Lebanon and Lancaster Counties w hich border Berks
County on the west. M cAdoo (population 3,600), the location of N ational's
office, is situated in the northeastern corner of Schuylkill County near the
borders of Luzerne and Carbon Counties.
Applicant's branch nearest to National is 8 miles south from M cAdoo, over
mountainous and rugged terrain. The residents of M cAdoo travel for em ploy­
ment and shopping purposes chiefly in the direction of Hazleton, 4 miles to



42

FEDERAL DEPOSIT INSURANCE CORPORATION

the north. National is primarily com petitive w ith the bank offices in Hazleton.
There also is an intervening bank located in Hometown, between the merging
banks' closest offices. National has no deposit and loan accounts which
originate in the service area of the Applicant. The A pplicant has but tw o
savings accounts and tw o instalm ent loans in National's im m ediate area. The
evidence indicates that any com petition existing between the merging banks is
not significant.
A pplicant is the largest of some 68 other banks competing in its service
area. Some of these banks are of significant size, as are a number of o u t-o f­
area banks which solicit business in com petition w ith the Applicant. The
increase in A pplicant's size w ould be so small as to have no material effect on
com petition. National is the smallest bank competing in the M cAdoo-Hazleton
service area. The largest has more than $ 2 0 0 million in deposits and tw o
branches in Hazleton. National is also considerably smaller than the bank
operating in Hometown. The replacement of National's office by a branch of
the Applicant should tend to stim ulate com petition.
The Board of Directors is of the opinion that the proposed merger would
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resourses and Prospects. The factor of financial
resources is favorable w ith respect to the merging banks and all these factors
are so projected for the resulting bank. National's managerial resources and
future prospects are considered only fair. Consummation of the proposal would
provide both a quality and depth of management which presently is lacking
at National.
Convenience and Needs o f the Com m unity to be Served. The w ell managed,
progressive A pplicant bank has established a good record of service to the
com m unity in providing financial and other support for industrial diversification
and expansion. The M cAdoo-Hazleton area is one of the fastest grow ing
industrial em ploym ent regions in the State. Because of its small size and
lending limit. National cannot meet the large credit needs or contribute
im portantly to the grow th of the area. A pplicant's progressive management and
substantial financial resources w ould bring improved, diversified banking and
fiduciary services to the McAdoo-Hazleton area w hich should be of benefit to
present and potential customers and to the resurgent industrialization of the
area.
On the basis of the above information, and other inform ation available to
the Corporation, the Board of Directors has concluded th a t approval of the
bank's application is warranted.

No. 5
Lorenzo S tate Bank a t Lorenzo
Lorenzo, Texas
(proposed new bank)
to acquire the assets and
assume the deposit liabilities of
Lorenzo S tate Bank
Lorenzo
Approved under emergency provisions.
A ttorney General.



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

1

400

6,629
No report

To be
operated

1
requested

from

the

BANK ABSORPTIONS APPROVED BY THE CORPORATION

43

Basis for Corporation approval, February 7, 1968
This transaction was approved under emergency provisions, the Corporation
finding it necessary to act im m ediately in order to prevent the probable failure
of Lorenzo State Bank, the only bank in Lorenzo, Texas, and thereby continue
uninterrupted banking services to the comm unity.

Resources
(in
thousands
of dollars)

No. 6
S outhern Bank and T ru st C om pany
Greenville, South Carolina
to merge w ith
Bank o f W a lh alla
Walhalla

Banking Offices
In
operation

4 4 ,2 6 4

9

2 ,806

1

To be
operated

10

Summary report by A ttorney General, December 26, 1 967
Southern Bank and Trust Company operates nine banking offices in Green­
ville, South Carolina and surrounding comm unities. It has been involved in three
mergers since 1963. Bank of Walhalla operates a single office in the city of
W alhalla located in Oconee County.
The closest offices of the applicant banks are about 45 miles apart, and there
seems to be virtually no com petition between them at present.
Oconee County is served by five banks operating six offices and w ith in the
county. Bank of Walhalla holds about 13 percent of total deposits.
South Carolina law (S.C. Code Title 8-57) perm its statew ide branch banking;
accordingly. Southern could branch de novo in or near Walhalla. However, there
is no indication that Southern w ould be a likely potential entrant into this area,
absent the proposed merger.
We conclude that this merger involves little or no effect on banking com ­
petition in Oconee County.

Basis for Corporation approval, February 7, 1968
Southern Bank and Trust Company, Greenville, South Carolina (Applicant),
an insured State nonmember bank w ith total deposits of $ 4 0 ,6 0 0 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge w ith Bank of
W alhalla, Walhalla, South Carolina (Walhalla) which has total deposits of
$ 2 ,2 00,000. The banks w ould merge under the charter and w ith the title of
the Applicant and, as an incident to the merger, the sole office of the W alhalla
bank w ould become a branch of the Applicant, increasing the number of its
offices to 10.
Competition. Applicant is headquartered in Greenville (population 70,000)
and operates eight branches in Greenville and five other com m unities in the
northwestern section of the State. W alhalla's office is situated in the extreme
northwestern corner of the State, 45 miles from the nearest offices of the
Applicant. Numerous other bank locations intervene the merging banks' offices
and there is virtually no com petition existing between them. W alhalla is a
conservative, unaggressive bank in a com m unity which has tw o banks and a
population of 4,400. There appears to be little potential for the developm ent
of com petition between the merging banks.
Applicant is com petitive at its various locations w ith numerous other banks.
Four com petitors are larger than the A pplicant including a bank w ith $ 6 0



44

FEDERAL DEPOSIT INSURANCE CORPORATION

million in deposits headquartered in Greenville. The three other larger com ­
petitors have deposits ranging between $ 1 7 0 million and $ 3 7 5 million. The
addition of W alhalla's small deposit volume would represent a nominal increase
in Applicant's size and have no material effect on com petition in its service
area. Walhalla is the smallest bank in its service area. It competes principally
w ith the other bank in its com m unity which has $3.5 million in deposits. Three
other banks are represented at locations 7 and 9 miles distant including tw o
branches of a $ 3 7 4 million deposit bank. Replacement of the W alhalla bank
by a branch of the Applicant should tend to stim ulate com petition in the
Walhalla com m unity and in the general area.
The Board of Directors is of the opinion that the proposed merger would
not substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resourses and Prospects. These factors are satis­
factory w ith respect to the merging banks and are so projected for the resulting
bank.
Convenience and Needs o f the Community to be Served. The significant
increase in the lending lim it should be of benefit to the W alhalla area where
the growing economy has tended to increase the credit request by the bank's
customers. W alhalla's customers and the com m unity should benefit from the
improved and additional banking services as w ell as Federal deposit insurance
protection to be offered by the Applicant. Following consum m ation of the
merger, there would remain in the com m unity of W alhalla tw o banking alter­
natives including one local independent unit.
On the basis of the above inform ation, and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

No. 7
The Bank o f C raigsville, Inc.
Craigsville, Virginia
(change title to First
Security Bank)
to merge w ith
The S taunton In d u stria l Bank
Staunton

Resources
(in
thousands
of dollars)

'Banking Offices
In
operation

1,341

1

7,650

2

To be
operated

3

Summary report by A ttorney General, December 1 8, 1967
This is a proposal to merge the Bank of Craigsville, Inc., Craigsville, Virginia
(one office w ith despoits of $1.3 million) and the Staunton Industrial Bank,
Staunton, Virginia (one office w ith deposits of $6.2 million). The merging banks
are both w holly owned subsidiaries of a bank holding company (First Virginia
Bankshares Corp.); they are located in primarily rural Augusta County and
the independent city of Staunton which is the area's commercial and banking
center, and is surrounded by Augusta County.
The substantial distance (about 25 miles) between closest offices of the
merging banks w ould appear to indicate that existing com petition between
them is probably minimal.
The proposed merger w ould have a small effect on the present level of
banking concentration w ithin the Augusta County area (including the indepen­
dent cities of Staunton and W aynesboro w ithin the county). The Bank of
Craigsville now controls about 1.4 percent of the area's total deposits and



BANK ABSORPTIONS APPROVED BY THE CORPORATION

45

Staunton Industrial holds about 6.7 percent. However, follow ing the merger the
resulting bank w ould remain the smallest bank w ithin the Augusta County
area in competition w ith large statewide banking institutions.
On balance, we conclude that the merger here proposed, between tw o
small and widely separated banks, would have little effect upon banking
com petition in the Augusta County area or in the more localized Craigsville,
Virginia, banking market.

Basis for Corporation approval, February 15, 1968
The Bank of Craigsville, Inc., Craigsville, Virginia (Applicant), an insured
State nonmember bank w ith total deposits of $ 1 ,1 9 7 ,0 0 0 , has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior consent to merge w ith The Staunton Industrial
Bank, Staunton, Virginia (Industrial) which has total deposits of $ 6 ,1 4 8 ,0 0 0 .
The banks would merge under the A pplicant's charter and w ith the title "F irst
Security Bank.'' As an incident to the merger. Applicant's main and only office
would be moved to Verona, the location of a branch of Industrial, and A p p li­
cant's sole office and the other tw o offices of Industrial (including an approved
but unopened branch) would become branches of the Applicant, increasing'
the number of its offices to four.
Competition. Craigsville (population 800) is in the southw estern corner of
Augusta County, 25 miles from the County seat City of Staunton, where Indus­
trial is headquartered. Staunton has a population of 25,0 0 0 . Industrial's
branch at Verona (population 1,200), the proposed main office location, is 5
miles northeast from Staunton and 30 miles from Craigsville. Industrial has
approval for a branch to be located in a shopping center about 2 miles south
from its present main office.
Craigsville is isolated som ewhat from other bank locations and A pplicant
primarily serves a small area north and south of its im mediate vicinity. Indus­
trial prim arily serves a small area around Staunton and the com m unity of
Verona. The distance between the merging banks and the negligible am ount of
business each derives from the other's area indicates there is virtually no
com petition between them. Moreover, both banks are subsidiaries of First
Virginia Bankshares Corporation, a registered bank holding company, and there
is little potential for com petition between them. There are no other banks
w ithin 25 miles from Craigsville and the proposal would have no com petitive
effect in that com m unity's immediate area. Industrial is the sm allest of the
five banks headquartered or represented in Staunton and the resulting bank
would remain in that position follow ing consumm ation of the proposal. Indus­
trial's com petition includes four Staunton branches of tw o of the largest banks
in the State. Its branch in Verona competes in that com m unity w ith a branch of
a much larger bank headquartered outside the County. The proposal would
have no adverse com petitive effects in the area served by Industrial.
The Board of Directors is of the opinion that the proposed merger w ould
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are
satisfactory w ith respect to the merging banks and are so projected for the
resulting bank.
Convenience and Needs o f the Com m unity to be Served. The proposal w ould
make available to the small com m unity of Craigsville a relatively significant
increase in banking resources. Although Applicant's recent affiliation w ith the
holding company has improved its services, the larger resources, economies,
and increased operating efficiency resulting from the merger should produce
better service to the comm unity.



46

FEDERAL DEPOSIT INSURANCE CORPORATION

On the basis of the above inform ation, and other inform ation available to
the Corporation, the Board of Directors has concluded that the approval of
the bank's application is warranted.
Resources
(in
thousands
of dollars)

No. 8
S tate Savings Bank
Hartford, Connecticut
(change title to StateDime Savings Bank)
to merge w ith
D im e Savings Bank o f H a rtfo rd
Hartford

Banking Offices
In
operation

8 0 ,3 5 4

3

49 ,9 5 3

2

To be
operated

5

Sum mary report by A ttorney General, December 1 1 ,1 9 6 7
This is a proposal to merge the tw o smallest of H artford's four m utual sav­
ings banks. State Savings, w ith deposits of $72.7 million, and Dime Savings,
w ith deposits of $ 45.9 million, have their main offices on the same street in
Hartford and operate branches about one mile apart in W est Hartford. The
proposed merger would thus eliminate significant com petition between the
merging banks.
According to data contained in the application, the parties to the proposed
merger w ould appear to have had in 1966 the follow ing market shares of
savings institutions in Hartford:
(i)
Savings bank IPC tim e deposits—
State Savings
10%
Dime Savings
7%
(ii)
Above, plus savings and loan w ithdraw able deposit balances—
State Savings
8%
Dime Savings
6%
(iii)
Number (ii) above, plus IPC tim e deposits at comm ercial banks—
State Savings
5%
Dime Savings
4%
The proposed merger w ould eliminate direct com petition between the merg­
ing savings banks, reduce from four to three the number of mutual savings
banks in the Hartford-W est Hartford area, and significantly increase concentra­
tion in this market.

Basis for Corporation approval, February 26, 1968
State Savings Bank, Hartford, Connecticut (Applicant), an insured mutual
savings bank w ith total deposits of about $ 7 2 ,7 0 0 ,0 0 0 has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance A ct, for
the Corporation's prior approval to merge w ith Dime Savings Bank of Hartford,
Hartford, Connecticut (Dime Savings) also an insured mutual savings bank, w ith
total deposits of about $ 4 5 ,9 0 0 ,0 0 0 . The banks w ould effect this transaction
under the charter of A pplicant and w ith the title State-D im e Savings Bank,
and as an incident thereof, the tw o offices of Dime Savings w ould become
branches of Applicant, increasing the number of its offices to five.
Competition. Both A pplicant and Dime Savings are essentially mortgage
lending institutions and as such operate over a w ide area, particularly insofar
as insured and guaranteed mortgages are concerned, the market for w hich
extends nation-wide, competing w ith a host of other institutions as noted



BANK ABSORPTIONS APPROVED BY THE CORPORATION

47

below. The com petition for loans between A pplicant and Dime Savings for
these reasons is not significant.
W ith respect to deposit activities, the primary service area of the resulting
bank w ould comprise the City of Hartford, W est Hartford, and Glastonbury.
It is noted, however, that Hartford qualifies as a Standard M etropolitan S ta tis­
tical Area, characterized by population density, industrial concentration,
excellent transportation facilities and economic homogeneity. The Hartford
SM SA contains 14 mutual savings banks and 17 comm ercial banks, w ith
deposits aggregating $ 8 6 7 ,5 8 7 ,0 0 0 and $ 1 ,1 5 5 ,6 9 9 ,0 0 0 , respectively, as
well as numerous savings and loan assocations, credit unions and insurance
companies. As the central city, Hartford draws employees and shoppers from
the area around it and furnishes employees and shoppers to the surrounding
area; its financial institutions compete w ith those of the surrounding area
for the patronage of all these people. The Hartford SM SA thus constitutes
a secondary trade area into which the subject banks extend their influence.
Although the main offices of A pplicant and Dime Savings are located nearby
in dow ntow n Hartford, so are those of the other tw o Hartford mutual savings
banks and of four comm ercial banks, as w ell as tw o savings and loan associa­
tions. Both subject banks operate branches in W est Hartford, however, these
are separated by 1Vi miles and there are a number of other banking offices
located in the im mediate vicinity of Applicant's branch. A pplicant is the third
largest mutual savings bank of the four and Dime Savings is the smallest;
the resulting bank would be the third largest.
Competing for the savings dollar in the primary service area of the resulting
bank there are five mutual savings banks w ith 18 offices, nine comm ercial
banks w ith 36 offices and tw o savings and loan associations w ith eight offices.
Dime Savings, furtherm ore, has proven a weak com petitor in recent years
because of its inability to initiate dividend increases to the level paid by the
other savings institutions of the area and has lost deposits, particularly
at its main office in dow ntow n Hartford. A lthough one bank w ill be lost, there
w ill remain ample alternative loan and deposit sources for the public and the
resulting bank w ill be in a better position to provide more effective com peti­
tion w ithin the area than could either Applicant or Dime Savings operating
separately.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. The financial resources
of both subject banks are presently favorable, however, the future prospects of
Dime Savings are not bright because of its low surplus ratio and patent inability
to initiate dividend increases as dictated by com petition. The resulting bank
would begin operations w ith a satisfactory condition and management and
could effect significant operating economies, perm itting a more effective use
of resources.
Convenience and Needs o f the Com m unity to be Served. The resulting bank
could pay a higher, more com petitive dividend than Dime Savings, w ith o u t
sacrificing principles of sound banking. Its depositors would be better served
by the larger and stronger institution, capable of acquiring expensive, but
far more effective equipment. Although the main office of Dime Savings would
be discontinued w ithin a relatively short period of time, this should cause
little inconvenience, w hich would be offset by an increased ability to establish
new branches at locations not now served.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.



48

FEDERAL DEPOSIT INSURANCE CORPORATION

No. 9
The M e rch a n ts & M in e rs Bank
Calumet, Michigan
to consolidate w ith
The K e w e en a w Savings Bank
M ohawk

Resources
(in
thousands
of dollars)

In
operation

16,191

2

1,141

1

Banking Offices
To be
operated

3

Summary report by A ttorney General, December 1 1 ,1 9 6 7
This proposed consolidation involves tw o small banks in adjoining counties in
a copper mining area of Northern Michigan.
The relatively short distance (7 miles) between the closest offices of the
banks, and the absence of other intervening offices, would indicate that these
banks are in considerable direct competition. There are 97 com m on IPC
deposit accounts; these carry approximate balances of $ 3 3 0 ,0 0 0 in Merchants
& Miners and $ 2 3 1 ,0 0 0 in Keweenaw Savings. Forty-eight of these same
depositors have borrowed $ 2 6 7 ,0 0 0 at Merchants & Miners and $ 6 8 ,0 0 0 at
Keweenaw Savings. There are relatively few banking alternatives in the area
as shown by the fact that only four other banking institutions (with seven
banking offices) operate w ith in a radius of 35 miles of the consolidating banks.
In the circumstances, it is clear that the proposed consolidation would involve
the elim ination of significant direct com petition between the merging banks.
In Houghton County, Merchants & Miners now holds about 30 percent of
total deposits of all five banks operating in the county. In neighboring
Keweenaw County, Keweenaw Savings is the only bank, and presently holds
all the county demand and tim e deposits. In the tw o-county area. Merchants
& Miners would through the merger be enhancing its market position from 29
to over 31 percent of total deposits.

Basis for Corporation approval, February 29, 1968
The Merchants & Miners Bank, Calumet, Michigan (Merchants Bank), an
insured State nonmember bank w ith total deposits of about $ 14.3 million,
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior approval to consolidate
w ith The Keweenaw Savings Bank, M ohawk, Michigan (Savings Bank), also an
insured State nonmember bank, which has total deposits of about $1 million.
The banks would consolidate under the charter and title of M erchants Bank,
and as an incident thereof, the sole office of Savings Bank would become a
branch of the resulting bank, increasing the total number of offices to three.
Competition. The participating banks are located on the Keweenaw penin­
sula, the northernm ost area in the State of Michigan. The service area of
Merchants Bank includes all of Keweenaw County and approxim ately the
upper half of Houghton County. Its main office is located in Calumet and it
operates its only branch about a mile south of Calumet, in Laurium. The
sole office of Savings Bank is located in M ohawk, about 7 miles north of
Calumet. Its service area is entirely w ith in that of Merchants Bank. M ohaw k
has a population of about 8 0 0 and the population of Keweenaw County is
about 2,000. The evidence suggests that Savings Bank has not been, and is not
now an effective com petitor, even in its own tow n of M ohawk. Its ability to
compete appears to be inhibited by its small size and low legal lending
limit. Although there appears to be some com petition between the p articipat­
ing banks, it cannot be realistically regarded as substantial. There are six



BANK ABSORPTIONS APPROVED BY THE CORPORATION

49

banks operating in this sparsely populated area, all of relatively small size.
Reducing by one the banking alternatives in such an area through elim ination
of the smallest institution, is not likely to harm com petition and it should
strengthen the remaining banking structure. Of the four other banks remaining,
tw o w ould be about the same size as the resulting bank. There is also a large
aggressive savings and loan association w ith offices in the service area.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. Although Merchants
Bank's record under these factors is favorable. Savings Bank has experienced
only nominal grow th, has had, and has, below average capital and has dem on­
strated weak earnings. Further, it lacks the management and facilities to
compete in an effective manner.
The resulting bank w ould be satisfactory under all these factors.
Convenience and Needs o f the Com m unity to be Served. This transaction
would result in a significant expansion of the services offered to the com ­
munity of M ohawk and surrounding area. A small, lim ited service bank w ith
inadequate quarters and inexperienced management w ould be replaced by a
branch office of a larger bank which would offer its broader services in a newly
constructed bank building in Mohawk.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.

No. 10
S tate Bank and T ru s t C om pany
Greenwood, South Carolina
to merge w ith
The Pickens Bank
Pickens

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

1 19,920

29

5,190

2

To be
operated

31

Summary report by A ttorney General, February 1 3, 1 9 6 8
State Bank and Trust Company operates its head office in Greenwood,
South Carolina, and has tw enty-six branch offices in com m unities located
mainly in the western third of the State. It has been involved in eight mergers
since 1955. Pickens Bank operates its head office in Pickens, South Carolina
and one branch office in the nearby com m unity of Six Mile. Both Pickens and
Six Mile are located in Pickens County.
Pickens County is served by five comm ercial banks operating nine offices,
including a branch of South Carolina's largest bank in term s of deposits.
W ithin the county, Pickens Bank holds about 12 percent of total deposits.
The closest offices of the applicant banks are about 30 miles apart,
and there seems to be virtually no com petition between them at present.
South Carolina law (S. C. Code Title 8 -5 7 ) perm its statew ide branch bank­
ing. State Bank could, therefore, branch de novo in or near Pickens. However,
we have no evidence that State Bank w ould be a likely potential entrant into
this area, absent the proposed merger.
Therefore, considering the size and market share of the acquired bank, we
conclude that the consumm ation of this transaction w ill have little effect on
banking com petition in Pickens County.



50

FEDERAL DEPOSIT INSURANCE CORPORATION

Basis for Corporation approval, March 25, 1968
State Bank and Trust Company, Greenwood, South Carolina (State Bank),
and insured State nonmember bank w ith total deposits of about $109,628,000,
has applied pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior approval to merge w ith
The Pickens Bank, Pickens, South Carolina (Pickens Bank), also an insured
State nonmember bank, which has total deposits of about $ 4 ,7 2 0 ,0 0 0 . The
banks would effect this transaction under the charter and title of State
Bank, and as an incident thereof, the tw o offices of Pickens Bank w ould
become branches of State Bank, increasing the number of its offices to 31.
Competition. State Bank's service area is composed of a series of smaller
service areas surrounding the 17 m unicipalities in which it has offices in the
central, southwestern and western sections of the State of South Carolina.
State Bank, however, does not saturate the territory and there are considerable
distances between some of the com m unities in which it operates. Pickens Bank
operates in the areas surrounding the tow ns of Pickens and Six Mile. There
appears to be virtually no com petition between the participating banks. Their
service areas do not overlap, nor are they contiguous. Their main offices are 65
miles apart and their closest offices are 29 miles apart. Each bank derives
practically no business from the service area of the other. Although State
Bank could branch de novo into the Pickens and Six Mile areas, it does not
appear as a likely entrant by this route because of the small size of the
com m unities and the fact that Pickens is already served by tw o banks, including
a branch of the State's largest bank.
State Bank is the fourth largest bank in South Carolina. Pickens Bank is the
smallest of the five banks operating in its service area. This merger would
have virtually no effect on the structure of banking in South Carolina or in
the service area of State Bank. In this latter area. State Bank holds 9.7 percent
of the total deposits and 8.6 percent of the loans held by all banks operating in
the area. The resulting bank w ould hold 10.1 percent and 8.9 percent of
deposits and loans, respectively. Further, this merger w ould replace tw o offices
of a very small bank offering lim ited services w ith branches of a much larger
bank capable of offering more effective com petition to the Pickens branch of
the State's largest bank.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. The banking factors w ith
respect to both participating banks are satisfactory, as they would be follow ing
the proposed merger.
Convenience and Needs o f the Com m unity to be Served. The major im pact of
this merger w ill be felt in the Pickens and Six Mile areas. There w ill be no
change in the number or location of banking offices in these com m unities, but
there w ill be several major changes in the services to be offered at Pickens
Bank's locations. The legal lending lim it w ill be vastly increased, and full
trust services are to be introduced at these locations. Certificates of deposit
paying up to 5 percent w ill be offered, as compared to the prevailing rate of
4 percent. The resulting bank w ill also offer a modified credit check plan.
Some of these services are offered by the Pickens branch of the South Carolina
National Bank of Charleston, but the introduction of these services at Pickens
Bank's locations would benefit the com m unity by providing an alternate source.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 11
The C itizens S tate Bank
Humeston, Iowa
to merge w ith
S ecurity S tate Bank
Allerton
and to acquire the assets and
assume the deposit liabilities o f
Lineville S tate Bank
Lineville

51

Banking Offices
In
operation

2,033

1

1,452

1

1,762

1

To be
operated

4

Summary report by A ttorney General, October 1 8, 1967
All three of the banks involved are located in small tow ns in Wayne County,
a largely agricultural area in south central Iowa.Citizens State Bank has total
deposits of $ 1 ,7 5 4 ,0 0 0 ; Security State Bank has total deposits of $ 1 ,0 6 0 ,0 0 0
and Lineville State Bank has total deposits of $ 1 ,3 8 4 ,0 0 0 . The same financial
interests now control Citizens and Security.
The proposed transactions involve three of the five banks in Wayne County;
these three banks now hold a large proportion of I PC demand deposits w ithin
the county (46.3 percent). It is thus clear that the proposed transactions w ill
involve loss of direct com petition and an increase in concentration. On the
other hand, the banks involved are all very small and are of a size w hich may
preclude efficient operation.

Basis for Corporation approval, April 1 1,1 9 6 8
The Citizens State Bank, Humeston, Iowa (Applicant), an insured State
nonmember bank w ith total deposits of $ 1 ,7 3 2 ,0 0 0 , has applied pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance A ct, for
the Corporation's prior approval to merge w ith Security State Bank, A llerton,
Iowa (Security), an insured State nonmem ber bank w ith total deposits of
$1 ,2 1 3 ,0 0 0 , to acquire the assets of and assume liability to pay deposits
made in Lineville State Bank, Lineville, Iowa (Lineville Bank), a State member
bank w ith total deposits of $ 1 ,5 3 2 ,0 0 0 , to move A pplicant's main office from
Humeston to Corydon, a distance of 16 miles southeast, and to establish an
office at the present location of A pplicant's main office. The merger and ac­
quisition transactions w ould be effected under the charter and w ith the title of
the Applicant and, as an incident to these transactions, the sole office of Secu­
rity and the sole office of Lineville Bank w ould become offices of the Applicant.
Including the office to be established in Humeston, the number of A pplicant's
offices would be increased to four. Opponents and proponents of these trans­
actions presented their respective positions in appearances before officials of
both the State of Iowa and this Corporation.
C ompetition. The participating banks and the proposed main office site are
located in Wayne County (population 9,800). The county is situated in the
south central part of the State and its southern boundary is contiguous to the
State of Missouri. A pplicant is located in Humeston (population 638) w hich is
the northwestern corner of the county. Lineville Bank is located in Lineville
(population 452) w hich is located in the southwestern corner of the county at
the State line and is 19 miles south from Humeston. Security's office is in
A llerton (population 692), near the central part of the county, 12 miles north­
east from Lineville and 17 miles southeast from Humeston. The proposed main



52

FEDERAL DEPOSIT INSURANCE CORPORATION

office site, Corydon (population 1,687) is in the central part of the county, 7
miles northeast from ANerton and 16 miles southeast from Humeston. The
shortest distance between any of the participating banks is 12 miles and each
receives com petition from other banks at closer locations. The three participat­
ing banks primarily serve their im mediate areas. Because of their relatively
small size, the distance between their offices and other evidence, there is
virtually no com petition between the participating banks and the potential for
significant com petition between them is limited.
The proposals would combine three of the five smallest banks in the resulting
service area. The resulting bank would be fifth largest of 1 1 banks in the area
and would hold 8.4 percent of the aggregate IPC deposits. A more efficient
operation should result from combining the resources of the three participating
banks and moving A pplicant's main office to Corydon, the centrally situated
county seat and principal trading center. It should also cause a beneficial in­
crease in com petition, especially w ith the bank now operating in Corydon,
Corydon State Bank, w hich is larger in IPC deposit size than any of the p artici­
pating banks and already competes w ith them in varying degrees. The evidence
indicates that Corydon and its service area can support both the bank resulting
from these transactions and Corydon State Bank, and there is nothing to show
that the latter's business w ill be seriously affected.
The Board of Directors is of the opinion that the proposed transactions
w ould not substantially lessen com petition, tend to create a monopoly, or in
any other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are found
to be generally satisfactory w ith respect to the resulting bank as they have been
w ith respect to the participating banks.
Convenience and Needs o f The Com m unity to be Served. The increasing
size of farm units in the agricultrual area served by the participating banks
results in a need for larger credit lines. The larger lending lim it of the resulting
bank would more adequately meet this need. Adequate banking services w ill be
provided the com m unities of Humeston, Allerton and Lineville through the
continuance there of offices of the resulting bank and the accessibility of its
main office at Corydon. In addition, consumm ation of the transactions w ill pro­
vide the com m unity of Corydon w ith an alternative banking source.
On the basis of the above inform ation and other inform ation available to the
Corporation, The Board of Directors has concluded that approval of the bank's
applications is warranted.

Resources
(in
thousands
of dollars)

No. 12
S o uthern Bank of N o rfo lk
Norfolk, Virginia
to merge w ith
Peoples N atio n a l B ank o f G lo u ce ste r
Gloucester

Banking Offices
In
operation

50,621

16

7 ,680

2

To be
operated

18

Summary report by A ttorney General, April 12, 1 9 68
Southern Bank is the fifth largest bank in Norfolk, w here it maintains all of
its 16 offices. It is an affiliate of First Virginia Bankshares Corporation, the
smallest of the five bank holding companies which currently operate in the
State of Virginia.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

53

Peoples Bank, headquartered in Gloucester, 55 miles northw est of Norfolk,
operates a branch in Hayes, 1 1 miles south of the head office, and is one of the
tw o banks operating banking offices in Gloucester County.
In view of the distance between them and the fact that such cities as N ew ­
port News and Hampton Roads intervene, it does not appear that there is any
significant direct com petition existing between the merging banks.
Under Virginia branch banking law neither Southern Bank nor any of First
Virginia's other banking subsidiaries can open a de novo branch in Gloucester
County. Furthermore, Southern Bank is entering Gloucester County by merging
w ith the smaller of the tw o banks in the county. It, therefore, does not appear
that this merger w ould eliminate potential com petition between Peoples Bank
and Southern Bank or any of the other subsidiaries of First Virginia.

Basis for Corporation approval, April 25, 1968
Southern Bank of Norfolk, Norfolk, Virginia (Applicant), an insured State
nonmember bank w ith total deposits of $ 4 4 ,8 4 8 ,0 0 0 , has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior consent to merge w ith Peoples National Bank of
Gloucester, Gloucester, Virginia (National) which has total deposits of
$6,983,000. The banks would merge under the Applicant's charter and title
and, as an incident to the merger. National's tw o offices w ould become
branches of the Applicant, increasing the number of its offices to 18.
Competition. Norfolk, population 3 2 5 ,0 0 0 is in the southeastern part of the
State on the harbor of Hampton Roads. A pplicant operates 14 offices in Nor­
folk and tw o branches in adjacent Virginia Beach, population 1 59,000. The
com m unity of Gloucester has a population of 750. National is the smallest of
tw o banks headquartered in that com m unity and serves most of Gloucester
County, population 13,000.
The nearest offices of the merging banks are 4 4 miles apart and intervened
by the tw o large cities of N ewport News and Hampton as well as the harbor of
Hampton Roads and the York River. The service areas are separate and not
contiguous and State law does not perm it de novo branching in each other's
area. There is virtually no existing or potential com petition between the
merging banks.
In terms of total deposits. Applicant is sixth largest of seven banks repre­
sented in its service area. Four of the largest banks have deposits ranging
between $ 1 3 4 million and $ 6 1 4 million. W ith respect to its share of the de­
posits held by the bank offices. A pplicant is in a distant third position w ith
9.4 percent. The tw o largest shares, 55 percent and 20 percent, are held by
tw o other Norfolk-headquartered banks. The small increase in the A pplicant's
size w ould have no material effect on com petition in its service area.
National is facing serious problems and the Corporation has been advised by
the Com ptroller of the Currency that an emergency exists requiring expeditious
action. There is another, and larger, bank headquartered in Gloucester which
has deposits of $12 million and is National's chief competitor. The principal
effect of the merger in Gloucester would be the replacement of an ailing bank
by branches of a sound institution and an increase in com petition.
The Board of Directors is of the opinion that the effect of the proposed
merger w ould not be substantially to lessen com petition, tend to create a
monopoly, nor w ould it in any other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are
favorable w ith respect to the Applicant and are so projected for the resulting
bank. National's asset condition is poor, it is being tem porarily managed and
operated by officers and employees of the Applicant and its future prospects
as an independent bank are not favorable.



54

FEDERAL DEPOSIT INSURANCE CORPORATION

Convenience and Needs o f the Com m unity to be Served. The proposal would
assure the continued operation of National's tw o offices, as branches of the
Applicant, and would bring to the com m unities a number of services not
presently offered by National or other banks in its service area. The com m unity
of Gloucester would continue to have tw o banking alternatives available, in­
cluding one locally based independent bank.
On the basis of the above information, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 13
Bank o f A. Levy
Oxnard, California
to acquire a portion o f the assets and assume
a portion o f the liabilities o f
F irst W este rn Bank and T ru s t C om pany
Los Angeles

56 ,9 6 6

2 ,9 4 6 (2)

Banking Offices
In
operation

To be
operated

9

10

1

Summary report by A ttorney General, February 23, 1 9 6 8
Bank of A. Levy, Oxnard, California ("A. Levy") proposes to acquire by pur­
chase the physical facilities and most of the deposits, but none of the loans of
the Moorpark, California branch of First W estern Bank and Trust Company,
Los Angeles, California ("First W estern'').
The present branches of A. Levy and the M oorpark Branch of First W estern
are all located in the southern part of Ventura County directly w est of Los
Angeles County. It is an area currently undergoing rapid economic and popula­
tion growth. A. Levy does not at present have an office in Moorpark, but three
of its existing offices are 10 miles, and one only 6 miles from Moorpark. A.
Levy has long derived significant business from M oorpark and presently has an
application pending for a new branch there. There is, therefore, a certain
amount of existing and potential com petition between the banks in the M oor­
park area which w ill be elim inated as a result of the proposed acquisition.
A. Levy is presently the third largest bank in Ventura County, w ith about
12 percent of total deposits (and 16 percent of IPC demand deposits) of all
banks in the county. Its major com petitors, the Bank of America and Security
First National Bank, the largest and second largest banks in California, be­
tw een them have over 70 percent of the total bank deposits in Ventura County.
The $3.3 million of deposits in the First W estern Branch which A. Levy w ill
acquire account for about 1 percent of county deposits.
The proposed transaction w ould elim inate a certain am ount of actual and
potential com petition, and would increase slightly A. Levy's market share in the
highly concentrated Ventura County market.

Basis for Corporation approval, April 25, 1968
Bank of A. Levy, Oxnard, California (Applicant), an insured nonm em ber bank
w ith total deposits of about $ 5 1 ,2 4 8 ,0 0 0 , has applied, pursuant to Section
18(c) and other provisions of the Federal Deposit Insurance A ct, for the Cor­
poration's prior approval to purchase a portion of the assets of and assume the
liability to pay a portion of the deposits made in First W estern Bank and Trust
Company, Los Angeles, California (First Western). As an incident to the pro­
posed transaction, A pplicant w ould establish a branch at the location of First



BANK ABSORPTIONS APPROVED BY THE CORPORATION

55

W estern's sole Moorpark Branch which has total deposits of about $ 2 ,9 2 5 ,0 0 0
and First Western would term inate its operations in the com m unity.
Competition. Applicant is headquartered in Oxnard, about 50 miles north­
w est of dow ntow n Los Angeles, and through its nine offices in six Ventura
County com m unities serves the more populated southern portion of the County.
It is in com petition w ith eight other banks, four of them among the State's
largest, operating 38 offices. There is some com petition between A pplicant and
First W estern's Moorpark Branch but it is not substantial. This branch has
become a deficit and declining operation and has been offered for sale to
Applicant, a w ell-established local type institution. A pplicant's nearest offices
to M oorpark are 7 and 10 miles distant and enjoy a lim ited am ount of
business from the com m unity as do the other County banks. The tw o largest
banks of the State combined hold nearly 70 percent of the aggregate deposits
of Ventura County as contrasted w ith the 16.1 percent held by A pplicant and
less than 1 percent by First W estern's Moorpark Branch.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to both participating banks, as they would be for the
resulting bank.
Convenience and Needs o f the Com m unity to be Served. The record indi­
cates First Western has lost interest in its M oorpark Branch and is anxious to
term inate operations there. A pplicant is well established in Ventura County
as a w hole and welcomes the opportunity to establish a branch in M oorpark
and extend full, aggressive, locally oriented type of service to its citizens as
compared w ith the lim ited service now afforded.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application is
w arranted.

No. 14
C itizens V alley B ank
Albany, Oregon
to merge w ith
F irst N a tio n a l Bank o f Independence
Independence

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

3 0 ,6 3 8

7

5,029

1

To be
operated

8

Sum mary report by A ttorney General, February 8, 1968
The closest offices of the merging banks are 10 miles apart; Citizens' Je ffe r­
son office, in Marion County, is about 10 miles southeast of Independence, in
Linn County. The proposed merger w ould eliminate some existing com petition
between the merging banks. However, there are several other banks in the
area— including the M onm outh branch of United States National Bank (second
largest in the State, w ith deposits of $1.2 billion), located 5 miles northw est of
Independence; the Salem head offices of The Commercial Bank of Salem
(deposits, $22 million) and W estern Security Bank (deposits, $9.9 million) as
well as the Salem branches of United States National Bank, First National



56

FEDERAL DEPOSIT INSURANCE CORPORATION

Bank of Oregon (Oregon's largest bank, w ith deposits of $1.3 billion), and The
Oregon Bank (third largest in the State, w ith deposits of $6 3 million). In view
of the number and size of the other banking alternatives in the Independence
area— including offices of Oregon's three largest banks— and the small size of
the acquired bank, we conclude that the proposed merger w ould not have any
substantial adverse effect on com petition in the Polk, Marion or Linn County
markets.

Basis for Corporation approval, May 1, 1968
Citizens Valley Bank, Albany, Oregon (Citizens Bank), an insured State non­
member bank w ith total deposits of about $27.7 million, has applied, pursuant
to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior approval to merge w ith First National Bank of Independ­
ence, Independence, Oregon (National Bank), which has total deposits of about
$4.2 million. The banks w ould merge under the charter and title of Citizens
Bank and as an incident thereof, the sole office of National Bank would become
a branch of the resulting bank, increasing the total number of offices to eight.
Competition. Citizens Bank's service area is a portion of the northwestern
sector of the State of Oregon. It operates from its main office in Albany and
one branch in each of six other smaller com m unities located at distances up to
25 miles from Albany. National Bank's service area is lim ited to approxim ately
a 12 mile radius of the City of Independence. Such com petition as may exist
between the participating institutions appears to be of little significance. Their
main offices are 20 miles apart, and Citizens Bank's closest office is at Je ffe r­
son, some 14 miles from National Bank and separated from it by the W il­
lam ette River. Potential com petition is not a factor; Oregon statutes prevent
de novo entry by other banks into Independence and, for its part. National has
remained a local institution, never establishing any branches.
This merger would have little im pact on the concentration of deposits and
loans in the State of Oregon or in the service area of the resulting bank. In this
latter area Citizens Bank holds 7.7 percent of the deposits and 10.2 percent of
the loans. The resulting bank would hold 9.1 percent and 11.2 percent, re­
spectively. In this same area the State's tw o large branch banking systems
operate 53 percent of the banking offices and hold 74.6 percent of the deposits
and 71.3 percent of the loans, a position which is roughly sim ilar to that en­
joyed by those tw o institutions on a state-w ide scale. To some extent, this
merger should enhance Citizens Bank's ability to compete effectively.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The banking
factors w ith respect to National Bank are satisfactory, and this merger w ould
substantially improve Citizens Bank's som ew hat low capital position, thus,
improving the banking factors for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The principal effect
of this merger would be confined to the service area of National Bank. The
larger resulting bank could more effectively meet the credit needs of th a t area
and otherwise provide it expanded services.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

No. 15
The Farm ers Bank and S avings C om pany
Peebles, Ohio
(change title to
The Farmers Bank)
to merge w ith
The Farm ers N a tio n a l Bank o f M a n ch e ste r
Manchester

Resources
(in
thousands
of dollars)

In
operation

6,272

. 1

1,720

1

57

Banking Offices
To be
operated

3

Sum mary report by A ttorney General, February 1 3, 1 9 6 8
The banks involved are located in small tow ns in Adams County, Ohio, a
largely agricultural area in southern Ohio. Farmers Bank and Savings Company
has total deposits of $6 m illion and Farmers National Bank of M anchester has
total deposits of $1.5 million.
The existing offices of the tw o banks are about 23 miles apart, and although
there are no intervening banking alternatives it appears th a t little direct com pe­
tition between them is now present. However, once the new W est Union office
of Farmers Bank is opened in the central part of the county, the closest offices
of the merged banks w ill be only 9 miles apart. Direct com petition between
them may then exist.
The proposed transaction involves the second largest and the smallest of five
banks (now operating six offices between them) in Adams County. Following
the merger. Farmers Bank would become the largest bank in th a t county, and
its percentage of I PC demand deposits w ould increase from 3 4 to 4 4 percent;
its share of total county deposits w ould rise from 39 to 4 8 percent. The num ­
ber of separate county banking alternatives would, at the same tim e, be re­
duced from five to four.
In conclusion, although county banking concentration would rise consider­
ably as a result of this proposed merger the anticipated effect of this increase
would be som ewhat m itigated by the still rather considerable distance between
the offices of the tw o banks and the relatively small size of the m arket's popu­
lation and the acquired bank, Manchester National.

Basis for Corporation approval, May 1, 1968
The Farmers Bank and Savings Company, Peebles, Ohio (Applicant), an
insured State nonmem ber bank w ith total deposits of $ 5 ,5 6 4 ,6 0 0 , has applied,
pursuant to Section 18(c) and other provisions of the Federal Deposit Insur­
ance Act, for the Corporation's prior approval to merge w ith The Farmers
National Bank of Manchester, Manchester, Ohio (Farmers National) w hich has
total deposits of $ 1 ,5 0 8 ,3 0 0 and to move A pplicant's main office from Peebles
to W est Union, a distance of 13 miles southwest, the present main office
to be retained as a branch. The banks w ould merge under the charter of A p p li­
cant and w ith the title "The Farmers Bank” and, as an incident to the merger,
the sole office of Farmers National would become a branch of the resulting
bank.
Both Applicant and Farmers National are located in Adams County, the
population of which has declined from 2 1 ,7 0 0 in 1940 to 19,980 in 1960.
Peebles is approxim ately 23 miles from Manchester and W est Union is approxi­
mately midway between the tw o points, 13 miles from Peebles and 10 miles
from Manchester. Manchester and W est Union presently each domicile another
bank. The bank in W est Union, the county's largest, competes against both
Applicant and Farmers National. Because of this and the distance between



58

FEDERAL DEPOSIT INSURANCE CORPORATION

Peebles and Manchester, there is little com petition presently existing between
the tw o subject banks. There w ould be only lim ited potential even after A p p li­
cant's main office is moved to W est Union. W hile Applicant's share of deposits
and loans would rise as a result of the merger, there is significant com petition
for savings and real estate loans from tw o savings and loan associations, one
each in W est Union and Manchester. Furthermore, the county's population is
small and declining and its economy limited.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. The financial and man­
agerial resources of both subject banks are favorable as they w ould be w ith
the resulting bank. Future prospects of Farmers National are lim ited in view of
its small size and the dow nward trend of Manchester. Consummation of the
subject proposal would provide for continuity of a stronger institution in
Manchester.
Convenience and Needs o f the Com m unity to be Served. W hile both banks
have established a record of service to their comm unities, the resulting bank
would be in a better position to expand the level of credit and other service to
the com m unities involved.
On the basis of the above and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the bank's applications
is warranted.

Resources
(in
thousands
of dollars)

No. 16
B ucks C ounty B ank and T ru s t C om pany
Perkasie, Pennsylvania
to merge w ith
The C h a lfo n t N a tio n a l Bank
Chalfont

Banking Offices
In
operation

36 ,8 4 8

5

7,4 8 4

2

To be
operated

7

Sum mary report by A ttorney General, January 1 6, 1 9 68
Bucks County Bank ($33 million total deposits) operates five offices in upper
Bucks County, Pennsylvania. It has received approval to open tw o more offices
in the same area. Chalfont National ($7 million total deposits) operates tw o
offices in Chalfont, Pennsylvania, 6 to 8 miles south of the nearest Bucks
County Bank offices. There are presently nine commercial banks, including
three large Philadelphia banks, which operate a total of 18 offices in the area
served by these tw o banks.
The proposed merger would eliminate considerable existing com petition
between Bucks County Bank and Chalfont National; and would increase con­
centration in upper Bucks County and in the county as a whole. Further, this
proposed merger is one of a series of three recent merger agreements involving
acquisition of banks in the area which, taken together, w ould seriously reduce
the number of banking alternatives available to customers.

Basis for Corporation approval, May 7,1 9 6 8
Bucks County Bank and Trust Company, Perkasie, Pennsylvania (County
Bank), an insured State nonmember bank w ith total deposits of about
$ 3 3 ,2 4 3 ,0 0 0 , has applied, pursuant to Section 18(c) and other provisions of
the Federal Deposit Insurance Act, for the Corporation's prior approval to



BANK ABSORPTIONS APPROVED BY THE CORPORATION

59

merge w ith The Chalfont National Bank, Chalfont, Pennsylvania (National
Bank), which has total deposits of about $ 6 ,7 9 2 ,0 0 0 . The banks w ould effect
this transaction under the charter and title of County Bank and as an incident
thereof, the tw o offices of National Bank would become branches of County
Bank, increasing the number of its offices to seven.
Competition. The participating banks are located in upper Bucks County,
Pennsylvania, north-northw est of the City of Philadelphia. County Bank's serv­
ice area is considered to be most of the northwestern part of Bucks County and
portions of adjacent M ontgom ery County. National Bank, w ith tw o offices in
the Borough of Chalfont, serves an area w ithin a 5 or 6 mile radius of Chal­
font in the w est central section of Bucks County and a small portion of M o n t­
gomery County. Its service area extends to Doylestown, Bucks County seat,
5 miles east of Chalfont. There appears to be a slight overlapping of the
participating banks' service areas but this largely occurs where the population
is still relatively sparse and the economy agriculturally oriented. Each partici­
pating bank receives its major com petition from other, closer banks. There is
not a significant degree of com petition between them, nor any realistic potential
for such competition.
Radical changes in the banking structure are occurring and proposed in
central Bucks County, which is more and more becoming a part of m etropolitan
Philadelphia. This grow th and the prospect for its long-term continuation have
interested many of Philadelphia's largest banks, some of whom have obtained
approvals for de novo branches and tw o of w hom are proposing mergers w ith
banks in Doylestown. This invasion is naturally a m atter of concern to National
Bank, by far the smallest presently serving this territory. It seeks to maintain
its local bank character by combining w ith another Bucks County bank, thus
producing an independent local bank w ith the resources and managerial capa­
bility to achieve com petitive effectiveness in the face of this challenge from very
large banking institutions, and the merger should have this result.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The banking
factors relating to both participating banks are satisfactory, as they would be
w ith respect to the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Both participating
banks have provided local service in their respective com m unities over an
extended period of time. The proposed merger seeks to continue to provide
banking service from an independent local bank in com petition w ith the ex­
panding influence of the large Philadelphia based branch systems. The resulting
bank w ill offer at National Bank's offices, substantially increased lending limits,
com puter servicing of accounts and trust services.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application is
warranted.

No. 17
Kings C ounty Lafayette T ru s t C om pany
Brooklyn, New York
to assume a portion o f the liabilities o f
The T itle G uarantee C om pany
New York



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

192,217

10

3,5 0 0

1

To be
operated
10

60

FEDERAL DEPOSIT INSURANCE CORPORATION

Sum mary report by A ttorney G eneral December 1 8, 1 967
Kings County Lafayette Trust Company ("Lafayette") proposes th a t it be­
come successor trustee on 33 trust accounts of The Title Guarantee Company
("Guarantee"), valued at about $3.5 million. Lafayette currently adm inisters all
but tw o of Guarantee's 37 trust accounts, accounting for most of its trust
balances.
Guarantee has declined in recent years to either solicit or adm inister trust
business, apparently preferring to concentrate instead on its title insurance
business. However, it must continue to bear the expense of maintaining an
office for the purpose of carrying out the discretionary functions required of it
as trustee. This apparently m otivated Guarantee's desire to transfer most of its
remaining trust accounts to Lafayette.
According to the Applicant, ten major New York City banks account for
about 84 percent of income derived from trust commissions throughout the
New York City area; neither Lafayette nor Guarantee are in this group. In the
context of such a market, it is unlikely that the proposed transaction w ill have a
significant effect on com petition. Moreover, since Lafayette already administers
most of Guarantee's trust accounts, it does not appear that the transaction w ill
result in the elim ination of any direct com petition between them.

Basis for Corporation approval, May 7, 1968
Kings County Lafayette Trust Company, Brooklyn, New York (Applicant), an
insured State nonmember bank w ith total deposits of $ 1 6 3 ,6 4 5 ,8 0 0 , has
applied pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to assume a portion of the
liabilities of The Title Guarantee Company, New York, New York, an operating
noninsured institutions.
C ompetition. Essentially, under this proposal A pplicant w ould become suc­
cessor trustee on 33 personal trust accounts now adm inistered by The Title
Company. The latter has not solicited new trust accounts for many years and
there is no com petition between it and Applicant. The Title Company wishes to
be relieved of future adm inistration of this remaining trust business. The ten
major New York City banks w ith trust departm ent activities account for ap­
proxim ately 84 percent of the income derived from trust com m issions through­
out the New York City area. These banks hold total personal trust assets w ith a
market value aggregating $8 billion. This contrasts w ith A pplicant's trust de­
partm ent, the aggregate assets of which have a market value of $ 2 0 0 million.
The Title Company's accounts are valued at less than $ 4 million. The proposed
transaction w ould have no adverse effect on com petition.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors w ith
respect to A pplicant are favorable as they w ould be for the resulting bank.
There w ould be no change in the service rendered or adverse effect on the
convenience and needs of the Community.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 18
The Reading T ru s t C om pany
Reading, Pennsylvania
to merge w ith
Robesonia S tate Bank
Robesonia

61

Banking Offices
In
operation

1 15,722

6

7,179

1

To be
operated

7

Summary report by A ttorney General, February 1 2, 1 9 68
This is a proposal to merge the Reading Trust Company of Reading, Pennsyl­
vania (six offices w ith deposits of $ 9 6 .4 million) and the Robesonia State Bank
of Robesonia, Pennsylvania (one office w ith deposits of $ 6.4 million).
Reading Trust and Robesonia State are both located in Berks County,
Pennsylvania, in a mixed industrial and residential area. W hile the banks are
situated some 14.5 miles apart, there w ould appear to be some direct com ­
petition between them. There are in Berks County, however, 16 other banks
which between them operate 46 banking offices, all w ith in a radius of 22.5
miles. In the Robesonia area, Robesonia State has com petition from tw o
branch offices of Peoples Trust City Bank, located in W om elsdorf and W ernersville, 1.5 and 3.5 miles distant.
If the proposed merger is approved, Reading Trust's share of total Berks
County deposits w ould be increased from about 17 to 18 percent. It w ould
remain third in size in Berks County.

Basis for Corporation approval, May 14, 1968
The Reading Trust Company, Reading, Pennsylvania (Applicant), an insured
State nonmember bank w ith total deposits of $ 1 0 1 ,5 0 0 ,0 0 0 , has applied,
pursuant to Section 18(c) and other provisions of the Federal Deposit Insur­
ance Act, for the Corporation's prior approval to merge w ith Robesonia State
Bank, Robesonia, Pennsylvania (State Bank) which has total deposits of
$ 6,600 ,000 . The banks would merge under the charter and title of the A p p li­
cant and, as an incident to the merger, the sole office of State Bank would be­
come a branch of Applicant, increasing the number of its offices to seven.
Competition. A pplicant is headquartered in Reading (population 98,200),
the principal city and seat of Berks County (population 2 75,000). Its five
branches are in Berks County including four in Reading and vicinity and one
18 miles north from the main office. The estimated population of A pplicant's
service area is 202,000. State Bank's office is in Berks County at Robesonia
(population 1,600), 14 miles from Reading. Its service area population is esti­
mated at 10,500.
The merging banks' primary service areas overlap to a small degree and each
has some deposit and loan business originating in the other's area. Applicant's
nearest office is 9 miles east from State Bank. However, Peoples Trust City
Bank, Reading, has tw o branches in the intervening area, 3.5 and 7 miles east
from State Bank. It also has a branch1.5 miles west. Peoples Trust is the
second largest bank in the combined service area (IPC deposits $ 1 2 8 million)
and is State Bank's nearest and principal com petitor. Am erican Bank and Trust
Co. of Pa., Reading, largest in the area (IPC deposits $ 3 1 3 million), has tw o
branches 10 miles from Robesonia and actively solicits business in State
Bank's service area. These facts and other available inform ation indicates the
merging banks are not com petitive w ith each other to a significant degree.
Applicant w ould have seven of the 41 bank offices in the resulting primary
service area and would continue in its position as third largest bank. Its share of



62

FEDERAL DEPOSIT INSURANCE CORPORATION

the IPC deposits would increase by 1.1 percent to 18.5 percent. Am erican
Bankand Peoples Trust, A pplicant's principal competitors, have 53 percent and
22 percent and together operate 25 offices in this area. In the Robesonia area.
Peoples Trust is also State Bank's chief competitor. Its tw o nearest branches
have significantly more total deposits ($10.5 million) than does State Bank
($5.8 million). There w ould be no material impact on concentration of banking
resources in the relevant service area. Replacement of State Bank by a branch
of the A pplicant should tend to enhance com petition in the Robesonia area.
The Board of Directors is of the opinion that the effect of the proposed
merger would not be substantially to lessen com petition, tend to create a
monopoly nor would it in any other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are favor­
able w ith respect to the merging banks and are so projected for the resulting
bank. Consummation of the proposal would provide a depth of management
which is presently lacking at State Bank.
Convenience and Needs o f the Community to be Served. Applicant w ould
bring services to Robesonia which are not presently offered by State Bank
including trust services, data processing services, specialized lending services,
a broader range of instalm ent loans and an increased lending limit. There is
evidence of need for these services and their availability should prove beneficial
to the community.
On the basis of the above information, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

No. 19
In te r-C ity Bank
Benton Harbor, Michigan
to consolidate w ith
The Eau C laire S tate Bank
Eau Claire

Resources
(in
thousands
of dollars)

In
operation

4 5 ,8 2 0

7

4 ,4 6 4

1

Banking Offices
To be
operated

8

Summary report by A ttorney General, February 1 5, 1 9 68
As of October, 1967, Inter-City, operating seven banking offices, had total
deposits of $40.3 m illion; Eau Claire, a unit bank, had total deposits of $3.8
million. All offices of the merging banks are situated in Berrien County (1 9 6 0
population 1 50,000), a fruit producing locality w ith some crop farming, dairying
and industrial activity. Berrien County is currently served by eight banks
operating a total of 28 banking offices.
The closest offices of the merging banks are 14 miles apart. Loans and
deposits involving mutual customers w ould appear to be minimal, and the
am ount of direct com petition between the banks seems not to be great. The
tw o branches of First National of Southw est Michigan (w ithin a radius of 8
miles of Eau Claire) provide alternative banking facilities for the comm unity.
W ithin the entire county, the merger w ill result in a considerable increase in
concentration. In Berrien County, the merger w ould increase Inter-C ity's share
of IPC demand deposits from about 25 to 28 percent, and its share of total
deposits from about 22 to 24 percent.

Basis for Corporation approval, May 14, 1 9 68
Inter-City Bank, Benton Harbor, Michigan (City Bank), an insured State
nonmember bank w ith total deposits of about $41.2 million, has applied, pur­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

63

suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to consolidate w ith the Eau Claire
State Bank, Eau Claire, Michigan (State Bank) also an insured State nonm em ­
ber bank, which has total deposits of about $3.9 million. The banks w ould
consolidate under the charter and title of City Bank and as an incident thereof,
the sole office of State Bank would become a branch of the resulting bank,
increasing the total number of offices to eight.
Competition. The participating banks are located in Berrien County, which is
in the southwestern corner of the State of Michigan and borders on Lake M ich i­
gan. The service area of City Bank embraces the territory around Benton Har­
bor, Michigan including St. Joseph across the St. Joseph River from Benton
Harbor, and the area w ithin several miles of each of the tow ns of Baroda,
Galien and Buchanan. The service area of State Bank is confined to a radius of
5 to 6 miles around Eau Claire, the location of its sole office, 14 miles southeast
of Benton Harbor. Competition between the tw o institutions appears to be
slight. Their closest locations are 10 miles apart and are intervened by a branch
of the area's largest bank and the St. Joseph River. There is no direct access
between these locations. In addition, each of the participating banks faces
com petition from other, much closer banking offices.
The proposal would unite the smallest bank w ith the third largest bank
operating in the service area, which now has 20 percent of the IPC deposits
and 20.3 percent of the loans. City Bank would gain 1.9 percent in IPC deposits
and 1.7 percent in loans but these increments are not considered significant
in view of the relative ineffectiveness of State Bank as a com petitor, present
or potential, and the overall picture in the service area which includes sizeable
nonbank competition.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The banking
factors w ith respect to City Bank are favorable. State Bank has experienced
only nominal growth, has long had less favorable management and lacks the
executive talent necessary to maintain the operation, although other banking
factors w ith respect to it are at present acceptable.
The resulting bank w ould be satisfactory under all these factors.
Convenience and Needs o f the Com m unity to be Served. As a result of this
transaction, State Bank w ill become a branch office of an aggressive, capably
managed bank offering larger lending limits, full trust services, data processing,
and a broader range of loans which should significantly benefit the Eau Claire
area.
Based on the foregoing and on other information available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.

No. 20
The A nderson Bank o f D illo n
Dillon, South Carolina
(change title to
Citizens B ankof South Carolina)
to merge w ith
The First N ationa l Bank o f Lancaster
Lancaster



Resources
(in
thousands
of dollars)

In
operation

1 1,079

2

4 ,9 0 8

2

Banking Offices
To be
operated

4

64

FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by A ttorney General, March 4, 1 9 68
The tw o merging banks are relatively small banks, each w ith tw o offices, in
northern South Carolina.
Anderson Bank's tw o offices serve a primarily rural com m unity w ith little
significant grow th in the last 10 years; their market has a population of only
35,000. Anderson Bank appears to be the largest of the five commercial banks
doing business w ithin its market area, having alm ost one-half of the markets
total deposits and one-third its loans. Lancaster County (1 9 6 0 population
39,352) is located in one of the fastest growing and most industrialized areas
in the State. First National, w ith 16 percent of total county deposits, is the
second largest of four commercial banks in Lancaster County, although con­
siderably smaller than the largest. The Bank of Lancaster, w ith 70 percent of
total county deposits.
The closest offices of the merging banks are 82 miles apart, and there ap­
pears to be no existing com petition between them. Because South Carolina law
perm its statewide branching, the merger could elim inate some potential com ­
petition between the tw o banks. However, in view of each bank's lim ited re­
sources it is not very likely that either would establish a de novo branch in the
area served by the other.

Basis for Corporation approval, May 14, 1968
The Anderson Bank of Dillon, Dillon, Dillon County, South Carolina (Anderson
Bank), an insured State nonmember bank w ith total deposits of $ 1 0 ,4 0 0 ,0 0 0 ,
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior consent to merge w ith The
First National Bank of Lancaster, Lancaster, Lancaster County, South Carolina
(First National) which has total deposits of $ 4 ,4 0 5 ,0 0 0 . The banks would
merge under the charter of Anderson Bank and w ith the title Citizens Bank of
South Carolina. As an incident to the merger. First National's tw o offices would
become branches of Anderson Bank, increasing the number of its offices to four.
Competition. Dillon, the location of Anderson Bank's main office, is the seat
of Dillon County and has a population of 6,500. Clio, location of Anderson
Bank's only branch, is a small tow n located 17 miles northwest of Dillon. Dillon
County comprises the major portion of the service area. Lancaster, the location
of First National's main office and one branch, is the seat of Lancaster County
and has a population of 8,500. Lancaster County comprises the major portion
of First National's service area. Lancaster is located about 100 miles w est of
Dillon and about 82 miles w est of Clio. The tw o banks serve separate and non­
contiguous trade areas and there is no known com petition between them. They
have no common deposit or loan customers and neither bank derives deposits
or loans from the service area of the other. Moreover, although statewide
branching is perm itted in South Carolina, there is very little, if any, potential
for the development of com petition between them because both are relatively
small banks w ith o u t sufficient capital to expand their operations on a broad
scale geographically through the establishm ent of de novo branches. Although
Anderson Bank holds the largest proportion (about tw o-fifths) of total bank
deposits represented in five banking offices in its service area, it competes w ith
branches of the largest bank in South Carolina, which operates a statew ide
branch system, and the seventh largest bank in North Carolina. First National
holds only 14 percent of total bank deposits among five banks in its service
area, as compared to the largest bank (also located in Lancaster) w hich holds
more than tw o-thirds.
The Board of Directors is of the opinion that the merger would not lessen
com petition, tend to create a monopoly or in any other manner be in restraint
of trade.



65

BANK ABSORPTIONS APPROVED BY THE CORPORATION

Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks and are so projected
for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The grow th and
success of both Anderson Bank and First National are evidence that they are
serving the convenience and needs of their respective comm unities. The merger
w ould not alter this situation or the number of banking offices. A dditional
banking services w ould accrue to the public largely through an increased
lending lim it and various miscellaneous services which the larger bank would
make possible.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 21
S ou thern B ank and T ru st C om pany
Greenville, South Carolina
to merge w ith
The P e lze r-W illia m s to n Bank
W illiam ston

Banking Offices
In
operation

48,691

10

6,306

4

To be
operated

14

Summary report by A ttorney General, April 1 5, 1 9 6 8
Although the head offices of the applicant banks are about 45 miles apart,
the Southern branch office in Piedmont, w hich is at the Greenville-Anderson
County line, is only 4 miles from the nearest office of Pelzer-W illiamston and
ihere are no banks in the intervening area.
The economy of the area served by Pelzer-W illiamston and the Piedmont
office of Southern is predom inately rural, w ith some textile manufacturers that
provide most of the non-agricultural em ploym ent in the area. However, the
economic outlook for the area is favorable w ith accelerated grow th predicted
for industry and population.
The merging banks have some common customers both w ith respect to
loans and deposits, and each merging bank also has a fair am ount of deposits
from loans in the area im mediately surrounding the other bank. Thus, there
would appear to be direct com petition between these banks w hich w ill be
eliminated by the proposed merger. The proposed merger w ill also elim inate
the most convenient alternative banking facility for the Piedmont area residents.
The market served by Pelzer-W illiamston and Southern's Piedmont branch is
also served by the Belton Bank ($3.8 million in deposits) and a branch of The
South Carolina National Bank ($260.8 million in deposits), both located in
Belton, 7 miles southw est of W illiam ston. In this market, an area of about
16 miles in diameter, which includes the com m unities of W illiam ston, Pied­
mont to the northeast and Belton to the southwest, and has a population of
about 12,500, as of June 30, 1966, Pelzer-W illiamston had about 27 percent
of IPC demand deposits and Southern (Piedmont branch) had about 13 percent.
Furthermore, the merging banks operate five of the seven banking offices in
this market. Thus, in this rural area the level of concentration w ill be increased
considerably by the proposed merger.



66

FEDERAL DEPOSIT INSURANCE CORPORATION

Basis for Corporation approval, May 27, 1968
Southern Bank and Trust Company, Greenville, South Carolina (Applicant),
an insured State nonmember bank w ith total deposits of $ 4 3 ,5 8 1 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge w ith The PelzerW illiam ston Bank, W illiam ston, South Carolina (W illiam ston Bank), which has
total deposits of $ 5 ,7 0 4 ,0 0 0 . The banks would merge under the charter and
w ith the title of the Applicant and, as an incident to the merger, the four offices
of W illiam ston Bank w ould become branches of the Applicant, increasing the
number of its offices to 14.
Competition. Applicant is headquartered in Greenville which has a population
of 70,000. It operates three branches in Greenville and one in each of six other
comm unities in the northwestern section of the State. W illiam ston is 18 miles
south from Greenville and has a population of 3,700. In addition to its main
office, W illiam ston Bank operates a branch in that com m unity and one in each
of tw o comm unities tw o miles north of W illiam ston. The merging banks' closest
offices are 4 miles apart and no other banking locations are situated between
them.
The service area relevant to this proposal is Greenville County and the
eastern portion of Anderson County. Three of the State's five largest banks,
including one headquartered in Greenville, have offices in this area. The State's
largest bank has 12 branches in the service area which hold 36.0 percent of the
total deposits held by the 52 banking offices. The second largest share is held
by the State's fifth largest bank which has 13 offices and 28.1 percent. The
State's second largest bank has six offices and 8.4 percent. Thus, three of the
State's five largest banks hold 72.5 percent of the deposits in the relevant
service area. A pplicant's share would increase by 2.5 percent and the resulting
bank would have 12.3 percent of the aggregate total deposits.
W illiam ston Bank's declining earnings, slow growth, conservative and elderly
management are not the indications of a strong bank com peting effectively in
its service area. In view of this and measured by the amount of business each
derives from the other's im mediate area, it appears there is not a substantial
amount of competition between the merging banks. The small increase in con­
centration in banking resources in the relevant market area w ould not have
significant adverse effects on competition.
The Board of Directors is of the opinion that the effect of the proposed
merger would not be substantially to lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
favorable w ith respect to the applicant and are so projected for the resulting
bank. Improved management quality and depth would be provided the W il­
liamston Bank offices by the Applicant. W illiam ston Bank's prospects under its
present management and poor operating results are not favorable.
Convenience and Needs o f the Com m unity to be Served. The growing
economy in the W illiam ston Bank area has tended to increase the credit re­
quests by the bank's customers. The most significant change in services to be
offered by the resulting bank is the greater legal lending capacity w hich w ould
be available at the W illiam ston Bank offices. The aggressive and well operated
Applicant w ould provide improved and more varied services to the com m unities
presently served by W illiam ston Bank.
On the basis of the above information, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

No. 22
B everly T ru st C om pany
Beverly, Massachusetts
(change title to
Bay B ankandTrust Company)
to merge w ith
Lynn Safe D e posit & T ru s t C om pany
Lynn

Resources
(in
thousands
of dollars)

In
operation

20 ,9 1 2

6

8 ,326

1

67

Banking Offices
To be
operated

7

Summary report by A ttorney General, April 24, 1 9 68
Beverly Bank and Lynn Bank are located in the southeastern sector of Essex
County about 2 0 -2 5 miles northeast of Boston.
Baystate Corporation of Boston, a registered bank holding company, owns
89.8 percent of Beverly Bank's capital stock and 96.6 percent of Lynn Bank's
capital stock. Since the recent acquisition of control of both Lynn Bank and
Beverly Bank by Baystate Corporation, it w ould appear that there is now little
or no com petition between the tw o banks; however, because of the numerous
intervening banking alternatives, it would appear that any com petition between
these banks w ould have been minimal prior to such acquisition.
Prior to the Baystate Corporation acquisition, it was possible that Beverly
Bank, w ith six branches already, could have opened a de novo branch in the
Lynn-Swam pscott market area. However, this is a highly populated and heavily
banked area of suburban Boston, and Lynn Bank is a minor elem ent in the
Lynn-Swam pscott market. We do not believe, therefore, that this merger w ill
have an adverse effect upon present or potential com petition w ith in that
market.

Basis for Corporation approval, May 27, 1968
Beverly Trust Company, Beverly, Massachusetts (Applicant), an insured State
nonmember bank w ith total deposits of $ 1 7 .9 million, has applied, pursuant
to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior consent to merge w ith Lynn Safe Deposit & Trust Com­
pany, Lynn, Massachusetts (Lynn Bank) which has total deposits of $ 6 .4 m il­
lion. The banks would merge under the A pplicant's charter and w ith the title
Bay Bank and Trust Company and, as an incident to the merger, Lynn Bank's
sole office would become a branch of the Applicant, increasing the number of
its offices to seven.
Competition. Applicant is headquartered in Beverly (population 4 0 ,0 0 0 ) and
has six offices. Two branches are in Beverly and there is one each in the tow ns
of Hamilton, Danvers and Lynnfield. Lynn Bank is a single office institution
located at Lynn (population 94,500), seven miles from Applicant's nearest
office. Both banks are subsidiaries of Baystate Corporation, a registered bank
holding company; the Applicant since 1954 and Lynn Bank since 1966, and
there is no effective com petition between them. The merging banks' office
locations, the presence of intervening banks and other evidence indicates that
com petition between them was minimal prior to 1966.
There are eight other commercial banking offices in the vicinity of Lynn Bank
including the main offices and five branches of the tw o largest commercial
banks in the resulting service area. The tw o largest banks also operate offices
in Applicant's service area. Among the commercial banks in the combined
service area, the tw o largest hold 71 percent of both the IPC demand and total
IPC deposits. The resulting bank w ould have 1 5 percent of the IPC demand and




68

FEDERAL DEPOSIT INSURANCE CORPORATION

16.5 percent of the total IPC deposits. There are no other subsidiaries of Baystate in this area. Time deposits are a major object of com petition and are
heavily concentrated in the mutual savings banks. Four such banks in the
combined service area hold 85.6 percent of the tim e and savings deposits. The
resulting bank w ould have 2.7 percent. Competition should tend to be en­
hanced throughout the combined service area through the significantly in­
creased lending lim it and the broader services to be offered by the larger re­
sulting bank.
The Board of Directors is of the opinion that the effect of the proposed
merger w ould not be substantially to lessen com petition, tend to create a
monopoly, or in any other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to the merging banks and are so projected for the
resulting bank. A management succession problem at Lynn Bank would be
solved by the proposal.
Convenience and Needs o f the Community to be Served. The significantly
larger lending lim it and broader tru st and other expanded services which could
be offered by the resulting bank w ould benefit all com m unities involved in this
proposal.
On the basis of the above information, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 23

Banking Offices
In
operation

To be
operated

First Israel Bank and T ru s t C om pany
o f N ew York
New York, New York
(proposed new bank)
to acquire a portion o f the assets and
assume a portion o f the deposit liabilities o f
Bank Leum i Le-lsrael B. M .
Tel-Aviv, Israel

1

5 0 .8 7 9 131

1

Summary report by A ttorney General, December 1 1 ,1 9 6 7
First Israel Bank and Trust Company is being organized to acquire sub­
stantially all of tlie commercial banking business of the New York City branch of
Bank Leumi. Officers of the existing branch w ill become the principal officers of
the new bank, and Bank Leumi w ill own or control about 70 percent of the
stock of the new bank. The purpose of the transaction is to provide customers
of the existing branch w ith better service, increased deposit protection, and a
larger, more productive facility.
Since the proposed transaction involves a corporate reorganization, rather
than the elim ination of any existing com petitor, its consumm ation would not
adversely affect com petition.

Basis for Corporation approval, June 18, 1968
Pursuant to Sections 5 and 1 8(c) and other provisions of the Federal Deposit
Insurance Act, applications have been filed in behalf of First Israel Bank and
Trust Company of New York, New York (M anhattan), New York (Applicant),
a proposed new bank, for Federal deposit insurance and for the Corporation's
prior consent for the A pplicant to acquire the assets of and assume the liability



BANK ABSORPTIONS APPROVED BY THE CORPORATION

69

to pay deposits made in the New York Branch (Bank Leumi) of Bank Leumi
Le-lsrael B.M., Tel-Aviv, Israel, an operating noninsured bank located at 60
W all Street, New York (Manhattan), New York. As of November 17, 1967,
Bank Leumi held total deposits of $ 4 4 ,4 0 0 ,0 0 0 . Applicant w ill occupy under
lease the quarters (sole office) presently occupied by Bank Leumi.
Competition. The applications for State charter. Federal deposit insurance,
and the Corporation's consent to the purchase and assumption transaction
constitute the legal form alities for w hat, in the practical sense, represents the
conversion of the noninsured New York Branch of a foreign bank to an insured
domestic bank. Bank Leumi has been in existence as a branch of Bank Leumi
Le-lsrael B.M., Tel-Aviv, Israel, since September 1961. Primarily, it was estab­
lished for the purpose of serving the broad international objectives of the parent
bank as they relate to the developm ent of the economy of Israel. A pplicant
w ill continue the policies and operations of Bank Leumi. There w ill be no
change in the number and location of banking offices. Any com petitive im plica­
tions should involve a stim ulation of com petition by virtue of the advantages of
Federal deposit insurance, additional eligibilities for loans and deposits, and
the availability of additional capital. These w ould make the A pplicant a more
effective force in competing for banking business in the New York area.
The Board of Directors is of the opinion that the merger w ould not lessen
com petition, tend to create a monopoly or in any other manner be in restraint of
trade.
Financial and M anagerial Resources and Future Prospects. The factors of
financial history and condition of the bank, adequacy of its capital structure,
its future earnings prospects, and general character of its management are
favorably resolved and are so projected for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The location of
Bank Leumi, which also w ill be the location of Applicant, is in the heart of the
principal financial district of New York. As the largest city in the w orld and the
location of United Nations Headquarters, its economic im portance as the
leading financial and international banking center of the w orld is apparent. The
increased eligibilities as a Federally insured domestic bank w ill enable A p p li­
cant to provide a broader range of banking services to the public.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the applications for
Federal deposit insurance and consent to the acquisition of assets and assump­
tion of liabilities is warranted.

No. 24
First S tate Bank
Killeen, Texas
(change title to
Am erican State Bank)
to merge w ith
A m e rica n N atio n a l B a n k o f K illeen
Killeen

Resources
(in
thousands
of dollars)

In
operation

4 ,3 3 5

1

4 ,183

1

Banking Offices
To be
operated

1

Sum mary report by A ttorney General, May 3 1 ,1 9 6 8
First State Bank and Am erican National Bank, both organized in 1962, are
located about one-eighth of a mile apart in dow ntow n Killeen, Texas. Killeen,
approximately 60 miles southw est of Waco, Texas, is principally a service area



70

FEDERAL DEPOSIT INSURANCE CORPORATION

for Fort Hood, the Nation's largest m ilitary installation. Its present population is
estimated to be 2 4 ,0 0 0 ; the total Fort Hood-Killeen area is estim ated to have a
population of approximately 90,000.
The tw o banks serve the same area and practically all of their deposit and
loan accounts come from w ithin this area. The substantial direct com petition
between the banks w ould be eliminated by the proposed merger.
The Fort Hood-Killeen area is now served by four commercial banks, three in
dow ntow n Killeen and one on the Fort Hood army post. In this market. State
Bank and National Bank account for 1 1 percent and 14 percent, respectively,
of IPC deposits and 19 percent and 22 percent, respectively, of loans. The First
National Bank, the largest bank in Killeen, holds 55 percent of IPC deposits and
50 percent of the loans in this market.
The proposed merger would increase concentration of IPC deposits and loans
of the tw o largest banks in the area to 80 percent and 91 percent, respectively,
and because Fort Hood National Bank serves prim arily m ilitary personnel, the
number of banking alternatives serving business and civilian customers would
be reduced from three to tw o.
We conclude that the proposed merger would adversely affect com petition in
the Fort Hood-Killeen area.

Basis for Corporation approval, June 27, 1 9 68
First State Bank, Killeen, Texas (Applicant), an insured State nonmember
bank w ith total deposits of $ 3 ,7 5 0 ,0 0 0 , has applied, pursuant to Section 18(c)
and other provisions of the Federal Deposit Insurance Act, for the Corporation's
prior consent to merge w ith Am erican National Bank of Killeen, Killeen, Texas
(Other Bank) which has total deposits of $ 3 ,5 1 5 ,0 0 0 . The banks would merge
under the A pplicant's charter and w ith the title "Am erican State Bank". In
conformance w ith State law, the resulting bank w ill operate no branches.
Competition. A pplicant and Other Bank are located one block apart in Killeen,
Texas, population currently estimated at 35,000. The merging banks are com ­
monly owned and managed. Present ownership obtained control of Other Bank
in June, 1967 and of A pplicant in April, 1968. Each bank, opened for business
about five years ago, has shown only modest deposit grow th and unimpressive
earnings, despite the grow ing economy and population in the area. There is
presently no effective com petition between the merging banks and they do not
appear to have been strong com petitors to any bank in the past.
The merging banks are the tw o smallest of three banks in Killeen and are
located w ithin a few blocks of each other in the dow ntow n section. A bank
comparable in deposit size to A pplicant is located in adjacent Fort Hood w hich
primarily caters to the needs of the m ilitary personnel. The Killeen-Fort Hood
service area is dominated by a bank in Killeen which holds 60.3 percent of the
IPC deposits. That bank and the bank in Fort Hood are closely associated and
together hold 72.8 percent of the IPC deposits. The resulting bank w ould have
27.2 percent. The proposal would result in a larger and stronger bank which
could compete more effectively w ith the bank now dom inating the service area.
The Board of Directors is of the opinion that the effect of the proposed
merger on com petition would not be substantially to lessen com petition tend to
create a monopoly, or in any other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
favorable w ith respect to the resulting bank. The financial and managerial re­
sources of Other Bank have significantly improved under present ownership
and management. Both banks have experienced only modest deposit grow th
and their future prospects as separate units are not favorable.
Convenience and Needs o f the Com m unity to be Served. The proxim ity of
the merging banks' offices indicates that the closing of one office w ould cause
little or no inconvenience to the com m unity. The resulting bank should be able



BANK ABSORPTIONS APPROVED BY THE CORPORATION

71

to more adequately serve the com m unity through its ability to make larger
loans, afford more and specialized personnel and provide modern accounting
services through an off-prem ises data center.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 25
Bank o f A m e rica N a tio n a l T ru st
and Savings A sso cia tio n
San Francisco, California
to merge its foreign subsidiary
N a tion al M id -A tla n tic Bank L im ite d ,
Basseterre, St. Kitts, Federation
of St. Kitts, Nevis and Anguilla,
W est Indies

17,806,731

1,030

Banking Offices
In
operation
(1)

To be
operated

—

3

Summary report by A ttorney General, May 7, 1968
The National M id-A tlantic Bank Limited is one of six banks, (including a
Government Savings Bank) in the Federation of St. Kitts, Nevis and Anguilla in
the W est Indies and the only American bank or bank subsidiary in the
Federation.
M id-A tlantic is a virtually wholly-owned subsidiary of Bank of America, and
the present application seeks permission to convert its offices into direct
branches of Bank of America. The com petitive im pact of the proposed merger
transaction and the recent stock acquisition which preceded it, in our view,
w ill be minimal.

Basis for Corporation approval, July 9, 1 9 6 8
The Bank of America National Trust and Savings Association, San Francisco,
California (Applicant), total deposits $ 15.8 billion, has applied, pursuant to
Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's
approval to merge w ith National M id-A tlantic Bank Limited, Basseterre, St.
Kitts, Federation of St. Kitts, Nevis and Anguilla, W est Indies (Other Bank),
total deposits $ 8 0 3 ,0 0 0 , an uninsured subsidiary of Applicant.
There is no com petition now between the merging banks because of their
recent affiliation and they did not compete w ith each other prior to the advent
of that relationship. Applicant's nearest foreign branches are more than 8 0 0
miles from St. Kitts. The proposal could increase com petition w ith the other
banks on the islands which include offices of tw o foreign banks w ith deposits of
$3.1 billion and $5.9 billion.
The factors of financial and managerial resources, future prospects and
convenience and needs of the com m unity are favorable w ith respect to the
Applicant and the resulting bank. The future prospects of Other Bank would
be significantly improved as branches of A pplicant under the existing political
situation in Other Bank's area.
The Board of Directors is of the opinion that the effect of proposed merger
would not be substantially to lessen com petition, tend to create a monopoly,
or in any other manner be in restraint of trade.



72

FEDERAL DEPOSIT INSURANCE CORPORATION

On the basis of the inform ation presented and other inform ation available
to the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

No. 26
Bank of C larksdale
Clarksdale, Mississippi
to merge w ith
T u tw ile r Bank
Tutw iler

Resources
(in
thousands
of dollars)

In
operation

4 2 ,4 4 2

8

2,535

1

Banking Offices
To be
operated

9

Summary report by A ttorney General, March 2 1 , 1 9 68
Clarksdale Bank's main office is situated in Clarksdale, Mississippi (popula­
tion 22,000), the county seat of Coahoma County (population 46,21 2). Three of
its branch offices are also located in that county. Tutw iler Bank's sole office is
situated in adjacent Tallahatchie County (population 24,081). This tw o-county
area is still predom inantly agricultural and sparsely populated, although there
is a gradual trend tow ard industrial growth. Prospects for continued economic
grow th are favorable.
W ithin Coahoma County, Clarksdale Bank competes w ith four offices of tw o
other commercial banks and is the dom inant bank, controlling about 45 percent
of the county's total deposits. Tutw iler Bank competes w ith four offices of
three commercial banks in Tallahatchie County, one of which is a branch of
the third largest bank in Mississippi (total assets, $ 7 5 million). Tutw iler
Bank holds over 1 5 percent of total county deposits.
The marked affected by this merger w ould be southeastern Coahoma County
and western Tallahatchie County. Clarksdale is the trading and financial
center for this rural area, and Clarksdale Bank serves customers throughout
the entire area served by Tutw iler Bank. The closest offices of the merging
banks are some 1 5 miles apart, w ith o u t intervening banks, and there appears to
be considerable direct com petition between them which this merger would
eliminate. This merger w ould also increase som ewhat the level of banking
concentration in southeastern Coahoma and western Tallahatchie Counties.
However, these anticom petitive effects of the proposed merger would be
m itigated somewhat by the small size of the acquired bank and the continued
existence of five banks w ithin the relatively sparsely populated tw o -co u n ty
area.

Basis for Corporation approval, July 9, 1968
Bank of Clarksdale, Clarksdale, Mississippi (Applicant Bank), an insured State
nonmember bank w ith total deposits of about $ 3 8 ,7 2 3 ,0 0 0 has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge w ith Tutw iler Bank,
Tutwiler, Mississippi (Merging Bank) which has total deposits of about
$ 2 ,331,000. The banks would merge under the charter and w ith the title of the
Applicant Bank and as an incident to the merger, the sole office of Merging
Bank would become a branch of the A pplicant Bank, increasing the number of
its offices to 9.
Competition. Applicant Bank operates its main office and one branch in
Clarksdale, population about 2 1 ,0 0 0 and the seat of Coahoma County, popula­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

73

tion about 4 6 ,0 0 0 in the Delta region of Northwestern Mississippi. Six other
branches are presently in operation in small com m unities surrounding Clarksdale and ranging in distance up to 32 miles from it. Merging Bank operates its
sole office in Tutw iler in Tallahatchie County, 15 miles southeast of Clarksdale. Merging Bank's primary com petitor is located in Sumner, 5 miles south­
east of Tutw iler and is a branch of a large Grenada-based bank. W hile Merging
Bank's service area is situated entirely w ithin that of Applicant Bank, only
limited com petition has existed between them. Merging Bank's small size and
conservative management over the years restricted its effectiveness as a
competitor. In January 1968, majority control of Merging Bank was offered to
Applicant and was acquired by the president of A pplicant Bank.
There are tw o other effectively competing banks in Clarksdale and, although
Applicant is the largest bank headquartered in the overall service area,
numerous banking alternatives are readily accessible, including branches of a
considerably larger bank based elsewhere. The very small increase in A p p li­
cant's resources would not adversely affect com petition in the relevant area.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are satis­
factory w ith respect to Applicant Bank as they w ould be for the resulting bank,
and by virture of the common management are also satisfactory w ith respect to
Merging Bank.
Convenience and Needs o f the Community to be Served. Past performance
suggests that the Applicant Bank is a well established bank able and anxious
to expand the services it offers and to extend them into new areas. The com ­
munity of Tutw iler w ould be benefited by the introduction of new services,
including increased lending limits, student loans, com puter services and
exchange of checks on a full par basis.
On the basis on the above inform ation and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 27
The First N a tion al Bank o f O e lw ein
Oelwein, Iowa
to merge w ith
Oran S avings Bank
Oran

Banking Offices
In
operation

14,098

3

1,372

1

To be
operated

4

Sum mary report by A ttorney General, April 9, 1968
The subject proposal would merge First National Bank of Oelwein, the
largest commercial bank in term s of deposits in Fayette County and surround­
ing area, w ith Oran Savings Bank, the area's smallest commercial bank.
Oelwein (1960 population, 8282) and Oran (1 960 population, 170) are
situated in the southwestern corner of Fayette County (1 9 6 0 population,
28,581) in the northeastern section of Iowa. Agriculture and agriculturesupported industries are the major sources of income to Fayette County
residents. Fayette County is served by 11 commercial banks operating 14
offices.



74

FEDERAL DEPOSIT INSURANCE CORPORATION

There are no banking offices in the intervening 10 miles between the main
offices of the merging banks. Therefore, it seems clear that there is some
competition present between the tw o banks which w ould be elim inated by
consummation of the proposed merger.
Oelwein Bank accounts for about 31 percent of Fayette County total deposits
and for some 30 percent of the county's IPC demand deposits. Following
consummation of the proposed merger, Oelwein Bank would control 34 percent
of both county total and IPC demand deposits. However, because of the small
size of both the acquired bank and the market to be affected, plus the number
of banking alternatives which w ill remain available to residents of the OelweinOran area, we conclude that the over-all effect of this transaction on banking
com petition in Fayette County w ill probably not be significantly adverse.

Basis for Corporation approval, July 9, 1 9 68
The First National Bank of Oelwein, Fayette County, Iowa (National), w ith
total deposits of $13 million, has applied, pursuant to the provisions of Sec­
tion 18(c) (1) (A) of the Federal Deposit Insurance Act, for the Corporation's
prior consent to merge w ith Oran Savings Bank, a noninsured bank w ith total
deposits of $ 1 ,1 5 0 ,0 0 0 , under the charter and title of National. Incidental
to the merger, National has made application to the Com ptroller of the Cur­
rency for consent to establish the sole office of Oran Savings as a branch,
increasing its number of offices to four.
Competition. Oelwein is located in the southw est part of Fayette County in
northeast Iowa, about 25 miles northeast of W aterloo (population 71,755)
w hich is the principal trading center of the area. Oelwein had a 1960 popula­
tion of 8,282 and its trade area has an estimated population of 18,000. Pri­
marily, Oelwein serves as a trading center for a prosperous agricultural area.
Oran is located 1 1 miles w est of Oelwein and is a small country tow n w ith a
population of only about 170. It has very lim ited trading facilities and Oran
Savings is the only financial institution located there. The service area of
National encompasses the much smaller service area of Oran Savings; h o w ­
ever, the com petition that exists between the tw o banks is not substantial.
National is the largest among tw elve banks competing in its service area,
Oran Savings is smallest, and the resulting bank, among eleven remaining
banks, would hold less than 22 percent of total bank deposits. Several alterna­
tive sources of banking services would still be available to the public, and the
elimination of the one small unit bank would not alter to any significant degree
the present com petitive climate.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in. any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks and are so projected
for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The existence for
many years and grow th and success in recent years of both National and Oran
Savings are evidence that they are serving the convenience and needs of their
respective communities. The merger would not alter this situation or the num ­
ber of banking offices. Additional banking services would become available
locally to the public in Oran, largely through an increased loan lim it, trust
departm ent facilities, and various miscellaneous services w hich the larger bank
w ould make possible. Moreover, the benefits of Federal deposit insurance
would accrue to the deposit customers of Oran Savings.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

75

Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 28
B arclays Bank o f C alifo rn ia
San Francisco, California
to acquire the assets and
assume the deposit liabilities o f
The Indepen dent Bank
Anaheim

Banking Offices
In
operation

17,388

2

3 0 ,5 0 0

3

To be
operated

5

Summary report by A ttorney General, June 6, 1968
The respective banks are located in tw o separate, but adjacent, m etro­
politan areas. Los Angeles County (the Los Angeles Standard M etropolitan
Statistical Area), in which Barclays' California branches are located, is the
nation's largest county in population, w ith an economy notable for sustained
rapid growth and diversification. Anaheim, in adjacent Orange County (itself a
separate Standard M etropolitan Statistical Area) has the third largest popula­
tion of California counties and is also undergoing rapid growth.
The nearest branches of the tw o banks are approximately 24 miles from
each other, and there are numerous other banks, including large statewide
branch networks, in the intervening area. Thus, it does not appear th a t a
merger of the tw o banks would eliminate existing com petition.
Since California law permits statewide de novo branch banking, each of the
tw o merging banks might enter the market of the other. These markets are
highly concentrated, w ith the five largest banks in Orange County having 82
percent of total county deposits and the five largest in Los Angeles County
having 85 percent. The significance of such potential entry is reduced by the
tw o merging banks are relatively small (albeit growing) factors in the markets
in which they already operate. Barclays California and Independent account
for only 0.9 percent and 2 percent of total deposits in their respective markets.

Basis for Corporation approval, July 1 7, 1 9 6 8
Barclays Bank of California, San Francisco, California (Barcal), an insured
nonmember bank w ith total deposits of $ 1 2 ,6 6 9 ,0 0 0 , has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance A ct, for the
Corporation's prior approval to acquire the assets and assume liability to pay
the deposits made in The Jndependent Bank, Anaheim, California (Independent)
w hich has total deposits of $ 2 6 ,7 2 4 ,0 0 0 . The transaction would be effected
under Barcal's charter and title and as an incident to the proposed transaction,
the three offices of Independent would become branches of Barcal, increasing
the number of its offices to five.
Competition. Barcal's branch in Los Angeles (population 2.7 million) is
approximately 42 5 miles from San Francisco (population 7 4 0 ,0 0 0 ) where
Barcal's main office is situated. The area served by Independent is tw e n tyfive miles from the trade area of Barcal in Los Angeles and there is virtually
no com petition between the participating banks. The offices of Barcal are
located in the financial districts of their respective cities and are in direct
competition w ith the main offices and/or branches of many banks, some of



76

FEDERAL DEPOSIT INSURANCE CORPORATION

w hich are among the largest in the United States. The A naheim -Fullerton area
where Independent is located, is in the northern part of Orange County. Many
of the larger banks have branches throughout this area. Barcal has only an
infinitesimal amount of deposits in the tw o trade areas it serves in comparison
to deposits of all the banks. Independent holds only about 1.99 percent of
bank deposits in Orange County.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen com petition, tend to create a monopoly or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks, as they w ould be
for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The evidence
indicates the proposal would have no beneficial or detrim ental effect on the
tw o largest cities in California where Barcal has its offices because of the
heavy concentration of banking offices. The Anaheim -Fullerton area may bene­
fit to some extent as the resultant bank w ill have a larger lending lim it w hich
would enable it to serve larger borrowers and handle bigger loans than could
Independent. It w ill also be able to offer expert knowledge in the field of
international banking because of its affiliation w ith large British-based banks.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application
is warranted.

Resources
(in
thousands
of dollars)

No. 29
S tate Bank and T ru st C om pany
Greenwood, South Carolina
to merge w ith
Batesburg S tate Bank
Batesburg

121,405

5,914

Banking Offices
In
operation

To be
operated

31

32

1

Summary report by A ttorney General, May 1 5, 1 9 6 8
State Bank and Trust Company's offices are located mainly in the western
third of the State. Since 1955 it has acquired nine banks w ith deposits totaling
about $32.6 million, including Pickens Bank, the acquisition of w hich was
approved by the Federal Deposit Insurance Corporation on March 25, 1968,
and which should add tw o additional- branches to State Bank.
Batesburg (population 3,806), on the western border of Lexington County
(population 60,000) is located in a largely rural area in w est central South
Carolina. The South Carolina National Bank, the State's largest in term s of
deposits, operates a branch office at Leesville, about four miles east of
Batesburg, and offers Batesburg State Bank direct com petition.
The closest offices of the A pplicant banks are about 1 5 miles apart, and
there appears to be little, if any, direct com petition between them. South
Carolina law perm its statewide branch banking and State Bank could, therefore,
branch de novo into the Batesburg area. However, in view of the fact th a t the
area is sparsely settled there would appear to be little need for a third banking
office.
We conclude that the consumm ation of this merger w ould not adversely
affect banking com petition in the Batesburg-Leesville area.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

77

Basis for Corporation approval, July 17, 1968
State Bank and Trust Company, Greenwood, South Carolina (State Bank),
an insured nonmember State bank w ith total deposits of about $1 1 0 ,274,900,
has applied pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior approval to merge w ith
Batesburg State Bank, Batesburg, South Carolina (Batesburg Bank), also an
insured nonmember State bank, which has total deposits of about $ 5 ,4 7 1 ,3 0 0 .
The banks would effect this transaction under the charter and title of State
Bank, and as an incident thereof, the main office of the Batesburg Bank would
become a branch of State Bank, increasing its number of offices to 32.
C om petition: State Bank's service area is composed of a series of smaller
service areas surrounding the 19 com m unities in which it has offices in central,
southwestern and western South Carolina. State Bank, however, does not
saturate the area, and there are considerable distances between some of the
comm unities in which it operates. Batesburg Bank's service area is composed
of the com m unities of Batesburg and adjoining Leesville as well as the sur­
rounding area. Only marginal com petition exists between the Batesburg Bank
and the Saluda Branch of State Bank which is located 16 miles northw est of
Batesburg. The primary com petition for the Batesburg Bank is the Leesville
Branch of The South Carolina National Bank of Charleston, the largest bank
in the State. State Bank could branch de novo in Batesburg, but this does
not appear likely due to the small size of the com m unity and the fact that
the Batesburg-Leesville area is already served by tw o banks. Two efforts by
another bank to establish a de novo branch in Batesburg have recently been
disapproved.
State Bank is the fourth largest bank in South Carolina and presently holds
9.9 percent of the deposits and 8.8 percent of the loans held by all banks in
its service area. As a result of this transaction these percentages would be
increased to 10.4 percent and 9.1 percent respectively. Batesburg Bank is the
next to the smallest of five banks operating in its service area. This merger w ill
have virtually no effect on the structure of banking in South Carolina or in the
service area of State Bank. Furthermore, the merger would replace the single
office of a small bank offering lim ited services w ith a branch office of a much
larger bank capable of offering more effective com petition to the Leesville
Branch of the State's largest bank.
The Board of Directors is of the opinion that the proposed transaction
w ould not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects: The banking
factors w ith respect to both participating banks are satisfactory, as they w ould
be follow ing the proposed merger.
Convenience and Needs o f the Com m unity to be Served: The major im pact
of this merger w ill be felt in the Batesburg area. The number and location
of banking offices w ill remain unchanged, but several im portant changes w ill be
made in services offered. The legal lending lim its w ould be vastly increased,
full trust services would be available, a modified credit check plan w ill be
introduced, and tim e open accounts offering 5 percent w ill be available in addi­
tion to the savings accounts and certificates of deposit now available. Some of
these services are offered at the Leesville Branch of The South Carolina
National Bank of Charleston, but the introduction of these services at Batesburg
w ould benefit the com m unity by providing an alternate source.
Based on the foregoing and on other information available to the Corpora­
tion, the Board of Directors has concluded th a t approval of the application is
warranted.



78

FEDERAL DEPOSIT INSURANCE CORPORATION

Resources
(in
thousands
of dollars)

No. 30
A m e rica n Bank and T ru s t Co. o f Pa.
Reading, Pennsylvania
to merge w ith
The Peoples N a tio n a l Bank
and T ru st C om pany of N o rris to w n
Norristown

Banking Offices
In
operation

3 7 9 ,1 4 0

20

4 9 ,4 7 8

10

To be
operated

30

Sum mary report by A ttorney General, April 1 1 , 1 9 6 8
American Bank & Trust Company of Pennsylvania ("A m erican” ), is the
largest commercial bank in central Pennsylvania. American, headquartered in
Reading, operates 18 branch offices in Berks, S chuylkill, Lebanon, and
Lancaster Counties.
Peoples National Bank & Trust Company of Norristown ("Peoples” ) has its
head office and 7 of its 8 branches are situated in and around Norristown
(1960 population, 39,000), in south central M ontgom ery County (a part of
the Philadelphia SMSA) which is contiguous to Berks County.
M ontgom ery County is situated in the fastest growing area in the State,
and the prospects for continued population and industrial grow th in the area
are exceptionally favorable.
The major portion of Peoples' business is derived from w ith in central
M ontgom ery County, in and around Norristown, and the Paoli-PhoenixvilleSpring City area of adjacent Chester County. W ithin this area, as of June 30,
1966, 1 5 commercial banks (only six of which are headquarterd in M ontgom ery
County) operated 42 banking offices, including 16 branches of the largest
banks in Philadelphia. Based on data for June 30, 1966, Peoples was the third
largest bank in the Norristown area as defined above; and accounted for
between 15 percent and 20 percent of total IPC demand deposits w ithin this
market.
The merging banks' closest offices are about 28 miles apart, w ith numerous
alternatives in the intervening area. The amount of direct com petition between
the merging banks seems at the mom ent to be very limited. On the other hand,
American plans shortly to open a de novo office (w ithin 6 months) near Paoli
in Chester County, about 7 miles from Peoples' King of Prussia office. A m e ri­
can's new office would be located in an area that is presently served by
Peoples' King of Prussia office so that some direct com petition would be
expected to develop between the merging banks.
Pennsylvania law w ould perm it American to branch de novo into rapidly
expanding M ontgom ery County and into other counties contiguous to Berks
County. American is already in the process of expanding into the area served
by Peoples through the opening of a de novo branch office in Paoli, and it
appears likely that, absent the proposed merger, it w ould continue this expan­
sion into M ontgom ery County, and in particular into the Norristown area, either
de novo or by acquisition of a smaller bank operating in this market. This is
confirmed by the statem ents in its application in which American cited the
difficulties it has experienced in competing in the county due to the absence of
any office there. Similar expansion in this market by the large Philadelphia
banks— a number of which already have branch offices in the area— can also be
expected.
Consummation of Am erican's proposed merger w ith the third largest bank
operating in the Norristow n area would mark the entry into this area of the



BANK ABSORPTIONS APPROVED BY THE CORPORATION

79

largest bank in central Pennsylvania. Although this market is served by five
much larger Philadelphia based banks, it is at the present tim e highly con­
centrated w ith three banks, including Peoples, holding between 55 percent and
65 percent of total IPC demand deposits. The proposed merger would elim inate
American as a potential source of com petition in this market. The probable
effect of the merger on com petition w ould therefore be adverse.

Basis for Corporation approval, July 1 7, 1 9 6 8
American Bank and Trust Co. of Pa., Reading, Pennsylvania (Applicant), an
insured State nonmember bank w ith total deposits of $ 3 2 9 ,0 1 7 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge The Peoples
National Bank and Trust Company of Norristown, Norristown, Pennsylvania
(Peoples) which has total deposits of $ 4 1 ,5 2 9 ,0 0 0 . The banks w ould merge
under the charter and title of the A pplicant and, as incident to the merger,
the ten offices of Peoples would become branches of Applicant, increasing
the number of its offices to 30.
Competition. Applicant's main office is in Reading (population 98,200), the
seat of Berks County. Its operates branches in four of the seven counties in
which it may legally establish such offices. Eleven branches are in Reading and
general vicinity, four are located in Schuylkill County, north of Berks County,
and there are tw o each in Lebanon and Lancaster Counties which border Berks
County on the west. Peoples main office and four of its branches are in Norris­
tow n and vicinity and one branch is operated at each of the follow ing locations;
Jeffersonville, King of Prussia, Pennsburg, A m bler and Collegeville. All of the
offices operated by Peoples are located in M ontgom ery County.
Applicant's offices in the vicinity of Reading are 25 miles from Peoples office
in Pennsburg which is the shortest distance between offices of the participating
banks. The distance between Reading and Norristown is 38 miles. Applicant's
trade area does not include M ontgom ery County and the areas served by the
participating banks do not overlap. There are no comm on depositors or
borrowers and the amount of deposit and loan business held by each of the
participating banks which originates in the other bank's trade area is insignifi­
cant. The evidence indicates there is little, if any, com petition existing between
the merging banks.
While legally Applicant could establish de novo branches in M ontgom ery
County, it is not clear that it could obtain regulatory approval for branching
on a substantial scale therein. Even if it could, it appears that this would not
result in significant com petition between A pplicant and Peoples but w ould
heighten the com petitive strain now faced by Peoples. Presently, Peoples is
competing w ith a much larger Norristown based bank and branches of much
larger Philadelphia based banks. The replacem ent of Peoples' offices by
branches of the A p p lica n t should tend to s tim u la te rather than lessen
com petition.
The Board of Directors is of the opinion that the proposed merger would
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. Each of these factors is
favorable w ith respect to the merging banks and are so projected for the
resulting bank.
Convenience and Needs o f the Com m unity to be Served. The well managed,
progressive A pplicant bank has established a good record of service to the
com m unity in providing financial and other support for industrial diversifica­
tion and expansion. A t the tim e of the 1960 census N orristow n had a popula­
tion of 38,925. The area is highly industrialized, is the county seat and provides



80

FEDERAL DEPOSIT INSURANCE CORPORATION

employment for approximately 4 0 ,0 0 0 persons. A pplicant's progressive
management and substantial financial resources would bring improved,
diversified banking and fiduciary services to the N orristow n area w hich should
be of benefit to present and potential customers and to the resurgent industrial­
ization of the area.
On the basis of the above information, and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 31
The M id la n d Bank and T ru s t C om pany
Paramus, New Jersey
to merge w ith
E nglew ood N a tio n a l Bank and
T ru st C om pany
Englewood

Banking Offices
In
operation

29,201

3

16,095

1

To be
operated

4

Summary report by A ttorney General, May 7, 1968
Both Midland and Englewood Bank are located in Bergen County, New
Jersey, near the metropolitan centers of New York, Jersey City, Newark,
Paterson and Passaic. Paramus and Englewood are both mixed commercial,
residential and industrial comm unities, w ith about 3 0 ,0 0 0 population, and are
both currently experiencing rapid growth.
The closest office of Midland, either actual or proposed, is at least 1 1
miles from the office of Englewood Bank; moreover, numerous offices of
much larger banks are located between Midland and Englewood Bank. Con­
sequently, the merger w ould not appear to eliminate any significant amount
of existing direct com petition between the tw o banks.
Bergen County is served by 26 banks, operating a total of 105 offices, and
each offering a full range of normal banking services. Midland has approxi­
mately 2 percent of county deposits; Englewood Bank has slightly less than
1 percent. W hile Bergen County overstates the market, Englewood Bank is
the smallest of seven banks w ithin a one to tw o-m ile radius of dow ntow n
Englewood; Midland is fourth largest of the seven banks in the area it serves.
Consequently, we do not think that this merger w ill have an adverse effect
on banking concentration.

Basis for Corporation approval, July 17, 1968
The Midland Bank and Trust Company, Paramus, Bergen County, New
Jersey (Midland), an insured State nonmember bank w ith total deposits of
$2 6 ,6 3 4 ,0 0 0 , has applied, pursuant to Section 18(c) and other provisions
of the Federal Deposit Insurance Act, for the Corporation's prior consent to
merge w ith Englewood National Bank and Trust Company, Englewood,
Bergen County, New Jersey (National) which has total deposits of
$1 3 ,3 5 8 ,0 0 0 . The banks would merge under the charter and title of Midland
and, incident thereto, the sole office of National w ould become a branch of
Midland, increasing the number of its offices to four.
Competition. Both banks are located in Bergen County in northeastern New
Jersey, w est of New York City across the Hudson River. Bergen County is
one of the fastest growing counties in the State, ranking 19th in the nation
in population. It is primarily suburban residential in character although it



BANK ABSORPTIONS APPROVED BY THE CORPORATION

81

is expanding both industrially and commercially. Approxim ately 6 5 ,0 0 0 of its
residents comm ute to New York City for employment, while an equal number
commute to adjacent counties, and 1 19,000 are employed w ithin the county.
Paramus, location of Midland's three offices, is in western Bergen County
and Englewood, location of National's sole office, is in eastern Bergen
County. There is no overlapping of the service areas, there being about 3 miles
separating their nearest boundaries. New Jersey law does not perm it de novo
branching outside the municipality in which the main office is located (except in
municipalities which have no banking offices); hence, neither Midland nor
National can enter the other's market except through merger. In view of this
restriction and the fact the tw o banks have separate and noncontiguous
service areas, elimination of existing o r.potential com petition is not a factor
in the proposal.
Midland competes w ith seven commercial banks in its service area, among
which it is fourth largest. It is substantially smaller than the three largest
banks but not substantially larger than the three smallest. National competes
w ith five commercial banks in its service area, among w hich it is smallest.
The number of banking offices w ould not be changed in either service area as
a result of the merger, nor w ould the number of individual choices from which
the public could obtain banking services.
The Board of Directors is of the opinion that the merger would not sub­
stantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks and are so projected
for the resulting bank.
Convenience and Needs o f the Community to be Served. Both Midland
and National have rather short histories, Midland having commenced opera­
tions about 10 years ago and National slightly more than 3 years ago. Their
grow th and success in a relatively short period of tim e is evidence that they
are serving the convenience and needs of the com m unities in w hich they are
located. The merger would not alter this situation, except to the extent that
the resulting bank would be able to provide a broader range of banking services
on a larger scale through its greater resources, larger capital base, and inte­
grated management capabilities. The larger bank w ill have more efficient trust
departm ent facilities and its increased lending lim it w ill be beneficial, especially
w ith respect to the large commercial and industrial facilities in the tw o areas
which require credit accommodations larger than either bank can provide
individually.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 32
The Chelsea Savings Bank
Norwich, Connecticut
(change title to The Chelsea-Dime
Savings Bank)
to consolidate w ith
The D im e Savings Bank o f N o rw ic h
Norwich



Resources
(in
thousands
of dollars)

In
operation

51,252

1

22,563

1

Banking Offices
To be
operated

2

82

FEDERAL DEPOSIT INSURANCE CORPORATION

Sum mmary report by A ttorney General, March 20, 1 9 68
This is a proposal to merge the second and third largest mutual savings
banks operating in the Norwich area. Economic activity in Norwich and sur­
rounding com m unities (the "N orw ich area," defined as including Norwich and
the tow ns of Bozrah, Franklin, Griswold, Ledyard, Lisbon, Montville, Preston
and Sprague, w ith a population of 86,000, up 21 percent from 1960) appears
to be centered upon residential, commercial and industrial activity, w ith
agriculture occupying a secondary role.
The offices of the merging banks are w ithin walking distance of each other,
and are in direct competition for tim e deposits and residential mortgage
loans. The Norwich area is, in addition, served by tw o other mutual savings
banks. These are the Norwich Savings Society, the area's largest (total
deposits, $64.7 million) operating its main office in Norwich and tw o branch
offices nearby and Je w e tt City Savings Bank (total deposits, $ 11.2 million)
located some 8.3 miles northeast of Norwich. There are also in the area one
locally based commercial bank and seven branches of tw o Hartford-based
commercial banks, five credit unions and one savings and loan association.
W ithin the Norwich area, the parties to the proposed merger w ould appear
to have had the follow ing market shares as of June 30, 1966:
(i)
Savings bank deposits
Chelsea Savings
32.9%
(31.9% as of Dec. 31, 1 967)
Dime Savings
14.8%
(14.2% as of Dec. 31, 1 967)
(ii) Savings bank deposits plus w ithdraw able deposit balances of savings
and loan associations and credit unions

(iii)

Chelsea Savings
29.9%
(approximate)
Dime Savings
13.4%
(approximate)
Savings bank deposits plus w ithdraw able deposit balances of savings and
loan associations and credit unions, plus IPC tim e and savings deposits
of commercial banks

Chelsea Savings
28.3%
(approximate)
Dime Savings
12.7%
(approximate)
The proposed consolidation w ould eliminate direct com petition between the
participants, create the largest mutual savings bank and other th rift in stitu ­
tion in the Norwich area, significantly increase area savings deposit concen­
tration, and eliminate a substantial com petitor for area tim e and savings
deposits and residential loans. Thus, the effect of this merger on com petition
in the Norwich area would be significantly adverse.

Basis for Corporation approval, July 31, 1968
The Chelsea Savings Bank, Norwich, Connecticut, (Applicant), an insured
mutual savings bank w ith total deposits of about $ 44.6 million, has applied
pursuant to Section 18(c) and other provisions of the Federal Deposit Insur­
ance A ct for the Corporation's prior consent to consolidate w ith The Dime
Savings Bank of Norwich, Norwich, Connecticut (Dime Savings), which has
total deposits of about $20.3 million. The banks would consolidate w ith the
title The Chelsea-Dime Savings Bank, and as an incident thereof, the sole
office of Dime Savings w ould become a branch of Applicant, increasing the
number of its offices to two.
Competition. The A pplicant and Dime Savings are mutual th rift institutions
located in Norwich, Connecticut. W hile each of the banks obtains a sizeable
amount of its deposits from the area com m only designated as "G reater
N orw ich" consisting of the City of Norwich and the surrounding com m unities
of Bozrah, Franklin, Griswold, Ledyard, Lisbon, M ontville, Preston and



BANK ABSORPTIONS APPROVED BY THE CORPORATION

83

Sprague, Norwich is only 12 miles from New London-Groton, Connecticut,
over an excellent highway, is economically integrated w ith those cities, and
comprises part of the New London-G roton-Norwich Standard M etropolitan
Statistical Area (SMSA). A large number of Norwich residents com m ute to
work in New London-Groton. For these reasons, it appears to the Board that
the SMSA is the relevant geographic area. There are seven savings banks,
three savings and loan associations and five commercial banks operating
offices in this area. Two of the savings banks are larger than either of the
consolidating banks or of the resulting bank, and tw o of the comm ercial banks
are the largest in the State operating an extensive netw ork of branches.
The lending function of each of the consolidating banks is concentrated
in mortgage loans, a substantial portion of which are insured and guaranteed,
originating outside the SMSA. The market for these loans is extensive and it
does not appear that the consolidation w ould have a significantly adverse
effect on com petition for loans.
Consummation of the proposal w ould eliminate the com petition for tim e
and savings deposits between the consolidating banks, but this w ould not be
substantial. The resulting bank would hold only one-fifth of the tim e and
savings deposits held by the offices of all com petitive institutions in the SMSA.
The degree of concentration is not unduly heavy and there w ill remain a sub­
stantial number of sizeable, strong and aggressive competitors. The resulting
bank w ould enjoy an improved com petitive potential.
The Board of Directors is of the opinion that the proposed transaction w ill
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The financial
and managerial resources of the consolidating banks and those of the resulting
bank are satisfactory w ith respect to the solvency of continued operations.
The deposit grow th pattern for each of the consolidating banks in recent years
as compared w ith the grow th of its com petitors suggests that they w ill not be
the com petitive factors in the future that they have been in the past. To a
considerable extent, this reflects the lower than com petitive interest/dividend
rate paid by each of the consolidating banks and correction of this deficiency
has been indicated as one of the primary reasons for the proposal. The result­
ing bank could effect operating economies and better utilize resources, both
financial and managerial, w ith improved prospects for effective com petition
and sound operations.
Convenience and Needs o f the Com m unity to be Served. The resulting bank
could pay a higher, more com petitive dividend than Dime Savings w ith con­
tinued adherence to sound banking operations. Its depositors would have
the benefit of the larger, stronger institution which w ould be better able to
provide long term financing for the industrial and commercial needs of the
area than either of the consolidating banks. Among the im mediate benefits
that w ould be available to the resulting bank would be the utilization of an on­
line com puter system and the development of an instalm ent loan departm ent.
Consideration has been given to the situation that would exist, after the
consolidation in Norwich, Connecticut, as compared to other com m unities in
Connecticut. Norwich has a population of 3 8 ,5 0 0 and there are 17 tow ns in
Connecticut w ith a population of between 3 0 ,0 0 0 and 80,000. Norwich is the
only com m unity w ith three savings banks and there are only three tow ns that
have as many as tw o savings banks. Eight tow ns are served only by branches
of savings banks. Thus, elim ination of a savings bank in Norwich is not as
significant, relatively, as it might be in other larger com m unities since Nor­
wich w ill still have the services of tw o capable savings banks, more than most
comm unities in the State of comparable or larger size.



84

FEDERAL DEPOSIT INSURANCE CORPORATION

Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.

Resources
(in
thousands
of dollars)

No. 33
Trade B ank and T ru s t C om pany
New York, New York
to merge w ith
Trade Bank Safe D e p o sit C om pany
New York

Banking Offices
In
operation

2 6 4 ,7 1 0

6

161

-

To be
operated

6

Sum mary report by A ttorney General, July 1, 1 9 6 8
Trade Bank and Trust Company ("Trust Company” ) was organized in 192?.
and operates six commercial banking offices in New York City, five in M anhat­
tan and one in Great Neck.
Trade Bank Safe Deposit Company ("Safe Deposit” ) was organized in 1927
and has always been controlled by Trust Company, w hich holds 95 percent of
its stock. It holds no deposits or loans and is primarily engaged in operating
a safe deposit business at the banking premises occupied by Trust Company.
Thus, this transaction is essentially a corporate reorganization and it would
appear not to have any effect on com petition.

Basis for Corporation approval, August 1, 1968
Trade Bank and Trust Company, New York, New York (Trade Bank), w ith
total deposits of $ 2 4 5 million, has applied, pursuant to the provisions of
Section 18(c) (1) (A) of the Federal Deposit Insurance Act, for the Corpora­
tion's prior consent to merge under its charter w ith Trade Bank Safe Deposit
Company, New York, New York (Safe Deposit), an affiliated noninsured in stitu ­
tion w ith no deposit liabilities which conducts a safe deposit business at each
of the six offices of Trade Bank. The safe deposit facilities w ill be continued
by Trade Bank follow ing the merger.
Competition. Trade Bank was organized in 1922 and operates all but one of
its six offices in Manhattan. Safe Deposit was organized in 1927 as an affiliate
of Trade Bank for sole purpose of conducting the latter's safe deposit opera­
tions. Safe Deposit has always been controlled by Trade Bank, holds no
deposits or loans, and is not engaged in general comm ercial banking activities.
Trade Bank owns all but six of Safe Deposit's 1,000 outstanding shares of
capital stock; thus, the merger is essentially a corporate reorganization and
would have no effect on com petition as presently constituted.
The Board of Directors is of the opinion that the merger w ould not substan­
tially lessen com petition, tend to create a monopoly or in any other manner be
in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to the merging institutions except th a t Safe Deposit
has operated at a loss after taxes in each of the past five years, except 1964.
The merger is designed to effect operating economies; also, sim plify adm ini­
stration. Consequently, these factors are favorably resolved w ith respect to
the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The operations
of Safe Deposit w ill be continued at the same locations and in the same



BANK ABSORPTIONS APPROVED BY THE CORPORATION

85

manner as before and thus the convenience and needs of the public w ill be
served as in the past.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 34
W in s lo w S tate Bank o f N e w U lm
New Ulm, Minnesota
(proposed new bank; change title to
State Bank of New Ulm)
to consolidate w ith
S tate Bank o f N ew U lm
New Ulm

Banking Offices
In
operation

To be
operated

90

1 1,662

1

1

Summary report by A ttorney General, May 24, 1 9 6 8
W inslow State Bank was incorporated on March 19, 1968 as a vehicle to
effectuate a tax free exchange of the capital stock of State Bank of New Ulm
for the capital stock of State Bond & Mortgage Company. Consequently no
im pact upon com petition in commercial banking would result from consum m a­
tion of the proposed consolidation.

Basis for Corporation approval, August 1, 1968
Pursuant to Sections 18(c) and 5 of the Federal Deposit Insurance Act,
applications have been filed by State Bank of New Ulm, New Ulm, Minnesota
(State Bank), an operating insured nonmember bank, w hich has total deposits
of $ 1 0 ,8 8 1 ,0 0 0 , for consent to consolidate w ith a proposed new bank, W in ­
slow State Bank of New Ulm, New Ulm, Minnesota (New Bank) and in behalf
of New Bank for Federal deposit insurance. The banks would consolidate under
New Bank's charter and w ith the title "S tate Bank of New U lm ." The resulting
bank w ill operate from the sole office location of State Bank.
New Bank was incorporated for the sole purpose of providing a vehicle for
tax free exchange of stock of State Bank for stock of State Bond and M ortgage
Company which owns substantially all of New Bank's outstanding stock. New
Bank does not have a banking office and the resulting bank w ill operate from
State Bank's sole office in New Ulm. That com m unity has a population of
11,000 and tw o other banks, each comparable in deposit size to State Bank.
The proposed consolidation w ould have no effect on com petition.
The proposals involve a change in ownership but the resulting bank w ill,
in effect, continue the operations of State Bank, which have been satisfactory,
w ith the latter's assets, deposits, title and essentially the same management.
The only operating change w ill be a $ 9 0 ,0 0 0 increase in capital. All factors
required to be considered relative to each application are favorably resolved.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the applica­
tions for Federal deposit insurance and consent to consolidate is warranted.



86

FEDERAL DEPOSIT INSURANCE CORPORATION

Resources
(in
thousands
of dollars)

No. 35
A m e rica n Bank o f A tla n ta
Atlanta, Georgia
(change title to Peoples American
Bank of Atlanta)
to acquire the assets and
assume the deposit liabilities o f
The Peoples Bank
Atlanta

Banking Offices
In
operation

13,473

3

17,103

2

To be
operated

5

Summary report by A ttorney General, June 24, 1968
The head offices of the merging banks are located only a few blocks apart
in dow ntow n Atlanta, one of the fastest growing regions in the Southeast, and
their branches are located in, and serve, the northern portion of the city. As a
result, existing direct competition between the merging banks w ill be e lim i­
nated by consumm ation of the proposed transaction.
Eleven commercial banks w ith seventy-five offices operate in A tlanta. A m e ri­
can Bank and Peoples Bank are the ninth and tenth largest banks, respectively,
in term s of IPC demand deposits and the eleventh and tenth largest, respec­
tively, in terms of total deposits.
Located in the A tlanta financial district, w ithin five blocks of the merging
banks, are offices of four of the State's largest banks, which, in 1966, together
controlled about $2.0 billion, roughly 84 percent of total commercial bank
deposits in the A tlanta SMSA. In contrast, the merging banks jointly account
for only about one percent total deposits in the A tlanta SMSA, and only
slightly over one percent of Fulton County total deposits.

Basis for approval by Corporation, August 8, 1 9 6 8
American Bank of Atlanta, Atlanta, Georgia (Applicant), an insured State
nonmember bank w ith total deposits of $10 .6 million, has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior consent to acquire the assets of and assume liability
to pay deposits made in The Peoples Bank, Atlanta, Georgia (Peoples) w hich
has total deposits of $15.7 million. The transaction w ould be effected under
Applicant's charter and w ith the title "Peoples Am erican Bank of A tla n ta "
and, as an incident thereto, the tw o offices of Peoples w ould become branches
of the resulting bank increasing the number of its offices to five.
Competition. The participating banks are headquartered in A tlanta, popula­
tion 504,000, and serve essentially the same geographic area. Their main
offices are 6 blocks apart in the dow ntow n section of the city and their
branches are located from 3 to 6 miles north. A pplicant and Peoples serve
different market segments of the same geographic service area as evidenced by
the dissim ilarity in their loan and deposit structures. The nature of their opera­
tions is complementary to a large degree and there is little com petition
between them.
There are 12 banks w ith 95 offices in or near the City of A tlanta and the
participating banks rank 10th and 11th in terms of total deposit size. The
resulting $26 million deposit bank w ould be sixth largest in the service area
and have 1.2 percent of the deposits. The five largest banks have total deposits
ranging between $ 1 0 0 million and $ 9 9 0 million and hold 95.8 percent of
the deposits. The proposal w ould have no significant effect on the smaller



BANK ABSORPTIONS APPROVED BY THE CORPORATION

87

banks in the area and the resulting bank could, in some degree, compete more
effectively w ith the larger banks.
The Board of Directors is of the opinion that the effect of the proposed
transaction on com petition would not be substantially to lessen com petition,
tend to create a monopoly, nor would it in any other manner be in restraint
of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are favorable w ith respect to Peoples and are so projected for the resulting
bank. Applicant's less than satisfactory financial condition, its management
and its poor earnings record should be improved as a result of this proposal.
Convenience and Needs o f the Community to be Served. The significant
increase in the financial resources of the resulting bank relative to either
participating bank and the aggressive new ownership should perm it the bank
to more adequately and effectively serve the comm unity. Moreover, because
their operations are complementary to a large degree, the proposal w ould
result in enhanced convenience to the customers of both banks.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 36
The O hio S tate Bank
Columbus, Ohio
to merge w ith
The W o rth in g to n S avings Bank
W orthington

Banking Offices
In
operation

4 3 ,2 3 3

10

33 ,943

3

To be
operated

13

Summary report by A ttorney General, June 11, 1 9 6 8
The head offices of the merging banks, 10 miles apart, and all branches
of both banks, are in Franklin County, part of the rapidly grow ing Columbus
m etropolitan area. The merging banks' nearest offices are about 5 and 4 miles
apart.
Ohio State Bank, since its inception and W orthington Savings Bank, since
1953, have been virtually w holly owned subsidiaries of BancOhio Corpora­
tion, the largest bank holding company in the State of Ohio. Thus, despite the
fact that each bank derives some business from the primary service area of
the other, this proposed merger would not elim inate com petition between the
tw o banks.

Basis for Corporation approval, A ugust 19, 1968
The Ohio State Bank, Columbus, Ohio (Applicant), an insured State non­
member bank w ith total deposits of $ 3 9 .4 million, has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior consent to merge w ith The W orthington Savings Bank,
W orthington, Ohio (Savings Bank) which has total deposits of $ 30.2 million.
The banks would merge under the Applicant's charter and title and, as an inci­
dent thereto. Savings Bank's three offices would become branches of the
Applicant, increasing the number of its offices to thirteen. In connection w ith
the proposal Savings Bank's preferred stock outstanding of $ 7 5 ,0 0 0 w ill be
retired.



88

FEDERAL DEPOSIT INSURANCE CORPORATION

Competition. Applicant's main office is in the dow ntow n business section of
Columbus, population 5 73,000, the approximate center of Franklin County, and
eight of its nine branches are located in the eastern half of the county. One
branch serves the west-central section of the county. The main office of Sav­
ings Bank is 10 miles north of the dow ntow n section of Columbus in the
adjacent com m unity of W orthington, population 1 2,900. One of Savings Bank's
branches is in Columbus, 2 miles south from the main office and the other
is w est of the main office in the northwest corner of the county. Applicant,
since its organization in 1950 and Savings Bank, since 1953, have been
members of the same registered bank holding company, BancOhio Corporation,
and there is no com petition between them.
There are seven banks in the resulting service area which would include
most of Franklin County. The merger w ould combine tw o banks w ith small
shares of the banking business already under the control of the same holding
company. The resulting bank would have but 5.3 percent of the aggregate
IPC deposits. The holding company also controls The Ohio National Bank of
Columbus which has 42.9 percent, and 20 other subsidiaries which are located
outside Franklin County. The proposal would involve no change in control of
the banking business in the service area or in Franklin County and would not
adversely affect competition.
The Board of Directors is of the opinion that the effect of the proposed
merger w ould not be substantially to lessen com petition, tend to create a
monopoly, nor would it, in any other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to the merging banks and are so projected for
the resulting bank.
Convenience and Needs o f the Community to be Served. The increased legal
lending lim it and lending capacity of the resulting bank w ill enable it to serve
many enterprises which the merging banks have not had the opportunity to
serve in the past. The increased branch system of the resulting bank w ill be
an im portant factor relative to the convenience and needs of the area. The
majority of residents in Savings Bank's area are employed in Columbus, and
the availability of a dow ntow n office would be a significant convenience for
those customers of Savings Bank who comm ute to Columbus for employment.
On the basis of the above information, and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 37
The C itizens Bank
Hamilton, Ohio
to acquire the assets and
assume the deposit liabilities o f
The First N a tio n a l B ank of Okeana
Okeana

Banking Offices
In
operation

2 6 ,6 7 5

6

1,590

1

To be
operated

7

Summary report by A ttorney General, July 5, 1968
Butler County, the situs of the merging banks, had a 1960 population of
20 0,000. It is presently served by eight comm ercial banks w ith 26 offices.
Since the merging banks are located w ithin 12 miles of each other the
merger would probably eliminate some direct com petition between the tw o



BANK ABSORPTIONS APPROVED BY THE CORPORATION

89

banks. However, the merger would increase Citizens Bank's 13 percent share
of Butler County commercial bank deposits by only 0.6 percent.
In view of the small size of the acquired bank and the existence of alternate
sources of banking services, we conclude that this proposed merger is not
likely to have a significantly adverse effect on com petition in Butler County.

Basis for Corporation approval, August 19, 1968
The Citizens Bank, Hamilton, Ohio (Citizens Bank), an insured nonmem ber
bank w ith total deposits of $ 2 3 ,5 7 8 ,0 0 0 , has applied, pursuant to Section 1 8(c)
and other provisions of the Federal Deposit Insurance Act, for the Corporation's
prior approval to acquire the assets and assume liability to pay the deposits
made in The First National Bank of Okeana, Okeana, Ohio (FNB), w hich has
total deposits of $1 ,3 8 9 ,0 0 0 . The transaction would be effected under Citizens
Bank's charter and title and, as an incident to the proposed transaction, the
sole office of FNB w ould become a branch of Citizens Bank, increasing the
number of its offices to seven.
Competition. Citizens Bank is located in Hamilton, Ohio (population 80,000),
approximately 1 5 miles from the sole office of FNB in Okeana, Ohio (population
150). Little, if any, com petition exists between these tw o banks. FNB does not
adequately service its com m unity in that it fails to extend farm credit or auto­
mobile financing and is unwilling to arrange loan participations. Due to its
unfavorable outlook, the directors solicited bids for its stock earlier this year
from three Hamilton banks and others. Citizens Bank was the successful bidder
and now owns substantially all of FNB's stock.
Banking com petition w ithin Citizens Bank's trade area includes a significantly
larger institution, and one just slightly larger than Citizens Bank. These other
tw o banks provide keen com petition in Citizens Bank's trade area and together
hold about 77 percent of the deposit business whereas the resulting bank
would hold about 22.7 percent.
The Board of Directors is of the opinion th a t the proposed transaction would
not substantially lessen com petition, tend to create a monopoly or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. A lthough finan­
cially sound, lack of management succession and future prospects of small
FNB are not favorable as a unit bank. These factors are satisfactory w ith
respect to Citizens Bank, as they w ould be for the resulting bank.
Convenience and Needs o f the Com m unity to be Served. A lthough this
proposal w ill have no significant effect upon the im mediate Ham ilton trade
area of Citizens Bank, the Okeana area w ill undoubtedly benefit from a more
aggressively managed bank, w illing to provide more up-to-date services and
lending ideas, and capable of better serving the com m unity w ith a larger lend­
ing limit.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application is
warranted.

No. 38
The Bank o f Berkeley
Moncks Corner, South Carolina
to merge w ith
A lle n 's D epo sito ry, Inc.
St. Stephen



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

4,1 13

1

329

1

To be
operated

2

90

FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by A ttorney General, February 1 3, 1 9 6 8
The Bank of Berkeley (total deposits $3.4 million), Moncks Corner, South
Carolina, proposes to merge w ith Allen's Depository (total deposits $ 2 9 8 ,0 0 0 ),
St. Stephen, South Carolina.
Both tow ns are in Berkeley County (1960 population 38,196), an area which
is principally agricultural but which has experienced considerable industrial
expansion during recent years. In Moncks Corner, Berkeley competes w ith a
branch of Farmers & Mechanics Bank of South Carolina, a $4 million bank. No
other commercial banking facilities are available in the im mediate service
areas of the merging banks.
Allen's has no loan business or savings accounts and less than 1 5 accounts
of Berkeley's are known to originate in the St. Stephen area, 16 miles away.
The merger w ill substantially increase concentration in Berkeley County
which presently has three banks and three offices. Berkeley, the acquiring
bank, now holds 86 percent of all IPC demand deposits w ith in the county,
and will hold about 97 percent follow ing this proposed merger. Its share of
total county deposits w ill rise from 85 to 93 percent. The balance w ill continue
to be held by the small branch office of Farmers & Mechanics Bank of South
Carolina.

Basis for Corporation approval, August 19, 1968
The Bank of Berkeley, Moncks Corner, South Carolina (Applicant), a non­
member insured bank w ith total deposits of $4.1 million, has applied, pursuant
to the provisions of Section 18(c) of the Federal Deposit Insurance Act, for
the Corporation's prior consent to merge under its charter and title w ith A llen's
Depository, Inc., St. Stephen, South Carolina, a noninsured cash depository
w ith deposits of $ 3 0 5 ,0 0 0 , and incidental therew ith establish the latter's sole
office as a branch, increasing its number of offices to two.
Competition. A pplicant was organized in 1949 and operates its sole office
in Moncks Corner, the seat of Berkeley County, South Carolina, about 32 miles
north of Charleston. A llen's Depository was organized in 1935 in St. Stephen,
Berkeley County, South Carolina, 16 miles north of Moncks Corner. It is a small
cash depository which is lim ited under South Carolina law in the services it can
perform. Its deposits are payable on demand and its investments are restricted
to Federal, State and municipal obligations of South Carolina. It has no tim e
and savings deposits and makes no loans. It is not, therefore, a significant
factor in banking com petition. Allen's Depository and Applicant, moreover,
have the same president. A sizeable amount of common ownership has existed
since 1960. Berkeley County is mostly a rural area w hich contains only
tw o institutions offering full banking services. A pplicant and a branch in Moncks
Corner of another bank which is som ewhat larger than Applicant. A pplicant
also competes w ith the Summerville branches of tw o banks, 16 miles south­
w est of Moncks Corner, both of which banks are substantially larger than
Applicant. In the St. Stephen area, location of Allen's Depository, the result­
ing bank w ill compete w ith a bank in Greeleyville, 15 miles north of St.
Stephen. The merger w ill have little or no adverse com petitive effect and in the
St. Stephen area should tend to increase com petition because of the much
broader services the resulting bank w ill offer.
The Board of Directors is of the opinion th a t the merger would not substan­
tially lessen com petition, tend to create a monopoly or in any other manner be
in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating institutions and are so pro­
jected for the resulting bank.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

91

Convenience and Needs o f the Com m unity to be Served. Applicant's opera­
tions in Moncks Corner w ill be continued as before. In St. Stephen, the merger
w ill replace a small noninsured cash depository, which is lim ited by law in the
services it can provide, w ith a branch of a bank providing loan facilities, tim e
and savings deposits, the benefits of Federal deposit insurance, and clearance
of checks at par. The number of offices offering this broader range of banking
services in Berkeley County w ill be increased by one, to the substantial bene­
fit of the public, particularly in the St. Stephen area.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 39
C itizens Bank o f M a ryla n d
Riverdale, Maryland
(change title to Citizens Bank and
Trust Company of Maryland)
to merge w ith
C itizens T ru st C om pany o f M aryland
Riverdale

Banking Offices
In

operation

191,540

28

120

—

To be
operated

28

Summary report of A ttorney General, July 25, 1 9 6 8
A rticle XI of the A nnotated Laws of Maryland, and regulations issued pur­
suant thereto, provide that an existing commercial bank may acquire trust
powers only by merging w ith a newly organized trust company. Citizens Bank of
Maryland has organized and proposes to merge w ith the Citizens Trust Com­
pany of Maryland for the purpose of acquiring trust powers.
The proposed merger of the Citizens Trust Company of Maryland, a newly
organized but not yet operating trust company, into the Citizens Bank of M ary­
land, an existing commercial bank, w ill not result in the elim ination of any
existing com petition or increase in the concentration of banking resources.

Basis for Corporation approval, August 23, 1968
Citizens Bank of Maryland, Riverdale, Maryland (Applicant), an insured State
nonmember bank w ith total deposits of $16 7 million, has applied, pursuant to
Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's prior
consent to merge w ith Citizens Trust Company of Maryland, Riverdale, M ary­
land (Trust Company), a corporation newly organized under the banking laws
of Maryland, which has cash capital funds of $ 1 2 0 ,0 0 0 . A pplication is also
made for consent to exercise full trust powers. The participants w ould merge
under the charter of Applicant and w ith the title "Citizens Bank and Trust
Company of M aryland.”
The sole purpose of the merger transaction is the acquisition of trust powers
by the Applicant. Under Maryland banking laws and regulations, A pplicant's
purpose can only be accomplished through the merger of a newly form ed trust
company. A pplicant is the seventh largest bank in the State and is the only
bank among the nine largest which does not have trust powers. Several banks
aggressively seek trust business in Applicant's service area and the proposal
should beneficially enhance com petition in that field. Trust Company has no
loans, deposits or trust accounts and was formed solely as a vehicle for the



92

FEDERAL DEPOSIT INSURANCE CORPORATION

acquisition of trust powers by the Applicant. Thus, consum m ation of the tra n s­
action w ould not lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
The factors of financial and managerial resources and future prospects are
favorable for the Applicant and resulting bank. Applicant's 28 offices serve
substantial parts of Prince Georges, M ontgom ery and Anne Arundel Counties
and the proposal would add to the convenience of the com m unities served by
the introduction of an additional alternate source of trust services.
On the basis of the above information, and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's applications is warranted.

Resources
(in
thousands
of dollars)

No. 40
The Bank o f Tucson
Tucson, Arizona
(change title to Great Western Bank
& Trust Company)
to merge w ith
The First N avajo N a tio n a l Bank
Holbrook

Banking Offices
In
operation

2 6 ,545

3

2 7 ,2 5 5

5

To be
operated

8

Sum mary report by A ttorney General, May 3 1 , 1 9 6 8
The nearest offices of the applicant banks are about 2 5 0 miles apart, and
there appears to be little, if any, direct com petition between them.
Although Arizona law perm its statewide branch banking, neither of the m erg­
ing banks can be regarded as a likely potential entrant into the other's market
by means o ft/e novo branching. Navajo Bank is the only bank located in S now ­
flake (population 982) and W indow Rock (population 700). In Holbrook (popula­
tion 3438) and W inslow (population 8862), Navajo National competes w ith
a branch of the Valley National Bank (total deposits, $1,134.1 million), the
largest bank in Arizona; in Kingman (population 4525) it competes w ith a
branch of Valley National and a branch of First National Bank of Arizona
(total deposits, $ 647.9 million), the second largest bank in the State. Not only
has the Bank of Tucson not branched outside the City of Tucson, but consider­
ing their sizes, distances, present banking facilities, there appears to be little,
if any, incentive for it to branch de novo into the com m unities served by Navajo
Bank.
Although Navajo Bank has exhibited an ability to branch de novo consider­
able distances from its head office, its branching has been confined to relatively
small communities. It was granted authority in 1965 to open a branch in
Flagstaff (approximate population 18,214), but has not yet opened for business
in that city. Thus, it seems unlikely that Navajo Bank would branch de novo
into Tucson, a much larger and more distant com m unity served by six banks
w ith 24 offices.

Basis for Corporation approval, August 30, 1968
The Bank of Tucson, Tucson, Arizona (State Bank), an insured State non­
member bank w ith total deposits of $ 2 3 ,0 5 0 ,0 0 0 , has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior approval to merge The First Navajo National Bank,



BANK ABSORPTIONS APPROVED BY THE CORPORATION

93

Holbrook, Arizona (Navajo Bank), which has total deposits of $ 2 6 ,1 3 1 ,0 0 0 .
The banks w ould merge under the charter of The Bank of Tucson and title of
Great Western Bank & Trust Company and, as an incident to the merger, the
five offices of Navajo Bank w ould become branches of State Bank, increasing
the number of its offices to eight.
Competition. The areas served by these tw o banks are at least 2 0 0 miles
apart. State Bank serves the southeastern part of Arizona in and around
Tucson. Navajo Bank's trade area is the northern part of the State, and there
is virtually no com petition between the participating banks. Both banks are
in direct com petition w ith branch offices of the largest banks in Arizona. The
resulting bank w ill hold only 2 percent and 1.7 percent of deposits and loans,
respectively, of banks in the State of Arizona.
The Board of Directors is of the opinion that the proposed transaction
would not substantially lessen com petition, tend to create a monopoly or in
any manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The present
financial and managerial resources of State Bank are satisfactory, as they
would be for the resulting bank. Navajo Bank is experiencing asset problems
and lacks depth in management. Future prospects for State Bank are satisfac­
tory, as they w ould be for the resulting bank; those of Navajo Bank are less
favorable.
Convenience and Needs o f the Com m unity to be Served. The prim ary benefit
of this merger would be a larger loaning lim it w hich w ould enable the result­
ing bank to serve larger borrowers and handle bigger loans than could either
bank prior to the merger. There would also be an increase in services rendered
to both areas, including trust and com puter facilities.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application
is warranted.

Resources
(in
thousands
of dollars)

No. 41
Bank o f O rangeburg
(title changed to Am erican Bank
and Trust)
Orangeburg, South Carolina
to merge w ith
The S p rin g fie ld S tate Bank
Springfield

Banking Offices
In
operation

2 1 ,097

9

1,456

1

To be
operated

10

Sum mary report by A ttorney General, July 19, 1968
Orangeburg County had a 1960 population of 6 8 ,0 0 0 ; it was being served
by seven commercial banks w ith 17 offices (as of June 30, 1966).
Two branches of the Bank of Orangeburg are located fairly-close to S pring­
field, the situs of Springfield State Bank. One is in Salley, 5 miles to the
northwest and the other is in Norway, 8 miles to the southw est of Springfield.
These three banks provide the only alternative banking facilities for the S pring­
field comm unity. In view of the geographic proxim ity of the banks, it w ould
appear that the proposed merger w ould elim inate direct com petition between
the banks.



94

FEDERAL DEPOSIT INSURANCE CORPORATION

The Bank of Orangeburg presently accounts for over 20 percent of Orange­
burg County's IPC demand deposits and is one of the three largest banks in
the county. The proposed merger w ould add about 2 percent to its market
share.
W hile Springfield State Bank's small size may have lim ited its operations,
it appears to have experienced satisfactory grow th during recent years. M ore­
over, the application does not indicate that merger w ith its only com petitor is
required to enable it to offer additional services or to solve any problems w hich
may result from its small size.

Basis for Corporation approval, Septem ber 4, 1968
Bank of Orangeburg, Orangeburg, South Carolina (Applicant), an insured
State nonmember bank w ith total deposits of about $1 8 ,8 5 2 ,0 0 0 has applied,
pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge w ith The Springfield State
Bank, Springfield, South Carolina (State Bank), w hich has total deposits of
about $1 ,2 8 2 ,0 0 0 . The banks w ould merge under the charter and w ith the
title of Applicant and as an incident to the merger, the sole office of State
Bank w ould become a branch of Applicant, increasing the number of its
offices to 10.
Competition. Applicant operates its main office and tw o branches in Orange­
burg (1960 population about 15,500), the seat of Orangeburg County. Six
other branches are presently operated in small com m unities surrounding
Orangeburg and ranging in distance up to 60 miles therefrom . State Bank
operates its sole office in Springfield (population 800), 25 miles w est of the
main office of Applicant. There are, however, branches of A pplicant at Salley,
5 miles northwest of State Bank, and at Norway, 10 miles southeast of State
Bank.
A pplicant's office at Salley is State Bank's closest com petitor but there are
seven offices of five banks (including Applicant) w ith in the relatively small
area served by State Bank. State Bank has 11.8 percent of the deposits in this
area and the resulting bank would have 32.3 percent. However, in view of the
number of banks in State Bank's service area and the small size and unaggressive character of State Bank, com petition between the merging banks is not
substantial and the proposal w ould have no other significant adverse com peti­
tive effects in this area. W ithin the overall service area of Applicant, this
proposal w ould have virtually no effect. There are 10 other banks operating
numerous offices throughout the area, including the State's four largest banks.
The Board of Directors is of the opinion that the proposed merger w ould
not substantially lessen com petition, tend to create a monopoly, or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These banking factors
are satisfactory w ith respect to the participating banks, individually, as they
would be w ith respect to the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Past performance
suggests that Applicant is a well-established bank able to expand the services
it offers and to extend them into new areas. Although State Bank, by its long
continued existence is apparently filling a need of the com m unity, Springfield
w ould be benefited by the introduction of new services, including increased
lending limits, trust services, and exchange of checks on a full par basis.
On the basis of the above inform ation, and other inform ation available to
the Corporation, the Board of Directors has concluded th a t approval of the
bank's application is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 42
The H ongkong and S hanghai B anking
C o rporatio n o f C alifo rn ia
San Francisco, California
to acquire a portion o f the assets and
assume a portion o f the
deposit liabilities o f
Bank o f Trade o f San Francisco
San Francisco

95

Banking Offices
In
operation

9 2 ,3 0 5

3

1,9 9 9 (4)

1

To be
operated

4

Summary report by A ttorney General, July 30, 1 9 6 8
This is a proposal to transfer the Sacramento branch of the Bank of Trade
to Hongkong and Shanghai Banking Corporation ("H ongkong” ).
The area directly affected by the proposed transaction is Sacramento,
where the office being transferred is located. This is 75 miles from Hongkong's
closest office. Hongkong has loans totaling $ 7 1 2 ,0 0 0 which originate in the
Sacramento area, largely against real property; thus, there may be some direct
com petition between Hongkong and the Sacramento branch of Bank of Trade,
but it appears to be limited. In view of the fact that each of the merging
offices is a relatively minor elem ent in its own service area, we conclude that
the transaction would probably not have any serious adverse effect on
competition.

Basis for Corporation approval, Septem ber 4, 1968
The Hongkong and Shanghai Banking Corporation of California, San Fran­
cisco, California (H&S), an insured nonmember bank w ith total deposits of
$8 0 ,0 1 9 ,0 0 0 , has applied, pursuant to Section 18(c) and other provisions
of the Federal Deposit Insurance Act, for the Corporation's prior approval to
acquire certain assets and assume liability to pay the deposits made in the
State Capital Branch, Sacramento, California (BOT-SCB), of the Bank of Trade
of San Francisco, San Francisco, California (BOT). The branch has total
deposits of $ 1,1 72 ,0 0 0 . The transaction would be effected under H&S's
charter and title and, as an incident thereto, the one office of BOT-SCB w ould
become a branch of H&S, increasing the number of its offices to four.
Competition. H&S's main office and one branch in San Francisco (population
750,000) are approximately 85 miles from Sacramento (population 191,700)
where BOT's Sacramento branch is located. This distance and the direct
com petition existing w ith branches of the largest banks in the State precludes
any significant com petition between H&S and BOT-SCB. BOT-SCB presently
holds only .2 percent and .5 percent of deposits and loans, respectively, held
by banks in its service area. This proposal w ill have no material effect on bank­
ing concentration in the Sacramento area or elsewhere in the State.
The Board of Directors is of the opinion that the proposed transaction
would not substantially lessen com petition, tend to create a monopoly or in
any other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to H&S as they are expected to be for the resulting
bank. W ith the elim ination of this location by BOT, future prospects are favor­
able for BOT to concentrate its management efforts at its remaining office.
Convenience and Needs o f the Com m unity to be Served. Evidence indicates
the proposal w ill have no effect outside the Sacramento service area. This



96

FEDERAL DEPOSIT INSURANCE CORPORATION

service area w ould benefit from the banking services already rendered by H&S
in its present service areas, i.e. international banking ties, accounts receivable
financing, real estate construction financing, working capital loans, and
increased legal lending lim its which are not presently provided the area by
BOT-SCB.
Based on the foregoing and on the other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the applica­
tion is warranted.

Resources
(in
thousands
of dollars)

No. 43
Bank o f M ississip p i
Tupelo, Mississippi
to merge w ith
Bank o f Bruce
Bruce

48,051

5,239

Banking Offices
In
operation

To be
operated

11

12

1

Summary report by A ttorney General, May 1 7, 1 9 6 8
Bank of Mississippi operates six branch offices w ithin a 30-m ile radius of
Tupelo, one in Lee County and five in three contiguous counties, and has been
granted authority to open tw o additional branch offices in Tupelo. In 1966
Bank of Mississippi merged w ith Prentiss County Home Bank, Boonesville,
Mississippi (approximate deposits at the tim e of merger, $4.5 million).
Bank of Bruce is located 50 miles southw est of Bank of Mississippi's head
office and approximately 4 0 miles southw est of its tw o closest branch offices
at Ecru and Nettleton. There are intervening banks between these branches
at Ecru and Nettleton and Bank of Bruce. The amount of direct com petition
between these tw o merging banks appears negligible.
The laws of Mississippi provide that no bank shall establish a branch bank
in any tow n or city of less than 3 ,1 0 0 population where such to w n or city has
one or more banks in operation, and thus Bank of Mississippi could not
establish a branch bank in Bruce. The largest tow n in Calhoun County w ith o u t
a bank is Pittsboro, the county seat which had a population of 2 0 5 in 1960.
Furthermore, there are now tw o other banking offices in rural Calhoun County
(having total county IPC deposits of only $9.3 million), a branch of Grenada
Bank (third largest bank in Mississippi, w ith deposits of over $ 7 0 million), at
Calhoun City (population 1,700), approximately 10 miles south of Bruce and a
branch of Bank of Houston (total deposits, $5.3 million) at Vardaman (popula­
tion 637), about 10 miles southeast of Bruce. Thus, the opening of a de novo
branch bank in Calhoun County by Bank of Mississippi appears remote.
Given the size of the market and the existing com petition in Calhoun County,
this proposed merger seems unlikely to have an adverse effect on com petition.

Basis for Corporation approval, September 13, 1968
Bank of Mississippi, Tupelo, Mississippi (BOM), an insured nonm em ber bank
w ith total deposits of $ 4 2 ,8 9 8 ,8 0 0 , has applied, pursuant to Section 18(c)
and other provisions of the Federal Deposit Insurance Act, for the Corpora­
tion's prior approval to merge w ith Bank of Bruce, Bruce, Mississippi (Bruce
Bank), which has total deposits of $ 4 ,7 6 5 ,3 0 0 . The transaction w ould be
effected under BOM's charter and title and, as an incident to the proposed
transaction, the single office of Bruce Bank w ould become a branch of BOM,
increasing the number of its offices to 12.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

97

Competition. The main office of BOM is 50 miles from Bruce Bank and the
nearest branch of BOM is 39 miles distant. There is virtually no com petition
between these tw o banks due to distance and other banking offices in the
intervening area. The primary service area of BOM is in and around Tupelo,
where tw o other aggressive large banks are located, arjd the surrounding
areas of tow ns in which BOM has branch offices. Bruce Bank's service area
is more localized, confined prim arily to the im mediate area of Bruce. Bruce
Bank's nearest com petition is 10 miles distant and furnished by a branch of
the third largest bank in the State. BOM presently holds 36.5 percent and
41.7 percent of IPC deposits and loans, respectively, held by banks in its
service area. The resulting bank w ould hold 31.5 percent and 3 7 .0 percent
of IPC deposits and loans, respectively, held by banks in the combined service
area. This proposal w ould not alter BOM's position as the largest bank in the
area it presently serves.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a m onopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to both participating banks, as they w ould be for the
resulting bank.
Convenience and Needs o f the Com m unity to be Served. This proposal w ould
have its primary effect in the service area of Bruce Bank. The resulting bank
w ould be able to handle larger loans than can Bruce Bank and provide trust
services and data processing services w hich are not presently available from
Bruce Bank.
Based on the foregoing and on other inform ation available to the Corpora­
tion, the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 44
H am bro A m e rica n Bank and T ru s t Co.
New York, New York
(proposed new bank)
to acquire a portion o f the assets and
assume the deposit liabilities o f
L aidlaw and Co.
New York

Banking Offices
In
operation

To be
operated

1

33 ,1 0 9

1

Summary report by A ttorney General, July 10, 1968
This proposal would transfer to Hambro American, a new banking corpora­
tion which w ill be a subsidiary of Hambros Bank, Ltd., London, England, the
commercial banking assets and liabilities of Laidlaw and Company, a stock
brokerage firm which engages in private comm ercial banking activities.
Laidlaw's single banking office, w hich under the proposal w ould be taken
over by Hambro American, is located near the center of M anhattan's financial
district. Commercial banks operating offices in the area are among the largest
in the world, and Hambro American, like its predecessor, w ill compete directly
w ith the wholesale and internation banking departm ents of these large banks.
Since the proposed transaction w ould transfer Laidlaw's banking business to
a form er lim ited partner of the firm which has no other banking offices in the



98

FEDERAL DEPOSIT INSURANCE CORPORATION

United States, we conclude that it w ould not have any adverse com petitive
effects.

Basis for Corporation approval, September 19, 1968
Pursuant to Sections 5 and 18(c) and other provisions of the Federal Deposit
Insurance Act, applications have been filed in behalf of Hambro American
Bank & Trust Co., New York (Manhattan), New York (Applicant), a proposed
new bank, for Federal deposit insurance, including consent to exercise full
trust powers, and for the Corporation's prior consent for the A pplicant to
acquire the assets of and assume liability to pay deposits made in Laidlaw &
Co., an operating uninsured private bank located at 25 Broad Street, New
York (Manhattan), New York. The new bank w ill occupy under a sublease,
the quarters presently used by the sole office of the Laidlaw & Co. Banking
Departm ent (Laidlaw) which has deposits of $ 2 0 ,6 4 0 ,0 0 0 .
Competition. The proposal essentially represents the conversion of an
operating noninsured private bank into an insured commercial bank w ith the
right to exercise trust powers. A pplicant w ill continue the present policies
and operations of Laidlaw which are devoted primarily to wholesale banking
w ith heavy emphasis on international banking. There w ill be no change in the
number and location of banking offices. The proposal would not elim inate any
existing competitor.
The Board of Directors is of the opinion that the proposed purchase and
assumption transaction w ould not lessen com petition, tend to create a
monopoly or in any other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory for the operating private bank and are so projected for the
Applicant.
Convenience and Needs o f the Com m unity to be Served. The A pplicant w ill
occupy the location of Laidlaw in the heart of the principal financial district
of New York. This area's needs w ill be better served through the availability
of more extensive and sophisticated range of services, including an alternative
source of trust services, and the benefits of Federal deposit insurance.
Based upon the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the applica­
tions for Federal deposit insurance, including consent to exercise full trust
powers, and consent to the acquisition of assets and assumption of liabilities
is warranted.

Resources
(in
thousands
of dollars)

No. 45
Bank o f A m e rica N a tio n a l T ru st and
Savings A s s o c ia tio n
San Francisco, California
to acquire the assets and
assume the deposit liabilities o f
Banco N acional, S.A.
Santiago, Dominican Republic

17,806,731

1,262

Banking Offices
In
operation

To be
operated

__ (1)

—

2

Summary report by A ttorney General, August 22, 1968
The proposed transaction w ould perm it Bank of America, the largest bank
in the United States, to expand its international banking operations to the



BANK ABSORPTIONS APPROVED BY THE CORPORATION

99

Dominican Republic. Santiago (population, 84,000), the comm ercial and
agricultural center for the northern region of the Dominican Republic, is now
served by eight commercial banks, including branches of three large foreign
banks. The only Am erican banks presently operating in the Dominican Republic
are Chase M anhattan Bank and First National City Bank, both headquartered
in New York City.
Large American banks, including Bank of America, may compete for the
business of some Dominican residents and corporations and for the banking
arrangements attending United States im ports from and exports to the
Dominican Republic. W hile such business and arrangements are not likely to
be a significant factor in the overall operations of United States banks, the
proposed acquisition, by affording Bank of America banking offices in the
Dominican Republic w ill provide additional international banking com petition
to the tw o United States banks presently operating offices there.

Basis for Corporation approval, September 25, 1968
The Bank of America National Trust and Savingr Association, San Francisco,
California (Applicant), w ith total deposit of $ 1 5 .8 billion, has applied, pur­
suant to Section 18(c) of the Federal Deposit Insurance A ct, for the Corpora­
tion's approval to acquire the assets of and assume liability to pay deposits
made in Banco Nacional, S.A., Santiago, Dominican Republic, an uninsured
foreign bank w ith total deposits of $ 7 5 4 ,0 0 0 .
A pplicant has no branch in the Dominican Republic and Banco has no
office or representative in the United States. The nearest offices of Applicant
to Santiago are some 4 0 0 miles away in the U. S. Virgin Islands and there is
no com petition between the participating banks. Banco is the sm allest of nine
banks operating in the Dominican Republic. Four of the banks are branches
of tw o United States and tw o Canadian headquartered banks w ith aggregate
deposits in the billions of dollars. A pplicant's entry into the Dominican Repub­
lic could increase com petition, particularly in the international banking field.
The factors of financial and managerial resources, future prospects, and
convenience and needs of the com m unity to be served are favorable w ith
respect to A pplicant and the resulting bank. The future prospects of Banco,
which is experiencing unfavorable operating results, would be improved as
branches of Applicant and the banking needs of the com m unities served by
Banco would be more adequately met.
The Board of Directors is of the opinion th a t the proposed transaction would
not lessen com petition, tend to create a monopoly or, in any other manner, be
in restraint of trade.
On the basis of the inform ation presented and other inform ation available
to the Corporation, the Board of Directors has concluded th a t approval of the
bank's application is warranted.

No. 46
U nion Square S avings B ank
New York, New York
(change title to United Mutual
Savings Bank)
to merge w ith
The Kings C ounty S avings Bank
New York



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

283,901

5

2 1 6 ,1 4 7

4

To be
operated

9

100

FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report of A ttorney General, A ugust 1 2, 1 9 6 8
Offices of the participating banks are located in contiguous but separate
parts of New York City and are separated by a natural barrier, the East River.
Mass transit facilities are present, and com m uter traffic is heavy in the M e tro ­
politan New York area. The greater part of County Bank's loan portfolio (about
64 percent) appears to be invested in real estate loans in New York City; about
4 0 percent of Union Square's portfolio is invested in New York City, w ith
approximately 55 percent in mortgages in States other than New York. Thus,
some direct com petition may exist between the merging banks for the savings
of commuters, and for loans, w hich w ill, of course, be elim inated by consum ­
mation of the proposed merger.
However, the proposed transaction w ould join the 14th largest M anhattanbased mutual savings bank w ith the 1 6th largest such institution headquartered
in Brooklyn. The Resulting Bank w ill be 18th in size among the remaining 36
mutual savings banks headquartered in Manhattan and Brooklyn and w ill con­
trol about 2 percent of the deposits of these institutions. These figures w ould
be even lower after allowance was made for savings and loan associations as
well as savings deposits at commercial banks and credit unions.

Basis for Corporation approval, October 4, 1968
Union Square Savings Bank, New York (M anhattan), New York (Union),
an insured mutual savings bank w ith total deposits of about $ 2 6 1 ,2 6 4 ,0 0 0 , has
applied, pursuant to Section 18(c)and other provisions of the Federal Deposit
Insurance A ct for the Corporation's prior approval to merge w ith The Kings
County Savings Bank, New York (Brooklyn), New York (Kings), also an insured
mutual savings bank, which has total deposits of about $ 1 9 5 ,4 3 3 ,0 0 0 . The
banks would merge under the charter of Union and w ith the title United M utual
Savings Bank and as an incident to the merger, the four offices of Kings w ould
become branches of Union, increasing the number of its offices to nine (includ­
ing one public accomm odation office).
Competition. Union operates all five of its offices (including the public accom ­
modation office) in M anhattan's East Side m idtow n area in New York City.
Kings operates its main office and one branch in Brooklyn and one branch in
the Bronx, all in New York City. It operates one other branch in Nassau
County, a suburban area east of the city. The 1960 population of New York
City was about 7,782,000.
Competition between the participating banks is practically nonexistent.
Their closest offices are some 2.Vi miles apart in a densely populated urban area
and their primary service areas are effectively separated by the East River. In
addition, there are tw o intervening offices of another savings bank.
Competition in New York City is intense among banks in particular and
financial institutions in general. This merger w ould have virtually no effect on
the present concentration of deposits or loans or on existing com petition.
Each of the participating banks has less than 1 percent of the total deposits
and of the total loans held by savings banks in New York City and the resulting
bank w ould have less than 2 percent of each. Furthermore, there are 47 other
mutual savings banks operating 233 offices in New York City. Many of these
institutions are far larger than the resulting bank would be. In addition, sub­
stantial com petition in New York City is provided by com m ercial banks and
savings and loan associations. There are 87 8 comm ercial bank offices in the
city holding an estimated $ 4 ,7 5 3 ,0 0 0 ,0 0 0 savings and 134 offices of savings
and loan associations holding savings estim ated to be in excess of $ 4 billion.
Total savings in New York City in the comm ercial banks, savings and loan



BANK ABSORPTIONS APPROVED BY THE CORPORATION

101

associations and savings banks combined is estim ated to be some $ 3 6 billion
and the resulting bank's share would be a little over 1 percent.
The Board of Directors is of the opinion that the proposed merger w ould
not substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. The banking factors are
considered acceptable w ith respect to the individual participating banks, but
are considerably more favorable w ith respect to the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Thrift services
and mortgage loans have been provided by each of the participating in stitu ­
tions in its own area for over a century. The proposed merger w ould produce a
better balanced bank w ith respect to surplus, earnings and management, and
thereby perm it improved service to the comm unities.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded th a t approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 47
Old S tone T ru st C om pany
Providence, Rhode Island
to acquire the assets and
assume the deposit liabilities o f
P lan tation s Bank o f Rhode Island
Providence

Banking Offices
In
operation

5,628

17

5 3 ,156

11

To be
operated

28

Summary report by A ttorney General, July 1 1,1 9 6 8
Old Stone Trust Company is a w holly owned subsidiary of Old Stone Savings
Bank, the State's largest mutual savings bank. It carries on a com m ercial
banking business lim ited primarily to accepting demand deposits and making
single payment loans to individuals at 17 offices of its parent, 13 of w hich
are located in the Providence m etropolitan area. Plantations Bank is the
State's fourth largest comm ercial bank and operates 1 1 offices, seven of w hich
are located in the Providence m etropolitan area.
The Providence metropolitan area contains the bulk of both the population
and the commercial activity of the State of Rhode Island. Commercial banking
is highly concentrated both in Providence and Rhode Island. The tw o largest
banks have approxim ately 77 percent of IPC demand deposits in the Providence-Paw tucket-W arw ick SM SA and 84 percent of comm ercial bank deposits
in the State.
The proposed acquisition would elim inate direct com petition between the
tw o banks in Providence for IPC demand deposit accounts under $ 5 0 ,0 0 0 . It
w ould also appear to eliminate some direct com petition between Plantations
Bank and Old Stone Savings Bank for savings deposits and real estate loans in
the Providence area. The proposed acquisition would not significantly increase
concentration in commercial banking in either Providence or Rhode Island
since it would add less than 1 percent to Plantations Bank's present market
shares.
A lthough Old Stone Trust Company is presently engaged in com m ercial
banking, the recentness of its lim ited entry into the field and the large resources
and experience of its parent would justify treating it as a potential large scale



102

FEDERAL DEPOSIT INSURANCE CORPORATION

entrant into commercial banking. Viewed in this light, the proposed merger
eliminates the possibility that Old Stone Trust Company m ight become a
significant additional factor in the comm ercial banking market. This factor,
however, must be weighed against the possibility that the merger m ight allow
Old Stone Trust Company to become a significant com petitor of the tw o d o m i­
nant commercial banks more quickly than if it were required to internally
expand its presently small market position.

Basis for Corporation approval, October 4, 1968
The Old Stone Trust Company, Providence, Rhode Island (Old Stone Trust),
an insured State nonmember bank w ith total deposits of $ 3 ,9 9 5 ,0 0 0 has
applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior consent to acquire the
assets of and assume liability to pay deposits made in the Plantations Bank
of Rhode Island, Providence, Rhode Island (Plantations), w ith total deposits
of $ 4 7 ,2 33,0 00 . The banks would effect this transaction under the charter
and title of Old Stone Trust and as an incident thereof, the 1 1 offices of
Planatations w ould become branches of Old Stone Trust, increasing the
number of its offices to 28.
Competition. Both of the subject banks have home offices in Providence,
w ith their branches located throughout the State, the relevant trade area in
this instance. Old Stone Trust is a w holly-ow ned subsidiary of the $ 3 5 0
m illion-deposit Old Stone Savings Bank. The share of the aggregate com m er­
cial and savings bank deposits in Rhode Island held by Plantations is 2.0 per­
cent while Old Stone Savings Bank and Old Stone Trust hold 1 5.6 percent and
0.2 percent, respectively. Competition between Plantations on the one hand,
and Old Stone Trust and Old Stone Savings Bank on the other, is not sub­
stantial as indicated by marked differences in the size deposits held and the
type of loans made, the small size of Old Stone Trust and the recency of its
entry of the commercial bank business, the decline of Plantations' share of
the area's banking business and the proxim ity of numerous other bank offices
including those of the State's tw o giant commercial banks. Old Stone Trust
primarily handles personal checking accounts for custom ers of its parent bank
and its commercial bank activities are restricted and likely to remain so absent
this proposal, given the history of emphasis on personal banking service by
both Old Stone Trust and its parent mutual savings bank, the dom ination of
commercial banking in Rhode Island, and the difficulties in obtaining additional
branch locations for commercial bank activities.
Rhode Island is serviced by 12 other comm ercial banks, five of w hich have
main offices in Providence. The Industrial National Bank of Rhode Island and
the Rhode Island Hospital Trust Company combined account for 85 percent
of total deposits in commercial banks and 50 percent of the total deposits of
commercial and mutual savings banks in the State. The greater capital and
resources of the resulting bank, its increased lending ability and the additional
services it can offer should place it in a position to become a significant
commercial banking com petitor fairly quickly. No im portant com petitive loss
appears to be involved in the proposed transaction and in any event it seems
clearly outweighed by the com petitive gain.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly or in any other
manner be a restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks and are so projected
for the resulting bank.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

103

Convenience and Needs o f the Com m unity to be Served. Plantations has had
a long and favorable history of banking in the com m unity but now lacks the
financial resources to expand to meet the ever-increasing demands of its
customers. In 1956, 1957 and 1959 stock sales met w ith increased resistance
and delay in marketing the offerings. The Old Stone Trust, on the other hand,
has been in the commerical field to a very minor extent, offering mainly
personal checking accounts and loans for customers of its parent mutual
savings bank. The combination of the tw o banks would enable the resulting
bank to offer broader services, including a larger lending lim it, various com puter
applications, additional safe deposit units, and trust and international banking
facilities.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 48

provisions.

In
operation

To be
operated

1

400

The Service Bank o f T o n ka w a
Tonkawa, Oklahoma
(proposed new bank)
to acquire the assets and
assume the deposit liabilities o f
Bank of C om m erce
Tonkawa
Approved under emergency
A ttorney General.

Banking Offices

5,449

No

report

1

requested

from

the

Basis for Corporation approval, October 7, 1 9 6 8
Bank of Commerce was closed by the Bank Commissioner of the State of
Oklahoma on September 25, 1968. The Corporation, in approving the pur­
chase and assumption transaction, found it necessary to act im m ediately in
order to restore needed banking services to the com m unity.

No. 49
The F irst T ru st C om pany of
A lle g a n y C ounty
W ellsville, New York
(change title to First Trust Union Bank)
to merge w ith
The U nion N a tio n a l Bank o f F ra n k lin v ille
Franklinville



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

3 6,807

7

7,229

1

To be
operated

8

104

FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by A ttorney General, June 27, 1 9 68
The First Trust of Allegany County has acquired six banks since 1957 and
now operates seven offices, all in Allegany County. The Union National Bank
of Franklinville is a unit bank w ith its office located at Franklinville. Cattaraugus
County, Union National's home county, is situated in the southw estern part of
the State adjacent to Pennsylvania. The tow n of Franklinville is in the east
central section of Cattaraugus County adjacent to Allegany County. Both Cat­
taraugus County and Allegany County are primarily agricultural, although light
industry and production of crude oil contribute to the counties' income.
The branch of First Trust closest to Union National is located at Cuba, New
York, 1 8 miles southeast of Franklinville. As there are no other banking facilities
located between Union National and First Trust's Cuba office, the area serviced
by the banks may overlap to some lim ited degree and some small am ount of
direct com petition may exist between them.
Although New York law perm its lim ited branch banking, First Trust cannot
branch de novo into the home office area of Union National, nor in view of the
present lim ited size of the com m unity and its relatively stagnant population
trend would such de novo branching appear likely.
Accordingly, we conclude that this proposed merger does not appear to have
significant anticom petitive effects.

Basis for Corporation approval, October 24, 1 9 68
The First Trust Company of Allegany County, W ellsville, New York (First
Trust), an insured State nonmember bank w ith total deposits of $ 3 2 ,7 8 7 ,0 0 0
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior consent to merge The Union
National Bank of Franklinville, Franklinville, New York (Union National), w ith
total deposits of $6 ,3 9 9 ,0 0 0 . The banks w ould effect this transaction under the
charter of First Trust and w ith the title First Trust Union Bank and as an in­
cident thereof, the sole office of Union National would become a branch of First
Trust, increasing the number of its offices to eight.
Competition. First Trust operates a main office in W ellsville and six branches
throughout Allegany County, New York, from 14 to 38 miles distant from
Wellsville. Union National operates its sole office in Franklinville, Cattaraugus
County, 40 miles northw est of W ellsville on the main north-south route con­
necting the larger population centers of Buffalo and Olean, New York. The
closest office of First Trust is at Cuba, 20 miles southeast from Franklinville.
Competition between First Trust and Union National is not substantial and the
residents of Franklinville w ill continue to have alternate bank choices. The area
served by the resulting bank w ould contain 14 banks operating 31 offices. The
home office protection enjoyed by Union National w ould be ended by this pro­
posal. First Trust is presently the second largest bank in the relevant service
area and w ill move to first position by the addition of Union National. It w ill
however, continue to receive strong com petition from the other W ellsville bank.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to both participating banks and are so projected for
the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Union National has
served its com m unity well over its long history, however, additional services
would be offered by the resulting bank, benefiting the local com m unity. These
w ould include trust services not now offered by Union National as well as



BANK ABSORPTIONS APPROVED BY THE CORPORATION

105

certain specialized types of lending, certificates of deposit and special type
checking accounts. The legal lending lim it of Union National is now only
$ 8 0 ,0 0 0 as contrasted w ith that of the resulting bank, $ 3 9 4 ,0 0 0 .
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 50
N ew B rita in B ank and T ru s t C om pany
New Britain, Connecticut
to merge w ith
The R ocky H ill Bank and T ru s t C om pany
Rocky Hill

Banking Offices
In
operation

4 8 ,9 4 8

7

4,487

1

To be
operated

8

Summary report by A ttorney General, Septem ber 20, 1 9 68
New Britain (population 78,000), the second largest city in urban Hartford
County (population 777 ,0 0 0 ) is 8 miles w est of Rocky Hill (population 9,000).
Hartford (population 162,000) is about 8 miles northeast of New Britain and
8 miles northw est of Rocky Hill.
New Britain Bank's head office and five of its branches are located 8 miles
from Rocky Hill's sole office; its nearest branches appear to be in N ewington
and Berlin, 5 miles northwest and 5 miles southwest, respectively, of Rocky Hill.
There are no commercial banking offices in the intervening areas, although both
Connecticut Bank and Trust Company and Hartford National Bank and Trust
Company, each w ith deposits of over $ 7 0 0 million, operate branches about 2
miles north of Rocky Hill. Eleven common depositors have $ 1 0 1 ,6 4 2 in New
Britain Bank and $ 1 5 ,1 1 9 in Rocky Hill Bank, and seven comm on borrowers
have loans of $1 1,557 from New Britain Bank and $ 1 6 ,8 4 0 from Rocky Hill
Bank. New Britain Bank and Rocky Hill Bank have, respectively, 90 and 64
deposit accounts from, and, 17 and 41 loans in, the other service area. Thus,
it appears that this merger w ill elim inate com petition between these banks.
New Britain holds about 4 percent of the county IPC demand deposits and
Rocky Hill holds about 0.2 percent. However, Hartford County overstates the
relevant geographic market. Five banks operate eight offices w ith in the area
of Rocky Hill, Berlin, N ewington and W atersfield. As of June 30, 1966, New
Britain Bank held 11 percent of IPC demand deposits and Rocky Hill Bank held
about 4 percent of such deposits in this market.

Basis for Corporation approval, October 24, 1968
New Britain Bank and Trust Company, New Britain, Connecticut (Applicant),
an insured State nonmember bank w ith total deposits of $ 4 1 ,3 1 3 ,0 0 0 , has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge w ith Rocky Hill
Bank and Trust Company, Rocky Hill, Connecticut (Rocky Hill Bank), w hich has
total deposits of $ 3 ,7 7 5 ,0 0 0 . The banks would merge under the charter and
w ith the title of the A pplicant and, as an incident to the merger, the main and
only office of Rocky Hill Bank w ould become a branch of the Applicant, in­
creasing the number of its offices to eight.



106

FEDERAL DEPOSIT INSURANCE CORPORATION

C ompetition. A pplicant is headquartered in New Britain w hich has a popula­
tion of 86,300. It operates three branches in New Britain and one in each of
three other com m unities in the central section of the State. Rocky Hill is 8
miles east from New Britain and has a population of 8,900. The main office is
the only office operated by the Rocky Hill Bank. The merging banks' closest
offices are 5 miles apart and no other banking locations are situated between
them.
The service area relevant to this proposal includes the tow ns of New Britain,
Newington, the northern half of Berlin, Bloomfield, Rocky Hill and W ethersfield.
When considering commercial banks alone, New Britain's largest bank holds
37.8 percent of total deposits in five banking offices. The next largest share
would be held by the resultant bank w ith 36.4 percent in eight offices (this
includes 33.4 percent in the A pplicant's seven offices increased by 3.0 percent
in Rocky Hill Bank's only office). Connecticut's tw o largest comm ercial banks
hold the remaining 25.8 percent of deposits in four branch offices. Thus the
Applicant w ould hold the second largest am ount of deposits both before and
after the merger. There are a total of 17 commercial banking offices in the
service area.
When considering total deposits of both commercial and mutual savings
banks, the number of banking offices is increased to 30. The tw o largest shares
of total deposits are held by tw o mutual savings banks based in New Britain
w ith 31.4 percent and 1 7.1 percent in four offices and tw o offices, respectively.
New Britain's largest commercial bank would follow w ith 1 1.6 percent of total
deposits in five offices. The resultant bank would be fourth largest w ith 1 1.1
percent of deposits held in its eight offices (this includes 10.2 percent in A p ­
plicant's seven offices increased by 0.9 percent in Rocky Hill Bank's only
office). The mutual savings bank in Berlin is next largest w ith 9.1 percent in
three offices. The State's tw o largest commercial banks combined hold 7.8 per­
cent in four offices and the remaining three mutual savings bank combined hold
1 1.9 percent in four offices. Thus when including both comm ercial and mutual
savings banks, the Applicant would remain fourth largest both before and after
the merger.
Both banks have experienced good grow th; however, measured by the
am ount of business each derives from the other's im mediate area, it appears
there is not a substantial am ount of com petition between the merging banks.
The small increase in concentration in banking resources in the relevant market
area would not have significant adverse affects on com petition.
The Board of Directors is of the opinion that the effect of the proposed
merger would not be substantially to lessen com petition, tend to create a
monopoly or, in any other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are favorable w ith respect to the A pplicant and are so projected for the re­
sultant bank. Greater management depth w ould be provided the Rocky Hill
Bank by the Applicant.
Convenience and Needs o f the Com m unity to be Served. The residential and
industrial grow th forecast for the Rocky Hill area w ill tend to increase credit
requests in the not too distant future. The most significant changes to be
offered by the resultant bank would be a greater legal lending capacity and
trust departm ent facilities which would be available at the Rocky Hill Office.
Other improved and more varied services w ould also be available.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 51
In d u stria l V alley Bank and T ru st C om pany
Jenkintown, Pennsylvania
to merge w ith
Lehigh V alley T ru st C om pany
Allentow n

107

Banking Offices
In
operation

3 0 7 ,5 1 4

31

7 9,399

6

To be
operated

37

Summary report by A ttorney General, Septem ber 1 6, 1 9 6 8
A llentow n (1960 population 108,000) located about 50 miles n o rth -n o rth ­
w est of Philadelphia, is the principal city in Lehigh County. Bethlehem (1 960
population 75,000) is located im m ediately to the east of A llentow n, partly in
Lehigh County and partly in N ortham pton County. Much of Lehigh County is
rural in nature, but there is considerable industrial activity in the A llentow nBethlehem area.
As of December 3 1 , 1 967, the A llentow n-B ethlehem market was served by
five commercial banks w ith total deposits of $ 5 5 6 million. Lehigh Trust, w ith
about 13 percent of commercial bank deposits in this market, is the smallest
of these banks, although there are smaller banks operating in Lehigh County.
Industrial Valley operates ho offices in Lehigh County and there appears to
be very lim ited com petition between these tw o banks whose closest offices are
approximately 1 5 miles apart.
Pennsylvania law perm its de novo branching by a comm ercial bank into all
counties which are contiguous to the county in which the bank's head office is
located. Since M ontgom ery County is contiguous to Lehigh County, Industrial
Valley could branch de novo into Lehigh County and into A llentow n. Moreover,
it is one of the few large banks operating in the Philadelphia area w hich can do
so, since most Philadelphia banks have their head offices in Philadelphia
County, which is not contiguous to Lehigh County.
Since 1964 Industrial Valley has increased the number of its offices from 21
to 30. Of these new offices, five were acquired by merger and the remainder
were opened de novo. Given its size, location, and history of de novo branching
activity, it appears that Industrial Valley is a likely potential de novo entrant
into Lehigh County and Allentow n.
To summarize the proposed merger would combine a likely de novo entrant
into the large and highly concentrated A llentow n-B ethlehem market w ith a
significant com petitor there. Accordingly, it is our view that the merger w ould
have an adverse effect upon potential com petition.

Basis for Corporation approval, October 24, 1968
Industrial Valley Bank and Trust Company, Jenkintow n, Pennsylvania (Ap­
plicant), an insured State nonmember bank w ith total deposits of $ 2 7 5 million,
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior consent to merge w ith Lehigh
Valley Trust Company, A llentow n, Pennsylvania (A llentow n Bank) w hich has
total deposits of $73.7 million, under the charter and title of the A pplicant and,
incident thereto, to establish seven branches at the six existing offices and one
approved but unopened office of A llentow n Bank.
Competition. The service area of Applicant, of w hich the population is e sti­
mated at 2,3 40,0 0 0 , is essentially Philadelphia and southeastern Pennsylvania.
Philadelphia and the surrounding area are heavily industrialized w ith diversified
activity, extensive commercial services, port facilities, and an expanding resi­



108

FEDERAL DEPOSIT INSURANCE CORPORATION

dential population. The economy in the com m unities in the surrounding
counties (Bucks, Montgomery, Chester, and Delaware) w here A pplicant
presently has branches, for the most part, is geared to the economy of the
greater Philadelphia area.
The service area of A llentow n Bank is confined to Lehigh County and the
southern portion of Northam pton County, including Bethlehem, w hich straddles
the boundary between the tw o counties. Lehigh County is contiguous to
M ontgom ery County on the north and the merger w ill expand A pplicant's pri­
mary service area to this region. The population of A llentow n Bank's service
area is estimated at 4 1 0 ,0 0 0 . A llentow n is a heavily industrialized com m unity,
part of the A llentow n-B ethlehem area w hich has experienced substantial
population grow th in recent years.
The main offices of the tw o banks are 50 miles apart and the closest office
of A pplicant to A llentow n Bank is some 17 to 18 miles south tow ard Phila­
delphia. The tw o banks operate in separate market areas and there is little, if
any, com petition between them. Moreover, there seems little potential for
com petition between them ; A llentow n Bank has shown no inclination to ex­
pand beyond the A llentow n area and it is doubtful th a t Applicant could obtain
the State's approval to enter A llentow n through de novo branching For these
and other reasons, elim ination of potential com petition is not considered a
realistic objection to this merger.
Applicant ranks fourteenth among 44 banks located in its primary service
area (tenth among commercial banks), as measured in term s of IPC deposits.
Several of its Philadelphia com petitors hold IPC deposits in excess of $1 billion
each. W ith respect to this market area, the merger w ould have no significant
effect on com petition. Any com petitive effects w ould occur in the service area
of A llentow n Bank where it ranks seventh among tw e n ty com peting banks, in
term s of IPC deposits. In the im mediate Allentow n-B ethlehem area, it ranks
smallest among seven banks, being only about one-third the size of the largest
bank. The merger should tend to increase com petition in the area now served
by Allentow n Bank.
The Board of Directors is of the opinion that the merger would not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. Financial re­
sources and future prospects are satisfactory w ith respect to both participating
banks and are so projected for the resulting bank. W ith respect to managerial
resources, the merger w ill fill a gap in adm inistrative personnel in A llentow n
Bank— a situation which has been a continuing problem in recent years. It w ill
substitute an active and aggressive management for one w hich lacks such
capabilities in a highly com petitive banking market.
Convenience and Needs o f the Com m unity to be Served. As a result of the
merger, the A llentow n-B ethlehem area would gain the advantage of a bank
w ith a larger lending lim it than any now available in the area itself. The re­
sulting bank could provide substantial credit lines and make accessible the
present com puter services of the Applicant for a variety of custom er service
requirements. Qualified personnel would be available to adequately adm inister
an expanded portfolio and loan services. The more adequate management and
more modern operating procedures of the larger bank would also tend to better
serve the needs and convenience of the Allentow n-B ethlehem com m unity.
Additionally, the availability of a bank w ith branches in Philadelphia would be
of some service.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 52
C entral C arolina Bank & T ru st C om pany
Durham, North Carolina
to merge w ith
C arolina Bank and T ru st C om pany
Denton

109

Banking Offices
In
operation

107,186

25

4,681

1

To be
operated

26

Summary report by A ttorney General, July 25, 1 9 68
W ithin about 15 miles of Denton five banks operate eight banking offices.
Because of the 28-m ile distance between the nearest offices of the merging
banks, and the availability of other banking alternatives, there appears to be no
direct com petition between them at the present time.
North Carolina law perm its statewide de novo branching. W hile it does not
appear likely that Carolina Bank w ith its limited resources and local orientation,
w ould open offices in areas now served by Central Bank in the foreseeable
future. Central Bank has been expansion-minded in the past and has scattered
branch operations; these factors suggest that it could become a com petitor of
Carolina Bank through de novo branching in the economically vigorous Denton
vicinity. The proposed merger w ould elim inate Central Bank as a source of
potential com petition in Denton or in Davidson County.

Basis for Corporation approval, November 1, 1968
Central Carolina Bank & Trust Company, Durham, North Carolina (A ppli­
cant), an insured State nonmember bank w ith total deposits of $ 9 8 million, has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior consent to merge w ith Carolina Bank
and Trust Company, Denton, North Carolina (Denton Bank) w hich has total
deposits of $4.1 million, under the charter and title of the A pplicant and, in­
cident thereto, to establish the sole office of Denton Bank as a branch.
Competition. Applicant, operating 24 branches, is a regional bank offering a
complete range of banking services. All but tw o of its offices are located w ithin
a 55-m ile radius of Durham which, together w ith Chapel Hill (12 miles south­
west) and Triangle Park (8 miles south), comprises the principal market area.
Thirteen of the 25 offices are located in these three comm unities. The Durham
area is heavily industrialized and, w ith the three major universities in the State
located in the area, research developm ent has become an im portant economic
activity. Agriculture, also, continues to be an im portant segment of the econ­
omy. Denton is about 90 miles southw est of Durham and the closest office of
Applicant is at Mocksville, 37 miles northwest. Denton Bank is the only bank
in Denton and it serves a rather lim ited local area in which there is some in­
dustry but where agriculture still is of major economic importance.
There is no overlapping of the service areas of A pplicant and Denton Bank
and the merger would not result in a substantial lessening of com petition,
actual or potential. Officials of banks competing w ith Denton Bank offered no
objections to the proposal. Applicant, ranking eighth in size among all North
Carolina banks, competes w ith offices of the other ten largest. It is much
smaller than most of its major com petitors, holding 2.2 percent of total deposits
held by all banks competing in the combined service areas, as compared to
26.4 percent for the largest bank, 3.9 percent for the sixth largest, and 2.4 per­
cent and 2.0 percent for the seventh and ninth largest banks, respectively.
Denton Bank holds a minor 0.1 percent of the total deposits and the addition of



FEDERAL DEPOSIT INSURANCE CORPORATION

110

its resources to those of Applicant w ould have no significant effect on com ­
petition in the latter's present service area. Major com petition for Denton Bank
emanates from banks in Asheboro, Lexington, and Thomasville, 1 8 to 19 miles
from Denton, including branches of the State's largest and third largest banks.
The substitution of a branch of A pplicant for Denton Bank should tend to in­
crease com petition w ith these banks.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to both participating banks and are so projected for
the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Denton Bank,
because of its comparatively lim ited resources and unit structure, is unable to
provide a full range of banking services. As a result of the merger, the Denton
area w ould gain the advantage of a large regional bank which provides all
types of banking facilities on a larger and broader scale and, thus, could better
serve the convenience and needs of the community.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 53
First S tate Bank & T ru st C om pany
Albany, Georgia
to acquire the assets and assume
the deposit liabilities o f
A lb a n y S avings Bank
Albany

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

37,471

4

9 ,0 8 0

1

To be
operated

4

Sum mary report by A ttorney General, September 20, 1 9 68
The economy of Albany (population, 68,000), the principal center of
Dougherty County (population, 9 0 ,000) is industrial, although the surrounding
area is agricultural. There are tw o m ilitary installations on the outskirts of the
city. W ithin Dougherty County, three comm ercial banks and one savings bank
operate 10 offices, all in or im m ediately outside of Albany.
Two savings and loan associations, Albany First Federal Savings and Loan
Association (total deposits $19 million) and Home Federal Savings and Loan
Association (total deposits $11 million) also operate four offices in Albany.
Both banks accept savings deposits and offer comparable loan services in
the same market. A fter merger, the resulting bank w ill have 43 percent, or the
largest share, of savings deposits in all comm ercial banks and savings and loan
associations in Dougherty County. However, in view of the interlocking control
of the tw o banks which has existed since Albany Savings Bank was organized,
the tw o banks probably do not now compete w ith one another to any sig n ifi­
cant extent. The proposed merger would elim inate Albany Savings as a po­
tential independent com petitor in Dougherty County should such comm on
ownership be dissipated in the future.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

111

Basis for Corporation approval, November 1, 1968
First State Bank & Trust Company, Albany, Georgia (State Bank), an insured
State nonmember bank w ith total deposits of about $ 3 2 ,0 2 5 ,0 0 0 , has applied
pursuant to Section 1 8(c) and other provisions of the Federal Deposit Insurance
A ct for the Corporation's prior approval to acquire the assets of and assume
the liability to pay deposits made in Albany Savings Bank, Albany, Georgia
(Savings Bank) which has total deposits of about $7,91 2,000. The banks would
effect this transaction under the charter and w ith the title of State Bank and as
an incident to the transaction, the sole office of Savings Bank w ould become a
branch of State Bank and the number of its offices would remain at four. This is
due to the planned discontinuation of State Bank's branch located directly
across the street from Savings Bank's office.
Competition. State Bank operates its main office and tw o branches in
Albany, Georgia and one facility at the naval air station w hich is adjacent to
Albany. Albany is located in the center of the southw est quadrant of the State
of Georgia and has an estimated population of 68,000. It is located in
Dougherty County w ith an estimated population of 85,000. Savings Bank's
sole office is located in dow ntow n Albany, directly across the street from one
of State Bank's branches and one block from its main office. C om petition be­
tw een the participating banks is moderate at most. This is attributed in part to
the difference in the services offered by the respective institutions. State Bank
is a full service commercial bank offering a broad range of comm ercial bank
services, whereas Savings Bank has restricted its activities prim arily to th rift
services and real estate mortgage loans. Furthermore, effective com petition
between the tw o banks is inhibited by long-standing interlocking control of
both banks. Indeed, the tw o fam ilies which own control of State Bank were
principal organizers of Savings Bank in 1950.
State Bank is presently the second largest of the four banks operating in
Albany and the resulting bank would remain in the second position. There
w ould still be tw o other banks operating in Albany. The largest bank is a m em ­
ber of a holding company whose lead bank is the largest bank in the State of
Georgia. The moderate increase in State Bank's resources w ould not adversely
affect com petition in the relevant area.
The Board of Directors is of the opinion that the proposed transaction w ould
not substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are satis­
factory w ith respect to State Bank as they would be for the resulting bank.
Savings Bank's problems, w ith respect to capital and ability to offer com petitive
services, w ould be elim inated by this transaction.
Convenience and Needs o f the C om m unity to be Served. State Bank appears
to be a well established bank able to offer the wide range of services desired by
the comm unity. The services rendered by Savings Bank are very lim ited and the
resulting bank w ould be a larger full service institution. It appears that the
Albany public w ould be benefited through the additional services w hich w ould
be rendered by three com petitive full service institutions.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.



112

FEDERAL DEPOSIT INSURANCE CORPORATION

Resources
(in
thousands
of dollars)

No. 54
W a sh in g to n T ru st Bank
Bristol, Virginia
to merge w ith
Russell C o unty N a tio n a l Bank
Honaker

Banking Offices
In
operation

19,441

4

8,241

3

To be
operated

7

Sum mary report by A ttorney General, Septem ber 5, 1 9 6 8
W ashington Trust is an affiliate of Virginia Com m onwealth Bankshares
Incorporated, a registered bank holding company having nine other mem ber
banks and about 5 percent of total deposits in the State. It is the fourth largest
of five banks operating 11 offices in the Bristol, Virginia area (population
17,000) and the only bank headquartered there. Two of these are branches
of banks having over $ 3 0 0 million in total deposits.
Russell County (1 9 6 0 population, 26,300), whose economy rests on tobacco
and livestock had, as of June 30, 1966, total deposits of $14 .9 million. The
county is served by tw o banks, Russell National and a branch of First National
Exchange Bank in Virginia (total deposits $ 3 3 7 million) located in Lebanon
(population 2,085).
W ashington Trust and Russell National are 58 miles apart and have no
known common depositors; the nearest affiliate of Virginia Com m onw ealth
Bankshares to an office of Russell National is 25 miles away. Thus, no elim ina­
tion of com petition is involved in the proposed merger.
Virginia law prohibits branching outside of the county in w hich a bank's head
office is located except by merger. Thus, neither bank is a potential de novo
entrant into the other's market. Virginia Com m onwealth Bankshares does have
the resources to enter Russell County de novo. However, given the size of the
market, this does not seem to be a realistic possibility at this time.

Basis for Corporation approval, November 11, 1968
W ashington Trust Bank, Bristol, Virginia (Applicant), an insured State non­
member bank w ith total deposits of $17,41 1,000 and a subsidiary of Virginia
Com m onwealth Bankshares, Inc., Richmond, Virginia, a registered bank holding
company, has applied, pursuant to Section 18(c) and other provisions of the
Federal Deposit Insurance Act, for the Corporation's prior consent to merge
w ith Russell County National Bank, Honaker, Virginia (National), w hich has
total deposits of $ 7.4 million, under the charter and title of the A pplicant and,
incident thereto, to establish three branches at the existing locations of
National.
Competition. The service area of A pplicant includes the cities of. Bristol,
Virginia, and Bristol, Tennessee (contiguous cities having a common main
street), and the surrounding area in W ashington County, Virginia, and Sullivan
County, Tennessee, w ith in a radius of about 10 miles of Bristol. The city is an
urban retail and service center serving southw est Virginia and the region known
as Upper East Tennessee. The 1966 population of the Bristol m etropolitan
area was about 180,000. The most im portant of the area's basic industries is
manufacturing which accounted for 39 percent of total em ploym ent in 1965.
The area has experienced strong economic grow th in recent years.
The service area of National lies w ithin Russell County w hich is mountainous
and predom inantly rural. Agriculture is the leading industry w ith fine burley



BANK ABSORPTIONS APPROVED BY THE CORPORATION

113

tobacco, cattle and sheep providing the major part of farm income. The present
population of the service area is estimated at 27,600.
Three of Applicant's four offices are w ithin the city lim its of Bristol and the
other is in W ashington County about 5 miles northeast of d ow ntow n Bristol.
National's main office in Honaker is 51 miles northeast of dow ntow n Bristol, its
Lebanon Branch is 35 miles north, and its Cleveland Branch (acquired in a
1966 merger) is 42 miles north. The nearest offices of the merging banks are
30 miles apart and they operate in separate market areas. Virginia law prohibits
either bank from establishing de novo branches in the service area of the other
and the only means of accomplishing branch expansion beyond the present
service area of either bank is by merger. Thus, there is no existing or potential
com petition between the tw o banks which w ill be eliminated. The nearest other
subsidiary bank of Virginia Com m onwealth Bankshares, Inc. to Bristol or the
offices of National is The First Valley Bank, W eber City, Virginia, the sole office
of which is 27 miles w est of Bristol and not competitive.
A pplicant ranks fourth in size, in term s of total deposits, among six banks
com peting in its present service area. Two of its com petitors, operating five
branches in the area, are substantially larger banks— one about equal in size
w ith the State's present largest bank and the other ranking fourth. A pplicant
would increase its relative size by less than 1 percent as a result of the merger
which, w ith respect to this market area, w ould have no significant effect on
competition. Any com petitive effects would occur in the service area of Na­
tional which ranks next to sm allest among five banks com peting in th a t area,
including the same tw o substantially larger banks represented in Bristol. The
merger should tend to increase com petition in the area now served by National.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to both participating banks and are so projected for
the resulting bank.
Convenience and Needs o f the Com m unity to be Served. Both A pplicant
and National have served com m unity convenience and needs in their respective
service areas for a number of years. The resulting bank could provide a broader
range of banking services on a larger scale through its greater resources, larger
capital base, and improved management capabilities. This w ould be especially
true in the service area of National. The increased lending lim it w ill be bene­
ficial w ith respect to the larger comm ercial and industrial activities; also, the
resulting bank can provide a w ider range of specialized loan services in the
m arket area of National.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 55
The A m e rica n B ank
W oodbridge, Virginia
to merge w ith
F id e lity N a tio n a l Bank
A rlington



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

3 7 ,4 1 0

13

2 2 ,6 6 8

3

To be
operated

16

114

FEDERAL DEPOSIT INSURANCE CORPORATION

Sum mary report by A ttorney General, Septem ber 27, 1968
The Am erican Bank, a subsidiary of Virginia Com m onwealth Bankshares,
operates 13 banking offices, 12 of which are in Prince W illiam and Fairfax
Counties, and one in Arlington County, in Northern Virginia. Fidelity National
Bank operates its main office and tw o branches in the tow n of A rlington in
A rlington County, Virginia. The one A rlington County branch of Am erican Bank
is located one mile from a Fidelity branch. Thus, there is some com petition
between the tw o banks which w ould be eliminated by the proposed merger.
Eight banking organizations, four of w hich are bank holding companies, and
one of which is a very large Richmond bank, operate 45 offices in A rlington
County. As of June 30, 1966, American Bank held the smallest share, or 1.3
percent of total county deposits, and Fidelity held the sixth largest share, or
4.1 percent.

Basis for Corporation approval, November 12, 1968
The American Bank, W oodbridge, Virginia (American), an insured State non­
member bank w ith total deposits of $31 m illion and a subsidiary of Virginia
Com m onwealth Bankshares, Inc., Richmond, Virginia, a registered bank holding
company, has applied, pursuant to Section 18(c) and other provisions of the
Federal Deposit Insurance Act, for the Corporation's prior consent to merge
w ith Fidelity National Bank, Arlington, Virginia (Fidelity), w hich has total de­
posits of $ 2 0 million, under the charter and title of Am erican and, incident
thereto, to establish three branches at the existing locations of Fidelity.
Competition. The service area of Am erican includes all of Prince W illiam
County, the eastern section of Fairfax County near the independent City of
Alexandria, and tw o sections of A rlington County. Fidelity's three offices serve
three different sections of A rlington County which is prim arily a residential
section in the W ashington metropolitan area. A t the end of 1967, its popula­
tion was estimated at 184,0 0 0 w ith governm ent employees representing
alm ost one-third of total em ployment. There are a large number of professional
and retail outlets in the area and some commercial and industrial activity.
Prince W illiam County w hich lies w est and south of Fairfax County had an
estimated population of 9 1 ,8 0 0 at the end of 1967. A large part of its w orking
population is employed in governm ent offices or in nearby m ilitary establish­
ments. Agriculture, brick kilns, and lumbering, however, continue to constitute
a major part of the economy. American has eight offices in Prince W illiam
County, and tw o each in A rlington and Fairfax Counties.
The closest offices of the merging banks are the main office of Fidelity at
Court House Square, A rlington and the Rosslyn Branch (A rlington County) of
American, about one mile apart. The am ount of business that each bank derives
from the service area of the other is nominal and, while some lessening of
com petition would result, it is not substantial in relation to the total existing
com petition in the relevant market area. American has total deposits of about
$7.5 million in its four offices in Arlington and Fairfax Counties, as compared
to more than $ 6 0 0 million held by other commercial banks in the same area.
Moreover, com petition derives to some extent from the 1 5 banks located in the
D istrict of Columbia, to where many of the residents com m ute for employment.
Am ong 16 banks considered to be prim arily com petitive, American holds 3.9
percent of the total deposits and the resulting bank would hold 7.3 percent. By
comparison, four of the 16 banks are subsidiaries of another large Virginia
holding company and, combined, hold 34.5 percent of the total deposits. The
merged institution w ould represent an increased source of com petition for
these and other larger banks in the area. Moreover, w ith in a short distance of
each office of Fidelity are several offices of other banks (both independent and



BANK ABSORPTIONS APPROVED BY THE CORPORATION

115

affiliated) which would provide the public w ith continued convenient availability
of numerous alternate banking choices.
The Board of Directors is of the opinion that the merger would not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to American. On the other hand, Fidelity, w hich is
a relatively new bank (organized in 1964), has experienced serious manage­
ment and asset problems. The merger w ould correct the weakened asset condi­
tion of Fidelity by elim inating it as an independent bank and w ould provide the
public w ith offices of a much sounder institution. The inadequate management
w ould be strengthened by the management of Am erican w hich is considered
fully adequate for the resulting bank, more particularly through the depth,
competence, and management skills which can be provided by the parent
holding company. Future prospects for the resulting bank appear favorable.
Convenience and Needs o f the Com m unity to be Served. As a result of the
merger, the customers of Fidelity and the public in the areas it serves would
gain the advantage of a bank w ith a larger lending lim it and w ould benefit from
the skilled and specialized services offered by American, not only through its
internal organization, but also through its holding company affiliation. The
parent bank in this holding company group has gained nationally recognized
expertise in the field of consumer credit. Other specialized services which
would be offered by American include a credit card program, investm ent and
credit analysis, specialization in various types of lending, public relations and
advertising, electronic data processing of records, and internal routine and
controls.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 56
The C itizens Bank o f P ortland
Portland, Indiana
to merge w ith
P ennville S tate Bank
Pennville

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

1 1,284

1

928

1

To be
operated

2

Summary report by A ttorney General, August 2 1 ,1 9 6 8
This merger involves tw o small banks located respectively in Portland (popu­
lation 7,000) and Pennville (population 800), tw o com m unities located 12
miles apart in Jay County (1 9 6 0 population of 22,572). This county is presently
being served by six banks w ith seven banking offices.
There is some existing affiliation between the tw o banks. The President of
Citizens Bank, who is also a Director, serves as a Director of Pennville Bank,
w ith 14.5 percent and 12 percent of the stock of the respective banks. A nother
Director of Citizens Bank owns 5.2 percent of the stock of Pennville Bank. The
duration of these stock interests is not indicated in the application.
Citizens Bank is about 12 miles from Pennville Bank w ith no intervening
offices. There appears to be some com petition between the merging banks,
which have 20 common IPC deposit accounts totalling $ 1 .4 m illion and 10



116

FEDERAL DEPOSIT INSURANCE CORPORATION

common IPC loan accounts totalling $ 5 4 0 ,0 0 0 . This com petition w ill be e lim i­
nated by this merger. To the extent that com petition may have been foreclosed
by the existing affiliation discussed above, the proposed merger w ould per­
manently eliminate the possibility that com petition w ould be resumed if, and
when, the affiliation were terminated.
Citizens Bank is the second largest of the three banks operating in Portland
and of the six banks operating in Jay County. It holds approxim ately 29 percent
of Jay County's IPC demand deposits and Pennville Bank holds about 3 percent.
The largest bank in the county holds 38 percent of such deposits.
W hile Pennville Bank's recent financial history indicates that it is encounter­
ing certain difficulties, the application does not contain any inform ation that
w ould indicate that its problems could not be solved by means other than
merger w ith the second largest bank in the area.

Basis for Corporation approval, November 19, 1968
The Citizens Bank of Portland, Portland, Indiana (Applicant), an insured
State nonmember bank w ith total deposits of $ 1 0 ,3 7 3 ,2 0 0 , has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge w ith Pennville State Bank,
Pennville, Indiana (Pennville Bank), which has total deposits of $ 8 3 4 ,8 0 0 . The
banks w ould merge under the charter and w ith the title of the Applicant and,
as an incident to the merger, the main and only office of Pennville Bank would
become a branch of the Applicant, increasing the number of its offices to tw o.
Competition. A pplicant is headquartered in Portland which has a population
of 6,754. Pennville is 12 miles northwest from Portland and has a population of
730. No branches are operated by either bank. There are no banking offices
situated between the offices of the participating banks.
The service area relevant to this proposal includes an area w ithin a 6 to 8
mile radius of Portland and an area w ith a slightly shorter radius around Penn­
ville. There is a slight overlapping which is not considered significant. The
largest bank in the resultant bank's service area holds 4 9 .4 percent of total
deposits. The next largest share would be held by the resultant bank w ith 33.2
percent (this includes the A pplicant's 30.8 percent and Pennville Bank's 2.4
percent). The remaining bank holds 1 7.4 percent of deposits. Thus the Applicant
w ould be second largest both before and after the merger.
The Applicant has experienced good grow th and the Pennville Bank m oder­
ate grow th in recent years. Measured by the am ount of business each derives
from the other's service area, com petition does not appear to be substantial
between the merging banks. The small increase in concentration in banking
resources in the relevant market would not have an adverse effect on com ­
petition.
The Board of Directors is of the opinion that the effect of the proposed
merger w ould not be substantially to lessen com petition, tend to create a
monopoly or, in any other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
acceptable w ith respect to the Applicant and are so projected for the resultant
bank. Improved management quality and depth would be provided the Pennville
Bank by the Applicant. Better operating procedures of the A pplicant w ould
substantially improve the prospects of the Pennville office.
Convenience and Needs o f the Com m unity to be Served. Except for a higher
lending lim it, there w ill be little change in the services offered the com m unity
of Portland. The services to be offered the com m unity of Pennville w ill be sub­
stantially improved over those presently available. In addition to higher lending
lim its and trust facilities, the banking quarters would be more accessible and
experienced main office personnel would be available for consultation, espe­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

117

cially to provide inform ation regarding agricultural lending. It appears that
com m unity services in Pennville would be improved.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 57
Bank of W a rw ic k
N ewport News, Virginia
to acquire a portion o f the assets
and assume a portion o f the liabilities o f
The Bank o f V irg inia
Richmond

Banking Offices
In
operation

33 ,4 5 3

6

18 .3 2 9 151

1

To be
operated

7

Summary report by A ttorney General, O ctober 1 6, 1 9 6 8
The Bank of W arw ick and the Bank of Virginia are both affiliates of the
Virginia Commonwealth Bankshares, Inc., a registered bank holding company
which owns 99.9 percent of the outstanding capital stock of both banks.
Although an office of the Bank of W arw ick and the branch office of the Bank
of Virginia involved in this transaction are located practically next to each other,
the proposed transaction w ill not elim inate com petition because the Bank of
W arw ick and the Bank of Virginia are both owned by the same holding com ­
pany. The reason for the transfer of the branch office from one subsidiary to
the other, apparently, is merely to increase economies of operation.

Basis for Corporation approval, November 26, 1968
B a n k of W a r w ic k , N e w p o rt N e w s , V irg in ia (W a rw ic k ), a State mem ber b a n k

w ith total deposits of $ 3 0 ,2 2 5 ,0 0 0 and a subsidiary of Virginia Com m onw ealth
Bankshares, Inc., Richmond, Virginia, a registered bank holding company, has
applied, pursuant to Sections 6 and 18(c) and other provisions of the Federal
Deposit Insurance Act, for Federal deposit insurance as a State nonm em ber
bank to become effective sim ultaneously upon w ithdraw al from mem bership in
the Federal Reserve System; and for the Corporation's prior consent to acquire
the assets of and assume liability to pay deposits of $1 7 ,3 1 0 ,0 0 0 made in the
N ewport News Branch (Branch) of The Bank of Virginia, Richmond, Virginia,
also a subsidiary of Virginia Com m onwealth Bankshares, Inc., and, incident
thereto, to establish this branch as a branch of W arw ick, w ith subsequent
change of location from 2 8 0 5 W ashington Avenue to 3 0 2 7 W ashington
Avenue, N ewport News, Virginia; and for the Corporation's prior w ritte n con­
sent to exercise trust powers.
Competition. The service area of the six offices of W arw ick covers the con­
tiguous independent cities of N ew port News and Hampton and the southern
part of York County, located im m ediately to the north. Branch is located in
dow ntow n N ewport News, one block from the nearest office of W arw ick. The
economy of the area, which has a total population of about 2 8 2 ,0 0 0 , is related
to several m ilitary and naval establishm ents, N ew port News Shipbuilding and
Dry Dock Company, and various other smaller industries. Tourtsm and nearby
beaches provide some stimulus to the economy.
The tw o banks are only nom inally com petitive, since both are subsidiaries
of the same holding company. Branch is the only office of The Bank of Virginia



118

FEDERAL DEPOSIT INSURANCE CORPORATION

in the N ewport News area and under Virginia statutes is precluded from estab­
lishing additional de novo branches in the area. The resulting bank w ould hold
the third largest volume of local deposits among seven banks in the market
area— the same position it presently holds among eight banks. It faces direct
com petition from branches of the State's tw o largest banks; also, the largest
bank in the area in term s of local deposits is an affiliate, through another hold­
ing company, of the State's third largest bank. The Bank of Virginia is the
State's fourth largest bank.
The Board of Directors is of the opinion that the acquisition w ould not sub­
stantially lessen com petition, tend to create a m onopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to both participating banks and are so projected
for the resulting bank. The holding company initiated the transaction as a
means to effect economies in the operation of its affiliated banks in N ew port
News.
Convenience and Needs o f the C om m unity to be Served. Since both W a rw ick
and Branch are affiliates of the same holding company, the change of Branch
from an office of The Bank of Virginia to an office of W arw ick w ill not bring new
banking facilities into the area or change significantly the present capacity of
the tw o banks. However, as a result of the transaction and the sale of additional
capital and acquisition of trust powers, W arw ick w ill be a stronger institution
which should enable it to compete more aggressively in com petition w ith the
larger banks in the H am pton-N ew port News area. The present custom ers w ill
also be able to transact business at any of the other offices of W arw ick.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
w a rra n te d .

Resources
(in
thousands
of dollars)

No. 58
B iddeford S avings Bank
Biddeford, Maine
to consolidate w ith
Y ork S avings and Loan A s s o c ia tio n
Biddeford

Banking Offices
In
operation

17,780

1

2,971

1

To be
operated

1

Sum mary report by A ttorney General, October 1 7, 1968
Biddeford (population 19,300) is located in the eastern portion of York
County (population 100,000). In the Biddeford-Saco area, there are three co m ­
mercial banks, three savings banks and one savings and loan association.
The offices of the merging institutions are w ithin w alking distance of one
another, and are in direct com petition for tim e deposits and real property loans.
Biddeford Savings and York have 5 5 0 com m on savings accounts, w hich repre­
sent 33 percent of York's accounts. This com petition w ill, of course, be elim i­
nated by the merger.

Basis for Corporation approval, November 26, 1968
Biddeford Savings Bank, Biddeford, Maine (Applicant), an insured mutual
savings bank w ith total deposits of about $ 1 5 ,6 3 3 ,0 0 0 , has applied pursuant
to Section 18(c) of the Federal Deposit Insurance A ct for the Corporation's
prior approval to consolidate w ith York Savings and Loan Association, Bidde


BANK ABSORPTIONS APPROVED BY THE CORPORATION

119

ford, Maine (York Savings) w hich has total w ithdraw able balances of about
$2 ,6 6 2 ,0 0 0 . The tw o institutions w ould consolidate under the charter and title
of Applicant. It is intended that the sole office of York Savings w ould be dis­
continued and its operations transferred to the sole office of Applicant.
Competition. Both of the participating institutions are one-office operations
located approxim ately 100 feet apart on Main Street in Biddeford, Maine. That
city's 1960 population of about 1 9,300 makes it the largest city in York County
w hich is located in southern Maine, near the A tla n tic Ocean. Across the Saco
River from Biddeford is located the City of Saco, w ith a 1 960 population of
about 10,500. The service area of York Savings is contained entirely w ith in th a t
of Applicant. Both participants are th rift institutions w hich invest their funds
alm ost exclusively in real estate mortgage loans. York Savings is a small in sti­
tution which has not grow n appreciably, especially in recent years. Only minor
com petition exists between it and A pplicant because they have long had a
more or less common board of directors and trustees.
A pplicant is the second largest savings bank in the service area and the
resulting bank would continue in this position. Of the IPC tim e deposits and
loans held by savings banks and savings and loan associations. A pplicant holds
23.5 percent and 21 percent. The resulting bank w ould have 2 7 .4 percent and
26.6 percent of the tim e deposits and loans, respectively. If com m ercial banks
were included, the resulting bank would have 20.8 percent of the tim e de­
posits. The size increases resulting from this consolidation are even more
moderate in term s of dollar am ounts involved, and the resulting bank w ould still
be faced w ith ample com petition from eight other banks and savings and loan
associations in the primary service area. In addition, there is significant com ­
petition for savings deposits and loans from financial institutions outside the
service area.
The Board of Directors is of the opinion th a t the proposed consolidation
w ould not substantially lessen com petition, tend to create a m onopoly or in any
other manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors are satis­
factory w ith respect to Applicant, but the future prospects of York Savings are
rendered less than bright by its inability to meet the com petitive dividend rate.
This consolidation w ould elim inate this problem and the banking factors w ith
respect to the resulting bank are satisfactory.
Convenience and Needs o f the C om m unity to be Served. Thrift services and
mortgage loans have been provided by each of the participating institutions
for many years. The proposed consolidation w ould produce a stronger in sti­
tution w hich could more easily absorb com petitive dividend costs and thereby
benefit present and potential depositors.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded th a t approval of the bank's
application is warranted.

No. 59
M organ G uaranty T ru s t C om pany
o f N e w Y ork
New York New York
to merge w ith
M o rgan G uaranty Safe D e p o sit C o m pany
New York



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

9 ,1 7 3 ,2 4 8

5

34 6

—

To be
operated

5

120

FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by A ttorney General, October 1 5, 1968
The Morgan Guaranty Safe Deposit Company has the power to engage in the
business of renting vaults and safe deposit boxes, but has no pow er to make
loans or accept deposits other than deposits of personal property and papers for
storage. Morgan Guaranty Trust Company, a comm ercial bank and tru s t com ­
pany, owns 99.7 percent of the stock of Morgan Guaranty Safe Deposit Com­
pany. The present safe deposit facilities of Morgan Guaranty Safe Deposit
Company are located in leased portions of four of M organ Guaranty Trust
Company's New York City branches. The reason for the merger is to elim inate
the necessity of maintaining separate accounting records. The proposed trans­
action has no effect on com petition.

Basis for Corporation approval, November 26, 1 968
Morgan Guaranty Trust Company of New York, New York, New York, (Trust
Company), w ith total deposits of $7.5 billion, has applied, pursuant to the
provisions of Section 18(c)(1)(A) of the Federal Deposit Insurance A ct, for
the Corporation's prior consent to merge under its charter w ith Morgan
Guaranty Safe Deposit Company, New York, New York, (Deposit Company), an
affiliated noninsured institution w ith no deposit liabilities w hich conducts a
safe deposit business at the four domestic offices of Trust Company. The safe
deposit facilities w ill be continued by Trust Company follow ing the merger.
Competition. Trust Company was organized in 1 864 and its main office and
four branches are located in the Borough of M anhattan, New York City. It also
operates branches in foreign countries. Deposit Company was organized in
1911 as an affiliate of Trust Company for the sole purpose of conducting safe
deposit operations. Deposit Company holds no deposits or loans and is not
engaged in general comm ercial banking activities. Trust Company owns all but
seven of Deposit Company's 2 ,5 0 0 shares of capital stock and the proposed
merger is essentially a corporate reorganization and w ould have no effect on
com petition.
The Board of Directors is of the opinion th a t the proposed merger w ould not
substantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
satisfactory w ith respect to the merging and proposed institutions.
Convenience and Needs o f the C om m unity to be Served. The operations of
Deposit Company w ill be continued at the same locations and in the same
manner as before and thus the convenience and needs of the public w ill be
served as in the past.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 60
F irst S tate B ank of S alina
Salina, Utah
(change title to
First State Bank)
to merge w ith
M a n ti C ity Bank
Manti




Resources
(in
thousands
of dollars)

Banking Offices
In
operation

12,611

3

3 ,7 8 0

1

To be
operated

4

BANK ABSORPTIONS APPROVED BY THE CORPORATION

121

Sum mary report by A ttorney General, Novem ber 20, 1 9 6 8
In Sanpete County (1 9 6 0 population, 1 1,053), a prim arily rural area, there
are four banking offices holding a total of $ 1 6 m illion in deposits. M anti Bank,
w ith about 9 percent of IPC deposits, is the smallest bank in the county.
First State Bank, which serves Salina and other com m unities w ith in the
sparsely populated, rural counties of Sevier, Piute, Garfield, and Kane, has the
second largest share, or 37 percent, of IPC deposits in Sevier County (1 9 6 0
population, 10,565). First State Bank's prim ary com petitor in this county should
be Richfield Commercial and Savings Bank (total deposits, $9 m illion), w ith
45 percent, or the largest share of such deposits, located 18 miles south of
Salina, w ith no banks in the intervening area. The largest bank in Utah, w ith
total deposits of $ 4 6 6 million, also operates in this county. First State Bank is
the only bank operating in Kane or Garfield Counties (1 9 6 0 populations 2 ,667
and 3,577, respectively).
The closest offices of the merging banks are 35 miles apart; one bank, w ith
total deposits of $4.3 million, operates in the intervening area. The tw o banks
estimate that they have about 25 comm on depositors w ith no more than a
total of $ 1 0 0 ,0 0 0 in either bank. Thus, there may be some com petition be­
tween them. Although the likelihood of com petition is minim ized by the fact
that tw o of the directors and major shareholders of the M anti Bank also own
18 percent of the stock of First State Bank, consum m ation of this merger
would foreclose the future possibility of com petition developing between First
State Bank and Manti Bank should these interlocks be term inated.

Basis for Corporation approval, November 26, 1968
First State Bank of Salina, Salina, Utah (Applicant), an insured State non­
member bank w ith total deposits of $ 1 1 .6 million, has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for
the Corporation's prior consent to merge w ith Manti City Bank, M anti, Utah
(City Bank), an insured State nonmember bank w ith total deposits of $ 3 .4
million. The merger w ould be effected under the Applicant's charter and w ith
the title "F irst State Bank" and, as an incident thereto. City Bank's sole office
would be operated as a branch, increasing the number of A pplicant's offices to
four.
Competition. Applicant has three w idely spaced offices in the sparsely popu­
lated south-central section of Utah. Its northernm ost office is the main office in
Salina and its branches are in Panguitch, 100 miles south, and Kanab, 165
miles south. City Bank's office is in Manti, 26 miles north from Salina. Each of
these bank office com m unities has a population of less than 2,000. Another
bank office lies about midway between the merging bank's main and closest
offices and their service areas do not overlap. A pplicant and City Bank have had
a close relationship for a number of years. They are controlled by the same
interests and City Bank's managing officer is on loan from Applicant. There is
virtually no com petition between the merging banks.
City Bank is smaller than either of its nearest bank com petitors— Bank of
Ephraim w ith deposits of $4.9 million and Gunnison Valley Bank w ith deposits
of $4.7 million. The latter also is A pplicant's nearest com peting bank. The next
nearest bank to Applicant, Richfield Commercial and Savings Bank w ith de­
posits of $8.4 million, is controlled by the same interests as the merging banks.
The A pplicant's tw o branches are the only bank offices in their respective
counties. The proposed merger of these tw o closely associated banks would
have no unfavorable effects on competition.
The Board of Directors is of the opinion that the proposed merger w ould not
lessen com petition, tend to create a monopoly or in any other manner be in
restraint of trade.



122

FEDERAL DEPOSIT INSURANCE CORPORATION

Financial and M anagerial Resources, Future Prospects, and Convenience
and Needs o f the Com m unity to be Served. These factors are favorable w ith
respect to the Applicant and are so projected for the resulting bank. City Bank
lacks management depth and is being operated tem porarily by an officer of the
Applicant. The bank's average deposit trend shows a net decline over the past
tw o calendar years. The proposal would resolve City Bank's m anagement
problem and as a branch under A pplicant's aggressive management, its pros­
pects for grow th would be improved. The availability of a significantly larger
lending lim it should add to the convenience and needs of the M anti area.
On the basis of the inform ation presented and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 61
T he O w osso Savings Bank
Owosso, Michigan
to merge w ith
The Old Corunna S tate Bank
Corunna

Banking Offices
In
operation

40,341

4

13,256

1

To be
operated

5

Summary report by A ttorney General, January 1 2, 1 9 6 5
Owosso Savings Bank, Owosso, Michigan, w ith three branches in Owosso,
and w ith total assets of $ 2 8 million, proposes to consolidate w ith Old Corunna
State Bank, Corunna, Michigan, w ith one office in Corunna and w ith total
assets of $10.5 million.
The proposed consolidation would eliminate substantial com petition be­
tween the acquiring and the merging banks and would create, as the resulting
bank, an institution having 52.1 percent of IPC deposits and 50.9 percent of the
loans in its service area.
The proposed consolidation w ould have a serious adverse effect upon com ­
petition in that it would perm anently elim inate all com petition between the
merging banks and create a dom inant institution in the affected service area.

December 1 5, 1 9 66
On January 12, 1965, we subm itted a report on the proposed consolidation
of the same banks. The proposal was disapproved by the authorities of the
State of Michigan and no action was taken on the application by the Federal
Deposit Insurance Corporation. The present application indicates th a t since the
tim e of our last report both banks have increased slightly their shares of the
total commercial banking business in the service area of the resulting bank and
that they w ould together account for nearly 57 percent of total comm ercial
bank deposits in this area.
The present application contains no facts w hich w ould cause us to change
our previous conclusion, as set out in our January 12, 1965 report, that the
proposed consolidation would have a serious adverse effect on com petition.

July 26, 1968
The additional material supplied by the A pplicant by letter dated July 15,
1967 is concerned principally w ith problems of m anagement succession and
com m unity convenience and needs. It contains no additional inform ation on



BANK ABSORPTIONS APPROVED BY THE CORPORATION

123

com petitive factors which would change our conclusion th a t the proposed
consolidation w ould have a serious adverse effect on com petition.

Basis for Corporation approval, November 26, 1968
The Owosso Savings Bank, Owosso, M ichigan (Applicant), an insured State
nonmem ber bank w ith total deposits of $ 3 6 million, has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance A ct, for the
Corporation's prior consent to consolidate w ith The Old Corunna State Bank,
Corunna, Michigan (Corunna Bank), a State bank, m em ber of the Federal
Reserve System, which has total deposits of $1 2 million. The banks w ould
consolidate under the Applicant's charter and title and, as an incident thereto,
Corunna Bank's sole office w ould become a branch of the A pplicant, increasing
the number of its offices to five.
Competition. A pplicant's three branches are w ith in 1 -1 /2 miles of the main
office in Owosso (population 18,000). Corunna Bank is in the neighboring co m ­
munity of Corunna (population 3,150), 4 miles from Applicant. Owosso and
Corunna are near the center of Shiawassee County, the relevant service area.
The consolidating banks have been com m only owned for more than 4 years
and there is no com petition between them. This situation has had no adverse
effect on the other bank in Owosso (State Savings Bank) or any other bank in
the service area. During the past 7-year period, State Savings Bank has grown
at a substantially greater rate than has Corunna Bank and at a rate comparable
to the Applicant. Corunna Bank's record shows the least grow th and it appears
to be the least effective as a com petitor among the 10 banks in the area. The
formal consolidation of the tw o banks w ould not m aterially change the existing
com petitive situation. Two large Flint banks, each exceeding $ 2 0 0 million in
deposits, have a total of four branches in the service area. These banks are
significant com petitors in the county and the Owosso-Corunna area. The result­
ing bank would be of sufficient size to offer some of the services now available
only at the large banks and com petition should tend to be enhanced.
The Board of Directors is of the opinion that the effect of the proposed con­
solidation w ould not be substantially to lessen com petition, tend to create a
monopoly, nor would it in any other manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. The factors of
financial resources and future prospects are favorable w ith respect to the
consolidating banks and are so projected for the resulting bank. Corunna Bank
is presently operated by a form er employee of the A pplicant and its manage­
ment lacks succession.
Convenience and Needs o f the C om m unity to be Served. The com m unities
would benefit from the proposal as the larger resulting bank could better afford
modernized quarters and installation of com puter equipm ent and w ould provide
broader services and a larger lending limit.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.

No. 62
A m e rica n Bank & T ru st
Orangeburg, South Carolina
to merge w ith
C ounty N a tio nal Bank
Blackville



Resources
(in
thousands
of dollars)

Banking Offices
In
operation

2 3 ,9 6 8

10

6,066

3

To be
operated

13

124

FEDERAL DEPOSIT INSURANCE CORPORATION

Sum mary report by A ttorney General, October 3 1 ,1 9 6 8
Am erican Bank operates its main office and tw o branches in Orangeburg,
five branches w ithin a radius of 35 miles of Orangeburg, and a ninth office
about 55 miles from Orangeburg. It has received approval to merge the S pring­
field State Bank, Springfield, South Carolina, which, when consumm ated, w ill
add one office and deposits of $1.2 million. County National operates three
offices, its main office in Blackville and a branch in both W illiston and Barnwell,
both w ithin 10 miles of Blackville.
A t the present time, the nearest offices of the merging banks are about 17
miles apart and tw o other banks operate in the intervening area. It, thus, ap­
pears tha t there is little, if any, com petition between them now.
However, upon consum m ation of its merger w ith Springfield State Bank,
American Bank w ill have an office 10 miles north of County National's offices
in Blackville and W illiston w ith no banks in the intervening area; the Bank of
W illiston (total deposits, $2.2 million), located in W illiston, is the only other
bank in this area. Thus, the proposed merger would elim inate com petition
between these banking offices and also eliminate an alternative banking facility
for the residents of this area.

Basis for Corporation approval, November 26, 1968
American Bank & Trust, Orangeburg, South Carolina (Applicant), an insured
State nonmember bank w ith total deposits of $ 2 1 ,4 9 1 ,7 0 0 , has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge w ith County National Bank,
Blackville, South Carolina (County Bank), w hich has total deposits of
$5,4 1 6 ,0 0 0 . The banks would merge under the charter and w ith the title of
the A pplicant and, as an incident to the merger, the three offices of County
Bank would become branches of the Applicant, increasing the number of its
offices to 1 3.
Competition. Applicant is headquartered in Orangeburg w hich has a popula­
tion of 21,000. It operates tw o branches in Orangeburg, three others in
Orangeburg County, three others in adjoining counties and the Lugoff branch,
55 miles to the north. Blackville is 25 miles southw est from Orangeburg and
a population of 1,900. In addition to its main office. County Bank operates tw o
branches each 10 miles away and form ing a triangle to the w est of Blackville.
The merging banks' closest offices are 11 miles apart and there are no other
banking offices between them. There is a slight overlapping of service areas
but the banks derive little or no business from each other's im m ediate area.
Competition between them is not substantial and there is no realistic potential
for such com petition.
The service area of the resulting bank w ill be Orangeburg, Calhoun and
Barnwell Counties and portions of five counties adjacent to Orangeburg County.
Three of the State's four largest banks have offices in this area. Including all
banks in the resulting service area, the A pplicant would be fifth largest, the
same position it presently holds.
The Board of Directors is of the opinion th a t the effect of the proposed
merger w ould not be substantially to lessen com petition, tend to create a
monopoly or, in any other manner, be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
favorable w ith respect to both participating banks and are so projected for the
resultant bank. Greater management depth and services w ould be provided
the County Bank offices by the Applicant.
Convenience and Needs o f the Com m unity to be Served. The economic
outlook for the service areas of both banks is favorable. M ost significant of the



BANK ABSORPTIONS APPROVED BY THE CORPORATION

125

changes to be offered by the resultant bank w ould be the greater lending ca­
pacity and trust departm ent facilities which would be made available to cus­
tom ers at the County Bank offices. Other improved and more varied services
would also be available.
On the basis of the above inform ation, and other inform ation available to the
Corporation, the Board of Directors has concluded that approval o f the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 63
K eystone Bank
Lower Burrell, Pennsylvania
to merge w ith
M a rim a c Bank
Scott Township

Banking Offices
In
operation

2 7 ,0 3 0

7

6,8 9 8

2

To be
operated

9

Sum mary report by A ttorney General, May 1 7, 1968
Both partners to this proposed merger are located in the Pittsburgh Standard
M etropolitan S tatistical Area (population 2.4 million), traditionally recognized
as the steel-making center of the United States. It is, in addition, probably the
most concentrated market among the major banking centers in the country.
Keystone Bank's head office is located approxim ately 25 miles northeast of
Pittsburgh; all but one of its six branches are located in the eastern end of
Pittsburgh or its eastern suburbs. Marimac Bank has its head office in a south­
western suburb of Pittsburgh and a single branch at the w estern border of th a t
city, 2 miles from a branch of Keystone Bank, across the Monongahela River.
Intervening between the closest tw o offices of the merging banks are three
very large banks— Mellon National Bank, Pittsburgh National Bank, and W est
Pennsylvania National Bank. Two smaller banks also operate in this area.
There seems to be little, if any, direct com petition between Keystone and
Marimac. In the main they serve different areas, and both are, in any case, in
direct com petition w ith other much larger banks in the highly concentrated
Pittsburgh market. In our view, this particular merger does not appear to pre­
sent any significant com petitive problems.

Basis for Corporation approval, November 26, 1968
Keystone Bank, Lower Burrell, Pennsylvania (Keystone), an insured State
nonmem ber bank, w ith total deposits of about $ 2 4 ,9 7 2 ,0 0 0 , has applied
pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance
A ct, for the Corporation's prior approval to merge w ith M arim ac Bank, S cott
Township (P. 0. Pittsburgh), Pennsylvania (Marimac), w hich has to ta l deposits
of about $ 5 ,9 9 3 ,0 0 0 . The bank w ould merge under the charter and w ith the
title of Keystone and as an incident to the merger, the tw o offices of M arim ac
w ould become branches of Keystone, increasing the number of its offices to
nine.
Competition. Keystone operates its main office in Lower Burrell, Pennsyl­
vania, about 42 miles north of dow ntow n Pittsburgh. It also operates six
branches located at distances up to 68 miles from the main office. M arim ac
operates its main office in Scott Township, southw est of the City of Pittsburgh,
and one branch in the Duquesne Heights section of th a t city. Pittsburgh had a
1960 population of about 6 0 4 ,0 0 0 and the Pittsburgh Standard M etropolitan



126

FEDERAL DEPOSIT INSURANCE CORPORATION

S tatistical Area had approximately 2.4 million. There appears to be virtually no
com petition between the participating banks. Their closest offices are 2 miles
apart, but Keystone's office is in dow ntow n Pittsburgh's "golden tria n g le ”
w hile Marim ac's office is in Duquesne Heights, w hich is situated on a high bluff
overlooking dow ntow n Pittsburgh and the Monongahela River w hich separates
these tw o areas. Furthermore, there is a plethora of intervening offices of
Pittsburgh's largest banks.
This merger would produce practically no effect on the already highly con­
centrated banking market. Three banks presently hold 87.1 percent of the
deposits and 86.3 percent of the loans in the com petitive area. Keystone has
only a nominal am ount of the deposits and loans in this area and this proposal
w ill increase its percentage by an insignificant amount. The resulting bank
w ould have less than one-half of one percent of the deposits and only 0.7 per­
cent of the loans in the com petitive area.
The Board of Directors is of the opinion that the proposed merger w ould not
substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. Except for the rather low
capital position of the participating banks and of the resulting bank, these
factors are marginally acceptable.
Convenience and Needs o f the Com m unity to be Served. Past grow th per­
formance suggests that both banks are providing convenient banking alterna­
tives to, and are desired by the com m unities in which they operate. This merger
w ould perm it continuation of, but not m aterially improve banking services at
the present locations of Marimac.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded th a t approval of the bank's
application is warranted.

Resources
(in
thousands
of dollars)

No. 64
S e cu rity B ank & T ru s t C om pany
of Bozem an
Bozeman, Montana
to merge w ith
S ecurity B u ild in g , Inc.
Bozeman

2 1 ,4 3 4

Banking Offices
In
operation

To be
operated

1

1

677

Summary report by A ttorney General, October 1 5, 1968
Security Bank & Trust Company of Bozeman ("S ecurity Bank"), organized in
1919, operates a single office in Bozeman, Montana. Security Building, Inc.
was formed for the sole purpose of building a facility to house Security Bank.
Its only assets are the banking facility, which is valued at $ 5 7 4 ,0 0 0 , and com ­
mon stock in Security Bank valued at $ 1 0 0 ,0 0 0 . Security Building, Inc. has
never engaged in a banking business. Therefore, the proposed merger w ill have
no effect upon com petition.

Basis for Corporation approval, November 29, 1968
Security Bank & Trust Company of Bozeman, Bozeman, M ontana (Security),
w ith total resources of $ 2 1 ,4 3 4 ,4 0 0 , has applied, pursuant to the provisions



BANK ABSORPTIONS APPROVED BY THE CORPORATION

127

of Section 18(c)(1)(A) of the Federal Deposit Insurance Act, for the Corpora­
tion's prior consent to merge under its charter w ith Security Building, Inc.,
Bozeman, Montana (Building Corporation), an affiliated noninsured institution
w ith no deposit liabilities which was organized for the sole purpose of holding
title to the premises of Security. Essentially, the proposal involves transfer of
ownership of bank premises to Security by means of merger in order to gain tax
benefits. Appropriate ruling has been received from the Internal Revenue
Service.
Competition. Security operates its sole office in Bozeman, Montana, where it
is second largest among three banks. The largest bank is a subsidiary of a large
holding company w hich controls numerous banks in the m idw est w ith aggre­
gate resources of about $3 billion. Building Corporation has never engaged in
the business of banking, its sole purpose having been to hold title to the
premises occupied by Security under a lease arrangement. The merger would
not alter the size and number of banks in Bozeman, except for increases in fixed
assets and capital of Security; consequently, there would be no resulting effect
on com petition.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors
are satisfactory w ith respect to the merging institutions and are so projected for
the resulting bank.
Convenience and Needs o f the Com m unity to be Served. The transaction w ill
not change the services and facilities presently provided by Security; thus, the
convenience and needs of the com m unity w ill be served as in the past.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 65
C o m m ercia l S e cu rity Bank
Ogden, Utah
to merge w ith
B eehive S tate Bank
Salt Lake City

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

80,037

4

2 1 ,1 2 9

3

To be
operated

7

Sum mary report by A ttorney General, November 25, 1 9 6 8
A lthough the merging banks are located about 36 miles apart, there may be
some com petition between them. Commercial now derives about $1.5 million
IPC tim e deposits and $1.7 million in loans from the Salt Lake City area. This
com petition would, of course, be eliminated by this merger.
Under Utah branch banking law, Commercial may establish a de novo branch
in Salt Lake City, but Beehive may not branch de novo into Ogden. However,
no bank headquartered outside Salt Lake County has ever branched de novo
into the Salt Lake City. Considering the fact that Beehive is only seventh in
size among Salt Lake City banks, together w ith the presence in Salt Lake
City of the State's largest banks, including three w ith total deposits of over
$ 1 5 0 million, it does not appear likely that the proposed merger w ill have a
significantly adverse affect on com petition.



128

FEDERAL DEPOSIT INSURANCE CORPORATION

Basis for Corporation approval, November 29, 1968
Commercial Security Bank, Ogden, Utah (Applicant), an insured State non­
member bank w ith total deposits of $ 7 0 million, has applied, pursuant to
Section 1 8(c) and other provisions of the Federal Deposit Insurance Act, for the
C orporation's prior consent to merge w ith Beehive State Bank, Salt Lake City,
Utah, (Beehive Bank), an insured State nonmember bank which has total
deposits of $19 million, under the Applicant's charter and title and, incident
thereto, to establish three branches at the existing locations of Beehive Bank.
A pplicant also seeks the Corporation's prior w ritte n consent to the retirem ent
provisions of capital debentures which w ill be issued in connection w ith the
merger.
C ompetition. The four offices of A pplicant compete w ith four other banks
in its service area of Ogden and vicinity, some 35 miles from Salt Lake City
where Beehive Bank's main office has 10 bank com petitors and about 70 miles
from Beehive Bank's tw o branches. The m erging banks serve separate
geographic market areas intervened by numerous offices of other banks and
each derives only a nominal amount of business from the other's service area.
Competition between the tw o banks is minimal. Under applicable statutes.
Beehive Bank could not branch de novo into Ogden but A pplicant could
establish a de novo branch in Salt Lake City. However, the latter possibility
is a remote one because of the costs involved in relation to the negligible
beginning deposit base. This is supported by the fact that no bank head­
quartered outside Salt Lake City has ever branched de novo into the City.
Moreover, because of other banking factors relative to Beehive Bank, the
possibility of significant com petition developing between the tw o banks in the
future is limited.
Applicant and the State's largest bank have about equal shares (about tw o fifths each) of the deposits in A pplicant's service area. In Beehive Bank's
service area, the State's four largest banks hold more than fo u r-fifth s of the
deposits, as compared to Beehive Bank's small share of 2.3 percent. In this
area, Applicant in obtaining Beehive Bank's share of the market would be
fifth largest in absolute size and could provide more effective com petition than
the small bank presently offers. The merger would bring the A pplicant, already
competing w ith the State's largest bank, into direct com petition w ith the
second, third and fourth largest. In the combined service area, the resulting
bank would have less than one-tenth of the deposits, as compared to more than
three-fourths held by the State's four largest banks.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
favorable w ith respect to A pplicant and are so projected for the resulting bank.
W ith respect to Beehive Bank, the merger w ill substitute an active and aggres­
sive management for one which lacks such capabilities in a highly com petitive
banking market. Additionally, the merger w ill strengthen the weakened capital
position of Beehive Bank, resolve its asset problems, and perm it economies of
operations which w ill improve its earnings prospects.
Convenience and Needs o f the Community to be Served. Except for a larger
lending limit, the merger w ould not change to any significant degree the
services which Applicant presently provides at its offices. In the service area
of Beehive Bank, the resulting bank could provide a broader range of banking
services on a larger scale through its greater resources, larger capital base,
and improved management capabilities. The larger lending lim it would enable



BANK ABSORPTIONS APPROVED BY THE CORPORATION

129

the offices of Beehive Bank to meet demands of large comm ercial customers;
also, the trust departm ent facilities of Applicant w ould become available.
Based on the foregoing and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

No. 66
The P ennsylvania B ank
and T ru st C om pany
Titusville, Pennsylvania
to merge w ith
M e rch a n ts Bank and T ru st C om pany
Meadville

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

75,747

9

33 ,7 1 8

4

To be
operated

13

Sum mary report by A ttorney General, November 2 1 ,1 9 6 8
Seven banks operate 13 offices in Crawford County. The proposed merger
involves the tw o largest banks in terms of local operations w ith in the county.
The head office and all branches of Merchants Bank are located in the central
and western portion of Crawford County; Pennsylvania Bank, on the other
hand, operates its head office in the extreme southeastern corner of Crawford
County, and its branch offices are located in Erie County (to the north),
W arren County (to the northeast) and Venango County (to the southeast). The
nearest offices of the merging banks appear to be 28 miles apart, but there
are no banks operating in the intervening area. Thus, there may be some
limited amount of com petition that w ould be eliminated by this merger.
There are a number of ways in which the proposed merger m ight affect
potential com petition. Pennsylvania law would perm it either of the merging
banks to establish de novo branches in the principal service areas of the
other.
Therefore, the proposed merger w ould eliminate the possibility th a t Penn­
sylvania Bank m ight open a de novo office in Meadville or surrounding areas
in central and western Crawford County. Three banks operate in Meadville:
Merchants Bank, The N orthw est Pennsylvania Bank and Trust Company (total
deposits, $1 1 0 .6 million), w ith tw o branch offices in Meadville, and First
National Bank of Meadville (total deposits, $ 3 3 million), also w ith tw o offices
in Meadville. W ithin western and central Crawford County, where Merchants
operates all its offices. M erchants held the largest share, or 32 percent, of
IPC deposits as of June 30, 1966.
Pennsylvania Bank is the largest bank headquartered in Crawford County and
the seventh largest in the five-county area from which banks are perm itted to
branch into Crawford County under Pennsylvania law.
The proposed merger would also eliminate the possibility that M erchants
Bank m ight enter (i) eastern Crawford County, where Pennsylvania Bank is one
of the tw o banks operating offices; or (ii) W arren County, where Pennsylvania
Bank has five offices and is one of tw o banks operating in the County. The other
bank in eastern Crawford County is the Titusville Branch of Marine National
Bank (total deposits at that office about $7 million). The other bank in W arren
County is The Warren National Bank (total deposits, $ 7 2 million). In W arren
County, as of June 30, 1966, Pennsylvania Bank had the smaller share, or 26



130

FEDERAL DEPOSIT INSURANCE CORPORATION

percent of IPC deposits, and the larger share, or 81 percent of such deposits
in eastern Crawford County.

Basis for Corporation approval, November 29, 1968
The Pennsylvania Bank and Trust Company, Titusville, Pennsylvania (A ppli­
cant) an insured State nonmember bank w ith total deposits of $ 6 6 ,2 5 0 ,0 0 0 ,
has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior consent to merge w ith
Merchants Bank and Trust Company, Meadville, Pennsylvania (Merchants), an
insured State nonmember bank which has total deposits of $ 3 0 ,7 5 0 ,0 0 0 ,
under the charter and title of the A pplicant and, incident thereto, to establish
five branches at the four existing locations and one approved but unopened
branch of Merchants.
C ompetition. The service area of A pplicant is divided into three main parts:
W arren County, served by branches at Warren, North Warren, Sugar Grove and
Youngsville; the eastern part of Crawford County and the northeastern part of
contiguous Venango County, served by the main office in Titusville (Crawford
County) and the Pleasantville Branch in Venango County; and the southeastern
part of Erie County, served by the Union City and W attsburg Branches. The
combined population of these service areas is estim ated at 3 0 ,0 0 0 . Titusville
is about 100 miles north of Pittsburgh and 4 4 miles southeast of Erie. The
overall service area is mixed between agricultural, industrial, natural gas and
mining activities.
The service area of Merchants w ith an estimated population of 5 0 ,0 0 0 is
centered around Meadville in the western section of Crawford County. It is
an area of small diversified industry, agriculture (including dairying), natural
gas production, and resort and recreational facilities. Meadville, the seat of
Crawford County, is about 89 miles north of Pittsburgh, 39 miles south of
Erie, and 28 miles w est of Titusville.
The closest offices of the merging banks are their main offices and the
area in between is sparsely populated. The service areas of Applicant and
Merchants do not overlap and, consequently, there is no com petition between
them which would be eliminated. Potential com petition— through establish­
ment of de novo branches by either Applicant or Merchants in the service
area of the other— is not a significant factor. The Meadville area already has
an adequate number of banking offices; and M erchants' below-average capital
position would discourage supervisory action as to any de novo branch applica­
tion filed by it. Am ong 13 banks w ith offices located in the combined service
areas, A pplicant presently ranks fourth in term s of total local deposits, hold­
ing 14.2 percent of the total. Merchants ranks sixth w ith 6.5 percent. Following
the merger, A pplicant w ill hold 20.7 percent of total local deposits and rank
slightly smaller than the second largest bank which holds 21.8 percent. The
largest local bank holds 25.2 percent . A dditionally, there is strong com petition
from branches of three Erie banks, one of which is substantially larger than
Applicant w ill be follow ing the merger. Not only are the locally based banks
strong com petitors, but also, large city banks in Pittsburgh, Erie and Cleveland
actively solicit business in the area. The subject merger should tend to increase
com petition, especially in the area now served by Merchants.
The Board of Directors is of the opinion that the merger w ould not sub­
stantially lessen com petition, tend to create a monopoly or in any other manner
be in restraint of trade.
Financial and M anagerial Resources and Future Prospects. These factors are
favorable w ith respect to Applicant and are so projected for the resulting bank.
W ith respect to Merchants, the merger w ill substitute an active and aggressive



131

BANK ABSORPTIONS APPROVED BY THE CORPORATION

management for one which lacks such capabilities in a highly com petitive bank­
ing market, including skilled specialists in various banking fields. A dditionally,
the merger w ill strengthen the weakened capital position of M erchants and
perm it economies of operation which w ill improve the declining earnings of its
offices.
Convenience and Needs o f the Com m unity to be Served. As compared to
A pplicant and, more particularly, Merchants, the resulting bank could provide
a broader range of banking services on a larger scale through its greater
resources, larger capital, and improved management capabilities. This w ould
be especially true in the service area of Merchants where the merger w ill in tro ­
duce a bank better able to meet the expanding credit needs of a grow ing com ­
munity. Also, the resulting bank can provide specialized banking services in
various banking fields, including additional and improved trust services, more
effective use of com puterization, farm m anagem ent services, and credit
specialists.
Based on the foregoing, and other inform ation available to the Corporation,
the Board of Directors has concluded that approval of the application is
warranted.

Resources
(in
thousands
of dollars)

No. 67
Eastern T ru st and B anking C om pany
Bangor, Maine
to merge w ith
Kenduskeag B anking C om pany
Bangor

Banking Offices
In
operation

33 ,3 5 3

4

160

-

To be
operated

4

Sum mary report by A ttorney General, October 1 6, 1 9 6 8
Kenduskeag Banking Company ("Kenduskeag") was organized June, 1968,
solely as a means of making Eastern Trust a w holly owned subsidiary of a onebank holding company. Eastern Trust Financial Associates. Kenduskeag has
not, and was never intended to conduct a commercial banking business.
The proposed merger transaction is merely part of a corporate reorganiza­
tion and w ill have no effect on com petition.

Basis for Corporation approval, November 29, 1968
Eastern Trust and Banking Company, Bangor, Maine (Eastern Bank), an
insured State nonmem ber bank w ith total deposits of $ 2 8 million, has applied,
pursuant to the provisions of Section 18(c) of the Federal Deposit Insurance
Act, for the Corporation's prior consent to merge under its charter and title
w ith Kenduskeag Banking Company (Kenduskeag Bank), Bangor, Maine, a non­
operating State noninsured bank. The resulting bank w ould operate in the
same manner and in the same locations as A pplicant is now operating.
The reason for organizing Kenduskeag Bank and this proposal is to facilitate
the transfer of 100 percent of Eastern Bank stock to a bank holding company
to be formed w ith the title of Eastern Trust Financial Associates (Associates).
A fte r this has been accomplished, Kenduskeag Bank w ould cease to exist as a
corporate entity. Associates has filed an application w ith the Board of Gover­
nors of the Federal Reserve System to become a registered bank holding



132

FEDERAL DEPOSIT INSURANCE CORPORATION

company. The proposed merger w ould have no effect on com petition at
present.
On the basis of the above inform ation and other inform ation available to
the Corporation, the Board of Directors has concluded that approval of the
application for consent to merge is warranted.

Resources
(in
thousands
of dollars)

No. 68
Bank o f th e W e st
Bellevue, W ashington
to merge w ith
B ank o f Kent
Kent

Banking Offices
In
operation

16,954

4

6 ,3 4 0

2

To be
operated

6

Sum mary report by A ttorney General, October 3, 1 9 6 8
The com m unities of Bellevue (population 2 7,000) and Kent (population
14,000) are located in the Seattle SMSA, across Lake W ashington from
Seattle. The economy of the area, which has been grow ing rapidly, is residen­
tial and industrial.
The nearest offices of the applicant banks are 9 miles apart; four banks, each
w ith total deposits over $ 1 0 0 million, and several smaller banks, operate
offices in the intervening area. Thus, there appears to be little, if any, direct
com petition which w ill be eliminated by this merger.
A lthough W ashington law forbids de novo branching by a bank into a
m unicipality in which another bank maintains an office, Kent Bank could
legally branch into some areas now served by branches of W est Bank. H ow ­
ever, given the size of Kent Bank and the degree of existing com petition in
these areas from some of Seattle's largest banks, we do not believe th a t this
merger would eliminate a significant potential com petitor.

Basis for Corporation approval, December 31, 1968
Bank of the W est, Bellevue, W ashington (Applicant), an insured State non­
member bank w ith total deposits of $ 1 4 ,3 7 3 ,9 0 0 , has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance A ct, for
the Corporation's prior approval to merge w ith Bank of Kent, Kent, W ashing­
ton, (Kent), which has total deposits of $ 5 ,4 9 7 ,4 0 0 . The banks w ould merge
under the charter and w ith the title of the Applicant and, as an incident to
the merger, the tw o offices of Kent would become branches of the Applicant.
Kent also has permission to establish a third office and A pplicant has requested
that it be perm itted to establish this de novo branch w hich would increase the
number of its offices to seven.
Competition. Bellevue (population 22,000) is located 10 miles east from
dow ntow n Seattle. Kent (population 14,000) is located south of Bellevue and
the main offices of the participating banks are 18 miles apart. The closest
offices of the participating banks are 9 miles apart. Both banks are relatively
new institutions; Kent opened in 1962 and Applicant in 1965. They prim arily
serve separate although contiguous areas. Several offices of other banks inter­
vene their locations, and com petition between them is minimal.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

133

Several offices of some of the largest banks headquartered in the State are
located in each merging bank's service area. The largest comm ercial bank in
the State (total deposits over $1.5 billion) holds the predom inant position in
the resulting bank's trade area w ith 1 1 of the 34 offices and 38 percent of
total deposits. There is a total of eight commercial banks operating in the
resulting bank's trade area and three of the other six w ould hold a greater
percentage of total deposits than the resulting bank. Of the other three com ­
mercial banks w ith less than the resulting bank in its trade area, tw o have
total deposits greatly in excess of the resulting bank and the other is only
slightly smaller than the resulting bank based on total deposits. The mutual
savings bank operating in the area has local deposits of more than tw ice the
deposits of the resulting bank. The merger would result in a bank w ith but
8 percent of total deposits in its trade area and w ould have no adverse effect
on com petition.
The Board of Directors is of the opinion that the proposed merger w ould not
substantially lessen com petition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and M anagerial Resources and Prospects. These factors have been
favorable w ith respect to the merging banks and are so projected for the
resulting bank. Future deposit grow th prospects for Kent, as a part of A p p li­
cant, would be enhanced under the latter's more aggressive management.
Convenience and Needs o f the Community to be Served. The increased
lending lim it w ould be of benefit to customers of both merging banks which
are located in economically expanding areas. The resulting bank w ill offer,
to a greater extent, complete mortgage loan services demanded by the heavy
residential building activity in both service areas. It is planned to extend the
daily hours of the branches in Kent for the convenience of the com m uter
population. Neither of the banks offers trust services at present but manage­
ment of A pplicant has taken the initial steps to acquire the necessary approvals
to engage in fiduciary activity.
On the basis of the above inform ation and other inform ation available to the
Corporation, the Board of Directors has concluded that the approval of the
bank's application is warranted.

1 Bank of America operated 945 offices in California as of December 31, 1967. FDIC statistics
do not include offices in foreign countries.
2 Resources and office of Moorpark Branch of First Western Bank and Trust Company to be
acquired by Bank of A. Levy.
3 Resources and office of New York Branch of Bank Leumi.
4 Resources and office of State Capital Branch of Bank of Trade of San Francisco.
5 Resources and office of Newport News Branch of The Bank of Virginia.










LEGISLATION
AND R E G U L A T IO N S

PART T H R E E




137

FEDERAL BAN KING L E G IS L A T IO N - 1 9 6 8
Public Law 9 0 -3 8 9
9 0 th Congress, H. R. 1 5 3 4 5
July 7, 1968

An Act
To provide se c u rity m easures fo r banks and o th e r fin a n c ia l in s titu tio n s , and
to provide fo r th e a p p o in tm e n t o f th e Federal S avings and Loan In s u r­
ance C o rp o ra tio n as receiver.
Be it enacted by the Senate and House o f Representatives o f the U nited
States o f A m erica in Congress assembled, That this A ct may be cited as the
"Bank Protection A ct of 1 9 6 8 ”
S ec. 2. As used in this A ct the term "Federal supervisory agency" means—
(1) The Com ptroller of the Currency w ith respect to national banks and
district banks,
(2) The Board of Governors of the Federal Reserve System w ith respect
to Federal Reserve banks and State banks w hich are members of the
Federal Reserve System,
(3) The Federal Deposit Insurance Corporation w ith respect to State
banks w hich are not members of the Federal Reserve System but the
deposits of which are insured by the Federal Deposit Insurance Corpora­
tion, and
(4) The Federal Home Loan Bank Board w ith respect to Federal savings
and loan associations, and institutions the accounts of w hich are insured
by the Federal Savings and Loan Insurance Corporation.
S ec 3. (a) W ithin six months from the date of this A ct, each Federal
supervisory agency shall prom ulgate rules establishing m inim um standards
w ith which each bank or savings and loan association must comply w ith
respect to the installation, maintenance, and operation of security devices
and procedures, reasonable in cost, to discourage robberies, burglaries, and
larcenies and to assist in the identification and apprehension of persons w ho
com m it such acts.
(b)
The rules shall establish the tim e lim its w ithin which banks and savings
and loan associations shall comply w ith the standards and shall require the sub­
mission of periodic reports w ith respect to the installation, maintenance, and
operation of security devices and procedures.
S ec. 4. The Federal supervisory agencies shall consult w ith
(1) insurers furnishing insurance protection against losses resulting
from robberies, burglaries, and larcenies com m itted against financial
institutions referred to in section 2, and
(2) State agencies having supervisory or regulatory responsibilities
w ith respect to such insurers
to determine the feasibility and desirability of premium rate differentials
based on the installation, maintenance, and operation of security devices and
procedures. The Federal supervisory agencies shall report to the Congress the
results of their consultations pursuant to this section not later than tw o years
after the date of enactm ent of this Act.



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FEDERAL DEPOSIT INSURANCE CORPORATION

S ec. 5. A bank or savings and loan association which violates a rule prom ul­
gated pursuant to this A ct shall be subject to a civil penalty which shall not
exceed $ 1 0 0 for each day of the violation.
Approved July 7, 1968.

Public Law 9 0 -4 3 7
9 0th Congress, S. 1299
July 29, 1968

An Act
To am end th e S e cu ritie s Exchange A c t o f 1 9 3 4 to p e rm it re g u la tio n o f th e
a m o u n t of c re d it th a t m ay be extended and m a in ta in e d w ith respect to
securities th a t are n o t registered on a n a tio n a l se cu ritie s exchange.
Be it enacted by the Senate and House o f Representatives o f the U nited
States o f Am erica in Congress assembled. That section 7 of the Securities
Exchange A ct of 1934 (1 5 U.S.C. 78g) is amended—
(1) by striking out "registered on a national securities exchange" in
subsection (a);
(2) by amending subsection (c) to read as follows:
"(c) It shall be unlawful for any member of a national securities exchange or
any broker or dealer, directly or indirectly, to extend or maintain credit or
arrange for the extension or maintenance of credit to or for any custom er—
"(1) on any security (other than an exempted security), in contravention
of the rules and regulations which the Board of Governors of the Federal
Reserve System shall prescribe under subsections (a) and (b) of this
section;
"(2) w ith o u t collateral or on any collateral other than securities, except
in accordance w ith such rules and regulations as the Board of Governors
of the Federal Reserve System may prescribe (A) to perm it under specified
conditions and for a lim ited period any such member, broker, or dealer to
maintain a credit initially extended in conform ity w ith the rules and regula­
tions of the Board of Governors of the Federal Reserve System, and (B) to
perm it the extension or maintenance of credit in cases where the exten­
sion or maintenance of credit is not for the purpose of purchasing or carry­
ing securities or of evading or circum venting the provisions of paragraph
(1) of this subsection."
(3) by striking out "registered on a national securities exchange" in the
first sentence of subsection (d) and "registered on national securities
exchanges" in the second sentence of that subsection.
Approved July 29, 1 968.

Public Law 9 0 -4 3 9
9 0 th Congress, S. 510
July 29, 1968

An Act
P roviding fo r fu ll disclo su re of c o rp o ra te e q u ity o w n e rs h ip o f s e cu ritie s
under th e S e cu ritie s Exchange A c t o f 1934.
Be it enacted by the Senate and House o f Representatives o f the U nited
States o f A m erica in Congress assembled, That section 12(i) of the Securities



FEDERAL BANKING LEGISLATION— 1968

139

Exchange A ct of 1934 is amended by striking out "sections 12, 13, 14(a),
14(c), and 16" and inserting in lieu thereof "sections 12, 13, 14(a), 14(c),
14(d), 14(f), and 16"
S ec. 2. Section 13 of the Securities Exchange A ct of 1934 is amended by
adding at the end thereof the follow ing new subsections:
"(d) (1) Any person who, after acquiring directly or indirectly the beneficial
ownership of any equity security of a class which is registered pursuant to
section 12 of this title or any equity security issued by a closed-end invest­
ment company registered under the Investment Company A ct of 1940, is
directly or indirectly the beneficial owner of more than 10 per centum of such
class shall, w ithin ten days after such acquisition, send to the issuer of the
security at its principal executive office, by registered or certified mail, send
to each exchange where the security is traded, and file w ith the Commission, a
statem ent containing such of the follow ing inform ation, and such additional
information, as the Commission may by rules and regulations prescribe as
necessary or appropriate in the public interest or for the protection of
investors—
"(A) the background and identity of all persons by w hom or on whose
behalf the purchases have been or are to be effected;
"(B) the source and amount of the funds or other consideration used
or to be used in making the purchases, and if any part of the purchase
price or proposed purchase price is represented or is to be represented
by funds or other consideration borrowed or otherwise obtained for the
purpose of acquiring, holding, or trading such security, a description of
the transaction and the names of the parties thereto, except th a t where a
source of funds is a loan made in the ordinary course of business by a
bank, as defined in section 3(a) (6) of this title, if the person filing such
statem ent so requests, the name of the bank shall not be made available
to the public;
"(C) if the purpose of the purchases or prospective purchases is to
acquire control of the business of the issuer of the securities, any plans
or proposals which such persons may have to liquidate such issuer, to sell
its assets to or merge it w ith any other persons, or to make any other
major change in its business or corporate structure;
"(D) the number of shares of such security which are beneficially
owned, and the number of shares concerning which there is a right to
acquire, directly or indirectly, by (i) such person, and (ii) by each associate
of such person, giving the name and address of each such associate; and
"(E) inform ation as to any contracts, arrangements, or understandings
w ith any person w ith respect to any securities of the issuer, including
but not \m ited to transfer of any of the securities, joint ventures, loan
or o p tijn arrangements, puts or calls, guaranties of loans, guaranties
against loss or gauranties of profits, division of losses or profits, or the
giving or w ithholding of proxies, naming the persons w ith w hom such con­
tracts, arrangements, or understandings have been entered into, and
giving the details thereof.
"(2) If any material change occurs in the facts set forth in the statem ents
to the issuer and the exchange, and in the statem ent filed w ith the Com m is­
sion, an am endm ent shall be transm itted to the issuer and the exchange and
shall be filed w ith the Commission, in accordance w ith such rules and regula­
tions as the Commission may prescribe as necessary or appropriate in the
public interest or for the protection of investors.
"(3) When tw o or more persons act as a partnership, lim ited partnership,
syndicate, or other group for the purpose of acquiring, holding, or disposing



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FEDERAL DEPOSIT INSURANCE CORPORATION

of securities of an issuer, such syndicate or group shall be deemed a 'person'
for the purposes of this subsection.
“ (4) In determining, for purposes of this subsection, any percentage of a
class of any security, such class shall be deemed to consist of the am ount of
the outstanding securities of such class, exclusive of any securities of such
class held by or for the account of the issuer or a subsidiary of the issuer.
"(5) The provisions of this subsection shall not apply to —
"(A) any acquisition or offer to acquire securities made or proposed to
be made by means of a registration statem ent under the Securities A ct of
1933;
"(B) any acquisition of the beneficial ownership of a security which,
together w ith all other acquisitions by the same person of securities of the
same class during the preceding tw elve months, does not exceed 2 per
centum of that class;
''(C) any acquisition of an equity security by the issuer of such security;
"(D) any acquisition or proposed acquisition of a security w hich the
Commission, by rules or regulations or by order, shall exempt from the
provisions of this subsection as not entered into for the purpose of, and
not having the effect of, changing or influencing the control of the issuer or
otherwise as not comprehended w ithin the purposes of this subsection.
"(e) (1) It shall be unlawful for an issuer w hich has a class of equity secur­
ities registered pursuant to section 12 of this title, or which is a closed-end
investment company registered under the Investment Company A ct of 1940, to
purchase any equity security issued by it if such purchase is in contravention
of such rules and regulations as the Commission, in the public interest or for
the protection of investors, may adopt (A) to define acts and practices which
are fraudulent, deceptive, or manipulative, and (B) to prescribe means reason­
ably designed to prevent such acts and practices. Such rules and regulations
may require such issuer to provide holders of equity securities of such class
w ith such inform ation relating to the reasons for such purchase, the source
of funds, the number of shares to be purchased, the price to be paid for such
securities, the method of purchase, and such additional inform ation, as the
Commission deems necessary or appropriate in the public interest or for the
protection of investors, or which the Commission deems to be material to a
determ ination w hether such security should be sold.
"(2) For the purpose of this subsection, a purchase by or for the issuer or
any person controlling, controlled by, or under common control w ith the
issuer, or a purchase subject to control of the issuer or any such person,
shall be deemed to be a purchase by the issuer."
S ec. 3. Section 14 of the Securities Exchange A ct of 1934 is amended by
adding at the end thereof the follow ing new subsections;
"(d) (1) It shall be unlawful for any person, directly or indirectly, by use
of the mails or by any means or instrum entality of interstate commerce or of
any facility of a national securities exchange or otherwise, to make a tender
offer for, or a request or invitation for tenders of, any class of any equity w hich
is registered pursuant to section 12 of this title, or any equity security issued
by a closed-end investm ent company registered under the Investm ent Com­
pany A ct of 1940, if, after consumm ation thereof, such person would, directly
or indirectly, be the beneficial owner of more than 10 per centum of such class,
unless at the tim e copies of the offer or request oir invitation are first published
or sent or given to security holders such person has filed w ith the Commission
a statem ent containing such of the inform ation specified in section 13(d) of this
title, and such additional inform ation as the Commission may by rules and
regulations prescribe as necessary or appropriate in the public interest or for
the protection of investors. All requests or invitations for tenders or advertise­



FEDERAL BANKING LEGISLATION— 196 8

141

ments making a tender offer or requesting or inviting tenders of such a security
shall be filed as a part of such statem ent and shall contain such of the infor­
mation contained in such statem ent as the Commission may by rules and regu­
lations prescribe. Copies of any additional material soliciting or requesting
such tender offers subsequent to the initial solicitation or request shall contain
such inform ation as the Commission may by rules and regulations prescribe as
necessary or appropriate in the public interest or for the protection of investors,
and shall be filed w ith the Commission not later than the tim e copies of such
material are first published or sent or given to security holders. Copies of all
statements, in the form in w hich such material is furnished to security holders
and the Commission, shall be sent to the issuer not later than the date such
material is first published or sent or given to any security holders.
"(2) When tw o or more persons act as a partnership, lim ited partnership,
syndicate, or other group for the purpose of acquiring, holding, or disposing
of securities of an issuer, such syndicate or group shall be deemed a 'person'
for purposes of this subsection.
"(3) In determining, for purposes of this subsection, any percentage of a
class of any security, such class shall be deemed to consist of the am ount of
the outstanding securities of such class, exclusive of any securities of such
class held by or for the account of the issuer or a subsidiary of the issuer.
“ (4) Any solicitation or recom mendation to the holders of such a security to
accept or reject a tender offer or request or invitation for tenders shall be
made in accordance w ith such rules and regulations as the Commission may
prescribe as necessary or appropriate in the public interest or for the protec­
tion of investors.
"(5) Securities deposited pursuant to a tender offer or request or invitation
for tenders may be w ithdraw n by or on behalf of the depositor at any tim e
until the expiration of seven days after the tim e definitive copies of the offer
or request or invitation are first published or sent or given to security holders,
and at any tim e after sixty days from the date of the original tender offer or
request or invitation, except as the Commission may otherwise prescribe by
rules, regulations, or order as necessary or appropriate in the public interest
or for the protection of investors.
"(6) Where any person makes a tender offer, or request or invitation for
tenders, for less than all the outstanding equity securities of a class, and
where a greater number of securities is deposited pursuant thereto w ithin
ten days after copies of the offer or request or invitation are first published
or sent or given to security holders than such person is bound or w illing
to take up and pay for, the securities taken up shall be taken up as nearly
as may be pro rata, disregarding fractions, according to the number of
securities deposited by each depositor. The provisions of this subsection shall
also apply to securities deposited w ithin ten days after notice of an increase in
the consideration offered to security holders, as described in paragraph (7), is
first published or sent or given to security holders.
"(7) Where any person varies the terms of a tender offer or request or
invitation for tenders before the expiration thereof by increasing the considera­
tion offered to holders of such securities, such person shall pay the increased
consideration to each security holder whose securities are taken up and paid
for pursuant to the tender offer or request or invitation for tenders w hether
or not such securities have been taken up by such person before the variation
of the tender offer or request or invitation.
"(8) The provisions of this subsection shall not apply to any offer for, or
request or invitation for tenders of, any security—
"(A) proposed to be made by means of a registration statem ent under
the Securities A ct of 1933;



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FEDERAL DEPOSIT INSURANCE CORPORATION

"(B) if the acquisition of such security, together w ith all other acquisi­
tions by the same person of securities of the same class during the pre­
ceding tw elve months, w ould not exceed 2 per centum of th a t class;
"(C) by the issuer of such security; or
"(D) which the Commission, by rules or regulations or by order, shall
exempt from the provisions of this subsection as not entered into for
the purpose of, and not having the effect of, changing or influencing the
control of the issuer or otherwise as not comprehended w ith in the pur­
poses of this subsection.
"(e) It shall be unlawful for any person to make any untrue statem ent of a
material fact or om it to state any material fact necessary in order to make
the statem ents made, in the light of the circumstances under w hich they are
made, not misleading, or to engage in any fraudulent, deceptive, or m anipula­
tive acts or practices, in connection w ith any tender offer or request or
invitation for tenders, or any solicitation of security holders in opposition to
or in favor of any such offer, request, or invitation.
"(f) If, pursuant to any arrangement or understanding w ith the person or
persons acquiring securities in a transaction subject to subsection (d) of this
section or subsection (d) of section 13 of this title, any persons are to be
elected or designated as directors of the issuer, otherwise than at a meeting
of security holders, and the persons so elected or designated w ill constitute
a m ajority of the directors of the issuer, then, prior to the tim e any such
person takes office as a director, and in accordance w ith rules and regulations
prescribed by the Commission, the issuer shall file w ith the Commission, and
transm it to all holders of record of securities of the issuer w ho w ould be
entitled to vote at a meeting for election of directors, inform ation substantially
equivalent to the inform ation w hich would be required by subsection (a) or (c)
of this section to be transm itted if such person or persons were nominees for
election as directors at a meeting of such security holders."
Approved July 29, 1 968.

Public Law 9 0 -4 4 8
9 0 th Congress, S. 3 4 9 7
A ugust 1, 1968

An Act
To assist in th e p ro visio n o f housing fo r lo w and m od e ra te in co m e fa m ilie s ,
and to extend and am end la w s re la tin g to housing and urban d e v e lo p ­
m ent.
Be it enacted by the Senate and House o f Representatives o f the U nited
States o f A m erica in Congress assembled. That this A ct may be cited as the
"Housing and Urban Development A ct of 1 9 6 8 "
S ec. 41 6.*
*
*
(b)
The first paragraph of section 24 of the Federal Reserve A ct is amended
by striking out all that follow s "national banking association" in the fourth
sentence and adding "m ay make loans or purchase obligations for land
developm ent which are'secured by mortgages insured under title X of the



FEDERAL BANKING LEGISLATION— 1968

143

National Housing A ct or guaranteed under title IV of the Housing and Urban
Development A ct of 1 9 6 8 ” .

S ec. 804.*

*
*
(c) Section 5136 of the Revised Statutes (12 U.S.C. 24) is amended by add­
ing at the end thereof the follow ing:
"N inth. To issue and sell securities which are guaranteed pursuant to
section 306(g) of the National Housing A ct."
(d) The first proviso of section 21(a) (1) of the Banking A c t of 1933 (12
U.S.C. 378(a) (1)) is amended by inserting ", or issuing securities," im m ediately
follow ing "investm ent securities” .

S ec. 8 0 7 /
*
*
(j) Section 5136 of the Revised Statutes is amended by inserting "o r the
Government National M ortgage A ssociation" im m ediately follow ing "Federal
National Mortgage A ssociation"

S ec. 911. Paragraph "S eventh" of section 5 1 3 6 of the Revised Statutes
(12 U.S.C. 24) is amended by adding at the end thereof the follow ing: "N o t­
w ithstanding any other provision in this paragraph, the association may pur­
chase for its own account shares of stock issued by a corporation authorized
to be created pursuant to title IX of the Housing and Urban Developm ent A ct
of 1968, and may make investments in a partnership, lim ited partnership, or
joint venture formed pursuant to section 907(a) or 907(c) of that A c t."

S ec. 1 705. *
*
*
(h) The last sentence of paragraph "S eventh" of section 5 1 3 6 of the
Revised Statutes (12 U.S.C. 24) (appearing im m ediately before the sentence
added by section 911 of this Act) is amended by inserting after "th e Asian
Development Bank" the follow ing: ", or obligations issued by any State or
political subdivision or any agency of a State or political subdivision for
housing, university, or dorm itory purposes,".

S ec. 1718. Section 24 of the Federal Reserve Act, as amended (12 U.S.C.
371), is amended—
(1) by striking out "tw e n ty -fo u r m onths", wherever it appears in the
third paragraph and inserting in lieu thereof "th irty-six m onths";
(2) by striking out "w hen the entire am ount of such obligation is sold
to the association", wherever it appears in the first and second para­
graphs, and inserting in lieu thereof "in whole or in part and at any tim e
or tim es prior to the m aturity of such obligation"; and
(3) by striking out the last paragraph and inserting in lieu thereof the
follow ing:
"Loans made to any borrower (i) where the association looks for repayment
by relying prim arily on the borrower's general credit standing and forecast of
income, w ith or w ith o u t other security, or (ii) where the association relies on
other security as collateral for the loans (including but not lim ited to a guaranty
of a third party), and where, in either case described in clause (i) or (ii) above,
the association wishes to take a mortgage, deed of trust, or other instrum ent
upon real estate (whether or not constituting a first lien) as a precaution against



144

FEDERAL DEPOSIT INSURANCE CORPORATION

contingencies, such loans shall not be considered as real estate loans w ithin
the meaning of this section but shall be classed as ordinary non-real-estate
loans."
Approved August 1, 1968.

Public Law 9 0 -5 0 5
9 0th Congress, S. 3 1 3 3
September 2 1 ,1 9 68

An Act
To extend fo r one year th e a u th o rity to lim it th e rates o f in te re s t or d iv i­
dends payable on tim e and savings dep o sits and a cco u n ts, and fo r o th e r
purposes.
Be it enacted by the Senate and House o f Representatives o f the U nited
States o f Am erica in Congress assembled,
S e c t io n 1. Section 7 of the A ct of September 2 1 ,1 966 (Public Law 8 9 -5 9 7 ;
80 Stat. 823) is amended to read:
" S ec. 7. Effective September 22, 1 9 6 9 —
"(1) so much of section 19(j) of the Federal Reserve A ct (12 U.S.C.
371b) as precedes the third sentence thereof is amended to read as it
would w ith o u t the amendm ent made by section 2(c) of this A ct;
"(2) the second and third sentences of section 18(g) of the Federal
Deposit Insurance A ct (12 U.S.C. 1828(g)) are amended to read as they
w ould w ith o u t the am endm ent made by section 3 of this Act; and
"(3) section 5B of the Federal Home Loan Bank A ct (12 U.S.C. 1425b)
is repealed."
S e c . 2. (a) The first sentence of section 19 (j) of the Federal Reserve A ct
(12 U.S.C. 371b) is amended by changing "lim it by regulation" to read "p re ­
scribe rules governing the payment and advertisement of interest on deposits,
including lim itations on".
(b) The second sentence of section 18(g) of the Federal Deposit Insurance
A ct (12 U.S.C. 1828(g)) is amended by changing "lim it by regulation" to read
"prescribe rules governing the payment and advertisement of interest on
deposits, including lim itations on".
(c) The first sentence of section 5B of the Federal Home Loan Bank A ct
(12 U.S.C. 1425b) is amended by changing "lim it by regulation" to read
"prescribe rules governing the payment and advertisement of interest or
dividends on deposits, shares, or w ithdraw able accounts, including lim itations
on".
S ec. 3. (a) The first sentence of the eighth full paragraph of section 13 of
the Federal Reserve A ct (12 U.S.C. 347) is amended by inserting ", or secured
by such obligations as are eligible for purchase under section 14(b) of this
A c t" im mediately before the period at the end thereof.
(b) The first sentence of the last full paragraph of such section (12 U.S.C.
347c) is amended by inserting "o r by any obligation w hich is a direct obliga­
tion of, or fully guaranteed as to principal and interest by, any agency of the
United S tates" im m ediately before the period at the end thereof.
Approved September 2 1 ,1 9 6 8 .



RULES AND REGULATIONS OF THE CORPORATION

145

RULES A N D REGULATIONS OF THE
CO RPO R A TIO N —1968
TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 3 0 — CLARIFICATION AND DEFINITION OF DEPOSIT
INSURANCE COVERAGE
Notification of Depositors
Effective January 16, 1968 § 3 3 0 .1 4 of the rules and regulations of the
Federal Deposit Insurance Corporation (12 CFR Part 330) is amended to read
as follows:
§3 3 0 .1 4

N otification o f depositors.

Each insured bank is required to provide notice of these revisions to the
Rules and Regulations for Clarification and Definition of Insurance Coverage of
Deposit Accounts, Part 330, not later than April 1, 1968, to the depositors of
each deposit account which had a balance in excess of $ 5 ,0 0 0 on any date
selected by the bank between September 1, 1967, and April 1, 1968. Such
notice shall consist of mailing to such depositors at their last known address
as shown on the records of the insured bank, a question and answer brochure
on insurance of deposit accounts prepared by the Federal Deposit Insurance
Corporation. Such brochure shall also be made available to the public at each
teller's station or w indow where deposits are normally received and at new
account stations of an insured bank. Additional explanatory materials may
also be sent to depositors at the option of the insured bank.
[F.R. Doc. 6 8 -4 0 7 ; Filed, Jan. 1 5, 1 9 68; 8 :4 9 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 2 9 — PAYMENT OF DEPOSITS AND INTEREST THEREON
BY INSURED NONMEMBER BANKS
Foreign Time Deposits
Effective January 22, 1968, paragraph (a) of § 329.3 is amended to read as
follows:
§ 3 2 9 .3

M axim um rate o f interest on tim e and savings deposits.

(a)
M axim um rate prescribed from tim e to time. Except in accordance w ith
the provisions of this part, no insured nonmember bank shall pay interest on
any tim e deposit or savings deposit in any manner, directly or indirectly, or by
any method, practice, or device whatsoever. No insured nonmem ber bank shall
pay interest on any tim e deposit or savings deposit at a rate in excess of such
applicable maximum rate as the Board of Directors of the Federal Deposit
Insurance Corporation shall prescribe from tim e to tim e; and any rate or rates
which may be so prescribed by the Board w ill be set forth in supplements to
this part (see § 329.6), which w ill be issued in advance of the date upon which
such rate or rates become effective. Under explicit provisions of the Federal
Deposit Insurance Act, until October 1 5, 1 968, the provisions of this paragraph
do not apply to the rate of interest that may be paid by insured nonmember



146

FEDERAL DEPOSIT INSURANCE CORPORATION

banks on tim e deposits of foreign governments, monetary and financial authori­
ties of foreign governments when acting as such, or international financial
institutions of which the United States is a member. The provisions of this
paragraph shall likewise not apply to the rate of interest that may be paid
by an insured nonmember bank after October 1 5, 1968, on such a deposit
which is received, renewed, or extended, in the ordinary course of business
and for a specified period not exceeding 2 years, prior to the expiration of the
authority conferred upon the Board by the amendments to section 18(g) of the
Federal Deposit Insurance A ct enacted September 21, 1966.
*

*

*

*

*

*

[F.R. Doc. 6 8 -9 8 0 ; Filed, Jan. 25, 1968; 8 :4 5 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 2 9 — PAYMENT OF DEPOSITS AND INTEREST THEREON
BY INSURED NONMEMBER BANKS
M aximum Rates of Interest Payable on Time and Savings Deposits by
Insured Nonmember Banks
Effective April 19, 1968, § 329.6 of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR § 329 6) is amended to read as
follows:
§3 2 9 .6 M axim um rates o f interest payable on time and savings deposits by
insured nonm em ber banks.
Pursuant to the provisions of section 18 of the Federal Deposit Insurance
A ct and §329.3, the Board of Directors of the Federal Deposit Insurance
Corporation hereby prescribes the follow ing maximum rates1 of interest pay­
able by insured nonmember banks on tim e and savings deposits:
(a)
Single m aturity tim e deposits.— (1) Deposits o f $ 1 0 0 ,0 0 0 or more. No
insured nonmember bank shall pay interest on any single m aturity tim e deposit
of $ 1 0 0 ,0 0 0 or more at a rate in excess of the applicable rate under the fo llo w ­
ing schedule:

M aturity

M axim um
percent
per annum

30 -59 days - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 51/2
6 0 -89 days - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53/4
90 -1 7 9 d a y s ------------------------------------------------------------------------------------------------ 6
180 days or more - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 1/4

(2)
Deposits o f less than $ 1 0 0 ,0 0 0 . No insured nonmember bank shall pay
interest at a rate in excess of 5 percent per annum on any single m aturity tim e
deposit of less than $ 1 0 0 ,0 0 0 .
(b)
M ultip le m aturity tim e deposits— (1) Deposits payable at intervals o f at
least 9 0 days. No insured nonmember bank shall pay interest at a rate in excess
of 5 percent per annum on a multiple m aturity tim e deposit that is payable only
90 days or more after the date of deposit or 90 days or more after the last
preceding date on which it might have been paid.

1The 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

147

(2)
Deposits payable at intervals o f less than 9 0 days. No insured nonmember bank shall pay interest at a rate in excess of 4 percent per annum on
a m ultiple m aturity tim e deposit that is payable less than 90 days after the
date of deposit or less than 90 days, but at least 30 days, after the last pre­
ceding date on which it m ight have been paid.
(c)
Savings deposits. No insured nonmember bank shall pay interest at a
rate in excess of 4 percent per annum on any savings deposit.
In calculating the rate of interest paid, the effects of compounding of inter­
est may be disregarded. An insured nonmember bank that elects to compound
interest— either at the maximum permissible rate or at a lower rate— shall
state the basis of compounding (such as semiannually, quarterly, monthly,
weekly, daily, or continuously) in every advertisement, announcement, solicita­
tion, and agreement relating to the rate of interest paid on a deposit.
[F.R. Doc. 6 8 -4 9 3 2 ; Filed, Apr. 24, 1 9 68; 8 :4 6 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 3 0 — CLARIFICATION AND DEFINITION OF DEPOSIT
INSURANCE COVERAGE
Qualifying Jo in t Accounts
Effective June 8, 1968, § 330.9(b) of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR Part 330) is amended to read as
follows:
§ 330.9

J o in t accounts.
*
*

*

*

*

(b)
Qualifying jo in t accounts. A joint deposit account shall be deemed to
exist, for purposes of insurance of accounts, only if each coowner has per­
sonally executed a deposit account signature card and possesses w ithdraw al
rights. The restrictions of this paragraph shall not apply to coowners of a tim e
certificate of deposit or to any deposit obligation evidenced by a negotiable
instrument, but such a deposit must in fact be jointly owned.
*
*
*
*
*
[F.R. Doc. 6 8 -6 8 8 4 ; Filed, June 7, 1968; 1 2 :0 0 p.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 2 9 — PAYMENT OF INTEREST ON DEPOSITS
Computation of Interest
§329.101

Payment o f interest on basis that 3 6 0 days equals 1 year.

(a)
The question has arisen w hether an insured nonmem ber bank may pay
interest on 1-year deposits on the basis that 3 6 0 days entitles a depositor to
a full year's interest and add interest at the maximum permissible rate on the
type of deposit in question for the remaining days (5 or 6) of the calendar year.



148

FEDERAL DEPOSIT INSURANCE CORPORATION

Under such a practice, the depositor would, in effect, receive 3 7 0 days of
interest on the deposit in 1 year.
(b) The Board of Directors considers that practices of this type violate Part
329 of the rules and regulations of the Federal Deposit Insurance Corporation.
Such regulation does not authorize a bank to use "grace periods" in computing
interest on tim e deposits at the maximum permissible rate. In other words, the
terms of Part 329 are not designed to perm it a bank to pay interest at the
maximum rate for more days than funds are on deposit.
(c) Nevertheless, the Board of Directors has concluded that no useful pur­
pose would be served by preventing banks from com puting interest, as a m at­
ter of mathematical sim plicity, on the basis that 30 days equals 1 month or
one-tw elfth of a year, 90 days equals 3 months or one-quarter of a year, 180
days equals 6 months or one-half of a year, or even that 3 6 0 days equals 1
year. A lthough it is recognized th a t a bank w hich computes interest on such a
basis w ill be paying interest at an effective annual rate of interest slightly
in excess of the applicable maximum simple interest rate compounded contin­
uously for the number of days the funds are on deposit, the Corporation w ill
disregard this insignificant violation of its regulation.
(d) However, a bank that does compute interest on the basis of 3 6 0 days
equals 1 year, or the like, may not add any interest computed on a daily basis.
The m athematical sim plicity argum ent supporting disregard of the violation
that arises from a 360-days-equals-1-year basis falls w ith respect to such
a bank.
(e) The Board of Directors also considers that it would be inappropriate for
a bank to advertise an effective annual rate of interest on deposits in excess of
the rate that results from com puting interest at the maximum permissible
simple interest rate on the type of deposit involved, compounded continuously
for a full year. This means, for example, that an insured nonmem ber bank
may not advertise an effective annual rate of interest in excess of 5.13 percent
on a 5 percent multiple m aturity tim e deposit.
[F.R. Doc. 6 8 -9 4 0 1 ; Filed, Aug. 6, 1 9 68; 8 :4 7 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 3 5 — SECURITIES OF INSURED NONMEMBER STATE BANKS
Miscellaneous Am endm ents
Effective August 8, 1968, the follow ing miscellaneous am endm ents to Part
335 were adopted:
1.
Section 3 3 5 .4 is amended to change its title and to revise paragraph (g),
as set forth below:
§ 3 35.4

Registration statem ents and reports.
*
*
*
*
*
(g) Current reports and/or statements. (1) Every registrant bank shall file
a current report in conform ity w ith the requirements of Form F-3 w ith in 10
days after the close of any month during w hich any of the events specified in
that form occurs, unless substantially the -same inform ation as required by that
form has been previously reported by the bank.
(2)
Any person who, after acquiring, subsequent to July 29, 1968, directly
or indirectly the beneficial ownership of any equity security of a bank, of a class



RULES AND REGULATIONS OF THE CORPORATION

149

which is registered pursuant to section 12 of the Act, is directly or indirectly
the beneficial owner of more than 10 percent of such class shall, w ith in 10
days after such acquisition, send to the bank at its principal executive office, by
registered or certified mail, send to each exchange where the security is traded,
and file w ith the Corporation a statem ent containing the inform ation required
by Form F-1 1.
(3) If any material change occurs in the f£cts set forth in the statem ent
required by subparagraph (2) of this paragraph, the person w ho filed such state­
ment shall prom ptly file w ith the Corporation and send to the bank and the
exchange an amendm ent disclosing such change.
(4) When a person other than the issuing bank or any person described in
section 13(e) (2) of the A ct makes a tender offer for, or request or invitation
for tenders of, any class of equity securities of a bank subject to section 13(e)
of the Act, and such person has filed a statem ent w ith the Corporation pursuant
to §335.5(1) and the issuing bank has received notice thereof, such issuing
bank or any person described in section 1 3(e) (2) of the A ct shall not thereafter,
during the period such tender offer, request or invitation continues, purchase
any equity securities of the issuing bank unless:
(i) The issuing bank or any person described in section 13(e) (2) of the A ct
has filed w ith the Corporation a statem ent containing the inform ation specified
below w ith respect to proposed purchases.
(a) The title and amount of securities to be purchased, the names o f the per­
sons or classes of persons from whom , and the market in which, the securities
are to be purchased, including the name of any exchange on which the pur­
chase is to be made;
(b) The purpose for which the purchase is to be made and any plan or
proposal for the disposition of such securities; and
(c) The source and am ount of funds or other consideration used or to be
used in making the purchases, and if any part of the purchase price or pro­
posed purchase price is represented by funds or other consideration borrowed
or otherwise obtained for the purpose of acquiring, holding, or trading the
securities, a description of the transaction and the names of the parties
thereto.
(ii) The issuing bank or any person described in section 13(e) (2) of the A ct
has at any tim e w ithin the past 6 months sent or given to the equity security
holders of the issuing bank the substance of the inform ation contained in the
statem ent required by subparagraph (i): Provided, however. That any issuing
bank or any person described in section 13(e) (2) of the A ct making such pur­
chases which commenced prior to August 8, 1968, shall, if such purchases
continue after such date, comply w ith the provisions of this subparagraph on
or before August 20, 1968.
*
*
*
*
*
2.
Section 335.5 is amended to change its title and to add paragraphs (I),
(m), and (n), as set forth below:
§ 3 3 5 .5
A ct.

Proxy statem ents and other solicitations under section 14 o f the

(I)
Invitations fo r tenders. (1) No person, directly or indirectly, by use of
the mails or by any means or instrum entality of interstate commerce or of
any facility of a national securities exchange or otherwise, shall make a tender
offer for, or a request or invitation for tenders of, any class of any equity
security, which is registered pursuant to section 12 of the Act, of a bank if, after
consumm ation thereof, such person would, directly or indirectly, be the bene­
ficial owner of more than 10 percent of such class, unless, at the tim e copies of



150

FEDERAL DEPOSIT INSURANCE CORPORATION

the offer or request or invitation are first published or sent or given to security
holders, such person has filed w ith the Corporation a statem ent containing the
inform ation and exhibits required by Form F-1 1: Provided, how ever, That any
person making a tender offer for or a request or invitation for tenders which
commenced prior to August 8, 1968, shall, if such offer, request or invitation
continues after such date, file the statem ent required by this paragraph on or
before August 20, 1968.
(2) If any material change occurs in the facts set forth in the statem ent
required by subparagraph (1) of this paragraph, the person w ho filed such state­
ment shall prom ptly file w ith the Corporation an amendm ent disclosing such
change.
(3) All requests or invitations for tenders or advertisements making a tender
offer or requesting or inviting tenders shall contain the names of the persons
making such requests, invitations, or advertisements and the inform ation
required by Items 2 (a), (c) and (o) (1), 3, 4, 5, and 6 of Form F-1 1, or a fair and
adequate summary thereof, and shall be filed w ith the Corporation as part of
the statem ent required by subparagraph (1) of this paragraph: Provided, h o w ­
ever, That the inform ation required by Item 2(e) (1) shall include only con­
victions involving dishonesty or breach of trust.
(4) Any additional material soliciting or requesting such tender offers subse­
quent to the initial solicitation or request shall contain the names of the persons
making such solicitation or request and the inform ation required by Form F -1 1
as specified in subparagraph (3) of this paragraph, or a fair and adequate sum ­
mary thereof: Provided, however. That such material may om it any of such
inform ation previously furnished to the persons solicited or requested for tender
offers. Copies of such additional material soliciting or requesting such tender
offers shall be filed w ith the Corporation not later than the tim e copies of
such material are firs t published or sent or given to security holders.
(m) Recommendations as to tender offers. (1) No solicitation or recom ­
mendation to the holders of a security to accept or reject a tender offer or
request or invitation for tenders subject to section 14(d) of the A ct shall be
made unless, at the tim e copies of the solicitation or recom mendation are first
published or sent or given to holders of the security, the person making such
solicitation or recommendation has filed w ith the Corporation a statem ent con­
taining the inform ation specified by Form F-1 2: Provided, however, That this
paragraph shall not apply to a person required by §335.5(1) to file a statem ent,
or a person, other than the bank or the management of the bank, w ho makes
no w ritte n solicitations or recom mendations other than solicitations or recom ­
mendations copies of w hich have otherwise been filed w ith the Corporation:
A n d provided further, That any person making a solicitation or recom mendation
to the holders of a security to accept or reject a tender offer or request or
invitation for tenders which solicitation or recom mendation commenced prior
to A ugust 8, 1968, shall, if such solicitation or recom mendation continues after
such date, file the statem ent required by this paragraph on or before August
20, 1968.
(2) If any material change occurs in the facts set forth in the statem ent
required by subparagraph (1) of this paragraph, the person who filed such
statem ent shall prom ptly file w ith the Corporation an amendm ent disclosing
such change.
(3) Any w ritte n solicitation or recom mendation to the holders of a security
to accept or reject a tender offer or request or invitation for tenders subject
to section 14(d) of the A ct shall include the name of the person making such
solicitation or recom mendation and the inform ation required by Items 1(b), 2(b)
of Form F-12, or a fair and adequate summary thereof: Provided, however,



RULES AN D REGULATIONS OF THE CORPORATION

151

That such w ritten solicitation or recom mendation may om it any of such infor­
mation previously furnished to the persons to w hom the solicitation or
recommendation is made.
(n) Change in m ajority o f directors. If, pursuant to any arrangem ent or under­
standing w ith the person or persons acquiring securities in a transaction sub­
ject to section 13(d) or section 14(d) of the A ct, any persons are to be elected
or designated as directors of the bank,,otherwise than at a meeting of security
holders, and the persons so elected or designated w ill constitute a m ajority of
the directors of the bank, then, not less than 10 days prior to the date any
such person takes office as a director, or such shorter period prior to that date
as the Corporation may authorize upon a showing of good cause therefor, the
bank shall file w ith the Corporation and transm it to all holders of record of
securities of the bank w ho w ould be entitled to vote at a meeting for election
of directors, inform ation substantially equivalent to the inform ation which
w ould be required by Items 5 (a), (d), (e), and (f), 6 and 7 of Form F-5 to
be transm itted if such person or persons were nominees for election as direc­
tors at a meeting of such security holders.
3. The follow ing sections are added:
§ 3 3 5 .4 7 Form fo r statem ent to be filed pursuant to
§ 335.5(1) o f Part 3 3 5 (Form F -11),

§335.4(g)

(2) or

FORM F-11
STATEMENT TO BE FILED PURSUANT TO §.335.4 (g) (2)
OR §335.5(1) OF PART 335
General In s tru c tio n s
The item numbers and captions of the items.shall be included but the te xt of
the items may be om itted. The answers to the items shall be so prepared as to
indicate clearly the coverage of the items w ith o u t referring to the te xt of the
items. Answ er every item. If an item is inapplicable or the answer is in the
negative, so state.
If the statem ent is filed by a partnership, lim ited partnership, syndicate, or
other group, the inform ation called for by Items 2 to 6, inclusive, shall be given
w ith respect to (1) each partner or any partnership or lim ited partnership; (2)
each member of such syndicate or group; and (3) each person controlling such
partner or member. If a person referred to in (1), (2), or (3) is a corporation or
the statem ent is filed by a corporation, the inform ation called for by the abovementioned items shall be given w ith respect to each principal officer and direc­
tor of such corporation and each person controlling such corporation.
Item 1. Security and Bank.
State the title of the class of equity securities to which this statem ent relates
and the name and address of the bank which issued such securities.
Item 2. Identity and Background.
State the follow ing w ith respect to the person filing this statem ent:
(a) Name and business address.
(b) Residence address.
(c) Present principal occupation or em ploym ent and the name, principal
business and address of any corporation or other organization in w hich such
em ploym ent is carried on.



152

FEDERAL DEPOSIT INSURANCE CORPORATION

(d) Material occupations, positions, offices or em ploym ents during the last
10 years, giving the starting and ending dates of each and the name, principal
business and address of any business corporation or other organization in
w hich each such occupation, position, office or em ploym ent was carried on.
(e) (1) W hether or not such person has been convicted in a criminal pro­
ceeding (excluding traffic violations or sim ilar misdemeanors) and, if so, give
the dates, nature of conviction, name and location of the court, and penalty
imposed, or other disposition of the case.
(2)
W hether or not such person has ever been adjudicated a bankrupt and, if
so, give the dates and names and locations of the courts.
Item 3. Source and A m o u n t o f Funds or Other Consideration.
State the source and am ount of funds or other consideration used or to be
used in making the purchases, and if any part of the purchase price or pro­
posed purchase price is represented or is to be represented by funds or other
consideration borrowed or otherwise obtained for the purpose of acquiring,
holding, or trading the securities, a description o f the transaction and the
names of the parties thereto.
Instruction. If the source of funds is a loan made in the ordinary course
of business by a bank, the person filing the statem ent may, at his option, om it
the name of the bank, provided it is furnished to the Corporation in a letter
requesting confidential treatm ent as to such information. Pursuant to section
13(d) (1) (B) of the Act, such inform ation shall not be made available to the
public.
Item 4. Purpose o f Transaction.
If the purpose of the purchases or prospective purchases is to acquire control
of the bank, describe any plans or proposals which such persons may have to
liquidate such bank, to sell its assets to or merge it w ith any other persons, or
to make any other major change in its business or corporate structure.
Item 5. Interest in Securities o f the Bank.
State the number of shares of the security which are beneficially owned, and
the number of shares concerning which there is a right to acquire, directly or
indirectly, by (i) such person, and (ii) each associate of such person, giving the
name and address of each such associate.
Item 6. Contracts, A rrangem ents, or Understandings W ith Respect to
Securities o f the Bank.
Furnish inform ation as to any contracts, arrangements, or understandings
w ith any person w ith respect to any securities of the bank, including but not
lim ited to transfer of any of the securities, joint ventures, loan or option
arrangements, puts or calls, guaranties of loans, guaranties against loss or
guaranties of profits, division of losses or profits, or the giving or w ithholding
of proxies, naming the persons w ith w hom such contracts, arrangements, or
understandings have been entered into, and giving the details thereof.
Item 7. Persons Retained, Em ployed or To Be Compensated.
Where this statem ent relates to a tender offer, or request or invitation for
tenders, identify all persons and classes of persons employed, retained or to
be compensated by the person filing this statem ent, or by any person on his
behalf, to make solicitations or recom mendations to security holders and
describe briefly the term s of such employment, retainer or arrangem ent for
compensation.
Item 8. M a te ria l To Be Filed as Exhibits.
Copies of all requests or invitations for tenders or advertisem ents making a
tender offer or requesting or inviting tenders, additional material soliciting or
requesting such tender offers, solicitations or recom mendations to the holders
of the security to accept or reject a tender offer or request or invitation for
tenders shall be filed as an exhibit.



RULES AND REGULATIONS OF THE CORPORATION

153

Signature
I certify that to the best of my knowledge and belief the inform ation set forth
in this statem ent is true, complete and correct.
(Date)
(Signature)
If the statem ent is signed on behalf of a person by an authorized representa­
tive, evidence of the representative's authority to sign on behalf of such person
shall be filed w ith the statement.
§ 3 3 5 .5 3 Form fo r statem ent to be file d pursuant to §335.5(m ) o f Part 3 3 5
(Form F -12).

FORM F-1 2
STATEMENT TO BE FILED PURSUANT TO § 3 3 5 .5(m) OF PART 335
General In s tru c tio n s
The item numbers and captions of the items shall be included but the te xt of
the items may be om itted. The answers to the items shall be so prepared as to
indicate clearly the coverage of the items w ith o u t referring to the te xt of the
items. Answer every item. If an item is inapplicable or the answer is in the
negative, so state.
Item 1. Security and Bank.
(a) State the title of the class of equity securities to w hich this statem ent
relates and the name and address of the bank which issued such securities.
(b) Identify the tender offer or request or invitation for tenders to w hich
this statem ent relates and state the reasons for the solicitation or recom m enda­
tion to security holders to accept or reject such tender offer, request, or invita­
tion for tenders.
Item 2. Identity and Background.
(a) State the name and business address of the person filing this statem ent.
(b) Describe any arrangement or understanding in regard to the solicitation
w ith (i) the bank or the management of the bank or (ii) the maker of the tender
offer or request or invitation for tender of securities of the class to w hich this
statem ent relates.
Item 3. Persons Retained, Employed or To Be Compensated.
Identify any person or class of persons employed, retained or to be com pen­
sated, by the person filing this Form F-1 2, or by any person on his behalf, to
make solicitations or recom mendations to security holders and describe
briefly the term s of such employment, retainer or arrangem ent for com pensa­
tion.
Item 4. M a teria l To Be Filed as Exhibits.
Copies of all solicitations or recom mendations to accept or to reject a tender
offer or request or invitation for tenders of the securities specified in Item 1
shall be filed as an exhibit.
Signature
I certify that to the best of my knowledge and belief the inform ation set forth
in this statem ent is true, complete and correct.
(Date)
(Signature)
If the statem ent is signed on behalf of a person by an authorized representa­
tive, evidence of the representative's authority to sign on behalf of such person
shall be filed w ith the statement.
§335.51
[Amended]
4.
Section 335.51 (Form F-5) is amended by adding the follow ing para­
graphs (e) and (f) to "Ite m 5, Voting Securities and Principal Holders There­
o f” of such form:



154

FEDERAL DEPOSIT INSURANCE CORPORATION

Item 5. Voting Securities and Principal Holders Thereof.
(e) If to the knowledge of the persons on whose behalf the solicitation is
made, a change in control of the bank has occurred since the beginning of its
last fiscal year, state the name of the person or persons who acquired such con­
trol, the basis of such control, the date and a description of the transaction or
transactions in which control was acquired and the percentage of voting securi­
ties of the bank now owned by such person or persons.
(f) Describe any contractual arrangements, including any pledge of securities
of the bank or any of its parents, known to the persons on whose behalf the
solicitation is made, the operation of the terms of which may at a subsequent
date result in a change in control of the bank.
Instruction. Paragraph (f) does not require a description of ordinary default
provisions contained in the charter, trust indentures or other governing instru­
ments relating to securities of the bank.
[F.R. Doc. 6 8 -9 7 8 3 ; Filed, Aug. 14, 1968; 8 :4 7 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 3 2 9 — PAYMENT OF DEPOSITS AND INTEREST THEREON
BY INSURED NONMEMBER BANKS
Time Deposits of Foreign Monetary Authorities; Applicability of Lower State
Maximum Interest Rates; Interest on Time and Savings Deposits Renewed
W ithin 10 Days
1.
Effective October 15, 1968, §329.3 of the rules and regulations of the
Federal Deposit Insurance Corporation (12 CFR Part 329) is amended to read
as follows:
§329.3

M axim um rate o f interest on tim e and savings deposits.

(a) M axim um rate prescribed from tim e to time. Except in accordance w ith
the provisions of this part, no insured nonmember bank shall pay interest on
any tim e deposit or savings deposit in any manner, directly or indirectly, or by
any method, practice, or device whatsoever. Except as provided in paragraph
(g) of this section, no insured nonmember bank shall pay interest on any tim e
deposit or savings deposit at a rate in excess of such applicable m aximum rate
as the Board of Directors of the Federal Deposit Insurance Corporation shall
prescribe from tim e to tim e; and any rate or rates w hich may be so prescribed
by the Board w ill be set forth in supplements to this part (see §329.6), w hich
w ill be issued in advance of the date upon which such rate or rates become
effective.
(b) M odification o f contracts to conform to regulation. No certificate of de­
posit or other contract shall be renewed or extended unless it be modified to
conform to the provisions of this part, and every insured nonm em ber bank shall
take such action as may be necessary, as soon as possible consistently w ith its
contractual obligations, to bring all of its outstanding certificates of deposit or
other contracts into conform ity w ith the provisions of this part.
(c) Insured nonm em ber banks lim ite d to m axim um rate under State law. The
rate of interest paid by an insured nonmember bank upon a tim e deposit or a
savings deposit shall not in any case exceed (1) the applicable maximum rate
prescribed pursuant to the provisions of paragraph (a) of this section, or (2) the
applicable maximum rate authorized to be paid upon such deposits under the



RULES AND REGULATIONS OF THE CORPORATION

155

laws of the State in which the insured nonmember bank is located, w hichever
may be less.
(d) Grace periods in com puting interest on savings deposits. An insured
nonmember bank may pay interest on a savings deposit received during the
first ten (10) calendar days of any calendar month at the applicable m aximum
rate prescribed pursuant to paragraph (a) of this section calculated from the
first day of such calendar month until such deposit is w ith d ra w n or ceases to
constitute a savings deposit under the provisions of this part, w hichever shall
first occur; and an insured nonmember bank may pay interest on a savings
deposit w ithdraw n during its last three (3) business days of any calendar month
ending a regular quarterly or semiannual interest period at the applicable m axi­
mum rate prescribed pursuant to paragraph (a) of this section calculated to
the end of such calendar month.
(e) Continuance o f tim e deposit status. A deposit w hich was a tim e deposit
at the date of deposit continues to be such until m aturity, although it has
become payable w ithin th irty (30) days, and interest at a rate not exceeding
that prescribed pursuant to the provisions of paragraph (a) of this section may
be paid until m aturity upon such deposit. A tim e deposit or a savings deposit,
w ith respect to which notice of w ithdraw al has been given, continues to be
such until the expiration of the period of such notice, and interest may be
paid upon such deposit until the expiration of the period of such notice at a
rate not exceeding that prescribed pursuant to the provisions of paragraph (a)
of this section. Interest at a rate not exceeding that prescribed pursuant to
the provisions of paragraph (a) of this section may be paid upon savings
deposits w ith respect to which notice of intended w ithdraw al has not actually
been required or given. No interest shall be paid by an insured nonmem ber
bank on any amount which by the terms of any certificate or other contract or
agreement, or otherwise, the bank may be required to pay w ith in th irty (30)
days from the date on which such am ount is deposited in such bank,1 except
as to savings deposits w ith respect to which the bank consistently continues
to adhere to a practice existing prior to January 23, 1936, of requiring notice
of at least fifteen (15) days before perm itting w ithdrawal.
(f) No interest after m aturity or expiration o f n otice; exception. A fte r the
date of m aturity of any tim e deposit, such deposit is a demand deposit, and
no interest may be paid on such deposit for any period subsequent to such date.
A fter the expiration of the period of notice given w ith respect to the repay­
ment of any tim e deposit or savings deposit, such deposit is a demand deposit
and no interest may be paid on such deposit for any period subsequent to the
expiration of such notice, except that, if the owner of such deposit advise the
bank in w riting that the deposit w ill not be w ithdraw n pursuant to such notice
or that the deposit w ill thereafter again be subject to the contract or require­
ments applicable to such deposit, the deposit w ill again constitute a tim e
deposit or savings deposit, as the case may be, after the date upon w hich such
advice is received by the bank. N otw ithstanding the foregoing, if a tim e deposit
is renewed, autom atically or by action of the depositor, w ith in ten (10) days
after m aturity, the renewed deposit or renewed portion may draw interest from
the m aturity date of the matured deposit; and if a tim e or savings deposit is
renewed, autom atically or by action of the depositor, w ithin ten (10) days after
expiration of the period of notice given w ith respect to its repayment, the

1
Deposits, such as Christmas club accounts and vacation club accounts, which are made
under w ritten contracts providing that no w ithdraw al shall be made until a certain number of
periodic deposits have been made during a period of not less than three (3) months, constitute
"tim e deposits, open acccount” even though some of the deposits are made w ithin thirty (30)
days from the end of such period.




156

FEDERAL DEPOSIT INSURANCE CORPORATION

renewed deposit or renewed portion may draw interest from the date such
notice period expired.1
(g)
Time deposits o f foreign monetary authorities. The provisions of para­
graph (a) of this section do not apply to the rate of interest that may be paid
by insured nonmember banks on a tim e deposit, having a m aturity of not more
than 2 years, made and owned by a foreign government, a monetary or fin a n ­
cial authority of a foreign governm ent when acting as such, or an international
financial institution of which the United States is a member. All certificates of
deposit issued by insured nonmem ber banks to such organizations, on w hich
the contract rate of interest exceeds the applicable maximum under §329.6,
shall provide (1) that, in the event of transfer, the date of transfer, attested to
in w riting by the transferor, shall appear on the certificate, and (2) th a t the
maximum rate lim itations of §329.6 in effect at the date of issuance of the
certificate apply to the certificate for any period during w hich it is held by a
person other than such an organization. Upon presentm ent of such a certificate
for payment, the bank may pay to the holder the contract rate of interest on
the deposit for the tim e that the certificate was actually owned by such an
organization.
2.
Effective October 1 5, 1 968, this Corporation's uncodified interpretation of
Part 329 of its regulations, published in 27 F e d e r a l R e g is t e r 1 1798 (1962),
is revoked.
1Where a time certificate is renewed w ithin ten (10) days after maturity, the renewal certifi­
cate may be dated back to the maturity date of the matured certificate.

[F.R. Doc. 6 8 -1 2 6 2 5 ; Filed, Oct. 16, 1968; 8 :4 9 a.m.]

STATE BANKING LEGISLATION— 1968
The legislatures of th irty-fo u r States held either regular or special sessions
during 1968, and tw enty-nine of them enacted laws affecting the banking
industry. Some of the State banking laws enacted this year are listed below
on a State-by-State basis.

ALA S K A
Securities registration requirements - e xe m p tio n s................ HB
Bank investm e n ts....................................
............................. HB
Banking code am endm ents................
................................ SB
Minor's contracts - e n fo rc e a b ility ............................................. HB
Student lo a n s ................
..........................SB
SB
Stockholders' meetings. . . .
. . . HB
Discount lo a n s ..........................................................
. . . HB

351
413
30 5
4 75
37 8
36 5
490
7

ARIZONA
Wage payment by bank deposit . . . .
..........................SB
Public d e p o s ito rie s ....................................................................... HB
Loan lim ita tio n s ..............................................................................SB

212
99
123

ARKANSAS
Student lo a n s ..............................................................
Capital notes . . .
..........................................



. . HB
. . HB

7-X
42-X

157

STATE BANKING LEGISLATION
C A L IF O R N IA
Fraudulent use of credit c a r d s .......................................
Financial code amendm ents regarding capital and
reserves and foreign banking corporations . . . .

. AB

367

.S B
AB
SB
Unclaimed p ro p e rty ....................................................................... SB
Corporate securities law a m e n d m e n ts ................................... AB
Uniform Gifts to Minors A ct a m e n d m e n ts ............................. AB
Taxation of banking in s titu tio n s ...................... ..........................AB
SB

164
984
1003
63
1
115 4
1832
60 6

C O LO R ADO
Student lo a n s .................................................................................HB
Uniform Consumer Credit C o d e -s tu d y................................... HJR

1073
1013

G E O R G IA
State fund depositories.................................................................HB
Bank inve stm e nts.......................................................................... HB
Stock in subsidiary co rp o ra tio n s................................................ HB
Loans to officers, directors, and em ployees............................. HB
Powers of State and national banks e q u a lize d .......................HB
Capital re q u ire m e n ts ....................................................................HB
Student lo a n s .................................................................................HB
Nonpar banking - interim s tu d y .................................................HR
SB

933
934
935
937
938
939
1066
217
265

H A W A II
Student lo a n s .................................................................................HB
Equalization of powers of State and national b a n k s ............. SB
M ulti-S tate Tax Compact adop te d............................................. HB
Interest rates on farm l o a n s .......................................................SB

255
45
141
330

IL L IN O IS
Uniform Gifts to Minors A ct am endm ents................................ SB
Branch b a n k in g ..............................................................................HB

1811
2825

KANSAS
Student lo a n s .............................................................
National banks - ta xa tio n..........................................

...
...

SB
SB

KENTUCKY
Bank filing f e e s ..............................................................................HB
Bank h o lid a y s .................................................................................HB
Bank examiner qualifications....................................................... SB
Credit c a r d s .................................................................................... SR
Banking fees.................................................................................... HB
Bank ownership of personal p ro p e r ty .......................................HB
Credit - disclosure of c h a rg e s ....................................................HB
L O U IS IA N A
Interest rates and finance charges............................................. HB
Security for deposit of public f u n d s .......................................... SB
Use of term "insured savings" prohibited except
for agency of the United S ta te s ............................................. SB
In v e s tm e n ts .................................................................................... SB
Bank holding c o m p a n ie s ............................................................. SB



705
646
285
317
180
61
28 5
580
250

64
252
389
390
1183

158

FEDERAL DEPOSIT INSURANCE CORPORATION

Loans .
Powers. . .
Trusts . . .

M A IN E
Truth in lending - interest and finance
charge - disclosure................................................
Student lo a n s .............................................................

. HB
SB
. . SB
. . SB
SB
SB
SB
SB

638
253
338
32
36
37
35
34

. . HB
. . SB

1316-X X
779-X X

M AR YLAN D
Loans - interest rates................

. HB
HB
Disposition of unclaimed property . .
................... SB
I n t e r e s t ...........................................................................................HB

11
427
385
1

M ASSACHUSETTS
T r u s t s ..............................................................................................HB
Cooperative banks - personal loan lim ita tio n ..........................HB
L o a n s ..............................................................................................HB
HB
HB
HB
Investments . .
. HB
SB
HB
HB
Bank dividends or interest .
. HB
HB
Contracts of m in o rs....................................................................... HB
Bank group club accounts - interest.......................................... HB
Trust fund d e p o s its ....................................................................... HB
Credit c a rd s .................................................................................... HB
Time deposits - paym ent............................................................. HB
Truth in le n d in g ............................................................................. HB

67
1 86
606
607
595
597
4584
969
596
3771
608
594
2348
4308
4674
4563
4293
4359

M IC H IG A N
Leasing personal p r o p e r ty .......................................................... HB
Taxation of financial in s titu tio n s ................................................ HB
Loans - interest r a t e ....................................................................HB
HB
Credit c a r d s .................................................................................... SB
Student lo a n s .................................................................................SB
Banking law s tu d y ....................................................................... SCR
Issuance of checks, drafts, money o rd e r s ................................ SB
In ve stm e n ts.................................................................................... HB
Consumer credit s t u d y ............................................................. HCR

3584
3585
3727
3826
1287
1210
171
1212
3978
320

Student loans .

M IS S IS S IP P I
...................................

Check nonpayment - bank lia b ility .............
Joint bank accounts...................................



. HB
SB
. . . HB
. . . HB

139
1604
2 90
292

STATE BANKING LEGISLATION

159

Cash re se rve s.............................
................... HB
Credit c a rd s .................................................................................... HB
Non-bonded fiduciary a c t i v it y ....................................................SB
Checks, for cle a ra n c e ....................................................................SB
Earned surplus - ad valorem t a x .................................................SB
Student loans .

M IS S O U R I
.............

.S B

N EW JE R SEY
Payment after death of d e p o s ito r ............................................. AB
Loans - credit in s u ra n c e ............................................................. SB
AB
Finance charges.......................................
. . . SB
Trust funds..........................................
. . . AB
AB
Educational assistance loans. .
. AB
AB
AB
Bank employee retirem ent b e n e fits .......................................... SB
Credit insurance..............................................................................SB
Credit c a r d s .................................................................................... SB
Banking A ct a m e n d m e n ts .......................................................... SB
Interest r a t e s .................................................................................SB
SB
Investments .
.S B
AB
Usury. .
....................................
.S B
Trust funds. .

NEW YORK
....................................

.S B
AB
SB
D iv id e n d s ....................................................................................... AB
Bank officers and employees - life insurance..........................AB
Time d e p o s its .................................................................................AB
Stock a c q u is itio n .......................................................................... AB
License fe e s .................................................................................... AB
Abandoned p r o p e r ty ....................................................................AB
AB
AB
AB
Branch b a n k s .................................................................................AB
Loans to bank o f f ic e r s .......................................................... ,. . AB
Mortgage lo a n s ..............................................................................AB
Interest r a t e s .................................................................................AB
In ve stm e n ts.................................................................................... AB
SB
Taxation . .
. AB
SB
Bank holding c o m p a n ie s ............................................................. SB
Employee stock options.................................................................SB
Change of lo c a t io n ....................................................................... SB
Foreign b a n k s .................................................................................SB
Net profit d e te rm in a tio n ..............................................................SB
Mergers - principal o ffice ..............................................................SB



605
609
1761
1976
1936
13-X
106
262
370
179
5 14
645
662
658
421
261
263
482
666
47 6
732
545
552
359
3535
1584
4799
4164
4165
4168
4169
4 1 72
5777
4464
4465
4662
4545A
4690
577 6
6331
634 2
3674
7119
1708
2428
2429
2527
3452
346 9
3491

160

FEDERAL DEPOSIT INSURANCE CORPORATION

Student lo a n s .................................................................................SB
Surplus f u n d s .................................................................................SB
Transportation and travel se rvice s............................................. AB
Investment of public funds in bank s e c u ritie s ..........................SB
Urban de velopm ent....................................................................... SB
Retirement b e n e fits ....................................................................... SB
Disclosure of credit t e r m s .......................................................... AB
AB
O H IO
Urban renew al.................................................................................HB
Unclaimed property d is p o s itio n .................................................SB
Uniform Depository A ct a m e n d m en ts.......................................SB
O KLAHO M A
T r u s t s ..............................................................................................HB
L o a n s ..............................................................................................HB
Gifts to Minors A ct a m e n d m e n ts ............................................. HB
Liquidation and reorganization....................................................SB
Unclaimed property d is p o s itio n .................................................SB
SB
Bank and trust stocks - foreign corporation
lic e n s e ....................................................................................... SJR
Loans - legislative co n tro l.......................................................... SJR
Uniform Consumer Credit Code - s tu d y ................................ SCR
Drive-in banking fa cilitie s............................................................. HR
Examination re q u ire m e n ts .......................................................... HB
P E N N S Y L V A N IA
Uniform Gifts to Minors A ct amendments
..........................HB
Urban developm ent....................................................................... HB
Interest rates on lo a n s .................................................................HB
SB
Trust investm ents.......................................................................... HB
Banking Act a m e n d m e n t..............................................................SB

Truth in lending . .

R H O D E IS L A N D
.............................................

. HB
SB
Unclaimed p ro p e rty ....................................................................... SB
Retirement plans - financial in stitu tio n s....................................SB
Directors - minimum stock ow nership.......................................SB
Uniform Gifts to Minors A ct am endm ents................................ SB
Sale of s e c u ritie s .......................................................................... SB

S O U T H C A R O L IN A
W orthless c h e c k s ...........................................................................HB
Finance charges..............................................................................HB
Real estate lo a n s .......................................................................... SB
Installment loans on same term s as perm itted
National b a n k s .......................................................................... SB
T r u s ts ..............................................................................................HB
HB
Uniform Gifts to Minors A ct amendments. .
. SB



4399
4528
1498
627
4840A
3050
6261
7134

1000
508
321

759
969
1181
491
625
656
18
60
73
674
1165

1235
1528
1569
1458
2288
1573

1086
277
290
324
489
763
284

2354
2722
723
72 4
1825
1870
763

STATE BANKING LEGISLATION

161

SO UTH D A K O TA
Credit Cards - unlawful u s e ....................................................... HB
Uniform Gifts to Minors A ct am endm ents................................ SB
Reserve requirem ents.................................................................... SB
Exchange charges.......................................................................... SB

721
42
81
75

TENNESSEE
Uniform Gifts to Minors A ct a m e n d m e n ts ............................. HB
Depository banks - collateral requirem ents............................. SB
SB
Installment lo a n s .......................................................................... SB
Credit card f r a u d .......................................................................... SB
T r u s t s ..............................................................................................SB
Loans................................................................................................. SB
Interest rate s tu d y ....................................................................... HJR
VERMONT
Loans - disclosure of credit c o s ts ..........................
Interest r a t e s .............................................................
Trusts .

495
1216
1215
1229
1417
1591
1678
129

...HB
. . . HB

31 8
507

V IR G I N IA
.............................

.H B
HB
HB
Personal property acquired by b a n k s .......................................HB
Banking law a m e n d m e n ts .......................................................... HB
Safe deposit b o x e s ....................................................................... HB
Consumer Credit C o d e .................................................................HB
In ve stm e n ts.................................................................................... HB
HB
D iv id e n d s ....................................................................................... HB
Certificates of d e p o s it .................................................................HR
HR
State banks - regulatory p o w e r ................................................ HR
Credit cards - fraud, fo r g e r y ....................................................... HR
Taxation - State and national banks.......................................... HR
D ecedents'bank d e p o s its .......................................................... SR
I n t e r e s t ...........................................................................................HB

8
143
709
81
92
145
23 8
220
248
560
918
622
979
1115
471
269
377

W E S T V IR G IN IA
Urban renew al.................................................................................HB
Student lo a n s .................................................................................HB
State fund de p o sito rie s.................................................................SB
Interest rates - s t u d y .................................................................SCR




HB
HB

224
303
120
41
5-XX
4-XX




STATISTICS OF B A N K S
A N D DEPOSIT I N S U R A N C E




PART FOUR

164

NUMBER OF BANKS A ND BRANCHES

INSURANCE
CORPORATION




Branches include all offices of a bank other than its head office,
at w hich deposits are received, checks paid, or money lent. Bank­
ing facilities separate from a banking house, banking facilities
at governm ent establishments, offices, agencies, paying or receiv­
ing stations, drive-in facilities and other facilities operated for
lim ited 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 lim ited facilities are not considered branches
w ithin the meaning of State law.

DEPOSIT

Tabulations for all banks are prepared in accordance w ith an
agreem ent among the Federal bank supervisory agencies. Pro­
vision of deposit facilities for the general public is the chief
criterion for distinguishing between banks and other types of
financial institutions. However, tru st companies engaged in gen­
eral 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 fe w w hich accept deposits under the
term s of special charters.

FEDERAL

Table 101. Changes in number and classification of banks and branches in the United
States (States and other areas) during 1968
Table 102. Changes in number of commercial banks and branches during 1968, by
State
Table 103. Num ber o f banking offices in the United States (States and other areas),
December 31, 1968
G rouped according to insurance status and class o f bank, and by State or
area and type o f office
Table 104. Num ber and deposits of all commercial and mutual savings banks (States
and other areas), December 3 1 ,1 9 6 8
G rouped by class and by deposit size

OF BANKS
AND
BRANCHES
165




that incidental to real estate title or investm ent activities.
M u tu a l savings banks include all banks operating under State
banking codes applying to mutual savings banks.
In s titu tio n s excluded. Institutions in the follow ing categories
are excluded, though such institutions may perform many of the
same functions as comm ercial 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 sim ilar institutions,
chartered under laws applying to such institutions or under gen­
eral incorporation laws, regardless of w hether such institutions
are authorized to accept deposits from the public or from their
members and regardless of w hether 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 investm ent
companies, and sim ilar 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 com m only understood;
Institutions chartered under banking or tru st company laws, but
operating as investm ent or title insurance companies and not
engaged 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.

NUMBER

C o m m e rcia l banks include the follow ing categories of banking
institutions:
National banks;
Incorporated State banks, tru st companies, and bank and trust
companies, regularly engaged in the business of receiving
deposits, w hether demand or tim e, except mutual savings banks;
Stock savings banks, including guaranty savings banks in New
Hampshire;
Industrial and M orris Plan banks which operate under general
banking codes, or are specifically authorized by law to accept
deposits 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; regulated certificated banks, and a savings and loan
com pany operating under Superior Court charter, in Georgia;
governm ent operated banks in Am erican Samoa, North Dakota,
and Puerto Rico; a cooperative bank, usually classified as a credit
union, operating under a special charter in New Hampshire; a
savings institution, known as a "tru s t com pany," operating under
special charter in Texas; an employee's mutual banking associa­
tion in Pennsylvania; the Savings Banks Trust Company in New
York; and branches of foreign banks engaged in a general deposit
business in New York, Oregon, W ashington, Puerto Rico, and
Virgin Islands.
Private banks under State supervision, and such other private
banks as are reported by reliable unofficial sources to be engaged
in deposit banking.
N o n d e p o sit tru s t c o m p a n ie s include institutions operating
under trust company charters w hich are not regularly engaged in
deposit banking but are engaged in fiduciary business other than

166

Table 101. CHANGES IN NUMBER AND CLASSIFICATION OF BANKS AND BRANCHES IN THE UNITED STATES
(STATES AND OTHER AREAS) DURING 1968
All banks

Commercial banks and nondeposit trust companies
Insured

Total

In­
sured

Non­
insured

Noninsured

Members F.R
System

Total
Total

Non­
deposit Total
trust
com­
panies1

In­
Non­
sured insured

3 2 .9 2 0
3 1 ,8 6 0

3 2 ,6 4 3
3 1 .5 7 0

15,741
1 4 ,9 7 4

4 ,8 2 7
4 .9 8 3

1 2 ,0 7 5
11 .6 1 3

2 19
235

58
55

1 ,41 0
1 .33 4

1,073
1 ,0 04

337
3 30

-6

+ 1,0 6 0

+ 1.073

+ 767

-1 5 6

+ 462

-1 6

+3

+ 76

1,287
90
1.197

1 ,276
81
1.195

584
15
569

211
1
210

481
65
4 16

8
6
2

7
7

228
133
95

223
128
95

110
58
52

37
8
29

76
62
14

-21
19
-2

+ 1

+ 19
+2

+1

+ 20
+ 18
+2

+ 293
+1
+ 292

-3 3 0
-4 4
286

1 4 ,1 9 9
1 4 ,2 4 4

1 3,822
13 ,8 5 0

377
394

13 ,6 9 8
13.741

1 3 ,4 8 8
1 3,517

4 ,7 1 6
4 ,7 5 8

-4 5

-2 8

-1 7

-4 3

-2 9

-4 2

92
88
4

83
83

9
5
4

90
86
4

81
81

15
15

1
1

137

130

7

133

128

58

134
3

127
3

7

130
3

125
3

56
2

+ 20

-2 0

3 3 ,7 1 6
3 2 ,5 7 4

+ 1.136

+ 1.142

1.3 7 0
92
1.278

1 ,348
83
1.265

22
9
13

23 4
137
97

227
130
97

+ 21

+ 19

+ 69

+ 7

83
2
81

72
2
70

11

5
5

6
4
2

4
2
2

2
2

+ 57
+ 61
-4

-1 9
18
1

-1

+ 1
+1

-2
1
1

1,261
1,312

7,511
7 ,4 4 7

160
177

50
47

501
503

334
3 33

167
170

-51

+ 64

-1 7

+3

-2

+ 1

-3

65
65

6
4
2

3
1
2

2
2

2
2

8

62

5

4

2

2

8

61
1

5

4

2

2

+ 19

-1 8

+ 1

-1

3
3

1

-1

11

CORPORATION

614
620

3 4 ,3 3 0
3 3 ,1 9 4

INSURANCE




State

Banks
of
de­
posit

DEPOSIT

ALL BANKING OFFICES
Number of offices, December 3 1 ,1 9 6 8 2 . .
Number of offices, December 30, 1 9 672 .
Net change during year
Offices opened
Banks
Branches
Offices closed .
Banks
B ranches...................
Change in classification
Among banks . . . .
Among branche s...........
BANKS
N um ber of banks, December 3 1 ,1 9 6 8
Number of banks, December 30, 1967
Net change during year
Banks beginning operation
New banks...............................
Banks added to count
Banks ceasing operation...................
Absorptions, consolidations, and
mergers (without FDIC a id )........
Closed-financial difficulties
N oninsured banks becoming insured

Na­
tional

Not
mem­
bers
F.R.
Sys­
tem

FEDERAL

Type of change

Mutual savings banks

-1

-1

+ 1

+ 1
+ 13
-1 2

-4 4
-7
+3
-4 0

1

193
12
12
6
241

190
11
12
6
241

74

74

20,131
18 ,950

19 ,8 9 4
1 8 ,7 2 4

+ 1.181
1,278
10
124
21
1.112
11
97
7
86
4

1

+1

+ 40
-1

+ 1

6

5

3

3

909
831

7 39
671

170
160

+ 1

+ 78

+ 68

+ 10

2

81

70

11

3

1

2

2

78

69

9

14
1

2

2

13

2

2

17
2

98
5
9

1
7

4
149

2
1

187
12
12
6
238

185
11
12
6
238

74

74

237
226

19 ,222
1 8 ,1 1 9

1 9 ,1 5 5
18 ,0 5 3

1 1 ,0 2 5
10 ,2 1 6

3 ,5 6 6
3,671

4 .5 6 4
4 .1 6 6

59
58

+ 1.170

+ 11

+ 1,103

+ 1 .102

+ 809

-1 0 5

+ 398

1,2 6 5
10
122
21
1.101
11

13

1,197
10
121
21
1.034
11

1,1 9 5
10
121
21
1.032
11

569
6
66
4

21 0
1
11
2

490
3

196

416
3
44
15
346
8

97
7

95
7

95
7

84
4

84
4

52
6
43
3

29

86
4

28
1

+ 1

+2

+ 292

-2 8 6

-4

+ 295

-2 8 4

-1 1

+2

+ 2

3
1

2
11

-2

-2

5

5
71
430

2
2

74

+ 1

+ 1
+ 1

73
432

70
4
3
1
82

+ 42
-6
+ 12
-3

+ 1

-3

+ 22

-1 8

-2 4

+ 24

5

5

3

2

70
417

70
417

32
2 45

77

38
95

-1

8
8

-1

-1

+ 1

-1
-1

-1

3
15

13

1




2
2

167

’ Includes one trust company member of the Federal Reserve System.
includes facilities established at request of the Treasury or Commanding Officer of Government installations, and also a few seasonal branches that were not in
operation as of December 31
3Branches opened prior to 1968 but not included in count as of December 30, 1967.

-

NUMBER OF BANKS AND BRANCHES

Other changes in classification
National succeeding State b a nk.....................
State succeeding national b a n k .......................
Admission of insured bank to FRS . . .
Withdrawal from FRS w ith continued
insurance.........................................................
Insured bank becoming noninsured b a n k .......
Changes not involving num ber in any class . . .
Change in title .....................................................
Change in location..........................................
Change in title and lo ca tio n ..............................
Change in name of location..............................
Change in location within c ity ..........................
Changes in corporate p o w e rs .................
Granted trust powers...........................
BRANCHES
N um ber of branches, Decem ber 31, 19682
Num ber of branches, December 30, 19 672
Net change during year ...............
Branches opened for business
Facilities designated by Treasury...................
Absorbed banks converted to branches.......
Branches replacing head offices relocated . . . .
New branches..................................................
Branches and/or facilities added to count3
Branches discontinued
Facilities designated by Treasury
B ranches.............................................................
Branches and/or facilities deleted from count.
Other changes in cla s s ific a tio n ..........................
Branches changing class as a result of conver­
sion ...................................................................
Branches of noninsured banks admitted to
insurance.........................................................
Branches transferred through absorption,
consolidation, or m erger................................
Branches of insured banks withdrawing from
FRS...............................................................
Changes not involving number in any class . . .
Changes in operating powers of branches.......
Branches transferred through absorption, con­
solidation, or m erger......................................
______ Changes in tit|e, location, or name of location ,

168

Table 102. CHANGES IN NUMBER OF COMMERCIAL BANKS AND BRANCHES DURING 1968. BY STATE
In operation
State

Dec. 30, 1967
Banks

Branches

Banks
Banks

Branches

New

Ceasing operation in 1968
Banks

Branches

Other

New

Other

Absorptions

I
Other

B ranches
Branches

1 8 119

-43

1 103

86

4

1 ,0 4 6

152

133

84

11

1 3 ,6 7 8

1 9 ,0 1 3

1 3 ,7 2 1

17,931

-4 3

1 .0 8 2

86

4

1 .0 2 5

151

133

83

11

20

209

20

188

21

1

236

266

N .A

21

1

S tate

C olora do............................
Connecticut........................
Delaw are............................
District of C o lu m b ia ........
F lo rid a ................................




1

1

1

1

11

4

4

2

121

18

16

38

23

+2

55

12

54

N.A.

+ 25
+ 1

13

278

17

265

--4

+ 13

248

141

248

130

N.A.

+ 11

11

162

2 .7 9 3

178

2 .6 9 2

-1 6

+ 101

257

10

256

7

66

375

67

357

+ 3

1

2

1

+ 18

1

15

3

+ 1
-1

3

19

78

19

74

N.A.

+

4

5

14

100

14

96

N.A

+

4

4

461

25

450

21

+ 11

+

4

11

1

4

428
11

248

426

2 27

+ 21

3

2

15

1 23

11

123

+ 2
NA

2
1

1.
7

1
3

1

NA
+

1

1

26

142

26

141

N.A.

1 .0 7 4

45
576

1,067

18

+ 7

+ 27

415

417

542

-2

+ 34

33

3

2

2

673

282

674

260

-1

+ 22

21

3

1

2

601

61

601

58

NA

+

3

3

346

286

346

268

N.A.

+ 18

18

229

329

226

305

+ 3

43

200

44

194

-1

1 22

469

122

442

N C

15 8

683

159

64 7

338

1.101

341

1.049

723

10

723

9

185

296

1 88

667

85

664

9

24
6

1

1

+ 27

1

27

1

1

5

31

6

6

1

51

4

3

3

6

-

1

+ 36

-

3

+ 52
1

1

+ 15

1

11

+

3

8

+

281

-

3

78

+

3

1

7

1 35

5

1 33

5

+

2

N.A

2

441

37

439

33

+

2

+

4

2

9

78

9

N.A.

77

41

76

75
37

+
+

3
4

1

2

3

+ 24
+

N C

+

27

3

1
5

4

1

3
2

3

1
1

1

1

CORPORATION

Io w a ....................................
Kansas................................
Kentucky ............................
Louisiana............................
M a in e..................................
M a ryland............................
M assachusetts..................
M ic h ig a n ............................
M innesota..........................
M is s is s ip p i........................
M issouri..............................
M o n ta n a ............................
Nebraska............................
Nevada ..............................
New H am pshire................

3

211

12

INSURANCE

268

DEPOSIT

Branches

A la b a m a ............................
A la s k a ................................
Arizona ..............................
A rkan sas............................
C alifornia............................

G e o rg ia ..............................
H a w a ii................................
Idaho ..................................
Illin o is ................................
Indiana................................

Other

Banks

FEDERAL

50 S tates and D .C ..........

Dec. 31, 1968

Beginning operation in 1968

Net change
during 1968

New Jersey........................
New M e x ic o ......................
New Y o r k ..........................
North C a ro lin a ..................
North D a k o ta ....................

229
63
319
121
169

69

169

64

O h io ....................................
O klaho m a..........................
O regon................................
Pennsylvania......................
Rhode Island......................

525
424
50
509
13

1 .1 3 0

531

1 ,069

South C aro lina..................
South D a ko ta ....................
Tennessee..........................
Texas ..................................
U ta h ....................................

118
165
303
1.1 51
54

V erm ont..............................
Virginia ..............................
W a s h in g to n ......................
W est V irg in ia ....................
W isco n s in ..........................
W yom ing............................

45
237
94
195
603
70

O ther Areas
Pacific Is la n d s ..................
Panama Canal Z o n e ........
Puerto R ico........................
Virgin Isla n d s....................

1

797

228

7 57

114

64

109

+
-

1
1

+ 40

2 .2 1 4

327

2 ,1 3 7

-

8

+ 77

930

128

859

-

7

+ 71

+

5

N.A.

+

-

+ 61

6

5

55

422

46

307

50

285

1 .5 1 9

522

1.421

-1 3

+ 98

158

14

149

-

1

+

351

125

328

-

7

+ 23

+ 2
N.C.

+

9

+ 22
9

166

87

-

1

417

299

404

+

4

+ 13

63

1,149

59

+

2

+

115

55

112

-

1

+

3

71

46

67

-

1

+

4

709

91

+

4
4

250

656

-1 3

487

95

452

-

4

194

223

5 99

171

1

69

1

13

1

13

N.A.

N.A.

2

N.A.

N.A.

2

1

+ 53
+ 35

+ 1
-I- 4

+

+

N.A.

1

4

+ 52

12

175

12

1 60

N.A.

+ 15

7

19

7

13

N.A.

+

6

N.A. = No Activity
N.C. = No Change




O)
CD

Table 1 03. NUMBER OF BAN KIN G OFFICES IN THE UNITED STATES (STATES A N D OTHER AREAS). DECEMBER 31, 1968

Commercial banks and
nondeposit trust companies

All banks

N on­
insured

Members F.R.
System

Total
Total

Na­
tional
34,330

33,716

614 32,920 32,643

All
Non­ banks
insured
of
de­
posit

In­
sured

Total

Com­
mercial Mutual
banks savings
of
banks
deposit

15.741

4,827

12,075

219

1,073

337

98.4

99.3

76.1

4 .7 1 6

1.261

7,51 1

160

50

501

334

167

9 7 .7

98 8

66 7

801
460

5,857
1,654

141
19

45
5

219
282

135
199

84
83

97 8
97.5

98.6
99.5

61.6
70 6

58

1,410

1 3 .6 9 8

1 3 ,4 8 8

9 909
3213

270
107

9260
3,738

9,774
3,714

B ranches..................................
50 S tates and D .C .— all offic e s
B anks........................................

2 0 ,1 3 1

1 9 ,8 9 4

237

1 9 ,2 2 2

1 9 ,1 5 5

1 1 ,0 2 5

3 .5 6 6

4 ,5 6 4

59

8

909

739

170

98 9

99 7

81 3

34,100

33,518

582 32,691

32,446

15.700

4.827

11,919

188

57

1,409

1,072

337

98.5

99.4

76.1

1 4 .1 7 8

1 3 ,8 1 3

365

1 3 ,6 7 8

1 3 ,4 8 0

4 ,7 1 5

1,261

49

500

333

167

97 8

98 9

66 6

U n it b a n k s ............................
B anks o p e ra tin g b ran ch e s

10,169
4,009

9208
3205

261
104

9251
3.727

9.774
3,706

5

218
282

134
199

84
83

97 9
97 5

98.7
99 6

61 5
70 6

B ranches..................................

1 9 .9 2 2

1 9 .7 0 5

217

1 9 .0 1 3

1 8 .9 6 6

1 0 .9 8 5

170

O th er areas— all o ffic e s ............
B anks........................................

230

198

32

229

197

41

21

9

12

20

8

1

10
11

1
8

9
3

9

11

8

1

7

3

727

72 7

B ranches..................................
S ta te

209

189

20

209

189

40

149

20

904

90 4

A la b a m a — all o f f ic e s ................
Banks............................ ........

504

504

504

504

259

34

211

100.0

100.0

268

268

268

268

89

22

157

1 0 0 .0

100 0

191
77
236

191
77

191
77

191
77

48
41

17
5

126
31

100 0
100.0

100.0
100 0

236

236

236

17 0

12

54

100 0

100 0

69

67

2

67

65

51

14

2

14

12

2

12

10

5

5

6
8

4

2

4

8

8

2
8

2
2

5

55

55

55

55

46

291

291

291

291

194

13

13

13

13

3

6

6

6

6

1
2

U n it b anks
B anks o p e ra tin g b ran ch e s

B ranches..................................
A la ska — all o f f ic e s ....................
Banks........................................
U n it b a n k s ............................
B anks o p e ra tin g b ra n ch e s

Branches
............................
A rizona— all offices
............
Banks........................................
U n it b a n k s ............................
B anks o p e ra tin g bran ch e s

Branches
..........................
A rkan sas— all o ffic e s ................
Banks
................
U n it ban ks
..................
B a n ks o p e ra tin g bran ch e s


B ranches..................................


7

7

3,1 16
1,600

3,1 16
1,599

7 ,5 0 4

L4 9

801
460

5257
1.647

133
16

3 .5 6 6

4 ,4 1 5

39

8

909

739

99 0

99 8

813

156

31

1

1

1

86.5

86.4

100.0

7

11

1

1

1

45 0

42 1

100 0

8

1

1

1

111

' 44

2
2
2

1000

2

97.1

97.0

100.0

2
2

85 7

83 3

100 0

50.0

100.0

3

66 7
100 0

100 0

9

100 0

100 0

18

79

100.0

100.0

1

9
5

100 0

1 0 0 .0

2

1

4

1000
100.0

278

278

191

17

70

100 0

100 0

208

99.5

99.5

7

7

100.0
1000

278

278

389

386

3

389

386

145

33

248

245

3

248

245

68

13

1 64

2

99 2

176
72

173
72

3

176
72

173
72

35
33

6

2

98.9

98 9

7

132
32

1000

100 0

141

141

141

141

77

20

44

1 0 0 .0

100 0

2

99 2

CORPORATION

1 3 .8 2 2

10.179
4,020

INSURANCE

1 4 .1 9 9

U n it b a n k s ............................
B a n ks o p e ra tin g b ra n c h e s .

U n it b a n k s ............................
B anks o p e ra tin g bran ch e s

377

State

Non­
Banks deposit
of de­
trust
posit2 com ­
panies3

DEPOSIT

U nited S ta te s — all o ffic e s ........
B anks........................................

Not
mem ­
bers
F.R.
Sys­
tem

FEDERAL

Total

In­
sured

Percentage insured1

Noninsured

Insured
State and type of bank
or office

Mutual savings banks

170

G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K , A N D BY S T A T E O R A R E A A N D T Y P E O F O F F IC E

C a lifo rn ia — all o ffic e s . . . .
Banks . . . .
U n it b a n k s ........................
B anks o p e ra tin g b ran ch e s

Branches..................................
C olora do— all o f f ic e s ................
Banks........................................
U n it b a n k s ..........................
B anks o p e ra tin g b ra n ch e s

B a n ks o p e ra tin g b ran ch e s

B a n ks o p e ra tin g

bran ch e s

11

2.955

2.330

270

344

11

100.0

100.0

156

6

162

156

72

10

74

6

100 0

1 00 0

32
130

28
128

4

32
130

14
58

2 .7 9 3

2 ,7 8 8

5

2 .7 9 3

28
128
2.788

1

2

267

229

38

257

2,944

13
61

4

2

1000
100 0

100.0
100.0

2 .2 5 8

9
260

270

5

100 0

1 00 0

229

123

18

88

85.8

85.8
85 2

257

219

38

257

219

1 18

17

84

38

85 2

248
9

210

38

210

84 7

84 7

1

80
4

38

9

114
4

16

9

248
9

10

10

10

10

5

1

4

634

631

441

438

220

116

102

135

132

3

66

63

29

6

28

49

46

3

21

86

86

45

18
45

8
21

3

499

499

375

375

191

109

109

97

97

9

21

21

19

19

5

10
11

10
11

10

10

3

9

9

2

10 0 .0

99.7

99.5

100.0

1

69

69

98 5

96 9

1 00 0

1

28
41

95.8

90.0

18

28
41

100.0

100 0

100 0
100.0

110

74

124

124

100 0

100 0

100 0

35

53

12

12

100.0

100.0

100.0

2

12

2

5

10
6

1

2

2

100 0

100 0

1 00 0

2

2

100.0
100.0

100 0
100.0

100 0

10

10

100 0

7

88

78

J _8

4

33

114

114

114

72

33

14

14

14

14

10

13

9

41

100 0

100 0

9

100.0

100.0

2

2

1 0 0 .0

100 0

2

2

100 0
100.0

100.0
100.0

1 0 0 .0

100 0

99.6

99.6

13

13

100

100

100

J00

62

31

7

Florid a— all offices
B anks........................................
U n it b a n k s ..........................

486

481

486

481

216

9

256
233

3

4 61

456

5

461

456

204

438
23

433
23

5

438
23

433
23

193

8
7

11

1

25

25

25

25

12

1

676

665

676

665

216

45

404

11

428

417

11

428

417.

62

12

343

11

97 4

340

329

;1

340

329

96.8

88

88

292
51

96 8

88

1000

100.0

B ranches..................................

248

248

248

248

154

5
7
33

11

88

32
30

H a w a ii— all o ff ic e s ....................
Banks........................................
U n it b a n k s ..........................

134

129

5

134

129

45

11

7

B anks o p e ra tin g b ra n ch e s

B ranches..................................
G eorgia— all o f f ic e s ..................
B anks........................................
U n it b a n k s ..........................
B anks o p e ra tin g

b ran ch e s

11

244

2
2
2

3

9 9 .6

99 6

3

99 5

99 5

11

100 0

100.0

12

100 0

100 0

984

98.4

61

84

100 0

11

7

2

5

3

3

8

7

2

5

1

100.0

100 0

123

122

43

79

1

1 0 0 .0

100 0

113

8

7
122

1

Ida ho— all o f f ic e s ......................
B anks........................................
U n it b a n k s ..........................

168

168

168

168

31

24

26

26

26

26

9

7

10

12

12

12

12

3

14

14

14

14

6

4
3

5
5

104

24

14




100 0

4

123

B ranches..................................

1 0 0 .0

100.0

3

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

B anks o p e ra tin g bran ch e s

100 0

100.0

5
4
3

1

B anks o p e ra tin g b ran ch e s

9 7 .4

142

142

142

142

100.0
100 0

?'

100.0
100 0

100.0
100.0

100 0
100 0

100 0

100 0

BRANCHES

13

B ranches..................................

AND

88

114

5

100.0

193

B ranches..................................

b ran ch e s

2
2
2

100 0
100 0

193

D .C .— all o ffic e s ..........................
Banks........................................
U n it b a n k s ..........................
B a n ks o p e ra tin g

38

OF BANKS

B ranches..................................
D e la w a re — all o ffices
B anks........................................
U n it b a n k s ..........................

2.944

1 62

NUMBER

B ranches..................................
C o n n e c tic u t— all o f f ic e s ..........
B anks........................................
U n it b a n k s ..........................

2.955

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES A N D OTHER AREAS).
172

DECEMBER 31. 1 9 6 8 — CONTINUED
G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D BY S T A T E O R A R E A A N D T Y P E O F O F F IC E
C om m ercial banks and
nond e po sit tru s t c o m pa n ie s

A ll b anks

N on­
insured

N ot
m em ­
bers

M em bers F.R.
S ystem

Total
Total

F.R.

Illin o is — all o ffic e s ......................

Ind ia na— all o ffic e s ....................
B a n k s ............................................
U n it b a n k s ..........................
B anks o p e ra tin g b ran ch e s
B ra n c h e s .....................................

Io w a — all o ffices

Kansas— all o ffic e s ....................
B a n k s ............................................
U n it b a n k s ..........................
B a n ks o p e ra tin g b ran ch e s
B ra n c h e s .....................................

K en tu c k y — all offices
B a n k s ............................................
U n it b a n k s ..........................
B anks o p e ra tin g b ran ch e s
B ra n c h e s .....................................

Louisiana— all o ffic e s ................
B a n k s ............................................
U n it ban ks . . .'....................
B a n ks o p e ra tin g b ran ch e s
B ra n c h e s .....................................




N on­
insured

A ll
banks
of
de­
p o s it

C om ­
m ercial M u tu a l
banks savings
banks
of
d e p o sit

9 9 .8

9 9 .8

99 8
99.8

99 8
99.8

100 0

100.0

100 0

100.0

86

568
558
548

45

450
420
392
28
30

5
5

10

991
415
227
188
576

987
41 1
223
188
576

430
123
52
71
307

139
74
47
27
65

418
214
124
90
204

99.7
99 3
98 7

99.7
99 3
98.7

955
673
463

943*
661
451

210

210

210

282

282

282

282

153
102
62
40
51

80
57
41
16
23

710
502
348
154
208

662
601
542
59
61

661
600
541
59
61

1
1

662
601
542
59
61

661
600
541
59
61

200
171
144
27
29

47
39
31

414
390
366
24
24

627
341
216
125
286
557
228
114
114
329

5
5
.5

632
346

627
341
216
125
286
'557
228
114
114
329

208
80
37
43
128
204
48
14
34
156

59
14

1.119
1,074
1.031
43
45

1.114
1.069
1,026
43
45

5
5
5

995
419
231
188
576

991
415
227
188
576

4
4
4

955
673
463

943
661
451

12
12

210

632
346

221
125
286
558
229
115
114
329

12

1

1.119
1.074
1.031
43
45

1,114
1.069
1.026
43

221
125
286

1
1

1

558
229
115
114
329

'

96
91

8
8

6
8
45
45
10

1
9
35

10

360
247
173
74
113
308
170
99
71
138

100 0

1000

100 0

100 0

98.8
984
97.6

98.8
98 4
97.6

100.0

100.0

100.0

100 0

99.8
99 8
99.8

99.8
99 8
99.8

100 0

100.0

100.0

100 0

99.2
986
97 7

99.2
98 6
97 7

100 0

100.0

100 0

100 0

99 8
99 6
99.1

99 8
99 6
99 1

100.0

1000

100 0

100 0

100.0
100.0
100.0

CORPORATION

B a n k s ............................................
U n it b a n k s ..........................
B a n ks o p e ra tin g b ran ch e s
B ra n c h e s .....................................

In ­
sured

INSURANCE

B a n k s ................. ..........................
U n it b a n k s ....................
B anks o p e ra tin g bran ch e s
B ra n c h e s .....................................

S ys­
te m

S tate

Total

DEPOSIT

N a­
tion a l

B anks
o f de­
p o s it2

N on­
d e p o sit
tru s t
com ­
p an ies3

FEDERAL

T o ta l

In ­
sured

P ercentage in s u re d 1

N on insu re d

Insured
S ta te and ty p e o f bank
o r o ffice

M u tu a l savings banks

M a in e — all o ffic e s ......................
B anks........................................
U n it b a n k s ..........................
B anks o p e ra tin g b ra n ch e s

6

51

50

1

97.6

97.5

98.0

294

287

7

243

237

110

61

66

75

71

4

43

40

21

6

13

3

32

31

1

9 4 .7

93 0

9 6 .9

1
12

2

21
11

20
11

1

90.3
97.7

80.0
97.0

100.0

31
44

28
43

3

10

8

5

2

1

33

32

16

4

1

95.2

B ranches..................................

219

216

3

200

89

55

53

3

19

19

98 6

98 5

1 0 0 .0

M a ry la n d — all o ffic e s ................
B anks........................................
U n it b a n k s ..........................

639

631

8

591

583

280

67

236

8

48

48

98.7

98.6

100.0

12 8

127

1

122

121

48

7

66

1

6

6

50
78

50
77

1

50
72

50
71

13
35

1
6

36
30

51 1

504

7

469

462

232

60

170

1
1

1.216

872

344

841

833

477

171

185

6

332

161

171

158

153

87

16

50

4

123
209

37
124

86

38

120

21
66

16

14
36

3

85

35
118

Branches4 ................................

884

71 1

173

633

680^

390

155

135

1
2

1

M ic h ig a n — a ll o ff ic e s ................
Banks........................................
U n it b a n k s ..........................

1,439

1,435

4

1,439

1.435

612

508

315

3

1

338

336

2

338

336

98

1 10

128

1

1

99 7

9 9.7

145
193

144
192

145
193

144
192

28
70

50
60

66

1

100.0

100.0

99.5

99.5

B a n ks o p e ra tin g b ran ch e s

B anks o p e ra tin g b ra n ch e s

100.0

98 6

98 5

100 0

71.8

99.3

10.4

42

42

2

375

39

336

1

174

8

166

48 6

9 7 .5

46

2

1

85
89

83
83

30 1
59 6

92.1
99.2

24
67

80 5

99 7

15.4

99.8

99.8

201

6
31

170

1,101

1,0 9 9

1
1
2

1,101

1,0 9 9

514

398

1 87

1
2

99 8

99 8

734

731

3

733

730

202

27

501

3

1

1

99 6

99

6

1 0 0 .0

724

721

3

723

720

196

27

497

3

1

1

99 6

99 6

100 0

718

715

3

717

714

194

27

3

1

1

6

6

2
6

99 6
100 0

99 6
1000

100.0

6

493
4
4

100 0

1000

6

62

10

10

10

481

481

481

481

159

19

303

100.0

100.0

185

1 85

185

185

40

6

139

100 0

1 00 0

83

83

83

83

8

1

B a n ks o p e ra tin g b ra n ch e s

102

102

102

102

32

5

74
65

1000
100 0

100 0
100 0

100 0

100 0

99.3

99 3

JO

B ranches...................................

296

296

296

296

119

13

164

M is s o u ri— all o ffic e s ..................
B anks.........................................
U n it b a n k s ...........................

752

744

8

752

744

120

94

530

5

3

667

659

8

667

659

98

76

485

5

3

99 2

582
85

574
85

3

99 1

99 1

100.0

100 0

8

582
85

574
85

76

B ranches...................................

85

85

85

85

22
22

M o n ta n a — all o f f ic e s ................
B anks.........................................
U n it b a n k s ..........................

140

139

1

140

139

51

135

134

1

1 35

134

48

130
5

129
5

1

130
5

129
5

45
3

58
18

440
45

5

99 2

100 0

1 00 0

100.0

100.0

1

100 0

100 0

1

100 0
100.0

1000
100.0

1 0 0 .0

1 00 0

99.8

99.8

18

45

42

46

1

40

46

38

46

B ranches..................................

5

5

3

2
2

N ebraska— all o ffic e s ................
B anks........................................
U n it b a n k s ..........................

478

472

6

478

472

147

13

312

1

441

435

6

441

435

127

12

296

1

5

99 8

107

/1

5

99 7

99 7

20
20

1

281
15

1

1000

100 0

1

16

100 0

1 00 0

B anks o p e ra tin g b ra n ch e s

B ranches..................................




405
36

399
36

37

37

6

5

405
36

399
36

37

37

5

99 8

173

B anks o p e ra tin g b ra n ch e s

5

BRANCHES

B ranches...................................
M is s is s ip p i— all o ffic e s
B anks.........................................
U n it b a n k s ...........................

B a n ks o p e ra tin g b ra n ch e s

100 0

AND

B a n ks o p e ra tin g b ra n ch e s

6

98.6

OF BANKS

B a n ks o p e ra tin g b ran ch e s

Branches...................................
M in n e s o ta — all o ffic e s
B anks.........................................
U n it b a n k s ..........................

6

99 2

100.0

98 7

NUMBER

B ranches..................................
M a ssa ch u se tts— all offices.
Banks........................................
U n it b a n k s ..........................

99 2

100.0

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES A N D OTHER AREAS).
174

DECEMBER 31, 1 9 6 8 -CONTINUED
G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D BY S T A T E O R A R E A A N D T Y P E O F O F F IC E
Commercial banks and
nondeposit trust companies

A ll banks

Insured

Total

In­
sured

Noninsured

Members F.R.
System

Total
Total

N evada— all offices
Banks........................................
U n it b a n k s .............................
B a n ks o p e ra tin g b ran ch e s

U n it b a n k s ............................
B anks o p e ra tin g b ra n ch e s

Branches..................................
N ew Je rse y— all offices
B anks........................................
B ranches..................................
N e w M e x ic o — all o ffices
Banks........................................
U n it b a n k s ............................
B a n ks o p e ra tin g b ran ch e s

Branches..................................
N ew Y ork— all o ffices
Banks........................................
U n it b a n k s .............................
B a n ks o p e ra tin g b ran ch e s

Branches4 ................................
N orth C aro lina— all o ffices . . . .
B anks........................................
U n it b a n k s ............................
B anks o p e ra tin g b ran ch e s

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




87
9

2

2

2

7
78

7
78

7
78

160
109
71
38
51

157
106

1.079
250
64
186
829

1,076
247
61
186
829

177
63

177
63

68

3
3
3

38
51
3
3
3

118
77
47
30
41

60
4

12

10

11 eT*

86
52
28
24
34

2
1
1

27
21
16
5
6

666
143
34
109
523

212
40

145
43

8

10

32
172

33
102

94
33
13

72
24
4

1,113

11
6
3
3
5
1.064
78
26
52
986

350
22

131
4

1.026
229
55
174
797

74
44
30
•f
1,023
226
52
174
797

177
63

177
63

1

20

20

20

20

43
114
2,945
444
173
271
2,501

43
114
2,914
421
157
264
2,493

43
114
2,533
319
139
180
2,214

43
114
2,502
296
123
173
2,206

1,051
121
46
75
930

1,044
120
46
74
924

1,051
121
46
75
930

1,044
120
46
74
924

31
23
16
7
8
7
1

1
6

State

87
9
2
7
78

14
2

13
3

2

1
2

1
3
56

20
61
1,289
176
76

100

1

6

1

16
328

3
127

Non­
deposit
trust
com ­
panies3

In­
sured

Total

100.0
100 0

3
3
3

3
3
3

21
21

24
17

11

107

1

563
94
39
55
469

7
1

7
6
5

1
1

1

100.0
100 0

1000
100.0

100 0
100 0

100 0
42
32
24

42
32
24

98 1
97 2
95 8

97 5
96 1
93 6

8

8

100 0

1000

100.0
100 0

1000
100 0

10

10

100 0

100 0

100 0

53
21
9

53
21
9

100.0
100 0

100 0
100 0

100.0
100 0

12

12

1000
1000

100 0
100 0

1000
100 0

32

32

100 0

412
125
34
91
287

412
125
34
91
287

100 0

100 0

100.0
100 0

100.0
1000

100 0
100 0

100.0
1000

100 0
99.2
96 1
93 5
97 8
99 7

100 0

99.3
99 2

99.3
99 2
WOO
98 7
99 4

100.0
6

Com­
mercial Mutual
banks savings
banks
of
deposit

100 0

20
48
149
42

All
Non­ banks
of
insured
de­
posit

98 7
99 4

99.0
94 6
91 8
96 6
99 7

100.0
100 0

100 0
100 0
100 0

CORPORATION

U n it b a n k s .............................
B a n ks o p e ra tin g b ran ch e s

87
9

Banks
of de­
posit2

INSURANCE

B ranches..................................
N e w H am p shire— all o ffices
B anks........................................

87
9

Not
mem ­
bers
F.R.
Sys­
tem

DEPOSIT

Na­
tional

Percentage insured1

FEDERAL

State and type of bank
or office

Mutual savings banks
Noninsured

97.9

238

233

5

238

233

53

6

174

5

97.9

169

1 66

3

169

166

42

4

120

3

98 2

98 2

119
50

117
49

2

117
49

32
10

82
38

98 3
98.0

69

67

69

67

11

54

1
2

98 3
98 0

B ranches..................................

3
1
2

2

1
2

119
50

97 1

97 1

O hio— all o f f ic e s ........................
B anks........................................
U n it b a n k s ..........................

1,656

1,655

1

1,654*

864

454

336

1

1

1

99.9

99.9

100.0

180

1

1

1

99 8

99 8

100 0

111
69

1

1

1

99 6
100.0

99.6
100.0

1000

N o rth D a ko ta — all o ffic e s ........
B anks........................................
U n it b a n k s ..........................
B anks o p e ra tin g b ran ch e s

1,655

525

1

525

524

218

126

264
261

1

264
261

263
261

80
138

72
54

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

1 .1 3 0

1 ,1 3 0

1.1 3 0

1.1 3 0

646

328

1 56

O klaho m a— all o ff ic e s ..............
B anks........................................

479

478

1

479

*478

262

26

190

1

424

423

1

424

423

220

23

180

1

100 0

100 0

3 72
52

371
52

1

372
52

371
52

181
39

20
3

170
10

1

100.0
100.0

100.0
100.0

55

,5 5

B a n ks o p e ra tin g b ran ch e s

U n it banks
B a n ks o p e ra tin g b ra n ch e s

55

55

42

3

10

359

357

2

357

355

248

14

93

51

49

50

48

11

2

35

22
29

20
29

2
2

22
28

20
28

4
7

1
1

15
20

308

308

307

307

23 7

12

58

2,113

2,102

2,028

B a n ks o p e ra tin g b ran ch e s

Branches4 ................................
P ennsylvania— all o f f ic e s ........
B anks........................................
U n it b a n k s ..........................
B a n ks o p e ra tin g b ran ch e s

B ranches..................................
S outh C aro lina— a ll offic e s . . .
B anks........................................
U n it b a n k s ..........................
B a n ks o p e ra tin g b ran ch e s

B ranches..................................
S outh D a k o ta — all o ffic e s ........
B anks........................................
U n it b a n k s ..........................

100 0

2

99.4

99.4

100.0

1

1

96 1

96 0

100 0

90 9
100.0

100 0

1

1

90 9
100.0

1

1

100 0

1 0 0 .0

100 0

99.6

2,017

1,272

259

486

3

85

85

99.6

100.0

516

507

9

509

500

327

31

142

6

3

7

7

98 8

98 8

100 0

271
2 45

263
244

270
239

262
238

174
153

13
18

75

5

3

67

1
6

98 1
99 6

98 1
99 6

100 0
100.0

1.5 9 5

1 ,519

1,517

945

228

344

1
2

1
6

1.5 9 7

8
1
2

78

78

99 9

99 9

100 0

242

233

9

171

162

63

30

69

9

71

71

96.3

94.7

100.0

11

8

20

18

2

13

11

4

1

6

2

7

7

900

84 6

100 0

20
222

18

13

11

4

1

6

2

7

7

900

84.6

1000

215

2
1

158

151

59

29

63

7

64

64

96 8

95 6

100 0

469

468

1

469

468

242

11

215

1

99.8

99.8

118

117

1

118

117

24

6

87

1

99 2

99 2

51
67

50
67

1

51
67

50
67

4
20

3
3

43
44

1

98.0
100.0

98.0
100.0

100 0

100 0

99.6

99.6

351

351

351

351

218

5

128

256

255

1

256

255

86

28

141

1

i u5

164

1

1 65

164

34

24

1 06

1

99 4

99 4

126
39

125
39

1

126
39

125
39

24
10

80
26

1

99 2
100.0

99 2
100.0

91

91

91

91

52

1 0 0 .0

1 0 0 .0

Tennessee— all o ffic e s ..............
B anks........................................
U n it b a n k s ..........................

720

715

5

720

715

324

41

350

4

1

99.4

99.4

303

299

4

303

299

77

10

212

3

1

99 0

99 0

172
131

169
130

3
1

172
131

169
130

20
57

5

144
68

2

1

5

1

98 8
99.2

98 8
99.2

417

416

1

417

416

247

31

138

1

99 8

99 8

B a n ks o p e ra tin g b ra n ch e s

B a n ks o p e ra tin g b ra n ch e s

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




35

175

B ranches..................................

21
3
4

BRANCHES

B a n ks o p e ra tin g b ran ch e s

100 0

2

AND

Branches4 ................................
Rhode Isla n d — all o f f ic e s ........
B anks........................................
U n it b a n k s ..........................

2
2
2

100 0

100.0

OF BANKS

B ranches..................................
O regon— all o ffic e s ....................
B anks................ •......................
U n it b a n k s ..........................

100 0

100.0

NUMBER

526

2 65
261

Table 1 0 3 . NUMBER OF BAN KIN G OFFICES IN THE UNITED STATES (STATES A N D OTHER AREAS).
176

DECEMBER 31, 1 9 6 8 — CONTINUED
G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D B Y S T A T E O R A R E A A N D T Y P E O F O F F IC E
Commercial banks and
nondeposit trust companies

A ll banks

In­
sured

N on­
insured

Members F.R.
System

Total
Total

Na­
tional

99 3

99 3

1 ,1 4 2

9

1.151

1.1 4 2

535

61

546

9

99 2

99 2

1,082
60

9

1.091
60

1,082
60

516
19

54
7

512
34

9

99 2

99.2

100.0

100.0

63

63

63

21

7

35

100 0

100 0

169

169

169

169

72

33

64

100.0

100.0

54

54

54

54

12

8

34

100 0

1 0 0 .0

35
19

35
19

35
19

35
19

9
3

4
4

22
12

1000
100.0

100.0
100 0

25

1,151

1,091
60

B ranches..................................

63

U ta h — a ll o ff ic e s ........................
B anks........................................
U n it b a n k s ..........................
B a n ks o p e ra tin g b ra n ch e s

68

1 15

115

115

60

100 0

100 0

123

1

116

115

68

47

1

8

8

100.0

100.0

51

50

1

45

44

27

17

1

6

6

1 0 0 .0

100 0

100 0

26
25

25

1

22

21

8

1

4

4

25

23

23

13
14

100.0
100.0

73

73

71

7 1

41

2
2

100.0
100.0

B ranches..................................

2
2

1000
1000
100 0

100 0

1 00 0

V irg in ia — all o ffic e s ....................
B anks........................................

946

946

946

946

541

100.0

100.0

237

237

237

237

107

45

85

88

88

88

23

35
50

B a n ks o p e ra tin g b ra n ch e s

88

30

9
30

154

251

1 0 0 .0

100 0

1000
100 0

100.0
100.0

100.0

149

149

149

149

30
77

709

709

709

709

434

109

1 66

1 0 0 .0

100 0

627

626

1

581

580

422

43

115

1

46

46

99.8

99.8

101

100

1

94

93

27

8

58

1

7

7

99 0

98 9

10 0 .0

47
54

46
54

1

46
48

45
48

12

30
28

1

1
6

1
6

97.9

97.8

15

3
5

100.0

100.0

100 0
100.0

Branches4 ................................

526

526

487

487

395

35

57

100 0

W e s t V irg in ia — all offices
Banks
...
U n it ban ks
..............

199

199

199

199

80

36

83

195

195

1 95

195

80

34

191
4

191
4

191
4

191
4

80

32

2
2

2
2

U n it b anks
B a n ks o p e ra tin g b ran ch e s

B ranches............
..............
W a s h in g to n — all o f f ic e s ..........
B anks........................................
U n it banks
B a n ks o p e ra tin g b ra n ch e s

B a n ks o p e ra tin g b ran ch e s

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




4

4

4

4

22

100 0

100 0

100.0

100.0

81

1 0 0 .0

100 0

79

100.0
100.0

100.0
100.0

1 0 0 .0

100 0

39

39

100.0

CORPORATION

115

124

B ranches..................................
V e rm o n t— all o ffic e s ..................
B anks........................................
U n it b a n k s ..........................

INSURANCE

1.205

556

9

Com­
mercial Mutual
banks savings
banks
of
deposit

1,214

1,205

581

All
N on­ banks
insured
of
de­
posit

In­
sured

Total

9

1,214

B a n ks o p e ra tin g b ra n ch e s

State

N on­
Banks deposit
trust
o f de­
posit2 com ­
panies3

DEPOSIT

Texas— a ll o f f ic e s ......................
B anks........................................
U n it b a n k s ..........................

Not
m em ­
bers
F.R.
Sys­
tem

FEDERAL

Total

Percentage insured1

Noninsured

Insured
State and type of bank
or office

Mutual savings banks

W is c o n s in —all o f fic e s ...............

829

825

B anks........................................
U n it b a n k s ..........................

606

602

4
4
4

826

822

165

590

603

599

1 17

433

462
140

463
140

459
140

90
27

329
104

223

223

223

223

48

157

W y o m in g —all o ffic e s ..................

71

71

71

71

41

17

B anks........................................
U n it b a n k s ..........................

70

70

70

70

40

17

69

69

69

69

39

Banks o p e ra tin g b ra n ch e s

1

1

1

1

1

1

1

1

1

1

P acific Islan d s—all o ffic e s 5 . . .

14

5

9

14

5

4

B anks.........................................
U n it b a n ks 6..........................

1

1

1

5

4

17

B anks o p e ra tin g b ra n ch e s

B ranches...................................

99 8

100.0
100.0
100 0

99.8

99.8

100.0
100.0

100 0
100.0

100.0
100 0
100.0
100.0
100.0

100.0

92.0

92.0

100.0

6 1 .5

58 3

33.3
70.0

100.0
100.0

70.0

NUMBER

466
140

B ranches...................................

99.9
99 8

100 0
100.0
100 0
100.0

O th e r A re a s

1

1

8

13

2

2

OF BANKS

1

B a n ks o p e ra tin g b ra n ch e s
13

P a n a m a C an al Z o n e all o f f ic e s ...............................

2

5

AND

Branches7 .................................

B anks.........................................
U n it b a n k s ..........................
2

2

2

P uerto R ico—all o ffic e s .............

188

173

15

187

172

B anks.........................................
U n it b a n k s ...........................

13

8

7.

1

5
2

12

3

B a n ks o p e ra tin g b ra n ch e s

10

7

3

10

7

2

2
7

Branches9 ................................

175

165

10

175

165

17

94 3

94 3

V irg in Islan d s—all o ffic e s .........

26

20

6

26

20

20

80.0

80.0

16 7

16 7

100.0
100 0

100.0
100 0

B anks.........................................
U n it b a n k s ..........................
B anks o p e ra tin g b ra n ch e s

Branches10..............................

1

6

7

1-

1

6
1

6
1

1

1

19

19

19

19

19

177




7

6
1

148

BRANCHES

B a n ks o p e ra tin g b ra n ch e s

Branches8 ................................

178

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AN D OTHER AREAS),
DECEMBER 31. 1 9 6 8 — CONTINUED
GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK. AND BY STATE OR AREA AND TYPE OF OFFICE

I

Total

In­
sured

Non­
insured

Noninsured

Insured
Members F.R.
System

Total
Total

Na­
tional

Non­
Banks deposit
trust
of de­
posit2 com ­
panies3

Total

In­
sured

All
banks
Nonof
insured
de­
posit

Com­
mercial Mutual
banks savings
banks
of
deposit

Mariana Islands: 5 branches— (4 insured on Guam and 1 noninsured on
Saipan)— operated by a national bank in California.
Guam: 1 insured branch— operated by an insured bank in Hawaii (not
member of F.R. System).
Caroline Islands. 2 noninsured branches— 1 on Palau Islands (Koror) and
1 on Ponape Island (Kolonia)— operated by a bank in Hawaii (not m em ­
ber of F.R. System).
Marshall Islands: Kwajalein A to ll— 2 noninsured branches operated by
a bank in Hawaii (not member of F.R. System).
Midway Islands on Sand Island: 1 noninsured branch operated by a
bank in Hawaii (not member of F.R. System).
Wake Island: 1 noninsured branch operated by an insured bank in
Hawaii (not member of F.R. System).
8 Panama Canal Zone: 2 noninsured branches operated by 2 national
banks in New York.
9 Puerto Rico: 17 insured branches operated by 2 national banks in New
York.
10 Virgin Islands: 13 insured branches operated by 2 national banks in
New York; and 1 national bank in California.

CORPORATION




State

Not
mem ­
bers
F.R.
Sys­
tem

INSURANCE

1 Nondeposit trust companies are excluded in computing these per­
centages.
2 Includes 10 noninsured branches of insured banks; 8 branches in the
Pacific Islands and 2 in the Panama Canal Zone.
3 Includes one trust company in Massachusetts, member of the F.R.
System, operating one branch.
4 Massachusetts: 1 branch operated by a noninsured bank in New York.
New York:
8 branches operated by tw o insured banks in Puerto
Rico (not members of F.R. System).
Oregon:
1 branch operated by a national bank in California.
Pennsylvania:
2 branches— 1 operated by a noninsured bank in New
York and 1 operated by a national bank in New Jersey.
W ashington.
2 branches operated by a national bank in California.
5 United States possessions (American Samoa, Guam, M idway Islands,
and Wake Island): Trust Territories (Kwajalein, Palau Islands, Ponape
Island, Saipan and Truk Atoll).
6 American Samoa.
7 Pacific Islands: 13 branches.
Caroline Islands on Truk A toll (Moen Island); 1 noninsured branch—
operated by a national bank in California.

Percentage insured1

DEPOSIT

State and type of bank
or office

M utual savings banks

FEDERAL

Commercial banks and
nondeposit trust companies

A ll banks

Table 104. NUMBER AND DEPOSITS OF ALL COMM ERCIAL AND M U TUAL SAVINGS BANKS.
(STATES AND OTHER AREAS). DECEMBER 31, 1968
BANKS GROUPED BY CLASS AND BY DEPOSIT SIZE

Deposit size

Members F.R. System
Total
National

State

Non­
insured
banks
and trust
companies

Non­
insured

Insured

227

1 13

1,259

1 ,2 3 4

162

57

1 ,0 1 5

23

1

1

3 .6 8 2

3 .6 5 0

839

269

2 ,5 4 2

19

11

2

371

258

23

8

3 ,4 1 4

1.2 1 9

31 1

1 ,8 8 4

16

16

19

2 .9 5 2

1.348

309

1,2 9 5

15

79

44

1.1 3 4

1,0 2 5

543

123

359

5

52

52

11

63

35

8

80

13

465
382

266
244

68
84

131
54

141

1 08

72

32

4

14,199

13.488

4,716

1,261

7,511

210

2 2 1 .3 9 9
1 .9 3 2 .8 8 6

1 8 8 ,6 1 5

1 8 ,6 4 0

5 .3 5 2

1 6 4 ,6 2 3

3 2 ,7 8 4

1 .8 9 1 ,1 3 6

8 9 ,7 0 8

1 .5 4 1 ,1 3 5

9 4 8 ,1 0 5

8 .4 5 6 ,2 8 0

5 4 ,5 7 7

4 3 ,8 4 9

6 .5 3 9

2 ,2 4 5 .0 0 8

1 3 .3 7 2 ,1 4 5

1 0 9 .9 9 5

1 2 7 .7 1 0

1 4 0 .6 1 6

32

1

334

167

(In T h ousa nds)

4 ,7 3 1 .5 7 6

9 .0 4 9 ,0 8 9

754,1 10

1 0 3 .2 3 8 .3 9 7

8 1 .0 7 8 .6 9 7

5 2 .2 6 4 ,9 8 0

1 7 ,9 2 5 .2 5 1

1 0 .8 8 8 ,4 6 6

1 ,3 9 3 ,2 7 2

2 3 2 .9 9 8 .7 9 3

2 0 1 .7 9 3 .6 9 3

1 3 6 .0 3 5 .8 5 4

6 3 ,3 2 8 .6 6 5

2 .4 2 9 .1 7 4

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

502,412.611

434,651,699

258,654,993

98,467,389

77,529,317

3 8 .2 2 7

1 .9 46

1.57 7

1 2 ,5 2 6 .1 2 3

1 2 .4 2 1 .1 5 8

2 6 0 .2 9 3
3 ,0 1 6 .7 7 3

2 4 ,9 7 1 .9 2 3

2 4 .5 9 3 .6 0 2

8 ,9 7 6 ,4 4 9

4 7 .8 6 4 .0 4 8

4 5 .4 4 6 .5 6 0

2 1 .0 7 2 ,9 7 7

4 .9 4 9 .3 7 5

1 9 .4 2 4 .2 0 8

2 6 6 ,1 4 8

1 .3 8 6 .9 4 2

7 6 4 ,3 9 8

3 9 .0 2 7 .2 8 2

3 5 .1 7 5 .8 0 3

1 8 .7 2 7 .2 5 7

4 .2 4 4 ,3 4 9

1 2 ,2 0 4 ,1 9 7

1 8 7 ,9 9 0

1 .7 8 6 .9 5 8

1.8 76 ,5 3 1

3 9 .6 3 1 .7 6 0

3 2 ,0 6 2 .4 3 5

1 8 .2 8 1 .7 7 0

2,837,103

4 .3 7 6 ,2 7 7

2 ,4 3 8 ,9 3 8

1 8 .5 0 0 ,7 7 9

2 ,2 6 5 ,6 4 9

3 0 .6 3 6 .8 6 3

5 6 8 .2 3 7

56,861,324

8.062.485

BRANCHES

574
483

AND

3 ,4 6 5
3 .0 9 0

A m o u n t o f D eposits
Less Than $ 1 ,0 0 0 ,0 0 0 ..............................................
$ 1 ,0 0 0 .0 0 0 To $ 2 ,0 0 0 ,0 0 0 ....................................
$ 2 ,0 0 0 ,0 0 0 To $ 5 ,0 0 0 ,0 0 0 ....................................
$ 5 ,0 0 0 ,0 0 0 To $ 1 0 .0 0 0 ,0 0 0 ..................................
$ 1 0 ,0 0 0 ,0 0 0 To $ 2 5 ,0 0 0 ,0 0 0 ................................
$ 2 5 ,0 0 0 ,0 0 0 To $ 5 0 ,0 0 0 ,0 0 0 ................................
$ 5 0 ,0 0 0 ,0 0 0 To $ 1 0 0 ,0 0 0 ,0 0 0 ..............................
$ 1 0 0 ,0 0 0 ,0 0 0 To $ 5 0 0 ,0 0 0 ,0 0 0 ..........................
$ 5 0 0 ,0 0 0 ,0 0 0 Or M o re ............................................

179




M utual savings banks

OF BANKS

N um b er o f Banks
Less Than $ 1 ,0 0 0 ,0 0 0 ..............................................
$ 1 ,0 0 0 ,0 0 0 To $ 2 ,0 0 0 ,0 0 0 ....................................
$ 2 ,0 0 0 ,0 0 0 To $ 5 ,0 0 0 ,0 0 0 ....................................
$ 5 ,0 0 0 ,0 0 0 To $ 1 0 ,0 0 0 ,0 0 0 .................................
$ 1 0 ,0 0 0 ,0 0 0 To $ 2 5 ,0 0 0 ,0 0 0 ................................
$ 2 5 ,0 0 0 ,0 0 0 To $ 5 0 ,0 0 0 ,0 0 0 ................................
$ 5 0 ,0 0 0 ,0 0 0 To $ 1 0 0 ,0 0 0 ,0 0 0 ..............................
$ 1 0 0 ,0 0 0 ,0 0 0 To $ 5 0 0 ,0 0 0 ,0 0 0 .........................
$ 5 0 0 ,0 0 0 ,0 0 0 Or M o re ...........................................
T o ta l..........................................................................

Not
members
F.R. System

NUMBER

Insured commercial banks
All
banks

ASSETS

AND

LIA B ILITIE S

OF

BANKS

Table 105. Assets and liabilities of all banks in the United States (States and other
areas), June 29, 1968
Banks grouped according to insurance status and type o f bank
Table 106. Assets and liabilities of all banks in the United States (States and other
areas), December 3 1 ,1 9 6 8
Banks grouped according to insurance status and type o f bank
Table 107. Assets and liabilities of insured com m ercial and insured m utual savings
banks in the United States (States and other areas), December call dates,
1 9 6 4 through 1968
Table 108. Assets and liabilities of insured com m ercial banks in the United States
(States and other areas), December 31, 1968
Banks grouped by class o f bank
Table 109. Assets and liabilities of insured com m ercial banks operating throu g ho u t
1 9 6 8 in the United States (States and other areas), December 3 1 ,1 9 6 8
Banks grouped according to am ount o f deposits
Table 110. Percentages of assets and liabilities of insured com m ercial banks operating
throu g ho u t 1968 in the United States (States and other areas), December
3 1, 1 96 8
Banks grouped according to am ount o f deposits
Table 111. D istribution of insured commercial banks in the United States (States and
other areas), December 3 1 ,1 9 6 8
Banks grouped according to am ount o f deposits and by ratios o f selected
ite m s to assets or deposits




LIABILITIES
OF BANKS

Sources of data

AND




Instalm ent loans are ordinarily reported net if the instalm ent
payments are applied directly to the reduction of the loan. Such
loans are reported gross if, under contract, the payments do not
im m ediately reduce the unpaid balances of the loan but are
assigned or pledged to assure repaym ent at maturity.
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 subm itted by insured banks,
and some of the items reported have been allocated to more de­
tailed categories according to the distribution of asset and lia­
bility data for insured State banks not members of the Federal
Reserve System or for other noninsured banks.
Additional data on assets and liabilities of all banks as of June
29, 1968, and December 31, 1968, are shown in the Corpora­
tion's semiannual publication, "Assets, Liabilities, and Capital
Accounts, Commercial and M utual Savings Banks," Report of Call
No. 84, and Report of Call No. 86. Data from Call No. 83, April
18, 1968, and Call No. 85, October 30, 1968, were not tabulated
for all insured banks. Comparable tabulations for State and
national banks were not feasible because of a change in the form
used for national institutions.

ASSETS

Statem ents o f assets and liabilities are subm itted by insured
com m ercial banks upon either a cash or an accrual basis, depend­
ing upon the bank's m ethod of bookkeeping. Assets reported
represent aggregate book value, on the date of call, less valua­
tion and prem ium reserves.
Assets and liabilities held in or administered by a savings, bond,
insurance, real estate, foreign, or any other departm ent of a bank,
except a trust departm ent, are consolidated w ith the respective
assets and liabilities of the com m ercial department. "D eposits of
individuals, partnerships, and corporations" include trust funds
deposited by a tru st departm ent in a commercial or savings de­
partm ent. Other assets held in tru st are not included in sta te ­
ments of assets and liabilities.
In the case of banks w ith one or more domestic branches, the
assets and liabilities reported are consolidations of figures for the
head office and aii dom estic branches, in the case of a bank w ith
foreign branches, net am ounts due from its own foreign branches
are included in "O the r assets," and net amounts due to its own
foreign branches are included in "O th e r liabilities." Branches o u t­
side the 50 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 w hich the parent
banks are located.
Demand balances w ith 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 tw o banks maintain deposit
accounts w ith each other.
Individual loan item s are reported gross instead of net of valua­
tion reserves. Accordingly, reserves for losses on loans are shown
separately.

National banks and State banks in the D istrict of Columbia not
members of the Federal Reserve System: Office of the Comp­
troller 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.
oo

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

All banks

182

Table 105. ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), JUNE 29, 1968

Mutual savings banks

Noninsured
Asset, liability, or capital account item

Loans to commercial and foreign banks...............
Loans to other financial in s titu tio n s .....................
Federal funds sold (loaned)3 ..................................
Loans to brokers and dealers in securities...........
Other loans for carrying securities.........................
Loans to farmers (excluding real estate)...............
Commercial and industrial lo a n s ...........................
Other loans to individuals......................................
All other loans (including overdrafts) ...................
Other assets— t o t a l ....................................................
Bank premises, furniture and fixtures, and real
estate ...................................................................
All other miscellaneous assets...............................




Total

Insured

4 5 6 ,3 0 4 ,0 6 3

3 ,9 2 1 ,1 0 6

34 9 .8 2 1

6 9 ,0 3 0 ,8 3 7

6 0 , 1 2 9 ,6 4 5

8 ,9 0 1 ,1 9 2

7 4 ,8 5 0 ,2 9 7
5 ,1 9 5 ,4 2 6
2 0 .8 4 6 .4 6 0
1 4 .7 2 5 .0 1 0
2 6 2 ,8 1 4
2 1 5 ,5 8 5
33 ,6 0 5 ,0 0 2

67 1 ,5 4 1
24 ,2 4 7

4 0 .4 2 0
4 72

9 5 9 ,0 8 4
158,721

8 3 3 ,3 2 5
131,341

1 2 5 ,7 5 9
27 ,3 8 0

6 3 5 ,8 8 5
53,387
52,127
4 4 ,2 2 2

7 5 ,5 6 2 ,2 5 8
5 ,2 2 0 ,1 4 5
2 0 ,8 4 6 ,4 6 0
15,285,387
305,931
2 6 7 ,7 1 2
3 3 ,6 3 6 ,6 2 3

5 2 6 ,4 1 5
3 7 ,1 4 6
52.127
3 1 .6 0 6

33 .9 6 2
5,971

5 3 1 ,9 1 5
175,739

4 5 6 ,4 0 7
16 5 ,46 9

7 5,5 0 8
1 0,270

15

9 2 .7 0 9

8 0 ,1 0 8

12,601

1 3 3 ,5 6 9 .6 1 4
6 1,3 5 0 ,1 6 7
52,65 4 ,1 6 6
10,323.1 13
9,2 4 2 ,1 6 8

3 ,596.661
1.659.972
3 4 4 .3 1 0
3 5 9.647
1.232.732

1 2 3 ,4 0 7 ,7 2 4
5 8 .8 0 4 .9 7 7
5 2 ,7 9 4 .0 5 6
9,197,1 77
2,61 1,514

1 2 2 ,2 0 5 ,0 9 4
58 ,3 1 0 ,8 3 4
5 2 .4 5 9 .9 0 2
9 .0 2 0 ,5 5 2
2 .4 1 3 .8 0 6

9 6 2 ,7 2 8
4 2 8 .5 9 5
2 5 6 .7 0 7
163.927
1 13,499

2 3 9 .9 0 2
6 5 .5 4 8
7 7.447
12.698
84.209

1 3 ,7 5 8,551
4 ,2 0 5 ,1 6 2
2 0 4 ,4 2 0
1.485.583
7 .8 6 3 .3 8 6

1 1 ,3 6 4 ,5 2 0
3,0 3 9 ,3 3 3
1 94 ,2 64
1,302,561
6 ,8 2 8 ,3 6 2

2 ,394,031
1.165.829
10.156
1 83.022
1.035,024

3 0 0 ,3 8 1 ,2 3 6
4 ,9 7 3 ,0 9 2
3 0 5 ,3 5 4 .3 2 8
1 13,760,122

2 9 2 ,0 3 7 ,9 0 7
4 ,9 4 8 ,6 3 2
2 9 6 ,9 8 6 ,5 3 9
107,36 8 ,9 7 8

8 .3 4 3 ,3 2 9
2 4 ,4 6 0
8 ,3 6 7 ,7 8 9
6 .3 9 1 ,1 4 4

2 4 7 ,2 8 3 ,4 3 0
4,839,061
2 5 2 , 122,491
6 1 .9 6 6 .6 5 4

2 4 5 ,2 2 3 ,2 4 2
4 .8 2 6 .2 9 5
2 5 0 .0 4 9 ,5 3 7
6 1 .6 3 3 .2 5 3

2 ,0 2 1 ,2 6 7
12,369
2 ,0 3 3 ,6 3 6
3 2 3 ,9 7 6

38.921
397
3 9 .3 1 8
9 .425

5 3 ,0 9 7 .8 0 6
134.031
5 3 ,2 3 1 .8 3 7
5 1 .7 9 3 .4 6 8

4 6 .8 1 4 ,6 6 5
1 22.337
4 6 ,9 3 7 .0 0 2
45 .7 3 5 ,7 2 5

6 ,2 83 ,1 41
1 1,694
6 ,2 9 4 ,8 3 5
6,0 5 7 ,7 4 3

3,870,334

3,841,294

29.040

3.755,661

3.731.675

23.303

683

114.673

109.619

5.054

14,223.506
10.848.446
15.378.033
5.176.121

1.022.322
1.069936
3.028.136
932.295

Non­
insured

Total

Insured

5 2 9 ,6 0 5 ,8 2 7

5 1 6 ,4 3 3 ,7 0 8

1 3 ,1 7 2 ,1 1 9

4 6 0 ,5 7 4 ,9 9 0

7 6 ,5 2 1 ,3 4 2
5.3 7 8 ,8 6 6
2 0 ,8 4 6 ,4 6 0
15,817,302
4 8 1 ,6 7 0
2 6 7,712
3 3 ,7 2 9 ,3 3 2

7 5 ,6 8 3 ,6 2 2
5,326,767
20 ,8 4 6 ,4 6 0
15,181,417
4 2 8 ,2 8 3
2 1 5 ,5 8 5
33.685,1 10

8 3 7 ,7 2 0
52 ,0 9 9

1 3 7 , 1 6 6 ,2 7 5
63 .0 1 0 .1 3 9
52 .9 9 8 .4 7 6
1 0 .682,760
1 0 ,474,900

Non­
insured

22,924,204
14.566,326
47,192,740
25,206,518

21,814,032
13,426,878
44.074,329
24,212,445

1,110.172
1.139,448
3,1 18,411
994,073

7.678.376
2.647344
28.786.571
19.098.102

7.590.526
2.578,432
28.696,296
19.036.324

86.865
69.508
84.420
59.880

985
4
5.855
1.898

15.245.828
11.918.382
18.406.169
6.108.416

1.979,614
12,254,999
4 ,8 1 2 .9 3 3
5,01 3 .5 4 2
3,740,487
10,0 0 7 ,2 7 0
9 2 ,2 1 6 ,9 5 3
5 3 .8 9 6 ,9 9 6
6 ,0 7 2 ,7 6 8

1,91 7,409
12,091,217
4,65 5 ,4 4 2
4 ,7 8 6 ,1 9 6
3.67 5 ,9 0 0
9 ,9 8 5 ,2 0 8
9 1 ,4 7 9 ,2 1 6
53,4 6 2 ,2 5 6
5 .966.088

6 2,205
163,782
157,491
22 7 ,3 4 6
6 4,587
22 ,0 6 2
737,737
4 3 4 ,7 4 0
106,680

1,944.619
12.238.433
4 ,8 1 2 .9 3 3
4 .9 4 9 ,8 4 2
3 .7 3 6 .0 4 9
10.0 0 5 .7 3 5
9 1 .9 4 4 .6 5 7
5 2 ,8 9 2 ,3 0 9
6 .0 3 2 .6 1 6

1 .882.414
1 2 .0 7 4 .7 2 4
4 ,6 5 5 .4 4 2
4,7 2 2 ,6 9 7
3 ,6 7 2 .9 3 9
9 ,9 8 3 ,6 7 3
91.220,531
5 2 .6 6 3 .5 7 4
5,941,661

62,1 6 6
163,575
155,71 1
2 1 9 ,4 2 5
55,851
2 1 ,8 8 4
7 1 6 ,8 8 0
2 2 5 ,7 7 4
88 .3 7 9

39
134
1.780
7 .7 2 0
7,259
178
7,246
2,961
2 ,576

3 4 ,9 9 5
16,566

3 4 .9 9 5
16,493

6 3 ,7 0 0
4 ,4 3 8
1.535
2 7 2 ,2 9 6
1,004,687
4 0 ,1 5 2

6 3 ,4 9 9
2,961
1,535
2 5 8 ,6 8 5
79 8 ,6 8 2
2 4 ,4 2 7

13,611
2 0 6 ,0 0 5
15,725

1 5 ,5 3 6 .9 7 4

1 5 ,1 4 2 ,5 6 5

3 9 4 ,4 0 9

1 4 ,3 2 1 ,5 7 8

1 4 ,0 2 5 ,4 3 0

2 6 5 ,5 7 0

3 0 .5 7 8

1 ,2 1 5 ,3 9 6

1 , 1 1 7 ,1 3 5

98,261

105,188
289,221

6 .6 8 0 ,3 0 2
7 ,6 4 1 ,2 7 6

6 .6 4 1 ,0 7 0
7 .3 8 4 .3 6 0

2 6 .307
2 3 9 .2 6 3

12,925
17,653

5 6 0 ,7 8 4
6 5 4 ,6 1 2

4 9 4 .8 2 8
6 2 2 ,3 0 7

6 5 ,9 5 6
3 2 ,3 0 5

7 .24 1 ,0 8 6
8 .2 9 5 ,8 8 8

7,135 ,8 9 8
8 ,006,667

73
201
1,477

INSURANCE CORPORATION

Secured by residential properties:
Insured by FHA ..............................................
Guaranteed by V A ..........................................
Not insured or guaranteed by FHA or VA
Secured by other properties ...............................

Non­
deposit
trust
com­
panies2

Insured

FEDERAL DEPOSIT

Total a s s e ts .....................................................................
Cash, balances w ith other banks, and cash
collection item s— to ta l......................................
Currency and co in ....................................................
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— t o t a l.........................................................
U.S. Gov't, obligations (including guaranteed) . . .
Obligations of States and subdivisions.................
Securities of Federal agencies and corporations.
Other securities.......................................................
Loans and discounts, net— to t a l..............................
Valuation reserves ..................................................
Loans and discounts, gross— total
Real estate loans— t o t a l........................................
Secured by farm land ..........................................

Banks
of
deposit1

Total

T o tal lia b ilitie s and c a p ita l a c c o u n ts ..........................

529,605,827

516,433,708

13.172,119

460,574,990

456,304,063

3,921,106

349,821

69,030,837

60,129,645

8,901,192

B usiness and persona! d e p o s its — to ta l ..................

394,473,522

384,588,175

9,885,347

331,644,377

329,636,610

1,863,467

144,300

62,829,145

54,951,565

7,877,580

1 5 1 .6 8 9 ,5 0 4

1 5 0 ,6 7 2 ,7 2 3

1 ,0 1 6 ,7 8 1

1 5 1 ,1 7 6 ,4 2 9

1 5 0 ,1 9 9 ,6 6 3

8 7 5 ,3 4 8

1 0 1 .4 1 8

5 1 3 ,0 7 5

4 7 3 .0 6 0

4 0 ,0 1 5

2,248,099

2,245,298

2.801

2.2 4 8,0 99

2,2 4 5,2 98

2,801

In d ividu a ls, p a rtn e rsh ip s, and c o rp o ra tio n s —
d em a n d .........................................................................
D e p o s its o f sa vin g s a n d lo a n a s s o c ia tio n s . . . .
O th e r d e p o sits o f in d iv id u a ls , p a rtn e rs h ip s , and
c o r p o r a tio n s .......................................................
In dividuals, partn ersh ip s, and c o rp o ra tio n s — tim e
S a vin g s d e p o s its .....................................................
D e p o s its a c c u m u la te d fo r p a y m e n t o f p e rs o n a l
lo a n s .............................................................
D e p o s its o f s a vin g s a n d loa n a s s o c ia tio n s
O th e r d ep o sits o f in d iv id u a ls , p a rtn e rs h ip s , a nd
c o r p o r a tio n s .......................................................
C ertifie d and o ffic e rs ' checks, le tte rs o f c re d it
tra v e le rs ' checks, e tc ..................................................

G ove rnm ent de posits— t o t a l ..................
S ta te s G o v e rn m e n t— d em a n d
S ta te s G o v e rn m e n t— tim e . . . .
and s u b d iv is io n s — d e m a n d . . .
and s u b d iv is io n s — tim e .............

148,427,425

1,013,980

1 48.928,330

147,954,365

872 ,54 7

101,418

5 13 ,07 5

473 .06 0

40.015

2 2 3 ,9 7 4 ,6 3 0

8 ,6 2 7 ,6 5 1

1 7 0 ,3 0 4 ,2 1 9

1 6 9 .5 1 3 ,0 6 0

7 4 8 .3 7 9

4 2 .7 8 0

6 2 .2 9 8 ,0 6 2

5 4 .4 6 1 ,5 7 0

7 ,8 3 6 .4 9 2

156.978,343

1 48 ,8 3 7 $ 4 9

8,1 4 0,3 94

9 5.310.181

9 4 2 8 7 ,5 2 0

3 00 ,47 0

22.191

61.6 68 ,16 2

53.8 50 .42 9

7.817,733

1 ,2 3 9 2 7 7
350,512

1.235.487
350,361

4.4 9 0
151

1.239.785
3 50 ,51 2

1.235,487
350,361

4 .2 9 8
151

74,033,449

73,550,833

4 82 ,61 6

73,403,741

7 2 3 3 9 .6 9 2

4 43 ,46 0

192

20,5 89

6 29 .70 8

192

611,141

1 0 .1 8 1 ,7 3 7

9 ,9 4 0 ,8 2 2

2 4 0 ,9 1 5

1 0 ,1 6 3 .7 2 9

9 .9 2 3 .8 8 7

2 3 9 ,7 4 0

102

1 8 .0 0 8

1 6 .9 3 5

1 ,0 73

38,361,040

38,143,106

217,934

38,320,331

38,104,130

213,853

2,348

40,709

38,976

1,733

2 8 ,0 7 7

2 .3 4 8

6.01 1

671

4 .9 9 7 ,8 8 6

4 ,9 6 6 ,7 9 0

3 1 ,0 9 6

4 ,9 9 1 ,2 0 4

4 ,9 6 0 ,7 7 9

6 .6 8 2

2 ,2 9 9

3 3 2 ,6 4 6

3 3 0 ,3 4 7

2 .2 9 9

336

336

1 0 2 ,3 5 2

1 6 ,4 0 5 ,4 5 9

1 6 .3 0 3 ,1 0 8

1 0 2 ,3 5 1

2 ,1 4 4

2 .1 4 3

1 6 ,6 2 2 ,5 6 9

1 6 ,5 4 0 ,3 8 2

8 2 ,1 8 7

1 6 ,5 9 1 .0 2 2

1 6 .5 0 9 ,8 9 6

8 1 .1 2 6

3 1 ,5 4 7

3 0 .4 8 6

D o m e stic in te rb a n k d e p o s its — t o t a l ........................
C o m m e rcia l banks in th e U.S.— d e m a n d ...............
C o m m e rcia l banks in th e U.S.— t i m e ......................
M u tu a l savings b anks in th e U.S. — d e m a n d .........
M u tu a l savings banks in th e U.S.— t i m e ...............

19,522,266

19,300,603

221,663

19,521,155

19,299,492

221,084

1,111

1,111

1 7 ,6 8 4 ,6 5 4

1 7 ,8 4 6 ,2 0 5

3 8 .4 4 9

1 7 ,6 8 4 ,5 3 1

1 7 ,6 4 6 ,0 8 2

3 7 ,8 7 0

594.1 19

592,1 19

9 9 0 ,5 5 6

8 62,41 1

2 .0 0 0
1 2 8 .1 4 5

5 9 3 .1 3 1
9 9 0 .5 5 6

8 6 2 ,4 1 1

2 5 2 .9 3 7

1 9 9 ,8 6 8

5 3 ,0 6 9

2 5 2 ,9 3 7

1 9 9 .8 6 8

1 2 8 ,1 4 5
5 3 ,0 6 9

Foreign g o v e rn m e n t and bank d e p o s its — to ta l . .

7,789,107

7,502,976

286,131

7,788,953

7,502,822

283,963

7 8 9 .7 4 9

7 5 8 ,3 7 1
4 ,6 2 9 ,0 7 2

3 1 ,3 7 8
9 8 ,0 4 0

7 8 9 .6 0 1
4 .7 2 7 ,1 12

7 5 8 .2 2 3
4 ,6 2 9 ,0 7 2

3 0 ,3 0 7
9 7 ,0 4 0

1 .0 0 0

1 3 6 ,3 8 7

2 .0 0 5 ,6 2 1

1 .8 6 9 ,2 3 4

2 6 6 ,6 1 9

1 .8 6 9 ,2 4 0
2 4 6 ,2 9 3

2 0 ,3 2 6

2 6 6 .6 1 9

2 4 6 ,2 9 3

1 3 6 .2 9 0
2 0 ,3 2 6

460,145,935

449,534,860

10,611,075

397,274,816

394,543,054

204 ,74 7,3 16
255 .39 8.6 19

203.021,813
2 46.513,047

1.725.503
8 ,8 8 5.5 72

2 04 ,2 0 7 ,1 3 0
1 93.067,686

2 02 .5 2 3 ,3 8 7
1 92.019,667

28,425,826

27,186,226

1,239,600

27,377,372

26,398,016

6 ,5 3 3 ,1 4 1

6 .5 3 0 .6 9 1

2 .4 5 0

6 ,5 3 3 ,1 4 1

6 .5 3 0 .6 9 1

2 .4 5 0

1 ,7 2 1 ,6 7 4

1 .4 6 6 ,8 1 4

2 5 4 .8 6 0

1 .6 5 6 .2 6 3

1 .4 0 1 .4 0 3

Federal fu n d s p urchased (b o rro w e d )........................
O th e r lia b ilitie s fo r b o rro w e d m o n e y ........................
A ll o th e r m isce lla n e o u s lia b ilitie s ...............................

2 ,0 0 5 ,6 2 7

2 0 ,1 7 1 ,0 1 1

To ta l lia b ilitie s (e xclu d in g c a p ita l acco unts) 488,571,761
C apita l a cc o u n ts — t o t a l ...............................................
41,034,066
C apital n ote s and d e b e n tu re s ......................................
P referred s t o c k ................................................................
C om m o n s t o c k ................................................................
S u r p lu s ................................................................................
U nd ivid ed p ro fits and re s e rv e s ...................................
N u m b e r o f b a n ks5 .....................................................................

579,

123

123

988

988

2,168

154

154

1,071

148

148

97

6

6

2,582,367

149,395

62,871,119

54,991,806

7,879,313

1,578.128
1,004.239

105,615
43 ,7 8 0

5 40 .18 6
6 2 ,3 3 0 3 3 3

4 98 .42 6
5 4 .4 9 3 3 8 0

41,7 60
7,837,553

943,260

36,096

1,048,454

788,210

260,244

2 .8 9 4

65 ,4 1 1

6 5 .4 1 1

2 .0 0 0

LIABILITIES

T o tal d e p o s its .......................................................
D e m a n d ...............................................................
T im e .....................................................................
O th er lia b ilitie s — t o t a l ...................................................

4 ,7 2 7 ,1 12

5 9 1 ,1 3 1

579

1
1,061

9 8 2 ,2 9 0

1 9 .1 8 7 ,9 6 8

1 8 ,4 6 5 ,9 2 2

2 5 1 ,9 6 6
6 8 8 ,8 4 4

3 3 ,2 0 2

9 8 3 .0 4 3

7 2 2 ,7 9 9

2 6 0 .2 4 4

476,721,086

11,850,675

424,652,188

420,941,070

3,525,627

185,491

63,919,573

55,780,016

8,139,557

35,922,802

35,362,993

395,479

164,330

5,111,264

4,349,629

761,635

2 .1 9 3 ,9 9 8
9 1 .7 7 1

4 9 ,1 7 3

150

3 ,1 2 4

3 ,1 2 4

4 ,0 4 2

150

1 9 .1 8 8 .7 2 1

39,712,622

1,321,444

2 ,2 4 6 ,4 4 5

2 .1 9 7 ,1 2 2

9 5 ,9 6 3
9 ,7 3 7 .1 3 4

9 1 ,771

4 9 ,3 2 3
4 ,1 9 2

9 ,5 8 0 ,4 5 6

1 9 .1 3 8 .0 6 8

1 8 ,4 8 9 ,0 2 5

9 ,8 1 6 .4 5 6
1 4 ,2 4 5

2 ,2 4 3 ,3 2 1

1 5 6 ,6 7 8

9 5 .9 6 3
9 .7 3 7 .1 3 4

9 ,5 8 0 ,4 5 6

1 0 4 ,9 6 5

6 4 9 .0 4 3

1 5 .5 4 5 .6 4 8

1 5 .3 2 5 ,9 7 3

1 4 3 ,9 0 1

5 1 ,7 1 3
7 5 ,7 7 4

3 ,5 9 2 ,4 2 0

3 ,1 6 3 .0 5 2

9 ,3 5 4 ,2 4 8

4 6 2 .2 0 8

8 .3 0 0 .7 3 6

8 ,1 7 0 ,7 9 5

9 3 .3 9 8

3 6 ,5 4 3

1 .5 1 5 .7 2 0

1 .1 8 3 ,4 5 3

4 2 9 .3 6 8
3 3 2 ,2 6 7

13,851

394

1 3 .7 4 3

1 3 ,5 1 9

174

50

502

332

17 0

Federal Reserve Bank of St. Louis

183

1 In clu d e s asset and lia b ility fig u re s fo r 1 4 bran ch e s o f fo re ig n banks (ta b u la te d as banks) licen se d to do a d e p o s it b usiness in th e S ta te o f N ew York. Capital
is n o t a llo c a te d to these b ra n ch e s by th e p a re n t banks.
2 A m o u n ts s h o w n as d e p o sits are sp ecia l a cco u n ts and unin vested tru s t fu n d s w ith th e la tte r c la ssifie d as d e m a n d d e p o s its o f in d ividu a ls, p a rtn e rsh ip s and
co rp o ra tio n s.
3 A ls o inclu d e s s e c u ritie s p u rch a se d u n d e r a gre e m e nts to resell.
Digitized for
4 AFRASER
ls o includes se c u ritie s sold u nd e r a g re e m e n ts to repurchase.
5 In clu d e s 2 n o n insu re d b anks o f d e p o s it fo r w h ic h asset and lia b ility data are n o t availa b le .
http://fraser.stlouisfed.org/

OF BANKS

3 3 0 ,6 8 3
1 6 ,3 0 5 ,2 5 1

AND

3 3 2 .9 8 2
1 6 ,4 0 7 ,6 0 3

Foreign governm ents, central banks, etc.— dem and
Foreign g o ve rn m e n ts, ce n tra l banks, e tc .— tim e
Banks in fo re ig n c o u n trie s — d e m a n d ......................
Banks in fo re ig n c o u n trie s — t i m e .............................

18.567

ASSETS

U n ite d
U n ite d
S ta te s
S ta te s

149,441,405
2 3 2 .6 0 2 .2 8 1

BANKS GROUPED ACCORDING TO INSURANCE STATUS AN D TYPE OF BANK
(Am ounts in thousands o f dollars)
Comm ercial banks and nondeposit
trust companies

All banks

Mutual savings banks

Noninsured

Asset, liability, or capital account item
Total

Insured

N on­
insured

Total

N on­
deposit
trust
com ­
panies2

Total

Insured

Non­
insured

384.088

71,150,743

62.123.491

9,027,252

83.269.951

686,029

48,901

995.993

883.058

112,935

7 .2 1 6 .0 0 3

3 4 .9 7 0

939

1 9 5 .2 3 5

1 6 4 .9 6 5

3 0 ,2 7 0

1 8 .0 8 9 .8 8 6

4 9 7 .8 5 7

4 1 ,5 6 1

5 6 9 .8 2 9

4 9 7 .7 2 5

7 2 ,1 0 4

3 3 4 .9 1 7

4 4 .5 4 2

6 ,3 8 9

1 5 8 .7 9 6

1 5 7 ,6 1 0

1 .1 8 6

2 6 4 .4 3 3

7 2 .9 7 8

3 6 .1 3 4 .4 6 6

3 5 .6 8 2

12

7 2 ,1 3 3

6 2 ,7 5 8

9 .3 7 5

3.512.853

136.455.855

135.242.315

953.064

260.476

14.102.261

11,802.948

2.299.313

1 .4 7 8 .4 0 8

6 4 .1 7 1 .3 2 4

4 4 6 .3 3 7

6 8 ,1 0 8

9 6 3 .9 6 3

2 5 4 .9 7 1

8 5 .4 3 8

1 8 5 ,2 1 1

3 8 5 ,8 1 8

1 0 .2 6 7 .9 4 3

5 8 .3 9 1 .7 3 8
1 0 .0 8 1 .6 4 1

3 .8 1 8 ,8 5 9
1 9 4 ,0 5 4

2 .8 5 4 .8 9 6

3 4 9 .2 5 2

6 4 ,6 8 5 .7 6 9
5 8 .7 3 2 ,1 4 7

1 7 1 .0 1 4

1 5 .2 8 8

1 .4 3 4 .7 7 2

1 .2 3 5 .2 5 6

8 .8 4 3
1 99 ,5 1 6

1 .2 9 9 ,3 7 5

2 .7 6 9 .9 9 6

2 .5 9 7 ,6 1 2

8 0 .7 4 2

9 1 .6 4 2

8 .6 5 4 .5 7 6

7 ,5 2 7 ,5 8 5

8.651.486 268.116.012

265.982.036

2.091.795

42,181

54.804.913

48,287,403

S e cu ritie s— t o t a l ............................................................. 150.558.116 147,045.263
6 7 .0 2 6 .2 2 0
6 8 ,5 0 4 .6 2 8
U.S. Gov't, obligations (including guaranteed) .
5 8 .5 7 6 .9 4 9
5 8 .9 2 6 .2 0 1
Obligations of States and subdivisions..................
1 1 .3 1 6 .8 9 7
1
1
.7
0
2
,7
1
5
Securities of Federal agencies and corporations. .
1 0 .1 2 5 .1 9 7
1 1 .4 2 4 .5 7 2
Other secu ritie s ...........................................................

Loans to commercial and foreign banks
Loans to other financial in s titu tio n s ......................
Federal funds sold (loaned)3 .....................................
Loans to brokers and dealers in s e c u ritie s ............
Other loans for carrying secu ritie s...........................
Loans to farmers (excluding real estate)................
Commercial and industrial lo a n s .............................
Other loans to in d iv id u a ls .........................................
All other loans (including overdrafts)
O th e r assets— t o t a l .......................................................
Bank premises, furniture and fixtures, and real
e s ta te .......................................................................
All
miscellaneous assets.................................
Digitized for other
FRASER



5 .3 5 9 .5 5 4

5 .3 3 7 .6 9 3

328.280.479 319.607,132

5 .2 2 6 ,8 9 7

5 .2 1 5 .8 1 7

1 0 .5 3 4

546

1 3 2 ,6 5 7

1 2 1 .8 7 6

10,781

8,673,347 273,342,909

271,197,853

2.102.329

42,727

54,937,570

48.409.279

6,528,291

3 5 3 .0 6 7

1 0 .4 2 0

5 3 ,4 5 6 .4 1 6

4 7 .1 7 7 .4 0 5

6 .2 7 9 .0 1 1

21.662

702

116249

111235

5,014

1,008
4
7J923
783

15.568,549
12,032,698
19.146.423
6.591.797

14,500,512
10240,229
16,029.770
5,594259

1,068,037
1.092,469
3.116.653
996,838

2 1 .8 6 1

1 1 9 .1 5 2 .6 4 8

1 1 2 ,5 1 0 ,1 5 0

6 .6 4 2 .4 9 8

6 5 ,6 9 6 .2 3 2

6 5 .3 3 2 .7 4 5

3.874,493

3,847.1 15

27.378

3,757.544

3.735.180

23.494.655
14.740.309
49246,067
27.097.124

22,310.079
13.566,789
46.742.449
26.043.718

1 ,1 2 6 .9 9 1

6,517,510

1.184.576
1.173.520
3.203.618
1.053.406

7.926,106
2.707.61 1
30.799.644
20.505.327

7.809,567
2.626.560
30,712,679
20,448.759

115.531
81.047
79.042
55.785

2 .2 3 0 ,7 1 7

2 .1 6 9 .3 7 7

6 1 ,3 4 0

2 .2 0 6 .9 4 4

2 ,1 4 5 ,6 0 4

6 1 .2 5 9

81

2 3 .7 7 3

2 3 ,7 7 3

1 3 .8 0 9 .6 6 9

1 3 .7 0 2 ,0 6 2

1 0 7 ,6 0 7

1 3 ,7 8 4 .5 1 0

1 0 7 .2 2 2

335

2 5 ,1 5 9

2 5 ,1 0 9

50

6 .7 4 7 .3 3 3

6 .5 2 6 .4 5 8

2 2 0 ,8 7 5

6 .7 4 7 ,3 3 3

1 3 ,6 7 6 ,9 5 3
6 .5 2 6 .4 5 8

2 1 9 .1 7 5

1 ,7 0 0

6 .6 6 2 .9 3 6

6 ,4 4 6 ,6 7 1

2 1 6 ,2 6 5

6 .6 2 5 .4 6 7

6 .4 0 9 .3 0 2

2 0 8 .5 3 0

7 .6 3 5

3 7 .4 6 9

3 7 ,3 6 9

100

4 ,1 2 1 ,1 9 8

4 ,0 7 4 ,0 4 3

4 7 ,1 5 5

4.1 1 4 .2 6 7

4 .0 6 8 .9 0 0

3 5 .3 9 4

9 ,9 7 3

6 ,931

5 ,1 4 3

1 .7 8 8

9 .7 3 4 .2 5 6

9 ,7 1 3 ,8 1 9

2 0 .4 3 7

9 .7 3 2 .8 4 7

9 .7 1 2 ,4 1 0

2 0 .2 4 7

190

1 .4 0 9

1 .4 0 9

9 9 .2 2 2 .1 10

9 8 .3 9 8 .9 8 1

8 0 1 .9 0 8
2 2 0 .6 4 7

2 5 1 ,3 0 2

2 3 7 .6 0 0

1 3 .7 0 2

5 8 .6 3 8 .2 6 5

9 8 .1 6 1 ,3 8 1
5 8 .4 1 4 .7 9 9

7 ,5 1 9

5 9 .2 8 4 ,4 0 0

8 2 3 .1 2 9
4 4 0 ,1 5 7

9 8 .9 7 0 .8 0 8

5 9 .7 2 4 .5 5 7

2 .8 1 9

1 ,0 8 6 .2 9 2

8 6 9 .6 0 1

6 .7 8 1 .1 7 1

9 3 ,8 8 4

6 .8 2 6 ,2 3 6

6 ,7 4 9 ,3 0 1

7 4 ,8 8 0

2 .0 5 5

4 8 ,8 1 9

3 1 .8 7 0

2 1 6 ,6 9 1
1 6 ,9 4 9

414,150

16.060.269

15,743,613

284.126

32,530

1,247,576

1,150.082

97,494

1 1 .5 2 6
2 1 .0 0 4

5 7 1 .5 9 6

5 0 6 ,8 7 0

6 4 ,7 2 6

6 7 5 .9 8 0

6 4 3 ,2 1 2

3 2 .7 6 8

6 .8 7 5 ,0 5 5

17,307.845

16.893.695

7 ,5 8 6 ,7 8 7

7 .4 8 6 .9 8 3

9 9 ,8 0 4

7 .0 1 5 ,1 9 1

6 .9 8 0 .1 13

2 3 ,5 5 2

9 ,7 2 1 .0 5 8

9 ,4 0 6 ,7 1 2

3 1 4 ,3 4 6

9 .0 4 5 .0 7 8

8 .7 6 3 .5 0 0

2 6 0 ,5 7 4

CORPORATION

S e cu re d b y re s id e n tia l p ro p e rtie s :
In s u re d b y FH A .................................................
G u a ra ntee d b y V A .............................................
N o t in s u re d o r g u a ra n te e d b y FH A o r VA . . .
S e cu re d b y o th e r p r o p e r tie s .................................

322.920.925 314.269,439

2 1 .2 3 0 .2 4 6

INSURANCE

4,015.014

DEPOSIT

500.237.915

FEDERAL

Banks
of
deposit1

Insured

T o tal a s s e ts ......................................................................... 575.787,760 562.361.406 13.426.354 504.637,017
Cash, balances w ith o th e r banks, and cash
847.865
84.004.881
85,000.874 84.153.009
c o lle c tio n ite m s — t o t a l .........................................
7 .2 5 1 .9 1 2
6 6 ,1 7 9
7 .3 8 0 .9 6 8
7 ,4 4 7 .1 4 7
Currency and c o in .......................................................
2 1 .2 3 0 .2 4 6
2 1 .2 3 0 .2 4 6
2 1 .2 3 0 .2 4 6
Reserve w ith F.R. Banks (m ember b a n k s )............
1
8 .6 2 9 .3 0 4
61
1,522
1 8 .5 8 7 .6 1 1
1 9 .1 9 9 .1 3 3
Demand balances w ith banks in U S.......................
52,1 17
3 8 5 .8 4 8
4 9 2 .5 2 7
5 4 4 ,6 4 4
Other balances w ith banks in U.S.. . : ....................
3 3 7 .4 1 1
7 2 ,9 7 8
2 6 4 .4 3 3
3 3 7 .4 1 1
Balances w ith banks in foreign c o u n trie s..............
3 6 .1 7 0 ,1 6 0
4 5 ,0 6 9
3 6 .1 9 7 ,2 2 4
3 6 .2 4 2 .2 9 3
Cash items in process of c o lle c tio n ........................

Loans and discounts, n e t— t o t a l.................................
Valuation re s e rv e s .....................................................
Loans and discou nts, gross— to ta l
Real estate loans— t o t a l ...........................................
S e cu re d b y fa rm la n d .............................................

184

T able 106. ASSETS A ND LIABILITIES OF A L L BANKS IN THE UNITED STATES (STATES AN D OTHER AREAS). DECEMBER 31. 1968

T o ta l lia b ilitie s and c a p ita l a c c o u n ts ..........................

575,787,760 562,361,406

13,426,354 504,637.017

500,237,915

4.015,014

384.088

71,150,743

62,123,491

9,027,252

B usiness and personal d e p o s its — to ta l ..................

428,996,243 418,815,563

10,180,680 364,112,765

361.993,247

1,949,815

169,703

64.883,478

56,822,316

8,061,162

1 2 7 ,2 9 0

4 8 4 ,4 0 4

4 6 3 .7 7 7

2 0 .6 2 7

In d ividu a ls, p a rtn e rsh ip s, and c o rp o ra tio n s —
d em a n d .........................................................................
D e p o s its o f sa vin g s a n d lo a n a s s o c ia tio n s . . . .
O th e r d e p o sits o f in d iv id u a ls , p a rtn e rs h ip s , a n d
c o r p o r a tio n s .......................................................
In dividuals, partn ersh ip s, and c o rp o ra tio n s — tim e
S a vin g s d e p o s its .....................................................
D e p o s its a c c u m u la te d fo r p a y m e n t o f p e rs o n a l
lo a n s .....................................................................
D e p o sits o f sa vin g s a n d lo a n a s s o c ia tio n s . . . .
O th e r d e p o sits o f in d iv id u a ls , p a rtn e rs h ip s , a nd
c o r p o r a tio n s .......................................................
C ertifie d and o ffic e rs ' checks, le tte rs o f credit.
tra v e le rs ' checks, e tc ..................................................

G ove rnm ent d e posits— t o t a l .......................................
S ta te s G o v e rn m e n t— d e m a n d ....................
S ta te s G o v e rn m e n t— t im e .............................
and s u b d iv is io n s — d e m a n d ...........................
and su b d iv is io n s — tim e ....................................

D om e stic interban k d e p o s its — t o t a l ........................

Foreign governm ents, central banks, e tc.— dem and
Foreign g o ve rn m e n ts, c e n tra l banks, e tc .— tim e
B anks in fo re ig n c o u n trie s — d e m a n d ......................
B anks in fo re ig n c o u n trie s — t i m e .............................

1 7 2 ,0 0 6 ,9 7 3

9 2 5 .6 8 7

2 .4 5 3.0 39

2 .4 5 0,6 83

2 .356

171,091,315

170.020,067

1.071.248

170 .60 6 S I 1

169.556.290

2 4 5 ,7 0 2 ,0 0 5

2 3 6 ,8 4 6 ,2 4 6

8 .8 5 5 .7 5 9

1 8 1 ,3 2 1 ,5 0 2

1 8 0 ,5 0 6 ,2 7 8

7 7 2 .8 1 1

4 2 .4 1 3

6 4 ,3 8 0 ,5 0 3

5 6 ,3 3 9 ,9 6 8

8 .0 4 0 ,5 3 5

160.648,105

152.276.665

8 ,371,440

9 6.5 04 .05 4

96.1 66 .25 6

315 .33 7

22,461

64.144,051

5 6,110.409

8,033,642

1.219,719
273,363

1.215,522
273.225

4.197
138

1,219,630
2 73 .36 3

1.215.522
273 .22 5

4 ,108
138

83,560.818

82.8 51 .27 5

4 53 ,22 8

923,331

127,290

484 .40 4

89

83.080,834

479384

8 3,3 24 ,45 5

9 .7 4 9 .8 8 4

9 .4 9 8 .5 6 7

2 5 1 ,3 1 7

9 .7 3 1 .3 1 3

9 ,4 7 9 ,9 9 6

2 5 1 ,3 1 7

41,628,907

41.422,008

206,899

41,590,854

41.385,278

203.245

2,331

1 7 ,4 1 0

5 .0 2 9 .1 4 8

5 ,0 1 2 ,4 4 5

1 4 ,3 7 2

2.3 3 1

6 ,5 8 3

5 ,0 3 5 ,7 3 1

5 .0 1 8 ,3 2 1

463 .77 7

19352

20,627

89

6,804

236 .36 3

229.559

1 8 ,5 7 1

1 8 ,5 7 1

38.053

36,730

1,323

5 ,8 7 6

707

3 7 9 ,2 5 2

3 7 6 .9 8 4

2 ,2 6 8

3 7 8 .8 7 4

3 7 6 ,6 2 9

355

1 6 ,8 8 2 ,6 3 1

1 2 0 ,9 5 3

1 7 ,0 0 1 ,9 9 4

1 6 ,8 8 1 ,0 4 2

2 ,2 4 5
1 2 0 .9 5 2

378

1 7 ,0 0 3 ,5 8 4

1 ,5 9 0

1 .5 8 9

23
1

1 9 .2 1 0 ,3 4 0

1 9 ,1 4 4 ,0 7 2

6 6 .2 6 8

1 9 ,1 8 0 .8 3 8

19,1 1 5 ,1 6 2

6 5 .6 7 6

2 9 ,5 0 2

2 8 ,9 1 0

592

23,454,966

23.223,693

231,273

23,452,731

23,221,458

230,765

508

2 1 ,4 7 2 ,7 5 1

2 1 .4 2 4 ,9 0 8

4 7 ,8 4 3

2 1 ,4 7 2 ,6 2 7

2 1 ,4 2 4 ,7 8 4

4 7 .3 3 5

508

7 1 8 .4 5 5

7 1 6 ,3 8 2

2 ,0 7 3

7 1 6 .3 4 4

7 1 4 ,2 7 1

2 .0 7 3

1 ,0 7 9 ,7 6 5

9 3 3 .7 9 9
1 4 8 ,6 0 4

1 4 5 .9 6 6

1 ,0 7 9 .7 6 5

9 3 3 .7 9 9

1 4 5 ,9 6 6

1 8 3 ,9 9 5

3 5 .3 9 1

1 8 3 ,9 9 5

1 4 8 ,6 0 4

3 5 .3 9 1

8,332,495

8,051,759

280.736

8.332.452

8,051,716

279,276

9 0 2 ,0 8 1

8 6 6 ,9 0 7

3 5 .1 7 4

9 0 2 ,0 5 9

8 6 6 .8 8 5

4 ,8 5 1 .3 1 9

4 ,7 5 2 ,7 3 2

9 8 .5 8 7

4 ,8 5 1 ,3 1 9

4 .7 5 2 .7 3 2

3 4 ,8 4 2
9 7 .5 8 7

1 .0 0 0

2 ,2 4 7 ,0 8 2

2 .1 1 8 ,7 7 9

1 2 8 ,3 0 3

2 ,2 4 7 ,0 6 1

2.1 1 8 ,7 5 8

1 2 8 ,1 7 5

3 3 2 .0 1 3

3 1 3 .3 4 1

1 8 .6 7 2

3 3 2 .0 1 3

3 1 3 ,3 4 1

2.235

124

1 24

2,1 1 1

2,1 1 1

1,460

43

43

332

22

22

128

21

21

1 8 ,6 7 2

10.899,588 437,488.802

434,651,699

2,663,101

174,002

64,923,809

56.861.324

8,062,485

231 ,03 5.2 32
271,377.379

229.214.662
262.298.361

1,820.570
9 ,0 7 9.0 18

2 3 0 .5 2 3 2 1 7
2 0 6 3 6 4 ,8 8 5

2 2 8 .7 2 4 .6 8 2
2 0 5 3 2 7 .0 1 7

1 ,668.646
994 .45 5

130.589
4 3,4 13

5 1 1 ,3 1 5
6 4,412.494

489380
56,371,344

21335
8,041,150

O th er lia b ilitie s — t o t a l...................................................

30,944,053

29,739,400

1.204,653

29,986,478

28,958,217

987,127

41,134

957,575

781.183

176,392

Federal fu n d s purchased (b o rro w e d )4 ......................
O th e r lia b ilitie s fo r b o rro w e d m o n e y ........................
A ll o th e r m isce lla n e o u s lia b ilitie s ...............................

7 .4 7 2 ,0 0 0

3 .8 0 0

7 .4 7 2 .0 0 0

7 ,4 6 8 .2 0 0

3 ,8 0 0

1 .5 6 4 ,3 3 3

7 .4 6 8 .2 0 0
1 ,2 8 5 ,2 5 4

2 7 9 ,0 7 9

1 .4 9 1 ,5 5 3

1 ,2 1 4 .4 4 0

2 7 2 ,9 8 7

4 .1 2 6

7 2 ,7 8 0

7 0 .8 1 4

1 ,9 6 6

2 1 .9 0 7 .7 2 0

2 0 .9 8 5 .9 4 6

9 2 1 ,7 7 4

2 1 .0 2 2 ,9 2 5

2 0 .2 7 5 .5 7 7

7 1 0 ,3 4 0

3 7 ,0 0 8

8 8 4 ,7 9 5

7 1 0 ,3 6 9

1 7 4 .4 2 6

12.104,241 467,475,280

T o tal lia bilities (excluding capital accounts)

502,412,611 491,513,023

2,235

463,609.916

3.650,228

215,136

65,881,384

57,642,507

8,238,877

C a p ita l a cco u n ts — t o t a l ...............................................

42,431,096

41,108,983

1.322,113

37.161,737

36.627.999

364.786

168,952

5,269,359

4,480,984

788,375

C apital n ote s and d e b e n tu re s ......................................
P referred s t o c k .................................................................
C om m o n s to c k ...................................................................
S u r p lu s ................................................................................
U nd ivid ed p ro fits and re s e rv e s ....................................

2 .1 6 3 ,1 7 7

2.1 1 3 ,7 9 4

4 9 ,3 8 3

2 .1 5 9 .5 2 0

2.1 1 0 .1 3 7

4 9 ,2 3 3

150

3 ,6 5 7

3 .6 5 7

9 4 ,9 1 7

9 0 ,6 8 6

4 .2 3 1

9 4 ,9 1 7

9 0 .6 8 6

4 .0 8 1

150

9 .9 2 1 .9 2 8

9 ,7 7 2 ,6 0 5
1 9 ,4 1 9 .8 5 7

1 4 9 ,3 2 3
6 4 9 .8 0 7

9 .9 2 1 .9 2 8

9 .7 7 2 .6 0 5

9 5 ,7 8 1

2 0 .0 6 9 .6 6 4

1 6 .3 7 1 .2 2 0

1 6 .1 7 3 .9 0 7

1 2 0 ,4 1 6

7 6 ,8 9 7

3 ,6 9 8 ,4 4 4

3 .2 4 5 .9 5 0

4 5 2 .4 9 4

1 0 ,1 8 1 ,4 1 0

9 ,7 1 2 ,0 4 1

4 6 9 ,3 6 9

8 ,6 1 4 .1 5 2

8 .4 8 0 .6 6 4

9 5 ,2 7 5

3 8 ,2 1 3

1 ,5 6 7 ,2 5 8

1 ,2 3 1 ,3 7 7

3 3 5 ,8 8 1

1 4 ,1 9 9

13 .8 2 2

377

1 3 ,6 9 8

1 3 .4 8 8

160

50

501

334

167

N u m b e r o f b anks5 .....................................................................

533,356,664 521.252,423

5 3 ,5 4 2

185

1 In cludes asset and lia b ility fig u re s fo r 13 branches o f fo re ig n banks (ta b u la te d as banks) licensed to do a d e p o s it business in th e S ta te o f N e w York. C apital
is n o t a llo c a te d to those b ran ch e s by th e p a re n t banks.
2 A m o u n ts s h o w n as d e p o s its are special a ccou n ts and u nin vested tru st fu n d s w ith th e la tte r cla ssifie d as d e m a n d d e p o s its o f in d ividu a ls, p artn ersh ip s, and
co rpo ra tion s.
3 A ls o includes s e c u ritie s p urch a se d u n d e r a gre e m e nts to resell.
4 A ls o in cludes s e c u ritie s sold u n d e r a g re e m e n ts to repurchase.

5 Includes
3 unin sure d b anks fo r w h ic h a sset and lia b ility data are not a vaila b le .



OF BANKS

T o tal d e p o s its .......................................................
D e m a n d .......................... * ..................................
T im e .....................................................................

1 7 3 ,0 5 9 ,9 5 0

2 ,356

LIABILITIES

Foreign g o ve rn m e n t and ba nk d e p o s its — to ta l . . .

1 .0 7 3 .6 0 4

2,450.683

AND

C o m m e rc ia l banks in th e U .S .— d e m a n d ...............
C o m m e rc ia l banks in th e U .S .— t i m e ....................
M u tu a l savings b an ks in th e U .S .— d e m a n d .........
M u tu a l savings banks in th e U .S .— t i m e ...............

1 7 2 ,4 7 0 ,7 5 0

2 ,453,039

ASSETS

U n ite d
U nite d
S ta te s
S ta te s

1 7 3 .5 4 4 ,3 5 4

186

Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED
STATES (STATES AND OTHER AREAS). DECEMBER CALL DATES. 1964 THROUGH 1968
(Amounts in thousands of dollars)
Insured mutual savings banks

Insured commercial banks

Dec. 30,
1967

Dec. 31,
1968

Dec. 31,
1965

3 4 5 . 1 3 0 .2 0 5 3 7 5 ,394,1 1 1 4 0 2 .9 4 6 .3 3 6 4 5 0 ,7 1 2 ,5 7 8 5 0 0 ,2 3 7 ,9 1 5

4 7 ,0 4 4 ,1 8 4

5 0 ,4 9 9 .7 1 6

5 3 .0 4 9 .4 6 8

5 7 ,8 6 7 ,2 0 8

6 2 , 123.49 1

893 .1 3 9
138.843

9 0 4 .0 0 0
142.598

8 4 7 .8 2 5
145.598

8 8 1 ,5 9 6
153.639

8 8 3 ,0 5 8

4 7 6 ,6 4 4

4 9 3 .6 0 0

4 7 4 .2 7 6

4 6 ,3 7 8

4 9 7 ,7 2 5

2 0 2 ,3 2 5

15 7.61 0

Dec. 31,
1966

Dec. 30,
1967

6 0 .0 3 2 ,9 1 6
4 .5 5 1 .8 8 9

6 0 ,4 3 6 ,7 1 9
4 ,8 6 5 .8 0 3

6 8 .6 5 1 .8 5 0
5.457,281

7 7 .5 3 2 .5 9 2
5 .9 5 3 ,1 5 5

83.269,951
7 ,2 1 6 .0 0 3

17,580.743

17,992.395

19.068.820

2 0 ,275,051

2 1 .2 3 0 ,2 4 6

14.09 0 ,5 8 6

14.354.186

15.136,61 1

1 6 ,5 2 0 .0 6 0

1 8 .089.886

1 64 .9 65

484 ,8 1 7
255,8 6 5
22 ,4 8 3 .6 5 3

257,066
250.8 7 2
2 8 .4 8 1 .2 0 0

5 4 4 .6 5 8
2 8 0 .2 4 9
3 3 .9 5 9 .4 1 9

3 3 4 .9 1 7
2 6 4 ,4 3 3
3 6 .1 3 4 .4 6 6

2 2 4 ,2 7 4

2 1 2 .1 9 3

53 .3 7 8

55.609

6 1 .2 1 9

6 4 .2 5 4

62 .7 5 8

6 2 ,5 8 8 .0 5 2

5 9 ,2 0 9 .8 3 2

5 5 ,9 0 3 .9 9 6

6 2 ,2 2 9 .3 4 8

6 4 , 1 7 1 ,3 2 4

4 , 1 1 0 ,4 5 2

3 ,759,9 6 1

3 ,3 2 3 ,6 6 2

3 , 1 1 0 ,6 4 9

2 .8 5 4 ,8 9 6

2 3 2 .4 9 4

3 0 9 .7 0 0

306 .7 1 2

3 6 5 ,2 0 5

2 8 6 ,5 8 5

13.301.211
9 .001,237

1 39.679

178.142

13 2 .5 7 0

179.084

2 6 2 ,0 8 9

2 6 .6 3 8 ,3 3 5
1 2 .481,688
778.067
2 4 7,362
140,152

1,130.798
1 ,107,233
1 ,241.155
9 2.527

9 4 1 .7 8 0
9 7 5 .1 7 0
1,177.097
6 7.037

1,087.857
38 4 .2 7 6
89 6 .1 2 8
3 6 ,129
1 6 1,970

1.14 6 ,05 0
151,407
8 0 2 ,1 8 3
2 5 .5 6 0
1 81 .02 2

166.566

1 1 1.035

1,012.437
6 8 0 .6 0 3
9 9 8 .0 6 6
61.857
131.417

3 8 ,3 7 1 ,6 4 8
3 3 ,3 4 3 .8 0 7

4 4 ,4 4 0 ,8 7 6
3 8 .4 8 0 ,3 4 9

4 8 ,3 8 1,827
4 0 ,8 3 1 ,6 6 4

6 1 ,0 3 4 ,2 7 7
4 9 .8 2 0 ,9 7 3

7 1 ,0 7 0,991
5 8 .3 9 1 .7 3 8

5 .0 1 4 ,6 5 6
3 6 7 ,8 4 6

5 ,0 1 0 ,4 1 0
3 0 0 .2 7 3

5 ,3 5 2 ,0 8 8
236,6 9 7

7 ,3 3 6 ,3 7 9
2 05,3 2 3

8 ,9 4 8 ,0 5 2
185.211

3.4 4 6 .1 4 4
76 2 .7 9 0
8 1 8.907

4,513,1 14
21,447,413

5 .959,194
21,590,969

8 .9 0 1 .1 6 4
2 ,3 1 2 .1 4 0

10.081.641
2 .5 9 7 ,6 1 2

7 4 9 .2 1 9
2.9 0 4 ,7 3 2

8 4 2 ,3 5 6
2.73 1 .8 0 5

1,009.066
2 .9 3 2 ,7 0 6

1.049.964
4 ,7 0 3 ,0 0 8

1.235.256
5 ,915.060

9 9 2 ,8 5 9

1.135.976

1 ,173.619

1.378,084

1,612,525

1 0 0 ,9 5 9 ,7 0 0 1 0 3 ,6 5 0 ,7 0 8 1 0 4 ,28 5 ,8 2 3 1 2 3 ,2 6 3 ,6 2 5 1 3 5 ,2 4 2 .3 1 5

9 ,1 2 5 ,1 0 8

8 ,770,371

8 ,6 7 5 ,7 5 0 1 0 4 ,4 7 0 ,0 2 8

1 1 .80 2 ,9 4 8

(’)

(’)

(’)

(’)

CORPORATION

55 8 .3 3 5
300.841
2 2 ,9 5 0 .5 2 2

166.743

INSURANCE

Dec. 31,
1964

Dec. 31,
1965

DEPOSIT




Dec. 31,
1966

Dec. 31 ,
1968

Dec. 31,
1964

FEDERAL

Assets
Total a s s e t s .............................................................
Cash, balances w ith other banks, and cash
collection item s— t o t a l ..............................
Currency and c o in .............................................
Reserve with Federal Reserve Banks (member
banks).............................................................
Demand balances with banks in the United
States (except private banks and American
branches of foreign b a n k s )..........................
Other balances with banks in the United
States .....................................................
Balances with banks in foreign countries .
Cash items in process of collection . .
Obligations of the U.S. Government, direct and
..................................
guaranteed— total.
Direct:
Treasury bills and certificates of indebted­
ness ............................................................
Treasury notes and other bonds maturing
in 1 year or less......................................
Treasury notes and other bonds maturing
in 1 to 5 y e a r s ..........................................
Other bonds maturing in 5 to 10 years.
Other bonds maturing after 10 years
United States non-marketable bonds
Guaranteed obligations.
Other securities— to ta l..........................................
Obligations of States and subdivisions . . . .
Securities of Federal agencies and corpora­
tions.............................................
Other bonds, notes, and debentures .
Federal Reserve Bank stock.
Other corporate stocks .
Total securities . .

Loans and discounts, net— t o t a l ..............................
Valuation re s e rv e s ...................
Loans and discounts, gross— t o t a l ..........................
Real estate loans— total
Secured by farm l a n d ...............
Secured by residential properties
Insured by F H A ...............
Guaranteed by V A .....................................
N o t insured or guaranteed by FHA or V A .
Secured by other p rop e rtie s ..............................

4 5 .4 9 2 .4 4 5
1 2 1 .8 7 6
4 5 .6 1 9 .2 3 4
4 4 .5 9 5 .8 0 7

4 8 ,2 8 7 .4 0 3
4 8 ,4 0 9 ,2 7 9
4 7 .17 7 .4 0 5

2.616,604

2,888.012

3.112.422

3.419.336

3,735,180

48.629

46.819

47.719

110.695

111335

7243,397
2.684.468
18.810.798
12.377.719

7.592,405
2.637.439
21,929,584
14.346,493

7.441.201
2.556.527
24.659.845
16.329.595

7,603.100
2,613.060
27.157.632
17.884.886

7,809.567
2.626.560
30.712.679
20.448.759

11.527.827
10.129.274
10,739,893
3.377,665

12311.024
10.427,383
12245.612
3.804.841

13563.472
10.473330
13.490313
4,232369

14,057536
10.756,786
14324567
4346223

14500.512
10340,229
16.029,770
5594,959

3 ,420.989
10.849.646

2,095,012
13.186.038
2.064,215
5.087.694
3,175,076

2,1 3 2 .9 5 7
1 3.186.453
2,460,941
5.643.1 12
3 .1 4 9 .5 5 2

1.847,683
12,447,077
3,924 ,3 5 7
6 ,0 1 7 .4 1 8
3 .7 2 4 ,0 5 5

2 ,1 4 5 ,6 0 4
13,6 7 6 ,9 5 3
6 ,5 2 6 .4 5 8
6 ,4 0 9 .3 0 2
4 .0 6 8 .9 0 0

16,228
9.322

12.505
14.342

3 3 ,3 6 8
10.905

11.656
9,832

23,773
25,109

25 .7 5 9
4.807

2 1 .5 8 5
4 .812

4 2 .2 4 5
4,329

81,162
4.5 7 8

37.369
5.143

(4)
5 .355.550
2.794.217

<5)

(5)

<5)

51 3 .5 8 0

533.948

6,982.643

7.669.065

8 ,5 4 9 .3 9 9

9,2 6 0 ,2 2 0

9 .7 1 2 ,4 1 0

2.152

1.913

1.809

1,683

1.409

6,004.383
39.8 1 4 ,7 7 8

71.235.183
45.497.461

8 0 ,4 0 8 ,4 8 2
4 7 ,9 9 2 ,0 6 8

8 8 .2 5 7 ,5 8 8
5 1 ,6 2 8 ,0 8 3

98,161,381
5 8 ,4 1 4 ,7 9 9

156.977
3 9 1 .1 4 5

144.698
5 1 5 ,6 7 3

191.599
6 1 7 .7 4 7

158,428
73 4 .9 7 3

2 37 ,6 0 0
869,601

14.661.720

17.139.214

18.290.164

21,200.443
11,312.020
798,115
5.520.274

24.370

35.555

42,879

53,790

76,020

1.016

2.039

3,769

6378

9,535

75.397
126.027
164.335

88.646
199.220
190213

105398
244376
220.125

119,569
297.131
258.105

127,079
356 59 7
300,370

3.748,783

4.176350

4.692.533

18.890.458
828313
521 3 0 9
4 ,781232

3,012.861
6,441.204
11350,210

3.126.804
7.388,640
13,665.853

3.216.162
8.091.439
13.701.770

3.351.554
8.361.180
14.893.437

3.494.813
9.390.559
16,698.575

5,143,998

5.6 5 7 .9 4 8

6,749,301

13.148

2 2.467

23 .2 5 5

21 .1 1 5

3 1,870

3 5 9 .9 7 3 .4 6 2 4 0 1 ,2 2 4 ,3 5 1

4 5 .3 5 8 .1 6 0

4 8 ,7 3 4 ,7 1 4

5 1 .2 6 8 .9 2 7

5 5 .9 3 9 .4 7 3

6 0 .090,351

5.187.791

5 ,170.077

2 7 6 ,0 5 5 ,8 9 4 3 0 4 .764.851

3 2 2 ,7 41,521

65 , 144,222

65 .6 1 9 .9 8 7

4 ,7 5 3 ,5 8 8

<7)

(7)

(7)

*6 ,2 8 9 ,8 7 4

6 .9 8 0 ,1 1 3

3 4 2 .8 9 8

3 8 1 ,2 2 5

4 1 5 .1 9 3

4 5 9 .3 9 6

5 0 6 ,8 7 0

6 .0 0 7 .1 7 0
2 8 2 ,7 0 4

6 .6 5 6 ,8 5 6
3 2 3 ,2 5 7

3 1 6 .1 8 9
26 .7 0 9

3 5 3 .9 3 0
27 .2 9 5

3 8 7 .3 9 5
27 .7 9 8

4 2 8 .7 7 9
30.617

470,421
36,449

4 ,28 7 ,8 0 7
1.697,120
2,590,687

5 .0 4 8 ,3 1 9
1.862.571
3,185,748

5 .9 3 2 .9 7 8
2 .17 8 .0 1 7
3.754.961

6 ,9 1 6 .6 5 0
2 ,3 1 4 .7 7 2
4 ,6 0 1 .8 7 8

8 .7 6 3 ,5 0 0
2 ,4 7 2 ,7 7 8
6.2 9 0 .7 2 2

4 4 9 .9 8 7

4 7 9 ,7 7 7

5 1 7 ,5 2 3

5 8 6 .7 4 3

64 3 ,2 1 2

4 4 9 .9 8 7

4 7 9 .7 7 7

5 1 7.523

5 8 6.743

643,212

17.4%
18.2
11.1
50 7
2.6
80

16.1%
15.8
11.8
53 6
2 7
80

17.0%
13 9
12.0
54.2
29
79

17.2%
13.8
13.5
52 5
29
7.5

16.6%
12 8
14 2
53 1
3.1
7.3

1.9%
8.7
10 7
77 0
1.7
7.9

1.8%
7.5
9 9
79 1
17
7.8

1.6%
6.3
10.1
80 3
1.7
7.8

1.5%
54
12.7
78 6
1.8
7.3

1.4%
4 5
16.3

12.4

11.7

114

10.9

10 3

8 9

8 6

8 5

79

OF BANKS

111
1.7
7.2

7.6

187




4 2 ,4 9 3 ,1 7 7
1 2 6.789
4 2 .7 3 3 .6 6 0
41 .8 0 8 .4 0 3

LIABILITIES

All other loans (including overdrafts).....................
Total loans and securities........................
Bank premises, furniture and fixtures, and other
real estate— to ta l.....................................................
Bank premises, and furniture and fixtures, and
other assets indirectly representing bank
premises or other real estate..............................
Real estate owned other than bank premises.......
Miscellaneous assets— to ta l......................................
Customers' liability on acceptances outstanding . .
Other as s e ts............................................................
PERCENTAGES
To total assets:
Cash and balances with other b a n k s .....................
U. S. Government obligations, direct and guaranteed
Other securities........................................................
Loans and discou nts...............................................
Other as s e ts............................................................
Total capital accounts.............................................
To total assets other than cash and U.S. Govern­
ment obligations:
Total capital accounts . .

3 9 .9 6 4 .3 4 3
140.4 8 3
4 0 , 1 7 3 ,6 7 4
3 9 ,4 3 5 .6 7 9

AND

Other re ta il consum er instalm e n t loa n s .............
Residential repair and m odernization in sta l­
m e nt lo a n s .......................................................
Other instalm ent loans for personal expenditures
Single-paym ent loans fo r personal expenditures

3 6 ,2 3 3 ,0 5 2
209.331
3 6 .4 4 2 ,8 2 6
6 5 .8 2 3 .2 8 8

ASSETS

Loans to domestic commercial and foreign banks.
Loans to other financial institutions...................
Federal funds,sold (loaned)3. ..................................
Loans to brokers and dealers in securities.............
Other loans for purchasing securities.....................
Loans to farmers directly guaranteed by the
Commodity Credit Corporation..........................
Other loans to farmers (excluding loans on real
estate) ..................................................................
Commercial and industrial loans (including open
market paper).......................................................
Other loans to individuals— total............................
Passenger autom obile instalm e n t lo a n s ...........
R etail (charge account) credit card p la n s .........

1 7 5 ,0 9 6 ,1 9 4 2 0 1 , 114,143 2 1 8 .4 5 5 .6 9 8 2 3 6 .7 0 9 .8 3 7 2 6 5 ,9 8 2 .0 3 6
5.2 1 5 .8 1 7
3.552.676
4.011.273
4 .3 3 6 .9 3 3
4 .7 3 2 ,6 0 6
1 7 8 ,6 4 8 .8 7 0 2 0 5 , 125,416 2 2 2 .792.631 2 4 1 ,4 4 2 ,4 4 3 2 7 1 ,1 9 7 ,8 5 3
49.393,933
5 8 .6 7 8 .0 1 4
43.7 3 3 .0 8 6
5 4 .0 9 9 .5 9 0
6 5 .3 3 2 ,7 4 5

188

Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED
STATES (STATES AND OTHER AREAS). DECEMBER CALL DATES. 1964 THROUGH 1968— CONTINUED
(Amounts in thousands of dollars)

Insured mutual savings banks

Insured commercial banks
Liabilities and Capital Accounts

Individuals, partnerships, and corporations—
tim e ...................................................................
Savings d e p o s its ..............................................




Dec. 31 ,
1968

Dec. 31,
1964

Dec. 31,
1965

Dec. 31,
1966

Dec. 30,
1967

Dec. 31.
1968

3 4 5 , 1 3 0 ,2 0 5 3 7 5 ,394.111 4 0 2 . 9 4 6 ,3 3 6 4 5 0 ,7 1 2 .5 7 8 5 0 0 .2 3 7 ,9 1 5

4 7 ,0 4 4 .1 8 4

5 0 ,4 9 9 .7 1 6

5 3 ,0 4 9 .4 6 8

5 7 ,8 6 7 .2 0 8

6 2 . 123.491

2 5 2 ,9 8 3 ,4 0 3 2 7 5 ,2 0 5 ,3 5 7 2 9 3 .5 6 5 .7 5 7 3 2 9 .8 6 0 .0 3 3 3 6 1 .9 9 3 .2 4 7

4 2 .7 1 4 ,2 9 5

4 5 .8 4 8 .7 7 3

4 8 ,2 1 2 ,4 7 7

5 2 ,870,0 0 1

5 6 .8 2 2 ,3 1 6

31 2 .7 0 3

3 4 5 .2 0 4

366.1 10

4 1 2 .0 8 9

4 6 3 ,7 7 7

1 3 4 .3 0 0 .7 3 4

(7)

13 9 ,0 7 7 .9 2 0

144.3 2 3 .6 7 2

1 5 8 .4 9 1 .3 4 0

1 7 2 .0 0 6 .9 7 3

2.294.862

2298371

2.666.882

2.450.683

136.783.058 142.025301

155.824.458 169 356,290

312.703

345,204

366.110

412.089

463,777

11 2 .8 0 4 .6 9 6

1 30 ,1 9 5 .4 3 6

142.2 6 1 .0 8 9

1 6 2 .7 2 7 .9 1 8

1 8 0 .5 0 6 .2 7 8

4 2 .3 8 9 .6 9 0

4 5 .4 9 1 ,6 1 7

4 7 ,8 3 4 .8 5 4

5 2 .4 4 3 .5 8 5

5 6 ,3 3 9 ,9 6 8

82266271

92.554.897

90.076.746

94.451.458

96,166256

42374371

45.477204

47312.107

52390339

56.110.409

956.410

1.078.207
922.485

1.223.553
620.601

1.283323
553.739

1215.522
273225

800

28

38

74

35.639.847

ojo
OO
OJC
zoo
o l1s310

50.340.189

66.438.798

82351275

14319

14385

22.709

52.572

5 .8 7 7 .9 7 3

5,932.001

6 ,9 8 0 ,9 9 6

8 .6 4 0 .7 7 5

9 .4 7 9 .9 9 6

11,902

11.952

11,513

14.327

18,571

3 0 ,0 6 8 ,3 1 2
6 .5 0 0 .8 7 6
2 7 0 ,8 3 2
1 3 .4 9 7 .6 6 2
9 .7 9 8 .9 4 2

3 2 ,2 1 6 ,8 4 3
5.5 2 3 .8 1 6
2 8 1 .3 3 0
1 4 ,2 4 1 ,7 2 4
12,1 6 9 ,9 7 3

3 3 ,7 6 8 .3 8 2
4 .9 9 0 ,1 6 4
2 5 7 .5 9 9
1 5 .0 5 9 .1 0 4
13,4 6 1 .5 1 5

3 6 .9 9 0 .1 2 3
5 .2 3 8 .9 1 8
2 8 5 .5 3 3
1 5 .5 7 7 .9 4 2
1 5 .8 8 7 .7 3 0

4 1 .3 8 5 ,2 7 8
5 .0 1 2 ,4 4 5
3 7 6 .6 2 9
1 6 .8 8 1 .0 4 2
1 9 .1 1 5 .1 6 2

3 4 .8 4 4
6 ,5 7 4
152
1,584
2 6 ,5 3 4

37 ,1 3 1
6 .7 9 5
40 7
2.0 7 9
2 7 .8 5 0

4 1 .8 2 9
6,1 4 8
297
3 ,2 6 5
3 2 .1 1 9

4 1 ,6 9 9
5.82 8
323
2.6 5 4
3 2 .8 9 4

3 6 ,7 3 0
5.8 76
355
1.589
2 8 .9 1 0

1 6 ,7 5 4 ,4 8 8
1 5 .4 9 2 .7 9 8
3 8 2 .9 4 3
7 4 0 .3 8 2
118 .8 3 5
1 9,530

1 7 .3 1 1 .7 1 8
1 5 ,779,062
51 0 ,1 5 9
8 6 0 .3 7 8
162,119

1 8 ,3 5 5,321
1 6 ,9 4 7 ,2 2 8
4 7 6 ,8 9 6
7 8 2 .5 2 5
148.672

2 0 .6 6 0 ,0 8 7
1 8 .7 8 8 ,4 0 6
7 2 7 .0 1 4
9 3 5 ,2 1 2
2 0 9 ,4 5 5

2 3 ,2 2 1 ,4 5 8
2 1 .4 2 4 .7 8 4
714,271
9 3 3 .7 9 9
1 4 8 ,6 0 4

1 ,9 6 0
88
1,872

1,3 8 7
122
1.265

1 .3 3 0
126
1.204

1.26 2
137
1.125

2 ,2 3 5
124
2.111

6 ,4 2 4 ,0 7 4

6 ,7 7 8 .7 6 3

7 , 1 5 0 ,6 9 9

8 ,2 8 5 ,6 8 0

8 .0 5 1 .7 1 6

8 2 6 ,1 3 7
3 ,8 9 3 ,6 9 3
1 ,4 5 4 ,6 8 5
2 4 9 .5 5 9

89 2 .8 6 7
4 .0 8 6 .1 2 6
1.529,097
2 7 0 ,6 7 3

8 6 9 .2 6 8
4 ,2 1 2 ,0 8 4
1.784,407
2 8 4 .9 4 0

874,451
5 .1 6 6 .2 2 8
1,909,911
3 3 5 .0 9 0

8 6 6 ,8 8 5
4 .7 5 2 ,7 3 2
2 ,1 1 8 ,7 5 8
3 13,341

n

n

(7)

229359

<7)
43
22
21

3 5 2 ,8 4 0 ,1 5 9 3 9 5 ,7 9 5 ,9 2 3 4 3 4 .6 5 1 .6 9 9

4 2 ,7 5 1 .0 9 9

4 5 .8 8 7 .2 9 1

4 8 ,2 5 5 .6 3 6

5 2 .9 1 2 ,9 6 2

5 6 ,8 6 1 .3 2 4

178.691247 183.836.865 191.737364 210.456355 228,724,682
127 £39.030 147.675.816 161.102.795 185338368 205327,017

332,851
42,418248

366.152
45321.139

387,162
47368,474

435,035
52,477327

489380
56371344

3 0 6 ,2 3 0 .2 7 7 3 3 1 ,512,681

CORPORATION

Certified and officers' checks, letters of credit.
travelers' checks, etc........................................
Government deposits— t o t a l ................................
United States Government— dem and...............
United States Government— tim e .....................
States and subdivisions— demand.....................
States and subdivisions— tim e ...........................
D om estic interbank and
postal savings
deposits— t o t a l ................................................
Commercial banks in the U.S.— d e m a n d .........
Commercial banks in the U.S.— tim e .................
Mutual savings banks in the U.S.— demand . .
lU la itiia l c a v /in n c H a n k c in th A I I ^ ——t i m p
Postal savings.......................................................
Foreign governm ent and bank deposits— to ta l.
Foreign governments, central banks, etc.—
dem and.............................................................
Foreign governments, central banks, etc.— time
Banks in foreign countries— demand.................
Banks in foreign countries— tim e .......................
Total deposits..................................................
D e m a n d .......................................................
T im e .............................................................

Dec. 30,
1967

INSURANCE

D eposits accum ulated fo r p aym e n t
of
persona! lo a n s ..............................................
D eposits o f savings and loan associations . . .
O ther deposits o f individuals, partnerships.
and corpo ra tio ns ..........................................

Dec. 31.
1966

DEPOSIT

D eposits o f savings and loan associations . . .
O ther deposits o f individuals, p artnerships.
and co rp o ra tio n s ..........................................

Dec. 31,
1965

FEDERAL

Total liabilities and capital a cco u n ts.......................
Business and personal deposits— to t a l...............
Individuals, partnerships, and corporations—
demand.............................................................

Dec. 31,
1964

1 1 .4 6 1 .8 2 1

2,591,113
1.737.101
7.133.587

1 3 ,9 7 6 ,4 9 6

1 8 ,4 1 3 *0 0 9

2 0 .9 1 0 ,7 3 1

2 8 .9 5 8 ,2 1 7

2.438.413
1.898,290
1.897.569
7,742.224

2,824,088
1,904,513
2,234.455
11,449.953

4.980.322
568.797
2.382.072
12.979,540

7.468.200
1,214.440
2.508.707
17.766,870

3 1 7 .6 9 2 ,0 9 8 3 4 5 ,4 8 9 ,1 7 7 3 7 1 ,2 5 3 ,1 6 8 4 1 6 .7 0 6 .6 5 4 4 6 3 ,6 0 9 .9 1 6

20.402

68.876

541.840

584.859

4 3 .3 1 3 .3 4 1

4 6 ,5 4 2 ,3 0 4

4 8 .9 0 9 .3 7 1

5 3 .6 2 9 .5 7 7

5 7 .6 4 2 ,5 0 7

2 7 ,4 3 8 ,1 0 7

2 9 ,9 0 4 ,9 3 4

3 1 ,6 9 3 ,1 6 8

3 4 .0 0 5 .9 2 4

3 6 .6 2 7 ,9 9 9

3 ,7 3 0 .8 4 3

3 ,9 5 7 ,4 1 2

4 ,1 4 0 ,0 9 7

4.2 3 7 .6 3 1

8.738.836
12.893.189
5.113.007
693.075

10,200,361
13.464.797
5,437.575
802.201

10,648,322
13.998.697
6.166.477
879.672

11.325.108
14,983.375
6.610,743
1.086.698

11.973,428
16.173.907
7.419,669
1.060.995

674
2.658.871
759,920
311.378

2.759
2.798.625
822,112
333.916

3.112
2.923.692
821.662
391.631

3.064
3.072.343
774,284
387.940

4,480,984
3.657
3.245.950
842.645
388.732

8 ,7 3 8 ,8 3 6

1 0 ,2 0 0 ,3 6 1

1 1 ,3 2 5 .1 0 8

1 1 .9 7 3 .4 2 8

674

2 .7 5 9

3 .1 1 2

3 .0 6 4

3 .6 5 7

8.507.770
1,652.701
39.890

8.856.837
1,729,902
61.583

9.253.642
1.984,390
87,076

9.772,605
2.110.137
90,686

674

2.759

3.112

3.064

3.657

43.9%
36.8

42.0%
39.3
9.7

40.9%
40.3

40.0%
41.1
9.4
2.1

39.6%
41.5
9.5
5.3
1.9

2.2

2.1

5.5

5.2

2.1

2.0
2.0

1.9

0.7%
99 2

0.1

0 . 8%

99.1

0 .8%

99.0

0.1

189




OF BANKS

1 Available only on a par value basis.
2 Excludes as of December 31, 1965 and December 31, 1966 corporate stocks, other than Federal Reserve bank stock, of national banks; reported with “ other
assets.”
3 Also includes securities purchased under agreements to resell.
4 Prior to December 31. 1965. "Federal funds sold (loaned)", not reported separately; most were included with loans to banks.
5 Included with "securities of Federal agencies and corporations.”
6 Net of mortgages and other liens; previously included with "other liabilities.”
7 Not available.
8 Also includes securities sold under agreements to repurchase.

LIABILITIES

1 0 ,6 4 8 ,3 2 2

7.886.432
810.657
41.747

ASSETS AND

Other liabilities— t o t a l .............................
Federal funds purchased (borrowed)8 .
Other liabilities for borrowed money . .
Acceptances outstanding.....................
Other liabilities......................................
Total liabilities (excluding capital accounts)
Capital accounts— to t a l..........................................
Capital stock, notes, and debentures.................
Surplus...................................................................
Undivided p ro fits ..................................................
Reserves...............................................................
MEMORANDA
Capital stock, notes, and debentures:
Par or face value— to ta l......................................
Common stock.................................................
Capital notes and debentures.........................
Preferred stock..................................................
PERCENTAGES
To total deposits:
IPC d e m a n d ............................................
IPC time and savings...............................
Government de posits.............................
Domestic interbank and postal savings.
Foreign governments and banks..........
Other deposits......... ...............................
Number of banks..............................................

190

T able 108. ASSETS A N D LIABILITIES OF INSURED C O M M ER CIAL BANKS IN THE UNITED STATES
(STATES A ND OTHER AREAS), DECEMBER 31. 1 9 6 8
BANKS GROUPED BY CLASS OF BANK
(Amounts in thousands of dollars)

State

Not
members
F. R. System
85,912,329

Total
297,453,323

116,872.263

8 3 .2 6 9 ,9 5 1
6 4 .1 7 1 .3 2 4

5 0 ,9 9 5 ,1 0 0

2 2 .8 0 2 .5 8 3

9 .4 7 2 .2 6 8

3 5 .2 9 9 ,9 3 4

1 2 .5 7 2 .8 1 1

1 6 .2 9 8 .5 7 9

5 8 .3 9 1 .7 3 8

3 4 ,7 1 3 .3 6 1

1 2 .6 7 9 .2 5 3

6 .8 6 7 ,8 0 8

1 3,71 5 ,9 4 5
1 ,6 2 9 .5 4 1

9 .9 6 2 .4 3 2
4 .1 8 1 ,9 0 4

Loans and discounts, net— to ta l...............................................................
Real e s ta te ...............................................................................................
To banks and other financial in s titu tio n s ..........................................
Federal funds sold (loaned)1 .................................................................
To purchase or carry securities.............................................................
To fa r m e r s ...............................................................................................
Commercial and industrial.....................................................................
Consumer in s ta lm e n t...........................................................................
Single payment to individuals...............................................................
Other loans...............................................................................................
Less: valuation reserves.........................................................................

2 6 5 ,9 8 2 ,0 3 6

1 5 9 ,8 0 4 ,8 8 5

6 1 .9 6 4 .5 2 4

4 4 .2 1 2 .6 2 7

6 5 ,3 3 2 ,7 4 5

3 7 .9 0 4 ,4 8 1

1 2 .7 5 7 ,8 1 4

1 4 ,6 7 0 .4 5 0

1 5 .8 2 2 .5 5 7

9 .7 8 9 ,9 2 1

5 ,0 3 8 .0 1 7

6 ,5 2 6 .4 5 8

4 ,3 9 6 ,6 8 3

1 ,1 5 4 ,2 5 3

9 7 5 ,5 2 2

1 0 ,4 7 8 .2 0 2

5 .0 1 2 .0 0 1

4 .5 4 4 .1 0 5

9 2 2 ,0 9 6

Other a s se ts.................................................................................................
Deposits— t o t a l...........................................................................................
Individuals, partnerships, and corporations— dem and....................
Individuals, partnerships, and corporations— savings and tim e. .
U.S. G o v e rn m e n t...................................................................................
States and subdivisions.........................................................................
Domestic in te r b a n k ...............................................................................
Foreign governm ent and b a n k .............................................................
Other de p o sits.........................................................................................

3 .7 8 8 .8 2 9

4 .8 7 1 .3 7 8

1 .0 5 2 .2 0 3

9 8 .1 6 1 .3 8 1

6 2 .1 0 3 .7 1 0

2 5 .8 8 3 .6 3 5

1 0 .1 7 4 .0 3 6

4 1 .7 1 6 .2 2 4

2 4 .3 4 3 ,6 2 3

7 .2 5 1 .3 1 0

1 0 ,1 2 1 ,2 9 1

1 6 .6 9 8 ,5 7 5

1 0 ,0 4 7 .4 9 8

3 .8 3 1 .1 6 3

2 ,8 1 9 .9 1 4

6 .7 4 9 .3 0 1

4 ,4 9 6 ,1 7 6

1 .7 7 6 ,1 3 1

4 7 6 ,9 9 4

5 .2 1 5 .8 1 7

3 ,1 6 0 ,5 8 6

1 ,3 2 4 ,1 0 7

7 3 1 ,1 2 4

1 5 .7 4 3 .6 1 3

9 ,7 7 2 ,2 3 5

4 ,1 8 6 .8 5 9

1 ,7 8 4 ,5 1 9

500,237,915

297,453,323

116,872,263

85,912,329

4 3 4 .6 5 1 ,6 9 9

2 5 8 .6 5 4 .9 9 3

9 8 .4 6 7 ,3 8 9

7 7 .5 2 9 .3 1 7

1 7 2 .0 0 6 .9 7 3

1 0 1 ,5 8 6 ,9 8 4

4 0 .2 4 7 .7 0 2

3 0 .1 7 2 .2 8 7

1 8 0 ,5 0 6 .2 7 8

1 0 8 ,0 5 9 .8 0 0

3 5 .2 3 8 ,4 3 2

3 7 .2 0 8 .0 4 6
7 3 8 .5 8 5
7 ,4 2 9 .3 4 2

5 .3 8 9 .0 7 4

3 ,3 0 0 .1 9 0

1 .3 5 0 .2 9 9

3 5 ,9 9 6 .2 0 4

2 2 .1 2 9 ,8 3 0

6 .4 3 7 ,0 3 2

2 3 .2 2 1 .4 5 8

1 4 .5 6 6 .7 4 7

7 .7 2 5 .6 1 0

8 .0 5 1 .7 1 6

4 .4 6 4 ,3 6 0

3 .4 1 0 .6 9 9

9 2 9 .1 0 1
1 7 6 .6 5 7

9 ,4 7 9 .9 9 6

4 ,5 4 7 ,0 8 2

4 .0 5 7 .6 1 5

8 7 5 ,2 9 9

Federal funds purchased (borrowed)2 .....................................................
Other liabilities for borrowed m o n e y .......................................................
Other lia bilities..............................................................................................
Capital stock, notes, and debentures.......................................................
Other capital a c c o u n ts ...............................................................................

1 .2 1 4 .4 4 0

6 8 9 .0 8 9

4 5 2 .7 3 1

7 2 ,6 2 0

2 0 .2 7 5 ,5 7 7

1 1 .3 5 1 .1 4 9

1 .5 7 9 ,1 4 3

1 1 .9 7 3 .4 2 8

7 ,0 0 8 .5 0 2

7 .3 4 5 .2 8 5
2 .8 5 2 .7 2 1

2.1 1 2 ,2 0 5

2 4 ,6 5 4 ,5 7 1

1 4 .5 1 5 .6 1 9

5 ,6 7 1 ,8 4 0

4 ,4 6 7 ,1 12

Number of b a n k s ..............................................................................................

1 3 ,4 8 8

4 .7 1 6

1,261

7.51 1

1 Also includes securities purchased under agreements to resell.
2 Also includes securities sold under agreem ents to repurchase.




7 ,4 6 8 ,2 0 0

5 .2 3 3 .9 7 1

2 .0 8 2 ,2 9 7

1 5 1 .9 3 2

CORPORATION

T otal lia b ilitie s and c a p ita l accounts

9 ,7 1 2 .4 1 0

9 9 4 .6 1 9

INSURANCE

500,237,915

DEPOSIT

T o tal a s s e ts ....................................................................................................
Cash and due from b a n k s .......................................................................
Obligations of the U.S. G o v e rn m e n t.....................................................
Obligations of States and s u b d iv is io n s ...................................................
Other s e c u ritie s .........................................................................................

FEDERAL

National

Members F. R. System
Asset or liability item

Table 109. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 IN THE UNITED
STATES (STATES AND OTHER AREAS), DECEMBER 31, 1968
BANKS GROUPED ACCORDING TO AM O U N T OF DEPOSITS
______________________________________________ __________
(Am ounts in thousands of dollars)_____________________________________________________________
Banks w ith deposits o f—
Asset or liability item

All
banks1
Less
than
$ 1 ,0 0 0 ,0 0 0

$ 1 ,0 0 0 ,0 0 0
to
$ 2 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0
to
$ 5 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0
to
$ 1 0 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0
to
$ 2 5 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0
to
$ 5 0 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0
to
$100,000,000

$ 1 0 0 ,0 0 0 ,0 0 0
to
$500,000,000

$ 5 0 0 ,0 0 0 ,0 0 0
or
more

2 ,0 7 5 ,3 3 5

1 3 ,7 1 3 ,0 8 0

2 7 ,0 7 4 ,3 4 3

5 0 ,0 6 9 ,9 1 8

3 8 ,8 3 3 ,1 1 8

3 5 ,5 4 6 .8 0 5

9 0 ,9 4 1 ,4 2 9

2 4 1 ,3 4 7 ,7 2 9

41.008
57,966
4,573
19,124

294,581
611,411
67.302
170,913

1,75 5 ,7 1 5
3 ,5 0 4 ,6 4 6
9 5 0 ,7 7 6
9 2 7 ,0 1 0

3 .3 8 6 ,5 0 5
5 .8 3 6 ,7 4 7
2 .8 2 8 .2 3 4
1 .416 .7 9 6

6 .1 0 1 ,1 3 9
9 ,3 5 2 ,3 6 3
6 ,2 0 7 ,3 6 9
2,219,351

4.796.271
6 ,2 4 0 ,1 7 2
4 .9 8 9 .0 6 6
1.586.327

4 ,7 0 1 ,7 2 7
5 ,3 5 0 ,9 5 5
4 ,8 0 6 ,4 0 6
1,235,257

15,0 1 2 ,5 9 8
11,612,441
1 r , 54 2 ,6 4 8
1,849,741

47 ,1 1 6 ,1 4 7
2 1 .5 29 .9 39
26 ,9 9 3 .8 6 4
3,2 1 5 ,3 7 0

Loans and discounts, net— total ...........................
Real e s ta te ............................................................
To banks and other financial in s titu tio n s ........
Federal funds sold (loaned)2 .............................
To purchase or carry s e c u ritie s .........................
To fa rm e rs ..............................................................
Commercial and in d u s tria l.................................
Consumer in s ta lm e n t.........................................
Single paym ent to in d iv id u a ls ...........................
Other lo a n s ............................................................
Less: valuation re s e rv e s .....................................
Other a s s e ts ..............................................................

2 6 5 ,7 5 7 ,4 1 9
65,308,751
1 5 ,807,364
6 ,50 8 ,1 7 3
10,456,723
9 ,7 0 9 ,3 6 9
9 8 ,0 8 0 ,7 8 5
41 ,6 8 6 ,8 3 2
16,6 7 3 ,2 4 6
6 ,7 4 1 ,5 7 9
5 ,215 ,4 0 3

84,1 51
17.156
1.271
370
1,084
33,797
9,034
16,077
4,508
1,494
640

9 0 9 .0 1 6
2 2 4 ,3 3 4
7,384
8,542
5,482
3 3 5 ,5 8 6
107,745
165,459
5 2,847
10,970
9,333

6 ,3 8 3 ,2 0 7
1,96 4 ,5 3 5
6 7 ,0 5 5
1 0 4 ,3 0 6
4 7 ,1 1 0
1 ,7 3 5 ,8 7 4
8 8 2 ,0 6 5
1,2 0 3 ,1 5 6
3 9 6 ,1 3 9
6 9 ,0 9 9
86,1 3 2

1 3 .1 4 6 .4 5 4
4 ,2 8 1 ,5 7 5
1 3 0 ,1 3 8
3 4 3 ,3 4 9
167,571
2 .2 3 3 ,8 1 7
2 ,3 0 5 ,9 6 4

2 5 ,2 1 7 ,0 2 8
8 .3 6 3 .2 6 3
342,961
7 8 2 .9 7 8
4 1 9 ,6 0 8
2,140,691
5 ,3 1 2 ,0 1 8
6,1 5 0 ,6 1 5
1,786,389
3 39 ,9 9 4
4 2 1 ,4 8 9

2 0 ,3 4 4 ,4 5 4
6 .7 0 0 ,0 4 8
3 9 0 ,6 3 0
6 8 8 ,6 4 3
4 2 0 ,3 1 8
6 6 6 ,4 7 6
5 ,1 3 2 ,3 6 8
4 ,9 5 3 ,9 9 2
1,507,837
2 4 6 ,1 8 3
362,041

1 8 ,578.456
6 ,1 2 5 .8 9 3
52 7 ,6 8 8
4 7 1 ,0 4 3
438,941
380.861
5 .3 0 6 ,7 0 3
4 ,0 4 3 ,8 2 7
1,355.332
2 7 8 ,8 9 3
3 5 0 .7 2 5

4 8 .3 9 8 ,5 1 3
1 3 ,5 9 7 ,0 0 0
2 .3 1 2 ,8 0 6
1,134 ,8 24
1,58 9,93 7
8 0 9 ,0 8 4
15,3 9 4 ,5 0 3
9 .4 3 0 .3 9 8
3 .7 5 2 ,2 2 0
1 .346.330
9 6 8 ,5 8 9

132,69 6 ,1 4 0
2 4,034,947
12.027,431
2 ,9 74 ,1 18
7,3 66 ,6 72
1,373,183
6 3 ,6 3 0 .3 8 5
12 .867.717
6.952,539
4.2 8 5 .8 9 6
2.816 .7 4 8

1 5 .720,545

1,843

22,1 12

19 1 ,7 2 6

4 5 9 .6 0 7

9 7 2,668

8 7 4 ,0 0 4

2 ,5 2 5 ,4 8 8

9,796,269

Total liabilities and capital acco unts...................

4 9 9 .8 1 0 ,4 2 2

2 0 8 ,6 6 5

2 ,0 7 5 ,3 3 5

1 3 ,7 1 3 ,0 8 0

2 7 ,0 7 4 ,3 4 3

5 0 ,0 6 9 ,9 1 8

3 8 .8 3 3 ,1 1 8

3 5 .5 4 6 .8 0 5

9 0 ,9 4 1 ,4 2 9

2 4 1 ,3 4 7 ,7 2 9

Deposits— to ta l ........................................................
D em and d ep o sits..............................................
Time and savings d e p o s its .............................
Individuals, partnerships, and corporations—
d e m a n d ..............................................................
Individuals, partnerships, and corporations—
tim e and s a v in g s ..............................................
U.S. G o ve rn m e n t..................................................
States and s u b d iv is io n s .....................................
Dom estic in te rb a n k ..............................................
Foreign governm ent and bank .
Other d e p o s its ....................................................

4 3 4 ,3 0 9 ,3 9 3
2 2 8 .5 4 4,101
2 0 5 . 76 5 .2 9 2

179,433
125.761
53.672

1.839,807
1.0 6 6 .5 8 5
7 7 3 .2 2 2

12 ,3 3 9 ,1 7 8
6 .2 2 5 .1 7 3
6 . 1 1 4 .0 0 5

2 4 ,5 5 2 ,6 1 0
11 .8 1 2 .2 8 5
1 2 .7 4 0 3 2 5

4 5 ,4 1 8 ,1 2 3
2 1 .1 0 4 3 8 8
2 4 .3 1 3 .7 3 5

3 5 .1 1 0 ,3 5 6
16 .5 2 9 .0 6 8
1 8 5 8 1 ,2 8 8

3 1 ,9 9 7 .4 9 6
15 . 166.441
16 .8 3 1 .0 5 5

8 1 ,0 7 8 .6 9 7
4 2 . 72 6 .5 8 4
3 8 3 5 2 .1 1 3

20 1 ,7 9 3 ,6 9 3
113 . 78 7.816
8 8 .0 0 5 .8 7 7

171 ,8 8 8 ,9 7 8

109,240

9 0 6 ,9 3 2

5 ,2 1 0 .3 3 0

9 ,7 6 3 ,9 8 4

1 7 ,3 9 7 ,5 7 3

1 3 .6 2 9 .6 9 5

1 2 ,2 5 4 ,3 7 4

3 2 .7 0 9 .5 0 4

7 9.9 0 7 .3 4 6

1 8 0 ,3 6 9 ,8 0 4
5,38 2 ,0 5 5
3 5 .9 5 9 .3 2 7
2 3 .2 1 5 ,4 7 6
8 .031.813
9 .4 6 1 .9 4 0

47,884
788
20,317
548

7 0 9 ,0 9 8
9 ,7 1 8
196,291
7 ,245

656

10,523

5 ,6 8 8 ,1 5 6
9 3 ,3 3 9
1 ,2 1 9 ,3 4 0
4 3 ,7 7 5
415
8 3 .8 2 3

1 1 ,8 6 5 ,4 9 3
2 5 1 ,6 2 2
2 ,3 5 0 ,5 9 0
1 15 ,1 4 0
1,683
2 0 4 ,0 9 8

2 2 .6 2 6 .6 7 8
5 7 0 .8 8 3
4 ,0 2 9 ,4 9 3
334,971
1,554
456,971

17.197.1 19
3 4 8 .1 7 2
2,939,1 1 1
5 2 9 ,4 4 7
47,031
4 1 9,781

15,21 4 .6 3 9
2 2 9 .1 8 3
2 ,9 9 2 ,4 1 3
83 9 ,8 0 3
82,141
3 8 4 ,9 4 3

34 .5 0 6 ,8 6 3
6 6 5 .6 0 4
7 .1 6 6 ,0 6 5
4 ,8 4 2 ,7 1 5
2 0 0 ,3 8 3
9 8 7 ,5 6 3

7 2 ,5 1 3 ,8 7 4
3,2 1 2 ,7 4 6
15.04 5.70 7
16.50 1.8 3 2
7 .6 98 ,6 06
6 ,9 13 .5 82

Federal funds purchased (borrow ed)3...................
Other liabilities for borrow ed m o n e y ..................
Other lia b ilitie s ..........................................................
Capital stock, notes, and d e b e n tu re s ..................
Other capital a c c o u n ts ..........................................

7.4 6 8 .2 0 0
1.214.035
20.2 6 1 .3 1 2
11.938.373
2 4 .6 1 9 .1 0 9

110
1,128
7,912
20,082

250
1,018
10,826
57,277
166,157

4 ,3 0 5
7,335
10 6 .5 6 5
3 2 6 .1 2 5
9 2 9 ,5 7 2

16,317
16.552
3 2 0 .7 4 8
6 0 0 .5 8 5
1.567,531

51,743
27.0 9 2
841.991
1.1 0 1 .7 4 8
2.629.221

7 6,757
3 0 .2 6 9
8 7 6 .2 5 8
8 7 0 .6 8 8
1 ,8 6 8 .7 9 0

114,655
29,1 16
8 4 6 ,3 5 9
855,481
1 .703,698

8 3 7 .4 7 8
1 81 ,3 05
2 ,3 6 8 ,8 2 7
2 .1 2 8 .1 7 5
4 .3 4 6 .9 4 7

6 .3 6 6 ,6 9 5
9 2 1 .2 3 8
1 4.8 8 8 ,6 1 0
5 ,99 0 .38 2
11,387,111

13.408

244

1,200

3,629

3.4 0 8

2 .9 5 0

1,023

464

3 82

108

Num ber of banks............................................................

2,855,591
8 6 5 ,4 3 5
1 6 2 ,7 2 0
199,7 0 6

8 7 6 ,8 2 8

1 This group of banks is the same as the group shown in Table 115 under the heading "O perating th ro u gh o ut the year.”
2 Also includes securities purchased under agreements to resell.
3 Also includes securities sold under agreements to repurchase.
Note: For income and expense data by size of bank, see Tables 1 16 and 117, pp. 204 - 207.




OF BANKS

2 0 8 ,6 6 5

83.205.691
6 4 .0 9 6 .6 4 0
5 8 .3 9 0 .2 3 8
12.639.889

LIABILITIES

4 9 9 ,8 1 0 ,4 2 2

Cash and due from b a n k s ........................................
Obligations of the U.S. G o ve rn m e n t.....................
Obligations of States and subdivisions . . . . . . .
Other securities..........................................................

ASSETS AND

Total a s s e ts .............................................................

192

Table 110. PERCENTAGES OF ASSETS A N D LIABILITIES OF INSURED C O M M ER CIAL BANKS OPERATING THROUGHOUT 1968
IN THE UNITED STATES (STATES AND OTHER AREAS). DECEMBER 31. 1968
B A N K S GROUPED AC C O R D IN G TO A M O U N T OF DEPOSITS
Banks w ith d e p o s its o f—
A sse t or lia b ility item

A ll
b a n ks1
$ 1 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

$1 0 0 ,0 0 0 ,0 0 0

to

to

to

to

to

to

$ 1 0 ,0 0 0 ,0 0 0

to
$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

100.0%

100.0%

Cash and due fro m b a n k s ..........................................
O b lig a tio n s o f th e U.S. G o v e rn m e n t......................
O b lig a tio n s o f S tates and s u b d iv is io n s ...............
O the r s e c u ritie s .............................................................

16 6
12 8
117

19 7

14.2

12 8

12 5

27 8

29 5

25 6

216
1 0 .4

Loans and discounts, n e t— t o t a l ............................
Real e s t a t e ...............................................................
To banks and o th e r fin a n c ia l in s titu tio n s .........
Federal fu n d s sold (lo a n ed )2 ...............................
To purchase or carry s e c u r itie s ..........................
To fa rm e rs ..................................................................
C om m e rcia l and in d u s tria l...................................
C onsum er in s ta lm e n t............................................
Single p a ym e n t to in d iv id u a ls .............................
O ther lo a n s ................................................................
Less: va lu a tio n r e s e rv e s ........................................

53 2

O ther a s s e t s ..................................................................
D ep o sits— t o t a l ...........................................................
D e m a n d d e p o s its ..............................................
Tim e a n d savings d e p o s its ...............................
Individuals, partnerships, and c o rp o ra tio n s —
d e m a n d ..................................................................
In dividuals, partnerships, and c o rp o ra tio n s —
tim e and s a v in g s ................................................
U.S. G o v e rn m e n t.....................................................
S tates and s u b d iv is io n s ........................................
D om e stic in te rb a n k ................................................
Foreign g ove rn m e n t and b a n k ............................
O th e r d e p o s it s .........................................................

100.0%

100.0%

100.0%

12.2

12 4

13 2

16.5

18 7
12 .4

15.1
13.5
3.5

12.8
12 7

19 5
8 9
112

2 2
9.2

3 ?
8 2

6 .9
6 8

5 2

4 .4

16.1
12 8
4.1

43 8

46 5

48 6

504

52 4

13 1

40 3
8 2

10 8

14 3

15 8

6

4
4

5
8

5

16 7
7

17 3

3 .2

1.3

3

3
12 7

6
8 3

2 .5

55 0

15.0

1.5

2 5
1.2

10 0
50
1.2

8

1.3
12

1.7

1.1

9

14 9
114

16 9
10 4

26 4

3.8

4.1

2 9

8
1.0

1.5

1.8

9

1.1

12

2 3

2 5

2 8

4.1

1.6

19 6

16 2
4 .3

64

8 5

10 6

13 2

8 3

7.7

16 2
5 2
80

8 8

10 5

12 3

12 8

3.3

2 2

2.5

2 9

3 2

3 .6

13
10

7
3

5
4

5
6

6
7

7
8

3 9
6

3.1

9

17

1.3

53 2

4.3

2
5

1.9

1.4

2 .0

52 3
17 2

1.0
18
11

1.3
2.1

11

more

100.0%

.100.0%

19

1.7

3.1
.6
5 3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

86 9

86 0

88 7

90 7

90 7

904

900

45 7

60 3
25 7

51 4
37 3

90 0
45 4

43 6
47 1

42 1

42 6
47 8

427

89 2
4 7 .0

47.1

4 7 .3

42 2

3 6 .5

41 2

4 4 .6

48 6

83 6

34 4

52 4

43 7

38 0

36 1

34 7

35.1

34 5

36 0

33 1

36.1

22 9
4

34 2

43 8

45 2
1.1

4 4 .3

42 8

37 9

300

9
7.6

6
8 4

.7
7 9

1.3
6 2

1.4

2 .4

5 3

.1
1.1

2
1.1

2
1.1

6 8
3.2
2 .9

5

41 5
7

9 7

9 5

8 .9

8 7

4 6
1.6
19

3
0
3

3
0
5

3

4

0
6

0
8

1.1
7 2

9

80
7
0
9

Federal fu n d s purchased (b o rro w e d )3....................
O ther lia b ilitie s fo r b orro w e d m o n e y ....................
O ther lia b ilit ie s .............................................................
C apital stock, notes, and d e b e n tu re s ....................
O ther c a pita l a c c o u n ts ..............................................

15
2
4.1

0
1

0
0

0
1

.1
.1

1
.1

2
.1

.3
.1

9
2

2.6
.4

5

5

2 .4
4 9

3.8
9.6

2.8
8 .0

8
2.4

1.2
2.2

17
2 2

2 .4
2 .4

2 .6
2.3

6 .8

5 .8

5 3

2 3
2.2
4 .8

4 8

4 8

6 2
2.5
4.7

N um ber o f b a n ks................................................................

1 3 .4 0 8

244

1 .2 0 0

3 .6 2 9

3 .4 0 8

2 .9 5 0

1.0 2 3

464

382

108

Footnotes to this table: See Table



103.'

CORPORATION

T otal lia b ilitie s and capital a c c o u n ts ....................

100.0%

INSURANCE

$ 2 ,0 0 0 ,0 0 0

100.0%

DEPOSIT

$ 1 ,0 0 0 ,0 0 0

100.0%

T o tal a s s e ts ................................................................

$ 5 0 0 ,0 0 0 ,0 0 0
or

FEDERAL

Less
than

T a ble 1 1 1 . DISTRIBUTION OF INSURED COMM ERCIAL BAN KS IN THE UNITED STATES (STATES A N D
DECEMBER 31, 1 968

OTHER AREAS).

BANKS GROUPED ACCORDING TO AM OU N T OF DEPOSITS AN D BY RATIOS OF SELECTED ITEMS TO ASSETS OR DEPOSITS
Number of banks w ith deposits of—
$ 1 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0
to

$ 1 0 ,0 0 0 ,0 0 0
to

$ 2 5 ,0 0 0 ,0 0 0
to

$ 1 0 0 ,0 0 0 ,0 0 0

to

$ 5 ,0 0 0 ,0 0 0
to

$ 5 0 ,0 0 0 ,0 0 0

than

to

to

$ 5 0 0 ,0 0 0 ,0 0 0
or

$ 1 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

more

1 .1 7 6

121

334

439

177

86

14

5

775

38

234

373

88

36

2

909

30

207

449

140

56

3
18

6

2

1 .3 2 4

197

571

300
481

151
278

48
78

12
22

11
32

406
317

555

454

139

66

66

9
27

534

514

1 89

82

70

25

214

430

471

1 78

106

144

282

370

15 5

78

70
49

15

88

1
1
1

1,7 7 7

10

1 02
54

1.7 7 2

4

37

1.5 1 6

4

1,1 0 8

1

28
14

106

37

92

214

36

1

3

48

73

81

80
17

40
34

8

14

180
175

242

1

13

8

1

7

708
651
245

333
1 ,3 1 0

22

73

15

5

76

91

34

16

6

3

18

52

1 95

303

350

149

1 02

416

540

633

31 1

80
168

107
149

56
41

2 ,5 9 3

16
34

159

553

660

698

279

118

85

7

2 ,1 8 5

36

1 63

586

657

540

133

48

21

1

1,727

29

170

573

503

339

77

24

1 ,2 0 6

30

1 73

482

304

183

26

7

12
1

1
1

2 ,3 7 6

12

513

762

29

126

341

179

74

436

19

95

200

85

34

12
2

255

9
23

66

109

50

19

1

103

123

43

10

1

305

OF BANKS

1.527

33
12

LIABILITIES

1
2

193




Less

AND

R atios o f o b lig a tio n s o f S tate s and s u b ­
d ivisio n s to to ta l assets o f—
Z e r o .......................................................................
More than zero but less than 1 p e r c e n t........
One to 2.4 9 p e rc e n t...........................................
2.5 to 4.9 9 p e rc e n t.............................................
5.0 to 7.49 p e rc e n t.............................................
7.5 to 9.99 p e rcent.............................................
10.0 to 1 2.49 p e rc e n t.......................................
12.5 to 14.99 p e rc e n t.......................................
1 5.0 to 1 7.49 p e rc e n t.......................................
1 7.5 to 19.99 p e rc e n t.......................................
20 .0 to 24 .99 p e rc e n t.......................................
25 percent or m o re .............................................
R atios o f U.S. G o v e rn m e n t o b lig a tio n s to
to ta l assets o f—
Less than 5 p e r c e n t...........................................
5 to 9.99 p e rc e n t...............................................
10 to 14.99 p e rc e n t...........................................
1 5 to 1 9.99 p e rc e n t...........................................
20 to 24.99 p e rc e n t...........................................
25 to 29.99 p e rc e n t...........................................
30 to 34.99 p e rc e n t...........................................
35 to 39.99 p e rc e n t...........................................
4 0 to 4 4 .99 p e rc e n t...........................................
45 to 49 .99 p e rc e n t...........................................
50 percent or m o re .............................................

All
banks

ASSETS

Ratios

194

T a b le 1 1 1 . D ISTRIBUTION OF INSURED C O M M ER CIAL BANKS IN THE UNITED STATES (STATES A N D OTHER AREAS).
DECEMBER 31. 1 9 6 8 — CONTINUED
N umber of banks w ith deposits of—
Ratios

All
banks

Less
than

$ 5 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

to
$ 2 ,0 0 0 ,0 0 0

to
$ 5 ,0 0 0 ,0 0 0

to
$ 1 0 ,0 0 0 ,0 0 0

to

to

$ 5 0 ,0 0 0 ,0 0 0
to

$ 1 0 0 ,0 0 0 ,0 0 0
to

$ 5 0 0 ,0 0 0 ,0 0 0
or

$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

more

26

47

56

25

1

2

215

18

46

79

57

14

440

89

19 0

89

40

4

3

820

23
44

110

289

21 1

122

26

13

5

1 ,3 4 5

19

159

450

369
477

16
24

166

9

1

258

58

14

111

61

2
2
3

28

183

2 .4 2 0

35
29

193
175

607

634

398
607

546

600
457

579

19 0
220

73
109

476

219

102

312

278

142

61

121
37

39

22

45
4

12

127

10
5

3
1

2
1

1

14

2 .4 0 6
1 .9 7 0

14

1 16

1 .1 8 0

4

478
144

8

69
34

66

3
4

445
257

8

120
37

2

25

43
14

65
1 14
1 04

16
34
37
3

3

232

6

19

80

50

46

21

7

1,451
2 .8 7 9

2

122
227

4 31
792

396

99

36

13

776

351
704

1
4

754

763

706

11

25
28

200

2 .1 7 9

38

1 .5 0 0

31
24

179
155

2 .8 9 4

89
1 14

75

570

557

481

243
1 94

68

19

392

289

1 28

62

50

1 75

69
44

37

31
49

18
16
24

29

7

16

8

113

375
257

901
320

35

130

253

189
193

24

83

71

140
37

221

42

43
37

59

28

24

91 1

214

48

9
4

73

33
11
3

CORPORATION

1 .8 3 8

553

INSURANCE




$ 2 ,0 0 0 ,0 0 0

DEPOSIT

$ 1 ,0 0 0 ,0 0 0

R atios o f loans to to ta l assets o f—
Less than 20 p e rc e n t.........................................
20 to 24 .99 p e rc e n t...........................................
25 to 29 .99 p e rc e n t...........................................
3 0 to 34 .99 p e rc e n t..............................
35 to 39 .99 p e rc e n t...........................................
4 0 to 44 .9 9 p e rc e n t...........................................
45 to 49 .99 p e rc e n t...........................................
50 to 54.99 p e rc e n t...........................................
55 to 59.99 p e rc e n t...........................................
60 to 64 .99 p e rc e n t...........................................
65 to 69 .99 p e rc e n t...........................................
70 to 74 .99 p e rc e n t...........................................
75 percent or m o re .............................................
R atios o f cash and due fro m banks to to ta l
assets o f—
Less than 5 percent ...........................................
5.0 to 7.49 p e rcent.............................................
7.5 to 9.99 p e rce n t.............................................
10.0 to 12.49 p e rc e n t.......................................
12.5 to 14.99 p e rce n t........................................
1 5.0 to 1 7.49 p e rc e n t......................................
1 7.5 to 19.99 p e rc e n t......................................
20.0 to 24 .99 p e rc e n t..........................
25 .0 to 2 9 .9 9 p e rc e n t......................................
30 percent or m o re .............................................

$ 1 ,0 0 0 ,0 0 0

FEDERAL

BANKS GROUPED ACCORDING TO A M O U N T OF DEPOSITS AND BY RATIOS OF SELECTED ITEMS TO ASSETS OR DEPOSITS

191

1 .0 7 0
1 .5 2 2
1 .9 5 3

11

80
1 29

15
47

1

20

3
7

2
2
8
11

7

273

263

308

94

48

20

390

415
535

381

13 5

67

43

509

461

17 5

78

45

29

533
524

515
472

505
387

155

69
53

59
49

11

1.8 2 2
1.381

21

357

347

306

10 0

49

52

1,0 1 3

29

267

234

207

60

35

43

13
18

658
594

16

1 63

166

95

50

118

67

26

13
22

35

33

183

254

25

81

66

130

45
37

22

349

5
2

3
1

2,010

12

536

31

2 .8 9 8

325

2.4 7 1

6
22

795
814

1 .4 0 2

26

638

3 .6 9 2

5

161

207

1 16

26

4

967

428

1 82

163

46

1 ,0 0 6

320

1 53

13 0

754

468

111

46

40

39
17

320

17 8
64

33

12

13

2

10
2

4
5

5
4
1

176
115

530
346

35
24

359
233
170

351
174

35

140

18

12

43
32

23
14

57

14

4

3
2

1

1

100

13

65
33

5

6
4

191

53

51

3

2

22
114

66
325

133
41 1

200

792

282

69

35
80

106

30
30

52

45

22

30
11
4

20

6
1

7

461

2.871

9

682

838

710

235

11

616

436

1 .5 2 3

29

723
557

402

244

129
64

958

33

405

117

23

612

22

43

12

358

28

283
144

203
107
53

1 42

51

29
24

2

72
49

21
11

10
4

3

2

3 ,6 5 4

3 ,4 1 5

2 .9 5 3

1 ,0 2 5

465

195

39
27

202

49

389

1 3 .4 8 8

3
16

111

2 .1 8 7

5

20
63

131
111

722

2 .6 1 5

5
2

91
741

22

349

18
12

19

1 ,1 2 3

797

1 .2 2 9

12

5
4

8
6
1
2

1

382

108

195




77

1 69

OF BANKS

Number of b a n k s .....................................................

75

591

LIABILITIES

R atios o f to ta l cap ita l acco unts to to ta l
assets o f—
Less than 5 p e r c e n t...........................................
5 to 5.99 p e r c e n t...............................................
6 to 6.99 p e r c e n t...............................................
7 to 7.99 p e r c e n t...............................................
8 to 8.99 p e r c e n t...............................................
9 to 9.99 p e r c e n t...............................................
10 to 10.99 p e rc e n t...........................................
I I to 11.99 p e rc e n t...........................................
12 to 12.99 p e rc e n t...........................................
13 to 14.99 p e rc e n t...........................................
15 to 16.99 p e rc e n t...........................................
17 percent or m o re .............................................

271

ASSETS AND

R atios o f to ta l de m and d e p o s its to to ta l
d e posits o f—
Less than 25 p e rc e n t.........................................
25 to 29 .9 9 p e rc e n t...........................................
3 0 to 34 .9 9 p e rc e n t...........................................
35 to 39 .9 9 p e rc e n t...........................................
4 0 to 4 4 .9 9 p e rc e n t...........................................
45 to 4 9 .9 9 p e rc e n t...........................................
50 to 54.99 p e rc e n t...........................................
55 to 59.99 p e rc e n t...........................................
6 0 to 64.99 p e rc e n t...........................................
65 to 69.99 p e rc e n t...........................................
70 to 79.99 p e rc e n t...........................................
80 to 89.99 p e rc e n t...........................................
90 percent or m o re .............................................
R atios o f to ta l c a p ita l a cco u n ts to to ta l
assets o th e r tha n cash and due fro m
banks, U. S. G o ve rn m e n t o b lig a tio n s ,
and F.H.A. and V.A. real estate loans o f—
Less than 7.5 p e rcent.........................................
7.5 to 9.99 pe rcent.............................................
10.0 to 12.49 p e rc e n t.......................................
12.5 to 14.99 p e rc e n t.......................................
1 5.0 to 1 7.49 p e rc e n t.......................................
I 7.5 to 19.99 p e rc e n t.......................................
20.0 to 22.49 p e rc e n t.......................................
22.5 to 2 4 .99 p e rc e n t.......................................
25.0 to 29 .99 p e rc e n t.......................................
30.0 to 34 .99 p e rc e n t.......................................
35.0 to 3 9 .99 p e rc e n t.......................................
40 percent or m o re .............................................

196

INCOME OF INSURED BANKS

DEPOSIT
INSURANCE
CORPORATION




FEDERAL

Table 112. Income o f insured commercial banks in the United States (States and other
areas), 1 9 6 0 -1 9 6 8
Table 1 13. Ratios o f income of insured commercial banks in the United States (States
and other areas), 1 9 6 0 -1 9 6 8
Table 114. Sources and disposition of total income, insured com m ercial banks in the
U nited States (States and other areas), 1 9 6 0 -1 9 6 8
Table 115. Income o f insured commercial banks in the United States (States and other
areas), 1 9 6 8
Banks grouped by class o f bank
Table 116. Income o f insured commercial banks operating throu g ho u t 1 9 6 8 in the
United States (States and other areas)
Banks grouped according to am ount o f deposits
Table 117. Ratios o f income of insured commercial banks operating throu g ho u t 1968
in the United States (States and other areas)
Banks grouped according to am ount o f deposits
Table 118. Income o f insured commercial banks in the United States (States and other
areas), by State, 1968
Table 119. Income o f insured mutual savings banks, 1 9 6 0 -1 9 6 8
Table 120. Ratios o f income of insured mutual savings banks, 1 9 6 0 -1 9 6 8
Table 121. Sources and disposition of total income, insured m utual savings banks,
1 9 6 0 -1 9 6 8
Table 122. Income o f insured mutual savings banks in the United States (States and
other areas), by State, 1968

The income data received and published by the Corporation
relate to com m ercial and m utual savings banks insured by the
Corporation.
C o m m e rcia l B anks

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. 5 0 -5 2 in Part Two of the 1951 Annual Report.

BANKS

S ources o f data
National banks and State banks in the D istrict of Columbia not
members of the Federal Reserve System: Office of the Comp­
troller 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.

197




M u tu a l savings banks

INCOME OF INSURED

Reports of income and dividends are subm itted to the Federal
supervisory agencies on either a cash or an accrual basis.
Income data are included for all insured banks operating at the
end of the respective years, unless indicated otherwise. In addi­
tion, appropriate adjustm ents have been made for banks in opera­
tion during part of the year but not at the end of the year. Data
for 5 insured branches in Guam of 2 insured banks (1 in California
and 1 in Hawaii), for 8 insured branches in New York of 2 insured
banks in Puerto Rico, fo r 17 insured branches in Puerto Rico of
2 insured banks in New York, and for 13 insured branches in the
Virgin Islands o f 3 insured banks (2 in New York and 1 in Cali­
fornia) are not available.
The uniform Report of Income and Dividends (formerly called
Report of Earning and Dividends) was revised extensively in
1961. New item s were added, com bining components previously
included in other item s; and some items were subsumed into new
categories. Thus certain item s, even carrying the same designa­
tion (e.g. other current operating expenses), are not comparable
w ith data reported for prior years.
The revised form breaks out the follow ing items not previously
available separately: (1) benefits to officers and other employees;
(2) net occupancy expense of bank premises, w ith a supporting
schedule; (3) furniture and equipm ent expense (including costs
related to the purchase or rental of autom ated data processing
systems); and (4) losses on securities sold.
Two expense item s previously reported separately have been
combined w ith other items: (1) taxes other than on net income;

and (2) recurring depreciation on banking house, furniture and
fixtures. Taxes on bank premises, social security taxes paid in be­
half of building employees, and recurring depreciation on banking
house are now included under occupancy expense of bank prem ­
ises. Other social security taxes are included w ith officer and em ­
ployee benefits. Recurring depreciation on furniture and fixtures is
now included w ith furniture and equipm ent expense.
Revenue and expenses incident to "Federal funds" transactions
have been classified as "In te re st and discount on loans" and " In ­
terest and discount on borrowed money," respectively.
In addition to other minor changes in classification, new desig­
nations have been given to certain items. For example, the term
"n e t incom e" is the new equivalent of the form er term "n e t
profits." A further change entailed the division of officers and
other employees into tw o groups: those engaged in banking
operations, and those concerned w ith building operations.

198

Table 112. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS). 1960-1968
(Amounts in thousands of dollars)

19 6 7 1

19681

1962

1963

1964

1965

1966

Current operating revenue— t o t a l ................................................
Interest on U.S. Government obligations..................................
Interest and dividends on other securities................................
Interest and discount on loans...................................................
Service charges and fees on lo a n s ............................................
Service charges on deposit accounts........................................
Other charges, commissions, fees, etc.......................................
Trust de partm ent........................................................................
Other current operating revenue................................................
Current operating expenses— t o t a l..............................................
Salaries— officers........................................................................
Salaries and wages— other employees......................................
Officers and employee b e n e fits ..................................................
Fees paid to directors and committees......................................
Interest on time and savings d e posits......................................
Interest on borrowed m o n e y .....................................................
Taxes other than on net in c o m e ...............................
Recurring depreciation on banking house, furniture and

1 0 ,7 2 3 ,5 4 5
1.790,341
57 8 ,7 8 3
6 ,6 9 8 ,6 5 5
108,655
5 8 9 .9 5 4
2 1 8 .5 6 6
460.251
2 7 8 .3 4 0

1 1 ,0 6 9 .6 0 4
1,901.732
62 9 ,1 3 4
6,891,442
117.259
6 3 0 .4 5 8
223 .2 8 3
502.871
*1 7 3 ,4 2 5

1 2 .2 1 8 .9 5 9
2 ,0 9 3 ,2 0 7
7 5 9 ,0 3 0
7 ,5 7 8 ,2 0 0
139,6 4 5
6 8 1 ,2 4 3
2 3 7 ,4 4 6
5 4 3 .9 1 6
2186,272

1 3 ,5 0 9 ,7 1 3
2 .1 7 6 .4 5 4
9 2 1 .0 6 0
8 .5 1 6 ,8 3 7
1 5 5 ,4 7 8
7 2 8 ,8 5 7
2 4 8 ,3 6 2
5 7 3 ,2 5 2
218 9 ,4 1 3

1 5 ,0 2 4 .4 8 7
2 .2 4 0 .3 8 9
1 ,085.334
9 .6 1 2 .0 7 9
173.1 5 9
7 8 1 .4 0 5
2 8 0 .2 8 9
6 2 9 .6 9 4
22 2 2 ,1 38

1 6 .8 1 7 ,1 8 7
2 .22 4 .7 1 1
1 ,285,287
10 ,9 9 9 .8 6 7
2 0 4 .9 9 6
8 4 2 .7 7 5
3 0 4 .2 7 6
6 8 9 .6 2 8
22 6 5 .6 4 7

19 , 5 0 8 ,4 1 4
2 .3 1 7 .7 9 4
1,531.517
13 .042,757
2 4 3 .6 4 3
9 1 5 .0 4 9
3 5 4 .0 3 6
7 5 6 .1 3 0
23 4 7 ,4 8 8

2 1 .781.611
2 .6 0 1 .9 0 0
1 .90 4 .8 8 6
14,351,421
2 9 5 .2 1 6
9 8 7 ,1 8 7
411,021
8 2 0 ,2 6 9
24 0 9 .7 11

2 5 ,4 7 8 ,4 0 4
3 .0 0 4 .6 5 5
2 .3 7 6 .2 2 3
1 6,7 2 3 .0 9 9
3 9 7 .9 8 0
1,0 5 5 ,9 6 4
4 7 8 ,0 2 8
9 0 6 .2 0 6
25 3 6 .2 4 9

6 ,9 3 2 ,8 2 0
9 6 6 .6 4 3
1 .83 1 .3 2 3

7 ,4 4 0 ,4 9 2
31.0 2 8 ,8 6 9
31,869,961
3 7 7 .4 9 4

8 .5 8 9 .1 7 7
31.098.146
31,975,406
4 1 9 .0 9 8
6 3 .2 3 6
2 .8 4 5 .2 8 3
6 4 .3 2 5

9 ,7 1 4 ,9 8 0
3 1,18 3 .2 6 4
32.101,111
4 5 7 ,0 3 3
6 7 ,4 6 9
3 .4 6 4 .3 0 8
106 .5 1 7

1 0 ,8 9 7 ,4 6 0
3 1,284.140
32,234.922
4 9 0 .7 3 2
7 2 .1 7 6
4.088.061
127.277

1 2 ,4 8 6 ,1 2 0
3 1,392.765
32,369,259
5 2 5 .6 9 2
77.0 9 3
5.070.781
1 89.5 1 9

1 4 .5 6 1 .8 5 2
31,526.300
32.569.442
5 9 8 .7 6 8
83.791
6 .2 5 9 .4 7 2
3 0 1 .7 6 8
(5)

1 6 ,5 5 3 ,6 4 2
31.674.955
32.862.941
6 6 7 .3 4 5
9 2 .0 7 4
7 .3 7 9 ,8 6 3
2 6 6 ,4 7 6
(5)

1 9 ,3 5 4 ,2 3 7
31.861.448
33.240.355
7 5 5 .7 4 4
101 .3 1 3
8 .6 8 1 ,7 0 5
5 2 8 .9 8 6
I5)

(4)
56,292
1,785.086
87 .3 8 5
285,801

(5)

(5)

(5)

<«>

<6>

<6)

<5)

<8)

<«>

8 0 2 .0 6 0
4 5 8 .6 9 5
91.961.556

C>
873.541
53 3 .8 4 6
92,202.601

9 7 0 .0 3 4
6 3 1 .5 6 4
9 2.583.088

1.707.797

510,691
2 2 4,852
91.224,189

5 5 5 ,6 7 0
2 6 7 ,8 8 5
91.300,128

6 0 8 .4 6 2
3 1 1 .5 1 8
91.415.298

6 7 0 .2 4 3
362.301
91.567.608

3 ,7 9 0 ,7 2 5

3 ,6 2 9 .1 1 2

3 .6 2 9 .7 8 2

3 .7 9 4 .7 3 3

4 .1 2 7 ,0 2 7

4 ,3 3 1 ,0 6 7

4 .9 4 6 .5 6 2

5 .2 2 7 ,9 6 9

6 , 1 2 4 .1 6 7

5 7 4 .8 2 6

708.171

4 6 7 .0 6 1

4 6 8 .4 5 0

3 2 2 ,1 0 4

3 9 0 ,3 6 8

34 1.711

4 1 7 ,6 2 4

3 2 6 ,0 3 4

3 2 9 .3 2 2
12,927
5 5 .568

45 3 .7 3 0
9.934
8 6.574

2 5 6 .9 8 7
6.241
56.761

1 6 7 .4 4 5
4 .0 4 6
60 ,5 1 6

74 .7 2 3
6.633
5 7 .2 8 4

84 ,6 1 9
7.1 1 4
9 7 .4 3 5

62 .4 6 4
5.077
1 0 0.950

15 0 ,2 3 8
3,986
6 2 ,0 8 9

9 8 .4 1 7
6 .4 6 5
42.501

2 5 .6 8 4
70.21 1
8 1.114

16.825
51.817
89.291

16.902
5 6 .6 1 0
7 3 .5 6 0

17,913
1 3 1 .2 3 5
8 7 .2 9 5

17.383
62 .313
10 3 .7 6 8

17.962
84.001
99 .2 3 7

15.585
55.762
101.873

14,307
4 4 ,4 3 9
1 4 2,565

12.419
58.681
107.551

9 7 8 ,4 2 2

935.461

8 3 6 .6 6 5

8 8 3 .6 3 7

1 .0 1 7 .2 9 9

1 , 1 7 7 ,5 4 0

1 .5 7 4 ,0 2 7

1 .32 6 .5 8 1

1 ,7 5 7 ,2 1 9

156,232

4 4 ,290
21.354
224,678

5 8 .939
12,603
9 5 ,0 3 9

49 .8 8 7
12,827
6 3 .5 3 0

88 .397
11.256
72 .2 1 3

8 5 .0 4 5
9 .2 2 4
6 3 .3 7 0

454.911
10.198
78,932

154 ,5 5 0
8,403
74 ,572

536 .9 3 7
12.117
5 4 .9 6 0

3 5 .7 6 0
4 5 1 ,6 6 7
114,996

3 1.194
48 1 ,2 0 0
132,745

3 0 ,107
5 2 8 .7 1 0
1 11.267

29 ,5 8 8
6 0 9 .0 5 9
1 1 8 .7 4 6

3 2 .3 8 5
6 6 6 .0 4 0
14 7 .0 0 8

3 6 .1 8 8
8 4 6 .8 7 7
136 .8 3 6

31.251
77 5 .7 9 2
2 2 2 .9 4 3

28.341
8 8 5 .8 8 5
17 4.830

25 .2 1 9
9 5 3 .3 0 5
174.681

3 ,3 8 7 ,1 2 9

3 .4 0 1 ,8 2 2

3 ,2 6 0 ,1 7 8

3 .3 7 9 .5 4 6

3 .4 3 1 .8 3 2

3 .5 4 3 ,8 9 5

3 ,7 1 4 .2 4 6

4 .3 1 9 .0 1 2

4 ,6 9 2 ,9 8 2

n
(«)

21 9 .7 6 7

CORPORATION




(•)

(6)
7 3 1 .5 7 3
4 1 1 ,8 8 9
91,717,549

2 1 2 .4 9 3

Occupancy expense-of bank premises— n e t............................
Furniture and equipment.............................................................
Other current operating expenses........................................
Net current operating ea rnings...................................................
Recoveries, transfers from valuation reserves, and profits—
t o t a 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 valuation reserves—
total .........................................................................................
On securities:
Losses on securities s o ld .......................................................
Charge-offs prior to sale.........................................................
Transfers to valuation reserves..............................................
On loans.
Losses and charge-offs...........................................................
Transfers to valuation reserves..............................................
All o th e r.......................................................................................
Net income before related taxes

59,794
2.106.645
37,997
(5)

INSURANCE

1961

DEPOSIT

1960

FEDERAL

Income item

1 ,3 8 4 ,3 9 7
1.300.940
8 3.457

1 ,4 0 6 ,1 0 2
1.31 7 ,2 9 2
8 8 .8 1 0

1 ,2 5 6 ,3 8 2
1 ,1 5 9 ,7 2 5
9 6 .6 5 7

1 ,2 2 6 ,7 8 3
1 .1 3 0 ,6 2 9
9 6 .1 5 4

1 , 1 4 8 .2 0 3
1 ,0 5 0 .6 2 4
97 .5 7 9

1 .0 2 9 .1 6 2
9 2 7 .4 2 3
101.739

1 .0 2 9 .9 0 6
9 1 1 .5 8 5
118.321

1 . 1 7 7 .1 5 4
1.020.98 8
156.1 66

1 ,2 6 7 ,0 4 4
1.086.889
1 80.155

2 ,0 0 2 ,7 3 2

1 .9 9 5 ,7 2 0

2 ,0 0 3 .7 9 6

2 ,1 5 2 ,7 6 3

2 .2 8 3 ,6 2 9

2 ,5 1 4 .7 3 3

2 ,6 8 4 ,3 4 0

3 . 1 4 1 .8 5 8

3 ,4 2 5 ,9 3 8

8 3 1 ,5 4 6
829.5 2 2

8 9 5 ,0 5 3
8 9 3 .2 3 0

9 4 1 .1 8 9
9 3 9 ,4 2 6

9 9 3 ,3 7 4
9 9 0 .0 3 9

1 .0 8 8 .3 1 0
1 .062.561

1 ,2 0 2 ,3 4 9
1 ,146.186

1 ,3 0 7 ,3 8 7
1.240.048

1 .4 2 6 .2 0 2
1.342.53 8

1 ,5 8 9 ,1 1 4
1 .488.670

2.024

1.823

1,763

3.3 3 5

2 5 .7 4 9

5 6 .163

67.3 3 9

8 3 ,6 6 4

100.44 4

1 ,17 1 ,1 8 6

1 , 1 0 0 ,6 6 7

1 .0 6 2 ,6 0 7

1 , 1 5 9 ,3 8 9

1 . 1 9 5 .3 1 9

1 ,3 1 2 ,3 8 4

1 .3 7 6 ,9 5 3

1 .7 1 5 ,6 5 6

1 .8 3 6 ,8 2 4

18.294
68.232

9.911
73 .8 4 4

4 ,7 1 4
8 4 .8 6 3

6 .2 1 6
96.8 9 7

4 .5 1 5
157.791

4 .1 5 8
124.062

3.3 0 0
143.8 5 9

5.638
16 8 ,6 8 0

1.913
2 1 9 .1 1 5

47.716
2 6 4 ,4 0 5

2 2 ,4 6 3
2 4 9 .5 0 0

16 .305
2 3 8 .8 2 5

17.314
3 2 3 .4 7 5

4 3 .6 8 3
394.181

25.761
4 2 9 .4 9 0

6 0 .2 8 2
545 .6 4 7

29 .0 7 2
6 0 1 .1 9 4

32.262
6 29.7 0 7

2 4 6 .7 7 6 ,7 2 2 2 5 4 ,1 9 8 ,1 9 9 2 7 4 ,2 2 0 ,7 7 8 2 9 8 ,9 4 0 ,7 7 8 3 2 5 .4 9 0 .6 2 6 3 5 7 ,2 1 4 .4 0 9 3 8 7 .2 1 4 ,4 0 9 4 2 1 , 1 2 8 ,4 3 3 4 6 8 ,2 1 3 ,1 0 7
7 8 .50 4.02 4
7 0 .2 4 8 .6 7 9
6 2 .8 6 7 .3 9 8
5 9 .0 1 3 .5 9 6
5 4 .4 4 9 .3 4 3
5 0 .9 9 7 .5 6 6
4 9 .4 3 8 .6 7 0
49,3 1 7 ,0 0 3
46,61 3 .2 1 1
6 1.5 4 5.8 0 7
57 .3 5 7 .5 8 4
5 6 .0 8 8 .6 4 9
59,419.551
6 1 .4 3 9 .3 9 0
6 4 .5 1 9 .9 1 4
64.0 5 8 .4 3 1
57,773.429
6 1 .7 9 2 ,1 3 5
65 .3 1 8 .3 7 4
5 5 .2 1 3 .2 9 3
4 7 .0 5 4 .8 1 2
4 1 .5 4 0 .7 7 2
3 6 .3 6 0 .0 6 2
25 .7 6 1 .0 8 4
3 1 .4 2 1 .8 7 5
20.092,632
2 1.660.321
114.275,450 1 1 7 ,9 6 9 ,9 8 5 127,789.1 10 1 4 5 .0 2 8 .2 3 3 16 4 .8 1 6 .7 0 3 187,661,591 2 1 0 .2 4 0 .1 7 0 2 2 6 .1 4 5 .2 4 5 2 4 8 .7 5 3 .4 1 3
14 .091.489
1 2 .163.63 2
10.8 6 2 .6 3 4
9 .5 7 8 .8 9 9
8 .4 2 5 .1 2 8
7 ,4 3 4 .6 7 3
6 .7 1 2 .0 0 0
6.1 6 2 .5 4 7
5.318,208

103,21 1
506,596

107 ,2 7 9
526,101

1 1 2 .4 5 8
5 4 3 .6 9 5

117,147
5 3 1 .8 2 0

124.351
5 7 8 .3 0 7

130.486
60 1 .6 7 7

138,2 0 6
6 3 9 .1 5 5

145.3 4 6
669.691

154.118
7 12,607

13,126

13,115

13 .1 2 4

13.291

13.493

13.547

13.541

13.517

13.488




199

1 Figures for 1967 and 1968 may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the
Currency because of differences in rounding techniques.
2 Excludes rentals from bank premises; included with "Occupancy expense of bank premises— net."
3 Excludes compensation of building officers and other employees; included with "Occupancy expense of bank premises— net.”
4 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."
5 Included with "Officer employee benefits” , "Occupancy expefrse of bank premises— net” , and "Other current operating expenses."
6 Included with "Occupancy expense of bank premises— net", and "Furniture and equipment."
7 Included with "Taxes other than on net income” , "Recurring depreciation on banking house, furniture and fixtures” and "Other current operating expenses."
8 Included with "Recurring depreciation on banking house, furniture and fixtures", and "Other current operating expenses.”
9 Not comparable with amounts reported for previous years; see footnotes 4, 5, 7, and 8.
10 For 1960 and for 1964 through 1968, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for
four consecutive official call dates beginning with the end of the previous year and ending w ith the fall call of the current year. For 1963, averages of amounts
reported at 1962 year-end, 1963 spring, mid-year, and year-end calls.

BANKS

2 4 6 .776 ,7 2 2 2 5 4 , 1 9 8 ,1 9 9 2 7 4 ,2 2 0 ,7 7 8 2 9 8 ,9 4 0 .7 7 8 3 2 5 .4 9 0 .6 2 6 3 5 7 .2 1 4 .4 0 9 3 8 7 . 1 1 3 .6 6 3 4 2 1 , 12 8 ,4 3 3 4 6 8 ,2 1 3 .1 0 7
2 2 0 .0 9 9 .0 2 8 2 2 5 .2 1 4 .7 0 3 2 4 3 .3 1 9 .5 5 0 2 6 4 .0 6 9 .4 8 9 2 8 7 .9 8 8 .5 6 0 3 1 5 .6 4 3 .5 3 3 3 4 0 .3 3 6 .7 1 4 368.906.501 4 0 7 ,5 0 8 ,2 6 0
150,451,481 1 4 7 5 5 6 ,1 7 5 153 JB49.4 94 159J561J973 1 6 8 3 8 2 .1 2 2 1 7 8 .0 8 9 3 6 0 185 3 3 6 .4 0 7 1 9 4 3 8 2 £ 2 4 2 1 3 .6 2 8 3 8 9
8 9 .4 7 0 .0 5 6 1 0 4 .5 0 7 5 1 6 1 1 9 .6 0 6 .4 3 8 13 7 .5 5 4 .1 7 3 15 5.0 0 0 .3 0 7 1 7 3 3 2 3 .5 7 7 193.879.871
7 7 .6 5 8 .5 2 8
69 ,64 7 <547
1 9.345.258
25,372.699
1 5 .926,263
12.7 5 0 .0 1 5
1 1 ,110.692
10.5 8 7 ,3 8 9
8 ,1 9 7 .4 2 0
7 .6 9 4 .5 0 9
6.712.522
35.332.148
3 2 .8 7 6 .6 7 4
3 0 ,8 5 0 ,6 8 6
2 8.820.861
2 6 .3 9 1 .3 7 4
2 2 .7 0 3 .8 0 8
2 4 .2 8 3 ,9 0 0
2 1 ,2 8 8 ,9 8 7
19.965.172

INCOME OF INSURED

Taxes on net incom e— to ta l..........................................................
Federal.........................................................................................
State ............................................................................................
Net income after related ta x e s ...................................................
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.................................................
Net additions to capital from in c o m e .......................................
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......................................................................................
Average assets and lia bilities10
Assets— to ta l...................................................................................
Cash and due from banks..........................................................
United States Government ob ligatio ns...................................
Other securities...........................................................................
Loans and d is c o u n ts ..................................................................
All other assets...........................................................................
Liabilities and capital— t o t a l........................................................
Total de posits.............................................................................
Dem and d e p o s its ....................................................................
Time and savings d e p o s its .....................................................
Borrowings and other liabilities.................................................
Total capital accounts................................................................
Number of employees (including building employees),
December 31;
Active officers.............................................................................
Other employees.........................................................................
Number of banks, December 31 ...................................................

Income item

1961

1962

1963

19 64

1965

$ 1 0 0 .0 0

$ 1 0 0 .0 0

$ 1 0 0 .0 0

$ 1 0 0 .0 0

$ 1 0 0 .0 0

$ 1 0 0 .0 0

1 6 .6 9

17 18

1 7 .1 3
6.21

16.1 1

14 91

1 3 .2 3

6 82
6 4 .1 9

7 .2 2

7 .6 4

6 5 .1 3

66 63

5 .2 0
1 87

5.01

1 94

5 39
1 84

25 9 8

25 6 5

25 .6 7

5 40

5 .6 8

63 48

6 3 .3 1

5 .5 0
2 04

5 70
2 .0 2

6 89

26 . 1 1

6 3 16
5 .5 8

1966

1967

1968

$ 1 0 0 .0

$ 1 0 0 .0 0

$ 1 0 0 .0 0

1 1 .8 8

1 1 .79

7 .8 5

11 9 5
8 74

6 8 11

67 24

67 20

4 69

4 53

4 14

1 81

1.81

25 .6 8

25 .6 6

1 89
25 .6 5

1 88
25 6 6

9 33

6 7 .2 2

7 0 .2 9

7 1 .9 1

7 2 .5 3

7 4 .2 5

7 4 .6 4

7 6 .0 0

7 5 .9 6

2 6 .6 2

32 6 7 3

32 5 6 7

324.8 1

32 0 9 9

321 2 6

32 0 .4 2

(4>
1 6 .6 5

3 43

3 13

3 07

3 06

2 97

1 9 .0 3

2 3 .2 8

3 38
2 5 .6 4

32 3 9 0
3 27

32 2 8 3

3.41

2 7 21

3 0 15

32 09

3 3 .8 8

3407

(5)
<6)
4.61

(5)
(6)
4 55

(5>
(6)
4 50

(5)
(6)
4 46

<8)
1 6 .7 4

2 03

2 .1 9

2 31

2 41

91 1.41

91 1.17

91 1.27

N e t c u rre n t o p e ra tin g e a rn in g s .............................................................................................

3 5 .3 5

3 2 .7 8

2 9 .7 1

4 35

4 .3 5

2 81

2 92

1 .5 4

1.43

A m o u n ts per $ 1 0 0 o f to ta l c a p ita l a c c o u n ts 10
Net current operating e a rn in g s ...........................................................................................
Recoveries, transfers from valuation reserves, and profits— to ta l................................
Losses, charge-offs, and transfers to valuation reserves— t o t a l ..................................
Net income before related ta x e s .........................................................................................
Taxes on net in c o m e .............................................................................................................
Net income after related taxe s.............................................................................................
Cash dividends d e c la re d .......................................................................................................
Net additions to capital from in c o m e ................................................................................
S pecial ra tio s 10
Income on loans per $ 1 0 0 of lo a n s ..................................................................................
Income on U.S. Government obligations per $ 1 0 0 of U.S. Government obligations
Income on other securities per $ 1 0 0 of other s e c u ritie s ..............................................
Service charges per $ 1 0 0 of demand d e p o s its ..............................................................
Interest paid per $ 1 0 0 of tim e and savings deposits......................................................
Number of banks, December 31 .............................................................................................
N o te : For footnotes, see Table 112, p. 199, Nos. 2-10.




1.9 8
(7)

(5)

(5)

(5)

(6)
4 35

(6)
4.11

(6)
401

(5)
(6)
3 86

2 35

91 1 .2 8

2 45
91 1.3 4

91 2 .0 3

2 45
91 1 3 4

2 48
912 21

2 8 .0 9

2 7 .4 7

2 5 .7 5

2 5 .3 6

2 4 .0 0

2 4 .0 4

4 45

4 52

4 62

4 71

5 04

5 .1 7

5 44

3 13

3 25

3 35

3 50

3 76

3 93

4 13

1 32

1 27

1 27

1.21

1 28

1 24

1.31
07

23

28

17

16

.1 0

.11

09

.10

40
1 37

.3 7

30

30

32

33

41

31

.38

1 .3 4

119

113

1 05

99

96

1 03

1 .0 0

.81

.7 9

.73

.72

70

70

69

.75

.7 3

1 8 .9 9

17 0 5

1 5 .9 9

1 5 .6 3

15 6 4

15 0 3

16 0 3

15 9 0

1 7 .3 3

2 88

3 32

2 .0 6

1.93

1 22

1 35

1.11

1.27

4 .9 0

4 .3 9

3 .6 9

3 .6 4

3 86

4 .0 8

92
4. 97

1 5 .9 8

1 4 .3 6

1 3 .9 2

13 0 0

12 3 0

5 10
12 0 4

403

1 6 .9 7

13 14

1 3 .2 8

6 61

5 53

3 34

3 58

1 0 .0 3

9 .3 7

883

8 86

8 65

8 73

8 70

4 .1 6

6 94

4 .2 0

4 15

409

4 12

4 17

4 24

9 56
4 .3 4

5 87

5 .1 7

4 68

4 77

4 53

4 56

446

5 22

5 06

4 35

3 57

5 96

5 .9 4

6 04

5 98

5 94

5 97

6 32

648

3 .1 0

3 08

3 .2 4

3 40

3 65

3 74

4 13

4 54

2 88

2 .9 0

2 95

3. 58
9. 7 0
4. 5 0
5 .2 0

6 88
4 88

3 .4 5

3 64

.4 4

2 98
46

3 25

.43

2 93
.46

3 .0 9

39

.47

49

2 .5 6

2.71

3 .1 8

3 31

342

3 69

404

.51
4 24

4 .4 8

1 3 ,1 2 6

13.1 15

1 3 .1 2 4

1 3.291

1 3 .4 9 3

1 3 ,5 4 7

1 3.541

1 3 ,5 1 7

1 3 ,4 8 8

.4 9

CORPORATION

A m o u n ts per $ 1 0 0 o f to ta l a s s e ts 10
Current operating revenue— t o t a l .......................................................................................
Current operating expenses— to t a l.....................................................................................
Net current operating e a rn in g s ...........................................................................................
Recoveries, transfers from valuation reserves, and profits— to ta l................................
Losses, charge-offs, and transfers to valuation reserves— t o t a l ..................................
Net income before related ta x e s .........................................................................................
Net income after related taxes.............................................................................................

2 66

INSURANCE

6 4 .6 5

DEPOSIT

C u rre n t o p e ra tin g expenses— t o t a l .......................................................................................
Salaries, wages, and fe e s .....................................................................................................
Officer and employee b e n e fits .............................................................................................
Interest on tim e and savings d e p o s its ...............................................................................
Taxes other than on net in c o m e .........................................................................................
Recurring depreciation on banking house, furniture and fix tu r e s ................................
Occupancy expense of bank premises— n e t .....................................................................
Furniture and e q u ip m e n t.......................................................................................................
Other current operating expenses.......................................................................................

FEDERAL

A m o u n ts per $ 1 0 0 o f c u rre n t o p e ra tin g revenue
C u rre n t o p e ra tin g revenue— t o t a l .........................................................................................
Interest on U. S. Governm ent o b lig a tio n s .........................................................................
Interest and dividends on other s e c u ritie s .........................................................................
Income on lo a n s ......................................................................................................................
Service charges on deposit a c c o u n ts .................................................................................
Other charges, com missions, fees, e tc ................................................................................
Other current operating re v e n u e .........................................................................................

1 9 60

200

T a ble 1 1 3 . RATIOS OF INCOM E OF INSURED COM M ERCIAL BANKS IN THE UNITED STATES (STATES A N D OTHER AREAS)
1 9 6 0 -1 9 6 8

T a b le 1 1 4 . SOURCES A N D DISPOSITION OF TOTAL INCOME, INSURED C O M M ER C IAL BANKS IN THE UNITED STATES
(STATES A ND OTHER AREAS), 1 9 6 0 -1 9 6 8
(Amounts in m illions of dollars)
Incom e item

1960

1961

1962

1963

1964

1965

1966

1967

1968

11.298

11,778

12.686

13,978

15,347

17,208

19,850

22.119

25.804

6 .8 0 7

7 .0 0 9

7 .7 1 8

8 .6 7 2

9 ,7 8 5

1 1 .2 0 5

1 3 .2 8 6

1 4 .6 4 7

1 7.121

1,791
579

1 ,9 0 2

2 .0 9 3

2 .1 7 6

2 ,2 4 0

2 .2 2 5

2 .3 1 8

2 .6 0 2

3 .0 0 5

629

759

921

1 ,0 8 6

1 ,2 8 5

1 .5 3 2

2 .3 7 6

590

630

681

729

843

1 .9 0 5
987
1.641

1 ,9 2 0

418

326

A m ount
T o ta l in c o m e .....................................................................
Sources
Loans ...............................................................................................................................................
U.S. Government o b lig a tio n s .......................................................................................................
O ther securities...............................................................................................................................
Service charges on d e p o s its .........................................................................................................
Other current incom e.....................................................................................................................
Recoveries, e tc .................................................................................................................................

1,01 1

I .2 6 0

708

467

468

322

390

342

2 .8 5 4

3 .3 3 6
2 ,1 0 7

4 .0 8 2

1 .7 8 5

1 ,0 5 6

4 .7 7 8

5 .2 9 7

5 .9 5 9

6 .2 5 9
3 .5 2 4

7 ,3 8 0
3 ,8 7 6

8 .6 8 2
4 .7 1 4

3 .5 5 6

3 .8 0 8

2 .8 4 5

3 ,4 6 4

4 .0 8 8

4 ,3 6 5
5 .071

2 ,4 4 2
884

2 ,7 2 8

3.051

935

2 .1 8 8
837

1.327

1.7 5 7

1 .4 0 6

1 ,2 5 6

1 ,2 2 7

1 .1 4 8

1 ,0 2 9

1 ,0 3 0

1,177

1 .2 67

895

941

1 .0 8 8

1 .2 0 2

1 ,3 0 7

1 ,4 2 6

1.5 8 9

1,101

1 .0 6 3

993
1 .1 5 9

1 .1 9 5

1 .3 1 2

1,3 7 7

1 ,7 1 6

1.837

32 ,2 9 3
979

1 ,9 9 8

1 .3 8 4
832
1,171

1 ,0 1 7

1 ,1 7 8

1 .5 7 4

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

6 0 .2

5 9 .5

608

62 0

6 3 .8

65.1

6 6 .9

16 2
5 3
5 .4

1 6 .5
6 .0
54

1 5.6
6.6

14.6
7.1

12 9

11.7

6 6 .0
1 1.7

66 .3

15 9

5.2

5.1

7.5
4 .9

7.6

7.2
3 .4

7.3
2.1

7.3
2.3

5.1
5.2
8 5
5.1

6 .0

7.6
3.7

2 5 .3

7.7
4 .6
7.4

8.6
4 .4

11.6
9 2
4.1

7 4

7.4

1.7

1.9

1.3

28 3
17 .9

2 8 .0

2 7 .2

2 4 .0

2 3 .9

23.1

2 2 .4

2 4 .8

2 6 .6
26 6

2 5 .4

15 .8

29 5

3 1 .5

3 3 .2

3 3 .6

2 0 .3

1 7 .0

17.2

17.5

17.8

1 7.7

17.7

17.5

18.3

8.6

7.9

6 .8

8 .0

6.0

6.8

1 1.9

6.3
8 8

6 .6

12.2
7 .4
1 0 .4

6 6
1 0 .0

5.2

7.1

6.6

83

7 8

7 .0
7 6

5.3
6 .4

4 .9

7 .4
8 .4

7 .5
7.1

6 .0

7 .6
9 .4

7 .0

7.7

7.1

6.2

201

1 For description o f changes in report form made in 1961, see p. 197. Rentals from bank premises are included in "other current incom e” in 1960, and in net
"other current expenses” in 1 9 6 1 -1 9 6 8 .
2 Includes in each year fees paid to directors and committees. In 1961-1 96 8 includes officer and employee benefits; these were included in "other current
expenses” in 1960. In 1 9 6 1 -1 9 6 8 excludes salaries, wages, and benefits of officers and employees in building departm ent w hich are included in "other current
expenses."
3 Not comparable w ith am ounts shown in 1 9 6 1 -1 9 6 8 ; see footnotes 1 and 2.
N o te : Due to rounding differences, com ponents may not add to totals.




BANKS

Sources
Loans ...............................................................................................
U.S. Government o b lig a tio n s .......................................................................................................
Other securities.......................................................................................................
Service charges on de posits...............................................................................................
Other current incom e.........................................................................................................
Recoveries, e tc..........................................................................................................
D isp o sitio n
Salaries and w a g e s ...................................................................................
Interest on d e p o s its .................................................................................................
Other current expenses.............................................................................
Charge-offs, etc.............................................................................
Income ta x e s .......................................................................................................................
Dividends and interest on c a p ita l.............................................................................................
Additions to capital acco unts...........................................................................................

968

575

OF INSURED

P ercentage d is trib u tio n
T o tal in c o m e .....................................................................................

900

915
1 .4 5 7

INCOME

D isp o sitio n
Salaries and wages2.......................................................................................................................
Interest on d e p o s its .................................................................................................
Other current expenses.................. ..............................................................................................
Charge-offs, etc...........................................................................................................
Income ta x e s ...................................................................................
Dividends and interest on c a p ita l..............................................................................................
Additions to capital acco unts................................................................................

'9 5 7

781
1 ,1 3 2

IN THE UNITED STATES (STATES A N D OTHER AREAS). 196 8

BANKS GROUPED BY CLASS OF BAN K

202

T a b le 11 5. INCOME OF INSURED C O M M E R C IA L BANKS

(Am ounts in thousands of dollars)
M em bers F.R. System

25,478,404

14,998.909

5.808,768

4,670,727

3 .0 0 4 ,6 5 5

1 .6 2 3 ,0 9 2

5 8 4 ,6 2 0

7 9 6 ,9 4 3

5 3 6 ,2 4 9

C u rre n t op e ra tin g expenses— t o t a l ............................................................................
Salaries— o ffic e r s ........................................................................................................
Salaries and wages— other em ployees...................................................................
Officer and employee b e n e fits ..................................................................................
Fees paid to directors and c o m m itte e s ...................................................................
Interest on tim e and savings d e posits.....................................................................
Interest on borrowed m o n e y ......................................................................................
Occupancy expense of bank premises— n e t .........................................................
Furniture and e q u ip m e n t............................................................................................
Other current operating e x p e n s e s ............................................................................

19,354,237

3 7 4 .5 6 2

2 .5 8 3 .0 8 8

I|

1 .4 8 0 .4 6 3

N e t c u rre n t o p eratin g e a r n in g s ..................................................................................

6,124,167

|

3.547.159

Recoveries, tra n sfe rs fro m v a lu a tio n reserves, and p ro fits — t o t a l ................
On securities:
Profits on securities sold or re d e e m e d ...............................................................
R ecoveries................................................................................................................
Transfers from valuation re s e rv e s .......................................................................
On loans:
R ecoveries.................................................................................... ............................
Transfer from valuation re s e rv e s ..........................................................................
All oth er...........................................................................................................................

326,034

II

Losses, cha rge-offs, and tra n sfe rs to v a lu a tio n reserves— t o t a l ......................
On securities:
Losses on securities s o ld ........................................................................................
Charge-offs prior to s a le ........................................................................................
Transfers to valuation reserves..............................................................................
On loans:
Losses and c h a rg e -o ffs ..........................................................................................
Transfers to valuation reserves..............................................................................
A ll oth e r...........................................................................................................................

1,757,219

1.026,810

436,330

5 3 6 .9 3 7

3 0 8 .9 2 6

1 2 .1 1 7

6 .8 6 6

9 5 3 .3 0 5
17 4 .6 8 1

||

N e t in co
e be fore re la te d ta x e s ................................................................................
Digitized
formFRASER

4,692,982

|

National



25,468,034
3 ,0 0 2 ,5 6 1

Operating
less than
full year
10.370
2 ,0 9 4

2 .3 7 6 ,2 2 3

1 .4 1 5 .3 2 6

5 1 3 .5 7 2

4 4 7 .3 2 5

2 ,3 7 5 .4 7 6

747

1 6 ,7 2 3 ,0 9 9

9 ,9 9 0 .1 2 9

3 .8 2 9 ,4 7 2

2 ,9 0 3 ,4 9 8

1 6 .7 1 7 ,5 1 7

5 ,5 8 2

3 9 7 ,9 8 0

2 3 4 .1 9 6

8 8 .6 0 7

7 5 .1 7 7

3 9 7 .0 8 4

896

1 .0 5 5 ,9 6 4

6 3 0 .1 5 8

1 7 3 .3 6 3

2 5 2 .4 4 3

1 ,0 5 5 .6 0 0

364
388

4 7 8 ,0 2 8

2 7 0 .0 8 4

1 0 1 .2 0 5

1 0 6 .7 3 9

4 7 7 .6 4 0

9 0 6 ,2 0 6

4 9 3 .3 6 2

3 7 4 .2 4 4

3 8 .6 0 0

9 0 6 .1 8 3

23

||

3 4 2 .5 6 2

1 4 3 .6 8 5

5 0 .0 0 2

5 3 5 .9 7 3

276

I

11,451.750

4,296,742

3,605,745

19,343.131

11,106

1 .8 6 1 ,4 4 8

1 .0 2 2 .6 2 2

3 7 1 .3 7 2

4 6 7 ,4 5 4

1 .8 5 9 .7 4 2

1 ,7 0 6

3 ,2 4 0 ,3 5 5

1 ,9 1 1 ,4 0 6

7 8 9 .0 1 8

5 3 9 ,9 3 1

3 .2 3 8 .5 9 4

1,761

7 5 5 ,7 4 4

4 5 0 ,2 0 2

1 8 2 .8 3 2

1 2 2 ,7 1 0

7 5 5 .4 7 9

265

1 0 1 ,3 1 3

4 7 ,3 8 5

1 4 .8 3 4

3 9 ,0 9 4

1 0 1 .2 7 3

40

8 .6 8 1 .7 0 5

5 .3 0 2 .9 8 4

1 ,8 0 3 .3 4 9

1 ,5 7 5 ,3 7 2

8 ,6 7 8 .9 5 1

2 .7 5 4

5 2 8 ,9 8 6

3 0 8 .6 1 0

2 0 7 ,6 7 2

1 2 .7 0 4

5 2 8 .9 7 3

13

9 7 0 .0 3 4

5 5 3 .5 1 6

2 2 9 ,7 0 0

1 8 6 .8 1 8

9 6 9 ,2 3 8

796

1 3 1 ,3 4 5

1 2 5 .6 5 7

6 3 1 .1 8 7

377

5 6 6 ,6 2 0

5 3 6 .0 0 5

2 .5 7 9 .6 9 4

3 .3 9 4

1,512,026

1,064,982

6.124.903

736

178,813

82,061

65,160

325.949

85

4 8 .4 9 2

9 8 ,3 5 5

62

6 3 1 .5 6 4

2 5 .1 9 2

2 4 .7 3 3

6 .4 6 5

3 .9 2 6

459

2 .0 8 0

6 ,4 6 5

4 2 .5 0 1

2 2 .1 7 4

1 4 .2 1 3

6.1 14

4 2 ,5 0 1

9 8 .4 1 7

5 .6 2 2

1 2 ,4 1 9

1 2 .4 1 9

5 .9 6 6

831

5 8 .6 8 1

2 9 ,1 2 6

2 1 .7 0 5

7 ,8 5 0

58 ,6 8 1

1 0 7 .5 5 1

6 9 .1 2 9

1 9 ,6 6 1

18 ,7 6 1

1 0 7 .5 2 8

23

294.079

1,756,668

551

1 8 0 .3 4 9

4 7 .6 6 2

5 3 6 ,9 0 9

28

1 .5 0 2

3 .7 4 9

12.1 17
5 4 .9 6 0

5 4 .9 6 0

3 3 .8 0 5

1 1 .0 7 2

1 0 ,0 8 3

2 5 .2 1 9

9 ,7 4 1

3 .5 4 0

1 1 ,9 3 8

2 5 .1 7 2

47

5 5 9 .8 8 3

2 0 4 .4 0 1

1 8 9 .0 2 V

9 5 2 .8 7 9

426

1 0 7 .5 8 9

3 5 ,4 6 6

3 1 .6 2 6

1 7 4 ,6 3 1

2.699.162

1,157,757

836.063

4,694.184

50

1,202

CORPORATION

C u rre n t o p e ra tin g revenue— t o t a l................................................................................
Interest on U.S. G overnm ent o b lig a tio n s ...............................................................
Interest and dividends on other s e c u ritie s .......................................................
Interest and discount on lo a n s ..................................................................................
Service charges and fees on lo a n s ............................................................................
Service charges on deposit a c c o u n ts .....................................................................
Other charges, commissions, fees, e tc .....................................................................
Trust de partm ent..........................................................................................................
Other current operating revenue .............................................................................

Operating
throughout
the year

INSURANCE

State

Not
members
F.R. System

DEPOSIT

Total

FEDERAL

Income item

Taxes on ne t in c o m e — t o t a l .............................................
Federal.................................................................
State .....................................................................

1,267,044

709.671

343.082

214.291

1.266.933

111

1 .0 8 6 .8 8 9

6 1 1 .6 1 4

2 7 9 ,0 9 1

1 9 6 .1 8 4

1 .0 8 6 .7 8 7

102

1 8 0 .1 5 5

9 8 .0 5 7

6 3 ,9 9 1

1 8 .1 0 7

1 8 0 .1 4 6

9

N e t incom e a fte r related ta x e s ..........................

3,425,938

1.989.491

814.675

621.772

3,427,251

1,313

D ivid e n d s and in te re s t on c a p it a l- t o t a l ..........................
Cash dividends declared on com m on s to c k ......................
Dividends declared on preferred stock and interest on capital notes and
d e benture s.............................................................

1.589,114

955,013

429,252

204.849

1,589,114

1 .4 8 8 .6 7 0

8 9 3 .1 8 5

3 9 8 .5 0 2

1 9 6 .9 8 3

1 .4 8 8 .6 7 0

1 0 0 .4 4 4

6 1 .8 2 8

3 0 .7 5 0

7 .8 6 6

1 0 0 .4 4 4

N e t a d d itio n s to c a p ita l fro m in c o m e ....................................

1,836.824

1,034,478

385,423

416.923

1,838.137

Number o f banking em ployees (exclusive o f building employees), December 31:
Active o ffic e r s .........................................
Other em p lo ye e s.........................................

8 2 .5 9 7

2 5 .9 3 5

4 5 .1 2 3

1 5 3 .4 2 6

229

3 9 7 .2 7 0

1 4 8 .9 9 7

1 3 2 .8 1 7

6 7 8 .3 1 5

769

1 .9 1 3

890

369

654

1 .9 1 3

2 1 9 .1 15

1 4 2 .5 6 5

4 1 ,9 3 3

3 4 .6 1 7

2 1 9 .1 1 5

3 2 .2 6 2

2 8 ,2 9 9

1 ,5 1 0

2 .4 5 3

6 2 9 .7 0 7

3 9 6 .1 0 4

1 0 4 ,8 4 8

1 2 8 .7 5 5

970.034

553.516

229,700

186.818

3 2 .2 6 2 .
6 2 9 .6 9 5

12

969,238

796

2 0 3 .3 8 9

1 3 4 .4 4 8

4 8 .0 1 9

2 0 .9 2 2

2 0 3 .3 6 5

24

1.173,423

687.964

277.719

207.740

1.172.603

820
2

2 .6 6 9

1 .0 2 7

616

6 7 .2 3 6

2 7.1 17

1 7 .2 7 3

4 .3 1 0
1 1 1 .5 9 4

32

1 3 .9 6 9

8 .7 2 5

3 .9 8 9

1 .2 5 5

1 3 .9 6 4

5

2 0 4 ,3 8 3

1 2 3 .2 0 7

4 5 ,0 0 4

3 6 .1 7 2

2 0 4 .2 6 8

115

1 4 5 .8 0 8
1 9 3 .0 3 8

8 9 .2 2 1
1 1 1 .4 9 7

2 9 .0 0 9
4 2 .7 2 5

2 7 .5 7 8
3 8 .8 1 6

1 4 5 .7 1 8
1 9 2 .8 7 2

90
1 66

3 3 6 .3 5 5

1 8 5 .6 5 2

9 2 .0 3 9

5 8 .6 6 4

3 3 6 .0 2 2

1 6 3 .9 3 2

9 9 .7 5 7

3 6 .8 0 9

2 7 .3 6 6

1 6 3 ,8 5 5

333
77

Number of building employees, December 31:
O ffic e rs .........................................................
Other em ployees...............................................

463

261

77

3 3 .5 2 3

18 .8 2 1

6 .4 6 8

125
8 .2 3 4

463
3 3 ,4 8 7

36

Number of banks, December 3 1 ...........................

1 3 .4 8 8

4 ,7 1 6

1,261

7.5 1 1

1 3 ,4 0 8

80

BANKS

4 .3 1 2
1 1 1 .6 2 6

OF INSURED

O ccup ancy expense o f ba nk prem ises
O ccup ancy expense o f ba nk prem ises, n e t— t o t a l..............................................
Rental and other in c o m e .....................................
O ccupancy expense o f bank prem ises, gross— to t a l........................
Salaries— building departm ent o ffic e rs ......................
Salaries and w ages— building departm ent e m p lo y e e s ..........................
Building departm ent personnel b e n e fits ....................................
Recurring d e p re c ia tio n.............................................
Maintenance and re p a irs ...........................................
Insurance and u tilitie s.............................................................
Rents pa id...............................................
Taxes .................................................................

1 5 3 .6 5 5
6 7 9 ,0 8 4

INCOME

M e m o ra n d a
Recoveries credited to valuation reserves (not included in recoveries above):
On securities.....................................................
On lo a n s ....................................
Losses charged to valuation reserves (not included in losses above):
On s e cu ritite s ...........................................
On lo a n s .............................................

1.313

N o te : The figures in this table may differ slightly from those published by the Board of Governors o f the Federal Reserve System and the Comptroller of the Cur­

rency because of differences in rounding techniques.

203




204

Table 116. INCOME OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 IN THE UNITED STATES (STATES
AND OTHER AREAS)
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS
(Amounts in thousands of dollars)
Banks with deposits of— 2
Income item

banks1

1.420,339

2,656,149

2,057,261

1,889,110

4,724,312

11,881,962

166.661
5 3 .5 6 5
4 3 5 .4 1 4
4 .1 9 0
3 2 .0 0 4
2 0 ,0 1 0
6 02
6,467

2 7 7 .9 0 9
1 2 7 .8 6 8
8 7 8 .6 2 2
11.001
77 .7 2 2
3 1 .7 7 4
1.848
1 3.595

4 4 9 ,4 9 2
2 6 6 ,0 8 2
1.658.067
2 9 .8 1 6
158.8 9 3
4 8 .2 6 3
1 6,288
2 9 .2 4 8

3 0 0 ,6 0 4
2 2 0 .5 0 7
1.300.331
2 7 ,5 9 0
118,471
3 4 ,7 6 4
30,2 9 3
24.701

2 5 9 ,2 5 5
2 0 4 ,1 3 9
1,194,783
34 ,0 9 2
9 2 ,6 6 5
34 .7 3 6
39.931
29 .5 0 9

5 4 9 .0 0 2
4 5 7 ,0 7 8
3 ,0 6 9 ,2 7 5
84,431
2 1 1 ,6 2 3
8 9 ,5 1 5
185.295
7 8.09 3

9 6 7 .3 6 0
1.0 39 ,5 15
8.1 1 0 .4 1 6
2 05.491
359,181
2 1 4 ,8 6 4
6 3 1 ,9 1 8
3 5 3 .2 1 7

82,285

549,461

1,088,122

2,049.040

1,595,034

1.472,123

3,593,790

8,905,027

22 .5 6 6
8 ,585
2 ,505
2 .256
28 .4 0 3
83
3,692
2.157
12.038

1 1 0,834
6 5 .3 0 4
16,349
11,857
2 2 6 ,7 6 2
888
2 4 ,7 2 4
1 5 .488
7 7 .2 5 5

1 6 3 .5 5 0
148.301
3 4 .7 8 2
1 7 .936
477,131
1,729
52,847
33,441
1 5 8 .4 0 5

2 5 0 ,8 9 2
2 9 9 ,7 8 7
6 7 ,9 4 6
23 ,4 4 2
9 2 2 ,4 2 0
4 .889
10 3 .1 5 0
6 6 .6 6 5
3 0 9 ,8 4 9

174,817
247,921
5 5,829
12,933
7 1 4 .1 1 7
7.317
8 2 .0 8 6
55.1 17
2 4 4 .8 9 7

149.157
2 3 5 ,0 6 5
53 .2 1 3
9,632
6 6 4 ,9 6 9
11.279
78 .2 8 8
5 6 .0 0 5
2 1 4 .5 1 5

3 3 9 .7 0 6
6 5 3 .5 6 6
15 2.630
12.901
1.51 1.496
5 7,66 8
191.757
1 52 .4 4 6
5 2 1 .6 2 0

6 4 5 .2 5 7
1.57 9.18 4
3 7 1 .9 6 0
10.103
4 .1 3 1 ,7 2 9
4 4 5 ,1 0 9
4 3 2 .2 3 7
24 9 ,6 7 7
1.039.771

2,688

26,766

169,452

332,217

607.109

462,227

416,987

1,130,522

2,976,935

160

1,880

9.633

20,185

37,175

28,838

35,885

62,453

129,740

6,465
42,501

14
3
2

253
39
15

2,687
239
25 0

7 .2 4 0
8 59
927

15,079
1,517
2 ,1 7 0

10.789
570
3.142

10,104
274
5.482

2 3 ,0 0 0
329
12.533

2 9,18 9
2 .6 35
1 7,9 80

Transfers from valuation reserves
On loans:
Transfers from valuation reserves

12.419
58,681
107,5 2 8

101
18
22

1.037
111
425

3.339
1.154
1,964

3.281
2,571
5.307

2 .4 7 0
4 .3 7 6
11,563

601
3 .0 2 0
10.716

428
7.923
11.674

332
7.632
18.627

8 30
3 1.87 6
4 7 .2 3 0

519

5,918

42.083

86,830

161,874

128.543

121,385

285.381

924,135

41
3
2

413
47
58

4,861
938
436

10.702
1,687
1.470

23 .3 8 7
2 ,985
3,806

2 4 .1 8 9
822
4 .6 0 8

2 8 ,1 2 8
391
5,435

7 8.15 7
1,790
9.35 2

3 67.031
3 .4 54
2 9.79 3

249
176
48

2,011
2.695
694

6.8 0 3
2 4 .4 8 0
4.5 6 5

7.252
5 5.582
10,137

5.841
107,606
18.249

1.038
8 2 .9 0 3
14.983

445
7 0 ,2 6 4
16.722

977
1 60.6 6 8
34 ,4 3 7

5 56
4 4 8 .5 0 5
74,796

2,329

22,728

137.002

265,572

482,410

362,522

331,487

907,594

2,182,540

Losses, charge-offs, and transfers to valuation
reserves— to ta l..................................................... 1,756.668
On securities:
5 3 6 ,9 0 9
Losses on securities s o ld ....................................
12.1 17
Charge-offs prior to sale
54 .9 6 0
Transfers to valuation reserves
On loans:
2 5,172
Losses and charge-offs........................................
9 5 2 .8 7 9
Transfers to valuation reserves
income before related taxes
Digitized for Net
FRASER


174.631

4,694,184

10,937

109,051

2.957
574
6.298
90
4 59
4 15
1
143

29,321
6 .148
64,311
383
4 ,582
3.299
7
1,000

8,249
2,963
881
2 65
2 13
1,924
11
457
191
1.344

$100,000,000 $500,000,000
to
or
$500,000,000
more

CORPORATION

718,913

Current operating revenue— t o t a l ............................. 25,468,034
3.002.561
Interest on U.S. Government obligations
2 ,3 7 5 .4 7 6
Interest and dividends on other securities
Interest and discount on loans................................ 1 6 .7 1 7 .5 1 7
3 9 7 .0 8 4
Service charges and fees on loans
Service charges on deposit accounts..................... 1,0 5 5 .6 0 0
4 7 7 ,6 4 0
Other charges, commissions, fees, etc....................
9 0 6 .1 8 3
Trust departm ent.....................................................
5 3 5 .9 7 3
Other current operating revenue
Current operating expenses— to t a l........................... 19,343,131
1,859.742
Salaries— officers.....................................................
3 .2 3 8 ,5 9 4
Salaries and wages— other employees
7 5 5 ,4 7 9
Officer and employee benefits
10 1,273
Fees paid to directors and committees
8.678.951
Interest on time and savings deposits
5 2 8 .9 7 3
Interest on borrowed money
9 6 9 .2 3 8
Occupancy expense of bank premises— net
6 3 1 .1 8 7
Furniture and e q uipm en t........................................
2 .5 7 9 .6 9 4
Other current operating expenses
6.124,903
N et current operating earnings
Recoveries, transfers from valuation reserves.
325,949
and profits— t o t a l ................................................
On securities:
98 .3 5 5
Profits on securities sold or redeemed

$ 5 0 ,0 0 0 ,0 0 0
to
$100,000,000

INSURANCE

$ 2 5 ,0 0 0 ,0 0 0
to
$ 5 0 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0
to
$ 5 ,0 0 0 ,0 0 0

DEPOSIT

$ 1 0 ,0 0 0 ,0 0 0
to
$ 2 5 ,0 0 0 ,0 0 0

$ 1 ,0 0 0 ,0 0 0
to
$ 2 ,0 0 0 ,0 0 0

FEDERAL

$ 5 ,0 0 0 ,0 0 0
to
$ 1 0 ,0 0 0 ,0 0 0

Less
than
$ 1 ,0 0 0 ,0 0 0

1,266.933

468

4,953

33,757

67,699

126.637

97,332

79,620

249,371

607,096

1.086.787
180.146

432
36

4 ,5 4 4
409

3 0 .8 8 7
2 .8 7 0

6 2 ,7 0 7
4.9 9 2

11 8 .1 4 5
8.4 9 2

90,481
6.851

73,301
6.319

22 9 .6 6 9
19.702

476,621
1 30,475

3,427,251

1,861

17,775

103,245

197,873

355,773

265,190

251.867

658,223

1.575,444

1.589,114

564

5,505

31,813

59,098

112,987

95,531

90,855

293,522

899,239

1 .488.670

564

5,495

31.7 3 2

5 8 .7 7 6

1 1 1 .3 5 0

93 .1 1 6

86 .987

2 8 0 .5 7 9

820,071

10

81

3 22

1.637

2.4 1 5

3.868

12.943

7 9,168

100.444

71,432

138.775

242,786

169.659

161,012

364,701

676,205

153.426
6 7 8 .3 1 5

539
346

3.277
2.7 6 5

12.652
17.833

16.515
3 8 .0 6 2

2 2 .9 5 7
7 5 ,2 4 6

1 4.497
6 0 .1 8 4

12.026
5 4 .786

25 ,9 1 3
141,201

4 5,050
287,892

1.913
2 1 9 .1 1 5

33

2
7 05

17
6 .5 9 6

96
15 .3 3 6

2 63
2 7 ,4 6 3

259
17,515

155
1 7.944

510
3 3 ,8 6 8

611
9 9,655

3 2 .262
62 9 .6 9 5

120

3
1.907

73
18.267

278
4 0 .9 7 0

1.297
8 2 .6 1 0

2.7 0 6
60 .4 2 9

1.681
5 5 ,0 5 4

5,688
1 12.393

2 0,53 6
2 5 7,94 5

969,238

457

3,692

24,724

52,847

103,150

82.086

78,288

191,757

432,237

2 0 3 .3 6 5

32

2 23

1.836

3.611

10.015

11.327

19.337

5 2 ,796

104.188

1,172,603

489

3,915

26,560

56,458

113,165

93.413

97,625

244.553

536,425

4 .3 1 0

33

53

63

60

99

151

240

942

2,669

247
2
6 45
529
1.531
384
5 24

2 .6 4 5
45
5.691
3.231
7.3 5 9
2 .9 8 0
4 ,5 4 6

5 .9 1 0
160
11.951
6.9 2 7
12.611
9 .5 3 4
9 .3 0 5

1 1 .524
829
2 2 .8 4 8
14.641
12,002
2 2 ,9 3 9
18,283

9 .4 6 8
957
17.879
13.057
15.751
2 1 .0 7 4
1 5.076

9 .562
1.029
17.644
13.525
14.518
2 7,337
13.770

2 6 .632
3,545
4 0 ,4 2 0
3 1 ,98 2
3 5 ,49 7
72 ,7 5 4
32.781

45,5 97
7.397
87 ,1 46
61 ,76 9
8 3.373
178.969
69 .50 5

10
502

50
2,621

30
3 .3 4 3

41
4.201

28
2.8 7 8

33
2.8 4 9

6 .856

184
10.195

1.200

3,6 2 9

3 .4 0 8

2.9 5 0

1,023

464

382

108

111.5 9 4
13.964
2 0 4 .2 6 8
145.718
192.872
3 3 6 .0 2 2
163.855

463
33.4 8 7 |

I
13,408 II

9
44
57
230
51
65
1

42
244

86

BANKS

12,270

INSURED

1,297

OF

1,838.137

INCOME

Taxes on net incom e— t o t a l ......................................
Federal......................................................................
State ..........................................................................
N et income after related ta x e s ................................
Dividends and interest on capital— to t a l.................
Cash dividends declared on common s to c k .........
Dividends declared on preferred stock and interest
on capital notes and debentures. . . .................
Net additions to capital from in c o m e .....................
Number of banking employees (exclusive of building
employees), December 31:
Active officers...........................................................
Other em ployees.....................................................
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 of bank premises
Occupancy expense of bank premises, net— total .
Rental and other incom e.........................................
Occupancy expense of bank premises, g ro s s total ......................................................................
Salaries— building department officers ...............
S alaries and w a g e s — b u ild in g d e p a rtm e n t
employees.............................................................
Building department personnel b e n e fits ...............
Recurring depreciation............................................
Maintenance and re p a irs ........................................
Insurance and u tilitie s .............................................
Rents p a id .................................................................
Taxes ........................................................................
Number of building employees, December 31:
Officers......................................................................
Other em ployees.....................................................
Number of banks, December 3 1 ................................

1 This group of banks is the same as the group shown in Table 11 5 under the heading "Operating thrc jghout the year".
2 For asset and liability data, see Table 109, p. 191.
N o te : The figures in this table may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Cur­
rency because of differences in rounding techniques.

205




206

T able 117 . RATIOS OF INCOME OF INSURED COM M ERCIAL BANKS OPERATING THROUGHOUT 1 9 6 8 IN THE UNITED
STATES (STATES AND OTHER A R E A S)1
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 O F D E P O S IT S
Banks w ith deposits of—
$ 5 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

than

to

to

to

to

to

to

$ 1 ,0 0 0 ,0 0 0

$ 2 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

more

100,00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

27 0 4

26 89

2 3 .1 8

1 9 .5 7

1 6 .9 2

14.61

13 72

11.6 2

8 .1 4

5 ,2 5

5 64

7 45

9 00

10 0 2

10 .7 2

10.81

9^8

8 75

58.41

5 9 .3 2

6 1 .1 5

6 2 63

6 3 .5 5

64 55

65 05

6 6 .7 5

6 9 .9 9

4 20

4 20

4 .4 5

5.47

5 98

5 76

4.91

4 .4 8

302

3 79

3 03

2 .7 8

2 24

1.82

1 69

1 84

1 89

1.81

1.32

92

.9 8

1 09

1.71

2 .6 7

3 .6 8

5 .5 8

8 .2 9

C u rre n t o p e ra tin g expenses— t o t a l ................................
Salaries, wages, and fees.................................................
Officer and employee b e n e fits .......................................
Interest on tim e and savings d e p o s its ..........................
Occupancy expense of bank premises— n e t ..............
Furniture and e q u ip m e n t.................................................
Other current operating e x p e n s e s ................................

75.42

75.46

76.43

76.61

77.14

77.53

77.93

76.07

74.95

3 7 .0 9

3063

2 6 .1 5

2 3 22

21.61

21 18

20 85

2 1 .3 0

18 81

2.4 2

2 30

2.71

2 82

3 23

26 05

2 .4 5
3 3 .5 9

2 56

17 59

2 27
3 1 .5 4

3 4 73

34.71

3 39

3 44

3 99

3 5 .2 0
4 .1 4

3 1 .9 9
406

3 13
3 4 77
3 64

1 75

1 98

2 68

2 96

3 23

2 10

11.11

2 .1 5
10 87

2.51

12 3 9

3 .7 2
2 .3 5
1 1.27

3 88
1 1.85

1 2 .2 6

1 1.95

12 2 6

12 5 0

N e t c u rre n t o p e ra tin g e a r n in g s .......................................
A m o u n ts per $ 1 0 0 o f to ta l asse ts2
Current operating revenue— to ta l.......................................
Current operating expenses— to ta l.....................................
Net current operating e a rn in g s ...........................................
Recoveries, transfers from valuation reserves, and
profits— t o t a l .....................................................................
Losses, charge-offs, and transfers to valuation
reserves— t o t a l .................................................................
Net income before related ta x e s .........................................
Net income after related ta x e s ...........................................
M e m ora nda
Recoveries credited to valuation reserves (not included
in recoveries above):

24.58

24.54

23.57

23.39

22.86

22.47

22.07

23.93

25.05

5 .57

5 .2 6
3 94
1.32

On lo a n s .............................................................................
Losses charged to valuation reserves (not included
in losses above):
On securities.......................................................................
On lo a n s .............................................................................

.01

A m o u n ts per $ 1 0 0 of c u rre n t o p e ra tin g revenue
C u rre n t o p e ra tin g revenue— to t a l.....................................
Interest on U.S. Government o b lig a tio n s ....................
Interest and dividends on other s e c u ritie s ..................
Income on lo a n s ...............................................................
Service charges on deposit a c c o u n ts ..........................
Other service charges, com missions, fees, e tc........
Other current operating re v e n u e ..................................




4 18

$ 1 0 0 ,0 0 0 ,0 0 0 $ 5 0 0 ,0 0 0 ,0 0 0
or
to

401

5 51

5.61

5 .6 4

5 68

3 .0 3

4 16

4 .2 9

432

4 .3 8

5 69
4 .41

5 .6 8
4 43

4 .2 4

99

1 35

1.32

1.32

1 .3 0

1 .28

1.25

1 .33

06

.10

08

08

.08

08

.1 1

07

06

19
85

30

33

.34

.35

36

37

34

.41

1.15

1 07

1.05

1.03

1 00

1 00

1.07

.97

68

90

.81

79

.76

.73

76

.78

.7 0

<3)
04

.14

.1 6

<3)

(3)

(3)
06

05

.01
.1 8

.17

<3)

(3)

(3)
.10

.0 6

.0 5

04

(3)

<3)

(3)

<3)

(3)
04

.04

.01

.01

.01

.17

.13

.11

.05

CORPORATION

$ 2 ,0 0 0 ,0 0 0

INSURANCE

$ 1 ,0 0 0 ,0 0 0

DEPOSIT

Less

FEDERAL

Income item

A m o u n ts per $ 1 0 0 o f to ta l c a p ita l a c c o u n ts 2
Net current operating e a rn in g s ..........................................
Recoveries, transfers from valuation reserves, and
profits— t o t a l .....................................................................
Losses, charge-offs, and transfers to
valuation
reserves— t o t a l .................................................................
Net income before related ta x e s ........................................
Taxes on net in c o m e .............................................................
Net income after ta x e s .........................................................
Cash dividends de cla red......................................................
Net additions to capital from in c o m e ................................

Number of banks, December 3 1 ........................................

17 00

17.73

17.07

18 18

17.67

.59

.87

.79

.97

1 04

1.1 1

1.47

1.00

.77

1 92
8 62
1.73
6 89
2 09
4.80

2 74
10 52
2 29
8 23
2 55
5.68

3 46
11 28
2 78
8.50
2 62
5 88

4.16
12 73
3 24
9 48
2 83
6 65

4 53
13.51
3 55
9 96
3.16
6.80

493
13 90
3 73
10.17
3 66
6 51

497
13.57
3 26
10.31
3.72
6 59

4.59
14.59
4.01
10 58
4.72
5.86

549
12 96
3.60
9.35
5.34
4.01

.33

.54

74

.01
77

.01
.67

.01
.73

.01
.54

.59

.44

88

.01
1 50

01
1.96

.04
2 31

.10
2 32

.07
2 25

.09
1 81

.12
1.53

5.15

7 22

7.17

7.12

7.04

6.92

6 96

6 84

6 57

3.99
1.87
.36
1.74

5.06
2 85
.46
3 80

5.07
3 18
.55
3 98

5.04
3.31
71
4.03

500
3 43
.81
4.06

4.95
3.64
.77
4.12

4.89
3.69
65
4.23

483
3.66
.53
4.22

4.79
3.77
.34
4.95

4.18
.29
4.47

3.39
.20
3.59

3 44
.26
3.69

3.72
.25
3.97

3.88
.38
4.26

3.99
.55
4.54

4.14
1.02
5.17

4.06
1.12
5.18

3.64
88
4.51

.38

.28

.40
52
2.10
47
.59

59
.49
1.40
.35
.48

38
.01
.79
.45
1.02
.41
.63

42
.01
84
49
89
67
66

44
03
.86
55
83
.86
69

.47
.05
.87
63
.77
1.02
.73

.52
.05
.93
72
.77
1.45
.73

.58
08
.86
68
.75
1.54
.69

.41
.06
.73
.52
.70
1.51
.58

244

1.200

3.629

3,408

2.950

1.023

464

382

108

(3)
.12

(3)

(3)

(3)

BANKS

O ccupancy expense o f bank prem ises per $ 1 0 0
o f c u rre n t o p e ra tin g revenue
O ccupancy expense o f bank prem ises, n e t— to ta l. . . .
Rental and other in c o m e .....................................................
O ccupancy expense o f bank prem ises, gross— to ta l. .
Salaries and wages— building departm ent officers
and e m p lo y e e s .............................................................
Building departm ent personnel b e n e fits ......................
Recurring d e p re c ia tio n ....................................................
M aintenance and re p a irs ................................................
Insurance and utilitie s .......................................................
Rents p a id ...........................................................................
Taxes ...................................................................................

15 92

13 95

OF INSURED

S pecial ra tio s 2
Income on loans per $ 1 0 0 of lo a n s ..................................
Income on U.S. Governm ent obligations per $ 1 0 0 of
U.S. Governm ent o b lig a tio n s ........................................
Income on other securities per $ 1 0 0 of other securities
Service charges per $ 1 0 0 of demand d e p o s its ..............
Interest paid per $ 1 0 0 of tim e and savings deposits . ..

12 39

INCOME

M e m o ra n d a
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 lo a n s .............................................................................

9 95

1 This group of banks is the same as the group shown in Table 11 5 under the heading "O perating throughout the year."
2 Ratios are based upon average assets and liabilities reported at beginning, middle, and end of year.
3 Less than .005.

207




208

T able 118. INCOME OF INSURED C O M M ER C IA L BANKS IN THE UNITED STATES (STATES A N D OTHER AREAS),
BY STATE, 1 9 6 8
(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item

Total
United
States

Other areas
Virgin
Puerto
Islands
Rico

50 States
and
Alabam a
DC.

Alaska

Arizona

Arkansas California

2 5 ,3 8 9 ,1 4 9

2 4 9 ,8 6 1

2 9 .1 1 2

1 8 9 ,0 0 2

450
449
2,221
607
56
101

2.996.676
2.370.582
16.663,491
389.488
1,053.097
475.602
906.154
534.059

39.262
24,668
157,025
2.699
14.085
5.036
4,510
2,576

3.989
2.338
16.879
1,345
2,414
1,649
145
353

14.128
14.154
134.565
3,772
11.696
3.698
4.101
2,888

C urrent op e ra tin g expenses— to t a l.............................
Salaries— o ff ic e r s .......................................................
Salaries and wages— other em ployees..................
Officer and employee b e nefits...................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y .....................................
Occupancy expense of bank prem ises— n e t..........
Furniture and e q u ip m e n t...........................................
Other current operating e x p e n s e s ...........................

1 9 ,3 5 4 ,2 3 7

7 0 ,5 7 6

3,4 5 1

1 9 ,2 8 0 ,2 1 0

1 8 3 ,5 1 9

2 3 ,0 4 5

1 5 5 .0 9 4

1,861.448
3.240.355
755.744
101,313
8.681,705
528,986
970.034
631.564
2.583.088

6.773
14,529
3.421
214
26,500
831
4.084
2.295
11.929

292
766
175
11
1.526
22
152
55
452

1.854.383
3.225.060
752.148
101.088
8.653.679
528.133
965.798
629,214
2.570.707

23.063
32.639
7.550
1.510
74,545
638
8.625
7.415
27.534

3,319
5.034
839
68
7.943
35
1.374
1,149
3.284

15.598
29.197
6.121
224
67,818
2.313
8.612
5.291
19.920

N et c u rre n t op eratin g e a r n in g s .................................

6 ,1 2 4 ,1 6 7

1 4 ,6 1 7

611

6 .1 0 8 ,9 3 9

6 6 ,3 4 2

6 ,0 6 7

3 3 .9 0 8

3 2 6 ,0 3 4

1 ,5 7 4

2

3 2 4 ,4 5 8

3 ,2 2 4

272

2 .2 2 3

98.417
6.465
42.501

1,172

97.245
6.465
42,501

1,785
51
371

61

160

811
5

12,419
58,681
107,551

88
44
270

12,331
58,637
107,279

172
184
661

6
211

1 ,7 5 7 ,2 1 9

5 ,1 9 8

1 ,7 5 1 ,7 7 8

1 6 ,9 1 0

536,937
12.117
54.960

250

6

536,681
12.1 17
54.960

3,366
155
352

25.219
953,305
174,681

873
3.869
206

231

6

24.346
949,205
174,469

520
9.971
2.546

4 .6 9 2 .9 8 2

1 0 ,9 9 3

370

4 ,6 8 1 ,6 1 9

5 2 ,6 5 6

R ecoveries, tra nsfers fro m v a lu a tio n reserves.
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R e co v e rie s ................................................................
Transfers from valuation re s e rv e s .......................
On loans:
R e co v e rie s...............................................................
Transfers from valuation re s e rv e s .......................
All o th e r..........................................................................
Losses, cha rge-offs, and tra n s fe rs to va lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld .......................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves.............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves.............................
All o th e r..........................................................................

DigitizedN et
forincom
FRASER
e before re la ted t a x e s ...............................


178

2
243

1 4 2 ,5 7 1

2 ,9 0 9 ,8 8 1

2 4 4 ,0 8 1

229,987
259.435
1,971.315
69,989
159.812
54.310
77.729
87.304

27,381
15,638
157,339
4.543
17.080
5.521
10,136
6.443

1 0 8 ,4 9 0

2 ,3 4 5 ,6 5 2

1 8 7 ,8 2 4

15,950
17,158
3,795
1.499
39.853
1,187
6.553
4.715
17,780

214.753
395.002
85.655
2.104
1,153,584
61,475
127,247
66,401
239,431

22.095
31,786
6,305
1.492
74.978
2,397
10.427
8.016
30.328

3 4 ,0 8 1

5 6 4 ,2 2 9

5 6 ,2 5 7

1 .8 8 8

2 1 .0 0 3

2 ,4 9 8

4.640
30
4.363

954
80
214

2.057

344
115
613

913
1.214
9,843

293
63
894

2 ,0 0 4

1 8 ,0 3 6

9 .4 9 3

1 9 6 ,8 0 4

1 4 ,9 1 6

427

4,958
282

1,090
145
57

37.849
622
11.086

2.244
193
1

1,305
272

18
11,817
961

462
6,033
1,706

1,131
118,995
27.121

366
10,1 10
2,002

4 ,3 3 5

1 8 ,0 9 5

2 6 ,4 7 6

3 8 8 ,4 2 8

4 3 ,8 3 9

19,812
14,645
93,303
703
7,760
3,543
1,394
1,41 1

CORPORATION

4 ,0 6 2

7,529
5.192
57.387
7,885
2,81 1
2,325
52
2,012

INSURANCE

8 5 ,1 9 3

3.004,655
2,376,223
16.723.099
397.980
1.055,964
478.028
906.206
536.249

DEPOSIT

2 5 ,4 7 8 ,4 0 4

FEDERAL

C u rre n t o p e ra tin g revenue— t o t a l ...............................
Interest on U.S. G overnm ent o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s .................................
Service charges and fees on lo a n s ...........................
Service charges on deposit acco unts.......................
Other charges, com missions, fees, e tc ....................
Trust d e p a rtm e n t.........................................................
Other current operating revenue...............................

Colorado

1 .2 6 7 ,0 4 4

792

-4 8

1 ,2 6 6 ,3 0 0

1 6 ,3 0 6

1 ,1 7 5

1 ,9 7 0

6 .0 5 3

9 5 ,7 6 2

1 4 ,2 1 9

1,086.889
180.155

688
104

-48

1.086.249
180.051

13.789
2,517

1,168
7

1,563
407

6.053

55,966
39.796

11,958
2,261

N e t in co m e a fte r re la te d ta x e s ..................................

3 ,4 2 5 ,9 3 8

1 0,201

418

3 ,4 1 5 .3 1 9

3 6 ,3 5 0

3 ,1 6 0

1 6 ,1 2 5

2 0 ,4 2 3

2 9 2 ,6 6 6

2 9 ,6 2 0

D ivide nds and in te re s t on c a p ita l— to t a l..................
Cash dividends declared on com m on s to c k ..........
Dividends declared on preferred stock and inter­
est on capital notes and d e b e n tu re s ..................

1 ,5 8 9 ,1 1 4

3 .7 7 8

1 .5 8 5 .3 3 6

1 4 ,0 9 4

686

1 0 ,3 3 9

6 ,2 7 7

1 6 0 ,7 9 2

1 3 .0 1 8

1,488,670

3,168

1.485,502

14,091

645

8.891

5.984

145,476

12,674

100,444

610

99,834

3

41

1,448

293

15,316

344

N e t a d d itio n s to c a p ita l fro m in c o m e ......................

1 .8 3 6 .8 2 4

6 .4 2 3

418

153.655
679,084

698
3,353

1.913
219.1 15

Number of banking em ployees (exclusive of building
employees). December 31:
Active o ffic e rs ...............................................................
Other e m p lo y e e s .........................................................

2 .4 7 4

5 .7 8 6

1 4 .1 4 6

1 3 1 ,8 7 4

1 6 ,6 0 2

23
170

152,934
675,561

2.043
7,991

194
856

1.334
6.225

1.597
4.402

18.221
76.553

1,809
6.948

1,152

62

1,913
217.901

32
3,183

5
719

3,260

16
1.796

40
29.737

2,630

32.262
629.707

2,743

126

32.262
626.838

119
10.311

1,783

9.289

213
5.343

7,917
95.791

8,544

9 7 0 ,0 3 4

4 .0 8 4

152

9 6 5 ,7 9 8

8 ,6 2 5

1 .3 7 4

8 .6 1 2

6 ,5 5 3

1 2 7 ,2 4 7

1 0 ,4 2 7

203.389

551

23

202.815

766

488

579

13,381

3,645

1 .1 7 3 ,4 2 3

4 ,6 3 5

175

1 ,1 6 8 ,6 1 3

7 ,1 3 2

1 4 0 ,6 2 8

1 4 ,0 7 2

9 ,3 9 1

2.01 1

1 .8 6 2

1 0 .6 2 3

85

29

478

19

36
12
371
440
399
307
297

744
117
1.848
946
2.633
3.091
1.159

815
75
2.150
664
1.418
1.032
949

5.173
843
16.812
22.378
17,326
61.404
16.214

1.134
127
1.659
1,396
2,188
5.915
1.634

2 ,7 0 4 ,7 3 1

4 8 ,7 3 2 ,1 3 8

3 ,9 6 4 ,9 1 7

2 ,4 3 7 ,6 6 0

4 2 ,6 6 7 ,6 0 5

3 .5 6 3 ,0 9 0

2 2 2 ,9 8 4

3 ,1 9 8 ,3 6 6

2 9 6 .2 5 8

49

4.263

29

111.626
13.969
204.383
145.808
193.038
336.355
163.932

406
89
588
652
636
1.967
248

4
32
37
98
4

111.220
13.880
203.791
145.124
192.365
334.290
163.680

990
107
1.716
1.045
1.706
3,393
405

4 6 8 ,2 1 3 ,1 0 7

1 ,1 6 9 ,7 1 5

5 7 ,0 1 0

4 6 6 ,9 8 6 ,3 8 2

4 ,4 7 3 ,5 2 1

4 1 7 .6 8 7

2 .9 8 4 .5 2 3

4 0 7 ,5 0 8 ,2 6 0

1 ,0 2 7 .7 6 0

5 1 ,1 3 1

4 0 6 .4 2 9 ,3 6 9

4 ,0 1 3 ,2 2 8

3 8 4 .3 6 7

2 .6 5 0 ,7 2 0

3 5 ,3 3 2 ,1 4 8

9 3 ,6 4 0

4 ,4 0 9

3 5 ,2 3 4 ,0 9 9

3 6 8 ,4 2 9

2 7 ,1 3 8

1 9 9 ,9 5 5

Number of building employees. December 31:
O ffic e r s .........................................................................
Other e m p lo y e e s .........................................................

463
33.523

6
115

457
33.408

4
379

6

7
140

6
303

33
934

5
307

Number of banks, December 3 1 ..................................

13.488

7

13.480

268

10

13

245

156

219

A vera ge assets and lia b ilitie s
T o ta l a s s e ts .....................................................................
T o ta l d e p o s its ....................................... ......................
T o ta l ca p ita l a c c o u n ts ...................................................




1

209

4.312

BANKS

O ccupancy expense o f
bank prem ises
O ccupancy expense, n e t— t o t a l..................................
Rental and other incom e.................................................
O ccupancy expense, gross— to ta l. .............................
Salaries— building departm ent o ffic e rs ..................
Salaries and w a g e s — b u ild in g
d e p a rtm e n t
em ployees.................................................................
Building departm ent personnel b e n e fits ................
Recurring d e p re c ia tio n ...............................................
M aintenance and re p a irs ...........................................
Insurance and u tilitie s .................................................
Rents p a id .............................................................
Taxes .............................................................................

2 2 ,2 5 6

OF INSURED

M e m o ra n d a
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities.................................................................
On lo a n s .......................................................................
Losses charged to valuation reserves (not included
in losses above):
On securities.................................................................
On lo a n s .......................................................................

1 .8 2 9 .9 8 3

INCOME

Taxes on ne t in c o m e — t o t a l .........................................
Federal...........................................................................
S ta te ...............................................................................

210

Table 118. INCOME OF INSURED C O M M ER C IAL BANKS IN THE UNITED STATES (STATES A ND OTHER AREAS).
BY STATE, 1 9 6 8 — CONTINUED
(AMOUNTS IN THOUSANDS OF DOLLARS)
Income item

Connecticut

Delaware

D.C.

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

6 4 1 ,1 6 0

4 2 6 ,3 5 4

8 9 ,9 8 0

7 2 ,9 5 3

1 .8 4 4 .7 3 4

5 3 2 ,3 6 1

3 1 7 ,2 0 4

29,364
9,756
94,062
2.419
7,885
1,702
7,601
4,347

108,508
77,478
357,291
13.646
39.353
12,315
16,511
16,058

46,668
30.961
271,006
10,016
27.346
21,202
12,273
6.882

7,957
8.081
60.727
4.246
3,012
3,142
1,005
1.810

8,044
5,595
49.180
1.^16
5.335
2,303
462
518

275,630
187,351
1.161,355
19.354
49,293
23,332
78,737
49.682

96.258
42,852
333.931
6,590
20.106
13.231
12,317
7,076

55.531
27,991
203,707
1,483
13,681
7,177
4,266
3.368

C u rre n t o p e ra tin g expenses— to t a l.............................
Salaries— o ff ic e r s .......................................................
Salaries and w ages— other e m p lo y e e s ..................
Officer and em ployee be nefits...................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y .....................................
Occupancy expense of bank premises— n e t..........
Furniture and e q u ip m e n t...........................................
Other current operating e x p e n s e s ...........................

2 2 7 ,4 3 0

4 6 ,8 9 0

1 0 9 ,0 6 5

4 8 6 ,5 2 5

3 2 2 ,4 3 4

7 0 ,3 7 5

5 5 ,6 2 4

1 ,3 8 2 ,3 0 2

4 1 3 ,0 9 8

2 4 5 ,5 0 1

24,477
47,294
11.464
1,179
83,044
2,211
14,591
9.594
33,576

6,229
11,186
2,320
280
15.017
168
2.835
2,552
6.303

10,685
19,694
3,500
586
43,830
1,755
6,888
3,762
18,365

51,225
82,992
17,550
3,938
204,278
6.235
21,690
22,552
76,065

37.012
59.096
16,866
2.924
116,685
5,994
20,013
11,864
51,980

6,567
12,730
3,836
308
30,074
271
4.1 17
3.082
9,390

7,088
9,133
2,236
225
23.754
208
2.339
2,541
8.100

121,487
200,327
51,665
7.646
683,881
44,834
54,952
40,363
177,147

44,849
65,229
14,1 17
3,287
179.824
8.106
20.783
15.199
61,704

39,177
31,228
8,174
1,721
110,716
1.265
10.576
8,974
33,670

N e t c u rre n t op e ra tin g e a r n in g s .................................

7 1 ,1 5 8

2 5 ,5 1 6

4 8 ,0 7 1

1 5 4 ,6 3 5

1 0 3 ,9 2 0

1 9 ,6 0 5

1 7 ,3 2 9

4 6 2 ,4 3 2

1 1 9 ,2 6 3

7 1 ,7 0 3

2 ,0 3 0

1 .2 0 8

1 ,1 9 3

R ecoveries, tra n s fe rs fro m v a lu a tio n reserves,
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R e co v e rie s ................................................................
Transfers from valuation re s e rv e s ..................
On loans:
R e co v e rie s...............................................................
Transfers from valuation re s e rv e s ......................
All o th e r..........................................................................
Losses, ch a rg e -o ffs , and tra n s fe rs to v a lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld .......................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves.............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves.............................
All o th e r..........................................................................
N et incom e before re la ted t a x e s ...............................




8 ,0 2 5

8 ,5 0 6

626

520

2 7 ,9 9 3

1 0 ,4 9 5

3 ,8 7 3

439
24
202

292
2

581
2

2,328
175
240

2,579
112
2.563

24

123
2
251

8,690
2,726
1,615

3.407
116
1.940

1,853
139
215

2
409
954

13
695
206

16
15
579

188
901
4.193

185
841
2,226

3

68

599

76

423
7,761
6.778

275
1.829
2.928

306
173
1,187

1 8 ,5 9 2

4 ,5 0 6

5 ,5 1 9

4 7 ,3 4 8

3 6 ,9 4 9

5 ,5 7 4

3 ,4 9 8

1 4 0 ,6 6 7

3 7 ,3 6 9

1,659

431

11,456
199
622

1,248

808
45

49,691
454
8.992

7,774
313
1,837

3,013
218
113

199
2,023
423

1,281
71,185
9,064

427
23,228
3.790

401
9,583
1,973

3 4 9 ,7 5 8

9 2 ,3 8 9

6 0 ,2 7 5

5,510
2
45

17

10,157
549
476

11,319
1,716

22
2,649
176

4.003
1,068

725
30,497
4,944

358
19,569
4,745

3.395
931

5 4 ,5 9 6

2 2 ,2 1 8

4 3 ,7 4 5

1 1 5 ,3 1 2

7 5 ,4 7 7

1 4 ,6 5 7

1 4 .3 5 1

1 5 ,3 0 1

CORPORATION

1 5 7 ,1 3 6

8.834
8,027
42,286
1,280
1,685
738
8,215
1,341

INSURANCE

7 2 ,4 0 6

24,447
29,169
196,743
2.953
15,317
5.357
21,152
3,450

DEPOSIT

2 9 8 ,5 8 8

FEDERAL

C u rre n t op e ra tin g re venue— t o t a l ...............................
Interest on U.S. Governm ent o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s .................................
Service charges and fees on lo a n s ...........................
Service charges on deposit a cco u n ts.......................
Other charges, com missions, fees, e tc .....................
Trust d e p a rtm e n t..........................................................
Other current operating re venue...............................

7 ,9 9 0

1 8 .1 9 8

2 6 .9 2 2

1 9 .7 1 2

2 ,9 9 7

4 ,5 5 1

9 6 .2 5 6

2 5 .9 6 2

1 6.031

11.854
5.278

7,537
453

18.198

26.922

19.712

2,317
680

3.825
726

96.256

25.962

16.031

N e t incom e a fte r re la ted ta x e s ...................................

3 7 ,4 6 4

1 4 ,2 2 8

2 5 ,5 4 7

8 8 ,3 9 0

5 5 ,7 6 5

1 1 ,6 6 0

9 ,8 0 0

2 5 3 ,5 0 2

6 6 ,4 2 7

4 4 ,2 4 4

D ivide nds and in te re s t on c a p ita l— to t a l..................
Cash dividends declared on com m on s to c k ..........
Dividends declared on preferred stock and inter­
est on capital notes and d e b e n tu re s ..................

1 8 ,4 5 4

8 .5 9 6

1 1 ,3 8 6

2 6 ,2 2 5

2 6 ,1 3 3

7 ,4 0 9 *

4 ,2 2 8

9 3 ,8 4 1

2 3 ,1 5 2

1 5 ,0 3 2

18,325

8.596

10.491

25.402

23.324

6,1 17

4.077

92,960

22.754

14,916

N e t a d d itio n s to c a p ita l fro m in c o m e ......................

1 9 ,0 1 0

5 ,6 3 2

1 4 ,1 6 1

1.808
9,811

461
2,465

75
1,530
295
6,273

Num ber of banking em ployees (exclusive o f building
employees), Decem ber 31:
A ctive officers...............................................................
Other e m p lo ye e s.........................................................
M e m o ra n d a
Recoveries credited to valuation
included in recoveries above):

reserves

2.809

151

881

398

116

2 9 ,6 3 2

4 ,2 5 1

1,292

5 ,5 7 2

1 5 9 ,6 6 1

4 3 ,2 7 5

2 9 ,2 1 2

717
3,839

4.523
20.065

3,242
12.690

505
2,749

602
2.105

9,210
39,339

3.806
14,833

3,442
7,848

144

875

59
6.426

83
2.938

588

280

35
16,094

2
4,634

2,145

678

3.407

346
21.868

425
8.902

2.071

1.336

4,970
49,91 1

23
16,214

171
6,243

2 0 ,0 1 3

4 ,1 1 7

2 ,3 3 9

(not

On lo a n s .......................................................................
Losses charged to valuation reserves (not included
in losses above):
On securities ...............................................................
On lo a n s .......................................................................

Number of banks, December 3 1 ...................................

1 4 .5 9 1

2 ,8 3 5

6 ,8 8 8

2 1 ,6 9 0

5 4 ,9 5 2

2 0 ,7 8 3

1 0 ,5 7 6

2,036

229

1.206

6.555

2.861

1,615

353

13,075

3,257

1,601

1 6 ,6 2 7

3 ,0 6 4

8 ,0 9 4

2 8 ,2 4 5

2 2 ,8 7 4

5 ,7 3 2

2 .6 9 2

6 8 ,0 2 7

2 4 ,0 4 0

1 2 ,1 7 7

132

69

62

223

66

37

2,634
307
5.365
4,079
5,482
5,513
4,733

1,429
134
3,733
2.330
3.148
7.873
4.158

213
67
818
658
1,275
2,199
440

9,416
1,049
11,339
8.426
8.793
19.1 15
9.666

3.137
271
4,396
3,421
4,102
5,533
3,114

1,556
100
2.224
1.565
2,303
2,566
1,826

41
1,324
190
2,868
1,958
3,374
4,323
2,549

125
15
308
239
449
1,818
110

1.255
141
1.036
770
1.389
2,688
815

225
19
640
220
555
678
355

5 .0 4 9 .4 6 0

1 ,2 5 0 ,1 2 5

2 .9 2 9 .4 2 2

1 1 .5 0 2 .2 3 7

6 .8 0 5 ,7 2 7

1 ,4 1 0 ,9 7 8

1 .1 8 8 .1 2 9

3 4 ,6 3 1 .8 9 8

9 ,9 0 1 ,7 7 4

5 ,9 7 9 ,7 4 8

4 .4 6 5 ,0 1 0

1 ,1 0 4 ,3 4 2

2 .6 3 2 .4 7 8

1 0 ,3 8 2 ,9 0 7

6 ,0 0 1 ,9 6 1

1 ,2 5 8 ,9 8 9

1 ,0 7 8 ,3 8 2

2 9 .9 3 3 .4 0 8

8 ,8 3 4 ,5 2 7

5 ,4 1 9 ,2 7 4

3 9 0 .1 5 8

1 1 4 ,1 9 9

2 1 9 ,7 7 5

8 1 7 ,3 5 0

5 7 2 ,8 3 2

1 2 6 ,7 5 1

8 2 ,6 0 8

2 .6 1 6 .4 4 6

6 9 0 ,5 0 3

4 8 8 ,9 4 6

4
305

48

272

13
664

17
515

4
85

1
65

20
2.141

11
1.029

14
780

63

19

14

456

417

7

26

1.069

41 1

661

BANKS

O ccupancy expense o f bank prem ises
O ccupancy expense, n e t— t o t a l..................................
Rental and other incom e.................................................
O ccup ancy expense, g ro ss— t o t a l..............................
Salaries— building departm ent o ffic e rs ..................
Salaries and w a g e s — b u ild in g
d e p a rtm e n t
em ployees.................................................................
Building departm ent personnel b e n e fits ................
Recurring d e p re c ia tio n ...............................................
Maintenance and re p a irs ...........................................
Insurance and u tilitie s .................................................
Rents p a id .....................................................................
Taxes .............................................................................
A vera ge assets and lia b ilitie s 1
T o ta l a s s e ts .....................................................................
T o ta l d e p o s its .................................................................
T o ta l c a p ita l a c c o u n ts ...................................................
Number of building employees, December 31:
O ffic e r s .........................................................................
Other e m p lo ye e s.........................................................




823
6 2 ,1 6 5

895

129

OF INSURED

1 7 ,1 3 2

INCOME

Taxes on ne t in c o m e — t o t a l .........................................
Federal...........................................................................
S tate...............................................................................

212

T able 118. INCOME OF INSURED C O M M ER CIAL BANKS IN THE UNITED STATES (STATES A N D OTHER AREAS),
BY STATE, 1 9 6 8 — CONTINUED
(AMOUNTS IN THOUSANDS OF DOLLARS)

C urrent o p eratin g revenue— t o t a l ..............................
Interest on U.S. Government o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s ................................
Service charges and fees on lo a n s ..........................
Service charges on deposit accounts......................
Other charges, commissions, fees, e tc ....................
Trust d e p a rtm e n t.........................................................
Other current operating revenue..............................

2 5 0 ,9 0 8

2 4 5 ,0 9 4

3 1 9 .7 3 1

7 0 ,9 9 9

2 6 6 ,3 5 1

6 3 5 .5 6 1

1 .1 1 8 .7 3 2

48.741
25,487
151,771
1.472
13.677
4.572
2,490
2.698

45.742
22.687
150.654
3.678
8.569
3.1 11
7.601
3.052

57.017
29.397
196.438
3.566
16.635
9.544
2.215
4,919

6.359
6.724
48,752
730
3.893
771
2.660
1.110

37.584
20.127
173.689
5.298
17.272
4.257
5,135
2.989

55.161
54,035
415.971
7,260
31.230
18.660
35.957
17.287

139.526
109.069
758.039
20.970
36.702
15.557
26.541
12.328

C urrent o p eratin g expenses— to t a l............................
Salaries— o ffic e r s .......................................................
Salaries and wages— other em ployees ..................
O fficer and employee benefits..................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y ....................................
Occupancy expense of bank premises— n e t..........
Furniture and e q u ip m e n t...........................................
Other current operating e x p e n s e s ..........................

1 7 9 ,3 7 2

1 7 7 ,5 6 2

2 3 8 .3 9 9

5 6 ,1 5 7

1 9 1 .7 9 9

4 6 3 ,1 9 8

30.094
23.845
6.127
2.049
76.670
896
7.986
6.420
25.285

22.971
28,927
6.596
1.889
72.020
1.460
8.657
6,885
28.157

25,742
39.240
8,411
2.889
92.210
4.130
13.462
9.406
42,909

6.130
10,901
2.383
507
20.526
948
3.331
2.433
8.998

17.614
41.071
7.793
1.323
68.431
3.595
12.877
8.626
30.469

45.525
100.564
24.059
1.883
148.009
26.445
29.314
18.881
68,518

7 1 ,5 3 6

6 7 .5 3 2

8 1 ,3 3 2

1 4 .8 4 2

7 4 ,5 5 2

2 ,9 9 3

4 ,1 3 6

6 ,1 4 8

852

930
27
473

1.273
67
345

2,600
37
591

569
249
745

245
143
2.063

1 3 ,8 8 7

N e t cu rre n t op e ra tin g e a r n in g s ................................
Recoveries, tra n sfe rs fro m v a lu a tio n reserves,
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R ecove ries...............................................................
Transfers from valuation re s e rv e s ......................
On loans:
R ecove ries...............................................................
Transfers from valuation re s e rv e s ......................
All o th e r.......................................................................
Losses, cha rge-offs, and tra n sfe rs to v a lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld ......................................
Charge-offs prior to sale........................................
Transfers to valuation reserves............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves............................
All o th e r.........................................................................
N e t incom e before re la ted t a x e s ..............................




M issis­
sippi

Missouri

4 8 2 ,6 0 7

1 5 9 .0 1 3

5 9 1 ,7 9 8

69.225
48.317
298,767
5.092
22.258
20.273
12,360
6.315

21.086
16.965
99.973
742
9.282
5.788
1,278
3,899

98.122
64.736
368.363
4.827
20.160
8.848
14.223
12.519

9 1 2 .1 4 6

3 8 0 .2 3 3

1 1 7 .2 4 3

4 3 1 ,1 1 2

58.311
141.343
28.954
3.297
497.507
22.823
40,035
23.472
96.404

45.063
48.216
12,959
2,913
184.756
10.933
14.485
13.413
47.495

15.934
19.760
4.835
1,412
39.702
1,432
5.075
6.085
23.008

47,612
67.569
13.730
3.595
192.795
11.604
18,180
14.747
61.280

1 7 2 .3 6 3

2 0 6 .5 8 6

1 0 2 .3 7 4

4 1 .7 7 0

1 6 0 .6 8 6

8 ,4 2 7

8 .2 2 2

7 .0 4 2

4 .8 9 3

3 .5 3 2

1 1 .4 3 5

347
21
15

687
84
1,491

587
54
266

3.175
67
402

1.558
184
221

517
487
586

4.183
71
691

283
440
2,197

34
23
412

151
2,496
3,518

49
3.380
3.886

149
495
2.754

573
288
2.069

312
851
779

408
3.306
2.776

1 4 .8 0 4

2 0 .6 3 3

3 .4 8 3

1 6 ,2 6 9

5 5 .1 2 3

6 2 .9 5 0

2 8 ,1 2 4

1 4 ,9 4 0

3 6 .4 2 0

2.1 17
412
174

1.242
367
1.018

1,349
406
1,432

1.416
29
15

2.369
52
888

16.642
34
1.109

26.034
216
12

7.288
938
80

1,156
819
2.192

8.791
300
1.284

1.253
8.233
1,698

294
9.153
2.730

622
13,499
3.325

3
1.353
667

458
10.031
2.471

152
29,141
8,045

306
32.005
4.377

515
15.431
3.872

591
7.866
2.316

653
21.469
3.923

6 0 ,6 4 2

5 6 .8 6 4

6 6 ,8 4 7

6 6 .7 1 0

1 2 5 ,4 6 2

1 5 0 ,6 7 8

7 9 .1 4 3

3 0 ,3 6 2

Maine

1 2 ,2 1 1

Maryland M assachu­ M ichigan Minnesota
setts

1 3 5 ,7 0 1

CORPORATION

Louisiana

INSURANCE

Kentucky

DEPOSIT

Kansas

FEDERAL

Income item

Taxes on ne t inco m e — t o t a l ..........................
Federal..................................................
S ta te .........................................................
N e t incom e a fte r re la ted ta x e s ............................
D ivide nds and in te re s t on c a p ita l— to t a l............
Cash dividends declared on com mon stock . . . .
Dividends declared on preferred stock and
interest on capital notes and debentures . . .
N e t a d d itio n s to c a p ita l fro m in c o m e ................
Number o f banking employees (exclusive o f build­
ing employees), December 31:
A ctive officers................................
Other e m p lo y e e s ..........................

2 .1 2 3

2 2 .7 5 0

4 1 .4 7 5

2 5 ,4 7 8

2 4 ,3 3 5

19.173

7 .9 0 6

2.123

21.814
936

4 3 ,9 0 1

30,182
11,293

18.637
6,841

15.624
8.711

7.906

41,005
2.896

4 3 ,4 8 1

3 9 ,5 8 0

4 7 ,6 7 4

1 0 .0 8 8

4 3 .9 6 0

8 3 ,9 8 7

1 2 5 ,2 0 0

5 4 ,8 0 8

2 2 ,4 5 6

9 1 .8 0 0

1 2 ,8 8 4

1 3 .2 9 0

1 5 .5 2 1

4 .7 6 4

1 6 ,3 5 2

12.559

4 3 .8 7 0

13.098

5 4 ,7 5 0

14.930

2 3 ,2 8 3

9 ,6 6 3

4.686

3 9 .5 4 1

15.735

43.708

49,882

23.031

9.353

37,923

325

192

591

78

617

162

4.868

252

310

1.618

3 0 ,5 9 7

2 6 .2 9 0

3 2 .1 5 3

5 .3 2 4

2 7 ,6 0 8

4 0 .1 1 7

7 0 ,4 5 0

3 1 ,5 2 5

1 2 ,7 9 3

5 2 ,2 5 9

2.841
5.887

2,391
7.228

2.134
9.030

558
2,602

1.540
9.334

3.480
21.063

4.266
29.402

4.086
11.694

1.490
4,643

4,211
16.156

27
2.809

29
1,716

45
3,242

758

1
1.086

74
5.023

9.154

1
3,132

2
1.553

81
3,455

101
7.210

147
5.702

50
9,631

123
1.562

156
6.236

1.570
17.338

20
17.597

6.267

222
6.131

220
10.336

7 ,9 8 6

8 ,6 5 7

1 3 ,4 6 2

1.437

1 2 ,8 7 7

2 9 ,3 1 4

1,447

2.879

4 0 ,0 3 5

1 4 ,4 8 5

599

5 ,0 7 5

1,438

3.909

5.950

5.473

2.097

9 ,4 2 3

2,198

1 0 ,1 0 4

1 6 ,3 4 1

3 .9 3 0

1 4 ,3 1 5

3 3 ,2 2 3

72

4 5 ,9 8 5

22

1 9 ,9 5 8

39

7 ,1 7 2

12

2 0 ,3 7 8

30

210

197

34

14

89

1.037
56
1.866
1.263
1.925
1.886
1.318

1,516
129
1,770
1.452
1.868
2.103
1.244

1.760
158
2.388
1.906
3.201
4.172
2.717

543
49
762
431
626
960
547

777
135
2.670
2.233
2.415
4.681
1,374

2,855
480
4.435
3,413
5,836
10,733
5.261

5.756
750
8.401
7,244
7.754
9.581
6.302

1.561
98
2.903
2,381
4,006
5.963
3,012

698
69
1,297
1.090
1.489
989
1.526

2.664
321
4.542
2.564
3.976
4.284
1.938

3 .3 3 1

1 8 ,1 8 0

4 ,6 1 6 ,0 0 3

4 ,7 6 2 ,7 8 5

5 ,9 9 2 ,2 1 3

T .1 7 3 ,2 7 6

4 ,8 0 2 ,8 2 1

1 1 ,0 4 8 ,7 6 8

2 ,8 2 7 .2 1 6

1 1 ,4 5 3 ,1 3 7

4 ,3 0 8 ,3 3 3

5 .3 7 8 ,2 0 2

1 .0 2 4 ,9 6 4

4 ,2 6 9 ,2 6 7

9 ,3 2 8 ,3 3 9

1 9 .9 3 4 ,2 5 3
1 8 ,0 8 1 ,6 6 2

8 ,6 4 7 ,8 2 6

4 ,1 5 8 ,9 2 8

7 ,7 3 6 ,3 4 4

2 ,5 2 8 ,1 5 1

1 0 ,1 8 0 ,1 8 2

4 0 9 ,4 2 2

3 8 3 ,6 7 0

4 7 9 ,2 5 7

1 0 0 .7 3 5

3 7 6 ,3 7 9

8 8 0 ,7 2 1

1 ,2 3 9 ,0 9 0

6 0 1 ,5 1 9

2 1 5 .4 8 4

9 1 9 ,1 4 1

9
481

5
582

14
536

1
238

2
310

17
772

17
2.816

11
710

2
278

11
910

Number of banks, December 3 1 ..................................

600

341

228

40

121

153

336

720

185

659




213

Number of building employees, December 31:
O ffic e r s .................................................................
Other e m ployees........................................................

BANKS

A verage assets and lia b ilitie s 1
T o ta l a s s e ts ....................................................................
T o tal d e p o s its .................................................................
Total cap ita l a c c o u n ts ..................................................

1 9 .1 7 3

17.284

OF INSURED

O ccupancy expense o f bank prem ises
O ccupancy expense, n e t— t o t a l ..................................
Rental and other incom e................................
O ccupancy expense, gross— to t a l..............................
Salaries— building departm ent o ffic e rs ..................
S alaries and w age s— bu ild in g
de p a rtm e n t
em ployees.................................................................
Building departm ent personnel b e n e fits ................
Recurring d e p re c ia tio n ..............................................
M aintenance and re p a irs ..........................................
Insurance and u tilitie s ................................................
Rents p a id .....................................................................
Taxes .............................................................................

1 7 .2 8 4

15.723
1.438

INCOME

M e m o ra n d a
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..........................................
On lo a n s ................................................
Losses charged to valuation reserves (not included
in losses above):
On securities..................................
On lo a n s ..............................................

1 7 ,1 6 1

214

T a b le 11 8 . INCOME OF INSURED C O M M ER CIAL BANKS IN THE UNITED STATES (STATES A N D OTHER AREAS),
BY STATE, 1 9 6 8 — CONTINUED
(a m o u n t s in T h o u s a n d s o f d o l l a r s )
Income item

M ontana

Nebraska

Nevada

New
Hampshire

New
Jersey

New
Mexico

New
York

North
Carolina

North
Dakota

Ohio
1 .1 2 0 .6 0 9

5 1 .2 5 4

7 4 2 .7 4 1

7 4 .5 7 9

4 ,7 5 2 .2 7 0

3 8 9 ,1 0 1

7 2 .7 4 3

7.71 1
4.853
39,194
1,891
3.780
887
1.454
1.123

5.568
3.176
36.622
443
3.213
717
790
725

83,317
92.779
481,031
9,832
36.344
10.079
21.692
7.667

10,688
5,637
48.421
671
5.254
1,919
914
1.075

376.256
400.427
3.277.209
66.268
108,097
71.535
293.400
159,078

36,630
43.051
244,027
18,135
17,443
13.389
10.518
5,908

13,913
8,093
42,470
491
3,225
3,445
534
572

167.142
125.519
708.1 14
11.459
44.266
14,794
36.919
12.396

C u rre n t o p eratin g expenses— to t a l.............................
Salaries— officers.........................................................
Salaries and wages— other em ployees..................
Officer and em ployee b e nefits...................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y .....................................
Occupancy expense o f bank premises— n e t..........
Furniture and e q u ip m e n t...........................................
Other current operating e x p e n s e s ...........................

6 7 ,0 6 8

1 3 0 ,6 9 9

4 5 ,9 1 2

3 8 .4 0 7

5 6 8 ,3 6 4

5 8 ,8 4 3

3 ,4 8 9 ,0 1 5

3 0 5 ,3 7 0

5 7 ,8 3 0

8 3 4 .1 4 6

9.352
8,611
2.769
550
28.293
748
2.966
2,255
11.524

22,668
17,637
5.072
1.414
51,465
1.240
5,472
5.739
19.992

5.028
7.862
1.402
135
19.045
371
3.016
1.923
7.130

4.469
6.312
1.538
427
15.735
175
2.067
1,392
6.292

50.800
103,043
24,443
4.663
250.048
3.667
33.003
20.279
78.418

7,779
10.203
1,944
506
21.177
475
3.200
2,699
10,860

237,210
640,575
157.033
6.381
1.572.081
184,883
187,549
83.564
419,739

35,186
57,044
12,812
1,210
122,469
7,023
15.415
11.929
42.282

8.348
6.180
1.991
630
29,668
154
2,208
1,507
7,144

70.094
132.690
26.856
4.078
398.085
15.314
34.962
24,302
127,765

N e t c u rre n t o p e ra tin g e a r n in g s .................................

1 7 ,8 6 7

4 5 ,9 6 6

1 4 ,9 8 1

1 2 .8 4 7

1 7 4 ,3 7 7

1 5 ,7 3 6

1 ,2 6 3 ,2 5 5

8 3 .7 3 1

1 4 .9 1 3

2 8 6 .4 6 3

1 ,6 2 5

2 ,9 9 0

718

1 .2 2 1

8 .5 2 7

262
121
361

579
19
1.232

107

190
188
503

242
302
616

4 .3 1 7

1 0 ,2 7 7

8 ,3 8 8

1,050
179
357

2.585
183
169

2.662

282
1.907
542

193
6.182
965

1 5 ,1 7 5

3 8 ,6 7 9

R ecoveries, tra n s fe rs fro m v a lu a tio n reserves.
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R e co ve rie s...............................................................
Transfers from valuation re s e rv e s .......................
On loans:
R ecove ries...............................................................
Transfers from valuation re s e rv e s ......................
All o th e r..........................................................................
Losses, ch a rg e -o ffs , and tra n s fe rs to v a lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld .......................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves.............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves.............................
All o th e r.........................................................................

Digitized N
for
e tFRASER
incom e before re la ted t a x e s ...............................


9 .2 5 2

881

4 0 ,8 3 4

714

2 6 ,1 0 5

4.889
163
600

269
3
51

13.896
614
1.771

831
22
194

331
36

38

684
12
57

6,584
262
9.708

40
533

13
5
450

170
1.327
2,103

68
45
445

422
7.862
16.269

50
1.950
5.480

66
131
150

427
5.524
3.600

3 ,0 2 0

8 1 ,5 8 9

3 .0 1 3

3 7 .6 7 5

3 ,6 9 8

3 8 9 ,0 2 9

2 7 ,1 7 8

482
13
7

10.435
1.010
510

429
24
30

188.538
593
957

9.538
38
1,393

922
88
1

28.762
999
6.833

4.655
1.071

5
1,791
715

291
20.943
4,486

178
2,440
597

572
181,108
17,261

117
12,300
3.792

50
1,619
340

2,590
37,841
4,564

7 .3 1 1

1 1 ,0 5 5

1 4 5 .9 5 4

1 2 ,9 1 9

9 1 5 .0 6 0

6 5 ,0 8 0

1 2 ,6 0 7

2 3 0 ,9 7 9

CORPORATION

6 0 ,8 9 3

26.214
14.870
115.593
848
8.131
4.912
3.352
2.745

INSURANCE

1 7 6 ,6 6 5

13.790
7,314
53,397
1,168
5.300
2.286
809
871

DEPOSIT

8 4 ,9 3 5

FEDERAL

C u rre n t o p e ra tin g re v e n u e -to ta l.................................
Interest on U.S. Governm ent o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s .................................
Service charges and fees on lo a n s ...........................
Service charges on deposit acco unts ......................
Other charges, com missions, fees, e tc....................
Trust d e p a rtm e n t.........................................................
Other current operating revenue...............................

1 1 .6 9 3

1 .7 9 0

3 .2 4 5

3 0 .0 6 0

3 .0 9 5

2 6 4 ,9 4 7

1 4 ,5 8 8

3 ,1 1 5

5 3 .7 3 1

4.298
21

11.693

1.790

3.245

30.060

3.095

184.376
80.571

12.963
1,625

2.721
394

53.731

N e t incom e a fte r re la te d ta x e s ..................................

1 0 ,8 5 6

2 6 .9 8 6

5 ,5 2 1

7 ,8 1 0

1 1 5 .8 9 4

9 ,8 2 4

6 5 0 ,1 1 3

5 0 .4 9 2

9 ,4 9 2

1 7 7 ,2 4 8

5 ,4 3 0

1 0 ,2 2 4

3 .4 2 9

2 .5 6 4

4 9 ,0 8 4

3 .9 1 2

3 8 7 ,6 1 4

2 0 .9 3 6

4 ,0 0 9

7 0 ,1 3 8

5.421

10.050

3.429

2.564

46,587

3.771

339.626

19.459

3.986

68,587

9

174

2.497

141

47.988

1.477

23

1.551

5 ,4 2 6

1 6 .7 6 2

2 ,0 9 2

5 ,2 4 6

6 6 ,8 1 0

5 .9 1 2

2 6 2 ,4 9 9

2 9 .5 5 6

5 ,4 8 3

1 0 7 ,1 1 0

822
2.035

2.090
4.413

470
1.802

401
1,537

4.043
22.301

703
2.469

14.496
108.880

3.148
14.046

805
1.615

5.558
29.096

468

5
1.617

1.035

469

1
4.279

1.355

399
44,524

234
986

288

54
7,240

1.591

16
3.848

4.999

1.039

718
14.206

3.664

1,238
95,898

434
4,586

1.201

4.958
21.338

2 .9 6 6

5 ,4 7 2

3 ,0 1 6

2 ,0 6 7

3 3 ,0 0 3

3 .2 0 0

1 8 7 ,5 4 9

1 5 .4 1 5

2 ,2 0 8

3 4 ,9 6 2

685

1.355

975

237

3.536

669

33.592

2.140

485

14.202

6 ,8 2 7

3 ,9 9 1

2 ,3 0 4

3 6 ,5 3 9

3 .8 6 9

2 2 1 ,1 4 1

1 7 ,5 5 5

2 ,6 9 3

4 9 ,1 6 4

D ivide nds and in te re s t on c a p ita l— to ta l. . . . * ........
Cash dividends declared on com m on s to c k ..........
Dividends declared on preferred stock and inter­
est on capital notes and d e b e n tu re s ..................
N e t a d d itio n s to c a p ita l fro m in c o m e ......................
Num ber o f banking employees (exclusive o f building
employees). December 31:
A ctive officers...............................................................
Other e m p lo y e e s .........................................................
M e m o ra n d a
R ecoveries cre d ite d to v a lu a tio n reserves (not
included in recoveries above):
On securities.................................................................
On lo a n s .......................................................................
Losses charged to valuation reserves (not included
in losses above):
On securities.................................................................
On lo a n s .......................................................................

3 .6 5 1

74

2

733

46

10

272

3.475
516
6,297
5,928
5,685
7.1 11
7.453

489
65
785
447
582
1.132
367

15.816
2.719
40.562
20.633
36.648
70.986
33,044

1.584
153
3.101
1.896
3.157
5.097
1.71 1

326
23
551
640
501
421

6.853
664
8.818
7,100
8.103
13.315
4.039

6 .6 3 4 .2 7 3

1 ,2 8 4 ,1 9 2

2 1 .3 8 3 .3 9 2

5 ,7 6 4 ,7 0 9

1 .1 6 7 ,4 6 9

1 9 .0 5 8 .3 9 3

4 9 3 .1 5 5

9 5 .6 2 4

1 ,6 8 0 ,2 5 3

40

25

455
45
763
394
623
521
850

851
85
993
842
1.253
1.882
881

350
4
827
360
770
1.088
572

240
15
416
239
349
591
454

1 .4 6 0 .2 8 3

3 ,2 0 3 ,4 5 6

1 3 ,8 3 9 ,6 7 0

1 ,2 6 3 ,4 0 1

2 ,8 7 0 ,1 4 7

9 9 1 ,9 8 3
8 8 7 ,6 4 7

8 5 8 .1 0 4

1 .3 1 5 ,0 6 7

7 4 5 .6 0 6

1 2 .3 7 6 .8 1 4

1 ,1 4 0 ,8 5 9

9 6 ,3 0 3 ,2 3 8
7 8 ,2 4 4 ,2 1 7

1 0 3 .3 0 6

2 7 0 .5 6 2

7 2 ,0 2 8

7 6 ,1 8 9

1 .0 2 3 ,8 7 2

9 5 ,4 3 7

7 ,3 6 3 ,0 8 7

Number of building employees. December 31:
O ffic e r s .........................................................................
Other e m p lo y e e s .........................................................

183

6
434

3
81

1
99

5
926

91

55
3.058

5
687

5
177

2.049

Number of banks, December 3 1 ..................................

134

435

9

74

226

63

296

120

166

524

A vera ge assets and lia b ilitie s 1
T o ta l a s s e ts .....................................................................
T o ta l d e p o s its .................................................................
T o ta l c a p ita l a c c o u n ts ..................................................

22

215




221

BANKS

O ccupancy expense o f ba nk prem ises
O ccupancy expense, n e t— t o t a l..................................
Rental and other incom e.................................................
O ccupancy expense, gross— t o t a l..............................
Salaries— building departm ent o ffic e rs ..................
S a la rie s and w a g e s — b u ild in g d e p a rtm e n t
em ployees.................................................................
Building departm ent personnel b e n e fits ................
Recurring d e p re c ia tio n ..............................................
Maintenance and re p a irs ..........................................
Insurance and u tilitie s ................................................
Rents p a id .....................................................................
Taxes .............................................................................

OF INSURED

4 ,3 1 9

INCOME

Taxes on ne t in c o m e — t o t a l ........................................
Federal...........................................................................
S ta te ...............................................................................

216

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1968— CONTINUED
(AMOUNTS IN THOUSANDS OF DOLLARS)
Oklahoma

Oregon

Income item

Tennessee

Texas

Utah

Verm ont

2 7 2 ,9 2 4

2 2 9 ,5 9 2

1 .5 2 5 .2 4 1

1 0 1 ,1 6 3

1 1 9 ,4 2 6

7 9 ,8 4 1

3 5 6 .5 7 4

1 .2 6 6 .1 1 3

1 0 5 ,4 4 5

4 4 .6 9 9

41,741
24,971
174.850
2,742
15.747
4,644
4,421
3,808

22.953
19.560
153.137
4.753
17.443
3.674
4.928
3.144

164,400
152.257
1.030,967
18,216
40,826
16.897
75.947
25.731

8.217
9.885
68,317
784
3.867
1.130
6.839
2.124

15.022
11.052
76.823
1.353
7.705
4,086
2.201
1.184

15.798
6.242
48.564
355
3.926
3,236
696
1.024

47.855
32.588
238.248
5.748
13.385
8,501
6,997
3,252

148,727
120.906
852.287
16.407
62.322
20.366
26.425
18.673

11.118
9.054
68.963
2,819
6.972
3.659
2.188
672

4,614
3,506
32,363
531
2.134
342
778
431

2 0 2 ,6 7 9

1 8 7 .1 2 5

1 .1 4 5 ,1 8 3

7 5 ,1 0 4

8 5 ,6 5 2

6 0 ,8 5 3

2 6 9 ,2 0 3

9 3 8 ,3 3 3

8 1 .0 1 7

3 5 .8 8 0

30.095
30.019
7.444
1.805
84.202
2,423
9,549
7,61 1
29.531

21.439
30.983
6.765
366
89.483
2.302
9,478
6.061
20.248

95.494
186.191
47.984
6,982
534,954
28.532
55.073
38.869
151.104

5,532
12,837
4.208
295
35.803
1.639
3.707
2,473
8,610

13.733
20.342
4,414
795
20.861
665
4.700
4.496
15.646

10.251
7.365
2.484
722
27.685
122
2.654
2.028
7.542

28.201
45.576
10.075
1.524
106.522
12.155
12.956
10.655
41.539

109.609
135.477
30.239
8.603
391,551
29.503
44.988
33.859
154.504

7.824
12.289
2,553
492
38.516
2.311
3.324
2.946
10.762

3.485
5.471
1.206
419
18.485
107
1.647
1.026
4.034

7 0 ,2 4 5

4 2 .4 6 7

3 8 0 ,0 5 8

2 6 ,0 5 9

3 3 .7 7 4

1 8 ,9 8 8

8 7 .3 7 1

3 2 7 ,7 8 0

2 4 ,4 2 8

8 .8 1 9

3 ,1 3 4

981

1 3 ,9 2 8

995

1 ,1 5 8

639

1.717
62

361

5,169
25
1.558

104

783
171
401

31
589

267
1.134
5.775

1 5 ,5 0 8

1 3 ,7 3 8

1 0 .4 4 3

1 5 ,3 3 4

888

781

226
1

6.030
3
775

3.270
78
2.105

366
18

366
1

15

574
1
107

1
765
110

52
66
358

48
21
343

260
2,030
1.345

2.594
1.852
5,435

18
17
469

22
19
373
2 .0 4 6

9 9 ,1 2 7

9 ,2 8 4

6 ,0 4 9

3 ,6 8 4

2 1 .9 8 3

8 2 ,2 8 4

5 ,5 7 8

1.936
70
399

5.233
5

31.225
332
2,194

5.1 15

720
29
176

906
30

4.426
778
702

6,598
391
6,410

1.306
63

415
13
3

1.366
10,553
1.184

49
6,904
1,547

528
52.016
12,832

3.642
527

60
3.627
1.437

117
1.738
893

396
12.481
3,200

5,407
55.058
8.420

47
3.535
627

52
1.342
221

2 9 .7 1 0

2 9 4 ,8 5 9

1 7 .7 7 0

2 8 ,8 8 3

1 5 ,9 4 3

2 6 0 ,8 3 0

1 9 .7 3 8

7 .5 5 4

5 7 ,8 7 1

7 5 .8 3 1

CORPORATION

N e t incom e be fore related t a x e s ..............................




South
Dakota

INSURANCE

Losses, ch a rg e -o ffs, and tra n s fe rs to v a lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld .......................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves............................
All o th e r.........................................................................

South
Carolina

DEPOSIT

Recoveries, tra n sfe rs fro m v a lu a tio n reserves,
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R e co ve rie s...............................................................
Transfers from valuation re s e rv e s ......................
On loans:
R e co ve rie s...............................................................
Transfers from valuation re s e rv e s ......................
A ll o th e r.........................................................................

Rhode
Island

FEDERAL

C urrent o p e ra tin g revenue— t o t a l ............................
Interest on U.S. Governm ent o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s ................................
Service charges and fees on lo a n s ..........................
Service charges on deposit acco unts......................
Other charges, commissions, fees, etc....................
Trust d e p a rtm e n t.........................................................
Other current operating revenue..............................
C urrent o p e ra tin g expenses— to t a l............................
Salaries— o ffic e r s .......................................................
Salaries and w ages— other e m ployees..................
Officer and employee benefits...................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y .....................................
Occupancy expense of bank premises— n e t..........
Furniture and e q u ip m e n t.......................................
Other current operating e x p e n s e s ..........................
N e t c u rre n t o p e ra tin g e a r n in g s ................................

Pennsyl­
vania

Taxes on n e t in co m e — t o t a l ............................
Federal............................................
S tate.....................................................
N et incom e a fte r re la ted ta x e s ..............................
D ivide nds and in te re s t on c a p ita l— to t a l..............
Cash dividends declared on com m on s to c k ..........
Dividends declared on preferred stock and inter­
est on capital notes and d e b e n tu re s ..................
N e t a d d itio n s to ca p ita l fro m in c o m e ......................

A vera ge assets and lia b ilitie s 1
T o tal a s s e ts ...................................................
T o tal d e p o s its ...............................................
T o tal ca p ita l a c c o u n ts ...................................................

4 ,5 0 8

1 0 ,0 3 6

5 .4 9 3

2 0 .9 1 7

7 5 .3 4 1

5 .8 0 2

1 ,8 3 2

72.377

3.318
1.190

9.209
827

5.071
422

20.279
638

75.341

5,292
510

1.639
193

4 2 ,7 8 6

2 2 .8 5 8

2 2 2 .4 8 2

1 3 ,2 6 2

1 8 ,8 4 7

1 0 .4 5 0

5 4 .9 1 4

1 8 5 ,4 8 9

1 3 .9 3 6

5 .7 2 2

1 7 ,1 5 5

1 1 ,7 2 6

1 1 7 ,1 4 3

7 .8 6 9

7 ,7 7 3

4 .8 3 2

1 8 .5 7 3

8 6 .4 0 1

7 .0 3 6

2 .1 4 1

16.607

11.652

111.405

7.869

7.732

4.814

17.605

83.292

6.867

2.040

548

74

5.738

41

18

968

3.109

169

101

1 1 .1 3 2

1 0 5 ,3 3 9

5 ,3 9 3

1 1 .0 7 4

5 ,6 1 8

3 6 .3 4 1

9 9 ,0 8 8

6 .9 0 0

3 ,5 8 1

2,721
7.239

2.065
6.657

8.055
40.347

477
3.059

1.262
5.123

977
1.896

2,737
10.996

9.881
30.492

740
3.224

347
1.379

15
4.503

1,439

7
8.599

5
447

484

643

3
2.509

388
18.127

365

200

105
10.558

3.932

35
34.753

2
2.766

1,626

9
1,675

20
9.117

3.070
48.675

1.661

536

9 .5 4 9

9 .4 7 8

5 5 .0 7 3

3 .7 0 7

4 .7 0 0

2 ,6 5 4

1 2 .9 5 6

4 4 ,9 8 8

3 .3 2 4

3.961

382

7.322

1.764

355

531

3.466

36.656

1.576

2 5 ,6 3 1

1 ,6 4 7

174
1 ,8 2 1

1 3 .5 1 0

9 .8 6 0

6 2 .3 9 5

1 6 ,4 2 2

8 1 ,6 4 4

4 .9 0 0

46

103

291

74

1

5

63

231

12

1.545
174
2.372
1.404
2.486
4.512
971

812
111
2.433
1.716
1.715
1.489
1.481

9.184
1.317
11.592
7.261
9.732
15.931
7.087

I .214
244
784
558
606
1.123
868

433
59
1.091
749
1.107
1.301
314

393
38
460
351
673
660
605

2.080
214
3.638
1.794
2.965
3.062
2.606

8.270
820
16.287
10.130
14.015
14.367
17.524

629
42
1.040
500
688
1,471
518

269
27
291
187
282
534
231

5 .4 7 1

5 ,0 5 5

3 ,1 8 5

5 ,1 3 2 ,7 8 6

3 .9 0 8 .0 3 6

2 8 .0 6 8 .0 7 5

1 .6 7 2 .6 2 0

2 ,0 7 6 ,3 8 0

1 .3 7 4 ,8 7 1

6 .7 9 6 .9 7 5

2 4 ,3 2 6 ,0 0 8

1 .7 7 9 .0 6 2

7 7 3 ,3 9 6

4 ,5 8 2 ,2 5 2

3 .5 2 5 .7 7 1

2 4 .4 8 7 .6 6 9

1 .4 6 3 .3 9 4

1 .8 3 0 .7 0 1

1 .2 4 8 ,1 2 1

5 .9 2 1 .5 8 1

2 1 ,5 7 5 ,3 2 5

1 ,5 8 9 .8 0 8

6 9 9 ,1 6 9

4 3 7 ,5 8 6

2 5 0 .2 1 5

2 .3 6 7 ,7 2 2

1 3 6 ,5 5 1

1 7 4 .5 4 9

1 0 6 .3 5 4

5 3 4 .4 4 7

1 ,8 8 1 .0 7 7

1 3 1 ,2 7 2

5 8 ,3 0 2

10
558

8
207

29
2.719

5
302

4
208

5
227

9
659

25
2.341

1
227

122

Number of banks, December 3 1 ..........................

423

48

500

11

117

164

299

1.142

54

44




217

Number of building employees, December 31:
O ffic e r s ...........................................................
Other e m p lo y e e s ...............................................

BANKS

O ccupancy expense o f ba nk prem ises
O ccupancy expense, n e t— t o t a l . ................................
Rental and other incom e.................................................
O ccupancy expense, gross— t o t a l..............................
Salaries— building departm ent o ffic e rs ..................
S a la rie s and w a g e s — b u ild in g d e p a rtm e n t
em ployees.................................................................
Building departm ent personnel b e n e fits ................
Recurring d e p re c ia tio n ...............................................
Maintenance and re p a irs ..........................................
Insurance and u tilitie s .................................................
Rents p a id .....................................................................
Taxes ...........................................................

7 2 .3 7 7

4.155
2.697

OF INSURED

M e m o ra n d a
Recoveries cre dited to v a lu a tio n reserves (not
included in recoveries above):
On securities...............................................
On lo a n s .............................................................
Losses charged to valuation reserves (not included
in losses above):
On securities.................................................................
On lo a n s .......................................................................

6 ,8 5 2

13.445
1,640

INCOME

Number of banking employees (exclusive of build­
ing employees) December 31:
Active officers..........................................
Other e m p lo y e e s..............................

1 5 ,0 8 5

218

Table 118. INCOME OF INSURED C O M M ER CIAL BANKS IN THE UNITED STATES (STATES A N D 'O T H E R AREAS),
BY STATE, 1 9 6 8 — CONTINUED
(AMOUNTS IN THOUSANDS OF DOLLARS)
W isconsin

C u rre n t o p e ra tin g re venue— t o t a l ...............................
Interest on U.S. Governm ent o b lig a tio n s ..............
Interest and dividends on other s e c u ritie s ............
Interest and discount on lo a n s .................................
Service charges and fees on lo a n s ..........................
Service charges on deposit acco unts......................
Other charges, com missions, fees, e tc ....................
Trust d e p a rtm e n t.........................................................
Other current operating revenue...............................

4 2 4 ,7 6 6

3 3 6 ,0 3 8

1 3 2 ,6 1 1

4 6 9 ,2 9 1

4 1 ,4 5 7

51.297
36.735
281.621
10.783
20.748
8.163
10.672
4.747

30.553
26.530
222,398
7.379
25.879
9.537
9,381
4,381

27,746
12.051
81.145
1,626
3,631
1.893
2,795
1.724

84,342
41,244
297.015
4,174
15,692
8,860
10.188
7,776

6,701
2,599
27.584
423
2,229
1,014
302
605

C u rre n t o p e ra tin g expenses— to t a l.............................
Salaries— o ffic e r s .......................................................
Salaries and w ages— other e m ployees..................
Officer and employee be nefits...................................
Fees paid to directors and c o m m itte e s ..................
Interest on tim e and savings d e p o s its ....................
Interest on borrowed m o n e y .....................................
Occupancy expense of bank premises— n e t..........
Furniture and e q u ip m e n t...........................................
Other current operating e x p e n s e s ..........................

3 2 9 .3 5 8

2 6 2 ,3 8 8

9 3 ,8 0 2

3 7 5 ,8 1 4

3 2 ,0 7 6

32.888
53.072
12.500
2.439
148.528
3.407
16.376
10.804
49.344

28.141
55.248
11.708
603
103.262
3.473
14.210
10.178
35.565

11.378
14,974
3.023
1.218
40.450
556
4.377
2.975
14.851

42.373
49.474
12.874
3.592
188.608
3.287
16.253
14,625
44,728

4,436
4,424
971
491
14.253
243
1.624
1.181
4.453

N e t c u rre n t op e ra tin g e a r n in g s ................................

9 5 ,4 0 8

7 3 ,6 5 0

3 8 ,8 0 9

9 3 ,4 7 7

9 ,3 8 1

6 ,8 3 3

8 ,0 5 0

8 ,9 3 8

5 .2 1 0

1 ,0 2 2

903
54
4,723

1,391
34
664

1.048
251
1.053

2,549
112
60

155
10
374

118
155
880

81
4,866
1,014

150
3,625
2,81 1

91
662
1,736

187
9
287

3 2 ,9 3 6

2 2 ,2 7 6

1 0 .8 0 4

10,602
51
2.546

7,048
297
270

1,198
40
48

4,155
173
10

310
13
98

500
16.174
3.063

111
11.625
2,925

264
4.964
4,290

164
9,534
1,915

250
1.363
193

6 9 .3 0 5

5 9 ,4 2 4

3 6 .9 4 3

8 2 ,7 3 6

8 ,1 7 6

R ecoveries, tra n s fe rs fro m v a lu a tio n reserves,
and p ro fits — t o t a l ...................................................
On securities:
Profits on securities sold or re d e e m e d ..............
R e co ve rie s...............................................................
Transfers from valuation re s e rv e s ......................
On loans:
R ecove ries...............................................................
Transfers from valuation re s e rv e s ......................
All o th e r.........................................................................
Losses, cha rge-offs, and tra n s fe rs to v a lu a tio n
reserves— t o t a l .......................................................
On securities:
Losses on securities s o ld ..............................
Charge-offs prior to sale.........................................
Transfers to valuation reserves.............................
On loans:
Losses and c h a rg e -o ffs .........................................
Transfers to valuation reserves............................
A ll o th e r.........................................................................
N e t incom e before re la ted t a x e s ..............................




1 5 ,9 5 1

W yom ing

2 ,2 2 7

CORPORATION

W est Virginia

INSURANCE

W ashington

DEPOSIT

Virginia

FEDERAL

Income item

Taxes on n e t in c o m e — t o t a l ........................................
Federal...........................................................................
S tate...............................................................................

1 0 .9 8 7

2 1 ,8 6 4

2 .3 7 6

15.266

10.987

16,781
5,083

2.376

N e t incom e a fte r re la ted ta x e s ..................................

5 5 ,1 4 6

4 4 ,1 5 8

2 5 ,9 5 6

6 0 ,8 7 2

5 ,8 0 0

D ivide nds and in te re s t on c a p ita l— to t a l..................
Cash dividends declared on com m on s to c k ..........
Dividends declared on preferred stock and inter­
est on capital notes and d e b e n tu re s ..................

2 6 ,0 5 5

1 5 ,0 0 2

7 ,5 3 2

2 2 ,8 6 6

2 ,3 1 2

25,872

14.837

7,509

22,061

2.232

183

165

23

805

80

N e t a d d itio n s to ca p ita l fro m in c o m e ......................

2 9 ,0 9 1

2 9 ,1 5 6

1 8 ,4 2 4

3 8 ,0 0 6

3 ,4 8 8

Number of banking employees (exclusive of building
employees), December 31:
Active officers...............................................................
Other e m p lo y e e s ........................................................

3,102
13,167

2.414
11.361

1,107
3,549

3.615
12.108

387
1,012

183
2,743

1.494

12
986

3.657

537

4,416
8,867

16
4.196

126
2,933

11
5.845

1,354

1 6 ,3 7 6

1 4 ,2 1 0

1 6 ,2 5 3

1 ,6 2 4

M e m oranda
R ecoveries credited to valua tio n reserves (not
included in recoveries above):
On securities................................................................
On lo a n s ......................................................................
Losses charged to valuation reserves (not included
in losses above):
On securities.................................................................
On lo a n s .......................................................................

Number of banks, December 3 1 ..................................

1.468

929

3.070

272

1 5 ,6 7 8

5 ,3 0 6

1 9 ,3 2 3

1 ,8 9 6

9

136

16

76

9

2.224
224
3,025
1,616
3,660
6,065
1,481

1,029
177
4.077
3,342
2,539
2,525
1,853

894
81
1,122
768
900
810
715

2.246
230
3.697
1.973
3.192
4.370
3.539

186
14
457
203
359
236
432

7 ,1 6 8 ,4 5 1

5 ,4 2 4 ,3 6 8

2 ,5 2 0 ,6 8 2

8 ,8 3 0 ,7 2 2

7 2 6 ,6 4 5

6 ,4 1 2 ,2 6 0

4 ,8 3 4 ,9 4 9

2 ,2 1 2 ,5 9 5

8 ,0 0 1 ,3 0 5

6 5 1 ,2 2 1

5 3 5 ,5 1 7

3 7 9 ,6 6 5

2 3 9 ,4 7 1

6 2 9 ,2 4 8

6 0 ,4 9 4

2
885

11
294

2
321

14
881

2
66

237

93

195

599

70

219

1 Averages of am ounts are for three call dates, at beginning, middle, and end of year.




4 ,3 7 7

1,928
1 8 ,3 0 4

BANKS

O ccupancy expense o f bank prem ises
O ccupancy expense, ne t— t o t a l..................................
Rental and other incom e................................................
O ccupancy expense, gross— t o t a l..............................
Salaries— building departm ent o ffic e rs ..................
S a la rie s and w a g e s — b u ild in g d e p a rtm e n t
employees.......... ......................................................
Building departm ent personnel b e n e fits ................
Recurring de pre cia tio n ..............................................
Maintenance and re p a irs ..........................................
Insurance and u tilitie s ................................................
Rents p a id .....................................................................
Taxes .............................................................................
A verage assets and lia b ilitie s 1
T o tal a s s e ts ....................................................................
T o tal d e p o s its .................................................................
To tal cap ita l a c c o u n ts ..................................................
Number of building employees, December 31:
O ffic e rs .........................................................................
Other em p lo ye e s........................................................

OF INSURED

1 5 .2 6 6

14.159

INCOME

1 4 .1 5 9

Table 119. INCOME OF INSURED M U TU A L SAVINGS BANKS. 1 9 6 0 -1 9 6 8
(Amounts in thousands of dollars)

Interest and discount on other loans and discounts— n e t. . . .
Income on real estate other than bank building— n e t ............
In co m e on re a l e sta te o th e r th a n b a n k b u ild in g — g ross . . .

1963

19 64

1965

1966

1967

1968

1 ,4 6 1 ,7 6 3

1 ,5 9 5 ,1 8 3

1 .7 5 5 ,5 8 2

1 ,9 4 6 ,7 7 6

2 ,1 6 4 ,1 1 5

2 .3 9 1 .7 5 3

2 ,6 0 6 ,0 1 2

2 .8 8 4 ,7 8 9

3 .2 3 8 .7 3 5

152.458
199.258
1.070.173
1.104,100
32343
1J584
18.407
27
397
370
1A1H
13.966

151.931
205.751
1,194.282
1231.774
36,045
1.447
18,767
-38
379
417
9.081
15.409

156,410
206.367
1.342.896
1383.735
39283
1556
22.733
-52
302
354
9.777
17.451

153.659
153.368
203.720
207.164
1,534.446 1.738.621
1.580276 1.790318
44.174
49.756
1.656
1341
27,576
33.538
-108
-122
296
421
404
543
9.984
13.121
17,499 ,
18.425

147.751
21 1,278
1.950,930
2.009214
56.165
2.119
41.773
-97
541
638
18,713
21,405

142.509
226.023
2,141.099
2203.133
59398
2.036
53.172
-255
513
768
18,095
25.369

130.873
301,218
2.326,459
2391348
63.405
1384
67.925
-209
767
976
25.248
33.275

134.857
417,984
2.538,502
2.605360
65.426
2.032
83,807
-415
1.664
2Q79
23,036
40,964

2 2 4 ,7 8 9

2 4 1 .6 8 5

2 5 2 ,9 6 3

2 7 4 .5 4 4

3 5 3 .9 4 7

3 8 9 .7 8 0

36.608
71.295

38.158
75.303

40.466
79.165

42,792
84,514

45.391
89,514

48.514
93.680

52.085
98.421

55.510
105,612

60,161
115,146

22.656
3.731

24,134
3.994

25.419
4,158

27.202
4,404

28.138
4,604

30.080
4,720

33.593
4.855

34.243
4.945

37,149
5,111

2 9 0 ,4 7 1

3 1 1 .7 5 5

3 3 4 ,4 5 1

25.255

27.369

29.269

32.160

34.683

37.219

38.855

42.412

47,184

Deposit insurance assessm ents..................................................
Furniture and fixtures (including recurring depreciation )........
A ll other current operating expenses..........................................

35,120
9,865
11.707
4,740
48.797

37.298
9229
12,824
5.438
54.465

39297
10.028
12.172
5.997
56.317

42.583
10.423
12,709
7,714
63,049

45371
11,188
14,035
9.182
64,924

49.093
11.874
15,887
10.262
71.393

51.387
12.532
16.810
11,777
78.055

55.631
13219
17.712
13.799
79.714

61.405
14221
19.571
16.414
89.044

O ccupancy, m a in te n a n c e , etc. o f b a n k p rem ise s (in c lu d in g
taxes a n d re c u rrin g d e p re c ia tio n ) — g r o s s ........................
Less: In c o m e fro m b a n k b u i l d in g ........................................

1 ,2 3 6 .9 7 4

1 ,3 5 3 ,4 9 8

1 .5 0 2 ,6 1 9

1 .6 7 2 ,2 3 2

1 ,8 7 3 .6 4 4

2 .0 7 9 ,9 9 8

2 .2 7 1 .5 6 1

2 .5 3 0 .8 4 2

2 .8 4 8 ,9 5 5

1 3 ,6 3 7

1 6 ,0 1 1

1 7 ,9 6 6

2 2 ,5 8 7

2 6 ,0 2 2

2 9 ,4 8 7

3 7 ,4 8 0

3 7 ,7 0 8

4 7 ,7 1 0

13.190
447

15,277
734

17.502
464

19,168
3,419

21,657
4,365

22.048
7.439

31.426
6.054

33.737
3.971

39.281
8.429

1 ,2 2 3 ,3 3 7

1 ,3 3 7 ,4 8 7

1 ,4 8 4 ,6 5 3

1 ,6 4 9 ,6 4 5

1 ,8 4 7 ,6 2 2

2 ,0 5 0 ,5 1 1

2 ,2 3 4 ,0 8 1

2 ,4 9 3 ,1 3 4

2 ,8 0 1 ,2 4 5

D ividends and in te re s t on d e p o s its ..............................................

1 ,0 7 3 ,5 4 2

1 ,1 4 7 ,7 6 7

1 ,3 3 4 ,0 0 5

1 .4 8 1 .8 6 9

1 ,6 5 3 ,7 6 8

1 ,8 0 9 ,3 5 0

2 .0 8 7 .0 7 2

2 ,3 9 5 ,7 6 2

2 ,6 1 2 ,6 3 8

N et current operatin g incom e a fte r taxes and dividends . . . .

1 4 9 ,7 9 5

1 8 9 ,7 2 0

1 5 0 .6 4 8

1 6 7 ,7 7 6

1 9 3 ,8 5 4

2 4 1 ,1 6 1

1 4 7 .0 0 9

9 7 .3 7 2

1 8 8 ,6 0 7

1 4 2 ,0 0 9

1 1 3 ,7 6 3

1 0 5 ,9 0 7

1 1 3 ,0 8 5

1 0 5 .4 5 4

7 5 ,1 3 0

1 7 7 .6 1 2

9 3 .5 3 6

1 3 5 ,0 4 9

31.133

17,567

20,453

28,678

18.048

15.242

20.211

20.377

29.394

34.860
283
535
6.576

54,263
629
337
459

55.751
739
462
957

28,752
2,465
807
871

36.472
1,088
571
1.096

27.375
1.266
719
1.532

59.173
773
1.548
3.429

47.292
705
2.059
1.1 14

77.817
1,351
2,286
2.066

57,588
10.480
86
468

10,873
29,068
36
531

5.460
21.465
66
554

26.995
24.342
46
129

22.029
25.786
92
272

11.817
16,365
121
693

13.635
78.458
20
365

7.774
13.435
64
716

11,884
9,583
56
612

N on-recurring incom e, realized p ro fits and recoveries
credited to p ro fit and loss, and tra nsfers fro m valua­
tio n a d ju s tm e n t provision s— t o t a l ........................................
Non-recurring incom e....................................................................
Realized profits and recoveries on:
Securities sold or m atured........................................................
Real estate mortgage loans......................................................
Other real e s ta te ........................................................................
All other a s s e ts ..........................................................................
Transfers from valuation adjustm ent provisions1 on.
S e c u ritie s ....................................................................................
Real estate mortgage loans......................................................
 Other real e s ta te ........................................................................
All other a s s e ts ..........................................................................
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

CORPORATION

N e t c u rre n t op e ra tin g in c o m e ........................................................
Franchise and incom e taxes— t o t a l ..............................................
State franchise and income taxes................................................
Federal income ta x e s ....................................................................
N e t c urrent op eratin g incom e a fte r ta x e s ..................................

INSURANCE

1962

DEPOSIT

L ess: O p e ra tin g e x p e n s e ..........................................................
Income on other assets..................................................................
Income from service o p e ra tio n s ..................................................
C urrent operatin g expenses— to ta l................................................
Salaries— o ffic e r s ..........................................................................
Salaries and wages— other em ployees......................................
Pension, hospitalization and group insurance payments,
and other employee b e n e fits ..............................................
Fees paid to trustees and com m ittee m em bers........................
Occupancy, maintenance, etc. of bank premises (includ­
ing taxes and recurring depreciation)— n e t ......................

1961

FEDERAL

in te re s t a n d d is c o u n t o n re a l e sta te m o rtg a g e loa n s— g ross
Less: M o rtg a g e s e rv ic in g fe e s ..............................................
P re m iu m a m o rtiz a tio n ..................................................

1960

220

Income item
C u rre n t op eratin g in c o m e — t o t a l ..................................................
Interest on U.S. Government o b lig a tio n s ..................................
Interest and dividends on other s e c u ritie s ................................
Interest and discount on real estate mortgage loans— net . . .

N o n -re cu rrin g expenses, realized losses charged to p ro fit
and loss, and tra n s fe rs to valu a tio n ad ju s tm e n t p ro ­
visio ns— to ta l ..............................................................................
Non-recurring exp enses................................................................
Realized losses on:
Securities s o ld ............................................................................
Real estate mortgage loans......................................................
Other real e s ta te ........................................................................
All other a s s e ts ..........................................................................
Transfers to valuation adjustm ent provisions1 on:
S e c u ritie s ....................................................................................
Real estate mortgage loans......................................................
Other real e s ta te ........................................................................
All other a s s e ts ..........................................................................
N e t a d d itio n s to to ta l surplus acco unts fro m operations . . . .

1 0 9 ,1 9 2

1 0 1 ,6 1 1

8 8 ,2 3 4

9 3 ,0 3 6

1 4 7 ,6 8 8

9 4 ,7 4 4

1 0 0 ,6 9 0

17.692

18.941

17.331

12,991

15.306

10.499

12.458

12,693

63,846
508
210
315

40.851
1.252
375
404

31.379
1.083
662
424

47.629
1.681
656
655

39.884
2.023
712
936

48.124
3.037
886
927

100.585
7.015
1.644
2.646

63.624
4.891
1.850
1.932

64.136
4.488
1.609
3,219

23.352
17.679
19
754

19.337
35.377
111
744

30.925
25.252
76
450

11.548
21.534
74
503

8.692
22.266
57
673

6.524
17,394
122
716

13.015
11.590
97
597

5,229
3.796
127
837

7,962
5,558
189
836

1 6 8 .1 4 0

1 8 7 ,3 4 0

1 4 7 ,3 6 3

1 7 9 .2 5 0

2 1 1 .0 7 4

2 2 3 .2 5 5

1 7 6 ,9 3 3

9 6 .1 6 4

2 2 2 ,9 6 6

471
136

278
53

1.658
48

3.389
201

756
64

341
85

1,277
212

585

6

35

14

13

24

8.110
1.131
13
165

7,721
720
5
218

5,830
501
6
448

12.973
5.136
190.
178

6.058
765

6,564
841
118
308

258

46

2.726
231
1
89

391
183
2
116

6,811
1.220
257
341

2.172
4.040
204
1.016

2.835
1.072
186
353

BANKS

A verage assets and lia b ilitie s 2
A ssets— t o t a l ...................................................................................... 3 4 .3 3 9 .5 6 4 3 5 ,9 1 6 ,5 9 0 3 8 ,1 5 2 ,2 2 1 4 1 ,1 8 0 ,6 1 6 4 4 .6 0 9 .4 1 0 4 8 .4 6 6 .6 5 6 5 1 ,3 9 9 .8 9 8 5 5 .1 7 3 .0 2 3 5 9 ,6 7 4 ,0 2 6
Cash and due from banks..............................................................
721.308
757,912
794.362
786.298
768.719
891.727
838.855
953,843
825.767
United States Governm ent o b lig a tio n s ...................................... 5.092.512 4,791.909 4.748.691 4.563.328 4.351.966 4,030.731 3.594,830 3.156.304 3.049.815
Other s e c u ritie s ..............................................................................
5.036.291 5,228,022 5.151.555 5.1 15.637 5,057,794 5.069.343 5.153.130 6,312.183 8,135.834
Real estate mortgage lo a n s .......................................................... 22.628.058 24,255,437 26.435.337 29.538.513 33.121,502 36.991,670 40.095.486 42.794.592 45.445.434
Other loans and d is c o u n ts ............................................................
355,327
353,474
441.994
543.458
588,196
672.117
842.896 1.003,436 1.175.629
Other real e s ta te ............................................................................
11,555
18.955
19,640
21.1 14
28.389
27.228
29.263
27.987
36.156
All other assets................................................................................
494,513
510.881
560.642
612.268
692.844
783.840
845.438
924.678 1.005.391

OF INSURED

1 1 6 ,1 4 3

16.981

INCOME

M e m o ra n d a
R ecoveries c re d ite d to v a lu a tio n a d ju s tm e n t p ro v is io n s1
(n ot inclu d e d in re coveries above) on:
Securities..........................................................................................
Real estate mortgage lo a n s ..........................................................
Other real e s ta te ............................................................................
All other assets................................................................................
Realized' losses charged to v a lu a tio n a d ju s tm e n t p ro v i­
s io n s 1 (n o t included in realized losses above) on:
Securities..........................................................................................
Real estate mortgage lo a n s ..........................................................
Other real e s ta te ............................................................
All other assets................................................................................

1 2 3 ,6 6 4

Lia b ilitie s and surplus a c c o u n ts — t o t a l ........................................ 3 4 .3 3 9 ,5 6 4 3 5 .9 1 6 ,5 9 0 3 8 ,1 5 2 ,2 2 1 4 1 , 1 8 0 ,6 1 6 4 4 .6 0 9 .4 1 0 4 8 .4 6 6 ,6 5 6 5 1 ,3 9 9 ,8 9 8 5 5 ,1 7 3 ,0 2 3 5 9 ,6 7 4 ,0 2 6
Total d e p o s its .................................................................................. 30.822,839 32,320.488 34.350.820 37.175.285 40.334.274 43.985.749 46.590.719 50,247.915 54.534.572
S a vin g s a n d tim e d e p o s its ........................................................ 30,790299 32.113,129 34,070J511 36.870J906 39297217 43.609062 46.172,242 49.805.468 54X353.723
D e m a n d d e p o s it s ......................................................................
32240
207259
280^09
304279
337,057
376.687
418,477
442.447
480249
506,744
537.630
Other lia b ilitie s ................................................................................
598.011
660,037
653,614
588.622
764.445
730.825
793.930
Total surplus a c c o u n ts .................................................................. 2.918.714 3.089,358 3.263.771 3.416.709 3.615.099 3.827,293 4.044.734 4.194.283 4,345.524
2.885
16.753

2.977
17,290

3.085
17.617

3,170
18,459

3,281
18,958

3,423
19.451

3.602
19.609

3.708
20.367

3.899
21.164

Number of banks, December 3 1 ......................................................

325

330

331

330

327

329

332

333

334

1 Includes "V aluation reserves" and "O ther asset valuation provisions (direct w rite-dow ns)."
2 For 1960, averages of figures reported at beginning, middle, and end of year. For 1961 through 1968. averages of amounts for four consecutive
official call dates beginning w ith the end of the previous year and ending w ith the fall call of the current year.




221

Number of active officers. December 3 1 ........................................
Number of other employees, December 31 ..................................

T a b le 1 2 0 . RATIOS OF INCOME OF INSURED M U TU A L SAVINGS BANKS.
1960

1961

1962

1963

1964

1965

1966

1967

1968

85.90

85.58

86.97

87.17

87.73

87.96

1.02

1.20

96
04

1 00
02

116
98
18

1 00
20

1.24
93
31

1.44
1.21
23

1.31
117
14

1.47
121
26

N et c u rre n t op eratin g incom e a fte r taxes .

83 69

83 85

84.57

84.74

85 38

85 73

85.73

86.42

86.49

D ividends and in te re s t on d e p o s its ......................................

73.44

71 95

75 99

76 12

76.42

75.65

80.09

83.04

80 67

N et c u rre n t op eratin g incom e a fte r taxes and d iv id e n d s ......................................................

10 25

11.90

8.58

8.62

8.96

10.08

5.64

3.38

5.82

4 26
66
3 60
04
3 56
3 12
44

4 44
67
3 77
05
3 72
3 19
53

4 60
66
3 94
05
3 89
3 50
39

4 73
67
4 06
05
4 01
3 60
41

4 85
65
4 20
06
4 14
3 71
43

4 93
64
4 29
.06
4 23
3 73
50

5 07
65
4 42
07
4.35
406
.29

5 23
64
4 39
07
4 52
4 34
18

5 42
65
4 77
08
4 69
437
.32

41

.31

28

27

24

15

.34

.16

22

36
49

32
52

28
39

24
44

20
47

19
46

29
.34

.17
17

17
37

S pecial ra tio s
Interest on U.S. Government obligations per $1 0 0 of U.S. Government ob ligatio ns............
Interest and dividends on other securities per $ 1 0 0 of other s e c u ritie s..................................
Interest and discount on real estate mortgage loans per $ 1 0 0 of real estate mortgage loans
Interest and discount on other loans and discounts per $ 1 0 0 of other loans and discounts
Dividends and interest on deposits per $ 1 0 0 of savings and tim e deposits............................
Net additions to total surplus accounts from operations per $ 1 0 0 of total surplus accounts

2 99
3 96
4 73
5 18
3 49
5 76

3 17
3 94
4 92
5 31
3 57
6 06

3 29
4 01
5 08
5 14
3 92
4 52

3 37
3 98
5.19
5.07
4 02
5 25

3 52
4 10
5 25
5 70
4 13
5 84

3 67
4 17
5 27
6 22
4 15
5.83

3 96
4 39
5.34
6.31
4.52
4.37

4 15
4.77
5.44
6.77
4 81
2.29

442
5.14
5 59
7.13
4.83
5.13

Number of banks, December 3 1 .......................................................................................................

325

330

331

330

327

329

332

333

334

A m o u n ts per $ 1 0 0 o f to ta l assets
Current operating incom e— total ....................................................................................................
Current operating expenses— to ta l..........................................................
..............
Net current operating in c o m e .........................................
State franchise and income ta x e s .....................................
................
Net current operating income after ta x e s ....................
..................
Dividends and interest on de posits..................................................................................................
Net current operating income after taxes and d iv id e n d s ............................................................
Non-recurring income, realized profits and recoveries credited to profit and loss, and trans­
fers from valuation adjustm ent provisions— t o t a l....................................................................
Non-recurring expenses, realized losses charged to profit and loss, and transfers to valua­
tion adjustment provisions— t o t a l ..............................................................................................
Net additions to total surplus accounts from o p e ra tio n s ............................................................


N o te : For footnotes to this Table, see Table No. 119. p 221


CORPORATION

85.59

1.00

INSURANCE

84 85

93
90
03

Franchise and incom e ta xe s— to ta l
State franchise and income taxes. .
Federal income ta x e s ..................

DEPOSIT

84.62

N e t c u rre n t op eratin g incom e

FEDERAL

A m o u n ts per $ 1 0 0 o f c u rre n t op eratin g incom e
C urrent o p eratin g in c o m e — to ta l
$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00
Interest on U.S. Government o b lig a tio n s ..................................................................................
10 43
9 52
8 91
7 89
7 09
6 18
5 47
4.54
4 16
Interest and dividends on other s e c u ritie s ......................................................................
13 63
12 90
1176
1046
9 57
8 67
10 44
12 90
9 83
Interest and. discount on real estate mortgage loans— n e t ....................................................
74 87
76 49
78 82
80 34
81 57
80 65
78 38
73 21
82 16
Interest and discount on other loans and discounts— n e t......................................
. .
1 25
1 18
2 04
2 59
1 29
1 42
1 55
1.75
2 35
Income on other a s s e ts ...........................................................................
57
87
.71
51
56
51
60
78
69
Income from service o p e ra tio n s ............................................................
96
96
99
90
85
89
97
1.15
1 26
C urrent operatin g expenses— to ta l
14.41
12.27
12.04
15.38
15.15
14.10
13.42
13.03
12.83
Salaries— o ffic e r s .......................................................................................
1 86
1 93
2 50
2 39
2 30
2 20
2 10
2 03
2 00
Salaries and wages— other em ployees......................................................................................
4 72
4 51
4 34
4.14
3 92
3 78
3 66
3 55
4 88
Pension, hospitalization and group insurance payments, and other employee benefits. . .
119
1.15
1 55
1 51
1 45
1 40
1 30
1 26
1 29
Fees paid to trustees and com m ittee m em bers........................................................................
.17
16
24
23
21
20
19
26
25
Occupancy, maintenance, etc. of bank premises (including taxes and recurring deprecia­
1 46
tion)— n e t.....................................................................................................................................
1 49
1.47
1 65
1 73
1 72
1 67
1 60
1 55
60
61
64
Deposit insurance assessm ents..........................................
..........
80
80
69
65
65
66
51
48
Furniture and fixtures (including recurring depreciation)
34
34
39
42
43
45
32
2 99
2 76
2 75
3 34
3 24
3 00
2 98
All other current operating expenses................
3 21
3 42

222

Income item

1 9 6 0 -1 9 6 8

Table 121. SOURCES AND DISPOSITION OF TOTAL INCOME, INSURED M U TU AL SAVINGS BANKS, 1 9 6 0 -1 9 6 8
(Amounts in millions of dollars)

1961

1962

1963

1964

1965

1966

1967

1968

1 ,6 0 4

1 ,7 0 9

1 ,8 6 1

2 ,0 6 0

2 .2 7 0

2 ,4 6 7

2 ,7 8 3

2 ,9 7 8

3 ,3 7 4

Sources
Loans .........................................................................................................................
U.S. Government obligations.......................................................................
Other s e c u ritie s .............................................................................................
Other current in c o m e ...................................................................................
Non-recurring income, recoveries, etc.................................................................

1.089
153
199
21
142

1,213
152
206
24
114

1,366
156
206
27
106

1.562
154
204
27
113

1.772
153
207
32
105

1,993
148
211
40
75

2.194
143
226
43
177

2,394
131
301
58
94

2.622
135
418
64
135

D isposition
Salaries and wages1 .....................................................................................................................
Dividends and interest on deposits ..........................................................................................
Other current expenses.................................................................................................................
Non-recurring expenses, losses, etc...........................................................................................
Income ta x e s .................................................................................................................................
Additions to capital a c c o u n ts .....................................................................................................

134
1.073
91
124
14
168

142
1,148
100
116
16
187

149
1.334
104
109
18
147

159
1,482
115
102
23
179

168
1,654
122
88
26
211

177
1,809
135
93
29
223

189
2,087
146
148
37
177

200
2,396
154
95
37
96

218
2,613
172
101
48
223

OF INSURED

10 0 .0 %

1 00.0%

1 0 0 .0 %

1 0 0 .0 %

10 0 .0 %

10 0 .0 %

1 00.0%

100.0%

100.0%

Percentage distribu tio n
T otal in c o m e .................................................................................
Sources
Lo ans...............................................................................................................................................
U.S. Government obligations.......................................................................................................
Other s e c u ritie s .............................................................................................................................
Other current in c o m e ..................................................................................................................
Non-recurring income, recoveries, etc.......................................................................................

67 9
95
12 4
1.3
89

71.0
89
12 0
1.4
6.7

73 3
84
111
15
57

75 8
75
99
1.3
55

78 1
68
91
1.4
4.6

80.8
6.0
86
1.6
30

78 8
5.1
8.1
1.6
6.4

804
44
10 1
1.9
3.2

77.7
40
12.4
1.9
4.0

D isposition
Salaries and wages1 ....................................................................................................................
Dividends and interest on d e p o s its ..........................................................................................
Other current expenses.................................................................................................................
Non-recurring expenses, etc........................................................................................................
Income ta x e s ................................................................................................................................
Additions to capital a c c o u n ts .....................................................................................................

83
66 9
57
7.7
9
10 5

83
67 1
59
68
1.0
10 9

80
716
56
59
1.0
79

7.7
719
5.6
50
1.1
87

74
72 9
54
39
1.1
93

72
73 3
55
38
1.2
90

68
750
52
53
1.3
6.4

6.7
80.5
5.2
32
1.2
3.2

65
77 4
5.1
30
1.4
66

BANKS

1960

Am ount
T o tal in c o m e ....................................................................

INCOME

Income item

1 Includes pension, hospitalization and other employee benefits and fees paid to trustees and committee members.




223

N o te : Due to rounding differences, components may not add to totals.

224

T a b le 12 2. INCOM E OF INSURED M U T U A L SAVINGS B AN KS IN THE UNITED STATES. BY STATE. 1968
(A m ounts in thousands of dollars)

Income item

All States
and other
areas

Connecticut

Indiana

Maine

Maryland

Massachu­
setts

New
Hampshire

4 4 .1 6 5

4 6 ,3 7 5

1 0 1 ,3 8 5

6 2 ,9 5 8

1,256
451
3,721
3,734
13

4,037
7.454
30.296
30,745
449

117
2
2

1,964
19
57
38
11
384

4.617
5,152
27.588
27,679
88
3
5,561
8
10
2
2.601
848

10.835
12.1 19
75.621
77.482
1.499
362
2.271
2
43
41
147
390

4.236
6,993
45.498
46.169
644
27
5.389
-5
36
41
149
698

3 8 9 .7 8 0

3 9 ,8 7 0

1 ,6 1 9

6 ,3 9 4

8 ,2 6 7

1 1 ,5 4 3

8 .9 7 4

60.161
115,146

7.835
10.475

459
377

1,351
1.570

1.101
2.805

1.733
3.247

2,125
2.126

37,149
5,1 1 1

3.667
547

90
47

384
188

661
61

873
113

677
244

47,184

4.388

158

699

937

1.509

766

61.405
14.221
19.571
16,414
89,044

4.974
586
1,535
2,096
9.327

182
24
34
26
428

823
124
261
317
1,624

1.023
86
267
110
2.325

1,806
297
592
859
2.617

1.328
562
350
258
2.428

N e t cu rre n t op eratin g in c o m e ................................................................

2 ,8 4 8 ,9 5 5

2 2 6 ,2 2 9

4 .1 2 1

3 7 ,7 7 1

3 8 ,1 0 8

8 9 .8 4 2

5 3 ,9 8 4

Franchise and incom e ta xe s— t o t a l.......................................................
State franchise and income ta x e s .......................................................
Federal income ta x e s ..............................................................................

4 7 ,7 1 0

7 .0 2 2

162

135

886

1 ,8 3 1

490

39,281
8.429

6.489
533

162

6
129

227
659

1.402
429

394
96

N e t c u rre n t o p eratin g incom e a fte r taxes

2 ,8 0 1 ,2 4 5

2 1 9 ,2 0 7

3 .9 5 9

3 7 ,6 3 6

3 7 ,2 2 2

8 8 ,0 1 1

5 3 .4 9 4

D ivide nds and in te re s t on de posits

2 ,6 1 2 ,6 3 8

1 9 7 ,0 0 5

3 .4 4 4

3 3 ,1 5 4

3 4 ,1 3 0

8 2 ,5 3 4

4 7 ,7 9 4

1 8 8 ,6 0 7

2 2 .2 0 2

515

4 ,4 8 2

3 ,0 9 2

5 .4 7 7

5 ,7 0 0

N et cu rre n t o p eratin g incom e a fte r taxe s and d iv id e n d s ............




10
183

CORPORATION

5 ,7 4 0

11.015
34.837
204.526
206.986
2.416
44
12.012
99
218
119
1,1 16
2.494

INSURANCE

2 6 6 ,0 9 9

134.857
417.984
2.538.502
2.605,960
65.426
2,032
83,807
-41 5
1.664
2.079
23.036
40.964

DEPOSIT

3 ,2 3 8 ,7 3 5

FEDERAL

C u rre n t o p e ra tin g in c o m e — t o t a l ...........................................................
Interest on U.S. Governm ent o b lig a tio n s...........................................
Interest and dividends on other s e c u ritie s .........................................
Interest and discount on real estate mortgage loans— net............
Interest and discount on real estate mortgage loans— gross . .
Less: M ortgage servicing fe e s .......................................................
Premium am ortization...........................................................
Interest and discount on other loans and discounts— n e t ............
Income on real estate other than bank building— n e t....................
Income on real estate other than bank building— gross............
Less: Operating expense..................................................................
Income on other a sse ts..........................................................................
Income from service operations...........................................................
C u rre n t op erating expenses— t o t a l .......................................................
Salaries— offic e rs ....................................................................................
Salaries and wages— other e m p lo y e e s .............................................
Pension, hospitalization and group insurance payments, and other
employee b e n e fits ..............................................................................
Fees paid to trustees and com m ittee m e m b e rs ..............................
Occupancy, maintenance, etc. of bank premises (including taxes and
recurring depreciation)— n e t ...........................................................
Occupancy, maintenance, etc. of bank premises (including taxes
and recurring depreciation)— g r o s s ...........................................
Less: Income from bank b u ild in g .................................................
Deposit insurance assessments............................................................
Furniture and fixtures (including recurring depreciation)................
All other current operating e x p e n s e s.................................................

N o n -re c u rrin g in c o m e , realized p ro fits and recoveries cre dited to
p ro fit and loss, and tra n s fe rs fro m v a lu a tio n a d ju s tm e n t p ro ­
vis io n s — to ta l ...............................................................................................
Non-recurring in c o m e ..................................................................... ................
Realized profits and recoveries on:
Securities sold or m a tu re d .........................................................................
Real estate m ortgage lo a n s .......................................................................
Other real esta te...........................................................................................
All other assets.............................................................................................
Transfers from valuation adjustm ent provisions on:
S ecurities........................................................................................................
Real estate m ortgage lo a n s .......................................................................
Other real esta te...........................................................................................
All other assets.............................................................................................

130

7 ,9 8 3

63

80

861

182

77,817
1,351
2,286
2,066

13.978
56
255
365

9
2

3.255
21
33
17

7
38

6.272
29
662
61

3.089
17
24
105

11,884
9.583
56
612

4,895
500

215
56

5

48

184
54

50

157

1 0 0 .6 9 0

1 1 ,2 2 5

2 .7 0 2

336

9 ,3 8 9

3 ,0 8 5

12,693

1,136

6

220

126

426

31 1

64.136
4.488
1.609
3,219

7,274
78
53
1,225

73
8
4
13

2.130
35
76
26

34
30

8.607
109
20
54

1,629
50
107
140

7.962
5.558
189
836

1,071
31
28
329

15
124

548
217
5
78

2 2 2 .9 6 6

3 2 ,0 1 9

391
183
2
116

2

2.835
1.072
186
353

80

5 9 .6 7 4 .0 2 6

4 ,7 6 5 ,1 6 0

1 0 0 ,6 0 5

8 2 0 .0 8 7

8 7 8 ,7 5 9

1 ,9 2 4 ,9 4 5

1 ,1 1 8 ,6 9 5

5 4 ,5 3 4 ,5 7 2

4 . 3 3 4 .0 3 0

9 2 ,0 8 0

1 .7 5 4 ,6 6 6

1 ,0 0 0 ,7 0 8

4 0 5 .6 6 0

8 .4 4 1

7 3 9 .1 9 8
7 6 .1 8 2

8 0 1 ,0 2 2

4 ,3 4 5 ,5 2 4

6 6 ,0 7 6

1 5 2 ,8 7 9

9 7 ,9 2 3

334

69

348
317

213

211

57
150
5
3
5 .4 4 0

6
140
2 ,8 8 6

34
4 ,0 7 1

6 ,4 2 7

59
1

18
5

38

56

2

66

5
11

6

154

15
2

4

31

6

1

256
50
108

8

32

225




3 .6 6 0

2

BANKS

A v e ra g e assets and lia b ilitie s 2
T o ta l a s s e ts ....................... .................................................................................
T o ta l d e p o s its .......................................................................................................
T o ta l surplus a c c o u n ts
N um ber of banks. December 31 ......................................................................

13

645

OF INSURED

N e t a d d itio n s to to ta l su rp lu s a c c o u n ts fro m o p e ra tio n s ........................
M e m o ra n d a
Recoveries credited to valuation adjustm ent provisions (not included
in recoveries above) on:
S e c u ritie s ...........................................................................................................
Real estate m ortgage lo a n s ...........................................................................
Other real e s ta te ...............................................................................................
All other a s s e ts .................................................................................................
Realized losses charged to valuation adjustm ent provisions (not
included in realized losses above) on:
S e c u ritie s ...........................................................................................................
Real estate m ortgage lo a n s ...........................................................................
Other real e s ta te ...............................................................................................
All other a s s e ts .................................................................................................

2 1 ,0 4 2

29.394

INCOME

N o n -re c u rrin g expenses, realized losses charged to p ro fit and loss.
and tra n s fe rs to v a lu a tio n a d ju s tm e n t p ro visio n s— t o t a l................
Non-recurring e x p e n s e s .................................................................................
Realized losses on:
Securities s o l d .............................................................................................
Real estate m ortgage lo a n s .......................................................................
Other real esta te...........................................................................................
All other assets.............................................................................................
Transfers to valuation adjustm ent provisions on:
S ecurities........................................................................................................
Real estate m ortgage lo a n s .......................................................................
Other real esta te...........................................................................................
All other assets.............................................................................................

3 ,8 1 2

1 3 5 .0 4 9

226

Table 122. INCOME OF INSURED M U T U A L SAVINGS BANKS IN THE UNITED STATES. BY STATE. 1 9 6 8 — CONTINUED
(Amounts in thousands of dollars)
New
Jersey

New York

Pennsylvania

Rhode
Island

Vermont

W ashington

Wisconsin

Other States
or areas1

1 8 9 .4 1 2

5 8 .2 9 0

1 3 ,9 8 6

7 0 .3 2 6

1,9 9 1

5 5 .6 9 9

67.917
264.999
1.756.477
1.805.986
48.446
1.063
47.280
-450
1,200
1,650
16,256
29,907

9,937
41.051
134,134
141.027
6.856
37
1.806
3
14
11
1,407
1.074

3.026
8,863
42,529
44.149
1,619
1
3.233
-82

1.073
276
11.550
11.642
92

199
189
1,459
1,477
18

82
56
665

112
82

3.608
5,571
58.843
59.153
306
4
938
13
49
36
509
844

1,651
9.591
41,800
42.929
1,123
6
1,081
-10
14
24
477
1.109

C urrent op eratin g expenses— t o t a l ................................................................
Salaries— offic e rs .............................................................................................
Salaries and wages— other e m p lo y e e s ......................................................
Pension, hospitalization and group insurance payments, and other
employee b e n e fits .......................................................................................
Fees paid to trustees and com m ittee m e m b e rs ........................................
Occupancy, maintenance, etc. of bank premises (including taxes and
recurring depreciation)— n e t ....................................................................
Occupancy, maintenance, etc. of bank premises (including taxes
and recurring depreciation)— g ro s s ....................................................
Less: Income from bank building ..........................................................
Deposit insurance assessments....................................................................
Furniture and fixtures (including recurring depreciation)..........................
All other current operating e xp e n se s..........................................................

2 0 ,7 2 8

2 3 5 ,0 2 3

2 5 ,8 1 6

1 0 .0 2 2

1 .9 6 8

1 0 ,5 1 1

453

8 ,5 9 2

3.439
5,928

32,978
71.734

3.017
8,546

1,862
2,406

470
489

2.118
3.116

123
103

1.550
2.224

1.990
426

23,735
2,977

2,399
67

953
142

192
66

885
101

18
8

625
124

2,346

30.642

2,672

1.109

148

902

60

848

2,447
101
891
1,131
4,577

39,322
8,680
13.313
9,021
50.623

5.031
2,359
1.200
1,374
6,541

1,469
360
302
336
2,912

208
60
83
72
448

1.445
543
401
289
2,699

61
1
11
20
110

1.286
438
331
505
2,385

1 1 9 ,1 9 5

1 ,9 4 7 ,3 6 3

1 6 3 ,5 9 6

4 8 ,2 6 8

1 2 .0 1 8

5 9 .8 1 5

1 ,5 3 8

4 7 ,1 0 7

1 .0 9 4

3 2 ,4 5 4

812

955

195

1 .4 6 6

6

202

1.094

29.160
3.294

757
55

686
269

19
176

1
1,465

2
4

138
64

N et c u rre n t operatin g in c o m e .........................................................................

888
5
5

64

5
75

Franchise and incom e taxe s— t o t a l................................................................
State franchise and income ta x e s ................................................................
Federal income taxe s......................................................................................
N et c urrent operatin g incom e a fte r t a x e s ..................................................

1 1 8 ,1 0 1

1 .9 1 4 ,9 0 9

1 6 2 ,7 8 4

4 7 ,3 1 3

1 1 .8 2 3

5 8 .3 4 9

1 ,5 3 2

4 6 ,9 0 5

Dividends and in te re st on d e p o s its ..............................................................

1 0 9 ,1 2 4

1 ,8 0 6 ,6 0 4

1 4 9 ,0 0 7

4 2 ,5 4 6

1 1 ,1 4 7

5 1 ,8 2 7

1 ,3 2 3

4 2 ,9 9 9

8 ,9 7 7

1 0 8 ,3 0 6

1 3 ,7 7 7

4 .7 6 7

676

6 ,5 2 2

209

3 ,9 0 6

N et current op erating incom e a fte r taxes and d iv id e n d s ......................




CORPORATION

2 ,1 8 2 ,3 8 6

11.450
20.438
104.460
106.802
1.857
485
1.203
-19
16
35
180
2.21 1

INSURANCE

1 3 9 ,9 2 3

DEPOSIT

C urrent o p eratin g in c o m e — to t a l................................................................
Interest on U.S. Government ob ligations....................................................
Interest and dividends on other secu ritie s..................................................
Interest and discount on real estate mortgage loans— net......................
Interest and discount on real estate mortgage loans— g r o s s ............
Less: Mortgage servicing fe e s ................................................................
Premium am ortization....................................................................
Interest and discount on other loans and discounts— n e t ......................
Income on real estate other than bank building— n e t..............................
Income on real estate other than bank building— gross......................
Less: Operating expense..........................................................................
Income on other asse ts..................................................................................
Income from service operations....................................................................

FEDERAL

Income item

N o n-recu rring incom e, realized p ro fits and recoveries cre dited to
p ro fit and loss, and tra n sfe rs fro m va lu a tio n a d ju s tm e n t p ro ­
visio n s— to ta l ..............................................................................................
Non-recurring in c o m e ....................................................................................
Realized profits and recoveries on:
Securities sold or m a tu re d ........................................................................
Real estate mortgage lo a n s ......................................................................
Other real estate..........................................................................................
All other assets............................................................................................
Transfers from valuation adjustment provisions on:
Securities......................................................................................................
Real estate mortgage lo a n s ......................................................................
Other real estate..........................................................................................
All other assets..................................................................................

170

854

16

2 ,5 9 0

228

53

118

10

432

1.980
37
37
26

43.824
961
1.165
1.465

1,776
10
64
1

1.222
52
5
6

108
7
2

210
53
39
11

1
4

2.086
64

1

8

4.983
8.068
43
46

1,019

230
800

305
105
13

11
5 ,6 4 3

1 ,4 6 3

476

50

8.989

219

227

30

250

3

27

2.131
35
1
35

34.924
4.037
1.101
1.600

4.734
32
28
16

485
5
193
30

122
8
6
2

46
18
13
11

35
11

1.912
32
7
66

52
184

4,871
4.188
38
202

510
49
55

500

1

37
43
58

23

2

9 ,1 5 4

1 3 4 ,1 5 3

1 1 .2 2 3

5 .8 5 8

675

5

5
170

307
2

9

1

10

354
956
186
46

459

171

1

300
353
25

6 ,9 0 0

175

3 ,7 7 4

12

37

1.484
9

93
21
14

23

2 ,6 7 3 ,8 2 0

4 0 ,1 1 3 ,6 2 5

3 ,8 3 3 ,8 9 3

1 ,0 5 1 ,4 7 8

2 5 1 ,5 3 4

1 ,0 7 8 ,5 6 8

3 7 ,4 3 8

1 ,0 2 5 ,4 1 9

2 ,4 6 9 ,1 5 5

3 6 ,7 6 0 ,6 6 6

3 ,4 3 0 ,9 3 3

9 5 8 ,2 1 2

2 3 1 .9 4 4

9 9 0 ,6 9 5

3 4 ,1 1 4

9 3 7 ,1 4 9

1 7 7 .4 9 6

2 ,8 2 6 ,6 8 5

2 8 4 ,0 8 6

7 9 ,2 5 8

1 7 ,9 6 7

7 5 ,6 6 0

3 ,1 2 8

7 4 ,0 8 3

21

125

3

8

7

7

6

7

1 Other States or areas include Alaska. Delaware, Minnesota, Ohio, Oregon, and Puerto Rico.
2 Averages of amounts are for the four consecutive call dates beginning w ith the end of the previous year and ending w ith the fall call of the current year.




2 ,7 2 2

5 9 .9 5 0

723

3 ,1 6 1

227

Number of banks, December 31 ......................................................................

2 ,5 5 4

219

BANKS

A verage assets and lia b ilitie s 2
Total assets. . , ....................................................................................................
Total d e p o s its ......................................................................................................
Total surplus a c c o u n ts ......................................................................................

3 ,0 8 9

25.243

OF INSURED

N et a d d itio n s to to ta l surplus a cco unts fro m o p e ra tio n s........................
M e m oranda
Recoveries credited to valuation adjustm ent provisions (not included in
recoveries above) on:
S ecurities..........................................................................................................
Real estate mortgage lo a n s ..........................................................................
Other real es ta te ..............................................................................................
All other asse ts................................................................................................
Realized losses charged to valuation adjustment provisions(not included
in realized losses above) on:
Securities......................................................................................................
Real estate mortgage lo a n s ..........................................................................
Other real e s ta te ..............................................................................................
All other assets................................................................................................

8 5 ,7 9 8

1.258

INCOME

N on-recu rring expenses, realized losses charged to p ro fit and loss.
and tra nsfers to va lu a tio n a d ju s tm e n t provisions— t o t a l ................
Non-recurring e x p e n s e s ................................................................................
Realized losses on:
Securities s o l d ........................ ....................................................................
Real estate mortgage lo a n s ......................................................................
Other real estate..........................................................................................
All other assets............................................................................................
Transfers to valuation adjustm ent provisions on:
S ecurities......................................................................................................
Real estate mortgage lo a n s ......................................................................
Other real estate..........................................................................................
All other assets............................................................................................

3 ,3 3 8

BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES;
DEPOSIT INSURANCE DISBURSEMENTS
Table 123.
Table 124.
Table 125.

Table 126.




Number and deposits of banks closed because of financial difficulties,
1934-1968
Insured banks requiring disbursements by the Federal Deposit Insurance
Corporation during 1968
Depositors, deposits, and disbursements in insured banks requiring disburse­
ments by the Federal Deposit Insurance Corporation, 1934-1968
Banks grouped by class of bank, year of deposit payoff or deposit assump­
tion, amount of deposits, and State
Recoveries and losses by the Federal Deposit Insurance Corporation on
principal disbursements for protection of depositors, 1934-1968

BANKS

Disbursements by the Federal Deposit Insurance Corporation to
protect depositors are made when the insured deposits of banks 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;
additional disbursements are made in those cases as advances for
protection of assets in process of liquidation and for liquidation
expenses.

No noninsured bank failed in 1968.
For detailed data regarding noninsured banks which suspended
in the years 1934-1962, see the Annual Report for 1963, pp.
27-41. For 1963-1967, see Table 123 of this Report, and previous
Reports fo r respective years.
Sources o f data

INSURANCE
DISBURSEMENTS
229




Insured banks: books of bank at date of closing; and books of
FDIC, December 31, 1968.

DEPOSIT

Noninsured bank failures

AND

CLOSED

Deposit insurance disbursements

Table 123. NUMBER AND DEPOSITS OF BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES. 1934-1968
D e p o s its (in th o u s a n d s o f dollars)

N um b e r

Year
T o ta l

T o tal

609

..
.........

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

52
6
3
7
7
12
5
2
3

1
1
4
1
3
1
1
2
1
1
5
1
4
2
1
4
1

478

9
26
69
76
73
60
43
14
20
5
2
1
1
5
3
5
4
2
3
4
2
5
2
2
4
3
1
5
1
2
7
5
7
4
3

8

1
2

2

470

9
25
69
74
73
60
43
14
20
5
2
1
1
5
3
4
4
2
3
2
2
5
2
1
4
3
1
5
2
7
5
7
4
3

9 3 0 ,5 5 3

6 1 .9 7 3

8 6 8 .5 8 0

4 1 ,1 4 7

37.332
13,987
28.100
34.141
60,444
160.21 1
142.787
18.805
19.541
12,525
1,915
5.695
494
7.207
10.674
9.217
5.555
6,464
3,313
45,101
2.948
11,953
11.689
12,502
10,413
2,593
7,965
10.61 1
4.231
23.444
23,867
45,256
106,171
10,878
22.524

35.364
583
592
528
1.038
2.439
358
79
355

1.968
13.404
27,508
33,613
59,406
157.772
142,429
18.726
19,186
12.525
1.915
5.695
347
7,040
10,674
6.665
5,513
3.408
3,170
44,71 1
998
11,953
11,329
11,247
8.240
2,593
6,930
8.936
3.01 1
23.444
23.438
43.861
103.523
10.878
22,524

147
167
2.552
42
3.056
143
390
1,950
360
1.255
2.173
1,035
1,675
1.220
429
1.395
2.648

85
328

1,190

26,449

10.084

W ith
d is b u rs e ­
m e nts
by
FD IC 3
8 2 7 ,4 3 3

1,968
13.319
27.508
33.285
59.406
157.772
142.429
18,726
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
2,593
6.930
8.936

3,01 1
23.444
23.438
43.861
103,523
10.878
22,524

1 For in fo rm a tio n re garding each o f these banks, see Table 22 in the A n n ua l R eport o f the Federal D ep o sit Insurance C orp o ra tio n fo r
1 9 6 3 , page 221 o f the re po rt fo r 1 9 6 4 , page 179 o f the re po rt fo r 1 9 6 5 , and page 1 8 3 o f th e 1 9 6 6 re po rt. One n on insured bank placed in
receivership in 1 9 3 4 , w itn no d e p o sits at tim e o f closing, is o m itte d (see Table 2 2 , note 9). D ep o sits are u na va ilab le fo r 7 banks.
2 For in fo rm a tio n regarding these cases, see Table 23 o f the A nnual R eport fo r 1 9 6 3 .
3 For in fo rm a tio n re garding each bank, see the A nnual Report fo r 1 9 5 8 , pp. 4 8 - 8 3 and pp. 9 8 - 1 2 7 , and ta b le s re garding d ep o sit
insurance d isb u rse m e n ts in s u bse q u en t annual reports. D eposits are adusted as o f D ece m b e r 3 1 , 1 9 6 8 and exclude d e p o sits fo r three
cases
requ irin g d is b u rs e m e n ts by the C orp o ra tio n ; 1 bank in v o lu n ta ry liq u id a tio n in 1 9 3 7 (payoff-case no. 9 0 ); 1 noninsured bank in 1 9 3 8

w ith insured d e p o sits at date o f suspension, its insurance status having been te rm in a te d p rio r to suspension (p ayo ff case no. 1 62 ); and 1
http://fraser.stlouisfed.org/
fo re ig n -o w n e d bank closed in 1941 by o rder o f the Federal G overnm ent (p ayoff casie no. 2 3 4 ).

Federal Reserve Bank of St. Louis

CORPORATION

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

131

To ta l

To ta l

INSURANCE

.........

61
32
72
83
80
72
48
16
23
5
2
1
2
6
3
9
5
5
4
5
4
5
3
3
9
3
2
9
3
2
8
9
8
4
3

N on­
in s u re d 1

W ith o u t
d is b u rs e ­
m e nts
by
FD IC 2

DEPOSIT

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

Total

W ith
d is b u rs e ­
m e nts
by
FD IC 3

FEDERAL

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968

N on­
in s u re d 1

W ith o u t
dis b u rs e ­
m ents
by
FDIC2

230

Insured

Insured

Case
num ber

Lorenzo S ta te Bank,
Lorenzo, Texas

NM

2 ,1 7 9

February 13, 1 9 6 8

1 92

C en tra l N a tio n a l Bank o f
Ja ckso n ville , Ja ckson ville ,
Florida

N

8,0 9 1

M ay 2 7. 1 9 6 8

2 ,4 7 5 ,9 6 6

M a rin e N a tio n al Bank o f Jacksonville,
J a ckso n ville , Florida

1 93

Bank o f C om m erce,
T o n ka w a , O klahom a

NM

2 ,5 8 0

S e p te m b e r 2 5 , 1 9 6 8

1 ,0 2 5 ,0 2 1

The Service Bank o f Tonkaw a,
Ton ka w a , O klahom a

D ep o sit
a ssum p tio n
191

D is b u rs e m e n t2

$ 1 ,5 5 1 ,9 7 2

A s s e ts 1
U. S. G o v­
e rn m e n t
o b lig a tio n s

O ther
securities

Loans,
discounts.
and
o verd ra fts

Lia b ilitie s and ca pita l a c c o u n ts 1
B anking
house,
fu rn itu re &
fixtu re s

O ther
real
estate

O ther
assets

Total

D eposits

O ther
lia b ilitie s

Capital
sto ck

Other
capital
a ccounts

768.012

669.594

618.1 13

3,939.956

62.047

7.000

93.977

6,158.699

5.612,285

15.918

100.000

430.496

192

1,1 17.523

2.850.082

775,600

7.604.592

606,037

120,403

370.393

13.444.630

11,757,299

455.664

1.600,000

-368,333

193

498.971

1.801.042

229.005

2.895.032

85,000

6.000

35.627

5,550.677

5.154,686

93.067

100.000

202,924

1 Figures as d e te rm in e d by FDIC agents a fte r a d ju stm e n t of books o f th e bank im m e d ia te ly fo llo w in g its closing.
2 Inclu d e s d isb u rse m e n ts m ade to D ecem ber 3 1, 1 9 6 8 , plus add itio n al d is b u rs e m e n ts e s tim a te d to be required in these cases.

231




DISBURSEMENTS

D ep o sit
a ssu m p tio n
191

Cash and
due fro m
banks

Lorenzo S ta te B ank at Lorenzo,
Lorenzo, Texas

INSURANCE

Case
num b e r

A s s u m in g bank

DEPOSIT

D ate o f d e p o s it
a s s u m p tio n

AND

N um ber of
a c c o u n ts 1

CLOSED

Class of
bank

N am e and lo ca tio n

BANKS

Table 124. INSURED BANKS REQUIRING DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION DURING 1968

232

Table 125. DEPOSITORS. DEPOSITS, AND DISBURSEMENTS IN INSURED BANKS REQUIRING DISBURSEMENTS BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION. 1934-1968
B A N K S G R O U P E D BY C L A S S O F B A N K . Y E A R O F D E P O S IT P A Y O F F O R D E P O S IT A S S U M P T IO N , A M O U N T O F D E P O S IT S . A N D S T A T E
N um b e r o f d e p o s ito rs 1

N u m b e r o f ban ks

P rin cip a l d is b u rs e m e n ts

C la ssifica tio n
P a yo ff
cases

A ssum p­
tio n
cases

Total

A ssum p­
tio n
cases

30

56

340.766

84,21 5

25
362

9
241

16
121

373.810
930.871

88,204
329,579

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

9
24
42
50
50
32
19
8
6
4
1

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
9.587
3,073
11,171

15,767
32,331
43,225
74,148
44.288
90.169
20.667
38.594
5.717
16.917
899

Payoff
T o ta l

cases3

Assum p­
tio n
cases4

P ayoff
cases5

A ssum p­
tio n
cases6

245,996

592.772

381.807

163,741

218,066

2,986

48,768

256.551

195,757

80.597

115,160

81.260

38.350

42,910

914

6.544

285.606
601,292

194,421
448.590

33.303
132.097

161,1 19
316,493

105.741
194,806

25.470
99.921

80.271
94.885

212
1.860

19,273
22,951

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
2,593
6.930

1.968
9,091
1 1,241
14.960
10.296
32.738
5,657
14,730
1,816
6.637
456

941
8.891
14,781
19.161
30.479
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
3.458
1.031
3.026
1.835
4.765

941
6,026
8,056
12.045
9.092
26.196
4.895
12,278
1.612
5,500
404

Class o f bank
N a tio n a l b a n k s ......................
S ta te
banks
m e m b e rs
F.R.S.....................................
B anks n o t m e m b e rs F.R.S.

Y ear7
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1 951
1952
1953
1954
1955
1956
1957
1958
1959
1960

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




4
1
1
3
3
1

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
4,380
3.073
11.171

12,324
45.793
56,239
159.673
302,549
235.694
34,41 1
54.971
10.454
4.588
12,483
1,383
10.637
18,540
5,671
6,366
5,276
6,752
24,469
1,81 1
9,710
9,732
5,207

6,503
4.702
1.163
4,156
2.593
6.930

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
3.170
18.262
998
5,450
6,628
4,084

4,438
2,795
1,031
2,796
1,835
4.765

2.865
6.725
7.1 16
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
663
230

43
108
67
103
93
162
89
50
38
53
9

106
87
20
38
51
82

272
934
905
4,902
17.603
17.237
1.479
1.076
72
37
96
11
368
200
166
524
127
195
428
145
665
51
31

CORPORATION

86

Assum p­
tio n
cases

INSURANCE

280

P a yo ff
cases

838,768

501.998 1,143,449

473

T o ta l

DEPOSIT

193 1,645.447

Payoff
cases

A d v a n c e s and
e xpenses2

FEDERAL

T o ta l

A ll b a n k s ..................................

D is b u rs e m e n ts by F D IC 1
(in th o u s a n d s o f dolla rs)

D e p o s its 1
(in th o u s a n d s o f d olla rs)

154
173
61 1
2,312
3.609
5,849
5.585
5.519
24.723
229

6.170
2.538
47,298
2.987
1,526

3.985
1.942
46.220
2.262
1.526

2.185
596
1.078
725

3.557
1,720
13.824
1.410
1.242

2.562
1.576
12.963
938
1,242

995
144
861
472

62
43
595
40
8

91
48
138
74

17.665
1.959
1.894
50.765
13.593

2.668
1.870
1.894
25.081
3.932

14.997
89

5.935
1.620
1.493
28.456
6.197

2.145
1.551
1.493
20.474
3.096

3.790
69

52
33
29
312
39

287
33

9.401
5.052
8.888
1.652
5.450

4.383
4.357
3.953
1.652

5.018
694
4.934

3.875
4,093
5.455
668
2.346

2,804
3.601
3.329
668

46
45
44
10

113
72
201

15.924
9.046
113.779

4.566
3.019
107.727
818
334

828

3.738
3,019
106,332

3.109
1.564
17.461
640
257

735

11.799
651

1 1,107
1,095
8.145
296
194.630

3.867
880

7.678
639
5.008
117
82.125

14.082
9.410
2.451
79.721
30.006

1,725
8,797
2.451
41.802
12.549

12.357
613

16.055
6.715
36.139
6.087
9.710

4.066
3,824
18.490
6.087

11,989
2,891
17.649

3
2
6

22.567
9.046
115.863
2.650
1.651

6.643

13
2

41.277
1.500
6.069
1.780
522.563

F lo r id a ......................................
G e o r g ia ....................................
I d a h o ........................................
Illin o is ........................................
In d ia n a ......................................

5
10
2
20
20

2
8
2
8
15

3
2

I o w a ..........................................
K a n s a s ......................................
K e n tu cky .................................
L o u is ia n a .................................
M a in e ........................................

7
10
23
3
1

4
6
18
3

3
4
5

M a r y la n d .................................
M a s s a c h u s e tts ......................
M ic h ig a n .................................
M in n e s o ta ...............................
M is s is s ip p i...............................

5
2
10
5
3

2

M is s o u ri....................................
M o n t a n a .................................
N e b ra s k a .................................
N e w H a m p s h ire ....................
N e w J e r s e y .............................

49
5
6
1
39

12
5

1

1
27

37.919
17.457

9,710

2.084
2.650
1.651
29.478
849
6.069
103.797

1.780
418.766

25.684
9,662

5.450

1.394
818
334
7.240
215
8.145
33.128

296
161.502

5,053

7.982
3.101
1.071
492
2.126

271

2.346

1.311
640
257
6.011
186
5.008
26.468

2.374
1.564
16.150

1.667
453
117
55.657

116
855

791
384

665
9
43
17
5
99
6
46
161

371
1.030
989

277
21
8
20,154

233

7.11 1
905
3,169
712

2
1
1
1

473
14.340

DISBURSEMENTS

88
209
163
394
353
518
441
318
500

972
102.749

INSURANCE

691
1.352
4.443
15.718
24.018
37.682
27.961
22.546
73.653
10.000

2.059
4.541
17.890
1.382
5.379

2
6
3
2
2




4.309
11,554
10,550
20.957
17.085
32.307
17.818
39.444
9.717

9.170
5446
21.059
2.094
5.379

4
7
4
3
2

12

5.000
12.906
14.993
36.675
41.103
69.989
45.779
61.990
83,370
10.000

6.418
17.759
21.882
55.972
74,044
128,929
115.956
125,255
199,594
92,960

38.347
83,370
91,218
161,923
211.161
257.640
227,707
206.228
284.809
83.044

36
3
6

1.471
3.839
8.961
28.037
51.834
82,185
88.241
75.825
159.418
92,960

8.652
17.858
33.931
87.053
144.393
184,109
195,042
117.039
272,328
83.044

24
23
24
37
35
27
14
4
4
1

4
5
3

4.947
13.920
12,921
27.935
22.210
46.744
27.715
49.429
40.176

29.695
65.512
57.287
74.870
66,768
73.531
32.665
89.189
12.481

83
86
37
35
17
14
4
3
1

1.454
94,412

DEPOSIT

S ta te
A la b a m a .................. ...........
A r k a n s a s .................. ...........
C a lifo r n ia .................................
C o lo r a d o .................................
C o n n e c tic u t.............................

22.524

12.850

3

2
6

154
283
580
568
25
177

AND

107
109
61
72
52
41
18
7
5
1

6.200
19.232
13.770
10,976
735
8.125

8.936
23.444
23.438
42.889
774
10.878

8.301
36.430
19.934
14.363
1.012
4,729

B a n ks w ith d e p o s its o f—
Less than $ 1 00 ,00 0 ..................
$10 0 ,0 0 0 to $ 2 5 0 ,0 0 0 ...........
$ 25 0 ,0 0 0 to $ 5 0 0 ,0 0 0 ...........
$ 500,000 to $ 1 ,0 0 0 .0 0 0 .........
$1,000,000 to $ 2,000,000 .
$ 2,000,000 to $5,0 00 ,0 0 0 . .
$ 5,000,000 to $10,00 0 ,0 0 0 .
$ 10,000,000 to $ 25 ,000,000
$ 25,000,000 to $ 5 0 ,00 0 .0 0 0.
$ 50,000,000 to $ 100,000.000

6.200
19,232
13,770
1 1.449
15.075
8,125
5.053

8.936
23.444
23.438
43.861
103.523
10.878
22.524

8.301
36.430
19,934
15,817
95,424
4.729
12.850

CLOSED

5
2
7
3
1
4

BANKS

5
2
7
5
7
4
3

196 1 ........................................
1963
1964
1965
1966
1967
1968

234

Table 125. DEPOSITORS. DEPOSITS, A N D DISBURSEMENTS IN INSURED B AN K S REQUIRING DISBURSEMENTS BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, 1 9 3 4 -1 968-C O N TIN UED
B A N K S G R O U P E D BY C L A S S OF B A N K . Y EAR OF D EPO S IT PAYOFF OR D E P O S IT A S S U M P T IO N . A M O U N T OF D E P O S ITS . A N D STATE
N u m b e r o f b a n ks

N u m b e r o f d e p o s ito rs 1

D e p o s its 1
(in th o u s a n d s o f d o lla rs)

P rin cip a l d is b u rs e m e n ts
T o ta l

P a yo ff
cases

Assum p­
tio n
cases

T o ta l

P a yo ff
cases

A ssum p­
tion
cases

To ta l

P a yo ff
cases

A ssum p­
tio n
cases

P a yo ff
T o ta l

cases3

Assum p­
tio n

P a yo ff
ca ses5

Assum p­
tio n
cases6

3
2
18
2
8

23
5
11
2
4

269.621
10.408
14.103
13.751
27.650

28,440
3,677
6.760
7.585
20,149

241.181
6.731
7.343
6.166
7.501

145.439
3.266
3.830
7.223
18,920

13.286
1.421
1.552
2.345
11.053

132.153
1.845
2.278
4.877
7.867

67.997
2.387
2.656
2.098
10,272

10.836
1.156
1.397
1.610
7.936

57.161
1.231
1.259
488
2.336

32
23
24
7
178

10,847
179
203
44
166

O re g o n ......................................
P e n n s y lv a n ia ...........................
S outh C a r o lin a ......................
S o u th D a k o ta ........................
T ennessee ...............................

2
29
2
23
12

1
8
1
22
8

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

2.670
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
51.292
274
2.41 1
1.278

986
10.133
136
2.388
1,164

962
41.159
138
23
114

11
75

81
9.524
10
9
25

Texas ........................................
V e rm o n t...................................
V irg in ia ......................................
W a s h in g to n .............................
W e s t V ir g in i a ........................

33
3
9
1
3

26
2
4

7
1
5
1

44.963
11.057
35.715
4.1 79
8.346

35.848
8.687
12.638

9.115
2.370
23.077
4,179

30.720
3.725
17.778
1.538
2.006

19.185
3.375
7,652

11.534
350
10.127
1,538

17.189
3.445
8.285
935
1.458

13.241
3.259
3.889

3.948
186
4.396
935

457
21
293

W is c o n s in ...............................
W y o m in g .................................

31
1

20

11
1

26.898
3.212

18.739

8.159
3,212

9.512
2.033

5.966

3,545
2.033

7.188
202

5.096

2.092
202

54

3

8.346

2.006

26
28

447
22
505
512

11

1.458

426
19

1 A d ju s te d to D ece m b e r 3 1 , 1 9 6 8 In a s s u m p tio n cases, n u m b e r o f d e p o s ito rs refers to n u m b e r o f d e p o s it a ccou n ts.
2 E xcludes $ 3 5 2 th o u sa n d o f n o n -re c o v e ra b le in su ra n ce expenses in cases w h ic h w e re resolve d w ith o u t p a y m e n t o f c la im s o r a d is b u rs e m e n t to fa c ilita te
a s s u m p tio n o f d e p o s its by a n o th e r in su re d bank, and o th e r expenses o f fie ld liq u id a tio n e m p lo y e e s n o t ch a rg e a b le to liq u id a tio n a c tiv itie s .
3 In c lu d e s e s tim a te d a d d itio n a l d is b u rs e m e n ts in a c tiv e cases.
4 E xcludes e xcess c o lle c tio n s tu rn e d o ver to b an ks as a d d itio n a l purchase price at te rm in a tio n o f liq u id a tio n .
5 These d is b u rs e m e n ts are n o t re co ve ra b le by th e C o rp o ra tio n ; th e y c o n s is t a lm o s t w h o lly o f fie ld p a y o ff expenses.
6 In clu d e s adva n ce s to p ro te c t a ssets and liq u id a tio n e xpenses o f $ 4 7 ,9 9 2 th o u sa n d , all o f w h ic h have been fu lly re cove re d by th e C o rp o ra tio n , and $ 6 1 1
th o u s a n d o f n o n -re c o v e ra b le e xpenses.
7 N o case in 1 9 6 2 re qu ired d is b u rs e m e n ts . D is b u rs e m e n t to ta ls fo r each year relate to cases o c c u rrin g d u rin g th a t year, in c lu d in g
d is b u rs e m e n ts m ade in
s u b s e q u e n t years.
N o te : Due to ro u n d in g d iffe re n c e s , c o m p o n e n ts m a y n o t add to to ta ls .




CORPORATION

26
7
29
4
12

INSURANCE

N ew Y o rk .................................
N o rth C a r o lin a ......................
N o rth D a k o t a ........................
O h io ..........................................
O k la h o m a ...............................

DEPOSIT

cases4

A d v a n c e s and
e xpe n se s2

FEDERAL

C la ssifica tio n

D is b u rs e m e n ts by F D IC 1
(in th o u s a n d s o f d o lla rs)

Table 126. RECOVERIES AND LOSSES BY THE FEDERAL DEPOSIT INSURANCE CORPORATION ON PRINCIPAL
DISBURSEMENTS FOR PROTECTION OF DEPOSITORS. 1 9 3 4 -1 9 6 8
(Amounts in thousands of dollars)
Liquidation
status and
year of de­
posit payoff
or deposit
assum ption

A ll cases
N um ­
ber of
banks

Deposit payoff cases

Re­
Principal coveries Estimated
disburse­ to Dec. additional
m ents 31. 1 96 8 recoveries

N um ­
Losses1 ber of
banks

Re­
Principal coveries
disburse­ to Dec.
m ents2 31, 1 968

D eposit assum ption cases

Estimated
N um ­
additional Losses1 ber o f
banks
recoveries

Re­
Principal coveries
disburse­ to Dec.
m ents3 3 1 .1 9 6 7

Estimated
additional
recoveries

Losses1

473

3 i i.805

316,464

13.504

51.837

280

163.740

125.231

9.606

28.903

193

218,065

191.233

3,898

22.934

S ta tu s
A c tiv e ..........
Term inated .

38
435

123.976
257.830

84.504
231.960

13.504

25.967
25.870

21
259

59.681
104.059

36.165
89.066

9.606

13.910
14.993

17
176

64.295
153.771

48.339
142.894

3.898

12.057
10.877

Y ear4
1934 . . . .
1 93 5 . . . .
1 93 6 . . . .
1937 . . . .
193 8 . . . .

9
25
69
75
74

941
8.891
14.781
19.161
30,479

734
6.202
12.325
15.610
28.055

207
2.686
2.455
3.549
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
2725
24

2.865
6.725
7.116
21.387

1.928
5.730
6.090
20.147

2

935
995
1.025
1.241

1939
194 0
1941
1942
1943

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

60
43
15
20
5

67.770
74.134
23.880
10.825
7.172

60.618
70.336
23.290
10.136
7.048

7.153
3.757
591
688
123

32
19
8
6
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
66.023
11.225
8.816
1,672

194 4
1945
194 6
1947
1 94 8

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

2
1
1
5
3

1.503
1.768
265
1,724
2.990

1.462
1.768
265
1.641
2.349

40

1

404

363

40

1
1
5
3

1.099
1.768
265
1.724
2.990

1.099
1.768
265
1.641
2.349

1 94 9
195 0
1951
1952
1953
1954
195 5
195 6
1957
195 8

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

4
4
2
3
2

2.552
3.986
1.885
1.369
5.017

2.183
2.601
1.885
577
5.017

4
4
2
3
2

2.552
3.986
1.885
1.369
5.017

2.183
2.601
1.885
577
5.017

2
5
2
1
4

913
6.784
3.458
1,031
3.026

654
6.554
3.148
1.031
2.998

230
240

2
1
1

913
2.346
663

654
2.346
648

28

1

230

230

1959
1960
1961
196 3
196 4

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

3
1
5
2
7

1.835
4.765
6,200
19.232
13.767

1.738
4.765
4.652
15.777
10,622

26
1.895
930

1.523
1.560
2.215

196 5
196 6
1967
1 96 8

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

5
7
4
3

11.449
15.075
8.125
5.053

839
3,670
3,147
2,763

3.864
2.954
2.737
980

6.746
8.451
2.240
1.310

2
6

473
14.340

3

5.053

2

40

1
17

67
641
369
1.385
792

60

258
230
250
28
97

4
1
1
3

4.438
2,795
1.031
2.796

4.208
2.500
1.031
2.768

3
1
5
2
7

1.835
4.765
6.200
19,232
13.767

1.738
4.765
4.652
15.777
10.622

26
1.895
930

1.523
1.560
2.215

3
1
4

10,976
735
8.125

541
611
3.147

3.860
104
2.737

6.575
20
2.240

55

40

17

1.355
3.175
378
396

67
641
369
1.385
792
258

5

10

298
3.059

4
2.850

171
8.431

2.763

980

1.310

97

Digitized


235

1 Includes estim ated losses in active cases. Not adjusted for interest or allow able return, w hich w as collected in some cases in w hich the disbursem ent was
fully recovered.
2 Includes estim ated additional disbursem ents in active cases.
3 Excludes excess collections turned over to banks as additional purchase price at term in a tion of liquidation.
4 No case in 196 2 required disbursements.
N
ote: Due to rounding differences, com ponents may not add to totals.
for FRASER

BANKS CLOSED AND DEPOSIT INSURANCE DISBURSEMENTS

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







INDEX




239
INDEX
Absorptions:
Of insured banks requiring disbursements by FDIC. See
Banks in financial difficulties.
Of operating banks, 1968 ...................................
...

1 8 -1 9 ,2 0 ,1 6 6

Of operating banks approved by FDIC, 1968 . . . . .
1 8 -1 9 ,2 0 ,3 1 -1 3 3
Regulation o f........................................................................................................18
Admission of banks to insurance (see also A pplications from banks):
Applications for, 1968 .............................................................................. 17-18
Number of banks adm itted, by class of bank, 1968 ................................ 1 67
Applications from b a n k s .................................................................................... 17-18
Areas outside continental United States, banks and branches located in:
Earnings, expenses, profits, and dividends, 1968 .......................... 2 0 8 -2 0 9
Number, December 31, 1 9 6 8 .......................................... 169, 170, 1 7 7 -1 7 8
Assessments for deposit in s u ra n c e .................................................................25, 28
Assets, liabilities, and capital of banks (see also Deposits):
All banks, June 29, and December 31, 1968 ................................
Commercial banks, June 29, and December 31, 1968 ................
Insured commercial banks:

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

Am ount, December call dates, 1964-1 9 6 8 .............
. 1 8 6 -1 8 9
Am ount, December 3 1 ,1 9 6 8 , by class of b a n k ............................. 1 90
Am ount, December 31, 1968, by deposit size of b a n k ................ 191
Distribution of banks w ith given ratios of selected items to
total assets, by size of bank, December 3 1 ,1 9 6 8 ............. 1 9 4 -1 9 5
Insured mutual savings banks:
Am ount, and percentage distributions, December call dates,
1 9 6 4 -1 9 6 8 ................................................................................. 1 8 6 -1 8 9
Major categories, average, 1959-1 96 8 .......................................... 219
Mutual savings banks:
Banks grouped by insurance status, June 29, and December
31, 1968 .................................................................................... 1 8 2 -1 8 3
Sources of d a ta ..............................................................................1 8 1 ,1 9 7
Assets and liabilities of FDIC..............................................................................2 4 -2 5
Assets purchased by FDIC from banks in financial d iffic u ltie s . . 13-15, 24, 232
Assum ption of deposits of insured banks w ith financial aid of FDIC
(see also Banks in financial difficulties)....................... 13-15, 227, 2 2 9 -2 3 2
A ttorney General of the United States, summary
reports on absorptions.......................................
A udit of F D IC .......................................................
Bad-debt reserves. See Valuation reserves.
Bank ownership, changes i n ................................

. 3 7 -1 3 5
. . . .
. . . .

29

20-21

Bank protection against ro b b e r y ............................................................. \ 7 ,8 , 139
Bank Supervision. See Supervision of banks; Examination of
insured banks.
Admissions to and term inations of insurance . . . .
Assets and liabilities of insured comm ercial banks .



. 1 6 6 -1 6 7
...

190

240

FEDERAL DEPOSIT INSURANCE CORPORATION

Income of insured comm ercial banks, 1968 .................................... 1 7 2 -1 7 3
Insured banks requiring disbursements by FDIC, 1 9 3 4 -1 9 6 8 ............. 2 3 0
Number of banks and banking offices, 1968 ................ 1 6 6 -1 6 7 ,1 7 0 -1 7 8
Number of banks and d e p o s its .................................................................... 179
Classification of b a n ks.................................................................................... 1 6 4 -1 6 5
Closed banks. See Banks in financial difficulties.
Commercial banks. See Assets, liabilities, and capital of banks; Deposits;
Income of insured comm ercial banks; Number of banks and branches.
Comptroller of the C u rre n cy....................................IV, V, 21, 139, 140, 181, 187
Conferences w ith supervisors of State b a n k s .................................................2 2 -2 3
Consolidations. See Absorptions.
Consumer credit p ro te c tio n .......................................................
.9
Credit, bank. See Assets, liabilities, and capital of banks.
Demand deposits. See Assets, liabilities, and capital of banks; Deposits.
Deposit insurance c o v e ra g e ..............................................................................13-15
Deposits, insured by FDIC:
Estimated insured deposits, December 31, 1 9 3 4 -1 9 6 8 .......................... 29
Increase in maximum per d e p o s ito r ....................................................... 13-15
Deposits of: (See also Assets, liabilities, and capital of banks):
All banks:
By insurance status and type of bank, and type of account,
December 31, 1 9 6 8 ........................................................................... 185
By insurance status and type of bank, and type of account,
June 2 9 , 1 9 6 8 .................................................................................... 183
Banks closed because of financial difficulties, 1 9 3 4 -1 9 6 8 . . . . 227-231
Insured banks, December call dates, 1 9 3 4 -1 9 6 8 ....................................... 29
Insured commercial banks:
Average demand and tim e deposits, 1959-1 96 8 ................... ... . 199
By class of bank, December 3 1 ,1 9 6 8 .............................................. 190
By deposit size of bank, December 31, 1968 ................................. 191
December call dates, 1 9 6 4 -1 9 6 8
Insured mutual savings banks:

.................................................... 188

Average demand and tim e deposits, 1 9 5 9 -1 9 6 8 .......................... 2 1 9
December call dates, 1 9 6 4 -1 9 6 8 ....................................................... 188
Sources of data co n ce rn in g ...........................................................................181
Deposits, number of insured commercial banks w ith given ratios of
demand to total deposits............................. .......................................................195
Directors of FDIC. See Federal Deposit Insurance Corporation.
Disbursements, See Banks in financial difficulties.
Districts, F D IC .................................................................

.V I

FED ERAL DEPO SIT IN S U R A N C E C O R P O R A TIO N
Banking data, classification of:
Assets and liabilities of banks....................................................................... 181
Deposit insurance disbursem ents................................................................. 227
Income of insured banks................................................................................. 197



241

INDEX

Number of banks and branches
1 6 4 -1 6 5
Number of Banks and D e p o sits ................................................
. . 179
Banking offices, number of. See Number of banks and branches.
Banks, applications from, acted on by FDIC....................................
17 -18
Banks in financial difficulties.
Insured banks requiring disbursements by FDIC:
Assets and Liabilities of
............................. 2 2 9
Deposit size o f ................................................
Deposits protected, 1 9 3 4 -1 9 6 8 ................
Disbursements by FDIC, 1 9 3 4 -1 9 6 8 . . . .
Loans made and assets purchased by FDIC
Location by State, 1 9 3 4 -1 9 6 8 ...................
Losses incurred by FDIC................................
Losses incurred by d e p o s ito r s ...................

............................. 2 2 9
13 -1 5 , 2 2 8 , 23 0 -2 3 1
. . . 1 3 -1 5 ,2 2 7 -2 3 2
................................ 13
............................. 231
.......................1 5 ,2 3 2
................................ 14

Name and location of, 1968 .......................
...................... 1 3 ,2 2 9
Number of, 1 9 3 4 -1 9 6 8
. . 1 3 ,2 2 8 ,2 3 0 -2 3 1
Number of deposit accounts, 1 9 3 4 -1 9 6 8 ................
.................... 2 3 0 -2 3 1
Recoveries by FDIC on assets acquired, 1 9 3 4 -1 9 6 8
15, 232
Noninsured banks:
Number and deposits of commercial banks closed, 1 9 3 4 -1 9 6 8 . 2 2 8
Suspensions, 1968
166, 227
Banks, number of. See Number of banks and branches.
Board of Directors of FDIC. See Federal Deposit Insurance Corporation.
Board of Governors of the Federal Reserve System. See Federal Reserve
authorities.
Branches (see also Number of banks and branches):
Establishment approved by FDIC, 1 9 6 8 ....................................................... 18
Examination of, 1967 and 1968 .................................................................... 16
Increase, branches of all banks, 1968 ....................................... 1 8 ,1 6 7 -1 6 9
Call reports. See Assets, liabilities, and capital of banks;
Reports from banks.
Capital of banks. See Assets, liabilities, and capital of banks; Banks in
financial difficulties; Income of insured commercial banks; Examination
of insured banks.
Cease-and-desist a u th o rity ................................................................................. 16-17
Certificates of deposit (see also D e p o s its ) ............................................. 3, 4-5, 30
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:
A b s o rp tio n s .............................................

. 1 9, 166

Dividends:
To depositors in insured mutual savings banks . . . . 2 1 8 ,2 2 0 ,2 2 2 ,2 2 4
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.



242

FEDERAL DEPOSIT INSURANCE CORPORATION

Economic and banking developments in 1968. .
Employees:

. 3-7

F D IC ......................................
. 2 3 -2 4
Insured commercial banks:
Number and compensation, 1 9 6 0 -1 9 6 8 ................................ 1 9 8 -1 9 9
Number and compensation, by class of bank, by size o f bank,
and by State, 1968 ....................................................... 2 0 3 ,2 0 5 ,2 0 9
Insured mutual savings banks, number and
c o m p e n s a tio n ..........................................
. 2 1 8 -2 2 2 ,2 2 4
Examination of insured banks:
Banks examined by FDIC, 1968 ....................................................
District offices and supervising e x a m in e rs................................

.1 6
. . VI

Expenses of banks. See Income of insured commercial banks;
Income of insured mutual savings banks.
Expenses of F D IC ................................................
. 2 5 -2 8
Failures. See Banks in financial difficulties.
Federal bank s u p e rvisio n .............................................
. . . 15
Federal banking le g is la tio n ..........................................
. . . . 7-9
Federal Deposit Insurance Corporation (FDIC):
Actions on a p p lica tio n s.......................................................
.17-18
Assessments on insured banks.................................................................2 5 -2 8
A s s e ts ................................................................................................................. 2 4
A u d it.................................................................................................................... 29
Banks examined by, and subm itting reports t o ....................................15-22
Borrowing p o w e r ..............................................................................................25
Capital s to c k .................................................................................................... 24n
Cease-and-desist a u th o rity .............
.......................................... 16-17
Coverage of deposit insurance,
banks particip a tin g ............................................. 13-15, 29, 1 66, 1 70, 1 78
Deposit insurance fund (su rp lu s)............................................................. 2 6 -2 9
Directors (members of the Board)............................................................. V, 23
Disbursements for protection of depositors .

. 1 3 -1 5 ,2 2 7 -2 3 2
................ VI

D istricts................................................................
D iv is io n s .............................................
E m ployees.............................................
Examination of b a n k s .............................
Financial statements, 1968 .............

.............IV, 23
............. 2 3 -2 4
...

VI, 15-16

. 2 4 ,2 6 -2 7

Income and expenses, 1 9 3 3 -1 9 6 8 ....................................................... 2 6 -2 8
Insured banks requiring disbursements by. See Banks in
financial difficulties.
Liabilities....................................................................................................... 2 4 -2 5
Loans to, and purchase of assets from, insured banks. . . . 2 2 7 ,2 3 0 -2 3 1
Losses incurred, 1 9 3 4 -1 9 6 8 ................................................................. 1 5 ,2 3 2
Methods of protecting depositors . .
. 1 3 -1 4 ,2 2 7
Organization and s t a f f ..........................
. . IV-VI, 2 3 -2 4
Payments to insured depositors . .



. 1 3 -1 4 ,2 3 2

243

INDEX

P u b lic a tio n s ................................................................................................. 2 1 -2 2
R ecoveries................................................................................................. 15, 232
Regulation of interest r a t e s ....................................................... 3 ,7 ,1 4 7 - 1 5 0
Regulation of standards for bank security d e v ic e s ..........................7-8, 139
Reports from b a n k s .................................................................................... 19-22
Reserve for losses on assets acquired............................................. 24, 2 5 -2 6
Rules and re g u la tio n s ............................................................. 3 0 -3 1 ,1 4 7 -1 5 8
Sources and uses of f u n d s ..............................................................................27
Supervisory a c tiv itie s .................................................................................1 5-23
Federal Home Loan Bank B oard....................................................................... 7, 139
Federal Reserve a u th o r itie s .................................................................... 3, 7, 8, 139
Federal Reserve member banks. See Class of bank, banking data
presented by.
Federal Savings and Loan Insurance Corporation . .

.137

Financial Developments— See Economic and
Financial Developments, 1 9 6 8 ........................................................................... 3 -4
General Accounting O ffic e ....................................................................................... 29
Housing and urban d e v e lo p m e n t.................................................................8-9, 145
Income of F D IC .................................................................................................... 2 6 -2 7
Income of insured commercial banks:
Am ounts of principal components:
Annually, 1 9 6 0 -1 9 6 8 ....................................................... 1 9 8 -1 9 9 :2 0 1
By class of bank, 1 9 6 8 ................................................................. 2 0 2 -2 0 3
By size of bank, 1968 ................................................................. 2 0 4 -2 0 5
By State, 1968 .............................................................................. 2 0 8 -2 1 7
Classification of income d a t a ....................................................................... 197
Earnings, 1968 ................................................................................................. 5-6
Ratios of income items:
Annually, 1 9 6 0 -1 9 6 8 .................................................................................... 2 0 0
By size of bank, 1968 ................................................................. 2 0 6 -2 0 7
Sources of d a t a ..............................................................................................197
Income of insured mutual savings banks:
Am ounts of principal components, 1960-1 968 .................... 2 1 8 -2 1 9 ,2 2 1
Ratios of income and expense items, 1 9 6 0 -1 9 6 8 .................................... 2 2 0
Sources of d a t a ..............................................................................................197
Insolvent banks. See Banks in financial difficulties.
Insurance status, banks classified by:
Assets and liabilities of. June 29 and December 31, 1968 . . . . 1 8 2 -1 8 5
Changes in number of, 1968 ................... .......................................... 1 6 6 -1 6 7
Deposits of, June 29 and December 31, 1968 ............................. 1*83,185
Number of, December 31, 1968 ....................................................... 1 6 6 -1 7 8
Percentage of banks insured, by State, December 31, 1968 . . . 1 7 0 -1 7 8
Insured banks. See Assets, liabilities, and capital of banks; Banks in
financial difficulties; Deposits; Income of insured commercial banks;
Income of insured mutual savings banks; Number of banks and branches.



244

FEDERAL DEPOSIT INSURANCE CORPORATION

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; Deposit insurance
coverage.
Insured State banks members of the Federal Reserve System. See Class
of bank, banking data presented by.
Interest rates paid by insured banks:
A uthority to re gulate....................................................................................... 3 ,7
Maximum r a t e s .......................................................... 4 - 5 ,1 4 7 -1 5 0 ,1 5 6 - 1 5 8
Survey of, by F D I C .................................................................................... 2 1 -2 2
Investments. See Assets, liabilities, and capital of banks; Assets and
liabilities of FDIC; Banks in financial difficulties.
Legislation relating to deposit insurance and banking.
Federal, enacted in 1 9 6 8 .............................................................

7-9, 13 9 -1 4 6

State, enacted in 1968 .......................................................................
Loans. See Assets, liabilities, and capital of banks; Banks in financial
difficulties.
Losses.
Of banks. See income of insured commercial banks; Income of
insured mutual savings banks.
Of FDIC..........................................................................
On loans, reserves for. See Valuation reserves.

158 -1 6 3

.15,232

Provision for, in insured banks, 1 9 6 0 -1 9 6 8 . . .
. 1 9 8 -1 9 9 ,2 1 8 -2 1 9
Mergers. See Absorptions.
Methods of tabulating banking data. See Banking data, classification of.
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, 1968 ........................................................................................... 16 6 -1 6 9
Noninsured banks (see also Absorptions; Admission of banks to insur­
ance; Assets, liabilities, and capital of banks; Banks in financial d iffi­
culties; Classification of banks; Class of bank, banking data presented
by; Deposits; Number of banks and branches; Reports from banks)
Number of banks and branches:
Banks.
By insurance status, type of bank, number of branches, and
State, December 3 1 ,1 9 6 8
1 7 0 -1 7 8
By insurance status and type of bank, December 31, 1968. . . . 166
6-7, 166
Changes during 1968
Branches:
By insurance status, type of bank, and State, December 31,
17 0 -1 7 8
1968
Changes during 1968 ............................................................................ 1 6 7
Commercial banks and branches, December 31, 1967 and 1968,
by State



1 6 8 -1 6 9

245

INDEX

Insured commercial banks:
December 3 1 ,1 9 6 0 - 1 9 6 8 ..........................................................
December 3 1 ,1 9 6 8 , by class of bank and deposit size of

1 9 9 -2 0 0

bank.............................................................................................. 2 0 3 -2 0 4
December 31, 1968, by S ta te ....................... 2 09, 2 1 1 ,2 1 3 , 215, 2 1 8
Distributed by capital ratios and distribution of assets and
deposits, December 31, 1968 .............................................

1 9 4 -1 9 5

Insured mutual savings banks, December 31, 1968 . 2 1 9 ,2 2 0 ,2 2 3 ,2 2 5
Mutual savings banks, by State, December 3 1 ,1 9 6 8 ................... 170-1 78
Noninsured banks, by State, December 3 1 , 1 9 6 8 .......................... 1 7 0 -1 7 8
Unit banks, by insurance status and State, December 31, 1968 . 1 7 0 -1 7 8
Obligations of banks. See Assets, liabilities, and capital of banks;
Deposits.
Officers of insured banks. See Employees.
Officials of F D IC ......................................................................
Operating banks. See Number of banks and branches.

. V, 23

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; Deposit
Insurance coverage.
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 FDIC on disbursements. See Banks in financial difficulties.
Reports from b a n k s ....................................................................................19-22, 197
Reserves:
Of FDIC, for losses on assets acquired.............................................
.2 4
Of insured banks for losses on assets. See Valuation reserves.
W ith Federal Reserve Banks. See Assets, liabilities, and capital of
banks.
Rules and Regulations of the FDIC. See Federal Deposit Insurance
Corporation.
Salaries and wages:
F D IC .................................................................................................................... 26
Insured banks. See income of insured commercial banks; Income of
insured mutual savings banks.
Savings and loan associations................................

. 7, 139

Savings and tim e deposits. See also Deposits
3 ,5 - 4 ,7 ,2 1 ,1 4 7 - 1 5 0 , 156-158, 183, 185, 188, 189, 192, 193
Securities. See Assets, liabilities, and capital of banks; Assets and
liabilities of FDIC; Banks in financial difficulties.
Securities, registration and reporting of b a n k .............



. 8 , 140, 1 50-1 56

FEDERAL DEPOSIT INSURANCE CORPORATION

246

Size of bank, data for banks classified by am ount of deposits:
Assets and liabilities, insured commercial banks, 1968 ................ 1 9 1 -1 9 2
Banks requiring disbursements by FDIC, 1 9 3 4 -1 9 6 8 ............................. 2 3 0
Disbursements for protection of depositors, 1 9 3 4 -1 9 6 8 ....................... 2 3 0
Income data o f insured commercial banks, 1968 .......................... 2 0 4 -2 0 5
Income ratios of insured commercial banks, 1 9 6 8 .......................... 2 0 6 -2 0 7
Number and deposits o f all banks.................................................................179
Number of employees of insured commercial banks, 1 9 6 8 ................... 2 0 5
Number of insured commercial banks, 1968 ................................ 2 0 5 ,2 0 7
Number of insured commercial banks, grouped by ratios of selected
items to assets and deposits, December 3 1 ,1 9 6 8 ................... 1 9 4 -1 9 5
State, banking data classified by:
Disbursements, deposits, and depositors in insured banks requiring
disbursements by FDIC, 1 9 3 4 -1 9 6 8

.................................................... 231

Income of insured commercial banks, 1968 .................................... 1 8 7 -2 0 8
Number of banks and branches, by class of bank and type of office,
December 31, 1 9 6 8 ........................................................................... 1 7 0 -1 7 8
Percentage of banks insured, December 31, 1968 ....................... 1 7 0 -1 7 8
State banking legislation enacted in 1 9 6 8 ................................................. 156-161
State banks. See Class of bank, banking data presented by.
Stockholders of banks, net profits available for. See Income of insured
commercial banks.
Supervision of banks (see also Examination of insured banks):
By F D I C ................................................................................................. VI, 15-22
Federal legislation.......................................................................... 7 -9 ,1 3 9 -1 4 6
State legislation, 1 9 6 8 ........................................................................... 1 5 8 -1 63
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 p ra c tic e s .......................... 17
Time and savings deposits. See also Deposits. . . . 3 ,4 - 5 ,7 ,2 9 - 3 1 ,1 4 6 - 1 4 7 ,
148, 1 5 4-156, 183, 185, 188, 189, 192, 193
Truth In Lending A c t .................................................................................................... 9
Unit banks, by insurance status and State, December 31, 1 9 6 8 . . . . 1 7 0 -1 7 8
Unsafe and unsound banking practices
Valuation reserves (see also Assets, liabilities, and capital of banks):
Amounts held, June 29 and December 3 1 ,1 9 6 8 .......................... 182, 184
Am ounts held, December call dates, 1 9 6 0 -1 9 6 8 . . . 1 9 8 -1 9 9 ,2 1 8 -2 1 9
Violations of law or regulations, banks charged w it h .......................................... 17