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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. 138 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 140 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; 142 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