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January 23,1924


To the Member Bank Addressed in Arizona and Louisiana:
For your information there is quoted below a resolution adopted by the Federal
Reserve Board on January 7, 1924, in connection with applications of state member
banks for permission to establish a number of branches in designated cities, or areas:
“ W H EREAS, the Board, in Resolutions adopted November 7th, 1923, established
certain principles, or policies, regarding the B oard’s attitude toward the extending of
branch banks;
“ BE IT RESOLVED, that the banks making these applications, as well as others
interested in the question of branch banks, be informed that under regulations
heretofore established blanket authority will not be granted to establish branches.
Each application must be presented to the Board separately and in regular form
and manner, subject to the approval of the State Banking Authorities and a
recommendation of the Federal Reserve Bank o f the district; and
“ BE IT FU RTH ER RESOLVED, that any application to establish a branch or
branches in definitely named places or locations in territory non-contiguous to the city
of the home office, Avhich is made in good faith and filed prior to February 1st, 1924,
may be considered by the Board, as to detailed arrangements, after February 1st, 1924.
“ BE IT FU RTH ER RESOLVED, that the Federal Reserve Board reserves to
itself the right to pass upon each application on its merits and to act accordingly.”
Yours very truly,

Federal Reserve Agent

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102