Full text of Annual Report of the Comptroller of the Currency : Statistical Supplement to the 1966 Annual Report

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

STATISTICAL SUPPLEMENT
to the 1966 Annual Report

The Administrator of National Banks

William B. Camp
Comptroller of the Currency
THE UNITED STATES TREASURY, WASHINGTON

U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1967
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 - Price $1.25

TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, D.C., September 1,1967.
SIRS: I am pleased to submit the Statistical Supplement to the 1966
Annual Report of the Comptroller of the Currency.
Respectfully,

WILLIAM B. CAMP,

Comptroller of the Currency.
T H E PRESIDENT OF THE SENATE
T H E SPEAKER OF THE HOUSE OF REPRESENTATIVES

Contents
Title of Section

I. The National Banking System in 1966
A. Assets, Liabilities, and Capital Accounts
B. Income and Expenses of National Banks
C. Structural Changes in the National Banking System
II. Financial Operations of the Office of the Comptroller of the Currency,
1966

Page

2
3
3
4
16

Appendices
A. Merger Decisions, 1966
B. Statistical Tables

22
116

I. The National Banking System In 1966

INDEX
Statistical Tables
Table No.
Title
Page
1 Assets, liabilities, and capital of National banks, 1965
and 1966.
5
2 Income and expenses of National banks, 1965 and
1966.
6
3 Number of National banks and banking offices, by
States, December 31, 1966
7
4 Status of applications for National bank charters, and
charters issued, by States, calendar 1966
9
5 Status of applications for conversion to National bank
charters, and charters issued, by States, calendar
1966
10

Table No.
Title
Page
6 Branches of National banks: in operation December
31, 1965, opened, discontinued, or consolidated,
calendar 1966; and branches in operation December 31, 1966
11
7 Status of de novo branch applications of National
banks, by States, calendar 1966
12
8 De novo branches of National banks opened for business, by community size and size of bank, calendar
1966
13
9 Mergers, calendar 1966
13

I. The National Banking System in 1966
A. Assets. Liabilities, and Capital
Accounts

B. Income and Expenses of National
Banks

Total assets of National banks grew to $236.0 billion
at the end of 1966, an increase of $16.9 billion or 7.7
percent from the end of 1965. The principal asset categories showed the following increases during 1966:
Loans and discounts, 8.6 percent, from $116.8 to $126.9
billion; securities, 0.6 percent, from $57.3 to $57.7 billion; cash and cash items, 13.0 percent, from $36.8 to
$41.7 billion. As a result of these differential rates of
growth, the proportion of loans and discounts to total
assets inched upward from 53.3 percent to 53.8 percent, while the ratio of securities to total assets dropped,
from 26.1 percent to 24.4 percent.
National bank holdings of U.S. Government obligations declined by 4.8 percent during 1966, to $30.4
billion. This movement nearly duplicated the 1965
decline of 4.9 percent. Meanwhile, holdings of State
and local obligations increased by 5.5 percent, from
$22.5 billion to $23.8 billion. Holdings of securities of
Federal agencies and corporations showed by far the
largest percentage increase, 27.0 percent, although the
dollar amount, $3.0 billion at the end of 1966, remained
relatively small.
Total deposits of National banks increased by 6.5
percent, from $193.9 billion to $206.5 billion. Of the
$12.6 billion increase, time and savings deposits accounted for $8.1 billion. At the end of 1966, total time
and savings deposits stood at $94.1 billion, equal to
45.6 percent of total deposits. The share of total deposits accounted for by time and savings has risen
steadily in recent years, from 41.8 percent at the end
of 1964 and 44.4 percent a year later.
Total capital of National banks reached $18.5 billion at the end of 1966, having increased 5.9 percent
during the year. The ratio of capital to total assets
declined very slightly, from 7.96 percent to 7.82
percent.

The continuation in 1966 of the shift in bank assets
from securities to loans influenced the pattern of bank
operating revenues.
Net income after taxes of National banks in 1966
totaled $1.58 billion, a 14.1 percent increase over the
$1.39 billion figure for 1965. Current operating revenue reached $11.3 billion, a 16.5 percent increase.
However, current operating expenses showed an even
higher percentage increase of 17.6 percent, and
equaled $8.5 billion for the year. Net current operating
earnings for 1966 were $2.8 billion, a figure 13.4 percent higher than that for 1965.
Interest and discount on loans spurted by 18.8 percent, to a 1966figureof $7.58 billion. This represented
67.0 percent of 1966 current operating revenue, an
increase from the 65.7 percent contribution of loan
income in 1965. Higher interest rates led to a slight
increase in the revenue received from U.S. Government
obligations, $1.23 billion from $1.21 billion, despite
the absolute decline in bank holdings of these obligations already noted. The proportion of operating revenue stemming from U.S. obligations dropped from
12.5 percent in 1965 to 10.9 percent in 1966. The contribution of other securities increased slightly, from 7.8
percent to 8.0 percent of operating revenue.
About 58 percent of the $1.27 billion increase in current operating expenses of National banks was accounted for by the $731 million increase in interest paid
on time and savings deposits. Interest paid represented
44.0 percent of current operating expenses in 1966,
having climbed from 38.2 percent in 1964 and 41.6
percent in 1965. Approximately $200 million of the
other increased expenses were due to larger amounts
expended on officers' and employees' salaries and
wages.
Net operating earnings of $2.81 billion were reduced
by $624 million of nonoperating adjustments to arrive
at $2.19 billion of net income before related taxes.

Federal and State income taxes for 1966 equaled $607
million, compared to $612 million in 1965. Total cash
dividends declared of $738 million were larger than
the 1965 figure by 8.0 percent, and represented 47
percent of the 1966 after-tax net income.

C. Structural Changes in the National Banking System
At the end of 1966, there were 4,799 operating National banks, compared with 4,815 a year earlier. Of
these, 1,402 were operating 9,404 branches. The total
number of banking offices operated by National banks
at the end of 1966 was 14,203. This represents an
increase of 630 during 1966.
Twenty-four National bank charters were issued for
newly organized banks in 1966. These were scattered
among 18 States, with 13 receiving one, four receiving

two (Arkansas, Florida, Missouri, and Wisconsin), and
one receiving three (Texas). Twenty-five charters were
issued for the conversion of State banks to National
banks.
During 1966, 694 branches opened for business as
National bank branches, including 548 de novo
branches and 146 branches of either converted banks
or banks acquired through merger. During the
same period, 47 branches were discontinued or consolidated. Of the 548 de novo branches, 152, or 28 percent, were located in communities with a population
of less than 5,000, and 329, or 60 percent, were in
communities under 25,000. Of the same 548 branches,
220, or 40 percent, were opened by banks with less
than $25 million in total assets.
Seventy-five bank mergers, consolidations, and purchases in which the resulting bank was a National bank
were consummated during 1966. This compares with
91inl964and76inl965.

TABLE 1

Assets, liabilities, and capital of National banks, 1965 and 1966
[Dollar amounts in millions]
Dec. 31, 1965
4,815 banks
Amount

Percent
distribution

Dec. 31, 1966
4,799 banks
Amount

Percent
distribution

Change, 1965-66

Amount

Percent

ASSETS

Cash, balances with other banks, and cash items in
process of collection
U.S. Government obligations, direct and guaranteed....
Obligations of States and political subdivisions
Securities of Federal agencies and corporations not
guaranteed by United States
Other bonds, notes, and debentures
Total securities
Securities purchased under agreements to resell
Federal funds sold
....
Direct lease financing..
Loans and discounts
Fixed assets
Customers' liability on acceptances outstanding
Other assets
Total assets

$36, 880

16.83

$41, 690

17.67

$4, 810

13.04

31,896
22, 541

14.56
10.29

30, 355
23, 778

12.86
10.08

— 1, 541
1,237

-4.83
5.49

2,383
490

1.09
0.22

3,026
509

1.28
0.22

643
19

26.98
3.88

57, 310

26.16

57, 668

24.44

358

0.62

1,433
271
116,833
3, 158
926
2,292

0.66
. 12
53.32
1.44
.42
1.05

573
1, 728
331
126, 881
3,451
1,077
2,597

0.24
.73
. 14
53.76
1.46
.46
1.10

573
295
60
10, 048
293
151
305

20.59
22. 14
8.60
9.28
16.31
13.31

219, 103

100. 00

235, 996

100. 00

16, 893

7.71

81,129

37.03

84, 434

35.78

3,305

4.07

75, 676
3,488
15, 833

34.54
1.59
7.23

83, 025
3,212
16, 839

35.18
1.36
7.13

7,349
—276
1,006

9.71
-7.91
6.35

2,734
12, 077
2,923

1.25
5.51
1.33

2,944
12, 595
3,407

1.25
5.34
1.44

210
518
484

7.68
4.29
16.56

193, 860

88.48

206, 456

87.48

12, 596

6.50

107, 881
85, 979

49.24
39.24

112, 377
94, 079

47. 62
39.86

4,496
8,100

4.17
9.42

1,497
172

0.68
.08

931
1,871
174

0.40
. 79
.07

931
374
2

24.98
1. 16

944
5,196

.43
2.37

1, 105
7,000

.47
2.97

161
1,804

17.06
34.72

201, 669

92.04

217,537

92. 18

15, 868

7.87

1,134
29
4,937
7,967
2,903
464

0.52
.01
2.25
3.64
1.33
.21

1, 161
29
5,109
8,246
3,350
564

0.49
.01
2.17
3.49
1.42
.24

2.38

172
279
447
100

3.48
3.50
15.40
21.55

LIABILITIES

Demand deposits of individuals, partnerships, and
corporations
Time and savings deposits of individuals, partnerships,
and corporations
Deposits of U.S. Government
Deposits of States and political subdivisions..
Deposits of foreign governments and official institutions,
central banks, and international institutions
Deposits of commercial banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Liabilities for securities sold under agreements to repurchase
Federal funds purchased....
Liabilities for borrowed money
Acceptances executed by or for account of reporting
Other liabilities
Total liabilities
CAPITAL ACCOUNTS

Capital notes and debentures
Preferred stock
Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts

. .

17,434

7.96

18,459

7.82

1,025

5.88

219, 103

100. 00

235, 996

100. 00

16, 893

7.71

TABLE 2

Income and expenses of National banks, calendar 1965 and 1966
[Dollar amounts in millions]

Amount

Number of banks*.
Capital stock at par value t
Capital accounts!

.•

Current Operating Revenue:
Interest and dividends on—
U.S. Government obligations
Other securities.
....
Interest and discount on loans
Service charges and other fees on banks' loans
Service charges on deposit accounts
Other charges, commissions, and fees
Trust department ..
. .
....
Other current operating revenue
Total Current Operating Revenue

Current Operating Expenses:
Officers' salaries
Employees' salaries and wages..
Officer and employee benefits
Fees to directors
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation and other
costs
Other current operating expenses
Total Current Operating Expenses

Net Current Operating Earnings
Recoveries, Transfers from Valuation Reserves, and Profits:
On securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries . . . .
Transfers from valuation reserves
All other
Total Recoveries, Transfers from Valuation Reserves,
and Profits

Change, 1965-66

1966

1965
Percent
distribution

4,815
$4 629 1
$16, 111.7

Amount

Percent
distribution

4,799
$5,064.8
$17,971.4

Amount

Percent

-16
$435.7
$1,859.7

-0.33
9.41
11.54

$1,210.1
755.9
6,376.6
117.6
490.1
159.2
356.2
239.5

12.47
7.79
65.70
1.21
5.05
1.64
3.67
2.47

$1,231.8
901.1
7,577.8
135.2
532.6
194.9
395.3
336.7

10.89
7.97
67.03
1.20
4.71
1.72
3.50
2.98

$21.7
145.2
1,201.2
17.6
42.5
35.7
39.1
97.2

1.79
19.21
18.84
14.97
8.67
22.42
10.98
40.58

9,705.2

100.00

11,305.4

100.00

1,600.2

16.49

743.4
1,368.7
308.4
36.4
3,002.4
25.9
409.1

10.29
18.95
4.27
.50
41.56
.36
5.66

822.9
1,489.9
351.2
39.9
3,733.0
53.6
449.6

9.69
17.55
4.13
.47
43.96
.63
5.29

79.5
121.2
42.8
3.5
730.6
27.7
40.5

10.69
8.86
13.88
9.62
24.33
106.95
9.90

244.7
1,084.7

3.39
15.02

271.5
1,280.2

3.20
15.08

26.8
195.5

10.95
18.02

7,223.7

100.00

8,491.8

100.00

1,268.1

17.55

332.1

13.38

2,481.5

2,813.6

50.4
1.5
41.1

25.97
.77
21.17

38.0
3.3
79.5

16.62
1.44
34.78

— 12.4
1.8
38.4

-24.60
120.00
93.43

9.0
35.4
56.7

4.64
18.24
29.21

7.2
40.2
60.4

3.15
17,59
26.42

— 1.8
4.8
3.7

-20.00
13.56
6.53

194.1

100.00

228.6

100.00

34.5

17.77

49.1
4.0
41.1

7.26
.59
6.08

252.5
4.7
53.5

29.61
.55
6.28

203.4
.7
12.4

414.26
17.50
30.17

16.6
483.4
82.1

2.45
71.48
12.14

15.1
435.5
91.3

1.77
51.08
10.71

-1.5
-47.9
9.2

— 9.04
-9.91
11.21

676.3

100.00

852.6

100.00

176.3

26.07

190.3

9.52

Losses, Chargeoffs, and Transfers to Valuation Reserves:
On securities:
Chargeoffs on securities not sold
On loans:
Chargeoffs
Transfers to valuation reserves
All other
Total Losses, Chargeqffs, and Transfers to Valuation
Reserves

Net Income Before Related Taxes
See footnotes at end of table.

1,999.3

2,189.6

TABLE 2—Continued

Amount

Taxes on Net Income:
Federal
State
Total Taxes on Net Income
Net Income

Dividends on Capital:
Cash dividends declared on common stock
Cash dividends declared on preferred stock
Total Cash Dividends Declared

—6.5
1.5

— 1.18
2.50
-0.82

195.3

14.08

681.8
1.5

736.6
1.4

54.8
-0.1

8.04
-6.67

683.3

738.0

54.7

8.01

704.0

844.6

140.6

19.97

1.7
56.9
7.0

0.32
10.98
1.36

1.9
58.8
7.7

0.33
10.39
1.36

0.2
1.9
.7

11.76
3.34
10.00

96.4

18.58

107.4

18.97

11.0

11.41

60.9
88.3
128.9
78.9

11.73
17.01
24.83
15.19

67.4
94.9
143.0
84.9

11.90
16.77
25.27
15.01

6.5
6.6
14.1
6.0

10.67
7.47
10.94
7.60

519.0

100.00

566.0

100.00

47.0

9.06

105.5
4.4

20.34
0.85

111.5
4.9

19.69
0.88

6.0
0.5

5.69
11.36

109.9

21.19

116.4

20.57

6.5

5.91

409.1

78.81

449.6

79.43

40.5

9.90

3.1
78.0

2.3
93.4

-0.8
15.4

-25.81
19.74

14.8
260.2
302.4

45.5
326.4
119.2

30.7
66.2
-183.2

207.43
25.44
-60.58

Percent
20 81
33 02
21.28

Percent
22 14
30 93
21.36

Total Current Expenses
Net Current Earnings

74.43

75.11

25.57

24.89

Number
208
17,822

Number
179
17 691

-29
-131

-13.94
-0.74

67 149
326, 673

72,092
346, 817

4,943
20, 144

6.17

*Data for all banks operating as National banks at year end
are included. Full-year data are included for those banks which
converted from State to National during the year.

545.6
61.4

-5.0

Ratio to Current Operating Revenue:
Salaries, wages, and fees
Interest on time and savings deposits
All other current expenses

Employees at Year End:
Building occupancy and maintenance:
Officers
Other employees
Banking operations:
Officers
Other employees

Percent

607.0

Total

Recoveries Credited to Valuation Reserve (not included
in recoveries above):
On securities
.
On loans .
Losses Charged to Valuation Reserves (not included in
losses above):
On securities
On loans
Stock Dividends (increases in capital stock)

Amount

1,582.6

Net Occupancy Expense

Percent
distribution

612.0

Occupancy Expense of Bank Premises:
Officers' salaries
Employees' salaries and wages
Officer and employee b e n e f i t s . . . .
. .
Recurring depreciation on bank premises and leasehold improvements
Maintenance, repair, and uncapitalized alteration
costs of bank premises, and leasehold improvements
Insurance utilities etc
Rents paid on bank premises
Taxes on bank premises and leasehold improvements.
Gross Occupancy Expense

Amount

1,387.3

Net Income After Dividends

Less:
Rental income from bank premises
Other credits

Percent
distribution

552.1
59.9

Change, 1965-66

1966

1965

7.36

•("Figures are averages of amounts reported for the June and
December call dates in the year indicated and the December
call date in the previous year.

TABLE 3

Number of National banks and banking offices, by States, December

31,1966

National banks
Number of
branches
Unit

With branches

4,799

3,397

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida

87
5
4
67
91
117
30
5
9
198

55
0
1
39
46
117
9
3
1
198

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

58
2
9
422
123
102
170
80
47
21

33
0
3
422
59
67
145
39
15
6

25
2
6
0
64
35
25
41
32
15

127
41
101
0
267
38
25
120
145
71

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

49
90
99
194
36
98
49
126
3
52

21
24
34
192
9
79
49
108
1
32

28
66
65
2
27
19
0
18
2
20

196
351
458
6
96
19
0
18
36
26

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

148
34
190
27
42
226
220
13
354
4

45
15
94
7
34
93
193
8
201
0

103
19
96
20
8
133
27
5
153
4

459
54
1,015
275
8
570
27
217
840
54

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

26
34
77
546
13
27
114
28
80
112
40
1

5
25
24
546
9
14
43
14
80
100
40
0

21
9
53
0
4
13
71
14
0
12
0

191
42
226
0
55
33
369
351
0
24
0
3

United States

District of Columbia—all*
•Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller
of the Currency,

1,402

9,404
137
42
182
62
1,791
0
179
4
53
0

Number of
offices

TABLE 4

Status of applications for National bank charters* and charters issued,* by States, calendar 1966
Approved

Pending
Dee. 31,1966

United States

Charters
issued

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico
Guam
* Excludes conversions.

0
0
10

°o
3
0
7
1
1
1
t Includes 25 applications pending as of Dec. 31, 1965.

TABLE 5

Status of applications for conversion to National bank charters, and charters issued, by States, calendar 1966
Received*

United States

Approved

Rejected

Abandoned

Pending
Dec. 31,1966

Charters
issued

TABLE 6

Branches of National banks: in operation December 31, 1965; opened, discontinued, or consolidated, calendar
1966; and branches in operation December 31,1966
Branches in
operation
Dec. 31, 1965

United States

De novo branches Branches acquiredExisting branches
opened for
through merger or discontinued or
Branches in
business
conversion
consolidated
operation
Jan. 1Jan. 1Jan. 1Dec. 31, 1966
Dec. 31, 1966 Dec. 31, 1966 Dec. 31, 1966

' 8, 757

146

123
40
173
57
1,742
0
167
4
47
0

13
2
9
6
61
0
12
0
1
0

120
40
94
0
254
28
23
'117
130
69

7
1
7
0
13
10
2
3
15
2

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

186
319
397
6
64
18
0
17
32
22

11
29
37
0
17
1
0
1
4
4

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

419
52
'956
261
5
515
25
209
783
53

25
2
67
14
3
34
3
8
45
1

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

176
37
200
0
55
31
325
340
0
24
0
2

14
3
25
0
1
4
23
7
0
0
0
1

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

District of Columbia—all*.

•Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller
of the Currency.

Revised.

TABLE 7

Status of de novo branch applications of National banks, by States, calendar 1966
Received*

United States

Abandoned

Approved

140

Pending
Dec. 31, 1966
263

1,072

626

23
1
17
7
196
0
19
0
5
0

21
1
10
4
101
0
16
0
2
0

1
0
6
1
40
0
1
0

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

3
3
30
7
3
9
11
9

13
1
0
0
20
6
1
5
10
4

2
0
2
3
6
0
1
4
0
3

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

41
32
65
0
27
3
0
3
2
16

16
25
38
0
20
2
0
3
1
6

12
7
16
0
4
0
0
0
1
6

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

49
5
109
31
5
56
2
9
83
2

40
5
58
22
3
37
0
6
50
2

5
0
18
5
2
13
2
2
16
0

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

29
1
18
0
4
5
26
26
0
62
0
2

20
0
16
0
1
5
13
19
0
1
0
2

3
1
1
0
3
0
7
7
0
61
0
0

District of Columbia—allf
•Includes 212 applications pending as of Dec. 31, 1965.

flncludes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller
of the Currency.

TABLE 8

De novo branches of National banks opened for business, by community size and by size of bank, calendar
1966
Category
In cities with population:
Less than 5,000
5,000 to 24,999
25,000 to 49,999
50,000 to 99,999
100,000 to 249,999
250,000 to 499,999
500,000 to 1,000,000
Over 1,000,000

1966
152
176
59
52
40
28
14
27

Total

548

By banks with total resources (in millions of dollars):
Less than $10.0
10.0 to 24.9
25.0 to 49.9
50.0 to 99.0
100.0 to 999.9
Over 1,000
Total

109
Ill
50
46
147
85
548

TABLE 9

Mergers*

calendar 1966

Applications carried over from 1965
Applications received 1966
Disposition of applications 1966:
Approved
Disapproved
Withdrawn
Applications pending December 31, 1966
Transactions completed 1966:
Mergers
Consolidations
Purchase of assets

7
101
85
3
6
14
58
4
13

Total
75
The aggregate total of capital stock and capital accounts for the certificates issued are as follows:

Capital stock
Capital accounts

Charter
Charter or
or
purchasing bank
$239, 687, 102
910,465,025

Merging
consoL,
Merging consol.,
or sellingt banks
$19, 765, 090
66,723,331

Combined
$262, 052, 954
957,635,990

•Includes mergers, consolidations, and purchase and sale transactions, where the resulting
bank is a National bank.

II. Financial Operations of the Office of
the Comptroller of the Currency, 1966

INDEX
Statistical Tables
Table No.
Title
10 Comparative statement of financial condition of the
Office of the Comptroller of the Currency, by
calendar years 1960-66
11 Comparative statement of income and expenses of
the Office of the Comptroller of the Currency, by
calendar years 1960-66

Page
18
19

II. Financial Operations of the Office of the
Comptroller of the Currency, 1966
The Comptroller's Office continued to show growth
and improvement in its financial position during calendar 1966, commensurate with the health and growth
of the National banking system.
Receipts for 1966 amounted to $22.4 million, an
increase of $2.8 million over 1966. The increase is primarily attributable to the $16.9 billion rise in total
assets of National banks. Receipts from assessments on
National banks amounted to $19.3 million, or 86 percent of total receipts.
Investment income increased by $155,000 compared
to 1965. This increase was partially due to the increase
in interest rates during the latter half of 1966 and the
continuation of our policy of keeping funds invested
until such time as they are needed. All other income
categories had a net increase of $136,000.

Expenditures for 1966 amounted to $19.8 million,
or an increase of $1.7 million over 1965. Salaries, related payroll expenses, and travel expenses amounted
to $18.6 million, or 94 percent of the total expenditures. The factors which gave rise to the increase in
expenditures were (1) the congressional pay raise,
which became effective in July 1966, (2) the second
year of operation of the Merit Promotion Plan, and
(3) a 3 percent increase in the average number of
employees. The remaining expenditures, amounting to
$1.2 million, increased by $193,731 over 1965.
The Comptroller's equity represents the accumulated
excess of receipts over expenditures retained by this
Office for possible future contingencies. At December 31, 1966, the equity account had a balance of
$9,300,786.

TABLE 10

Comparative statement of financial condition of the Office of the Comptroller of the Currency, by calendar years
1960-66*
1965

1964

$194, 068
36, 287
9, 997, 821
110,393
10,215

$603, 988
11,885
8, 571,481
88, 715
10,646

12, 984, 152 10, 348, 784

9, 286, 715

844, 844
217, 122

665, 368
145,017

524, 621
90, 481

627, 722

1966

1961

1960

$350, 295 $1, 225, 955
89, 912
125,454
7, 139, 008 5, 542,450
30,479
83, 018
527
4,716

$812, 139
47, 148
4, 748, 866
24, 543
2,404

$957, 281
45, 715
5, 098, 809
56, 047
4,441

7, 702,491

6, 889, 323

5, 635, 100

6, 162,293

426,475
41,914

0
0

1963

1962

ASSETS

Current assets:
Cash on hand and on deposit.... $324, 867
Accounts receivable
89, 335
Investments
12,450, 750
Accrued interest receivable
110,098
Prepaid expenses
9, 102
Total current assets
Fixed assets:
Furniture,fixturesand equipment.
Less: accumulated depreciation..

520, 351

434, 140

384, 561

13,611,874 10, 869, 135

9, 720, 855

8, 087, 052

6, 889, 323

5, 635, 100

6,162,293

60, 971
0

35, 591
0

390
435, 509

117,961
314,611

119,209
260, 959

49, 000
179, 732

41, 760
175,690

65, 280
279, 000
10, 220

56, 981
237, 500
10, 668

43, 937
209,000
10, 202

38, 554
209, 527
6,154

38, 161
190, 268
0

31,557
215, 000
0

44,473
191,636
0

415,471

340, 740

699, 038

686, 807

608, 597

475, 289

453, 559

Other liabilities:
Closed receivership trust funds. . . 2, 704,081
Employees' accumulated annual
leave
1,191,536

2, 697, 579

2, 697, 942

2, 702, 902

2, 687, 754

2, 692, 094

2, 695, 165

1, 101, 962

1, 050, 564

1, 070, 836

1,117,659

1,062, 940

1,105, 000

3, 773, 738

3,805,413

3, 755, 034

3,800,165
4, 253, 724

Total fixed assets
Total assets
LIABILITIES

Current liabilities:
Accounts payable
Accrued payroll
Payroll deductions for bonds and
taxes, etc
Accrued travel expenses
Deferred income
Total current liabilities

Total other liabilities
Total liabilities
Equity:
Comptroller's equity
Total liabilities and equity

3,895,617

3, 799, 541

3, 748, 506

4,311,088

4, 140, 281

4,447, 544

4,460, 545

4, 414,010

4, 230, 323

9, 300, 786

6, 728, 854

5,273,311

3, 626, 507

2,475,313

1,404, 777

1, 908, 569

13,611,874 10,869,135

9, 720, 855

8, 087, 052

6, 889, 323

5, 635, 100

6, 162, 293

*The accrual basis of accounting was adopted beginning
with calendar year 1963; in prior years the cash basis

accounting was used.

TABLE 11
Comparative statement of receipts and expenditures of the Office of the Comptroller of the Currency, by
calendar years 1960-66*
1965]

1964]

1963]

RECEIPTS

$19, 284, 855 $16, 804, 599 $15, 200, 556 $14, 245, 418 $13,
Assessments
1,421,717 1,318, 148 1, 196, 574 1, 077, 018
Trust examinations
15, 637
8,681
13,454
16,090
Trust investigations
225, 435
Branch investigations
201, 390
190,933
166,962
115,773
Charter investigations
131, 523
250,712
243,899
Merger and consolidation fees....
102, 500
64, 500
46,000
47,500
Affiliate examinations
3,494
7,122
4,759
4,362
Extra examinations
0
0
2,498
2,850
Reporting services
494, 635
506, 105
496,330
466,120
29, 373
Manuals and publications
26, 750
54,760
212,683
13,054
Other
2,793
5,658
2,588
Subtotal
Investment income.
Total.

289, 291 $10,
953, 889
0
156,116
108,063
49,000
3,324
7,987
238,750
0
4,222

686, 750 $10,213,494
540, 772
511, 121
0
0
98, 183
100,230
31,800
37,732
0
4,000
2,354
2,326
2,375
5,537
84, 480
86,768
0
0
966
2,303

21,697,217 19,080,867 17,462,234 16,485,490 14, 810, 642 11,436,767
169, 865
675, 982
520, 679
430, 567
353,113
172, 106

10, 974, 424
216,414

22,373,199 19, 601, 546 17,892,801 16, 838, 603 14, 982, 748 11,606,632

11, 190,838

EXPENDITURES

Salaries
Employer's retirement, insurance and F.I.G.A. contribution
Per diem or subsistence
Travel
Rent
Supplies
Printing, books, and periodicals...
Furniture and fixtures
Depreciation
Remodeling
Office machines, rentals, and
repairs
Communications
Shipping expenses
Employees' education expense....
Other
Total
Excess of receipts or
expenditures

14, 127, 094 13, 019, 670 11,626,374 10, 870, 802 9, 490, 714

8, 527, 136

8, 192, 979

712.535
2, 174; 488
708, 776
180, 069
71, 806
111,272
205, 930

645, 641
1, 841, 168
654, 657
162, 837
30, 544
84, 418
31, 324

581,450
1, 684, 544
577, 362
157, 496
27, 268
85, 562
42, 733

74, 284
24, 814

077,439
056, 155
338, 655
242, 004
114,974
211,544

972, 596
871, 874
815,983
1, 968, 860 1, 945, 213 2,402,914
1,171,948
916, 573
866, 591
216, 529
190,477
186,462
91, 475
76, 869
65, 284
245, 245
311, 129
303, 506

75, 369
50, 285

58, 476
34, 003

48, 567
19, 663

31,617
69, 094

93, 700
194,322
60,450
51,619
107,657

69, 499
145, 039
47, 014
31,535
69, 378

26, 868
128,558
35, 097
28, 913
35, 423

13, 492
118,658
53, 106

118,304
55, 559

74,449
19, 346

69, 933

80, 662

38, 904

49,411

19,801,267 18, 141, 267 16,245,998 15, 883, 042 13,910, 115 12, 110,424

11,497,903

2, 571, 932 $1,460, 279

*The accrual basis of accounting was adopted beginning
with calendar year 1963; in prior years the cash basis of
accounting was used.
fFor comparison purposes, these figures were revised to
reflect a change in accounting procedure adopted in 1966,

1, 646, 803

955, 561

1, 072, 633

(503,

792) j

(307, 065)

whereby offsetting inpome and expense items relating to
currency issue operations have been eliminated.
^Excludes the nonrecurring charge of $4,736 representing
adjustment in the capitalization of fixed assets.

Auditor's Opinion
We have examined the Statement of Financial Condition of the Office of the
Comptroller of the Currency as of December 31, 1966, and the related Statement of
Receipts and Expenditures for the year then ended. Our examination was made in
accordance with generally accepted auditing standards and accordingly included
such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the accompanying financial statements present fairly the financial condition of the Office of the Comptroller of the Currency at December 31,1966,
and the results of its operations for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the preceding year.
Audit Staff,
Bureau of Accounts,
Treasury Department.

APPENDIX A

Merger Decisions, 1966

INDEX
Merger* Decisions, 1966
Page
Bank of Virginia Beach, Virginia Beach, Va., and First
& Merchants National Bank, Richmond, Va. (1111),
which had merged Jan. 1, 1966, under charter and
title of the latter bank (1111)
Greenville Bank & Trust Co., Greenville, Miss.,
Mechanics State Bank, McComb, Miss., Lawrence
County Bank, Monticello, Miss., and Deposit Guaranty National Bank, Jackson, Miss. (15548), which
had merged Jan. 1, 1966, under charter of the latter
bank (15548) and under title of "Deposit Guaranty
National Bank."
The Commercial National Bank of Greenville, Greenville, Miss. (13403), Tylertown Bank, Tylertown,
Miss., The First National Bank McComb City,
McComb, Miss. (7461), Amite County Bank, Gloster,
Miss., and First National Bank of Jackson, Jackson,
Miss. (10523), which had merged Jan. 1, 1966, under
charter and title of the latter bank (10523)
Farmers and Citizens National Bank of Montgomery,
Montgomery, Pa. (8866), and The First National
Bank of Montgomery, Montgomery, Pa. (5574), which
had merged Jan. 21, 1966, under charter of the latter
bank (5574) and under title of "First Citizens National
Bank."
Blanket State Bank, Blanket, Tex., was purchased Jan.
29, 1966, by First National Bank in Brown wood, Tex.

First Union National' Bank,' PuyallupV Wash." *('l5264)j
and the Puget Sound National Bank of Takoma,
Takoma, Wash. (12292), which had merged Feb. 11,
1966, under charter of the latter bank (12292) and
under title of "Puget Sound National Bank."
Third National Bank of Hampden County, Springfield, Mass. (308), and The Palmer National Bank,
Palmer, Mass. (2324), which had consolidated Feb. 11,
1966, under charter of the former bank (308) and
under title of "Third National Bank of Hampden
County."
Saguache County National Bank of Saguache, Saguache,
Colo. (9997), was purchased Mar. 16, 1966, by First
National Bank of Center, Center, Colo. (9743)
First National Bank in Billings, Billings, Mont. (10933),
and Billings State Bank, N.A., Billings, Mont. (15564),
which had merged Mar. 25, 1966, under charter of the
latter bank (15564) and under title of "First National
Bank & Trust Co."
The Conyngham National Bank, Conyngham, Pa.
(13392), and The First National Bank of Wilkes-Barre,
Wilkes-Barre, Pa. (30), which had merged Apr. 1,
1966, under charter and title of the latter bank (30).. .
The Peoples National Bank of Victoria, Victoria, Va.
(14337), and Virginia National Bank, Norfolk, Va.
(9885), which had merged Apr. 11, 1966, under
charter and title of the latter bank f
Wythe County National Bank, Wytheville, Va. (12599),
and Virginia National Bank, Norfolk, Va. (9885),

38
39

* Includes mergers, consolidations, and purchase and sale
transactions where the emerging bank is a National bank.
Decisions are arranged chronologically by effective date.
22

which had merged Apr. 11, 1966, under charter and
title of the latter bank (9885)
The First National Bank of Chateaugay, Chateaugay,
N.Y. (8893), and The Farmers National Bank of
Malone, Malone, N.Y- (598), which had merged Apr.
29, 1966, under charter and title of the latter bank
(598)
The Short Hills National Bank, Short Hills, N.J. (15023),
and Montclair National Bank & Trust Co., Montclair, N.J. (9339), which had merged Apr. 29, 1966,
under charter and title of the latter bank (9339)
The People's Savings & Trust Co., Hazleton, Pa., and
The First National Bank of Hazleton, Hazleton, Pa.
(3893), which had merged May 27, 1966, under
charter of the latter bank (3893) and with title of
"Peoples First National Bank & Trust Co."
Worcester County National Bank, Worcester, Mass.
(14850), and Webster National Bank, Webster,
Mass. (13780), which had consolidated May 27,
1966, under charter and title of the former bank
(14850)
Fowler State Bank, Fowler, Mich., and Clinton National Bank & Trust Co., St. Johns, Mich. (3378),
which had merged June 8, 1966, under charter and
title ofthe latter bank (3378)
Cooke Trust Co., Limited, Honolulu, Hawaii, was
acquired June 13, 1966, by First National Bank of
Hawaii, Honolulu, Hawaii (5550)
The Wellesley National Bank, Wellesley, Mass. (7297),
and South Shore National Bank, Quincy, Mass.
(14798), which had merged June 13, 1966, under
charter and title ofthe latter bank (14798)
Vina Banking Co., Vina, Ala., and City National Bank
of Russellville, Russellville, Ala. (15466) which had
merged June 15, 1966, under charter and title of the
latterbank (15466)
The Farmers State Bank of Englewood, Englewood,
Ohio, and The First National Bank, Dayton, Ohio
(1788), which had merged June 18, 1966, under
charter and title of the latter bank (1788)
First National Bank of Whiteville, Whiteville, N.C.
(14527), and Southern National Bank of North
Carolina, Lumberton, N.C. (10610), which had
merged June 20, 1966, under charter and title of the
latterbank (10610)
Peoples Bank of Hawthorne, Hawthorne, N.J., and
The Prospect Park National Bank, Prospect Park,
N.J. (12861), which had merged June 22, 1966,
under charter and title of the latter bank (12861)
Shenandoah County Bank & Trust Co., N. A., Woodstock, Va. (15566), andTheMassanuttenBankofStrasburg, Strasburg, Va., which had consolidated June 25,
1966, under charter ofthe former bank (15566) and
with title of "Massanutten Bank of Shenandoah
Valley, N.A."
Tri-County National Bank, Fostoria, Ohio (2831), and
Hancock-Seneca-Wood National Bank, Fostoria, Ohio
(15591), which had merged June 28, 1966, under
charter of the latter bank (15591) and under title of
"Tri-County National Bank."

43
44

48
49

Bank of Chesapeake, Chesapeake, Va., and First &
Merchants National Bank, Richmond, Va. (1111),
which had merged June 30, 1966, under charter and
title ofthe latter bank (1111)
Farmers & Mechanics-National Bank of Phoenixville,
Phoenixville, Pa, (1936), and National Bank of
Chester County & Trust Co., West Chester, Pa.
(552), which had merged June 30,1966, under charter
of the latter bank (552) and with title of "National
Bank of Chester County & Trust Co."
First State Bank of Albany, Albany, Minn., was purchased June 30, 1966, by the Stearns County National
Bank of Albany, Albany, Minn. (15576)
Norfolk Savings Bank, Norfolk, Conn., was purchased
June 30, 1966, by The National Iron Bank of Falls
Village, Falls Village, Conn. (1214)
Truitt-Matthews Banking Co., Chillicothe, 111., and
The First National Bank of Chillicothe, Chillicothe,
111. (5584), which had merged June 30, 1966, under
charter of the latter bank (5584) and with title of
"Truitt-Matthews First National Bank."
The Bank of Lunenburg, Kenbridge, Va., and the
Fidelity National Bank, Lynchburg, Va. (1522),
which had merged July 11, 1966, under charter and
title of the latter bank (1522)
Catawissa-Valley National Bank, Catawissa, Pa. (7448),
and The First National Bank of Catawissa, Catawissa,
Pa. (4548), which had merged July 29, 1966, under
charter of the latter bank (4548) and with title of
"South Side National Bank."
The Bank of Halifax, Halifax, Va., and The Fidelity
National Bank, Lynchburg, Va. (1522), which had
merged July 30, 1966, under charter and title of the
latter bank (1522)
National Bank of Berkeley, Berkeley, Calif. (15374), was
purchased Aug. 3, 1966, by Central Valley National
Bank, Oakland, Calif. (6919)
The Bank of Russell County, Cleveland, Va., and The
First National Bank in Honaker, Honaker, Va.
(13880), which had merged Aug. 4, 1966, under
charter of the latter bank (13880) and with title of
"Russell County National Bank."
The First National Bank of Ulster, Ulster, Pa. (9505),
and The First National Bank of Towanda, Towanda,
Pa. (39), which had merged Aug. 15, 1966, under
charter and title of the latter bank (39)
Bank of Richland, Richland, Wash., was purchased
Aug. 19, 1966, by Old National Bank of Washington,
Spokane, Wash. (4668)
Bank of Crewe, Crewe, Va., and Virginia National
Bank, Norfolk, Va. (9885), which had merged Aug. 26,
1966, under charter and title of the latter bank
(9885)
The Pulaski National Bank, Pulaski, Va. (4071), and
Virginia National Bank, Norfolk, Va. (9885), which
had merged Aug. 26, 1966, under charter and title
of the latter bank (9885)
The Farmers & Merchants Bank, Viola, Tenn., and
The First National Bank of McMinnville, McMinnville, Tenn. (2221), which had merged Aug. 31, 1966,
under the charter of the latter bank (2221) and with
title of "The First National Bank"
The First-Columbia National Bank, Columbia, Pa.
(371), and Lancaster County Farmers National
Bank, Lancaster, Pa. (683), which had merged Aug. 31,
1966, under charter and title of the latter bank
(683)
The Peoples National Bank of Souderton, Souderton,
Pa. (13251), and the Union National Bank & Trust
Co. of Souderton, Souderton, Pa. (2333), which had
merged Aug. 31, 1966, under charter and title of the
latter bank (2333)
Minnehaha County Bank, Valley Springs, S. Dak.,
Security State Bank, Canistota, S. Dak., and United
National Bank of Brandon, Brandon, S. Dak. (15581),
which had merged Sept. 1, 1966, under charter and
title of the latter bank (15581)
Bank of Commerce, Inc., Washington, D.C., and
National Savings & Trust Co., Washington, D.C.

58
59
61

64
65
66

67
68
69
70

Page
(15605), which had merged Sept. 9, 1966, under
charter and title of the latter bank (15605)
76
The Dillsburg National Bank, Dillsburg, Pa. (2397),
and The Harrisburg National Bank & Trust Co.,
Harrisburg, Pa. (580), which had merged Sept. 23,
1966, under charter and title ofthe latter bank (580)..
82
National State Bank of Plainfield, N J . (15574), was
purchased Sept. 26, 1966, by The National State
Bank, Elizabeth, N J . (9436)
83
First Citizens State Bank, Monroeville, Ind., and Fort
Wayne National Bank, Fort Wayne, Ind. (13818),
which had merged Sept. 30, 1966, under charter and
title of the latter bank (13818)
84
First National Bank in Crestline, Crestline, Ohio
(13273), and First National Bank of Mansfield, Mansfield, Ohio (2577), which had merged Sept. 30, 1966,
under charter and title of the latter bank (2577)
85
Othello First National Bank, Othello, Wash. (15445),
was purchased Sept. 30, 1966, by Old National Bank
of Washington, Spokane, Wash. (4668)
86
People's Trust Co. of Tamaqua, Tamaqua, Pa., and
Pennsylvania National Bank & Trust Co., Pottsville,
Pa. (1663), which had merged Sept. 30, 1966, under
charter and title of the latter bank (1663)
87
The Union National Bank of Carnegie, Carnegie, Pa.
(12934), and The First National Bank of Fredericktown, Fredericktown, Pa. (5920), which had merged
Oct. 3,1966, under the charter of the latter bank (5920)
and with title of "The First National Bank in Washington."
88
The First National Bank of Boonville, Boonville, N.Y.
(2320), and The Oneida National Bank & Trust Co.
of Central New York, Utica, N.Y. (1392), which had
merged Oct. 28, 1966, under charter and title of the
latter bank (1392)
89
Citizens Bank & Trust Co. of Clarksville, Clarksville,
Va., and The Fidelity National Bank, Lynchburg, Va.
(1522), which had merged Oct. 31, 1966, under
charter and title of the latter bank (1522)
90
The Citizens Bank, Marion, S.G., and The First National
Bank of South Carolina, Columbia, S.C. (13720),
which had merged Oct. 31, 1966, under charter
and title ofthe latter bank (13720)
91
The North Jersey Trust Co.—Ridgewood, Ridgewood,
N.J., and National Community Bank of Rutherford,
Rutherford, N J . (5005), which had merged Oct. 31,
1966, under charter and title of the latter bank (5005).
93
First National Bank of Export, Export, Pa. (14051), and
First National Bank in Greensburg, Greensburg, Pa.
(14055), which had merged Nov. 11, 1966, under
charter of the latter bank (14055) and with title of
"First National Bank of Westmoreland"
94
First National Bank in Ayden, Ayden, N.C. (13554), and
The Planters National Bank & Trust Co., Rocky
Mount, N.C. (10608), which had merged Nov. 16,
1966, under charter and title of the latter bank
(10608)
95
Bank of Coleraine, Coleraine, N.C, and The Planters
National Bank & Trust Co., Rocky Mount, N.C.
(10608), which had merged Nov. 19, 1966, under
charter and title of the latter bank (10608)
96
The First National Bank of New Albany, New Albany,
Pa. (8973), and The First National Bank of Towanda,
Towanda, Pa. (39), which had merged Nov. 29, 1966,
under charter of the latter bank (39) and with title
of "The First National Bank of Towanda, Towanda,
Pa."
98
Onaway State Bank, Onaway, Mich., and The Citizens
National Bank of Cheboygan, Cheboygan, Mich.
(13522), which had merged Nov. 30, 1966, under
charter of the latter bank (13522) and with title of
"Citizens National Bank of Cheboygan"
99
Duquesne City Bank, Duquesne, Pa., was purchased
Dec. 2, 1966, by Western Pennsylvania National Bank,
Pittsburgh, Pa. (2222)
100
The Pine Grove National Bank & Trust Co., Pine
Grove, Pa. (8151), and Lebanon Valley National
Bank, Lebanon, Pa. (680), which had merged Dec. 7,
1966, under charter and title of the latter bank (680).. 101
23

Page

The Peoples Bank & Trust Co. of Chase City, Chase
City, Va., and The Fidelity National Bank, Lynchburg, Va. (1522), which had merged Dec. 10, 1966,
under charter and title of the latter bank (1522)
First National Bank of Lake George, Lake George, N.Y.
(8793), was purchased Dec. 16, 1966, by The First
National Bank of Glens Falls, Glens Falls, N.Y. (980).
Timbermens National Bank of Hoquiam, Hoquiam,
Wash. (15324), and National Bank of Washington,
Tacoma, Wash. (3417), which had merged Dec. 16,
1966, under charter and title of the latter bank (3417)..
Farmers-Matteawan National Bank, Poughkeepsie, N.Y.
(1312), and County National Bank, Middletown, N.Y.
(13956), which had merged Dec. 30, 1966, under
charter and title of the latter bank (13956)
State Savings Bank, Memphis, Tenn., and National Bank
of Commerce in Memphis, Memphis, Tenn. (13681),
which had merged Dec. 30, 1966, under charter and
title of the latter bank (13681)
The First National Bank of Leaksville, Leaksville, N.C.
(12259), and Southern National Bank of North
Carolina, Lumberton, N.C. (10610), which had

102
103

104

105

106

NOTE: NO written decisions were issued in the purchase of
the Taft Bank, Unincorporated, Taft, Texas, iby the First National Bank of Taft, and the absorption of the Five Points

Page
merged Dec. 30, 1966, under charter and title of the
latter bank (10610)
Wahkiakum County Bank, Cathlamet, Wash., was purchased Dec. 30, 1966, by the Seattle-First National
Bank, Seattle, Wash. (11280)
American National Bank of Portsmouth, Portsmouth,
Va. (11381), and American Bank & Trust Co., Suffolk, Va., consolidated Dec 31, 1966, under charter
of the former bank (11381) and with title of "American National Bank."
First National Bank of Greer, Greer, S.C. (14742), and
the Peoples National Bank of Greenville, Greenville,
S.C. (10635), which had merged Dec. 31,1966, under
charter of the latter bank (10635) and with title "The
Peoples National Bank."
The Campbell National Bank of La Rue, La Rue, Ohio
(6675), and The National City Bank of Marion,
Marion, Ohio (11831), which had merged Dec. 31,
1966, under charter and title of the latter bank
(11831)
The Central National Bank of Mount Union, Mount
Union, Pa. (10206), and First-Grange National Bank
of Huntingdon, Huntingdon, Pa. (31), which had
merged Dec. 31, 1966, under charter of the latter bank
(31) and with title of "Penn Central National Bank."

107
108

110

Ill

112

113

National Bank, Miami, Florida, by The Coral Way National
Bank, Miami, Florida.

BANK OF VIRGINIA BEACH, VIRGINIA BEACH, V A . , AND FIRST & MERCHANTS NATIONAL BANK, RICHMOND, V A .
Banking offices
Name of bank and type of transaction

Total assets
In operation

Bank of Virginia Beach, Virginia Beach, Va., with
and First & Merchants National Bank, Richmond, Va. (1111), which h a d . . .
merged Jan. 1, 1966, under charter and title of the latter bank (1111). The
merged bank at the date of merger had

COMPTROLLER S DECISION

On October 18, 1965, the Bank of Virginia Beach,
Virginia Beach, Va., and the First Merchants National
Bank, Richmond, Va., applied to the Office of the
Comptroller of the Currency for permission to merge
under the charter and with the title of the latter.
The charter bank operates its main office and nine
branches in the city of Richmond, the capital of
Virginia and the focal point of the State's largest trading area. Area industry includes the manufacturing of
tobacco products, chemicals, paper, and metal products. In addition, Richmond is a retail and wholesale
center, as well as the transportation hub joining the
North Atlantic and South Atlantic seaboard. Due to
its financial, manufacturing, and commercial activity,
the metropolitan area has grown 25 percent in the
1950-60 period. Thirty-one other branches of the
charter bank and two facilities operate in four principal areas of Virginia and are in towns which range
from a population of 2,800 in Ashland to 220,000 in
Richmond. Economic support for these communities
is derived from diversified industrial and agricultural
activities.
The merging bank operates its main office, five
branches, and two facilities in Virginia Beach, 115
miles southeast of Richmond, and two recently established branches in Norfolk, which adjoins Virginia
Beach on the west. Virginia Beach, with an estimated
population of 117,000, is primarily a residential community for persons employed in nearby industries and
Government installations. The economy of the area is
supplemented by tourist attractions, which provide an
important source of income. Prospects for continued
growth and development in the area are considered
good.
The charter bank is in direct competition with banks,
savings and loan associations, and other financial institutions in its service area. Among competitor banks
are the State-Planters Bank of Commerce & Trusts,
the State's third largest size bank and Virginia National Bank, the State's second largest bank.

To be operated

$26, 371, 959
552, 116, 102
577, 270,137

The merging bank's principal competitor is Virginia
National Bank, which operates an office in close proximity to the merging bank's main office in the ocean
resort area of Virginia Beach. Other Virginia National Bank's offices are in direct competition with
Bank of Virginia Beach offices. Moreover, competition is provided by savings and loan associations,
personal loan companies, credit unions, insurance
companies, and direct lending agencies of the U.S.
Government.
The addition of the merging bank to the charter
bank will have little effect upon competition. There
is virtually no competition existing between First &
Merchants National Bank and Bank of Virginia
Beach.
Consummation of the proposed merger will serve
the convenience and needs of the Norfolk metropolitan area, particularly in Virginia Beach. The limited
facilities and service now available to customers of the
merging bank will be augmented by the greater ability
of the charter bank to meet the growing banking needs
of the community.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
DECEMBER 17,

1965.

SUMMARY OF REPORT BY ATTORNEY GENERAL

First & Merchants National Bank, the largest bank
in Virginia, has merged eight banks since 1959. These
banks had deposits in excess of $140 million at the
time merged, equal to over 31 percent of First &
Merchants present deposits.
Direct competition between the merging banks is
insignificant. Four other banks have offices in Virginia
Beach. They are Virginia National Bank, the second
largest bank in Virginia, Southern Bank of Norfolk,
a subsidiary of First Virginia Corp., Seaboard Citizens
National Bank with deposits of approximately $100
million and the comparatively newly organized First
25

National Bank. The direct competitive impact of the
proposed merger on these banks would not appear to
be significantly adverse.
The overall effect of this proposed merger will be
to increase the size of the largest bank in Virginia by
4.8 percent; will permit it to enlarge its sphere of
activities by entering a new area of operations; will
eliminate a sizeable independent bank with assets in
excess of $23 million, and will add to the rapidly
increasing concentration of banking in Virginia in the

hands of the three largest banks and four bank holding companies. These seven banking institutions, if
pending mergers and acquisitions are approved, will
control 42.6 percent of the banking offices and 53.3
percent of the deposits of the 260 banks in the State
of Virginia. It is our view that a continuance of the
trend toward concentration by these large banking
organizations through mergers of independent banks,
as exemplified by this proposed merger, will result in
adverse effects on competition.

GREENVILLE BANK & TRUST CO., GREENVILLE, MISS., MECHANICS STATE BANK, MCCOMB, MISS., LAWRENCE
COUNTY BANK, MONTICELLO, MISS., AND DEPOSIT GUARANTY NATIONAL BANK, JACKSON, MISS.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

Greenville Bank & Trust Co., Greenville, Miss., with
Mechanics State Bank, McGomb, Miss., with
Lawrence County Bank, Monticello, Miss., with
and Deposit Guaranty National Bank, Jackson, Miss. (15548), which had
merged Jan. 1, 1966, under the charter of the latter bank (15548) and under
title of "Deposit Guaranty National Bank." The merged bank at the date
of merger had

COMPTROLLER'S DECISION

On October 18, 1965, Greenville Bank & Trust Co.,
Greenville, Miss.; Mechanics State Bank, McComb,
Miss.; Lawrence County Bank, Monticello, Miss.; and
Deposit Guaranty National Bank, Jackson, Miss., applied to the Office of the Comptroller of the Currency
for permission to merge under the charter and with
the title "Deposit Guaranty National Bank."
Initially, the banking and financial facilities within
Mississippi are reviewed in connection with the accelerated demands of new industry which is rapidly
expanding into and within the State. Mississippi has in
the past trailed its sister States in many areas of social
and economic development. Recent sociological advances have, in part, been influenced by an increase in
Mississippi's economic tempo and the attendant interest in the area shown by new industries. Furthermore,
the last 2 decades witnessed the accelerated use of efficient farm machinery and techniques which have
stimulated Mississippi's agricultural production, the
single largest industry in the State. Mechanization,
with its reduction in labor requirements, has precipitated a mass migration by farm labor to urban areas
of the State for employment in newly established industries. Development of recently discovered oil and
gas deposits in Mississippi has enabled it to rank ninth
26

$21, 262, 102
22, 255, 208
5, 063, 371
293, 260, 657
338, 322, 697

4
3
2
13
22

in the nation in oil and gas production. Major oil
companies, as well as numerous independents, have
established local offices in Mississippi and, to a large
extent, these offices have been established in Jackson,
where the head office of the charter bank is located.
The largest single industry established in the State is
the Standard Oil refinery at Pascagoula, which has a
reported cost in excess of $125 million. This investment, however, will be exceeded by a NASA project,
now under construction in the Bay St. Louis area,
which has an anticipated completed cost in excess of
$500 million.
The recent acquisition of hundreds of thousands of
acres of standing timber in Mississippi by Georgia
Pacific Corp. and St. Regis Paper Co., and the announced investment plans of those 2 corporations are
positive indications that knowledgeable leaders in industry have confidence in the future potential of Mississippi's natural resources and its people. The St. Regis
Paper Co. has announced plans to construct a paper
mill and other facilities at an anticipated cost of $100
million in the Monticello area, where the head office
of the merging Lawrence County Bank is located. Additional proposed capital investments in Mississippi
include a $60 million International Paper Co. mill and
a $50 million generating plant for the Mississippi

Power & Light Go., both in the Vicksburg area and
within the service area of the charter bank.
Mississippi has 195 parent banks operating 190
branch offices which together provide 385 separate
banking establishments in the State. As of December
31, 1964, the total resources of all Mississippi banks
were approximately $2 billion, including Deposit
Guaranty National Bank resources of approximately
$265 million, which makes it the largest bank in the
State. The First National Bank in Jackson is the second largest bank with resources of $208 million, and
the next 2 largest banks in the State have resources of
$59 million and $46 million.
For comparison with banks located in neighboring
Memphis and New Orleans, Deposit Guaranty, as of
June 30, 1965, was ranked 174th in the United States
on a deposit basis, and the First National Bank in
Jackson was ranked 217th. However, neighboring New
Orleans boasted the 74th and 131st largest banks having deposits of $513.4 million and $312.2 million, respectively. Neighboring Memphis was the situs of the
81st, 90th, 100th, and 108th largest banks in the United
States having deposits of $478 million, $464 million,
$393 million and $375 million, respectively. After the
proposed merger, Deposit Guaranty's total IPG deposits would be $269 million, which is still less than
any of the above-indicated Memphis and New Orleans
banks, and would only change Deposit Guaranty's national ranking from 174th to 157th.
The comparison in size is mentioned in order to
point up effectively the financial limitations in the
banking system within Mississippi, and the need for
this banking system to keep pace with the demonstrated interest industry has shown in Mississippi.
Mississippi banks must offer the new industries a
greater range of banking services including increased
loan capabilities, complete and effective trust services,
petroleum specialists, a special industrial development
department, international banking facilities, timber
and other natural resource departments, and other
specialists, as well as a depth in knowledgeable manpower versed in modern banking needs and techniques.
The above-mentioned need for greater banking
services is even more evident from a study of the
Jackson, Greenville, and McComb-Monticello areas.
Deposit Guaranty is located in the city of Jackson,
approximately midway between Memphis and New
Orleans and having a population of 158,100 in 1964.
The immediate 9-county service area had a 1964
population of approximately 431,000, which represents
a 16 percent increase over the 1950 census. Jackson,
the capital of Mississippi, is the State's financial and

governmental center. In addition, the city is a rail,
highway, and air traffic center which supports 380
manufacturing establishments encompassing 19 basic
industries which manufacture over 100 major products, a diversification of industry that provides a sound
base for the area's economic growth. The nonagricultural industry in the Jackson area employed approximately 67,000 persons in 1963, up 7.3 percent from
1959, who earned aggregate wages of approximately
$278 million, up 36.8 percent from 1958. Approximately 44,000 workers (65.3 percent) earned approximately $197 million (70.6 percent) in Hinds County
alone, where the city of Jackson is located.
Jackson is the local headquarters for many of the
major oil companies that have moved into Mississippi
since oil was discovered in 1939. Hinds and Rankin
Counties have a rated monthly production of over
136,000 barrels, and additional production is realized
from oil and gasfieldsin Yazoo, Simpson, Smith, Scott,
and Madison Counties. Retail sales for 1963 in the
area were approximately $589 million, up 14 percent
from 1959, and wholesale sales for the same year were
approximately $290 million, up 1.2 percent from 1959.
However, the dominant influence of New Orleans and
Memphis as wholesale distribution centers which compete throughout the State of Mississippi has been recently countered by area and statewide programs to
strengthen the competitive position of Jackson
wholesalers.
There are 28 banks competing in the Jackson area.
Deposit Guaranty is the largest bank in the area, but
it is in close competition with the First National Bank
in Jackson, the second largest bank in the State. Deposit Guaranty operates, in addition to its main office
in Jackson, 10 branch offices throughout the city and
one branch located in Clinton, Mississippi, an incorporate city approximately 5 miles west of Jackson.
The nearest office of a merging bank is the New
Hebron branch of the Lawrence County Bank, approximately 62 miles from the closest office of Deposit
Guaranty.
The city of Greenville had a 1964 population of
approximately 44,000, which represented a 47 percent
increase over the 1950 census, and the immediate
Greenville area had an estimated population of 290,100
in 1964. Greenville, Mississippi's largest port city, is
located on the Mississippi River less than 100 air miles
northwest of Jackson and 196 miles southwest of Memphis. The city is also served by 2 railroads, a modern
municipal airport, and modern highways. Greenville
is the most industrialized city of the Mississippi delta,
and includes 13 manufacturing establishments, each
27

employing at least 50 or more employees, encompassing 6 basic industries. Within the 7 Mississippi counties
in the Greenville area are 41 manufacturing establishments, each employing 50 or more employees, encompassing 14 basic industries. These nonagricultural
industries in the Greenville area employed approximately 25,000 persons in 1963, up 19 percent from
1959, who earned approximate aggregate wages of $93
million, up 55 percent from 1958.
The agriculture industry remains foremost in the
Greenville area economy and, historically, Memphis
has played a predominant economic role in the area
because of the patterns set by the former planation
society in Mississippi. Furthermore, Greenville's
growth as a financial, retail and wholesale center is in
direct competition with Memphis. The development
of Greenville as an asset to the State of Mississippi
as a port city having considerable economic potential
is impeded by the limited capabilities of local banking
associations. There are 47 banks competing in the
Greenville area. The Greenville Bank & Trust Co. is
second in size of the 3 banks located in Greenville,
although it has only 6 percent of the IPG deposits
held by the banks in the area. Its main office and 2
branches in Greenville are slightly less than 100 air
miles from any office of Deposit Guaranty, and approximately 180 miles from the nearest offices of the
other merging banks.
The city of McGomb, 80 miles south of Jackson,
had a population of approximately 12,600 in 1964, and
the 7-county McComb area had an estimated 1964
population of 264,000. The population of McGomb
has increased about 21.1 percent from 1950 to 1964.
Located approximately midway between Jacksonville
and New Orleans, the city is served by one Interstate
and 2 primary U.S. highways, and by 5 railroads. The
immediate 7-county Mississippi area had 36 nonagricultural, manufacturing establishments in 1964,
each having 50 or more employees, encompassing 11
basic industries. In 1963, the area employed approximately 18,000 persons, up only 4.2 percent from 1959,
with an aggregate payroll of $57 million, up 34 percent from 1958.
The McComb area produces 10 percent of the
State's total timber and pulpwood production, and it
is expected that this production will increase in the
future due to the recently located pulp and timber consuming plants. Oil reserves within a 25-mile radius of
McComb are estimated at $390 million and, as of 1963,
there were over 700 producing wells which have
resulted in an investment of $191 million for leases,
28

exploration, production, pressurization, and unitization.
In 1963, taxable retail sales for Pike County, where
McComb is located, were about $31 million, up 9 percent from 1963. Although taxable wholesale sales for
Pike County decreased approximately 50 percent between 1959 and 1963, there was a 20.6 percent decrease in wholesale sales in the 7-county area for the
same period. This decline in wholesale sales, as opposed
to the increase in retail sales, is attributed to the strong
influence which the financial and banking power in
New Orleans enjoys in regard to the McComb area's
economy. Accordingly, local and statewide programs
have been initiated in Mississippi to halt this flow of
business and capital out of the State by promotional
campaigns and substantial efforts to make Mississippi
trade and financial institutions more competitive with
the dominant organizations located in New Orleans.
These efforts have included the formation of the
Southwest Mississippi Industrial Development District,
a planned program for industrial parks, area and statewide vocational and technical training programs and
the strengthening of the Junior College in Summit.
There are 21 banks competing in the McComb area.
The Mechanics State Bank, McComb, has approximately 12 percent of the deposits in the area. It operates a main office and a motor branch in the city, all
of which are approximately 81 miles from Deposit
Guaranty, and 62 miles from the other merging bank
in Monticello.
Monticello is the county seat, principal trading and
financial center for Lawrence County, and is located
approximately 62 miles south of Jackson, 37 miles
northeast of McComb, and 124 miles north of NewOrleans. The Monticello economic area slightly overlaps the McComb area. The estimated 1964 population of the town was approximately 1,600, up 8.5
percent from 1950, and the estimated population of
Lawrence County was 3,300, down 26 percent from
1950. This shift to urban areas has been due to the displacement of agricultural workers. The entire Monticello area had a 1963 population of about 19,000, up
3.4 percent from 1959.
The projected paper and lumber products facility
in Monticello augurs of prosperity. Additionally, in
1964 there were 4 new manufacturing establishments
within the town. In view of the population shift to
urban Monticello and the concentration of industry
there as contrasted with the agrarian rural area, it can
readily be appreciated that the town of Monticello
represents an important industrial concentration within its economic area, although the area does include

an agrarian oriented, overlapping portion with the
McGomb economic area.
The Monticello area is served by 16 banks, of which
the Lawrence County Bank is approximately 10th in
size by deposits. It presently operates a main office in
Monticello and one branch in nearby New Hebron.
The New Hebron branch is approximately 62 miles
from the offices of Deposit Guaranty, and the nearest
other merging bank is in McGomb, approximately 62
miles away.
The foregoing study of the economic and banking
structure of Mississippi and the local areas to be affected by the merger provides a valuable framework
for considering the merger in terms of the criteria of
the Bank Merger Act of 1960.
Deposit Guaranty National Bank was chartered as
a State bank under the laws of Mississippi in 1925, and
has recently converted to a National bank. As of
August 31, 1965, its IPG deposits were approximately
$229 million. Within the past 5 years, the bank has
not been a party to any merger or consolidation. Its
corporate powers, and capital structure conform with
the standards set for all National banks. The management of Deposit Guaranty is aggressive and capable,
and its future earnings prospects are bright. The bank
also has automatic data processing equipment, trust
services, employee benefit plans, and consumer installment lending programs which will be extended to the
new employees and to the banking communities within the acquired service areas.
Greenville Bank & Trust Go. received a State bank
charter in 1905, and has not been a party to a merger
or consolidation within the past 5 years. As of August 31,
1965, its IPG deposits were approximately $16.9
million. As a merging bank, its capital structure and
earnings prospect will complement those of Deposit
Guaranty. Loan demand is strong in the area, although
the bank has judiciously refrained from participating
in those loan agreements which require a knowledgeable staff versed in the fields of consumer installment,
petroleum, and specialized businesses located within
the bank's service area. The proposed merger will provide improved services of this nature.
Mechanics State Bank was chartered as a State
bank in 1909 and, as of August 31, 1965, it had IPG
deposits of approximately $18.6 million. To supplement its single motor branch in McGomb, it acquired a
branch in Centreville, Miss., as a result of a merger
with the Farmers Exchange Bank of Centreville. The
merger was prompted by Farmers Exchange's management difficulties due to the loss of its president and
principal stockholder.

Lawrence County Bank was chartered as a State
bank in 1918, and has not been a party to a merger or
consolidation within the past 5 years. Its IPG deposits
on August 31, 1965, were about $4.3 million. Both the
Mechanics State Bank and the Lawrence County Bank
have capital structure and future earnings prospect
which will complement the charter bank.
The financial histories of the charter and merging
banks do not indicate a pattern toward concentration
through consolidation and mergers, and their overall
growth rates nearly parallel the average rates for all
Mississippi banks. There is no indication that the resulting bank will experience any financial difficulties
after the proposed merger.
It is also necessary to consider as one factor the
effect of the merger upon competition and any tendency toward monopoly. Preliminarily, it is necessary
to define the relevant markets in which the acquiring
and acquired banks are operating. Relevant market is
generally defined as including a product or service
market, and a geographical market. Although Mississippi law permits branching within a 100-mile radius
of the main office, branch banking laws alone cannot be
deemed solely determinative of the geographical market. Instead, the geographical market should be determined by the factors which relate to customer convenience in his quest for a bank's services. The principal
types of customer services rendered by the subject
banks are deposit and loan services. Each type of service has its separate convenience factors for determining
the geographical market, or, how far the customer
would be willing to travel to prefer one bank over
another.
Most of the depositors in the Mississippi communities are people having modest incomes who enjoy the
convenience of checking accounts as a substitute for
using cash, and for such purposes, having an account
with a nearby reputable bank is preferable, if not indispensable. Small borrowers who seek funds to purchase automobiles and household appliances on installment contracts will also seek the most conveniently
located banks. Large borrowers, on the other hand,
are guided more by the availability of money at reasonable rates and terms than by the physical location of
the lender. In particular, large borrowers often need
loans beyond the capacity of the most convenient local
bank and are, therefore, obliged to turn to more distant banks.
Considering the types of services rendered by the
offices of the merging and charter banks, and the distances which separate them, it can readily be appreciated that not only are the geographical markets sep29

arate, but there is almost no identity of service market
in connection with loans to large borrowers. Furthermore, by offering this type of service, the resulting bank
will be better able to compete with larger out-of-State
banks.
As of April 23, 1965, the average amount of Deposit
Guaranty loans to customers in the McComb-Monticello area far exceeded the average loan made by the
bank to customers within the Jackson area. It is, therefore, apparent that Deposit Guaranty is lending to
large customers outside its local area, large customers
whosefinancialneeds cannot, for the most part be met
by banks in the area. This situation is further substantiated by the fact that over half of the outstanding
balance of Deposit Guaranty loans made in the McComb-Monticello area were in the more industralized
Pike and Marion Counties where the average outstanding balance was nearly 200 percent of the average outstanding balance of Deposit Guaranty loans in the entire McComb-Monticello area. It is evident that the
small local banks, such as the merging banks, are not
capable of competing in the large loan service market.
In connection with small loans, only 2.3 percent of
all Deposit Guaranty installment loans are made to
customers within the McComb-Monticello area, and
these loans amount to only 2.5 percent of the total
outstanding balances of all Deposit Guaranty installment loans. Therefore, competition for small loan
customers between Deposit Guaranty and local banks
in the McComb-Monticello area is insignificant. On
the other hand, Deposit Guaranty is actively serving
the needs of larger businesses whose larger loan demands cannot be adequately handled by local banks.
Deposits placed by nonbank, nongovernmental depositors in the McComb-Monticello area with Deposit
Guaranty amount to only 0.1 percent of the total nonbank, nongovernmental deposits held by Deposit
Guaranty. Approximately 29 percent of these deposits
from the McComb-Monticello area are represented by
certificates of deposit which are marketed by Deposit
Guaranty on a statewide basis and, by virtue of their
special terms, they cannot be considered in the same
service market as the regular savings business of the
local banks in the McComb-Monticello area. Furthermore, 36 percent of these deposits are derived from
large businesses in Marion County where industries
are located which have special credit needs that cannot be effectively serviced by the small local banks.
Therefore, competition between Deposit Guaranty
and local banks in the McComb-Monticello area for
deposit customers in the area is almost negligible.
In the Greenville area, as of April 23,1965, Deposit
30

Guaranty had 117 regular loan accounts which represented only 0.9 percent of all Deposit Guaranty loans
and amounted to only 2.6 percent of the outstanding
balances. However, the Greenville loan accounts had
an average outstanding balance of about 300 percent
over the average outstanding balance owed by borrowers in the Jackson area. Nearly one-half of the
Deposit Guaranty loans in the Greenville are were in
Washington County where Greenville is located and
where the average outstanding loan balance was even
larger. It is evident that the small local banks in the
Greenville area cannot adequately service even this
small number of large loans.
Regarding small, installment loans, as of April 23,
1965, Deposit Guaranty had about 200 such loans with
customers in the Greenville area, and they represented
only 0.9 percent of all Deposit Guaranty installment
loans outstanding, or 1.1 percent of the outstanding
balances of all Deposit Guaranty installment loans.
Accordingly, the above-noted data indicates that there
is almost no competition between Deposit Guaranty
and local banks in the Greenville area for small loans.
At the same time, Deposit Guaranty has less than
3 percent of its outstanding loan balances with large
borrowers in the Greenville area whose needs cannot
be adequately served by the local banks.
Deposit accounts held by Deposit Guaranty customers located in the Greenville area represent only
0.3 percent of the total number of Deposit Guaranty
accounts and only 1.2 percent of the total balance of
Deposit Guaranty's nonbank, nongovernmental deposits. Moreover, 70.3 percent of these deposits from
the Greenville areas were certificates of deposit which,
as previously mentioned, cannot be considered in the
same service market as the regular savings deposits
sought by small local banks. Therefore, competition
between Deposit Guaranty and local banks in the
Greenville area is insignificant.
The foregoing analysis indicates that the charter
bank, Deposit Guaranty, is significantly active in the
geographical market or trade areas of the merging
banks only for the service of large loans which, because
of the size and specialties of the loans, cannot be adequately provided by the small local banks. Therefore,
the large loans represent a separate service market in
which competition has been shown to be minimal. Deposit Guaranty's activity in the small loan service market within the remote trade areas of the merging banks
is insignificant. The small deposit accounts received by
Deposit Guaranty from customers within these remote
trade areas are insignificant. The few large deposits
received by Deposit Guaranty from remote trade areas

through statewide sale of certificates of deposit are considered insignificant and, furthermore, constitute a
separate service market from the small savings deposit
and checking account market because of the deposit
size and special terms of the certificates of deposit.
Finally, the proposed merger will not result in a
significant tendency toward undue concentration in
any of the trade areas. There are 21 local area banks
operating in the McGomb trade area with total resources of approximately $145 million. There are also 8
savings and loan associations with withdrawable shares
in excess of $15 million within 50 miles of McGomb
which compete for Mechanic State Bank's savings and
time deposits. In the Monticello area, there are 16 local
area banks having total resources of $113 million which
similarly compete with the Lawrence County Bank.
The Greenville area has 6 savings and loan associations
having total resources in excess of $25 million. In the
Jackson area, the First National Bank is actively competing with Deposit Guaranty for large loans and deposits in addition to actively competing with 26 other
banks in the area for smaller loans and deposits.
Twenty savings and loan associations having total
shares in excess of $167 million provide additional competition in the Jackson area. The merger of the First
National Bank in Jackson and 4 other Mississippi banks
will result in active competition between the 2 banks
in all of the previously discussed service areas.
In all of Mississippi, there are 80 competing savings and loan associations which, in 1963, held 43 percent of all savings in the State, and the present percentage is estimated at 50 percent of all savings.
Further significant competition for loans and deposits
is realized from the various credit unions, small loan
and mortgage brokers, insurance companies, factors,
and sales finance companies. In view of this extensive
competition which actively exists in the Greenville,
McComb-Monticello, and Jackson trade areas, it is
obvious that no undue concentration of banking powers will ensue from the proposed merger.
With reference to the aforementioned Mississippi
economic and banking structure, it is evident that the
Mississippi banking system has not kept pace with the
demonstrated need of existing Mississippi industry.
The prospective needs of new industry which is pouring into Mississippi's rapidly expanding economy will
demand an even greater range of banking services including increased loan capabilities and specialized
banking services, such as petroleum specialists, a special industrial development department, international
banking facilities, timber and other natural resource
departments, and other specialists, as well as a depth

in knowledgeable manpower versed in modern banking
needs and techniques. The resulting increase in loanable funds and lending limit will enable the bank to bid
successfully against the larger competitive banks in
Memphis and New Orleans. Unless Mississippi banks
rise to the occasion by providing a full range of services, the larger banks in Memphis and New Orleans
will increase their already inordinate share of the fruits
of Mississippi's economy. Furthermore, the failure of
Mississippi banks to provide such expanded services
may act as a brake on the economic expansion within
Mississippi which is so necessary for encouraging its
sociological progress. The proposed merger will better
enable Deposit Guaranty to provide expanded services
and thereby contribute to the economic growth of Mississippi. Lastly, the effect of the merger on competition
will not be negative as the remaining 194 smaller banks
will continue to provide valuable services to the smaller
customers in the local service areas.
Having found that the proposed merger is consistent
with the statutory criteria, we conclude that it will
promote the public interest. The application is, therefore, approved.
DECEMBER 10,

1965.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Deposit Guaranty National Bank, Jackson, Miss.
(Deposit Guaranty), is the largest of 3 banks in Jackson and the State with deposits of $229,075,000. Its
head office and 10 branches are located in Jackson.
Greenville Bank & Trust Co. (Greenville Bank) is
the second largest of the 4 banks located in the Greenville-Washington County area with deposits of $16,996,000. Greenville is 120 miles northwest of Jackson.
Mechanics State Bank (deposits of $18,636,000) and
Lawrence County Bank (deposits of $4,365,000) are
located 79 and 62 miles from Jackson and 37 miles
from one another.
Because of the distances involved there appears to be
little direct competition between any of the participating banks. However, the adverse effects of the proposed merger in their respective service areas will be
significant. For instance, in the Jackson area, Deposit
Guaranty will increase its share of total deposits held
by local banks from 53 percent to 58.5 percent, and in
the Greenville-Washington County area a much larger
bank will replace a bank which now has about 31 percent of total deposits. The proposed merger would
place the competing banks located in each of the service areas of the merging banks at a disadvantage in that
they would thereafter have to strive directly for business against the largest bank in the State.
31

Deposit Guaranty Bank & Trust Go. and its chief
competitor, First National Bank of Jackson, are the
only banks in Mississippi possessing total resources in
excess of $75 million. While each acquisition of a small
bank may not, as such, necessarily result in a substantial lessening of competition, the cumulative effect of
a series of small acquisitions—as in the situation here—
does raise a serious question as to the ultimate effects

on the competitive structure of banking in the State
of Mississippi. If allowed to go on unchecked, the trend
indicated by the proposed acquisition by the two major
banks will lead eventually to a duopoly throughout the
State. The anticompetitive consequences of such a development would clearly be serious if the ultimate creation of more than 2 banks of a significant size is a fair
ility.

THE COMMERCIAL NATIONAL BANK OF GREENVILLE, GREENVILLE, MISS., TYLERTOWN BANK, TYLERTOWN, MISS.,
THE FIRST NATIONAL BANK OF MGCOMB CITY, MCCOMB, MISS., AMITE COUNTY BANK, GLOSTER, MISS., AND
FIRST NATIONAL BANK OF JACKSON, JACKSON, MISS.
Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

The Commercial National Bank of Greenville, Greenville, Miss. (13403), with...
Tylertown Bank, Tylertown, Miss., with
The First National Bank of McGomb City, McComb, Miss. (7461), with
Amite County Bank, Gloster, Miss., with
and First National Bank of Jackson, Jackson, Miss. (10523), which had
merged Jan. 1, 1966, under charter and title of the latter bank (10523). The
merged bank at the date of merger had

COMPTROLLER S DECISION

On October 8, 1965, The First National Bank, Jackson, Miss.; The Commercial National Bank, Greenville, Miss.; The First National Bank of McComb City,
McComb, Miss.; Tylertown Bank, Tylertown, Miss.;
and Amite County Bank, Gloster, Miss., applied to the
Office of the Comptroller of the Currency for permission to merge under the charter and with the title
"The First National Bank of Jackson."
This proposed merger must be considered in the
context of the entire State of Mississippi. While all
of the applicant banks do not compete with each other,
the effects of the merger will be felt throughout the
State.
Mississippi is greatly in need of economic development. With a heritage of an almost exclusively agricultural economy, deficient capital sources and sociological impediments to investment from outside, the
State has only recently been able to attract sufficient
manufacturing industries to diversify its economic
base. Even with an increase of 20,200 jobs between
July 1964, and July 1965, and an increase of manufacturing jobs at the rate of 1,000 per month during
1965, Mississippi finds itself at the very bottom of the
States in income per capita.
It is a testimony to the determination of the State's
business leaders, however, that corrective measures
32

$21,503,793
9, 928, 343
11,276,005
5, 782, 740
226, 975, 564
276, 474, 095

4
1
2
3
9
19

are being taken to solve the Mississippi dilemma. A
research and development organization has been established as an agency of the State to identify and
evaluate new areas of industrial and agricultural opportunities. Twelve area training centers now provide
vocational and technical instruction in skills required
by immigrating industries. The Mississippi Marketing •
Council, created to stimulate international export
business, has been remarkably successful in producing
millions of dollars in new exports of both manufactured and agricultural products from Mississippi,
thereby furthering the national interest in increasing
dollar export balances as well as helping the State's
economy. An area in which much still needs to be
done is the formation, on a statewide basis, of new
sources of capital sufficient to service indigenous industry and to encourage the location of new industry
from companies based in more industrially advantaged
sections of the country.
Any effort to organize more productively the State's
capital resources must originate in Jackson, the financial center of Mississippi. With an estimated population of 165,000, Jackson is the State capital and the
business hub. The city has good transportation facilities; diversified employment in retail trade, government and manufacturing; and a burgeoning medical
center. From 1954 to 1964, the Jackson population
has increased 40.5 percent, bank deposits 135.9 per-

cent, savings and loan accounts 263.7 percent, and
retail sales 90 percent. As the economy of the whole
State begins to lay aside outmoded techniques, as the
sociological impediments to increased industrialization
diminish, and as financial resources become better
organized, the prospects for further prosperity in Jackson appear excellent.
Greenville, headquarters of the largest merging
bank, is the county seat of Washington County which,
with a population of 83,200, is the third largest county
in Mississippi. Located less than 100 miles northwest
of Jackson on a stillwater harbor that opens into the
Mississippi River, Greenville serves an area known as
the Mississippi Delta, one of the richest agricultural
areas in the world. Cotton is by far the most important farm product, followed by rice, soybeans, corn,
oats, and vegetables. With an estimated 55.3 million
cubic feet of available timber, the area is the prime
source of wood products. The city of Greenville has
some important manufacturing plants employing 16
percent of the labor force in the Greenville area. In
addition, the city is the headquarters of an active
towboat and barge industry which operates vessels on
inland waterways. The future of the Greenville economy is indeed promising.
Eighty miles south of Jackson lies McComb, the
main office of the merging First National Bank of
McComb City. With an approximate population in
1964 of 12,600, McComb is served by a major railroad
and the confluence of several highways. Its labor force
is primarily engaged in manufacturing, agriculture,
and trade. Agriculture plays a dominant role in the
surrounding area. The proximity of a nearby NASA
test center, the growing importance of petroleum production and the prospects for new wood product plants
stimulate the economic development of the area.
McComb is some 20 miles southeast of Tylertown,
home of the merging Tylertown Bank and 79 miles
from Jackson. Midway between New Orleans and
Jackson, Tylertown had a 1960 population of 1,532
and is the county seat of Walthall County, population
13,512. The economy of the area is based on agriculture, with dairy farming accounting for the major
source of income. Several manufacturing plants and
petroleum discoveries also support the county's economy. A paper company has recently announced plans
for a $100 million paper plant to be located some 40
miles away in a neighboring county. The proximity of
this proposed plant will probably result in greatly increased employment opportunities for people in the
Tylertown area.
Also near McComb is Gloster, the location of the

merging Amite County Bank which is 90 miles from
Jackson. With a population of 1,425, Gloster serves
Amite County, population 15,573. The county is primarily agricultural, but derives a large portion of its
income from the sale of forest products. The GeorgiaPacific Corp. is in the process of constructing a multimillion dollar pine ply-panel plant in Gloster. While
the area has not been marked by notable prosperity in
the past, the entry of major companies to develop the
forest industry augurs well for the future.
Because of distance and size factors, there is little
competition among the applicant banks. The charter
bank, with 8 branches, has IPC deposits of $116 million. Also located in Jackson are the $265 million Deposit Guaranty National Bank, with 11 branches, and
the $20.4 million Jackson-Hinds Bank with 5 branches.
Outside the city, the charter bank competes with 14
other banks in Hinds County and adjoining counties,
all but one of which have resources under $10 million.
The Commercial National Bank, Greenville, with 3
branches, has $16.3 million in IPC deposits. It competes with the $21.6 million Greenville Bank and Trust
Co., which has 2 branches, and the $14.9 million First
National Bank, Greenville, which has 2 branches. In
addition, it competes with 2 smaller banks in nearby
towns.
The First National Bank of McComb City, with one
branch, has IPC deposits of $7.9 million. It competes
with the $17.6 million Mechanics State Bank,
McComb, which has 2 branches, and 3 banks in
nearby Magnolia and Summit. Although The First
National Bank of McComb City is relatively near both
the Tylertown Bank, IPC deposits of $7.8 million, and
the Amite County Bank, IPC deposits of $4.2 million,
there is little competition among them. Tylertown
Bank is the only bank in Tylertown, and Amite County
Bank, with 2 branches, competes with the branch of
a McComb bank in Centreville and with a bank in
nearby Meadville.
The effects on competition of the proposed merger
will vary in different areas of the State. In and around
Jackson, the increase in funds will permit the charter
bank to compete more effectively with the larger
Deposit Guaranty National Bank, while having little
influence on its position vis-a-vis the Jackson-Hinds
Bank. In addition to competition from these banks, the
charter bank competes with the New Orleans and
Memphis banks, particularly in the areas of correspondent service and special credits, and the merger
will make it a more formidable sectional competitor.
In Greenville and McComb, the chief competitors
of the merging banks have applied for permission to
33

merge with Deposit Guaranty National Bank, Jackson. The competitive situation will thus be much the
same as in Jackson. There will be 2 major, aggressive
banks in both Greenville and McComb. Greenville
will, of course, have a third locally-owned competitor,
the First National Bank of Greenville.
The merging banks in Tylertown and Gloster will
become much more active competitors to banks in
surrounding towns when they are able to offer the
more extensive services of the resulting bank.
The competitive effect on all areas involved in this
merger will clearly be salutary. No offices will be
eliminated. Indeed, in some areas the merger will
bring about solid competition for the public's patronage for the first time.
It must also be noted that competition from savings
and loan associations in Mississippi is intense. From
1954 to 1964, savings and loan assets in Jackson increased by 264 percent while bank deposits increased
by 136 percent. In Greenville, one of the savings and
loan associations has assets which surpass the IPC
deposits of the Commercial National Bank. There is
no danger of the public in these Mississippi areas lacking alternatives for placing their savings dollars.
The management of the charter bank is progressive
and dynamic. Its management trainee program has
brought up officers acquainted with all facets of the
bank's operations. While all of the participant banks
have good management, the merger will further improve the quality of management by making available
considerably more depth for each location.
The convenience and needs of the public will be
served by this merger. The most important benefit will
be the rationalization of capital employment. Some
sections of the State, particularly the rapidly developing areas, face heavy loan demands. This merger will
enable the resulting bank, with greater resources, to
meet these demands. In other sections, there is a
shortage of loan demands and an excess of time and
savings deposits on which banks must pay interest. The
merger should result in a more efficient flow of funds
between the capital surplus and capital short areas
served by the applicant banks.
An increased lending limit for each applicant is
another advantage of the merger. Some of the larger
loans from Mississippi which have, in the past, gone
to New Orleans and Memphis banks now will have
the benefits of in-State service. In addition, the expanding Greenville economy will need larger sources
34

of funds. In McComb, the merging bank has been
forced to place with other banks the excess lines of
several credits. All the applicant banks will be in a
better position to aid the development of their areas
when larger accounts can obtain funds in their respective cities.
Another considerable advantage of the merger in
promoting the public interest is the extensive trust
services which the charter bank can provide to the
branches of the resulting bank. Both the Greenville
and McComb merging banks have small trust departments, but the need for adequate pension profitsharing plans and other corporate fiduciary services, as
well as better managed individual trusts, demands the
expertise in this field which the charter bank can
supply.
Finally, the charter bank can bring the benefits of
electronic data processing to the areas of the merging
banks. Because of the expense involved in these operations, it is unlikely that any of the merging banks
could offer these services in the foreseeable future. The
charter bank, on the other hand, has had some 7 years
experience with automation and, at present, has two
large-scale computers. This equipment will be available to all branches in their internal operations and
will provide services to customers such as mortgage
loan accounting, payroll plans, inventory control, accounts receivable, and check reconciliation plans.
All of the advantages which should flow from this
merger indicate that this restructuring of financial resources in Mississippi can be a great step forward in
improving the State's economic condition. Many
economic indicators give promise that Mississippi will
join the other States that have participated in the national prosperity; it is time to encourage the Mississippi banks to contribute their maximum effort to this
end.
Having considered this merger application in the
light of the relevant statutory criteria, we find that it
is in the public interest and it is, therefore, approved.
DECEMBER 10,

1965.

SUMMARY OF REPORT BY ATTORNEY GENERAL

First National Bank of Jackson, Jackson, Miss.
(Jackson Bank) is the second largest of three banks in
Jackson, and the State with deposits of $171,586,000.
Its head office and eight branches are located in
Jackson.

The Commercial National Bank of Greenville
(Greenville Bank) is the largest of the four banks
located in the Greenville-Washington County area with
deposits of $18,620,000. Greenville is 123 miles northwest of Jackson.
First National Bank of McComb City (deposits of
$9,450,000), Tylertown Bank ($8,630,000), and
Amite County Bank ($5,317,000) are all located between 79 and 114 miles southwest of Jackson and 20
to 50 miles from one another.
Because of the distances involved there appears to
be little if any direct competition between any of the
participating banks. However, the effect of the proposed merger in their respective service areas will be
marked. For instance, in the Jackson area, Jackson
Bank will substantially increase its competitive position and in the Greenville-Washington County area
the largest local bank will be replaced by the second
largest bank in the State. The proposed merger would
place the competing banks located in each of the serv-

ice areas of the merging banks at a disadvantage in
that they would thereafter have to strive directly for
business against the second largest bank in the State.
Jackson Bank and its chief competitor, Deposit
Guaranty Bank & Trust Co. also of Jackson (assets of
$265,000,000 and deposits of $228,843,000) are the
only banks in Mississippi with total resources in excess of $75,000,000. While each acquisition of a small
bank may not, as such, necessarily result in a substantial lessening of competition, the cumulative effect
of a series of small acquisitions—as in the situation
here—does raise a serious question as to the ultimate
effects on the competitive structure of banking in the
State of Mississippi. If allowed to go on unchecked, the
trend indicated by the proposed acquisition by the two
major banks will lead eventually to a duopoly throughout the State. The anticompetitive consequences of
such a development would clearly be serious if the
ultimate creation of more than two banks of a significant size is a fair possibility.

FARMERS AND CITIZENS NATIONAL BANK OF MONTGOMERY, MONTGOMERY, PA., AND T H E FIRST NATIONAL
BANK OF MONTGOMERY, MONTGOMERY, PA.
Banking offices
Name of bank and type of transaction

Total assets
In operation To be operated

Farmers and Citizens National Bank of Montgomery, Montgomery, Pa. (8866),
with
and The First National Bank of Montgomery, Montgomery, Pa. (5574),
which had
merged Jan. 21, 1966, under the charter of the latter bank (5574), and with
with title of "First Citizens National Bank." The merged bank at the date
of the merger had

COMPTROLLER S DECISION

On November 18, 1965, Farmers & Citizens National Bank, Montgomery, Pa., and The First National
Bank of Montgomery, Montgomery, Pa., applied to the
Office of the Comptroller of the Currency for permission to merge under the charter of the latter and with
the title "First Citizens National Bank."
Both banks are located in the borough of Montgomery, which is located in the southern portion of
Wyoming County and is populated by approximately
2,150 persons. The area's economy is supported by
farming, including truck farming, cultivation of corn
266-8491— 6 7 -

$2, 270, 294
2, 986, 458
5, 256, 752

and small grains, and dairying, and numerous industrial firms, the largest of which is a textile plant employing approximately 1,300 persons. Williamsport, a
city of approximately 42,000 inhabitants, and located
in the southern portion of Wyoming County, acts as
the commercial shopping center for Montgomery
residents.
Both the charter bank, with IPC deposits of $770,000, and the merging bank, with IPC deposits of
$575,000, operate their main offices in Montgomery
and are located across the street from each other.
There are no other banks in the town, nor does either
bank maintain a branch. However, the service area of
35

the banks includes not only Montgomery, but also the
surrounding towns of Muncey, Williamsport, Turbotville, Watsontown, Montoursville, Milton and Hughesville. The participating banks are the smallest of the
17 commercial banks located in the area. Approval
of the merger creates an institution whose total deposits and loans, as compared to the total deposits and
loans of all banks in the area involved, will represent
a percentage slightly in excess of 3 percent as to loans
and less than 3 percent as to deposits.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and
the application is, therefore, approved.
JANUARY 17,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Montgomery ("National"), Montgomery, Pa., proposes to merge the
Fanners & Citizens National Bank ("Citizens"), Montgomery, Pa.
National operates its main office in Montgomery and
as of June 30, 1965 reported total assets of $2,873,000,
net loans and discounts of $1,567,000 and total deposits

of $2,605,000. Citizens with its main office also in
Montgomery, Pa., is located across the street from National, with which it is in direct competition. As of
June 30, 1965 Citizens reported total assets of $2,241,000, net loans and discounts of $1,262,000 and total
deposits of $1,999,000.
According to the application, there are, in the area
serviced by both National and Citizens (within a 13mile radius of Montgomery), presently 15 other banks
all of which are larger than either National or Citizens. The proposed merger will create an institution
whose total deposits and loans, as compared to the total deposits and loans of all banks in the area involved
represent a percentage slightly in excess of 3 percent
as to loans and less than 3 percent as to deposits. The
resulting bank will become the ninth largest bank in
its service area but will be substantially smaller than
many of its competitors.
Thus, the acquisition will eliminate competition
between the 2 banks. However, in view of the substantial competition offered by the competitors, it is our
belief that the proposed merger will not substantially
lessen competition or tend to create a monopoly in the
service area.

BLANKET STATE BANK, BLANKET, TEX., AND FIRST NATIONAL BANK IN BROWNWOOD, BROWNWOOD, TEX.
Name of bank and type of transaction

Total assets
In operation

To be operated

Blanket State Bank, Blanket, Tex., with
was purchased Jan. 29, 1966, by First National Bank in Brownwood,
Brownwood, Tex. (4695), which had
After the purchase was effected, the receiving bank had

COMPTROLLER'S DECISION

The First National Bank in Brownwood, Brownwood, Tex., at the request of the Federal Deposit
Insurance Corporation and the Texas banking authorities asked for permission to purchase the assets
and assume the liabilities of the Blanket State Bank,
Blanket, Tex., which has been closed for liquidation
by the Texas Banking Commissioner.
In order to facilitate this transaction, the Federal
Deposit Insurance Corporation has agreed to purchase

certain assets of Blanket State Bank which are not
acceptable to the First National Bank in Brownwood.
I find that the proposed purchase and assumption
will be in the public interest and it is hereby approved
effective on or after January 28, 1966, subject to the
approval of the court of competent jurisdiction. Since
the transaction will prevent the probable failure of
Blanket State Bank, advisory reports on the competitive factor have not been requested.
JANUARY 28,

1966.

FIRST UNION NATIONAL BANK, PUYALLUP, WASH., AND T H E PUGET SOUND NATIONAL BANK OF TAGOMA, TACOMA,
WASH.
Banking offices
Name of bank and type of transaction

Total assets
In operation

First Union National Bank, Puyallup, Wash. (15264), with
and The Puget Sound National Bank of Tacoma, Tacoma, Wash. (12292),
which had
merged February 11, 1966, under the charter of the latter bank (12292),
and with the title "Puget Sound National Bank." The merged bank at

COMPTROLLER S DECISION

On December 6, 1965, The Puget Sound National
Bank of Tacoma, Tacoma, Wash., and First Union
National Bank, Puyallup, Wash., applied to the Comptroller of the Currency for permission to merge under
the charter of The Puget Sound National Bank of
Tacoma and the title of "Puget Sound National
Bank."
The Puget Sound National Bank of Tacoma, is the
second largest bank headquartered in Tacoma, with
IPC deposits of $109 million as of October 30, 1965.
It operates 12 offices in Tacoma and four in nearby
suburbs, with approval for a fifth.
Tacoma, the third largest city in Washington, has
a population of approximately 155,000. Located approximately 30 miles southwest of Seattle, the largest
city in the Pacific Northwest, it is a highly industrialized city with principal employment provided by
nearby aircraft plants. Timber product companies also
provide substantial employment.
First Union National Bank, Puyallup, was chartered
in 1964. It operates one branch in addition to its main
office and as of October 30, 1965, it had IPC deposits
of $2.5 million.
Puyallup, Wash., located 8 miles east of Tacoma
with a population of 14,000, is rapidly becoming characterized as a suburb of Tacoma. However, it also
serves as a trade center for a diversified agricultural
area based on crops offlowers,berries, and vegetables.
Tourism is important to Puyallup in that it holds the
Annual Daffodil Festival and the Annual Western
Washington State Fair.
Little competition presently exists between the First
Union National Bank and the charter bank. The merging bank's deposits are primarily small personal accounts whereas the charter bank's business in the
Puyallup area consists primarily of commercial loans.
Only 16 customers in the Puyallup area are doing
business with both banks.

$3, 177,921

150,514,862

To be operated

153,692,783

The banking structure in the greater Tacoma area
is served by 49 commercial bank offices and 4 mutual
savings bank offices. Inasmuch as the proposed transaction will increase the charter bank's share of area
deposits less than one percent, consummation of the
proposed merger will not significantly alter the charter bank's competitive posture in its present service
area.
The convenience and needs of the community will
be better served by the merger because of additional
services which the charter bank can provide for the
merging bank's customers. The charter bank will not
only bring expertise in such fields as trust services,
automobile financing, home modernization loans, and
personal loans to the customers of the merging bank,
but will also realize significant savings through the
application of the charter bank's data computer and
other operational equipment to the merging bank's
records. A larger lending limit of the resulting bank
arising from the merger will put the banks in a better
position to serve the expanding industrial and commercial needs of one of the fastest growing counties
in the Pacific Northwest.
Applying the statutory criteria, we conclude that the
merger is in the public interest and it is, therefore,
approved.
JANUARY 28,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Were it not for the fact that First Union National
Bank has less than 1 percent of the area's loans and
deposits and is not yet operating on a profitable basis,
its merger into Puget Sound National Bank, one of
the two banks which together control over 70 percent
of the commercial banking business in the Tacoma
area, would present competitive problems. Considering all relevant factors, however, the proposed merger
would not appear to have a significantly adverse effect
on competition.
37

T H I R D NATIONAL BANK OF HAMPDEN COUNTY, SPRINGFIELD, MASS., AND T H E PALMER NATIONAL BANK,
PALMER, M A S S .
Banking offices
Total assets

Name of bank and type of transaction

In operation

Third National Bank of Hampden County, Springfield, Mass. (308), with
and The Palmer National Bank, Palmer, Mass. (2324), which had
consolidated Feb. 11, 1966, under charter of the former bank (308), and under
title of "Third National Bank of Hampden County." The consolidated

On December 6, 1965, Third National Bank of
Hampden County, Springfield, Mass., with $107 million in IPC deposits and the Palmer National Bank,
Palmer, Mass., with $9 million in IPC deposits, applied
to the Office of the Comptroller of the Currency for
permission to consolidate under the charter and with
the title of the former.
Both banks are located in Hampden County, the
geographic center of Massachusetts, approximately 90
miles west of Boston. The charter bank has its headquarters in Springfield. The economy of Springfield,
with a population of 180,000, is primarily based on
large and varied manufacturing concerns. Although
industrial growth has slowed somewhat in recent
years, future prospects appear promising with shortrange commitments for commercial and industrial
building in the Springfield metropolitan area in excess
of $50 million.
Palmer, with a population of 11,000, is located in
the eastern end of Hampden County, approximately
15 miles east of Springfield. Forty-five manufacturing
firms employing 3,000 workers are located in the immediate vicinity of the community.
Third National Bank is the second largest commercial bank in Hampden County. Its head office and 3
of its branches are located in Springfield, which is in
the middle of Hampden County, and seven other offices are located in the western end of the county. The
proposed merger will not significantly change the
position of the bank with respect to its competitors.
Palmer National is a unit bank located in the eastern
end of Hampden County. It has experienced increasing difficulty in attempting to meet the credit requirements of its larger customers. Six offices of other
financial institutions compete in its market area.
Competition between the merging banks is not great
inasmuch as their nearest offices are approximately 8.5
miles apart. It appears that competition will be enchanced as a result of the merger in that the major
38

$138, 034, 076
13, 267, 001

To be operated

11
2

151, 321, 365

competitors of the charter bank have applied for
branches in the Palmer area. The increase in assets
which will accrue to the charter bank as a result of
the merger is not great when the competitive aspects
of 4 savings banks are considered. It should be noted
that these 4 savings banks hold IPC deposits and loans
in excess of the aggregate held by the 7 commercial
banks in the service area.
The merger will result in a larger bank with a
wider range of banking services. The combined banks
will undoubtedly realize significant savings through
the operation of the charter bank's computer and other
operational equipment. The larger lending capacity
resulting from the consolidation will put the resulting
bank in a better position to serve the expanding industrial and commercial needs of this central area of
Massachusetts.
Applying the statutory criteria, we conclude that
the consolidation is in the public interest and it is,
therefore, approved.
FEBRUARY 10,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL,

This transaction would join the second and sixth
largest commercial banks in Hampden County, resulting in the area's largest commercial bank. Third National Bank and Palmer National Bank at present appear to compete primarily in the town of Wilbraham,
which is located between Springfield and Palmer. This
competition would, of course, be eliminated by approval of the instant consolidation.
Third National Bank and Valley Bank & Trust
Co., another Springfield bank, at present account for
approximately 62 percent of the deposits and loans
of all the area's commercial banks. The addition of
Palmer National Bank to Third National would increase this figure to 65 percent. The bank resulting
from the consolidation, together with Valley Bank &
Trust and Safe Deposit Bank & Trust Co., another

Springfield commercial bank, would account for about
85 percent of the deposits and loans of this area's
commercial banks.
It appears that Third National Bank could open
a de novo branch in Palmer and that Palmer National

could compete with this branch and the branches that
Valley Bank & Trust and Safe Deposit Bank & Trust
propose to open. We, therefore, believe that approval
of this consolidation may adversely affect competition
among commercial banks in Hampden County.

SAGUACHE COUNTY NATIONAL BANK OF SAGUACHE, SAGUACHE, COLO., AND T H E FIRST NATIONAL BANK OF
CENTER, CENTER, COLO.
Banking offices
home of bank and type of transaction

Total assets
In operation

Saguache County National Bank of Saguache, Saguache, Colo. (9997), with.
was purchased Mar. 16, 1966, by The First National Bank of Center,
Center, Colo. (9743), which had
After the purchase was effected, the receiving bank had

COMPTROLLERS

DECISION

On March 16, 1966, application was made to the
Comptroller of the Currency for permission for the
First National Bank of Center, Center, Colo., to purchase assets and assume the deposit liabilities of the
Saguache County National Bank of Saguache,
Saguache, Colo.
It is found that an emergency situation exists within
the meaning of the second sentence of section 6 of the
Bank Merger Act of 1966 (PL 89-356) and, with

To be operated

$512,343

2, 878, 526
3,618, 128

1
1

respect thereto this Office must act immediately. Accordingly, approval of the shareholders of the
Saguache County National Bank of Saguache of the
purchase and sale agreement is waived.
Because of the existing emergency, and in order to
protect the depositors, creditors, and shareholders of
the Saguache County National Bank of Saguache, the
First National Bank of Center is authorized to proceed
with the purchase and assumption transaction.
MARCH 16,

1966.

* * *
FIRST NATIONAL BANK IN BILLINGS, BILLINGS, MONT., AND BILLINGS STATE BANK, N.A.,

BILLINGS, MONT.
Banking offices

Total assets

Name of bank and type of transaction

In operation

First National Bank in Billings, Billings, Mont. (10933), with
and Billings State Bank, N.A., Billings, Mont. (15564), which had
merged Mar. 25, 1966, under charter of the latter bank (15564) and under
title of "First National Bank & Trust Co." The merged bank at the date of
merger had

COMPTROLLER S DECISION

Billings, the second largest city in Mont., with a
population of approximately 58,000, is located in the
south-central part of Montana. The economy of the
service area is based primarily on agriculture, with
livestock sales accounting for over one-half the cash
farm income. Oil production and exploration is also
an important contributor to the local economy. It ap-

$31, 073, 105
12, 461, 140
44, 534, 246

To be operated

1
1
1

pears that the 7-county service area will show little
future population growth.
Billings State Bank, N.A., with resources of $12.3
million, is a member of Northwest Bancorporation
(Banco), a registered bank holding company. First National has resources of $31.6 million. Both banks operate as single units. The resulting bank would hold 24.7
percent of the deposits of the service area.
Although the proposed merger would reduce the
39

number of banking offices in Billings from 5 to 4, the
resulting bank will offer more effective competition to
its 2 larger competitors which have 38.5 percent and
33.4 percent of the deposits, respectively. The resulting
bank will, at the same time, offer expanded services
to the banking public and, therefore, improve the
competitive banking structure in Billings.
Having reviewed the application in the light of the
relevant statutory criteria, we find the merger to be
in the public interest and it is, therefore, approved.
FEBRUARY 21,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Billings State Bank, N.A., Billings, Mont., proposes
to merge with First National Bank in Billings under
the title "First National Bank & Trust Co." First

National has assets of $31,656,000. Billings State has
assets of $12,306,000 and is affiliated with Northwest
Bancorporation, which has total deposits of over $2.4
billion. The 2 banks are located 2 blocks apart.
The merger of the third and fourth largest banks in
Billings would reduce the number of banking choices
available to customers in an already concentrated
banking community and would increase the market
share of the acquiring bank from 6.4 percent to 23.3
percent of total deposits and from 6.6 percent to 23.7
percent of total loans. There is no indication that the
elimination of a viable banking competitor will be offset by the creation of any significant services not previously available to customers in this area.
We conclude that the proposed merger would adversely affect banking competition in the Billings area.

THE CONYNGHAM NATIONAL BANK, CONYNGHAM, PA., AND THE FIRST NATIONAL BANK OF WILKES-BARRE,
WILKES-BARRE, PA.

Name of bank and type of transaction

Total assets
In operation To be operated

The Con;
lyngham National Bank, Conyngham, Pa. (13392), with
and The First National Bank of Wilkes-Barre, Wilkes-Barre, Pa. (30), which
had.
merged Apr. 1, 1966, under charter and title of the latter bank (30). The
merged bank at the date of merger had
,

COMPTROLLER'S DECISION

On January 11, 1966, the Conyngham National
Bank, Conyngham, Pa., and the First National Bank of
Wilkes-Barre, Wilkes-Barre, Pa., applied to the Office
of the Comptroller of the Currency for permission to
merge under the charter and with the title of the latter.
The charter bank, with IPC deposits of $88 million,
is located in Wilkes-Barre which has a population of
64,000. Wilkes-Barre, the county seat of Luzerne
County, is located 119 miles northwest of Philadelphia
in the heart of the anthracite coal region. The economy
of the area is primarily industrial with the manufacture of textiles featured most prominently. Population
in the area has decreased in recent years as a result of
the decline in importance of the anthracite coal industry. Future growth in the area will depend on the success of community development projects instituted to
halt the population decline.
The First National Bank of Wilkes-Barre, through
its 7 offices, operates in the eastern half of Luzerne
County and competes with savings and loan associa40

$4,497, 661
99, 843, 562
104, 155, 205

tions, insurance companies, credit unions, sales finance
companies, and direct lending agencies of the Federal
government.
The merging bank, with IPC deposits of $4 million,
is located in Conyngham which has a population of
1,500. Conyngham is a small residential and farming
community situated about 22 miles south of WilkesBarre in Luzerne County and 6 miles northwest of
Hazleton. The economy of the area is dependent upon
agriculture, some residential construction and, to a
lesser extent, industrial activity. The latter includes
plastics manufacturing, textiles, and a division of the
St. Regis Paper Co. Growth of the area will be served
by the completion of 2 interstate highways, the expected entrance of new industry, and the continued
building of new residential subdivisions. The merging
bank, which was chartered in 1929, is a unit bank and
competes in the area with a number of larger commercial banks, savings and loan associations, and commercial finance companies as well as lending agencies
of the Federal government.

The principal impact of the merger will be felt in the
Conyngham-Hazleton area. The Conyngham National
Bank, with its limited capital funds, cannot presently
meet the loan demands of the community. The First
National Bank of Wilkes-Barre will bring to the community varied and better banking services, and will aid
in the area's imminent development. Included among
the services to be brought to the Conyngham area by
the merger are trust services, investment counseling,
broader range computer services, greater lending capacity, and agricultural consultation.
Competitively, the effects of the proposed merger
will be negligible. The closest offices of the merging
banks are 13 miles apart while their main offices are 22
miles apart. Neither bank competes with the other in
any substantial way. The banks have few customers in
common and neither has more than a few customers
living in the service area of the other. First National's
share of aggregate deposits of all banks in the combined
service area will be increased by less than 1 percent
while its relative position in size among all banks in
the area will remain unchanged. As Conyngham National Bank has less than one-fifth of the deposit volume
of each of four banks in the area in which it competes
the entry of First National into the service area will
stimulate competition rather than inhibit it.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
the application is, therefore, approved.
MARCH 2, 1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

First National Bank of Wilkes-Barre with resources
of about $105 million operates a main office and 5
branches in or near Wilkes-Barre. It has a sixth branch
in White Haven, 19 miles to the southeast, as a result
of a 1964 merger. Conyngham National Bank is the
only bank in Conyngham, about 22 miles south of
Wilkes-Barre. It has resources of about $4.5 million
and operates one nearby branch.
First National Bank is the second largest bank in
Wilkes-Barre and in the combined trade area of the 2
banks. Its share of the banking resources within the
combined trade area would be increased by the merger
from 20.8 percent to 21.7 percent. The 3 largest banks
in this area have about 59 percent of the banking resources. Over 37 percent of First National Bank's deposits are accounted for by mergers within the past
decade. The other leading banks in Wilkes-Barre have
also been engaged in mergers.
While the application does not reveal what deposits
and loans of each bank originate in the service area of
the other, there is probably some existing competition
between the 2 banks which would be eliminated by the
proposed merger. It also appears that there is a general
trend of merger and acquisition by which the larger
Wilkes-Barre banks are expanding into the surrounding
region. Continuation of this trend will result in the
disappearance of the smaller independent banks in the
area and the elimination of desirable competitive banking alternatives.
Accordingly the proposed merger is likely to have an
adverse effect on competition.

THE PEOPLES NATIONAL BANK OF VICTORIA, VICTORIA, VA., AND VIRGINIA NATIONAL BANK, NORFOLK, VA.
Banking offices

Name of bank and type of transaction

Total assets
In operation To be operated

The Peoples National Bank of Victoria, Victoria, Va. (14337), with
and Virginia National Bank, Norfolk, Va. (9885), which had
merged Apr. 11, 1966, under charter and title of the latter bank (9885). The
merged bank at the date of merger had

COMPTROLLER S DECISION

On January 10, 1966, Virginia National Bank, Norfolk, Va., and The Peoples National Bank of Victoria,
Victoria, Va., applied to the Comptroller of the Currency for permission to merge under the charter and
with the title of the former.

$3,915,962
536, 985, 227
555, 166, 336

1
63
64

Virginia National Bank maintains its headquarters
in Norfolk and operates 65 branch offices in 33 Virginia
communities, primarily in the Norfolk Tidewater Region and Central Virginia. The economies of the
charter bank's service areas are widely diversified in
industry and agriculture. Virginia National Bank ex41

periences keen competition from 54 other banks in the
service area.
As of June 30, 1965, the charter bank reported IPC
deposits of $384 million, and loans and discounts of
$290 million. Present management is capable and
imaginative; the chief executive officers are bankers of
long experience and are supported throughout the
bank's system by a qualified staff.
The Peoples National Bank of Victoria operates a
single office in Victoria, which is approximately 130
miles west of the charter bank's head office. Victoria,
a town of 1,737 persons, is located in Lunenburg County, which has a total population of approximately
13,000 persons. The economy of the area is predominantly agricultural, tobacco being the area's most
important cash crop. However, there are presently
some 19 industries in the county, employing in excess of
1,000 persons.
The Peoples National Bank has shown only moderate growth, indicating quite conservative management.
As of June 30, 1965, it reported IPC deposits of $2.7
million. The merging bank shows a ratio of total loans
to total deposits of 22 percent.
Aside from the merging bank, the only other bank
in the Victoria area is located 7 miles east in Kenbridge, Va. The proposed merger will permit the offering of 108 separate services, 60 of which are not now
offered by the merging bank. Such new services, which
would be especially beneficial to the needs of the community now serviced by the merging bank, include
agricultural business and farm service departments,
and the making of construction loans. Inasmuch as

there is only one other bank located in Lunenburg
County, there is an evident need for a more aggressive,
alert, and modern banking system if continued industrialization and progressive agricultural activities are
to be realized in the near future.
The charter bank has no banking office in Lunenburg County, and its nearest branch is in Farmville,
Prince Edward County, 31 miles north of Victoria.
Consequently, there will be no elimination of direct
competition between the merging banks. The merger
will not eliminate an alternate banking choice as far
as the public is concerned.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
it is, therefore, approved.
MARCH 4,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Virginia National proposes to merge with Peoples
Bank. Peoples' Victoria office would be operated as
a branch of Virginia National.
Virginia National, the second largest bank in the
State, operates 63 banking offices in 29 communities
throughout the State. It operates no office in Victoria
and presently does not compete with Peoples Bank.
Its nearest branch is 31 miles away. The effect of the
merger for the communities in Lunenburg County
would be simply to replace one competitor with another. No reduction in the number of available banking
facilities would result, although some pressure to consolidate may be placed on smaller banks in this area.

* * *
WYTHE COUNTY NATIONAL BANK, WYTHEVILLE, VA., AND VIRGINIA NATIONAL BANK, NORFOLK, VA.
Total assets

Name of bank and type of transaction

Banking offices
In operation

Wythe County National Bank, Wytheville, Va. (12599), with
and Virginia National Bank, Norfolk, Va. (9885), which had
merged Apr. 11, 1966, under charter and title of the latter bank (9885). The
merged bank at the date of merger had

COMPTROLLER'S DECISION

On January 10, 1966, the Wythe County National
Bank, Wytheville, Va. and Virginia National Bank,
Norfolk, Va., applied to the Office of the Comptroller
of the Currency for permission to merge under the
charter and title of the latter.
42

$14, 600, 541
536, 985, 227
555, 166, 336

To be operated

4
64
68

The charter bank operates 66 banking offices in 33
communities throughout the State, primarily in the
Norfolk tidewater region and in Central Virginia. As
of June 30, 1965, it reported IPC deposits of $384
million. The economies of the charter bank's service
areas are widely diversified. A major source of employment in the Norfolk region derives from military es-

tablishments, as well as light and heavy industry. Other
areas served by Virginia National have a combination
of agricultural and industrial economies.
The merging bank operates 4 offices in 3 communities, all of which are located in Wythe County. Its
main office is located in Wytheville, a town of approximately 5,600 persons and the county seat of Wythe
County. As of June 30, 1965, it reported IPC deposits
of $11.8 million. The economy of the area served is
primarily agricultural, with Wytheville being one of
the largest cattle-shipping centers in the East. Approximately 25 percent of the area's economic support is
derived from diversified industrial concerns led by mining and lumber operations.
The charter bank, the second largest bank in Virginia, competes with all of the larger Virginia banks
plus members of 4 bank holding companies and numerous smaller banks. The merging bank competes
principally with the First National Exchange Bank of
Virginia, Bank of Speedwell, and Bank of Bland
County. The charter and merging banks do not compete with each other. The charter bank has no banking office in Wythe County, and its nearest branch
is in Glade Spring, Washington County, Va., 35 miles
west of Wytheville.
The proposed merger will not eliminate competition. It will bring to the merging bank's trade area a
bank with a lending limit more competitive with that

of the merging bank's chief competitor, The First National Exchange Bank. This new lending limit will enable the resulting bank to satisfy the borrowing needs
of industrial concerns contemplating locating in the
area. The resulting bank will offer to the community
certain services which the merging bank does not now
offer, particularly trust services and the facilities of a
farm service department.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
MARCH 9,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Virginia National proposes to merge with Wythe
Bank. Wythe Bank's 4 offices would be operated as
branches of Virginia National.
Virginia National, the second largest bank in the
State, operates 63 banking offices in 29 communities
throughout the State. It presently operates no office in
Wythe Bank's service area and is 31 miles away. Hence
the effect of the merger for the communities in Wythe
County would be simply to replace one competitor
with another, and no reduction in the number of available banking facilities would result, although some
pressure to consolidate may be placed on smaller banks
in this area.

T H E FIRST NATIONAL BANK OF CHATEAUGAY, CHATEAUGAY, N.Y., AND T H E FARMERS NATIONAL BANK OF
MALONE, MALONE, N.Y.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The First National Bank of Chateaugay, Chateaugay, N.Y. (8893), with
and The Farmers National Bank of Malone, Malone, N.Y. (598), which had..
merged Apr. 29, 1966, under charter and title of the latter bank (598). The
merged bank at the date of merger had

COMPTROLLER S DECISION

On January 17, 1966, The Farmers National Bank
of Malone, Malone, N.Y., with IPC deposits of $8.5
million, and The First National Bank of Chateaugay,
Chateaugay, N.Y., with IPC deposits of $4 million,
applied to the Comptroller of the Currency for permission to merge under the charter and with the title
of the former.
Malone, with a population of 11,900, is located in
northern New York, about 12 miles south of the

$5, 450, 055
11, 844, 906
17,299,960

1
2
3

Canadian border. The economy of the community is
primarily agricultural, with dairy fanning predominant. While two industrial plants presently employ
approximately 650 persons, the growth pattern of the
community in recent years has been slow.
Chateaugay, with a population of 2,700, is northeast of Malone, approximately 7 miles south of the
Canadian border. Its economy is also agricultural, with
similar emphasis on dairy farming, and there are no
industries in the community.
43

The Farmers National Bank of Malone operates
from a main office in Malone and a branch office in
Fort Covington, N.Y., which is 16 miles from Malone.
Chartered in 1864, the bank has shown a satisfactory
earnings growth during the past 5 years.
The merging bank was chartered in 1887. Its single
office is approximately 12 miles from Malone and 28
miles from the charter bank's branch office. Its earnings record in recent years has been satisfactory, but
it does not provide trust services to the community.
Both banks are among the smallest competing in this
area. In Malone, competition comes from a branch of
the $109 million Marine Midland Trust Co. of Northern New York, Watertown, and the locally based $10
million Citizens National Bank of Malone. In the
surrounding area, competition comes from branches
of the $580 million National Commercial Bank, Albany; the $490 million State Bank of Albany, with
branches in Plattsburgh and Ellenburg Depot; the
$20 million Ogdensburg Trust Co., Ogdensburg, with
a branch in St. Regis Falls; and the $58 million National Bank of Northern New York, Watertown, with
a branch in Massena. In addition, because of the
area's agricultural economy, the merging banks face
very strong competition for medium- and long-term
credits from governmental lenders such as the Farmers
Home Administration, the Federal Land Bank, and
the Farmers Production Credit Association.
In order to meet the demands of competition, the
small dairymen in both Malone and Chateaugay have
been combining their farms into larger and more efficient units. Accompanying this trend has been the

need for greater capital investment for machinery,
enlarged herds, and additional acreage. The resulting
bank will be able to serve more adequately the area's
increased landing needs which have been brought
about as a result of these economic trends and it will
provide trust services, presently lacking, to the town
of Chateaugay.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest,
and the application, therefore, is approved.
MARCH 23, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Farmers National Bank of Malone, N.Y., proposes
to merge with The First National Bank of Chateaugay,
N.Y., under the title The Farmers National Bank of
Malone. The two banks are located 13 miles apart.
As of October 13, 1965, First National had assets of
$5,186,024, total deposits of $4,742,674, and net loans
of $2,174,742. As of the same date, Farmers had assets
of $11,428,290, total deposits of $10,163,167, and net
loans of $6,299,691.
Malone, N.Y., has a population of 11,900, and the
area served by the two banks has a population of
approximately 30,000. The region, whose principal
industry is dairy farming, has not experienced much
economic growth in recent years.
In view of the fact that the area would continue
to be served by six independent banking facilities after
the proposed merger, we conclude that the proposed
merger will not significantly affect banking competition in this area.

THE SHORT HILLS NATIONAL BANK, SHORT HILLS, N.J., AND MONTCLAIR NATIONAL BANK & TRUST CO.,
MONTCLAIR, N.J.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The Short Hills National Bank, Short Hills, N.J. (15023), with
and Montclair National Bank & Trust Co., Montclair, N.J. (9339), which had.
merged Apr. 29, 1966, under charter and title of the latter bank (9339). The
merged bank at the date of merger had

COMPTROLLER S DECISION

On February 10, 1966, the Montclair National
Bank & Trust Co., Montclair, N.J., with assets of
$127 million, and The Short Hills National Bank,
Short Hills, N.J., with assets of $8 million, applied
to the Comptroller of the Currency for permission
44

$8,214,510
122, 799, 163
131,013,673

3
8
11

to merge under the charter and with the title of the
former.
Montclair, N.J., 14 miles from New York City, has
a population of some 44,000. It is primarily a well-todo suburban residential community with business and
industrial property accounting for only a small portion

of its total taxable valuation. Fine transportation facilities enable a large number of the executive, business,
and professional people who live in Montclair to commute to Newark and New York.
Short Hills, N.J., is not a separately incorporated
municipality but is a suburban section of the Township
of Millburn which has a population of approximately
19,000, up 29.1 percent from 1950, with future growth
anticipated. There is no direct public transportation to
Montclair from this area.
The charter bank, Montclair National Bank & Trust
Co., with IPG deposits approximating $103 million,
operates from a main office and 7 branches serving
principally the northern part of Essex County. This is
an aggressive bank whose management is experienced
and capable, and which operates an active and competitive trust department.
The merging bank, The Short Hills National Bank,
which was chartered in November, 1962, now has IPC
deposits approximating $5.5 million and operates 2
branch offices. The lack of a trust department puts this
bank at a competitive disadvantage in the residential
community it serves. In addition, its low lending capacity has impeded it in competing for the large credit
requirements in Millburn.
Both banks in this proposed merger are located in
Essex County which contains an estimated 930,000
persons, making it the most densely populated county
in New Jersey. The county is served at the present
time by 19 commercial banks having 109 branches
and total resources in excess of $2.2 billion. The merging bank ranks 16th in size among these institutions
and the charter bank ranks fourth in size. They are
well behind the $653 million First National State Bank
of New Jersey, the $643 million Fidelity Union Trust
Co., and the $525 million National Newark and Essex
Bank. Upon approval of this merger the resulting
bank would continue to be only fourth in the county,
and its percentage holdings would advance fractionally
to only 6 percent of county deposit totals.
A merger between the 2 banks would serve the
convenience and needs of the Township of Millburn
without producing any cognizable anticompetitive effects. The charter bank could overcome the problems
of the merging bank without detrimental effect. Of
the 3 banks presently operating in Short Hills, only
one offers trust services. A merger would introduce

into the area the skilled and capable trust services of
the charter bank, an aggressive competitor. A merger
would also provide a substantial increase in the lending capacity presently offered by The Short Hills National Bank. There is relatively little competition
between, and there are few mutual customers shared
by, the charter and merging banks. The nearest office
of the charter bank to any office of the merging bank
is 11 miles. The merging bank has been facing very
severe competition from the larger and more aggressive
banks through advertising and direct personal solicitations for the larger business accounts, mortgage loans,
and trust business in the area. Competition would be
strengthened by the direct representation of the resulting bank with improved services, a larger loan limit
and trust department facilities.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest,
and the application, therefore, is approved.
MARCH 23,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Montclair National Bank & Trust Co. is the largest
commercial bank headquartered in the suburbs of
Essex County, but is much smaller than 3 Newarkbased banks which dominate commercial banking in
this county. The Short Hills National Bank, on the
other hand, is one of the county's newest and smallest
banks.
The proposed merger would not significantly increase the high degree of concentration in commercial
banking in Essex County and would only slightly enhance the size of Montclair National Bank, which, by
comparison with the 3 leading banks, ranks a poor
fourth. Nor would this merger eliminate presently
existing competition between the parties thereto.
Furthermore, the area served by the Short Hills National Bank is also directly served by the MillburnShort Hills Bank and a branch of the First National
State Bank of New Jersey (largest in New Jersey) as
well as, to an extent, by the Maplewood Bank & Trust
Co. and branches of 3 medium-sized Union County
banks. Residents of this area would thus retain several
banking alternatives.
We, therefore, do not believe that this merger
would adversely affect competition.

THE PEOPLE'S SAVINGS & TRUST CO., HAZLETON, PA., AND THE FIRST NATIONAL BANK OF HAZLETON,
HAZLETON, PA.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The People's Savings & Trust Co., Hazleton, Pa., with
and The First National Bank of Hazleton, Hazleton, Pa. (3893), which had...
merged May 27,1966, under charter of the latter bank (3893), and with title of
"Peoples First National Bank & Trust Go." The merged bank at the date of
merger had

COMPTROLLER'S DECISION

On February 7, 1966, The People's Savings & Trust
Co., Hazleton, Pa., and The First National Bank of
Hazleton, Hazleton, Pa., applied to the Comptroller of
the Currency for permission to merge under the charter of The First National Bank of Hazleton, and with
the title "Peoples First National Bank & Trust Co."
Hazleton, with a population of approximately
32,000, is located in eastern Pennsylvania in an area
once characterized by anthracite coal mining. Following the decline of this industry, Hazleton initiated a
community action program which has been eminently
successful in attracting new and diversified industry.
Future economic prospects appear highly promising.
The First National Bank, the charter bank, opened
for business in 1888, and presently operates 2 banking
offices in Hazleton. As of December 31, 1965, First
National had IPC deposits of $20.8 million. The
People's Savings & Trust Co., chartered in 1905, operates its main office in Hazleton and a branch in Freeland, a community of 5,000, located approximately 4
miles northeast of Hazleton. As of December 31, 1965,
it had IPC deposits of $18.9 million.
Within the greater Hazleton area there are 18 banking offices operated by 9 banks. The applicant banks
rank third and fourth largest among the 6 banks operating in Hazleton and West Hazleton.
Competition for the applicant banks is mainly provided by the $220 million Northeastern National Bank,
which operates 2 branches in Hazleton, the $40 million
Hazleton National Bank and 2 smaller banks. Also,
the $110 million First National Bank of Wilkes-Barre
competes through branches located nearby.
While the applicant banks compete to some extent
with each other and an alternative source of banking
will be eliminated by the proposed merger, consummation of the merger will have the beneficial effect of providing more vigorous competition for the larger banks.
The resulting bank will be only slightly larger than the
46

$21,431,563
23, 090, 419

2
3

44, 595, 767

Hazleton National Bank; consequently, it will not
result in an undue concentration of banking assets in
the community.
The banks will be in a position to attract more qualified personnel, thereby rectifying management deficiencies which exist at present. Moreover, the resulting
institution will provide a larger lending limit and automatic data processing services for industries which have
recently moved into the Hazleton area. Formerly,
neither of the applicant banks could provide such
services, with the result that the Northeastern National
Bank has substantially increased its local competitive
posture. It is anticipated that the proposed merger will
stimulate the economic growth of the area through
additional services and an ability to meet the increasing local credit needs. The needs and convenience of
the community will thus be served by this merger.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and the
application is, therefore, approved.
APRIL 11,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Hazleton, Hazleton, Pa.
(hereinafter "First National"), has proposed to merge
with The People's Savings & Trust Co., Hazleton, Pa.
(hereinafter "People's"), the resulting bank to be
operated under the charter of First National and under
the title "Peoples First National Bank & Trust Co."
The head offices of the applicants are located less
than one block apart in Hazleton, a city of 32,000 inhabitants in south-central Luzerne County. Each applicant operates one branch office; First National's
branch is in Hazleton 0.6 of 1 mile from the home office; the People's branch is in Freeland, 9 miles northeast of Hazleton. Both banks serve an area within a
10-mile radius of Hazleton, and both are of the same
approximate size. First National has total assets of
$23,714,000, total loans of $12,065,000, and total de-

posits of $21,350,000; corresponding figures for People's are $22,263,000, $12,563,000, and $19,724,000.
Both of the applicant banks are geared to serve, and
do serve, the same types of customers and it appears
that in so doing they compete vigorously with each
other. The proposed merger would eliminate this present competition between the banks.
The merger would also substantially increase the

present high level of concentration in the service area.
The resulting bank would be the largest bank with its
head office within the service area, and would rank
either first or second in terms of loans and deposits
originating within this area.
We conclude that the probable effect of the proposed
merger would be to substantially lessen competition in
the Hazleton area.

WORCESTER COUNTY NATIONAL BANK, WORCESTER, MASS., AND WEBSTER NATIONAL BANK, WEBSTER, MASS.
Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

Worcester County National Bank, Worcester, Mass. (14850), with
and the Webster National Bank, Webster, Mass. (13780), which had
consolidated May 27, 1966, under the charter and title of the former bank
(14850), The consolidated bank at the date of consolidation had

COMPTROLLER S DECISION

On February 24, 1966, the Worcester County National Bank, Worcester, Mass., and the Webster National Bank, Webster, Mass., applied to the Office of
the Comptroller of the Currency for permission to consolidate under the charter and with the title of the
former.
Worcester, located approximately 40 miles west of
Boston, is the second largest city in Massachusetts with
a population of approximately 180,000. Manufacturing provides the major source of income, with commercial activities also important due to its central location
and comprehensive transportation network.
Webster, with a population of approximately 14,500,
is located in the southern portion of Worcester County.
The manufacturing of shoes and textiles provides the
economic base for the town and its neighboring communities.
Worcester County National Bank is the largest commercial bank in the county with 7 offices in the city
of Worcester and 21 other offices serving all important
economic segments of Worcester County, with the exception of the Webster area. As of December 31, 1965,
Worcester County National Bank had IPC deposits
of $196.4 million.
Within Worcester County are located 40 offices of
15 other commercial banks, most of which compete
directly with the charter bank. Additionally, commercial banking competition is provided by large banks
in other parts of the State. Of particular note is the
competition provided by mutual savings banks and

$233, 575, 223
6, 713, 496

27
1

240, 214, 863

savings and loan associations in Worcester County,
which hold 75 percent of the banking deposits in the
county.
Webster National Bank, with IPC deposits of $5.6
million, operates as a unit bank. The second largest
commercial bank in the county also operates an office
in Webster.
Little, if any, competition exists between the applicant banks, inasmuch as the nearest office of the charter bank to Webster National is located in Southbridge,
11 miles from Webster. There will thus be no lessening of competition in Webster.
Consummation of the proposed consolidation will
have a beneficial effect on the needs and convenience
of the citizens of Webster. Specialized management
personnel, as well as a variety of services, particularly
trust and automatic data processing, will be made
available to this industrialized community, thereby
providing meaningful competition to the larger bank
in the Webster area. Moreover, it is anticipated that
the proposed consolidation will stimulate the economic
growth of the area through an ability to meet increasing local credit needs.
Applying the statutory criteria to the proposed consolidation, we conclude that it is in the public interest
and the application is, therefore, approved.
APRIL 22,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The Worcester County National Bank of Worcester, Mass., with assets of $225,540,000, proposes to
consolidate with the Webster National Bank of Web47

ster, Mass., with assets of $7,081,000. Commercial
banking concentration is already high in Worcester
County. Worcester County National has approximately
47 percent of the deposits and 52 percent of the loans
of all the commercial banks in Worcester County and
is more than twice as large as the second largest bank
in the county. Webster National has approximately
i.5 percent of the total deposits and loans in the

county. Even without the consolidation, Worcester
County National and the second largest bank have in
excess of 67 percent of the total deposits and 71 percent of the total loans of all the commercial banks in
the county. The proposed consolidation would result
in further concentration of commercial banking in
Worcester County where the acquiring bank already
enjoys a dominant position.

FOWLER STATE BANK, FOWLER, MICH., AND CLINTON NATIONAL BANK & TRUST CO., ST. JOHNS, MICH.
Banking offices
Total assets

Name of bank and type of transaction

In operation
Fowler State Bank, Fowler, Mich., with
and Clinton National Bank & Trust Co., St. Johns, Mich. (3378), which had
merged June 8, 1966, under charter and title of the latter bank (3378). The
merged bank at the date of merger had

COMPTROLLER'S DECISION

On February 21, 1966, the Fowler State Bank,
Fowler, Mich., and the Clinton National Bank &
Trust Co., St. Johns, Mich., filed an application requesting approval of their merger under the charter
and with the title "Clinton National Bank & Trust
Co."
Both participating banks are located in Clinton
County, the population of which has grown at an annual rate of 10 percent since 1960 until it now totals
about 42,000. This central Michigan county is one of
the most productive farm areas in the State. Its recent
growth has been the result of industrial expansion and
the enlargement of Michigan State University in nearby East Lansing.
The Clinton National Bank is headquartered in St.
Johns, which is the county seat and has a population
of approximately 6,200. Although St. Johns is 20 miles
north of Lansing, an excellent highway permits some
2,000 of its residents to commute to work daily in
Lansing. Fowler, the home of the merging bank, is a
rural community of 900 situated 20 miles north of
Lansing and 9 miles west of St. Johns. Nonagriculture
workers residing in Fowler also find employment in
Lansing.
The charter bank, with $18 million in IPC deposits,
and the merging bank, with $4 million in IPC deposits,
compete with 18 other commercial banks and 4 savings and loan associations, all within a 20-mile radius.
48

$4, 635, 961
22, 446, 928

To be operated

1
4

27,082, 888

Among the 18 commercial banks is the aggressive
Michigan National Bank's Lansing Branch with IPC
deposits of $53 million. While this merger will not
really put the resulting bank in a position of competitive equality with the Michigan National Bank, it is a
step in the right direction. The competition which now
exists between the participating banks is more apparent
than real. No more than 5 percent of the loans or deposits of either bank originates in the service area of
the other bank.
This merger should result in benefits to the residents
of Clinton County. Though both banks have satisfactory management, the present managing officers wish
to retire. The combination will give them a broader
range of opportunity to recruit qualified replacements,
from inside or outside the resulting bank. Numerous
services of the Clinton National not now available at
Fowler State, will be made easily available to the
residents of the Fowler area for the first time.
It is concluded that there is no significant effect on
competition. In addition the proposed merger will be
in the public interest in that the resulting bank will
better serve the convenience and needs of the area.
The merger, is therefore, approved.
MAY 6,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Clinton National Bank & Trust Co., Clinton, Mich.,
with total assets of $21,938,000, proposes to merge with

Fowler State Bank, Fowler, Mich., with total assets
of $4,559,000.
Since the amount of existing competition between
the merging banks is relatively minor and considerable

alternative sources of commercial banking are available, it does not appear that the proposed merger
would have a significant effect upon the competitive
situation in the areas involved.

COOKE TRUST CO., LTD., HONOLULU, HAWAII, AND FIRST NATIONAL BANK OF HAWAII, HONOLULU, HAWAII
Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated
Cooke Trust Co., Ltd., Honolulu, Hawaii, with
was acquired by First National Bank of Hawaii, Honolulu, Hawaii (5550),
which had
on or after the close of business June 13, 1966, under charter and title of the
latter bank (5550). The acquiring bank at the date of acquisition had

COMPTROLLER S DECISION

On January 3, 1966, the First National Bank of
Hawaii, Honolulu, Hawaii, with IPG deposits of $177
million, and the Gooke Trust Co., Ltd., Honolulu,
Hawaii, with assets of $4 million, applied to the
Comptroller of the Currency for permission to merge
under the charter and with the title of the former.
The charter bank, First National Bank of Hawaii,
serves Hawaii with 38 offices located throughout the
State. The Cooke Trust Co. operates from its single
unit in downtown Honolulu. It also serves the other
parts of Hawaii by correspondence, telephone, and
travel by its employees. It competes with 3 other trust
companies in Honolulu and one in Hilo, Hawaii.
The economy of the State of Hawaii, the service
area to be considered, is dependent upon 3 primary
factors: tourism, national military defense expenditure, and agriculture (largely sugar cane and pineapple) . Future economic growth is estimated at 5.5 percent annually, a decrease from the average 7.5 percent
annual growth rate of the past 10 years.
The First National Bank of Hawaii ranks second
among afieldof 7 commercial banking competitors. Its
principal competitor is the Bank of Hawaii, which has
43 percent of banking assets in the State. Acquisition
of the assets of Cooke Trust Co. by the charter bank
would increase the latter's share of total assets by less
than .25 of 1 percent. The addition of so small a percentage to the charter bank's resources cannot be con-

$6, 731, 370

397, 462, 267

402, 424, 192

sidered to have a significant effect on competition in
the commercial banking community. On the other
hand, the merger will enable the charter bank to augment its range of banking services by including fiduciary services for the first time. The resulting bank
will hold the same 15 percent market share of trust
company assets previously held by the Cooke Trust
Co. which makes it third among the 5 trust companies
doing business in the State. The first 2 companies, the
Hawaiian Trust Co., Ltd., and the Bishop Trust Co.,
Ltd., control respectively 41 percent and 38 percent of
trust company assets.
The addition of $4 million in trust assets to the charter bank will have no competitive effect upon other
financial institutions. The merger will provide a bank
with a somewhat stronger lending power and better
able to meet the general credit demands of the communities it serves. Through the branch network of
the charter bank and its efficient communication system, it will be possible to make trust department services available to all its customers in the various communities served by the charter bank. Also the greater
capital funds of the resulting bank will provide greater
assurance for settlers and beneficiaries of trusts and
estates.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest,
and the application, therefore, is approved.
MAY 12, 1966.

THE WELLESLEY NATIONAL BANK, WELLESLEY, MASS., AND SOUTH SHORE NATIONAL BANK, QUINCY, MASS.
Banking offices
Total assets

Name of bank and type of transaction

In operation
The Wellesley National Bank, Wellesley, Mass. (7297), with
and South Shore National Bank, Quincy, Mass. (14798), which had
merged June 13, 1966, under charter and title of the latter bank (14798).
The merged bank at the date of merger had

COMPTROLLER S DECISION

On April 4, 1966, the $77.5 million South Shore
National Bank, Quincy, Mass., and the $32.6 million
Wellesley National Bank, Wellesley, Mass., applied to
the Office of the Comptroller of the Currency for permission to merge under the charter and title of the
former.
Quincy, with a population of 87,000, is the largest
city in Norfolk County. It is located in the eastern
section of the county, approximately 9 miles from
downtown Boston. The city is primarily a residential
area, although there are well established and diversified
manufacturing plants in the area, including the electric
boat division of General Dynamics Corp., Proctor &
Gamble Co., Boston Gear Works & Pneumatic Scale
Corps., Ltd. The city is also an important retail outlet
for the surrounding area and attracts numerous customers from a wide area.
Wellesley, with a population of 27,000, is the home of
the merging bank. The city is located in the northwest
section of Norfolk County, 21 miles from Quincy and
15 miles west of Boston. Wellesley also is primarily a
residential area, whose economy is dependent upon a
number of small manufacturing plants and two colleges located within the city. Both Wellesley and
Quincy are considered part of the trade area of metropolitan Boston.
Wellesley National Bank was organized in 1904 and
presently operates five branches in addition to its main
office. Three additional branches have been approved,
but have not opened. Customers of the bank have all
the benefits of a full-service commercial bank, with the
exception of trust services. There is one other commercial bank in Wellesley, a branch office of the $166
million Norfolk County Trust Co.
South Shore National Bank was chartered in 1836
as a State institution, but converted to a National bank
in 1959. The bank presently operates 16 branches, in
addition to its home office, and ranks second in size
50

$37, 003, 478
85, 035, 545

To be operated

1
19

122, 039, 023

in Norfolk County. Competition derives mainly from
the three other commercial banks in Quincy: the Norfolk County Trust Co., the $27.4 million Quincy Trust
Co. and the $4.1 million Milton Bank & Trust Co.
Competition between, the applying banks is not significant, as the merger will not eliminate an alternate
source of banking in either community. Other than the
town of Franklin, in which South Shore National
Bank has an established branch and Wellesley National
Bank has an approved but unopened branch, there are
no competing locations. The resulting bank will rank
second in size in the county behind the $166 million
Norfolk County Trust Co.
The resulting bank will offer more effective competition to the larger Boston banks that actively solicit
loan and deposit business throughout the county. The
bank will also be in a position to provide more effective
competition to the $166 million Norfolk County Trust
Co. Furthermore, customers of Wellesley National
Bank benefit substantially from the improved services
provided by the combined bank, particularly in the
field of trust accounts.
Applying the applicable statutory criteria, we conclude that the proposal is in the public interest and
the application is, therefore, approved.
MAY 13, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The South Shore National Bank of Quincy, Mass.,
with assets of $81,858,000, proposes to merge with the
Wellesley National Bank, Wellesley, Mass., with assets
of $36,595,000.
The application states that there is no competition
between the merging banks. Wellesley, in the western
part of Norfolk County, has expanded principally
westward while South Shore, which is located 21 miles
southeast of Wellesley, has expanded throughout the
southern part of the county. It would appear, however,
that the banks are sufficiently close to one another to
be considered alternative sources of commercial bank-

ing services to some customers. It is noted, moreover,
that Wellesley's application to open a branch in Franklin, where South Shore maintains an office, has been
approved.

The merger would eliminate actual and potential
competition between the merging banks and would
result in increased concentration in the geographic area
which they serve.

* * *
VINA BANKING CO., VINA, ALA., AND CITY NATIONAL BANK OF RUSSELLVILLE, RUSSELLVILLE, ALA.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
Vina Banking Co., Vina, Ala., with
and City National Bank of Russellville, Russellville, Ala. (15466), which had..
merged June 15, 1966, under charter and title of the latter bank (15466).
The merged bank at the date of merger had

COMPTROLLER S DECISION

On February 24, 1966, the Vina Banking Co., Vina,
Ala., and the City National Bank of Russellville, Russellville, Ala., applied to the Office of the Comptroller
of the Currency for permission to merge under the
charter and title of the latter.
Russellville, with a population of approximately
8,500, is the county seat and trade center of Franklin
County. The local economy is primarily based upon
employment provided by 14 diversified plants, although
agricultural receipts are also important to the county.
Growth has been moderate in the past, but there are
prospects for increasing employment opportunities due,
in part, to the rapidly expanding industrial base in the
Tri-City area of Muscle Schoals, Sheffield, and Tuscumbia, located approximately 20 miles north of Russellville. The introduction of inexpensive power by the
TVA has been a major contributor to growth in this
area.
Vina, with a population of approximately 180, is
located 30 miles southeast of Russellville. Its local
economy, based upon the surrounding farms, has experienced little change over the years.
City National, with IPC deposits of $987 thousand,
was chartered in 1965 and has been experiencing satisfactory growth. The main office is in Russellville, and
a temporary office has been opened in Red Bay, a community of 2,000, located approximately 26 miles west
of Russellville. Competition is provided by 3 banks, 2
in Russellville and one in Red Bay, each of which is
considerably larger than the charter bank.
Vina Banking Co., a unit bank with IPC deposits of
$1.06 million, was chartered in 1920. Growth has been

$1, 246, 857
2,750, 115

1
2

3, 968, 384

slow, particularly in the last 5 years, and the bank is
experiencing difficulty in maintaining a profitable operation. Management problems have been encountered
since the recent death of its president.
The addition of the merging bank to the charter
bank will have little effect on competition. Virtually
no competition exists between the 2 banks because of
the distance between them. Consummation of the proposed merger will not significantly alter the charter
bank's competitive capacity nor alter its position in
relation to the other banks in Russellville; the charter
bank's share of deposits in the area will remain less than
15 percent.
The convenience and needs of the county will be
served by the proposed transaction. Management difficulties at the merging bank will be solved. Additionally,
an increase in type and size of loans, savings accounts,
and other services will benefit the community of Vina.
Applying the statutory criteria to the proposed
merger, it is concluded to be in the public interest and
the application is, therefore, approved.
APRIL 29, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The City National Bank of Russellville, Ala., with
total assets of $1,888,000, proposes to merge with Vina
Banking Co. of Vina, Ala., which has total assets of
$1,312,000, and to operate the merged bank as a
branch office. The merging banks are located 30 miles
apart in a mixed agricultural, mining, and light industrial area, with industry increasing. Neither of the participating banks has been involved in a merger or
acquisition since its organization.
51

In view of the small amount of existing competition
between the merging banks, the extremely small size
of these banks, and the availability of banking services

from 2 substantially larger banks in Russellville, we
conclude that the proposed merger would not have
an adverse effect on competition.

THE FARMERS STATE BANK OF ENGLEWOOD, ENGLEWOOD, OHIO, AND THE FIRST NATIONAL BANK, DAYTON,
OHIO
Banking offices

Name of bank and type of transaction

Total assets
In operation To be operated

The Farmers State Bank of Englewood, Englewood, Ohio, with
and The First National Bank, Dayton, Ohio (1788), which had
merged June 18, 1966, under charter and title of the latter bank (1788). The
merged bank at date of merger had

COMPTROLLER S DECISION

On March 23, 1966, The Farmers State Bank of
Englewood, Englewood, Ohio, and The First National
Bank of Dayton, Dayton, Ohio, applied to the Comptroller of the Currency for permission to merge under
the charter and with the title of the latter.
The charter bank, with IPC deposits of $104 million, is located in Dayton, which has a population of
270,000 and is the metropolitan hub of Montgomery County. Montgomery County, with a population in excess of 600,000, is a highly industrialized
county in southwestern Ohio. The importance of
manufacturing in the county is illustrated by the fact
that 120,000 of its residents are engaged in industrial employment. The Wright Patterson Air Force
Base, located near Dayton, provides employment for
an additional 30,000 persons.
Chartered in 1871, The First National Bank of Dayton, with 10 branches (4 of which are unopened) is
the third largest bank in Montgomery County. It holds
less than 20 percent of the county's deposits and less
than 22 percent of total loans.
The merging bank, with IPC deposits of $7.3 million, is located in Englewood, a rapidly growing residential community of 3,900 located approximately
10 miles northwest of Dayton. The growth of this area
has created a need for a variety of additional banking
services and has placed great demands upon the ability
of the merging bank to meet the credit needs of this
community. Lacking a centralized commercial center,
the majority of its citizens shop in West Milton, 6 miles
to the north of Englewood.
The Farmers State Bank was chartered in 1914 and
has since operated as a unit bank. Growth of the bank
has been slow and it currently holds less than 2 percent
52

$9, 415, 824
136, 144, 957
145, 108, 267

1
11
12

of the county's deposits and loans. Direct competition
is provided by the branch office of the First National
Bank of Troy which is located in West Milton.
Banking competition in Montgomery County is
dominated by the Winters National Bank & Trust Co.,
which holds over 50 percent of the county's total deposits. Additional competition derives from 6 other
banks in Montgomery County and from the West
Milton branch of the First National Bank of Troy.
There are also savings and loan associations, credit
unions, insurance companies, sales finance, and personal loan companies, factors, and direct lending
agencies of the government.
Approval of the proposed merger will have little
effect on competition in the Dayton area. The resulting bank will remain the third largest bank in the
county. It will, on the contrary, increase competition with the West Milton branch office of the First
National Bank of Troy which is now larger than the
merging bank.
The merger will also bring to Englewood the facilities and resources of a substantially larger bank
which will be able to meet the increasing credit demands of this community. The resulting bank will be
able to offer a wide range of full banking services,
especially the services of a complete trust department
which will be available for the first time, including a
full data processing system. These factors clearly outweigh any existing competition between the applicants which might be eliminated as a result of this
merger.
Applying the statutory criteria, to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
MAY 13, 1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Dayton, Dayton, Ohio,
with assets of $135,440,000, proposes to merge with the
Farmers State Bank, Englewood, Ohio. Concentration
of banking is already high in the greater Dayton area.
The 3 largest banks in the city of Dayton control
almost 90 percent of total loans and deposits.

The merger of National and Farmers would not
change National's rank of third largest in the greater
Dayton area. The merger would, however, eliminate
a small independent bank, eliminate actual and potential competition between the merging banks, encourage remaining small banks to merge, and result
in a further concentration of banking in a region
where concentration is already very high.

FIRST NATIONAL BANK OF WHITEVILLE, WHITEVILLE, N.G., AND SOUTHERN NATIONAL BANK OF NORTH
CAROLINA, LUMBERTON, N.C.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
First National Bank of Whiteville, Whiteville, N.C. (14527), with
and Southern National Bank of North Carolina, Lumberton, N.C. (10610),
which had
merged June 20, 1966, under charter and title of the latter bank (10610). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On March 25, 1966, the Southern National Bank of
North Carolina, Lumberton, N.C, with IPC deposits
of $58 million, and the First National Bank of Whiteville, Whiteville, N.C, with IPC deposits of $7.5 million, applied to the Comptroller of the Currency for
permission to merge under the charter and with the
title of the former.
Lumberton, with a population of 19^000, is the
county seat of Robeson County. The economy of the
area is dependent upon agriculture, with tobacco as the
leading crop. Textile mills, processors of forestry products, and several small industrial concerns provide
diversification and payroll support to the local
economy.
Whiteville, the county seat of Columbus County, is
located approximately 25 miles southeast of Lumberton, and has a population of 5,000. The major economic activity is tobacco farming, with truck farming
also offering important economic support. The area
is one of the State's largest and most influential tobacco
markets with 13 tobacco warehouses. There are a
growing number of textile plants and other smaller
industries scattered throughout the trade area which
provide some diversification in the economic base. The
outlook for further industrialization is favorable.
The charter bank, originally organized as a State
bank in 1897 and as a National bank in 1914, operates
22 offices throughout south-central North Carolina.

$9, 306, 054

73, 184, 803

82, 490, 857

While it has shown continuous growth during the past
6 years, it faces aggressive competition from all types
of financial institutions. It offers trust services, has
farm and forestry departments, and makes use of data
processing facilities.
The merging bank, organized in 1945, operates 3
offices in Whiteville, and one each in Tabor City and
Chadbourn. Although the communities it serves are
primarily agricultural, it does not have farm and forestry departments. Neither does it operate data processing facilities.
The closest offices of the merging banks, First National's Chadbourn branch and Southern National's
Fairmont branch are 22 miles apart. These two communities are connected by secondary highways, and
the intervening area, which contains no banking communities, is rural and sparsely settled. Consequently,
there is little, if any, competition betv/een the merging
banks presently.
The several communities served by the merging
banks are tied together economically by farming, textiles, and forestry operations. A merger between the
two banks would bring to First National the data
processing and the farm and forestry services presently
offered by Southern National. The farm operation will
manage and operate farms in Columbus County in the
same manner that Southern National now operates
units in Lumberton, Laurenburg, and Lillington.
These important services are not now offered in the
areas presently served by the merging bank.
53

Competition comes to the merging banks from savings and loan associations, Federal land banks, credit
associations, and life insurance companies. Southern
National presently is in direct competition at various
points throughout its service area with the third,
fourth, and sixth largest banks in the State. First National is in direct competition presently with a branch
of the State's third largest bank. Merging of the two
banks will increase the lending limit of the merging
bank, thereby permitting it to compete more effectively
in the communities it serves.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest,
and the application, therefore, is approved.
MAY 19, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

First National Bank of Whiteville, which was organized in 1945, has three branches in Whiteville and
one each in Tabor City and Chadbourn. As of December 31, 1965, it had total assets of $9,566,000,

total deposits of $8,335,000, net loans and discounts
of $4,187,000, and total capital accounts of $897,000.
Southern National, which was organized as a State
bank in 1897 and chartered as a National bansi in
1914, operates 22 offices throughout central 'North
Carolina. As of December 31,1965, Southern National
had total assets of $75,770,000, total deposits
$67,307,000, net loans and discounts of $45,515,00^.
and total capital accounts of $5,791,000. Since 1964,
Southern National has merged three banks with a total
of seven offices and deposits of over $22.5 million.
Head offices of the merging banks are located approximately 25 miles apart and there appears to be
only limited competition between them. First National's only competitor within its service area is
Waccamaw Bank & Trust Co., which also has offices
in Whiteville, Chadbourn, and Tabor City.
The proposed merger would eliminate some competition between the merging banks and would eliminate another independent bank in Northern Carolina,
a State which has had an accelerated merger trend
in commercial banking.

PEOPLES BANK OF HAWTHORNE, HAWTHORNE, N.J., AND THE PROSPECT PARK NATIONAL BANK, PROSPECT
PARK, N J .
Banking offices
Total assets

Name of batik and type of transaction

In operation
Peoples Bank of Hawthorne, Hawthorne, N.J., with
and The Prospect Park National Bank, Prospect Park, N.J. (12861), which
had
merged June 22, 1966, under charter and title of the latter bank (12861). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On February 14, 1966, the Peoples Bank of Hawthorne, Hawthorne, N.J., and The Prospect Park
National Bank, Prospect Park, N.J., applied to the
Office of the Comptroller of the Currency for permission to merge under the charter and title of the
latter.
Hawthorne, population 18,500, and Prospect Park,
population 5,180, are located in Passaic County, population 437,670. Both towns are predominantly residential communities. The working population is employed throughout Passaic County, as well as in the
contiguous counties, and is diversified in many types
of industries and businesses. The favorable growth
pattern of the county augurs for continuing prosperity
in the service area of the applicant banks.
54

$13, 189, 676

94, 389, 719

107, 579, 392

To be operated

The Prospect Park National Bank, which was chartered in 1925, has IPC deposits of $78.4 million.
Peoples Bank of Hawthorne, chartered in 1922, has
IPC deposits of $11.1 million. Neither bank operates
any branches.
Within the service area, which comprises a major
portion of Passaic County and parts of contiguous
Bergen and Morris Counties, there are 18 competing
commercial banks, as well as numerous other financial
institutions. The applicant banks rank eighth and 17th
among commercial banks. The six largest banks operate a total of 88 branches. They are the $380 million
New Jersey Bank and Trust Co., the $350 million
Peoples Trust Co. of Bergen, the $320 million First
National Bank of Passaic County, the $220 million
National Community Bank, the $110 million Hacken-

sack Trust Co., N.A., and the $110 million Bank of
Passaic and Clifton.
Competition between the applicant banks is negligib. , The merging institution derives 80 percent of
its business from Hawthorne and it is not actively engaged, in installment or commercial lending. The
o .rter bank aggressively provides a fujl range of
,t)fiking services.
While an alternative source of banking will be eliminated in the general area, consummation of the merger
will have the beneficial effect of providing more vigorous competition for the six largest banks in the service
area. Moreover, the resultant bank will provide trust
services, larger lending limit, automatic data processing, and alleviate a management succession problem
in the merging bank. The needs and convenience of
the community will thus be served by this merger.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
the application is, therefore, approved.
APRIL 22,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The merging banks are both unit banks located
about 1.9 miles apart in small towns contiguous to each
other and to the city of Paterson, which is in the
southern portion of Passaic County. The charter bank
is several times larger and apparently more aggressive
than the merging bank. Nonetheless, there must be con-

siderable competition between them which, of course,
would be eliminated by this merger.
There are presently 7 commercial banks headquartered in Passaic County. All but one (Bank of Passaic
and Clifton) are either headquartered in, or operate
in and around, Paterson. We believe this is the primary
area in which the competitive effect of this merger
should be judged. Although there are some banks in
Bergen County (contiguous to Passaic) which probably
compete with the merging banks in towns such as
Ridgewood, Glen Rock, Fairlawn, Midland Park, and
Wyckoff, there is not sufficient information in the
application from which the actual extent of this competition can be determined. Nor do we believe that
the applicants are correct in including several other
Bergen and Morris County banks in the service area
of the resulting bank.
Of the 7 Passaic County banks, the charter bank is
fourth largest with about 9 percent of total loans and
deposits, while the merging bank is the smallest with
about 1 percent thereof. The resulting bank will be
almost the size of the third largest, Bank of Passaic and
Clifton. Two banks, First National Bank of Passaic
County and New Jersey Bank & Trust Co., dominate
commercial banking in this area, accounting for about
70 percent of loans and deposits. This merger would
not substantially increase this existing high degree of
concentration. It would, however, eliminate existing
competition between the applicant banks and reduce
the number of commercial banks in the county to six.

SHENANDOAH COUNTY BANK & TRUST CO., N.A., WOODSTOCK, VA., AND THE MASSANUTTEN BANK OF
STRASBURG, STRASBURG, VA.
Banking offices

Name of bank and type of transaction

Total assets
In operation To be operated

Shenandoah County Bank & Trust Co., N.A., Woodstock, Va. (15566), with
and The Massanutten Bank of Strasburg, Strasburg, Va., which had
consolidated June 25, 1966, under charter of the former bank (15566) and
with title of "Massanutten Bank of Shenandoah Valley, N.A." The consolidated bank at date of consolidation had

COMPTROLLER S DECISION

On February 7, 1966, the $6.1 million Shenandoah
County Bank & Trust Co., N.A., Woodstock, Va., and
the $7.8 million Massanutten Bank of Strasburg,
Strasburg, Va., applied to the Comptroller of the
Currency for permission to consolidate under the
charter of the former and title "Massanutten Bank of
Shenandoah Valley, N.A."

$6, 508, 944
7, 288, 347
13, 812, 456

2
1
3

Shenandoah County, which has a population of
22,600, is located in the northwestern section of the
State. Strasburg is the largest town in the county
with a population of 2,450, while Woodstock, the
county seat, has a population of 2,400. Overall population growth in the county, and the above towns in
particular, has been very limited due primarily to the
emigration of persons in the 20- to 40-year age group.
55

While most of the manufacturing is agriculturally related—poultry dressing and packing, apple products,
livestock food preparations, fertilizers—several textile
mills have recently been established in the area. The
economic prospects for the county in the foreseeable
future indicate continued stability but little growth.
Shenandoah County Bank & Trust Co., N.A., organized in 1872, presently operates one branch in its
home town of Woodstock. Its competition derives
mainly from the $4.6 million National Bank of Woodstock, the $2.7 million Farmers Bank of Edinburg, the
$3.6 million Citizens National Bank of New Market,
and the $4.5 million Peoples Bank, Mount Jackson.
Massanutten Bank of Strasburg was organized in
1890. It competes with the $6 million First National
Bank of Strasburg.
Although there are 7 banks in Shenandoah County,
none are large enough to offer the type of capital and
long-term development loans needed by local businessmen. Neither of the banks is presently large enough
to support a consumer credit department. Establishment of a full-fledged time sales department, as proposed for the consolidated bank, would facilitate the
extension of consumer credit and directly benefit the
automobile and appliance dealers in the county. The
resulting bank's size will be sufficient to support an
office or department devoted to commercial and agricultural lending.

This consolidation will neither eliminate an alternate source of banking in either community nor adversely affect the competitive banking structure of
the county.
Considered in light of statutory criteria, we find the
application to be in the public interest and the consolidation is, therefore, approved.
MAY 24,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The proposed consolidation involves 2 of the 7 banks
located in Shenandoah County, Va. The charter bank
is a subsidiary of First Virginia Corp., a registered
bank holding company with assets of $292 million,
operating 10 banks with 61 banking offices in the State
of Virginia. First Virginia Corp. presently owns one
other bank in Shenandoah County.
Since the business of the merging banks is presently
limited to the immediate vicinity of the communities
in which they are located, the proposed consolidation
would appear to have no immediate effect on competition. However, the application suggests that as a
result of future economic growth Shenandoah County
as a whole may become a relevant banking market.
In this market, the proposed consolidation would
give First Virginia Corp. control of over 50 percent
of the total banking assets. The proposed consolidation
would, therefore, adversely affect competition in this
banking market.

TRI-COUNTY NATIONAL BANK, FOSTORIA, OHIO, AND HANCOGK-SENEGA-WOOD NATIONAL BANK, FOSTORIA, OHIO

Name of bank and type of transaction

Total assets

Banking offices
In operation

Tri-County National Bank, Fostoria, Ohio (2831), with
and Hancock-Seneca-Wood National Bank, Fostoria, Ohio (15591),
merged June 28, 1966, under charter of the latter bank (15591) and under
title of "Tri-County National Bank." The merged bank at date of
merger had

COMPTROLLER S DECISION

On December 16, 1965, the Tri-County National
Bank, Fostoria, Ohio, and the organizers of the Hancock-Seneca-Wood National Bank, Fostoria, Ohio,
applied to the Comptroller of the Currency for permission to merge under the charter of the latter and
with the title of the former.
56

To be operated

$32, 094, 020

125,000

32,211,336

The Tri-County National Bank, with IPC deposits
approximating $23 million, has a main office in Fostoria and 8 branches in Hancock, Seneca, and Wood
Counties in Ohio. It has shown continued growth
since it was chartered in 1882. Continued growth and
increased earning capacity are anticipated.
This Office approved the formation of the HancockSeneca-Wood National Bank on February 4, 1966. All

National Bank, the $251 million Bank of Virginia,
and the $121 million Seaboard Citizens National Bank.
Moreover, competition is provided by savings and loan
associations, personal loan companies, credit unions,
insurance companies, and direct lending agencies of the
U.S. Government. Because the bank has experienced
a substantial turnover in management during the past
few years, it presently lacks sufficient management
depth. This conservative bank does not now offer trust
services.
The addition of the merging bank to the charter
bank will have little effect upon competition. There is
practically no competition existing between First &
Merchants National Bank and the Bank of Chesapeake,
since First & Merchants' existing offices in the greater
Norfolk Metropolitan area are located in the cities of
Virginia Beach and Norfolk where Chesapeake is without offices. The nearest office of First & Merchants is
located 3.5 miles from the merging bank's Indian
River branch. There are numerous offices of competing banks closer to the charter bank. The resulting
bank would hold 7.6 percent of total area deposits and
3.7 percent of total area loans.
The Bank of Chesapeake, no longer able to serve
adequately the rapidly growing community of Chesapeake, has chosen to merge with a State-wide bank
which offers a full range of services. The credit depart-

ment, investment department, trust department, and
foreign department of the charter bank will provide
services not presently offered to the residents of Chesapeake by the merging bank. The increased lending
limit will help to satisfy the needs of most industrial
and commercial concerns in the service area. Consummation of the proposed merger will provide better
service for the convenience and needs of the Chesapeake area.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and the
application is, therefore, approved.
MAY 16, 1966
SUMMARY OF REPORT BY ATTORNEY GENERAL

First & Merchants National Bank, the largest bank
in Virginia, proposes to merge the Bank of Chesapeake,
Chesapeake, Va., with deposits of $13.5 million.
Although branches of both banks are located in the
Norfolk metropolitan area (where they account for
4.9 percent and 2.7 percent of total deposits), they are
located in widely separated parts of this area, and
direct competition between the merging banks is therefore, limited. However, one more independent bank in
Virginia will be eliminated and concentration of banking in Virginia in the hands of a few large banking
organizations will be further encouraged.

FARMERS & MECHANICS-NATIONAL BANK OF PHOENIXVILLE, PHOENIXVILLE, PA., AND NATIONAL BANK OF
CHESTER COUNTY & TRUST CO., WEST CHESTER, PA.
Name of bank and type of transaction

Total assets
In operation To be operated

Farmers & Mechanics-National Bank of Phoenixville, Phoenixville, Pa. (1936),
with
and National Bank of Chester County & Trust Co., West Chester, Pa.
(552), which had
merged June 30, 1966, under charter of the latter bank (552) and with title
of "National Bank of Chester County & Trust Co." The merged bank at
date of merger had
COMPTROLLER S DECISION

On March 15, 1966, the Farmers & Mechanics-National Bank of Phoenixville, Phoenixville, Pa. and the
National Bank of Chester County & Trust Co., West
Chester, Pa., applied to the Office of the Comptroller
of the Currency for permission to merge under the
charter and with the title of the latter.
Both of the subject banks are located in Chester
County, which lies about 30 miles west of Philadelphia
in the southeastern portion of Pennsylvania. A highly
productive farm area, Chester County also is partici58

$19, 741, 281
47, 433, 329
67,174, 610

pating in the rapid industrial and residential growth of
the Delaware Valley area.
The charter bank operates a main office in West
Chester, the county seat and commercial center for
Chester County. West Chester, with a population of
approximately 15,000, is the business and political
center of an area which supports approximately 40,000
persons. Economic support for the community, which
is located 25 miles west of Philadelphia, is derived from
diversified industrial and agricultural activities. Among
the numerous industrial concerns in the area are a na-

of its stock, save the directors' qualifying shares, is to
be owned by Tri-Gounty Financial Corp., a subsidiary
of The Fostoria Corp., an industrial firm in Fostoria,
Ohio.
The effect of the merger would be a slight increase
in the lending limit of the resulting bank and an improvement in the banking services for the communities. Since the charter bank is not an operating institution and is not expected to open for business, there
are no adverse competitive effects.
Applying the statutory criteria, we conclude that the
merger is in the public interest and, therefore, the
application is approved.
MAY 6, 1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The Hancock-Seneca-Wood National Bank, Fostoria, Ohio, which applied for a national charter on
November 24, 1965, proposes to merge with the TriCounty National Bank, Fostoria, Ohio, under the
charter of the former and the title "Tri-County National Bank."
Because the Hancock-Seneca-Wood National Bank
has not yet been granted a charter, nor started banking business operations, the proposed transaction
would apparently have no effect on competition in the
Fostoria area of Ohio.

BANK OF CHESAPEAKE, CHESAPEAKE, VA., AND FIRST & MERCHANTS NATIONAL BANK, RICHMOND, VA.

Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

COMPTROLLER'S DECISION

On March 18, 1966, the $577 million First & Merchants National Bank, Richmond, Va., and the $14.5
million Bank of Chesapeake, Chesapeake, Va., applied
to the Comptroller of the Currency for permission to
merge under the charter and with the title of the
former.
Richmond, home office of the charter bank, with a
population of 220,000, is the capital of Virginia and
the focal point of the State's largest trading area.
Local industry includes the manufacturing of tobacco,
chemicals, paper, and metal products. Richmond is
not only a retail and wholesale center, but is also the
transportation hub joining the North Atlantic and
South Atlantic seaboard. Due to itsfinancial,manufacturing and commercial activity, the metropolitan area
grew 25 percent in the 1950-60 period.
The charter bank, with 51 offices, operates in 5
principal areas of Virginia and in towns ranging in
population from 2,800 as in Ashland to 220,000 as in
Richmond. Until the change in Virginia branching
laws in 1962, the bank operated solely within the
greater Richmond metropolitan area from which it
still derives 70 percent of its total deposits. On a Statewide scale, the bank's principal competition comes

$15,391,609
559, 859, 196
573, 442, 906

4
48
52

from the $546 million Virginia National Bank, the
$498 million United Bankshares holding company
banks, the $363 million State-Planters Bank of Commerce and the $260 million Virginia Commonwealth
Corp. banks. First & Merchants National Bank is also
in direct competition with savings and loan associations and other financial institutions in the areas it
serves.
Chesapeake, Va., headquarters of the merging bank,
was formed in 1963 through the consolidation of the
city of South Norfolk and Norfolk County. The city,
which covers some 344 square miles, has within its
borders 86,000 residents. Most of its population, however, is centered in the city area adjacent to Portsmouth and Norfolk. Its land area is primarily rural;
501 farms aggregating 75,000 acres lie within the city
limits. Manufacturing in Chesapeake includes an assembly plant of Ford Motor Co. (employing 1,700
persons), chemicals, and meat packing. Prospects for
future growth and development in the area are considered good.
The Bank of Chesapeake, chartered in 1955, operates 4 banking offices, three in Chesapeake and one
in Portsmouth. The bank competes with 7 other area
banks, including offices of the $546 million Virginia
57

tionally known pharmaceutical firm, manufacturers
of compressors and food freezers, and two large food
processors.
The merging bank's sole office is located in Phoenixville, 15 miles northeast of West Chester. Phoenixville, with a population of approximately 14,000, is
principally an industrial town with little agriculture.
The area has experienced good economic growth over
the past few years, resulting from the presence of numerous manufacturing concerns, the largest of which
is the Phoenix Steel Corp., which employs 1,028
persons.
The intervening territory between the West Chester
and Phoenixville communities is used for farming,
although much of it is now idle pending development
for other purposes. There is practically no overlapping
of the areas served by the 2 banks.
The charter bank, which has 3 branch offices located
at Avondale, Kenneth Square, and Painters Crossroads, 17 miles southwest, 14 miles southwest and 7
miles south, respectively, from the main office, receives competition from 2 other commercial banks, a
$21 million mutual savings bank (located in West
Chester), 5 savings and loan associations (with assets
in excess of $21 million), and 9 personal finance companies, as well as from GMAC and other automobile
financing corporations. Several banks, including 3
large Philadelphia mutual savings banks, have
branches in the King of Prussia vicinity, which is 8
miles southeast of Phoenixville. The area constitutes
an accessible center of banking alternatives.
The area serves by the merging bank, which has approval for a branch to be located 3.5 miles east of the
main office, also is served by 2 other banks. These competing offices consist of 2 branches of Continental Bank
and Trust Co., Norristown, a $296 million bank that
operates 36 other offices, and 3 offices of Industrial
Valley Bank & Trust Co., Jenkintown, a bank with $147
million in deposits and 21 other offices. In addition, the
area is served by a number of nonbank financial insti-

tutions, including 4 savings and loan associations, a
number of credit unions, personal finance companies,
and national automobile financing organizations.
The proposed merger will not eliminate competition
in the affected areas. There is virtually no competition between the charter and merging banks, which are
15 miles apart and separated by undeveloped land.
Local banks need to grow in order to compete effectively with the larger banks located in the area. The
subject merger will help to strengthen the competitive
potential of the local banks.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and
the application is, therefore, approved.
MAY 17,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The National Bank of Chester County & Trust Co.
(hereinafter National), with its main office and a
branch in West Chester, Pa., and branch offices in
Kennett Square, Avondale, and at Painters Crossroads,
Pa., proposes to merge with the Farmers & MechanicsNational Bank of Phoenixville (hereinafter Farmers),
Phoenixville, Pa., under the former's title. The 2 banks
are 15 miles apart, separated primarily by undeveloped
land being held for development purposes, and for the
most part serve separate market areas. As of December 31, 1965, National had total deposits of $40,627,000
and Farmers had total deposits of $16,799,000.
The merger will, to some extent, result in an increase in concentration in commercial banking in National's service area and in Chester County as a whole.
It also appears that at least a small amount of competition presently exists between the merging banks and
that this will be eliminated. However, at least 3 much
larger Philadelphia banks operate offices in the county,
and will be in active competition with the resulting
bank, and there will remain a number of commercial
banking alternatives available to customers in the
county.

FIRST STATE BANK OF ALBANY, ALBANY, MINN., AND STEARNS COUNTY NATIONAL BANK OF ALBANY, ALBANY,
MINN.
Banking offices
Name of bank and type of transaction

Total assets
In operation To be operated

First State Bank of Albany, Albany, Minn., with
was purchased June 30, 1966, by the Stearns County National Bank of
Albany, Albany, Minn. (15576), which had
After the purchase was effected, the receiving bank had

$2,711,963

3, 860, 909
6, 324, 108

i
59

COMPTROLLER'S DECISION

On March 11, 1966, the $3.7 million Stearns County
National Bank of Albany, Minn., applied to the
Comptroller of the Currency for permission to purchase the assets and assume the liabilities of the $2.7
million First State Bank of Albany, Albany, Minn.
Albany, the home of both banks, is a rural community of approximately 1,375 inhabitants and a trade
area population of about 5,000. The economy of
Albany is overwhelmingly dependent upon agriculture.
There is practically no industry in the community,
with the exception of a milk and cheese factory which
employs about 40 men. In the future, there will probably be a decrease in farm population while the population of Albany will remain static.
Both banks operate in Albany as single units. Sterns
County National controls approximately 3.3 percent
of the deposits in the service area, while First State
Bank has approximately 2.4 percent of the deposits.
The resulting bank would be the fourth largest in the
service area, with deposits of $6 million. Both banks
are presently under common control.
Although the proposed transaction will eliminate
the only alternative banking source in Albany, the convenience and needs of the community appear to outweigh this consideration. In the past, both banks had
provided substantially similar banking services with little or no effective competition between them. Only
recently, due to the aggressive policy of the charter
bank, has the share of total deposits and loans been
altered significantly. The following summary of deposit
figures for the banks is indicative of disparate competitive effects. The Stearns County National Bank had a
growth in deposits in 1965 of $600,000. During the
same period, First State Bank's deposits grew by only
$100,000. During 1965, Stearns County National Bank
had a gain in loans 4 times greater than the loan account of the First State Bank.
After the purchase and assumption, it appears that
the applicant will serve the convenience and needs of
the community more effectively than at present by
providing superior management, better facilities and
a greater lending limit. By unifying the present staffs
of each bank, those officers experienced in one field

of bank operations will complement those experienced
in other fields, thus resulting in more capable, experienced, and continuous management. With the increasing automation of the area farms and the concomitant
increase in the size of loans required, the charter bank
will be, with its increased lending capacity, in a better
position to serve the financial needs of the area. Both
banks have inadequate physical plants that have not
been remodeled or expanded in 40 years. The resulting
bank intends to build a new facility that will adequately service the needs of the community, by bringing to Albany a modern, up-to-date banking institution, for which there appears to be a great need. The
resulting bank will furnish the Albany area with generally better, more diversified services and the benefits
flowing from aggressive management.
Prior to the purchase of both banks by the now
common owner, there were 2 banks which, if not engaged in active competition with each other, at least
were separate and distinct entities. Since the purchase
of both banks by the same individual, however, only
technically can they be considered separate and distinct
entities. Any divergence in policy that might have
previously resulted in competition between the applicants has been eliminated. Consequently, no tenable
allegation of present competition can be made.
Applying the applicable statutory criteria, we conclude that the proposal is in the public interest and the
application is, therefore, approved.
APRIL 29,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Albany, Minn., has a population of 1,375. Presently
it has 2 banks, First State Bank of Albany and Stearns
County National Bank of Albany. This is an application for the latter bank to acquire the former bank.
As a result of this acquisition, the community of
Albany will be deprived of one of its 2 banks and depositors and borrowers will no longer have a choice
between them. However, since both banks are now
under common control, there is probably no meaningful competition between them. Moreover, the resulting
bank will remain subject to competition from a number of other banks located in Stearns County.

NORFOLK SAVINGS BANK, NORFOLK, CONN., AND T H E NATIONAL IRON BANK OF FALLS VILLAGE, FALLS VILLAGE,
CONN.
Banking offices

Name of bank and tvpe of transaction

Total assets
In operation

Norfolk Savings Bank, Norfolk, Conn., with
was purchased June 30, 1966, by The National Iron Bank of Falls Village,
Falls Village, Conn. (1214), which had
After the purchase was effected, the receiving bank had

COMPTROLLER S DECISION

On November 3, 1965, The National Iron Bank of
Falls Village, Falls Village, Conn., applied to the
Comptroller of the Currency for permission to purchase
the assets and assume the liabilities of Norfolk Savings
Bank, Norfolk, Conn., under the charter and with the
title of the former.
Both banks are located in Litchfield County which
occupies the northwestern section of the State. The
county, which covers a relatively large land area of
938 square miles, had a population of 119,856 in 1960.
The economy of this area which is comprised of small
towns and villages, is centered around farming. The
combined service areas show a population of 7,500
and during the summer months this population figure
is increased by approximately 1,000 persons.
The purchasing bank is a small institution with total
resources of $2.3 million, located in an unincorporated
community known as Falls Village, situated in the
township of Canaan, the census population of which
is approximately 790. While the bank showed little
progress prior to 1960, since that time younger and
more aggressive management has been acquired, a
small branch has been established and the bank has
become a more meaningful part of the economy. Another savings bank with total resources of $5 million is
located in Canaan township. Additional competition
is provided by a $6 million commercial bank, 8 miles
distant, and 2 banks in Canaan, Conn., also 8 miles
away, with resources of $4.7 million and $11.7 million.
Norfolk, site of the selling bank, has a population
census of 1,827 and is located 13 miles from Falls Village. The selling bank is a small mutual savings bank

$1,911,461

2, 556, 689
4, 300, 389

To be operated

with total resources of $1.8 million. It is the only bank
in the Village and the closest competing institutions are
those located in Canaan, Falls Village, and Winsted,
18 miles away. The management team of the selling
bank is of retiring age and future prospects appear to
be limited as a unit bank. Moreover, the selling bank
has not grown in proportion to the State's reported
growth records.
Approval of this application would combine the resources of 2 very small institutions and the resulting
volume would enable the bank to compete more effectively with existing institutions. At the same time, management problems of the selling bank would be corrected; and inasmuch as it is proposed that a branch of
the resulting bank will be established in Norfolk, that
village will benefit through commercial banking facilities. Whatever minimal amount of competition may be
curtailed by the proposed acquisition is clearly outweighed by the convenience and needs of the area to
be served.
Applying the statutory criteria to the proposed
acquisition, we conclude that it is in the public interest
and the application is, therefore, approved.
MAY 20, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

This is the first merger by either bank. Both are
comparatively small country banks located in Litchfield
County, Conn. In view of the fact that there is little
direct competition between the parties to the merger
and the small total dollar volume of business involved,
we apprehend no adverse impact upon competition.

TRUITT-MATTHEWS BANKING CO., CHILLICOTHE, I I I . , AND THE FIRST NATIONAL BANK OF CHILLICOTHE,
CHILLICOTHE, I I I .
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

Truitt-Matthews Banking Co., Chillicothe, 111., with
and The First National Bank of Chillicothe, Chillicothe, 111. (5584), which
had
merged June 30,1966, under charter of the latter bank (5584) and under title of
"Truitt-Matthews First National Bank." The merged bank at date of merger
had
COMPTROLLER'S DECISION

On February 16, 1966, the Truitt-Matthews Banking Co., Chillicothe, 111., and The First National Bank
of Chillicothe, Chillicothe, III, applied to the Office
of the Comptroller of the Currency for permission to
merge under the charter of The First National Bank
of Chillicothe and with the title of "Truitt-Matthews
First National Bank."
Chillicothe, with a population of approximately
5,600, is located on the west bank of the Illinois River
approximately 15 miles from Peoria, 111. It is situated
in a mixed industrial and agricultural area which is
experiencing continued growth due to industrial expansion in metropolitan Peoria.
The First National Bank of Chillicothe, the charter
bank, was organized in 1900. As of December 31,1965,
The First National Bank had IPC deposits of $2.3 million. Truitt-Matthews Banking Co., the merging bank,
was founded in 1868. As of December 31, 1965, it had
IPC deposits of $3.2 million.
Within the applicant banks' trade area, which encompasses a radius of approximately 15 miles, there
are nine banks and two savings and loan associations.
The applicants rank seventh and eighth among the
competing commercial banks. The resultant institution would possess approximately 10 percent of the
total deposits in the service area.
Major competition for the applicants is provided
by the larger Peoria banks. However, the nearby $13.3
million Sheridan Village State Bank, the $3.8 million
Dunlap State Bank, the $4.8 million Princeville State
Bank, the $5.8 million First National Bank of Lecon,
the $5.8 million Henry State Bank, the $4.2 million
Camp Grove State Bank, and the $2.2 million State
Bank of Spear also provide keen competition.
While the applicant banks compete to some extent
with each other and an alternative source of banking

$4, 914, 985
2, 663, 064

7, 578, 049

will be eliminated by the proposed merger, consummation of the merger will have the beneficial effect of
providing more vigorous competition for the larger
banks. The resulting bank will not result in an undue
concentration of banking assets within this area.
The bank will be in a position to attract more qualified personnel, thereby solving the management succession problem which exists at present at the charter
bank. Moreover, the resulting institution will provide
a larger lending limit and improved service for the
industries and citizens of this growing area. It is
anticipated that the proposed merger will stimulate
economic life in the area through additional services,
aggressive competition, and an ability to meet the increasing credit needs. The needs and convenience of
the community will thus be served by this merger.
Applying the statutory criteria of the proposed
merger, we conclude that it is in the public interest and
the application is, therefore, approved.
APRIL 22,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Chillicothe, III, with
total assets of $2,888,165, proposes to merge TruittMatthews Banking Co., also of Chillicothe, which has
total assets of $3,853,709.
Applicant bank and merging bank are the only banking institutions in Chillicothe. The participating banks
are located in the business district of the town which
serves an area both agricultural and industrial. Neither
of the participating banks has been involved in a
merger or acquisition since its organization.
The proposed merger will eliminate all competition
between the merging banks, but the overall effect of
the merger would not be to reduce competition in the
interested communities substantially because of the
considerable number of banks in the vicinity of
Chillicothe.

THE BANK OF LUNENBURG, KENBRIDGE, VA., AND THE FIDELITY NATIONAL BANK, LYNCHBURG, VA.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
The Bank of Lunenburg, Kenbridge, Va., with
and the Fidelity National Bank, Lynchburg, Va. (1522), which had
merged July 11, 1966, under charter and title of the latter bank (1522). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On March 17, 1966, The Bank of Lunenburg, Kenbridge, Va., and The Fidelity National Bank, Lynchburg, Va., applied to the Comptroller of the Currency
for permission to merge under the charter and title
"The Fidelity National Bank."
Lynchburg, with a population of approximately
55,000 and a trade area of approximately 175,000, is
located near the geographical center of Virginia. Being
the largest city in this section of Virginia, it is an important financial, mercantile, and transportation
center.
The charter bank, successor to the Lynchburg National Bank & Trust Co., was organized in 1865 and
operates 17 offices throughout the trade area. It offers
complete banking services and operates a large active
trust department. As of December 31, 1965, it had
IPC deposits of $80 million.
The Bank of Lunenburg, organized in 1906, maintains its sole office in Kenbridge, a town of approximately 1,500 persons, located 85 miles southeast of
Lynchburg. Tobacco farming is the major source of
employment and income in this area. As of December
31, 1965, the merging bank had IPC deposits of $6.8
million.
Competition is afforded the charter bank by the
$500 million First & Merchants National Bank, the
$45 million First National Trust & Savings Bank, and
the newly organized Bank of Central Virginia. In the
area of the merging bank, keen competition comes
from the $500 million Virginia National Bank's branch
in Blackstone, Va. Thus, the applicant banks face

$7, 687, 972
98, 104, 228

1
17

105, 289, 487

strong competition and the competitive effect of the
merger on the banking structure is negligible.
Due to the conservative outlook of the merging
bank's management and the fact that the charter
bank's nearest branch is 10 miles from the merging
bank, there is little, if any, competition between these
institutions.
The Kenbridge area will derive especial benefit from
this merger. The charter bank's strong management
will solve a potential management succession problem
in the merging institution. All of the charter bank's
services will be available to meet better the local credit
needs. The resulting bank will, in addition, provide
the services of an efficient trust department.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
JUNE 9, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Fidelity National Bank, with assets in excess of $97
million, operates nine banking offices in Lynchburg
and eight additional banking offices in seven other
towns located from 3 to 80 miles distant from Lynchburg. Fidelity proposes to merge with the Bank of
Lunenburg, Kenbridge, Va., which is located 12 miles
from Fidelity's closest branch. Five other commercial
banks compete within the service area of the Bank
of Lunenburg. In this area, the proposed merger would
eliminate the existing competition between the merging banks and would reduce from 7 to 6 the number
of alternative sources of commercial banking services.

GATAWISSA-VALLEY NATIONAL BANK, CATAWISSA, P A . , AND T H E FIRST NATIONAL BANK OF CATAWISSA,
CATAWISSA, P A .
Banking offices
Name of bank and type of transaction

Total assets
In operation

Catawissa-Valley National Bank, Gatawissa, Pa. (7448), with
and The First National Bank of Catawissa, Gatawissa, Pa. (4548), which had.
merged July 29, 1966, under charter of the latter bank (4548) and with title of
"South Side National Bank." The merged bank at date of merger had

COMPTROLLER'S DECISION

On April 25, 1966, the Catawissa-Valley National
Bank, Catawissa, Pa., with I PC deposits of $4.6 million, and The First National Bank of Catawissa,
Catawissa, Pa., with IPC deposits of $3 million, applied
to the Comptroller of the Currency for permission to
merge under the charter of the latter with the title
"South Side National Bank."
Catawissa, with a population of 1,800, is located
near the North Branch of the Susquehanna River in
the east-central portion of Pennsylvania. The economy
of the area is agriculturally oriented, with dairy and
poultry farming being the primary source of income.
Industry in the area consists of 4 manufacturing firms
employing about 750 persons. Thesefirmsare engaged
in the manufacture of forged steel unions, valves, wood
products, and ladies apparel. Population growth has
been slow and future growth potential is considered to
be only fair.
The First National Bank of Catawissa was organized
on April 10, 1891, and is presently operating as a single unit. The merging bank, organized on December
4, 1904, operates one branch.
Of 9 banks operating in the service area, the applicant bank ranks eighth and the merging bank ninth
in size. The resulting bank will rank seventh in loans
and sixth in deposits in relation to the 8 remaining
banks. Neither institution presently has the business
volume or loan capacity to compete with the major
institutions in the service area. Although the only
alternative banking source in Catawissa will be eliminated by this merger, the resulting bank will be in a
position to serve better the needs of the community,
while at the same time offering stronger competition
to larger competitors in the service area.
Finally, consideration must be given to the ability of

$5, 577,492
3,478,418

To be operated

9, 055, 910

the small town of Catawissa to give adequate support
to 2 banking institutions. Today the town has no
business district and area residents travel elsewhere
to purchase goods other than basic necessities. As other
towns in the market area grow, the continued existence
of Catawissa comes in question. The merger of these
2 banks will aid in the perpetuation of an independent bank in the town.
Having considered the merger application in the
light of the criteria of the Bank Merger Act, we conclude that the merger is in the public interest and it is,
therefore, approved.
JUNE 29,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Catawissa, Catawissa,
Pa., with total assets of $3,401,000, proposes to merge
Catawissa-Valley National Bank, also of Catawissa,
which has total assets of $5,513,000, and to operate
the merged bank as a branch office.
Applicant bank and merging bank are the only
banking institutions in Catawissa. The participating
banks are located on the same block in the business
district of the town, which serves an area both agricultural and industrial. Applicant bank has not been involved in a merger or acquisition since its organization
in 1891. The merging bank merged with the Valley
National Bank of Numidia, Pa., in April 1956, and
continues to operate a branch office at that location
with the title Catawissa-Valley National Bank.
The proposed merger will eliminate all competition
between the merging banks, but the overall effect of
the merger is not likely to reduce competition substantially in the interested communities because of the very
small size of the applicant banks and the considerable
number of competing banks in the vicinity of
Catawissa.

THE BANK OF HALIFAX, HALIFAX, VA., AND THE FIDELITY NATIONAL BANK, LYNGHBURG, VA.
Banking offices
Name of bank and type of transaction

Total assets
In operation To be operated

The Bank of Halifax, Halifax, Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522), which had
merged July 30, 1966, under charter and title of the latter bank (1522). The
merged bank at date of merger had

COMPTROLLER S DECISION

On April 28, 1966, the Bank of Halifax, Halifax,
Va., with IPC deposits of $8 million, and the Fidelity
National Bank, Lynchburg, Va., with IPG deposits of
$81 million, applied to the Comptroller of the Currency for permission to merge under the charter and
title of the latter.
Lynchburg, with a population of 57,500, serves as
a trade center for about 150,000 persons in the southcentral part of the State. The city is considered a
major commercial and industrial hub which has shown
substantial growth in recent years with an influx of
national concerns. Major employers are General
Electric, employing 3,400 persons, and Lynchburg
Foundry Co., employing 1,450 persons. Other large
manufacturers in the area produce asphalt, truck
bodies and trailers, batteries, boats, boxes, clothing,
fertilizer, chemical products, furniture, hosiery, shoes,
and tobacco products. The city has shown a steady
increase in population from 1940 to the present.
Halifax, the home of the merging bank, has a population of 800, is located 5 miles north of South Boston
and is the county seat of Halifax County which is
situated in central Virginia on the North Carolina
border. South Boston, which has a population of 7,500,
is the commercial and industrial center of the county
whose well founded agricultural base ranks it fourth
among all Virginia counties in value of farm products
sold. Tobacco is the major crop and South Boston is
the second largest tobacco market in the State. Industry, which has shown a marked expansion in recent
years, now employs as many workers as are engaged in
farming. With further industrial growth expected, the
future economic outlook of the area is bright.
The Fidelity National Bank, successor to the Lynchburg National Bank & Trust Co., was organized in
1865. The bank presently operates 18 offices in 8
cities throughout the southern center of the State. Its
competition derives mainly from the 5 branches of the
$552 million First & Merchants National Bank, the

$9, 384, 787
105, 144, 373

1
18

113,517,861

$51 million First National Trust & Savings Bank, and
the numerous savings and loan associations in the
area.
The merging bank, organized in 1886, operates as a
single unit and is the only bank in Halifax. Its competition is provided by 2 single-office State banks in
South Boston; the $15.6 million South Boston Bank &
Trust Co. and the $8.9 million Citizens Bank of South
Boston.
Competition between the applying banks is not
significant since the nearest office of the charter bank
is located in Brookneal, 25 miles northwest of the
merging bank. The resulting bank will be in a position to offer broader services to the Halifax market
including a larger lending capacity to serve the credit
needs of new industry moving into the area, computer
service for processing payroll accounts, more specialized trust facilities, and installment credit which is
presently being handled by other financial institutions
outside the service area. Consummation of the proposed merger will also solve the existing management
succession problem of the merging bank.
Considered in light of statutory criteria, we find the
application to be in the public interest and the merger
is, therefore, approved.
JUNE 29, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Fidelity National Bank, with assets in excess of $97
million, operates 9 bank offices in Lynchburg and 8 additional banking offices in 7 other towns located from
3 to 85 miles distant from Lynchburg. Fidelity proposes
to merge with the Bank of Halifax, Halifax, Va., which
is located 25 miles from Fidelity's closest branch. Seven
commercial banks, including Fidelity, presently compete within the service area of The Bank of Halifax.
In this area, the proposed merger would eliminate
the existing competition between the merging banks
and would reduce from 7 to 6 the number of alternative sources of commercial banking services.

NATIONAL BANK OF BERKELEY, BERKELEY, CALIF., AND CENTRAL VALLEY NATIONAL BANK, OAKLAND, CALIF.
Banking offices

Total assets

Name of bank and type of transaction

To be operated

In operation
National Bank of Berkeley, Berkeley, Calif. (15374), with
was purchased Aug. 3, 1966, by the Central Valley National Bank,
Oakland, Calif. (6919), which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION

On August 3, 1966, application was made to the
Comptroller of the Currency for permission for the
Central Valley National Bank, Oakland, Calif., to purchase assets and assume the deposit liabilities of the
National Bank of Berkeley, Berkeley, Calif.
It is found that an emergency situation exists within
the meaning of the first sentence of 12 U.S.C. 1828
(c) (4)—the Bank Merger Act of 1960, as amended in

$10, 705, 000

184,411,000
195,116,000

1966—and, with respect thereto, this Office must act
immediately. Accordingly, approval of the shareholders of the National Bank of Berkeley of the purchase
and sale agreement is waived.
Because of the immediacy of the situation, and in
order to protect the depositors, creditors, and shareholders of the National Bank of Berkeley, the Central
Valley National Bank is authorized to proceed with
the purchase and assumption transaction.
AUGUST 3, 1966.

THE BANK OF RUSSELL COUNTY, CLEVELAND, VA., AND FIRST NATIONAL BANK IN HONAKER, HONAKER, VA.
Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

The Bank of Russell County, Cleveland, Va., with
and the First National Bank in Honaker, Honaker, Va. (13880), which had...
merged Aug. 4, 1966, under charter of the latter bank (13880), and with title of
"Russell County National Bank." The merged bank at date of merger had..

COMPTROLLER'S DECISION

On April 18, 1966, the First National Bank in
Honaker, Honaker, Va., and The Bank of Russell
County, Cleveland, Va., applied to the Comptroller of
the Currency for permission to merge under the charter of the former and with the title "Russell County
National Bank."
Honaker, with a population of about 900, is located
in the northeastern portion of Russell County in southwest Virginia and is approximately 23 road miles east
of Cleveland. The 2 towns are linked together by a
secondary road which is partially improved, with the
intervening area mountainous and sparsely populated.
The principal sources of income in the Honaker area
are coal mining, lumbering, tobacco, livestock, and
farm products. Garment plants in Honaker and
Lebanon employ approximately 500 workers with an
66

$2, 251, 157
4, 426, 956
6,678, 114

1
1
2

annual payroll of approximately $2 million. A limestone plant near Honaker employs about 50 men.
First National Bank in Honaker, organized in 1933,
has total IPC deposits of $4 million and operates its
single office in Honaker. This bank, dependent upon
its vice president for executive leadership, is lacking
in management depth. It has no trust department.
Cleveland, a town with a population of about 400,
has the same economy as Honaker and the rest of
Russell County. The Appalachian Power Co. operates
a generating plant 3 miles west of Cleveland and employs 175 persons on an annual payroll of over $1
million. The Clinchfield Coal Co., located in Dante to
the northwest of Cleveland, is the world's largest coal
cleaning and processing plant.
The merging bank, The Bank of Russell County,
with IPC deposits of $2 million, was originally organized in Lebanon in 1920 and later moved to

Cleveland where it presently operates its single office.
While it is a small bank without trust services, it is
a well-managed bank and has 2 officers with good
executive capability.
Competition is provided the participating banks by
several aggressive institutions doing business in the
same market. The Cumberland Bank & Trust Co. of
Grundy, with IPC deposits of nearly $23 million, is
headquartered 30 miles north of Honaker and operates branches in Haysi, Clintwood, and Oakwood,
which are all within 30 miles of Honaker. The Richland National Bank, with IPC deposits of $4.5 million, also operates in Grundy with a branch in Raven
which is approximately 10 miles east of Honaker. The
relatively new Grundy National Bank, with IPC deposits of $4.6 million, is also an aggressive competitor.
Further banking competition derives from offices of
the $300 million First National Exchange Bank of
Roanoke in Richland, 20 miles east of Honaker, and
in Lebanon, 16 miles southwest of Honaker.
The service areas of the participating banks are
divided by natural boundaries. Inasmuch as no competition exists between the two, no competition will
be eliminated as a result of this merger. The addition
of $2 million to the First National Bank of Honaker
will have no competitive effect vis-a-vis the other
commercial banks competing with the participants.

On the other hand, consummation of the proposed
merger will, besides solving a management succession
problem in the charter bank, provide a bank better
able to meet the needs of both communities served
by the banks and to offer expanded banking services.
The resulting bank will offer trust services and will
have a sufficient amount of shares of stock outstanding
to enable it to attract new directors to the bank.
Considered in the light of the statutory criteria,
this merger is judged to be in the public interest and
is, therefore, approved.
JUNE 29, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The applicants are small banks with deposits of
$2,390,000 and $4,073,000, respectively. Although
they are only about 10 miles apart, these banks do not
actively compete because of the nature of the country
and poor connecting roads. The chief competition of
both of these banks comes from branches of the First
National Exchange Bank of Roanoke in the nearby
towns of Lebanon, St. Paul, and Richland. This is
the largest bank in southwestern Virginia with deposits in excess of $277 million.
It is our view that this merger probably will not
have any adverse effect on competition.

THE FIRST NATIONAL BANK OF ULSTER, PA., AND THE FIRST NATIONAL BANK OF TOWANDA, TOWANDA, PA.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
The First National Bank of Ulster, Ulster, Pa. (9505), with
and The First National Bank of Towanda, Towanda, Pa. (39), which had... .
merged Aug. 15, 1966, under charter and title of the latter bank (39). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On May 24, 1966, The First National Bank of
Ulster, Ulster, Pa., and The First National Bank of
Towanda, Towanda, Pa., applied to the Office of the
Comptroller of the Currency for permission to merge
under the charter and with the title of the latter.
The merging bank, with IPC deposits of $1.4 million, operates as a unit bank in Ulster which has a
population of 350 persons. Located approximately 10
miles north of Towanda, Ulster serves as a trading
area for an agricultural region comprising some 3,000

$1, 793, 916
10,247,121
12,041,037

1
1
2

persons. Many residents commute to Towanda and
to Athens, 8 miles to the north, for employment.
The charter bank, with IPC deposits of $8.3 million, was chartered in 1863. It maintains its home
office in Towanda and has received approval to establish a branch in a shopping center, 1 mile north of
Towanda. Towanda, with a population of 4,600, is
the seat of Bradford County and serves as a trading
center for some 10,000 persons. Although a strong
agricultural base exists due to the large production
of dairy products, Towanda's economy is primarily
industrial. Approximately 2,500 manufacturing jobs
67

exist in this community. Banking competition in
Towanda is provided mainly by the Citizens National
Bank & Trust Co. with IPC deposits of $8.8 million.
Additionally, some competition exists between the
charter bank and the remaining banks of the county.
The merging bank competes primarily with two banks
located in Athens, 8 miles north of Ulster, and eight
other banks in Bradford County.
Competition between the merging banks has been
relatively insignificant due to the distance between the
offices of the institutions. The subject banks have primarily been oriented toward their respective communities. Consummation of the proposed merger will benefit the citizens of Ulster through an increased lending
limit, trust services, and will solve a management succession problem in the Ulster bank. Additionally, the
resulting institution should provide strengthened competition among the banks of the county and result in a
stronger institution to meet the expanding credit needs
of Towanda. Inasmuch as the resulting bank will hold
only a minor part of the banking assets of the county,
no undue concentration would result from this merger.

Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
it is, therefore, approved.
JULY 14, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Towanda, Towanda,
Pa., with assets of $9,824,000, proposes to merge with
The First National Bank of Ulster, Ulster, Pa., with
assets of $1,710,603.
Although the application states that there is very
little direct competition between the merging banks,
they would appear to be sufficiently close to one another to provide alternative sources of banking services
to some customers.
While the effect of the merger would be to eliminate
this competition between the banks, 10 other banks
located within an 18-mile radius from Towanda provide alternative sources of banking services for customers living in the general area involved.

BANK OF RICHLAND, RICHLAND, WASH., AND OLD NATIONAL BANK OF WASHINGTON, SPOKANE, WASH.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated

Bank of Richland, Richland, Wash., with
was purchased Aug. 19, 1966, by the Old National Bank of Washington,
Spokane, Wash. (4668), which had
After the purchase was effected, the receiving association had

COMPTROLLER'S DECISION

On May 20, 1966, the $230 million Old National
Bank of Washington, Spokane, Wash., applied to the
Office of the Comptroller of the Currency for permission to purchase the assets and assume the liabilities of
the $5.2 million Bank of Richland, Richland, Wash.
Spokane, the second largest city in the State with a
population of 184,000, serves as a major distribution
center for eastern Washington, northern Idaho, and
western Montana. While agricultural production,
amounting to $600 million in 1965, is the primary
source of income, there are some 350 manufacturing
firms operating in and near Spokane, with the lumber
products and related industries predominating. Spo68

$5, 478, 160
226, 825, 839
232, 119,572

kane, served by 4 transcontinental railroads, is also a
major transportation center for the northwest.
Richland, with a population of 26,000, is situated at
the confluence of the Columbia and Yakima Rivers
approximately 155 miles southwest of Spokane. The
city was founded during World War II as a result of
the construction of the Hanford Atomic Works. A recent decision by General Electric Corp., the original
prime contractor, to leave the area, has been offset by
the proposed investment in the area of several large
national firms, including Battelle Institute, Iso-Chem
Corp., and Douglas Aircraft Corp. New firms have
been actively solicited and a general expansion in the
overall economy of Richland seems likely.

Old National Bank, which operates 30 branches, is
the sixth largest bank in the State, and holds about
5 percent of the State's total commercial bank deposits.
Competition for Old National comes primarily from
the $1.4 billion Seattle-First National, operating 116
offices throughout the State; the $818 million National
Bank of Commerce; the $400 million Washington
Mutual Savings Bank; the $322 million Peoples National Bank of Washington; and the $275 million National Bank of Washington, Tacoma.
The Bank of Richland, chartered in 1963, operates
as a single unit. Competition in Richland derives primarily from branches of the Seattle-First National
Bank and the National Bank of Commerce. Bank of
Richland holds about 18 percent, Seattle-First National
50 percent, and National Bank of Commerce 32 percent of the total deposits held by the 3 banking offices
in the city.
No competition will be eliminated as a result of this
acquisition. Although the resulting bank will still be
the smallest of the 3 banks in Richland, it will be in
a better position to compete effectively with the other
2 larger banks, both through increased lending capacity
and through the opportunity to offer a broader range
of specialized services.
Applying the statutory criteria, we conclude that the

proposal is in the public interest and the application
is, therefore, approved.
JULY 14,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The Old National Bank of Washington, Spokane,
Wash, (hereinafter National), with its main office in
Spokane, Wash, and branches throughout the State of
Washington, proposes to purchase the assets and assume the liabilities of the Bank of Richland, Richland, Wash, (hereinafter Bank). As of April 29,
1966, National had total deposits of $206,169,000 and
Bank had total deposits of $4,763,000. The nearest
offices of National to Bank are in Pasco, Wash., 12
miles southeast of Richland across the Columbia River.
Because of Richland's location and apparent isolation, there appears to be little, if any, competition
between the 2 banks. Moreover, the merger could
enable the resulting bank to offer greater competition
to the 2 State-wide banks having branches in Richland.
On the other hand, since State-wide branching is permitted in Washington, National could enter Richland
through internal growth, and in fact it would appear to
be one of the most likely potential entrants into this
area. The proposed merger would eliminate this potential competition.

BANK OF CREWE, CREWE, V A . , AND VIRGINIA NATIONAL BANK, NORFOLK, V A .
Banking offices
Name of bank and type of transaction

Total assets
In operation

Bank of Crewe, Grewe, Va., with
and Virginia National Bank, Norfolk, Va. (9885), which had
merged Aug. 26, 1966, under charter and title of the latter bank (9885). The
merged bank at date of merger had
•Includes The Pulaski National Bank.
COMPTROLLER'S DECISION

On May 19, 1966, the Bank of Crewe, Crewe, Va.,
and the Virginia National Bank, Norfolk, Va., applied
to the Office of the Comptroller of the Currency for
permission to merge under the charter and with the
title of the latter.
Norfolk, with a population in excess of 300,000, is
the largest city in the State and the center of the State's
most extensive metropolitan area. The area experienced a population increase of 30 percent during the
1950-60 period and indications are that the popula-

$9, 965, 028
547,888, 533
•572, 389, 637

To be operatea

2
69

f74

•f-Includes head office and branches of The Pulaski National
Bank, Pulaski, Va., merged at the same time.

tion will continue to expand at an accelerated rate.
The port of Norfolk ranks first among all U.S. ports
in tonnage exported and second only to New York in
export values. Besides the many military establishments
in Norfolk, including the world's largest naval base,
the area is one of the State's leading industrial centers,
including among its many business establishments
Newport News Shipbuilding and Dry Dock, the largest
single employer in the State.
Crewe, with a population of 2,000, is located in the
western portion of Nottoway County, approximately
69

60 miles southwest of Richmond. Agriculture, with
tobacco the leading product, continues to be the main
source of income although there has been a continuous
and steady decrease in land devoted to farming. Formerly the Norfolk and Western Railway maintained division headquarters in Crewe, but the town has little
importance as a rail center today.
Virginia National Bank, with IPG deposits of $451
million, came into existence in 1963 as a result of the
consolidation of the National Bank of Commerce, Norfolk, and the Peoples National Bank of Central Virginia. Virginia National operates its main office and
67 branches throughout the southeast and central parts
of the State.
The Bank of Crewe, with IPC deposits of $8.2 million, operates through its head office in Crewe and a
branch office in Burkeville. The bank operates the
only banking offices in these 2 towns. Primary competition derives from the $97 million Fidelity National
Bank in Lynchburg and the $6.4 million Citizens
Bank & Trust Co. in Blackstone. The closest banks of
Virginia National Bank are located in Farmville and
Victoria, 21 and 15 miles, respectively, from Crewe,
and there is little, if any, competition between them
and the merging bank.
Consummation of the proposed merger will bring to
Nottoway County a bank with a lending limit more

competitive with that of Fidelity National Bank,
Lynchburg. Virginia National Bank will offer to the
communities now served by the merging bank certain
services not presently offered there, particularly trust
services and a more extensive range of installment and
consumer credit.
Applying the statutory criteria to the proposal, we
conclude that it is in the public interest and die application is, therefore, approved.
JULY 25,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Virginia National proposes to merge with Crewe
Bank. The main office of Crewe Bank in Crewe and its
branch office in Burkeville would be operated as
branches of Virginia National.
Virginia National is the second largest bank in the
State, operating 68 banking offices in 33 communities
throughout the State. Its nearest branch offices are,
respectively, 15 and 21 miles distant from Crewe.
Since the merging banks do not presently compete
with each other, since State law prevents potential
competition which might result from Virginia National
opening a de novo branch in Crewe Bank's service area,
we conclude that the proposed merger should not result in a reduction of competition in the communities
now served by Virginia National or Crewe Bank.

THE PULASKI NATIONAL BANK, PULASKI, VA., AND VIRGINIA NATIONAL BANK, NORFOLK, VA.
Name of bank and type of transaction

"Total assets

Banking offices
In operation To be operated

The Pulaski National Bank, Pulaski, Va. (4071), with.
and Virginia National Bank, Norfolk, Va. (9885), which had
merged Aug. 26, 1966, under charter and title of the latter bank (9885). The
merged bank at date of merger had
•Includes Bank of Crewe.
COMPTROLLER'S DECISION

On May 19, 1966, the Pulaski National Bank,
Pulaski, Va., and the Virginia National Bank, Norfolk,
Va., applied to the Office of the Comptroller of the
Currency for permission to merge under the charter
and with the title of the latter.
Norfolk, with a population in excess of 300,000, is
the largest city in the State and the center of the State's
most extensive metropolitan area. The area experienced a population increase of 30 percent during the
70

$15,167,419
547,888, 533
*572, 389, 637

3
69
f74

f Includes head office and branch of Bank of Crewe, Crewe,
Va., merged at the same time.

1950-60 period and indications are that the population will continue to expand at an accelerated rate
in the future. The port of Norfolk ranks first among
all U.S. ports in tonnage exported and second only to
New York in export values. Besides the many military
establishments in Norfolk, including the world's largest
naval base, the area is one of the State's leading industrial centers, including among its many business
establishments Newport News Shipbuilding and Dry
Dock, the largest single employer in the State.

Pulaski, with a population of 103000, is located in
the southwestern portion of the State approximately
65 miles southwest of Roanoke. Agriculture is the
main source of income, with livestock and dairy farming being the primary contributors to farm income.
Manufacturing has been increasing in importance,
with Goleman Furniture Corp., the area's largest
manufacturer, employing 800 persons, and 5 textile
and garment manufacturers employing 1,300 persons.
Continuing industrialization of the area should insure
a favorable economic outlook for the future.
Virginia National Bank, with IPG deposits of $451
million, came into existence in 1963 as a result of the
consolidation of the National Bank of Commerce, Norfolk, and the Peoples National Bank of Central Virginia. It competes with banks throughout the State.
Pulaski National Bank, with IPC deposits of $14.2
million, was organized in 1888 and presently operates
out of 3 banking offices: the main office and one
branch in Pulaski, and one branch in Radford, 15
miles northeast of Pulaski. Primary competition comes
from the $7.7 million Peoples National Bank in Pulaski,
which is a subsidiary of the $344 million Virginia
Commonwealth Corp., a registered bank holding company, the $7.1 million Bank of New River Valley,
Radford, which is a subsidiary of the $290 million
First Virginia Corp., another registered bank holding
company, and the $578 million First Merchants National Bank, in Richmond, which operates 2 branches
in Radford. The closest offices of Virginia National
Bank to Pulaski are 2 offices in Wytheville, 22 miles
southwest of Pulaski, and there is little, if any, competition between them and the merging bank.

T H E FARMERS

Consummation of the proposed merger will bring
to Pulaski and Radford a bank that can more effectively compete with the banking offices of First Virginia Corp., Virginia Commonwealth Corp., and First
& Merchants National Bank. Customers of the merging bank will be better served by having additional
services, including an agricultural business department, computer accounting services, and a more extensive range of installment and consumer credit.
Applying the statutory criteria to the proposal, we
conclude that it is in the public interest and the application is, therefore, approved.
JULY 25,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Virginia National proposes to merge with the Pulaski
National Bank. The main office of Pulaski Bank,
its branch in Pulaski, and its branch in Radford, will
be operated as branches of Virginia National.
Virginia National is the second largest bank in the
State, operating 68 banking offices in 33 communities
throughout the State. Its nearest branch office is 22
miles distant from Pulaski.
Since the merging banks do not presently compete
with each other, and since State law prevents potential
competition which might result from Virginia National
opening a de novo branch in Pulaski Bank's service
area, we conclude that the proposed merger should
not result in a reduction of competition in the communities now served by Virginia National or Pulaski
Bank.

MERCHANTS BANK, VIOLA, T E N N . , AND THE FIRST NATIONAL BANK OF MCMINNVILLE,
MCMINNVILLE, T E N N .
Banking offices
Total assets

Name of bank and type of transaction

In operation

The Farmers & Merchants Bank, Viola, Tenn., with
and The First National Bank of McMinnville, McMinnville, Tenn. (2221),
which had
merged Aug. 31, 1966, under the charter of the latter bank (2221) and with
title of "The First National Bank." The merged bank at date of merger had.
COMPTROLLER'S DECISION

On May 18, 1966, The Farmers & Merchants Bank,
Viola, Tenn., and The First National Bank of McMinnville, McMinnville, Tenn., applied to the Office
of the Comptroller of the Currency for permission to

$882,852
20, 339, 742
21,073,234

To be operated

1
1

merge under the charter of the latter and with the
title "The First National Bank."
McMinnville, with a population of 9,013, is the
county seat of Warren County which has a population
of approximately 25,000 persons. The economy of this
71

area was based upon agriculture for many years. Recently, however, McMinnville has experienced a
growth in light industry. Approximately 4,500 persons
are now employed in the manufacture of shoes, household appliances, and wood products.
The charter bank, with IPG deposits of $17.2 million, is one of the 2 principal banks in Warren County,
and operates as a unit bank.
Viola, with a population of 206 persons, is located
11 miles south of McMinnville. Its economy is predicated upon the agricultural activity in the surrounding area. The agricultural economy of this area has
followed a national trend toward merging farms
which requires a larger investment in land and farm
equipment.
The merging bank, with IPC deposits of $700,000,
is also a unit bank, and is the smallest of the 4 banks
in Warren County.
The banking structure in Warren County consists
of 2 larger banks with 96 percent of the banking assets
and 2 smaller banks with 4 percent of the banking
assets. Each of the larger banks has developed a close
correspondent relationship with one of the smaller
banks. Since this relationship exists between the
merging banks, virtually no competition exists between
them. The charter bank has always been the sole
correspondent of the merging bank, and as such it

participates in its overlines. Consummation of this
merger would not, therefore, alter the existing competitive posture of the banking industry in Warren County.
In addition, management problems at the merging
bank will be solved, and an expanded ability to meet
the credit needs of the communities involved will be
provided.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
it is, therefore, approved.
JULY 27,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank, McMinnville, Tenn.
(hereinafter National) proposes to merge with The
Farmers & Merchants Bank, Viola, Tenn. (hereinafter Farmers). As of December 31, 1965, National
had total deposits of $18,568,000 and Farmers had total deposits of $756,000. The applicant banks have one
common director.
The merger, if consummated, would result in the
elimination of some competition between the merging
banks and would result in an increase in the concentration of banking resources in Warren County. However, in view of Farmers' extremely small size it does
not appear that competition would be significantly
reduced.

THE FIRST-COLUMBIA NATIONAL BANK, COLUMBIA, PA., AND LANCASTER COUNTY FARMERS NATIONAL BANK,
LANCASTER, PA.
Name of bank and type of transaction

Total assets

Banking offices
In operation

The First-Columbia National Bank, Columbia, Pa. (371), with.
and the Lancaster County Farmers National Bank, Lancaster, Pa. (683), which
had
merged Aug. 31, 1966, under charter and title of the latter bank (683). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On May 16, 1966, The First-Columbia National
Bank, Columbia, Pa., and the Lancaster County
Farmers National Bank, Lancaster, Pa., applied to the
Comptroller of the Currency to merge under the
charter and with the title of the latter.
Lancaster, one of the oldest inland cities in the
United States, is a highly industrialized city with an
estimated population of 61,000. Extensive urban renewal is in process in the city. Lancaster County, with
72

$5, 182, 982

106, 748, 246

111,931,228

To be operated

a population of over one-quarter million, has a welldiversified residential, industrial, and agricultural
economy. The area is also a major center of retail
trade. Some of the nation's major industries maintain
plants in Lancaster and in nearby suburbs: the Armstrong Cork Co., the Hamilton Watch Co., the Schick
Electric Co., Inc., and the New Holland Machine Division of Sperry Rand Corp. Corporations of the size of
RCA, Jones & Laughlin, and Alcoa operate branch
plants in the area; and many plants of modest size
producing consumer and capital goods are located

petition between Lancaster County and First-Columbia
and would further increase the concentration of

banking resources in the 4 largest banks serving the
relevant area.

THE PEOPLES NATIONAL BANK OF SOUDERTON, SOUDERTON, PA., AND UNION NATIONAL BANK & TRUST CO. OF
SOUDERTON, SOUDERTON, PA.
Banking offices
Name of bank and type of transaction

Total assets
In operation To be operated

The Peoples National Bank of Souderton, Souderton, Pa. (13251), with
and the Union National Bank & Trust Co. of Souderton, Souderton, Pa.
(2333), which had
merged Aug. 31, 1966, under charter and title of the latter bank (2333). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On May 4, 1966, The Peoples National Bank of
Souderton, Souderton, Pa., and the Union National
Bank & Trust Co. of Souderton, Souderton, Pa., applied to the Office of the Comptroller of the Currency
for permission to merge under the charter and with
the title of the latter.
Souderton, the site of the main office of the charter
bank and of the sole office of the merging bank, is
situated 18 miles northwest of Philadelphia in Montgomery County, and has a population of approximately
5,500. Souderton and the adjoining borough of Telford
comprise a major economic market area. These 2 communities are experiencing a conversion from a rural
base to a suburban economy. Light industry presently
employs approximately 700 persons and expansion appears imminent.
The charter bank, with I PC deposits of approximately $24 million, maintains 6 branch offices within
a radius of 14 miles of Souderton. It competes with 14
banks throughout its service area. These competitors
include 4 of the 5 largest banks in Philadelphia.
The merging bank, with IPC deposits of $5.6 million, is a unit bank which competes with 5 larger banks
in addition to the charter bank. The merging banks
compete with each other for business generated in the
Souderton area. However, this competition has not
been vigorous due to the small lending limit and the
few services offered by the merging institution. A savings and loan association with $10 million in assets also
provides competition in Souderton.
Vigorous competition in this area of Montgomery
County has resulted from the recent establishment of
branches by Philadelphia banks which are consider74

$7,429, 656

32,432, 701

39, 862, 357

ably larger than the resulting bank. The merging banks
have labored under the aggressive competition provided by these large bank branches.
The merger will result in a bank with a wider range
of banking services, greater lending capacity and with
more possibilities for achieving economies of operation. The resulting bank will have a small percentage
of the total deposits in this area. The branches of the
charter bank will be able to service loans to some of
the larger local commercial and industrial concerns
and to achieve greater competitive stability with respect to the large branch banking institutions entering
the area.
Applying the statutory criteria to the proposed merger, we conclude it is in the public interest and it is,
therefore, approved.
JULY 18,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The proposed merger of Union and Peoples would
unite the only 2 banks located in Souderton, Pa.
Both of these banks are headquartered in Montgomery County, Pa. This county has seen a steady
decrease in the number of independent banks in recent
years because of acquisitions by other banks.
The figures provided in the application do not permit a meaningful measurement of the share of the
relevant geographic market that would be held by the
resulting bank because the total deposits and loans of
banks with offices throughout a much larger area are
included.
The economic picture in the Souderton area is described in the application as very favorable. Such a
favorable economic picture may suggest the need for

there. The trend in recent years has been toward expansion of existing plant operations and the influx
of new plants. Recent figures fix industrial production
in excess of $800 million.
The region around Lancaster has, for many years,
enjoyed a very high agricultural production record.
This whole area, which is also rapidly becoming a
tourist attraction, is one of the fastest growing areas in
the eastern part of the country.
The charter bank, the Lancaster County National
Bank, has IPC deposits of $85 million. This well-managed and progressive institution, offering complete
banking and trust services, is one of several large banks
operating in the service area. Its history reveals many
firsts in supplying of bank services to the banking
public. At present it operates 11 branch offices within
Lancaster County, seven are in Lancaster itself and
four are in small nearby communities.
Columbia, midway between the cities of York and
Lancaster, has a population of about 12,000. The
economy of the area is presently enjoying a period of
relative prosperity with apparel and metals manufacturing the principal industries. While these plants
employ about 3,000 persons, many of its inhabitants
are employed in Lancaster and in York. The area surrounding Columbia is devoted to agriculture.
The merging First-Columbia National Bank is a
single unit institution with IPC deposits of $4 million.
While it was the largest of three banks headquartered
in Columbia in 1946, today it is the smallest of the
three. Though its lending ability has been satisfactory
for the modest needs of most of the small industries it
serves, the bank has totally neglected the important
and growing area of consumer loans. Its limited size
precludes it from offering either the specialized services, which the agriculture of the area demands, or
any of the more advanced forms of commercial lending available in larger banks. With a limited depth of
management, the bank faces a problem of providing
successors to its present officers.
To the extent that consummation of the proposed
merger can be said to have a competitive effect in
Columbia, such effect must be measured in a market
encompassing the equidistant York and Lancaster. In
this market area the charter bank has 17.4 percent of
total deposits and the merging bank 0.83 percent.
There is still a larger area in which competition for
these banks may fairly be considered to be generated
which includes the contiguous and adjacent counties
of Lancaster, York, Chester, Berks, and Reading. In
this area the charter bank has 5.2 percent of total de-

posits and the merging bank has 0.23 percent. Furthermore, in the geographic area where the participating
banks are located, banking alternatives are extensive.
There are 84 commercial bank offices in the broader
area of the resulting bank. Competition is also provided
by savings and loan associations, mortgage service companies, salesfinancecompanies, offices of personal loan
companies, credit unions, with offices in most of the
large industrial plants, offices of insurance companies,
direct lending agencies of the government, which are
active competitors in the extension of agricultural
credit, and the Small Business Administration.
The participating banks do not actively compete
with each other. The closest offices of the 2 banks are
7.5 miles apart, and offices of other banks are located
between them. The addition of $4 million to the Lancaster County Farmers National Bank will have no
discernible competitive effect in the area. On the other
hand, consummation of the proposed merger will,
besides solving a management succession problem in
the merging bank, provide a bank better able and
more willing to meet the needs of the community
served by the merging bank. The resulting bank will
supply consumer loans, will offer modern and capable
trust facilities, will serve the large customers in Columbia, and will provide other specialized services to
the banking public in Columbia to aid them in financial planning.
Considered in the light of the statutory criteria, this
merger is judged to be in the public interest and is,
therefore, approved.
JULY 28,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The prime impact of this merger will be felt in the
area served by First-Columbia: Columbia, Pa. and its
environs. Within this area 11 banks are competing
through a total of 17 offices. Four of these 11 banks,
including Lancaster County, are very large banks in
comparison with First-Columbia, with total resources
ranging from $81 million to $210 million. There are 2
other small banks (Central National Bank with total
assets of $6,500,000 and Columbia Trust Co. with total
assets of $5,800,000) headquartered in Columbia, Pa.
The 3 commercial banks headquartered in Columbia are not greatly different in size. The merger would
substitute for one of these banks the much larger Lancaster County bank, and this might well encourage the
2 remaining small banks in Columbia to seek to unite
with each other or other banks in the area.
The proposed merger would eliminate existing com-

at least maintaining the present number of alternatives
for commercial banking services.
Although there are 7 other banks located within 6.5
miles of Souderton, Pa., Union and Peoples are the

only banks in Souderton. Their combination would remove the only alternative source of commercial banking services in Souderton, Pa., and eliminate the cornpetition between them.

MlNNEHAHA COUNTY BANK, VALLEY SPRINGS, S. DAK., SECURITY STATE BANK, CANISTOTA, S. DAK., ANI>
UNITED NATIONAL BANK OF BRANDON, BRANDON, S. D A K .
Banking offices
Total assets

Name of bank and type of transaction

In operation

Minnehaha County Bank, Valley Springs, S. Dak., with
Security State Bank, Ganistota, S. Dak. with
and United National Bank of Brandon, Brandon, S. Dak. (15581), which had...
merged Sept. 1, 1966, under charter and title of the latter bank (15581). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On May 9, 1966, the Minnehaha County Bank,
Valley Springs, S. Dak., with IPG deposits of $1 million, and Security State Bank, Ganistota, S. Dak., with
IPG deposits of $850,000, applied to the Comptroller of
the Currency for permission to merge into the United
National Bank of Brandon, Brandon, S. Dak., with
IPG deposits of $1.1 million, under the charter and
title of the latter.
Brandon, with a population of approximately 1,300,
is the largest of the small towns in which the 3 banks
are located, and is the only one of the 3 towns to have
shown any type of sustained population growth during
the past several years. Brandon is located approximately 8 miles from Sioux Falls, a city of 75,000 persons, which serves as a major distributing point for
South Dakota. Most of the people in Brandon not engaged in local commerce and industry find their employment in Sioux Falls. Within a 6-mile radius of the
town are 2 large powerplants maintained by the Northern States Power Go.
Valley Springs, with a population of 472, and Canistota, with a population of 627, are located in predominantly agricultural areas, approximately 40 and
6 miles from the charter bank, respectively. Valley
Springs is a substantial corn-raising and livestock-producing area, while Canistota's agricultural economy is
primarily dependent on the raising of stacker cattle.
The United National Bank of Brandon was originally organized on November 6, 1905, as a State banking institution and received a National charter on
March 1, 1966. This bank's competition derives pri-

$1, 302, 908
1, 148, 638
1, 494, 685

To be operated

1
1
1

3, 946, 230

marily from the larger banking institutions in Sioux
Falls and from the strong building and loan associations in the city.
The Minnehaha County Bank, organized in 1927,.
operates as a single unit. Security State Bank was organized in 1962. Both these banks and the United National are presently under common control.
Upon completion of the proposed merger, the Minnehaha County Bank and Security State Bank will
continue to operate as branch offices of United National Bank. Not one of the 3 banks involved in this
merger presently has sufficient capital structure to
enable it to serve adequately the businessmen and
farmers who reside in the areas of the respective banks.
The bulk of competition comes from other commercial
banks and building and loan associations whose larger
capital structures make it difficult for the banks involved in this merger to compete effectively. Approval
of this merger will create a more viable banking institution better able to serve the needs of the 3 communities involved.
Applying the applicable statutory criteria, we conclude that the proposal is in the public interest and
the application is, therefore, approved.
AUGUST 1,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

This is a proposal to merge 3 small single-office banks
in southeastern South Dakota whose aggregate deposits
are less than $3.5 million. The 3 banks are under common control. Each faces competition from other banks;
2 of them compete with far larger Sioux Falls institu75

tions. The proposed merger will not materially alter
the competitive situation in the areas served by the
merging banks.

For these reasons, it is our opinion that the proposed
merger would not have an adverse effect on competition.

* * *
BANK OF COMMERCE, INC., WASHINGTON, D.C., AND NATIONAL SAVINGS & TRUST CO., WASHINGTON, D.C.
Name of bank arid type of transaction

Total assets

Banking offices
In operation To be operated

Bank of Commerce, Inc., Washington, D.C, with
and National Savings & Trust Co., Washington, D.C. (15605), which had
merged Sept. 9,1966, under charter and title of the latter, (15605). The merged
bank at date of merger had

COMPTROLLER'S DECISION

On May 18, 1966, National Savings & Trust Co.,
Washington, D.C, with IPC deposits of $137 million,
and Bank of Commerce, Washington, D.C, with IPC
deposits of $57 million, applied to the Comptroller of
the Currency for permission to consolidate under a
national charter with the title "National Savings &
Trust Co."
Washington, D.C, is a residential city, which houses
no heavy industry. It derives its economic support
from large government installations, both civilian and
military, and from service and commercial business
supplying both its residents and government offices. The
Washington, D.C. Standard Metropolitan Statistical
Area (SMSA), as defined by the U.S. Bureau of the
Census and on which the Federal Government publishes data, consists of the District of Columbia, Montgomery and Prince Georges Counties in Maryland,
Arlington and Fairfax Counties in Virginia, and the
cities of Alexandria and Falls Church in Virginia. This
SMSA includes 2 areas of 100,000 inhabitants or more,
Washington, D.C. and Arlington County, Virginia,
and 4 cities of 50,000 inhabitants or more, viz, Alexandria in Virginia, and Bethesda, Silver Spring, and
Wheaton in Maryland. The area so defined is treated as
an economic unit for statistical purposes by numerous
public and private agencies.
Washington ranks ninth nationally among metropolitan areas on the basis of population estimates as of
July 1, 1964. As of that date the estimated population
of metropolitan Washington was 2,323,000. This includes 795,000 in the city of Washington, 893,000 in
the Maryland section, and 635,000 in the Virginia
section. The population of the District of Columbia
is now slightly less than it was in 1950. In the meantime, however, the population of the remainder of the
76

$64,928,611
151,570,479
216, 499, 089

5
4
9

metropolitan area has increased by 130 percent. At
present, 34 percent of the population of the metropolitan area lives in the District of Columbia, 39 percent in Maryland, and 27 percent in Virginia. This
shift of population from the central city to the suburbs
is not essentially different from what has happened in
other metropolitan areas; however, its rate of growth
since 1950 has been far greater than the national average or the average of the 212 metropolitan areas defined and classified in the census of 1960. While the
population of the United States increased by 26.2 percent from 1950 to 1964 and the population of the
212 metropolitan areas increased by 35.9 percent, that
of metropolitan Washington increased by 58.7 percent. This shift and growth of population has entailed
far-reaching changes in the economy of Washington
and has necessitated adjustments by firms in the District of Columbia to enable them to compete for the
business of the metropolitan area.
The economy of Washington, D.C, is based to a
considerable extent upon the Federal Government,
although employment in Government service is relatively less important now than it was 15 years ago.
While in 1951, for example, 45.8 percent of the wage
and salary workers on payrolls of nonagricultural establishments in the metropolitan Washington area
were employed in Government service, by 1965 the proportion employed by the Government had declined to
37.4 percent. These data refer to civilian employment
and do not include the considerable number of military
personnel stationed in metropolitan Washington.
The large role of service organizations in private
employment in metropolitan Washington reflects the
economic advantages of the area. As the capital city
of the country, it is the headquarters for national trade
associations, labor unions, and professional, fraternal,

and religious societies. Washington is an important
center for national and international conventions and
conferences. In 1965, some 9 million tourists visited
the city and spent $400 million on goods and services.
This does not include the even larger number of
transient visitors and those not making an overnight
stay. Because of the need to use outside experts on
many projects, there has been an enormous increase
in the number of firms in metropolitan Washington
that undertake research and development, data retrieval, documentation, processing, and analysis for
the Federal Government.
The construction industry has a much greater role
in the economy of metropolitan Washington than in
the country as a whole, as reflected by the area's rapid
growth. In 1965, the value of all building construction
in metropolitan Washington was $1 billion, of which
20 percent was for the Federal Government. Sixty percent of the total construction and 70 percent of the
private construction was residential in character, only
one-sixth of which was built in the District of
Columbia.
Metropolitan Washington has a high-income economy. The median income of all families, according to
the 1960 census, was $7,640, the highest of any of the
100 metropolitan areas with a population of more
than 250,000. Among the most significant reasons for
this high income is that the civilian labor force includes
a large proportion of men and women with advanced
professional training, employed in responsible work
in the Government and in private business. Washington had a higher percentage of persons who worked
from 50 to 52 weeks during the year than any other
of the 100 large metropolitan areas, and an exceptionally high ratio of full-time steady employment.
The percentage of persons unemployed in metropolitan Washington is typically much less than the
national average. In 1965, for example, the unemployment rate in metropolitan Washington was 2.2
percent compared with a national average of 5 percent.
The remarkable growth of metropolitan Washington has been largely in its suburbs. This is indicated
only to a limited extent by the change in the distribution of population. Much economic activity is now
located in the suburbs in Maryland and Virginia.
More than one-third of the wage and salary workers
of the metropolitan area are now employed outside
the District of Columbia. Excluding the Government,
over one-half of the workers are now employed in the
suburbs in Maryland and Virginia.
The share of the District of Columbia in SMSA
retail trade is steadily declining as growth is largely

concentrated in the suburbs. In 1958, for example,
retail sales in the metropolitan area amounted to
$2,454 million, of which more than half was in the
District of Columbia. In 1964, retail sales in the metropolitan area amounted to $3,678 million, of which
just over 40 percent was in the District of Columbia.
In this 6-year period, retail sales in the central city
increased by 19 percent while sales in the rest of the
metropolitan area increased by 84 percent.
The competition for business within the metropolitan area is not confined primarily to retail trade. It
extends to a wide range of personal and professional
services, and to such specialized services as banking
and finance. While those doing business in the District
of Columbia have certain advantages in providing
specialized services, it is becoming much more important for those doing business in the metropolitan
area as a whole to extend their business to, or near, the
principal suburban areas. With the development of an
intricate highway network connecting the District of
Columbia with the suburban areas, the growth of the
population and of business will tend to become even
more rapid in the suburbs relative to the central city.
Firms, including banking institutions, in the District
of Columbia that do not or cannot participate in the
economic growth of the entire metropolitan area
may find that their business will remain on a plateau
or may even decline.
National Savings & Trust Co. acquired its present
name by Special Act of Congress approved on January 31, 1907. The head office of the bank has been at its
present location, 15th Street and New York Avenue
NW., Washington, D.C., since its founding in 1867.
Established as the National Safe Deposit Co., it
acquired, in 1891, the assets and property of the National Savings Bank of the District of Columbia. This
is the only instance in which the National Savings &
Trust Co. has absorbed another institution. The bank
has 3 branches established at various times between
1954 and 1961. Its condition is good. From December 31,1955, to December 31, 1965, resources increased
from $61,112,000 to $151,968,000; deposits $54,493,000 to $142,643,000; loans $28,038,000 to $93,328,000; capital accounts $6,227,000 to $8,786,000. The
bank has received permission from this Office to convert to a national association, and the resulting bank
will operate under a national charter.
Bank of Commerce was established in 1907 as the
Dime Savings Bank of Washington, D.C., under a
charter issued by the Commonwealth of Virginia. The
head office was originally at 8th and G Streets NW,,
Washington, D.C., and was moved to 7th and E
77

Streets NW., in December 1909. At that time it
changed its name to the Bank of Commerce & Savings.
The head office of the bank was moved to its present
address at Connecticut Avenue and K Street NW., on
October 31, 1955. It adopted its present name on
March 1, 1955. It has never absorbed any other institution. The bank has 4 branches, established at various
times between 1934 and 1966. From December 31,
1955 to December 31, 1965, resources of the bank increased from $25,443,000 to $63,808,000; deposits
$23,740,000 to $58,167,000; loans $11,279,000 to $39,255,000; capital accounts $1,578,000 to $4,200,000.
A public such as comprises the metropolitan D.C.
area, with its higher-than-average level of education
and income, has greater discretionary income to preserve and "put to work." These people demand advice
and counsel on investment ventures, the highest interest returns, trust facilities, and many other specialized services. Also, the expanding development of real
estate and the sophistication and size of construction
ventures in the area lead to large capital requirements
for bank customers.
Within the Washington, D.C, SMSA there were, at
the end of 1965, 312 offices of 61 commercial banks
with head offices within the metropolitan area, holding $3.6 billion in deposits and $2.3 billion in loans. In
addition, there were 22 offices of the following banks
whose head offices were located outside the area: (1)
The $711 million Maryland National Bank, Baltimore;
(2) the $490 million First National Bank of Maryland,
Baltimore; (3) the $339 million Equitable Trust Co.,
Baltimore; and (4) the $500 million First & Merchants National Bank, Richmond, which has a facility
in the Pentagon through which it makes its resources
available to borrowers in the Washington area. In
Washington, D.C. itself there were 104 banking offices
of 15 banks as of the end of 1965, of which the 2 consolidating banks operated only nine.
Excluding the deposits and loans of the area offices
of Baltimore and Richmond banks, the National Savings & Trust Co. holds 4.1 percent of total SMSA
commercial bank deposits and 4 percent of total SMSA
bank loans, while Bank of Commerce holds 1.7 percent
of total SMSA commercial bank deposits and 1.8 percent of total SMSA bank loans. Consummation of this
proposed merger would produce a resulting bank holding 5.8 percent of both total SMSA commercial bank
deposits and total SMSA commercial bank loans.
Three Washington, D.C. banks each hold from two to
three times these combined figures and will thus

greatly outrank the resulting bank in size and loan
capacity. The three Baltimore banks and the Richmond bank which have total representation of 22
offices in the metropolitan area are each far larger
than will be the resulting bank.
As far as competition for loans with other financial
institutions is concerned, the legal lending limit as
of December 31, 1965, for the charter bank was
$878,000 and that of the merging bank was $422,000.
The resulting bank will have a lending limit of
$1,300,000. As can be seen below, this limit will still
be lower than that of the following institutions:
Name
Maryland National Bank
American Security & Trust Co
Riggs National Bank
First National Bank of Maryland
First & Merchants National Bank
National Bank of Washington
Equitable Trust Co. of Baltimore
Suburban Trust Co. of Hyattsville

Lending Limit
$6, 233,711
5, 232,480
5} 085,100
4, 138,573
4,056, 648
3, 296,180
2, 116,450
1, 871, 000

Within the Washington, D.C, SMSA there are 11
banks operating 90 offices, which are affiliated with
the following holding companies: (1) Financial General Corp., holding $1.1 billion in total deposits; (2)
United Virginia Bankshares, holding $588 million in
total deposits; (3) Virginia Commonwealth Corp.,
holding $296 million in total deposits; and (4) First
Virginia Corp., holding $258 million in total deposits.
The affiliated banks within each holding company
organization are able to make available to the community the large resources of such parent organization.
Consequently, they afford aggressive competition to
National Savings & Trust Co. and Bank of Commerce.
While commercial banks are unique in providing
demand accounts to the public, they compete aggressively with many other institutions in providing such
other services to the public, as unsecured personal and
public loans, mortgage loans, loans secured by securities or accounts receivable, automobile installment
and consumer goods installment loans, tuition financing, bank credit cards, and revolving credit funds.
Competing institutions in the metropolitan D.C. area
include savings and loan associations, credit unions,
personal finance companies, sales finance companies,
factors, small business investment corporations, life
insurance companies, and the universities which make
educational loans.
Within the District of Columbia there are 24 insured savings and loan associations with total assets
of $1,991 million. These associations have 33 branches

in the District and 6 branches in Maryland. In Montgomery and Prince Georges Counties, there are 10 federally insured savings and loan associations with total
assets of $250 million. These associations have 7
branches in Maryland and 3 in the District of Columbia. In the adjoining areas of Virginia, there are 19
federally insured savings and loan associations with
total assets of $276 million. These associations have
25 branches, all in Virginia. The District associations
are allowed to branch in Maryland and the Maryland
associations are permitted to branch in the District.
Contrariwise, District banks are not allowed to branch
outside the District. The savings and loan associations,
in addition to competing with commercial banks for
making loans, actively compete with them for funds. In
1964, savings and loan associations held $2.04 billion
in savings funds in the Washington, D.C. area, or
1.89 times the total time and savings deposits of commercial banks in that area.
The District of Columbia has 13 life insurance
companies chartered in the District which have their
home offices in the city. In addition, there are over 250
foreign insurance companies licensed to do business in
the city. Washington, D.C. has 167 credit unions with
some 338,000 members and over $200 million in assets.
In addition, the city has a plethora of finance companies, factors, and small loan companies. The major
national finance companies are represented.
The 2 banks in this application are largely complementary rather than competitive. The head office of
the National Savings & Trust Co. is at 15th Street and
New York Avenue NW. The head offices of the Riggs
National Bank, American Security & Trust Co., National Bank of Washington, Union Trust Co. and
Public National Bank are all much nearer to the head
office of National Savings & Trust Co. than is the head
office of the Bank of Commerce, which is at Connecticut Avenue and K Street NW. Similarly, the head
offices of the District of Columbia National Bank, First
National Bank of Washington, and Madison National
Bank are all much nearer to the head office of the
Bank of Commerce than is the head office of the
National Savings & Trust Co.
The head office of Bank of Commerce is in the same
business area as the 20th and K Street branch of the
National Savings & Trust Co. The branch offices of
Bank of Commerce are at 725 North Capitol Street,
6422 Georgia Avenue NW., 410 Rhode Island Avenue
NE., and 2033 M Street NW. National Savings &
Trust Co. has branches at One Indiana Avenue NW.,

Wisconsin and Idaho Avenues NW., and 20th and K
Streets NW. It is obvious that the only branches of the
two banks which are in the same growing business
area are located on K Street NW., three blocks from
each other. This region has grown rapidly and with it
the banking facilities of the locality. American Security
& Trust Co. has branches at 19th and M, 18th and I,
and 1612 K Street NW. The District of Columbia National Bank has its head office within a few steps of
18th and K Streets NW. The Riggs National Bank has
branches at 17 and H Streets NW. and at Dupont
Circle. National Bank of Washington has branches at
Connecticut Avenue and H Street NW. and at 1337
Connecticut Avenue NW. Union Trust Co. has a
branch at 17th and L Streets NW. The First National
Bank of Washington has its head office at Pennsylvania
Avenue and 17th Street NW. American Savings &
Loan Association has an office at 1101 17th Street
NW. Capital City Savings & Loan Association has an
office at 808 17th Street NW. Hyattsville Building Association has its District office at 1617 K Street NW.
Eastern Savings & Loan Association has a branch office at 1629 K Street NW. Jefferson Federal Savings
& Loan Association has an office at 17th and K Streets
NW. National Permanent Savings & Loan Association's office is at the corner of Connecticut Avenue and
K Street NW. Home Building Association has an office
at 20th and I Streets NW. Potomac Federal Savings
& Loan Association's office is at 904 17th Street NW.
Republic Savings & Loan Association's branch office is
at 612 17th Street NW. Washington Permanent Savings & Loan Association has a branch office at 1733 I
Street NW. Maryland State Savings & Loan Association has a Washington office at 1617 K Street NW.
Nearly all of these offices are nearer to Bank of Commerce and National Savings & Trust Co. than the
latter are to each other. As a result, these close
branches of the two banks in this application face
more vigorous and aggressive competition from these
other financial institutions than they do from each
other.
Both of the banks in the application generate substantial amounts of deposits and loans from the suburbs
in Maryland and Virginia. Of the 15,000 active checking accounts of the Bank of Commerce, nearly 4,400
are in suburban Maryland and Virginia. Of the 23,000
active checking accounts of the charter bank, 3,500 are
in suburban Maryland and Virginia. Of the $34 million of demand deposits at the Bank of Commerce,
nearly $5 million were those of depositors in suburban
79

trust department. By consolidating these banks, trust
Maryland and Virginia. Of the $90 million of demand
services would be available to the present customers of
deposits at the charter bank, just under $5 million were
Bank of Commerce under the same corporate roof
those of depositors in suburban Maryland and Virginia.
where they do the rest of their business.
Of the 8,200 time and savings accounts at the Bank of
There are a few common depositors and borrowers
Commerce, nearly 2,000 are those of residents of subin the 2 banks. In March 1966, 22 demand deposit
urban Maryland and Virginia. Of the 14,600 time and
accounts, one time deposit account, and one certificate
savings accounts at the charter bank, about 1,900 are
of deposit holder were common to the 2 institutions. A
those of residents of suburban Maryland and Virginia.
similar comparison holds true with respect to their
On the basis of the dollar amount of time and savings
loan portfolios.
deposits, Bank of Commerce has 24 percent of its total
It is evident that current operating expenses (other
from the suburbs of metropolitan Washington, while
than interest on time and savings deposits) are relathe charter bank has about 10 percent from the
tively higher in a bank with less resources than in a
suburbs.
bank with more resources. The operating expenses of
Similar emphasis on suburbia exists with respect to
Bank of Commerce in 1965 were greater, per $1,000
the distribution of loans by area. In the case of real
of resources, than were such expenses of the charter
estate loans, Bank of Commerce has about 46 percent
bank. However, the economies that would accrue in
of such loans (both of the number of loans and the
current operating costs by a consolidation of these 2
dollar amount) in suburban Maryland and about 13
banks are much greater than is shown by applying the
percent in suburban Virginia. The charter bank has 10
average operating costs of the charter bank to the
percent of its real estate loans (both of the number and
resources of Bank of Commerce. With automation of
the dollar amount) in suburban Maryland and about 6
banking records, marginal costs tend to be very low
to 8 percent in suburban Virginia. The Bank of Comwhile overhead costs tend to be high. The initial investmerce has made about 47 percent of all loans, other
ment in automatic equipment is very large and will
than on real estate, to borrowers from suburban Marybecome even larger as automation is extended. The
land and about 7 percent to borrowers from suburban
cost economies through the use of the computer of the
Virginia. In dollar amount, these other loans in subcharter bank, which is not fully utilized, would be
urban Maryland represent 31 percent of the total and
approximately $60,000 a year in processing the checkin suburban Virginia they represent 5 percent of the
ing accounts of Bank of Commerce. There would also
total. The charter bank has made about 11 percent of
be substantial economies in other data processing.
the number of its loans, other than those in real estate,
Furthermore, there is capacity for considerable growth
to borrowers from suburban Maryland and 8 percent
in the future without a comparable increase in cost or
to borrowers from suburban Virginia. In dollar
in investment in equipment. Economies would also
amount, the charter bank has about 10 percent of its
accrue in telephone service, office supplies, advertising,
other loans in suburban Maryland and 4 percent in
and printing. In addition, a substantial amount would
suburban Virginia.
be saved annually in the cost of the bankers' blanket
The distinctive character of the business of the 2
bond.
banks is indicated by the purposes of their loans. As
The charter bank has an in-depth executive training
of December 31,1965, the charter bank had gross loans
program which will serve to maintain a capable staff of
and discounts of $95 million. Of this amount, $58 milofficers in the resulting bank. Bank of Commerce does
lion consisted of commercial and industrial loans, loans
not have a very large group of senior officers and, conon business and other nonresidential property, loans to
sequently, more of the responsibilities of directing a
brokers and dealers in securities, and loans to other
successful bank have devolved upon the shoulders of
financial institutions. Such loans, which may be
relatively few men. Consolidation of the 2 banks will
grouped together as loans to business and financial
firms, were 61 percent of the total loans and discounts facilitate the maintenance of continuity in the succession of competent officers.
of National Savings & Trust Co. Bank of Commerce's
loans to business and financial firms comprised 18.5
Nearly all that has been discussed heretofore bears
percent of its total loans and discounts.
on the convenience and needs of the public in this
transaction. There has been dramatic growth of the
Bank of Commerce does not have a trust departWashington metropolitan area both geographically and
ment, while the charter bank has a large and profitable
80

economically. The need for greater amounts of capital
in real estate and other business transactions has grown.
The number of potential depositors has grown as well
as becoming more dispersed. Their requirements and
demands necessitate larger diversified banks which can
provide complete services. The types of business transactions have become more varied and complex, calling for a greater expertise by bank officers. The variety
of services the increased number of potential customers will demand has grown as well as has their business
sophistication. All of these factors balanced against the
demand for these services at a lower cost in the extremely competitive financial community in metropolitan Washington, coupled with the rising cost of
"doing banking," means that the communiy could
benefit from the combination of these 2 institutions.
Clearly, however, of greatest benefit to the convenience and needs of the public would be that, should
this consolidation be consummated, a resulting bank
would be created which would be a more balanced
financial institution. The 2 banks are complementary,
particularly as to product lines and geographical segments of the immediate metropolitan market area
served. In addition, an institution with a legal lending
limit more competitive with that of the other leading
banks in the area would be produced by this
consolidation.
The usefulness of an increased lending limit to these
banks is pointed up by their having to resort to participation by other banks in order to serve some of the
business they are able to attract. Four loans made by
Bank of Commerce in 1965 aggregating $5,500,000
were handled this way, and $4,700,00 of this amount
was handled by banks outside the District. The charter
bank made 6 loans in 1965 on which it had to secure
participation of other banks. In addition, the charter
bank made 5 other loans aggregating $9,300,000 on
which it had to secure participation by other banks
outside Washington in the amount of $8,500,000. Although it is desirable to spread loan risks between
banks and areas, these banks are unduly handicapped
in servicing the business they are able to attract.
The resulting bank would be fourth in size in the
District of Columbia and fifth in the Washington
metropolitan area. The deposits of the consolidated
bank would be 29 percent of those of the Riggs National Bank, 38 percent of those of the American Security & Trust Co., 44 percent of those of the National

Bank of Washington, and 63 percent of those of the
Suburban Trust Co.
The resulting bank could clearly compete more effectively for a more balanced distribution of depositors
and borrowers between the city and the suburbs, between large and small accounts, and between business
and personal accounts. A larger lending limit would
enable the consolidated bank to present aggressive
competition to the large financial institutions in the
metropolitan area. The location of the branches of the
resulting bank are well located to attract suburban
business. The excellent trust services of the charter
bank will be available to a new group of customers.
Applying the statutory criteria to the proposed consolidation, we conclude that it is in the public interest,
and the application, therefore, is approved.
JULY 29,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

National Savings & Trust Co. is thefifthlargest bank
in the District of Columbia with total assets of $151,968,000, loans and discounts of $93,328,000, and total
deposits of $142,643,000. It operates its main office and
3 branch offices in the District of Columbia and has
requested authority to open one additional branch.
Bank of Commerce is the seventh largest bank in the
District of Columbia with assets of $63,766,000, loans
and discounts of $39,034,000, and total deposits of
$58,131,000. It operates its main office and 4 branch
offices within the District of Columbia. The District
of Columbia is considered to be the principal service
area of both of the banks and as a result of the proposed merger actual and potential competition between them will be eliminated.
The addition of deposits of the Bank of Commerce,
the seventh largest bank, to those of National Savings
& Trust Co., the fifth largest bank, would make the
merged bank the fourth largest in the District of Columbia. The already high level of concentration in
commercial banking in the District of Columbia would
be further increased, with the 5 leading banks after
the merger having approximately 90 percent of total
deposits.
The proposed merger would eliminate all competition between National and Commerce, both of which
are substantial competitive factors, and would further
increase concentration in commercial banking in the
District of Columbia.

TRUST CO.,

THE DILLSBURG NATIONAL BANK, DILLSBURG, PA., AND THE HARRISBURG NATIONAL BANK
HARRISBURG, PA.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The Dillsburg National Bank, Dillsburg, Pa. (2397), with
and The Harrisburg National Bank& Trust Co., Harrisburg, Pa. (580),
which had
merged Sept. 23, 1966, under charter and title of the latter bank (580). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On June 15, 1966, The Harrisburg National Bank &
Trust Co., Harrisburg, Pa., and The Dillsburg National Bank, Dillsburg, Pa., applied to the Office of the
Comptroller of the Currency for permission to merge
under the charter and with the title of the former.
The charter bank, with IPC deposits of $106 million, is the third largest bank in the Harrisburg area.
It presently operates 11 offices in the 3 counties of
Dauphin, Cumberland, and Perry. The 2 larger banks
are the Dauphin Deposit Trust Co., operating 17 offices, and the National Bank & Trust Co. of Central
Pennsylvania, operating 18 offices. The bank is well
managed and is in excellent condition with a strong
capital position. It provides a full line of banking
services including modern and capable trust services,
and is able to meet adequately the needs of the communities it serves.
Harrisburg is the capital of the State of Pennsylvania and the county seat of Dauphin County. It has
a population of about 80,000. The greater service area
of the participating banks has a well diversified industrial, commercial, agricultural, and residential
economy. There is a reasonable amount of agriculture
and a considerable amount of industry, both light and
heavy, in the counties included in the service area of
the 2 banks. Heavy industry is evidenced in Dauphin
and Cumberland Counties by the Steelton plant of
Bethlehem Steel Co.; the Harrisburg Steel Co., a
division of Harsco Corp.; Enola yards and shops of
the Pennsylvania Railroad Co.; Rutherford yard of
the Reading Co.; and many other companies with
national or local stature. In York and Lancaster
Counties as well, there are many companies of national
or local stature, such as the Berg Electronics Inc., the
Hamilton Watch Company, RCA, the Schick Electric
Co., and the Armstrong Cork Co. The service area also
includes 2 large Federal Government installations, the
Middletown Air Material Area Depot, and the
Mechanicsburg Naval Supply Depot. The former is
82

$9,491, 837

139, 835, 204

149, 327, 042

currently being phased out of operation. Industrial
growth of the central Pennsylvania area has been significant over the past 5 years, with a concurring drop
in the unemployment rate. Prospects for continued
growth are excellent due to the interest in industrial
development demonstrated by the State and local
governments, as well as by private enterprise.
The merging bank, with IPC deposits of $7.5 million, is a single-office bank and the only bank operating in Dillsburg. The bank has had a management
problem and is now facing a succession problem.
Because of its size, the bank cannot fully meet the
credit needs of the growing community it serves.
Dillsburg, located in the northern section of York
County, is a small town with a population of about
1,300. It is located approximately 15 miles south of
Harrisburg and is oriented toward Harrisburg and its
economy with many of its resident wage earners commuting daily. The economy of the Dillsburg area is
primarily agricultural with dairying the principal
source of farm income. Tourist trade is another important source of revenue. This area is one of the most
promising growth areas in central Pennsylvania. New
plants and retail outlets being established in the area
are creating demands for large loans to finance capital
expenditures, inventories, and home purchases.
The closest offices of The Harrisburg National Bank
& Trust Co. to Dillsburg are its offices in Mechanicsburg and Shiremanstown, both about 7 miles from
Dillsburg. Other banks competing with the Dillsburg
bank are The Wellsville National Bank, 8 miles east;
The First National Bank of York Springs, 8 miles
south; the Cumberland County National Bank's
branch at Boiling Springs, 7 miles distant; the First
Bank & Trust Co. in Mechanicsburg, 7 miles away;
and branch offices of the Dauphin Deposit Trust Co.
and Farmers Trust Co. in Carlisle, 13 miles away.
Participants compete with a very large number of
commercial banks of equal and larger size in their
area. Competition is also provided by savings and

Besides solving a serious management succession problem at the merging bank, it will provide a bank with
leading capabilities adequate to meet the increasing
credit demands of the community of Dillsburg. It will
provide Dillsburg with new, improved, and broader
banking services.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
the application is, therefore, approved.

loan associations, credit unions, insurance companies,
sales finance and personal loan companies, The Pennsylvania Development Credit Corp., and direct lending agencies of the government.
Consummation of the proposed merger will not
have an adverse competitive effect in the areas serviced by the participating banks. The only competitive
effect the merger will have will be in Dillsburg, where
it will introduce a strong competitive institution with
a sound management and a strong capital position.

AUGUST 19, 1966.

NATIONAL STATE BANK OF PLAINFIELD, N.J., PLAINFIELD, N.J., AND THE NATIONAL STATE BANK, ELIZABETH,

N.J.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
National State Bank of Plainfield, N.J., Plainfield, N.J. (15574), with
was purchased Sept. 26, 1966, by The National State Bank, Elizabeth, N.J.
(1436), which had.
After the purchase was effected, the receiving association had

COMPTROLLER'S DECISION

On June 13, 1966, The National State Bank, Elizabeth, N.J., applied to the Office of the Comptroller
of the Currency for permission to acquire the assets
and assume the liabilities of National State Bank of
Plainfield, NJ.
Both participating banks are located in Union
County, which is located in the north-central portion
of New Jersey. The county has a population of over
one-half million and covers an area of 103 square
miles. The eastern portion of the county is highly industrialized, with more than 800 industrial and
commercial firms; the western portion is composed
primarily of residential communities with some light
industry.
Elizabeth, with an estimated population of 112,000,
is the county seat and retail center of Union County.
There are over 1,500 retail stores in the corporate city.
The Elizabeth area is also a vigorous industrial and
commercial center, with over 200 such firms entering
the area in the past 5 years.
The National State Bank, with deposits of $166
million, presently operates eleven offices in Union
County. Three of its offices, including its main office,
are located in Elizabeth. Second in size to the charter
bank is the Union Trust Co. in Elizabeth, with deposits of $155 million, which operates eleven offices.

$8, 843, 158

192, 091,465
199, 100, 992

The Plainfield Trust State National Bank, with deposits in excess of $111 million, is the third in size
and operates five offices. There are 10 other commercial banks in the county.
Competition amongfinancialinstitutions in the area
is keen. Not only do the banks headquartered in the
county compete vigorously, but Newark and New York
banks compete in the area very effectively. In addition,
there are in Union County three savings banks, several
savings and loan associations, credit unions, insurance
companies, salesfinancecompanies, personal loan companies, and factoring firms which compete with the
applicant banks.
Plainfield, about 11 miles southwest of Elizabeth,
has a population in excess of 45,000 and serves as a
civic, cultural, and economic center for the greater
Plainfield area. Although the area is primarily residential, skilled labor, convenient transportation facilities, nearness to markets, and port facilities have
helped make the area a desirable location for manufacturing. The 18,000 wage earners who live in
Plainfield are employed locally, in surrounding communities, Newark, and New York.
The National State Bank of Plainfield, with IPC
deposits of only $7 million, does not presently operate
any branch office, but has received approval to establish two. This selling bank with its small lending
83

capability has not been a vital economic factor in its
community. In Plainfield itself are located two other
commercial banks, the Plainfield Trust State National
Bank and the Suburban Trust Co., with deposits of
$112,847,000 and $65,521,000, respectively.
The nearest office of the acquiring bank to Plainfield is its branch office in Westfield, 5 miles northeast.
There are several offices of other commercial banks
located in the intervening area. Consummation of the
subject proposal will not result in elimination of competition between the two banks. In fact, the entry
of the resulting bank in Plainfield will provide a bank
better able to meet the needs of this community by

providing a broader-based institution capable of meetting the general credit demands, and capable of providing substantial competition to the two much larger
banks now located in Plainfield. The resulting bank
will also provide additional and improved services
including modern and capable trust facilities. It should
be noted that all of the bank regulatory agencies
agree that this merger will have no anticompetitive
significance.
Considered in the light of the statutory criteria, the
merger is determined to be in the public interest and
is, therefore, approved.
AUGUST 19, 1966.

FIRST CITIZENS STATE BANK, MONROEVILLE, IND., AND FORT WAYNE NATIONAL BANK, FORT WAYNE, IND.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
First Ciitzens State Bank, Monroeville, Ind., with
and Fort Wayne National Bank, Fort Wayne, Ind. (13818), which had
merged Sept. 30, 1966, under charter and title of the latter bank (13818).

$5, 264, 567
131, 659, 284
136, 582, 135

COMPTROLLER'S DECISION

On June 13, 1966, the First Citizens State Bank,
Monroeville, Ind., and the Fort Wayne National Bank,
Fort Wayne, Ind., applied to the Office of the Comptroller of the Currency for permission to merge under
the charter and with the title of the latter.
Fort Wayne, with a population of 175,000, is located
in the northeast portion of the State and is the county
seat of Allen County. The city is highly industralized,
with approximately 370 manufacturing plants, 200
wholesalers, 700 service businesses, and 1,400 retail
stores. Leading industries include General Electric,
Phelps Dodge, Magnavox, and International Harvester. Population has grown 20 percent over the past
10 years and future growth potential is considered
good.
Monroeville, with a population of 1,275, is located
20 miles southeast of Fort Wayne, in a highly developed, rich, agricultural area. Five industrial firms in
the area employ 65 persons. The trend has been toward larger, mechanized farms.
Fort Wayne National Bank, with IPC deposits of
$101.8 million, was chartered in 1932. The bank operates 5 branches, 4 within the city and one outside
the city in Woodburn, 20 miles northeast of Fort
84

1
6
7

Wayne. Competition for the bank derives mainly from
the $198 million Lincoln National Bank & Trust Co.,
the $81 million Peoples Trust & Savings Co., the $54
million Indiana Bank & Trust Co. and the $36 million
Anthony Wayne Bank.
First Citizens State Bank, with IPC deposits of $4.5
million, was chartered in 1932. Although the merging
bank is the only bank in Monroeville, it competes
directly with smaller banks in the area as well as with
the Hoagland branch of the Lincoln National Bank &
Trust Co.
Competition between the applicant banks is minimal. The proposal will result in the charter bank increasing its share of the total deposits and loans in the
trade area from 23.7 percent and 22.7 percent, respectively, to 24.6 percent and 23.3 percent. The resulting
bank will continue to rank second to the Lincoln National Bank & Co., which controls 35.2 percent of the
area's deposits and 37 percent of its loans. Competition
is also provided by other types of financial institutions
including savings and loan associations, major insurance companies, credit unions, sales finance, and personal loan companies.
The resulting bank will be in a position to offer
broader services to the Monroeville market including

a larger lending limit, computer service, trust facilities,
and broader consumer credit services. Consummation
of the proposed merger will also solve the management
succession problem of the merging bank.

Applying the statutory criteria, we conclude that the
proposal is in the public interest and the application
is, therefore, approved.
AUGUST 1, 1966.

FIRST NATIONAL BANK IN CRESTLINE, CRESTLINE, OHIO, AND FIRST NATIONAL BANK OF MANSFIELD, MANSFIELD,
OHIO
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

First National Bank in Crestline, Crestline, Ohio (13273), with
and First National Bank of Mansfield, Mansfield, Ohio (2577), which had.. .
merged Sept. 30, 1966, under charter and title of the latter bank (2577). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On February 25, 1966, the First National Bank in
Crestline, Crestline, Ohio, and the First National Bank
of Mansfield, Mansfield, Ohio, applied to the Office
of the Comptroller of the Currency for permission to
merge under the charter and with the title of the latter.
The charter bank, with total IPC deposits of $86
million, is located in Mansfield, which is the county
seat of Richland County and which has an estimated
1965 population of 51,450. This bank, the largest bank
in Mansfield, operates 13 offices in 3 counties. It competes with 20 other commercial banks operating 53
offices in this tri-county area. In addition, there are at
least 126 nonbank financial institutions including savings and loan associations, building and loan associations, credit unions, insurance companies, personal loan
companies, mortgage companies, and government
lending agencies which compete in the same area.
Mansfield, situated between Columbus and Cleveland, is the geographic and economic center of an area
which includes the counties of Richland, Crawford,
and Ashland. The economy of this area is characterized
by well diversified industry which shows steady growth.
It has been estimated that extensive additions and improvements to these industrial plants will total approximately $150 million in the next 5 years. The EmpireReeves Steel Corp., a division of Cyclops, Inc., has,
since 1956, invested some $70 million, and its program
of modernization and expansion will continue. Mansfield is rapidly becoming regional headquarters for oil
companies, data processing services, and various commercial outlets. The tourist and convention businesses

$5, 588, 266
113,911,379
119,499,645

1
14
15

have grown and revenues derived therefrom have more
than tripled in the last 3 years; they now total approximately $12 million annually. Great advancements have
also been made in the field of education. The Mansfield branch of Ohio State University will open in
September 1966. Ashland College, having recently
completed construction of a $1 million physical education and community center and also a $1.5 million
Kettering-Science Building, is now planning the construction of other new facilities.
The merging bank, with total IPC deposits of $5
million, is located in Crestline, Crawford County, about
12 miles west of Mansfield and with an estimated 1965
population of 6,260. The bank has no branch offices.
The only other bank directly operating in Crestline is
a branch office of the Crawford County National Bank.
The merging bank is relatively small with limited resources and inadequate lending capabilities. It does
not offer many services which are required by the community nor is it able to meet the personal and business
credit needs of its community. On consummation of
this merger, the office of the merging bank in downtown Crestline will be closed and customers of the
bank will be able to conduct their business at the new
branch office of the charter bank which is to be located
in that part of the city of Crestline which is in Richland
County.
The economic character of the city of Crestline has
changed drastically in the last decade. While railroads
were the major employers in this community, from
1958 to 1963 such employment has decreased 85 percent and manufacturing employment has increased by
85

289 percent. The leading factories include glass products, electrical machinery, rubber and plastic products,
transportation equipment, and primary metals. Important parts of the Crestline area are in need of substantial urban renewal and rehabilitation. The merging
bank is not in a position to help materially in bringing
about the realization of these community objectives.
Consummation of the proposed merger will have
little effect on competition in the area served by the
First National Bank of Mansfield. The position of the
charter bank as the largest bank in Mansfield will not
be increased in any significant degree by the addition
of $6 million in assets. Elimination of the insignificant
amount of competition between the merging banks will
have little adverse effect on the overall competitive
structure of the area. Consummation of the proposed
merger will solve a serious management succession
problem of the merging bank and it will provide a bank
which can bring to Crestline modern banking facilities, expanded banking services, and a broader-based
institution capable of meeting the general credit demands of this community.
We find that this merger conforms to the statutory

criteria and is in the public interest. The application
is, therefore, approved.
MAY 23,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Mansfield, Mansfield,
Ohio, which operates a main office and Trust Department in Mansfield and 17 branch offices in the Ashland, Crawford, and Richland Counties area, proposesto acquire by merger the First National Bank of Crestline, Ohio, a small unit bank serving an area radiating
approximately 5 miles from Crestline. Total loans of
Crestline Bank have decreased from $1,098,000 in 1961
to $1,004,600 in 1965, and the loans to deposits ratio
has declined during the same time from 25.9 percent
to 20.2 percent. Under the circumstances, it does not
appear that Crestline Bank is a vigorous competitor
to the neighboring Crestline branch office of the
Crawford County National Bank, Bucyrus, Ohio, or
to the Ontario branch office of the First National
Bank of Mansfield 6 miles to the east. It is not believed
that the proposed merger will have a substantially adverse effect upon competition in the Crestline area or
in the present service area of Mansfield Bank.

OTHELLO FIRST NATIONAL BANK, OTHELLO, WASH., AND OLD NATIONAL BANK OF WASHINGTON, SPOKANE,
WASH.
Banking offices

Name of bank and type of transaction

Total assets
In operation

Othello First National Bank, Othello, Wash. (15445), with
was purchased Sept. 30, 1966, by Old National Bank of Washington, Spokane,
Wash. (4668), which had
after the purchase was effected, the receiving association had.

COMPTROLLER'S DECISION

On June 8, 1966, The Old National Bank of Washington, Spokane, Wash., applied to the Office of the
Comptroller of the Currency to purchase the assets and
assume the liabilities of the Othello First National
Bank, Othello, Wash.
Spokane, the second largest city in the State of Washington, has an estimated population of 186,000, and
is the trading center for the "Inland Empire" which
includes eastern Washington, northern Idaho, and
western Montana. The economy is largely agricultural,
but lumber and mining are also important in this area.
Manufacturing has been increasing steadily.
Othello is a town of about 3,500 and is located 120
86

$1,496, 733

241, 003, 690
242,480,448

To be operated

miles southwest of Spokane in the center of the Columbia Basin Project which furnishes water to the surrounding 2.5 million acres of land. Othello is prospering from the vastly increased agricultural production
and is expected to continue to grow. It presently serves
close to 10,000 persons living within a radius of 10 to
15 miles.
Old National, with deposits of over $206 million
and 32 offices, is the fifth largest commercial bank
in the State of Washington although its competitive
position is gradually declining in the face of severe
competition. Each of the 4 larger banks, The SeattleFirst National Bank, the National Bank of Commerce,
the Peoples National Bank of Washington, and the

National Bank of Washington, headquartered in Seattle or Tacoma, maintains large branch operations in
Spokane and eastern Washington. The charter bank
competes with many of their branches.
The Othello Bank has deposits of $1 million and is
the only locally headquartered bank. The only other
banking office in Othello is a branch of the Peoples
National Bank of Seattle which holds 81 percent of
local deposits and 88 percent of local loans. Othello
First National also competes with 2 branches of SeattleFirst National in Connell and Moses Lake, 4 branches
of Peoples National Bank of Washington in Othello,
Moses Lake, Royal City, and Warden, and a branch of
the National Bank of Commerce in Moses Lake. It
also competes with a large branch of Fidelity Savings &
Loan situated in Moses Lake.
There is no cognizable competition between the 2
participating banks, as there is no overlapping of their

service areas. The 2 nearest branches of the charter
bank to Othello are in Pasco, 49 miles south. If the
pending application to acquire Bank of Richland is
approved, the charter bank would have a branch 35
miles south of Othello.
Othello Bank, with IPC deposits of only $873,000, is
unable to compete effectively with the nearby branches
of the State's 3 largest banks. It is unable to meet the
credit needs of potential customers, and to provide
them with modern banking services. Because it has
been unable to find a capable manager, it has had to
rely on Old National's management for advice and
assistance.
Since this purchase of assets and assumption of liabilities is clearly in the public interest, it is, therefore,
approved.
AUGUST 19, 1966.

PEOPLE'S TRUST CO. OF TAMAQUA, TAMAQUA, PA., AND PENNSYLVANIA NATIONAL BANK
POTTSVILLE, PA.
Total assets

Name of bank and type of transaction

. TRUST CO.,

Banking offices
In operation To be operated

People's Trust Go. of Tamaqua, Tamaqua, Pa., with.
and Pennsylvania National Bank & Trust Co., Pottsville, Pa. (1663), which
had
merged Sept. 30, 1966, under charter and title of the latter bank (1663).
The merged bank at date of merger had
COMPTROLLER'S DECISION

On May 25, 1966, the People's Trust Co. of Tamaqua, Tamaqua, Pa., with IPC deposits of $6.5 million,
and The Pennsylvania National Bank & Trust Co.,
Pottsville, Pa., with IPC deposits of $64 million, applied to the Office of the Comptroller of the Currency
for permission to merge under the charter and with
the title of the latter.
Pottsville, the largest city and county seat of Schuylkill County, is located in east-central Pennsylvania. The
city has a population of 21,659 and the population of
the bank's service area is estimated at 80,000. Population has reflected a slight decline between 1950 and
1960, but is now considered to be stable. The Pottsville area was once an important anthracite mining
center. However, in recent years, this industry has
declined and the economy has shifted to textiles and
light industry, including metal fabrication and
plastics. Major employers are the Phillips-Van Huesen

$7,415, 621

73,599, 891

81,015,512

Corp., employing 1,100 persons, and the Aluminum
Co. of America, employing 1,400 persons. Through the
efforts of local industrial development associations, the
city has been able to reduce unemployment from 16.4
percent at the end of 1961, to 7 percent at the end of
1965.
Tamaqua, with a population of 10,173 and service
area of 15,000, is located some 15 miles northeast of
Pottsville in Schulykill County. The city's economic
history and background parallel that of the rest of
Schuylkill County. Originally, the city was a coal mining town and its economy deteriorated with the decline
of the anthracite industry. Through the efforts of an
industrial development organization, there has recently
been a growth of employment, principally in textiles
and light manufacturing industries.
The Pennsylvania National Bank & Trust Co. was
organized in 1866. It operates 11 offices, 10 of which
are in Schuylkill County, one of which is located in
neighboring Columbia County. The bank is a progres87

sive institution with very competent and aggressive
management.
The People's Trust Company of Tamaqua, organized under a Commonwealth of Pennsylvania
charter in 1914, is a single-office bank. It has been conservatively managed and is unable to compete effectively with the other banks in its area. Its loan
capacity has been strained because of the recent industrial development and expanding economy.
The charter bank is the second largest bank in the
combined service areas. This position will not change
with the acquisition of the merging bank's deposits.
The American Bank & Trust Co. of Pennsylvania,
Reading, Pa., will continue as the dominating bank
and strongest competitor in the area. The areas served
by the merging banks do not overlap. The charter
bank's nearest office is 11 miles from the merging bank.
Therefore, the increase in the size of the charter bank
would have little effect on competition in its present
service area and its entry into Tamaqua will have no
adverse effect on competition in the merging bank's
service area.
The resulting bank will continue to operate the
merging bank's office in Tamaqua and will be in a position to offer broader service to the Tamaqua market.
These services include a larger lending limit, all types
of business loans, expanded and complete consumer
credit facilities, and complete trust department serv-

ices. Consummation of the proposed merger will also
solve existing management problems of the merging
bank.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and
the application is, therefore, approved.
JULY 28,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

People's Trust, which was organized in 1914, had
total assets of $7,470,000, total deposits of $6,586,000,
total loans of $2,837,000, and total capital accounts
of $761,000 as of December 31, 1965. Its only office
is located in Tamaqua, Pa., and it is the last remaining independent bank in Tamaqua, two others having
agreed to mergers in 1960 and 1966, respectively.
Pennsylvania National, organized in 1866, had total assets of $70,295,000, total deposits of $64,146,000,
total loans of $36,933,000, and total capital accounts
of $4,369,000 as of December 31, 1965. In the last
5 years it has made 4 acquisitions, acquiring 5 banking
offices, $33 million in deposits, and $18 million in
loans in the process.
It appears that the areas served by the merging
banks do not overlap, and that the banks are not in
competition with each other to any substantial degree.
We conclude that the proposed merger would not
adversely affect competition.

THE UNION NATIONAL BANK OF CARNEGIE, CARNEGIE, PA., AND THE FIRST NATIONAL BANK OF
FREDERICKTOWN, FREDERICKTOWN, PA.
Total assets

Name o bank and type o transaction

Banking offices
In operation

The Union National Bank of Carnegie, Carnegie, Pa. (12934), with
and The First National Bank of Fredericktown, Fredericktown, Pa. (5920),
which had
merged Oct. 3,1966, under the charter of the latter bank (5920) and with title of
"The First National Bank in Washington." The bank at date of merger had
COMPTROLLER'S DECISION

On May 31, 1966, The Union National Bank of
Carnegie, Carnegie, Pa,, and The First National Bank
of Fredericktown, Fredericktown, Pa., applied to the
Office of the Comptroller of the Currency for permission to merge under the charter of the latter and
with the title "The First National Bank in Washington." The resulting bank plans to establish its main
office in Washington, Pa.
88

$6, 906, 991

19, 551,097

26,458, 088

To be operated

Washington has a population of 24,000 and is the
largest city in Washington County. The area has 38
manufacturing plants employing 2,500 persons with
annual payrolls of $18 million. Local industrial development has been instrumental in creating 1,782 new
jobs in the immediate area. Major employers include
Bobbie Brooks, Inc., Federal Paper Board Co., Jessop
Steel Co., RCA, Washington Steel Corp., and American Brake Shoe Co. The completion of 2 new interstate highways should be of assistance to the area.

Carnegie, with a population of 13,000, is located 7
miles from downtown Pittsburgh. Local industry is
oriented to the production and fabrication of steel with
major employers including Columbia Steel Shafting,
Union Electric Steel, American Steel Bond, Ryerson
Steel, and Taylor Forge and Pipe Co. Economic prospects for the area are considered good.
First National Bank of Fredericktown, with I PC
deposits of $16.9 million, was organized in 1901. The
bank's present head office and 5 branches serve the
southern part of Washington County and a portion of
western Fayette County, and primary competition for
the bank derives from branches of the larger Pittsburgh banks including offices of the Mellon National
Bank, Pittsburgh National Bank, and the Western
Pennsylvania National Bank.
The merging bank, with I PC deposits of $5.9 million, was organized in 1926 and operates as a singleunit bank. Like the applicant bank, competition derives
from offices of the larger Pittsburgh banks. Within a
radius of 2 miles of Union's single office are 5 branch
offices of 4 large Pittsburgh banks with combined deposits in excess of $6 billion. The only competitive bank
of size comparable to Union National Bank is the
Bridgeville Trust Co., with IPC deposits of $17.7 million, located 4 miles south of Carnegie.
The head offices of the applying and merging banks
are 40 miles apart. First National has a branch operating 17 miles southwest of Carnegie. The service
areas do not overlap and the banks do not compete.

The merging bank is not a full service institution,
as evidenced by its nominal 20 to 25 percent loan to
deposit ratio and it has not provided for internal management succession. On the other hand, the charter
bank, although small in relation to the competition
afforded by units of the large Pittsburgh banks, has
provided more sophisticated banking services to its
entire market area. Through this proposal, the charter
bank will bring these services, with concomitant management talent, to the service area of the merging
bank.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest and it
is, therefore, approved.
SEPTEMBER 1, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Fredericktown, Fredericktown, Pa., with assets of $18,816,000, proposes to
merge with the Union National Bank of Carnegie,
Carnegie, Pa., with assets of $6,705,000. The banks
serve different geographic areas and apparently do not
compete with each other.
Branches of much larger Pittsburgh banks compete
with the merging banks.
The proposed merger will not materially alter the
competitive situation in either of the areas served by
the merging banks and will not have an adverse effect
on competition.

THE FIRST NATIONAL BANK OF BOONVILLE, BOONVILLE, N.Y., AND THE ONEIDA NATIONAL BANK & TRUST CO.
OF CENTRAL NEW YORK, UTICA, N.Y.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
The First National Bank of Boonville, Boonville, N.Y. (2320), with
and The Oneida National Bank & Trust Co. of Central New York, Utica,
N.Y. (1392), which had
merged Oct. 28, 1966, under charter and title of the latter bank (1392). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On August 8, 1966, The First National Bank of
Boonville, Boonville, N.Y., and The Oneida National
Bank & Trust Co., of Central New York, Utica, N.Y.,
applied to the Comptroller of the Currency to merge
under the charter and with the title of the latter.
Both banks are located in the Mohawk River Valley. Utica has a population of approximately 100,000.

$6, 384, 926

208,305, 791

214,690,717

The area is heavily industrial and has attracted such
major plants as General Electric, Bendix Aviation, and
Sperry Rand Corp. Agricultural production also contributes significantly to the diversified economy.
Boonville has a population of 2,500 and is located
30 miles north of Utica. The economy depends on 4
factors: industry, dairy farming, recreation, and retail business. Boonville, which serves as the trading
89

center for a rural area containing over 12,000 persons,
supports 2 locally headquartered banks, viz. the merging bank and the National Exchange Bank.
The Oneida bank was organized in 1836 and converted to a National bank in 1865. It presently has 16
branches in Oneida and Herkimer counties and serves
approximately 175,000. The bank is sound and stable
and enjoys competent management. Oneida National
Bank has total IPC deposits of $153.4 million.
The merging bank, organized in 1866, serves a rural
area in Oneida County. It has total IPG deposits of
$5.4 million and operates no branches. The bank is
able to offer only minimal services to its customers.
Twenty-three percent of its loans are made to fanners
but it has no personnel trained in agricultural credit.
The merger will make this service available to the residents of Boonville and will also provide trust facilities,
presently unavailable at the merging bank.
The participating banks compete with each other
only to an insignificant degree as the closest branch
of the Oneida bank is 20 miles from Boonville. Elimination of the merging bank will not appreciably change
the banking structure in Herkimer and Oneida Counties. The merger, by bringing a larger and more aggressive bank to Boonville, will stimulate banking competition with the National Exchange Bank. It will also
benefit the residents of the Boonville area by making
available to them a broader range of modern banking
services while eliminating the weaknesses of the merging bank without creating a situation adverse to competition. The application is, therefore, approved.
SEPTEMBER 28, 1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The Oneida Bank operates its head office and 16
branches in Oneida and Herkimer Counties in central New York State. Since 1956, it has acquired or
merged 7 banks, the most recent merger having
occurred in November 1965. As of June 30, 1966, it
had assets of $208.8 million, deposits of $182.7 million
and loans of $122.3 million. First National operates its
only office in Boonville, N.Y., 30 miles north of Utica,
the Oneida Bank's home office city. Their closest offices
are some 20 miles apart. As of June 30, 1966, First
National had assets of $6.5 million, deposits of $5.9
million and loans of $2.9 million.
The proposed merger would, of course, eliminate
whatever competition exists between the applicants.
The distance between First National and the Oneida
Bank's nearest office indicates that such competition
probably is not substantial. Residents of First National's service area, therefore, would not be deprived
of a significant alternative source of bank services; the
Oneida Bank would be substituted for First National
and area residents would still be able to choose between
four competitive sources of bank services.
The proposed merger probably would not eliminate
potential competition between the applicants. The
Oneida Bank is precluded from establishing a de novo
branch in Boonville by the "home office protection"
provisions of the New York State banking laws. The
size and location of First National suggest that it would
not be in a position to establish a de novo branch in
any of the cities and towns where the Oneida Bank
presently maintains branch offices.

CITIZENS BANK & TRUST CO. OF CLARKSVILLE, CLARKSVILLE, VA., AND THE FIDELITY NATIONAL BANK,
LYNCHBURG, VA.
Name of bank and type of transaction

Total assets

Banking offices
In operation

Citizens Bank & Trust Go. of Clarksville, Clarksville, Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522), which had
merged Oct. 31, 1966, under charter and title of the latter bank (1522). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On July 22, 1966, The Fidelity National Bank,
Lynchburg, Va., with IPC deposits of $81 million, and
Citizens Bank & Trust Co. of Clarksville, Clarksville,
90

$9,073, 957
119,404,604
128,453, 393

To be operated

1
19
20

Va., with IPC deposits of $6 million, applied to the
Comptroller of the Currency for permission to merge
under the charter and with the title of the former.
Lynchburg, situated in the Piedmont region of westcentral Virginia, has a population of 55,000 and is the

central city in a 4-county area with a total population
of 150,000. Several national manufacturing and research organizations are located in the Lynchburg
metropolitan area. As a result of new plant openings
by national firms, the area has enjoyed rapid economic
growth in recent years. In addition, the local economy
is supplemented by a variety of light manufacturing
concerns and by agriculture. A number of educational
institutions also play a role in the Lynchburg area
economy.
The Fidelity National Bank has 18 branches operating within the Piedmont region. It has several competitors in the Lynchburg area, including several
branches of the $506 million First & Merchants National Bank, Richmond, Va., one of the largest Statewide banks, and the $30 million First National Trust &
Savings Bank which is affiliated with United Virginia
Bankshares, a State-wide bank holding company.
Glarksville, with a population of 1,800, is located in
Mecklenburg County, 85 miles southeast of Lynchburg. While the economy of the Glarksville area is
based primarily on agriculture, there has been an increase in tourism and manufacturing in recent years.
Clarksville serves as a trading center for a population
of about 15,000.
The Citizens Bank and Trust Co., the merging bank,
is the only bank in Clarksville. Its nearest competitor is
a branch of the $251 million Bank of Virginia located
in Boydton, Va., 10 miles east of Clarksville. The
charter bank's nearest branch is located in Halifax,
Va., 26 miles west of the merging bank. Because the
service area of the 2 banks do not overlap, consummation of the proposed merger will have no adverse effect on competition but will, on the contrary, promote
competition with the larger statewide banks.
The merging bank, like so many small banks in rural
areas, is confronting serious problems for which it has

no solution but to merge. It has not been able to provide management succession nor to offer the full line
of banking services its customers require. Its limited
lending ability prevents it from making many of the
loans required by Clarksville businessmen.
Consummation of this proposed merger will be in
the public interest. It will bring to Clarksville a banking institution much more capable of meeting the
financial demands of the residents than is the merging
bank. There will be a marked increase in banking
services and resources available to these residents.
Through this proposal, the merging bank will solve
the management succession problem with which it is
plagued.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest and
the application is, therefore, approved.
SEPTEMBER 30, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Fidelity National Bank, with assets of $103 million,
operates nine banking offices in Lynchburg and 10
additional banking offices in 9 other towns located
from 3 to 85 miles distant from Lynchburg. Fidelity
proposes to merge with Citizens Bank & Trust Co. of
Clarksville, Clarksville, Va., which has assets of
$7,855,000.
The closest branch of the charter bank is located in
the town of Halifax, about 28 miles northwest of
Citizens Bank. The application states there is no competition between charter bank and Citizens Bank.
Moreover, applicable State law would prevent charter
bank from entering Citizens Bank's service area
through the establishment of a de novo branch. Accordingly, the proposed merger would not appear to
eliminate either actual or potential competition between the applicant banks.

THE CITIZENS BANK, MARION, S.C., AND THE FIRST NATIONAL BANK OF SOUTH CAROLINA, COLUMBIA, S.C.

Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The Citizens Bank, Marion, S.C, with
and The First National Bank of South Carolina, Columbia, S.C. (13720), which
had
merged Oct. 31, 1966, under charter and title of the latter bank (13720). The
merged bank at date of merger had

266-849—67-

$4, 919, 731

179,281,601

184,193,046

COMPTROLLER'S DECISION

On August 5, 1966, The Citizens Bank, Marion,
S.C., with IPC deposits of $2 million, and The First
National Bank of South Carolina, Columbia, S.C.,
with I PC deposits of $118, million, applied to the
Comptroller of the Currency to merge under the
charter and with the title of the latter.
The First National Bank of South Carolina was
organized in 1933 and has its main office in Columbia
which has a metropolitan population of approximately
260,000. Columbia is located in the fastest growing
area in the State. Manufacturing, industry, and both
wholesale and retail trade have become the dominant
economic factors in Columbia.
The 12 counties in which First National maintains
its 40 banking offices also enjoy a thriving and diverse
economy. Of the total capital invested in manufacturing in South Carolina, 50 percent is concentrated in
these counties. Further, 45 percent of the retail sales in
the State were transacted in these 12 counties. Timber
and agriculture are also vital to the economic wellbeing of the area.
The Citizens Bank operates its single office in
Marion, a town of over 7,000. Marion is situated 103
miles southwest of Columbia in an agricultural area
producing tobacco, cotton, and soybeans. Seven major
manufacturers also have established operations near
Marion and various smaller industrial plants have been
built. Other manufacturers have expressed an interest
in expanding their operations to the Marion area.
The recent and potential industrial expansion in
Marion County requires greater financial resources and
more modern banking conveniences than The Citizens
Bank can now provide. Its grossly inadequate lending limit has forced some of its customers to seek funds
elsewhere. Citizens Bank's deposit growth has been
much slower in recent years than that of comparable
banks as it presently pays only 3 percent interest on
time deposits.
The effect of the merger on competition will be
negligible. The charter bank is the smallest of the three
large banking systems in South Carolina and holds but
10 percent of the total bank deposits in the State. The
two larger banks are the South Carolina National Bank

and The Citizens and Southern National Bank. This
proposed merger would not affect the relative market
shares of these three banks but it will increase the
charter bank's competitive position vis-a-vis the other
two banks.
The merging bank presently competes with Marion
National Bank, the only other commercial bank in
Marion. However, the Pee Dee Federal Savings & Loan
Association holds approximately 90 percent of the
deposit funds drawn from the Marion area, and $7.75
million in mortgage loans. It is obvious that the resulting bank will be in a better position to compete for
these savings dollars and loans than is the merging
bank. The participating banks cannot be said to compete with each other as their nearest offices are 36 miles
apart.
Applying the statutory criteria to this proposal, we
conclude that it is in the public interest and the application, therefore, is approved.
SEPTEMBER 30,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

This is an application by the third largest bank in
South Carolina, with 39 offices throughout the State,
to merge with a small independent bank. The charter
bank has an announced policy of expanding by merger,
and it owes the larger part of its recent growth to its
acquisition of ten banks during the past decade.
The 4 largest of South Carolina's 130 banks, which
collectively account for more than 53 percent of the
deposits and 56 percent of the loans held by the State's
banks, have acquired some 31 banks since 1955. This
acquisition trend, which shows no signs of abating,
has doubtless reduced significantly the establishment
of de novo branches by the large banks, with a concomitant lessening of potential competition.
The proposed merger would upset the relative competitive equality which now prevails in the merging
bank's region and may thereby encourage further
merger activity. Also, it would eliminate the potential
competition which might have been generated had the
charter bank established a de novo branch in the
Marion area.

THE NORTH JERSEY TRUST CO.—RIDGEWOOD, RIDGEWOOD, N.J., AND NATIONAL COMMUNITY BANK OF
RUTHERFORD, RUTHERFORD, N.J.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The North Jersey Trust Go.—Ridgewood, Ridgewood, N J., with
and National Community Bank of Rutherford, Rutherford, N.J. (5005),
which had
merged Oct. 31, 1966, under charter and title of the latter bank (5005). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On July 22, 1966, National Community Bank of
Rutherford, Rutherford, N.J., with IPC deposits of
$189.7 million, and The North Jersey Trust Co.—
Ridgewood, Ridgewood, N.J., with IPC deposits of
$40.5 million, applied to the Comptroller of the Currency for permission to merge under the charter and
with the title of the former.
The applicant banks are located in Bergen County
in the northeastern corner of New Jersey. Bergen
County is bordered on the north by New York State,
on the east by the Hudson River, and on the south and
west by Passaic, Essex, and Hudson Counties. The
county's population has grown rapidly from 780,000
in 1960 to 884,000 in 1965 and a population of
1,246,000 is expected by 1975. The county is presently
ranked fifteenth nationwide in per capita income which
has risen in the county from $2,750 in 1960 to $3,135
in 1965 and it is expected to reach $3,653 by 1975. The
county houses approximately 18 percent of the State's
workers and, due to its location, it serves as a residential
suburb of New York City to which about 45 percent of
its wage earners commute daily.
The county's economy is well diversified with numerous sizable industrial plants and retail trade centers providing a varied economic base. Two of the
largest shopping centers in the nation are located in
Paramus in the central part of the county. Retail sales
in the county have grown from $1,050 million in 1960
to $1,432 million in 1965 and sales of $2,384 million
are projected by 1973. Likewise, bank deposits have increased from $866 million in 1960 to $1,303 million in
1965; and deposits of $4,200 million are forecast by
1975.
The National Community Bank of Rutherford,
chartered in 1895, has its main office in Rutherford,
a borough of 22,500. Through its 16 offices located in
the southern part of Bergen County it holds 15.1 percent of all deposits and 15.0 percent of all loans generated within the county. National Community, which

$44, 594, 974

230, 268,195

274,468, 129

is in excellent condition and whose management is
considered very competent, has experienced good
growth and has favorable future prospects.
The North Jersey Trust Co., Ridgewood, Ridgewood, N.J., was organized in 1928 and has its main
office in Ridgewood, a village with an estimated
population of 30,500. It operates branch offices in
Oakland and Midland Park. At present, it holds 3.3
percent of the total deposits and 3.0 percent of the
total loans emanating within Bergen County.
National Community Bank is the second largest
and North Jersey Trust is the seventh largest of the
26 commercial banks operating in Bergen County.
Upon consummation of the merger, National Community will continue to rank second in deposit size,
remaining considerably smaller than its principal
competitor, the Peoples Trust Co. of Bergen County,
which holds 24.7 percent of the total deposits and
25.1 percent of the total loans within the county.
National Community also faces intense competition
from the large aggressive banks in metropolitan New
York. Due to the relatively small size of local banks
in comparison to the credit needs of the county's industrial concerns, their corporate accounts are becoming increasingly vulnerable to solicitation by New
York City banks. These banks also compete significantly for the individual accounts of people who
commute to New York City for employment.
Competition for the participating banks is also
furnished by various types of nonbank financial institutions. Eight savings and loan associations operate
in the northwestern section of the county, and various
life insurance companies, credit unions, sales finance
companies, and personal loan companies are active in
the area.
There is virtually no competition between the merging banks. The participants' head offices are located
approximately 10 miles apart. National Community's
Fairlawn office, on Saddle River Road, is 1.7 miles
from the main office of North Jersey Trust. Between
93

these two offices are the tracks of the Erie Railroad
and the municipality of Glen Rock which is served
by a branch office of the $350 million Peoples Trust
Go. National Community's other offices are concentrated in the southern and southwestern portions of
Bergen County while North Jersey Trust's offices are
in the northwest sector.
The principal competitive impact of the proposed
merger would be in the Ridgewood area. North Jersey's local competitor, Citizens First National Bank,
Ridgewood, has increased sharply in size in recent
years as a result of aggressive policies. Its deposit
growth has greatly outpaced that of North Jersey
Trust. The National Community Bank will be able to
generate greater banking competition in the Ridgewood area than is now provided by the North Jersey
Trust.
The dramatic economic growth of Bergen County
in recent years has resulted in heavy demands upon the
local banks to provide adequate credit and new and
specialized services. The North Jersey Trust Co. has
not been able to keep pace with these demands.
Through this merger the National Community Bank
will be able to extend its broad range of specialized

services to the northern sectors of the county. By this
proposal, National Community is responding to Bergen County's growing demands and is striving to keep
the financial business generated by New Jersey companies in the State.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest.
The application is, therefore, approved.
SEPTEMBER 28,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The proposed merger would unite the second and
seventh largest of 26 commercial banks in Bergen
County, N.J. It would be the third merger consummated by the National Community Bank of Rutherford since 1964, each of which has resulted in the
elimination of one of the larger banks in the county.
(Total deposits of the 3 banks eliminated would exceed $98 million.) The merger would also add to an
already high degree of concentration among commercial banks in the area, with the 3 largest banks
accounting for about 53 percent of the deposits and
loans of all banks in the county. The competitive effect
of the proposed merger, therefore, would be adverse.

FIRST NATIONAL BANK OF EXPORT, EXPORT, PA., AND FIRST NATIONAL BANK IN GREENSBURG, GREENSBURG, PA.
Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

First National Bank of Export, Export, Pa. (14051), with
and First National Bank in Greensburg, Greensburg, Pa. (14055), which had ..
merged Nov. 11, 1966, under charter of the latter bank (14055) and with
title of "First National Bank of Westmoreland." The merged bank at date
of merger had
COMPTROLLER'S DECISION

On August 1, 1966, First National Bank of Export,
Export, Pa., with I PC deposits of $9 million, and First
National Bank in Greensburg, Greensburg, Pa., with
IPC deposits of $37 million, applied to the Comptroller
of the Currency for permission to merge under the
charter of the latter, and with the title of "First
National Bank of Westmoreland."
Greensburg, with a population of 23,705, is the
county seat of Westmoreland County, Pa., and is situated approximately 33 miles east of Pittsburgh. The
early economy of the area was based on coal, but since
intensive exploitation resulted in ultimate depletion,
coal gradually became of less importance in the eco94

$11,303,965
46, 379, 579
57,683, 544

3
3
6

nomic base. Today, the area is the governmental center
of Westmoreland County which has a population in
excess of 352,000, and as a consequence, harbors a
majority of the professional trades. Greensburg is also
the commercial center for a substantial residential
region and a diversified industrial complex. At the
present time, there are 107 industries in the area employing over 12,000 persons at relatively stable and
high wage levels.
The First National Bank in Greensburg was chartered originally in 1881 and was reorganized on March
9, 1934. In addition to its principal office, this bank
operates 2 branches. A third branch office has been
approved, but has not yet commenced operation. The
charter bank competes primarily with the Mellon Na-

tional Bank & Trust Co., Pittsburgh National Bank, and
Greensburg Savings & Loan Association. These and
other financial institutions in the service area of the
resulting bank provide active competition in almost
every area of banking.
Export, Pa., with a population of 1,518, is also in
Westmoreland County about 20 miles east of Pittsburgh and 12 miles northwest of Greensburg. It is
the trade center for Export, Murrysville, and Delmont
and is rapidly becoming a major suburban residential
and shopping area for white and blue collar workers
of above average income in this section of the county.
While this area was formerly rural with its major
land usage divided between agriculture and strip mining, residential growth has brought with it shopping
facilities, light manufacturing, warehousing, and commercial establishments.
First National Bank of Export, with its main office
in Export, Pa., is located 12 miles northwest of Greensburg, and its two branch offices, located in Delmont
and in Murrysville, are 3 miles east and 4 miles west
of Export, respectively. Competition derives primarily
from the Monroeville office of the Mellon National
Bank & Trust Co., the Monroeville office of the Pittsburgh National Bank, and the Holiday Park office of
the Peoples Bank of Unity.
At present, there are 60 banking offices located in
Westmoreland County with total loans of $235 million
and total deposits of $442 million. Mellon National
Bank & Trust Co. has 13 offices; Pittsburgh National
Bank has six offices and Western Pennsylvania National Bank has four offices. The resulting bank would
have only six offices with $26 million in loans and
$50 million in deposits, representing 11.3 percent
and 11.4 percent of the total loans and deposits,
respectively.

FIRST NATIONAL BANK OF AYDEN, AYDEN, N.C.,

Competition between the charter bank and the
merging bank is not significant. The main offices of
the two banks are situated about 12 miles apart, and
nearest branches, the Delmont office of Export Bank
and the New Alexandria office of Greensburg Bank,
are 8 miles apart. There is very little business derived
by either bank from the area served by the other.
The resulting bank will offer a broader range of
services to the customers of the merging bank, including trust facilities, direct automobile financing, travel
department and, in time, data processing facilities.
Consummation of the merger will not only help solve
a management succession problem of the merging
bank, but will also enable the resulting bank to compete more effectively with the much larger area banks.
The expected increase in competition should be of
substantial benefit to residents of both Export and
Greensburg.
Applying the statutory criteria, we conclude that
the proposal is in the public interest and the application is, therefore, approved.
SEPTEMBER 30,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank in Greensburg, Pa., with
deposits of $39,685,600, proposes to merge with the
First National Bank of Export, Pa., which has deposits
of $9,879,400. The banks are located 30 to 35 miles
southeast of Pittsburgh. The closest two offices of the
two banks are over 8 miles apart.
Virtually no competition exists between the two
banks. Exact concentration statistics are not available,
but the area of about 54,000 persons appears to have
access to at least four other strong banks besides the
resulting bank.

AND THE PLANTERS NATIONAL BANK & TRUST CO., ROCKY
MOUNT, N.C.
Banking offices

Name of bank and type of transaction

Total assets
In operation To be operated

First National Bank in Ayden, Ayden, N.C. (13554), with
and The Planters National Bank & Trust Co., Rocky Mount, N.C. (10608),
which had
merged Nov. 16, 1966, under charter and title of the latter bank (10608).
The merged bank at date of merger had

$4, 325, 889

71,879,692

76, 205, 581

COMPTROLLER'S DECISION

On August 10, 1966, The Planters National Bank
& Trust Co., Rocky Mount, N.C., with IPG deposits
of $48 million, and the First National Bank in Ayden,
Ayden, N.G., with IPC deposits of $2.8 million, filed
an application with the Comptroller of the Currency
for permission to merge under the charter and with the
title of the former.
The charter bank was organized in 1899 and now has
20 banking offices, 6 of which are located in the city
of Rocky Mount, while the remainder are located
principally in the northeastern sector of the State. The
economy of this area is diversified, but production of
tobacco, cotton, corn, and peanuts is of primary importance. Industrial development contributes significantly to the local economy, while fishing and tourism
are important sources of revenue in the coastal areas.
The merging bank was established in 1931 and operates as a unit bank in the town of Ayden, population 3,100, which is located in Pitt County, about 50
miles southeast of Rocky Mount. The service area of
the merging bank has an economy based on agriculture, especially tobacco, but industrial development has
expanded appreciably in recent years.
There is no significant competition between the 2
banks, as their service areas overlap only in Greenville,
about 10 miles north of Ayden, where the charter bank
has 2 branches. However, neither bank has actively
solicited the customers of the other. The potential for
competition between them is further minimized by the
presence of the Bank of Winterville between Greenville
and Ayden.
This merger is responsive to the needs of the Ayden
community. It will bring to its residents and business

interests a convenient banking office providing a
broader spectrum of specialized services and greater
lending capacity. Among the beneficial services to be
offered will be a trust department and farm management programs not now conveniently available. This
merger will also resolve the critical management succession problem presented to the merging bank by the
impending retirement of its chief executive officer.
Applying the statutory criteria to the proposed merger, we conclude that it is in the public interest, and
the application, therefore, is approved.
OCTOBER 17, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

Planters National was established in 1899, becoming
a National bank in 1914, and is the 11th largest bank
in the State. It has 20 offices situated throughout the
northeastern part of the State, with permission to open
3 new branches. As of May 31, 1966, it had total
assets of $60,362,000, total deposits of $54,937,000,
total net loans and discounts of $31,200,000, and total
capital accounts of $4,150,000.
First National was chartered in 1931 and has continued to operate from a single office located in Ayden,
N.G. As of May 31, 1966, it had total assets of $3,445,000, total deposits of $2,936,000, total loans and discounts of $1,197,000, and total capital accounts of
$387,000.
First National has experienced a steady rate of
growth over the past several years and is second in
position among the three remaining independent banks
in its service area. It is in direct competition with the
charter bank for both loans and deposits. Such competition will be eliminated by the merger.

BANK OF COLERAINE, COLERAINE, N.C., AND THE PLANTERS NATIONAL BANK & TRUST CO., ROCKY MOUNT,

N.C.
Banking offices
Name of bank and type of transaction

Total assets
In operation

Bank of Coleraine, Coleraine, N.C, with
and The Planters National Bank & Trust Co., Rocky Mount, N.C. (10608),
which had
merged Nov. 19, 1966, under charter and title of the latter bank (10608).
The merged bank at date of merger had

$3, 227, 763

74, 481, 618

77, 709, 381

To be operated

COMPTROLLER S DECISION

On August 11, 1966, the Bank of Coleraine, Coleraine, N.G., and The Planters National Bank & Trust
Co., Rocky Mount, N.G., applied to the Office of the
Comptroller of the Currency for permission to merge
under the charter and with the title of the latter.
Rocky Mount, the headquarters of the charter bank's
main office and 5 of its branches, is located in the
northeastern section of the State on the boundary separating Nash and Edgecombe Counties. The area is
primarily agricultural, with tobacco, cotton, corn, and
forestry predominating. The city, with an estimated
population of 37,000, has also been called the principal trade center for northeast North Carolina, and
has benefited from an influx of light industry, the manufacture of tobacco and wood products, textiles, and
metal wares.
Coleraine, a village of 400, is located in the northeastern tip of Bertie County, 75 miles from Rocky
Mount. The merging bank is the sole financial institution there. The 5,000 inhabitants of the service area
are principally engaged in the production of tobacco,
peanuts, cotton, and grain.
The charter bank, with IPC deposits of $49 million,
operates 19 offices in 12 cities and towns all but one of
which—the Siler City branch—are located in northeastern North Carolina. Approval has been granted
for 3 additional offices, as yet unopened. The bank's
offices in Rocky Mount compete with the $63 million
Peoples Bank & Trust Co. and the $6 million Bank
of Rocky Mount.
The merging bank, with IPC deposits of $1.9 million, is a unit bank which primarily serves its own area
of Coleraine. Some competition is provided by the
$10 million Bank of Ahoskie, which is located 16 miles
northwest of Coleraine and which has recently received approval from the State Banking Commission
to merge with the Wachovia Bank & Trust Co. Also
competing in the area are the $8 million Bank of
Windsor, 15 miles south of Coleraine; the $3.6 million
Tarheel Bank & Trust Co. of Winton, and the $1.2
million Bank of Harrellsville, 18 and 8 miles north of
Coleraine, respectively.

This merger will serve the public interest by promoting the convenience and needs of the people living in
and around Coleraine. The resulting bank will have a
larger lending capacity, an established installment loan
department, a farm management department, and a
business development department, none of which are
presently available at the merging bank in Coleraine.
It will further provide aggressive management and be
able to satisfy the increasing needs in this growing
community which has had to rely on financial institutions many miles away.
In balancing the factors of this application in light
of the statutory criteria, the merger is found to be in
the public interest and the application is, therefore,
approved.
OCTOBER 17,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Planters National Bank & Trust Co. (charter bank)
was organized in 1899, becoming a National Bank in
1914. It operates 20 offices throughout northeastern
North Carolina, with three new offices approved but
unopened. As of June 30, 1966, it had total assets
of $61,464,000, total deposits of $56,200,000, total net
loans and discounts of $34,558,000 and total capital
accounts of $4,043,000, with a lending limit of
$360,000. It is the 11th largest bank in the State and
the third largest in the merging bank's service area.
Bank of Coleraine (merging bank) was established
in 1908 and operates its single office in Coleraine,
N.C. As of June 30, 1966, it had total assets of
$2,322,000, total deposits of $1,993,000, total net loans
and discounts of $612,000, and total capital accounts
of $299,000, with a lending limit of $45,420.
The instant merger will eliminate the merging bank
as an independent bank and will eliminate the competition which presently exists between the two merging
banks. It will increase the charter bank's share of the
area's deposits from 19.7 percent to 27 percent, and
its share of the area's loans from 20.8 percent to 24.5
percent. However, it will still rank third in those categories among all four banks competing in the area.

T H E FIRST NATIONAL BANK OF N E W ALBANY, N E W ALBANY, P A . , AND T H E FIRST NATIONAL BANK OF
TOWANDA, TOWANDA, P A .

Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

The First National Bank of New Albany, New Albany, Pa. (8973), with
and The First National Bank of Towanda, Towanda, Pa. (39), which had....
merged Nov. 29, 1966, under charter of the latter bank (39), and with title
of "The First National Bank of Towanda, Towanda, Pa." The merged
bank at date of merger had

COMPTROLLER'S DECISION

On September 6, 1966, The First National Bank
of New Albany, New Albany, Pa., with IPG deposits
of $2 million, and The First National Bank of Towanda, Towanda, Pa., with IPG deposits of $10 million, applied to the Comptroller of the Currency to
merge under the charter and with the title of the
latter.
The First National Bank of Towanda, organized
in 1863, is located in northeastern Pennsylvania, in
the center of Bradford County. Towanda is the county
seat and has a population of 4,600. The bank has one
branch at Ulster, 7 miles north, and another has been
approved but is unopened.
The charter bank's service area includes approximately 10,500 residents of the important dairy farming
area surrounding Towanda. Industry is also well established. Plants of Sylvania Electric Products, E. I.
du Pont de Nemours & Co., and Masonite Corp. are
located there.
The First National Bank of New Albany is located
in New Albany, 13 miles south of Towanda. It was
organized in 1907 and has only one banking office.
New Albany has a population of 450 and the bank's
service area serves approximately 3,500. Dairy farming
and lumbering are of vital importance to the economy
of the area. The size of the farms has increased greatly
in recent years. Since the $20,000 lending limit of the
merging bank is no longer adequate to serve the requirements of the dairy business in the bank's service
area, the bank has been forced to sell participations.
Further, the bank is unable to provide trust services
to its customers.

$2, 328, 948
12, 254, 713

1
2

14, 583, 661

The merger will have no adverse competitive effect.
The participating banks presently serve only their local
areas which do not overlap with the others. Banking
competition with other banks in the general area is
active. Charter bank competes with the Citizens National Bank & Trust Co. in Towanda, and the Farmers National Bank and the Athens National Bank, both
in Athens, Pa. The merging bank competes actively
with the First National Bank of Dushore, Pa., as well
as with the National Bank of Wyalusing, and the
Peoples State Bank of Wyalusing. Two savings and
loan associations and a building and loan association
also compete with the merging bank.
The merger will not only enable the merging bank
to solve its problem of management succession, but will
increase its lending capacity to meet the foreseeable
credit demands in New Albany. Further, it will make
available to the public trust facilities which are nonexistent in New Albany at the present time.
Applying the statutory criteria to this proposal, we
conclude that it is in the public interest. The application, therefore, is approved.
OCTOBER 24, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Towanda, Towanda,
Pa., with assets of $12,041,000, proposes to merge with
The First National Bank of New Albany, New Albany,
Pa., with assets of $2,360,000.
Although the application states that there is very
little direct competition between the merging banks,
they would appear to be sufficiently close to one
another to provide alternative sources of banking services to a certain number of customers. This competition would be eliminated by the proposed merger.

ONAWAY STATE BANK, ONAWAY, MICH., AND THE CITIZENS NATIONAL BANK OF CHEBOYGAN,
CHEBOYGAN, MICH.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
Onaway State Bank, Onaway, Mich., with
and The Citizens National Bank of Cheboygan, Cheboygan, Mich. (13522),
which had
merged Nov. 30, 1966, under charter of the latter bank (13522) and with
title of "Citizens National Bank of Cheboygan." The merged bank at date
merger had

COMPTROLLER'S DECISION

On September 20, 1966, the Onaway State Bank,
Onaway, Mich., with IPC deposits of $1.7 million,
and The Citizens National Bank of Cheboygan, Cheboygan, Mich., with IPC deposits of $9 million, applied to the Comptroller of the Currency for permission to merge under the charter and with the title of
the latter.
Cheboygan is located at the northernmost tip of the
lower peninsula of Michigan and has an estimated
population of 6,600. The town serves as a trade center
for a large percentage of Cheboygan County, whose
population is 14,000. The economy is diversified, with
the major influences being manufacturing, tourism, and
farming.
The charter bank has no existing branches, although
it has made an application for a branch on the south
side of Cheboygan. Its immediate competitors are the
Indian River and Makinaw City branches of the Cheboygan State Savings Bank which has over $7 million
in deposits. These branches are located 15 and 18 miles
from Cheboygan. Competition is also provided by the
Presque Island Bank, located 22 miles east of Onaway;
2 small banks in Posen and Hillman, located 22 and
25 miles southeast of Onaway; and 2 aggressive
banks, the First National Bank of Petoskey with $18
million in deposits, and the First State Bank of Petoskey, with $13 million in deposits, located in Petoskey,
40 miles southwest of Cheboygan.
The merging bank which is located 22 miles southeast of Cheboygan in Onaway operates without local
competition and provides only limited services. Ona-

266-849—67-

$2, 389, 567

12, 323, 694

14, 713, 261

way has an estimated population of 1,400, with an
additional 3,500 residents within its trade area. Tourism is the main support for the economy, with farming
and some light industry also contributing.
There are very few common depositors and very
few common loan accounts in these banks. The Onaway trade area will be benefited by the entrance of
the more aggressive Ciitzens Bank because of the expansion of bank services.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
OCTOBER 17, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The Citizens National Bank of Gheboygan which
operates its only office in Cheboygan, Mich., proposes to acquire by merger the Onaway State Bank
in Onaway, 23 miles southeast of Cheboygan, another
independent unit bank.
While Citizens National Bank has substantially increased its resources, loans, and deposits during the
past few years, the growth of Onaway State Bank
during the same time has been very modest. On
June 30, 1966, Onaway State Bank had loaned out
only 36 percent of its deposits. Its loan portfolio emphasizes real estate loans and shows only a small
amount of commercial and consumer loans. Though
there is a slight overlap of the service areas of the
two banks around Onaway itself, it does not appear
that the competition between the two banks is
significant.

DUQUESNE CITY BANK, DUQUESNE, P A . , AND WESTERN PENNSYLVANIA NATIONAL BANK, PITTSBURGH, P A .
Banking offices
Name of bank and type of transaction

Total assets
In operation

Duquesne City Bank, Duquesne, Pa., with
was purchased Dec. 2, 1966, by Western Pennsylvania National Bank, Pittsburgh, Pa. (2222), which had
After the purchase was effected, the receiving association had

COMPTROLLER'S DECISION

On August 15, 1966, the Western Pennsylvania
National Bank, Pittsburgh, Pa., applied to the Comptroller of the Currency to purchase the assets and
assume the liabilities of the Duquesne City Bank,
Duquesne, Pa.
Pittsburgh, the 16th largest city in the United
States, is the center of a widely diversified industrial
market. The Pittsburgh metropolitan area consists of
Allegheny, Beaver, Washington, and Westmoreland
Counties. Western Pennsylvania National Bank has
its prime market in Allegheny County, which also
contains the commercial banking offices of approximately 216 other financial institutions.
The purchasing bank, with total resources of $614
million, is the third largest bank in Allegheny County,
ranking behind the $3.7 billion Mellon National Bank
and the $1.4 billion Pittsburgh National Bank. The
purchasing bank has had remarkable growth and has
developed into a vital, imaginative, and major competitive force in the Pittsburgh banking market.
Duquesne, with a population of 15,000, is located
13 miles southeast of downtown Pittsburgh. Duquesne
is a typical "steel mill" industrial community whose
economic structure is completely dependent on "Big
Steel." Hilly topography, the barrier posed by the
Monongahela River, and limited access by secondary
thoroughfares tend to isolate Duquesne from its neighboring communities.
The Duquesne City Bank, with total resources of
$15.5 million, was organized as a State bank in 1903.
Although a sound and conservative bank, it has not
been able to develop the broad range of banking services that is required to meet the convenience and needs
of the community. It lacks a full range of loan services,
a full-fledged trust department, a marketing department, and specialized services made possible by a modern data processing center. The low lending limit has
hampered the bank in view of the vigorous competition
for commercial and industrial business in the area. In
addition, the Duquesne City Bank has not provided for
100

$16, 085, 205
625, 993, 469
637, 269, 884

To be operated

1
60
61

management succession which, at present, is an acute
problem. Consummation of this purchase will solve
this management succession problem.
There is little, if any, competition between Western
Pennsylvania National Bank and the Duquesne City
Bank. It has been estimated by Duquesne City Bank
management that 90 percent of its deposits originate
within its immediate area. Western Pennsylvania National Bank has no branch office in Duquesne; its
closest office is located in West Mifflin Borough, approximately 2 miles from the Duquesne City Bank. The
Monongahela River serves as a natural boundary and
separates Duquesne from other Western Pennsylvania
National Bank offices in the Eastland Shopping Center and McKeesport, Pa.
There is intense competition among commercial
banks in the Pittsburgh area. Because of the size of the
2 major Pittsburgh banks, the smaller banks must
operate at peak efficiency to maintain their market
shares. This is becoming more and more difficult to do,
as many of the smaller banks are unable to compete
with the services, modern equipment, and management
organization of these large banks. The purchase of the
assets and assumption of the liabilities will enable the
selling bank to compete more effectively with the much
larger area banks.
Since this acquisition is clearly in the public interest,
it is, therefore, approved.
OCTOBER 17,1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

The proposed transaction would be primarily felt
in Duquesne, Pa., where Duquesne City Bank maintains its only office. This is an area described in the
application as isolated from other communities. At
present only one other bank, Peoples Union Bank,
maintains a branch office in Duquesne, Pa. Western's
nearest office is 2 miles away at West Mifflin Borough.
Although, according to the application, the topography
of the Duquesne, Pa., area minimizes competition

between Western and Duquesne City, this condition
does not rule out the opening of a de novo branch in
Duquesne by Western. Whether by expansion of the
area served by Western's West Mifflin office, Western's

de novo entry into Duquesne, or Duquesne City's expansion into areas served by Western, potential competition between these 2 banks exists, and it would be
foreclosed by the proposed transaction.

THE PINE GROVE NATIONAL BANK & TRUST CO., PINE GROVE, PA., AND THE LEBANON VALLEY NATIONAL
BANK, LEBANON, PA.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated

The Pine Grove National Bank & Trust Co., Pine Grove, Pa. (8151), with
and Lebanon Valley National Bank, Lebanon, Pa. (680), which had
merged Dec. 7, 1966, under charter and title of the latter bank (680). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On September 6, 1966, The Pine Grove National
Bank & Trust Co., Pine Grove, Pa., with IPC deposits
of $5.9 million, and the Lebanon Valley National
Bank, Lebanon, Pa., with IPC deposits of $36.3 million, applied to the Comptroller of the Currency for
permission to merge under the charter and with the
title of the latter.
Lebanon, Pa., in which the head office of the
Lebanon Valley National Bank is located, has a population of about 31,000 and serves approximately 60,000
additional persons in the trade area. The city is 30
miles east of Harrisburg, Pa. The trading area of
Lebanon Valley National Bank, which comprises all
but the northern one-fourth of Lebanon County, is
a diversified agricultural and industrial area. The
farms, which are predominantly dairy, have increased
in value because of soil and building improvements.
At present, there are 192 manufacturing establishments in the area employing over 15,000 persons.
Lebanon Valley National Bank was chartered originally in 1865 and reorganized on November 1, 1956,
under its present title. This bank, which has total
resources of $43 million, operates seven offices. It receives intensive competition from nine other commercial banks including the American Bank & Trust Co.
of Reading, which has total resources of $280 million.
Pine Grove, Pa., situated in the southwest corner
of Schuylkill County, is approximately 7 miles from
the Lebanon County line. Its present population is
approximately 2,700 and it is the trade center for
an additional 8,500 persons. Coal mining was the
major industry in the area until the 1920's when the
development of competitive fuels caused mining to

$7, 073, 670
42, 571, 536
49, 645, 206

1
7
3

decline. At the present, there are no large coal operations in the vicinity of Pine Grove. Dairy farming,
which has always been one of the area's stabilizing
economic factors, is now the principal economic base.
Some light garment manufacturing concerns also provide employment for about 1,000 persons, most of
whom are women. While a veiy large portion of male
labor force finds work outside the Pine Grove area,
the Lebanon Steel Foundry absorbs a good share of
local male employees. The Aluminum Co. of America,
located in Cressona, Pa., also furnishes employment
opportunities. Though the economic growth of the
area has been steady, a local industrial corporation
has been formed to stimulate further local job
opportunities.
Pine Grove National Bank & Trust Co., a single-unit
bank, receives intensive competition from six other
commercial banks in the trading area. These six banks
include The Pennsylvania National Bank & Trust Co.,
Pottsville, Pa., with resources in excess of $50 million
and the American Bank & Trust Co., Pottsville, Pa.,
with resources in excess of $280 million. In addition,
finance companies have grown rapidly and four new
ones have opened offices in the past year. While the
bank has always attempted to keep up with the financial demands of the locality, the rate of economic
growth of the area makes it increasingly difficult for
it to compete effectively.
Competition between the participating banks is virtually nonexistent. The merging bank, located 25
miles north of the charter bank, is separated from
it by the mountain range called "Blue Mountain."
This natural geographic barrier between the two locations serves to prevent effective competition between
the banks.
101

The resulting bank will be able to offer a broader
range of services to the customers of the merging bank,
including trust activities, eventual data processing facilities, and greater lending capacity. Consummation
of the merger will also resolve the management problems of the merging bank. It will enable the resulting
bank to compete more effectively with the larger banks
now operating in the area.
Applying the statutory criteria, we conclude that
the proposal is in the public interest and the application is, therefore, approved.
NOVEMBER 4, 1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Lebanon Valley National Bank and Pine Grove
National Bank & Trust Co. are located approximately
25 miles apart and apparently do not compete with
each other to any significant degree. The proposed
merger would, therefore, not eliminate competition
between the participating banks or result in any increase in concentration. Although Lebanon Valley
could open a de novo branch in Pine Grove's service
area, the size of the area, the size of its population,
and the number of banks already competing therein
may militate against such potential entry by Lebanon
Valley.

THE PEOPLES BANK & TRUST CO. of CHASE CITY, CHASE CITY, VA., AND THE FIDELITY NATIONAL BANK,
LYNCHBURG, VA.
Banking offices
Name of bank and type of transaction

Total assets
In operation To be operated

The Peoples Bank & Trust Co. of Chase City, Chase City, Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522), which had
merged Dec. 10, 1966, under charter and title of the latter bank (1522). The
merged bank at date of merger had

$12,834,528
130,657,611
143,489,566

1
20
21

ginia's leading lumber counties, three-fifths of the total
COMPTROLLER S DECISION
acreage being forested. Farming is still the chief inOn September 8, 1966, The Fidelity National Bank,
dustry, though manufacturing has grown much in
Lynchburg, Va., with IPC deposits of $81 million, and
recent years. Recreational activities have begun to play
The Peoples Bank & Trust Co. of Chase City, Chase
a role in the economy since the formation of the Buggs
City, Va., with IPC deposits of $10 million, applied to
Island Lake in the southern part of the county followthe Comptroller of the Currency for permission to
ing completion of the John H. Kerr Dam.
merge under the charter and with the title of the
Because the service areas of these 2 banks do not
former.
overlap, consummation of the proposed merger will
Lynchburg, with an estimated population of 55,000,
have no adverse effect on competition. The branch of
is the home office city of the charter bank. The charter
the charter bank nearest Chase City is located 26 miles
bank has 18 other banking offices throughout the midto the northeast, in Kenbridge, Va. This merger will
southern sector of Virginia. While the economic base
enable the Chase City office to compete on a more
of this region is primarily agricultural, there is a variety
equitable basis with a branch of the Virginia National
of large manufacturing concerns in the service area
Bank, which is located 20 miles to the northeast; and
in and around Lynchburg. The economy of Lynchwith a branch of the Bank of Virginia, which is located
burg has experienced increased industrial activity in
10 miles to the southeast in Boydton, Va.
recent years due to the establishment and expansion of
Consummation of this proposed merger will be in the
large national firms such as the Babcock & Wilcox Co. public interest. The resulting bank will be able to proand General Electric Corp.
vide more properly trained specialists to handle trust
Chase City, the location of the merging bank, had a
services in the Chase City area. The Chase City office
population of 3,207 persons as of the 1960 census. Lo- will be modernized and expanded and thus will serve
cated in the northwestern part of Mecklenburg
the public with greater efficiency and convenience.
County, it is the largest community in the county. It is
The substantially increased lending capacity of the
the trading and commercial center for Mecklenburg
Chase City office will facilitate more responsive servCounty and for the adjoining counties of Charlotte
ice to the seasonal and long-range credit needs of the
and Lunenburg. Mecklenburg County is among Virsurrounding area. Better services to local businesses
102

will be provided through the handling of dealer paper.
In addition, the younger and aggressive management
team of the Chase City bank will provide a welcome
addition to the managerial resources of the charter
bank.
Having considered the merger application in the
light of the statutory criteria, this Office has determined that it is in the public interest and the application is, therefore, approved.
NOVEMBER 4,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

Fidelity National Bank, with assets of $116 million,
is headquartered in Lynchburg, Va., and operates 18

branches, nine of them in the immediate Lynchburg
vicinity and the other nine in seven towns located from
12 to 85 miles from the main office. Fidelity proposes to
merge with Peoples Bank & Trust Co. of Chase City,
Chase City, Va., which has assets of $11,517,000.
The closest branch of charter bank is located in the
town of Halifax about 16 miles north of Peoples Bank.
The application states there is no competition between
charter bank and Peoples Bank. Moreover, applicable
State law would prevent charter bank from entering
Peoples Bank's service area through the establishment
of a de novo branch. Accordingly, the proposed merger
would not appear to eliminate either actual or potential competition between the applicant banks.

FIRST NATIONAL BANK OF LAKE GEORGE, LAKE GEORGE, N.Y., AND THE FIRST NATIONAL BANK OF GLENS
FALLS, GLENS FALLS, N.Y.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated
First National Bank of Lake George, Lake George, N.Y. (8793), with
was purchased Dec. 16, 1966, by The First National Bank of Glens Falls, Glens
Falls, N.Y. (980), which had
After the purchase was effected, the receiving association had

COMPTROLLER'S

DECISION

On September 19, 1966, The First National Bank
of Glens Falls, Glens Falls, N.Y., with IPC deposits
of $61.3 million, applied to the Comptroller of the
Currency for permission to purchase the assets and
assume the liabilities of First National Bank of Lake
George, Lake George, N.Y., which has IPC deposits
of $3 million.
The First National Bank of Glens Falls was established in 1853 in Glens Falls, 50 miles north of Albany. Glens Falls has a population of approximately
19,000, and is the principal trading area between
Albany and Montreal. It is both residential and industrial in character. A large variety of products are
manufactured in the area.
First National Bank of Lake George was organized
in 1907. It is located nine miles north of Glens Falls
in Lake George, a resort town in the Adirondacks.
Although there are only 1,040 permanent residents,
10,000 persons live in Lake George during the summer, and approximately 50,000 tourists vacation there
every year. The economy depends entirely on tourism
and recreation.
The purchase and assumption will have no adverse

$5, 022, 299

77, 602, 570
82, 789, 644

effect on competition. Although the participating
banks compete with each other to some extent, local
competition is now offered to both banks by the Glens
Falls National Bank and The North Creek National
Bank in North Creek. In addition, the highly competitive State Bank of Albany, the largest bank in the
district, has successfully bid for the Emerson National
Bank in Warrensburg, 7 miles from Lake George.
Other banks are planning to establish new branches
in the general area, and banking competition is expected to become very severe. The present lending
limit of the First National Bank of Lake George is
inadequate to meet the needs of its customers, and
business is being lost to larger banks. The anticipated
increase in competition threatens its continued existence as an independent bank.
The acquisition will increase competition in, and
provide expanded services to, the Lake George area.
The application is, therefore, approved.
NOVEMBER 8,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

First National Bank of Glens Falls had, as of
June 30, 1966, assets of $78,551,000, loans and discounts of $48,813,000, deposits of $69,904,000, and
103

capital accounts of $5,968,000. It acquired in 1963
the First National Bank of Hudson Falls, Hudson
Falls, N.Y.
As of June 30, 1966, First National Bank of Lake
George had assets of $4,738,000, loans and discounts
of $2,950,000, deposits of $4,248,000, and capital accounts of $424,000.
Some competition appears to be present between

the two banks, and this, as well as any potential competition possible by de novo branching or expansion
of their service areas, will be eliminated by the proposed transaction. In First National of Lake George's
service area, the purchase in question would eliminate
one of the four present alternative sources of banking
services; it probably would have little or no impact
on banking competition outside that area.

TLMBERMENS NATIONAL BANK OF HOQUIAM, HOPJUIAM, WASH., AND NATIONAL BANK OF WASHINGTON,
TACOMA, WASH.
Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

Timbermens National Bank of Hoquiam, Hoquiam, Wash. (15324), with
and National Bank of Washington, Tacoma, Wash. (3417), which had
merged Dec. 16, 1966, under charter and title of the latter bank (3417). The
merged bank at date of merger had

COMPTROLLER'S DECISION

On September 23, 1966, the Timbermens National
Bank of Hoquiam, Hoquiam, Wash., and the National
Bank of Washington, Tacoma, Wash., applied to the
Comptroller of the Currency for permission to merge
under the charter and with the title of the latter.
Tacoma, located on Puget Sound, is an industrial
city 30 miles south of Seattle whose population of 150,000 makes it third in size in the State. Its proximity to
Seattle, largest city in the State, has created a competitive spirit between these cities. Although the lumber
industry continues to dominate this area, manufacturing and shipping are gaining in importance. Recent
figures list 475 manufacturing industries in the Tacoma
area, which includes the local aircraft industry now
involved in an expansion program.
The charter bank, the National Bank of Washington, with IPC deposits of $227 million, was established
in 1885 and now has 35 offices in various parts of the
State of Washington. This well managed and progressive institution, offering complete banking and trust
services, is one of several large banks operating in the
Tacoma area.
Hoquiam, with a population of 11,000, is located 85
miles southwest of Tacoma and lies 4 miles west of the
city of Aberdeen whose population is 18,000. This area,
known as Grays Harbor, is considered to be one of the
most important lumbering centers in the Pacific Northwest, and serves as an ocean port for foreign and
domestic vessels.
104

$5, 678,153
297, 370, 988
303,031,770

2
37
39

Timbermens National Bank of Hoquiam, with IPC
deposits of $4.4 million, commenced business on June
1, 1964. Hoquiam and Aberdeen are presently being
served by the merging bank and by branches of the
Peoples National Bank of Washington, Seattle-First
National Bank, and National Bank of Commerce. Timbermens, with a lending limit of approximately $39,000,
is competing with banks having legal lending limits
from $1.7 million to $7.5 million. Its limited size precludes it from offering any of the more advanced forms
of commercial lending available in larger banks. Consummation of the proposed merger will result in substituting one banking office for another in Hoquiam.
Since competition between the applying banks has
been nonexistent, it will not have any cognizable competitive impact. It is clear that this small acquisition
will have no bearing on banking in Tacoma or on the
banking structure in the State, but will enable the
resulting bank to compete equally with the established
banks in the area, thereby creating healthier competition and a healthy economy.
The entry of the National Bank of Washington into
the Hoquiam-Aberdeen area will clearly be beneficial.
It will augment existing competition by introducing
an aggressive, full-service bank into this lumbering center and offer the residents and industries located there
a meaningful alternative.
Considered in the light of the statutory criteria, this
merger is judged to be in the public interest and is,
therefore, approved.
NOVEMBER 14,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

National Bank of Washington, Tacoma, was chartered in 1885 and is the fourth largest bank in the
State of Washington, with total assets as of June 30,
1966 of $289,043,000, loans and discounts of $185,462,000, deposits of $254,859,000, and capital accounts
of $19,073,000. In 1964, it merged with the National
Bank of Spokane, Spokane, Wash.
Timbermens was chartered in 1964 and has, as of
June 30, 1966, resources of $6,166,000, loans and

discounts of $3,640,000, deposits of $5,595,000, and
capital accounts of $374,000. It has no history of
mergers or consolidations.
Competition between the applicants is not present
and the two banks are located some 84 miles apart.
According to data from the application, nearly 90
percent of all commercial bank deposits derived from
Timbermens' service area are held by branches of
three large Seattle-based banks. It is not likely that
banking competition in the area will be adversely
affected by the merger.

FARMERS-MATTEAWAN NATIONAL BANK, POUGHKEEPSIE, N.Y., AND COUNTY NATIONAL BANK, MIDDLETOWN, N.Y.

Total assets

Name of bank and type of transaction

Banking offices
In operation To be operated

Farmers-Matteawan National Bank, Poughkeepsie, N.Y. (1312), with
and County National Bank, Middletown, N.Y. (13956), which had
merged Dec. 30, 1966, under charter and title of the latter bank (13956).
The merged bank at date of merger had

COMPTROLLER'S DECISION

On August 24, 1966, the County National Bank,
Middletown, N.Y., with IPC deposits of $62 million,
and the Farmers-Matteawan National Bank, Poughkeepsie, N.Y., with IPC deposits of $25 million, applied
to the Comptroller of the Currency for permission to
merge under the charter and with the title of the
former.
Middletown is located in southern New York State
and has an estimated population of 37,000. It is the
commercial center for Orange County whose agricultural economy is becoming mixed with light industry. In addition to its Middletown home office, the
charter bank maintains 10 branch offices in Orange
County, and one in northwest Sullivan County.
The merging bank is headquartered in Poughkeepsie, the county seat of Dutchess County, N.Y. Dutchess
County, bordered on the west by the Hudson River, is
located approximately 60 miles north of New York
City. It has an estimated population of 214,000. At
present, all 10 banking offices of Farmers-Matteawan
National Bank are located in the southwest quadrant
of the county.
In recent years industry has been on the rise in the
entire southern half of Dutchess County. Large manufacturing plants have spawned small industry and
middle-income housing. Shopping centers are being
erected at a dynamic pace and farm areas are giving
way to industrial and residential use of the land.

$33, 535, 647
85,335,819
118,870,502

10
12
22

The existence of a new water district, the availability of land, the promise of an improved highway
system, the presence of a diversified and skilled labor
force together with an already established industrial
base, combine to make this area one of the greatest
potential growth areas in the county. Also important
is this region's close proximity to New York City.
The areas now served by County National Bank
and the Farmers-Matteawan National Bank are separate and distinct. The nearest offices of the two banks
are about 5 miles apart and are separated by the Hudson River. The amount of deposits, loan, and trust
business which each has from areas served by the other
bank is negligible. This merger will increase competition in Dutchess County by permitting the resulting
bank to compete more aggressively with the intense
competition from the much larger New York metropolitan area banks.
Consummation of this proposed merger will be in
the public interest. The merger will not eliminate an
alternative source of banking in either county. On the
contrary, dealer loans will be provided as well as a
larger trust department, customer computer services,
and the availability of larger loan limits. The management depth of the charter bank will assure aggressive
and able administration for the resulting bank in the
future. Therefore, rather than eliminate competition,
an increase in the number and quality of services will
generate competition.
105

Having considered the merger application in the
light of the statutory criteria, this Office has determined
that it is in the public interest and the application is,
therefore, approved.
DECEMBER 9, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

County National Bank (hereinafter "charter bank")
operates its home office in Middletown, N.Y., 10
branches in Orange County and one branch in Sullivan
County. It has applied for and received permission to
open five more de novo branches in Orange County.
Since 1955, it has acquired or merged six commercial
banks, all in Orange County. As of June 30, 1966, the
charter bank had total assets of $82,156,000, net loans
and discounts of $51,439,000, and total deposits of
$75,957,000.
Farmers-Matteawan National Bank (hereinafter
"merging bank") operates its home office, one branch
and one drive-in facility in Poughkeepsie, the county
seat of Dutchess County, which is joined to the northeastern corner of Orange County by the NewburghBeacon Bridge over the Hudson River. The merging
bank operates seven other branches along the Hudson
in Dutchess County. It has acquired one bank since
its organization. As of June 30, 1966, it had total assets

of $34,379,000, net loans and discounts of $19,196,000,
and total deposits of $31,338,000.
The charter bank is presently the second largest
home office bank in the service area of the resulting
bank with approximately 17.09 percent and 17.92 percent, respectively, of the area's total deposits and loans.
The merger would increase these shares to 24.14 percent and 24.61 percent, respectively, and would raise
the combined shares of the area's total deposits and
loans accounted for by the charter bank and Marine
Midland Bank, the area's largest bank, to over 50 percent. This increase in concentration would, however,
be tempered somewhat by the presence of branches of
two substantial banks whose home offices are located,
and whose major competitive influence is exerted,
outside the service area.
The merger would eliminate all existing competition
between the participants and would eliminate an alternative source of banking services from the area. It
would also eliminate substantial potential competition
between the two. Although neither bank presently has
a branch in a city served by an office of the other, each
could legally establish de novo branches in several of
the cities now served by the other. The charter bank
has demonstrated its ability to establish de novo
branches by applying for and receiving permission to
open five such branches in Orange County.

STATE SAVINGS BANK, MEMPHIS, TENN., AND NATIONAL BANK OF COMMERCE IN MEMPHIS, MEMPHIS, TENN.
Name of bank and type of transaction

Total assets

Banking offices
In operation

State Savings Bank, Memphis, Tenn., with
and National Bank of Commerce in Memphis, Memphis, Tenn. (13681), which
had
merged Dec. 30, 1966, under charter and title of the latter bank (13681). The
merged bank at date of merger had
COMPTROLLER'S DECISION

On September 8, 1966, the State Savings Bank,
Memphis, Tenn., with IPC deposits of $6.5 million,
and the National Bank of Commerce in Memphis,
Tenn., with IPC deposits of $139 million, applied to
the Office of the Comptroller of the Currency for
permission to merge under the charter and with the
title of the latter.
Memphis, the largest city in Tennessee with a population of over 760,000, is the major trading center of
a tri-State area comprising Tennessee, Mississippi, and
Arkansas. Manufacturing, with a payroll of over
50,000 employees, is the major source of employment
106

To be operated

$7,463,231
210, 017, 778
217,084,351

15
16

in the local economy. Some of the nation's major
industries maintain plants in the Memphis area:
Armour and Co., Dupont, Firestone, Buckeye, Continental, W. R. Grace, International Harvester, Kimberley Clark, and Quaker Oats.
Agriculture is the primary activity in the Memphis
trade area. Although the marketing of cotton has been
the main economic support of this area, there has
been notable diversification to livestock production,
soybeans, corn, and other crops.
The external demand for the region's products has
increased, so that net exports of goods and services from
the service area exceed net imports from other regions.

The geographical location, the excellent transportation
system, and the favorable climatic conditions have
contributed greatly to Memphis' growth. The fact that
Memphis is located on the Mississippi River has
generated the establishment of many new firms and
equipment investments in the area.
The charter bank has a strong and experienced
commercial loan department and trust department,
and presently operates 11 branches throughout metropolitan Memphis. The bank has been closely aligned
with the cotton industry, but as this particular industry has become less of a dominant factor in the area's
economy, the bank has expanded its lending activity
to a host of other industries in order to meet the
changing times.
The merging State Savings Bank is a single unit
institution that has followed a conservative policy of
banking. It has limited capital funds and personnel;
and has concentrated its lending activity to loans to
individual and small businesses. Faced with the fact
that over 70 percent of the deposits of this bank are
in the time and savings category, and in view of the
high rate of interest currently paid, it has become
increasingly difficult to add to the bank's capital structure and build for the future. Its limited size precludes
it from offering either specialized services or any of
the more advanced forms of commercial lending available in larger banks. Although State Savings Bank's
gross earnings have increased 26 percent in the past
5 years, net profits from operations reflect a decline
since 1963.
Upon consummation of the merger, the resulting
bank will hold approximately 12 percent and 11 percent of deposits and loans, respectively, in metropolitan
Memphis, which is less than a 1 percent increase. The
Memphis financial institutions structure is composed
of 12 banks operating 77 branches with total deposits
of $1.3 billion, four savings and loan associations with
$290 million in total assets, numerous insurance companies and credit unions, 41 small loan companies,

and 13 sales finance companies. In addition to the
local competition, there are some 64 banks in the primary trade area of Memphis that compete intensively
for business.
The area which is served by the State Savings Bank
is limited due to its size and absence of branches. The
State Savings Bank, with its inability to handle customers requiring special and larger financial needs,
can only accommodate individuals and small business,
which in turn causes its growth to lag in comparison
with other local banks. In fact, the growth rate of both
participating banks has been far less than ten competing banking institutions in the area.
The consummation of the proposed merger, besides
solving the problem of management succession in the
merging bank, will resolve a declining earnings and
limited capital situation. It will also enable the resulting bank to compete more effectively with the much
larger area banks. The increase in competition
should be of substantial benefit to the residents and
it will strengthen the convenience and needs of the
community.
Considered in the light of the statutory criteria, this
merger is deemed to be in the public interest and is,
therefore, approved.
NOVEMBER 1, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

This is a proposal to merge one of Memphis' smaller
banks, with deposits of about $7 million, with the third
largest bank in the city and Shelby County.
While the merger would not change the acquiring
bank's ranking as the third largest bank, it would eliminate existing competition between the two banks and
would increase the already high degree of banking
concentration (the three largest banks currently hold
about 92 percent of the total deposits of all nine Shelby
County commercial banks) in the area.

THE FIRST NATIONAL BANK OF LEAKSVILLE, LEAKSVILLE, N.C., AND SOUTHERN NATIONAL BANK OF NORTH
CAROLINA, LUMBERTON, N.C.

Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The First National Bank of Leaksville, Leaksville, N.G. (12259), with
and Southern National Bank of North Carolina, Lumberton, N.G. (10610),
which had
merged Dec. 30, 1966, under charter and title of the latter bank (10610).
The merged bank at date of merger had

$6, 754, 368

91, 164, 319

97, 524, 223

107

COMPTROLLER'S DECISION

On August 25, 1966, The First National Bank of
Leaksville, Leaksville, N.G., with IPG deposits of $5.5
million, and the Southern National Bank of North
Carolina, Lumberton, N.G., with IPC deposits of $62.5
million, applied to the Comptroller of the Currency
to merge under the charter and with the title of the
latter.
The Southern National Bank of North Carolina was
organized as a State bank in 1897 and converted to a
National banking association in 1914. With its head
office located in Lumberton, which has a population of approximately 20,000, this bank operates 26
branches in 13 towns in the southern and central parts
of the State.
Lumberton is the county seat of Robeson County
which is located in the southern part of the State. The
town lies in the heart of an extremely productive
agricultural area. Tobacco, cotton, and corn are the
chief crops grown. The uncertain future of these crops
has prompted the city to encourage industrial expansion. Several textile companies and knitting mills have
provided some economic impetus in Lumberton. As
the number of agricultural workers declines, the continued prosperity of the area depends on industry. The
city is presently attempting to attract a food processing
plant to further diversify its economic base.
The First National Bank of Leaksville was organized
in 1908 and operates one branch in a shopping center
in Leaksville. Leaksville lies over 100 miles north of
Lumberton, in Rockingham County and has a population of approximately 20,000. While its economy
depends greatly on the textile industry, Leaksville is
also considered one of the county's three trading centers. The population growth in this area has been
greater than that in the rest of the State.
The closest offices of the participating banks are 80
miles apart. There is no competition at all between
them. While the charter bank competes with local
banks and with branches of the State-wide banking
associations in each of the 13 towns in which it main-

tains offices, the merging bank competes with the
Leaksville Bank & Trust Co., which has resources of
$11.8 million.
This merger will broaden the economic base of the
charter bank by significantly extending its service area
to the north. The resulting bank will bring to the
Leaksville area all the benefits of a full service bank
including farm credit counseling and trust services
which are not now available locally.
Applying the statutory criteria to this proposal, we
conclude that it is in the public interest and the
application, therefore, is approved.
NOVEMBER 8, 1966.
SUMMARY OF REPORT BY ATTORNEY GENERAL

First National, which was organized in 1908, has its
main office and two branches located in the area of
Leaksville, N.C., in the central portion of the State
near the Virginia border. As of June 30, 1966, it had
total assets of $6,617,000, total deposits of $6,086,000,
net loans and discounts of $3,594,000, and total capital
accounts of $524,000.
Southern National, which operates 27 offices
throughout South Central North Carolina, was organized as a State bank in 1897 and received a National
charter in 1914. It has grown more than 400 percent
over the past 3 years, partially as a result of four
mergers through which it has acquired 12 offices and
over $30 million in deposits. As of June 30, 1966, it
had total assets of $82,280,000, total deposits of
$71,935,000, net loans and discounts of $53,866,000,
and total capital accounts of $6,973,000.
The closest office of Southern National is located
in Sanford, about 80 miles southeast of Leaksville. It
appears that there is very little, if any, competition
between the merging banks. However, in view of the
fact that North Carolina law permits State-wide
branching and in view of the obvious ability of Southern
National to expand through de novo branches, it
appears that the proposed merger would eliminate
potential competition between the merging banks.

WAHKIAKUM COUNTY BANK, CATHLAMET, WASH., AND SEATTLE-FIRST NATIONAL BANK, SEATTLE, WASH.
Banking offices
Name of bank and type of transaction

Total assets
To be operated

In operation
Wahkiakum County Bank, Cathlamet, Wash., with
was purchased Dec. 30, 1966, by the Seattle-First National Bank, Seattle,
Wash. (11280), which had
After the purchase was effected, the receiving association had

108

$3, 708, 167

1, 590, 263,164
1,590,683,254

117

118

COMPTROLLER S DECISION

On September 13, 1966, the Seattle-First National
Bank, Seattle, Wash., applied to the Office of the
Comptroller of the Currency for permission to purchase the assets and assume the liabilities of the Wahkiakum County Bank, Cathlamet, Wash.
Seattle, headquarters of the applicant bank, is the
leading commercial, industrial, and financial city in
the Pacific Northwest, with a population of 586,000
and a metropolitan area of more than a million persons. It is predominantly a manufacturing center and
a key distribution point for the northwestern United
States, Alaska, and the Orient. Its outlook is one of
continuing rapid growth.
Cathlamet, site of the Wahkiakum County Bank,
has a population of 664 and is located near the Columbia River in the southwest portion of the State,
150 miles from Seattle. Wahkiakum County, of which
Cathlamet is the county seat, has 3,600 residents.
Bounded by the Columbia and Lewis Rivers in the
south and by mountains in the east, Wahkiakum and
its sister county to the east, Cowlitz, form a natural
trading area of some 70,000 persons. Principal economic reliance of both counties is on the timber and
wood products industries, followed by dairy farming
and commercial fishing.
The selling bank operates its single office in Cathlamet and has IPC deposits of $2.7 million. It is the
sole banking institution in Wahkiakum County and
has experienced only marginal growth since its founding in 1909 due to a somewhat dormant local economy.
The nearest bank offering any competition is in Kelso,
Cowlitz County, 22 miles away and has drawn some
business from the Cathlamet area. In fact, however,
this business results less from normal competition than
from the limited lending potential of the Wahkiakum
bank, its very low loan to deposit ratio, and its disinclination to participate in large loans. Senior management of the selling bank consists of two gentlemen
in their sixties who are looking forward to retirement
and for whom there are no apparent successors. The
instant application represents the result of the best of
three bids to purchase the bank's assets and received
100 percent support from the stockholders.
The purchasing Seattle-First National Bank, with
assets in excess of $1.4 billion, is the largest bank in
the State. It operates 116 offices in Washington, 57 of
which are in Seattle, its headquarters city. Over a period of 10 years it has experienced growth and an
increase in earnings although its net share of the State's
banking market has declined. The bank's present

structure has resulted from a continuous series of
strong and aggressive management. It is anticipated
that employees of the selling bank will be retained
under an expanded array of fringe benefits.
The proposed acquisition can only be of benefit to
the counties of Wahkiakum and Cowlitz in general,
and to the town of Cathlamet in particular. SeattleFirst has a loan to deposit ratio higher than the Statewide average and a lending limit of $7.5 million, giving it full capability of stimulating and aiding in area
development. The purchasing bank presently operates
branches in Longview and Kelso, Cowlitz County, 22
and 24 miles southeast of Cathlamet, respectively.
These branches have $19.1 million in area deposits as
compared with $22.6 million in nearby branches of
the National Bank of Commerce, the second largest
bank in Washington. Seattle-First's acquisition of the
Wahkiakum County Bank will lead to a better balance
between these National banks but have little effect on
the State's overall banking structure. The one other
competing financial institution in the WahkiakumCowlitz area, Bank of Cowlitz at Longview, has deposits of $13.3 million, has made good progress in its
10 years of existence, and has excellent prospects for
future growth. Since the instant proposal will substitute one bank for another, it represents only a qualitative change in the competition faced by the Bank of
Cowlitz.
The town of Cathlamet and Wahkiakum County
will be given a substantial increase in available banking services by this acquisition, with a much higher
lending limit and a direct source of aggressive, experienced financial leadership. Seattle-First offers a full
range of savings instruments at maximum allowable
rates and could provide trust services, investment counseling, safekeeping, economic research, better collection service, and full automation, none of which have
been previously available at the selling bank. The acquisition will promote the convenience and needs of
a community which has never been privileged to enjoy
the advantages of an extensive banking operation and
which has been hampered in its development by financial and geographic isolation.
In balancing the factors of this application in light
of the statutory criteria, the acquisition is found to be
in the public interest and the application is, therefore,
approved.
NOVEMBER 30,

1966.

SUMMARY OF REPORT BY THE ATTORNEY GENERAL

The largest bank in the State of Washington, with
assets in excess of $1 billion, proposes to purchase the
109

only bank located in Wahkiakum County. Wahkiakum
County, located in the southwest portion of the State,
has a population of only 3,600; its economy is based
largely on the timber and wood products industries,
with some dairy farming and commercial fishing.
Seattle-First National Bank operates over 100 offices
throughout the State of Washington. Two of these
offices are in Longview and Kelso, which are located
in the county adjoining Wahkiakum County to the
east. Although both of these offices are more than 20
miles from Wahkiakum County Bank (assets of $3.5
million), there appears to be some commercial banking business originating in Wahkiakum County which

is performed by these offices of Seattle-First. It would
thus appear that some degree of competition presently
exists between the two banks. Moreover, while the
bank branching law in Washington would prevent
Seattle-First from opening a branch in the city of
Cathlamet itself, it does not prevent Seattle-First from
opening a branch in some other city or town in Wahkiakum County. The proposed acquisition, therefore,
would eliminate some actual competition, and would
foreclose potential competition, between the merging
banks. However, as seen from Wahkiakum County
Bank's low loan to deposit ratio it does not appear
that it has been a source of vigorous competition.

AMERICAN NATIONAL BANK OF PORTSMOUTH, PORTSMOUTH, V A . , AND AMERICAN BANK & TRUST C O . , SUFFOLK, V A .
Banking offices
Total assets

Name of bank and type of transaction

In operation

American National Bank of Portsmouth, Portsmouth, Va. (11381), with
and American Bank & Trust Co., Suffolk, Va., which had.
consolidated Dec. 31,1966, under charter of the former bank (11381) and
with title "American National Bank." The consolidated bank at date of
consolidation had

COMPTROLLER S DECISION

On August 22, 1966, American National Bank of
Portsmouth, Portsmouth, Va., with $27 million in I PC
deposits, and American Bank & Trust Co., Suffolk,
Va., with $12 million in IPC deposits, applied to the
Comptroller of the Currency for permission to consolidate under the charter of the former and with the
title of "American National Bank."
Portsmouth, with an estimated 1966 population of
120,000, is located on the Elizabeth River and at the
mouth of Hampton Roads. At one time Portsmouth
was very dependent on the U.S. Government as an
employer, with its Navy Hospital, military installations, and the Norfolk Navy Shipyard located within
the city boundaries. However, industry has found a
suitable labor force in this area and in recent years
there has been a growth in light industry allowing the
city to be less dependent on the U.S. Government installations. Manufacturing now claims the largest portion of the labor force, with trading and construction
close behind. Among the more than 200 manufacturers
in the area, the most notable are Pet Milk Co., Best
Foods Division of Corn Products, Procter & Gamble,
Planters Manufacturing Division of Georgia Pacific
Plywood, Star Bank Corp., Columbia Yacht Corp.,
110

$38, 098,447
15, 785, 477
53, 883, 924

To be operated
6
2
8

and Coronet Casuals, Inc. Inasmuch as the economy
of the Western Branch Section of Chesapeake is so
closely related to Portsmouth, comments pertaining
to the present economic outlook and growth trends
should include both these areas. The West Chesapeake
area is primarily residential, with a number of firms
having manufacturing and other facilities there. These
two cities are important sections of the Tidewater area,
which is classified as one of the 10 fastest growing areas
in the Nation.
The American National Bank of Portsmouth, originally chartered in 1919, is a full-service bank and
presently operates 5 branch offices and one facility. It
faces intense competition from several strong independent banks and a branch of The Bank of Virginia
located in Portsmouth, as well as from the large banks
located in Norfolk, which actively seek business in the
entire Tidewater area. In addition, there are savings
and loan associations, credit unions, and personal loan
companies.
Suffolk, with an estimated population of 12,700, is
the county seat of Nansemond County and is located
on the Nansemond River approximately 18 miles from
Portsmouth. While Suffolk is not dependent on any
one industry, it is known as the world's foremost peanut market and processing center. Many industries

which provide intense competition in both Suffolk
have, in recent years, changed the Suffolk economy
and Portsmouth. The resulting bank will provide exfrom a major dependence on farm-related industries
panded and improved services by a more effective
to a more diversified economy. Suffolk and Nanseutilization of personnel and equipment. Consummamond County have experienced steady growth during
tion of the proposal will also solve the serious managethe past decade, and this is expected to continue. This
ment succession problem in the consolidating bank.
area is part of the Tidewater and the growth of NorConsidered in the light of the statutory criteria, the
folk and Portsmouth industry and military facilities
merger is determined to be in the public interest and
has a measurable effect on Suffolk's economy.
is, therefore, approved.
The consolidating bank, the American Bank & Trust
NOVEMBER 10, 1966.
Co., organized in 1912, is a full-service bank and presently operates one branch office. The bank faces a
SUMMARY OF REPORT BY ATTORNEY GENERAL
serious management succession problem and is unable
American
National Bank of Portsmouth, Portsto meet the credit demands of some of its customers;
mouth, Va., which has assets of about $38 million, proand for this reason, it is unable to attract the accounts
poses to consolidate with American Bank & Trust Co.,
of the new industries locating in its community. Direct
Suffolk, Va., which has assets of about $14.6 million.
competition in Suffolk is provided by two other comThe consolidating banks are separated by a distance
mercial banks, two savings and loan associations, two
of 18 miles and do not presently compete with each
credit unions, and four small loan companies.
other.
Consummation of the proposed consolidation will
Since the consolidating banks do not presently comnot eliminate competition between the two participatpete with each other and since Virginia State law preing banks. The 2 banks are located in different comvents potential competition which might result
munities 18 miles apart and there is no evidence of
through the opening of a de novo branch in the servsignificant competition existing between them. Conice area of either bank by the other bank, we conclude
summation of this consolidation would, in fact, inthat the proposed merger should not result in reduccrease competition by creating a bank with a greater
tion of competition in the communities now served
lending capability and more able to compete effecby National Bank and American Bank.
tively with the large banks and financial institutions
* * *
FIRST NATIONAL BANK OF GREER, GREER, S.C., AND THE PEOPLES NATIONAL BANK OF GREENVILLE, GREENVILLE,

S.C.
Banking offices
Total assets

Name of bank and type of transaction

In operation To be operated

58, 281, 289

COMPTROLLER'S DECISION

On September 13, 1966, The Peoples National Bank
of Greenville, Greenville, S.C, with IPC deposits of
$43 million, and First National Bank of Greer, Greer,
S.C, with IPC deposits of $4.5 million, applied to the
Office of the Comptroller of the Currency for permission to merge under the charter of the former and
with the title "The Peoples National Bank."
The charter bank commenced business in 1887 as
a State bank, converting to a National bank in 1914.
Originally oriented toward an economy dependent on

$5, 548, 295

First National Bank of Greer, Greer, S.C. (14742), with.
and The Peoples National Bank of Greenville, Greenville, S.G. (10635),
which had
merged Dec. 31, 1966, under charter of the latter bank (10635) and with
title "The Peoples National Bank." The merged bank at date of merger had.

63, 312, 394

agriculture, the bank shifted into the financing of the
textile industry when it came into prominence. More
recently, it has shifted into broadly diversified commercial and personal financing. The bank operates
eight full-service offices in Greenville, whose population is 69,800. All of the bank's expansion is attributable to internal growth through de novo branching
and aggressive business solicitation.
The merging bank, organized in 1955, operates two
offices in Greer, a community of 12,000, located a few
miles northeast of Greenville. This bank has specialized
111

in installment credit loans which comprise about 74
percent of its portfolio.
Both banks are located in the Piedmont region, an
area which has experienced marked industrial growth
and now enjoys a diversified economy based on light
industry, agriculture, commerce and shipping, in addition to its basic industry—textiles. In recent years,
however, there has been a rapid growth of nonmanufacturing enterprises, i.e., service industries which are
accounting for an increasing percentage of the labor
market. Indicative of the gains realized in the banks'
service areas is the growth in per capita income as
well as the steady increase in population. A favorable
climate, a plentiful labor force, an abundant supply
of industrial sites, adequate water, fuel, and power,
and access to rail and modern highway transportation
are factors which have sustained new investments in
the area in the past and are still operative today.
Competition between the participating banks is
minimal. While the closest offices of these banks are
only 10 miles apart, there are two other banking offices
located in the intervening area. The fact that these
banks are oriented toward different sectors of the banking market further indicates the lack of competition
between them.
Competing with the participating banks are the
South Carolina National Bank of Charleston which
operates 10 offices in Greenville, and the Citizens and
Southern National which operates three offices in
Greenville. This merger will clearly have no adverse
effect on these large banks. The introduction of a
larger bank into Greer should not have any meaningful impact on the Bank of Greer which now operates

a branch on the outskirts of Greenville in competition
with the two largest banks in the State.
The improvement in the banking structure in South
Carolina, the more efficient use of capital, the improvement and extension of banking services, the lack
of adverse competitive effects, and the satisfactory
meeting of the remaining statutory criteria indicate
that this merger will be in the public interest and the
application is, therefore, approved.
OCTOBER 24,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

This is a proposal to merge the eight-office Greenville bank, the fifth largest bank in South Carolina
with deposits of about $50 million, and the two-office
bank in Greer, some 12 miles northeast of Greenville.
Greer is a commercial area of growing importance;
six of the nine banking offices in Greer and vicinity
have been established since 1961. The Greer bank,
founded in 1955, opened a second office in Greer in
1965. Its deposits have grown from about $2 million
in 1959 to nearly $5 million in 1966, and in 1965 the
Greer bank earned $107,000.
Greer and Greenville are only 12 miles apart and
are linked by highway and rail. Moreover, in view of
Greer's growing importance, it is not unlikely that the
Greenville bank might establish a de novo branch in
Greer if the proposed merger were not effected.
Thus, the merger would eliminate competition now
prevailing between the merging banks and would foreclose the development of future competition between
them. Finally, it would increase the high degree of
concentration of banking resources in Greenville
County.

THE CAMPBELL NATIONAL BANK OF LARUE, LARUE, OHIO, AND THE NATIONAL CITY BANK OF MARION,
MARION, OHIO
Banking offices
Name of bank and type of transaction

Total assets
In operation

The Campbell National Bank of LaRue, LaRue, Ohio (6675), with
and The National City Bank of Marion, Marion, Ohio (11831), which had...
merged Dec. 31, 1966, under charter and title of the latter bank (11831).
The merged bank at date of merger had

COMPTROLLER'S DECISION

On September 6, 1966, The Campbell National
Bank of LaRue, LaRue, Ohio, with IPC deposits of
$2.6 million, and The National City Bank of Marion,
Marion, Ohio, with IPC deposits of $38.5 million,
112

$3, 263, 038
51, 929, 928
55,038,074

To be operated

1
7
8

applied to the Comptroller of the Currency to merge
under the charter and with the title of the latter.
Marion, with an estimated population of 39,000, is
located in the center of Ohio. It is a diversified industrial city serving a trade area with over 250,000 in

population. The areas surrounding Marion are agricultural, producing well in the dairy products, livestock, and crop categories.
The National City Bank of Marion was organized
in 1901. It presently operates six branch offices in five
cities or towns, all located within 10 miles of Marion.
Its branch nearest to the merging bank is the Green
Gamp office, approximately 9 miles away. The charter
bank has also received approval for one additional
office, as yet unopened.
The immediate competitor of the charter bank is
the Marion County Bank, with deposits of $19 million,
whose head office and two branches are located in
Marion. Competition is also provided by the $13.7
million Fahey Banking Company located in Marion
and the First National Bank of Delaware, with deposits of $21 million, located 22 miles from Marion
and 36 miles from LaRue.
The Campbell National Bank, the merging bank,
organized in 1903, is a unit bank, and the sole financial
institution of LaRue. It is located 14 miles west of
the charter bank's home office. LaRue, with a
population of 800, is economically dependent upon
agriculture.
The lending capacity of the resulting bank will
enable it to be more responsive to the large farm loans
which the Campbell Bank is presently unable to service. In addition, the people of the LaRue area will
benefit from the charter bank's computer services,
higher interest rates, travel services, and technical
knowledge. Furthermore, the management depths of
the charter bank will infuse more dynamic and experienced leadership into the LaRue office as well as
provide for management succession.

The merger will have no anticompetitive effects.
The resulting bank will be in effective competition
with the competitor banks previously named plus 19
life insurance companies, 18 credit unions, 12 small
loan companies, the Federal Land Bank, and the
Marion Production Credit Association.
Applying the statutory criteria to the proposed
merger, we conclude that it is in the public interest
and the application is, therefore, approved.
NOVEMBER 14,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The National City Bank of Marion, Ohio, is the
largest bank in Marion and five adjacent counties,
with total assets as of June 30, 1966, of $50.3 million,
loans and discounts of $25.6 million and deposits of
$46.6 million. National City has its head office in
Marion and operates six branch offices, three of which
are located in Marion and three in surrounding communities. The merging bank, Campbell National, is
a unit bank located in LaRue, Ohio, some 14 miles
from Marion. This bank, as of June 30, 1966, held
total assets of $3 million, loans and discounts of $1.1
million, and deposits of $2.7 million. Both banks are
located in Marion County and are in competition with
one another.
National City and two other banks control 59.7 percent of total commercial banking resources in the
pertinent area, with National City's share the largest
(32.1 percent). Merger of Campbell National into
National City will eliminate existing competition between the two banks, increase further the leading
bank's market share, and enhance the existing high
level of banking concentration in the area.

THE CENTRAL NATIONAL BANK OF MOUNT UNION, MOUNT UNION, PA., AND FIRST-GRANGE NATIONAL BANK
OF HUNTINGDON, HUNTINGDON, PA.

Name of bank and type of transaction

Total assets

Banking offices
In operation To be operated

The Central National Bank of Mount Union, Mount Union, Pa. (10206), with. . .
and First-Grange National Bank of Huntingdon, Huntingdon, Pa. (31), which
had
merged Dec. 31, 1966, under charter of the latter bank (31), and with title of
"Penn Central National Bank." The merged bank at date of merger had...

$6, 127, 646

23, 510, 789

29,638,435

113

COMPTROLLER'S DECISION

On August 26, 1966, the First-Grange National
Bank of Huntingdon, Huntingdon, Pa., with I PC deposits of $20 million, and The Central National Bank
of Mount Union, Mount Union, Pa., with IPG deposits of $5 million, applied to the Comptroller of
the Currency for permission to merge under the charter of the former and with the title "Penn Central
National Bank."
Huntingdon, with a population of 7,200, is located
in south-central Pennsylvania. For almost a century,
the industry of the area was based on the exploitation
of coal, iron ore, limestone, lumber, and ganister rock.
In recent years, however, the economy has undergone
large changes. At present, it is based on agriculture,
light manufacturing, and recreation. An influx of new
manufacturing concerns, and the expansion of existing ones, as well as the consolidation of small farms
into larger, more efficient units, are invigorating the
economy. It is anticipated that the recreation segment
of the economy will receive a large boost when the
nearby Raystown Reservoir is completed. This reservoir, to be located between Huntingdon and Mount
Union, will have a shoreline of more than 100 miles
and will be one of the State's largest recreation areas.
Mount Union, with a population of 4,100, is located
11.5 miles southeast of Huntingdon. For over 50 years,
the industry of Mount Union was based almost exclusively on the exploitation of ganister rock from
which refractory brick is made. At its peak, 1,200 men
were employed in this industry. At present, however,
this industry employs less than 400 men. The current
economy of the Mount Union area is based on agriculture, light manufacturing, and recreation. In most
respects, the present status and future outlook for the
Mount Union economy are similar to that of the
Huntingdon area economy.
The charter bank operates 3 offices in and around
Huntingdon. Its main banking competition is the $18
million Union National Bank & Trust Co. of Huntingdon. These 2 banks, and a variety of other financial
institutions, are vigorously competing to serve the
growing credit needs of the Huntingdon area
inhabitants.
The Central National Bank of Mount Union is the
smaller of 2 banks serving Mount Union. Its competitor is a branch of the Union National Bank & Trust

114

Co. of Huntingdon. These 2 banks, as well as 2 others
in the immediate vicinity, compete vigorously in the
Mount Union area.
Because the service areas of these 2 banks do not
overlap, consummation of the proposed merger will
have no adverse effect on competition. While these
banks are located in cities only 11.5 miles apart, they
are separated by a mountain range. In general, Huntingdon is the trade center for the northern part of
Huntingdon County and Mount Union for the
southern part. As stated above, the merger will increase competition in Mount Union by enabling the
merging bank to compete there for the large loans
and trust business.
Consummation of this proposed merger will be in
the public interest. It will result in a well managed
bank in Mount Union that is capable of competing for
the large loan and trust needs of the public. The resulting bank will be able to modernize its facilities and
equipment and thus serve the public better at lower
cost. The increased lending capacity of the resulting
bank will help to lure new industries into the area and
will help existing industries to expand.
Having considered the merger application in the
light of the statutory criteria, this Office has determined that it is in the public interest and the application is, therefore, approved.
OCTOBER 20,

1966.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The First-Grange National Bank of Huntingdon,
Huntingdon, Pa., conducts commercial banking
through 2 offices located in Huntingdon and a branch
office in Alexandria, Pa. As of June 30, 1966, it had
total IPC deposits of $19,747,000 and net loans and
discounts of $14,765,000.
The Central National Bank of Mount Union, Mount
Union, Pa., has one office located in Mount Union
about 11.5 miles from Huntingdon. As of June 30,
1966, it had total IPC deposits of $5,266,000 and net
loans and discounts of $3,848,000.
If the proposed merger is approved, a viable competitor of the First-Grange National Bank will be
eliminated and the number of banking alternatives
remaining available to banking customers in the Mount
Union, Pa. area will be reduced to four.

APPENDIX B

Statistical Tables

INDEX
Statistical Tables
Table No.

Title

B-l Comptrollers of the Currency, 1863 to the present.
B-2 Administrative Assistants to the Comptroller of
the Currency and Deputy Comptrollers of the
Currency
B-3 Changes in the structure of the National banking
system, by States, 1863-1966
B-4 Charters, liquidations, and changes in authorized
capital stock of National banks, calendar 1966.
B—5 Applications by newly organized banks for new
National bank charters, approved and rejected,
by States, calendar 1966
B-6 Newly organized National banks, by States, calendar 1966
B-7 State chartered banks converted to National
banks, calendar 1966
B—8 National banks reported in voluntary liquidation,
calendar 1966
B-9 National banks merged or consolidated with
State banks, calendar 1966
B—10 National banks converted into State banks, calendar 1966
B-l 1 Purchases of State banks by National banks, calendar 1966
B-l 2 Consolidations of National banks, or National
and State banks, calendar 1966
B-l 3 Mergers of National banks, or National and State
banks, calendar 1966
B—14 Domestic branches entering the National banking
system, by de novo opening, merger or conversion, by States, calendar 1966
B-l 5 Domestic branches of National banks closed, by
States, calendar 1966
B-l 6 Principal assets, liabilities, and capital accounts of
National banks, by deposit size, year end 1965
and 1966
B-l 7 Dates of reports of condition of National banks,
1914-67

116

Page

117
118
119
120
121
122
124
125
125
126
126
127
128
133
142
144
145

Table No.

Title

B—18 Total and principal assets of National banks, by
States, June 30, 1966
B—19 Total and principal liabilities of National banks,
by States, June 30, 1966
B-20 Capital accounts of National banks, by States,
June 30, 1966
B—21 Total and principal assets of National banks, by
States, December 31, 1966
B-22 Total and principal liabilities of National banks,
by States, December 31, 1966
B-23 Capital accounts of National banks, by States,
December 31, 1966
B-24 Loans and discounts of National banks, by States,
December 31, 1966
B-2 5 Bank trust assets and income, by States, calendar
1966
B-26 Common trust funds, by States, 1965 and 1966...
B-2 7 Income and expenses of National banks, by States,
year ended December 31, 1966
B-28 Income and expenses of National banks by deposit size, year ended December 31, 1966
B-29 Capital accounts, net profits, and dividends of
National banks, 1944-66
B-30 Loan losses and recoveries of National banks,
1945-66
B-31 Securities losses and recoveries of National banks,
1945-66
B-32 Foreign branches of National banks, by region and
country, December 31, 1966
B-33 Foreign branches of National banks, 1955-66
B-34 Assets and liabilities of foreign branches and
military facilities of National banks, December
31, 1966: consolidated statement
B-35 Assets and liabilities of National banks, date of
last report of condition, 1936-66

Page

147
148
149
150
151
152
153
154
155
156
164
166
167
168
169
170

170
171

TABLE B-l
Comptrollers of the Currency^ 1863 to the present
Date of

No.

Date of

State

resignation

McCuUoch, Hugh
Clarke, Freeman
Hulburd, H i l a n d R . . . .
Knox, John Jay
Gannon, Henry W
Trenholm, William L...
Lacey, Edward S
Hepburn, A. Barton.. . .
Eckels.JamesH.. . . . . .
Dawes, Charles G
Ridgely, William Barret,
Murray, Lawrence O . . .
Williams, John Skelton.
Crissinger, D. R
.
Dawes, Henry M
Mclntosh, Joseph W. . .
Pole, John W
O'Connor, J. F. T
Delano, Preston
Gidney, Ray M
Saxon, James J
Camp, William B

May 9, 1863
Mar. 21,1865
Feb. 1,1867
Apr. 25, 1872
May 12,1884
Apr. 20, 1886
May 1, 1889
Aug. 2,1892
Apr. 26,1893
Jan. 1, 1898
Oct. 1,1901
Apr. 27,1908
Feb. 2,1914
Mar. 17, 1921
May 1, 1923
Dec. 20,1924
Nov. 21,1928
May 11,1933
Oct. 24,1938
Apr. 16,1953
Nov. 16, 1961
Nov. 16, 1966

Mar. 8, 1865
July 24, 1866
Apr. 3,1872
Apr. 30, 1884
Mar. 1, 1886
Apr. 30, 1889
June 30, 1892
Apr. 25, 1893
Dec. 31,1897
Sept. 30, 1901
Mar. 28, 1908
Apr. 27, 1913
Mar. 2,1921
Apr. 30, 1923
Dec. 17,1924
Nov. 20,1928
Sept. 20, 1932
Apr. 16, 1938
Feb. 15,1953
Nov. 15, 1961
Nov. 15, 1966

Indiana
New York
Ohio
Minnesota
Minnesota
South Carolina
Michigan
New York
Illinois
Illinois
Illinois
New York
Virginia
Ohio
Illinois
Illinois
Ohio
California
Massachusetts
Ohio
Illinois
Texas

117

TABLE B-2

Administrative Assistants to the Comptroller of the Currency and Deputy Comptrollers of the Currency
Dates of tenure

Nat,

Mo.

ADMINISTRATIVE ASSISTANTS TO THE COMPTROLLER

Larsen, Arnold E
Faulstich, Albert J . . . .
Chase, Anthony G. . . .
Wickman, Wayne G. . .

Dec.
"uly
'uly
"eb.

24,
2,
21,
27,

1961 July 1,1962
1962 July 18, 1965
1965 Feb. 25,1967
1967

Nebraska
Louisiana
Washington
Texas

DEPUTY COMPTROLLERS OF THE CURRENCY
Howard, Samuel T
Hulburd, Hiland R
Knox, John Jay
Langworthy, John S
Snyder, V. P
Abrahams, J. D
Nixon, R. M
Tucker, Oliver P
Coffin, George M
Murray, Lawrence O
Kane, Thomas P
Fowler, Willis J
Mclntosh, Joseph W
Collins, Charles W
Stearns, E. W
Await, F. G
Gough, E. H
Proctor, John L
Lyons, Gibbs
Prentiss, William, Jr
Diggs, Marshall R
Oppegard G. J
Upham, C. B
Mulroney, A. J
McCandless, R. B
Sedlacek, L. H
Robertson, J. L
Hudspeth,J. W
Jennings, L. A
Taylor, W. M
Garwood, G. W
Fleming, Chapman C
Haggard, Hollis S
Camp, William B
Redman, Clarence B
Watson, Justin T
Miller, Dean E
DeShazo, Thomas G
Egertson, R. Coleman
Blanchard, Richard J
Park, Radcliffe
Faulstich, Albert J
Motter, David C
Gwin, John D

118

Aug. 1, 1865
Jan. 31,1867
Apr. 24, 1872
Jan. 3, 1886
Jan. 3, 1887
May 25, 1890
Mar. 16, 1893
Mar. 11, 1896
Aug. 31, 1898
June 27, 1899
Mar. 2,1923
Feb. 14, 1927
Dec. 19, 1924
June 30, 1927
Nov. 30, 1928
Feb. 15, 1936
Oct. 16, 1941

Jan.
Jan.
Jan.

Sept.
Sept.
Dec.
Aug.
Mar.
Sept.
Feb.
Aug.
May
Apr.
Dec.
Aug.
Aug.
Nov.
Oct.

23, 1933
15, 1938
15, 1938
30, 1938
30, 1938
31, 1948
31, 1941
1, 1951
30, 1944
17, 1952
31, 1950
16, 1960
1, 1962
31, 1962
31, 1962
3, 1962
15, 1966
26, 1963

June 30, 1966
. 1, 1964 June 1, 1967
19, 1965
1, 1966
21,1967

New York
Ohio
Minnesota
New York
New York
Virginia
Indiana
Kentucky
South Carolina
New York
Dist. of Columbia
Indiana
Illinois
Illinois
Virginia
Maryland
Indiana
Washington
Georgia
California
Texas
California
Iowa
Iowa
Iowa
Nebraska
Nebraska
Texas
New York
Virginia
Colorado
Ohio
Missouri
Texas
Connecticut
Ohio
Iowa
Virginia
Iowa
Massachusetts
Wisconsin
Louisiana
Ohio
Mississippi

TABLE

B-3

Changes in the structure of the National banking system, by States, 1863-1966

15,617

685

Alabama
Alaska .
Arizona
Arkansas
California
Colorado
Connecticut...
Delaware
District of Columbia
Florida. .

200
8
32
162
602
263
136
32
37
284

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa....
Kansas
Kentucky.. . .
Louisiana
Maine

200
7
112
971
445
562
454
250
120
127

0
19
14
4
6
11
4
8

Maryland
Massachusetts
Michigan
Minnesota
.
Missisippi
Missouri
Montana.
Nebraska
Nevada
New Hampshire..

156
382
350
511
94
321
205
411
17
84

258

4,799

4
0
1
1
19
5
11
0
8
2

2
0
0
0
21
0
6
0
0
0

1
7
42

0
0
0
0
2
0
0
0
0
0

0
1
0
0
17
0
13
8
0
0

87
5
4
67
91
117
30
5
9
198

0
0
1
3

87
4
65
296
205
243
198
110
53
79

5
0
0
3
0
7
4
8
0
0

0
0
2
1
4
1
0
2
0

0
0
2
0
5

42
0
35
227
98
205
76
37
16
13

3
40
11
8
5
12
3
2
1
3

10
7
3
0
3
1
1
0
0
1

17
28
77
116
16
58
76
83
4
5

69
207
157
192
34
148
76
199
8
23

0
0
0
1
0

8
10

438
97
1,013
157
263
719
775
152
1,286
67

49
1
123
8
3
32
12
2
98
3

14
0
51
12
0
10
0
2
67
0

59
25
130
44
100
112
85
31
211
2

151
37
441
58
118
333
454
102
488
58

1
0
8
0
0
1
4
0
2
0

133
223
219
1 323
45
85
278
242
197
290
78

8
13
8
45
4
3
21
18
11
9

7
0
0
0
0
2
33
7
0
0

43
93
36
142
6
17
28
51
38
54
12
0
0

49
81
94
573
19
29
75
138
68
115
26
0
1

0
2
2
16

0
0
2

\
0
0
0
0

2
6
7
0
0
0

1
0
0

0
1
0
0
1
0
16
0
70
5
0
2
66
0

ooo

South Carolina . .
South Dakota
Tennessee..
Texas
Utah
Vermont
Virginia
Washington. .
West Viginia
Wisconsin
Wyoming
Virgin Islands
Puerto Rico.
....

62
2
21
55
386
85
69
18
13
42

coo

New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

6,714

45
0
6
39
66
56

ooo

. .

New Jersey

2,817

coo

272

Merged

COO

Liquidated

ooo

United States

In
operation
Dec.
31,
1966

Merged
or consolidated
with
State
banks

Converted
to
State
banks

Insolvencies

ooo

Consolidated

12 U.S.C. 214

Consolidated and
merged under
12 U.S.C. 215

Organized
and
opened
for
business
1863-1966

9
422
123
102
170
80
47
21
49
90
99
194
36
98
49
126
3
52
148
34
190
27
42
226
220
13
354
4
26
34
77
546
13
27
114
28
80
112
0
1
0

119

TABLE B-4

Charters, liquidations, and changes in authorized capital stock of National banks, calendar 1966
Number

Capital stock

Capital
notes and
debentures

banks
Common
Increases:
Banks newly chartered:
Primary organizations
Reorganizations
Conversion of State banks*
Capital stock: Common:
261 cases by statutory sale
551 cases by statutory stock dividend
4 cases by statutory consolidation
43 cases by statutory merger
Capital notes and debentures: 43 cases by new issue.
Total increases.

$13, 370, 000

19,085, 160

Preferred

$100,000

19,423,435
118,192,850
1,257,800
12,916,202
49

Decreases:
Banks ceasing operations:
Voluntary liquidations:
Succeeded by National banks
Succeeded by State banksf
No successor!
Statutory consolidation
Statutory mergers
Conversions into State banks
Merged or consolidated with State banks (Public Law 706)
Insolvent
Capital stock:
Preferred: 3 cases by retirement
Common:
4 cases by statutory reduction
1 case by statutory consolidation
9 cases by statutory merger
Capital notes and debentures: 17 retirements

184,245,447

$4,750, 000

300,000
38,625, 000
100, 000

43, 675,000

2,096, 360
1, 250, 000

480,000

1, 703, 000
3,490, 000
544,000
1, 108, 310
40,000
412,125

15, 659,044
10, 099, 795

544,000

16, 139,044

Net change
Charters in force Dec. 31, 1965 and authorized capital. .

— 16
174, 145, 652
4,812 4, 939, 382, 184

-444,000
29,600,400

27, 535, 956
1,133,919,600

Charters in force Dec. 31, 1966 and authorized capital.

4,796 5,113,527,836

29, 156,400

1, 161,455,556

Total decreases.

•Includes two banks which were chartered in 1966, but which did not open for business until 1967.
•f Includes one bank organized under Section 11 of the Federal Deposit Insurance Act.
{Organized under Section 11 of the Federal Deposit Insurance Act.

120

TABLE

B-5

Applications by newly organized banks for National bank charters, approved and rejected, by States, calendar 1966
Alabama

Approved
1966

Birmingham, Ala

Rejected
1966

June 13

Iowa

Dewitt, Iowa

June 14
Kansas

Arkansas

Ashdown, Ark

Oct. 27
California

Bankers National Trust & Savings, San
Francisco

Fort Riley National Bank, Fort Riley... Feb. 17
The Northgate National Bank of Hutchinson
Sept. 19
Louisiana

Mar. 21

Commercial National Bank of Abbeville.. June 16
Alexandria, La
Oct.

Colorado

Air Academy National Bank, U.S. Air
Force Academy
Feb. 17
Fort Carson National Bank, Fort Carson. Feb. 17
Vail, Colo
Dec. 5
West Haven, Conn
Windsor Locks, Conn

July 18
Aug. 19

Florida

Jan.

Michigan

First National Bank of Warren
Flushing, Mich
Ypsilanti, Mich

Connecticut

Coral Way National Bank, Miami
Madison, Fla
Clearwater, Fla
Tallahassee, Fla
Capital City Second National Bank, Tallahassee
First National Bank of Brooksville
Tampa, Fla
Avon Park, Fla
Avon Park, Fla
Naples, Fla
Munroe and Chambliss National Bank
of East Ocala, Ocala
Citizens National Bank of Naples
Dade County, Fla

Rejected
1966

1966

Jan.

June 13
Oct. 14

Mississippi
Wiggins, Miss
Biloxi, Miss

Jan. 12
May 6
Missouri

Jan. 11
Jan. 19
Feb. 11

Feb. 11
May 18

Swope Parkway National Bank, Kansas
City
Feb. 11
Nebraska

Offutt Air Force Base, Nebr
May 26
J
14

Sept. 1
Oct. 14

Aug. 19

New Jersey

Peoples National Bank of Denville
East Paterson, N J

Oct. 20
Dec. 5

New Mexico

Oct. 27

Socorro, N. Mex

June 13
New York

May
Austell,
s t e , Ga
y 18
J
27
Americus,
Ga
June
27
Ai
G
The Citizens & Southern Park National
Bank, DeKalb County, Ga
July 28

New York, N.Y
Apr. 13
First City National Bank of Southern New
York, Binghamton
Aug. 19
Second National Bank of Jamestown. . . . Aug. 19
Lincoln National Bank of Syracuse
Aug. 19

Illinois

First National Bank of Northbrook
Suburban National Bank of Palatine

Feb. 11
July 28

North Carolina

Edenton, N.C

June 21

121

TABLE B-5—Continued
Applications by newly organized banks for National bank charters, approved and rejected, by States, calendar 1966
Approved Rejected
Rejected
1966
1966
1966

Approved Rejected
Washington

Hancock-Seneca-Wood National Bank,
Fostoria
Feb.

1966

Goldendale, Wash

Mar. 22

Wisconsin

Oregon

Creswell, Oreg

May 13

First National Bank of Door County,
Sturgeon Bay
First National Bank West, Grand Chute.
Grafton, Wis
Mequon National Bank
First Northwestern National Bank of
Milwaukee
First National Bank of Sturgeon Bay
Milwaukee, Wis

South Carolina

National Bank of Commerce of Spartanburg
Mar. 28
Longview, Tex
Nederland, Tex
Del Rio, Tex
Portland, Tex
Canyon, Tex
University National Bank, Galveston....
Vidor, Tex
Vidor, Tex

Aug. 30

Apr. 6
May 13
June 27
July 28
Aug. 19

Jan. 7
May 18
Aug. 30
Oct. 14
Oct. 27

Aug. 23
...

Dec. 16

Wyoming

Jackson, Wyo

Sept. 1
Sept. 1

Oct. 27

Territory of Guam

Agana

Apr. 14

TABLE B-6

Newly organized National banks, by States, calendar 1966
Title and location of bank

Charter
No.

Total capital
accounts

$27, 325, 000

Total, United States: 24 banks
ALABAMA

15604

The Deposit National Bank of Mobile County, Prichard
ARKANSAS

15602
15608

Citizens National Bank of Jacksonville
Fidelity National Bank of West Memphis

1, 000, 000
500,000
1, 000, 000
1,500,000

Total: 2 banks
CALIFORNIA

15585

Bank of Long Beach, National Association

1,500, 000
COLORADO

15592

Air Academy National Bank, U.S. Air Force Academy

122

300, 000

TABLE B-6—Continued
Newly organized National banks, by States, calendar 1966
Title and location of bank

Charter
No.

Total capital
accounts

FLORIDA

15568
15582

Coral Way National Bank, Miami
Volusia County National Bank at Ormond B e a c h . . . .
Total: 2 banks

$400, 000
450, 000
850,000

ILLINOIS

15598

250, 000

First National Bank of Macomb
MICHIGAN

15611

1, 800, 000

First National Bank of Warren
MISSISSIPPI

15600

500, 000

First National Bank of Waynesboro
MISSOURI

Community National Bank of Joplin
Mid-Continent National Bank of Kansas City

15587
15586

450, 000
1, 500, 000

1,950, 000

Total: 2 banks
NEW HAMPSHIRE

15601

500, 000

Peoples National Bank of Littleton
!

NEW YORK

15569 I Republic National Bank of New York, New York
i
I

15591

11,000, 000

OHIO

Hancock-Seneca-Wood National Bank, Fcstoria

125,000

OREGON

1,000, 000

Crater National Bank of Medford .

15583

TENNESSEE

First National Bank of Selmer. . . .

15590

300, 000
TEXAS

Fort Hood National Bank, Fort Hood
Bank of Galveston, National Association, Galveston..
The Lumbermen's National Bank of Houston

15606
15593
15578
;

Total: 3 banks

425, 000
350, 000
750, 000
1, 525, 000

15567 j Second National Bank of Richmond.

2, 000, 000
WEST VIRGINIA

15597

The Valley National Bank of Huntington . .

400, 000

15599
15580

Neenah West National Bank, Neenah.
Valley National Bank, A p p l e t o n . . . . .

450, 000
375, 000

Total: 2 banks.

266-849—67

825, 000

123

TABLE

B-7

State chartered banks converted to National banks, calendar 1966*
Charter

Title and location of bank

15566

Shenandoah County Bank & Trust Co.,
National Association, Woodstock
The Hackensack Trust Co., National Association, Hackensack
Florida First National Bank at Madison...
National State Bank of Plainfield, New
Jersey
First National Bank of Griffin
Euclid National Bank, Euclid
Union Bank & Trust Co., National Association, Grand Rapids
Stearns County National Bank of Albany..
First National Bank of Muscatine
United National Bank of Brandon
Elyria Savings & Trust National Bank,
Elyria
The Atlantic National Bank, Stamford
United National Bank, Cocoa Beach
Williamsburg First National Bank, Kingstree
Libertyville National Bank, Libertyville . . .
Grayslake National Bank, Grayslake
First National Bank of Oak Brook
Suburban Bank of Livingston, National
Association, Livingston
National Savings & Trust Co., Washington
Citizens National Bank of Whitley County,
Columbia City
Akron National Bank & Trust Co., Akron.
American National Bank & Trust Co.
ofWaukegan, Illinois.
First National Bank of Eureka

State

Effective
date of
charter
1966

Total: 23 banks.

15570
15571
15574
15572
15573
15575
15576
15579
15581
15577
15584
15588
15589
15594
15595
15596
15603
15605
15607
15609
15610
15612

Surplus,
undivided profits,
and reserves

$23,260,160

$40, 652, 802

Total assets

$909,864, 703

Va.

Jan.

100, 000

310,521

6, 258, 470

4, 127, 380
520, 309

116,731,936
5, 704, 929

Ga....
Ohio. .

25
28
31
31

2, 107, 000
200,000

NJ....

J
Jan.
Jan.
Jan.
Jan.

546, 360
300, 000
f l , 450, 000

583, 105
927, 905
2,467, 779

8,421,911
12,136,415
31,844,365

Mich..
Minn. .
La . . . .
S. Dak.

Feb. 1
Feb. 11
Feb. 28
Feb. 28

15, 500, 000
50, 000
1, 000, 000
50, 000

7,326,916
200,924
1, 108, 829
104, 221

181,140,141
3, 763,124
27,445,991
1, 530, 323

Ohio..
Conn.
Fla. ..

Mar. 1
Apr. 29
May 13

1, 754, 300
300, 000
375, 000

2,741,071
608, 655
421,747

74, 393, 178
7,815,141
10, 317, 325

S.C..
111.. .
111...
111...

May
June
June
June

100, 000
500,000
500,000
300, 000

239, 566
177, 941
299, 270
338,010

3, 058, 587
10,086,418
8, 619, 974
11,661,315

N.J..

Sept. 6

440,000

413, 590

9,499,007

D.C.

Sept. 6

2, 000, 000

7, 534, 144

152, 856, 250

Ind. ..
Ohio.,
111....

Oct. 29
Nov. 30
Nov. 30

779, 923
8, 454, 244
456, 180

111....

Nov. 30

450,000
4,637, 500
400,000
§200,000

15,225, 744
184,870, 333
16, 586, 801
9,897,025

*Excludes two banks chartered at year end 1966, but which
did not open for business until 1967.
flncludes $750,000 capital debentures.

124

Outstanding
capital
stock

31
30
30
30

510, 572

{Includes $4,000,000 capital notes.
§Includes $100,000 preferred stock.

TABLE B-8
National

banks reported in voluntary liquidation,

calendar 1966

Title and location of bank

Date of
liquidation

Total: 7 banks

Total captal
accounts of
liquidated
banks

$4,975,270

Five Points National Bank, Miami, Fla. (15262), absorbed by The Coral Way National Bank, Miami,
Jan. 12

Fla

Saguache County National Bank of Saguache, Saguache, Colo. (9997), absorbed by The Firrst National
Bank of Center, Center, Colo
National Bank of Berkeley, Berkeley, Calif. (15374), absorbed by Central Valley National Bank, Oakland,
Calif.
Northern California National Bank of San Mateo, San Mateo, Calif. (15290), absorbed by The Canadian
Bank of Commerce (California), San Francisco, Calif
,
National State Bank of Plainfield, New Jersey, Plainfield, N J . (15574), absorbed by The National State
Bank, Elizabeth, N J
Othello First National Bank, Othello, Wash. (15445), absorbed by Old National Bank of Washington,
Spokane, Spokane, Wash
First National Bank of Lake George, Lake George, N.Y. (8793), absorbed by The First National Bank of
Glens Falls, Glens Falls, N.Y

Mar. 16

0
0

Aug. 3

697, 000

Aug. 22

2, 295, 185

Sept. 26

1, 140,498

Sept. 30

380,439

Dec. 16

462, 148

TABLE B-9

National banks merged or consolidated with State banks, calendar 1966
Title and location of bank

Effective
date,
1966

$9, 846,138

Total: 13 banks.,
The Feather River National Bank, Oroville, Calif. (15021), merged with and into United California
Bank, Los Angeles, Calif
The Goshen National Bank, Goshen, N.Y. (1408), merged with and into The County Trust Co., White
Plains, N.Y
The National Bank of Hamburg, Hamburg, Pa. (14250), merged with and into The Reading Trust Co.,
Reading, Pa
Peoples National Bank of Hanover, Hanover, Pa. (14880),* merged with and into Dauphin Deposit
Trust Co., Harrisburg, Pa
The Security National Bank of Monterey County, Pacific Grove, Calif. (14998), f merged with and into
and into United California Bank, Los Angeles, Calif
The First National Bank, Taneytown, Maryland, Taneytown, Md. (14513), merged with and into The
Birnie Trust Co., Taneytown, Md
The Mount Diablo First National Bank, Pleasant Hill, Calif. (15074), merged with and into First San
Francisco Bank, San Francisco, Calif
First National Bank of Cambridge Springs, Cambridge Springs, Pa. (14029), merged with and into
Northwest Pennsylvania Bank & Trust Co., Oil City, Pa
The First National Bank of Cuba, Cuba, N.Y. (2451), merged with and into The First Trust Co. of Allegany County, Wellsville, N.Y
The National Bank of Rosslyn, Rosslyn, Va. (15200),J merged with and into The Bank of Prince William, Woodbridge, Va
The Rockbridge National Bank of Lexington, Lexington, Va. (10696), merged with and into Rockbridge
Bank & Trust Co., Lexington, Va
The First National Bank of Moscow, Moscow, Pa. (9340), merged with and into South Side Bank &
Trust Co., Scranton, Pa
The Tamaqua National Bank, Tamaqua, Pa. (7286), merged with and into American Bank & Trust
Co. of Pa., Reading, Pa

Total capital
accounts of
National
banks

Jan. 26

642, 297

Jan. 28

493, 546

Feb. 4

576, 530

Feb. 12

1,102, 595

Feb. 14

1, 101,516

Apr. 29

280,506

Apr. 29

185, 720

June 11

478, 075

Sept. 7
Sept 15
Oct. 1
Oct. 14
Nov. 4

298,109
2,025,333
860,699
396,107
1,405,105

*1 inside branch.
•j"5 outside branches
%2 outside branches.

125

TABLE

B-10

National banks converted into State banks, calendar 1966
Total
capital
accounts of
National
banks

Title and location of bank

$8, 280, 512

Total: 8 banks.
First National Bank in Granite, Okla. (12142), converted into Bank of Granite
The Fallkill National Bank & Trust Go. of Poughkeepsie, N.Y. (659), converted into The Fallkill Bank
& Trust Co
The First National Bank of Spring Valley, N.Y. (5390), converted into The First State Bank of Spring
Valley
The First National Bank of Jones, Okla. (12322), converted into First State Bank, Jones
The Farmers National Bank of Madisonville, Ky. (8451), converted into Farmers Bank & Trust Go. of
Madisonville
The First National Bank of Caledonia, N.Y. (5648), converted into Bank of Caledonia
Briggs National Bank of Clyde, N.Y. (2468), converted into Briggs Bank of Clyde
First National Bank in Honey Grove, Tex. (13416), converted into First State Bank

,162,000
1, 934,054
*3, 524,038
237,665

1, 079, 728
708, 795
345, 592
288, 640

* Includes $480,000 capital notes.

TABLE

B-ll

Purchases of State banks by National banks, calendar 1966
Total
capital
accounts of
State
banks

Title and location of bank

$5,123,343

Total: 8 banks..
First National Bank in Brownwood, Brownwood, Tex. (4695), purchased the Blanket State Bank, Blanket,
T<
First National Bank of Taft, Taft, Tex. (12309), purchased the Taft Bank, Unincorporated, Taft, Tex..
First National Bank of Hawaii, Honolulu, Hawaii (5550), acquired Cooke Trust Co., Ltd., Honolulu,
Hawaii
The National Iron Bank of Falls Village, Falls Village, Conn. (1214), purchased the Norfolk Savings
Bank, Norfolk, Conn
Stearns County National Bank of Albany, Albany, Minn. (15576), purchased the First State Bank of
Albany, Albany, Minn
Old National Bank of Washington, Spokane, Wash. (4668), purchased the Bank of Richland, Richland,
Wash.
Western Pennsylvania National Bank, Pittsburgh, Pa. (2222), purchased the Duquesne City Bank,
Duquesne, Pa
Seattle-First National Bank, Seattle, Wash. (11280), purchased the Wahkiakum County Bank, Cathlamet,
Wash

126

Jan. 29
Apr. 16

0
385,000

June 13

!, 510,522

June 30

184, 392

June 30

216,468

Aug. 19

482,578

Dec. 2

937,406

Dec. 30

406,977

TABLE

B-12

Consolidations of National banks, or National and State banks, calendar 1966
Title and location of bank

Total: 4 consolidations (after consummation)
The Palmer National Bank, Palmer, Mass. (2324), with
and the Third National Bank of Hampden County,
Springfield, Mass. (308), which had
consolidated Feb. 11, 1966, under charter and title of the
latter bank (308). The consolidated bank at the date of
consolidation had
The Webster National Bank, Webster, Mass. (13780), with...
and the Worcester County National Bank, Worcester,
Mass. (14850), which had
consolidated May 27, 1966, under charter and title of the
latter bank (14850). The consolidated bank at the date
of consolidation had
The Massanutten Bank of Strasburg, Strasburg, Va., with....
and the Shenandoah County Bank & Trust Co., N.A.,
Woodstock, Va. (15566), which had
consolidated June 25, 1966, under charter of the latter
bank (15566), and title "Massanutten Bank of Shenandoah Valley, National Association," Strasburg, Va.
The consolidated bank at the date of consolidation had..
The American Bank & Trust Co., Suffolk, Va., with
and the American National Bank of Portsmouth, Portsmouth, Va. (11381), which had
consolidated Dec. 31, 1966, under charter of the latter
bank and under title "American National Bank" Portsmouth, Va. (11381). The consolidated bank at the date
of consolidation had

Undivided
profits and
reserves

Outstanding
capital stock

Surplus

$12,577,330

$19,299,015

$7,923,895

500, 000

400, 000

272, 855

13, 267, 001

5, 000,000

5,000, 000

2, 561, 314

138,034,076

5, 700,000
200, 000

5, 700, 000
400,000

2, 355, 766
171,571

151,321,365
6, 713,496

5,069,130

10, 764, 015

4, 597, 500

233, 575, 223

5, 229, 130
75,000

11,204,015
225,000

4, 694,956
230,227

240, 214, 863
7, 288, 347

100, 000

170,000

164, 380

6, 508,944

175,000
500,000

395,000
500,000

404,120
495, 619

13,812,456
15,785,477

530,400

1,500, 000

416, 234

38, 098,447

1,473,200

2, 000,000

469,053

53,883,924

Total assets

$459, 232,608

127

TABLE

B-13

Mergers of National banks, or National and State banks, calendar 1966
Title and location of bank

Total: 57 mergers (after consummation)
The Commercial National Bank of Greenville, Greenville,
Miss. (13403), with
Tylertown Bank, Tylertown, Miss., with
The First National Bank of McGomb City, McComb,
Miss. (7461), with
Amite County Bank, Gloster, Miss., with
and First National Bank of Jackson, Jackson, Miss.
(10523), which had
merged Jan. 1, 1966, under charter and title of the latter
bank (10523). The merged bank at date of merger had..
Greenville Bank & Trust Co., Greenville, Miss., with
Mechanics State Bank, McComb, Miss., with
Lawrence County Bank, Monticello, Miss., with
and Deposit Guaranty National Bank, Jackson, Miss.,
(15548), which had
merged Jan. 1, 1966, under charter of the latter bank
(15548), and with title of "Deposit Guaranty National
Bank." The merged bank at date of merger had
Bank of Virginia Beach, Virginia Beach, Va., with
and First & Merchants National Bank, Richmond, Va.
(1111), which had
merged Jan. 1, 1966, under charter and title of the latter
bank (1111). The merged bank at date of merger had..
Farmers and Citizens National Bank of Montgomery, Montgomery, Pa. (8866), with
and The First National Bank of Montgomery, Montgomery, Pa. (5574), which had
merged Jan. 21, 1966, under the charter of the latter bank
(5574), and with title "First Citizens National Bank."
The merged bank at the date of merger had
First Union National Bank, Puyallup, Wash. (15264), with
and The Puget Sound National Bank of Tacoma, Tacoma,
Wash. (12292), which had
merged Feb. 11, 1966, under the charter of the latter bank
(12292), and with title "Puget Sound National Bank."
The merged bank at date of merger had
First National Bank in Billings, Billings, Mont. (10933), with.,
and Billings State Bank, National Association, Billings,
Mont. (15564), which had
,
merged Mar. 25, 1966, under charter of the latter bank
(15564), and with title "First National Bank & Trust
Co." The merged bank at date of merger had
The Conyngham National Bank, Conyngham, Pa. (13392),
with
and The First National Bank of Wilkes-Barre, Wilkes-Barre,
Pa. (30), which had
merged Apr. 1, 1966, under charter and tide of the latter
bank (30). The merged bank at date of merger had
The Peoples National Bank of Victoria, Victoria, Va. (14337),
with
and Virginia National Bank, Norfolk, Va. (9885), which
had
merged Apr. 11, 1966, under charter and title of the latter
bank (9885). The merged bank at date of merger had. ..
Wythe County National Bank, Wytheville, Va. (12599), with..
and Virginia National Bank, Norfolk, Va. (9885), which
had
merged Apr. 11, 1966, under charter and tide of the latter
bank (9885). The merged bank at date of merger had
The Short Hills National Bank, Short Hills, N J. (15023), with..
and Montclair National Bank & Trust Co., Montclair, NJ.
(9339), which had
merged Apr. 29, 1966, under charter and title of the latter
bank (9339). The merged bank at date of merger had

128

Undivided
profits and
reserves

Outstanding
capital stock

Surplus

$181,301,704

$349, 885, 845

410, 000
150,000

1,230,000
450,000

187,062
213,881

21, 503, 793
9,928,343

200,000
100, 000

575, 000
300,000

23,636
166

11,276,004
5, 782, 739

5,000,000

15,450,000

23,400

226, 975,563

5,917, 600
414,000
290, 000
100,000

18, 382,400
1,242, 000
870, 000
300, 000

89,512
0
0
0

276,474,095
21,262,102
22,255, 207
5, 063, 371

7,000,000

15,500,000

6,181

293, 260,657

8,100, 000
600, 000

17,616,000
600, 000

420
272, 383

338, 322,696
26, 371, 958

14,030, 530

18, 519,470

8,016,486

552,116,102

14,877,250

18, 872, 750

8, 288, 869

577, 270, 137

Total assets

$111,411,590 $8,389,515,067

50, 000

150,000

47,533

2,270,294

50, 000

130, 000

36, 569

2, 986,458

105,000
200,000

275,000
100, 000

63, 103
35, 318

5, 256, 752
3,177,921

3,600,000

3, 500,000

745, 823

150, 514, 861

3, 750,000
800,000

3, 750,000
800, 000

681,142
429,621

153, 692, 783
31,073,105

450,000

300, 000

31,454

12,461,140

1, 250,000

1, 250, 000

248,167

44, 534, 245

100, 000

200, 000

51,402

4,497, 661

2,500, 000

3, 800, 000

1, 354, 014

99, 843,562

2,600, 000

4,000, 000

1,402,259

104,155, 205

50, 000

200, 000

73,470

3, 915, 962

9,209, 575

25, 790,425

6, 728, 138

536, 985, 227

9,594, 950
445, 000

26, 655,050
555,000

6, 923, 862
122, 254

555,166,336
14, 600, 541

9,209, 575

25, 790, 425

6, 728,138

536, 985, 227

9, 594, 950
200, 000

26, 655, 050
200, 000

6, 923,862
19,818

555,166,336
8, 214, 510

1, 840, 560

4, 500, 000

3,214,984

122,799,163

1, 987, 560

5, 100, 000

2,887, 802

131,013,673

TABLE B-13—Continued
Mergers of National banks, or National and State banks, calendar 1966
Title and location of bank

The First National Bank of Chateaugay, Ghateaugay, N.Y.
(8893), with
and The Farmers National Bank of Malone, Malone, N.Y.
(598), which had
merged Apr. 29, 1966, under charter and title of the latter
bank (598). The merged bank at date of merger had
The People's Savings & Trust Co., Hazleton, Pa., with...
and The First National Bank of Hazleton, Hazleton, Pa.
(3893), which had
merged May 27, 1966, under charter of the latter bank
(3893), and with title "Peoples First National Bank &
Trust Go." The merged bank at date of merger had...
Fowler State Bank, Fowler, Mich., with
and Clinton National Bank & Trust Co., St. Johns, Mich.
(3378), which had
merged June 8, 1966, under charter and title of the latter
bank (3378). The merged bank at date of merger had...
The Wellesley National Bank, Wellesley, Mass. (7297), with...
and South Shore National Bank, Quincy, Mass. (14798),
which had
merged June 13, 1966, under charter and title of the latter
bank (14798). The merged bank at date of merger had..
Vina Banking Company, Vina, Ala., with
and City National Bank of Russellville, Russellville, Ala.
(15466), which had
merged June 15, 1966, under charter and title of the latter
bank (15466). The merged bank at date of merger had. .
The Farmers State Bank of Englewood, Englewood, Ohio,
with
and The First National Bank, Dayton, Ohio (1788),
which had
merged June 18, 1966, under charter and title of the latter
bank (1788). The merged bank at date of merger had..
First National Bank of Whiteville, Whiteville, N.G. (14527),
with
and Southern National Bank of North Carolina, Lumberton, N.C. (10610), which had
merged June 20, 1966, under charter and title of the latter
bank (10610). The merged bank at date of merger had..
Peoples Bank of Hawthorne, Hawthorne, N J., with
and The Prospect Park National Bank, Prospect Park,
NJ. (12861), which had
merged June 22, 1966, under charter and title of the latter
bank (12861). The merged bank at date of merger had..
Tri-County National Bank, Fostoria, Ohio (2831), with
and Hancock-Seneca-Wood National Bank, Fostoria,
Ohio (15591), which had
merged June 28, 1966, under charter of the latter bank
(15591), and with title "Tri-Gounty National Bank."
The merged bank at date of merger had
Truitt-Matthews Banking Co., Ghillicothe, 111., with
and The First National Bank of Ghillicothe, Chillicothe,
111. (5584), which had
merged June 30, 1966, under charter of the latter bank
(5584) and with title "Truitt-Matthews First National
Bank." The merged bank at date of merger had
Farmers and Mechanics-National Bank of Phoenixville,
Phoenixville, Pa. (1936), with
and National Bank of Chester County & Trust Co., West
Chester, Pa. (552), which had
merged June 30, 1966, under charter of the latter bank
(552) and with title "National Bank of Chester County
& Trust Co." The merged bank at date of merger had. .

Undivided
profits and
reserves

Outstanding
capital stock

Total assets

$78, 750

$175,000

$136,228

$5,450,055

322,000

438,000

251,610

11,844,906

448,000
350, 000

565, 750
1, 150, 000

392,838
514, 995

17,299,960
21, 431, 563

500, 000

600, 000

927, 616

23,090,419

1,150,000
200,000

2, 300, 000
200, 000

667, 560
61,194

44, 595, 767
4, 635, 961

508, 000

871,383

22,446,928

668,000
638, 280

733,000
1,400,000

947, 577
382,467

27,082,888
37,003,478

1,482, 825

3,217,175

390, 728

85,035, 544

2, 380,406

4,617, 175
30, 000

513,894
89,476

122, 039, 022
1,246, 857

27, 000

160, 000

79, 202

2,750,115

214,000

117,910

3, 968, 384

273, 250

189, 301

9,415,824

4, 379, 375

1,673,058

136,144, 957

4, 695, 469

1, 640, 359

145, 108,267

653, 750

141, 161

9, 306, 054

3, 329, 196

549, 816

73, 184, 803

3, 882, 946
200, 000

461, 341
251, 782

82, 490, 857
13,189,676

1, 698, 600

5, 000, 000

1, 362, 523

94,389,719

1, 973, 790
820, 600

5,310,080
829, 400

1, 714, 302
452, 064

107, 579, 392
32, 094, 020

100, 000

20, 000

5,000

125, 000

1, 000, 000
50, 000

1, 000, 000
150, 000

227, 064
144, 914

32,211,336
4, 914, 985

100, 000

80, 000

49, 943

2, 663, 064

160, 000
214,000
204, 750
3, 320, 625
3, 704, 531
200, 000
1, 996,335
2, 525, 970
385, 270

250,000

150, 000

174, 857

7, 578, 049

280, 000

1, 000, 000

456, 708

19,741,281

672, 500

2, 327, 500

929, 768

47,433,329

966, 500

4,033, 500

468, 340

67, 174,610

129

TABLE B-13—Continued
Mergers of National banks, or National and State banks, calendar 1966
Title and location of bank

Bank of Chesapeake, Chesapeake, Va., with
and First & Merchants National Bank, Richmond, Va.
(1111), which had
merged June 30, 1966, under charter and title of the latter
bank (1111). The merged bank at date of merger had
The Bank of Lunenburg, Kenbridge, Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522),
which had
merged July 11, 1966, under charter and title of the latter
bank (1522). The merged bank at date of merger had
Catawissa-Valley National Bank, Catawissa, Pa. (7448), with..
and the First National Bank of Catawissa, Catawissa, Pa.
(4548), which had
merged July 29, 1966, under charter of the latter bank
(4548) and with title "South Side National Bank." The
merged bank at date of merger had
The Bank of Halifax, Halifax, Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522),
which had
merged July 30, 1966, under charter and title of the latter
bank (1522). The merged bank at date of merger had...
The Bank of Russell County, Cleveland, Va., with
and First National Bank in Honaker, Honaker, Va.
(13880), which had
merged Aug. 4, 1966, under charter of the latter bank
(13880), and with title "Russell County National Bank."
The merged bank at date of merger had
The First National Bank of Ulster, Ulster, Pa. (9505), with. . .
and The First National Bank of Towanda, Towanda, Pa.
(39), which had
merged Aug. 15, 1966, under charter and title of the latter
bank (39). The merged bank at date of merger had
Bank of Crewe, Crewe, Va., with
and Virginia National Bank, Norfolk, Va., (9885), which
had
merged Aug. 26, 1966 under charter and title of the latter
bank (9885). The merged bank at date of merger had
The Pulaski National Bank, Pulaski, Va. (4071), with
and Virginia National Bank, Norfolk, Va. (9885), which
had
merged Aug. 26, 1966, under charter and title of the latter
bank (9885). The merged bank at date of merger had.
The Peoples National Bank of Souderton, Souderton, Pa.
(13251), with
and Union National Bank & Trust Co. of Souderton,
Souderton, Pa. (2333), which had
merged Aug. 31, 1966, under charter and title of the latter
bank (23333). The merged bank at date of merger had.,
The First-Columbia National Bank, Columbia, Pa. (371), with,
and Lancaster County Farmers National Bank, Lancaster,
Pa. (683), which had
,
merged Aug. 31, 1966, under charter and title of the latter
bank (683). The merged bank at date of merger had...
The Farmers & Merchants Bank, Viola, Tenn., with
,
and The First National Bank of McMinnville, McMinnville, Tenn (2221), which had
merged Aug. 31,1966, under the charter of the latter bank
(2221) and with title of "The First National Bank." The
merged bank at date of merger had
Minnehaha County Bank, Valley Springs, S. Dak., with
Security State Bank, Canistota, S. Dak., with
and United National Bank of Brandon, Brandon, S. Dak.
(15581), which had
merged Sept. 1, 1966, under charter and title of the latter
bank (15581). The merged bank at date of merger had..

130

Outstanding
capital stock

Surplus

Undivided
profits and
reserves

Total assets

$400,000

$300,000

$128,561

$15,391,609

14,877,250

18, 872, 750

9, 399,691

559,859,196

15,377,250
150,000

19,622, 750
250,000

8,978,253
110,297

573,442,906
7, 687,972

2,408, 960

3, 600,000

1, 349,755

98, 104, 228

2,633, 960
125,000

3, 850,000
250, 000

1, 387,122
140, 906

105, 289,488
5, 577,491

62,500

150,000

64,191

3,478,418

187,500
50,000

400,000
300,000

205,097
822, 885

9, 055,910
9, 384, 787

2,633, 960

3,850,000

1,399,830

105,144, 373

2,983,960
60,000

4,150,000
165,000

1,926,063
23, 812

113,517,861
2, 251,157

75, 000

250, 000

140, 839

4,426,956

150,000
50,000

415,000
100,000

149, 652
61, 904

6,678,112
1,793,916

150, 000

350,000

208,230

10,247,121

200, 000
158, 750

450,000
516, 250

270,134
152, 396

12,041,037
9, 965,027

9,594, 950

26, 655, 050

8, 266,979

547,888, 533

10, 241, 150
470, 000

27, 883, 850
730, 000

8,602, 518
183,142

572, 389,637
15,167,419

9, 594, 950

26,655, 050

8, 266,979

547,888,533

10, 241,150

27, 883, 850

8,602,518

572, 389,637

130,000

420, 000

181,594

7,429,655

518, 750

1,506,250

862,420

32,432,701

681, 250
225, 000

1,926, 250
350, 000

1,011,514
108, 683

39,862,257
5,182,982

2,536, 320

5,063, 680

1, 588, 513

106, 748, 245

2,682, 570
25, 000

6, 392,430
25,000

1,697, 197
27,424

111,931,228
882,852

330, 000

820, 000

325, 582

20,339, 751

350, 000
25, 000
50, 000

900, 000
100, 000
25, 000

303, 006
12, 958
14, 078

21,073,234
1, 302, 907
1, 148, 638

50,000

75,000

23, 063

1,494, 684

125, 000

200,000

50, 101

3, 946,230

TABLE B-13—Continued
Mergers of National banks, or National and State banks, calendar 1966
Title and location of bank

Bank of Commerce, Inc., Washington, D.G., with
and National Savings & Trust Co., Washington, D.C.
(15605), which had
merged Sept. 9, 1966, under charter and title of the latter
bank (15606). The merged bank at date of merger had..
The Dillsburg National Bank, Dillsburg, Pa. (2397), with
and The Harrisburg National Bank & Trust Co., Harrisburg, Pa. (580), which had
merged Sept. 23, 1966, under charter and title of the latter
bank (580). The merged bank at date of merger had
First Citizens State Bank, Monroeville, Ind., with
and Fort Wayne National Bank, Fort Wayne, Ind.
(13818), which had
merged Sept. 30, 1966, under charter and title of the latter
bank (13818). The merged bank at date of merger had..
First National Bank in Crestline, Crestline, Ohio (13273),
with
and First National Bank of Mansfield, Mansfield, Ohio
(2577), which had
merged Sept. 30, 1966, under charter and title of the latter
bank (2577). The merged bank at date of merger had...
People's Trust Co. of Tamaqua, Tamaqua, Pa., with....
and Pennsylvania National Bank & Trust Co., Pottsville, Pa. (1663), which had
merged Sept. 30, 1966, under charter and title of the latter
bank (1663). The merged bank at date of merger had...
The Union National Bank of Carnegie, Carnegie, Pa. (12934),
with
and the First National Bank of Fredericktown, Fredericktown, Pa. (5920), which had
merged Oct. 3, 1966, under the charter of the latter bank
(5920) and with title of "The First National Bank in
Washington." The merged bank at date of merger had..
The First National Bank of Boonville, Boonville, N.Y. (2320),
with
and The Oneida National Bank & Trust Co. of Central
New York, Utica, N.Y. (1392), which had
merged Oct. 28, 1966, under charter and title of the latter
bank (1392). The merged bank at date of merger had...
The North Jersey Trust Co.—Ridgewood, Ridgewood, N J.,
with
and National Community Bank of Rutherford, Rutherford,
NJ. (5005), which had
merged Oct. 31, 1966, under charter and title of the latter
bank (5005). The merged bank at date of merger had...
The Citizens Bank, Marion, S.C., with
and The First National Bank of South Carolina, Columbia,
S.C. (13720), which had
merged Oct. 31, 1966, under charter and title of the latter
bank (13720). The merged bank at date of merger had..
Citizens Bank & Trust Co. of Clarksville, Clarksville,
Va., with
and The Fidelity National Bank, Lynchville, Va. (1522),
which had
merged Oct. 31, 1966, under charter and title of the latter
bank (1522). The merged bank at date of merger had...
First National Bank of Export, Export, Pa. (14051), with
and First National Bank in Greensburg, Greensburg, Pa.
(14055), which had
merged Nov. 11, 1966, under charter of the latter bank
(14055) and with title "First National Bank of Westmoreland." The merged bank at date of merger had....

Outstanding
capital stock

Surplus

Undivided
profits and
reserves

Total assets

$64,928, 610

$2,100,000

$883,207

2, 000 000,

5,500, 000

2,100, 744

151,570,478

4, 575, 000
180, 000

6, 525,000
570,000

2, 983, 951
117,439

216,499,089
9,491,837

$1,500,000

2, 905, 000

7,420, 000

3, 980,477

139, 835, 204

3,175,000
80, 000

7, 990, 000
180,000

3,987,916
145, 327

149, 327, 041
5, 264, 567

3, 000, 000

4, 000, 000

2,591,406

131,659,283

3,130,000

4,180, 000

2, 716, 702

136,582, 134

150,000

300, 000

267, 588

5, 588,266

3, 005, 640

5, 500, 000

776,012

113,911,379

3, 170,000
150,000

6, 000, 000
400,000

823, 601
284, 619

119,499,645
7,415,620

2, 157, 500

2, 300, 000

1, 041,196

73, 599,891

2, 345, 000

2, 700, 000

1, 288, 316

81,015,512

100, 000

600, 000

146, 747

6, 906,991

330, 000

570, 000

390, 000

19,551,096

530, 000

1,070, 000

537,408

26,458, 087

100,000

200, 000

343, 375

6, 384, 926

3, 745, 980

9,000, 000

3, 784, 864

208, 305, 791

3, 825, 980

9,200, 000

4, 148,240

214, 690, 717

825,000

1,500,000

1,156, 066

44, 594, 974

6, 237,500

6,800,000

3,431,983

230, 268, 194

8,093, 750
100, 000

8,100,000
125,000

3, 756, 800
100, 960

274,468,128
4, 919, 730

3, 744, 025

8, 255, 975

1, 869, 858

179,281,601

3, 799, 025

8, 700, 975

1,637,499

184, 193,045

250,000

38,176

9,073, 957

2,983,960

4,150,000

2, 035,199

119,404,603

3,233, 960
240,000

4,400, 000
240, 000

2,098, 932
346,123

128,453,393
11,303,964

1,000, 000

2,000,000

741,167

46, 379, 579

1,360,000

2, 390,000

817,290

57, 683,544

131

TABLE B-13—Continued
Mergers of National banks, or National and State banks, calendar 1966

Title and location of bank

First National Bank in Ayden, Ayden, N.C. (13554), with
and The Planters National Bank & Trust Co., Rocky
Mount, N.G. (10608), which had
merged Nov. 16, 1966, under charter and title of the latter
bank (10608). The merged bank at date of merger had..
Bank of Colerain, Golerain, N.G., with
and The Planters National Bank & Trust Co., Rocky
Mount, N.G. (10608), which had
merged Nov. 19, 1966, under charter and title of the latter
bank (10608). The merged bank at date of merger had..
The First National Bank of New Albany, New Albany, Pa.
(8973), with
and The First National Bank of Towanda, Towanda, Pa.
(39), which had
merged Nov. 29, 1966, under charter of the latter bank
(39) and with title "The First National Bank of Towanda,
Towanda, Pennsylvania." The merged bank at date of
merger had
Onaway State Bank, Onaway, Mich., with
and The Citizens National Bank of Cheboygan, Gheboygan, Mich. (13522), which had
merged Nov. 30, 1966, under charter of the latter bank
(13522) and with title "Citizens National Bank of
Cheboygan." The merged bank at date of merger had..
The Pine Grove National Bank & Trust Co., Pine Grove,
Pa. (8151), with
and Lebanon Valley National Bank, Lebanon, Pa. (680),
which had
merged Dec. 7, 1966, under charter and title of the latter
bank (680). The merged bank at date of merger had...
The Peoples Bank & Trust Go. of Chase City, Chase City,
Va., with
and The Fidelity National Bank, Lynchburg, Va. (1522)
which had
merged Dec. 10, 1966, under charter and title of the latter
bank (1522). The merged bank at date of merger had..
Timbermens National Bank of Hoquiam, Hoquiam, Wash.
(15324), with
and National Bank of Washington, Tacoma, Wash. (3417),
which had
merged Dec. 16, 1966, under charter and title of the latter
bank (3417). The merged bank at date of merger had.
Farmers-Matteawan National Bank, Poughkeepsie, N.Y.
(1312), with
and County National Bank, Middletown, N.Y. (13965),
which had
merged Dec. 30, 1966, under charter and title of the latter
bank (13965). The merged bank at date of merger had.
The First National Bank of Leaksville, Leaksville, N.C.
(12259), with
and Southern National Bank of North Carolina, Lumberton, N.C. (10610), which had
merged Dec. 30, 1966, under charter and title of the latter
bank (10610). The merged bank at date of merger had.
State Savings Bank, Memphis, Tenn., with
and National Bank of Commerce in Memphis, Memphis,
Tenn. (13681), which had
merged Dec. 30, 1966, under charter and title of the latter
bank (13681). The merged bank at date of merger had.
The Campbell National Bank of LaRue, LaRue, Ohio (6675),
with
and The National City Bank of Marion, Marion, Ohio
(11831,) which had
merged Dec. 31, 1966, under charter and tide of the latter
bank (11831). The merged bank at date of merger had.

132

Outstanding
capital stock

Surplus

Undivided
profits and
reserves

Total assets

$150, 000

$100, 000

$4, 325, 889

1, 197, 125

2,402, 875

535, 127

71, 879, 692

1, 332, 125
77, 100

2, 567, 875
150,000

635, 566
89, 792

76,205, 581
3,227, 763

1, 332, 125

2, 567, 875

616,204

74,481,618

1,416,935

2, 733, 065

683, 096

77, 709, 381

50, 000

150,000

46, 555

2, 328, 947

200, 000

450,000

335, 295

12, 254, 713

260,000
80, 000

600,000
50, 000

371,850
69, 701

14, 583, 661
2, 389,566

375, 000

252, 127

12, 323, 694

445,000

445, 000

313,829

14, 713, 261

200, 000

260, 610

7, 073, 669

926,030

2, 234, 680

1, 079, 652

42, 571, 536

1, 188, 530

2, 372, 180

1, 339, 694

49, 645, 206

200, 000

500, 000

264, 651

12, 834, 527

3, 233, 960

4, 400, 000

2, 301, 571

130,657,610

3,558, 960

4, 900, 000

2,442, 091

143, 489, 566

200,000

50, 000

124, 899

5, 678, 152

5, 858, 262

8, 141, 737

5, 180, 889

297, 370, 988

6,014, 512

8, 235,487

5, 305, 788

303, 031, 770

600, 000

700, 000

532, 943

33, 535, 647

1, 744, 810

2,175,000

1, 082, 990

85, 335, 819

2, 569, 810

2, 875, 000

1, 355,169

118,870,502

150, 000

231,265

6, 754, 368

2, 526, 320

3, 542,463

1,143, 773

91,164, 319

2, 701, 320
200, 000

3, 667,463
200, 000

926, 552
240, 855

97,524, 223
7, 463, 231

2, 250, 000

9, 750, 000

2, 220,450

210,017,778

2, 386, 000

10, 150, 000

2,461,306

217,084,351

60, 000

140,000

86, 639

3,263, 038

1,100, 000

1, 500, 000

962, 500

852,188

1,180,000

1,820,000

852, 188

55, 038, 074

TABLE B-13—Continued
Mergers of National banks, or National and State banks, calendar 1966
Outstanding
capital stock

Title and location of bank

The Central National Bank of Mount Union, Mount Union,
Pa. (10206), with
and First-Grange National Bank of Huntingdon, Huntingdon, Pa. (31), which had
merged Dec. 31, 1966, under charter of the latter bank
(31), and with title "Penn Central National Bank."
The merged bank at date of merger had
First National Bank of Greer, Greer, S.C. (14742), with
and The Peoples National Bank of Greenville, Greenville,
S.C. (10635), which had
merged Dec. 31, 1966, under charter of the latter bank
(10635) and with title "The Peoples National Bank." The
merged bank at date oi merger had

Surplus

Undivided
profits and
reserves

Total assets

$120, 000

$300,000

$101,729

$6,127,646

370, 500

1, 129, 500

414, 398

23, 510, 789

448, 500
150,000

1, 471, 500
160,000

416, 127
108,710

29,638,435
5, 548, 295

1, 500, 000

2, 500,000

1, 384, 755

58, 281, 289

1, 650, 000

2, 660, 000

1,493,464

63,312,394

TABLE B-14

Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Brw
Charter
No,

Title and location of bank
Local

244

Other than
local

Total

450

ALABAMA

15473
4067
8765
7746
1595
13097
12993
1814
15466
8963

City National Bank of Birmingham, Birmingham
The First National Bank of Huntsville, Huntsvilie
The Henderson National Bank of Huntsville, Huntsville.
The First National Bank of Jasper, Jasper
The First National Bank of Mobile, Mobile
The Merchants National Bank of Mobile, Mobile.
The Alabama National Bank of Montgomery, Montgomery.
The First National Bank of Montgomery, Montgomery.
City National Bank of Russellville, Russellville
The First National Bank of Scottsboro, Scottsboro

National Bank of Alaska, Anchorage.
3728 First National Bank of Arizona, Phoenix
14324 The Valley National Bank of Arizona, Phoenix.

14096
10609
13637
13949
11113
15194

First National Bank of Camden, Camden
The City National Bank of Fort Smith, Fort Smith
First National Bank of Eastern Arkansas, Forrest City..
The First National Bank in Little Rock, Little Rock...
The First National Bank of Nashville, Nashville
First National Bank in West Memphis, West Memphis.

133

TABLE B-l4—Continued
Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Branches opened for business
Title and location of bank
Local

Other than i
local

Total

CALIFORNIA

Community National Bank, Bakersfield
Commercial National Bank, Buena Park
Gateway National Bank, El Segundo
Humboldt National Bank, Eureka
University National Bank, Fullerton
Hollywood National Bank, Hollywood, Los Angeles
Civic National Bank, Los Angeles
Security First National Bank, Los Angeles
Newport National Bank, Newport Beach
Central Valley National Bank, Oakland
1 he First National Bank of Orange County, Orange
Rocklin-Sunset National Bank, Rocklin
Valley National Bank, Salinas
United States National Bank, San Diego
Bank of America National Trust & Savings Association, San Francisco.
The Bank of California, National Association, San Francisco
Crocker-Citizens National Bank, San Francisco
Santa Barbara National Bank, Santa Barbara
Los Padres National Bank, Santa Maria
Lincoln National Bank, Santa Rosa
Tiburon National Bank, Tiburon
Southland National Bank, Yucaipa
CONNECTICUT

The Clinton National Bank, Clinton
The National Iron Bank of Falls Village, Falls Village
The Constitution National Bank, Hartford
Hartford National Bank & Trust Co., Hartford
The First New Haven National Bank, New Haven
The Tradesmens National Bank of New Haven, New Haven.
The North Haven National Bank, North Haven
Orange National Bank, Orange
Lincoln National Bank, Stamford
The Waterbury National Bank, Waterbury
DISTRICT OF COLUMBIA

National Savings & Trust Co., Washington
The Riggs National Bank of Washington, D.C., Washington.
The First National Bank of Atlanta, Atlanta
The Fulton National Bank of Atlanta, Atlanta
The National Bank of Georgia, Atlanta
The First National Bank of Columbus, Columbus
The Citizens and Southern National Bank, Savannah.

First National Bank of Hawaii, Honolulu.
Hawaii National Bank, Honolulu

First Security Bank of Idaho, National Association, Boise..
The Idaho First National Bank, Boise

134

2
1
1
1
2
1
1
12
1
2
1
1
1
2
15
3
8
1
1
1
2
2

TABLE B~ 14—Continued

Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Branches opened for business
Charter
No.

Title and location of bank
Local

14515
12444
13818
13759
984
869
377
13717
17
1456
13938
47

First National Bank of Angola, Angola
Old National Bank in Evansville, Evansville
Fort Wayne National Bank, Fort Wayne
American Fletcher National Bank & Trust Co., Indianapolis
The Indiana National Bank of Indianapolis, Indianapolis
Merchants National Bank & Trust Go. of Indianapolis, Indianapolis.
First National Bank & Trust Go. of La Porte, La Porte
First National Bank in Marion, Marion
The First National Bank of Richmond, Richmond
The Rushville National Bank, Rushville
The Merchants National Bank of Terre Haute, Terre Haute
Terre Haute First National Bank, Terre Haute

9306
2307
14746
14868
13473
15579
13609
107
10139
3105
13978

First National Bank of Council Bluffs, Council Bluffs
Iowa-Des Moines National Bank, Des Moines
National Bank of Des Moines, Des Moines
Northwest Des Moines National Bank, Des Moines
The Poweshiek County National Bank of Grinnell, Grinnell.,
First National Bank of Muscatine, Muscatine
The Newton National Bank, Newton
First National Bank of Ottumwa, Ottumwa
The Toy National Bank of Sioux City, Sioux City
The First National Bank of Waverly, Waverly
The First National Bank of West Union, West Union

3033
3218

Other than

Total

The Leavenworth National Bank, Leavenworth.
The First National Bank of Winfield, Winfield..

14894
13757
14320

Fort Knox National Bank, Fort Knox
The First National Bank of Henderson, Henderson
Liberty National Bank & Trust Co. of Louisville, Louisville.

15338
14645
13737
14462
9834
13732
14753
13851
4524
13688
14477
14989

First National Bank of St. Bernard Parish, Arabi
Bastrop National Bank, Bastrop
City National Bank of Baton Rouge, Baton Rouge
Fidelity National Bank of Baton Rouge, Baton Rouge
Louisiana National Bank of Baton Rouge, Baton Rouge
First National Bank of Jefferson Parish, Gretna
The National Bank of Commerce in Jefferson Parish, Jefferson Parish.,
The Citizens National Bank of Morgan City, Morgan City
The Peoples National Bank of New Iberia, New Iberia
The Hibernia National Bank in New Orleans, New Orleans
National American Bank of New Orleans, New Orleans
First National Bank of Slidell, Slidell
Canal National Bank, Portland.

135

TABLE B-14—Continued
Domestic branches entering the National banking system, by de novo openings merger, or conversion, by States, calendar 1966
Branches opened for business
Title and location of bank

MARYLAND

The First National Bank of Maryland, Baltimore
Maryland National Bank, Baltimore
Belair National Bank, Bowie
The First National Bank & Trust Co. of Western Maryland, Cumberland
The Citizens National Bank, Laurel
The Garrett National Bank in Oakland, Oakland
American National Bank of Maryland, Silver Spring
The First National Bank of Southern Maryland of Upper Marlboro, Upper
Marlboro
Metropolitan National Bank of Maryland, Wheaton
MASSACHUSETTS

The Arlington National Bank, Arlington
The First National Bank of Attleboro, Attleboro
New England Merchants National Bank of Boston, Boston
,
The National Shawmut Bank of Boston, Boston
The Everett National Bank, Everett
Middlesex County National Bank, Everett
The Fall River National Bank, Fall River
The Haverhill National Bank, Haverhill
The Barnstable County National Bank of Hyannis, Hyannis
The Lee National Bank, Lee
Union National Bank, Lowell
Security-Danvers National Bank, Lynn
First National Bank of Marlboro, Marlboro
The Pacific National Bank of Nantucket, Nantucket
First National Bank of Natick, Natick
Needham National Bank, Needham
First Agricultural National Bank of Berkshire County, Pittsfield.
South Shore National Bank, Quincy
Merchants Warren National Bank of Salem, Salem
Security National Bank of Springfield, Springfield
Third National Bank of Hampden County, Springfield
The National Bank of Wareham, Wareham
Blackstone Valley National Bank of Whitinsville, Whitinsville..
Worcester County National Bank, Worcester

Huron Valley National Bank, Ann Arbor
National Bank & Trust Co. of Ann Arbor, Ann Arbor
Peoples National Bank & Trust Co. of Bay City, Bay City
The First National Bank of Cassopolis, Cassopolis
The Citizens National Bank of Cheboygan, Cheboygan
City National Bank of Detroit, Detroit
Michigan Bank, National Association, Detroit
National Bank of Detroit, Detroit
Metropolitan National Bank of Farmington, Farmington
Union Bank & Trust Co. (National Association), Grand Rapids
The Superior National Bank & Trust Co. of Hancock, Hancock
The First National Bank of Iron Mountain, Iron Mountain
The Miners' First National Bank of Ishpeming, Ishpeming
City Bank & Trust Co., National Association, Jackson
The American National Bank & Trust Co. of Michigan, Kalamazoo .
The First National Bank & Trust Co. of Kalamazoo, Kalamazoo
Michigan National Bank, Lansing
The First National Bank of Lapeer, Lapeer
The Union National Bank & Trust Co. of Marquette, Marquette . . .
The Dart National Bank of Mason, Mason
First National Bank of Southwestern Michigan, Niles
Community National Bank of Pontiac
The First National Bank of Quincy, Quincy
Second National Bank of Saginaw, Saginaw

136

Local

Other than
local

TABLE B-14—Continued
Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Branches opened for business
Charter
No.

Title and location of bank
Other than
local

ontinued
15403
3886
15420
3378
15527
15008
15286

Valley National Bank of Saginaw, Saginaw
The First National Bank of St. Ignace, St. Ignace.
Central National Bank of St. Johns, St. Johns
Clinton National Bank & Trust Co., St. Johns
Oakland National Bank, Southfield
Troy National Bank, Troy
First National Bank of Wyoming, Wyoming

3656 The First National Bank of Aberdeen, Aberdeen
15552 Citizens National Bank of Belzoni, Belzoni
14739 First National Bank of Biloxi, Biloxi
14487 Gulf National Bank of Gulfport, Gulfport
5176 First National Bank of Hattiesburg, Hattiesburg
15516 Citizens National Bank, Jackson
15548 Deposit Guaranty National Bank, Jackson
10523 First National Bank of Jackson, Jackson
11898 The Commercial National Bank & Trust Co. of Laurel, Laurel
13313 First National Bank of Lexington, Lexington
13722 Britton & Koontz First National Bank, Natchez
15519 First National Bank, New Albany
15479 First Citizens National Bank, Tupelo
3430 Merchants National Bank, Vicksburg, Mississippi, Vicksburg

15471

First National Bank of Maiden, Maiden.

14374

The First National Bank in Ogallala, Ogallala.

7038
14406

First National Bank of Nevada, Reno
Security National Bank of Nevada, Reno.

NEBRASKA

NEW HAMPSHIRE

318

14835

946

1520

Concord National Bank, Concord
Hampton National Bank, Hampton
The Ashuelot National Bank of Keene, Keene
The Merchants National Bank of Manchester, Manchester...
NEW JERSEY

11658
13203
10471
1436
892
15570
4147
12917
8779
9339
1113
4274
1316
329
5387
15574
12861

Beach Haven National Bank & Trust Co., Beach Haven
The Third National Bank & Trust Co. of Camden, Camden.
The Clayton National Bank, Clayton
The National State Bank, Elizabeth, N.J., Elizabeth.
The Hunterdon County National Bank of Flemington, Flemington.
The Hackensack Trust Co., National Association, Hackensack
Peoples National Bank of Monmouth County, Keyport
The National Bank of Mantua, Mantua
The First National Bank of Milford, Milford
Montcliar National Bank & Trust Co., Montclair
The First National Iron Bank of New Jersey, Morristown.
Trust Company National Bank, Morristown
National Newark & Essex Bank, Newark
First National Bank cf Passaic County, Paterson
The Penn's Grove National Bank & Trust Co., Penn's Grove
National State Bank of Plainfield, New Jersey, Plainfield.
The Prospect Park National Bank, Prospect Park

137

TABLE B-14—Continued
Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Branches openedfor business
Title and location of bank

Local

NEW JERSEY—continued
The Monmouth County National Bank, Red Bank
Citizens First National Bank of Ridgewood, Ridgewood
National Community Bank of Rutherford, Rutherford
The First National Bank of South Plainfield, South Plainfield.
The First National Bank of Toms River, N.J., Toms River....
The First National Bank of Westville, Westville
The Woodstown National Bank & Trust Co., Woodstown
NEW MEXICO

First National Bank in Albuquerque, Albuquerque..
First National Bank of Curry County, Clovis
NEW YORK

The First National Bank of Addison, Addison
National Commercial Bank & Trust Co., Albany
The National Bank of Auburn, Auburn
The First National Bank of Central Square, Central Square
The Chester National Bank, Chester
The Dover Plains National Bank, Dover Plains
The First National Bank of East Islip, East Islip
Tinker National Bank, East Setauket
The First National Bank of Glens Falls, Glens Falls
Glens Falls National Bank & Trust Co., Glens Falls
The National Bank of Orange and Ulster Counties, Goshen
The First National Bank of Highland, Highland
Security National Bank of Long Island, Huntington
The Meadow Brook National Bank, Jamaica
The Keeseville National Bank, Keeseville
The National Union Bank of Kinderhook, Kinderhook
The Rondout National Bank of Kingston, Kingston
The State of New York National Bank, Kingston
The Farmers National Bank of Malone, Malone
County National Bank, Middletown
Franklin National Bank, Mineola
The National Union Bank of Monticello, Monticello
First Westchester National Bank, New Rochelle
The Chase Manhattan Bank (National Association), New York
First National City Bank, New York
The Meadow Brook National Bank, New York
Royal National Bank of New York, New York
Sterling National Bank & Trust Co. of New York, New York
The Oceanside National Bank, Oceanside
The Oneida Valley National Bank of Oneida, Oneida
The National Bank of Pawling, Pawling (Village)
Marine Midland National Bank of Southeastern New York, Poughkeepsie..
The Mohawk National Bank of Schenectady, Schenectady
First National Bank of Scotia, Scotia
Rockland National Bank, Suffern, Suffern
Lincoln National Bank & Trust Co. of Central New York, Syracuse
The Oneida National Bank & Trust Co. of Central New York, Utica
NORTH CAROLINA

The First National Bank of Albemarle, Albemarle
First Union National Bank of North Carolina, Charlotte
North Carolina National Bank, Charlotte
The Citizens National Bank in Gastonia, Gastonia
First National Bank of Catawba County, Hickory
First National Bank of Eastern North Carolina, Jacksonville.,
Southern National Bank of North Carolina, Lumberton
The First National Bank of Mooresville, Mooresville
The Planters National Bank & Trust Co., Rocky Mount

138

Other than
local

NORTH DAKOTA

First National Bank of Carrington, Garrington
,
The First National Bank of Fessenden, Fessenden
The American National Bank of Valley City, Valley City.

Akron National Bank & Trust Co., Akron
First National Bank of Akron, Akron
The Athens National Bank, Athens
First National Bank, Bowling Green
The Farmers National Bank of Ganfield, Ganfield
First National Bank of Canton, Canton
The First National Bank of Cincinnati, Cincinnati
The Capital National Bank, Cleveland
Central National Bank of Cleveland, Cleveland
Society National Bank of Cleveland, Cleveland
The City National Bank & Trust Co. of Columbus, Columbus..
The Huntington National Bank of Columbus, Columbus
The First National Bank, Dayton, Ohio, Dayton
The First National Bank of Delaware, Delaware
Elyria Savings & Trust National Bank, Elyria
First National Bank of Elyria, Elyria
Euclid National Bank, Euclid
The Second National Bank of Greenville, Greenville
The Farmers and Traders National Bank of Hillsboro, Hillsboro.
The Fairfield National Bank of Lancaster, Lancaster
The Hocking Valley National Bank of Lancaster, Lancaster
Tower National Bank of Lima, Lima
The Lorain National Bank, Lorain
First National Bank of Mansfield, Mansfield
The First National Bank in Massillon, Massillon
The Citizens National Bank of Norwalk, Norwalk
The Lake County National Bank of Painesville, Painesville
American National Bank, Parma
The First National Bank of Sabina, Sabina.
The Citizens Baughman National Bank, Sidney
Lagonda National Bank of Springfield, Springfield.,
OKLAHOMA

Exchange National Bank & Trust Co., Ardmore
The Citizens National Bank in Okmulgee, Okmulgee
The Federal National Bank & Trust Co. of Shawnee, Shawnee.

First National Bank of Oregon, Portland
United States National Bank of Oregon, Portland
PENNSYLVANIA

The First National Bank of Allentown, Allentown
The Merchants National Bank of Allentown, Allentown
The Merchants National Bank of Bangor, Bangor
The First National Bank of Berlin, Berlin
South Side National Bank, Catawissa
The Delaware County National Bank, Chester
The Central Pennsylvania National Bank of Claysburg, Claysburg.
County National Bank, Clearfield
Dubois Deposit National Bank, Dubois
First National Bank of Westmoreland, Greensburg
The Harleysville National Bank & Trust Co., Harleysville
The Harrisburg National Bank & Trust Co., Harrisburg
Peoples First National Bank & Trust Co., Hazleton

139

Local

PENNSYLVANIA—continued

United States National Bank in Johnstown, Johnstown
The Conestoga National Bank of Lancaster, Lancaster.......
The Fulton National Bank of Lancaster, Lancaster
Lancaster County Farmers National Bank, Lancaster
Lebanon Valley National Bank, Lebanon
The Leola National Bank, Leola
McKeesport National Bank, McKeesport
The First National Bank of Meshoppen, Meshoppen
,
First Citizens National Bank, Montgomery
Lincoln National Bank, Philadelphia
Provident National Bank, Philadelphia
Mellon National Bank & Trust Co., Pittsburgh
Pittsburgh National Bank, Pittsburgh
The Union National Bank of Pittsburgh, Pittsburgh
,
Western Pennsylvania National Bank, Pittsburgh
Portage National Bank, Portage
,
Pennsylvania National Bank & Trust Co,, Pottsville
Union National Bank & Trust Co. of Souderton, Souderton. .
The First National Bank of State College, State College
The First National Bank of Towanda, Towanda
Gallatin National Bank, Uniontown
The First National Bank in Washington, Washington
The First National Bank of West Chester, West Chester
National Bank of Chester County & Trust Co., West Chester.
The First National Bank of Wilkes-Barre, Wilkes-Barre
The Hanover National Bank of Wilkes-Barre, Wilkes-Barre. . .
The Drovers & Mechanics National Bank of York, York
RHODE ISLAND

The Newport National Bank, Newport
SOUTH CAROLINA

The Citizens and Southern National Bank of South Carolina, Charleston.
The South Carolina National Bank of Charleston, Charleston
The First National Bank of South Carolina, Columbia
The Peoples National Bank of Conway, Conway
The Peoples National Bank, Greenville
Marion National Bank, Marion
The Southern National Bank of Orangeburg, Orangeburg
The National Bank of South Carolina of Sumter, Sumter
SOUTH DAKOTA

United National Bank of Brandon, Brandon
The Pierre National Bank, Pierre
Northwestern National Bank of Sioux Falls, Sioux Falls
The First Citizens National Bank of Watertown, Watertown.

The Citizens National Bank of Athens, Athens
American National Bank & Trust Co. of Chattanooga, Chattanooga. ,
The First National Bank of Clarksville, Clarksville
First Farmers and Merchants National Bank of Columbia, Columbia.
The First National Bank of Cookeville, Cookeville
Union National Bank of Fayetteville, Fayetteville
The Second National Bank of Jackson, Jackson
Park National Bank of Knoxville, Knoxville
The First National Bank of McMinnville, McMinnville
The First National Bank of Memphis, Memphis
National Bank of Commerce in Memphis, Memphis
Union Planters National Bank of Memphis, Memphis

140

Other than
local

TABLE B-14—Continued
Domestic branches entering the National banking system, by de novo opening, merger, or conversion, by States, calendar 1966
Branches opened for business
Charter
No.

Title and location of bank
Local

Other than
local

Total

TENNESSEE—continued
9319
14736
3032
8039
14619
15056
13056

The First National Bank of Mount Pleasant, Mount Pleasant.
National Bank of Murfreesboro, Murfreesboro
First American National Bank of Nashville, Nashville
The First National Bank of Oneida, Oneida
,
First National Bank of Pulaski, Pulaski
The First National Bank of Rutherford, Rutherford
The First National Bank of Smithville, Smithville
UTAH

2597

First Security Bank of Utah, National Association, Ogden.

1698
1197
13986
2422

The Howard National Bank & Trust Co., Burlington
The Merchants National Bank of Burlington, Burlington.
The Enosburg Falls National Bank, Enosburg Falls
Ethan Allen National Bank, Fair Haven

VERMONT

651 First and Citizens National Bank, Alexandria
15146 Commonwealth National Bank of Arlington, Arlington
15492 Southwest Virginia National Bank, Bluefield
10618 National Bank & Trust Co., Charlottesville
9343 American National Bank & Trust Co. of Danville, Danville
12240 The Citizens National Bank of Emporia, Emporia
15353 Woodlawn National Bank, Fairfax County
,
15247 Grundy National Bank, Grundy
13880 Russell County National Bank, Honaker
1522 The Fidelity National Bank, Lynchburg
15461 First National Bank of Norfolk, Norfolk
10194 Seaboard Citizens National Bank, Norfolk
9885 Virginia National Bank, Norfolk
11381 American National Bank, Portsmouth
6018 First National Bank of Purcellville, Purcellville
6782 The First and Merchants National Bank of Radford, Radford
1111 First & Merchants National Bank, Richmond
15027 Richmond National Bank, Richmond
1824 The Farmers National Bank of Salem, Salem
14824 Fairfax County National Bank, Seven Corners
15566 Massanutten Bank of Shenandoah Valley, National Association, Strasburg
14965 First National Bank of Vienna, Vienna

4
2
3
6
1
1
1
12
2
2
1
2
1

VIRGIN ISLAND;
14335

Virgin Islands National Bank, St. Thomas

4375
13230
14394
11280
4668
3417
12292

The National Bank of Commerce of Seattle, Seattle.
The Pacific National Bank of Seattle, Seattle
Peoples National Bank of Washington, Seattle
Seattle-First National Bank, Seattle
Old National Bank of Washington, Spokane
National Bank of Washington, Tacoma
Puget Sound National Bank, Tacoma

WASHINGTON

141

TABLE

B-15

Domestic branches of National banks closed, by States, calendar 1966
Branches closed
Charter
No.

Title and location of bank
Local

Total

Other than
local
19

Total

1
5
3
1
1

1
1
1
5
3
1
1

ARKANSAS

13155

First National Bank of Paragould, Paragould
CALIFORNIA

15323
6268
8181
14998
13044
1741
15290

Civic National Bank, ^/f arina Del Rey
First National Bank & Trust Co Ontario
The First National Bank of Orange County, Orange
Security National Bank of M!onterey County, Pacific Grove
Bank of America National Trust & Savings Association San Francisco
Crocker-Citizens National Bank San Francisco
Northern California National Bank of San Mateo, San Mateo

1
1

CONNECTICUT

The First New Haven National Bank, New Haven
HAWAII

5550

The First-Merchants National Bank of Michigan City, Michigan City

Northwest Des Mx>ines National Bank, Des M!oines

First National Bank of Hawaii, Honolulu

INDIANA

2747

14868

MARYLAND

381

The First National Bank & Trust Co. of Western Maryland, Cumberland
NEW JERSEY

15574

National State Bank of Plainfield New Jersey, Plainfield
NEW YORK

5648
659
5390

The First National Bank of Caledonia, Caledonia
The Fallkill National Bank & Trust Co. of Poughkeepsie, Poughkeepsie
The First National Bank of Spring Valley, Spring Valley

1
2

1
9

1
1

1
2

NORTH CAROLINA

9164
13761

First Union National Bank of North Carolina, Charlotte
North Carolina National Bank Charlotte

12302

Cordell National Bank

5920
14880
3893
5147
5574

The First National Bank of Fredericktown, Fredericktown
Peoples National Bank of Hanover Hanover
Peoples First National Bank & Trust Go Hazleton
The Juniata Valley National Bank Mifflintown
First Citizens National Bank, Montgomery

OKLAHOMA
Cordell

. . .

PENNSYLVANIA

142

1
1

TABLE B-15—Continued
Domestic branches of National banks closed, by States, calendar 1966
Branches closed
Charter
No.

Title and location of bank
Local

Other than

Total

UTAH

4341

Zions First National Bank, Salt Lake City..

1430
13986

Vermont National Bank, Brattleboro
The Enosburg Falls National Bank, Enosburg Falls.

651
10696
15200

First and Citizens National Bank, Alexandria
Rockbridge National Bank of Lexington, Lexington.
The National Bank of Rosslyn, Rosslyn

143

TABLE

B-16

Principal assets, liabilities, and capital accounts of National banks, by deposit size, year end 1965 and 1966
[Dollar amounts in millions]
Deposits

Securities
Number
of banks

Total

1966

4,799 $235, 996

Banks with deposits of—
Less than $1.0.
1 0 to 1 9
2.0 to 4.9
5 0 to 9 9 .
10 0 to 24 9
25.0 to 49 9
50 0 to 99.9 .
100 0 to 499 9
Over 500.0
Total

1965

Banks with deposits of—
Less than $1.0.
1 0 to 1 9
2.0 to 4.9
5 0 to 9.9
10 0 to 24 9
25.0 to 49.9
50 0 to 99 9
100.0 to 499.9
Over 500.0

Total
assets

Total

U.S.
Government
obligations

$41,690 $128, 609 $57, 668

$30, 355

Fixed
assets

Demand

$3, 451 $206, 456 $112,377 $94, 079

Capital
stock

Surplus,
Capital
notes and undivided
debentures profits, and
reserves

$5, 138

$1, 161

$12, 160

42
436
4,531
10, 340
20, 290
15,912
15, 632
46,019
122, 794

9
78
695
1,481
2,797
2,267
2,345
8,733
23, 285

17
194
2, 162
4,940
10, 121
8,015
8,094
24, 247
70, 819

14
156
1,562
3,633
6,738
5,081
4,688
11,552
24,244

11
122
1,065
2, 191
3,781
2, 752
2,538
6, 141
11,754

1
8
78
174
357
274
253
729
1,577

35
376
4,015
9,305
18, 341
14, 318
14, 093
41, 135
104, 838

27
227
2,203
4,772
9,065
7, 267
7, 152
23, 738
57, 926

8
149
1,812
4,533
9,276
7, 051
6,941
17,397
46,912

2
17
137
252
446
357
350
1,015
2,562

0
0
1
2
16
24
27
134
957

4
39
326
644
1, 132
818
770
2,283
6, 144

4,815

219, 103

36, 880

118,266

57,310

31,896

3, 158

193,860

107, 881

85, 979

4,966

1, 134

11,334

192
187
62

542
5,044
9 663
19,047
14, 621
14 634
42, 528
112,960

99
812
1,432
2,708
2,057
2,211
7,610
19,938

246
2,382
4, 528
9,238
7, 195
7, 394
22,413
64, 842

186
1,735
3,475
6,612
4,907
4,617
11,209
24, 547

150
1,247
2,284
4,009
2,905
2, 704
6,372
12, 206

9
90
159

323
248
236
670

1,421

NOTE: Data may not add to totals because of rounding. Dashes indicate amounts under $500,000.

Total

Time
and
savings

45
244
1, 152
1,299
1, 172
416
205
201
65

301
1,296
1,215
1, 109
385
. .

Cash and Loans and
cash items discounts

461
4,466
8, 706
17,252
13,203
13, 194
38, 089
98, 438

289
2,532
4 686
8,995
7,046
7 126
22, 669
54, 501

172
1,933
4,020
8,258
6, 158
6 068
15,420
43, 937

25
166
240

0
0
1

51
363
602

417
332

11
18

1,060
752

336
952

21
111
972

2, 120
5,659

2,492

720

TABLE B-17
Dates of reports of condition of National banks, 1914—67
[For dates of previous calls, see Annual Report for 1920, vol. 2, table No. 42, p. 150]
Year

Feb.

Mar.

Apr.

4
4
7
5
4
4

28
21

l
i
10
12
4
28
5

10
3
31
6
12

...
23
28
27
27
25
5
4
4
31
7
29
26

....

4
4
13
20
12
11
24
9
31
20
15
11
10
14
4
12
15
12
26
18
15
26
5
25
NOTES

Act of Feb. 25, 1863, provided for reports of condition on
the 1st of each quarter before commencement of business.
Act of June 3, 1864—1st Monday of January, April, July,
and October, before commencement of business, on form prescribed by Comptroller (in addition to reports on 1st Tuesday
of each month showing condition at commencement of business in respect to certain items; i.e., loans, specie, deposits,
and circulation).

May

June
30
23
30
20
29
30
30
30
30
30
30
30
30
30
30
29
30
30
30
30
30
29
30
30
30
30
29
30
30
30
30
30
29
30
30
30
30
30
30
30
30
30
30
6
23
10
15
30
30
29
30
30
30
30

July

Aug.

Sept.

Oct.

12
2
12
11

Nov.

10
17
20
1
17
15

31
12
8
6
15
14
10

Dec.
31
31
27
31
31
31
29
31
29
31
31

28
31
31

10
3
4

CO?

1914
1915
1916
1917
1918
1919 ....
1920
1921
1922
1923
1924
1925
.
1926
1927
1928
1929
1930
1931
1932
1933
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
I960
1961
1962
1963
1964
1965
1966
1967

Jan.

24
29
30
25
17
1
28
2
24
18
30
6
1

4
10
5
30
7
5
26
11
24
6
3
27
28
30
1
13
20

31
31
31
30
31
31
31
31
31
30
31
31
31
31
30
31
31
31
31
31
30
31
31
31
31
31
31
31
31
31
31
30
28
20
31
31
31

Act of Mar. 3, 1869, not less than 5 reports per year, on form
prescribed by Comptroller, at close of business on any past date
by him specified.
Act of Dec. 28, 1922, minimum number of calls reduced from
5 to 3 per year.
Act of Feb. 25, 1927, authorized a vice president or an
assistant cashier designated by the board of directors to verify
reports of condition in absence of president and cashier.
Act of June 16, 1933, requires each National bank to furnish
and publish not less than 3 reports each year of affiliates other

145

than member banks, as of dates identical with those for which
the Comptroller shall during such year require reports of
condition of the bank. The report of each affiliate shall contain such information as in the judgment of the Comptroller
shall be necessary to disclose fully the relations between the
affiliate and the bank and to enable the Comptroller to inform
himself as to the effect of such relations upon the affairs of the
bank.
Sec. 21 (a) of the Banking Act of 1933 provided, in part,
that after June 16, 1934, it would be unlawful for any private
bank not under State supervision to continue the transaction
of business unless it submitted to periodic examination by the
Comptroller of the Currency or the Federal Reserve bank of the
district, and made and published periodic reports of conditions
the same as required of National banks under sec. 5211,
U.S.R.S. Sec. 21 (a) of the Banking Act of 1933, however,
was amended by sec. 303 of the Banking Act of 1935, approved
Aug. 23, 1935, under the provisions of which private banks
are no longer required to submit to examination by the Comptroller or Federal Reserve bank, nor are they required to make
to the Comptroller and publish periodic reports of condition.

146

(5 calls for reports of condition of private banks were made
by the Comptroller, the first one for June 30, 1934, and the
last one for June 29, 1935.)
Sec. 7 (a) (3) of the Federal Deposit Insurance Act (Title
12, U.S.G., sec. 1817(a)) of July 14, 1960, provides, in part,
that, effective Jan. 1, 1961, each insured National bank shall
make to the Comptroller of the Currency 4 reports of condition annually upon dates to be selected by the Comptroller, the
Chairman of the Board of Governors of the Federal Reserve
System, and the Chairman of the Board of Directors of the
Federal Deposit Insurance Corporation, or a majority thereof
2 dates shall be selected within the semiannual period of January to June, inclusive, and 2 within the semiannual period of
July to December, inclusive. Sec. 161 of Title 12 also provides that the Comptroller of the Currency may call for additional reports of condition, in such form and containing such
information as he may prescribe, on dates to be fixed by him,
and may call for special reports from any particular association whenever in his judgment the same are necessary for use
in the performance of his supervisory duties.

TABLE B-18

Total and principal assets of National banks, by States, June 30, 1966
[Dollar amounts in millions]

Number

4,811

State
and
local
securities,
net

Loans
and diseounts,
net

Federal
funds
sold

$225, 441 $36, 769 $28, 891 $23, 975

$3, 951

$123, 192

$1,287

1,242
153
1,095
567
17,113
1,321
1, 166
12
719
2,607

11
3
37
5
49
13
12
1
26
39
44
0

Cash
assets*

banks

United States

U.S.
Government
obligations,
net

Other
bonds,
notes,
net

Total
assets

5
4
65
93
117
30
5
8
198

2,596
281
1,769
1,147
28, 815
2,325
2,002
26
1,452
5,716

455
35
204
219
4,032
408
331
3
270
1,057

476
39
153
155
2,697
284
143
8
335
1,023

309
35
145
143
3,178
205
254
61
604

43
6
65
29
571
11
30
1
8
172

Georgia
Hawaii
Idaho
Illinois
Indiana.
Iowa
Kansas
Kentucky
Louisiana
Maine

58
2
9
416
122
102
170
81
47
21

3,030
451
701
19,636
4,967
1,620
1,980
1,532
2,930
481

514
66
92
2,892
884
338
320
264
534
63

308
55
98
3,121
911
274
365
263
541
63

263
47
67
2,044
420
147
224
165
313
57

33
3
2
460
121
33
51
24
30
7

1,770
258
423
10,436
2,432
794
934
773
1,429
279

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska.
Nevada
New Hampshire

49
90
98
194
35
98
49
126
3
51

2,107
5,917
9,021
4,555
1,059
4,233
661
1,713
499
509

403
1,091
1,300
754
162
839
87
331
64
79

276
492
1,434
606
166
524
115
236
73
57

174
570
965
464
127
440
64
146
55
46

39
44
140
124
14
40
9
36
15
2

1,138
3,498
4,921
2,497
550
2,269
365
920
265
306

34
22
28
1
4
15

New Jersey.
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

148
34
195
28
42
226
220
13
366
4

7,035
715
36, 195
2,001
562
9,752
3,355
2,772
15, 344
811

930
114
6,684
385
64
1,374
619
389
2,183
71

968
126
3,035
171
108
1,527
589
353
2,083
59

1, 050
64
3,581
210
63
1,130
318
272
2,025
158

120
2
537
47
18
162
81
27
203
7

3,782
376
20,480
1, 128
291
5,274
1,635
1,623
8,311
498

31
16
165
1
1
84
31
0
100
2

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

1,046
632
3,879
14, 630
751
306
3,478
3,797
1,086
3,098
427
37

204
73
753
2,889
124
29
472
624
159
468
64
2

143
128
549
1,928
58
47
464
437
282
445
86
10

83
52
383
1,528
100
30
355
368
111
329
30
2

18
11
36
311
7
5
45
57
19
64
9
0

543
348
2,050
7,388
435
186
2,033
2, 135
483
1,697
225
23

27
2
4
104
9
3
17
41
7

26
34
77
547
13
27
118
30
79
111
40
1

District of Columbia—allf •

2,542

435

534

115

1,359

Alabama
Alaska..
Arizona.
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida

•Cash, balances with other banks, and cash items in process
of collection.
f Includes National and non-National banks in the District

108
98
3
38
11
12
1

Direct
lease
financing

$293
0
1
114
5
1
0
0
1
6
1
0
43

5
1
9

14
0
0

of Columbia, all of which are supervised by the Comptroller of
the Currency.
NOTE: Data may not add to totals because of rounding.
Dashes indicate amounts less than $500,000.

147

TABLE

B-19

Total and principal liabilities of National banks by States, June 30, 1966
[Dollar amounts in millions]
Time and
Demand
Time deposits, Federal funds
Demand
purchased
IPC
Total liabilities Total deposits deposits, total savings deposits,deposits, IPC*
total

$197, 792

$105, 990

$91, 802

$76,460

$81, 161

$1,557

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida

2,386
265
1,633
1,053
26, 921
2, 137
1,835
24
1,346
5,262

2,335
260
1,593
1,037
25, 585
2,092
1,761
24
1,311
5,095

1,437
129
770
653
10, 390
1,114
1,086
12
828
2,955

897
131
823
385
15, 194
978
675
13
482
2, 140

1,036
98
568
470
8,351
850
907
11
708
2,178

846
78
791
358
12,821
905
616
13
469
1,840

1
2
4
221
6

Georgia. ..
Hawaii. . .
Idaho
Illinois
Indiana...
Iowa
Kansas. . .
Kentucky.
Louisiana.
Maine

2,779
405
651
18, 124
4,601
1,494
1,798
1,396
2,673
436

2,654
397
637
17, 137
4,394
1,467
1,774
2,621
414

1,728
217
352
9,176
2,557
918
1,167
873
1,725
227

926
180
286
7,960
1,837
549
607
505
895
187

1,206
132
261
6,500
1,741
622
733
703
1,219
198

823
144
285
7,152
1,697
515
571
473
757
182

47
0
3
201
69
9
2
0
4

Maryland
Massachusetts. . .
Michigan
Minnesota
Mississippi
Missouri
,
Montana
Nebraska
Nevada
New Hampshire.

1,941
5,381
8,450
4,200
967
3,857
613
1,561
458
461

1,874
5,072
8,242
4,025
932
3,693
596
1,537
448
435

1,175
3,502
3,714
2,158
602
2,400
302
996
233
283

699
1,570
4,527
1,867
330
1,293
294
541
215
152

867
2,628
2,727
1,373
390
1,584
228
690
167
229

653
1,387
3,959
1,757
316
1,200
273
531
204
138

19
57
20
54
18
52
0
4
0
2

New Jersey
New Mexico
New Y o r k . . . . . .
North Carolina.
North Dakota. .
Ohio
Oklahoma
Oregon
Pennsylvania. . .
Rhode Island. ..

6,513
660
33, 076
1,841
521
8,960

13,922
753

6,276
643
29, 994
1,766
509
8,702
2,950
2,490
13,412
731

3, 132
387
16, 581
1,089
240
4,330
1,882
1,130
6,356
287

3, 144
256
13,413
677
269
4,372
1,067
1,359
7,056
443

2,439
284
10, 521
831
194
3,241
1,279
901
4,966
219

3,040
218
11,039
569
254
4,076
990
1, 195
6,405
406

26
1
278
9
0
24
38
11
94
1

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

962
586
3,565
13,387
693
281
3, 185
3,521
983
2,1
389
35

918
575
3,471
12,914
670
275
3,088
3,427
964
2,790
378
33

738
290
2,052
7,814
280
100
1,561
1,894
539
1,430
188
10

180
285
1,419
5, 100
390
174
1,527
1,533
425
1,360
190
23

599
216
1,317
5,547
204
87
1,220
1,411
397
1,068
134

163
260
1,292
4,227
321
171
1,442
1,516
422
1,214
173
13

1
0
5
222
7
0
7
4
0
2
4
0

2,347

2,285

1,425

860

1,241

840

United States.

$207,420

3,f""
2,574

District of Columbia—allf

1,377

*IPC deposits are those of individuals, partnerships, and
corporations.
flncludes National and non-National banks in the District

148

0
7
23

of Columbia, all of which are supervised by the Comptroller of
the Currency.
N o T E : Data may not add to totals because of rounding.
Dashes indicate amounts less than $500,000.

TABLE

B-20

Capital accounts of National banks by States, June 30, 1966
[Dollar amounts in millions]
Total
capital
accounts

United States

$18, 021
210
16
136
94
1,894
187
167
2
107
454

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida

251
46
50

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Lousiana
Maine

1,512
366
126
182
136
257
45

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

166
536
571
355
92
376
48
152
41
48

Debentures

$1,167

$5, 062

26
1
145
4
11
0
0
22
37
12
0
11
13
0
2
0
9
0
2
10
46
15
6

26
1
3
0
0

522
55
3, 119
159
41

791

319
198
1,422
57

18
0
32
0

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

84
46
314
1,243
58
25
293
276
103
230
38

0
—
19
41
0
—
2
0
0
2
1
0

194

0
0
4
0
0
0
0
0
0

27
0
578
15
1

*Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller
of the Currency.

$29

Common
stock

66
5
31
29
500
61
44
1
30
173

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

District of Columbia—all*

Preferrec
stock

0
20
0
0
0
1
0
0
0
0
1
0
0
0
0
0
0

Undivided
profits

Surplus

Reserves

$8,119

$3,128

$516

5
58
40
818
83
86

47
5
19
23
419
38
24

11
1
3
2
11
1
1

55
187

21
58

56
9
17
521
91
33
53
31
59
18

99
14
25
723
176
57
80
73
143
17

33
10
7
211
78
34
44
29
43
9

46
146
145
118
24
106
17
42
17
10

79
285
251
146
57
156
18
61
16
26

113
71
4
82
11
43
5
10

149
19
799
39
13
225
88
68
301
15

248
19
1,195
84
17
401
124
75
770
30

87
8
354
20
10
136
85
48
247
12

20
16
79
423
19
7
89
81
24
78
6

47
20
149
532
30
10
149
119
53
104
19
1

15
10
59
212
8
6
52
74
21
38
11
1

13
25
2

46
8
2
2
3
1
1
5
6
13
5

4
3
2

11
8
173
1
3
4
6
70
0

34
1
1
2
2
5

NOTE: Data may not add to totals because of rounding.
Dashes indicate amounts less than $500,000.

149

TABLE

B-21

Total and principal assets of National banks, by States, Dec. 31, 1966
[Dollar amounts in millions]

Number
of banks

United States

Total
assets

Cash
assets*

U.S.
Govern- State
ment and local
obliga- securities,
net
tions,
net

9
4
1
5
208
8
11

239
45
78
2,047
432
147
232
166
313
54

26
5
2
423
106
36
55
21
23
6

1,743
259
420
10, 825
2,480
822
981
809
1,485
281

24
1

8
1

133
146
7
22
14
23
4

50
8
1

287
618
1,512
614
166
588
126
253
79
63

170
527
938
505
132
442
75
153
59
36

27
43
115
111
12
39
12
58
6
2

1,161
3,504
5, 106
2,469
581
2, 307
358
967
259
325

25
45
52
24
3
53
6
9
5
16

2
5
10
3

975
124
7,128
405
77
1,662
803
452
2,330
82

1,022
131
3,150
224
120
1,684
572
419
2,072
58

1,088
74
3,424
254
73
1 221
368
278
1,817
139

114
2
411
61
18
150
85
65
186
8

3,876
381
21,201
1, 161
293
5,509
1,723
1,606
8,543
533

62
22
101
4
1
98
27
2
190
2

1,114
671
4,154
15, 647
789
319
3,674
4,043
1, 137
3,342
467
39

252
93
872
3,479
131
35
531
725
172
610
79
5

150
139
574
1,975
59
48
489
485
292
491
99
7

86
58
397
1,606
125
27
355
429
115
332
36
4

16
15
36
303
6
6
50
48
18
57
11

562
347
2, 137
7,602
442
194
2,127
2,198
498
1, 736
226
22

12
1
6
170
4
3
27
24
17
24
1
0

0
0
0
1
2
0
1
3
2
3

2,601

471

517

118

1,370

464
49
173
175
3,014
32?
193
8
357
981

312
34
152
148
2,850
215
252
1
68
651

58
2
9
422
123
102
170
80
47
21

3,140
442
745
20, 398
5,161
1,705
2,133
1,659
3, 147
496

678
62
101
3,206
946
384
385
326
670
72

314
47
106
3,107
923
274
405
274
538
66

New Hampshire

49
90
99
194
36
98
49
126
3
52

2,138
6,251
9,400
4 717
1,124
4,624
697
1,852
494
536

415
1,273
1,447
885
192
1,055
101
371
61
82

New Jersey
New Mexico
New York
.. .
North Carolina .
North Dakota
Ohio
Oklahoma
Oregon
. . .
Pennsylvania •
Rhode Island

148
34
190
27
42
226
220
13
354
4

7,299
755
37, 078
2,175
600
10,591
3,711
2,957
15,580
838

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
W^ashin gto n
West Virginia
Wisconsin
Wyoming
Virgin Islands

26
34
77
546
13
27
114
28
80
112
40
1
14

Iowa
Kansas
Kentucky
Louisiana.
Maine
Maryland
Massachusetts . . .
Michigan
Minnesota . . . . . . .
Montana
Nebraska

District of Columbia—allf..

*Cash, balances with other banks, and cash items in process
of collection.
f Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller

150

$331

$1,728

1,305
142
1,161
591
17,470
1,332
1,168
12
866
2, 774

521
40
240
251
4,423
457
328
3
332
1,361

. . .

Direct
Federal
lease
funds
financing
sold

32
5
20
35
438
17
12
1
10
165

2,709
286
1 827
1,236
29, 703
2 436
2,032
27
1,713
6, 192

Hawaii
Idaho
Illinois

Loans
and
discounts,
net

$3,535 $126,881

4,799 $235, 996 $41, 690 $30, 355 $23, 778
87
5
4
67
91
117
30
5
9
198

Alaska..
Arizona
Arkansas
California
..
Colorado
Connecticut
Delaware
. .
District of Columbia
Florida

Other
bonds,
notes,
net

30
41

0
1
123
4
1
0
0

1
0

6
1
0
2
47
0
15
3
4
20
0

Fixed
assets

$3,451
43
10
55
22
485
53
51
1
23
141
64
14
14
161
61
22
25
25
41
9
25
75
125
63
26
43
14
27
20
9
105
16
407
33
12
127

65
205
1C
25
1C
34i
64
7(
20

1
0
3

of the Currency.
NOTE: Data may not add to totals because of rounding
Dashes indicate amounts less than $500,000.

TABLE

B-22

Total and principal liabilities of National banks, by Statesf Dec, 31, 1966
[Dollar amounts in millions]
Total
liabilities

Total
deposits

Demand
deposits,
total

Time and
savings deposits, total

Demand
deposits,
IPC*

Time deposits, IPC*

Federal
funds
purchased

$217, 537

$206,456

$112,377

$94, 079

$84,434

$83, 025

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida

2,493
269
1,689
1,137
27, 770
2,243
1,862
25
1,589
5,726

2,435
266
1,627
1,122
26,117
2,198
1,783
25
1,553
5,549

1,512
134
749
719
10, 749
1,204
1,070
12
976
3,267

923
132
878
403
15, 368
994
713
13
577
2,282

1,091
106
590
532
8,923
954
946
12
866
2,259

873
81
840
376
12, 901
930
649
13
566
2,013

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

2,886
393
694
18, 822
4,783
1,575
1,944
1,520
2,885
450

2,747
384
681
17, 707
4,540
1,554
1,917
1,500
2,809
434

1,789
202
368
9,809
2,648
980
1,253
979
1,875
241

957
182
312
7,897
1,892
574
664
520
934
193

1,273
147
273
7,502
1,929
691
800
794
1,313
208

855
151
312
7,054
1,746
552
612
490
811
186

24
0
0
255
76

Maryland. . . .
Massachusetts.
Michigan
Minnesota....
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

1,969
5,704
8,803
4,353
1,031
4,234
647
1,695
453
486

1,896
5,285
8,566
4,241
990
4,068
630
1,648
444
463

1, 165
3,712
3,736
2,304
658
2,725
321
1,085
223
300

731
1,573
4,830
1,936
333
1, 343
309
563
221
162

918
2,838
2,952
1,568
442
1,780
249
762
171
239

678
1,381
4,264
1,819
320
1,252
286
553
209
154

22
75
43
1
23
75
2
15
1

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

6,762
699
33, 927
2,014
558
9,765
3,387
2,755
14,140
778

6,541
685
30, 339
1,912
545
9,465
3,291
2,669
13, 608
748

3,213
406
17,337
1,133
261
4,713
2,154
1, 151
6,545
283

3,328
279
13, 002
779
284
4,752
1, 138
1,518
7,063
465

2,652
312
11,718
891
222
3,747
1,568
944
5,449
236

3,221
232
10, 560
637
269
4,422
1,053
1,225
6,427
427

17
0
433
27
1
35
26
7
126
6

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

973
611
3,672
13,865
711
286
3,263
3,611
1,001
3,032
418
36

783
309
2,221
8,666
327
108
1,641
1,956
558
1,618
215
11

190
302
1,451
5,199
384
178
1,622
1,656
443
1,414
203
24

633
248
1,456
6,143
233
90
1,336
1,593
415
1,256
156
9

174
277
1,305
4,253
314
175
1,535
1,646
438
1,306
186
14

0
0
41
230
6
0
11
35

I
I
|

1,027
622
3,830
14, 386
731
294
3,375
3,761
1,030
3,104
428
37

District of Columbia—all f . . I

2,402

2,345

1,458

887

1,299

872

United States.

*IPC deposits are those of individuals, partnerships, and
corporations.
| Includes National and non-National banks in the District

$1,871
0
16
1
161
7
0
5
46

1
0
13

3
2
0

of Columbia, all of which are supervised by the Comptroller of
the Currency.
NOTE: Data may not add to totals because of rounding
Dashes indicate amounts less than $500,000.

151

TABLE

B-23

Capital accounts of National banks, by States, Dec. 31, 1966
[Dollar amounts in millions]
Total
capital
accounts

$18,459

United States
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana....
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
^Mississippi
Missouri
Montana
Nebraska
Nevada
.
New Hampshire

216
17
138
99

1 933
192
170

0
26
1
145
4
11

2
123

0
0
23

255
49
50
1 576

37
12

378
130
189
139
262

0
11
13
0
2
0
9

169
547

2
10

597

364
93

15
6

390
50

26
1

Common
stock

Preferred
stock

$1,161

466

....

...

Debentures

Undivided
profits

Surplus

$5, 109

$8, 246

$3, 350

$564

0
0
0
0
0
0
0
0
0
0

68
5
31
30
498
62
45

89
5
57
41
821
85
87

48
6
22
24
457
40
25

11
1
2
3
12
1
1

1
35

1
62

177

192

26
60

1
14

0
0
0

57
9

100
18

33
8

27
2

17
526
92
34
55
31
59

27
739
180
57
84
73
144

7
247
84
36
45
31
47

$29

0
0

o
0
3
0

0
0
3
0
0
0
0

79
287

36
98

5
5

147

253

116

31
6

147
61
157
19

90
12

0
0

42
17
10

62
16
27

45
5
11

4
3

o
20
0

152
19
800
39

254
19
1,198
86

91
7
390
20

12
174
1

13
232
88

17
410
127

78
778
31

10
153
87

45
257
12

4
4

15
11
65

107
18

537
56
3, 151
161

28
0
569
15

42
826
325

1
27
18

201
1,439
60

0
31

0
1

71
302
16

South Carolina
South Dakota
Tennessee
..
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin

87
48
324
1 261

21
16
79

49
20
152

Virgin Islands
District of Columbia—all*..

200

42
0

425
19
7

544
29
10

2
0
0
2
1
0

0
0
oooo

O CO CO

Wtyoming

299
282

91
81
25
78
6

151
120
54
106
20
1

54
78
23
43
12
1

•Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller of
the Currency.

152

0
1

210
10
6

1
11

7
69
0
1
9
40
0
1
CM CO

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio..
Oklahoma
Oregon
Pennsylvania
Rhode Island

58
25

77
1

118
24

3
0

53
9
2
3
3
1
1

46
147

156
41
50

. .

Reserves

5
8
1
1

NOTE: Data may not add to totals because of rounding.
Dashes indicate amounts less than $500,000.

TABLE

B-24

Loans and discounts of National banks, by States, Dec. 31, 1966
[Dollar amounts in millions]
Loans
and
discounts,
net

Reserve

United States
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas.
Kentucky
Lousiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania,
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands

442 |
194
2, 127 !
2, 198 !
498
1,736
226
22

District of Columbia—all*
* Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller of
the Currency.

NOTE: Data may not add to totals because of rounding
Dashes indicate amounts of less than $500,000.

153

TABLE

B-25

Bank trust assets and income, by States^ calendar 1966
Accounts where National banks
exercise investment responsibility*
Number
of banks
having
accounts

United States.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia §.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kentucky
Louisiana....
Maine
Maryland
Massachusetts....
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire..
NewJ
Newl
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvana
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Other
trust
accounts\
{millions)

Total trust
accounts
(millions)

1,575

$29, 989

$54, 498

$84,487

$398,542

27
3
2
29
16
26
12
0
6
74
25
1
2
140
91
41
40
49
18
17
11
55
31
18
15
32
11
17
2
20
85
16
79
16
6
54
33
2
137
2
9
8
27
123
2
10
52
10
28
32
13

137
4
20
13

643
11
346
199

780
15
366
212

3,595

2,197

4,782
1,259

6,979
1,081
1,484

44, 908
7,547
8,290

1,980

1,182
2,185

811
80
33

974
84
42

7,066
11,312
5,981

4,650
1,626

9,230
1,862

1,956
1,600
1,305

3,060
4, 149
1,885

43, 372
8,111
2,040
1,712
1,700
1,542
1,274
2,723
15, 707
13,065
9,807

1,728

2,292

9,796

*As of December 1966.
fEmployee benefit accounts include all accounts where the
bank acts as trustee, regardless of whether investments are
partially or wholly directed by others. Insured plans or portions of plans that are funded by insurance are omitted as arc
employee benefit accounts held as agent.
^Includes all accounts, excluding employee benefit accounts
and corporate accounts, in which the bank acts in the follow-

154

Employee
benefit
accounts^
(millions)

Trust
department
income—
National
banks
(thousands)

117
225
0
215
205
163
4
9

4,580
236
45
30
41
74
24
68

1,104
2,549

580
28
564
2
63
5
4
138
8

964
0
967

276
347
369
165
193
428

142

321
377
410
239
217
496

170

835

866
319

934

258

40
439
106
100

2,638
1,039

1,100

1,238

10,674

150

158

753

9,757

7,242

16, 999

66,075
3,302

1,014

2,658

3,672

3,698

7,086

10, 784

14, 879
2,940
4,103
38,473
1,759
1,674

1,011
2,757

1,105
3,630

4,777
19, 216

1,059
1,210

6,502
6,564
1,234
3,544

134
7

141
95

72
67
7
94
873
51
3
121
220
13
161
2

38
366
101
96

116

2,709

475
45

580
520
275
283
46

111
34
938
990
250
448
35

609
52

721
615
352
350
53

162
37

263
609
37

529

390

529
856
238

269

ing or similar capacities: Trustee (regardless of whether investments are directed by others), executor, administrator, guardian; omits all agency accounts and accounts where the bank
acts as registrar of stocks and bonds, assignees, receiver, safekeeping agent, custodian, escrow agent, or in similar capacities.
§Includes National and non-National banks in the District
of Columbia, all of which are supervised by the Comptroller
of the Currency.

TABLE

B-26

Common trust funds, by States^ 1965 and 1966*
Number of banks
with common
trust funds

Number of com~
mon trust funds

Number of account
participations

Total assets of funds
(millions)

Percent
tn assetSy
1965-66

1965

1966

1965

1966

1,016

1,089

271, 201

295, 325

$7,529.1

$7,612.0

1.1

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida

10
0
11
4
40
25
20
7
7
33

10
1
13
4
35
25
26
10
7
31

1,504
0
2,145
791
21, 923
5,892
4,910
2,733
2,532
3,327

1,841
45
2,606
985
24,042
6,325
5,990
3,381
2,736
3,916

18.1
0
66.1
9.6
511.4
157.6
177.8
75.2
83.5
70.9

19.3
.4
71.2
10.2
521.2
166.2
169.3
91.7
84.5
73.4

6.6
7.7
6.3
1.9
5.5
-4.8
21.9
1.2
3.5

Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine

19
7
2
30
27
4
7
9
1
16

19
7
5
32
26
4
8
12
2
17

4,786
1,214
214
8,154
2,967
432
451
2,350
191
2,082

4,967
1,429
339
9,449
3,881
627
589
2,514
275
2,342

115.1
22.6
2.3
366.7
80.4
12.2
8.8
43.6
3.4
61.1

106.5
22.9
3.5
404.8
67.2
15.8
9.5
43.0
3.7
61.8

-7.5
1.3
52.2
10.4
-16.4
29.5
8.0
— 1.4
8.8
1.1

Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire

16
43
40
22
4
25
4
5
3
6

14
46
43
23
5
25
5
7
3
6

6,348
11,974
7,728
6,200
686
9,922
514
1,097
385
312

6,345
12, 842
9,060
5,716
1,090
10,512
614
1,490
471
314

171.3
495.0
188.8
104.5
11.5
295.2
6.0
25.2
6.6
11.1

167.2
475.5
231.7
97.3
11.6
275.6
6.4
29.8
7.1
10.2

-2.4
-3.9
22.7
-6.9
.9
-6.6
6.7
18.3
7.6
—8.1

New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island

29
6
81
19
6
70
16
12
130
10

36
6
79
21
6
66
16
12
140
10

6,036
1,016
26,541
6,573
409
9,906
1,086
4,705
59, 861
1,681

6,981
1, 192
28,009
8,960
563
10,232
1,465
4,949
63, 680
1,924

106.1
18.8
1,414.8
144.2
4. 1
314.1
27.1
91.3
1,422. 3
42.4

109.6
21. 1
1,416.3
165.4
3.4
280.7
29.8
85.2
1,425. 4
45.4

South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

6
9
14
49
7
9
40
17
9
30
0

4
9
15
61
10
12
45
24
10
36
0

1,752
622
2,397
6,893
1,354
6,820
7,305
5,111
1,178
6,191
0

1,589
705
2,614
8,566
2,367
863
8,315
6,273
1, 100
8,245
0

21.4
5.8
46.9
242.8
13.6
7.7
173.4
109.6
15.8
106.3
0

14.5
6.5
48.5
238.2
25.0
8.6
180.3
119.7
14.1
115.9
0

3.3
12.2
.1
14.7
— 17.1
-10.6
10.0
—6.7
.2
7.1
-32.2
12.1
3.4
— 1.9
83.8
11.7
4.0
9.2
10.8
9.0

Total United States...

464

497

These figures were derived from a survey of banks and
trust companies operating common trust funds. Data are the

last valuation date in 1965 and 1966.
NOTE: Data may not add to totals because of rounding.

155

TABLE B-27

Income and expenses of National banks, by States, year ended Dec. 31, 1966
[Dollar amounts in thousands]
United
States

Number of banks*

4,799

Alabama

Alaska

Arizona

Arkansas

Califor-

Colorado

Total current operating revenue

Number of officers
Number of employees other than officers

Officer and employee benefits—pensions,
hospitalization, social security, insurance,
etc
Fees paid to directors and members of executive, discount, and other committees
Interest on time and savings deposits
Interest and discount on borrowed money. .
Net occupancy expense of bank premises . . .
Furniture and equipment—depreciation,
rents, servicing, uncapitalized costs, etc. .
Other operating expenses
Total current operating expenses

Net Current Operating Earnings

$7, 065
8, 149
75, 329

822, 843 11, 154 1,968 8,847 5,805
1, 489, 942 18, 888 3,309 17, 188 7,043
811
566
127
72, 092 1,037
3,993 2,006
346, 817 5,148
632
4, 143

District
of Columbia

Florida

Georgia

Hawaii

526

3,268

1,652

4,770 2,978
1,656
4, 131 17,839 11,761

937
1,082

1,671
8,290
2,274

689 5,022
3,879 11,312
2,308 7,661

7,002
5,981
3,000

408
866
728

121,853 12, 051 10,220
223, 900 18, 220 19,047
11, 399 1,059
825\
47, 693 4,379 4,259
46, 297

4,062

$360 $15, 461 $42, 995 $13, 455 $2, 268
28 2. 389 26, 381 9, 192 1,643
772 50, 061 168, 991 114, 119 17, 156

1,293
6, 951

11,305,378 130, 935 17,878 105,512 55, 207 , 602, 300130,460 111,022

351,208

Delaware

Current Operating Revenue:
Interest and dividends on—
5,946
U.S. Government obligations
, $1,231, 785 $19,•, 113 $1, 621 $7, 074 $7, 218 $118, 858 $13,
Other securities
,
901, 126 11, 175 1,244 6, 110 5,408 119,239 7, 131
11,545
84,
987
75,
455
36,
598
83,
650
Interest and discount on loans
1,098,082
7, 577, 790
Service charges and other fees on banks'
135, 244 1,078 1,040 2,036
30, 592 1,811
108
loans
532, 561 8,430 1,508 7,505 3,249 108, 196 8,733
Service charges on deposit a c c o u n t s . . . . . . . . .
Other service charges, commissions, fees,
23, 093 1,928
625
2,747
943
194,856 1,821
and collection and exchange charges
,
44,908 7,547
116 2,709
835
395, 355 3,595
Trust department
59, 332 4,377
179
1,876
848
336, 661 2,073
Other current operating revenue
Current Operating Expenses:
Salaries and wages :f
Officers
Employees other than officer

Connecticut

5,005

1,359 80,574 284, 971167,488 25, 088

1,972
135 6,547 24, 879 13,681
237 10, 897 41,774 26, 299 3,460
207
2,253 1, 121
18
468
796
73
2,292 10, 798 6, 084
36

1,833

7,842

6,973

1,287

608
39, 895
3, 733, 005 34, 183
283
53, 646
449, 563 4,629

106
461
35
4,500 33, 921 14, 285
148
30
160
939 5,275 2,260

909
539
743
635, 855 39, 220 26, 258
194
3,866
381
69, 693 6,928 5,786

1,664
671
15
410
400 21,818 84, 034 38, 199
1
143 2, 111 1,363
91
3, 185 11,541
8,471

87
7,003
0
1,052

3,830
271,484
1,280,236 14, 975

3,529
731
1,951 11,922

3, 928
37, 075 4,981
138,338 15, 555 13,615

52
187

5, 172
2, 150 10,215
8,321 37,711 26,311

1,072
3,381

1,667
6,844

8, 491, 822 92, 693 13,989 84,216 40, 165 1, 277, 786 102, 14184, 592
2,813,556

38, 242

3,881

21,296 15,042

324, 514 28, 319 26, 430

1, 154 55,304 221

205 25, 270

127, 140 19, 314
5, 774

Recoveries, Transfers from Valuation Reserves
and Profits:
On securities:
Profits and securities sold or redeemed.
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
Transfers from valuation reserves
All other

530
0
133

2
0
0

36
0
168

264
2
58

9, 154
0
15

149
38
1,286

104
0
297

229
0
0

7, 179
40, 162
60, 422

99
55
411

0
0
435

0
0
143

167
121
103

424
149
4, 223

147
47
683

5
326
712

7
3
809

13,965

2,350

1,444

1,048

2,592

2, 146

599
73
16

20, 448
3
12,619

3,061
181
81

1,862
1
37

216
0
28

3,077
14
44

1, 142
9
435

1,372
50,219
12, 309

740
4, 426
915

26
4,065
2,566

96, 970

9, 404

8,557

Total recoveries, transfers from valuation reserves
and profits

228, 598

1, 228

Losses, Chargeoffs, and Transfers to Valuation
Reserves:
On securities:
Losses on securities sold
Ghargeoffs on securities not sold
Transfers to valuation reserves
On loans:
Losses and chargeoffs
Transfers to valuation reserves
All other

252, 488
4,715
53, 501

3,358
43
73

913
0
0

2,393
0
463

15, 105
435, 497
91,266

123
6,213
1,035

160
997
115

0
6, 613
462

154
2,655
551

852, 572 10, 845

2, 185

9,931

4,048

Total losses, chargeoffs, and transfers to valuation reserves

Net Income Before Related Taxes
Taxes on Net Income:
Federal
State

2, 189,582 28, 625
545, 591
61,456

8,778
1,325

Total taxes on net income

607, 047 10, 103

Net Income Before Dividends

, 582, 535 18, 522

Cash Dividends Declared:
On common stock
On preferred stock
Total cash dividends declared

Net Income After Dividends
Capital Accounts^
Ratios:
Net Income Before Dividends to Capital Accounts (percent)
Total Current Operating Expenses to Total Current Operating Revenue (percent)
See footnotes at end of table.

384
31
61

37, 999
3,353
79, 483

2, 141 11,712 11,709

9,305

1,877

13, 116 34, 093 20, 728

2,790

2,830
0

94, 747
0

7,716
0

5,628

2,830

94, 747

7,716

7,251

5,908

68, 751

7,592

6,318

17,971,372 209, 177 16,070 136,

8.81

10, 110 11,041

5,628
0

469

8. 85

12.02

70. 79

78. 25

6. 19
79.82

1,587
290

5,748

469
0

1,462

4,667

5,957

8,738

9,805

1,867

166 23, 226 45, 134 30, 033

78, 011

2,971

8,445

8, 717

3,092 20, 658 12,461

0
1,050
361

9, 305
0

3,267

737, 939

26
1, 106
37
2, 162 14, 174 8,555
649 2,243 2,294

456
0
0

10, 110 11,041
0
0

210

844, 596

0
0
415

3,792
1,956

2,971
0

8, 717
0

23
443
997

4,802
1, 155

3,003
264

1, 931

345
0
0

53, 065
24, 946

206
4

736, 591
1,348

75. 11

241, 509 21,265 19, 317

184
333
1, 599

657
0
26

163,498 15,308 13, 569
7,251
0

6, 170 12, 848
0
0

9, 156
0

6, 170 12,848

9, 156

108

21, 245 11,572

94, 539 1, 898, 466 187, 479 166, 037 2, 137

9.24

8.61

72. 75

79.75

8. 17
78.29

8. 17

1, 526
0
1,526
1,264

632 248, 980 46, 812

6. 74

11.82

7. 55

76. 19 84. 92

68.64

77.82

8. 33
75.91

5.96
76.99

TABLE B-27—Continued
Income and expenses of National banks, by States, year ended Dec. 31, 1966
[Dollar amounts in thousands]
Idaho

Illinois

Indiana

Iowa

Number of banks*
Current Operating Revenue:
Interest and dividends on—
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges and other fees on banks' loans.
Service charges on deposit accounts
Other service charges, commissions, fees, and
collection and exchange charges
Trust department
Other current operating revenue.
Total current operating revenue

Current Operating Expenses:
Salaries and wagesf
Officers
Employees other than officers
Number of officers
Number of employees other than officers

Officer and employee benefits—pensions, hospitalization, social security, insurance, etc. . . .
Fees paid to directors and members of executive,
discount, and other committees
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents,
servicing, uncapitalized costs, etc
Other operating expenses
Total current operating expenses
Net Current Operating Earnings

Kansas Kentucky Louisi-

Maine

170

Maryland
49

Massa- Michichusetts gan
90

Minne- Mississippi
36

?, 501 $60, 034 $27, 547$7, 253
$2, 821 $12, 467 $22,
$4, 460 $124,521 $39, 479 $12, 266 $17, 228 $11, 619 $22, 082
5,655 7,717 6,006 10,508
6,384 18,145 34,965 19,045 4,921
1,895
82, 637 16,028
2,540
643
215,
549 312, 645 150, 61836,317
273 152,535 48,811 59,710 48,512 88,755 17,900 69, 643
27, 576 604, 273
" " ~ 3, 237 3, 976 2, 017 128
453
441
703
797
292 2,640
6, 745 2,552
512
16,327
16,633 10,349 3,560
10,902
3,909
5,381
3,446
6,836
6,231
1,465
3,265
23, 972
936
319
613
40, 221

3,766
5,668
346
1,498
1,337
86
11, 323
0
1, 118
1, 125
4,498

11, 711
43, 372
25, 169

5,228
8, 111
7,240

1,571
2,040
1, 345

1,613
1,712
2, 146

626
1,700
1,530

2,831
1,542
2,953

312
1,274
543

1, 170 16, 090 8,030
2,723 15, 707 13,065
7, 172
2,513 11,250

8,733
9,807
3,081

1, 794
934
958

922, 400 242, 075 76, 050 95, 948 74, 142 136,304 26, 502 103, 771318,806 456,520 231, 197 55, 865

56, 428 20,405
104, 681 32, 924
4,320 1,730
22, 951 8,045
27, 924

7, 196

8,668 11,059 6,800 10, 148 2,344 7,583 22, 806 22, 471 18,316 4,877
9,540 10,516 10, 037 18, 089 4, 157 15,713 51, 634 63, 334 26, 977 7, 142
403
732
1,884 1,710 1,626
764
887
1,042
243
742
2,521
2,773 2,884 4,393 1,163 3,880 11, 807 14, 628 6,709 1,815
2,095

2,526

2,239

3,870

3,374
539
1, 146
685
490
796
325, 527 64, 039 19, 551 22, 996 18,441 33, 908
199
4,310
246
163
1,763
455
27, 320 9,953 3,084 3,296 3, 180 5,844
7, 133
17,740
95, 665 33, 902

2,309
9, 744

2,544
9,967

2,003 3,925
8,776 18, 121

863

3,044 11,396 14,317

6,950

1,957

355
991
1,059
984
224
502
.84, 939 76, 003 12, 738
6,497 24, 565 63,6
372
256 4,329 3,491
2,927
143
1,401
5,092 14, 052 17,784 8,341
1,333
2,895 8,355 10,064 5,399
801
3,326 14, 057 39, 483 47, 666 28, 303

1,933
8,807

28, 921

662, 969 176,897 55, 727 64, 155 52, 178 96, 353 19, 688 73, 707 216, 666 365, 125 174, 20739, 582

11,300

259,431

65, 178 20, 323 31, 793 21, 964 39, 951

6,814

30, 064 102, 140 91,395 56, 990 16, 283

Recoveries, Transfers from Valuation Reserves and
Profits:
On securities:
Profits and securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
Transfers from valuation reserves
All other
Total recoveries, transfers from
and profits

1, 776
591
14, 141

761
11
1,858

232
110
5

233
2
66

163
26
282

456
2
955

34
1
48

117
10
2

575
50
1,050

407
10
8,660

282
803
542

171
30
101

341
5,524
9,587

136
195
1,064

27
134
185

264
68
268

60
674
378

91
60
4,618

32
0
154

49
4
1,058

146
430
2,403

47
316
2,042

224
29
1, 160

90
202
360

31, 960

4,025

693

901

1,583

6, 182

1,240

4,654

11,482

3,040

954

1,414
2
0

33, 486
786
11, 135

4,436
159
2,249

876
33
23

1,313
89
69

595
76
483

1,396
120
364

449
10
48

2,366
37
503

3,875 14, 289
25
32
4,301
234

7,618
164
35

385
45
1,428

25
1, 129
86

364
741
30, 914 12,285
11,374
2,750

83
2,820
918

369
4,048
631

140
3,420
1,095

215
6,590
1,027

17
858
531

56
71
62
5,647 13,005 19, 141
1,774
4,217
1,236

366
7,914
1,414

67
4,297
712

8,436 22, 243

4, 753

6,519

5,809

9, 712

1,913

valuation reserves

Losses, Ghargeoffs, and Transfers to Valuation Reserves:
On securities:
Losses on securities sold
Chargoffs on securities not sold
Transfers to valuation reserves
On loans:
Losses and chargeoflfs
Transfers to valuation reserves
All other
Total losses, chargeoffs, and transfers to valuation
reserves

2,656

Net Income Before Related Taxes

8,705

Taxes on Net Income:
Federal
State

2,731
641

Total taxes on net income
Net Income Before Dividends
Cash Dividends Declared:
On common stock
On preferred stock
Total cash dividends declared
Net Income After Dividends

3,372
5,333

202, 955 46, 960 16, 263 26, 175 17, 738 36,421
60, 431 14,815
0
0

5, 122
0

14,815

7,935
644

17,511

6,934

5, 170 21,444 81,315

42,519

10, 303

5,038 10,433

1,362
0

7,322 25, 088
0 6,469

8,534
0

9,229
3,881

2,572
0

1,362

7,322 31,557

5, 122

8,579

5,038 10, 433

142, 524 32, 145 11, 141

17,596

12, 700 25, 988

60,431

9,860 25, 479

8,534 13, 110

2,572

3,808 14, 122 49, 758 58, 811 29, 409

7,731

7, 122 25, 903 20, 328 15, 323
0
165
0
0

3,506
0

2,967
0

58, 998 12, 527
0

4,441
0

6,469
0

5,002
0

2,96:

59, 003 12,527

4,441

6,469

5,002

8,273

7, 122 25, 903 20, 493 15, 323

3, 506

2,366

83,521

6,700 11, 127

7,698

17, 715

7,000 23, 855 38, 318 14, 086

4,225

19,618

8, 127
146

1,815
0

49, 343 1, 522, 867 366, 775 125, 630 182, 122 135,607 250, 319 45, 197 165, 387 535, 390 568, 863 355, 485 89,000

Capital Accounts^
Ratios:
Net Income Before Dividends to Capital Accounts
(percent)
Total Current Operating Expenses to Total Current
Operating Revenue (percent)
See footnotes at end of table.

10.81

9.36

8. 76

8. 87

9. 66

9. 37

10. 38

8.43

8.54

9. 29

10.34

8. 27

8.69

71. 91

71.87

73. 08

73. 28

66.86

70.38

70.69

74.29

71.03

67.96

79.98

75.35

70.85

TABLE B-27—Continued

Income and expenses of National

banks, by States, year ended Dec. 31, 1966

[Dollar amounts in thousands]
Missouri
Number of banks *

Mon-

Nebraska

Nevada

New
New
Jersey Mexico

New
Hampshire
52

126

New
York

190

North
Caroline

Current Operating Revenue:
Interest and dividends on—
U.S. Government obligations. . . .$23, 564 $5, 135 $10,530 $3, 118 $2, 501 $40, 857 $5, 399 $112,369 $8, 668
15,077 2, 522 5,840 2, 390 1, 385 36, 901 2,025 137, 353 8,910
Other securities
133,839 23, 405 58, 968 17,754 20, 140 229>:, 331 27,371 1, 169,547 71,271
Interest and discount on loans
Service charges and other fees on
298
569
17, 373 4,428
229 3,612
623
1, 243
338
banks' loans
47, 047 6, 326
Service charges on deposit accounts. . 4, 744 2,577 4, 523 1,803 2, 337 19, 970 2, 787
Other service charges, commissions,
fees, and collection and exchange
473 4, 597 1, 147
2, 291
23, 561 3, 370
31
1,585
90:
charges
753
529 10, 674
9, 796
66, 075 3,302
258 2,638 1,039
Trust department
924
916 7,065
5,398
91,479 1,456
991
451 2,067
Other current operating revenue
Total current operating tevenue

195, 952 35, 824 86, 489 28, 030 28, 510 353, 00:

Current Operating Expenses:
Salaries and wages: f
14, 067
Officers
Employees other than officei s . . . . 25, 570
/, 156
Number of officers
.
Number

of employees

other

3, 712 10, 446
4,078 10,263
356
928

2,560
4,028
272

than

2,710
6,270
989
1,045
officers
."
Officer and employee benefits—pensions, hospitalization, social security, insurance, etc
529
5, 196 1, 184 2,94:
Fees paid to directors and members of
executive, discount, and other com66'
40
mittees
786
192
Interest on time and savings deposits . 51,339 10, 475 20, 510 ,210
Interest and discount on borrowed
299
74:
192
money
11
Net occupancy expense of bank prem6,937
1,240 3,075
ises
,436
Furniture and equipment—depreciation, rents, servicing, uncapitalized
974
814
4, 738
costs, etc
28, 098 5,539 10,'203 2, 739
Other operating expenses
Total current operating expenses

27,426 61,39:

Net Current Operating Earnings

8, 398 25, 09:

2, 920 25, 316
4,033 52, 704
289 2,187
1,089

4, 073
6, 130
369

12, 56,

932 12, 170

1,005

287
6,256

2, 110
112,209

257
9,373

75, 973 10,363
206, 906 16,348
918
5,475

226

Oklahoma

Ore-

220

354

$87,519
68, 191
496, 406

1, 198 2, 019
9,348 12, 578

7, 332
20, 505

1,531
4, 103
2,268

7,998
38, 473
21,829

3, 710
208
1,898 22, 348
858 5,226
390 14, 879
414 11,777

2, 339
2,940
2,995

2, 920 32,311 18, 137 14, 899
2,981 62, 150 19, 120 21,480
295
2,593 /, 718 1,495

4,623

84L

14, 812

4,976

61, 584

3,657

861

12,092

4,557

4,909
4,024

748, 253

48, 723
90, 297
4,602
21, 193
23, 286

361
2,288
943
153
4, 112
1,932
182
646, 995 29, 460 11,048 155, 735 42,511 55, 664 259, 667

257

4,631

772

1,900

69, 450

4,879

906 9,056
3,939 41,298

1,382
5,458

25, 187 3,263
184, 035 13,417

216

1,927

150

387, 755 25,211

1,006

6, 150

27, 161

4,641
3,81
721 10,084
3, 231 62, 179 18, 984 14, 147

17, 766
83, 438

1,240 16, 057

5,978

29, 835 1, 277, 049 82, 520 23, 238352, 756 116,798 120,486
10,869

Pennsylvania

$4, 996 $70,134 $25, 004 $14,
,525
2, 756 42', 399 12,488 10, 707
18, 601 318, 058 106.
~ \ 467 103,496

42, 099

1, 454

7,846

Ohio

1, 664, 804 107, 731 30, 121488, 531 162, 779151,227

1, 309 16, 720

20, 527 20, 664 273
7,503

40, 704

North
Dakota

6,883 135, 775 45, 981 30, 741

555, 456
192, 797

Recoveries, Transfers from Valuation Reserves and Profits:
On securities:
Profits and securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
Transfers from valuation reserves
All other
Total recoveries, transfers from
tion reserves and profits

723
17

77
124

228
564

4,770

309

216

1,817
4,018

1,039
467

78
176
230

11,444

2,232

2,389

6,809
190
529

929
19
180

2,930
618
213

377

3, 182
1,062

2,550

1, 113

229
2

1,062
141

244

0
267

34
188

777
622

278

526

2, 945

297
79
0

6, 778
65
622

125
0

2, 951
11

581
0

730

39
650

342

0
155

Total losses, chargeoffs, and transfers to
valuation reserves

0
760

16, 702
5,621

614

58, 577

52, 150
269
337

2,513
60
13

918 10,257
52
170
0 3,827

2, 313
101
274

1,855
0
0

25, 179
182
3,666

5. 15
1,510

334

305

1,501

722

1,338 11, 101
281 2,522

1,659
464

74, 532
8, 142

4, 533
1, 944

576 17,359
155 2, 785

7,706
67f

22, 979
4, 914

9,080

29!

3, 307

135, 764

6,323 61, 532

8,426

264, 084 17, 543

Taxes on Net Income:
Federal
State

13,492
1, 185

2, 156 5, 767
0
0

1,809
0

1,967 11,922
0
0

2, 725
0

41,791
11,991

4,423
56."

53, 782

4,988

1,704 34, 703

57, 642

12,56

193,732

5, 533 110,488 36, 39:

1,242 31,839 10, 652
961
160
0

4,717
2,077

31,998
0

1,402 31,83!

6, 794

31,998

4, 131 78, 649

16, 194

161,734

12,93
2

9,562
0

60, 983
43

2,257

12,955

9,562

61,026

3,444

11,82

6,632

100, 708

Total taxes on net income

14,677

2, 156 5, 767

1,809

1,967 11, 92^

2,725

Net Income Before Dividends

35, 519

5, 924 13, 640

4, 119

4,356 49, 610

5, 701

Gash Dividends Declared:
On common stock

14,4

4, 348
0

6, 146
6

2,480
0

1, 612 22, 030
0

2,25:

4, 348

6, 152

2,480

1,61!

22, 038

1, 576

7,488

1,639

2,744 27, 572

Capital Accounts %
Ratios:
Net Income before Dividends To
Capital Accounts (percent)
Total Current Operating Expenses to
Total Current Operating Revenue
(percent)
,

177
263

882

2,049 21, 383

Net Income After Dividends

2,013
1,823

2,978

1, 853

21, 119

33,212

756

9,416

5, 928

On preferred stock

380

203

1,412

8, 079

Total cash dividends declared

4,271

12, 093

8,080 19, 407

0
14, 400

2, 161
267

3, 096
4,963

Net Income Before Related Taxes.. . 50, 196

19, 727

1,311
91

1,503
315

8, 134
3,400

1, 100
11
0

1,092
14

151
82

valua-

Losses, Chargeoffs, and Transfers to Valuation Reserves:
On securities:
Losses on securities sold
Chargeoffs on securities not sold.
Transfers to valuation reserves. .
On loans:
Losses and chargeoffs
Transfers to valuation reserves
All other

See footnotes at end of table.

46
117

210, 302 12, 555
7, 360

2, 014 35, 14'
0

376, 966 48, 153 152, 440 40, 57' 47,916 518,466 54,318 3, 110, 532 158,449 40, 601 792, 148 318,515 197, 448! 1, 398, 170
9.42

12. 30

8. 95

10. 1

9.09

9.5'

10. 50

70. 16

76. 56

70. 98

73.23

72.48

77. 3.

73. 30

6. 76
76.7

7.92

10. 1

9.93

7.78

8.20

11.57

76.60

77. 1

72. 21

71.75

79.67

74.23

TABLE B-27—Continued
Income and expenses of National banks, by States, year ended Dec. 31,
[Dollar amounts in thousands]
Rhode South
South
Island Carolina Dakota
Number of banks *

Tennessee
77

Current Operating Revenue:
Interest and dividends or
U.S. Government obligations. . . . . $2, 588 $5, 906 $5, 904 $23,1,667
5,326 3,225 2,377 14, 377
Other securities
30, 269 36, 093 22, 802 126, 979
Interest and discount on loans
Service charges and other fees on
251 1,889
269
555
banks' loans
1,733 4,061 2, 152 7,056
Service charges on deposit accounts. .
Other service charges, commissions,
fees, and collection and exchange
718 1,699 1,418 3,952
charges
529 4,777
1,759 1,674
Trust department
294 2,214
630 1,464
Other current operating revenue
Total current operating revenue

Current Operating Expenses:
Salaries and wages: f
Officers
Employees other than officers. . . .
Number of officers
Number of employees other than officers

Officer and employee benefits—pensions, hospitalization, social security,
insurance, etc
Fees paid to directors and members of
executive, discount, and other committees
Interest on time and savings deposits.
Interest and discount on borrowed
money
Net occupancy expense of bank premises
,
Furniture and equipment—depreciation, rents, servicing, uncapitalized
costs, etc
,
Other operating expenses
Total current operating expenses

Net Current Operating Earnings

43, 578 54, 391 35, 727 184,911

2,252 6,427
4,867 10, 693
193
596
1,283 3,113

3,924 13,598
3,800 23, 591
1,273
391
1,083 6,154

1,700

1,211

113
18, 874

2,263

5,435

547
158
329
5,547 10,830 53, 830

Texas
546

Utah
13

Vermont Virginia
27

114

1966

WashWisWest
ington Virginia consin
28

Wyoming

112

$83, 847 $2, 948 $2, 067 $21, 878 $19, 639 $11, 842 $19, 288$3, 887
59, 009 4,056
994 13,309 14,456 3,798 15,293
1,400
457, 558 27, 878 11, 796 130, 805 139, 242 31, 700 101, 39715,611
6,866
27, 050

820
2,686

10, 093
19,216
16, 525

1,042
856
727

680, 164 41,013

57, 788 2,415
74, 135 4,277
252
5,297
18, 273 1,178
16, 884

944

3,594
144
203, 136 15, 585

204 3,339 3,346
1,055 10, 341 17, 153

314
1,590

5,667

5, 528
6,564
5, 188

602
1,234
1,203

3, 119
3,544
3,340

116
238
291

3,046
6,502
3, 115

233
1,462

483

5,767

7,592

4,531 12,450
6,049 19, 199
998
464
1,563 5,130
1,297

2,647
2,894
249
705

4,365

809
297
480
165
1,222
6,578 59, 618 62,069 14, 609 50, 992

$293
27
1,417
156
29

645
269
361

16, 761 192,335 211, 116 52, 283 152,634 23, 868

1,452 16, 633 17,351
2,246 25, 964 35, 102
164
1,628
1,601
596
6,957 7,813

Virgin District of
Islands Columbia §

239
7,451

522, 367
4,075
81, 184
1,914
6,819
1, 120
7,066
2,617

2,040

127, 162

172
363
13
92

9,373
16, 894
675
3,616

2,628

9
604

597
32, 984

104

1,545

10, 249

373

600

273

819

203

346

1,318

2, 192

1,466

6,488

26, 656

1,304

684

6,652

9,312

1,647

5,756

866

5,476

923
3, 896

2,072
7,257

5,649
951
3,350 23,045

16, 399
90, 252

1,089
3,984

1, 126 4,201
5,999 16, 356

725
2,884

40
229

3, 178
15,013

499, 093 30, 115 13,574 143, 280 159, 429 35,809 114,947 18, 458

1,537

165

34, 108 36, 853 25,794 133, 728
9,470 17, 538

9,933 51, 183

181,071

10, 898

361
4,974 6,013
1,583 21,850 21,420

3, 187 49, 055 51, 687 16,474 37,687

5,410

503;

86, 489
40, 673

3,828
36
521

1,640
34
726

13
0
0

97
0
1

422
21
1,817

785
23
307

467
14
15

2,822
8
28

22
23
0

259
1
0

800
83

7
10
145

11
41
52

32
651
965

1 524
1,405
1,895

38
5
66

10
16
151

139
68
820

72
1,570
674

125
153
720

15
301
808

72
8
113

0
8

14
3
826

1,475

311

239

6,033

7,224

122

275

3,287

3,431

1,494

3,982

238

1, 103

1, 186
4
120

212
5
29

1,304
6
7

5,572
524
446

7,314
311
4,794

1,649
0
0

213
19
0

2,725
15
2,975

5,596
3
619

397
36
145

1,994
64
10

222
9
27

0
0
0

368
0
28

53
1,934
274

8
1,502
256

24
814
128

89
5,966
1,438

3,432
26, 037
4,214

70
2, 115
389

10
410
50

248
9,371
1,797

85
7,906
2, 175

160
1,213
300

21
3,455
297

105
1,025
126

0
48
5

65
4,834
799

3,571

17, 131 16, 384

2,251

valuation

Losses, Ghargeoffs, and Transfers to Valuation Reserves:
On securities:
Losses on securities sold
Chargeoffs on securities not sold.. .
Transfers to valuation reserves....
On loans:
T.o*!«f*s ar<d rlifirgf*<~»ff*s

Transfers to valuation reserves
All other
Total losses, chargeoffs, and transfers to
valuation reserves

Net Income Before Related Taxes
Taxes on Net Income:
Federal
State

27
108
0

ooo

Total recoveries, transfers from

97
18
34

Transfers from valuation reserves. .
All other

ooo

Recoveries
Transfers from valuation reserves. .
On loans:

•o

Recoveries, Transfers from Valuation Reserves and Profits:
On securities:
Profits and securities sold or re-

2,012

2,283 14, 035

46, 102

4,223

7,374 15,837

7,889 43, 181

142, 193

6, 797

341
357

6,006
267

2, 501 13, 924
0
204

42, 322
0

1,317
209

5,841

1,514

6,094

2, 760 35,211 38, 734 15,717 35, 828

4, 134

458

35, 682

1,345
0

257
0

15,443
0

702

680
90

9,916 13,411
0
0

5, 795 11,984
0 1,813

770

698

6,273

2, 705 13, 924

42, 322

1,526

9,916 13,411

5, 795 13, 797

1, 345

257

15,443

Net Income Before Dividends

6,676

9,564

5, 184 29, 257

99, 871

5,271

1,990 25, 295 25, 323

9,922 22,031

2,789

201

20, 239

Gash Dividends Declared:
On common stock
On preferred stock

2,855
0

4, 144
1

2,422 10,041
10
0

51,414
0

3,704
0

790 13, 105 11,897
0
13
0

3,296
0

9, 181
0

1,501
0

0
0

9,817
0

2,855

4, 145

2,422 10, 051

51,414

3,704

13, 105 11,897

3,296

9, 181

1,501

9,817

3,821

5,419

2,762 19, 206

48, 457

1,567

6,626 12, 850

1,288

201

10,422

57, 508 83, 956 46, 668 311,012 1, 234, 168 57, 688 24, 784 290, 405 275, 622 103, 342 230, 117 38, 232

2,383

194,241

Total taxes on net income

Total cask divideneds declared

Net Income After Dividends
Capital AccountsJ
Ratios:
Net Income Before Dividends to Capital
Accounts (percent)
Total Current Operating Expenses to Total
Current Operating Revenue (percent)...

11. 61

11.39

11. 11

9.41

8.09

9. 14

8.03

8.71

9. 19

9.60

9. 57

7. 29

8.43

10.42

78.27

67. 76

72.20

72. 32

73. 38

73.43

80.99

74.50

75.52

68.49

75.31

77.33

75.34

68.01

*Data for all banks operating as National banks at year end are included.
Full-year
are included for those banks which converted from State to National
during thedata
year.
fExcludes building officers and employees. Number of officers and employees

are as of the end of the year.

803

1, 187 12, 190 13,426

JThis includes the aggregate book value of capital stock, undivided profits and
reserves. These are averages of data from the Reports of Condition of the previous
December and the current June and December of the respective year.
§Includes National and non-National banks in the District of Columbia, all of
which are supervised by the Comptroller of the Currency.

TABLE

B-28

Income and expenses of National banks, by deposit size, year ended Dec. 31, 1966
[Dollar amounts in thousands]
Banks operating throughout entire year with deposits in December 1966, of*—

Total

Number of banks
Total deposits
Capital stock (par value)
Capital accounts
Current Operating Revenue:
Interest and dividends on—•
U.S. Government obligations. . . .
Other securities
Interest and discount on loans
Service charges and other fees on
banks' loans
Service charges on deposit accounts..
Other service charges, commissions,
fees, and collection and exchange
charges
Xrust department
Other current operating revenue....
Total current operating revenue

Current Operating Expenses:
Salaries and wages :f
Officers
Employees other than officers. . .

Number of officers
Number of employees other than officers

Officer and employee benefits—pensions, hospitalization, social security,
insurance, etc
Fees paid to directors and members of
executive, discount and other committees
Interest on time and savings deposits.
Interest and discount on borrowed
money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents, servicing, uncapitalized
costs, etc
Other current operating expenses. . . .

4,799

$2,000.0
and under

289

$2,000.1
to
$5,000.0
1, 152

$5, 392
1,022
14, 004

1,299

$10,000.1
to
$25,000.0
1, 172

$25,000.1
to
$50,000.0

$50,000.1
to
$100,000.0

416

205

$100,000.1
to
$500,000.0

$45, 458
13, 859
140, 700

$95, 145
40, 145
318, 973

$163,375
86, 726
649, 192

$120, 560
70, 805
501, 748

$107,212
65, 144
443,081

Over
$500,000.0

65
104,838,023
3,519,216
9, 662, 673

$9, 304, 387 $18, 341,360 $14,317,601 $14, 093, 005
254, 172
462, 185
380, 855
376, 886
898, 091
1, 594, 424 1, 199,289
1, 146, 704

$206, 456, 287 $411,818
6,299, 133
19, 126
18,458,908
62,211

$1,231,785
901, 126
7, 577, 790

$5,000.1
to
$10,000.0

$256, 333
168, 891
1, 426, 423

$438, 310
454, 534
4, 083, 669

135, 244
532, 561

96
1,271

1,744
14, 379

3,806
31,436

10, 249
63, 662

8,562
47, 739

9,218
41,653

25, 044
110,485

76, 525
221, 936

194,856
395, 355
336, 661

485
0
262

4,691
242
2,373

9,414
1,250
4,890

16,217
8,397
11,346

11,969
17, 663
9, 988

12, 333
20, 959
63, 860

36, 309
87,921
80, 166

103,438
258, 923
163, 776

11,305, 378

22, 532

223, 446

789, 034

763, 460

2, 191,572

5,801, 111

822, 843
1,489,942
72, 092
346, 817

4,882
2, 178

351, 208
39, 895
3, 733, 005
53, 646
449, 563
271,484
1, 280, 236

449
4,831

505, 059

1, 009, 164

34,618
24, 878
4, 190
7,374

61, 158
59, 382
6,719
32, 898

99, 890
125, 104
9,733
34, 243

70, 475
104, 149
6,269
27, 480

64, 258
100,229
4,965
18, 955

163, 374
314, 304
12, 844
68, 067

324, 188
759, 718
26, 563
156, 963

5, 217

12, 772

27, 189

22, 640

23, 359

71,376

188, 147

3,660
58, 774

6,399
150, 281

9,371
317, 154

5,083
247, 745

3,661
248, 613

6, 183
648, 173

1,616

7,722

5,089
2, 057, 434
36, 756

2,683

3,541

1, 150

10, 301

22, 177

43, 105

33, 839

33,911

93, 120

211,960

573
3, 308

5, 703
29, 277

12, 110
59, 654

25, 521
120,728

20, 176
92, 502

21, 203
91, 242

69, 549
261,229

116,649
622, 296

340

906

Total current operating expenses

Recoveries, Transfers from Valuation
Reserves, and Profits:
On securities:
Profits and securities sold or redeemed
Recoveries
Transfers from valuation reserves.
On loans:
Transfers from valuation reserves.
All other
Total recoveries, transfers from
reserves and profits

Total losses, chargeoffs, and transfers to
valuation reserves

Net Income Before Related Taxes

Total taxes on net income

Net Income Before Dividends
Gash Dividends Declared:
On common stock
On preferred stock
Total cash dividends declared

Net Income After Dividends

17,961

172, 768

384, 839

770, 745

1, 635, 030

4, 322, 237

50, 678

120,220

238,419

600, 150
188,884

588, 092

4, 571

175,368

556, 542

1, 478, 874

37, 999
3,353
79, 483

63
2
3

560
63
62

2,029
201
202

3,634
1,234
579

2,305
254
1,497

1,797
290
2, 170

7,068
299
8,044

20, 543
1,010
66, 926

7, 179
40, 162
60, 422

465
12
59

1,498
454
730

1,910
1, 130
3,301

1,676
1,564
4,803

409
2,031
4,204

198
2,097
4,576

556
2,619
14, 032

467
30, 255
28,717

228, 598

604

3,367

8, 773

13,490

10, 700

11, 128

32, 618

147,918

252, 488
4,715
53, 501

118
16
5

1,732
288
101

5,539
722
629

14, 053
1,400
1, 381

14, 726
447
1,518

13, 142
254
1, 117

40, 424
428
8,652

162, 754
1, 160
40, 098

15, 105
435, 497
91, 266

1,297
471
209

4,221
8, 511
1, 760

4,403
21,870
3,567

3,416
41, 434
8,529

840
31, 751
6,800

556
31,568
5,439

67
81, 156
14, 857

305
218, 736
50, 105

valuation

Losses, Chargeoffs, and Transfers to Valuation Reserves:
On securities:
Losses on securities s o l d . . . .
Chargeoffs on securities not sold.
Transfers to valuation reserves. .
On loans:
Losses and chargeoffs.
Transfers to valuation reserves. .
All other

Taxes on Net Income:
Federal
State

8,491,822
2,813,556

852, 572

2, 116

16,613

36, 730

70, 213

56, 082

52, 076

145, 584

473, 158

2, 189, 582

3,059

37, 432

92, 263

181, 696

143, 502

134,420

443, 576

1, 153,634

545, 591
61,456

706
65

7,038
708

19, 966
1,603

44, 299
2,838

34, 588
1, 646

129,815
7,232

271,205
44, 922

607, 047

771

7, 746

21,569

47, 137

37, 974
2,442
40,416

36, 234

137,047

316, 127

1,582,535

2,288

29, 686

70, 694

134,559

103,086

98, 186

306, 529

837, 507

736, 591
1,348

1, 145
0

10, 537
2

23, 988
90

49, 598
308

42, 942
605

42, 655
9

140, 615
41

425, 111
293

737, 939

1, 145

10, 539

24, 078

49, 906

43, 547

42, 664

140, 656

425, 404

844, 596

1, 143

19, 147

46, 616

84, 653

59, 539

55, 522

165,873

412, 103

*Includes newly organized National banks opened during 1966.
•^Excludes building employees; number of employees are as of the end of the
year.

NOTE: The deposits, capital stock, and capital accounts shown in this table
are as of December. Capital accounts represent the aggregate book value of capital
stock at par, surplus, undivided profits, and reserves.

TABLE B-29

Capital accounts, net profits, and dividends of National banks, 1944-66
[Dollar amounts in thousands]
Capital stock {par value)*
Tear {last call)

1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966

Number
of banks

....

...

Preferred

5, 031 $110,597 $1,440,519
1,536,212
80, 672
5, 023
1,646,631
53, 202
5,013
1, 736, 676
32, 529
5,011
1, 779, 362
25, 128
4,997
1, 863, 373
20, 979
4, 981
1,949,898
16, 079
4,965
2, 046, 018
4,946
12, 032
2, 171,026
4,916
6,862
2, 258, 234
4,864
5,512
2,381,429
4, 796
4,797
2, 456, 454
4,700
4, 167
2, 558, 111
4,659
3,944
2, 713, 145
4,627
3, 786
2, 871, 785
4,585
3,332
3, 063, 407
4,542
3,225
3, 257, 208
4,530
2,050
3,464, 126
4,513
2, 040
3, 662, 603
4,503
9,852
4,615
3, 861, 738
24, 304
4,
135, 789
27, 281
4,773
4, 600, 390
28, 697
4, 815
5, 035, 685
4, 799
29, 120

Total

Total
capital
accounts*

$1,551, 116
1,616,884
1, 699, 833
1,769,205
1,804,490
1, 884, 352
1, 965, 977
2, 058, 050
2, 177, 888
2, 263, 746
2, 386, 226
2,460,621
2, 562, 055
2,716,931
2,875, 117
3, 066, 632
3, 259, 258
3,466, 166
3, 672, 455
3, 886, 042
4, 163, 070
4, 629, 087
5, 064, 805

$4, 114,972
4, 467, 618
4, 893, 038
5, 293, 267
5, 545, 993
5,811,044
6, 152, 799
6, 506, 378
6,875, 134
7, 235, 820
7, 739, 553
7, 924, 719
8, 220, 620
8, 769, 839
9, 412, 557
10,003,852
10, 695, 539
11,470,899
12,289,305
13, 102, 085
14, 297, 834
16, 111,704
17, 971, 372

*These are averages of data from the Reports of Condition of the previous
December, and June and December of the respective years.

Ratios {percent)

Cash dividends
Net profits
before
dividends

$411,844
490, 133
494, 898
452, 983
423, 757
474, 881
537,610
506, 695
561,481
573, 287
741,065
643, 149
647, 141
729, 857
889, 120
800,311
1,046,419
1, 042, 201
1, 068, 843
1,205,917
1,213,284
1, 387, 228
1, 582, 535

On
preferred
stock

On
common
stock

$5, 296 $139,012
4, 131
151, 525
2,427
167, 702
182, 147
1,372
192,603
1,304
203, 644
1, 100
228, 792
712
247, 230
615
258, 663
400
274, 884
332
299, 841
264
309, 532
203
329, 777
177
363, 699
171
392, 822
169
422, 703
165
450, 830
99
485, 960
119
517,546
202
547, 060
1, 126
591,491
1,319
681, 802
1,453
736, 591
1,348

Net profits
before
dividends
to capital
accounts

Cash dividends to
net profits
before
dividends

Cash dividends on
preferred
stock to
preferred
capital

10.01
10. 97
10. 11
8.56
7.64
8. 17
8. 74
7. 79
8. 17
7.92
9.58
8. 12
7.87
8.32
9.45
8. 00
9. 78
9. 09
8. 70
9.20
8.49
8.61
8.81

35.04
31. 76
34. 38
40. 51
45. 76
43. 11
42.69
49.04
46. 14
48.01
40. 50
48. 16
50.99
49.85
44.20
52. 84
43.09
46.64
48.44
45.46
48.86
49. 15
46.63

4. 79
5. 12
4.56
4.22
5. 19
5.24
4.43
5. 11
5.83
6. 02
5.50
4.87
4.49
4.52
5.07
5. 12
4.83
5.83
2.05
4.63
4.83
5.06
4.63

Total cash
dividends
to capital
accounts
3.51
3.48
3.48
3.47
3.50
3.52
3. 73
3.81
3.77
3.80
3.88
3.91
4.01
4. 15
4. 18
4.23
4,22
4.24
4.21
4. 18
4. 15
4.24
4. 11

NOTE: For earlier data, see Annual Reports of the Comptroller of the Currency, 1938,
p. 115, and 1963, p. 306.

TABLE

B-30

Loan losses and recoveries of National

banks,

1945-66

[Dollar amounts in thousands]

Tear

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
1966

. .

Average for 1945-66

Total loans end
of year

Recoveries^

Net losses or
recoveries ( + )

$13,948,042
17,309,767
21,480,457
23,818,513
23, 928, 293
29, 277,480
32,423, 777
36, 119,673
37, 944, 146
39, 827, 678
43, 559, 726
48, 248, 332
50, 502, 277
52, 796, 224
59,961,989
63, 693, 668
67, 308, 734
75,548,316
83, 388,446
95, 577, 392
116,833,479
126,881,261

$29, 652
44, 520
73, 542
50, 482
59, 482
45, 970
53, 940
52, 322
68, 533
67, 198
68, 951
78, 355
74, 437
88, 378
80, 507
181,683
164, 765
157, 040
190, 188
239, 319
276, 737
341,505

$37, 392
41,313
43, 629
31, 133
26, 283
31,525
31, 832
32,996
36, 332
41,524
39, 473
37, 349
39, 009
50, 205
54, 740
51,506
52, 353
59, 423
68, 464
113,635
86,911
100, 625

+$7, 740

52, 744, 439

113,068

50, 348

63, 424

*Excludes transfers to valuation reserves beginning in 1948.
f Excludes transfers from valuation reserves beginning in 1948.

Losses and
chargeojfs*

3,207
29, 913
19, 349
33, 199
14, 445
22, 108
19, 326
32, 201
25, 674
29, 478
41, 006
35, 428
38, 173
25, 767
130,177
112,412
97,617
121,724
125,684
189, 826
240, 880

Ratio of net
losses or net
recoveries ( + )
to loans
Percent

+ 0.06

.02
. 14
.08
.14
.05
.07
.05
.08
.06
.07
.08
.07
.07
.04
.20
.17
.13
. 15
. 13
.16
.19
.12

NOTE: For earlier data, see Annual Report of the Comptroller of
the Currency, 1947, p . 100.

167

TABLE

B-31

Securities losses and recoveries of National banks, 1945-66
[Dollar amounts in thousands]

Tear

Total securities
end of year

Losses and
chargeoffs*

Recoveries^

Net losses or
recoveries ( + )

Ratio of net
losses to
securities
Percent

1945
1946
1947
1948
1949
1950
1951.. . .
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
Average for 1945-66

$55,611,609
46,642,816
44, 009, 966
40, 228, 353
44,207, 750
43,022, 623
43,043,617
44,292, 285
44, 210, 233
48, 932, 258
42, 857, 330
40, 503, 392
40, 981, 709
46, 788, 224
42, 652, 855
43, 852, 194
49, 093, 539
51, 705, 503
52,601,949
54, 366, 781
57, 309, 892
57, 667,429

$74, 627
74, 620
69, 785
55, 369
23, 595
26, 825
57, 546
76,524
119, 124
49,469
152, 858
238,997
151,152
67,455
483, 526
154,372
51,236
47, 949
45, 923
86, 500
67, 898
302, 656

$54,153
33, 816
25, 571
25, 264
7,516
11,509
6,712
9,259
8,325
9,286
15, 758
13,027
5,806
12,402
18,344
21, 198
10,604
6,350
7,646
4,117
4,650
5,635

$20,474
40, 804
44,214
30, 105
16, 079
15,316
50, 834
67, 265
110,799
40,183
137,100
225, 970
145, 346
55, 053
465, 182
133, 174
40, 632
41, 599
38, 277
82, 383
63, 248
297, 021

0.04
.09

47,026,469

112,637

14,195

98,230

.21

*Excludes transfers to valuation reserves beginning in 1948.
f Excludes transfers from valuation reserves beginning in 1948.

168

.10

.07
.04
.04

.12
.15
.25
.08
.32
.56
.35
.12

1.09
.30
.08
.08
.07
.15
.11
.52

NOTE: For earlier data, see Annual Report of the Comptroller of
the Currency, 1947, p . 100.

TABLE B-32

Foreign branches of National banks, by region and country, Dec. 31, 1966
Region and country

102

Latin America
Argentina
Bahamas
Bolivia
Brazil
Chile...
Colombia
Dominican Republic...
Ecuador
El Salvador
Guatemala
Guyana
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
Trinidad
Uruguay
Venezuela
Virgin Islands (British)
Europe

Number

Austria
Belgium
France
Germany
Greece
Italy
Netherlands
Switzerland
England
Ireland

Region and country

Number

Africa
Liberia
Nigeria
Near East
Dubai
Lebanon
Saudi Arabia

Far East
Hong Kong
India
Japan
Malaysia
Okinawa
Pakistan
Philippines
Singapore
Taiwan
Thailand
Viet-Nam
U.S. overseas areas and trust territorii
Canal Zone
Guam
Puerto Rico
Truk Islands
Virgin Islands
Total

12
5
2
3
5
8
2
2
2

2
2
16
1
8
230

169

TABLE B-33

Foreign branches of National banks, 1955-66

End of Tear

National bank
Number of branches branches as a peroperated by Nationalcentage of total foreign
banks
branches of U.S.
banks

1955
1960
1961
1962

85
93
102
111

End of Tear

76.6
75.0
75.6
76.6

1963
1964
1965 .
1966

TABLE

B-34

National bank
Number of branches, branches as a peroperated by National centage of total
foreign branches of
banks
U.S. banks
124
138
196
230

77.5
76.7
93.5
94.3

Assets and liabilities of foreign branches and military facilities of National banks, Dec. 31, 1966: consolidated statement
[Dollar amounts in thousands]
LIABILITIES

Gash and cash items
Due from banks (time and demand)
Securities
Loans and discounts
Customers' liability on acceptances
Fixed assets
Other assets
Due from head office and branches (gross)
Total

$162, 580
1, 083, 643
273, 090
3, 905, 699
420, 840
48, 245
102, 010
3, 368, 171
9, 364, 278

Total demand deposits
Total time deposits
U.S. Government deposits
Certified checks, officers' checks, official checks
Total deposits
Other liabilities and borrowed funds
Liabilities on acceptances
Due to head office and branches (gross, including
capital)
Total

170

$1, 627, 502
5, 298, 744
232, 066
63, 000
7,221,312
243, 573
421, 038
1,478, 355
9, 364, 278

TABLE B-35

Assets and liabilities of National banks, date of last report of condition, 1936-66
[Dollar amounts in thousands]

Tear

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...

Number
of banks

5,331
5,266
5,230
5, 193
5, 150
5, 123
5,087
5,046
5,031
5,023
5,013
5,011
4, 997
4,981
4,965
4,946
4,916
4,864
4, 796
4, 700
4,659
4,627
4,585
4,542
4,530
4,513
4,505
4,615
4,773
4,815
4, 799

Total assets

$31,064,662
30, 104, 230
31,666, 177
35,319,257
39, 733, 962
43, 538, 234
54, 780, 978
64, 531, 917
76, 949, 859
90, 535, 756
84, 850, 263
88, 447, 000
88, 135,052
90,239, 179
97, 240, 093
102, 738, 560
108, 132, 743
110, 116,699
116, 150,569
113, 750,287
117, 701,982
120, 522, 640
128, 796, 966
132, 636, 113
139,260,867
150,809,052
160,657,006
170,233,363
190, 112,705
219, 102,608
235, 996, 034

Cash and
due from
banks

U.S. Government
obligations,
direct and
guaranteed

$8,981,081
8, 550, 493
9, 706, 409
12,503,613
15, 120,067
15, 001, 930
16,250,270
16, 080, 664
17,637,249
20, 178, 789
20, 067, 167
22, 075, 590
23, 024, 269
21,044,958
23,813,435
26, 012, 158
26, 399, 403
26,545,518
25, 721, 897
25, 763, 440
27, 082, 497
26, 865, 134
26, 864, 820
27, 464, 245
28, 674, 506
31,078,445
29, 683, 580
28, 634, 500
34, 065, 854
36, 880, 248
41, 689, 580

$8, 685, 554
8, 072, 882
8, 705, 959
9, 073, 935
9, 752, 605
12,073, 052
23,825,351
34, 178, 555
43, 478, 789
51,467,706
41, 843, 532
38, 825, 435
34, 980, 263
38, 270, 523
35,691,560
35, 156, 343
35, 936, 442
35, 588, 763
39, 506, 999
33, 690, 806
31,680,085
31,338,076
35, 824, 760
31, 760, 970
32,711, 723
36, 087, 678
35, 663, 248
33, 383, 886
33, 537, 250
31, 895, 565
30, 354, 996

Other
securities,
bonds, notes,
and

debentures

Loans and
discounts
including
overdrafts

Total
deposits

for

borrowed
money

Other
liabilities

Capital

Surplus,
undivided
profits, and
reserves

$3, 495 $281, 760 $1,598,815 $1,572, 195
$4, 094, 490 $8,271,210 $1,032,327 $27, 608, 397
308, 499 1,577,831 1, 666, 367
10, 839
977, 186 26, 540, 694
8,813,547
3, 690, 122
28, 749 L, 570, 622 1, 757, 522
5,608
8, 489, 120 1,011,455 28, 050, 676
3, 753, 234
298, 265 L, 532, 903 1,872,215
2,882
960, 436 31,612,992
9, 043, 632
3, 737, 641
342,013 L, 527, 237 2,009, 161
3, 127
918,082 35, 852, 424
3,915,435 10, 027, 773
330, 585 1,515, 794 2, 133, 305
3, 778
897, 004 39, 554, 772
3, 814, 456 11,751, 792
390, 291 L, 503, 682 2, 234, 673
3, 516
847, 122 50,648,816
3, 657, 437 10,200, 798
408, 139 1,531,515 2, 427, 927
8, 155
813,468 60, 156, 181
3, 325, 698 10, 133,532
L, 566, 905 2, 707, 960
491,877
54, 180
792, 479 72, 128, 937
3, 543, 540 11,497,802
559, 103 L, 658, 839 2, 996, 898
77, 969
797, 316 85, 242, 947
4, 143, 903 13,948,042
630, 578 I, 756, 621 3, 393, 178
20, 047
830, 513 79, 049, 839
4, 799, 284 17,309,767
705, 185 I, 779, 766 3, 641, 558
45, 135
880, 987 82, 275, 356
53 184, 531 21,480,457
, 828, 759 3, 842, 129
774,818
41, 330
5, 248, 090 23, 818,513 1,063, 917 81,648,016
, 916, 340 4,018,001
952, 958
7,562
5, 937, 227 23, 928, 293 1,058, 178 83, 344, 318
76, 644 1, 304, 828 2,001,650 4, 327, 339
, 126, 555 89, 529, 632
7,331,063 29, 277, 480
15,484 1,621,397 2, 105, 345 4, 564, 773
7, 887, 274 32, 423, 777 L, 259, 008 94,431,561
75, 921 1, 739, 825 2, 224, 852 4, 834, 369
8, 355, 843 36, 119, 673 1,321,382 99, 257, 776
14,851 1, 745, 099 2, 301, 757 5, 107, 759
8,621,470 37, 944, 146 1,416, 802 100,947,233
11,098 1, 889,416 2, 485, 844 5, 618, 398
9, 425, 259 39, 827, 678 I, 668, 736 106, 145, 813
107, 796 1, 488, 573 2, 472, 624 5, 463, 305
9, 166, 524 43, 559, 726 1,569, 791 104,217,989
18,654 1, 716, 373 2, 638, 108 5, 834, 024
8, 823, 307 48, 248, 332 1,867,761 107, 494, 823
38, 324 1, 954, 788 2,806,213 6, 287, 004
9, 643, 633 50, 502, 277 2, 173, 520 109,436, 311
43, 035 1, 999, 002 2,951,279 6, 717, 522
10, 963, 464 52, 796, 224 2, 347, 698 117,086, 128
340, 362 2, 355, 957 3, 169, 742 7, 132,375
10, 891, 885 59, 961, 989 2, 557, 024 119, 637,677
110, 590 3, 141,088 3, 342, 850 7, 755, 488
11, 140,471 63, 693, 668 3, 040, 499 124, 910, 851
224,615 3, 198, 514 3, 577, 244 8, 298, 062
13,005,861 67, 308, 734 3, 328, 334 135, 510,617
16,042,255 75, 548, 316 3, 719, 607 142, 824, 891 1, 635, 593 3, 446, 772 3, 757, 646 8, 992, 104
395, 201 5, 466, 572 4, 029, 243 9, 518, 935
19,218,063 83, 388, 446 5, 608, 468 150, 823,412
299, 308 5, 148, 422 4, 789, 943 10, 258, 252
20, 829, 531 95, 577, 392 6, 102,678 169, 616, 780
172,087 7, 636, 524 6, 089, 792 11,334,232
25, 414, 327 116,833,479 8, 078, 989 193,859,973
27, 312, 433 127, 453, 846 9, 185, 179 206, 456, 287 1, 105, 147 9, 975, 692 6, 299, 133 12, 159, 775

NOTE: Reciprocal interbank demand balances with banks in the United States
are reported net beginning with the year 1942.
For earlier data, revised for certain years and made comparable to those in this

Liabilities
Other
assets

table, references should be made as follows: Years 1863 to 1913, inclusive, Comptrollers Annual Report for 1931; figures 1914 to 1919, inclusive, report for 1936, and
figures 1920 to 1939, inclusive, report for 1939.

Full text of Annual Report of the Comptroller of the Currency : Statistical Supplement to the 1966 Annual Report

FRASER