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THIRTY-SIXTH ANNUAL REPORT
OF TH E COMMISSIONER OF THE
BANKING DEPARTMENT
OF TH E
S T A T E OF M IC H IG A N
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Federal Reserve Bank of St. Louis
DECEMBER 31, 1924
BY AUTHORITY
Lansing, Mich.
Robert Smith Co., State Planters
1925
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Federal Reserve Bank of St. Louis
D E P A R T M E N T O FFICERS
COMMISSIONER
hugh
a
. M cP h e r s o n .
DEPUTY COMMISSIONER
H AR R Y O. MOHRMANN.
CHIEF EXAMINER
H AR R Y W . GROSS.
CHIEF CLERK
R. H. LARABEE.
EXAMINERS
P.
B.
L.
B.
A.
C.
L.
H.
D.
C.
R. BALDWIN
P. BERNSTEINE
D. BISSELL
P. GREENE
W. HARTY
E. KAYE
G. KIRBY
C. KNICKERBOCKER
E. LAWRENCE
W. LEE
W. R. LOBDELL
J. F. MARTIN
E. C. REID
R. W. ROWE
W. C. STURM
L. C. VAN AUKEN
C. L. VAN PRANK
M. E. WILLIAMS
A. L. WILSON
O. C. ZOOK
ASSISTANT EXAMINERS
H. W. AVERY
E. W. BARBER
E. B. FINLEY, Jr.
C. A. PORS
J. A. HANSLOVSKY
R. I. HUDSON
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Federal Reserve Bank of St. Louis
J. LEENHOUTS
F. MARIN
L. D. ROSE
A. SMITH
G. A. STONE
M. C. TAYLOR
R. T. WILLARD
RALPH CLENCH,
Examiner for Small Loan Agencies.
(iii)
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Federal Reserve Bank of St. Louis
COMMISSIONERS OF B A N K IN G
OF M ICHIGAN
[Under Act 205, 1887.]
THEODORE C. SHERWOOD,
Appointed January 7, 1889; resigned November 7, 1896.
D A N IE L B. AINGER,
Appointed November 11, 1896; resigned April 1, 1897.
JO SIAH E. JUST,
Appointed April 1, 1897; died February 19, 1898.
GEORGE L. MALTZ,
Appointed February 26, 1898; term expired January 8, 1903.
GEORGE W . MOORE,
Appointed January 8, 1903; term expired February 19, 1907.
H EN R Y M. ZIMMERMANN,
Appointed February 19, 1907 ; resigned January 11, 1911.
ED W A R D H. DOYLE,
Appointed January 18, 1911 ; term expired February 14, 1915.
FRAN K W . MERRICK,
Appointed January 13, 1915; resigned April 27, 1921.
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Federal Reserve Bank of St. Louis
hugh
a
. M cP h e r s o n ,
Appointed April 27, 1921.
(v)
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Federal Reserve Bank of St. Louis
TABLE OF CONTENTS
Page
Abstract, state banks, 1924.......................................................................................
lxxi
national banks, 1924.................................................................................
lxxii
state banks in Detroit, 1924....................................................................
Ixxiii
national banks in Detroit, 1924............................................................
lxxix
lxxv-xc
state and national banks by counties................................................
Abstract of receiverships...........................................................................................
xviii-xix
Banks, members of Federal Reserve System....................................................
xv-xviii
Capital stock, increase o f .........................................................................................
xi
xi
Change of name.............................................
Commissioners of Banking.......................................................................................
v
Consolidations ................................................................................................
xi
Department Officers .....................................................................................................
iii
Earnings and dividends.........................................................................................
xiii
Examinations, number o f ...........................................................................................
x
Expenses incurred in examination of banks......................................................
xiv
Extension of corporate existence............................................................................
xii
Financial condition .....................................................................................................
x
Growth of state banks.................................................................................................
xii
Index to banks..........................................: .....................................................................
393-412
New banks .......................................................................................................................
xi
Number of depositors ..........................................
xiii
Number of state banks and trust companies....................................................
x
Opinions of attorney general.....................................................................................
xxvii-lxx
Receipts and disbursements.......................................................................................................................Xiv
Reserve cities ..................................................................................................................
xii
Receiverships ............................................................................
xviii-xix
Report of the Commissioner.......................................................................................
ix
Reports of state banks and trust companies (see index)..............................
3-325
Reports of national banks (see index)..................................................................
329-399
Segregation of deposits___ i.......................................................................................
xiv-xv
Steamship bonds approved by the securities commission..............................
xiv
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Federal Reserve Bank of St. Louis
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ST A T E BA N KIN G D E PA R T M E N T
R E PO R T OF T H E C O M M ISSIO N E R .
ST AT E OF M IC H IG A N ,
Banking Department,
Lansing, December 31, 1924.
To the Honorable Alex. J. Groesbeck, Governor, State of Michigan:
The thirty-sixth annual report of the Commissioner of the Banking Department for the State
of Michigan is herewith submitted in compliance with Section (43) of the general banking laws
for the year ending December 31, 1924.
I desire to review briefly the excellent growth of institutions under the supervision of this
Department for the past four years during which I have had the honor to supervise banks under
state control. This growth signifies a prosperous condition in Michigan and indicates the
confidence placed by the public in state banking institutions.
On the call for report of condition as of April 28, 1921, the aggregate number of 567 state
banking institutions showed total resources of $1,003,789,400.16. The abstract of reports of
condition as of October 8,1924, showed total assets of the 600 institutions to be $1,268,746,262.24,
or an increase in the number of state banking institutions of 33 and increase in net resources
of $264,956,862.08. During the past year a continued growth will be observed as shown by
abstracts of statements as of December 31, 1923, and call of December 31, 1924. Between
these dates total banking resources increased $113,423,304.66 or 9.61 per cent.
A t the date of this report there are 722 incorporated banking institutions within the state,
600 of which are state institutions with resources of approximately $1,292,773,920.00 under
the supervision of this Department. The balance or 122 are national banks with approxi
mate resources of $501,855,000.00.
During the period covered by this report 16 new state banks have been granted charters to
do both a commercial and a savings bank business. One trust company chartered.
During the course of my administration, it has been the object of every effort to increase the
protection afforded the public by increasing the thoroughness and efficiency of the examining
force. I believe considerable progress has been made in this direction.
It has been our endeavor at all times to cooperate with Michigan bankers and to assist them
in solving their many problems in every way consistent with the public welfare. The Depart
ment believes its trust consists not only of the most adequate public protection but in such
cooperation as will tend toward bettering banking conditions. Obviously the fullest realization
cannot be obtained without adequate means to establish and maintain the most highly trained
and efficient corps of examiners possible.
The general tendencies of the year up to October 8, 1924, as reflected in the condition of Mich
igan state banks are indicated by the following comparative statements:
9 -14-1923
10-8-1924
Loans and Discounts...............................................................
$375,563,015 12
$ 36 9,911,870 28
Decrease 0.1504%
Deposits:
Commercial............................................................................
3 76 ,773,955 61
399,579,491 93
Increase 6 .05%
677,673,691 02
Increase 8.84%
1 0,056,392 24
Decrease 13.9%
Savings...........................................................................
Bills Payable and Rediscounts.................................... ..
Reserves i
Commercial............................................................................
Savings................................................................... .................
622,601,726 60
11,688,330 64
2 3 .1 7 6 %
1 0 .6 8 1 %
2 9 .5 1 4 %
1 0 .0 3 3 %
I take pleasure in presenting the detailed statements outlining the activities of this Department
and the condition of the institutions under its supervision in the following pages.
Respectfully submitted,
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Federal Reserve Bank of St. Louis
(ix)
STATE BANKING DEPARTMENT
X
R EPO RT OF T H E C O M M ISSIO N E R .
N U M B E R OF STATE B A N K S A N D T R U S T C O M P A N IE S .
There are at the date of this report, under the supervision of the Department, 585 state
banks, 2 industrial banks and 13 trust companies transacting business in Michigan.
F IN A N C IA L C O N D IT IO N .
Reports showing the condition of all state banks and trust companies will be found on pages
3 to 325 inclusive. Reports of condition were called for by the Department and made by the
banks at the close of business December 31, 1923, March 31, June 30, October 8 and December
31, 1924. The report of October 8, as to each state bank and trust company, will appear in the
Department’s annual report for the year 1924.
In order that the annual report may be in the hands of the public in time to be of use as a book
of reference, this plan of publishing reports has been adopted.
Statements of condition of each national bank in Michigan will be found on pages 329 to
390 inclusive.
Again included are the statistics of the state and national banks located in Detroit and statistics
of the state and national banks by counties.
N U M B E R OF E X A M IN A T IO N S .
The examining staff of the Department during the year 1924 made examinations as follows:
First examinations...................................................................................................
Second examinations...............................................................................................
Preliminary examinations.................................... •............... •••........................
Special examinations.....................................
598
262
878
All state banks have been examined during the year as well as each of the trust companies.
Preliminary examinations consist of examination of new banks under Section 7 of the banking
law, which is incumbent upon the Department to make precedent to the issuance of certificate
of authority to commence business.
On October 22, 1923, the Department discontinued writing letters of criticism and in lieu
thereof the examiner in charge of the examination lays before the board of directors all matters
which are subject to criticism or adjustment with the request that the secretary, by the authority
of the board of directors, write the Department that all such matters of criticism have been
corrected.
All state banks with the exception of those organized during the year have made four reports
of condition, two reports of earnings and dividends, two reports showing results of directors
examinations and also special reports whenever the Department has deemed it necessary to require
the same. Oaths of directors, signatures of officers and list of stockholders together with a
report as to the number of depositors are furnished the Department each year by each state
bank.
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Federal Reserve Bank of St. Louis
xi
REPORT OF THE COMMISSIONER
NEW BAN KS.
During the year 1924, the following Michigan state banks and trust companies have been
authorized to commence business:
707
708
709
710
711
712
713
714
715
716
717
718
719
720
721
722
State Bank of America..................................
Peoples State Bank.........................................
Bank of Hamtramck......................................
Berkley State Bank........................................
Farmers State Bank of Henderson.............
Farmers and Workingmens Savings Bank
Hazel Park State Bank..................................
Peoples State Bank.........................................
Peoples State Bank for Savings..................
Down River State Bank................................
Ferndale State Bank......................................
Brightmoor State Savings Bank.................
Galewood-Wyoming State Bank.................
Pinckney State Bank.....................................
Pontiac Trust Company................................
Lennon State Bank.........................................
Lake Shore St^te Bank..................................
Commenced
business.
Capital.
Location.
Name.
No.
3100,000
20.000
100,000
20,000
20,000
100,000
25,000
50,000
100,000
25,000
50,000
50,000
25,000
20,000
200,000
20,000
25,000
Hamtramck. . . .
Maybee...............
Hamtramck . . . .
Berkley...............
Henderson..........
Jackson...............
Royal Oak Twp.
Plymouth...........
Muskegon...........
Ecorse.................
Ferndale.............
Brightmoor.........
Grand Rapids. . .
Pinckney.............
Pontiac...............
Lennon................
Lake Shore Twp.
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
Jan.
Feb.
Feb.
Mar.
Mar.
April
May
May
June
June
July
Aug.
Aug.
Oct.
Oct.
Nov.
Dec.
21,
11,
18,
20,
21,
10,
26,
27,
5,
14,
1,
4,
25,
11,
18,
17,
30,
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
1924
IN C R E A S E IN C A P IT A L STOC K.
For the purpose of increasing their capital stock, the following banks have amended their
articles of incorporation in accordance with Section 10 and 10-a of the general banking law:
Bank.
No.
539
528
5
133
167
250
669
601
211
614
650
463
American State Savings Bank.................
Commercial & Savings Bank...................
Location.
Stambaugh.............
Royal Oak..............
Detroit.....................
Lansing...................
Albion......................
Whitehall................
Halfway...................
Pontiac....................
American State Bank................................
H. C. McLachlin & Co. State Bank... .
Ferndale..................
Petersburg..............
Present
Capita 1.
Former
Capital.
325,000
100,000
1,000,000
500,000
75,000
20,000
50,000
25,000
1,000,000
50,000
50,000
25,000
00
00
00
00
00
00
00
00
00
00
00
00
350,000
200,000
2,500,000
750,000
100,000
40,000
25,000
50,000
800,000
100,000
100,000
40,000
Increase.
00
00
00
00
00
00
00
00
00
00
00
00
325,000
100,000
1,500,000
250,000
25,000
20,000
*25,000
25,000
*200,000
50,000
50,000
15,000
00
00
00
00
00
00
00
00
00
00
00
00
*Decrease.
The foregoing table shows an increase in capital stock of $2,060,000.00. Adding to this amount
$950,000.00 capital stock of new banks, makes a total increase for the year of $3,010,000.00.
After subtracting the capital of the banks consolidated, liquidated and the two decreases in
capital stock there remains a net gain of $2,185,000.00.
C O N S O L ID A T IO N .
On April 28,1924, the Wayne County and Home Savings Bank of Detroit purchased the assets
and assumed the liabilities of the Strathmoor State Bank.
On November 24, 1924, the Kent State Bank of Grand Rapids purchased the assets and
assumed the liabilities of the Peoples Savings Bank and the Commercial Savings Bank of Grand
Rapids.
On December 4, 1924, the Grand Rapids Savings Bank purchased the assets and assumed the
liabilities of the South Grand Rapids State Bank.
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Federal Reserve Bank of St. Louis
STATE
xii
B A N K IN G
DEPARTM ENT
The following bank has amended its articles of incorporation for the purpose of changing its
corporate title:
The Morris Plan Industrial Bank of Grand Rapids to the Industrial Bank of Grand Rapids.
On M ay 1, 1924, the E. K. Warren and Co. Incorporated amended its original articles of incor
poration so as to permit the transaction of both a commercial and savings hank business.
On January 24, 1924, the Evart State Bank was closed by order of the Commissioner of
Banking. On February 18, 1924, L. G. Hammond was appointed receiver.
R E S E R V E C IT IE S .
As required by Sections 24 and 27 of the General Banking Law, I hereby designate for the
year 1924 the, following cities as reserve cities for Michigan state banks and trust companies:
Adrian, Alpena, Ann Arbor, Battle Creek, Bay City, Benton Harbor, Cadillac, Detroit, Flint,
Grand Rapids, Jackson, Kalamazoo, Lansing, Marquette, Muskegon, Pontiac, Port Huron,
Saginaw, St. Joseph, Sault Ste. Marie, Traverse City, Baltimore, Boston, Buffalo, Chicago,
Cincinnati, Cleveland, Milwaukee, Minneapolis, New York, Philadelphia, Pittsburg, St. Louis,
St. Paul and Toledo.
E X T E N S IO N OF C O R P O R A T E E X IS T E N C E .
In accordance with the provisions of Act 143 of the Public Acts of 1899, the stockholders
voted to extend thé corporate existence of the following banks for the period specified:
170
172
173
174
175
34
176
177
Exchange Savings Bank, M t. Pleasant, for 30 years from March 4, 1924.
Union Savings Bank, Manchester, for 30 years from June 23, 1924.
First State Bank, Constantine, for 30 years from M ay 20, 1924.
Commercial State Bank, Constantine, for 30 years from June 22, 1924.
Commercial State Bank, Shepherd, for 30 years from December 3, 1924.
Oxford Savings Bank, Oxford, for 30 years from June 12, 1924.
Davison State Bank, Davison, for 30 years from December 23, 1924.
Jackson City Bank, Jackson, for 30 years from December 26, 1924.
G R O W T H OF ST A T E B A N K S .
December 31, 1924, marks the thirty-sixth anniversary of the founding of the present system
of state bank supervision in Michigan. The following table shows the enormous increase in the
aggregate footings of the state banks from the close of the first year’s existence of this Depart
ment to the present time:
80 Banks
Jkn. 7, 1889. >
Resources.
187 Banks
3 Trust Co’s.
Dec. 2, 1899.
376 State Banks
5 Trust Co’s.
Nov. 16, 1909.
516 Banks
10 Trust Co’s.
Nov. 17, 1919.
585 State Banks,
2 Industrial Banks
13 Trust Co’s.
Oct. 8, 1924.
Loans............................ 1530,815,697 13
Banking house, fur
niture and fixtures
and
other
real
estate........................
534,411 76
Cash 'on hand, in
banks and other
7,550,661 99
assets........................
$94,028,266 69
$217,815,159 63
$751,097,858 30
$1,024,345,371 63
4,107,791 70
6,953,857 74
18,242,970 51
40,363,568 95
22,440,808 74
48,949,198 86
173,558,280 39
204,037,321 66
Totals.................. $38,900,770 88
$120,576,867 13
$273,718,216 23
$942,899,109 20
$1,268,746,262 24
$5,519,425 00
$12,262,100 00
$22,161,133 00
$46,008,370 00
$69,255,452 00
1,818,835 53
31,281,124 39
5,090,321 66
103,129,272 17
16,743,116 30
234,422,777 92
45,074,010 93
810,595,428 36
67,599,024 66
1,077,253,182 95
278,385 96
95,173 30
391,189 01
24,726,410 51
16,494,889 40
10,056,392 24
44,582,210 39
$120,576,867 13 $273,718,216 23
$942,899,109 20
$1,268,746,262 24
Liabilities.
Capital stock paid in.
Surplus fund and
undivided profits . .
Bills
payable
and
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Federal Reserve Bank of St. Louis
$38,900,770 88
REPORT OF THE COMMISSIONER
xiii
In the period 1889-1899, the following approximate increases are shown:
Deposits,
$71,845,147.78; loans, $63,212,569.56; capital, $6,742,675; surplus and undivided profits,
$3,271,486.13.
1899-1909 shows the following increases: Deposits, $131,293,505.75; loans, $123,786,892.94;
capital, $9,899,033.00; surplus and undivided profits, $11,652,794.64.
1909-1919 shows the following increases: Deposits, $576,172,650.44; loans, $533,282,698.67;
capital, $23,847,237.00; surplus and undivided profits, $28,330,894.63.
1919-1924 shows the following increases: Deposits, $266,650,754.59; loans, $273,247,513.33;
capital, $23,247,081.00; surplus and undivided profits, $26,123,039.62.
E A R N IN G S A N D
D IV ID E N D S
OF STATE
BAN KS.
The General Banking Law of the State of Michigan does not specify a definite date on which
state banks are to make a report of their earnings and dividends. It provides, however, that
each bank shall report to the Commissioner of the Banking Department within ten days after
declaring any dividend, such reports showing amount of dividend, amount carried to surplus
and any earnings in excess thereof. The custom of the Department in this respect is to call for
a report of earnings and dividends as of June 30 and December 31 of each year.
For the Year Ending June 3G, 1924.
Gross Earnings.......................................................................................................................
Losses, bad debts, premiums charged off.............................................................
Expenses, interest and taxes paid...........................................................................
$67 ,2 61 ,9 49 04
3 ,7 2 9 ,1 6 9 09
50,9 6 9,6 6 7 90
Net earnings...................................................................................................................
Recoveries on items previously charged off.................................................................
$ 12 ,563,112 05
1 ,11 5 ,82 6 74
Net profits....... ...............................................................................................................
Out of which total dividends of $7,810,379.94 Were declared.
$13,678,938 79
Total average capital for above period..........................................................................
Total average surplus for above period.........................................................................
$ 68 ,870,416 48
50,330,481 88
Total average capital and surplus......................................................................... $119,200,898 36
Upon which the net profits were equivalent to ...........................................................
And upon which dividends were paid equivalent to .................................................
1 1 .4 7 %
6 .5 5 %
Total average undivided profits for above period......................................................
13,683,148 20
Total average deposits for above period................................................. ......................1 ,0 2 5 ,2 4 7 ,1 6 9 75
Upon which net profits were equivalent to...................................................................
1 .3 3 %
N U M B E R OF D E P O S IT O R S .
Reports as to the number of depositors were received from the 588 state banks, 12 trust
companies and 122 national banks as of October 8, 1924. An abstract of these reports shows
total depositors of 3,139,713, divided into the following classifications:
State banks, commercial depositors . . . . ....................................................................... ..
State banks, savings depositors.................................................................................................
National banks, commercial depositors..................................................................................
National banks, savings depositors............ ............................................................................
682,963
1 ,9 0 8 ,73 9
168,838
379,173
An increase of 35,378 is shown in the number of commercial depositors of state banks for the
year, while the increase in number of savings depositors is 112,543, constituting a total increase
in number of depositors of state banks of 147,921. During the year the number of commercial
depositors in Michigan national banks has increased 11,467 and the number of savings depositors
has decreased 9,049, making a total increase for national banks of 2,418.
The total increase in number of depositors in both state and national banks for the year
1924 is therefore 150,339.
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Federal Reserve Bank of St. Louis
xiv
STATE
B A N K IN G
DEPARTM ENT
The following table shows the number of commercial and savings depositors in the 588 state
banks, 12 trust companies and 122 national banks, the aggregate deposits and per capita of de
posits:
Class of
deposits.
Banks.
588 State Banks................................................... /Commercial.................
12 Trust Companies............................................ /Savings........................
|Demand.......................
National Banks............................................. \Time.............................
Number of
depositors.
Amount of
deposits.
682,963
1,908,739
168,838
379,173
3399,579,491
677,673,691
204.036.000
170.440.000
Average
to each
depositor.
93
02
00
00
3585
355
1,208
449
06
05
47
53
R E C E IP T S A N D D ISB U R S E M E N T S OF T H E D E P A R T M E N T .
In accordance with Section 40 of the General Banking Law, the Department has collected
and turned over to the State Treasury the following fees and collections:
First examination fees..............................................................................................................
Preliminary examination fees................................................................................................
Federal Reserve examination fees........................................................................................
Special fees...................................................................................................................................
Small loan license fees..............................................................................................................
Special examination fees..........................................................................................................
Fees in re-application for investigation.............................................................................
$122,337
352
439
73
4 ,31 6
25
700
87
71
33
45
68
00
00
Total fees turned over to State Treasurer for the year 1924.............................
Franchise and filing fees turned over to the Secretary of State.................................
$128,245 04
810 00
Total Departmental receipts, 1924.............................................................................
$129,055 04
During the year 1924 the expenses of the Department were as follows:
H . A. McPherson, Commissioner....................................................................................
H . O. Mohrmann, Deputy Commissioner.....................................................................
Examiners................................................................................................................................
Stenographers.........................................................................................................................
C le r k s .................................
Expenses incurred in examination of banks.....................................................................
Other contractual service........................................................................................................
Supplies.........................................................................................................................................
Outlay for equipment...............................................................................................
Total expenses...................................................................................................................
Total receipts.....................................................................................................................
$5,000
4 ,00 0
81,905
5,279
10,480
52,398
2,50 7
6 ,66 0
525
00
00
79
08
47
91
19
44
25
$168,757 13
129,055 04
The net cost to the State in 1924, for its present system of bank supervision, is therefore,
$39,702.09.
S T E A M S H IP
BONDS APPR OVED
B Y T H E SECU R ITIE S CO M M ISSIO N .
The following table shows the steamship bonds which are legal investments for savings deposits
of state banks at the date of this report:
No.
Date of
approval.
Name of Company.
Name of Steamer.
48
49
69
June 2, 1910
June 2, 1910
Nov. 17, 1916
Kinney Steamship Co........................................................
Postal Steamship C o .*......................................................
Donner Steamship Co........................................................
J. S. Ashley.........................
John J. Barium..................
Herbert F. Black...............
Amouut of
bond issue.
3150,000
140,000
185,000
•Name changed to Barium Steamship Co.
S E G R E G A T IO N OF D E P O SIT S.
I submit the following table for the purpose of showing that the absolute separation and
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER
XV
segregation of savings deposits and investments has not retarded or restricted in any way the
commercial business interests of the state.
Date of
report.
Savings
deposits.
Total savings
investments
including
reserves.
Mortgage
and bond
investments
required.
Total
mortgage
and bond
investments.
Amount of
savings deposits
Amount of
actually
savings deposits
invested in
permitted to
commercial
be invested in
paper.
unsecured paper.
12-31-1923 S641.414.642 48 S619.211.429 23 S344.498.961 22 S445,731,447 92 8136,948,265 92 8106,230,274 21
3-31-1924 672,975,232 22 613,709,564 41 358,139,148 10 454,534,712 41 137,967,150 00 108,098,199 95
6-30-1924 673,119,385 35 646,109,635 39 363,807,829 80 476,617,309 91 139,533,400 00 102,718,245 06
97,761,188 50
10- 8-1924 677,673,691 02 659,687,044 97 365,807,739 52 493,931,731 33 138,510,904 00
An analysis of the above shows conclusively that the commercial needs of the state have not
been restricted on account of the operation of the law. The report of October 8, 1924, shows
commercial or business needs were amply supplied. State banks on that date had discounts
of this character in the savings department aggregating $97,761,188.50 notwithstanding the fact
that they could, if necessary, have availed themselves to the amount of $138,510,904.00.
M E M B E R BA N K S OF F E D E R A L R E SERVE S Y ST E M .
There are 163 state banks which are members of the Federal Reserve System with aggregate
resources of $893,708,676.85 upon December 31, 1924, which evidences 69.13 per cent of the total
resources of state banks in Michigan upon that date.
The Federal Reserve Act provides that state bank members shall retain their statutory state
right after becoming a member of the Federal Reserve System, and the reserve requirements
of member banks are governed— after they become such members— by the Federal Reserve Act,
rather than the provisions of the state banking law.
The Federal Reserve Act provides that the Federal Reserve Board may accept in lieu of their
own examinations of member state banks, the examinations made by the respective state de
partments having supervision over them. The examinations of this department have been
accepted without question by the Federal Reserve Board.
Adrian State Savings Bank..................
Commercial Savings Bank......................
Lenawee County Savings Bank.............
Albion State Bank.....................................
Commercial and Savings Bank.............
Alpena County Savings Bank.................
Farmers and Mechanics Bank..................
State Savings Bank......................................
Armada State Bank...................................
Farmers State Bank.................................
Bay City Bank............................................
Farmers State Savings Bank..................
Peoples Commercial and Savings Bank
Farmers State Bank...................................
Benton Harbor State Bank......................
Big Rapids Savings Bank...........................
Citizens State Bank.....................................
First State Savings Bank......................
Blanchard State Bank..............................
Blissfield State Bank.................................
Peoples State Savings Bank....................
Brown City Savings Bank........................
State Bank of Caledonia............................
State Savings Bank.................................
Farmers and Merchants State Bank. . .
First State Bank...........................................
Pinney State Bank.....................................
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Federal Reserve Bank of St. Louis
................ Adrian
................ Adrian
................ Adrian
.................Albion
.................Albion
................ Alpena
. . . .Ann Arbor
. . . .Ann Arbor
.............. Armada
.............. Armada
...........Bay City
........... Bay City
...........Bay City
...........Bellevue
Benton Harbor
. . . . Big Rapids
. . . . Big Rapids
. . . Birmingham
......... Blanchard
...........Blissfield
.............. Britton
. . . Brown City
.........Caledonia
......................Caro
. . .Carson City
. . . . Carsonville
. . . . Ca s s City
xvi
STATE BANKING DEPARTMENT
Cass County State Bank.............................
Eaton County Savings Bank....................
Farmers & Merchants Bank....................
Kempf Commercial and Savings Bank.
State Bank of Coloma...............................
Commercial State Bank.............................
Peoples Savings Bank.................................
First State Savings Bank......................
State Bank of Croswell...............................
Davison State Bank...................................
Dearborn State Bank.................................
American State Bank.................................
Bank of D etroit...........................¡. . . . . . .
Central Savings Bank.................................
Commercial State Savings Bank.............
Detroit Savings Bank........... ......................
Dime Savings Bank......................................
First State Bank of Detroit......................
Peninsular State Bank. . . . . . . . . . . . . .
Peoples State Bank......................................
The United Savings Bank of Detroit. . . .
Wayne County and Home Savings Bank
Michigan State Bank. . . . . . . . . . . . . . . .
Edmore State Bank......................................
Elk Rapids State Bank.................................
State Bank of Ewen....................................
Farmington State Savings Bank...........
Old State Bank............................................
Commercial State Savings Bank...........
Fenton State Savings Bank......................
Citizens Commercial and Savings Bank
Genesee County Savings Bank...............
Industrial Savings Bank...........................
Union Trust and Savings Bank.............
Peoples State Bank........................................
Bank of Fountain..........................................
Frankenmuth State Bank............................
Fremont State Bank......................................
Old State Bank...............................................
Gladstone State Savings Bank..................
Grand Haven State Bank.............................
Peoples Savings Bank...................................
Grand Rapids Savings Bank......................
Home State Bank for Savings....................
Kent State Bank............................................
Commercial State Savings Bank.............
Gwinn State Savings Bank..................
Oceana County Savings Bank................
American State Bank........ ..........................
Highland Park State Bank........................
Hillsdale Savings Bank.................................
First State Bank.............................................
Holland City State Bank......................
First State and Savings Bank..................
Hopkins State Savings Bank....................
First State and Savings Bank...........
Lapeer County Bank......................................
Peoples State Bank. ......................................
State Savings Bank......................................
Commercial Bank..........................................
Central State Bank......................................
Jackson State Savings Bank......................
Grosvenor Savings Bank...............................
Lake Odessa State Savings Bank.............
Commercial State Savings Bank.............
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Federal Reserve Bank of St. Louis
. . . . .Cassopolis
........... Charlotte
. . . . . . . . Chelsea
.................Chelsea
............. Coloma
...... Constantine
. . . Coopersville
............. Croswell
............. Croswell
.............. Davison
........... Dearborn
............. Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
.................Detroit
. . Eaton Rapids
............. Edmore
. . . . Elk Rapids
...................Ewen
. . . .Farmington
........... Fennville
.................Fenton
................ Fenton
..................... Flint
..................... Flint
............... .Flint
..................... Flint
........... Flushing
........... Fountain
. . Frankenmuth
............. Fremont
, . . . . . .Fremont
.........Gladstone
. . Grand Haven
. . Grand Haven
. . Grand Rapids
. . Grand Rapids
. . Grand Rapids
.........Greenville
............... Gwinn
..................... Hart
. Highland Park
.Highland Park
........... Hillsdale
........... .. Holland
............. Holland
...................Holly
............. Hopkins
.................Howell
. . . . Imlay City
. . . . Imlay City .
.................... Ionia
Iron Mountain
..............J ackson
..............J ackson
.........Jonesville
. . . Lake Odessa
............Lakeview
REPORT OF THE COMMISSIONER
Farmers and Merchants State Bank.........
American State Savings Bank......................
Lapeer Savings Bank..........................................
State Savings Bank..........................................
Macomb County Savings Bank......................
City State Bank.................................................
Ludington State Bank......................................
Peoples Bank..........................................................
Union Savings Bank..........................., ...............
Manistee County Savings Bank......................
Manistique Bank...................................................
G. W . Jones Exchange Bank...........................
State Savings Bank..........................................
Commercial Savings Bank.................................
Marysville Savings Bank.................................
Farmers Bank.......................................................
First State and Savings Bank........................
Commercial Bank.................................................
Chemical State Savings Bank........................
Milan State Savings Bank.............................
Farmers State Savings Bank........................
First State Bank..................................................
Dansard State Bank............................................
Farmers State Bank............................................
Wakefield State Bank........................................
Citizens Savings Bank........................................
The Ullrich Savings Bank.................................
Exchange Savings Bank. ................................
Isabella County State Bank.
Farmers and Merchants Bank......................
State Savings Bank............................................
Citizens State Savings Bank.................... ¡ . .
New Haven Savings Bank........... ...................
Niles City Bank.................................................
Lapham State Savings Bank...........................
Onsted State Bank.............................................
Paw Paw Savings Bank...................................
H. C. McLachlin and Company State Bank
First State Bank of Petoskey........................
Pinconning State Bank........................................
Pontiac Commercial and Savings Bank. . . .
Federal Commercial and Savings Bank. . . .
Redford State Savings Bank.............................
Rochester Savings B a n k ....................................
The Presque Isle County Savings Bank. . . .
Romeo Savings Bank........................................
First State Bank...................................................
Royal Oak Savings Bank.................................
St. Charles State Bank................................. ..
Commercial and Savings Bank......................
The American State Bank...............................
Bank of Saginaw.................................................
Saline Savings Bank............................................
Fruit Growers State Bank...............................
Central Savings Bank........................................
Sault Savings Bank............................................
Farmers and Merchants State Bank.............
Citizens State Bank..........................................
South Range State Bank.................................
Sparta State Bank................................................
Spring Lake State Bank.................................
Lilley State Bank.................................................
Tecumseh State Savings Bank........................
Traverse City State Bank...............................
Farmers State Bank..........................................
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Federal Reserve Bank of St. Louis
xvii
...................
Lakeview
................................ Lansing
. . . ! ......................... Lapeer
................................ Laurium
(Richmond) Lenox P. O.
............................
.Lowell
............................Ludington
..........................Manchester
.................... .. . Manchester
.............................. Manistee
..........................Manistique
.............................. Marcellus
................................ Marlette
.............................. Marshall
........................... Marysville
.................................. Mason
.................................. Mason
..........................Menominee
................................ Midland
.....................................Milan
.................................. Milford
................................ Milford
................................ Monroe
............................Montague
................................ Morenci
....................... M t. Clemens
....................... M t. Clemens
....................... M t. Pleasant
....................... M t. Pleasant
..............................Nashville
..............................Nashville
................ New Baltimore
....................... New Haven
.......................................Niles
............................Northville
.................................. Onsted
..............................Paw Paw
............................Petersburg
. . ..........................Petoskey
......................... Pinconning
................................ Pontiac
......................... Port Huron
................................ Redford
..............................Rochester
........................ Rogers City
.................................. Romeo
............................Royal Oak
........................... Royal Oak
......................... St. Charles
..............................St. Clair
................................ Saginaw
................................ Saginaw
.....................................Saline
............................Saugatuck
.................Sault Ste. Marie
................ Sault Ste. Marie
............................Sebewaing
.......................South Haven
....................... South Range
.................................. Sparta
....................... Spring Lake
............................Tecumseh
............................Tecumseh
.....................Traverse City
............................Vicksburg
xviii
STATE
B A N K IN G
DEPARTM ENT
First State Bank.................................................................................................................................... Vicksburg
State Savings Bank........................ , ....................................................................................................... Warren
Washington Savings Bank..............................................................................................................Washington
Wayne Savings Bank..........................................
Wayne
Crossman and Williams State Bank............................................................................................Williamston
Williamston State Bank....................................... .........................................................................Williamston
R EPO RT OF R E C E IV E R .
F IR ST ST A T E SA V IN GS B A N K , M A R C E L L U S , M IC H IG A N .
J. N . Bilderback, receiver, under date of December 31, 1924, reports as follows:
Total assets at date of suspension........................................................ ..............................
Additional assets coming into possession of receiver since suspension, Schedule S .
Premium, interest, rent, etc., Schedule G .........................................................................
Total assets at this date.................................................................................................
D ISP O S IT IO N
$446,942 91
23,797 60
22,644 19
$493,384 70
OF A S S E T S .
Offsets allowed or settled........................................................................................................
Amount collected by receiver to date............ , ...........; ....................................................
Remaining assets....................................................... ................................................................
$7,136 00
258,777 02
227,471 68
T otal.....................................................................................................................................
Collections from above assets................................................................................................
Cash on hand to date of suspension....................................................................................
$493,384 70
258,777 02
16,581 59
Total collections................................................................................................................
$275,358 61
D ISP O S IT IO N OF C O L LE C T IO N S.
Loans paid, and other disbursements................
Dividends paid...........................................................................................................................
Receiver’s salary paid to date...............................................................................................
Legal expenses paid.......... .......................................
All other expenses......................................................................................................................
Balance in hands of State Treasurer............................................................
Balance in hands of receiver.................................................................................................
Disbursements and balances.......................................................................................
$143,485
84,667
3,258
7 ,92 0
11,691
23,256
1,079
42
38
14
28
18
36
85
$275,358 61
R E PO R T OF R E C E IV E R .
E V A R T ST A T E SA V IN G S B A N K , E V A R T , M IC H IG A N .
L.
G. Hammond, receiver, under date of December 31, 1924, reports as follows:
Total assets at date of suspension.......................................................................................
Additional assets coming into possession of receiver since suspension, Schedule
6 - 1 1 . . . . ...................................................................................................................................
Premium, interest, rent, etc., Schedule 7 -1 2 ...................................................................
Total assets at this date.................................................................................................
$622,797 85
2,208 27
13,936 84
$638,942 96
D ISP O S IT IO N OF A SSE T S.
Offsets allowed or settled........................................................................................................
Amount collected by receiver to daitë................................................................. ...............
Remaining assets.................... ...................................................................................................
$13,944 79
101,752 51
523,245 66
T o t a l ....................................................................................................................................
Collections from above assets................................................................................................
Cash on hand at date of suspension....................................................................................
$638,942 96
133,620 32
3 ,43 0 92
Total collections........................................................ .......................................................
$137,051 24
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
xix
C O M M IS S IO N E R
D ISP O SIT IO N OF C O L LE C T IO N S.
Loans paid, and other disbursements.................................................................................
Dividends paid............................................................................................................................
Receiver’s salary paid to date........................ ......................................................................
Legal expenses paid..................................................................................................................
All other expenses......................................................................................................................
Balance in hands of State Treasurer...................................... > . . .....................................
Balance on hands of receiver.................................................................................................
Disbursements and balances........................................................................... ............
$41,498
37,475
3 ,0 0 0
1,446
5,521
42,000
6,109
59
01
00
45
81
00
38
$137,051 24
A B S T R A C T OF R E C E IV E R S H IP S .
The following table is a condensed abstract of eighteen closed and two active receiverships
since the organization of this Department in 1889.
18
Closed
Receiverships.
2
Active
Receiverships.
310,099,440 27
31,132,327 66
Total.
311,231,767 93
Disposition of assets:
Losses on assets compounded or sold under order of court.
Disposition of collections:
Loans paid and other disbursements.........................................
Dividends paid................................................................................
3307,812
863,941
4,294,819
5,765,195
34
06
28
25
55
06
94
72
321,080 79
310,099,440 27
31,132,327 66
311,231,767 93
35,404,665 72
297,192 45
3356,744 44
55,665 41
35,761,410 16
352,857 86
35,701,858 17
3412,409 85
36,114,268 02
3286,731
863,941
3,544,101
5,404,665
3683,828
4,413,382
307,952
296,694
94
22
41
60
750,717 34
360,529 53
3184,984
122,142
23,471
9,366
65,256
7,189
01
39
13
73
36
23
3868,812
4,535,524
331,423
306,061
65,256
7,189
95
61
54
33
36
23
Totals.........................................................................................
35,701,858 17
3412,409 85
36,114,268 02
Capital stock at date of failure.......................................................
31,041,000 00
6,583,758 11
390,000 00
791,036 41
31,131,000 00
7,374,794 52
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
OPINIONS OF T H E A T T O R N E Y G E N E R A L
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
IN D EX
(The references in arabic numerals are to consecutive opinions, those in romar numerals
are to pages.)
A.
Opinion
ABSTR ACT D E P A R T M E N T :
Trust companies may own and operate......................................................
23
A N N U A L M E E T IN G :
Stockholders must be present or represented by proxy a t....................
48
A R TICLE S OF INCOR POR ATIO N:
Authority to subscribe, as “ trustee” required..........................................
3
Executor of estate may not subscribe for stock in bank in his
representative capacity .................................................................................
20
A SSE SSM EN T:
Directors’ notes not permissible in lieu of assessment..........................
13
not limited to one hundred per cent on stockholders....................
20
B.
BANK:
absorbing another cannot continue to hold certain unauthorized
investments ...........................................................
authority to pay taxes assessed against the shares of stock..............
branches may not be maintained in an unincorporated village by
bank incorporated in another unincorporated village........................
branches permitted in certain instances......................................................
cannot become surety of public officer.........................................................
cannot extend its credit to individual or b a n k ...........................................
cannot legally sell steamship tickets............................................................
« commercial (strictly) must amend articles to transact savings
business .................................................................................................................
condition of, Commissioner may require information tending to show
contemplated in cities or villages only........................................................
corporations to invest in or possess bank stock only on certain con
ditions ...................................................................................................................
discounting its negotiable notes for purpose of reloaning, not acting
in good faith.........................................................................................................
foreign, not permitted to engage in business in this state................
may be cancelled and new certificates issued..........................................
may deposit collateral to secure state deposits..........................................
may loan to Building and Loan Associations..............................................
may not legally close on days other than prescribed by law ............
may open on legal holidays with certain restrictions............................
must incorporate under general banking law ............................................
not required to file stockholders list with Secretary of State..............
not to pledge assets in lieu of bond to secure county funds................
taxation o f ..................................................................................................................
B A N K IN G :
corporations must incorporate under general banking law ....................
house.............................................................................................................................
house.............................................................................................................................
house..................................................................................................... ' . ...................
house, Joint tenancy not created....................................................................
house, Purchase price of lease may be carried a s ..................................
house, Stock in building company cannot be carried as, under Sec.
11 .............................................................................................................................
Law, General, not affected by act to make uniform law of transfer
of stock...................................................................................................................
BOARD OF DIRECTORS :
cannot fill vacancy on board through failure of stockholders to
elect .............
cannot increase or decrease their number.............................................
must have fully paid for ten shares of stock at organization..............
Report of examining committee of, to be made matter of proper
record ...................................................................................
BO N D S:
Certain municipal public utility, not legal savings investments........
Joint trusteeship in certain issues of, permissible....................................
Officers and directors, must be commensurate with size of b a n k ....
BORRO W ERS :
In re: right to set-off...........................................................................................
BU IL D IN G A N D LOAN ASSOCIATIO NS:
Bank preferred creditor o f.....................................................
may not advertise for deposits...............................................................
may borrow from banks.....................................................................................
BU IL D IN G C O M P AN Y:
stock may not be carried as banking house under Sec. 11....................
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Federal Reserve Bank of St. Louis
Ï
(xxiii)
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STATE
B A N K IN G
DEPARTM ENT-
C.
Opinion
CAPITAL :
construed to mean capital stock.............. ............... .......................................
Increase of, not required of banks by extension of corporate limits
Stock:
impairment, Discretionary authority vested in commissioner in
of banks may be cancelled and new certificates issued......................
requirements affected by extension of corporate limits........................
C E R T IF IC A T E S :
Trust companies may receive deposits and issue certificates therefor
of indebtedness. Certain, are legal investments....................................
COMMERCIAL B A N K S :
(strictly) must amend articles to transact savings business..............
COM MISSIONER:
authority re: Consolidations..............................................................................
may require information tending to show bank’s condition..................
Discretionary authority vested in, in capital stock impairment..........
CONDITION OF B A N K :
Commissioner may require information tending to show........................
C O N SO LID ATIO N S:
Commissioner’s authority r e :............................................................................
CORPORATE L IM IT S:
Requirements in connection with increase of capital stock of banks
affected by extension of corporate limits..................................................
Increase of capital not required of banks b y ..............................................
COR P O R A TIO N :
Banking, must incorporate under general banking law ........................
Constituent, entitled to twenty per cent loan limit................................
municipal, Loans to, limited to twenty per cent of capital and surplus .........................................................................................................................
stock not trust company investments.................................. ...........
to invest in or possess bank stock only on certain conditions!! ! ! ! ! ! !
COUNTY F U N D S :
State bank not to pledge assets in lieu of bond to secure....................
C R E D IT :
Banks cannot extend their, to an individual or bank......................
C R E D IT O R :
Banks are preferred, of building and loan associations........................
DEPOSIT B O X E S :
T >'
Bank’s liability when rented to two individuals jointly........................
Liability of a bank for the loss of the contents o f . .
DEPO SITS:
Building and loan associations may not advertise for
^ TT>' ? ^ ^ ? ? i npanies may receive, and issue certificates therefor.! . ! ! ! ! ' .
JJlxiJiiO 1 O R b :
Board of, cannot increase or decrease their number..............................
cannot fill vacancy on board through failure of stockholders to
elect ..........................................................................
examination— proper record to be* made of report ’ .**
' ‘ * ’ ‘ ’ * *‘ **
Executor cannot be member of board of, in that representative
ly **•**••••••••••••(
must have fully paid for ten shares of stock at organization
notes in lieu of assessment not permissible....................
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E
E X A M IN A T IO N :
E X < S s f lV E Sl JO A N S reC0rd t0 be “ ade ° f reP° rt..........................................
EXECU TO R:
...................................................................................................
cannot be director of state bank in that representative capacity___
E X T E N S I O if o ’I^C O R PO R ATE
h ' 8 rel>rese” tatI" i « aPaclty
¿ank“ “ .
FUNDS:
banks
9
F.
Private B a n k ? ™ ^ inot
pl-edgir assets in lieu of bond to secure..
private Banks not depositories for public....................
44
ir:
T 'holder6 or Vthi?wiseaHty n0t t0 cleposit in b'ank' where he is '¿{¿¿kl
FOREIGN B A N K S :
............................................................................................
not permitted to engage in business in this state..................................
42
g
xxxi
G.
G E N E R AL B A N K IN G L A W :
i ^ nowJ!tC^rS0ratif )ns must incorporate under...................
affected by act to make uniform law of transfer of stock.
25
50
xl
Ivi
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Federal Reserve Bank of St. Louis
liii
XXXV
lii
REPORT
OF
THE
xxv
C O M M IS S IO N E R
H.
H O L ID A Y S :
.
t .
. . ..
legal, State banks may open on with certain r e s tr ic tio n s......
State banks may not legally close other than those prescribed.
I.
IM PAIR M EN T OF C APITAL STOCK:
Discretionary authority vested in commissioner in ..............................
INCR EASE OF CA PITA L STOCK:
not required of banks by extension of corporate limits..........................
IN D E B T E D N E S S :
Certain certificates of, are legal investments............................................
IN V E S T M E N T S :
Corporation stocks not trust company...........................................................
Certain certificates of indebtedness are legal............................................
Certain municipal public utility bonds are not legal savings............
Bank absorbing another bank cannot continue to hold certain un
authorized ............................................................................................................
Opinion
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4
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J.
JOINT T E N A N C Y :
not created by joint deposit...............................................................................
JOINT T R U S T E E S H IP :
permissible in certain bond issues....................................................................
58
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L.
L A N D CONTRACTS:
22
not evidences of indebtedness as contemplated by banking law ----68
not legal investments for State Banks........................................................
LEASES:
Purchase price of, may be carried as banking house.............................. 40-41
L E G A L SAVINGS IN V E S T M E N T S :
4
Certain certificates of indebtedness are....................................................
45
Certain municipal public bonds not..............................................................
10
Notes and securities deposited with Trust companies not..................
51
Vendor’s lien notes not permissible a s ........................................................
2
Corporation stocks are not Trust Company Investments......................
L IE N :
51
Vendor’s, notes not permissible as savings investments......................
LOANS:
1
Excessive ..................................................................................................................
Municipal corporation, limited to twenty per cent of capital and
38
surplus .................. ................................................................................................
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M.
M AKER:
signer on face of note considered as such unless otherwise desig
43
nated ........................................................................................................... ••.........
MORTGAGE :
- (- pi
Real estate:
14
not to be deposited with collateral deposit com pany.....................
M U N IC IP A L :
42
Treasurer of municipality not to deposit funds........................................
corporations:
38
Loans to, limited to twenty per cent of capital and su r p lu s....
45
public utility bonds, certain, not legal savings investments........
N.
N A T IO N A L B A N K :
Trust powers o f......................................................................................... ............ 64-65
N E G O TIA BLE N O TE S:
61
Bank discounting for purpose of reloaning..................................................
NOTE:
43
Signer on face of, considered maker unless otherwise designated..
13
Director’s, in lieu of assessment not p e r m is s ib le ..................................
39
Renewals with proper signatures to be procured......................................
O.
OFFICERS A N D EMPLOYES :
bonds must be commensurate with size of bank
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1:
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Federal Reserve Bank of St. Louis
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CO
P AR T N E R SH IP :
obligation of— may be considered as the obligation of the individ
uals composing such partnership........ ............... .......................................
PLEDG IN G OF ASSETS :
State banks not to pledge assets in lieu of bond to secure county
funds ........ ..............................................................................................................
P R IV A TE B A N K S :
not depositories for public funds...................................................................
PROXY:
Stockholders must be represented by, if not present at annual
meeting .................................................................................................................
PUBLIC O F F IC E R :
State bank cannot become surety of
lv
49
Ivi
xxvi
STATE
B A N K IN G
DEPARTM ENT-
R.
Opinion
RECORDS*
must contain report of directors’ examinations........................................
R E D ISCO U N TIN G :
^
.
, , ...
By bank for reloaning not acting in good faith........................................
RENEW ALS:
with proper signatures to be procured.......................................................
S.
SAYING S IN V E S T M E N T S :
Certain certificates of indebtedness are l e g a l ..........................................
Certain municipal public utility bonds are n o t ......................................
Vendor’s lien notes not permissible a s ........................................................
S E T -O F F :
in re: borrower’s right........................................................................................
SIGNER *
on face of note considered maker unless otherwise designated........
STATE B A N K :
^
cannote become surety of public officer........................................................
cannot legally sell steamship tickets............................................................
contemplated in city or village only.................. .............................
incorporated in an unincorporated village cannot legally maintain
branch inanother unincorporatedvillage...............................
not to pledge assets in lieu of bonds to secure county funds................
STATE D EPOSITS:
Bank may deposit collateral to secure..........................................................
STEAM SH IP T IC K E T S :
Banks cannot legally sell...............................................................
ST O C K :
bank, may be cancelled and new certificates issued................................
Bank— taxation o f................................................................................
Bank, to be invested in or possessed by corporations only on cer
tain conditions ..................................................................... .............................
Corporation, not trust company investment............................. ...............
in building company cannot be carried as banking house under
Section 11 ................................................................................... . ••................ ;
transfer of, A ct to make uniform law of, does not affect general
banking law .......................................................
STOCKHOLDERS :
Assessment o n :
not limited to one hundred per cent......................................................
must be present or represented by proxy at annual meeting..............
not required to file stockholders list with Secretary of State..............
vacancy on board through failure to elect, cannot be filled by board
SURETY:
State bank cannot become surety of public officer.................... ......... ..
Page
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44
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52
lix
50
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20
48
69
28
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T.
T A X A T IO N :
has bank authority to pay taxes assessed against the shares of
stock?.......................................................................................................................
of bank stock...........................................................................................................
T R AN SF E R OF STOCK:
Act to make uniform law of, does not affect general banking la w ...
TRUST CO M P AN Y:
cannot lawfully purchase shares of their own Capital stock.............. '
do not have power to execute acceptances....................................................
investments— corporation stocks are n o t ....................................................
may deposit securities in other states in order to qualify as trustee
may own and operate abstract department..................................................
may receive deposits and issue certificate therefor........ ........................
titles— similarity o f.............................................................%.................................
TRUSTEE:
authority to subscribe articles of incorporation as such required...
T R U ST E E SH IP :
Joint, permissible in certain bond issues.....................................................
lxix
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63
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21
23
27
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51
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XXX
V.
V E N D O R ’ S:
equity, legal assignment o f............................................................................. .
lien notes not permissible as savings investments....................................
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
C O M M IS S IO N E R
xxvii
OPINIONS OF THE ATTORNEY GENERAL.
EXCESSIVE LOANS.
On account o f the importance o f the subject o f excessive loans I deem it advisable to
again publish the construction o f section 52 o f the Banking Law in this regard as submitted
to this department by the Attorney General in the year 1903:
(!)
Lansing, Mich., May 23, 1903.
Hon. George W. Moore, Commissioner of Banking, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication o f the 19th inst., referring to the Gener 4.Banking Law o f this State, and requesting my opinion upon the following questions:
“ First, How much money may the directors of a bank loan to any person, or company, or
corporation, or firm, by a two-thirds votq of its board of directors?
Second, How much money may any bank loan on any one line of commercial paper?
Third, May a bank increase the first named line by the bond or personal endorsement of
the officers or directors of a firm, company or corporation, or by the assignment of value as
collateral?”
In considering these questions I desire to call your attention to section 6141 o f the Com
piled Laws, being section 52 o f the General Banking Law of this State, which provides in
part as follow s: “ The total liabilities to any bank or any person or any company, cor
poration or firm for moneys advanced including in the liabilities o f the company or firm the
liability o f the several members thereof, except special partners, shall at no time exceed onetenth part o f the amount o f the capital and surplus o f such bank; but the discount o f bills
o f exchange drawn in good faith against actually existing values and the discount of com
mercial or business paper actually owned by the person negotiating the same shall not be
considered as money borrowed: Provided, however, That the foregoing
limitations shall not
apply to loans on real estate or other collateral securities authorized by this act: Provided,
however, That by a two-thirds vote o f the directors the liabilities to any bank or any person,
or company, or corporation, or firm may be increased to a sum not exceeding one-fifth of the
capital and surplus o f the bank.”
It is evident that this limitation was borrowed from the National Banking Law, section
5200 o f the Revised Statutes o f the United States, providing as follow s: “ The total liabilities
o f any association, or any person, or any company, corporation, or firm for money borrowed,
including in the liabilities o f the company or firm the liabilities of the several members there
of shall at no time exceed one-tenth part o f the amount of capital stock of such association
actually paid in ; but the discount o f bills o f exchange drawn in good faith against actually
existing values, and the discount o f commercial or business paper actually owned by the per
son negotiating the same, shall not be considered as money borrowed.”
This provision, as found in our General Banking Law and also in the National Banking
Law, has never been construed by the courts in so far as it relates to the particular question
submitted by you.
The Supreme Court o f Pennsylvania, in the case o f O’Hare v. Second National Bank of
Titusville, 77 Pa. St., 102 referring to this provision in its application to national banks,
makes use o f the following language: “ Evidently the limitation o f the indebtedness to the
one-tenth in the 29th section, was intended as a general rule for conducting the business of
the bank, a rule laid down from experience to regulate its loans for its own best interest and
those o f stockholders and creditors, not a rule to regulate its customers. It was as remarked
in Fowler v. Scully, a regulation to prevent these associations from splitting on the rock
which has ruined so many banks, to wit, that of lending too much of their capital to one
person or firm. The intention being to protect the association and its stockholders and credit
ors from unwise banking, we cannot suppose it was meant to injure them by forbidding re
covery o f the injudicious loans.”
In Vol. 29 o f the Amer. & Eng. Ency. o f Laws, 2nd ed. p. 382, we find the following with
respect to the limitation found in the National Banking L aw : “ The object o f this provision
o f the statute was to guard National banks from the hazard of speculative loans, but it con
templated and permitted to an unlimited amount the discount o f paper used and required in
facilitating the transfer o f property and money in the transaction o f the legitimate business
o f the country.” Citing Oswego Second National Bank v. Burt, 93 N. Y . 244.
It was evidently the intent o f the legislature, in enacting the provision above referred to,
as found in the banking law o f this State, to guard the banks organized thereunder from the
hazard o f speculative loans, and to prevent such banks from advancing or loaning too much
o f their money to any one person, firm or corporation, and in construing the statute with
respect to the exception, it is necessary to keep constantly in mind the purpose of the limita
tion, and not to construe the provision relating to the exceptions therefrom in such a way as
to destroy the force and effect o f the limitation itself. The exceptions to which I refer relate
to the discount o f bills o f exchange drawn in good faith against actually existing values, and
the discount o f commercial or business paper, actually owned by the person negotiating the
same, and which, in my opinion, should be strictly construed and should be held to apply to no
transaction that did not clearlv and fully come within the provisions of the statute in this
particular. Black on interpretation o f Laws, 275.
T find that the questions which you submit for my consideration are quite fully considered
in Pratt’s Digest, pages 93-94-95, in their application to national banks, but I am unable to
concur in some o f the conclusions reached, which do not seem to be based upon judicial deci
sions, and which, in my opinion, tend to defeat the very purpose of the limitation. It is an
elementary proposition recognized by the courts with respect to statutory or constitutional
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Federal Reserve Bank of St. Louis
STATE
xxviii
B A N K IN G
DEPARTM ENT
inhibitions, that you cannot do indirectly that which you are prohibited from doing directly.
In their application to commercial paper, the terms “ loans” and “ discounts” are synonymous.
Amer. & Eng. Ency. o f Law, Vol. 21, 2nd ed, 381. The question who is borrower is not
always to be determined from the position o f the parties as they appear on the paper. The
borrower may be the maker or the indorser. Pratt’s Digest, 94. Our statute provides that in
the discount o f commercial or business paper actually owned by the person negotiating the
same, it shall not be considered as money borrowed. The application of this provision, in
my opinion, relates exclusively to the person negotiating the paper. The statute contem
plates that he alone shall be considered as not receiving a loan from the bank. • With re
spect to the maker o f such paper who is primarily liable, if such maker lias received credit
at the bank to the full limit imposed by law, the bank should not be permitted to discount
such paper, as in that event the liability o f the maker would exceed the liability permitted
by the General Banking Law, and if such a transaction should be permitted, it would indi
rectly defeat the very purpose foiJ which this limitation was imposed.
In determining the questions submitted by you, I realize that there may be some doubt
as to the proper construction o f these provisions in the absence of any judicial determination
as to their proper meaning. In view o f the fact that several banks of this State organ
ized under the General Banking Law, are subject to State supervision, not only for the pro
tection o f the banks themselves, but for the protection of the persons doing business with
such banks, the laws relating thereto, should be constructed in such a manner as to afford
such protection in every possible way, until such time as the courts may determine other
wise.
.
. .
In answer to your first question, I would therefore say that, in my opinion, the amount
which the directors o f a bank would be authorized to loan to any person, or company, or cor
poration, or firm, by a two-thirds vote o f its board o f directors, would not exceed one-fifth
o f the capital and surplus o f the bank, and it would be immaterial whether such loan was
secured or unsecured, excepting o f course, loans on real estate or other collateral securities
authorized by the General Banking Law.
In answer to your second question, I would say that the same rule would apply to any one
line o f commercial paper that would apply to any one person, company, firm or corporation.
In answer to your third question, I would say that, in my opinion, it is immaterial
whether such loan is secured by the bond or personal endorsement of the officers or directors
o f the firm, company, or corporation, or by the assignment o f value as collateral, except
where such loan is made upon real estate or other collateral securities recognized by the
General Banking Law. In this connection I call your attention to the rule laid down in the
Amer. & Eng. Ency. o f Law, Vol. 21, 2nd ed. page 382, to the effect that “ Drafts may be
bona fide bills o f exchange drawn upon actual existing values within the meaning o f the
statute, though not accompanied by specific bills o f lading in each case. It is sufficient
if they are drawn against property previously consigned and existing either in its original
form or in the shape o f proceeds o f sales in the hands o f the consignees.” This rule, o f
course, applies to the federal statute. The state and federal statute being identical in this
particular, unquestionably the same rule would apply to a bank organized under the Gen
eral Banking Law1 o f this State.
Respectfully yours,
C h a s . A. B l a i r ,
Attorney General.
The following opinions have been rendered during the years 1007, 1908, 1909, 1910, 1911,
1912, 1913, 1914, 1915 and 1916 by the Attorney General’s Department on questions con
cerning the construction o f the Banking Law.
CORPORATION STOCKS NOT TRUST COMPANY INVESTMENTS.
(2)
Lansing, Michigan, March 21, 1907.
Hon. Henry M. Zimmermann, Banking Commissioner, Lansing, Mich.:
Dear Sir— This department has given careful consideration of your inquiry o f the 13th
inst. as to whether trust companies organized under Act No. 108 o f the Public Acts o f 1889
have the right to invest in the stocks o f the Savings Banks; and particularly to the question
as to whether section 11 o f this act (Compiled Laws of 1897, Section 6166) permits such
investment.
It is the opinion o f this department that there is no general right under the laws of the
State on the part o f trust companies to invest in the stock o f other corporations; and fur
ther that the clause in Section 11 o f the above act. which authorizes the directors to invest
in “ such real or personal securities as they may deem proper” does not authorize invest
ment ir. the stock o f private corporations.
Respectfully yours,
J
no.
E.
B ir d ,
Attorney General.
AUTHORITY TO SUBSCRIBE ARTICLES
(3)
OF INCORPORATION
AS “ TRUSTEE”
REQUIRED.
Lansing, Michigan, August 7, 1907.
Hon. Henry M. Zimmermann, Commissioner State Banking Department, “ Capitol,” Lansing:
Dear Sir— It appears that steps are being taken to organize a bank under the General
Banking Laws o f this State, with a capital stock o f $100,000. From the articles of association
which have been prepared, it appears that approximately, sixty per cent o f such capital
stock has been subscribed for by certain persons designated as “ trustees” ; that such articles
do not disclose the names or residences o f the cestui que trust in any instance, or the authority
o f the persons subscribing as trustee to act in that capacity.
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
xxix
C O M M IS S IO N E R
In this connection, you ask my opinion as to whether or not it would be proper for you to
issue the certificate o f authority provided for by section 7 o f the General Banking Law.
In reply thereto would say that section 2 o f the Banking Law requires the persons assodating in the organization o f a bank to execute articles o f incorporation, which shall specity,
among other things, “ The names and places o f residence o f the stockholders and the number
o f shares held by each o f them.” The latter part o f section 4 provides as follow s:
No bank
shall transact any business except such as is incidental and necessarily preliminary to its
organization until it has been authorized by the Commissioner of the Banking Department to
commence the business o f banking.” The articles o f incorporation are required to be executed
in triplicate, one to be recorded in the office o f the county clerk of the county in which the
bank is located; one filed in the office o f the Commissioner of the Banking Department; and
one filed in the office o f the Secretary o f State. When such articles o f incorporation are
properly executed and filed and recorded, as required by law, and the Commissioner ot the
Banking Department is notified that at least fifty per cent, of its capital has been paid in, and
that such bank has complied with all the provisions o f the general banking law ; before the
bank shall be authorized to commence business, the Commissioner is required to examine into
the condition o f such bank, and if it is found that such organization is in accordance with the
statute and that the various provisions o f the law have been complied with a certificate ot
authority to engage in the business o f banking is issued by such Commissioner. When the
statute is not complied with in any essential particular, it is clearly my opinion that such
certificate o f authority should be withheld. It seems to me that articles o f incorporation
which do not fully disclose the name and residence o f the cestui que trust, where the stock
is subscribed for by a trustee, and which also fails to disclose the authority to subscribe
for such stock in that capacity, do not conform to the requirements of the general banking
law, and under such conditions as you have outlined, it would be your duty to refuse to
issue the certificate o f authority provided for by law.
.
I do not deem it essential
to point out the numerous
complications that might arise it
stock in a banking corporation
should
be subscribed
for in
the manner indicated.
ficient to say that it doe3 not conform to the requirements o f the General Banking Law.
Respectfully yours,
J n o . E. B i r d ,
Attorney General.
CERTAIN
( 4)
CERTIFICATES OF INDEBTEDNESS ARE LEGAL INVESTMENTS.
Lansing, Michigan, October 23, 1907.
Hon. H. M. Zimmermann, Commissioner o f the Banking Department, “ Capitol,” Lansing:
My Dear Sir— I am in receipt o f your communication o f the 16th inst., in which you ask
whether or not certificates o f indebtedness issued in payment fo r voting machines under the
provisions o f section 13 o f Act 217 o f the Public Acts o f 1905 are proper investments for sav
ings banks under subdivision (b), section 27 o f the General Banking Law, which provides
that a certain portion o f the savings deposits o f such banks shall be invested as follows:
“ (b). In the public debt or bonds o f any city, county, township, village or school district
o f any state or territory in the United States, which shall have been authorized by the legis
lature o f such state or territory : Provided the total indebtedness of such municipality does
not exceed five per cent o f its assessed valuation, except by a vote o f two-thirds o f the board of
directors, such bonds may be purchased if the total liabilities do not exceed ten per cent.
You also state that it has always been the ruling o f the Banking Department that the
terms “ public debt” and “ bonds” were synonymous and that an issue of bonds, in order to be
a proper investment for savings banks under this subdivision must previously have received
the approval o f the voters o f the municipality issuing the bonds.
For answer to your inquiry I would say it is my opinion that the ruling of your depart
ment places too narrow a construction upon the Statute. The terms “ public debt” and “ bonds”
are not synonymous. The term “ public debt” includes not only a bonded debt, but also other
form o f public indebtedness.
State v. Hickman, 11 Mont. 541, and cases cited.
The statute under which certificates o f indebtedness are issued in payment for voting
machines reads as follows :
“ The local authorities, on the adoption and purchase o f a voting machine, may provide
for the payment therefor in such manner as they may deem fo r the best interest of the locality
and may for that purpose issue bonds, certificates o f indebtedness or other obligations, which
shall be a charge on the city, town or village. Such bonds, certificates or other obligations
may be issued with or without interest, payable at such time or times as the authorities may
determine, but shall not be issued or sold at less than par.”
The legislature has the undoubted right to authorize debts of this character to be incurred
without the vote o f the electors o f the municipality.
Callan v. The City o f Saginaw, 50 Mich. 7.
I airi o f the opinion that the certificates o f indebtedness issued under authority o f this
section come within the term “ public debt” as used in subdivision (b), section 27 o f the
General Banking Law, and that, consequently, savings banks may lawfully invest their funds
in such certificates o f indebtedness.
Respectfully yours,
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Federal Reserve Bank of St. Louis
Jno. E.
B ir d .
Attorney General.
It issuf
STATE
XXX
B A N K IN G
DEPARTM ENT
STRICTLY COMMERCIAL BANKS MUST AMEND ARTICLES TO TRANSACT SAVINGS BUSINESS.
( 5)
Lansing, Michigan, October 28, 1907.
Hon. H. M. Zimmermann, Commissioner, Banking Department, “ Capitol,” Lansing:
Dear Sir— I am in receipt o f your communication o f the 16th inst., requesting an opinion
upon the question o f whether or not a bank organized as a purely commercial bank under the
General Banking Law o f the State is authorized to advertise for savings deposits and do a
general banking business under the exception contained in section 24 of that law, which pro
vides :
“ Commercial banks may allow interest on accounts or certificates o f deposit, but all de
posits in such banks shall be payable on demand without notice, except when the contract
o f deposit otherwise provides.”
For answer Thereto, I would say that the General Banking Law in section 1 provides that
any number o f persons, not less than five, “ may associate to establish offices o f discount
and deposit, to be known as commercial banks, and also to establish offices of loan and de
posit to be known as savings banks, or to establish banks having departments fo r both
classes o f business,” etc.
Under section 2 o f the General Banking Law, the articles of incorporation are required
to specify the nature o f the business to be carried on, whether that of a commercial bank,
savings bank, or both. Sections 23, 24 and 25 o f the same law contain certain provisions
referring to “ any bank which, by its articles o f incorporation, shall designate its business as
that o f a commercial bank;” and section 26 and succeeding sections o f the same law contain
provisions governing “ any bank which by its articles of incorporation shall designate its busi
ness as that o f a savings bank;” and section 29 contains provisions governing “ any bank
combining the business o f a commercial bank and a savings bank” and provides that “ all
receipts, investments and transactions relating to each of said classes o f business shall be
governed by the provisions and restrictions herein specifically provided for the respective
kind o f banks.”
Reading all these provisions o f the General Banking Law together, it is clear that it was
not intended to permit a bank organized as a strictly commercial bank to engage in the busi
ness o f a savings bank, and that the exception contained in section 24, to which reference has
been made, was not intended to have that effect. Before a commercial bank, organized as
such can conduct a savings bank business, it must amend its articles o f incorporation so
as to provide fo r conducting both classes o f business.
Respectfully yours,
Jno. E.
B ir d ,
Attorney General.
BANKS CANNOT EXTEND THEIR CREDIT TO AN INDIVIDUAL OR BANK.
June 10, 1908.
(6)
Hon. H. M. Zimmermann, Commissioner, Banking Department, “ Capitol,” Lansing:
Dear Sir— I have your communication o f June 5th, enclosing certain correspondence with
the................................................... bank.
It appears from your communication that this bank, by an arrangement with certain pri
vate banks, permits the latter to issue drafts payable out o f the funds o f the form er bank
on deposit with its correspondent banks at New York and Chicago. You state that you have
taken the position that such practice is illegal, and request an opinion as to the propriety of
this holding.
Replying thereto would say, any attempt upon the part o f any bank to permit anyone or
any institution to issue drafts payable out o f its deposit with correspondent banks is an
attempt to perform an act and permit an arrangement not authorized by law. The bank pos
sesses no authority to extend its credit to any individual or bank in the manner set forth in
your communication. Such a practice may operate to the detriment o f depositors and may
impair the faith and credit o f the bank. The practice in question is without authority o f law.
You possess general power under the statute to prohibit such practice and it is the duty o f the
officials o f the bank to cancel this arrangement.
Respectfully yours,
J
no.
E.
B ir d ,
Attorney General.
SIMILARITY OF TRUST COMPANY TITLES.
(7)
June 30, 1908,
Hon. Henry M. Zimmermann, Commissioner o f Banking, Lansing, Michigan:
Dear Sir— I am in receipt o f yours o f the 19th instant, in which you state that a certain
corporation organized under Act 232, Public Acts o f 1903 as the “ . ................................... and trust
Company” is engaged in the business o f selling various kinds o f securities, and request the
opinion o f this department as to whether it is permissible for such a concern to do business
under a name so closely allied to that o f institutions organized under Act 108, Public Acts of
1889, under which trust companies are organized.
Subdivision 1 o f section 2 o f Act 232, Public Acts o f 1903, contains this proviso:
“ No name shall be assumed already in use by any other existing corporation o f this State,
or corporation lawfully carrying on business in this State, or so nearly similar as to lead to
uncertainty or confusion.”
Under the decisions o f the courts o f this State, it seems to be clear that the question o f the
right to use a corporate name not identical with that o f another existing corporation depends
upon whether the names are so similar that persons would be likely to deal with one concern
when they believed in good faith they were dealing with the other.
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
xxxi
C O M M IS S IO N E R
Lamb Knit Goods Co. v. Lamb Glove & Mitten Co., 120 Mich. 159;
Penbertliy Injector Co. v. Lee-Penberthy Mfg. Co., 120 Mich. 174;
Supreme Lodge o f Knights o f Pythias v. Improved Order Knights of Pythias, IS
Mich. 133;
Great Hive L. O. T. M. v. Supreme Hive, 135 Mich. 392, 415.
It would seem also if the similarity o f the name o f a corporation organized under Act 232
Public Acts o f 1903, to the names o f corporations organized under Act 108, Public Acts of
1889, which is the trust company act, was such that people dealing with it would be deceived
into believing that they were dealing with a corporation which was under the supervision of
the Banking Department, that .the use of such a name could properly be restrained in a pro
ceeding instituted for that purpose.
Very respectfully yours,
Jno. E.
B ir d .
Attorney General.
FOREIGN BANKS NOT PERMITTED TO ENGAGE IN BUSINESS IN
STATE.
(g)
July 29, 1908.
Hon. Henry M. Zimmermann, Commissioner o f Banking, “ Capitol,” Lansing:
Dear Sir— W e are in receipt o f yours o f the 3rd instant, in which you enclose a letter from
Reginald F. Fennell, under date o f June 20, 1908, in which lie submits the following inquiry:
“ Is there any license necessary or other legal form required to be gone through with for
banks doing business outside o f the State o f Michigan, to establish an agency or representative
in this State? In the event o f there being any restriction, kindly advise to what extent.”
In reply to this inquiry will say that the legislature has by statute prescribed strict con
ditions to be complied with by corporations desiring to engage in the business o f banking, or
in loaning or investing money. There is no statutory provision which _ permits foreign cor
porations to come into this State for the purpose o f engaging in that kind of business. The
fact that the legislature has seen fit to lay down these conditions for domestic corporations
desiring to engage in such business and to place them under the supervision o f the State
Banking Department indicates clearly an intention on the part o f the legislature to prohibit
foreign corporations from engaging in such business.
In this connection we desire to call your attention to) the case of—
New York Mortgage Co. v. Sec. o f State. 150 Mich. 197, 202,
which was a mandamus proceeding against the Secretary o f State to compel the issuance o f a
license to do business in this State to a corporation desiring to engage in the business of
making “ loans secured by mortgages on real estate,’ to sell such mortgages and bonds o f this
company secured by mortgages on real estate, but said bonds are not to be sold on the install
ment plan.”
In response to the contention o f the relator in that case that it should be admitted to do
business under our foreign corporation law, the court said:
“ In other words such construction would onerate as to such foreign corporations as a
repeal o f all the beneficial and protective provisions o f Act No. 205, Public Acts o f 1877. To
hold that such was the legislative intent would be contrary to every suggestion that arises to
the mind, upon the consideration o f the proposition. Our construction of the act is that
banking corporations and those corporations which are within the contemplation of our bank
ing laws are not within the provisions o f the act authorizing foreign corporations to transact
business in this State.”
In view o f the above, we are o f the opinion that foreign banks have no right to engage in
business in this state, or to establish an agency or representative in this State for the trans
action o f business. W e return Mr. Fennell’s letter herewith. V ery respectfully yours,
J n o . E . B ir d ,
Attorney General.
INCREASE
OF CAPITAL
(9)
Hon.
NOT
REQUIRED OF BANKS
PERMITTED IN
BY EXTENSION OF CORPORATE
CERTAIN INSTANCES.
LIMITS,
BRANCH
BANKS
May 27, 1909.
Henry M. Zimmermann, Commissioner o f the Banking Department, Capitol, Lansing,
M ichigan:
Dear Sir—I am in receipt o f your letter o f the 29th ultimo in which you state that a bank
organized with a capital o f $20,000.00 in a village adjacent to a large city subsequently
became located within the corporate limits o f the city bv an extension o f the boundaries o f the
city to include the territory form erly embraced within' the limits o f the village; the bank thus
coming into the city with a Lanital less than is required by statutes o f banks organized within
the city. You also state that it is now suggested that this bank may establish branches within
the city and request an opinion1upon the following:
First, Whether or not you have the authority to require a bank organized in a village, when
it becomes located in a city by the extension o f the corporate limits o f the city, to increase its
capital in accordance with the number o f inhabitants o f the city.
Second, Whether or not a State bank has authority to establish branches in the city or
village in which it is authorized by its articles of incorooration to transact business.
In reply will say that Section 1 o f the General Banking Law, (Section 6090 C. L .j pro
vides fo r the establishment o f commercial and savings banks in cities and villages in the State
and prescribes the minimum capital that banks may have, based on the population o f the
city or village in which the bank is to be located.
Section 2 o f the act provides that the articles o f incorporation shall specify among other
things:
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“ The county and city or village where such bank is to be located and to
conduct its
)US Section 7 provides that upon compliance with the statute the Commissioner o f the Banking
Department shall give the bank a certificate under his hand and official seal that the bank
has complied with the statute and is authorized to commence business.
The contingency arising in the case o f the bank to which you refer apparently was not
anticipated by the framers o f the General Banking Law, as that law contains no provision
requiring a bank to establish within a village which becomes located in a city by reason ol the
extension o f the corporate limits o f the city to increase its capital in accordance with the
population o f that city. Neither is there in the Banking Law any provision requiring a bank
after its organization within a city o f certain population to increase its capital as the popula
tion o f the city increases.
.
„
. ,. ,
..
The bank upon complying with the provisions o f the statute was given the right by the
State to conduct its business within the village. It did not voluntarily remove to the city
but became located therein by operation of law through the extension o f the corporate limits
o f the city. The provision o f the statute, requiring banks to have a certain capital according
to the population, evidently has reference to the establishment o f banks in the first instance.
As heretofore stated, a bank once lawfully established with the required capital according to
the population o f the city is not required to increase its capital although the population ot the
city may increase to such an extent that a new bank could not be established therein without
having a much larger capital. A careful consideration o f the provisions o f the General Bank
ing Law leads me to the conclusion that a bank once lawfully established in a village with the
required capital in accordance with Section 1 o f the General Banking Law is not required
under the provisions o f that law to increase its capital when it becomes located within a city
by reason o f the extension o f the corporate limits o f the city to include the village.
For answer to your second question I would say that no authority to establish branches is
conferred upon banks by any provision o f the laws o f this State. In the absence ^o f statute a
bank has no authority to establish branches at which a general banking business is conducted.
Magee on Banks and Banking, page 41.
Atty. Gen. v. Oakland Co. Bank, Walk, page 90.
While a bank has no authority to establish branches unless expressly authorized by statute
so to do, it seems that it may have an agency for the transaction of some parts o f its busi
ness in the city or village designated in its charter as the place where the bank is to be located
and to conduct its business.
. .
.
. . .
In Magee on Banking, page 41, are compiled the provisions in force in the ditterent states
relating to the subject and o f this State it is said:
“ There is no law authorizing the establishment o f branches. Agencies are permitted which
are restricted in their operations to receiving and paying out of deposits and issuing exchange:
and several instances o f banks located in the cities o f Detroit and Lansing having established
agencies o f this character are noted.
The agencies established by the banks at the cities indicated have been conducted by the
banks for some time and the right o f the banks to establish such agencies does not appear to
have been heretofore questioned by the banking departmnt or any officer o f the State. In
view o f the foregoing I am o f the opinion that a bank may establish agencies of the character
o f those indicated herein within the limits o f the city or village in which the bank is
located. Inasmuch as a bank originally located in a village, and which becomes located in
a city by the extension o f the corporate limits o f the city, has authority to conduct its busi
ness within the city, it would have the same right to establish agencies of this character as a
bank originally organized within the city.
Respectfully yours,
J n o . E. B i r d ,
Attorney General.
NOTES AND SECURITIES DEPOSITED W IT H TRUST COMPANIES NOT LEGAL SAVINGS
INVESTMENTS.
May 27, 1909.
Hon. Henry M. Zimmermann, Commissioner o f the Banking Department, Capitol, Lansing,
M ichigan:
Dear Sir— I am in receipt o f your letter o f the 29th ultimo in which you ask whether or
not notes and securities representing fractional parts o f large loans where the security is
deposited with a trust company are legal investments for a State bank under Section 27 o f
the General Banking Law (Section 6116 C. L.) as amended by Act 322 o f the Public Acts of
1907.
in reply would say that this section provides in subdivision (i) that a certain portion
o f the savings deposits o f the bank shall be invested by the board o f directors as follow s:
“ Upon notes or bonds secured by mortgage lien upon unencumbered real estate worth at
least double the amount loaned; the remainder o f such deposits may be invested in notes,
bills or other evidences o f debt the payment o f which is secured by the deposit with the
bank, o f collateral security consisting o f personal property or securities o f known marketable
value, worth ten per cent more than the amount so loaned and interest for the time of
the loa n ; or may be invested in notes, bills or other evidence o f debt, the payment o f which
is secured by such property or securities deposited in a collateral deposit company organized
under the laws o f this State.”
It is evident that the notes and securities in question come within the class last referred
to in this subdivision, to-wit: “ notes, or bills or other evidence o f debt, the payment o f
which is secured by such property or securities deposited in a collateral deposit company
organized under the laws o f this State.”
_
This provision was incorporated in this subdivision of Section 27 by Act No. 322, Public
Acts o f 1907. The same legislature enacted a law providing for the incorporation o f “ safety
and collateral deposit companies,” the same being Act No. 240 o f the Public Acts o f 1907,
having power under the provisions o f Section 9:
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oi tne ousiness unuer me » ujjci noiuu ui un.
»— • =, — » , ,
These acts were passed by the same legislature; are in pari materia and must be construed
together. Thus construed, the collateral deposit companies organized under the laws ot this
State referred to in the amendment to the General Banking Law must be held to refer to
collateral deposit companies organized under the provisions of Act 240 ot the Public Acts
o f 1907. I am informed that at this time there are no collateral deposit companies organized
in this State under that act. Consequently, I am o f opinion that savings banks have no
authority to invest their funds in notes and securities under subdivision (1) ot section 2,
of the General Banking Law where the security for the same is deposited with a trust
company.
Respectfully yours,
(Signed)
J no. E. Bird,
Attorney General.
REQUIREMENTS IN
CONNECTION W IT H INCREASE OF CAPITAL STOCK OF BANKS AFFECTED
BY EXTENSION OF CORPORATE LIMITS.
Nov. 1 2 , 1909.
(ID
Hon. Henry M. Zimmermann, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— Replying to your letter o f the 19th ult., in which you request our opinion as to
whether the................................. Bank which was located in the village o f ..................................recently
annexed to the city o f .........................................may increase its capital stock from twenty thousand
dollars to fifty thousand dollars, will say that we held, in an opinion to you under date o f
May 9, 1909, that this bank could not be deprived of its right to do business under its
original incorporation with a capital stock o f twenty thousand dollars, by the fact o f an
nexation o f the village o f ........................... to the city o f ......................... We reached that conclusion
by reason o f the fact that the bank was lawfully incorporated with a capital o f twenty thou
sand dollars to do business i n . . .
; that the annexation o f ...........................placed the
bank in the city o f ............................. without its consent, and that it could not be thus deprived
o f its right to do business under its original incorporation.
.
Now, however, this bank proposes, by its own voluntary act to increase its capital stock,
thus in a measure, effecting a reorganization. The whole aim and purpose o f the statute,
Section 1 o f the General Banking Law, is to provide a minimum capital for banks graded
according to the population o f the
city or village in which they are situated. In order to
prevent a reduction o f the capital below the minimum, it is provided in Section 10 that “ no
reduction shall be made to a less amount than is required in Section 1 for capital.” To per
mit this bank to substantially re-organize by increasing its capital, without increasing its
capital stock to at least the minimum amount required for the city o f ......................... would in
my judgment, do violence to the intent o f the legislature, as expressed in Sections 1 and 10
o f the Banking Law, to which I have referred. The bank is now a corporation o f the city
o f ......................... The law relating to the amount o f capital stock in ......................... is different
than in .........................
.
While I do not think the bank could be deprived o f its right to continue during the period
of its coroporate existence, with a capital o f twenty thousand dollars, by the annexation, I am
constrained to hold that in taking advantage o f the statute relative to the increase o f capital
stock it must be governed by the provision o f the statute applicable to the city o f .............................
and must, therefore, if it increases its capital at all, increase it to at least the minimum
amount required for cities having a population o f over one hundred and ten thousand inhab
itants, as prescribed by Section 1 o f the Banking Law.
Very truly yours,
(Signed) J no. E. Bird,
Attorney General.
CONSTITUENT CORPORATIONS ENTITLED TO TW ENTY PER CENT LOAN LIM IT.
( 12 )
Jan. 20, 1910.
Hon. Henry M. Zimmermann, Commissioner of Banking, Capitol, Lansing;
Dear Sir— We are in receipt of your letter of the 14th instant in which you ask:
“ In this state, where a corporation is in operation and control of other corporations by
having acquired a majority of the stock of such corporations what would be the limitation of
credit lines which might be extended these corporations, both parent and subsidiary, by our
State banks, under the Banking Law, exclusive of real estate or other collateral loans author
ized by statute?”
Section 6141, C. L. 1897, as amended, being Section 52 o f the Banking Law, provides as
follows :
“ The total liabilities to any bank of any person or of any company, corporation or firm for
moneys advanced, including in the liabilities of the company or firm, the liabilities of the
several members thereof, except special partners, shall at no time exceed one-tenth part of
the amount of the capital and surplus of such bank, but the discount of bills of exchange
drawn in good faith against actually existing values and the discount of commercial or
business paper actually owned by the person negotiating the same shall not be considered
as money borrowed: * * * Provided, however, That by a two-thirds vote of directors,
the liabilities to any bank of any person or company or corporation or firm may be increased
to a sum not exceeding one-fifth of the capital and surplus of bank. * * * ”
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It will be noted that in the case o f a company or firm the line o f credit includes the lia
bilities o f the company or firm and the several members thereof, except special partners,
while no such restriction appears in the case o f the corporation. Corporations are recog
nized by law as distinct legal entities regardless o f the ownership o f the stock. While we
appreciate the fact that the effect o f extending a 20 per cent, line o f credit to each corpo
ration might in some cases be equivalent in its effect to extending a 40 per cent line of
credit to one corporation, yet we are satisfied that the statute does not authorize interfer
ence by the Banking Commissioner when the 20 per cent line to each corporation is not
exceeded. The situation is one that might properly be brought to the attention o f the
legislature.
Very respectfully yours,
(Signed)
J no. E. Bird,
Attorney General.
d ir e c t o r s ’
notes
in
l ie u
of
assessm en t,
not
p e r m is s ib l e .
(13)
March 16, 1910.
Hon. Henry M. Zimmermann, Commissioner o f the Banking Department, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication o f the 14th ultimo, requesting my opinion
on the following proposition:
“ If in case o f the impairment o f the capital o f one o f our State banks, in lieu o f an
assessment, a promissory note were given by the directors to the bank, pledging their personal
responsibility to its payment, but with the exception that the stockholders will authorize its
retirement from the earnings o f the bank, could the makers o f the note in case o f the earn
ings o f the bank failing to satisfy it avoid payment on the ground o f no consideration?”
Replying thereto would say that section 6135 o f the Compiled Laws, being section 46
o f the act providing for the incorporation o f banks in this state, in part, reads as follow s:
“ The stockholders o f every bank shall be individually liable, equally and ratably, and not
one for another, for the benefit o f the depositors in said bank to the amount of their stock
at the par value thereof, in addition to the said stock.”
As a general proposition the directors o f
a bank organized under the General Banking
Laws o f the State are not liable where the capital has been impaired except as stockholders
and under the provision above quoted this
liability o f the stockholders is “ equally1 and
ratably, and not one for another.”
For the purpose o f avoiding liquidation under circum
stances such as you have outlined, the Commissioner o f the Banking Department is clothed
with certain discretionary powers to approve o f such action on the part o f the directors or
stockholders as will make good such impairment and fully protect the depositors and
creditors o f the bank, but such impairment cannot be made good under the law by any
transaction in the nature o f a loan, as such a transaction would increase the liabilities of
the bank to an amount equal to the sum received. In other words, a director or stock
holder may make good the impairment o f the capital o f a State bank in lieu of an assess
ment or for the purpose o f avoiding liquidation, but there can be no contingent liability
therefor on the part o f the bank. No action should be approved by the Commissioner o f the
Banking Department which would leave uncertain the capital o f a bank in this particular.
It is my opinion that the course suggested
in your communication is not
in harmony with
the spirit and intent o f the General Banking
Law o f this State, and particularly those pro
visions designed for the protection o f depositors and creditors thereof.
Very respectfully yours,
(Signed)
J no. E. B ird,
Attorney General.
REAL ESTATE MORTGAGES NOT TO BE DEPOSITED W IT H COLLATERAL DEPOSIT COMPANIES.
(14)
October 1 2 , 1910.
Hon. Henry M. Zimmermann, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— W e have given careful consideration to your letter o f September 22d, in which
you submit the inquiry as to whether real estate mortgages may be deposited with collateral
deposit companies organized under the provisions o f Act 240, Public Acts o f 1907, and partici
pation notes therein thereby becoming lawful investments for savings banks. A conference with
the representatives o f the institutions affected by the question above stated has developed
additional questions, namely: If collateral deposit companies may not be the depositories for
such mortgages, may domestic trust company be such depository; also may a foreign trust
company or a domestic corporation, partnership or individual not subject to supervision of
the Banking Department be such depository?
The statutory provisions involved in the questions above submitted are section 9 o f Act
240, Public Acts o f 1907, which reads as follow s:
“ Any corporation organized under this act shall have power to conduct a safety deposit
business for the safe keeping o f any personal property, and provide proper vaults and premises
for the same; and shall also have power to receive or deposit, in trust, any personal property
deposited with it by individuals, partnerships or corporations as collateral security for the
payment o f bonds, or other obligations issued by such individuals, partnerships or corpora
tions, and to enter into and execute any instruments in writing necessary and proper to
carry such trusts into effect.”
Also subdivision 1 o f Section 27 o f the Banking Law which authorizes State banks to loan
and invest savings deposits as follow s:
“ Upon notes or bonds secured by mortgage lien upon unincumbered real estate worth at
least double the amount loaned; the remainder o f such deposits, may be invested in notes, bills,
or evidences of debt the payment o f which is secured by deposit with the bank o f collateral
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LI1C ( J i u v i i i u u a
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..
°
,.
construction that a proviso does not enlarge the scope o f the enacting section.
Sutherland’s Statutory Construction, Sec. 352.
It is also apparent that “ notes or bonds secured by mortgage lien, etc,,” are not included
among the securities which are authorized to be deposited in a collateral deposit company
under the terms o f said Subdivision I o f Section 27 above quoted unless it can be said that
such “ notes or bonds secured by mortgage lien,” are also included in “ notes, bills or other
evidences o f debt the payment o f which is secured by deposit with the bank ot collateral
security consisting o f personal property or securities o f known marketable value, etc.
We
are o f the opinion that they are not so included. It is our view that the second clause ot
Subdivision 1, being that last above quoted, refers to notes, bills or evidences o f debt which
are secured by the deposit o f personal chattels
or securities such as promissory notes, bonds
or other evidences o f debt the title o f which passes by the mere act of delivery. This would,
o f course, exclude real estate mortgages. W e therefore hold that real estate mortgages
may not be deposited with collateral deposit companies organized under the provisions o f
Act 240, Public Acts o f 1907, and participations therein sold to savings banks as investments.
The first clause o f subdivision 1 o f Section 27 o f the Banking Law authorizes banks to
loan savings deposits “ upon notes or bonds secured by mortgage lien upon unincumbered
real estate worth at least double the amount loaned.”
There is nothing in the Banking
Law directly requiring real estate mortgages to be taken in the name o f the bank when
such loans are made. W e are constrained, however, to hold that the law contemplates that
the bank shall hold the title to such securities. It is essential that the Banking Depart
ment in making an examination o f the affairs
o f the bank have an opportunity to examine
the mortgages upon which such notes or bondsare predicated in order that the department
may know the nature o f the instrument, the description o f the property and such other
facts as will enable it to determine whether the loan is proper under the provisions of the
statute.
.
Where, however, such real estate mortgage is placed in a trust company organized under
the Michigan laws and over which the Banking Commissioner has adequate supervision, we
think the Commissioner would be acting within the spirit o f the law if he permitted the
mortgage to be taken in the name o f such trust company and deposited with it allowing
the banks to loan upon participating notes in such mortgages. W e do not, however, believe
that a bank would be authorized to invest in participating notes secured by a mortgage held
by a foreign trust company or by a domestic corporation other than a trust company, a
partnership or individual for the reason that the Banking Commissioner would have no
authority under the law to examine the mortgage in such cases and thus determine the
propriety of the loan.
.
W e are further o f the opinion that Section 9 o f Act 240, Public Acts o f 1907, does not
authorize a collateral deposit company to be the owner or trustee o f a real estate mortgage,
but limits its authority to that o f acting as trustee o f personal propery and collateral such
as would pass by manual delivery.
Very respectfully yours,
(Signed) F ranz C. K uhn ,
Attorney General.
PRIVATE BANKS
NOT DEPOSITORIES FOR PUBLIC FUNDS.
December 7, 1910.
(15)
Hon. Henry M. Zimmermann, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— In response to your request fo r an opinion upon the question o f whether or
not private banks, so-called, may be designated as depositories o f county funds,_ under the
provisions o f Act No. 99, Public Acts o f 1909, I desire to say that the act in this title and
provisions refers to the designation o f “ a bank or banks” as depositories without specifying
whether private or incorporated banks were intended.
I am o f the opinion that the statute should not be construed to include private banks.
Generally when reference is made to a bank this means an incorporated bank and not a
privarte bank. For example, when a note is made payable at any bank in a city, this is
held to mean an institution incorporated for banking purposes and does not include a private
bank.
Way v. Butterworth, 106 Mass. 75;
Way v. Butterworth, 108 Mass. 509.
The legislature has passed a law providing for the incorporation and organization of
banks and making them subject to the State supervision. Under that law, as under_ the
federal law providing for the organization of national banks, the stockholders are liable
in double the amount of the stock held by them. It seems to me that when reference is made
in the statute to a bank, it means an incorporated bank organized under the State or national
banking laws. A private banker, so-called, conducts his business under Chapter 133 of the
Compiled Laws of 1897, the same being an act relative to brokers and exchange dealers.
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The law prohibits the private banker from advertising or putting up any sign tending to
convey the impression that the place of business is an organized bank. If he advertises, he
must use his individual name and may add thereto “bank,” “banking office” or “exchange
UIIHJC.
I do not think the place o f business o f one conducting a private bank is a bank within
the meaning o f the Act 99, Public Acts o f 1909.
A somewhat similar question was before the court in the case of the City o f DuQuoin v.
Kelly, 176, 111. 218. An ordinance was passed by the city requiring the treasurer to keep
the city funds in a regularly organized bank. It was held that the ordinance contemplated
a bank organized under the State or national banking law and not a private bank owned by
an individual. The court sa id :
“ W e are o f the opinion that the term ‘regularly organized bank’ in the City and Village
act means a bank organized under either the State law or the act of Congress, and that it
was not intended by the legislature that a city officer who has given bond for the safe
keeping o f the funds in his hands should be required to deposit them in a private bank.
There would seem to be no more reason for that than there would be for turning the funds
over to a private individual. It is true, provision is made that such banker or bankers shall
give bond; but we do not think this alters the case.”
I believe as was said by the court in this case, that there is no more authority for
depositing the public funds in a private bank than there is for loaning them out to an
individual, and the fact that security is required to be given makes no difference.
J am o f the opinion, therefore, that the Board of Supervisors cannot lawfully designate
a private bank as a depository o f county funds, under the provisions of Act 99, Public Acts
or 1909.
Very respectfully yours,
(Signed) F r a n z C. K ü h n ,
A tto r n e y
G e n e r a l.
BANK STOCK MAY BE CANCELLED AND NE W CERTIFICATES ISSUED.
March 10, 1911.
(16)
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Capitol, Lansing, Michigan:
Dear Sir— In your letter o f February 25th, you state that the ............................................. Bank o f
......................Michigan, recently sought to enforce its rights, under Section 6090 of the Com
piled Laws of 1897, by a sale o f shares of its own bank stock, which is at the present time
held by Chicago parties as collateral to a loan made by them. This sale was made by the
sheriff, by order o f the court, and stock bid in by the............................. Bank. The Chicago parties
refused to surrender the stock in question, and you inquire by what authority, under the
statute can the officers o f the bank cancel the old outstanding issue and a new issue o f stock
be made, which, when sold, will reimburse the bank for the amount which they have already
applied on the stockholders’ obligation, as noted above.
Since receiving this communication we have received a copy of the proceedings under
which the sheriff’s
sale, above referred to, was made. It appears that the sale was not
made pursuant to
the authority conferred by the General Banking Law, Section 6090, to
which you refer in your letter, but was made pursuant to an agreement confessing judg
ment, which seems
to be in compliance with Section 10299 o f the Compiled Laws o f 1897,
The sale o f stock was then made pursuant to authority conferred by Sections 10335 to 10338
o f the Compiled Laws o f 1897. Section 10338 provides:
“ And the purchaser (at such execution sale) shall thereupon be entitled to a certificate
or certificates o f the shares bought by him, upon paying the fees therefor, and for recording
the transfer.”
It is clear from the above statutory provision that the bank has authority to issue to
itself new certificates to take the place of those sold upon the execution and pursuant to the
authority conferred upon it by the General Banking Law would have authority to sell these
shares so issued within the statutory period.
Very respectfully yours,
(Signed) F r a n z C. K u h n ,
A tto r n e y
CORPORATIONS TO INVEST IN
G e n e r a l.
OR POSSESS BANK STOCK ONLY ON CERTAIN CONDITIONS.
(17)
May 24, 1911.
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Capitol, Lansing:
Dear Sir— Y ou state in your letter o f April 20th that the banking department has ruled
that the several sections o f the banking law relating to stockholders require the individual
ownership o f capital stock o f state banks; that in recent reports to the department it appears
that in numerous instances capital stock o f state banks is owned by firms, copartnerships,
corporations and two or more individuals jointly. You inquire whether such a holding is
legal.
In reply thereto will say that it is our view that two or more individuals have the
authority to hold bank stock jointly, also that copartnerships have the same right.
The question o f the right o f a corporation to take and hold stock in a bank is dependent
upon the statute providing for the organization o f such corporation and the manner in which
the stock is acquired. The rule is thus stated in Clark and Marshall on Corporations, page
523:
“A corporation lias no power to subscribe for or purchase shares of stock in another cor
poration unless such power is e x p r e s s l y g r a n t e d or unless the nature of the corporation and
circumstances under which the stock is acquired are such as to render the transaction a
necessary or reasonable means of carrying out the object for which it was created or of
accomplishing some purpose which is authorized by its charter.”
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Without making an extensive examination into the acts providing for the creation ° f the
different classes o f corporations doing business in this state, will s a y ' nn\h a, f w
majority o f cases the act providing for the organization o f such corporations does
ize the purchasing and holding o f shares in other corporations, and und" the ^eneial ru]e
above stated such corporations would have no authority to purchase and hold shares in
banks unless such shares were taken in a manner that could be said to J 3®
S° Kevins
sarv to the carrying out of the objects for which the corporation was created. No lnstance
occurs to us wheyr e git could be said to be necessary for a corporation to. purchase and ho d
shares o f stock in a state bank except as such stock might be taken in pajm ent ot debts in
good faith owing to the corporation.
. . .
.,
Section 50 o f the Compiled Laws relative to the construction o f statutes provides
“ The word ‘person’ may extend and be applied to bodies politic and corporate as well as
t0 Reference8 must be had to the provisions o f the act o f incorporation o f the corporation
holding the bank stock and a determination must be made o f the purp°s®
such
stock was purchased in order to settle the question o f the right o f the corporation to ta
and hold such stock.
,
Very respectfully yours,
(Signed) F ranz C. Kuhn ,
Attorney General.
BANK
ABSORBING
ANOTHER
CANNOT
CONTINUE TO HOLD CERTAIN UNAUTHORIZED INVESTMENTS.
(18)
May 24, 1911.
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Capitol, Lansing, Michigan.
Dear Sir— We are in receipt of your letter of May 20th, in which you state as follows.
A state bank recently purchased the assets o f another state bank, among wmen were
certain bonds coming within the provisions o f subdivision (e), (f) and <g), o f Section
of the Banking Law, which had not been approved by the Securities Commission
these
assets had been permitted to be held by the selling bank by reason of the fact that they
were investments prior to the taking effect o f the amendments to Section 27 made by Act
262 o f the Public Acts o f 1905. The purchasing bank contends that because the department
permitted them to be held by the selling bank, it should also authorize the purchasing bank
to hold the same until maturity. Y ou submit the inquiry as to whether the purchasing bank
should be allowed to carry such securities as legal savings investments.
In reply thereto would say that it is our opinion that the purchasing bank should be
held to the plain requirements o f Section 27, and that the fact that the securities mentioned
were purchased from another savings bank would not justify you in permitting the ban
purchasing same to carry them as legal savings investments. In this connection it may be
proper to say that Section 27 requires fifteen per cent, of the deposits to be kept on hand
as a reserve, in cash or reserve banks, three-fifths o f the remainder of the_ deposits are
required to be invested in securities mentioned in subdivisions (a) to (i) inclusive ot Section
27. You will note that subdivision (i) provides that:
“A portion of said remainder not exceeding the capital and additional stockholders
liability may be invested in negotiable paper approved by the board of directors.
This would authorize a savings bank to carry an amount o f negotiable bonds or other
negotiable paper up to the amount named in the above quoted provision, even though such
bonds or other negotiable paper1 had not received the approval of the Securities Commission.
Very respectfully yours,
(Signed) F ranz C. Kuhn ,
Attorney General.
JOINT TRUSTEESHIP IN
CERTAIN BOND ISSUES PERMISSIBLE.
June 29, 1911.
Hon. E. H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir—Replying to your letter o f June 15th, relative to the first mortgage six per cent
bonds o f the Oregon-Washington Timber Company, for which the Union Trust Company of
Detroit, and the Mississippi Valley Trust Company o f St. Louis, are co-trustees, will say that
we think this mortgage comes within our ruling o f October 15, 1910, to the effect that it the
bonds possess the other requisite qualifications for investment for savings banks, you would
be warranted in permitting savings banks to invest therein.
V ery respectfully yours,
(Signed) F ranz C. K uhn ,
Attorney General.
ASSESSMENT ON STOCKHOLDERS NOT LIMITED TO ONE HUNDRED PER CENT.
(op)
October 14, 1911.
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Capitol, Lansing, Michigan:
Dear Sir— In your letter o f September 30th you submit the following inquiries:
“ In case o f the impairment o f the capital stock o f a state bank to an amount in excess of
its total capital, has the board o f directors the authority to order, upon the requisition o f
the Commissioner o f the Banking Department, to make good such deficiency, an assessment
upon the capital stock o f such bank for an amount exceeding 100 per cent o f such stock?
After having paid an assessment o f 100 per cent in accordance with the present Banking
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Law, in case of an impairment ascertained subsequently by the department, could a further
assessment be levied by the directors, upon requisition of the Commissioner, for the purpose
of making good such deficiency?
Would the payment by stockholders of assessments such as above indicated, lessen their
liability in case of the liquidation or insolvency of the bank?
The statutory provisions involved in these inquiries are Section 46 o f the Banking Law,
which provides as follow s:
“ The stockholders o f every bank shall be individually liable, equably and ratably, and not
one fo r another, fo r the benefit o f the depositors in said bank to the amount o f their stock
at the par value thereof, in addition to the said stock; but persons holding stock as executors,
administrators, guardians, or trustees, and persons holding stock as collateral security, shall
not be personally liable as stockholders, but the assets and funds in their hands constituting
the trust shall be liable to the same extent as the testator, intestate, ward or persons interested
in such trust funds would be, if living or competent to act, and the person pledging such stock
shall be deemed the stockholder and liable under this section. Such liability may be enforced
in a suit at law or in equity, by any such bank in process of liquidation, or by any receiver, or
other officer succeeding to the legal rights o f said bank.”
Also Section 42 o f Act 1 o f the Public Acts o f 1911, which provides, in part, as follow s:
“ Whenever it shall appear from the report o f any bank, or the Commissioner shall have
reason to believe
that the capital o f any bank is impaired or reduced below the amount
required by law,
it shall be the duty o f the Commissioner and he shall have the power to
examine the said
bank and ascertain the facts, and in case he finds such impairment or
reduction o f capital, he shall require such bank to make good the deficiency so appearing
within sixty days after the date o f such requisition. The directors o f every such bank upon
which such requisition shall have been made shall levy an assessment upon the stock thereof
to repair such deficiency, and shall cause notice o f such requisition to be given to each
stockholder o f the bank and o f the amount o f the assessment which he must pay for the
purpose o f making good such deficiency, by a written or printed notice mailed to such stock
holder at his last known place o f residence or served personally upon him.”
These two sections are plainly intended to subserve entirely different purposes. Section 46
refers only to cases where the bank is in process of liquidation and limits the amount of the
assessment which may be made upon the stockholders for that purpose to 100 per cent. Seo
tion 42, above quoted, is for the purpose of preventing the bank from going into liquidation
and maintaining it as a going concern. The language used is equivalent to saying to the stock
holders, “The capital of your bank is impaired, you must make it good or it will be obliged to
go into liquidation at the hands of a receiver.”
It is our view that the two sections have no relation to each other and that under Section
42 o f Act 1 o f the Public Acts o f 1911, the Commissioner has a right to order the bank to
make good an impairment o f any amount, whether less than or in excess o f 100 per cent. I
am also o f the opinion that in case an assessment had been levied pursuant to Section 42 to
make good an impairment, a further assessment or assessments could be made to meet future
contingencies. I am further o f the opinion that payment by stockholders o f assessments under
Section 42 would in no way lessen their liability to an assessment by the receiver in case o f
the liquidation or insolvency o f the bank.
V ery respectfully yours,
(Signed) F r a n z C. K u h n ,
Attorney General.
TRUST COMPANIES IN
ORDER TO QUALIFY AS TRUSTEE IN
SECURITIES.
OTHER STATES MAY DEPOSIT
(21)
October 28, 1911.
Hon. Edward H. Doyle, Commissioner of Banking Department, Lansnig, Michigan:
Dear Sir— W e have had under consideration your letter o f October 13th, in which you
submit the following inquiries:
“ Can a corporation organized under Act No. 108 o f the Public Acts o f 1889, as amended,
acting as trustee under an issue o f bonds covering property located in part in Michigan, and
m part in one or more other States, deposit its bonds or mortgages with a state department
or official, in either one or all o f the states in which the property is located in order therein
to legally qualify and act as such trustee? W ould the depositing o f such assets be considered
as giving preference to one creditor over another, as mentioned in Section 34 o f said act?”
You have also submitted a letter o f Louis H. Withey embodying his views relative to the
question involved. Under date o f October 17th a letter from Messrs. Butterfield & Kenney,
attorneys-at-law, Grand Rapids, Michigan, containing a discussion o f these questions was
received by this department.
The statute o f Illinois_ regarding this deposit is Sections 129 to 147 o f the Revised Statutes
o f Illinois fo r 1909. It is clear under the decision o f the United States Supreme Court in
Blake v. McClung, 172 U. S. 239, that the deposit o f securities made with the State Auditor
o f Illinois could not be used fo r the purpose o f giving preference to creditors o f a trust
company residing in Illinois. On _ the other hand, a Michigan trust company could not be
admitted to a trust company business in Illinois even to the extent o f enforcing an active
trust partially in Illinois and partially in Michigan without making this deposit.
Farmers’ Loan Company v. Elevated Ry. Company, 173 111. 439.
Section 6179 o f the Compiled Laws o f 1897 provides as follow s:
“ All transfers o f notes, bonds, bills o f exchange, or other evidences o f debt owing to any
such corporation, or o f deposit to its credit, all assignments o f mortgages or other security on
real estate, or judgments, or decrees in its favor, or deposits o f money, bills or other valuable
things fo r its use,_ or fo r the use o f its stockholders or creditors, all payments o f money either
after the commission o f an act o f insolvency, or in contemplation thereof, with a view to pre
vent application o f its assets in the manner prescribed in this act, or with a view to the
preference o f one creditor over another, shall be held to be null and void.”
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The interest upon deposits o f securities made pursuant to the Illinois statute is paid _to
the depositing company as long as it remains solvent. W e are unable to see how the m ^ in g
o f this deposit under the statute o f Illinois and the decision o f the Supreme Court o f the
United States hereinbefore referred to, constitute any preference to Illinois creditors in viola
tion o f the provisions o f Section 6179 o f the Compiled Laws.
. .
„ .,
W e are o f the opinion that it would not be in violation o f the provisions of Act 108 ot tne
Public Acts o f 1889 for a Michigan trust company to make a deposit of securities with the
Auditor o f the State o f Illinois under the provisions o f the statutes now in force in that
state, in order to permit such trust company to carry out the provisions o f an act ot trust in
that state.
Very respectfully yours,
(Signed) F ranz C< K uhn ,
Attorney General.
LAND CONTRACTS NOT EVIDENCES OF INDEBTEDNESS AS CONTEMPLATED BY BANKING LAW.
(22)
December 7, 1911.
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication of November 23rd in which you ask
whether or not land contracts evidencing the sale o f real estate are legal investments for
savings banks under subdivision (i) o f Section 27 o f the General Banking Law, which reads
as follow s:
“ The remainder o f such deposits may be invested in notes, bills or other evidences ot
debt, the payment o f which is secured by the deposit with the bank o f collateral security
consisting o f personal property or securities o f known marketable value, worth ten per cent
more than the amount so loaned and interest fo r the time o f the loan.”
It appears from your statement that certain savings banks in the state invest savings
deposits in these contracts, taking an assignment thereof from the vendor who also transfers
to the bank the legal title to the real estate contracted to be conveyed. In some instances the
legal title to the property is transferred and the assignment made as collateral security tor a.
loan to the vendor and I do not understand that your inquiry relates to the legality o f this
practice, it being conceded that this may lawfully be done, but that your inquiry relates to
the right o f a savings
bank to so invest itssavings deposits in these contracts whenno
loan is made to the vendor. The savings banks claim that these contracts are “ evidences of
debt” within the meaning o f the subdivision quoted and that the investment o f savings
deposits therein in the manner outlined is permissible and legal.
For reply thereto would say that when a contract o f this character for the sale o f real
estate is made, the vendor holds the legal title only as trustee fo r the vendee and equitable
title vests in the vendee. The vendor retains the legal title as security for the proper per
formance o f the contract on the part o f the vendee.
Hooper v. Van Husan, 105 Mich. 592;
City o f Marquette v. Iron & Land Company, 132 Mich. 130, 132.
In the case last cited the court held that there was no legal distinction between these
obligations and credits secured by mortgages.
_
,
While these contracts may under our decisions be “ evidences o f debt,” I do not believe that
they are such within the meaning o f the statute under consideration. By the terms o f that
statute it is only evidences o f debt “ the payment o f which is secured by the deposit with
the bank o f collateral security consisting o f personal property or securities o f known market
able value, worth ten per cent more than the amount so loaned and interest for the time
o f the loan,” in which savings deposits may lawfully be invested.
This statute, as I read it, treats o f “ loans” by the bank upon bills, notes and other
evidences o f debt, secured by the deposit with the bank o f collateral. As I understand it,
the bank in dealing in these contracts makes no loan to the holder o f the legal title to the
land, but the land contract and the security o f the legal title are purchased outright by the
bank. The transaction is one o f dealing in credits secured by the legal title to the real
property. I do not believe that transactions o f this nature are within the contemplation of
the statute and consequently am o f opinion that savings banks may not lawfully invest their
savings deposits in these contracts.
Very respectfully yours,
(Signed) F ranz C. Kuhn ,
Attorney General.
TRUST COMPANIES MAY OWN
(23)
AND OPERATE ABSTRACT DEPARTMENT.
February 16, 1912.
Hon. Edward H. Doyle, Commissioner o f the Banking Department, Lansing, Michigan:
Dear Sir—Y our letter o f February 2d, calling attention to parts o f sections 9 and 10 o f
Act 108 o f the Public Acts o f 1889, as amended, (Compiled Laws o f 1887, Sections 6164-6165)
relative to the power o f a trust company organized under said act to acquire and hold _as
personal estate abstract books o f title used by it in its business o f guaranteeing or insuring
the validity o f title to real estate, and requesting an opinion thereon, has been received.
In reply thereto would say that under the provisions mentioned which give to a trust com
pany organized under the act power to guarantee or insure to grantees the validity o f titles in
real estate transfers, at a rate o f compensation, and upon such terms and conditions as may be
agreed upon, (Section 9), and which makes it lawful “ for any such corporations to lease,
purchase, hold and convey such personal estate as may be necessary to carry on its business,”
(Section 10), a trust company is lawfully entitled to acquire and hold any system o f abstract
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books necessary to enable it to engage in the business of guaranteeing or insuring titles to real
estate. The sections of the law quoted have\ not been amended or modified in any way and the
ruling of your Department in accordance with the above should therefore be continued.
Very respectfully yours,
(Signed) F r a n z C. K u h n ,
Attorney General.
BANKS
INCORPORATED IN AN UN-INCORPORATED VILLAGE CANNOT LEGALLY
M AINTAIN BRANCHES IN ANOTHER UN-INCORPORATED VILLAGE.
(24)
February 17, 1912.
Hon. E H Doyle, Banking Commissioner, Lansing, M ich.:
Dear Sir-—We have yours o f the 7th instant enclosing map of Greenland Township, showing
the town sites in Greenland and Mass Villages.
You ask whether your department will have the right or authority to permit the Miners
and Merchants State Bank o f Greenland to establish an agency in Mass.
I gather from your communication that the Miners & Merchants State Bank o f Greenland
was recently incorporated under authority o f your department, and that Greenland is an
unincorporated village. I also infer that Mass or Mass City is also an unincorporated village.
I note what you say relative to one o f the officers o f the bank claiming that to all intents
and purposes Mass City and Greenland is one village and that there are no defined boundaries
o f the unincorporated village o f Greenland. Nevertheless the plat submitted shows two settle
ments, and I presume a similar plat is in accordance with the laws of this State, on file with
the Register o f Deeds o f the county, and while the limits of Greenland Township may not be
defined, still, it could hardly be claimed that Greenland Village would or could include the
settlement known as Mass.
The aritcles o f incorporation o f the Miners & Merchants State Bank undoubtedly confers
upon the bank the authority to do business within the unincorporated village of Greenland,
and I am inclined to the opinion that said bank could not legally establish a branch agency
outside o f the unincorporated village o f Greenland and that the settlement known as Mass or
Mass City would be outside o f the boundary lines o f the unincorporated village o f Greenland,
consequently an agency could not be established in Mass.
I am returning herewith map o f Greenland Township.
Very respectfully yours,
(Signed) G r a n t
F
ellow s,
Attorney General.
BANKING
CORPORATIONS MUST
INCORPORATE UNDER
GENERAL BANKING
(25)
LAW.
March 27, 1912.
Honorable Frederick C. Martindale, Secretary of State, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication o f March 19 in which you state that
recently articles o f association organizing “ The Citizens Banking Company, Limited,” and
drafted iinder the provisions o f Chapter 160 o f the Compiled Laws o f 1897 (The Partnership
Association Limited A ct), were presented for record; and that the purposes o f organization
set up in these articles o f association are as follow s:
“This association is organized for the folowing purposes: To own and operate a bank in
Wakefield, Gogebic County, Michigan, and to transact a general banking business, the location
of said bank and of the transaction in said business being at said Wakefield.”
You wish to be advised whether or not you should accept for record articles ofassociation
under Chapter 160 of the Compiled Laws of 1897, in which the purposes of organization stated
are to own and operate a bank and to transact a general banking business.
Act No. 191 of the Public Acts of 1877 (Chapter 160, Section 6079 et seq. Compiled Laws
of 1897), is entitled:
“ An act authorizing the formation of partnership association in which the capital sub
scribed shall alone be responsible for the debts of the association, except under certain circum
stances.”
Section 1 o f this Act provides that these associations may be formed “ for the purpose of
conducting any lawful business or occupation within the United States or elsewhere.”
The
members o f such associations are liable only to the extent o f their subscription and for labor
debts. The legislature has expressly recognized associations organized under this Act as cor
porations, as is shown by Section 36 o f Act 232 o f the Public Acts of 1903, the general co r
poration law, which excepts from its operation “ the corporations provided for in the follow
ing statutes: Chapters 160 to 164 both inclusive * * *” Chapter 160 being Act 191 o f the
Public Acts o f 1877, the partnership association limited law.
And the Supreme Court o f this State has held that partnership associations limited, organ
ized under Act 191, are to be governed by the general rules governing corporations.
Rouse Hazzard & Co. v. Detroit Cycle Co., I l l Mich. 251,
Staver, etc. Mfg. Co. v. Blake, 111 Mich. 283.
Act 191 provides that partnership associations limited may be formed for the purpose o f
conducting any lawful business or occupation. As these partnership associations limited are
governed by the rules relating to corporations it follows that under this general blanket
clause a partnership association limited cannot be organized to transact a business around
which the legislature has thrown special restrictions and for which it has provided special
incorporation laws. It has been held that where a statute authorizes incorporation for any
lawful purpose, and another statute provides fo r the incorporation o f certain kinds o f cor
porations—such as railway, telegraph or telephone companies— no company can be incor
porated under the more general statute for the purposes which are covered by the other
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statute. The legislature is taken to have intended that, notwithstanding the general lan
guage o f the one statute, no corporation should be formed for the purposes mentioned in
the other without subjecting itself to the provisions o f the other and more restrictive
statute.
Machem’s Modern Law o f Corporation, Vol. 1 , Sec. 63.
The legislature o f this state has provided by the General Banking Laws for the incor
poration o f companies proposing to do a banking business, has fixed the liability o f stock
holders in such corporations in excess o f the capital stock, and has placed special restric
tions around such corporations. The passage o f these General Banking Laws, providing for
the organization o f corporations under conditions quite inconsistent with those prescribed
by the partnership association limited law, seems to be a strong legislative declaration that
banking companies cannot be organized to acquire a corporate existence under acts such as
the latter, and shows a clear legislative intent to separate banking corporations from other
corporations, or from partnership associations limited which might lawfully be organized and
promoted under such broad and general language as is contained in the partnership associa
tion limited law. The General Banking Laws have placed upon banking corporations special
restrictions and limitations not applicable to other corporations or to partnership associa
tions limited, and have imposed upon stockholders o f such corporation a special and increased
liability. These special restrictions and limitations cannot be evaded by the simple device o f
incorporation under the partnership limited law or other general incorporation laws.
In my judgment the legislature has clearly expressed its intention that no corporation or
partnership association limited shall acquire or exercise the right to do a banking business
without subjecting itself to the statutory provisions o f the General Banking Laws by incor
porating under such laws, and it is therefore, my opinion that an association or partnership
limited cannot be organized under Chapter 160 o f the Compiled Laws of 1897, for the purpose
o f owning and operating a bank or conducting a general banking business.
Your communication calls attention to a previous ruling o f this department to the effect
that “ There is no legal objection to a partnership association limited, formed under and
pursuant to Chapter 160 o f the Compiled Laws o f 1897, doing a private banking business,
but that such business would have to be conducted pursuant to and in accordance with the
requirements o f Chapter 133 o f the Compiled Laws o f 1897.” The opinion herein given is
contrary to and reverses this ruling.
I have carefully examined Chapters 160 and 133 to determine their possible relation to
each other.
Chapter 160, the partnership association limited act, appears to attach no
liability to members o f such associations other than for labor debts and to the extent of their
stock subscriptions, while Chapter 133, which is an act relating to the business o f bankers,
brokers, and exchange dealers, creates no restriction or limitations upon the common law
liability o f members o f a partnership carrying on a business pursuant to its requirements.
It is true that under Chapter 133 individuals or partnership associations may engage in
a private banking business, but it by no means follows that partnership associations organized
under Chapter 160, the partnership association limited law, may therefore also engage in the
same business. The liability incurred by members o f a partnership acting under the former
law is clearly inconsistent and irreconcilable with that imposed upon and incurred by mem
bers or stockholders o f a partnership incorporated and acting under the latter law, and it
would therefore be impossible for a partnership association limited, organized under Chapter
160 to come under the provisions o f Chapter 133 and to conduct a private banking business
under that act.
Yours very truly,
(Signed) F ranz C. K uhn ,
Attorney General.
EXECUTOR NOT TO SUBSCRIBE FOR STOCK IN
BANK
IN
HIS
REPRESENTATIVE
CAPACITY.
(26)
June 6, 1912.
Hon. E. H. Doyle, Commissioner o f the Banking Department, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication o f May 2 1 st, in which you ask whether
or not the Department should accept articles o f incorporation for a state bank which dis
closes that one o f the proposed incorporators is an executor o f an estate and subscribes for
shares in his representative capacity as executor.
For reply thereto would say that section 1 o f the General Banking Law authorizes the
organization o f commercial banks by any number o f persons not less than five who may
associate together for that purpose.
The persons so associating are required to execute
articles o f incorporation which are approved by the Commissioner o f the Banking Depart
ment. The act is silent upon the subject o f who may become the original incorporators. By
other provisions o f the act each stockholder is liable for the benefit o f the depositors to the
amount o f his stock at the par value thereof in addition to the stock, but it is expressly
provided that persons holding stock as executors, administrators, guardians or trustees, and
persons holding stock as collateral security, shall not be personally liable as stockholders but
the assets and funds in their hands constituting the trust shall be liable to the same extent
as the testator, intestate, ward or person interested in such trust funds would be if living
and competent to act.
This provision, while recognizing that stock in state banks may come into the hands
o f executors, administrators, guardians or trustees, does not in my judgment, authorize an
executor or administrator to take part in the organization of a state bank and subscribe fo r
stock therein as one o f the original incorporators. It seems to me that in principle an
executor or administrator would not have authority to bind the estate in this manner and
I am o f opinion consequently that under the provisions o f the General Banking Law you
should not accept articles o f incorporation fo r a state bank which discloses that one o f the
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proposed incorporators is an executor o f an estate and subscribes for shares in his representative capacity.
Yours respectfully,
(Signed) F ranz C. K uhn ,
Attorney General.
TRUST COMPANIES MAY RECEIVE DEPOSITS AND ISSUE CERTIFICATES THEREFOR.
( 27)
December 31, 1912.
Hon. Edward H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— In your communication to this department o f November 26th, 1912, you present
for consideration the following questions:
“ Refering to Act No. 108 o f the Public Acts o f 1889, as amended, known as the Trust,
Deposit and Security Company Law, we would appreciate your opinion as to whether or not
a trust company has the right to issue certificates o f deposit and whether or not such certifi
cates o f deposit must be restricted as evidencing the receipt o f money in trust.
Also advise whether or not a trust company ca/i issue its certificates of deposit for money
received in any other manner than in trust.”
The specific inquiry is, whether a trust company in Michigan can receive moneys other
wise than in trust and issue certificates o f deposit as evidence thereof.
All authority which a trust company possesses must be conferred upon it by law. As in
the case o f any other corporation, the act o f incorporation which constitutes the charter
is the measure o f its powers. Unless that charter (with other statutes o f the State, which
may properly be termed a part o f the charter) confers the authority, the trust company does,
not possess it.
The law for the incorporation o f trust companies in Michigan is Act 108 o f the Public
Acts o f 1889, being sections 6156 to 6189 (C. L. 1897) inclusive. Under the terms o f this act,
a trust company possesses the specific authority:
(a) To act in various capacities as a trustee.
(b) To act as and to conduct a depository for the safe keeping of certain personal property
and the renting o f safety deposit receptacles, and
(c) To act as surety and guarantor under certain circumstances.
In addition to these specific authorities, Section 9 o f said act confers upon the trust com
panies organized thereunder the following authority:
“ Any corporation organized under this act shall have power in and by its corporate name
to take, receive, and hold, and repay, reconvey and dispose o f any effects and property, both
real and personal, which may be granted, committed, transferred or conveyed to it with its
consent, upon any terms.”
The language last above quoted, is sufficient to confer upon trust companies the authority
to receive money on deposit and as incident to that authority there would exist the right to
issue notes, certificates or other evidences o f the indebtedness or relation thereby created.
This general language, however, is limited by the exception contained later in the same
section (Section 9) which is:
“ But nothing herein contained shall be construed as giving the right to issue bills to
circulate as money, or buy or sell bank exchange, or do a general banking business.”
It may be taken for granted that the issuance o f certificates of deposit is not the issuing
o f bills to circulate as money or buying or selling o f exchange the question therefore resolves
itself into whether the issuing o f such certificates is doing a general banking business as to
be within the limitation upon the powers
o f trust companies and thus beyond their authority.
The general structure o f the act in
question indicates that the authority o f trust com
panies in receiving effects and property is not to be limited to the receipt o f those which
it receives and holds as trustee. It is unnecessary to point out all o f the provisions of the
act, which lead to this conclusion: It is sufficient to refer to the general provisions above
quoted (Section 9) which was unnecessary if the authority of the corporation was to be
limited to the taking and receiving o f effects and property (which would include money)
to be held in trust, as full authority is, by other provisions o f the act, conferred upon the
company to act as trustee. This conclusion is further borne out by the state o f the law
and the changes made there the passages o f said act No. 108 o f the Public Acts o f 1889.
Previous to the passage o f that act, the act for the incorporation o f trust companies being
sections 3237 and 3251 (Howell’s Statutes) inclusive, conferred quite full authority upon
trust companies to act as trustees fo r any lawful purpose and the extension o f their authority,
by the use o f language designed to include other than powers o f trusteeship, indicates a
purpose to so enlarge the powers permitted to be exercised by trust companies as to go beyond
the usual functions o f a trustee and to permit them to receive effects and property upon
other terms than as trustee, and in fact, as the statute as amended provides, '“ upon any
terms.”
W e come then to the real question presented for solution, namely whether in the receiving
o f deposits and issuing certificates therefor, a trust company would be doing “ a general banking
business.”
Unquestionably, the receiving o f deposits and the issuing of certificates therefor, is one
o f the many functions ordinarily and usually performed by a bank, but it does not appear
that such function has been exercised alone by banks, or that it is such as to be inseparable
from the banking business, or that its exercise would fix the dividing line between being
a bank or not, or between exercising or not exercising “ general banking business.”
In the inception and growth o f the banking business there have been three types o f banks
—banks o f issue, banks o f deposits and banks o f discount. The modern banking institution,
however, usually combines two or more o f these authorities and has many ramifications in
the plan and method o f carrying out its function. The general banking authority as is
exercised in Michigan, by State banks at least, will be best described in the language o f the
General Banking Law (Section 4, 6093, C. L. 1897) which authorizes:
“ All such powers as shall be necessary to carry on the business o f banking by discounting
and negotiating promissory notes, drafts, bills o f exchange or other evidences o f debt, by
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receiving deposits, by buying and selling exchange, coin and bullion, and by loaning money
on personal and real security as provided hereinafter.”
If a trust company sought to exercise all or a principal part o f the authorities above
conferred upon banks, or even a single one o f the important functions usually exercised only
by banks, it would be within the inhibition o f the statute. The exercise, however, o f a single
authority which a bank in the course o f its business exercises but which is open to others
than bankers, namely, the borrowing o f money and issuing in evidence of the debt, would not
constitute the doing o f a general banking business. To do a general banking business, trust
companies must exercise those functions which are primarily banking functions and which
fix the character o f the institution doing them as a bank. A trust company does not receive
money in the same manner and in the same relation that a bank receives it. A trust company
receives the money which a depositor places with it as a trust company and not otherwise.
This is the only power that is given to such company to receive money. It is not incor
porated as a bank, nor authorized as a bank, to receive money, but as a trust company. And
having received said money as a trust company, the only implied authority that such trust
company would have to repay it would be to repay it as a trust company and not as a bank.
When a deposit is made in a bank, no understanding, no contract, no arrangement, nothing
is necessary to authorize the depositor to draw his check on such bank and such bank is by
operation o f law alone compelled to honor such check. Without this characteristic no insti
tution is usually a bank; with it, any institution is doing a banking business.
In C o r w in v . T h e XJrbana a n d C h a m p a ig n M u t u a l In s u r a n c e C o m p a n y (14 Ohio 6) the
charter contained a provision prohibiting the exercising of banking powers and it was held
that the receiving o f deposits was not within the prohibition against banking. It did, how
ever, appear that certificates o f deposit were not issued. The court there said;
“ It does not appear to us this finding is within the prohibition against banking; and, if
not, it is a lawful pursuit, in which a corporation, as well as an individual, may engage;
and it is well said b / the defendant that, although receiving deposits is a part o f the business
o f banks, it is n o e x c l u s i v e p r iv ile g e o f th e ir s , nor is the discounting o f notes.”
In Dietrich v. Rothenberger (75 S. E. [Kentucky] 271) it was held that the borrowing of
money by a title company and the issuance o f a certificate of deposit therefor did not con
stitute the doing o f a banking business, the Court saying:
“ The distinction between such a transaction and the business of banking is plain, for any
one may borrow money, and may put in such form as he pleases the evidence o f his indebted
ness. An express company is not a
bank, although it draws and sells bills o f exchange.
Wells Fargo & Co. v. Northern Pacific Railroad Co. (C. C.) 23 Fed. 469. Nor is a corporation
a bank, which borrows for its own use on bonds. Barry v. Merchants’ Exchange Company, 1
Sandf. Ch. 280. In 3 American & English Ency. o f Law, 791, it is said: “ The distinction
between a bank and a trust company is well defined. The powers o f the trust company depend
upon the terms o f its charter, o f course, but they are not banking powers. The trust company,
like the savings bank, pays interest upon deposits, but its deposits are strictly loans, not
subject to check. It may not issue its own notes fo r circulation nor does it buy or sell
exchange in the ordinary course o f its dealings. In directions that are not akin to banking,
its powers are much broader, and extend outside the monetary realm into real estate trans
actions, trusteeships, and the conduct o f property interests of all kinds. The exercise by a
trust company o f some o f the functions o f a bank does not make the company a banking
institution, nor lay its officers liable to prosecution fo r violating the banking laws. Banks
receive deposits subject to check. They are public agencies created for the public service, and
are required to serve the public. The money in this case was simply lent for 12 months. It
was not subject to check. There was nothing in the transaction that might have been done,
and is not in fact done, by many individuals throughout the State. It was not exercise by
the corporation o f any banking privilege, nor beyond the powers o f the corporation under
its charter.”
See State ex inf. Crow, Attorney General, v. Lincoln Trust Company, 144 Mo. 562, 588.
The practical construction which has been given to the statute in question should be given
some weight. It is claimed that the act in question has been constructed by those operating
under it as permitting the receiving o f moneys for safe keeping, and
the issuance o f cer
tificates o f deposit therefor, and that this practice has been followed without successful
opposition or objection, from the passage o f the act o f 1889, until the present time. Where
the language o f the act is doubtful, the long continued practice under it is often permitted
to turn the scale in favor o f the construction evidenced by the practice under it, and this,
we think, is an influence, to be considered in determining that trust companies may receive
deposits and issue evidence thereof.
In other states, it has been quite common to Confer upon trust companies the authority
to receive deposits and to issue certificates thereon, and at least twenty-three of the states
have such provisions. There is evidently, therefore, nothing inconsistent in the idea o f trust
companies receiving money on deposit for safe keeping, and the question is not to be viewed
in the same light as though a well defined public policy pointed to the exclusion o f this
power from trust companies.
In B a n k o f S a g in a w v . T itle a n d T r u s t C o m p a n y (105 Fed. 491, 492), a Pennsylvania trust
company issued six certificates o f deposit, which were negotiated at the Bank o f Saginaw,
and the bank brought its action in the United States Circuit Court in Pennsylvania to recover
upon the certificates. The certificates issued by the trust company were in form as follow s:
$500.00 No. 2
Title & Trust Company o f Western Pennsylvania.
:'iir
Connellsville, Pa., Feb. 5, 1900.
J. F. Barrows has deposited with this company five hundred! dollars, payable to the
order o f J. F. Barrows on return o f this certificate properly endorsed.
W. M. Ruth,
“ 1500.00
m
Certificate o f Deposit. Not subject to check.
Endorsed: J. F. Barrows.”
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The question arose respecting the right of the Trust Company to issue certificates and
Circuit Judge Acheson said:
“That the defendant company is authorized to receive deposits of money is conceded, but
it is denied that it had lawful authority to issue such certificates as those in suit. There is,
however, no statutory or other inhibition of such certificates. These certificates are in the
form commonly used everywhere in the commercial world by bankers and companies receiving
money deposits and the defendant’s right to issue them in the course of its business and as an
incident thereto is not to be doubted.”
In Michigan, as well as in many other states, a certificate of deposit is considered to be a
promissory note subject to the same rules and conditions. This we believe to be the law in
all but three of the states, namely Massachusetts, Pennsylvania and Texas.
The authority to receive money would carry with it the authority to give an evidence of
its receipt in the form of a note, and this would extend to and permit the issuance of a
certificate of deposit.
There has been some question as to whether a demand certificate could be given, and
whether if the right to issue certificates exists it is not limited to time certificates. We think
however, that the authority to issue a certificate carries with it the authority to issue it
either payable at a stated time, or upon demand.
“It Will be noted that trust companies are not expressly required to maintain a reserve
as it is required to be maintained by state banks in that they are expressly required to main
tain as reserves only 20% o f their matured obligations, while state banks are required to
maintain 15 to 20% o f all obligations. We doubt somewhat the policy of permitting a trust
company to do a deposit business without maintaining at least the same reserve that is
maintained by state banks. To this question we wish to direct the attention of the legisla
ture to the necessity o f express legislation requiring the maintaining of sufficient reserves
by trust companies in case the authority which the present law gives them to receive deposits
is to be continued.”
We concur in the above opinion.
(Signed)
Grant F ellows.
R oger I. W ykes.
VACANCY ON BOARD THROUGH FAILURE OF STOCKHOLDERS TO ELECT CANNOT BE FILLED
BY BOARD.
(28)
Lansing, January 8, 1918.
Hon. Albert E. Manning, Deputy Commissioner of Banking Department, Lansing, Michigan:
Dear Sir— I am in receipt o f your communication of December 30th enclosing copy of letter
received by your department from Mr. William V. Moore, o f Detroit, relative to amending the
articles o f association o f a certain state bank organized in thé year 1871 under what is known as
the old banking law, and asking for an opinion from this department with reference to the same.
Mr. Moore’s letter states that in the original articles filed by the Wayne County Savings
Bank in 1871, the first directors were named and their number was fixed by Article 7; that
subsequently by amended articles filed February 12, 1885, the number o f directors was fixed at 9;
and later, after certificates had been filed under the new banking law bringing the bank within
its provisions, the number of directors was fixed at 1 1 by a resolution of the stockholders adopted
January 11, 1900. It is now proposed to amend the articles of association by providing that the
board o f directors shall be elected at the regular annual meeting in January of each year, that
the number o f directors to be elected shall be regulated by a by-law prescribed by the board of
directors, and that such by-law may provide for the filling of any vacancy on said board arising
through a failure to elect at the regular annual meeting, or through the death, resignation o f
incapacity o f any director duly elected. You wish to know whether or not such an amendment
will be legal.
Section 4 of the old banking law (Section 2185 of the Laws of 1871), under which the Wayne
County Savings Bank was organized, provides for a board of directors of not more than nine
members. The present banking law under which that bank is now operating by virtue of having
filed the certificate required byi section 60 thereof (Section 6149, Compiled Laws of 1897) does not
limit the number of directors. Section 4 of the law (Section 6093, Compiled Laws of 1897) pro
vides in part that a bank upon filing its articles shall be a body corporate, and as such shall
have power:
“ Fifth. To elect or appoint directors * * *”
“ Sixth. To prescribe by its board of directors, by-laws not inconsistent with law, regulating
the manner in which its stock shall be transferred, its directors and officers elected or appointed,
its stockholders convened for special meetings, its property transferred, its general business
conducted and the privileges granted to it by law exercised and enjoyed.”
Section 12 o f the present law (Section 6101, Compiled Laws of 1897 as amended) provides in
part that “ the affairs o f each bank shall be managed by a board o f not less than five directors
who shall be elected by the stockholders.”
As the certificate filed by the Wayne County Savings Bank under section 60 (since repealed)
o f the present banking law brought it within its provisions, it isi now governed by the provisions
above set forth with reference to the number and manner o f election of its directors. Under
these provisions there are no limitations as to the number o f directors, except that there cannot
be less than five. The directors must, however, be elected at the annual meeting o f the stock
holders in January, and if “ for any cause an election is not had at that meeting it may be
had at a subsequent meeting called for that purpose.” Vacancies in the board o f directors
shall be filled by the board, but I am o f the opinion that this does not mean such vacancies
as are created by failure o f the stockholders to elect at an annual meeting.
The proposed amendment to the original articles of the Wayne County Savings Bank, above
referred to, provides for the election of a board of directors at the regular annual meeting in
January, provides that the number of directors to be elected shall be regulated by a by-law
prescribed by the board of directors, and provides further that said by-law may provide for
the filling of any vacancy on the Board arising through a failure to elect at the regular annual
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meeting’, or through the death, resignation or incapacity o f any director duly elected. None of
these provisions, except the one relating to the filling o f a vacancy on the board caused by failure
to elect at an annual meeting, is inconsistent with the provisions of the present banking law,
and it would therefore be entirely proper and legal to incorporate them into the original
articles by the proposed amendment. I am o f the opinion, however, that the provision relative
to the filling o f a vacancy o n ' the board caused by failure to elect at the annual meeting is
inconsistent with the terms o f section 21 o f the present banking law above set forth, and such
provisions would therefore be illegal. As hereinbefore stated, a vacancy caused by the failure
to elect at an annual meeting is not such a vacancy as can be filled by the board of directors
itself.
It may be suggested, that the provisions which can be incorporated into the articles o f
association o f the Wayne County Savings Bank by amendment, and which are not already
a part o f its charter because contained in the banking law, can be made just as legal and
efficacious by a by-law adopted by the board o f directors under subdivision 6 o f section 4 of
the banking law, which gives the board o f directors power to make by-laws not inconsistent with
law regulating the manner o f election or appointment o f its directors and officers.
Very respectfully,
Grant F ellows,
A tto r n e y
STATE BANKS
MAY
OPEN ON
LEGAL HOLIDAYS
W IT H
CERTAIN
(29)
Hon. Edward H. Doyle, Banking Commissioner, Capitol, Lansing:
G e n e r a l.
RESTRICTIONS.
March 15, 1913.
Dear Sir— I have yours o f the 12th inst. in which you state:
"W e have had several inquiries o f late from state banks asking whether or not a state
bank could keep open on all holidays for the transaction of a general business except such
business which relates to the presentation for payment or acceptance or protesting o f promissory
notes and other obligations.
W e have always taken the position that there was nothing in the law to prohibit a bank
from keeping open on any o f the holidays mentioned in Act 124 o f the Public Acts o f 1865 as
amended and transacting business except that relating to presentation, acceptance or protesting
of notes, etc.”
In reply thereto would state that the language o f the Act in question is somewhat confusing.
The title o f the Act being as follow s: “ An Act designating the holidays to be observed in
the acceptance and payment o f bills o f exchange and promissory notes, in holding o f courts
and relative to the continuance o f suits.” While Section, 1 as amended by Act 246 o f the Public
Acts o f 1909, provides, in part, as follow s: “ Provided, further, That nothing herein contained
shall be construed to prevent or invalidate the entry, issuance, service or execution o f any
writ, summons or confession o f judgment or other legal process whatever, holding courts or
the transaction o f any lawful business except banking on any of the Saturday afternoons herein
designated as half holidays, nor to prevent any bank from keeping its doors open or transacting
its business on any o f the said Saturday afternoons, if by a vote o f its directors it elects to
do so.”
From a reading o f the last section it might be implied that there was a legal restriction
against keeping a bank open upon a legal holiday. I do not believe, however, that this was
the legislative intent; but that on the contrary the intent was, as is set forth in the title of
the act itself, namely: the prevention o f the acceptance and payment of bills o f exchange and
promissory notes. Consequently, I am o f the opinion that to keep a bank open for purposes
other than the ones stated would not be a violation o f the law, and that your ruling in the
matter has been right.
Very respectfully,
A. B. Dougherty,
D e p u t y A t t o r n e y G e n e r a l.
COMMISSIONER
MAY
REQUIRE
INFORMATION
TENDING
TO SHOW
(3°)
Hon. Edward H. Doyle, Banking Commissioner, Capitol, Lansing:
BAN K ’ S CONDITION.
March 24, 1913.
Dear Sir I have your communication o f March 17th calling attention to sections 2 1 , 39
and 55 of the General Banking Laws relating to reports to be made by state banks and the
furnishing o f information to the Banking Commissioner. Y ou state:
. “ W,e, y ° uld appreciate your opinion as to whether or not a state bank has the right to
withhold information o f any character from the Commissioner, his deputy, or one o f the bank
examiners, upon being requested to furnish same. To what extent could the Department go in
case of refusal to furnish any information affecting the condition o f the bank?”
In reply thereto would say section 21 o f the general banking law requires every bank to
make certain reports according to the forms which he (Commissioner of Banking) shall pre
scribe and furnish. This section also provides that “ Such reports shall exhibit in detail, and
under appropriate heads, the resources, assets and liabilities of the bank at the close of busi
ness o f any past day by him specified,” etc. Also that “ Such Commissioner shall also have
the power to call for special reports from any bank or banks whenever, in his judgment, the
same are necessary to inform him fully o f the condition o f such banks.” Section 39 provides:
“ It shall be the duty of the Commissioner o f the Banking Department, and he shall have
power for himself, his deputy, or any examiner he may appoint for that purpose to examine
two or more times in each year, the hash, bills, collaterals or securities, books o f account,
condition and affairs o f each bank under the law, and also when requested by the board of
directors o f any bank. For that purpose he may examine on oath any o f the officers, agents,
clerks, customers or depositors o f such bank, touching the affairs and business o f such bank.
Any wilful false swearing in any examination shall be deemed perjury. He shall also ascertain
whether each bank transacts its business at the place designated in the articles of incorporation,
and whether its businesses conducted in the manner prescribed by law.”
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Section 55 o f the general banking law provides among other things, that if the commissioner
shall become satisfied that a bank “ is conducting its business in an unsafe or unauthorized
maijner, or if any bank shall refuse to submit its book§ and papers and concerns to the
inspection o f the Commissioner, his deputy or any examiner, or if any officer o f such bank shall
refuse to be examined under oath touching the concerns of the bank, or if from any examination
made or report here provided for, the Commissioner shall conclude that such bank is in an
unsound or unsafe condition to trans&ct the banking' business, so that it is unsafe and inexpedient
to continue same,” he shall in the manner therein prescribed make appliication for the appoint
ment o f a receiver for such bank.
. . . . . .
The foregoing sections are the only provisions o f statute to which my attention has been
called expressly bearing upon your question. The language o f the statute seems clearly to
confer upon the Banking Commissioner the right and authority to demand, receive and
procure any and all such information as he may require or deem necessary in order to fully
understand the condition o f a bank, the character or amount o f its obligations and the affairs
thereof. The Commissioner is expressly charged with the duty o f determining whether or
not a bank is conducting its bank in an unsafe or unauthorized manner. He must also determine whether the bank is in an unsound or unsafe condition to transact the banking business so that it is unsafe and inexpedient to continue the same. He has the right to secure
information upon forms prescribed by him, and he may examine on oath any o f the officers,
agents, clerks, customers or depositors o f the bank touching its affairs and its business. The
Commissioner o f Banking, and not the bank, is the judge o f the information necessary for
him to have to place him in a
position where he can perform hisstatutory duty. It will be
assumed that the Commissioner o f Banking, or his deputy, or any assistant duly authorized,
will not dmand or require any information other than such as it is deemed expedient to have
in order to determine the exact condition o f a bank and its affairs. When information is
demanded, it is the duty o f the bank to furnish it, and the Commissioner’s demands are not
open to question by the bank. It would be indeed an anomalous condition if notwithstanding
all the duties devolving upon the Banking Commissioner, the bank could determine for itself
the character or amount o f information it should disclose.
It is therefore my opinion that the bank has not the legal right to withhold any information
which the Banking Commissioner shall in the exercise o f his discretionary authority determine
is necessary in order to furnish him with the knowledge to perform his duty.
Said section 55 is very clear and explicit in its terms. When any such condition as is
therein referred to exists, it is clearly the duty o f the Banking Commissioner to make appli
cation for a receiver. The Banking Commissioner has no right to assume that because o f the
failure or refusal o f the bank to furnish the information he desires, the bank is in a safe or
sound condition. The very fact that information which the Banking Commissioner may determine
is necessary is refused by a bank is in itself some reason for suspicion. I f therefore, through
the refusal o f a bank to furnish such information as you may deem necessary you are unable
to determine whether it is proper for the bank to continue in the banking business, it is my
judgment that you would be clearly authorized to proceed in the manner outlined in said section
55 o f the general banking law.
V ery respectfully,
Grant F ellows,
A tto r n e y
G e n e r a l.
BOARD OF DIRECTORS CANNOT INCREASE OR DECREASE THEIR NUMBER.
(31)
April 3, 1913.
Hon. E. H. Doyle, Banking Commissioner, Capitol, Lansing:
Dear Sir—I have your communication o f March 27tli, in which you state that, “ The Depart
ment has already held that the board o f directors could not increase or decrease the number
o f stockholders constituting the board, that the only authority delegated to the directors in
this regard was that they could indicate the manner in which the members of the board should
be elected, and in case o f a vacancy occurring on the board between the annual meetings o f
stockholders, the directors have the right to fill such vacancy.” Y ou state, “ We would appre
ciate your opinion as to whether or not the board o f directors o f a state bank has the right
to increase or decrease the number o f members constituting the board.”
In reply thereto would say it is my opinion that, at least between stockholders’ meetings,
the number o f directors cannot be decreased or increased by the board of directors. Section .
12 o f the banking law provides in part that, “ any vacancy in the board o f directors shall be
filled by the Board, and the director so appointed shall hold office until the next election.”
The above quoted language clearly implies a duty developing upon the board o f directors to
fill any vacancy that may occur. It is not a discretionary duty with the board o f directors. It is
a positive requirement that the vacancy “ shall be filled by the board.” This is a mandatory
provision, and the law clearly contemplates a strict compliance therewith.
V ery respectfully,
(Signed) Grant F ellows,
A t t o r n e y G en era l.
DIRECTORS MUST HAVE FULLY PAID FOR TEN SHARES OF STOCK AT ORGANIZATION.
(32)
April 3, 1913.
Hon. Edward H. Doyle, Commissioner o f Banking, Capitol, Lansing:
My Dear Sir— I have your communication o f March 22nd in which you inquire whether
as a condition precedent o f the right o f a person to he elected and act as a director o f a
bank he must actually pay in full fo r at least ten shares, or if he subscribes fo r ten shares
o f stock and only pays for fifty per cent if he thereby becomes eligible as a director.
In reply thereto would say section five o f the banking law requires that at least 50 per
cent o f the capital stock o f every bank shall be paid in before it shall be authorized to commence
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business. Section 12 of the banking law, which relates to directors, provides in part that:
“ Every director must own and hold in his own name not less than ten shares of the capital
stock of such bank.”
The fact that a bank may be authorized to commence business with only 50 per cent of
the capital stock thereof paid in has absolutely nothing to do with the statutory provision
requiring every director to own and hold in his own name not less than ten shares o f the
capital stock. The language above quoted means exactly what it says: It means that every
director must actually own, that is, that he must have fully paid for at least ten shares of the
capital stock o f the bank and not that he may actually pay for 50 per cent o f the ten shares and
subsequently have the right o f ownership in the balance thereof when he makes payment therefor.
Very respectfully,
(Signed) G r a n t F e l l o w s ,
Attorney General.
TAXATION OF BANK STOCK.
(33)
April 26, 1913.
Hon. Edward H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— I have before me your communication o f April 18tli, in which you request an
opinion upon the following proposition:
“ First. Has the board o f directors o f an incorporated bank by proper proceedure, the
power to authorize the total stock o f the bank, to be assessed to the bank by the supervisor
where the bank is located, and have the taxes on stock paid by the bank, regardless o f where
the stockholders are located?
Second. Has the village assessor a legal right to assess the total bank stock to the bank
in the village where the bank is located, where a portion is located on one side o f the county
and a portion outside o f the village?”
In reply thereto would say the answer to your inquiries seems to be contained in the
language o f the 3rd subdivision o f section 14 o f the general tax law as found on page 27
o f the pamphlet o f general tax laws, revision o f 1907. This subdivision provides that, “All
shares in banks shall, be assessed to their owners
in
the township, village or city where the bank
is located: Provided, That the shares owned by a person residing in the county where the bank
is located shall be assessed in the township or city where he resides.”
My attention has not been challenged to any provision o f the law that would authorize either
the board o f directors or the village assessor to change the method prescribed in the above
statute. Accordingly, I am inclined to believe that each o f the inquiries which you submitted
should be answered in the negative.
Very respectfully,
(Signed) G r a n t F e l l o w s ,
Attorney General.
STATE BANKS CONTEMPLATED IN CITIES OR VILLAGES ONLY.
(34)
May 1 0 , 1913.
.
Hon. Albert E. Manning, Deputy Commissioner o f Banking, Capitol, Lansing:
Dear Sir— I have your communication o f May 1 st in which you state that you are in
receipt o f an application to organize a state bank with its office and place o f business to be
located in “ the township o f Springwells,” County o f W ayne and State o f Michigan, with a
capital o f $25,000.00. You ask:
“ First. Can the Department legally accept the articles o f incorporation with the location
designated, and business to be carried on, as in a township rather than in a city or village?
Second. If so what construction on the law can be placed with reference to the capital
stock requirements?
Third. In other words, would the capital stock be based upon the population o f the town
ship as a whole (inclusive, o f course, o f incorporated cities and villages), or would the capital
stock be based upon the population o f the settlement, or community, in which the bank actually
transacts business?
In answer to your first inquiry, would say that section 1 o f the General Banking Law seems
to recognize only cities and villages as the place where a banking business may be conducted.
W e have, however, held that a bank may be established in an unincorporated village. (See
Attorney General’s Report for 1905, page 98.)
Section 2 o f the General Banking Act requires the persons associating to execute articles
o f incorporation which shall specify: “ 2nd. The county and city or village where such bank
is to be located and to conduct its business.” It is my opinion that it was clearly the intent
o f the legislature to limit the place where a banking business may be conducted to either a city
or village (including unincorporated villages) and that your department would have no authority
to accept an application which shows upon its face that the place of business is a designated
“ township” rather than a city or village.
In answer to your second and third inquiries, would say if a bank is established in an
incorporated village the amount fo r which it may be capitalized depends upon the population
o f the village. The same rule is applicable in the case o f an unincorporated village. I have
heretofore held that where a state bank is authorized to do business within an unincorporated
village, that it cannot legally establish a branch agency outside o f such unincorporated village
and in another settlement or unincorporated village. (See opinion to Hon. E. H. Doyle, Banking
Commissioner, under date o f February 17, 1913.)
It is therefore my opinion that the capital stock in the case you suggest would be based
upon the population o f the settlement, community or village, incorporated or otherwise, in
which the bank is actually authorized to transact business.
Very respectfully,
(Signed) G r a n t F e l l o w s ,
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Federal Reserve Bank of St. Louis
Attorney General.
xlviii
STATE
B A N K IN G
DEPARTM ENT
PROPER RECORD OF REPORT OF DIRECTORS’
EXAMINATIONS.
June 30, 1913.
(35)
Edward H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— I have your communication o f June 25th, which reads in part as follow s:
“ W e desire to call your attention to Section 15 o f the law. W e have recently been
asked by a state bank whether they would be complying with the provisions o f this section
o f the law if they permitted the report o f directors’ examination to be read at board meeting,
and have the minutes o f such meeting show as follow s: ‘The committee appointed on the
8th day o f October to make the second examination of the year submitted report of such
examination. On motion o f Mr. C report was accepted and order placed on file, and report
made a part o f these records.’ ”
*
. „ ..
In reply thereto would say section 15 o f the Banking Law to which you refer requires the
board o f directors to appoint an examining committee. The section provides that: _
“ The examining committee shall report to the board, give in detail all items included in
the assets o f the bank, which they have reason to believe are not o f the value at which they
appear on the books and records o f the bank, and give the value o f each o f such items as in
their judgment they may have determined. The board shall make a proper record of said
report in the minute books o f the bank, etc.”
. ,
,,
, .
The material requirement is that the report o f the examining committee shall be made to
the board, and that the board shall make a proper record thereof. The statement set forth
in the minutes as indicated by your letter, show that the report was submitted, accepted,
placed on file and made a part o f the record. The statute requires the report to be recorded
in the minute books o f the bank. It is believed, however, that the action in question is a
substantial compliance with the law.
,„ „
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
Attorney General.
a m o u n t o f b o n d s o f o f f ic e r s
AND EMPLOYES MUST BE
co m m en su rate
(36)
w it h
s iz e
of b a n k , e tc .
August 21, 1913.
Hon. Edward H. Doyle, Commissioner o f Banking, Capitol:
Dear Sir—I have your communication o f the 20th in which you submit an inquiry under
the Fifth subdivision o f Section 4 o f Act 205 o f the Public Acts o f 1887, as amended. Your
inquiry is as follow s:
“ Where the directors o f a bank accept bonds from officers and employes at a nominal amount
only when compared to the cash and securities in their control, would the Department have
the right to require bonds o f a greater amount which would be more commensurate with the
size o f the bank, and the opportunity for defaulting or manipulating?
Will you also advise whether or not under said amendment the Department has the right
to reject personal bonds o f bank officers and employes where officers and bank directors become
sureties thereon ?,?
The amendment to the Act in question is found in Act No. 1 1 o f the Public Acts o f 1913.
The Fifth subdivision thereof reads as follows:
“ To elect or appoint directors, who shall choose from their members a president and one
or more vice-presidents, and shall have power to appoint and employ a cashier or treasurer,
and other officers, define their duties, dismiss such officers so elected or appointed, or any of
them, at pleasure and elect or appoint others to fill their places, and the board of directors
shall require every officer and every clerk concerned in the handling o f moneys, accounts and
securities o f the bank to be bonded either by a surety company authorized to do business in the
State o f Michigan or by a personal bond in such an amount as shall be determined by the board
o f directors: Provided, That the bank shall pay for any surety bonds required o f its employes.”
It will be observed from the foregoing quotation that it is a mandatory duty devolving
upon the board o f directors to require every officer and clerk concerned in the handling o f
moneys, accounts and securities to give a bond. The law clearly contemplates that the amount
o f the bond shall be fo r a reasonable amount and for an amount reasonably proportionate to
the size o f the bank, the character o f employment and the opportunities afforded for wrong
doing. A board o f directors would not be performing its statutory duty if it approves a bond
fo r an amount which clearly shows the action to be a mere subterfuge. It is probably true
that a board o f directors would be liable for failure to require a bond in a proper and reason
able amount. I am inclined to believe that the Banking Commissioner has authority to require
a board o f directors to perform its statutory duty in approving and accepting a bond for a
reasonable amount.
Relative to the second portion o f your inquiry, the above quoted language authorizes any
such officer or clerk to be bonded either by a surety company authorized to do business in the
State o f Michigan, or by a personal bond. It needs no argument to support the proposition
that the legislature never intended that the personal bonds referred to in the above quoted
law should have as sureties thereon the officers and directors of the bank.
It is my opinion that the board o f directors would have no authority to accept or approve
any such bond, and that you would be acting well within your rights if you reject personal
bonds o f bank officers and bank employes where the sureties thereon are officers and directors
o f the bank.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
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Federal Reserve Bank of St. Louis
Attorney General.
REPORT
DISCRETIONARY
OF
AUTHORITY VESTED IN
THE
xlix
C O M M IS S IO N E R
COMMISSIONER IN
CAPITAL
( 37)
STOCK IMPAIRMENT.
October 2, 1913.
Hon. E. H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— I have your communication o f September 1 1 th, which reads as follows:
“ W e respectfully request your opinion as to whether or not, in case o f an impairment of
capital stock, the Department could permit a state bank to accept, in lieu o f cash, stockholders’
notes pro rata to make good the deficiency o f capital stock in said bank on account of bad or
doubtful assets, required by the Department to be eliminated?”
In reply thereto, would say the matter o f making good a deficiency as a result o f the
impairment o f capital stock in a bank seems to be governed by section 42 o f the Banking Law,
being compilers’ section 52 o f the pamphlet o f laws relating to banking, revision of 1911. This
section provides in part that:
“ Whenever it shall appear from the report o f any bank, or the Commissioner shall have
reason to believe that the capital stock o f any bank is impaired or reduced below the amount
required by law, it shall be the duty o f the Commissioner, and he shall have the power to
examine the said bank and ascertain the facts, and in case he finds such impairment or reduction
o f capital, he shall require such bank to make good the deficiency so appearing within sixty
days after the date o f such requisition.”
,
The same section makes it the duty o f the directors o f the bank upon such requisition to
levy the necessary assessment and prescribe the method for the sale of the stock in case the
assessment is not paid.
•
It will be observed from the foregoing quotation that there is a mandatory _ requirement
that the Commissioner o f Banking shall require the bank to make good the deficiency. I am
unable to find any provision which is controlling in the particular manner in which the
deficiency shall be made good. In the absence o f a statutory requirement prescribing whether
the impairment may be remedied either by the! payment o f cash, note or collateral security, it is
somewhat difficult to outline a hard and fast rule, to be generally and universally applicable,
unless the particular bank, the character o f the impairment and the abilitiy o f the stockholders,
thereof to pay, is taken into consideration. The statutory provision which makes it the duty
o f the Commissioner o f Banking to require the bank to make good the deficiency so appearing
vests in him a large discretionary authority. It is his duty to see that the deficiency is made
good. He must be satified, any action or approval o f the board o f directors to the contrary
notwithstanding. Cash or its equivalent should be required. A stockholders’ note would not
necessarily in every instance be a compliance with the law, while in a particular case you
might be warranted in approving a note, with or without collateral security in determining
whether there has been a compliance with the law and your requisition.
It is therefore my opinion that it is fo r the Commissioner of Banking to determine whether
his requisition requiring a bank to make good the deficiency so appearing is obeyed; that there
may be a compliance with the law without the payment o f cash; that cash or its equivalent
should be required and that in determining whether there has been a compliance with the law
a note, or a note accompanied by collateral security may in the discretionary authority o f the
Banking Commissioner be approved in determining whether there has been a compliance with
your requisition.
Very respectfully,
(Signed) G r a n t F e l l o w s ,
Attorney General.
LOANS TO MUNICIPAL CORPORATIONS LIMITED
TO TW ENTY PER CENT OF CAPITAL AND
(38)
SURPLUS.
November, 24, 1913.
Hon. E. II. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir— I have your communication o f November 19th, directing attention to Sections
27 and 52 o f the Banking Law. Y our letter reads, in part, as follow s:
“ The latter provides that a loan to any person, firm or corporation shall not
exceed
twenty per cent o f capital and surplus; and then only upon the two-thirds authorization of
the board o f directors. Under said section we desire to be informed whether or
not a
municipal corporation can borrow on its note, signed by proper officials, an amount in excess
o f twenty per cent o f capital and surplus. It is maintained upon the part o f some banks
that the limitation in said section does not apply to loans to municipal corporations; that
such loans are in the nature o f a public debt, as mentioned in subdivision (b ), section 27 o f
the law, and thereby are subject to such limitations.”
In reply thereto would say it is believed that the banks referred to in your letter are
placing an erroneous construction upon the statute. Section 52 provides in part:
“ The total liabilities to any bank o f any person or o f any company, corporation or firm
for moneys advanced, including the liabilities
of
the company or firm, the liabilitieso f the
several members thereof, except special partners, shall at no time exceed one-tenth part of
the amount o f the capital and surplus o f such bank, etc.”
The same section authorizes a loan of not to-exceed twenty per cent capital and surplus
upon the authorization of two-thirds of the board of directors.
Section 37 refers to entirely different matter. This section prescribes a direction concern
ing deposits or investments, while Section 52 prescribes a limitation on loans which may be
made.
Wedemeyer v. Hindelang, 161 Mich. 600 (603).
In the absence
than to any other
the application of
bank to overstep
corporation.
of express authority authorizing a greater loan to a municipal corporation
person, firm or corporation, no good reason suggests itself to me requiring
a different rule. Instances might arise when it might be hazardous to a
this limit in making loans to a municipal corporation as to any other
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Federal Reserve Bank of St. Louis
STATE
1
B A N K IN G
DEPARTM ENT
It is my opinion that a municipal corporation is bound by the strict terms o f section 52,
and that the bank has no authority to loan money to a municipal corporation on a note
signed by the proper officials in an amount in excess of twenty per cent o f the capital and
surplus.
Respectfully yours,
(Signed) Grant F ellows,
Attorney General.
RENEWALS W IT H
TROPER SIGNATURES TO BE PROCURED.
March 14, 1914.
Hon. E. H. Doyle, Commissioner o f Banking, Capitol, Lansing:
Dear Sir—You have recently forwarded to this Department a letter from Charles D. Thompson
o f Bad Axe, Michigan, asking my opinion upon the inquiry therein made. This letter reads in
part as follow s:
, .
„
..
“ To avoid the objectionable practice o f country banks in extending their power from time
to time because o f the inablity to get all signers to join in new notes, it has been suggested
to me that a note fo r the original loan with the guarantors signing under a guaranty clause
of, ‘for value received, I hereby guarantee the payment of the within note at maturity, or at
any time thereafter, including any renewal o f same, waiving a demand, notice of non-payment
and protest,’ could safely and properly be handled by permitting the maker to execute a new
note and retaining the old note with the endorsement under the above guaranty.
This would give the banker new paper and avoid the question of extension, yet w’ould not
inconvenience his customer.”
Y ou desire to know whether there are any objections to the method outlined in the above
communication.
In reply thereto would say that the principal idea contained in the suggestion seems to be
that such a contract would lessen the work o f the bank in procuring renewals o f unpaid
notes by having the renewals signed only by the parties primarily liable. It is entirely possible
that such a contract would be binding upon the makers were the matter tested in court, but
it occurs to me that it would establish a bad practice for banks. As a matter o f practice I do
not think customers o f banks should be encouraged in the idea that the status o f their paper
is more a matter for the banks to look out for than the borrowers themselves. It is unques
tionably the duty o f borrowers to see that their paper is renewed as often as necessary.
Regardless o f the exact legal question involved I am impressed that you should not countenance
the suggestion made by Mr. Thompson.
Respectfully yours,
A. B. Dougherty,
Deputy Attorney General.
I return herewith Mr. Thompson’s letter.
PURCHASE PRICE OF LEASES MAY BE CARRIED AS BANKING HOUSE.
(40)
.
Lansing, March 17, 1914.
Hon. E. H. Doyle, Banking Commissioner, Capitol, Lansing:
Dear Sir—Your communication of recent date, relative to long term leases by banks for
banking houses, received and contents noted. In your first communication you state the
following:
“ As you are probably well aware, in the large cities in Michigan state banks are estab
lishing a number o f branches or agencies, and in some instances procure banking office and
real estate under the long time lease, in some instances for 99 years, carrying purchase price
o f the lease in banking house account.
In view of the fact we are advised that certain banks may erect expensive buildings on
leased grounds with the expectation of carrying same in their banking house account, we
respectfully ask your opinion as to whether or not the Department has the right, under the
law and all the circumstances, to permit banking house and land so held where thefee of the
property is not in the bank.”
The particular question is presented as to whether a certain lease entered into by the
.................. Bank, a copy o f which you have procured and forwarded to me, is valid so far as
the bank is concerned; and also whether buildings erected upon the ground so leased by the
bank should be carried as “ banking house.”
I have examined this lease, which was originally made between the .........................................
Company and the ......................... Company, parties of the first part, and .........................................
party o f the second part. I assume that the lessee’s rights have been assigned to the bank.
Under the terms o f this lease, which runs fo r 99 years, the lessee is required to pay $20,000.00
a year ground rent fo r the first ten years, and $25.000.00 a year thereafter.
The lessee also
agrees to construct on part o f the ground a building o f not less value
than $50,000.00.
Permission is also given in the lease by which the lessee may construct a building of not less
than $100.000.00, to take the place o f any buildings now or hereafter constructed. The lease
contains the usual provisions for forfeiture and security for performance and provides in case
o f forfeiture before the end o f the term, also unon the termination o f the lease by expiration
o f time, all buildings erected by the lessee shall become the property o f the lessor. During
the term, however, the lessee is given the right to sublet, make improvements, assign or sell
his interest in the lease, or use it as security fo r loans, etc. The intent of the instrument
apparently is that the lessee shall exercise all the rights o f ownership in the building or
buildings incident to ordinary ownership with the exception that the lessor has the right of
entry fo r inspection or exhibition, and with the further reservation that the lessee may not
incumber the property in such a manner as to impair the lessor’s interest therein.
The first question presented by your inquiry is as to whether under the Michigan Banking
Laws it is within the power of a State Bank to enter into such a lease.
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Federal Reserve Bank of St. Louis
REPORT
OP
THE
li
C O M M IS S IO N E R
On this proposition I think we are agreed that State Banks may under Section 6100 o f the
Compiled Laws o f 1897 enter into a lease o f the nature indicated. This section provides, in
part, as follow s:
“ A bank may purchase, hold and convey real estate for the following purposes, but no
other: First, such as shall be necessary for the convenient transaction o f its business, including
with its banking offices other apartments to rent as a source o f income, but which shall not
exceed 50% o f its paid in capital * * *"
The National Banking Act (Revised Statutes, Section 5137) contains a very similar provision,
namely:
“ A National Banking Association may purchase, hold and convey real estate for the following
purposes and fo r no others: First, such as shall be necessary for its immediate accommodation
in the transaction o f its business. * * *”
Under this provision o f the National Banking Law, the Supreme Court o f the United States
held in several instances that National Banks possessed the power to purchase and hold long
term leases, provided such leases are bona fide. See Brown v. Schleier, 194 U. S., 18, affirming
the decision o f the Circuit Court o f Appeals in the same case, reported 118 Fed. 981. I think
this decision is conclusive upon the proposition, and that therefore it is intra vires o f our
State banks to enter into such a lease in preference to obtaining the fee.
Your second inquiry is as to whether under such a lease the investment of the lessee bank
should be carried under the head “ Banking House.”
Upon this proposition so far as I have been able to find the authorities do not throw any
light. If the bank had obtained the fee in thei land upon which the building is erected it would
be carried in its accounts as “ Banking House.” Having less than a fee, and an interest
which might be forfeited through non-performance on the part of the bank, and the terms
o f the lease itself imposing a continuous liability upon the lessee bank, there is some question
as to whether this lease is an asset or a liability. It is a liability ta the extent that the bank
must pay its rent whether it obtains any income from the building or not, and it has the
further liability that it must erect a building worth not less than $50,000.00 upon the land,
and it must at all times after the erection o f such building maintain the new building and
older buildings at a value o f not less than $100,000.00. Undoubtedly if the plans o f the bank
do not miscarry the lease will be a valuable asset.
Independent o f such consideration, however, and which are largely speculative, the fact
remains that the bank has invested, or will invest, a specified amount o f money in the erection
o f a building or buildings fo r its own use as a bank. I do not see how such an investment
can be treated differently from the investment in a fee, both being for the same purpose. The
only difference would be as to actual value. I understand that National Banks owning their
banking houses under similar leases are permitted to carry the same in “ Banking House”
account. I am therefore o f the opinion that the same rule should apply to State Banks. The
amount which should be carried as “ Banking House” account should not exceed the actual
value o f the buildings erected by the bank under the lease, and should not include the annual
rental paid for the ground or buildings erected by the landlord.
Respectfully yours,
G r a n t F e llo w s,
A t t o r n e y G e n e r a l.
(41)
Lansing, June 5, 1914.
Hon, E. H. Doyle, State Banking Commissioner, Capitol:
Dear Sir—-Your communication o f the 1 st inst. received, in which you request my opinion
on a proposition submitted to you by the .................. Bank. This proposition is as follow s:
“ The ...................... Bank has outgrown its present quarters and it is absolutely necessary
that we obtain a larger site or go to practically the same expense o f rebuilding on the present
site, and then not have a desirable building on account o f the narrow lot which we now
occupy, it being only 21 feet.
“ There is a building adjacent to our present location o f 28 feet, the title o f which stands
as follow s: The property was
willed by a Mr............................. to his two daughters, a Mrs.
..................: • and a Miss . . . . . _ ............. who have the use thereof for their natural lives. At the
death o f either one, the title is to go to her heirs. Miss .................. is a maiden lady 60 years
old. Mrs.
................... the other tenant, is married and is now o f the age of 56 years. She
has three children, who will be the remaindermen o f her interest in the property and un
doubtedly the remaindermen o f the maiden lady, unless Mrs......................... should survive her.
“ These_ life tenants are willing to sell to the bank, but the remaindermen do not wish to
sell, claiming the money is well invested and that they would rather the investment would
stand until the death o f the life tenants.
.
“ The question arises as to whether the bank would have the right to take over the parties’
interestsby all o f them joining
in a lease, coupled with an option to purchase on the death of
the life tenants, so that they could go on and erect a bank building, and pay the life tenants
a rental during their lives, and at the end o f the lease period, or at the death o f the life
tenants, have the option to purchase become operative and they convey their interests in fee
to the present bank or its successor.”
In reply thereto would say that this proposition is similar to that involved in my opinion
given you March 17th, 1914, relative to banks buildings on leased property. In this particular
case the lease and option would necessarily have to include both the life tenants and all the
possible remaindermen.
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Federal Reserve Bank of St. Louis
G ran t F e llo w s,
A t t o r n e y G e n e r a l.
STATE
lii
B A N K IN G
DEPARTM ENT
TREASURER OF MUNICIPALITY NOT TO DEPOSIT FUNDS IN BANK WHERE HE IS STOCKHOLDER OR OTHERWISE.
( 42)
April 29, 1914.
Hon. Edward H. Doyle, Commissioner of Banking, Capitol:
Dear Sir—Your oral communication on the following proposition has been considered.
Y ou hand in a communication from Mr. Leon J. Navarre, o f Essexville, Michigan, as follow s.
“ The writer, who is a stockholder and director in the State Savings Bank of hssexville,
has been elected treasurer of the village o f Essexville.
...
“ An opinion has been handed me this morning which concerns the deposit of money wnicn
I may handle as such treasurer. The opinion is from the law' firm o f Coumans & Cjaltney, oi
Bay City, and is enclosed herewith fo r your inspection.
_
...
“ The writer talked over phone this morning to Mr. Manning, who stated that it the village
designated this bank as a depository everything would be all right.
. . .
,,
“ I do not wish to do anything contrary to the rules of the department and wish you would
write me in this regard, so that your decision may be submitted at the directors meeting
and settle any question with regard to your office.”
„ „
Accompanying this was also an opinion given by Messrs. Coumans & Galtney, oi nay cuty,
bearing upon the proposition, the conclusion o f which is as follow s:
. . .
“ Therefore, we conclude that by the provisions o f Sections 892, 893 and 895, the treasurer
o f any municipality is forbidden to deposit moneys in any bank.in which he is a stockholder
or otherwise.”
The references are to Howell’s Michigan Statutes (new).
In reply thereto would say that it has heretofore been the position of this department
that the treasurers o f the various municipalities can not deposit the funds which they hold as
such treasurers in banks "in which they are interested as stockholders, directors or officers.
This, however, is modified by the provisions of Acts 99 and 305, Public Acts of 1909. Act 99
applies to counties, and 305 applies to townships. Both of these acts provide for the deposit
o f public funds in banks to be designated by Boards o f Supervisors, County Auditors and
Township Boards, as the case may be. Under either Act the treasurer is relieved from his
responsibility in case o f the failure o f the banks in which the deposits are made where the
denositories are designated in accordance with the terms of the Acts. I think it would also
follow that where the Board o f Supervisors or the Township Board, as the case may be, has
undertaken to designate a depository fo r the funds, the treasurer would not be violating any
law following the directions o f those having the right to designate such depositories.
fh is
however, is by virtue o f express statutes. As to such officials as do not come within the
terms o f the above Acts, I think the old rule would fully apply. The general school law
also contains a provision bv which the electors o f a primary school district may_ designate
the depository o f the school district funds. Where this is done, I am o f the opinion that
it would relieve the treasurer o f any liability for depositing funds in a bank in which he
might be interested in the same way as in the case o f Counties or Townships. In the absence
o f express statute I think the opinion given by Coumans & Gaffney is correct.
Respectfully yours,
Grant F ellows,
Attorney General.
sig n e r
(43)
on
face
o f n o t e c o n s id e r e d
m aker
u n less
o t h e r w is e d e s ig n a t e d .
April 29, 1914.
Hon. E. H. Doyle, State Banking Commissioner, Capitol:
Dear Sir—Replying to your oral request for an opinion as to the liability of the signers
of a promissory note for the following form:
“ $100.00
...................... Michigan, Jan’y. 1, 1914.
Sixty days after date I promise to pay to the order of T he F irst State Bank of................•
..................... . Michigan , One Hundred Dollars at its office, value received, with interest at
7 per cent per annum after due, waving notice of demand, dishonor and protest.
Due.........................................................................................
J ohn Sm ith ,
W illiam J ones.”
I wish to advise you as follow s:
It will be noted that the instrument is signed by two parties on its face, neither party
having been reauired to sign on the back. What you desire to know in particular is as to the
liability o f William Jones, the second signer, who claims to have signed the note as an
accommodation party and not as a beneficiary.
In reply thereto, I call your attention to the following provisions of Act 265 o f the
Public Acts o f 1905:
“ Section 2 . The person primarily liable on an instrument is the person who by the
terms o f the instrument is absolutely required to pay the same. All other parties are secon
darily liable.”
.
.
.
“ Section 26. Every negotiable instrument is deemed prima facie to have been issued for
a valuable consideration: and every person whose signature appears thereon to have become
a party thereto for value.”
“ Section 31. ACCOMMODATION PARTY, Liability of— An accommodation party is one
who has signed the instrument as maker, drawer, acceptor, or endorser, without receiving
value therefor, and for the purpose o f lending his name to some other person. Such person
is liable on the instrument to a holder fo r value, notwithstanding such holder at the time o f
taking the instrument knew him to be only an accommodation party.”
“ Section 65. When person deemed endorser— A person placing his signature upon an
instrument otherwise than as maker, drawer, or acceptor, is deemed to be an endorser unless
he clearly indicates by appropriate words his intention to be bound in some other capacity.
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Federal Reserve Bank of St. Louis
REPORT
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C O M M IS S IO N E R
In view o f the above provisions and the numerous authorities, there can be no doubt
that in an instrument executed in the above form William Jones would be prima facie deemed
to be the maker o f the note, there being nothing on the face o f the instrument to show that he
signed the same in any other capacity.
Respectfully yours,
Grant F ellows,
Attorney General.
STATE BANKS NOT TO PLEDGE ASSETS IN LIEU OF BOND TO SECURE COUNTY FUNDS.
April 29, 1914.
(44)
Hon. Albert E. Manning, Deputy Ranking Commissioner, Capitol:
Dear Sir—I have your communication o f the 28th inst., requesting my opinion as to
whether or not a state bank can pledge its bonds with the County Treasurer in order to
secure or guarantee county deposits. You have also forwarded to me the communication
from t h e ...................... Bank, in which the question is raised.
In reply thereto would say the only direct authority for the deposit o f county funds with
banks is found in Act 99 o f the Public Acts o f 1909. Before the passage o f this Act, and
even now in the absence o f affirmative action by the Board o f Supervisors, or Board o f County
Auditors, the County Treasurer was held absolutely responsible for all county funds. There
was no direct authority for his depositing the county moneys with banks or other depositories
unless as in some cases by local legislation. Under the provisions o f Act 99 of the Public
Acts o f 1909, above referred to, the Board o f Supervisors may designate a depository for
county funds under certain conditions. Your attention is called particularly to Section 3
o f this Act, which provides as follow s:
“ Before any deposit shall be made with any bank or banks as aforesaid, such bank or
banks shall execute and deliver to the Board o f Supervisors or the Board of County Auditors,
as the case may be, a good and sufficient bond in an amount at least equal to the maximum
amount to be deposited in such bank, and with such sureties as shall be approved by such
board and the Prosecuting Attorney o f the county. Said bonds shall be made to the county
and shall be conditioned for the safe keeping and repayment of such moneys or any part
thereof on demand and the payment o f said interest, and shall contain such other conditions
as may be required by the Board o f Supervisors or the Board of County Auditors, not in
consistent with the provisions o f this Act.”
The condition prescribed in Section 3 is, in my opinion, an absolute one and for which
there would be no authority to make a substitution. The depositing o f collateral securities
would not, in my opinion, fulfill the conditions prescribed in the Act.
I am assuming for the purpose of this opinion that the Board of Supervisors or the
Board of County Auditors of Wayne has undertaken to designate the depositories for their
county funds either under the provisions of the above Act or some other similar law.
Respectfully yours,
Grant F ellows,
Attorney General.
CERTAIN MUNICIPAL PUBLIC UTILITY BONDS NOT LEGAL SAVINGS INVESTMENTS.
( 4S)
October 26, 1914.
Hon. E. H. Doyle, State Banking Commissioner, Capitol:
Dear Sir— You have referred to me a communication from a public committee in the City
o f Ypsilanti, requesting an opinion as to whether a proposed issue o f utility bonds would
come within the class o f investments permitted to be made by savings banks organized under
the Michigan Banking Law. The City o f Ypsilanti has recently authorized the purchase o f
the Ypsilanti gas plant and has authorized an issue o f one hundred thirty thousand dollars
o f mortgage bonds to pay for this plant, the bonds not being a liability upon the general
credit o f the city but being secured solely by a trust mortgage covering the property and
revenues o f the gas plant, including a twenty-year franchise in case o f foreclosure.
Section 27 o f the State Banking Law prescribes the class of investments which may be
made by savings banks o f the savings money on deposit. There are several classes which
are described in sub-sections (a) to (i) o f this section. There are two classes o f public bonds:
(a) Bonds o f the United States, or any State or Territory o f the United States: (b) The
public debt or bonds o f any city, county, township, village, or school district o f any State
or Territory in the United States, which shall have been authorized by the legislature o f such
State or territory.
The action o f the City o f Ypsilanti in purchasing the gas plant from a private corpora
tion was evidently based upon the permission given in Section 4 o f Act 279 o f the Public
Acts o f 1909, as amended by Act 5 o f the Public Acts o f 1913. This section provides in part
as follow s:
“Each city may in its charter provide:
(b) For borrowing money on the credit o f the city in a sum not to exceed eight per
centum o f the assessed value o f all real and personal property in the city * * * * when
a city is authorized to acquire or operate any public utility, it may for the purpose o f ac
quiring the same borrow money on the credit o f the city in a sum not to exceed two per
centum o f the assessed value o f all the real and personal property of the city, and the city
may also, for the purpose o f acquiring such public utility, issue mortgage bonds therefor
beyond the general limit o f bonded indebtedness prescribed by law : Provided, That such
mortgage bonds issued beyond the general limits o f bonded indebtedness prescribed by law
shall not impose any liability upon such city, but shall be secured only upon the property
and revenues o f such public utility, including a franchise stating the terms upon which in
case o f foreclosure, the purchaser may operate the same * * * * And provided further, That
the charter shall provide for the creation o f a sinking fund by setting aside such percentage
o f the gross or net earnings o f the public utility as may be deemed sufficient for the payment
o f the mortgage bonds at maturity.”
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The question arising from your inquiry is, whether bonds o f the class described and
issued by the City o f Ypsilanti come within the provisions o f sub-section b o f Section 27 of
the Banking Law above quoted.
, ,
, „„„„
,
Section 27 o f the banking law was last amended by Act 44 of the Public Acts of 1913 and
was therefore re-enacted in its present form subsequent to the passage of Section 4 o f the
City Home Rule Law and under the ordinary rules o f statutory construction must therefore
be deemed to have been enacted in view o f the provisions of the City Home Rule Law. The
precise question under consideration involves the definition o f the term “ in the public debt
or bonds o f any city.” The banking law does not attempt to define this term any more than
is implied in the language used, and so far as I have been able to discover, the Supreme
Court o f this State has never been called upon to pass upon the question. It is also one
o f the first impressions so far as this department is concerned.
The purpose o f the provisions o f Section 27 is to throw proper safeguards around the
investments o f savings deposits and like other similar provisions of our banking law, and the
banking laws o f other states and o f the United States, must be strictly construed to give it
its intended effect.
In order that savings banks may invest in such debts or bonds, they must correspond to
all the requirements o f the statute, that is, they must be public debts or bonds and must
pertain to the city, county, township, village or school district as the case may be and
must have been authorized by the Legislature. So far as the particular bonds under con
sideration are concerned, I have no hestitation in saying that they are, strictly speaking,
public bonds, and may be assumed to have been authorized by the Legislature o f this State,
at least for the purposes o f this opinion. Whether or not they are the bonds o f the City o f
Ypsilanti is, however, another question. It is true these bonds are authorized by the City o f
Ypsilanti and they are to be paid and redeemed by funds belonging to the City o f Ypsilanti.
They are not, however, secured by the faith and credit of the city1 as a whole.
it is a general rule o f law that where special funds are created for the payment o f a
particular class o f claims, those funds cannot be used for any other purpose. People vs.
Bay City, 38 Mich. 186; Claims payable out o f a special fund are usually not payable out o f
any other fund, and hence the municipality is not liable outside o f such fund. Brooks vs.
San Luis Obispo, 109 Cal. 50; Directors Chicago Public Library vs. Arnold, 60 111. App. 328;
Wiek vs. Wausan, 143 Wis. 645; Rhode Island M. & T. Company vs. Spokane, 19 Wash. 616;
Loudensiager vs. Atlantic City, 80 N. J. L. 658. This being the law independent o f statute,
we may consider our own statute as not only laying down a rule already adopted but_ as
absolutely controlling o f the proposition. These bonds are not, therefore, chargeable against
the City o f Ypsilanti as a whole.
Again, it will be noted that Section 4 o f the City Home Rule Act makes a distinction
between bonds issued on the faith and credit o f a city, and bonds secured by a publicly owned
utility and this distinction is not, as I understand it, disturbed by the decision rendered by
our Supreme Court in Attorney General vs. Lindsay, 20 D. L. N. 1167, where this provision
was under discussion and interpreted. It therefore follows the public debt and bonds .of a
city are subject to a very pronounced classification to the extent that one class is designated
as the debt o f a city and the other class is recognized as o f an opposite description, although
still a public debt.
I have been unable to find any decision which is exactly in point. In this connection,
however, the case of Smith vs. Smith, 30 Ky. 238. is of interest. In that case a suit was
brought in chancery for settlement between a guardian and his wards, the question presented
being whether the guardian should be held responsible for a sum of money received by him
for the wards and by him invested in the purchase of shares in the Bank of Kentucky,
which stock had become greatly depreciated. Under a rule that such moneys could only be
invested in public funds, and holding the guardian liable in case of loss where other invest
ments were made, it was held by the Court as follows:
“We are of the opinion that the defendant (guardian) should be charged with the full
amount of the fund invested by him in bank stock, whether his liability be tested by common
or statutory law. We cannot consider stock in the Bank of Kentucky as ‘public funds,’
or in other words government stock, depending for its credit and security on the faith,
solvency and stability of the Government.”
The Bank o f Kentucky was, however, a Government bank (Briscoe vs. The Bank o f The
Commonwealth o f Kentucky, 1 1 Pet. 257), but inasmuch as the faith and credit o f the State of
Kentucky was not pledged as security for the bank stock, the stock was not considered
“ public funds.”
So in the present case I am impressed that while the proposed bond issue is to meet a
public expenditure, and is authorized by the City o f Ypsilanti, the bonds are not “ bonds
o f the City o f Ypsilanti” within the meaning o f the banking law. The object o f Section
27 o f the banking law is to provide the highest kind o f security, but the City o f Ypsilanti
has not provided the highest kind o f security. On the contrary it has expressly refused to
pledge its faith and credit as a city to meet the bond issue and has pledged only a particular
property belonging to the city. I am therefore o f the opinion that these bonds do not meet
the requirements o f the section o f the banking law above quoted.
Respectfully yours,
Grant F
ello w s,
Attorney General.
EXECUTOR OF AN
(46)
ESTATE CANNOT
BE DIRECTOR OF STATE BANKS
CAPACITY.
IN
THAT
REPRESENTATIVE
January 4, 1915.
Hon. E. H. Doyle, Commissioner of State Banking Department, Capitol:
Dear Sir—Your communication o f the 31st ult. received as follow s:
“ An executor o f an estate desires to become director in a state bank where the deceased
held a large block o f the stock, the executor as director wishing to hold stock o f the bank in
his representative capacity rather than as an individual.
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Federal Reserve Bank of St. Louis
REPORT
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C O M M IS S IO N E R
Iv
The Department has always taken the position that a director, to meet the provisions o f
Section 12 o f the law, must own the stock individually. W e would appreciate your opinion
in the matter, and citing the following authorities handed us by the executor in support o f
his contention that he could qualify in his representative capacity as a director.
21 E. G. L. 838.
15 L. R. A. 665.
2 Cook Cors. 623, page 1889.
4 N. Y. Sup. 174.
101 Ky. 570.
42 Conn. 560.
Will you kindly let us hear from you in re. the above at your earliest opportunity?”
In reply thereto would say that the qualifications o f directors are fixed by Section 12 of
the General Banking Laws o f the State. Among others, the following qualification is pre
scribed, “ Every director must own and hold in his own name not less than ten shares o f the
capital stock o f such bank.”
I have carefully examined the citations you have referred to and am o f the opinion that
the rules there laid down, while applicable to general corporations, are not controlling as to
banks organized under the Michigan Bank Act, where personal responsibility, based upon
beneficial ownership o f stock, is plainly contemplated as a qualification for directorship. This
position has heretofore been assumed by this Department and I see no reason for not adhering
to the same. I am clearly o f the opinion that an executor o f an estate, whose only interest
in a bank results from such office, would not be qualified to be a director o f a State Bank.
Respectfully yours,
G rant F
ello w s,
Attorney General.
banks
cannot
legally
se ll
s t e a m s h ip
t ic k e t s .
April 1 2 , 1915.
(41)
Hon. Frank W. Merrick, Commissioner o f Banking Department, Capitol:
Dear Sir—I have your communication o f the 7th inst., as follow s:
“ We are in receipt o f several letters from a state bank desiring to be informed whether
or not it can legally transact the business o f selling steamship tickets.
This bank is located in a community thickly populated by foreigners, and could transact
more or less business in the direction o f acting as agent for the various ocean steamship
companies.”
In reply thereto would say that the general powers o f banks incorporated under the
Michigan Bank Act are prescribed in Section 4. Attention is particularly directed to the
seventh subdivision o f this section, reading as follows:
“ To exercise by its board o f directors or duly authorized officers or agents, subject to law,
all such power as shall be necessary to carry on the business o f banking, by discounting and
negotiating promissory notes, drafts, bills o f exchange, and other evidences of debts, by re
ceiving deposits, by buying and selling exchange coin and bullion, and Dy loaning money on
personal and real security as provided hereinafter.”
These are the usual powers granted to banks in carrying on a banking business. It is a
general rule, laid down by all authorities, that the charter o f a bank determines the limit o f
its powers, and that it can exercise no powers excepting those expressly conferred by statute,
or necessarily implied and incidental to general banking powers. Michie, Section 87, page 647.
I am o f the opinion therefore that the business o f selling steamship tickets by a bank in this
state would be ultra vires and therefore unauthorized.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
Attorney General.
STOCKHOLDERS MUST BE PRESENT OR REPRESENTED BY PROXY AT ANNUAL MEETING.
(48)
April 2 1 , 1915.
Hon. Frank W. Merrick, State Banking Commissioner, Capitol:
Dear Sir—Your communication o f the 13th inst., received, enclosing a form o f notice o f a
meeting o f stockholders o f a State Bank which contains also a form o f ballot, upon which
stockholders may express their preference as to the directors to be chosen at such meeting.
This form o f ballot is as follow s:
“ Below you will find a list o f the stockholders eligible to Directorship:
(
( >
( )
( ) ..............................
( )
( ) ..............................
( )
The present directors are.
( )
If you cannot be present please make a cross opposite the names of any five that you
would like to have act as Directors for the ensuing year and send or bring to this bank on
or before the above mentioned date, January .................................. 1 9 ....
You are entitled to vote.................................shares.
(Signed) .......................................................... ”
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You desire to know whether or not such a ballot would be legal.
In reply thereto would say that it does not appear from your letter or from the notice
that the so-called ballot is used for any other purpose than obtaining an expression o f opinion
from stockholders who cannot attend the annual meeting. If this ballot is used for no
other purpose, I cannot see how any possible harm or wrong could result from its use.
On the other hand if this ballot is used for the purpose o f actually electing directors, and
as marked by an absent stockholder is cast in the ballot box of the meeting along with the
ballots o f stockholders who are present, I am clearly of the opinion that such ballot is invalid.
I know o f no principle o f corporation law which would permit the election of directors
in any other manner than at a meeting lawfully called and duly assembled. Cook on Cor
porations, 7th Edition, Sections 588, 595, 596, 604, 605 and 610. It is possible that under
a proper charter provision and by-laws enacted under the authority thereof, or by statutory
provisions such a method o f electing directors could be legalized, but I am o f the opinion that
under our present banking law a stockholder must be either personally present or present
by proxy before his ballot can be cast in the election o f directors.
Respectfully yours,
(Signed) Grant F ellows,
Attorney General.
STATE BANK CANNOT BECOME SURETY OF PUBLIC OFFICER.
(49)
April 27, 1915.
Hon. Frank W. Merrick, Commissioner o f Banking, Lansing, Michigan:
Dear Sir— Your communication o f the 22nd instant received as follow s:
“ Recently the directors o f a state bank passed a resolution authorizing the bank to assume
all liabilities o f certain directors who were sureties on bonds of city treasurer. Can a state
bank assume any such liability by vote o f directors or by unanimous vote o f stockholders?
W e will appreciate your opinion in this regard.”
In reply thereto will say that banks are authorized to give bonds to secure city moneys
deposited with them in certain cases, as for instance, under Section 3033 o f the Compiled
Laws o f 1897, as amended by Act 156 o f the Public Acts of 1901, and under the provisions
o f some o f the Home Rule charters and legislative charters. This, however, must not be con
fused with the bond given by the city treasurer when he qualifies for his office.
I do not know o f any statute authorizing a bank organized under the Michigan Banking
Law to become surety upon the bond o f any public officer. In the absence of an express
statute upon the subject, I am clearly o f the opinion that a state bank cannot lend its credit
in this way or enter upon any such obligation, either with or without consideration. A bank
can lend its credit and assume the obligations o f third parties only in cases where the bank is
directly interested and in the ordinary course o f banking.
Micliie on Banks and Banking, page 681.
Thomas v. City National Bank, 24 L. R. A. 263 (Neb.).
First National Bank v. Am. National Bank, 173 Mo. 153.
Bowen v. Needles National Bank, 94 Federal Rep. 925.
Thilmany v. Iowa Paper Bag Co. 79 N. W. 68.
Mine Supply Co. v. Stock Growers Bank, 173 Federal 859.
If the bank cannot become the direct surety upon a city treasurer’s bond, it cannot assume
the liabilities o f directors who have become sureties. Neither the directors nor the stockholders
have the power to bind the bank for this purpose and I am, therefore, o f the opinion that
your question should be answered in the negative.
Respectfully yours,
Grant F ellows,
Attorney General.
GENERAL BANKING LAW NOT AFFECTED BY ACT TO MAKE UNIFORM LAW OF TRANSFER OF STOCK.
(50)
Lansing, June 4, 1915.
Hon. Albert E. Manning, Deputy Banking Commissioner, Lansing, Michigan:
Dear Sii—Your letter o f the first instant received, containing the following inquiry:
“ I call your attention to Act 106, Public Acts o f 1913, and would appreciate your opinion
as to whether or not this in any way supersedes the provisions o f the banking law with
reference to the statutory lien upon bank stock as provided in Section 9. W e have recently
had several inquiries as to whether or not said Act No. 106 related to the stock o f state banks,
and will appreciate your opinion in regard thereto.”
In reply would say that the Act to which you refer is entitled “ An Act to make uniform
the law o f transfer o f shares o f stock in corporations.” The evident purposes o f this Act as
expressed in its title and in the various provisions made with respect to the methods of trans
ferring stock, is to adopt a uniform set o f rules, most o f which are already recognized as
settled corporation law.
With regard to the question as to whether this Act is applicable to shares o f stock in banks,
I am inclined to the opinion that insofar as bank shares may be treated as transferable personal property, the Act would apply to them as well as to the shares o f other corporations.
Insofar, however, as this may be in conflict with express provisions o f the general banking
law o f the State as to the methods o f transferring bank shares and the lien on the same created
by any provision o f the banking act, quite a different question is presented.
Banks, as corporations, are controlled and regulated by the general banking law o f this
State. To that extent they are separate and distinct corporations. Section 9 o f Article 12 o f
the Constitution provides:
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“ No general law providing— for the incorporation of trust companies or corporations for
banking purposes, or regulating the business thereof, shall be adopted, amended or re
pealed except by a vote of two-thirds of the members elected to each house of the legisla
ture........................................................ ”
As partially insuring the strict observance o f this Constitutional provision, the legislature
has adopted rules as follow s:
.
Rule No. 27. “ The question on the Anal passage o f all bills, whichby the constitution,
require the assent o f two-thirds o f the senators-elect, shall be taken by yeas and nays, and
entered on the journal, and unless two-thirds o f all the members-elect vote in the affirmative,
the bill shall be declared lost. And whenever such bill shall receive such assent of two-thirds
as aforesaid, the fact thereof shall be certified upon said bill.”
House Rule No. 64. “ No bill appropriating the public money or property for local or pri
vate purposes, or providing for the incorporation o f trust companies, or corporations for
banking purposes, or regulating the business thereof, or amending or repealing any law pro
viding fo r such incorporation or regulation shall be passed unless two-thirds o f the members
elected to the House shall have voted in favor o f the passage thereof.”
The legislative history o f Act 106 of the Public Acts o f 1913 is contained on page 96 of the
“ Index and History,” o f Senate Bills, this Act being Senate Bill No. 28. The bill was intro
duced January 13, 1913, by Senator Smith, and was on the same day referred to the Committee
on Banks and Corporations. It was passed on third reading in the Senate March 18th, 1913,
and the journal entry as as follows :
“ Senate Bill No. 28 (file No. 30), entitled ‘A bill to make uniform the law of transfer of
shares of stock in corporations;’ was read a third time and passed, a majority of the Senatorselect voting therefor by yeas and nays, as follows:
Nays
Names of Senators (2)
Yeas
Names o f Senators (26)
The title of the Bill was agreed to.”
I refer to the legislative history as merely showing that the bill was not evidently regarded
in the Senate, where it was introduced, as an amendment to the banking laws, inasmuch as
the Senate rules applicable to such bills were not observed in the passage of this measure.
Of course, it is not a direct amendment to any law and only repeals or amends other laws by
implication. Repeals by implication are not favored, and I do not think the provisions of this
Act were intended to repeal or modify the express provisions of the general banking law.
In view of these facts and principles, I have no hestitation in advising you that no pro
vision of the general banking law is affected by the Act under consideration.
Very respectfully,
Grant F
e llo w s,
Attorney General.
v e n d o r ’ s l ie n
(51)
notes
not
p e r m is s ib l e
as
sa v in g s
in v e s t m e n t s .
Lansing, July 6, 1915.
Honorable Frank W. Merrick, Commissioner o f the Banking Department, Lansing, Michigan:
Dear Sir— I have before me your communication o f the 30th ult., in which you request my
views as to the construction to be placed upon certain provisions found in Section 27 o f the
general banking law. As I understand the situation, a certain savings bank in this state
desires to invest a certain amount o f its deposits in so-called “ vendor’s lien notes” executed in
the State o f Texas, and by the terms o f which a lien is created upon real estate. The question
presented is as to whether or not such investment may be made under the law.
Insofar as it is material to the determination of this question, the section of the statute
above referred to provides:
“A savings bank shall keep on hand at least fifteen per cent of its total deposits, one-tliird of
which reserve shall be in lawful money in its own vaults, and the balance on deposit payable on
demand, with banks, national or state, in cities approved by the Commissioners as reserve cities,
or invested in United States bonds; three-fifths of the remainder of the savings deposits shall be
invested by the board of directors as follows:
(h) Said banks may loan the same upon negotiable paper, or other evidences of indebted
ness secured by any of the above mentioned classes of security; or
(i) Upon notes or bonds secured by mortgage lien upon unencumbered real estate worth
at least double the amount loaned.....................................”
The anwser to the question upon which you have requested my views must depend upon
the construction to be given to the expression “ ‘mortgage lien” as used. It appears from the
correspondence submitted with your inquiry that the land upon which the lien stated in the
notes exists has been sold at prices ranging from $25 to $35 per acre. One-third of the pur
chase price has been paid in cash and the remainder in the notes referred to. Said notes were
issued in series, the obligations in each series maturing at different times, varying from one to
four years. The deed o f the property refers expressly to the vendor’s lien created by virtue
o f the clause in the notes. This deed has, it is stated, been recorded.
Although it is not expressly so stated, I infer that the investment is sought to be made
out o f the 51% o f deposits that may be loaned upon negotiable paper or other evidences of
indebtedness secured by mortgage lien upon unencumbered real property.
The requirement that
such property be unencumbered necessarily implies that there shall be no other lien thereon
prior to, or equal in rank to, the mortgage by which the obligations taken by the bank are
secured. If, therefore, a savings bank were to be permitted under any circumstances to invest
moneys, out o f the fund in question in vendor’s lien notes, all o f such notes outstanding against
a particular description must necessarily be taken. Otherwise, if a number o f such notes were
owned by others, the objection would be encountered that the property was not unencumbered
because there would exist thereon a lien equal in rank to that held by the savings bank.
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Quite possibly, however, in the case to which you refer, it is desired to buy all o f such out
standing notes so that the objection above suggested would be avoided. This brings us to a
consideration o f the principal point at issue; that is, whether or not the lien created by these
notes can be said to be a “ mortgage lien” within the meaning of the Michigan statute here
involved. The so-called “ vendor’s lien” is expressly recognized by statute in the State of
Texas. The provisions with reference thereto are analogous in many respects to the enact
ments o f the legislature affecting mortgages upon real property. The decisions o f the court o f
last resort o f Texas, construing these legislative enactments and involving the nature and nec
essary incidents pertaining to the vendor’s lien, proceed upon the theory that such lien is
analogous to the lien that exists by virtue o f a mortgage or deed o f trust. It is significant to
note, however, that the statute does not treat the vendor’s lien in connection with mortgage
liens, nor does it declare that such liens shall be regarded as identical and subject in all re
spects to the same considerations. Likewise, the decisions o f the courts, while recognizing the
analogy do not go to the extent o f declaring that for all practical purposes, the vendor’s lien
and the mortgage lien are identical. The comparatively recent case o f Busch v. Broun, 152 S.
W. G83, may be cited as suggesting the attitude o f the Supreme Court o f Texas. It was there
held that an assignment o f a vendor’s lien note should be registered upon the ground that
under the terms o f the statute and prior decisions of the court, an assignment of a mortgage
must he recorded, in order to protect the rights o f the assignee as against third parties and
that the assignment o f a vendor’s lien note was subject to similar consideration because such
note conveyed “ the same character o f lien.” It is obvious from the reading o f this opinion of
the court that in the use o f the words quoted it was meant to imply that the note like the
mortgage'created a lien upon the land within the meaning o f the laws, relating to registration
o f instruments affecting the title to land.
It was not indicated that in the opinion o f the
court the same lien wascreated by the notes as is created by a mortgage.
It is also o f interest to note in this connection that the statutes o f the State o f Texas
relating to certain mutual insurance companies permit the investment of the funds o f such
companies, in national, state, county and city bonds, and also in first mortgages upon real
estate, subject to the restriction that the amount secured by such mortgages should not exceed
50% o f the value o f the land. Permission is not given to such companies to invest in vendor’s
lien notes. Had it been the intention to grant such permission, it may, I believe, be assumed
that the terms o f the statute would have been so expressed. This inference would seem to be
fully warranted because o f the various statutory provisions by which mortgages and vendor’s lien
notes are recognized as separate and distinct undertakings, although analogous in many respects,
and o f the same-character in that each creates a lien; on real property.
As I view the matter the reasons that may have prompted the legislature of Texas in not
including vendor’s lien notes in the list of securities in which mutual insurance companies
might invest are not difficult to ascertain. As suggested by the correspondence submitted by
you, many such notes may be issued, each imposing a lien upon the same property. If, as is
usually the case, these notes are held by different parties, it follows necessarily that no one of
such holders has what may be termed a prior lien. Rather, all of such liens are of equal rank.
It should be noted also in this connection that each of such notes imposes a lien, while in the
event that a mortgage is executed, securing an indebtedness, there is, of course, but the one
lien, even though such indebtedness may be evidenced by a number of notes, bonds, or other
obligations. It was unquestionably the view of the Texas legislature that first mortgages were
preferable to vendor’s lien notes. Undoubtedly reasons of public policy were deemed to exist
that warranted the apparent discrimination.
I am impressed that similar reasons o f public policy obtain in the construction of the pro
vision o f the Michigan statute that is here involved. A reading o f Section 27 is sufficient to
indicate conclusively that the legislature deemed it wise to carefullv safeguard the investment
o f the funds o f savings banks. I challenge your attention specifically to subdivisions (e), (f),
and (g) thereof.
It was clearly intended that every precaution should be observed in order
to prevent even a possibility o f loss. Undoubtedly the history of banking, as conducted prior
to the passage o f supervisory and regulatory statutes, explains in large measure the extreme
care with which this act Was drawn. In permitting investments in notes or bonds secured by
mortgage, it was provided, in accordance with the general spirit o f this act, not only that the
real estate must be unencumbered, but that it must be worth at least double the amount
loaned, it occurs to me that this last provision might operate to prevent investments in the
specific notes referred to in your communication, for it appears that such notes were given
for_ two-thirds o f the purchase price o f the land. Assuming that such price may be taken to
indicate the actual value o f the land, it is patent that the liens created by such notes exceed
m the aggregate one-half the value o f the property. If, therefore, all o f the notes outstand
ing against any particular description were acquired by the bank to which you refer, there
might still be involved the question as to whether or not such investment is in contravention
o f this clause. However, I regard this feature as o f minor importance unless it is sought to
purchase notes secured by a trust mortgage, to which more specific reference will hereafter be
made.
The significant feature of the clause to which attention has been directed lies in the fact
that the legislature has seen fit to refer only to mortgage liens rather than to liens generally
that may coyer real property. Had it been the intention to include liens other than those
existing by virtue of a mortgage, within the purview of the act, it is, I believe, fair to assume
that this particular clause would have been enacted accordingly. I am strongly impressed
that the intention of the legislature cannot be carried out unless the restrictions imposed are
carefully observed in accordance with the letter of the law. Preciselv the same reasons of
public policy that prompted the inclusion of these provisions in Section 27 require that in
construing the same, there shall be no exception permitted and no practice allowed that will
open the door to a modification of the requirements deemed to be necessary to safeguard the
rights and interests of the depositors in savings banks. In accordance with these suggestions,
I am constrained to the opinion that the savings bank to which you refer may not properly
invest in vendor’s lien notes covering property in the State of Texas on the theory that the
lien created by such notes is a “mortgage lien” within the meaning of Section 27 of the general
banking law. This, I believe, covers your first question.
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
C O M M IS S IO N E R
lix
With reference to your second inquiry as to whether or not a loan secured by trust deed on
realty in the State o f Texas may be made the subject o f an investment made by a savings
bank out o f its deposits, it would seem that no feasible objection may be made thereto. This
so-called “ deed o f trust” a copy o f which is submitted, is to all intents and purposes a mort
gage and in consequence the lien created thereby may fairly be said to be “ mortgage lien.” In
making investment in obligations secured by such lien, it must be borne in mind that the
aggregate o f such obligation may not exceed one-half the value of the property and that such
lien must be prior in character to all other liens outstanding. The fact that it is deemed nec
essary to execute this instrument in certain cases may in itself be taken as an indication that
the so-called vendor’s lien notes are not as ample security as is the lien created by a mort
gage or deed o f trust. In case o f any default under the latter, the trustee is, o f course,
charged with the duty o f protecting the rights o f all the holders of the obligations that are
secured by such lien. As stated, there seems to be no objection to an investment in obligations
secured in this manner providing o f course, the necessary restrictions and limitations imposed
by the statute are observed.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
A tto r n e y
stock
in
b u il d in g
com pany
cannot
be
c a r r ie d
as
b a n k in g
h ouse
under
(52)
G e n e r a l.
s e c t io n
11.
October 29, 1915.
Hon. Frank W. Merrick, Commissioner Banking Department:
Dear Sir—Your, communication o f the 28th inst. received as follows:
“ I desire to call your attention to Section 1 1 o f the banking law, which provides that a
bank may purchase and hold real estate such as shall be necessary for the convenient transac
tion o f its business, including with its banking office other apartments to rent as a source o f
income, but which shall not exceed fifty per cent o f its paid in capital. Under this provision of
said Section, I desire to inquire whether or not in your opinion it would be legal for a state
bank to carry as an asset stock o f a Building Company up to fifty per cent o f capital? The
Building Company is one organized for the purpose o f erecting a bank and office building for
the state bank, which bank heretofore held a ninety-nine year lease o f the property.
The
Capital stock o f the Building Company is $250,000, all held by the directors of the bank, and
the Building Company will also have a bond issue o f $250,000, retirable at the end o f twentyseven years from the income o f the building.
Trusting that this will have your early attention ............................. ”
It is my understanding from your inquiry that this particular bank contemplates carrying
the stock in the Building Company as an asset under its banking house account.
The authority o f a state bank to invest in real estate is limited by the provisions o f Sec
tion 1 1 o f the General Banking Law to w hich‘ you refer.
Unquestionably this section con
templates direct ownership either by way o f a fee or. as we have heretofore held, a long term
lease. _ See Attorney General’s Report for nineteen-fourteen at page 578. I do not think that the
provisions o f this section can be further extended by construction.
Moreover the authorities are uniform in holding that unless expressly authorized by statute,
State and National banks cannot hold stock in other corporations and where they are author
ized to hold such stock they can only do so in the manner and for the purposes prescribed.
Upon this proposition you are respectfully referred to Attorney General’s Report for nineteenfourteen at page 434.
Further discussion o f this matter I think is unnecessary, and your inquiry is therefore
answered in the negative.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
A tto r n e y
THE WORD “
c a p it a l ”
CONSTRUED TO MEAN CAPITAL
G e n e r a l.
STOCK.
December 28, 1915.
Hon. Frank W. Merrick, Banking Commissioner, Lansing, Michigan:
Dear Sir— Answering your communication o f recent date as follows:
“ Section 1 1 o f the banking law limits the investment by a state bank in real estate for
banking^ purposes to ‘ fifty per cent o f its paid in capital.’ The question is asked whether the
phrase paid in capital’ means ‘capital stock’ or does it mean the entire assets o f a bank, v iz :
money paid in fo r stock, surplus, undivided profits, or other property in the bank. W e will
appreciate an opinion from your Department on this question.”
In reply thereto would say that the provision o f section 1 1 o f the State Banking law to
which you refer reads in part as follow s:
The bank may purchase, hold and convey real estate for the following purposes, but no
.F ir s t , such as shall be necessary for the convenient transaction o f its business, including
with its banking office, other apartments to rent as a source o f income but which shall not
exceed fifty per cent o f its paid in capital.........................................”
The meaning o f the phrase “ paid in capital” as it appears in this section is doubtless made
iia\i. i re*erence to the provisions o f section 5 o f the same act in which it is provided:
At least fifty per cent o f the capital stock o f every bank shall be paid in before it shall be
authorized to commence business and the remainder o f the capital of such bank shall be paid
in monthly installments o f at least ten per cent on the whole o f the capital, payable at the end
of each succeeding month............................. ”
Other provisions o f the banking law clearly distinguish between paid in capital and other
assets.of the bank, such as surplus, undivided profits, etc. This, as I take it, is the view held
by Michie in that part o f his work devoted i o a discussion o f capital stock and dividends from
which I wish to quote as follow s:
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Federal Reserve Bank of St. Louis
lx
STATE
B A N K IN G
DEPARTM ENT-
Respectfully yours,
(Signed) G r a n t
F ello w s,
A t t o r n e y G e n e r a l.
(54)
Hon. Frank W. Merrick, State Banking Commissioner, Lansing, Michigan:
Dear Sir— I have your communication o f the 14th ir.st. as follow s:
.
“ I am enclosing herewith letter from one o f our State banks, as well as advertisements
attached, upon the subject matter mentioned in the letter. Will you kindly advise us as to
whether or not a building and loan association can legally advertise for deposits; and also
advise us, whether or not in the event o f an individual or bank loaning a building and loan
association money, would the person or bank become a preferred creditor as against the stock
holders o f the building and loan association.”
. ,
, ,
In reply thereto would say that domestic building and loan associations are governed by
the provisions o f Act 50 o f the Public Acts o f 1887, as amended by Act 17 of the Public Acts
o f IDOL The purpose o f such associations is stated in section 1 o f the above act as follows:
“ Any number o f persons * * * desiring to organize a building and loan association
for the purpose o f building and improving homesteads, removing incumbrances therefrom, and
loaning money to the members thereof, may, by complying with all the provisions of this act and
entering into articles o f association, become a corporate body. * * * * ’ ’
Section 5 provides in part as follow s:
. . .
,
.
“ The authorized capital stock o f such association shall be divided into shares having a par
value o f not less than twenty-five dollars, nor more than two hundred dollars each, payable
in periodical installments, called dues, not exceeding two dollars per month on each share:
Provided, That the by-laws may provide for the advance payment of installment dues and for
which there may be issued an advance payment certificate. The shares may be issued in series,
or at any time as the by-laws shall determine, and subscriptions therefor shall be made payable
to the association.”
.
Under the provisions o f sections five and six o f the act most building and loan associations
in this State make provision for investment in their capital stock on the installment plan.
This, however, must be distinguished from receiving deposits as banks do business.
I have examined the advertisement to which you refer and do not think it is open to the
objection that the building and loan association in question is holding itself out to be a bank.
I am o f the opinion that were they doing so it would constitute a misuse o f their charter.
With reference to the second question which you ask as to whether a bank loaning money
to a building and loan association would be preferred in case of insolvency over stockholders
in the association, I am
o f the opinion that the same rule would apply as in
ordinary corpora
tions. The members o f a building and loan association are mutually liable for its obligations
and the funds o f the association and its assets in case insolvency results, may be used for the
payment o f debts. In this connection I call your attention to Thornton and Blackledge on
building and loan associations, Sections 376 and 377.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
A t t o r n e y G e n e r a l.
BANKING
HOUSE.
(55)
April 10 , 1916.
Hon. Frank W. Merrick, State Banking Commissioner, Lansing, Michigan:
Dear Sir— W e have had under consideration for some time the proposition submitted to
your Department by one o f the State Banks in Detroit, relative to the proposed building o f a
banking house where the cost o f the land and the building will be approximately two million
dollars, which amount equals the capital o f the bank. Inasmuch as section 11 o f the general
banking law only permits 50% o f the capital to be.invested in a banking house, this bank has
submitted several propositions for your approval. These propositions are as follow s:
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Federal Reserve Bank of St. Louis
REPORT
OF
THE
C O M M IS S IO N E R
lx i
( 1 ) A state bank with $2,000,000 paid in capital desires to invest $1,000,000 in a bank
ing office and office building as a source o f income, as follow s: To obtain a site and erect an
18 story banking and office building at a total cost o f not exceeding $2,000,000 using therefor
one-half o f its paid in capital, viz: $1 ,000,000 and issuing building bonds for the remaining
$1 ,000,000, the principal and interest o f which bonds shall be payable solely from the net
income o f the property, and which bonds shall be, according to their terms, solely payable from
such net income as may be derived and not a claim or debt against the bank, not a claim
against any o f its property nor assets nor against the building, but merely against the net
income until the principal and interest o f the bonds are paid. Is this permissible?
(2)
Instead o f the issuance o f the bonds by the bank, may an independent corporation or
an individual or individuals procure title to the site, erect the building, sell it absolutely to
the bank fo r $1 ,000,000, reserving the title to the net income until the amount received from
such net income shall reimburse it or him or them for the balance o f the cost plus 5% per
annum until paid?
(3)
May an independent corporation, individual or individuals owning building and site
worth $2,000,000 sell to the bank an undivided one-half interest therein for $1 ,000,000, they
holding as tenants in common, and then lease the remaining undivided one-half interest therein
to the bank for a rental equal to the net income o f the whole building, with the proviso that
when the bank has paid from such net rental an amount sufficient to cover the value o f the
undivided one-half interest plus 5% interest, the whole title thereto shall vest in the bank?
(4)
If an independent corporation, individual or individuals procured the site and erected
the building at a cost o f $2,000,000, and gave a trust mortgage on the property to secure the
payment o f $1 ,000,000 construction bonds at a rate o f $100,000 a year inclusive of interest,
could a state bank o f $2,000,000 paid in capital buy the property for banking offices and apart
ments as a source o f income for $1 ,000,000, subject to such trust mortgage, on the express
stipulation, however, that the bank does not assume and agree to pay the mortgage or bonds
secured thereby, but that, so far as the bank is concerned, the holders must look to the property
for liquidation, and payment?
(5)
Can a state bank invest one-half o f its paid in capital in a building and site as cotenant in common with another corporation, individual or individuals, and later by an increase
o f its capital paid in, buy out its co-tenant?
.
Proposition No. 1 , I think should be answered in the negative. Under this proposition the
net income from rentals, etc., would be used in discharging the principal and interest on the
bonds. Such rentals are assets o f the bank and the bank would, therefore, use its assets in
paying off the mortgage bonds, thus increasing its investment in the banking house.
The
proposition is clearly an evasion o f the restrictions imposed by section 1 1 and should not be
approved.
Proposition No. 2. This is subject to the same objections as the first proposition and should
likewise be disapproved.
Proposition No. 3. This proposition is subject to the criticism that the bank has already
invested up to its limit in the banking house and then proceeds to lease the other undivided
half interest from the other tenant in common for an amount equal to half the value o f the
building. This proposition is so clearly an evasion o f the law that it should be given no further
consideration.
Proposition No. 4. I do not see how a distinction can be made between the bank being
liable for a debt and property o f the bank being liable. In any event failure to meet the terms
of the mortgage lien would involve the assets o f the bank, especially since the bank would
propose to invest one million dollars o f its capital in the real estate. This proposition is an
evasion o f section 11 and possibly o f section 45, which provides that a bank cannot pledge its
assets as collateral security so as to give a preference to the creditor.
Proposition No. 5. This proposition is governed by a separate opinion this day rendered to
you and in short may be answered as follow s: that there is nothing in the banking law to
prohibit a State bank from being a tenant in common with another corporation or individual
provided that it does not involve as a necessary consequence a partnership agreement. My fear
would be that a partnership agreement would be necessary, and that would be especially true
where the parties as tenants in common contemplate from the beginning that one of the parties
should purchase the other’s interest and that in the meantime one o f the parties would be
acting as a trustee or agent for all in the collection o f rents, payment of taxes, insurance, etc.
I would suggest, as I did in my other opinion, that any contract made between the tenants in
common under this proposition should be submitted to the banking department before taking
effect.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
Attorney General.
BANKING HOUSE.
(56)
April 10, 1916.
Hon. Albert E. Manning, Deputy State Banking Commissioner, Lansing, M ich.:
Dear Sir—Your communication o f the 13th ult. received as follow s:
“ I am directed by the Commissioner to ask for an opinion from your department on the
following questions:
First. As to whether or not a State bank can own and carry as Banking House an undi
vided half interest in same when the total cost o f the banking house exceeds fifty per cent of
capital, the other undivided interest being owned by a Building Company consisting of bank
directors.
Second. W e will also appreciate your opinion as to whether or not a State bank can carry
as Banking House a building with the title to upper story or stories in other corporations,
fraternal or otherwise.”
In reply thereto would say that the answer to your communication has been delayed because
o f the suggestion that the banks which are interested in this question proposed to submit a
brief. Since that suggestion was made the interested parties have for some reason concluded
not to submit a brief and you now desire a reply.
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Federal Reserve Bank of St. Louis
lxii
STATE
B A N K IN G
DEPARTM ENT-
Answering your first question, would say that the right of a bank to purchase, hold and
convey real estate is governed by Section XI of the General Banking Law which - provides in
part, as follows:
“A bank may purchase, hold and convey real estate for the following purposes, but no
other:
First. Such as shall be necessary for the convenient transaction of its business, including
with its banking office other departments to rent as a source of income, but which shall not
exceed fifty per cent
of its paid in capital; *
*”
This section does not attempt to define the character of the title to the real estate which
a bank may purchase; nor does it prescribe any limitations except such as may be inferred
from the words themselves “purchase, hold and convey real estate.” We have held that under
this provision a bank may obtain less than a fee, as for instance a ninety-nine year lease.
Section 8825 of the Compiled Laws of 1897 provides as follows:
“Estates in respect to the number and connection of their owners are divided into estates
in severalty in joint tenancy, and in common the nature and properties of which, respectively,
shall continue to be such as are now established by law, except as far as the same may be
modified by the provisions of this chapter.”
Section 8826 provides:
“ All grants and devices of lands, made to two or more persons, except as provided in the
following section, shall be construed to create estates in common, and not in joint tenancy,
unless expressly declared to be in joint tenancy.”
It has been held that a corporation can not take an estate in joint tenancy, either jointly
with another corporation or with a natural person.
(10 Cyc., page 1132). But it can take
and hold as a tenant in common with another corporation or with a natural person.
See
DeWitt vs. San Francisco, 2 Cal. 289; Estell vs. Southern University, 12 Lea Tenn. 476: Haven
vs. Melilgarten, 19 111. 91; Hacket vs. Railway Company, 12 Ore. 131; 10 Cyc. 1132. It is a
general rule that corporations can not enter into partnership agreements and this rule would
prohibit a corporation from holding lands in partnership or under partnership agreements; but
the rule as to partnerships would not prevent a corporation from holding an estate in common
with another corporation or with a private person..
Answering your first question, therefore, I would say that a bank might hold title in
common with another corporation or private individual, to real estate to be used as a bank
ing house, provided there does
not follow as a matter of necessity the entering into a part
nership agreement relative to
the use of the property. This I think would not prevent
the tenants in common from agreeing by contract as to which portion of the proposed prop
erty should be used by either party, but would prohibit any agreement by which the one tenant
m common should permit the other tenant in common to bind the entire property for obligations
of a single tenant in common. In this connection I would suggest that any agreements made
between the tenants in common as to the use of the property should be submitted to the Banking
Commissioner so as to avoid ultra vires acts on the part of the bank.
Answering your second question your attention is called to an opinion rendered by me to
Mr. Leland F. Bean on pages
427 and 428 o f the Attorney General’s Report for 1915, in
which the question was raised as to whether a township could own the fee in a second story
of a building. In that opinion I said:
“ It does not occur to me that the township could own the second story of a building in
fee. Such an attempted purchase of a building or a portion thereof apart from the realty
would in all probability be construed as a severance in legal effect, and an estate in fee can
exist only in land, and applies to buildings or other structures only insofar as the same are
regarded as attached to and part of the land. It would be impossible for the land to be held
m fee by one person and a building on such land to be held in fee by another.”
I am clearly of the opinion that the title to upper stories of a building can not be held in
fee by any person other than the owner of the land upon which the building stands.
Respectfully yours,
(Signed) G r a n t F e l l o w s ,
Attorney General.
BANKING HOUSE.
(57)
July 18, 1916.
Hon. Frank W. Merrick, Commissioner of Banking Department. Lansing, Michigan:
Dear Sir—-T ou have recently submitted to me copy of a tentative agreement entered into
ny a State bank with certain persons mentioned therein and have asked that I give you my
view’s upon the matter. Insofar as the bank is concerned, the essential parts of the agreement provided for the conveyance to a corporation to be hereafter formed of certain real
i
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.
ncuu
u u i iu i ll g ,
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OL
S d la
building thus purchased that is not used for banking purposes.
Without reference to the
practical operatlon of this contract as written, or to its enforcibility, it does not occur to me
tnat a State bank, if it performs the various acts contemplated, will thereby infringe any
provision of the banking law or any other statute of the state.
Undoubtedly it has the
power of a corporation to sell its property, to lease property and to purchase property. It
does not appear that authority of any other or different nature is involved.
I do not under
stand that my opinion is requested except as to the legality of these various acts, assuming
that eaçh and all of them may and will be performed in accordance with the written instrument.
Inis opinion is limited accordingly and has, of course, no reference whatever to
incidental propositions of business policy which may arise in case the proposed action is
therewith am re^urmn^ herewith the copy of the contract and the correspondence submitted
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Federal Reserve Bank of St. Louis
Respectfully yours,
(Signed) G r a n t
F
e llo w s,
Attorney General.
REPORT
OP
THE
lxiii
C O M M IS S IO N E R
JOINT TENANCY NOT CREATED BY JOINT DEPOSIT.
(58)
December 30, 1916.
Hon. Matthew Bush, Judge o f Probate, Corunna, Michigan:
Dear Sir— I am in receipt o f your communication o f the 22d inst., wherein you request an
opinion from this Department as to the construction to be placed upon the term “ joint ten
ants” as used in section 3 o f Act 248 o f the Public Acts o f 1909. The section to which you
refer reads as follow s:
“ When a deposit shall be made in any bank or trust company by any person in the name
o f such depositor or any other person, and in form to be paid to either or the survivor of
them, such deposits thereupon and any additions thereto, made by either of such persons, upon
the making thereof, shall become the property o f such persons as joint tenants, and the same
together with all interest thereon, shall be held for the exclusive use o f the persons so named
and may be paid to either during the lifetime o f both, or to the survivor after the death o f
one o f them, and such payment and the receipt o f acquittance of the same to whom such
payment is made shall be a valid and sufficient release and discharge to said bank for all
payments made on account o f such deposits prior to the receipt by said bank o f notice in
writing not to pay such deposits in accordance with the terms thereof.”
Prior to the enactment of this statute it had been the holding of the Supreme Court that
an estate in joint tenancy could not be created in personal property.
See—
Waite vs. Bovee, 35 Mich 425;
State Bank of Croswell vs. Johnson, 151 Mich. 538;
Burns vs. Burns, 132 Mich. 441.
■
I am impressed that it was not the intention o f the legislature in enacting this statute to
create an estate in joint tenancy as it was known to the common law in bank deposits made
in accordance with the provisions with the same, but that the object o f this statute is to protect
the bank in case payment o f the money is made to the survivor before the bank has received
notice o f the death o f one o f the parties. The language o f the statute would seem to indicate
that this was the intention o f the legislature and I am, therefore, of the opinion that section 3
o f the act does not create a joint tenancy in personal property as the term “ joint tenancy” was
known to the common law.
Respectfully yours,
(Signed) Grant F ellows,
Attorney General.
BANK LOANS TO BUILDING AND LOAN ASSOCIATIONS ARE LEGAL
March 19, 1917.
(59)
Hon. Frank W. Merrick, Commissioner Banking Department, Lansing, Mich.:
Dear Sir-—Your communication o f the 14th instant received requesting my opinion upon
the following proposition:
“ Investigation develops the fact that numerous banks under the supervision of this Depart
ment are from time to time advancing funds to certain building and loan associations in the
State. The question has arisen whether building and loan associations, as organized under
the Michigan statute, are given the right
to
borrow funds for loan purposes in thisway; and
as a consequence whether the loans held by banks are legal investments or not.”
In reply thereto would say that under date o f July 31, 1901, Honorable Horace M. Oren,
then attorney general, advised the secretary o f state that building and loan associations have
a right to borrow money to carry out the purposes o f such organizations, in the absence of
statutory prohibition, or by-laws o f such associations prohibiting it; and have implied power
to secure the payment o f such loans by assignment o f mortgages, bonds, etc. See Attorney
General’s Report for 1902, page 59.
I do not find that this question has since been passed upon by this department, and I
therefore assume that the opinion o f Mr. Oren has been followed in this respect. If a building
and loan association has the authority to borrow and pledge its securities it consequently
follows that a bank would have the same right to loan its money to a building and loan
association as to any other borrower.
Respectfully yours,
(Signed) A lex J. Groesbeck,
Attorney General.
BANK MAY NOT LEGALLY CLOSE ON ANY DAYS OTHER THAN
THOSE PRESCRIBED BY LAW.
(60)
'
June 1 1 , 1917.
Hon. Frank W. Merrick, Lansing, Michigan:
Dear Sir— Your communication o f the 19th ult. received as follow s:
“ We have been requested by a State bank to submit to you the proposition of whether a
State bank may legally close its bank on an afternoon other than Saturday during the summer
months. As you no doubt are aware Saturday afternoon is a busy time in the smaller towns,
and for that reason banks dislike to close.
“ Will you kindly give this matter your early attention?”
In reply thereto, would say that there does not appear to be any authority in the banking
act under which State banks may close through banking hours on any days except those
prescribed.
Very respectfully,
(Signed) A. B. D ougherty,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
Deputy Attorney General.
lxiv
BANK
STATE
DISCOUNTING
ITS
NEGOTIABLE
B A N K IN G
DEPARTM ENT-
NOTES FOR PURPOSE
OF RELOANING,
NOT ACTING IN
GOOD FAITH.
(61)
February 19, 1918.
Hon. Frank W. Merrick, State Banking Commissioner, Lansing, Michigan:
Dear Sir— I have before me your communication of the 8th inst. with reference to t h e '
authority o f a bank organized under the banking laws of this state to rediscount its negotiable
notes for the purpose o f securing funds to reloan.
Section 32 o f the Michigan Banking statute provides in part as follow s:—
“ Provided further that any bank may borrow money for temporary purposes, and may
pledge assets o f the bank not exceeding fifty per cent in excess of the amount borrowed as
collateral security therefor: Provided further, That whenever it shall appear that a bank
is borrowing habitually for the purpose o f reloaning, the Commissioner o f the Banking Depart
ment may require such bank to pay off such borrowed money. Nothing herein contained shall
prevent any bank from rediscounting in good faith and endorsing any of its negotiable notes.”
You will note that this section prevents a bank from borrowing habitually for the purpose
o f reloaning. This section provides further that nothing therein contained should prevent
any bank from rediscounting in good faith and endorsing any of its negotiable notes.
It is my opinion that it was not the intention o f the legislature in providing that a bank
might rediscount in good faith its negotiable notes to authorize the said bank to rediscount its
negotiable notes for the purpose o f securing funds to reloan.
This, section permits a bank to rediscount its negotiable notes if done in good faith, and
should a bank rediscount such paper merely for the purpose of securing funds to reloan, I do
not think it can be said that said bank is acting in good faith.
•Trusting this will serve to furnish you with the desired information, I am,
Respectfully yours,
(Signed) A. B. D o u g h e r t y ,
Deputy Attorney General.
TRUST COMPANIES CANNOT
LAWFULLY PURCHASE SHARES OF THEIR OWN CAPITAL STOCK.
(62)
April 9, 1919.
Hon. Frank W. Merrick, State Banking Commissioner, Lansing, Michigan:
Dear Sir—Y our communication o f the 3d instant requesting an opinion from this Department
as to the authority o f a trust company organized under Act 108 o f the Public Acts o f 1889, to
purchase shares o f its own capital stock, is before me.
In reply thereto would say that in my opinion your question should be answered in the
negative for the following reasons:
(1) The statutes under which this class of corporations is organized expressely enmuerates
the classes of securities in which they may invest their funds. This statute contains no provision
authorizing a trust company to purchase shares of its own capital stock. The classes of
securities enumerated in this statute are in my opinion the only securities in which a trust
company may invest its funds.
(2) The purchase of shares of its own capital stock by a trust company is a reduction of
its capital stock. The statute under which these trust companies are organized provides the
method for the reduction of capital stock, and in my opinion the statutory method is exclusive.
(3) Section 14 o f the act under which Michigan trust companies are organized imposes
upon the stockholders a liability to the extent o f the amount o f the stock therein, at the par
value thereof, in addition to the amount invested in such shares. To permit a trust company
to purchase shares of its own capital stock would permit it to impair the security intended for
the benefit o f creditors.
Trusting this will serve to furnish you with the desired information I am,
Respectfully yours,
A. B. D o u g h e r t y ,
Deputy Attorney General.
TRUST COMPANIES DO NOT HAVE FOWER TO EXECUTE ACCEPTANCES.
( 63)
October 2, 1919.
Hon. Frank W. Merrick, Commissioner o f Banking Department, Lansing, Michigan:
Dear Sir— We have the following communication from your Department:
“The question has arisen as to the rights of trust companies, operating under the Michigan
trust law, to execute acceptances in the same manner as our Michigan State Banks are allowed
to do under the banking law. I am unable to find any provision in our trust law permitting
the execution of acceptances and for that reason the matter is referred to you for an opinion
as to their rights in this connection.”
In answering this question we assume you have reference inter alia to the authority
expressly granted to banks in subsection 8 o f section 4 o f the general banking law as follow s:
“ To accept for payment at a future date, not to exceed six months, drafts drawn by the
patrons, but no bank shall accept such drafts in the aggregate to an amount exceeding 50 per
cent o f its capital and undivided surplus, such acceptances to be considered liabilities within
the meaning o f limitations provided in section 52 o f this act.”
The above provision was added by amendment in Act 299 of the Public Acts of 1917. In
passing it should be said that it had been held by this Department that such acceptances (for
future payment at a future date) Could not be executed by State banks in the absence of
express statutory permission, since it involved a species of loan of a bank’s credit and a
species of liability not contemplated by existing law and not embraced within their general
authority. Hence the above legislation. The amendment of 1917 makes such transactions
legitimate banking business.
I think it can safely be assumed, if banks could not have included such business in their
transactions, in the absence of express statutory authority, that trust companies equally could
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REPORT OF THE COMMISSIONER
lxv
not since the powers o f trust companies are also strictly statutory. The authority given to
State banks in the above amendment cannot inure to the benefit o f trust companies, since the
two kinds o f institutions are governed by different laws, and trust companies, on the contrary,
are not permitted to do general banking business. See section 9 o f Act 108 o f the Public Acts
of 1889 (section 8052 o f the Compiled Laws o f 1915).
A close examination of the trust company act fails to reveal any direct or express pro
vision authorizing trust companies to include acceptances so as to create a primary liability
against the trust company as defined in the negotiable instruments law. While the silence of
the statute would doubtless be a sufficient reason, a better reason for denying to trust com
panies the right to execute such acceptances is to be found in the strict limitations pre
scribed by the trust company act itself as to the character of transactions open to them, both
as to employment of capital and investment of trust funds. Under the provisions of section
8052 of the Compiled Laws of 1915, trust companies shall have power “to loan money upon
real estate and collateral security, and to execute and issue its note and debentures, pay
able at a future date, and to pledge its mortgages or real estate and other securities as
security therefor.” Under section 8054 of the Compiled Laws of 1915, the capital stock of
such companies may be invested, “ in bonds secured by mortgages, or notes and mortgages or
unincumbered real estate within the State of Michigan, worth double the amount secured
thereby or in public stocks and bonds * * * and such board of directors may invest or loan
the balance of its capital stock and other moneys received by such corporation in trust,
in bonds secured by mortgages, or notes and mortgages, on unincumbered real estate within
the State of Michigan worth double the amount secured thereby, or in public stocks and bonds
of the United States * * * or in such real or personal securities as they may deem proper.”
It will be seen that all of these investments require security, whether the funds so invested
are derived from surplus capital, from loans or from trust funds in their keeping. Nowhere
are they permitted to invest by loaning their funds without security.
The acceptances under discussion primarily do not call for security and on the contrary
are intended to operate without ordinary direct security.
I think it can also be safely said that such acceptances have not heretofore been deemed
a necessary part o f trust company business within this state, and that in any event they fall
more properly within the sphere o f general banking operations than in that o f trust com
pany business, taking the distinction between the two institutions as generally laid down
by the authorities for a criterion. In this connection your attention is invited to the opinion
of Attorneys General Wykes and Fellows o f December 31, 1912, Attorney General’s Report for
1913 at page 170, where these distinctions are discussed in relation to the right o f trust
companies to issue certificates o f deposit.
As a limitation upon the general powers o f trust companies, section 9 o f the trust com
pany law contains the following provision:
“ But nothing herein contained shall be construed as giving the right to issue bills to circulate
as money, or to buy or sell bank exchange, or to do a general banking business.”
This provision is a direct limitation upon the powers granted to trust companies in the
same section of the act “to act generally as agents or attorneys for the transaction of busi
ness, the management of societies, the collection of rents, interest, dividends, mortgages,
bonds, bills, notes and securities for moneys.”. This latter provision, in my opinion, is the
measure of the powers of a trust company with reference to the handling of negotiable instru
ments originating outside of the trust company itself. This power falls far short of grant
ing to trust companies a general authority such as is conferred upon banks in the eighth
subdivision of section 4 of the banking law. The only legitimate ways, in my opinion, that
a trust company can handle negotiable instruments are in connection with their authority
to make collections for their clients in which transactions they act solely as agents or
attorneys; and in their regular investments permitted by law and as restricted by the terms
of the trust company act; or in such limited transactions as become necessary in the discharge
of their own corporate functions as distinguished from the employment of their capital and
their transactions on behalf of clients.
In conclusion, I am of the opinion that direct and express legislation would be necessary
before trust companies can be authorized to execute acceptances of the nature contemplated
in your inquiry.
Very respectfully,
A l e x J. G r o e s b e c k ,
Attorney General.
TRUST POWERS OF NATIONAL BANKS.
(64)
Hon. Frank W. Merrick, State Banking Commissioner, Lansing, Michigan;
April 25, 1919.
Dear Sir— I have before me your communication o f the 23rd instant wherein you call
attention to Section 1 1 (k) o f the Federal Reserve act, which act authorizes national banks
to exercise the powers o f a trust company in certain cases. You also call attention to certain
rules o f the Federal Reserve Board, and you request to be advised whether or not a national
bank which exercises the functions o f a trust company is required to deposit with the state
treasurer o f this state the securities provided for in the Michigan trust company act. You also
request to be advised whether or not such companies are subject to examination by the state
banking department, as provided for in said act.
In ansvver to your first inquiry, I would respectfully call your attention to the provisions
o f subdivision (k) o f section 2 o f the act o f September 26, 1918, which provides in part as
follow s:
“ Whenever the laws o f a State require corporations acting in a fiduciary capacity, to deposit
securities with the State authorities for the protection o f private or court trust national banks
so acting shall be required to make similar deposits and securities so deposited shall be held
for the protection o f private or court trusts, as provided by the State law.”
You will note from reading the foregoing that a national bank exercising the functions of
a trust company is obliged to deposit with the treasurer o f this state the securities provided
for in the act governing Michigan trust companies.
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STATE BANKING DEPARTMENT-
lxvi
In answer to your second inquiry, I would respectfully call your attention to subdivision
(k) o f section 2 o f the act o f September 26, 1918, which provides in part as follow s:
“ National banks exercising any or all of the powers enumerated in this subsection shall
segregate all assets held in any fiduciary capacity from the general assets of the bank and
shall keep a separate set of books and records showing in proper detail all transactions en
gaged in under authority of this sub-section. Such books and records shall be open to inspection
by the State authorities to the same extent as the books and records of corporations organized
under State law which exercise fiduciary powers, but nothing in this Act shall be construed
as authorizing the State authorities to examine the books, records, and assets of the national
bank which are not held in trust under authority of this sub-section.”
You will note from the foregoing that you have the same authority to examine the books
and records of a national bank exercising the functions of a trust company, insofar as the
conduct of its affairs as a trust company is concerned, as is conferred upon you by the statutes
of this state in reference to Michigan trust companies.
Trusting this will serve to furnish you with the desired information, I am
Respectfully yours,
A. B. Dougherty,
Deputy Attorney General.
(65)
May 8, 1919.
Hon. Frank W. Merrick, Commissioner o f Banking, Lansing, Michigan:
Dear Sir— I have before me your communication of the 1 st instant, wherein you call atten
tion to our letter of the 25th ultimo in reference to the authority conferred upon the state
banking commission by the federal reserve act to examine national banks exercising the
powers o f trust companies, insofar as the conduct o f their affairs pertains to the trust com
pany business; also in reference to the deposit o f securities by said banks with the State
Treasurer, and request to be advised whether or not in my opinion it is your duty, under
the statutes o f this state, to require this deposit to be made and to conduct an examination
o f the affairs o f these banks exercising the functions of a trust company, as is done in the case
o f trust companies organized under the laws o f this state.
In reply thereto would say that inasmuch as Congress, by appropriate legislation, has placed
these banks exercising the functions of a trust company on the same footing as trust companies
organized under the state law, insofar as the requirements as to deposits and examinations
are concerned, I am of the opinion that to that extent such banks must be regarded as
doing business under the Michigan statute relating to trust companies, and that your duties
in that connection are the same as your duties in relation to trust companies organized under
the laws of this state.
Respectfully yours,
A lex J. Groesbeck,
Attorney General.
LEGAL ASSIGNMENT OF VENDOR’ S EQUITY.
( 66)
March 2 1 , 1921.
Mr. Joseph Conway, Deputy State Banking Commissioner, Lansing, Michigan:
Dear Sir— We refer to yours o f the 19th instant in which you ask this Department’s opinion
on the following:
“ In the assets of banks under our supervision, we frequently find loans which are secured
by assignments of vendors’ equities in land contracts. The question
on which wewould appre
ciate your opinion pertains to what may be considered a proper légal assignment of a vendor’s
equity in a land contract as collateral.”
We know of no agreement or arrangement that can be made referring to the vendee’s
contract or the vendor’s equity in a contract that will have the result of placing a lien
upon the property sold by the vendor. Such agreements can be enforced as agreements
and under some
circumstances it probably would be true that an equitable lien against
property involved could be enforced, but this could only be done after a determination
by proper legal procedure. Whenever it is deemed advisable to have the security of the
land itself back of the loan that is made, it is necessary that some conveyance be given
whereby the land becomes security for the loan. This can be done either by deed or
mortgage, and if by deed the same should be recorded as a mortgage. The condition that
exists does not differ in any way from that where a loan is asked by the owner of lands
not subject to land contract. A quit claim deed conveys the same interest as a warranty
deed, the only difference in the two being that in a warranty deed the vendor guarantees
or warrants the title, while no warranty exists with the quit claim deed, but so far as the
interest conveyed it is the same in either instance.
Trust the above opinion gives you the information desired.
Yours very truly,
A. B. Dougherty,
Deputy Attorney General.
BANKS
LIABILITY WHERE DEPOSIT BOXES ARE RENTED TO TWO INDIVIDUALS
(67)
Hon. Hugh McPherson, Lansing, Michigan:
JOINTLY.
June 1 1 , 1921.
Dear Sir—Your letter of recent date received as follows:
“State banks often rent safety deposit boxes to husband and wife, the name of both
appearing as lessees and each having access to the box, where, presumably, each has deposited
their individual papers, and others.
“ The question has arisen, whether a bank, in the case of the death of one or the other
of the lessees, has the right to permit the survivor to have access to the box? We shall appre
ciate an expression of opinion from you in this regard.
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REPORT OF THE COMMISSIONER
Ixvii
“ Also, in reference to a question as to the duty o f the bank under section nine of the
Inheritance Tax Law, being Section 14532 o f the Compiled Laws, as amended. This section
seems to require that notice be given to the county treasurer before safety deposit boxes of
deceased persons may be opened. The question has arisen in some banks as to whether they
should deny the right o f the survivor to have access to the box until notice has been given
to the county treasurer, in instances where the box is rented to two persons and the name o f
each appears as a lessee.”
Under the facts as stated in your letter, the death of one of the lessees o f the safety
deposit box would not terminate the right o f the other lessee, unless there has been an agree
ment to that effect. However, the mere fact that the box had been rented jointly would have
no necessary bearing upon the question o f the title to the contents of the box after the death
of one o f the lesses. Ordinarily, there is no survivorship in personal property in this state
excepting as created by statute. It is true that a species of such survivorship may be created
by making a gift causa mortis.
Johnson v. State Bank, 151 Mich. 538.
Ludwig v. Bruner, 203 Mich. 556.
As to the liability o f the bank under Section 9 o f the Inheritance Tax Law, that would
largely depend upon the fa cts; and most o f all upon what degree o f control the bank retains
over the deposit box. Many banks make a practice o f retaining a key which must be used in
opening the safety deposit box, and where that is the case it would seem that the bank has
sufficient control over the box to bring it within the provisions o f Section 9.
In any event, prudence would dictate that the bank protect itself by notifying the county
treasurer, or by obtaining instructions from the court, before permitting the possible assets
of the decedent from being taken from the box.
Owing to the variety o f circumstances under which these questions may arise, it would
be difficult, if not impossible, to make any ruling that would apply in every case, and I would
prefer to leave the matter that way.
Very truly yours,
M e r l in
W
il e y ,
Attorney General.
LAND CONTRACTS NOT LEGAL INVESTMENTS FOR STATE BANKS.
(68)
J u ly 13, 1021.
Hon. Hugh McPherson, Commissioner of Banking, Lansing, Michigan:
Dear Sir— I have your request of the first instant for an opinion upon the following
proposition:
“ We have several letters from a state bank in which they contend that it is legal for
them to invest their funds in land contracts, purchasing the same from the original vendors
by means o f a warranty deed recorded as a deed only, conveying title to the property sold
under the contract and subject to any prior existing mortgage liens that may be upon the
property. Supporting their contention that this action is legal, they refer to an opinion of
former Attorney General Kuhn, rendered this Department December 7, 1911, and to Supreme
Court decisions mentioned theiein.
“ It has been our position that land contracts do not constitute proper investments for
state banks as contemplated by the banking law. The acceptance of a warranty deed from
the vendor, conveying his interest appears to us to amount to the outright purchase of real
estate, subject to the interest of the vendee. Section 11 of the banking act seems to specifically
prohibit such transactions.
“ Kindly advise as to your opinion as to the legality of investments of this kind.”
In reply thereto would say that I have examined the opinion o f Attorney General Kuhn,
dated December 7, 1911, found on page 197 o f the Attorney General’s Report for 1912, and
it seems to me that this opinion fully sustains the position taken by your department with
reference to land contracts as investments for savings banks, and fails to sustain the position
taken by the bank, to which you refer, that a state bank may purchase for investment the
vendor’s interest in land contracts.
As I understand the position which has for many years been taken by your Department,
a bank may loan money upon the security o f the vendor’s interest in a land contract and
in connection therewith may take by deed the vendor’s title to the land itself by way of
mortgage security, but that where a bank attempts to purchase the vendor’s interest outright
and takes along with such purchase the vendor’s title to the land itself, such a transaction is
not deemed to be within any o f the provisions o f Section 27 o f the General Banking Law.
We do not seem to have any decisions in this state squarely in point and the matter has
heretofore rested upon construction by your Department and this Department. I see no reason
at this time for disagreeing with the opinion o f former Attorney General Kuhn who has stated
the matter very clearly in the opinion first above referred to. In other words, I think you
would be safe in advising the bank in question that the purchase outright o f land contracts
out o f funds o f the bank for pure purposes o f investment or speculation is not permitted by
the banking laws o f the state.
Respectfully yours.
M
e r l in
W
il e y ,
Attorney General.
BANKS NOT REQUIRED TO FILE STOCKHOLDERS LIST W IT H
SECRETARY OF STATE.
February 17, 1922.
Hon. Hugh McPherson, State Banking Commissioner, Lansing, Michigan:
Dear Sir— W e have your letter o f the 15th instant, requesting an opinion as to whether
or not Section 15082 o f the Compiled Laws o f 1915 requiring corporations to file lists of their
stockholders with the Secretary o f State applies to banks organized under the general banking
laws o f this State.
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Federal Reserve Bank of St. Louis
lxviii
STATE BANKING DEPARTMENT-
In reply thereto, you are advised that Section 15082 reads as follow s:
“ Every banking:, insurance, mining, plank road, or other incorporated company, which
issues script or shares, shall within ninety days after
the passage of
this act,file with
the secretary o f state
a list o f the number o f shares issued by said corporation, and the
names o f the owners thereof and their postoffice addresses, with the number
o f shares
owned by each; and annually thereafter shall file with said secretary o f state during the
months o f January or
February, in each and every year, a statement similar to that above
required, showing the
ownership o f the shares o f said corporation at the day o f the date
o f said statement; all o f which statements, including the first, shall be made by one of
the officers o f said company, under oath, Provided, That corporations which file an annual
report with the Secretary o f State containing a list o f stockholders with the postoffice
addresses and the number o f shares held by each, shall not be required to file a separate list
under this act.” '
Your attention is particularly called to the proviso in this section.
Section 35 o f the General Banking Law provides as follow s:
“ There is hereby established in the state department a separate and distinct bureau which
shall have charge o f the execution o f the laws relating to banks, trust, loan, mortgage security,
or safety deposit companies formed and transacting business under the laws o f this state, to
be designated as the State Banking Department.”
Section 15 o f the banking law requires banks to file lists o f stockholders with the Com
missioner annually. While it is true that the Banking Department is operated independently
o f the State Department, yet, the provision o f Section 35 quoted above, and which has never
been repealed or modified, distinctly makes the Banking Department a bureau o f the State
Department and, in my opinion, the filing o f a list o f stockholders with the Commissioner is
equivalent to filing the same with the Secretary o f State. It follows, therefore, that banks are
not required to comply with Section 15082.
Very truly yours,
M e r l in
W
il e y .
Attorney General.
in
re
:
borrowers
to
r ig h t
set-o f f .
(70)
Hon. Hugh McPherson, State Banking Commissioner, Lansing, Michigan:
June 14, 1922.
Dear Sir—Your recent letter received as follows:
“ In the liquidation o f the affairs o f the ................................. Bank o f ................................. the
question will undoubtedly arise as to the right o f a depositor in the savings department to
offset his loan which may be carried in the commercial department. W e respectfully ask your
opinion as to the rights o f the depositor in such a case and as to the duty o f the receiver.
“ It should be remembered that when a customer deposits money in the bank he determines
for himself whether his deposit shall be a commercial or a savings deposit, but when a customer
negotiates a loan from the bank he is not in position to make such a determination. In the
latter case at least it is customary for the bank to determine for itself whether the customer’s
loan shall be carried as a commercial or a savings asset. Your early advice in this matter
will be appreciated.”
In reply thereto, would state that the right o f set-off in any case results from the relation
o f debtor and creditor as between the bank and its borrowers or depositors. In the absence
o f statute and as applied to private banks in this State, this Department has held that the
right o f set-off exists regardless o f whether the loan was made on the commercial or savings
side o f the bank. Attorney General’s Report for 1913, page 548.
With regard to banks organized under the General Banking Laws, however, I am o f the
opinion that a clear distinction must be made. In Peters v. Unton Trust Company, 131
Mich. 3M, it was held that the securities and deposits in the savings department o f a bank
having both a commercial and savings business must be segregated and held for the benefit
o f the savings depositors. It seems clear from the decision in the above case that securities
fo r loans made out o f the savings deposits could not be surrendered by way o f set-off to a
commercial deposit without at the same time taking from the savings side o f the bank an
asset which belongs to it for the benefit o f its depositors.
In the final liquidation o f a State bank after the savings depositors have been satisfied,
or after their claims have been paid, the remainder o f the assets on the savings side o f the
bank would, o f course, be available for general creditors.
Trusting this makes the matter clear, I am,
V ery truly yours,
M e r l in
W
il e y .
Attorney General.
c o m m is s io n e r ’ s
a u t h o r it y
re
:
c o n s o l id a t io n s .
(71)
October 24, 1922.
Hon. Hugh A. McPherson, State Banking Commissioner, Lansing, Michigan:
Dear Sir— Your letter o f the 23rd instant received as follow s:
“ Section 54 A o f Act 205 o f the Public Acts o f 1887, commonly known as the general
banking law, provides for the consolidation o f state and national banks. W e have before
us the proposition o f the consolidation o f a Michigan national bank. The statute does not
appear to be clear regarding the authority o f the Commissioner o f this Department to prevent
this action by his disapproval. W e will appreciate your opinion regarding the authority o f the
Commissioner to maintain a separation o f the assets o f two institutions, providing that in his
opinion the creditors o f the state bank might be defeated or defrauded by the consolidation.
* * *
In answer to your letter we call your attention to the following provision appearing in
Section 54 A :
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REPORT OF THE COMMISSIONER
“ It shall also be the duty o f the Commissioner o f the Banking Department, to cause an
examination o f each bank and no such consolidation shall be made without the consent of
the Commissioner o f the Banking Department, and not then to defeat or defraud any o f the
creditors o f either o f the banks parties to such consolidation.”
Under this provision the State Banking Department has authority to withhold its con
sent to the consolidation for the protection o f the creditors of the state bank, and, in my
opinion, also for the protection o f the stockholders o f the state bank it may require, and
it is its duty to require an examination to be made o f the national bank as well as the state
bank prior to final action upon the consolidation. In case the national bank should refuse to
permit an examination, then it would be the duty to withhold its consent. In other words,
we are o f the opinion that the statute referred to in your letter gives you all o f the power
and authority necessary to prevent a consolidation until the Commissioner is satisfied that
neither bank, nor the creditors o f either bank, will be harmed by the transaction.
Very truly yours,
A. B. D o u g h e r t y ,
Attorney General.
o b l ig a t io n
of
a
p a r t n e r s h ip
m ay
be
c o n s id e r e d
c o m p o s in g
su ch
as
th e
o b l ig a t io n
of
the
in d iv id u a l s
p a r t n e r s h ip .
( 72)
June 25, 1923.
Mr. Harry 0. Mohrmann, Deputy Banking Commissioner, Lansing, Michigan:
Dear Sir— You have requested the opinion o f this department as to whether the obligations
o f a partnership may be considered as the obligations o f the individuals composing such partner
ship in determining the total o f the liabilities that such person or persons may owe to a bank
under Section 52 o f the General Banking Laws.
Said Section 52 o f the General Banking Laws is Section 8020 of the Compiled Laws o f 1915,
as amended by Act 108 o f the Public Acts o f 1919 and provides that,
“ The total'liabilities to any bank o f any person or o f any company, corporation or firm for
moneys advanced, including in the liabilities of the company or firm the liabilities of the several
members thereof, except special partners, shall at no time exceed one-tenth part of the amount
o f capital and surplus o f such bank, * * * Provided further, That by a two-thirds vote o f
directors, the liabilities to any bank o f any person or company, or corporation or firm may be
increased to a sum not exceeding one-fifth o f the capital and surplus of the bank.”
It cannot be questioned that the individual obligations of all members o f partnerships must
be charged against the line o f credit o f such partnership or firm in determining the total
amount o f money that may be advanced to such partnership or firm and we think that that
portion o f the statute, above italicized, shows a plain legislative intent that the liabilities
o f a partnership or firm shall be considered as the liabilities of each of the individuals com
posing the partnership or firm, except special partners and therefore the liabilities of a firm
or partnership should be charged against the liabilities o f each of the persons composing such
firm or partnership, except special partners, in determining whether or not the sums advanced
or loaned to such individuals are within the limitations o f said Section 52.
Very respectfully,
A n d r e w B. D o u g h e r t y ,
Attorney General.
HAS BANK AUTHORITY TO PAY TAXES ASSESSED AGAINST THE SHARES OF STOCK?
( 73)
February 18th, 1924.
Honorable H. A. McPherson, State Banking Commissioner, Lansing, Michigan:
Dear Sir—You have recently requested my opinion as to whether or not a bank organized
under the laws o f this state has the authority to pay taxes assessed against the shares of
stock to their respective owners.
Section 4002, C. L. T5, as amended by Act 297, Public Acts of 1921, provides in part:
“ For the purpose o f taxation, personal property shall include * * * all shares in banks
organized within this state under the laws o f this state or the United States at their cash
value, after deducting the assessed value o f real property owned by and assessed to such banks.”
Section 4008, C. L. T5, provides that all shares in banks shall be assessed to their owners
in the township, village or city where the bank is located, provided that the shares owned by a
person residing in the county where the bank is located shall be assessed in the township or
city where he resides. From the foregoing, it is apparent that the shares of stock may be,
in some instances, assessed for taxes in the township, village or city where the bank is located,
and in others be assessed in some township, or city other than that in which the bank is
located. It follows that the rate o f taxation would not be uniform, which would result in the
bank paying a larger amount in taxes per share for some stockholders than for others. The
statute makes no express provision authorizing the bank to pay taxes assessed against the
stock o f its shareholders, and I am therefore o f the opinion that it is without authority to
pay these taxes, should any o f its stockholders object. I am also of the opinion that any stock
holder could enjoin the bank from paying these taxes.
Respectfully yours,
A n d r e w B. D o u g h e r t y ,
Attorney General.
LIABILITY OF A BANK FOR THE LOSS OF THE
CONTENTS
OF A SAFE DEPOSIT BOX.
( 74)
February 19, 1924.
Hon. Hugh A. McPherson, State Banking Commissioner, Lansing, Michigan:
Dear Sir— You have requested my opinion as to the liability of a bank for the loss o f the
contents o f a safe deposit box rented to a customer fo r a consideration. You further request
to be advised whether or not the bank can limit its liability by special contract.
While the question is an open one in this state, the weight o f authority is to the effect
that when a banking corporation conducts such a business in connection with the general
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Federal Reserve Bank of St. Louis
lxx
STATE BANKING DEPARTMENT-
business of banking and receives personal property from individuals for safe-keeping, the general
rule of law is that the bank becomes a bailee and in case of loss is liable as such.
A bailee for hire must exercise the care equal to that to be expected from ordinarily
prudent persons under similar conditions and circumstances in order to relieve him from
liability and whether such care is exercised or not is a question for the determination of
the jury under proper instructions.
As to the right of the bailee to limit his liability by special contract, the parties to the
transaction may make their own contracts in reference to their mutual rights and liabilities
under bailment of property as well as in reference to other subjects and generally speaking,
may, by express contract enlarge, abridge, qualify or supersede the obligations which otherwise
would arise from the bailment by implication of law. To make such a contract valid, the
bailor must have notice that there are special terms and the means of knowing what they
are and if the bailee chooses to make the bailment, he is bound by them, providing the
contract is not in violation of positive law or public policy.
Trusting this will serve to furnish you with the desired information, I am
Respectfully yours,
A ndrew B. Dougherty,
A tto r n e y
BANK
MAY DEPOSIT COLLATERAL
G e n e r a l.
TO SECURE STATE DEPOSITS.
(I 5)
November G, 1924.
Mr. H. A. McPherson, State Banking Commissioner, Lansing, Michigan:
Dear Sir— In compliance with your request we enclose herewith copy of opinion recently
furnished the Deputy State Treasurer.
Yours very truly,
Clare R etan,
D e p u t y A t t o r n e y G e n e r a l.
pledged with the State Treasurer by a bank to secure the repayment of a state
deposit cannot be reclaimed by a receiver for the bank, without redeeming them.
S E C U R IT IE S
October 31, 1924.
Hon. Hoyt Woodman, Deputy State Treasurer, Lansing, Michigan:
Dear Sir— I have your letter in which you state:
“It has been a custom of this department to permit banks wishing state deposits to deposit
collateral with us in the form of Federal, Municipal or other negotiable bonds to secure State
deposit.
“A question has arisen whether or not in event of a failure of such bank we would be
permitted to retain these bonds to secure this deposit, or whether we would be compelled to
turn the bonds over to the receiver of said bank, or take our chances with other depositors.”
Section 289 o f the Compiled Laws o f 1915 requires the State Treasurer:
“ To require of any bank before he shall have made it a depository of surplus funds
belonging to the State, good and ample security, to be approved by the said state treasurer,
the auditor general and the secretary of state, for the safekeeping and reimbursement of such
surplus funds, whenever called for, and the payment of such rate of interest as the state
treasurer, in his discretion, shall deem best for the interest of the state.”
The security pledged with the State Treasurer by a bank, is security for state moneys
deposited with it and the taking of such security would appear to be a compliance with the
requirement of the statute. Unless there is a clear prohibition against so doing, there is no
reason why a bank may not pledge a part of its assets to secure a deposit of state funds and
pledge having been made, it cannot be recovered either by the pledgor or his receiver in the
event of insolvency, except by redeeming it.
“The lien of a valid pledge is undoubtedly preserved in bankruptcy and where a pledge
of property was made in good faith by the bankrupt and for a valuable consideration and not
in violation of the provisions of the bankrupt law, the assignee cannot recover the property
except by redeeming it.”
21 R. C. L. 652.
See also Tiffany, Trustee v. Boatman’s Savings Institution, 21
U. S. (L. Ed.) 868 at Page 971.
Yeatman and Moore, Assignees in Bankruptcy v. New Orleans Savings
Institute, 24 U. S. (L. Ed.) 589 at Page 590.
Hancock v. Varick Bank, 51 U. S. (L. Ed.) 945.
Some states prohibit a bank from pledging any part of its assets to secure loans, but in
Michigan under Section 9002 of the Compiled Laws of 1915, as amended by Act 21 of the
Public Acts of 1919, a bank may pledge
“ Qualified assets of the bank for the purpose of becoming a depository for postal savings
funds, under the laws of the United States or for the purpose of becoming a depository for
surplus funds belonging to the State of Michigan, but no bank transacting a savings business
shall pledge mortgages or bonds which represent any portion of the investments of its savings
deposits.”
Although the doctrine of the common law right of the sovereignty to a preference in the
payment of moneys on deposit is not clearly recognized in this state and may be entirely lost
if a receiver is appointed for it, as declared in
Banking Commissioner v. Chelsea Savings Bank, 161 Mich. 691,
there seems no objection to the state, irrespective of its rights to priority in payment as a
sovereign, to make an ordinary business arrangement to secure the repayment of its moneys
when placed on deposit, and if in compliance with the statute, a pledge of security is properly
taken, the same may be held until redeemed, even as against the receiver for a bank declared
insolvent.
Respectfully yours,
A ndrew B. Dougherty,
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Federal Reserve Bank of St. Louis
A tto r n e y
G e n e r a l.
REPORT OF THE COMMISSIONER
lxxi
ST A T E BA N K S.
1924.
Abstracts of reports made by the state banks of Michigan to the Commissioner of the Banking Depart
ment, the reports being called for on the past days unknown to bank officers, viz., December 31,
1923, March 31, June 30, and October 8, 1924. For reports of individual state banks and trust
companies see succeeding pages.
Resources.
Loans and discounts:
Commercial..................................
Savings..........................................
Bonds, mortgages and securities:
Commercial..................................
Savings.........................................
Due from Federal Reserve bank:
Commercial..................................
Savings . . . ...................................
Due from banks in reserve cities:
Commercial..................................
Savings.........................................
U. S. Bonds and Cert, of Ind. as
legal reserve:
Savings.........................................
Exchange for clearing house and
checkson banks :n sameplace:
Commercial..................................
Savings.........................................
Cash on hand:
Commercial..................................
Savings..........................................
Overdrafts.........................................
Premium account...........................
Banking house................................
Furniture and fixtures..................
Other real estate............................
Due from banks other than in
reserve cities................................
Bonds borrowed or left for safe
keeping..........................................
Outside checks and other cash
items..............................................
Stock of Federal Reserve bank. .
Income accrued receivable (net)
Other assets.....................................
Totals.......................................
Liabilities.
Capital stock paid in.....................
Surplus fund....................................
Undivided profits, net...................
Dividends unpaid..........................
Reserved for taxes, interest, etc.
Commercial deposits subject to
check.............................................
Demand certificates of deposit...
Certified checks..............................
Cashier’s checks..............................
Due to other banks and bankers
State moneys on deposit..............
Postal savings deposits.................
U. S. Government deposits.........
Time commercial certificates of
deposit..........................................
Savings deposits (book account)
Savings certificates of deposit. . .
Club savings deposits...................
Notes and bills rediscounted . . . .
Bills payable....................................
Bonds sold subject to repurchase
Bonds borrowed or left for safe
keeping.........................................
Customers’ acceptances and letters of credit................................
Debentures and first mortgage
bonds.............................................
Accrued interest and expense pay-
Report of
December 31,
1923,
574 state
banks,
2 industrial
banks, 12 trust
companies.
Report of
March 31,
1924,
579 state
banks,
2 industrial
banks, 12 trust
companies.
Report of
June 30,
1924,
583 state
banks,
2 industrial
banks, 12 trust
companies.
3266,717,210 10
106,230,274 21
5293,746,412 94
103,098,199 95
$286,935,854 45
102,718,245 06
$272,150,681 78
97,761,188 50
132,098,783 11
445,731,447 92
135,442,185 42
'454,534,712 41
140,652,829 85
476,617,309 91
160,501,770 02
493,931,731 33
20,262,253 99
13,905,083 37
22,028,008 01
15,517,131 56
25,566,497 10
14,345,782 74
25,342,465 85
14,783,506 41
34,411,515 75
17,774,119 80
40,843,245 61
23,626,554 57
38,534,313 09
21,631,170 66
51,451,472 10
23,480,298 64
23,697,735 68
24,033,881 86
19,790,142 97
19,500,711 14
15,329,969 78
1,914,595 29
10,020,947 19
3,212,011 22
12,439,468 64
1,257,438 01
9,372,601 82
1,079,283 08
15,557,383
9,958,172
2,467,169
344,058
27,221,395
5,679,113
3,976,136
13,562,829
9,687,072
2,197,181
326,930
26,749,519
6,005,964
5,477,387
13,620,702
9,749,546
2,087,522
365,045
27,301,439
6,006,416
5,932,207
59
96
81
65
31
54
98
08
84
23
69
43
28
73
08
04
34
09
95
47
21
Report of
October 8,
1924,
586 state
banks,
2 industrial
banks, 12 trust
companies.
14,060,221
9,150,325
2,271,934
481,258
28,145,819
6,144,052
6,073,697
70
87
13
97
00
54
41
3,157,968 37
2,507,917 45
2,368,205 19
3,103,502 20
21,169,339 57
20,387,852 69
19,503,764 43
19,482,093 13
8,868,999 06
2,272,203 00
6,632,759 57
2,295,500 00
8,227,605 49
2,318,850 00
6,568,844
2,318,117
1,117,371
473,313
07
24
95
36
605,686 13
966,615 50
1,546,683 45
51,179,350,615 97
51,222,900,821 23
51,239,517,040 22
$1,268,746,262 24
568,474,132
49,948,490
12,655,762
1,661,033
2,701,231
96
46
57
70
80
568,983,575
50,161,356
13,800,257
703,970
3,722,163
00
98
35
22
05
$69,266,700
50,712,473
14,710,533
1,410,562
2,814,960
00
30
83
19
82
$69,255,452
50,770,323
16,828,701
116,125
3,481,900
00
05
61
26
63
287,458,270
31,170,793
1,371,088
5,530,930
16,178,697
5,444,229
553,836
4,340,126
26
73
34
87
86
24
21
80
'297,369,161
31,796,841
1,475,056
4,882,245
18,424,643
14,609,499
819,558
6,828,932
81
77
58
75
53
14
61
48
292,562,214
30,869,703
1.329,422
8,850,534
17,181,859
14,605,619
1,040,577
2,644,842
38
00
46
73
47
19
77
22
309,795,486
35,067,638
1,689,565
7,786,960
24,393,433
6,626,552
1,098,794
5,160,000
01
83
78
95
01
54
69
00
7,213,220
575,461,023
65,233,176
720,442
2,645,378
15,127,500
1,527,050
86
82
63
03
28
76
00
7,650,926
602,467,785
67,988,665
2,518,780
1,067,039
4,559,300
300,400
13
74
85
63
32
00
00
7,614,344
599,488,457
69,550,584
4,080,343
2,570,359
6,919,341
1,977,250
29
35
76
24
56
00
00
7,961,060
599,997,114
71,777,795
5,898,781
1,632,356
7,242,086
1,181,950
12
11
79
12
17
07
CC
19,456,611 39
21,176,713 56
20,395,226 09
19,511,225 94
1,345,792 09
1,366,184 63
1,557,862 22
1,435,558 59
17,316,363 77
14,749,537 82
1,411,693 14
1,009,250 57
930,904 73
4,544,066 76
'798,409 94
Totals....................................... 51,179,350,615 97
$1,222,900,821 23
$1,239,517,040 22
$1,268,746,262 24
Other liabilities...............................
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Federal Reserve Bank of St. Louis
STATE BANKING DEPARTMENT.
Ixxii
N A T IO N A L B A N K S.
1924.
Figures given by the Comptroller of the Currency in even thousands.
Abstracts of reports made by the National banks of Michigan to the Commissioner of the Banking
Department, December 31, 1923, March 31, June 30, and October 10, 1924. For reports of
individual national banks see succeeding pages.
Resources.
Report of
December 31,
1923,
120 national
banks.
Report of
March 31,
1924,
121 national
banks.
Report of
June 30,
1924,
121 national
banks.
Report of
October 10,
1924,
122 national
banks.
Loans and discounts.......................................
Bonds, securities and stocks.........................
Due from federal Reserve bank.................
Due from banks and bankers......................
Exchanges for clearing house.......................
Cash on hand....................................................
Overdrafts..........................................................
Banking house furniture and fixtures........
Other real estate..............................................
Outside checks and other cash items.........
Customers’ liability account of acceptances and letters of credit........................
Due from United States Treasurer............
Other assets......................................................
3230,562
110,030
18,575
18,094
7,377
28,976
159
15,375
868
960
3247,333
107,816
19,059
16,682
6,217
30,204
185
15,870
886
1,066
3243,672
111,007
21,062
18,019
9,259
36,759
190
16,025
1,005
1,144
3251,106
125,666
24,844
22,477
7,643
35,153
,166
16,198
1,095
1,328
430
679
2,072
655
706
2,081
768
718
1,811
232
737
1,878
Totals.........................................................
3434,157
3448,760
3461,439
3488,523
Capital stock paid in......................................
Surplus fund......................................................
Undivided profits, net................... .................
Circulation........................................................
Commercial deposits subject to check. . . .
Certified checks...............................................
Cashier’s checks...............................................
Due to Federal Reserve bank......................
Due to other banks and bankers................
U. S. Government deposits..........................
Savings deposits (book account).................
Notes and bills rediscounted........................
Bills payable......................... , ..........................
Bonds borrowed...............................................
Customers’ acceptances and letters of
credit...............................................................
Other liabilities................................................
324,275
16,629
8,169
13,320
181,326
562
1,531
40
26,232
4,607
149,658
1,332
4,808
148
324,725
16,810
9,027
13,875
185,442
611
1,197
43
32,164
8,150
152,710
1,712
509
76
325,325
17,195
9,283
14,199
191,654
541
1,300
37
33,515
4,458
159,867
839
1,353
106
325,360
17,220
10,566
14,583
204,036
619
1,637
30
35,534
5,120
170,440
538
1,530
124
511
1,009
706
1,003
836
931
265
921
Totals.........................................................
3434,157
3448,760
3461,439
3488,523
Liabilities.
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Federal Reserve Bank of St. Louis
REPORT OF THE COMMISSIONER
Ixxiii
D E T R O IT .
STATE BAN KS.
1924.
Abstracts of the published reports of the State banks and Trust Companies in the city of Detroit, as
made by the Commissioner of the Banking Department, December 31, 1923, March 31, June 30,
and October 8, 1924.
Resources.
Report of ■
Report of
Report of
Report of
March 31,
June 30,
December 31,
October 8,
1924,
1923,
1924,
1924,
IS state banks,
IS state banks,
IS state banks,
IS state banks,
1 industrial bank, 1 industrial bank, 1 industrial bank, 1 industrial bank,
7 trust companies. 7 trust companies. 7 trust companies. 7 trust companies.
Loans and discounts:
Commercial................................................... $103,710,911 79
Savings...........................................................
49,387,651 59
Bonds, mortgages and securities:
Commercial................................................ '.
91,884,159 19
215,410,918 82
Savings..........................................................
Due from Federal Reserve bank:
12,744,915 72
Commercial..................................................
8,047,650 42
Savings..........................................................
Due from banks in reserve cities:
13,371,280 52
Commercial..................................................
Savings..........................................................
5,399,949 55
U. S. Bds. and Cert, of Ind. as legal re
serve:
10,276,116 82
Savings . : ........................ . .......................
Exch. for C. H. and checks on banks in
same place:
11,876,340 68
Commercial...................................................
1,277,522 22
Savings..........................................................
Cash on hand:
7,046,181 06
Commercial..................................................
2,843,422 47
Savings...........................................................
1,726,564 07
Overdrafts..........................................................
181,058 89
Premium account............................................
14,309,115 26
Banking house.................................................
1,545,804 43
Furniture and fixtures...................................
1,025,128 52
Other real estate................................ ..
Due from banks other than in reserve cities
2,420,173 71
Bonds borrowed or left for safe keeping...
2,791,355 60
Outside checks and other cash items.........
8,046,077 30
Stock of Federal Reserve bank...................
1,438,500 00
Income accrued receivable (net).................
370,690 12
Other assets......................................................
Totals.
$567,131,488 75
$124,266,271 77
45,154,200 99
$119,979,212 49
43,603,989 11
$107,452,822 02
41,028,181 93
93,950,328 18
220,992,979 27
98,424,463 13
238,365,261 01
116,126,464 02
249,478,517 48
14,652,864 28
8,389,221 60
16,854,547 89
8,586,292 12
16,814,625 40
8,788,853 67
15,495,386 83
8,167,595 54
18,145,858 93
8,128,322 70
24,947,533 94
6,592,233 06
10,687,546 89
6,609,106 36
6,663,956 36
7,688,346 19
2,720,846 88
10,156,258 45
610,833 53
7,360,016 37
480,415 83
6,245,938
3,472,582
1,616,839
207,515
13,565,367
1,615,703
2,348,591
1,648,369
2,632,869
6,142,654
1,441,500
12
12
39
71
82
47
59
65
72
81
00
6,323,961
2,626,228
1,717,951
253,149
13,967,166
1,579,447
2,495,840
1,715,948
2,226,327
7,547,243
1,444,500
27
14
17
47
60
16
30
67
50
86
00
759,400 25
1,151,036 94
$593,862,921 07
$612,512,946 80
7,055,841
2,455,924
1,672,268
359,952
14,497,352
1,634,079
2,497,828
2,168,055
2,527,192
6,083,517
1,443,000
852,609
339,478
25
76
45
29
06
20
97
29
95
93
00
33
43
$629,320,720 99
Liabilities.
$32,275,000 00
Capital stock paid in...................................... $32,245,595 96
$32,275,000 00
$32,275,000 00
00
31,006,000
00 30,947,000
30,877,392 10
Surplus fund.....................................................
30,992,000
00
7,614,770 39
6,513,866 79
Undivided profits, net....................................
6,217,840 26
8,218,025 15
542,774 08
469,794 89
571,503 51
Dividends unpaid........................................ .. .
50,378 33
1,317,611 58
Reserved for taxes, interest, etc.............
841,809 85
1,110,535,99
1,505,908 77
148,358,968 67
142,086,960 11
Commercial deposits subject to'check. . . . 138,219,961 62
155,091,184 77
2,479,075 08
Demand certificates of deposit....................
1,919,959 23
1,865,937 80
3,555,458 16
906,265 92
991,770 96
810,195 59
Certified checks................. .............................
1,215,999 22
7,045,005 68
3,189,100 26
3,617,329 36
Cashier’s checks...............................................
5,801,538 29
11,953,794 01
12,704,826 11
Due to other banks and bankers.................
11,183,372 86
18,403,929 39
5,997,024 37
7,004,165 84
State moneys on deposit................................
2,970,751 91
1,873,142 07
733,717 62
899,480 06
Postal savings deposits..................................
488,839 39
954,578 76
2,314,712 43
6,372,053 21
U. S. Government deposits..........................
3,636,812 50
4,570,000
00
Time commercial certificates of deposit.. .
252,500 00
324,313,396 82
330,631,206 57
Savings deposits (book account)................. 310,804,274 43
325,004,450 06
10,765,061 40
10,532,396 12
9,516,043 82
Savings certificates of deposit.....................
11,823,131 73
297,735 59
2,304,753 80
1,353,431 62
Club savings deposits.....................................
3,234,971 94
33,674
25
Notes and bills rediscounted........................
675,900 00
218,900 00
6,581,000 00
Bills payable.....................................................
1,065,800 00
1,333,350 00
1,298,650 00
Bonds sold subject to repurchase...............
873,550 00
2,791,355 60
Bonds borrowed or left for safe keeping . .
2,226,327 50
2,632,869 72
2,527,192 95
Customers’ acceptances and letters of
1,537,214 48
1,347,674 63
1,326,142 09
1,434,308 59
credit..............................................................
16,211,100 00
Debentures and first mortgage bonds . . . .
13,571,775 00
4,425,496 66
Accrued interest and expense payable, net
701,436 12
561,614 81
935,270 26
600,401 15
Other liabilities................................................
Totals
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$567,131,488 75 $593,862,921 07
$612,512,946 80
$629,320,720 99
STATE BANKING DEPARTMENT-
Ixxiv
D E T R O IT .
N A T IO N A L B A N K S .
1924.
Figures given by Comptroller of the Currency in even thousands.
Abstracts of reports made by the National banks of Michigan to the Commissioner of the Banking
Department, December 31, 1923, March 31, June 30, and October 10, 1924.
Resources.
Report of
December 31,
1923,
3 national
banks.
Report of
March 31,
1924,
3 national
ta rks.
Report of
June 30,
1924,
3 national
banks.
Report of
October 10,
1924,
3 national
banks.
Loans and discounts.......................................... ............
388,713
$98,503
$96,791
$107,821
Bonds, securities and stocks..........................................
28,409
22,539
24,559
33,264
Due from Federal Reserve bank..................................
7,675
7,981
10,078
12,424
Due from banks and bankers.......................................
13,814
11,247
12,924
15,743
Exchanges for clearing house.........................................
5,295
4,582
7,504
6,158
Cash on hand.....................................................................
9,216
7,886
16,985
12,523
Overdrafts...........................................................................
Banking house furniture and fixtures.........................
52
6,175
75
6,217
63
6,275
48
6,258
Other real estate...............................................................
Outside checks and other cash items..........................
200
494
200
573
200
574
200
874
Customers’ liability account of acceptances and
letters of credit.............................................................
430
655
768
232
Due from United States Treasurer..............................
95
95
95
95
Other assets........................................................................
1,687
1,658
1,435
1,482
Totals..........................................................................
$162,255
$162,211
$178,251
$197,122
$8,500
6,500
3,349
1,878
93,921
400
691
23,168
6,842
15,621
79
$9,000
7,000
3,582
1,873
105,283
334
754
25,634
3,538
19,784
128
$9,000
7,000
3,884
1,876
115,484
421
961
25,657
3,797
28,210
82
Customers’ acceptances and letters of credit...........
Other liabilities.................................................................
$8,500
6,500
3,080
1,833
98,933
371
887
18,679
3,757
15,686
108
2,950
508
463
696
566
836
505
256
494
Totals..........................................................................
$162,255
$162,211
$178,251
$197,122
Liabilities.
Capital stock paid in .......................................................
Surplus fund.......................................................................
Undivided profits, net....................................................
Circulation.........................................................................
Commercial deposits subject to check........................
Certified checks.................................................................
Cashier’s checks...............................................................
Due to other banks and bankers..................................
U. S. Government deposits...........................................
Savings deposits, (book account).................................
Notes and bills rediscounted.........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Ixxv
REPORT OP THE COMMISSIONER
Abstract of State and National Banks by Counties.
Abstracts of the published reports of the State and National banks in the counties as made to the
Commissioner of the Banking Department, October 8, 1924.
Alcona
county.
Alger
county.
Allegan
county.
Alpena
county.
Antrim
county.
1 state bank.
1 state and 1
national bank.
10 state and 1
national bank.
2 state and 1
national bank.
4 state banks.
Loans and discounts..........................
$261,611 92
$999,171 19
54,663,535 77
$3,395,472 71
$756,387 79
Bonds, securities and stocks............
110,000 00
575,857 89
1,200,602 89
3,212,987 70
362,523 50
6,000 00
8,550 00
12,750 00
1,500 00
60,548 18
99,743 14
230,039 37
19,717 15
123,798 36
426,565 71
376,673 29
98,236 23
176 71
6,647 83
16,680 26
Resources.
Due from banks and bankers.........
26,690 66
Cash on hand.......................................
S ,103 61
35,378 69
110,690 68
187,628 22
36,608 74
Overdrafts.............................................
1,365 88
157 59
6,769 83
4,057 81
614 47
387 58
53 61
Banking house.....................................
9,000 00
54,200 00
127,792 53
98,840 71
Furniture and fixtures......................
3,000 00
18,000 00
70,875 04
20,794 06
12,089 45
Other real estate.................................
3,596 74
3,444 63
55,848 57
81,196 60
34,630 48
Outside checks and other cash
items..................................................
281 32
1,337 35
8,239 10
5,160 35
1,627 11
Customers’
liability
19,200 00
account of
4,356 71
5,000 00
Customers’
bonds
2,500 00
2,500 00
left for safe
88,955 00
377,700 00
11,776 65
14,103 35
6,550 00
51,894,847 24
36,896,163 73
38,029,134 69
11,100 00
Totals............................................
$431,750 13
174,300 00
$1,517,434 92
Liabilities.
Capital stock paid in.........................
Surplus fund.........................................
Undivided profits, net........................
Commercial deposits subject to
check.................................................
$25,000
22,000
2,879
165
00
00
93
00
129,960 91
00
00
01
00
79
00
$480,000
167,000
91,165
712
25,454
49,400
00
00
44
50
60
00
$250,000
285,721
156,993
1,140
44,105
49,100
00
09
18
00
62
00
$100,000 00
49,800 00
13,162 96
625,635 29
1,767,049
401,014
2,518
22^205
47,149
60i000
21
16
85
64
40
15
00
50
929,430
86,400
1,381
7,257
185,444
35,243
173
63
00
16
84
62
38
06
375,565 69
109,673 29
2,460,663
1,029,976
21,837
181! 000
33
81
00
00
5,203,162
291,199
74,681
50,030
30
99
82
00
632,215 03
52,077 65
88,955 00
40 35
377,700 00
174,300 00
219 05
$1,894,847 24 $6,896,163 73
$8,029,134 69
$1,517,434 92
$125,000
115,000
36,137
378
42,773
100,000
1,251
2|654
- 1,813
15'000
282
85
17
03
00
40
663 91
4,622 84
134 50
5,000 00
Time commercial certificates of
Savings deposits (book account).. .
10 099 33
230,544 96
54,724 02
770 ; 393 33
Bonds borrowed or left for safe
11,100 00
3,804 35
Totals............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$431,750 13
STATE
lxx vi
B A N K IN G
DEPARTM ENT-
Abstract of State and National banks by counties.— Continued.
Arenac
county.
Resources.
3 state banks.
Benzie
county.
Bay
county.
Barry
county.
Baraga
county.
6 state and 1
1 national bank. national bank.
9 state
banks, 1 trust
company and
1 national bank.
3 state banks.
3310,027 06
33,133,487 97
«14,057,902 78
3407,016 28
365,641 73
1,049,556 38
11,684,439 50
398,742 90
Stock in Federal Reserve bank. . . .
' 1,950 00
7,600 00
66,350 00
Due from Federal Reserve bank...
37,487 48
89,401 51
924,767 52
12,329 29
457,139 22
2,862,415 68
6,444 22
186,038 19
18,845 76
95,477 71
512,353 63
23,540 52
64 38
1,725 52
16,707 41
118 74
Loans and discounts..........................
Bonds, securities and stocks............
Due from banks and bankers.........
3807,026 44
179,100 00
99,837 86
Exchanges for clearing house...........
Cash on hand.......................................
Overdrafts.............................................
21,617 82
1,040 44
4,760 13
Premium account................................
Banking house.....................................
Furniture and fixtures......................
Other real estate.................................
14,503 32
5,476 30
9,158 13
75,400 00
669,430 79
15,600 00
4,902 60
24,000 00
153,789 60
8,300 00
9,938 53
229,619 30
7,358 70
10,689 22
32,201 52
530 19
2,500 00
10,000 00
316,050 00
1,510,615 00
21,887 03
Outside checks and other cash
items..................................................
Due from United States Treasurer
Customers’ bonds left for safe
keeping..............................................
312 50
23,800 00
156,718 91
3,637 64
Other assets.
«1,174,289 21
Totals.
3,611 61
3760,718 93
«5,279,410 28
«32,925.088 69
31,106,537
Liabilities.
Capital stock paid in............ •..........
Surplus fund.........................................
Undivided profits, net.......................
Dividends unpaid...............................
Reserved for taxes, interest, etc---Circulation............................ _.............
Commercial deposits subject to
check.................................................
Demand certificates of deposit. . . .
Certified checks..................................
Cashier’s checks..................................
Due to other banks and bankers.. .
State moneys on deposit...................
Postal savings deposits. ....................
U. S. Government deposits.............
Savings deposits (book account).. .
Savings certificates of deposit.........
Bills payable........................................
Bonds borrowed or left for safe
keeping..............................................
Other liabilities...................................
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
88
00
57
00
«1,560,000
1,203,425
530,670
1,863
64,323
186,100
00
69
06
00
87
00
365,000
12,371
8,715
30
00
35
47
00
369,699 24
1,231,633 27
183,874 23
11,993 63
1,418 24
2,044 60
7,842 65
15,000 00
5,828,664
369,780
25,344
74,899
1,103,142
170.000
6,920
48
39
99
46
71
00
50
347,374
5,793
650
5,077
86
63
00
92
«70,000 00
57,279 56
4,159 10
350,000
15,000
7,799
75
228,267 85
24,251 15
00
00
55
00
6,250 00
2,500 00
555,855 85
208,053 78
50.000
218,505
4,977
25.000
00
69
58
00
23,921 92
«1,174,289 21
3760,718 93
3272,000
193,000
118,788
992
19,651
50,000
1,000 00
2,065,671 84
802,720 73
17,017,089 76
2,881,218 78
390.000 00
401,740 16
97,490 48
316,190 51
1,510,645 00
158,408 83
3,885 18
35,279,410 28
332,925,088 69
31,106,537 88
REPORT OF THE COMMISSIONER
lxxvii
Abstract of State and National banks by counties.— Continued.
Berrien
county.
Calhoun
county.
Branch
county.
Cass
county.
Charlevoix
county.
Resources.
5 state and 1
8 state and 4
3 state and 2
16 state and 5 4 state and 5
national banks. national banks. national banks. national banks. national bank.
83,436,776 06
817,388,312 85
81,873,984 08
81,557,774 52
1,665,295 66
12,678,811 47
1,617,430 87
743,056 65
18,900 00
67,200 00
9,200 00
1,500 00
568,239 66
156,348 33
1,182,370 60
124,679 30
16,753 88
2,475,977 58
706,124 04
892,479 66
402,423 72
251,359 59
9,738 60
165,228 99
3,995 47
4,987 40
200,801 36
61,495 14
6,422 47
Loans and discounts........................ 811,089,675 05
Bonds, securities and stocks.........
Stock in Federal Reserve bank.. .
Due from Federal Reserve bank..
Due from banks and bankers. . . .
Exchanges for clearing house........
6,539,564 92
35,100 00
88,421 72
Cash on hand....................................
606,376 86
329,189 46
1,935,785 06
Overdrafts...........................................
18,952 71
2,486 82
15,030 91
3,526 50
5,228 42
2 770 32
8,100 00
603 20
655,216 03
79,284 80
731,057 10
33,000 00
113,015 76
13,862 50
16,762 92
37,196 21
Banking house..................................
Furniture and fixtures....................
215,842 31
39,099 27
58,325 49
Other real estate..............................
84,926 25
27,416 31
87,236 34
18,474 33
Outside checks and other cash
items................................................
33,738 74
2,449 20
32,670 08
7,861 03
5,406 00
Due from United States Treasurer
22,850 00
20,000 00
60,000 00
1,000 00
2,500 00
Customers’ bonds left for safe
keeping............................................
198,210 00
52,400 00
144,600 00
141,950 00
57,750 00
Other assets.......................................
4,862 97
10,402 71
70,408 25
1,626 75
282 09
Totals.......................................... 822,643,183 22
86,558,681 58
835,579,802 63
84,454,419 11
82,821,572 36
Customers’ liability account ot
7,495 56
Liabilities.
Capital stock paid in......................
Surplus fund.......................................
Undivided profits, net.....................
Circulation.........................................
Commercial deposits subject to
Demand certificates of deposit. . .
Cashier’s checks................................
State moneys on deposit.................
Postal savings deposits...................
Savings deposits (book account)..
Savings certificates of deposit. . . .
RiII
' r p^y^hlc
Bonds borrowed or left for safe
keeping...........................................
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
81,290,000
635,022
219,148
744
10 327
459,700
00
38
42
00
52
00
8560,000
298,000
112,483
791'
00
00
54
00
8,393,216
1,399,602
6,700
39,597
217 130
115,000
25,183
14
45
65
40
11
00
45
1,662,997
286,220
530
267
7,079,519
2,474,457
5 318
69^000
35
61
00
00
1,745,747 10
1,354,652 63
198,210 00
5 305 74
52,400 00
8,129 99
822,643,183 22
86,558,681 58
393,697 50
67
39
96
00
80,000 00
2,763 80
81,850,000
910,200
. 295,002
465
110,187
1,188 j 095
00
00
35
00
50
00
8305,000 00
144,250 00
38,853 14
7,175,328
2,779,105
21,667
21,261
415,555
432,684
20,050
17,652
19,404,405
715,539
99
68
68
62
20
74
82
77
94
34
1,231,904 25
470,204 09
. 69,697 50
12,544 85
10,000 00
476 44
8195,000
40,750
12,053
50
5,113
49,200
00
00
74
00
76
00
807,154
158,480
3,683
14,195
1,064
15,000
3,722
09
18
80
32
09
00
23
949,041 04
1,071,050 32
1,279,888 37
178,466 78
144,600 00
141,950 00
9,447 48
57,750 00
835,579,802 63
84,454,419 11
82,821,572 36
78,000 00
Ixxviii
STATE BANKING DEPARTMENTAbstract of State and National banks by counties.— Continued.
Cheboygan
county.
Chippewa
county.
Clare
county.
Clinton
county.
Delta
county.
2 state and 1
national bank.
5 state and 1
national bank.
4 state banks.
8 state and 1
national bank.
4 state and 3
national banks.
Loans and discounts........................
3915,976 64
33,059,307 63
31,122,739 02
32,838,852 24
35,160,548 66
Bonds, securities and stocks.........
1,115,764 10
1,757,574 02
411,150 00
1,040,234 44
2,604,362 87
Stock in Federal Reserve bank. . .
1,800 00
12,900 00
3,000 00
14,550 00
Due from Federal Reserve bank..
46,738 26
244,139 91
30,931 81
245,398 96
Due from banks and bankers. . . .
863,014 12
Resources.
263,172 82
357,342 84
186,362 88
346,939 47
Exchanges for clearing house........
1,666 90
21,399 52
2,579 95
3,934 66
30,869 82
Cash on hand.....................................
49,500 49
145,483 30
45,132 18
146,689 00
290,210 48
Overdrafts...........................................
1,792 05
4,371 71
1,509 54
4,765 11
8,372 97
Premium account..............................
1,583 33
Banking house..................................
36,800 00
166,247 55
53,000 00
150,533 24
146,462 89
Furniture and fixtures....................
4,950 00
11,673 75.
7,230 00
37,401 35
59,274 83
Other real estate...............................
1,275 56
7,933 59
38,460 47
17,812 03
26,636 77
2,181 86
1,004 94
14,761 23
750 00
12,500 00
Outside checks and other cash
items................................................
2,717 31
5,465 91
Due from United States Treasurer
2,500 00
5,000 00
Customers’ bonds left for safe
keeping...........................................
29,050 00
171,300 00
24,500 00
64,300 00
188,975 00
717 34
11 00
4,534 00
114 94
35,972,440 40
31,894,856 90
34,691,682 29
39,666,053 54
Other assets.......................................
Totals..........................................
32,473,704 13
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
Dividends unpaid.............................
Reserved for taxes, interest, etc...
Circulation.........................................
Commercial deposits subject to
check...............................................
Demand certificates of deposit. . .
Certified checks................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
Postal savings deposits...................
U. S. Government deposits...........
Savings deposits (book account)..
Savings certificates of deposit. . . .
Bills payable..............................
Bonds borrowed or left for safe
keeping.......................................
Other liabilities.............................
Totals.......................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3120,000 00
24,500 00
46,203 60
1,170 67
49,100 00
603,691
5,613
828
5,262
1,149
39
43
25
24
93
1,579 64
721,856 53
863,698 45
3360,000
159,915
72,718
1,345
30,902
98,600
00
36
46
00
50
00
1,713,856
4,761
5,873
17,602
4,511
37,500
10,730
10,224
3,156,451
116,146
28
44
25
86
75
00
53
79
20
98
3105,000 00
66,100 00
8,710 35
1,250 00
365,469
317,626
1,500
989
47
97
00
99
10,000 00
3340,000
229,900
67,711
112
7,801
15.000
00
00
79
00
15
00
3445,000
259.000
184,888
1,455
90,338
248,500
00
00
15
50
85
00
1,057,776
660,194
4,330
5,479
12,128
25.000
10
83
00
05
10
00
2,043,773
20,218
3,066
59,346
20,159
35,000
10,412
400.000
5,186,699
469,220
69
52
15
24
39
00
57
00
45
03
856,051 75
131,667 10
1,553,073 51
643,289 69
1,586 07
29,050 00
171,300 00
24,905 13
5,586 14
64,300 00
4,000 00
188,975 00
32,473,704 13
35,972,440 40
31,894,856 90
34,691,682 29
39,666,053 54
REPORT
OF
THE
C O M M IS S IO N E R
Ixxix
Abstract of State and National banks by counties.— Continued.
Dickinson
county.
Eaton
county.
Emmet
county.
Genesee
county.
Gladwin
county.
13 state and 1
national bank.
4 state banks.
Resources.
11 state and 2 4 state and 1
2 state and 3
national banks. national banks. national bank.
Loans and discounts........................
33,886,016 75
Bonds, securities and stocks.........
3,207,414 68
19,500 00
34,446,515 10 31,566,060 88
329,997,699 60
31,000,142 38
1,996,182 44
1,875,352 37
10,827,556 13
94,100 00
14,400 00
6,900 00
138,200 00
Due from Federal Reserve bank..
363,287 25
166,244 09
131,816 63
2,655,961 50
Due from banks and bankers. . . .
741,944 81
660,261 66
393,522 50
1,402,240 90
133,889 61
Exchanges for clearing house........
33,118 45
7,877 78
3,107 15
386,142 39
1,638 94
Cash on hand....................................
375,802 47
180,908 24
98,005 40
834,549 64
30,968 29
Overdrafts...........................................
6,519 47
6,781 20
841 37
49,032 05
4,573 35
1,500 00
12,577 83
Banking house...................................
326,291 26
215,174 45
54,462 01
1,837,499 52
Furniture and fixtures....................
61,998 89
62,638 42
20,976 90
347,968 06
9,022 36
Other real estate...............................
2,500 00
12,759 08
11,725 93
259,760 86
51,940 96
709 94
Outside checks and other cash
items................................................
3,282 66
1,163 48
4,216 22
97,372 41
Due from United States Treasurer
11,250 00
4,375 t)0
5,000 00
5,000 00
Customers’ bonds left for safe
keeping............................................
57,500 00
685,879 00
40,200 00
690,675 00
763 46
3,223 80
11,068 97
79,926 25
39,098,690 15
38,464,383 74
34,223,256 33
349,622,162 14
3475,000 00
280,000 00
105,911 53
1,789 00
134,537 45
222,000.00
3577,500 00
229,000 00
79,525 91
263 29
7,862 82
87,500.00
Totals..........................................
24,167 91
55,850 00
31,407,003 74
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
Reserved for taxes, interest, etc...
Commercial deposits subject to
check................................................
Demand certificates of deposit. . .
Certified checks................................
Cashier’s checks................................
State moneys on deposit.................
Savings deposits (book account)..
Savings certificates of deposit. . . .
3,068,188
38,101
2,409
37,655
28,305
65,446
. 41,508
06
48
89
39
10
00
46
4,305,256 36
215,077 32
1,872 300
369,532
2,256
19,787
60
22
00
84
160,000
893
90,000
3,192,833
1,089,249
00
08
00
59
39
20,000 00
Bonds borrowed or left for safe
keeping............................................
Customers’ acceptances and let-
57,500 00
3225,000 00 32,832,500 00
1,954,000 00
126,506 52
485,686 57
50,797 56
1,262 00
75,090 59
14,250 00
94,600.00
95,200.00
10
10
50
89
38
00
31
11,600,437
183,029
22,333
196,003
151,917
267,500
24,430
80
69
80
97
57
00
24
393,917
293,855
502
25,581
1,436,763 28
586,979 69
22,033,858
5,439,755
284,798
3,218,885
52
65
00
62
120,778 41
275,283 36
690,675 00
55,850 00
1,250 00
64,147 12
4,000 00
349,622,162 14
31,407,003 74
1,419,159
175,988
19
24,222
12,510
5,000
659
10,000 00
685,879 00
40,200 00
4 11
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
39,098,690 15 38,464,383,74
3125,000 00
40,500 00
9,024 29
34,223,256 33
35
57
00
61
35,000 00
27,711 15
STATE BANKING DEPARTMENT-
lx x x
Abstract of State and National banks by counties.— Continued.
Gogebic
county.
Grand Traverse
county.
1 state and 5
national banks
4 state and 1
national bank.
Gratiot
county.
Hillsdale
county.
Houghton
county.
Resources.
Loans and discounts........................
32,903,788 42 33,641,571 22
4 state banks,
12 state and 2
9 state and 1
1 trust
national banks. national bank. ' company, 8
national banks,
34,944,249 93
33,574,306 82
311,273,676 86
3,656,009 15
1,965,981 59
980,381 74
1,539,363 09
7,690,644 63
Stock in Federal Reserve bank. . .
13,300 00
12,750 00
3,400 00
8,750 00
50,550 00
Due from Federal Reserve bank..
277,893 74
238,678 86
99,309 30
151,215 48
709,814 37
2,073,996 65
Bonds, securities and stocks.........
Due from banks and bankers . . . .
353,486 50
393,462 61
504,474 58
619,365 14
Exchanges for clearing house........
3,481 93
8,170 21
7,489 26
9,257 56
16,569 83
Cash on hand.....................................
360,405 13
168,468 75
141,535 79
176,043 55
1,192,916 72
2,802 95
819 77
4,202 05
6,656 95
14,461 92
Overdrafts..........................................
4,093 75
206,519 40
788 56
177 654 00
112 158 29
3 056 63
io6 0 e;?
30
Furniture and fixtures....................
68,835 69
52,110 38
38,579 05
42,875 05
39,352 40
Other real estate...............................
48,351 54
36,062 44
63,933 76
40,481 36
78,105 09
Outside checks and other cash
items.................................................
18,987 08
1,934 51
5,409 04
2,663 70
24,264 05
3,000 00
2,750 00
40,000 00
Customers’ liability account of
acceptances and letter of credit
Due from United States Treasurer
39,784 20
8,750 00
Customers’ bonds left for safe
653 950 00
199,270 00
174 865 00
£9 900 00
Other assets.......................................
8,881 42
74,719 59
1,500 00
3,765 21
92,042 83
Totals..........................................
37,935,586 70
37,426,333 93
37,149,465 55
36,458,411 21
323,732,801 98
Liabilities.
Capital stock paid fn....... ................
Surplus fund.......................................
Undivided profits, net.....................
Dividends unpaid.............................
Reserved for taxes, interest, etc. .
00
00
81
00
33
00
1,989,833
139,862
3,379
58,111
15,114
227,545
427,909
150,000
3,316,674
508,620
49
39
30
34
06
14
83
00
69
32
25,000 00
3400,000 00
130,310 00
77,475 76
56-00
45,000 00
3470,000
266,351
45,067
71
10,574
60,000
00
12
33
00
12
00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37,935,586 70
6,408 16
55,000 00
1,938,750
609,917
4,472
28,372
207,769
70,000
370
53
07
45
27
58
00
87
1,612,440
1,039,396
11,320
15,917
18,500
20,000
91
86
88
25
00
00
1,385,985
1,399,533
620
17,437
2,947,549
124,476
6,200
80,000
40
45
00
00
2,245,333
1,018,939
39,784
64,000
83
43
20
00
1,597,019 83
1,153,269 71
653,950 00
199,270 00
174,865 00
101,663 55
12,498 62
37,426,333 93
37,149,465 55
Debentures.........................................
Totals..........................................
3395,000 00
170,030 43
48,245 42
79
33
75
14
35,000 00
2,995 65
31,450,000
1,266,000
813,438
3,901
24,670
829,700
00
00
22
58
22
00
6,659,243
203,786
5,033
13,339
75,514
196,678
7 965
1600
11,506,076
528,874
26
46
74
08
57
98
11
36
21
15
O
O
o
o
o
C
Commercial deposits subject to
check................................................
Demand certificates of deposit. . .
Certified checks................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
Postal savings deposits....................
U. S. Government deposits...........
Savings deposits (book account). .
Savings certificates of deposit. . . .
Notes and bills rediscounted.........
Bills payable.......................................
Bonds borrowed or left for safe-
3460,000
223,000
111,224
663
7,868
270,780
43 400 00
13’ 680 04
36,458,411 21
323,732,801 98
REPORT OP THE COMMISSIONER
lxxxi
Abstract of State and National banks by counties.— Continued.
Huron
county.
Ingham
county.
Ionia
county.
Iron
county.
Isabella
county.
Resources.
10 state banks
12 state and 2
national banks
10 state and 1 2 state and 5
national bank. national banks
6 state banks.
S3,923,627 80
317,460,982 26
36,462,664 50
32,068,462 97
32,479,348 93
Bonds, securities and stocks.........
1,009,389 33
9,839,415 92
1,265,610 58
1,915,129 63
694,946 50
Stock in Federal Reserve bank. . .
9S0 00
84,600 00
13,500 00
12,050 00
6,050 00
Due from Federal Reserve bank..
24,523 72
1,231,501 68
191,547 10
129,395 94
133,080 77
551,404 58
Due from banks and bankers . . . .
497,083 43
2,374,819 69
481,777 58
141,708 12
Exchanges for clearing house........
22,405 58
283,086 67
13,260 04
2,445 01
4,165 40
Cash on hand.....................................
100,949 07
732,020 79
296,754 48
139,839 64
80,703 88
Overdrafts..........................................
4,078 67
9,967 74
19,793 64
2,025 67
2,340 10
Premium account.............................
15,736 85
3,337 50
Banking house..................................
95,900 00
1,198,933 66
140,452 31
147,775 23
Furniture and fixtures....................
28,724 01
142,437 72
48,723 56
47,465 06
21,470 75
Other real estate..............................
98,893 23
111,365 69
21,803 27
17,810 02
46,794 85
Outside checks and other cash
items................................................
2,245 33
8,999 49
9,215 48
6,894 11
437 68
42,500 00
5,000 00
8,000 00
100,900 00
164,405 50
670,580 00
22,630 00
149,325 00
1,945 58
9,411 87
11,771 75
2,480 00
25,911,615 75
333,710,185 53
34,676,740 65
34,228,698 44
Due from United States Treasurer
Customers’ bonds left for safe
keeping...........................................
Totals..........................................
39,640,682 54
56,150 00
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
3247,000 00
86,750 00
102,745 63
Reserved for taxes, interest, etc...
Circulation.........................................
Commercial deposits subject to
check...............................................
Demand certificates of deposit. . .
Certified checks................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
21,211 02
1,371,197
1,029,794
3,094
11,290
1,989
27,500
78
24
01
74
91
00
32,030,000
1,129,000
762,598
2,790
97,574
848,500
00
00
96
00
05
00
3485,000
333,500
141,351
64
11,674
95,100
00
00
94
67
13
00
8,840,978
141,224
41,148
112,602
748,757
348,013
13,445
3,023,770
9,573,454
5,750,419
00
76
71
75
35
37
15
50
45
01
2,106,693
989,865
2,091
10,457
151,123
135,306
4,626
94
23
22
54
47
32
89
2,937,083
1,320,808
63,355
182 000
75
34
10
00
Savings deposits (book account)..
Savings certificates of deposit. . . .
Notes and bills rediscounted.........
1,265,585 52
1,594,866 90
Bonds borrowed or left for safe
keeping...........................................
Customers’ acceptances and let-
100,900 00
164,405 50
7,690 00
5,000 00
76,502 97
35,911,615 75
333,710,185 53
40,000 00
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3400,000
118,729
62,760
296
3,067
158,300
00
41
81
00
03
00
3195,000
95,500
15,850
125
21,333
00
00
20
00
79
1,236,905 46
1,119,612
112,428
715
1,950
52,259
62,500
1,005
20
21
87
99
42
00
70
860 64
31,134 72
25.000
21,726
78.000
2,433,542
53,775
00
91
00
24
70
1,504,796 28
895,479 03
30,000 00
670,580 00
22,630 00
150,141 75
39,640,682 54
34,676,740 65
34,228,698 44
lxxxii
STATE BANKING DEPARTMENTAbstract of State and National banks by counties.— Continued.
Jackson
county.
Kalamazoo
county.
Kalkaska
county.
Kent
county.
Keweenaw
county.
11 state and 2 9 state and 2
national banks. national banks.
1 state bank.
21 state banks,
2 trust
companies, 1
industrial, 3
national banks.
1 state bank.
Loans and discounts........................
¡513,887,697 99
816,100,389 66
8253,372 99
856,213,962 61
8243,032 70
Bonds, securities and stocks.........
4,260,864 OS
4,202,184 79
35,000 00
16,262,687 95
85,147 50
34,550 00
20,050 00
Resou rces.
178,400 00
656,731 24
609,542 63
1,376,520 58
1,668,587 16
203,629 15
216,553 51
Cash on hand.....................................
811,486 22
700,226 72
6,130 71
3,053,020 40
24,463 82
Overdrafts...........................................
8,265 15
18,242 63
30 88
82,605 06
26 19
12,069 06
20,807 75
613,735 33
707 016 82
10 000 00
3 090 196 91
242,979 17
118,188 45
3,148 50
937,046 90
192,979 42
68,816 50
2,432 64
188,603 66
18 557 98
829,717 07
84
87,048 86
Due from banks and bankers. . . .
Furniture and fixtures....................
4,303,903 50
32,798 99
8,120,806 17
124,434 12
1,073,590 47
47 815 69
244 00
Outside checks and other cash
Customers’ liability account of
acceptances and letters of credit
1,950 00
Due from United States Treasurer
27,500 00
7,000 00
Customers’ bonds left for safe
keeping............................................
274,650 00
143,050 00
2,209 97
10,508 90
822,626,375 31
825,440,882 59
8357,527 93
Capital stock paid in....................... 81,435,000 00 81,755,000 00
Surplus fund.......................................
687,800 00
746,309 20
Undivided profits, net.....................
624,735 18
346,855 10
Dividends unpaid.............................
5,238 50
4,010 57
Reserved for taxes, interest, etc...
169,234 65
84,325 38
139,497 50
550,000 00
Commercial deposits subject to
check...............................................
7,974,588 15
8,348,457 09
Demand certificates of deposit. . .
1,148,548 43
303,948 83
53,741 12
19 544 98
45'564 69
3 081 60
Due to other banks and bankers..
843,863 49
1,183 ! 239 21
State moneys on deposit.................
165,000 00
387 500 00
Postal savings deposits....................
22,148 66
7,308 08
U . S. Government deposits...........
11,501 38
Savings deposits (book account)..
7,431,764 98
8,527,422 60
Savings certificates of deposit. . . .
3,176,682 71
866,017 86
Notes and bills rediscounted.........
1,250 00
177 072 64
314,000 00
Bonds borrowed or left for safe
keeping............................................
357,650 00
143,050 00
Customers’ acceptances and letters of credit..................................
1,950 00
Other liabilities..................................
4i 355 32
825,000 00
5,000 00
404 24
Totals..........................................
412 38
100,000 00
14,200 00
1,278,075 00
22,050 00
140,675 71
895,158,438 89
8499,398 33
Liab ilities.
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
822,626,375 31
825,440,882 59
868 52
115,693
41,612
500
114
24
08
00
02
5,000 00
149,135 83
14,200 00
85,635,000
4,002,336
1,521.239
8,864
572,347
1,982,600
00
00
78
93
29
00
825,000
20,000
4,149
209
25,756,573
2,534,920
131 686
157049
5,046!580
1 0 2 2 423
41’ 887
150,776
32,468,463
12,284,259
112,535
112,500
71
90
62
31
87
38
29
84
27
37
40
00
185,764 91
2,715 55
1,279,938 98
00
00
53
00
228,617 21
10,892 10
22,050 00
4 005 00
332,449 95
8357,527 93
895,158,438 89
8499,398 33
REPORT
OF
THE
lxxxiii
C O M M IS S IO N E R
Abstract of State and National banks by counties.— Continued.
Livingston
county.
Lenawee
county.
Luce
county.
Lapeer
county.
Leelanau
cou.nty.
9 state and 1
national bank.
3 state banks.
16 state and 3 6 state and 1
national banks. national bank.
$5,052,539 24
«683,268 41
«9,880,988 52 «1,786,825 50
«394,703 19
4,867,455 25
1,969,484 40
231,997 45
36,250 00
6,250 00
Resources.
Loans and discounts.....................
Bonds, securities and stocks. . . .
1,072,735 38
Stock in Federal Reserve bank'. .
11,100 00
167,277 50
1 state bank.
Due from Federal Reserve bank.
152,336 28
483,168 17
60,337 54
Due from banks and bankers.
.
326,908 41
1,339,483 10
575,406 47
Exchanges for clearing house... .
425.94
37,201 77
7,890 15
Cash on hand...................................
89,683 14
13,095 15
335,010 53
145,618 71
22,970 48
Overdrafts.........................................
3,078 90
84 04
8,499 93
5,380 17
1,932 95
13,000 00
110,678 67
9,279 87
Premium account...........................
136,014 32
320 02
93,584 '57
9,000 00
441,599 06
107,003 12
Furniture and fixtures..................
21,617 32
7,185 00
151,404 22
45,607 96
3,642 91
Other real estate............................
132,672 29
16,182 61
118,436 89
8,900 00
6,134 18
25,708 66
221 18
15,073 88
56,599 69
2,743 01
Banking house................................
Outside checks and other cash
items................................................
Customers’ liability account of
acceptances and letters of credit
Due from United States Treasurer
183,254 88
2,000 00
9,250 00
1,275 00
Customers’ bonds left for safe
keeping...........................................
191,950 00
72,500 00
511,450 00
17,200 00
Other assets.......................................
1,364 54
155 90
32,315 29
50 37
«7,176,978 67
«1,079,648 46
«18,460,121 36
«4,792,554 08
«818,213 51
«70,000 00 «1,175,000 00
558,250 00
20,267 80
292,293 92
711 00
32 00
25,311 65
184,600 00
«437,400 00
94,350 00
50,417 32
«50,000 00
Totals.
2,755 0Ó
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
Dividends unpaid.............................
Reserved for taxes, interest, etc...
Circulation.........................................
Commercial deposits subject to
check...............................................
Demand certificates of deposit. . .
Certified checks................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
Postal savings deposits....................
Savings deposits (book account)..
Savings certificates of deposit
Notes and bills rediscounted.........
Bills payable.......................................
Bonds borrowed or left for safe
keeping............................................
Other liabilities.................................
Totals.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
«430,000 00
253,401 30
66,079 46
12 00
4,599 36
24,400 00
1,114,097
581,000
740
16,364
20,834
7,500
2,652
3,725,975
592,372
77
67
00
05
19
00
51
29
07
159,167 92
25,268 76
5,080 73
30,362 11
5,000 00
«7,176,978 67
50
71
51
80
42
00
85
61
00
95
00
1,343,657 37
7,744 57
5,115 02
8,883 93
64 00
2,390 25
308,924
1,065
160
4,096
66
93
00
94
2,699 77
70,000 00
25,000 00
708,299 81
2,037,170 22
386,176 82
18,695 98
511,450 00
200 44
17,200 00
2,755 00
«1,079,648 46 «18,460,121 36
«4,792,554 08
«818,213 51
557,553 66
134,415 48
145,000 00
191,950 00
3,848,829
271,702
5,344
18,023
374,904
42,500
6
8,762,223
2,360,122
24,646
4,000
18,500 00
10,000 00
72,500 00
Ixxxiv
STATE
B A N K IN G
DEPARTM ENT-
Abstract of State and National banks by counties.— Continued.
Marquette
county.
Manistee
county.
Macomb
■county..
Mackinac
county.
Mason
county.
Resources.
18 state and 2 4 state and 1
1 national bank. national banks. national bank.
Loans and discounts........................
Bonds, securities and stocks.........
Stock in Federal Reserve bank. . .
4 state and 1
5 state and 5
national banks. national bank.
3388,632 09
313,754,382 84 82,002,593 92
88,798,610 76
83,159,996 66
499,965 47
1,922,615 38
7,154,252 35
743,033 93
9,000 00
35,250 00
8,400 00
157,611 79
311,611 43
2,550 00
4,828,953 78
31,150 00
Due from Federal Reserve bank..
61,740 29
490,730 04
152,930 41
478,895 83
Due from banks and bankers . . . .
301,586 56
1,109,352 76
329,263 52
978,663 49
971 88
22,964 17
8,624 35
125,192 00
2,156 25
16,507 67
Cash on hand.....................................
49,706 74
400,407 42
151,179 15
888,989 03
Overdrafts...........................................
623 68
12,750 98
6,326 30
5,483 16
908 80
554 88
108,057 77
317,999 02
158,695 10
Banking house..................................
12,000 00
266,105 26
Furniture and fixtures....................
4,000 00
94,216 99
18,500 00
40,624 16
48,009 39
169,147 74
22,473 85
9,000 00
49,265 88
items................................................
396 39
11,209 48
4,142 32
66,935 31
4,964 67
Due from United States Treasurer
2,500 00
3,750 00
1,250 00
29,947 50
5,000 00
185,625 00
445,535 00
33,150 00
145,250 00
3,325 01
1,539 96
726 39
63,309 76
S I ,323,701 22
821,377,614 97
85,176,379 46
818,862,399 97
84,991,676 09
Capital stock paid in.......................
Surplus fund......................................
Undivided profits, net...............
$550,000 00
35,000 00
25,516 18
Reserved for taxes, interest, etc...
Circulation.........................................
Commercial deposits subject to
16,421 47
50,000 00
SI, 110,000 00
557,500 00
350,587 26
1 191 no
100751 88
73,800 00
^Other assets........................................
Totals..........................................
Liabilities.
Demand certificates of deposit. . .
Savings deposits (book account)..
Savings certificates of deposit. . . .
8260,000
106,350
129,067
1 404
12|000
25,000
900,000
699,250
526,540
2,922
122,011
583,900
00
00
78
00
80
00
4,398,282
91,139
32,038
111.501
318,004
190,000
20,272
630,518
7,667,943
2,484,116
41
69
30
32
45
00
55
03
77
45
2,570,858 94
357,458 04
33,150 00
145,250 00
35
03
00
09
3,845,145
401,790
27,655
130,317
1,121
90,000
3,030
17
39
82
30
04
00
58
1,059,009 48
19,854 77
1,534 82
570,885 36
141,847 74
13,542,475
822,445
9 072
115,000
91
98
00
00
2,923,110 98
172,052 15
185,625 00
445,535 00
427,965
4,297
1,500
73
.17,170 22
2,500 00
290 23
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
521,377,614 97
933,505
311,069
923
20,397
31,972
40,000
411
42
43
40
61
37
00
50
15,000 00
35,808 42
10,105 64
S I ,323,701 22
37,375 85
1C0,0C0 00
27,000 00
1,500 00
Customers’ acceptances and letters
Other liabilities
8290,000 00
91,000 00
34,453 53
00
00
57
24
00
00
85,176,379 46
818,862,399 97
84,991,676 09
REPORT
OF
THE
lxxxv
C O M M IS S IO N E R
Abstract of State and National banks by counties.— Continued.
Mecosta
county.
Menominee
county.
Midland
county.
Missaukee
county.
Monroe
county.
7 state banks.
4 state and 3
national banks.
5 state banks.
2 state banks.
10 state and 1
national bank.
Resou rces.
Loans and discounts........................
82,199,135 70
32,737,738 04
32,062,739 63
8342,197 97
85,708,159 51
Bonds, securities and stocks.........
1,119,428 40
2,304,330 44
481,537 78
48,807 38
3,249,053 87
• 4,500 00
16,950 00
1,950 00
15,450 00
143,724 23
221,110 12
38,685 80
196,396 79
491,663 60
Due from banks and bankers . . . .
224,635 18
870,415 87
193,647 56
61,063 86
Exchanges for clearing house........
865 82
25,775 32
4,361 50
184 78
11,764 94
Cash on hand.....................................
68,780 75
187,849 43
73,642 23
11,820 96
237,475 38
Overdrafts...........................................
1,133 68
1,512 19
4,393 61
2,427 94
4,631 85
60,600 00
10,013 48
217,328 00
8,759 40
139 52
Banking hcuse..................................
54,129 66
84,990 18
Furniture and fixtures....................
23,484 91
35,463 59
17,503 80
5,034 37
160,172 89
Other real estate...............................
45,878 97
37,296 77
55,146 08
1,230 12
15,020 02
Outside checks and other cash
items................................................
953 79
17,656 04
770 05
134 63
6,653 12
1,550 00
145,200 00
6,400 00
261,275 00
12 36
1,000 00
86,560,742 33
33,141,178 04
8489,315 49
510,586,305 37
8170,000 CO
72,027 55
50,126 89
840,000 00
10,000 00
5,455 53
8680,000
162,100
144,454
258
28,928
50,000
00
00
92
00
85
00
2,369,587
251,417
4,588
10,322
15,367
27,500
3,211
4,591,669
1,569,468
415,000
37
84
59
89
11
00
67
95
31
00
Customers’ liability account of
. acceptances and letters of credit
3,949 96
14,002 50
Customers’ bonds left for safe
keeping...........................................
Totals......... ................................
233,045 00
84,119,696 09
2,501 00
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
3216,000 00
76,350 00
55,494 46
7,143 68
Commercial deposits subject to
check...............................................
Demand certificates of deposit... .
Certified checks................................
Cashier’s checks................................
State moneys on deposit.................
Savings deposits (book account)..
Savings certificates of deposit. . . .
Bonds borrowed or left for safe
keeping............................................
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
962,310
777,834
104
5,736
3,446
35,000
1,208
1,534,634
210,848
59
87
13
10
61
00
64
15
55
3515,000
155,000
72,786
585
49,879
288,300
00
00
15
00
29
00
1,592,851
277,566
670
16,000
27 337
191,674
8,665
3,077,084
283,485
46
87
49
72
26
90
95
38
77
.209 46
877,576
215,662
2,386
29,033
87
01
00
75
159,495
141,238
830
649
00
98
37
99
15,000 00
2,500 00
1,360,342 98
200,821 99
3,000 00
63,942 97
58,593 19
233,045 00
539 31
1,550 00
2,304 09
145,200 00
6,400 00
261,275 00
1,154 87
34,119,696 09
86,560,742 33
83,141,178 04
8489,315 49
810,586,305 37
A
Ixxxvi
STATE BANKING DEPARTMENTAbstract of State and National banks by counties.— Continued.
Montcalm
county.
Montmorency
county.
19 state and 1
national bank.
2 state banks.
Muskegon
county.
Newaygo
county.
Oakland
county.
5 state banks.
21 state and 3
national banks.
*9,484,354 11 *2,093,828 22
*29,660,746 48
Resources.
Loans and discounts........................ $4,616,745 51
Bonds, securities and stocks.........
1,440,853 91
*258,159 66
26,263 29
7 state, 1 trust
and 3
national banks.
7,055,256 90
603,878 20
5.304,247 27
Stock in Federal Reserve bank. . .
7,000 00
48,900 00
7,200 00
68,450 00
Due from Federal Reserve bank..
136,627 44
459/664 01
64,156 02
1,370,004 08
500,456 51
285,666 15
3,491,428 24
Due from banks and bankers........
605,697 96
Exchanges for clearing house........
1,943 22
Cash on hand.....................................
139,067 88
6,940 37
393,715 35
76,077 91
1,053,209 93
Overdrafts...........................................
5,433 98
36 00
23,729 17
Premium account.............................
113 13
Banking house...................................
92,938 75
Furniture and fixtures....................
47,862 12
115,036 29
148 051 16
4,204 03
15,878 00
5,714 88
2 257 94
6,700 00
961,171 60
90,380 89
1,471,861 67
61,185 38
3,100 00
134,391 94
36,361 13
477,698 61
Other real estate...............................
77,087 21
1,826 68
90,977 82
9,390 23
208,806 97
Outside checks and other cash
items................................................
10,737 72
3,309 15
14,722 48
7,389 70
Due from United States Treasurer
2,500 00
Customers’ bonds left for safekeeping............................................
388,730 00
40,000 00
5,900 00
Other assets.......................................
Totals..........................................
69,700 00
159,000 00
3,518 86
*7,586,662 09
*360,097 27
*19,401,309 92
34,589 13
26,150 00
414,455 00
17,746 57
*3,437,532 48
*43,765,581 05
Liabilities.
Capital stock paid in......................
Surplus fund.......................................
Undivided profits, net.....................
Dividends unpaid.............................
Reserved for taxes, interest, etc..
Circulation.........................................
Commercial deposits subject to
check...............................................
Demand certif.cates of deposit. . .
Certified checks................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
Postal savings deposits....................
Savings deposits (book account)..
Savings certificates of deposit. . . .
Notes and bills rediscounted.........
Bills payable.......................................
Bonds borrowed or left for safe
keeping..................................... ..
Debentures and first mortgage
bonds................................................
Other liabilities.................................
T o ta ls.........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*620,000
182,940
73,430
176
13,834
50,000
00
71
98
00
42
00
*40,000
16,335
6,185
56
00
00
23
00
¿1,585,000
796,000
541,639
1,492
121,853
797,700
00
00
82
00
21
00
1,350,457
1,189,979
42
8,741
347
82,500
1.470
1,642,305
1,967,923
3,642
10,000
56
79
51
57
35
00
60
18
95
00
00
137,177
11.687
28
1,586
56
84
89
52
4,043,612
282,215
8,898
38,968
38,089
570,887
6,954
7,962,643
1,182,951
54
04
07
04
17
48
86
30
83
388,869 47
5,000 00
128,450 23
2,690 00
00
00
97
24
58
*2,457,890
901,181
461,288
1,325
110,014
520,600
00
00
83
70
83
00
623,944 77
35,189 42
1 00
10,801,550
'509;858
38,535
324,056
494,482
380,000
9 660
18,527!183
7,426,383
50 588
110,000
91
26
29
26
58
00
80
59
69
89
00
*225,000
138,000
31 327
797
1,956
20,000 00
i , i 5-4,878 61
987,436 89
5,000 00
200,500 CO
60,000 00
5,900 00
69,700 00
159,000 00
610,977 39
*360,097 27 *19,401,309 92 *3,437,532 48
*43,765,581 05
1,134,362 82
17;841 74
*7,586,662 09
REPORT
OF
THE
Ixxxvii
C O M M IS S IO N E R
Abstract of State and National banks by counties.— Continued.
Oceana
county.
Ogemaw
county.
3 state and 1
national bank.
1 state bank.
Loans and discounts........................
3934,645 32
396,331 53
31,188,412 76
31,678,105 96
3135,385 19
Bonds, securities and stocks.........
572,807 12
23,000 00
406,480 19
619,659 25
150 00
4 900 00
5,100 00
Ontonagon
county.
Oscoda
county.
Osceola
county.
•
Resources.
3,400 00
49,164 75
Due from banks and bankers . . . .
Cash on hand.....................................
1 state and 3
4 state and 2
national banks. national banks.
55 524 58
85 164 20
132,385 43
14,338 35
197,856 00
171,286 72
304 77
403 75
7 613 0?
502 60
58,888 37
4,513 81
46,028 73
46,960 12
3,076 54
46 70
3,030 94
3,014 87
1 state bank.
23,990 73
4,092 02
800 00
Banking house..................................
26,442 00
5,000 00
104,316 20
43,500 00
4,0 0 0 00
Furniture and fixtures....................
18,697 59
2,500 00
38,844 25
7,235 40
1,300 00
3,228 00
9,878 26
14,196 00
11,373 26
Outside checks and other cash
1,263 91
'Ul
1,500 00
Customers’ bonds left for safe
' keeping...........................................
13,200 00
1,150 00
3,050 79
Totals..........................................
1 512 63
2,500 00
2,500 00
17,883 87
22,600 00
3,354 80
837 73
32,086,282 96
32,699,352 74
31,822,854 59
3157,162 40
3115,000 00
64,000 00
50,499 48
320,000 00
5,000 00
26 16
3180,000
86,000
22,060
602
19,858 25
11 00
805,905
14,039
44
4,791
3 123
15 000
1 155
651,623
192,755
23 500
20!000
321 30
4,000 00
3173,239 24
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
8,460 03
30,000 00
Commercial deposits subject to
check...............................................
Demand certificates of deposit. . .
443,997 59
56,926 91
806 62
47,800 00
1,179 12
Savings deposits (book account). .
Savings certificates of deposit. . . .
513 81
859,806 75
179,643 40
2,979 55
106,958 32
Bonds borrowed or left for safe
keeping...........................................
13,200 00
1,150'00
Totals.........................................
31,822,854 59
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
06
00
28
00
35
04
17
00
13
62
44
00
00
3130,000
75,000
16,137
155
00
00
54
00
320,000 00
4,000 00
160 96
49,300 00
492,971
55,278
605
1,609
61
03
00
02
92,303
10,167
800
678
07
45
00
96
22,500 00
1,175,276 45
586,704 39
44,815 70
30,260 85
10,867 95
22,600 00
26,400 00
4,000 00
3157,162 40 32,086,282 96 32,699,352 74
3173,239 24
17,883 87
Ixxxviii
STATE
B A N K IN G
DEPARTM ENT-
Abstract of State and National banks by counties.— Continued.
Otsego
county.
Ottawa
county.
Presque Isle
county.
Roscommon
county.
Saginaw
county.
1 state bank.
15 state banks.
3 state banks.
1 state bank.
11 state and 2
national banks.
Loans and discounts........................
3654,830 70
311,919,483 50
31,335,750 17
3136,056 15
826,682,897 35
Bonds, securities and stocks.........
198,599 68
3,605,501 59
657,021 06
87,198 74
14,587,927 95
Stock in Federal Reserve bank. . .
21,400 00
1,500 00
60,100 00
Due from Federal Reserve bank..
426,270 19
49,181 76
1,051,866 73
834,980 13
190,907 91
19,331 55
2,572,501 40
8,271 58
1,163,736 93
•
Resources.
Due from banks and bankers . . . .
69,870 57
Exchanges for clearing house........
Cash on hand.....................................
151,397 44
59,282 21
26,171 39
304,610 21
64,986 50
21 20
6,740 75
69 54
12,000 00
283,440 20
29,120 30
25,374 26
Premium account................'............
Banking house..................................
2,878 60
7,000 00
687,727 14
Furniture and fixtures....................
2,000 00
102,647 95
6,370 98
1,500 00
71,756 02
Other real estate...............................
4,250 00
19,959 55
51,555 84
2,547 45
340,242 41
Outside checks and other cash
items................................................
461 89
10,170 57
70S 16
86,260 51
Due from United States Treasurer
20,000 00
Customers’ bonds left for safe
keeping...........................................
387,250 00
Other assets.......................................
Totals..........................................
12,550 00
7,700 00
1,410 82
3968,205 43
317,981,736 85
32,401,130 04
1,916,255 00
125,367 71
3269,605 47
849,546,289 45
Liabilities.
Capital stock paid in.......................
Surplus fund.......................................
Undivided profits, net.....................
Dividends unpaid.............................
Reserved for taxes, interest, etc...
Circulation.........................................
Commercial deposits subject to
check................................................
Demand certificates of deposit. . .
Certified checks.................................
Cashier’s checks................................
Due to other banks and bankers..
State moneys on deposit.................
Postal savings deposits....................
U. S. Government deposits...........
Savings deposits (book account)..
Savings certificates of deposit. . . .
Notes and bills rediscounted.........
Bills payable......................................
Bonds borrowed or left for safe
keeping............................................
Other liabilities.................................
Totals..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
325,000 00
15,000 00
18,319 86
2,000 03
213,964
247,917
1,002
2,546
38
70
46
06
00
00
68
00
31
385,000
29,500
26,113
70
1,678
00
00
35
00
76
320,000 00
5,000 00
2,764 67
32,610,000
1,857,239
867,503
8,304
287,408
393,400
00
00
03
00
32
00
3,400,631 25
1,918,894 74
10,686 74
477,645
73,689
2,098
7,456
03
70
90
57
116,060 96
9,536,711
3,479,151
23,507
94,981
1,806,890
2,391,784
6,666
13,612
23,263,097
976,709
13,066
04
55
83
05
92
79
74
91
35
65
27
3735,000
478,500
313,558
1,512
56,902
11,115 33
100,000 00
368 88 .
442,454 97
2,917 31
5,000 00
1,604,033 68
76,294 05
75,356 40
39,806 13
387,250 00
148 10
12,550 00
7,700 00
1,916,255 00
317,981,736 85
32,401,130 04
3269,605 47
349,546,289 45
8,742,501 81
1 ,7 6 8 ,6 6 7 0 1
56,000 00
3968,205 43
REPORT
OF
THE
ix x x ix
C O M M IS S IO N E R
Abstract of State and National banks by counties.— Continued.
St. Clair
county.
Shiawassee
county.
Schoolcraft
county.
Sanilac
county.
St. Joseph
county.
Resources.
11 state and 5 9 state and 3
national banks. national banks.
Loans and discounts........................
Bonds, securities and stocks.........
2 state and 1
17 state banks. national bank.
12 state banks.
¡512,754,328 66
35,745,206 14 ¿7,383,920 28
¿1,023,517 89
¿6,972,628 39
5,771,602 92
1,794,613 22
1,048,683 07
491,286 94
1,'737,024 62
6,550 00
6,600 00
Stock in Federal.Reserve bank. . .
34,000 00
8,800 00
Due from Federal Reserve bank..
730,361 48
90,073 73
143,469 90
58,130 91
579,312 72
851,406 01
169,739 97
4,948 84
2,614 32
997 21
38,989 62
46,525 56
277,585 83
934 IS
3,564 62
Due from banks and bankers . . . .
Exchanges for clearing house........
1,596,818 16
39,389 06
Cash on hand.....................................
401,877 55
209,102 23
155,105 63
Overdrafts...........................................
19,587 27
10,975 46
9,013 48
2,177 10
84 90
Premium account..............................
Banking house..................................
Furniture and fixtures....................
464,839 05
63,920 25
144,705 02
97,531 31
68,831 79
161,199 59
49,768 05
41,923 83
19,792 43
49,196 00
16,340 61
56,828 70
4,618 95
5,656 99
Other real estate..............................
78,030 46
56,696 13
176,376 76
Outside checks and other cash
items................................................
14,884 66
3,650 36
2,453 37
Customers’ liability account of
acceptances and letters of credit
1,660 51
Due from United States Treasurer
11,750 00
9,25 0 00
Customers” bonds left for safe
keeping............................................
243,500 00
219,950 00
Other assets...................................
Totals
612,942 05
3,000 00
102,050 00
37,050 00
148,800 00
26,707 95
142 83
1,349 98
7,322 82
322,251,597 47
38,929,371 83
¿10,022,532 84
¿1,954,689 23
¿10,066,076 92
¿175,000
65,000
11,720
50
1,621
60,000
00
00
19
00
97
00
¿430,000
234,500
79,301
50
16,912
00
00
84
00
17
Liabilities.
Capital stock paid in....................... 51,035,000 00
479,750 00
Surplus fund......................................
392,430 77
Undivided profits, net.....................
5,013 00
Dividends unpaid . ...........................
46,984 41
Reserved for taxes, interest, etc...
229,595
00
Circulation........... .............. .. •'.........
Commercial deposits subject to
5,921,566
20
check.....................................•_••••
943,529 79
Demand certificates of deposit. . .
17,879
53
Certified checks................................
29,120 75
Cashier’s checks................................
983,205
72
Due to other banks and bankers..
230,000 00
State moneys on deposit.................
7,610
64
Postal savings deposits. ..................
14,320 68
U. S. Government deposits...........
9,945,279
82
Savings deposits (book account)..
1,566,150 19
Savings certificates of deposit. . . .
19,753
60
Notes and bills rediscounted.........
129,500 00
Bills payable..................................
Bonds borrowed or left for safe
243,500 00
keeping............................................
11,407 37
Other liabilities.................................
T otals,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
322,251,597 47
3525,000
196,000
149,549
474
13,919
181,400
00
00
96
00
62
00
2,230,133
1,052,402
4,069
38,488
29
21
29
05
22.500
3,748
2,405
2,830,108
1,432,719
4,001
22.500
00
19
17
14
46
36
00
219,950 00
3 09
¿8,929,371 83
¿465,000 00
125,850 00
89,073 64
34,416 72
1,879,865
1,302,837
2,591
14,191
16,240
90,000
62
88
54
93
81
00
510,428
717
975
8,743
8,074
15,000
2,013
39
89
07
82
86
00
10
1,944,202
828,499
1,876
1,727
9,352
17,999
5,456
66
77
33
81
83
73
98
i ,606,852
4,119,234
66,028
91,000
06
60
04
00
¿98,733 04
157,903 54
A ___
4,048,812
2,074,002
79,581
145,000
59
24
97
00
102,000 00
17,350 00
37,050 00
1,657 36
148,800 00
¿10,022,552 84 ¿1,954,689 23
¿10,066,076 92
.
xc
STATE
B A N K IN G
DEPARTM ENT
Abstract of State and National banks by counties.— Concluded,
Van Buren
county.
Tuscola
county.
Washtenaw
county.
Resources.
14 state and 1
national bank.
14 state and 31
13 state and 3
national banks. national banks.
Wayne
county.
Wexford
county.
55 state banks,
7 trust
companies, 1
industrial, 4
national banks.
5 state banks.
Loans and discounts...................
84,568,562 93
85,206,665 26
818,051,505 84
8481,460, 762 29
83,372,387 01
Bonds, securities and stocks.. ..
1,220,119 54
2,650,153 29
6,034,819 06
247,724, 902 91
951,089 56
Stock in Federal Reserve bank.
5,600 00
9,600 00
58,550 00
2 , 012 ,,200 00
Due from Federal Reserve bank
85,783 73
215,572 30
741,353 25
49,020,,923 29
Due from banks and bankers.. .
543,717 46
577,167 91
1,891,291 51
55,814,,990 26
Exchanges for clearing house...
2,469 83
7,179 23
179,236 19
14,335,,355 49
6,179 75
Cash on hand................................
127,513 02
213,911 97
763,741 66
12,295,,108 77
127,235 65
Overdrafts.......................................
5,381 53
8,003 47
148,569 85
1,733,,836 54
962 54
955 68
1,070 35
422,,086 20
Premium account..........................
429,145 57
Banking house..............................
117,222, 10
116,268 38
688,276 70
22,232,,223 45
84,060 79
Furniture and fixtures................
44,056 50
61,043 80
148,761 17
2,543 ,859 06
25,503 55
Other real estate..........................
68,742 32
41,531 03
97,282 42
2,843 ,868 91
10,641 00
Outside checks and other cash
items............................................
2,044 10
9,235 37
13,085 25
6,983,096 16
10,599 90
23,929 82
1,599,662 52
Customers’ liability account of
acceptances and letters of
credit...........................................
Due from United States Treas
urer..........................................
Customers’ bonds left for safe
keeping.......................................
312 50
3,125 00
15,000 00
100,250 00
458,551 09
304,900 00
274,700 00
2,703,242 95
Other assets
Totals
Liab ilities.
Capital stock paid in...................
Surplus fund..................................
Undivided profits, net.................
Dividends unpaid . .......................
Reserved for taxes, interest, etc.
Circulation............. ...............; •••
Commercial deposits subject
to check................................
Demand certificates of deposit..
Certified checks............................
Cashier’s checks............................
Due to other banks and bankers
State moneys on deposit............
Postal savings deposits. .............
U. S. Government deposits . . . .
Savings deposits (book account)
Savings certificates of deposit. .
Notes and bills rediscounted. . .
Bills payable..................................
Bonds borrowed or left for safe
keeping.......................................
Customers’ acceptances and
letters of credit.........................
Accrued interest and expense
payable (net)............................
Debentures and first mortgage
bonds...........................................
Other liabilities.............................
Totals
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
105', 600 00
1,050,067 54
Income accrued receivable (net)
87,250,076 65
8490,000 00
143,205 00
48,084 97
355 34
5,850 00
1,325,614
641,211
989
3,486
2,291
60,000
86
76
05
36
73
00
2,107,875
1,826,877
56,683
79,000
64
68
17
00
458,551 09
1,762 06
14,286 98
2,721,387 05
89,427,074 75
829,145,460 05
5907,597,823 39
55,123,405 32
8710,000
341,300
128,603
192
41,900
62,200
00
00
94
57
58
00
81,650,000 00
1,305,000 00
520,211 06
4,553 53
18,892 11
297,600 00
845,320,162
40,596,534
12,671,330
77,959
2,125,792
1,975,997
00
40
91
83
91
50
8345,000
137,500
82,073
831
11,500
00
00
78
00
00
2,343,777
1,212,783
1,500
48,390
24,007
55,000
1,352
300.000
1,770,127
1,786,374
4,625
290.000
71
96
38
52
64
00
94
00
81
39
00
00
8,888,780
460,407
18,665
95,511
293,596
180,000
12,574
94
63
45
84
49
00
59
47
59
25
69
71
00
66
61
28
00
00
63
60
59
64
76
85
46
06
39
98
01
00
1,036,934
874,943
729
12,590
78,351
30,000
3,641
12,854,357
1,652,079
77,850
505,000
287,540,151
6,953,100
1,695,698
7,203,800
44,421,880
5,435,644
1,572,871
8,367,183
393,951,734
20,377,611
82,443
2,185,800
304,900 00
274,700 00
23,929 82
3,576,792 95
2 , 021,002 00
357,707 17
25,000 00
105,600 00
1,875,670 20
4,556,716 57
87,250,076 65
37 31
11,749 70
13,571,775 00
1,461,170 15
59,427,074 75
529,145,460 05
5907,597,823 39
85,123,405 32
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REPORTS
OP THE
State Banks and Trust Companies
AS MADE TO THE COMMISSIONER OP THE STATE BANKING DEPARTMENT
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OCTOBER 8, 1924
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No 325.
T H E A D D IS O N ST AT E SAVINGS B A N K , A D D IS O N .
Organized October 11, 1905.
W ade
M i l l i s , P r e s id e n t ;
D i r e c t o r s .— D.
D. A . C u r t i s , V i c e P r e s id e n t ; F. B. C
C. A . F o o t e , A s s is t a n t C a sh ie r.
lev eland
, C a s h ie r ;
A. Curtis, F. B. Cleveland, Wade-Millis, E. M . Rawson, H. E. Branch.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial..............................................
Savings.....................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial......................................
Savings...................................
Overdrafts...................................................
Banking House...............................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash items. . . .
Total....................................... .................
3167,731 37
15,220 65
17,977 36
147,290 02
19,801 89
25,428 23
Capital stock paid i n ...................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000
21,500
3,702
95,033
81,210
687
5,000
140,513
63,289
00
00
27
89
01
71
00
15
11
12,600 00
2,956 67
7,000 00
880 91
5,590 93
3,251 16
5,084 12
12283
3430,936 14
Total.........................................................
3430,936 14
No. 162.
T H E A D R IA N ST A T E SAVINGS B A N K , A D R IA N .
Organized M ay 24, 1893.
Corporate existence extended M ay 23, 1923.
One Branch.
B. E. T
obias
, P re s id e n t;
D i r e c t o r s .— R.
R. H. W
, V i c e P r e s id e n t ; C h a s . S. W h i t n e y , V i c e P r e s id e n t a n d C a s h ie r ;
F r a n k A. F a u l h a b e r , R. P. W a t t s , A s s is t a n t C a sh ie rs .
atts
H. Watts, W. E. Jewett, R. A . Kaiser, C. G. Wesley, W . O. Hunt, E. E. Tobias, C. S. Whitney, B. E.
Tobias, W . W . Cooke, C. E. Baldwin, O, T. Rose, S. W . Raymond, E. C. Michener.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial..............................................
Bonds, mortgages and securities:
Commercial................................................. '
Savings.........................................................
Due from federal reserve bank:
Commercial................ , ..............................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings................ _.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures......................
Other real estate............................................
Outside checks and other cash item s.. . .
Stock of Federal Reserve bank.................
Liabilities.
3429,808 60
59,350 00
1,184,623 32
23,233 78
42,000 00
3150,000
90,000
34,659
316,693
140
2 /1 ,5 5 7
1,123,186
36,467
22,674
00
4)0
26
20
00
38
73
12
56
41,402 00
129,256 62
4,932 71
36,002
30,000
221
40,000
4,837
7,451
5,058
7,200
00
00
74
00
50
00
98
00
Total......................................................... 32,045,378 25
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Certified checks.............................................
Due to other banks and bankers..............
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Total......................................................... 32,045,378 25
4
STATE BANKING DEPARTMENT
No. 89.
T H E C O M M E R C IA L SAVINGS B A N K , A D R IA N .
Organized April 10, 1888.
Corporate existence extended April 10, 1918.
E. N. S m i t h , P r e s i d e n t ; P. J. D
D i r e c t o r s .-—E.
u n n
C h a r l e s G . H a r t , C h a ir m a n .
, V i c e P r e s id e n t a n d C a s h ie r ; L. A. W a l k e r , W .
A s s is t a n t C a sh ie rs .
M . S h e p h e r d , J o s e p h P. L i b s ,
C. Sword, Charles G. Hart, H. R. Jewett, W . H. Barrett, Joseph P. Libs, Burton L. Hart, A. E.
Palmer, E. N. Smith, P. J. Dunn, H. W . Middleton, L. W . Smith.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
3250,631 69
Savings.........................................................
162,668 11
Bonds, mortgages and securities:
Commercial.................................................
276,249 30
Savings.........................................................
839,576 74
Due from Federal Reserve bank:
Commercial.................................................
37,600 00
Savings.........................................................
48,023 20
Due from banks in reserve cities:
Savings.........................................................
36,659 06
Exchange for clearing house and checks
on banks in same place:
Savings.........................................................
6,816 35
Cash on hand:
Commercial.................................................
12,000 00
Savings..............................................................
16,949 61
Overdrafts........................................................
103 88
Banking house................................................
55,000 00
10,535 31
Other real estate............................................
Outside checks and other cash items. . . .
2,165 36
Stock of Federal Reserve bank............. .. .
4,200 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net................................ .
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Savings deposits (book account)...............
Club savings deposits...................................
Total......................................................... 31,759,188 61
3110,000
30,000
1,457
458,873
45,754
5
1,017
1,079,084
32,996
00
00
42
23
90
00
02
62
42
T o t a l . . , .................................................. 31,759 188 61
No. 66.
L E N A W E E C O U N T Y SAVINGS B A N K , A D R IA N .
Organized February 1, 1872.
Corporate existence extended February 1, 1902.
C. D . H a r d y , D . B. M o r g a n , V ic e P r e s id e n t s ; J. C. M u r p h y , V i c e P r e s id e n t a n d C a s h ie r ;
A. W. W r i g h t , L. E. H o l m e s , N. L. G r o e s h o w , A s s is t a n t C a s h ie r s ;
E. F. M e y e r h u b e r , A u d it o r .
D i r e c t o r s .— J. V. DeFoe, Chas. Evans, Vernon Hoxie, C. D . Hardy, Henry Hart, J. W . Kirk, H. B. Knowles, H. L.
Larwill, D. B. Morgan, J. C. Murphy, F. W . Prentice, F. A, Stevenson, A. J. Walper, A. W . Wood, Ladd J. Lewis, Jr.
L a d d J. L e w i s , J r ., P r e s id e n t ;
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
pavings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank..................
Liabilities.
3427,362 78
105,743 25
1,277,453 58
28,798 59
49,508 76
31,026 31
97,521 26
3150,000 00
50,000 00
26,698 75
7,838 39
388,894.18
148 73
200 50
'7,165 09
15,181 78
15,000 00
1,543,048 67
45,521 87
7,338 57
96,550 00
2,047 31
5,351
25,000
1,568
75,000
25,000
3,104
6,0 0 0
67
00
61
00
00
41
00
Total......................................................... 32,257,036 53
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Total......................................................... 32,257 036 53
STATE
BANKS
OF
5
M IC H IG A N
No. 179.
A L B IO N ST A T E B A N K , A L B IO N .
Organized March 14, 1895.
D. A . G
D i r e c t o r s .— W .
arfield
, P r e s id e n t ; W . S. K e s s l e r , V i c e P r e s id e n t ; R.
R o g e r H . D a v i s , A s s is t a n t C a sh ie r.
E. S c h u m a c h e r , C a s h ie r ;
S. Kessler, D. A . Garfield, W . H. Rodenbach, Geo. T. Bullen, D. M . McAullffe, O. A . Leonard,
G. W . Schneider, J. K. O’Hara, O. H . Gale.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial..... ........................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial...................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping. .
Outside checks and other cash items . . . .
Stock of Federal Reserve bank.................
$255,120 70
155,013 04
186,015 90
316,792 50
22,350 49
25,000 00
3,690 30
25,957 48
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Postal savings deposits.................................
Savings deposits (book account)...............
Club savings deposits...................................
Bills payable...................................................
Bonds borrowed or left for safe keeping. .
$50,000
25,000
6,718
277,287
96,993
4,898
3,204
538,352
29,012
8,000
16,150
00
00
15
92
46
06
09
32
88
00
00
903 57
413 91
20,856 93
272 63
2,500 00
21,659 93
16,150 00
239 50
2,700 00
Total......................................................... $1,055,616 88
Total................................... ..................... $1,055,616 88
,
No. 167.
T H E C O M M E R C IA L A N D SAVINGS B A N K OF A LBIO N .
Organized M ay 2, 1893.
Corporate existence extended M ay 1, 1923.
H omer
C. B
l a i r , P r e s id e n t ;
S a m u e l D i c k i e , V i c e P r e s id e n t ;
C h a r l e s S. L o u d , A s s is t a n t C a sh ie r.
C. G. B
ige low
, C a s h ie r ;
D i r e c t o r s .— Homer
C. Blair, Samuel Dickie, Washington Gardner, C. G. Bigelow, George E. Dean, L. C. VanGorden,
W . S. Kennedy, H. B. Parker, H. R. Wochholz, E. R. Loud, Benj. D. Brown, Edwin Mounteer.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial...............................................
Savings.................... I . ..................................
Due from Federal Reserve bank:
Commercial.........................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial....... ' . . . ' ..................................
Cash on hand:
Commercial.................................................
Savings..................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$378,396 51
46,393 95
121,257 50
413,467 99
32,660 31
15,341 00
33,252 32
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Postal savings deposits.................................
Savings deposits (book account)...............
Club savings deposits...................................
Bills payable....................................................
Bonds borrowed or left for safe keeping
$100,000
55,000
25,480
30
346,004
92,296
10,497
476,139
24,735
20,000
54,800
00
00
58
00
56
24
45
71
29
00
00
5,506 49
2,136
26,000
206
35,000
5,832
30,082
54,800
4,650
68
00
43
00
00
65
00
00
$1,204,983 83
Total
$1,204,983 83
6
STATE BANKING DEPARTMENT
No. 498.
A L G O N A C SAVINGS B A N K , A L G O N A C .
Organized April 13, 1912.
C u r t i s R . C h a m p i o n , P r e s id e n t ; J o h n E a s t , V i c e P r e s i d e n t ; W . E. F o l s o m , C a s h ie r ;
W . A . P e t r e q u i n , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
Curtis R. Champion, John East, Fred W . Parker, W . E. Folsom, Chas. T . Worthy, G. A . Wood.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................... ......................... .. .
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ....................
Due from banks in reserve cities:
Commercial................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......... ...............................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts..............................................
Banking house......................................... , . .
Furniture and fixtures.................................
Due from banks other than in reserve
cities....................... .................... . . .............
Outside checks and other cash items. . . .
Total.........................................................
Liabilities.
3146,713 05
83,144 31
285,703 00
80,183 35
3,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Savings deposits (book account)...............
330,000
10,000
11,378
272,482
18,296
324,564
00
00
92
37
81
52
25,000 00
6,229
10,950
228
16,000
6,0 0 0
82
00
90
00
00
3,256 37
313 82
3666,722 62
Total.........................................................
3666,722 62
No. 314.
A L L E G A N ST A T E SAV IN G S B A N K , A L L E G A N .,
Organized M ay 24, 1905.
E. W . D
e
L. W . S t e i n , V i c e P r e s id e n t ; C. F. P
A . Z. H u r t e a u , A s s is t a n t C a s h ie r .
L a n o , P r e s id e n t;
eck
, C a s h ie r ;
Directors.— E. W . DeLano, Albert Brand, Orien S. Cross, C. F. Peck, L. W . Stein.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial......................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items . . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3122,866 55
64,969 58
12,185 60
266,821 45
3,777 48
17,837 62
25,450 00
Capital stock paid in ....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Due to other banks and bankers...............
State moneys on deposit..............................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping
335,000
11,000
7,167
1,860
104,664
20,000
5,000
21
251,300
106,760
15,838
7,000
00
00
68
78
68
00
00
50
94
91
56
00
2,232 47
11,767
5,616
15
387
17,000
6,250
1,437
7,000
03
49
00
58
00
00
70
00
50
3565,615 05
Total.............................................. ..........
3565,615 05
7
STATE BANKS OF MICHIGAN
No. 323.
T H E F IR ST ST A T E B A N K , A L L E G A N .
Organized M ay 15, 1905.
C h a s . R. W i l k e s , P r e s i d e n t ; W . J. O l i v e r , V i c e P r e s id e n t ; H e r m a n V a u p e l l , C a s h ie r ;
C l a i r M c O m b e r , N e l l i e E g g l e s t o n , A s s is t a n t C a s h ie r s .
D i r e c t o r s .— Fred
McOmber, Chas. R. Wilkes, W . J. Oliver, E. W . Stone, Herman Vaupell, Hollis Baker, Edw. Horan
Weldon Smith.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.....................
Bonds, mortgages and securities:
Commercial.................................................
Savings...................
Due from banks in reserve cities:
Commercial..........................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts.......................................................
Banking house......................................
Furniture and fixtures....................
Other real estate.....................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items. . . .
Total.........................................................
$313,749 IS
81,762 42
9,987 60
294,223 26
14,26S 39
3,974 91
33,650 00
Capital stock paid in....................................
Surplus fund................
Undivided profits, net..................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Certified checks...........................
Due to other banks and bankers..............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...............................
Bonds borrowed or left for safe keeping
$50,000 00
35,000 00
11,508 33
223,232 79
7,812 17
1,995 83
20,000 00
5,000 00
285,563 60
134,070 20
15,000 00
73,905 00
Total.........................................................
$863,087 92
3,858 11
5,073
10,000
1,235
6,091
6,485
919
73,905
1,906
61
00
55
24
12
83
00
73
$863,087 92
No. 487.
A L L E N ST A T E SAVINGS B A N K , A L LE N .
Organized March 7, 1911.
E . C. W
D i r e c t o r s .— A .
atkins
, P r e s id e n t ;
A . L. N
o rt on
, V i c e P r e s id e n t ; H a t t i e
M. B
r o c k w a y
, C a sh ie r.
L. Norton, E . C. Watkins, C. H. Shepard, Edson J. Benge, F. J. Ayars, Harlo VanPatten,
Chas. Miller.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.............. ..................................
Savings................................. .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................. ................ ..
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts................................................. ..
Banking house............................................. ..
Furniture and fixtures..................................
Other real estate........................ ...................
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$66,600 16
5,951 85
5,345 63
11,360 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..._............................
Commercial deposits subject to check...
Demand certificates of deposit..................
Savings deposits (book account)...............
$20,000
4,000
1,082
20,260
52,155
15,535
00
00
91
74
15
34
9,796 94
1,000 00
2,227
1,500
32
4,250
1,500
3,442
26
86
00
36
00
00
71
63
$113,034 14
Total
$113,034 14
STATE BANKING DEPARTMENT
No. 232.
A L M A ST A T E SAVINGS B A N K , A L M A .
Organized April 21, 1901.
W illiam
A. B
a h l k e
D irectors—
, P r e s id e n t ; J o t h a m A l l e n , V i c e P r e s id e n t ; K a r l R. A d a m s , C a s h ie r ;
H. M . G l a s s , F. C. B i r c h f i e l d , A s s is t a n t C a sh ie rs .
William A . Bahlke, Daniel L. Sharrar, Geo. C. Parsons, Karl R. Adams,
James E. Mitchell, Jotham Allen, Mary C. Bahlke.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial......................... .......................
Bonds, mortgages and securities:
Commercial................................................
Sayings........... .......................
Due from banks in reserve cities:
Commercial................................................
Savings...................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Premium account..........................................
Banking house...............................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
Total........................................................
Liabilities.
? 199, 895 32
52,846 01
275,378 79
101 951 19
11 ¡876 66
49,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net.......................
Dividends unpaid.............................. •.........
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks.............................................
Savings deposits (book account).. ...........
Savings certificates of deposit....................
350,000
30,000
894
10
147
301,690
1,872
4,913
149^609
186,646
00
00
19
03
80
40
88
97
31
14
1 308 58
11,734
31
788
16,156
4,750
66
86
67
56
29
00
76
3725,784 69
Total........................................................
3725,784 69
No. 233.
FIR ST S T A T E B A N K OF A L M A , A L M A .
Organized June 9, 1901.
L. A. S h a r p , P r e s i d e n t ; F
K i n g , C h a s . O. W a r d , V i c e P r e s id e n t s ; C a r l
J. S. K n o e r t z e r . W m . M c F a d d e n , A s s is t a n t C a s h ie r s .
D i r e c t o r s .—
rancis
H. W
a s h b u r n
, C a s h ie r ;
L. A. Sharp, Francis King, Carl H. Washburn, Chas. O. Ward, E. C. Crandall,
Sarah H. Lancashire, E. L. Smith, John D. Sullivan.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings....... .................................................
Bonds, mortgages and securities:
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:.
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts.......................
Banking house................................................
Furniture and fixtures..................................
Other real estate.............................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items. . . .
Liabilities.
3384,260 28
109,119 67
477,538 70
85,394 09
109,850 00
3,705 48
20,569
66
25,000
7,000
13,222
3100,000 00
100,000 00
5,164 22
21 00
8,426 32
276,620 19
45,865 47
5,034 85
2,310 91
360,459 45
335,578 57
144,020 00
45
35
00
00
12
1,867 51
144,020 00
1,887 33
Total..................................................'... 31,383,500 98
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping
Total
31,383,500 98
STATE
BANKS
OF
9
M IC H IG A N
No. 437.
T H E A L M O N T SAVINGS B A N K , A L M O N T .
Organized April 27, 1909.
W . W . P a t o n , P r e s id e n t ; F. P. A n d r u s , V ic e P r e s id e n t ; G
L. C. S a n b o r n , A s s is t a n t C a sh ier.
D i r e c t o r s .— T.
e o
. D. H a r t , C a s h ie r ;
C. Taylor, Jr., F. C. Ballard, F. P. Andrus, David Cochrane, W . W . Paton, A. H. Leete, Geo. D. Hart’
James Borland, M . A. Currier.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial................................................
Savings.........................................................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial....................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house....................................... ..
Furniture and fixtures..................................
Other real estate............................................
Total.........................................................
389,620 26
79,202 97
11,000 00
159,860 29
20,400 20
Capital stock paid in....................................
Surplus fund....................................................
Reserved for taxes, interest, etc............ .. .
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
325,000
14,40.1
3,809
75,464
31,765
9,019
^2,565
250,532
33,98}
00
30
77
50
14
77
00
40
10
34,850 00
56 75
5,498
94
3,000
700
42,288
97
60
00
00
94
3446,572 98
Total........................................................
3446,572 93
No. 169.
T H E A L P E N A C O U N T Y SAVINGS B A N K , A LPE N A .
Organized December 26, 1893.
Corporate existence extended December 26, 1923.
One Branch.
L e e R i c h a r d s o n , P r e s id e n t ; B. H. O l d s , C a s h ie r ; H. A. D i c k e n s o n , F.
L. W . C o u t u r e , J. F. O w e n , A s s is t a n t C a sh ie rs .
C. B
urn ett
,
D i r e c t o r s .— Thos.
McDade, D. D- Hanover, Robert Montrose, Paul Hoeft, F. Irving Holmes, H. E. Fletcher,
W . P. Harris, Lee Richardson, H. C. Masters, B. H. Olds, J. L. Bertrand, Robert Polzin.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................. ......................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings..........................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................... .. . . .
Bonds borrowed or left for safe keeping
Outside checks and othercash items. . . .
Stock of Federal Reserve bank................
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3783,025 31
323,848 18
5,000 00
2,344,253 53
51,281 76
75,000 00
103,107 93
7,091 58
19,006 37
60,000 00
684 19
64,427 16
4,492 43
26,262 02
377,700 00
9,000 00
6,550 00
34,260,730 46
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit..............................
Postal savings deposits. ...............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...........................................
Bonds borrowed or left for safe keeping
Total
3100,030 00
200,000 00
139,875
1,140
44,105
387,219
7,500
60
2,873
139,102
10,243
108
2,657,573
130,138
13,089
50,000
377,703
52
00
62
23
00
25
71
17
38
80
53
56
69
00
00
34,260,730 46
10
STATE BANKING DEPARTMENT
No. 688.
PEOPLES S T A T E B A N K OF A L P E N A , A L P E N A .
Organized March 22, 1922.
E. W . L
eavitt
, P r e s id e n t ;
V. W . T o u r j e , V i c e P r e s id e n t a n d C a s h ie r ; A . J. G
C. M . E. L u n d q u i s t , A s s is t a n t C a s h ie r .
r a h a m
, V i c e P r e s id e n t ;
D i r e c t o r s .— N .
M . Eddy, W . E. Williams, C. F. Steele, Benj. H. Cunningham, J. S. Szczukowski, R. W . Piepkorn,
F. L. Olds, Frank T. Hinks, A. J. Graham, E. W . Leavitt, V. W . Tourje, J. D. Bingham.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings......... ...............................................
Bonds, mortgages and securities:
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U . S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
Total.........................................................
Liabilities.
$297,946 48
80,966 13
252,897 40
24,382 98
3,809 52
30,100 00
Capital stock paid in....................................
Surplus fund.................................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Notes and bills rediscounted......................
$100,000
20,000
161,003
26,900
1,202
3,178
2,807
15,000
341,502
13,036
5,477
74,681
00
00
58
00
00
00
06
00
18
15
00
82
1,999 05
11,945
10,000
1,248
53
84
00
41
61
9,278 91
34,413 55
5,425 97
319 94
$764,787 79
Total.........................................................
$764,787 79
No. 302.
T H E F A R M E R S ’ S T A T E B A N K OF A L TO , ALTO .
Organized October 18, 1904.
E d s o n O ’H a r r o w , P r e s id e n t ; M . D . H o y t , V i c e P r e s id e n t a n d C a s h ie r ;
C h a s . I. C o l b y , A s s is t a n t C a s h ie r .
D i r e c t o r s .— Edson
O’Harrow, M . D . Hoyt, C. M . Campau, Fred C. Tillyer, Charles Bancroft, J. G . Livingston, •
Earl V. Colby.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings....................................... .................
U . S. Bonds and Cert, of Ind. as legal
reserve :
Savings.........................................................
Cash on hand:
,
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$77,295 42
21,569 45
1,000 00
135,929 64
774 36
367 01
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
Bonds borrowed or left for safe keeping
$20,000
11,300
1,296
50,573
5.000
115,103
58,094
5.000
32,725
00
00
43
95
00
69
65
00
00
21,250 00
4,000
206
72
2,500
1,403
32,725
00
73
82
00
29
00
$299,093 72
Total.........................................................
$299,093 72
11
STATE BANKS OF MICHIGAN
No. 609.
A M B L E ST A T E B A N K , A M B L E .
Organized April 16, 1917.
S. M . D i n s m o r e , P r e s id e n t ; T h o s . S k e d g e l l , V i c e P r e s id e n t ; H . F. B e c k l e y , C a s h ie r ;
V i o l a B e c k l e y , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Harry F.
Beckley, S. M . Dinsmore, Nels Olsen, Thos. Skedgell, August Waldo.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts;
Commercial................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings................. ............... .....................
Due from banks in reserve cities:
Commercial.................................................
Savings.................................
U. S. Bonds and Cert, of Ind. as legal
reserve :
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts................................ '......................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowedor left for safe keeping
Outside checks and other cash items. . . .
Total........................................................
363,765 87
12,550 00
31,400 00
8,554 57
3,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping
320,000 00
1,000 00
1,786 17
234 42
28,201 18
38,856 20
2,500 00
18,505 05
20,628 82
14,400 00
Total........................................................
3146,111 84
4,600 00
3,449 21
31 28
3,000 00
1,250 00
14,400 00 .
110 91
3146,111 84
No. 48.
A N N A R B O R SAVINGS B A N K , A N N ARBO R .
Organized February 4, 1869.
Reorganized November 5, 1889.
Corporate existence extended October 31, 1919.
One Branch.
M i c h a e l J. F r i t z , P r e s id e n t ; C a r l F. B r a u n , V i c e P r e s id e n t ;
W m . L. W a l z , C a s h ie r ; J o h n C. F r i t z , A l f r e d F. S t a e b , R o y B. H i s c o c k ,
N o r m a n A . O t t m a r , A s s is t a n t C a s h ie r s .
D irectors
.1
— Walter C. Mack, Michael J. Fritz, Carl F. Braun, W m . L. Walz, Emory E.
Leland, John C. Fritz.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................ 31,960,336 42
Savings................................
380,000 00
Bonds, mortgages and securities:
Commercial.................................................
270,220 65
Savings........... .......................
2,306,473 53
Due from banks in reserve cities:
Commercial.................................................
283,057 77
83,277 57
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
218,750 00
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
64,880 87
Cash on hand:
Commercial.................................................
222,205 73
Savings.........................................................
100,000 00
Overdrafts........................................................
433 57
Banking house................................................
157,600 00
Furniture and fixtures.................................
10,400 CO
Other real estate............................................
3,399 14
Due from banks other than in reserve
cities....................................
42,947 26
Outside checks and other cash item s.. . .
1,015 31
Capital stock paid in....................................
3300,000 00
Surplus fund....................................................
300,000 00
Undivided profits, net.................................. •
117,564 95
Dividends unpaid..........................................
2,742 50
Reserved for taxes, interest, etc................
3,783 36
Commercial deposits subject to check. . . 1,746,080 07
Certified checks..............................................
4,000 39
Cashier’s checks.............................................
33,066 06
143,959 39
Due to other banks and bankers..............
State moneys on deposit.........................
75,000 00
Savings deposits (book account)...............
2,995,415 02
93,086 08
Savings certificates of deposit...........’ . . . .
Notes and bills rediscounted......................
50,300 00
Bills payable....................................................
240,000 00
Total......................................................... 36,104,997 82
Total......................................................... 36,104,997 82
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12
STATE BANKING DEPARTMENT
No. 26.
F A R M E R S ’ A N D M E C H A N IC S ’ B A N K , A N N A R B O R .
Organized October 13, 1882.
Corporate existence extended July 20, 1912.
One Branch.
H e r b e r t A. W i l l i a m s , P r e s id e n t ; J u n i u s E. B e a l , G e o . W . M i l l e n , V i c e P r e s id e n t s ;
F r e d T. S t o w e , C a s h ie r ; E. L. J e n k i n s , H . E. M a n n , A s s i s t a n t C a s h ie r s ;
G e o r g e J. B u r k e , C o u n s e l.
D i r e c t o r s .-— D.
F. Schairer, Junius E. Beal, Horatio J. Abbott, George J. Burke, Chas. C. Freeman, James Foster
Shirley W. Smith, Burt F. Schumacher, G. W . Millen, G. S. Vandawarker, W . W . Wadhams, H. A . Williams.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. $1,351,595 48
Savings.........................................................
468,780 07
Bonds, mortgages and securities:
Commercial.................................................
472,503 84
Savings. . . . . . i ........................................
1,187,589 50
Due from Federal Reserve bank:
Commercial.................................................
144,578 78
Savings.........................................................
52,000 00
Due from banks in reserve cities:
Commercial.................................................
108,036 96
Savings.................
6,369 01
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
39,773 31
Savings.........................................................
7,602 10
Cash on hand :
Commercial.................................................
61,503 93
Savings.........................................................
28,150 41
Overdrafts........................................................
1,910 37
Banking house................................................
125,000 00
Furniture and fixtures..................................
37,217 78
Due from banks other than in reserve
cities..........................................................
40,000 00
Outside checks and other cash items. . . .
2,398 45
Stock of FederalReserve bank. ._...............
9,000 00
Total......................................................... $4,144,009 99
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...................................................
$200,000
100,000
53,557
95
1,962,924
6,511
23,799
12,241
1,603,207
92,350
59,321
30,000
00
00
89
00
69
82
44
28
47
42
98
00
Total......................................................... $4,144,009 99
STATE
BANKS
OF
13
M IC H IG A N
No. 144.
S T A T E SAV IN G S B A N K OF A N N A R BO R , A N N ARBO R.
Organized September 4, 1892.
Corporate existence extended September 3, 1922.
_ C. W . G i l l , C h a ir m a n o f the B o a r d .
W m . A r n o l d , P r e s id e n t ; G e o . J. M a n n , D. F. Z i m m e r m a n , V i c e P r e s id e n t s ;
C . J . W a l z , C a s h ie r ; R. A . B e a l , R .‘ E. R e i c h e r t , H. F. G r o s s , A s s is t a n t C a sh ie rs .
E rectors. C. VL Gill, W m . Arnold, John Koch, Christian Martin, Victor C. Vaughan, E. F. Mills, D. F. Zimmerman,
A . R. Peterson, Geo. J. Mann, Chas. W . Wagner, R. E. Reichert, Geo. Walker, John M . Feiner, Fred Jedele, Arthur
Brown, John Lindenschmitt, M . J. Cavanaugh, R. B. Canfield, C. J. Walz.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................ 31,375,151 05
Savings.........................................................
97,950 00
Bonds, mortgages and securities:
Commercial......................................; . . . .
112 091 95
Savings......................................................... 2,391,576 91
Due from Federal Reserve bank:
79,139 98
Commercial.................................................
Savings........... .............................................
74,000 00
Due from banks in reserve cities:
Commercial.................................................
18,900 01
55,879 98
Savings............. ...........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
25,307 18
Cash on hand:
Commercial.................................................
56,926 16
Savings.........................................................
18,321 48
Overdrafts........................................................
140,794 35
Banking house................................................
75,000 00
Furniture and fixtures..................................
26,600 00
29,050 00
Other real estate............................................
Due from banks other than in reserve
cities...............................................................
42,770 35
Outside checks and other cash items. . . .
1,045 01
Stock of Federal Reserve bank.................
18,000 00
Capital stock paid in................
Surplus furtd....................................................
Undivided profits, net.. . ............................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit..............................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable....................................................
Total......................................................... 34,638,504 41
3300,000
300,000
50,030
264
1,164,498
4,034
17,829
96,385
25,000
11,677
2,322,947
145,837
200,000
00
00
58
00
53
99
34
08
00
45
28
16
00
Total......................................................... 34,638,504 41
No. 512.
T H E ST AT E B A N K OF A PP L EG AT E , APP LEG ATE .
Organized September 5, 1912.
A lbert
E. S l e e p e r , P r e s i d e n t ; J o h n P. N
iggeman
, J r ., V i c e P r e s id e n t ;
W a l t e r C a l k i n s , C a sh ie r.
D i r e c t o r s .'—Albert
E. Sleeper, John Schoettle, John P. Niggeman, Jr., Walter Calkins, Robert Murray.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities :
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial..................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings............... ; . . . . . .............
Banking house.................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping
T otal.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3113,508 70
31,633 41
37,621 86
20,739 35
3,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks..............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping .
320,000 00
4,000 00
84 00
29,829 14
119,932 57
3,049 37
17,961 59
23,819 94
2,400 00
Total.........................................................
3221,076 61
118 29
1,251 05
3,000 00
961 36
575
3,800
2,467
2,400
59
00
00
00
3221,076 61
STATE BANKING DEPARTMENT
14
No. 627.
T H E A R C A D IA S T A T E SAV IN G S B A N K , A R C A D IA .
Organized March 12, 1919.
D. A.
D i r e c t o r s .— Luther
L u t h e r L. F i n c h , C h a ir m a n o f th e B o a r d .
J a m i e s o n , P r e s id e n t ; H a r v e y G r u n d , C a s h ie r ;
E m m a I. M a l l i s o n , A s s is t a n t C a sh ie r.
L. Finch, D. A. Jamieson, Jno. Wass, D. J. Martineau, Harvey Grund.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial............................... .................
Savings............................... .. ......................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................. .. .................. .
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.. ; ...........................................
Savings.........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate........................ ...................
Due from banks other than in reserve
cities.................................................
Bonds borrowed or left for safe keeping
Total....................................... ................
329,492 89
20,964 11
3,878 00
54,018 16
4,961 15
Capital stock paid in....................................
Surplus fund....................................................
Dividends unpaid.......................: .................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable..................... ............ .................
Bonds borrowed or left for safe keeping
320,000
2,050
937
28,321
78,694
4,733
1,500
1,800
00
00
99
76
57
76
00
00
9,850 00
1,326
2,000
2,500
1,500
3,350
53
00
00
00
00
2,397 24
1,800 00
3138,038 08
3138,038 08
Total
No. 468.
T H E A R M A D A ST A T E B A N K , A R M A D A .
Organized November 10, 1910.
S a b i n I. S t u m p , P r e s i d e n t ; W i l l i a m C. B o t t o m l e y , V i c e P r e s i d e n t ; W i l l i a m W . L y o n s , C a s h ie r ;
J a s . E. N e e l e y , A s s is t a n t C a s h ie r .
D i r e c t o r s .—
Sabin I. Stump, J. E . Lawson, G. H. Hebblewhite, William C. Bottomley, W m . W . Lyons,
Orvy Hulett, E. E. Rogers, H. P. Barringer, Henry Pratt.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
3141,160 04
S a v in g s ....................................................
87,555 00
Bonds, mortgages and securities:
/
Commercial.................................................
8,450 00
Savings.........................................................
246,854 16
Due from Federal Reserve bank:
Commercial.................................................
13,335 79
Savings................................... ..................... ........................
Due from banks in reserve cities:
S a v in g s .....................................................
26,090 28
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
71 45
Savings.........................................................
123 60
Cash on hand:
Commercial........ ........................................
1,787 39
Savings......... ...............................................
6,820 73
Overdrafts........................................................
266 55
Banking house................................................
18,250 00
Furniture and fixtures...........................
5,250 00
Bonds borrowed or left forsafe keeping
1,350 00
Outside checks and othercash item s.. . .
28 71
Stock of Federal Reservebank...................
1,500 00
Total.............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3570,893 70
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping
325,000 00
25,000 00
7,369 14
98,589 48
31,220 91
382,364 17
1,350 00
12,000 00
Total.............................................
3570,893 70
STATE BANKS OF MICHIGAN
15
No. 473.
T H E F A R M E R S ’ ST A T E B A N K OF A R M A D A , A R M A D A .
Organized December 4, 1910.
C hester
S. P
riest,
P r e s id e n t ; F.
F rank
H. W
A. P
olcott
riestup
, V i c e P r e s id e n t ; C h a r l e s
, A s s is t a n t C a sh ie r.
J. K
esner
, C a s h ie r ;
D i r e c t o r s .— Wesley
A. Dudley, Chester S. Priest, S. B. Anderson, Chas. F. Brockman, Jesse D. Simmons,
Urial Hulett, Fred H. Wolcott, Chas. J. Kesner, W . C. Hartway, W . M . Spencer.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
396,324 47
64,730 44
4,835 00
140,903 15
7,006 23
7,583 61
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net................... .•............
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.....................
Savings deposits (book account)...............
325,000
12,500
3,350
12
63,547
11,503
2,590
252,945
00
00
70
00
22
73
42
39
29,019 60
234
7,500
256
5,000
3,000
3,518
387
1,150
Total.........................................................
03
00
54
00
00
87
52
00
3371,449 46
Total.........................................................
3371,449 46
No. 582.
F IR ST ST A T E B A N K , A SH L E Y .
Organized January 28, 1916.
A . G. A l d r i d g e , V i c e P r e s id e n t ; G. A . L
G. A l d r i d g e , A s s is t a n t C a s h ie r .
Ja m e s A n s t e y , P r e s id e n t;
D i r e c t o r s .— James
ewis
, C a s h ie r ;
Anstey, A . G. Aldridge, G. A . Lewis, C. M . Carran, J. E. Thurman.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial............ ....................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial............................................... .
Savings.........................................................
Cash on hand:
Commercial............ ....................................
Banking house................................................
Funiture and fixtures.....................
Bonds borrowed or left for safe keeping
Total..................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3144,711 92
15,000 00
54,723 64
22,597 76
6,000 00
8,550
2,000
635
5,350
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping
320,000
4,000
1,351
49,148
120,961
52,557
6,200
5,350
00
00
12
40
24
60
00
00
04
00
00
00
3259,568 36
Total........................................................
3259,568 36
STATE BANKING DEPARTMENT
16
No. 414.
A T H E N S ST A T E B A N K , A T H E N S .
Organized November 28, 1908.
F rank
G.
W o o d r u f f , P r e s id e n t ; F f a n k
D i r e c t o r s .—
W olf,
A. E.
U n d e r w o o d , V i c e P r e s id e n t s ; F r a n k
E. E stes,
C a sh ie r.
Frank Wolf, Frank G. Woodruff, A. E. Underwood, F. Ff. Lee, C. D. Cutler, E. D. Albertson, L. EWood, Frank E. Estes, S. H . Lehr, C. F. Grill.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.........................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
3113,604 30
73,714 64
145,509 66
7,475 41
26,548 16
Capital stock paid in....................................
Surplus fund..................................
Undivided profits, net.................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
340,000
10,000
2,535
• 950
65,602
5,602
100
5,000
177,720
81,466
00
00
10
00
54
72
00
00
85
54
10,000 00
5,000
2,025
99
4,000
1,000
Total........................................................
00
99
59
00
00
Total.........................................................
3388,977 75
3388,977 75
No. 662.
A T L A N T A ST A T E B A N K , A T L A N T A .
Organized M ay 7, 1920.
H e r m a n L u n d e n , P r e s id e n t ;
D i r e c t o r s .'— W .
M . C. D
o t y , W . A . H u m p h r e y , V i c e P r e s id e n t s ; W i l l i a m B r i l e y , C a s h ie r ;
I s a b e l l e M u l h o l l a n d , A s s is t a n t C a sh ie r.
A . Humphrey, Lester C. Lunden, William Briley, Herman Lunden, Edgar W . Doty.
M . C. Doty, Edward Cameron.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Bonds, mortgages and securities:
Commercial..................... v ........................
Due from banks in reserve cities:
Commercial......................
Cash on hand:
Commercial...............................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate. ..........................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items. .. .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
345,887 77
12,359 46
34,457 47
3,468 18
391
2,000 00
800 00
826 68
3,950 00
3,309 15
3107,052 62
320,000
Capital stock paid in................................ . .
Surplus fund........................................
3,335
Undivided profits, net................
2,968
Commercial deposits subject to check. ..
64,649
Demand certificates of deposit......
11,537
Certified checks..................................
28
Cashier’s checks..................................
592
Bonds borrowed or left for safe keeping..
3,950
Total
00
00
15
98
84
89
76
00
3107,062 62
17
STATE BANKS OF MICHIGAN
No. 418.
T H E P EO PLE ’S ST AT E SAVINGS B A N K , A U B U R N .
Organized January 6, 1909.
C. W . M
cP hai l
, P r e s id e n t ;
D i r e c t o r s .— C.
C. H. M
ac o m b e r
,W.
J. B
ierd,
V ic e P r e s id e n t s ;
B. W . G
illman
, C a sh ier.
W . McPhail, C. H. Macomber, W . J. Bierd, Jos. Bierd, B. W . Gillman.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand :
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items. . . .
Total........................................................
355,690 58
11,231 27
14,100 00
179,439 20
11,628 23
22,447 94
Capital stock paid i n . . . ..............................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Cashier’s checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
320,000
5,000
877
57,350
5,853
5,000
230,243
397
2,900
00
00
45
54
46
00
64
02
00
16,500 00
743 78
4,000 00
17 67
2,200 00
1,500 00
4,019 90
2,900 00
1,203 54
3327,622 11
Total........................................................
3327,622 11
No. 522.
A U GRES ST A T E B A N K , A U GRES.
Organized December 4, 1912.
J. R. P
etty
D i r e c t o r s .— H.
, P r e s id e n t ;
H. A. C h a m b e r l a i n , V i c e P r e s id e n t ; T
D. L. P e t t y , A s s is t a n t C a sh ie r.
h e o
. E. R e i c h l e , C a s h ie r ;
A. Chamberlain, J. R. Petty, C. A. Francis, J. W . Dunn, Theo. E. Reichle, D. L. Petty.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
'Savings........... ..............
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert of Ind. as legal
reserve:
Savings........................................................
Cash on hand :
Commercial.................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Other real estate...........................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
313,958 12
58,283 93
8,114 23
8,432 69
Capital stock paid in....................................
Surplus fund....................................................
U ndivid ed p ro fits.n et.............................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000 00
8,000 00
2,356 99
36,600 85
25,239 73
50,461 76
10,000 00
3,149
45
4,700
1,515
2,453
95
33
00
00
03
3142,662 33
Total
3142,652 33
STATE BANKING DEPARTMENT
18
No. 4-20.
T H E S T A T E B A N K OF A U G U ST A , A U G U ST A .
Organized February 8, 1909.
C h a s . F. M o r e a u , P r e s id e n t ; G e o . E. W a l k e r , E.
D i r e c t o r s .— A.
M. C
a d w a l l a d e r
, V i c e P r e s id e n t s ; R o y
E. A
drianson
, C a sh ie r.
U. King, Chas. F. Moreau, E. M . Cadwallader, George E. Walker, T. A. Aldrich,
J. H. Lowe, A. A. Aldrich.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of lnd. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Total.........................................................
$57,555 48
15,000 00
2,700 00
39,937 50
Capital stock paid‘in....................................
Surplus fund....................................................
Undivided profits, net...................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
$20,000
2,500
2,079
49,637
68,801
14,479
00
00
88
11
64
25
23,047 31
7,950 00
3,172
2,500
358
3,104
2,172
26
00
19
86
28
$157,497 88
Total.........................................................
$157,497 88
No. 236.
S T A T E B A N K OF F R A N K W . H U B B A R D & CO., B A D A X E .
Organized June 30, 1901.
Frank
W. H
D i r e c t o r s .— Frank
, P r e s id e n t ; J o h n R y a n , J a m e s L. B u r g e s s , V i c e P r e s id e n t s ;
Jos. N . R a n k i n , C a s h ie r ; J. R . H a r r i s , A u d it o r .
u b b a r d
W . Hubbard, John Ryan, J. N. Rankin, James L. Burgess, Langdon Hubbard.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................... r ..................................
Bonds, mortgages and securities:
Commercial............ ....................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.............................................................
U . S. Bonds and Cert, of Ind. as legal
reserve :
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial. . . ..........................................
Cash on hand:
Commercial................. ................................
Overdrafts......................................... ..............
Banking house................................................
Furniture and fixtures..................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$412,341 88
18,545 54
87,657 41
226,242 46
45,726 74
13,991 68
Capital stock paid i n ...................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
$30,000 00
20,000 00
50,557
8,531
356,061
147,796
1,436
191,618
120,249
56
20
53
72
37
47
63
61,550 00
6,195 91
19,018 59
1,981 27
25,000 00
8,000 00
$926,251 48
Total
$926,251 48
19
STATE BANKS OF MICHIGAN
No. 237.
S T A T E SAV IN G S B A N K OF BAD A X E , BA D A X E .
Organized June 22, 1901.
A lbert
E. S l e e p e r , P r e s id e n t ; J a m e s B
a l d w i n , V i c e P r e s id e n t ; J a p h e t h H i n d , C a s h ie r ;
G o r d o n W a l k e r , A s s is t a n t C a sh ie r.
D i r e c t o r s .-— A .
E. Sleeper, James Baldwin, C. D . Thompson, Clara Baldwin, Japheth Hind.
Statement October 8, 1924.
Resources.
3421,390 40
' 48,600 00
10,259 68
218,188 11
73,811 86
23,680 60
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Other liabilities..............................................
325,000
10,000
17,953
255,591
249,185
898
5,000
216,780
100,780
2,800
888
Liabilities.
Loans and discounts:
Commercial................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .........................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial..............................................
Cash on hand:
C o m m ercia l......................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.................................
Other real estate............................................
Other assets.....................................................
00
58
51
00
36
04
00
23,100 00
15,598 45
9,571
3,991
359
8,750
1,500
24,753
434
Total...................... ................................
31
69
14
00
00
13
32
3883,988 69
Total.........................................................
3883,988 69
No. 337.
T H E STATE E X C H A N G E BA N K , BANCROFT.
Organized April 17, 1906.
E. E. H a r r i s , P r e s id e n t;
D i r e c t o r s .— T.
T. M . E
u l e r , H e n r y P e a c h , V i c e P r e s id e n t s ; H . W . P a r k e r , C a s h ie r ;
B. W . B r o c k w a y , A s s is t a n t C a sh ie r.
M . Euler, H. W . Parker, E. E. Harris, Ira Hempsted, B. W . Brockway,
Henry Peach, G. C. Harder.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial. ...............................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ......................
Due from banks in reserve cities:
Commercial.................................................
Savings...................
U . S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts.............................
Banking house.................
Other real estate............................................
Bonds borrowed or left for safe keeping
Outside checks and other cash item s.. . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3125,353 05
4,650 00
145,281 72
25,643 17
14,289 51
Capital stock paid in....................................
Surplus fund...........................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
320,000
5,000
2,480
50
51,104
98,226
48,566
121,361
5,050
00
00
70
00
45.
61
62
71
00
16,800 00
9,211 06
356 28
3,500 00
1,478 96
5,050 00
226 34
3351,840 09
Total.........................................................
3351,840 09
_______ ______ _______________ A
20
STATE BANKING DEPARTMENT
No. 62.
W E S T M IC H IG A N SAVINGS B A N K , BA NGO R.
Organized April 8, 1880.
Corporate existence extended April 8, 1911.
C h a s . E. C r o s s , P r e s id e n t a n d C a s h ie r ; B.
M. Sh e r r o d ,W. M. B
r o a d w e l l
, V i c e P r e s id e n t s .
D i r e c t o r s .-—W m .
M . Broadwell, Clara J. Sebring, B. M . Sherrod, W . L. Hamilton, O. G. DeHaven,
Chas. E. Cross, Rebecca Fausnaugh, Lewis McKinney, F. A. Burger.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
3256,338 07
40,636 25
173,515 75
312,358 11
65,371 57
25,000 00
65,700 00
13,684
10,000
1,531
12,500
2,500
53,450
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certfied checks...................
State moneys on deposit......................
Postal savings deposits................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
350,000 00
44,000 00
17,629 45
282,570 68
172,856 41
701 75
5,000 00
370 32
219,788 86
181,805 38
4,412 55
53,450 00
00
00
65
00
00
00
Total-......................................................... 31,032,585 40
Total......................................................... 31,032,585 40
No. 458.
T H E B A R K R IV E R ST A T E B A N K , B A R K R IV E R .
Organized August 13, 1910.
J. B. F
rec hette
D i r e c t o r s .-—M .
M . B. H a r r i s , V i c e P r e s id e n t ; E. J. B
R. H . L a b r e , A s s is t a n t C a sh ie r.
, P r e s id e n t ;
e r g m a n
, C a s h ie r ;
B. Harris, J. B. Frechette, J. H. Boyle, E. J. Bergman, John Gasman.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................
390,352 60
Bonds, mortgages and securities:
Savings........... .................... .......................
77,726 06
Due from banks in reserve cities:
Commercial................................................
28,554 48
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
11,050 00
Cash on hand:
Commercial................................................
10,178 22
Savings.........................................................
4,080 00
Overdrafts........................................................
241 63
Banking house.................
1,612 89
Furniture and fixtures..................................................... 2,237 53
Due from banks other than in reserve
cities............................................
10,132 89
Outside checks and other cash items. . . .
5 30
Total......... ...............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3236,171 60
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account).......... . .
320,000 00
24,000 00
4,272 10
43 16
66,169 52
20,218 52
965 82
5,000 00
95,502 48
Total.........................................................
3236,171 60
STATE BANKS OF MICHIGAN
21
No. 661.
BA R O D A ST AT E B A N K , BA RODA.
Organized June 28, 1920.
C h a s . J. T i l l , P r e s id e n t ; C l e o n M i l l e r , V i c e P r e s id e n t ;
D i r e c t o r s .—
R. M
oo r e
, C a sh ie r.
Charles J. Til!, Albert Shafer, Fred Heyn, E. A. Boal, F. Behlmire, Cleon Miller,
R. Moore, Walter Carlton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.............................
Savings................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial............ ........................... .. . . .
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Total.........................................................
$61,770 99
3,500 00
32,500 00
10,700 00
9,816 36
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping..
$20,000
4,000
140
' 752
58,849
45,034
3,711
23,390
2,350
00
00
98
27
79
41
09
65
00
2,350 00
5,964 57
1,000 00
128 17
1,853 29
17,665 31
4,630 50
4,000 00
2,350 00
$158,229 19
Total........................................................
$158,229 19
No. 394:
T H E B A R R Y T O N ST A T E SAVINGS B A N K , B A R R Y T O N .
Organized March 9, 1908.
W.
T. L a f l i n , P r e s id e n t ; J a c o b O
t t e r b e i n , V i c e P r e s id e n t ; O. S. W o o d , C a s h ie r ; J. E. S o p e r ,
F r a n k W i l s o n , O. S. W o o d , J r ., A s s is t a n t C a sh ie rs .
D i r e c t o r s .-—J.
E. Soper, O. S. Wood, W . T. Laflin, Jacob Otterbein, O. S. Wood, Jr.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................................................
Savings.........................................................
Overdrafts........................................................
Banking house..................................
Furniture and fixtures..................................
Other real estate..............'.............................
Bonds borrowed or left for safe keeping..
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$78,921 23
22,947 37
67,480 34
11,380 63
10,000 00
12,800 00
4,333
1,000
239
9,682
3,540
609
11,820
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, e tc... . . . . . .
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit.......................
Savings deposits (book account).............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
$25,000 00
5,000 00
5,006 00
435 43
68,392 32
300 00
1,099 46
5,000 00
59,523 10
53,178 11
11,820 00
31
00
21
40
76
17
00
$234,754 42
Total
$234,754 42
STATE BANKING DEPARTMENT
22
No. 178.
T H E M E R C H A N T S ’ SAVINGS B A N K , B A T T L E C R E E K .
Organized March 20, 1895.
A . M . M i n t y , P r e s id e n t ; A . 0 . J o n e s , H. A . R o w l e s , R. F. H o f f m a s t e r , F r e d W e l l s , V ic e P r e s id e n t s ;
J. K u e h n l e , C a s h ie r ; R o b t . R. T a y l o r , E. W . G o o l d , A s s is t a n t C a s h ie r s ; C . L. P a l m e r , A u d it o r .
M . Minty, L. M . Turner, A. O. Jones, R. F. Hoffmaster, Frank H. Boos, Loren J. Kuehnle, C. RBrewer, F. S. Sterling, Fred Wells, A. E. MacGregor, Jos. C. Grant, H. A. Rowles.
Loren
D i r e c t o r s .— A.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial................
Savings........... ......................
Due from.banks in reserve cities:
Commercial.........................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.......................................
Exchange for clearing house and checks
on banks in same place:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...........................
Outside checks and other cash item s... .
Total........................................................
3951,056 70
769,290 85
433,952 50
1,167,571 81
167,673 75
78,936 11
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends Unpaid..........................................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Certified checks..............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Bills payable....................................................
3250,000
100,000
47,650
45
983,122
356,902
7,531
19,379
75,000
2,074,831
50,000
00
00
08
00
28
11
62
81
00
73
00
143,560 12
26,514 80
62,086 40
35,571 59
777 87
89,802 60
35,553 05
1,969 48
145 00
33,964,462 63
Total
33,964,462 63
No. 63.
T H E B A Y C I T Y B A N K , B A Y C IT Y .
Organized September 4, 1871.
Corporate existence extended September 4, 1901.
Two Branches.
, P r e s id e n t ; J a m e s E. D u f f y , J o h n C. R o s s , V i c e P r e s id e n t s ; D a v i d M i l l e r , V i c e P r e s id e n t a n d
J. I. P. S h e a r e r , J. D. K i n n e y , J. F. A s m a n , A s s is t a n t C a s h ie r s ; T. W . N o n e n p r e g e r , A u d it o r .
D i r e c t o r s .— Geo. H. Young, James E. Duffy, David Miller, Norris R . Wentworth, H. A . Vallez, John C. Ross,
Carroll Windiate, E. Wilson Cressey, L. Fay Tyler, M . Seth Babcock.
G eo.
H. Y
o u n g
C a s h ie r ;
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. 31,073 766
Savings.........................................................
602,308
Bonds, mortgages and securities:
Commercial.................................................
100,330
Savings......................................................... 2,521,030
Due from Federal Reserve bank:
Commercial.................................................
50,000
Savings.........................................................
111,494
Due from banks in reserve cities:
Commercial.................................................
45,210
Savings.........................................................
235,859
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
99,970
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
7,008
Cash on hand:
Commercial...........................
25,119
Savings........................
56,611
Overdrafts.,....................................................
1,200
Banking house................................................
275,000
Furniture and fixtures..................................
51,778
Other real estate............................................
27,720
Bonds borrowed or left for safe keeping..
64,850
Outside checks and other cash item s.. . .
2,198
Stock of Federal Reserve bank..................
16,500
Other assets.....................................................
3,637
53
39
37
33
00
45
91
45
3350,000 00
200,000 00
55,876
697,825
. 2,500
4,093
2,395
128,622
25,000
3,207,157
206,000
77,273
350,000
64,850
22
45
00
43
63
61
00
49
86
39
00
00
00
38
22
55
38
00
49
00
00
99
00
64
Total......................................................... 35,371,595 08
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
|j
Liabilities.
TCapital stock paid in.................................. ..
Surplus fund.............................. .....................
Undivided profits, net...................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...........................................
Bonds borrowed or left for safe keeping..
Total
35,371,595 08
STATE BANKS OF MICHIGAN
23
No. 43.
T H E B A Y C O U N T Y SAVINGS B A N K , B A Y C IT Y .
Organized February 1, 1884.
Corporate existence extended January 31, 1914.
Four Branches.
•
W m . L. C l e m e n t s , P r e s id e n t ; A . E. B o u s f i e l d , Ir v i n g H. B a k e r , F. T. N o r r i s , V i c e P r e s id e n t s ;
W . E. C a r t e r , T r e a s u r e r ; G. A. H e l m r e i c h , W . S. D i c k i n , A s s is t a n t T re a s u r e r s .
E. Bousfield, Gustaves Hine, F. T. Norris, D. L. Galbraith, F. W . Bradley, R. B. Eddy, C. R.
Wells, G. A . Prescott, E. S. Clark, C. F. Hutchings, Irving H. Baker, W m . L. Clements, S. P. Cranage, W . E.
Carter, O. E. Sovereign, H. F. Smith, Geo. D. Jackson, F. B. Ward, Williard H. Dow.
D i r e c t o r s .— A .
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................... : ........ .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Liabilities.
$745,626 28
736,361 45
276,763 10
2,919,888 02
376,433 85
395,749 09
34,003 41
119,414
12,253
1,260
125,810
44,913
62,766
Capital stock paid in .. , ...............................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
$150,000 00
125,000 00
40,596 93
625 00
54,000 00
641,607 30
292,428 95
14,161 88
18,146 57
60,426 65
25,000 00
4,333,520 14110 00
108,432 61
38,100 00
11
33
63
83
36'
32
1,377 01
38,100 00
11,435 24
Total......................................................... $5,902,156 03
Total......................................................... $5,902,156 03
No. 562.
F A R M E R S ST A T E SAV IN G S B A N K OF B A Y C IT Y .
Organized M ay 17, 1915.
F r e d e r i c k M o h r , P r e s id e n t ; C l i f f o r d G. O l m s t e d , J o h n
W i l l i a m S. F o t h e r i n g h a m , C a s h ie r ; D a n i e l J. C o d y , R a y
E. K i n n a n e , V i c e P r e s id e n t s ;
S. B a m f o r d , A s s is t a n t C a sh ie rs .
S. Fotheringham, John P. Ittner, John Meyer, Peter C. Pardee, August Quintel, John E •
Kinnane, Frederick Mohr, Clifford G. Olmsted, John R. Petty, C. A. Traphagen, W . P. Kavanaugh, B. J. Hen
derson, F. L. Zagelmeyer.
D i r e c t o r s .— William
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
C o m m e r c ia l...........................................
Savings.................................
Due from banks in reserve cities:
Commercial....................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$392,587 03
288,503 78
8,848 22
835,890 95
21,933 09
35,000 00
14,091 48
6,841 10
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit..............................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...................................................
Bonds borrowed or left for safe keeping..
$100,000
75,000
10,899
270,237
1,225
8,316
24,501
25,000
1,221
926,068
210,861
24,887
30,000
25,350
00
00
09
07
21
24
42
00
64
18
71
78
00
00
21,893 36
10,000 00
8,651 09
4 ,740 00
53,750 5 0
25,350 00
237 74
5,25 0 0C
$1,733,568 34
Total
$1,733,568 34
STATE
24
B A N K IN G
DEPARTM ENT
N O R T H E R N T IT L E A N D T R U S T C O M P A N Y , B A Y C IT Y .
Organized March 24, 1919.
G uy
H. M
, P r e s id e n t ; J o h n C. R o s s , W m . F. J e n n i s o n , V i c e P r e s id e n t s ;
G e o . E. W e d t h o f f , S ecr eta ry a n d T rea su r er.
oul throp
D i r e c t o r s .— James
E. Davidson, Guy H. Moulthrop, John C. Ross, Wm. F. Jennison, Geo. E. Wedthoff, L. J.
Weadock, Peter C. Pardee, John L. Stoddard, Howard L. Shaw, Jas. R. Watrous, G. W . Ames, Geo. E. Young,
W . 0 . Clift, F. C. Finkenstaedt, W . S. Fotheringham, P. S. Matthews, Eugene H. Smith, Walter N. Wrape.
Statement October 8, 1924.
Liabilities.
Resources.
Collateral loans:
Demand.....................................................
Loans,on real estate mortgages:
With State Treasurer............................
Bonds:
In office......................................................
Other investments.......................................
Advances to Trusts.....................................
Due from approved reserve agents.........
Due from other banks and bankers. . . .
Cash items....................................................
Cash................................................................
Furniture and fixtures................................
Total...................................................... .
$97,201 17
79,400 00
61,412
51,216
166
19,756
445
81
76
764
Capital stock paid in................................
Surplus fund (earned)..............................
Undivided profits (net)............................
Reserved for taxes and interest............
Trust deposits............................................
.
$150,000
30,000
18,095
6,745
105,679
00
00
44
90
89
Total....................................................
.
$310,521 23
53
27
92
41
69
38
46
40
$310,521 23.
No. 30.
T H E PEO PLE ’S C O M M E R C IA L A N D SAV IN G S B A N K , B A Y C IT Y .
Organized August 15, 1888.
Corporate existence extended August 1, 1917.
One Branch.
J.
R.
J a m e s E. D a v i d s o n , P r e s id e n t ; G.
W a t r o u s , V i c e P r e s id e n t a n d C a s h ie r ; C.
H. M
H. C
oul throp
o o k
, R.
, J a s . R. T a n n e r , V i c e P r e s id e n t s ;
r a v e s , G. H. W a t r o u s , A s s is t a n t C a sh ie rs .
E. G
D i r e c t o r s .-— J.
C. Weadock, J. R. Watrous, Guy H. Moulthrop, W . H. Sharp, Geo. B. Jennison, James E. David
son, James R. Tanner, C. H. Cook, L. J. Weadock, F. C. Finkenstaedt, C. C. Whitney, James Davidson, W . N.
Wrape, Eugene H. Smith, G. A. Tomlinson, C. A. Bigelow, Charles Coryell.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. $2,087,312 34
Savings......................................................... 1,196,211 16
Bonds, mortgages and securities:
Commercial.................................................
67,756 47
Savings......................................................... 4,498,716 77
Due from Federal Reserve bank:
Commercial.................................................
128,944 37
Savings.........................................................
306,148 60
Due from banks in reserve cities:
Commercial.................................................
307,757 76
Savings.........................................................
923,273 21
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
27,492 83
Savings.........................................................
82,478 48
Cash on hand:
Commercial.................................................
34,001 33
Savings.........................................................
102,003 97
Overdrafts........................................................
2,750 95
Banking house................................................
147,769 96
Furniture and fixtures..................................
11,985 82
Other real estate............................................
36,507 10
Bonds borrowed or left for safe keeping.. 1,368,695 00
Outside checks and other cash items. . . .
5,126 63
Stock of Federal Reserve bank.................
27,000 00
Total........................................................ $11,361,932 75
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in.......... .........................
Surplus fund..............................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping .
$400,000
500,000
285,338
423
1,820
1,767,613
6,919
3,978
13,551
59,761
50,000
5,531,834
1,331,188
40,809
1,368,695
00
00
42
00
31
07
70
21
43
53
00
34
04
70
00
Total.........................................................$11,361,932 75
STATE
BANKS
OF
M IC H IG A N
25
No. 602.
P EO PL E ’S ST AT E B A N K , B E A V E R T O N .
Organized August 23, 1917.
A. R. N
D i r e c t o r s .—
iles,
P r e s id e n t ; I. D. C r a w f o r d , V i c e P r e s id e n ts ; H o m e r E. W i l t , C a s h ie r ;
R u t h M . Y a G E R , D o n a l d R o s s , A s s is t a n t C a sh iers.
A. R. Niles, W . J. McCaren, J..L. McKimmy, W . J. Scott, J. C. Musset, I. D. Crawford,
Homer E. Wilt.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial............................................... .
Cash on hand:
Commercial.................................................
Overdrafts.......................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house...............................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
3125,309 17
6,418 18
8,765 00
7,800 00
9,714 98
2,500 00
2,100 00
Capital stock paid in.....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks....................................., . . .
State moneys on deposit.............................
Savings deposits (book account)...............
Notes and bills rediscounted......................
Bills payable....................................................
Bonds borrowed or left for safe keeping..
Other liabilities...............................................
375,000 00
5,000 00
50,559 0136,659 98
3,095 58
10,000 00
23,411 05
17,711 15
10,000 00
1,250 00
2,500 00
54 00
3,006 41
561 82
417 24
5,500 00
2,000 00
9,790 00
1,250 00
Total........................................................
3185,186 80
Total........................ ................................
3185,186 80
No. 513.
T H E S T A T E B A N K OF B E A V E R T O N , B E A V E R T O N .
Organized September 25, 1912.
C harles
H. N
iggeman
, P r e s id e n t ;
J. P. N
D irectors.
, J r., A. E. S l e e p e r , V i c e P r e s id e n t s ;
D e t w e i l e r , A s s is t a n t C a sh ie r.
iggeman
W m.
F. A. N
igg eman
, C a s h ie r ;
J. P. Niggeman, Jr., A. E. Sleeper, F. A. Niggeman, Charles H. Niggeman, All Otte,
Mark E. Thompson, Ronald Ross, L. D. White, Wm. Detweiler.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.......... .......................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3173,463 34
17,139 50
15,292 83
178 15
2,607 70
2,573 80
3,867 91
2,702 36
10,844 42
5,05 0 00
4 50
3233,724 51
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subjectto check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit..............................
Bonds borrowed or left for safe keeping...
Other liabilities..............................................
Total.........................................................
330,000
7,500
2,116
98,637
74,309
502
4,108
10,000
5,050
1,500
00
00
56
61
91
00
43
00
00
00
3233,724 51
STATE BANKING DEPARTMENT
26
No. 2.
T H E B E L D IN G SAV IN G S B A N K , B E L D IN G .
Organized January 7, 1889.
Corporate existence extended December 14, 1918.
H. J. L
eon ard
, P r e s id e n t ; A. N. B e l d i n g , V i c e P r e s id e n t ;
J. F. H i g b e e , A s s is t a n t C a sh ie r.
W . S. L a m b e r t s o n , C a s h ie r ;
D irectors.—H. J. Leonard, A. N. Belding, M . M . Belding, E. C. Lloyd, W . S. Lambertson, W . B. Reed.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
C om m ercial.................. ..........................
Cash on hand:
Commercial..................................................
Savings.........................................................
Overdrafts.................................. .................
Banking house................................................
Furniture and fixtures..............................
Due from banks other than in reserve..
cities..............................................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Total.........................................................
3129,621 33
102,644 12
52,915 35
310,698 33
15,856 94
44,694 51
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks.............................................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits.......................... .• ••■
Bonds borrowed or left for safe keeping..
350,000
15,000
16,588
3,000
155,927
117
1,921
282,704
193,494
7,496
61,050
00
00
93
00
80
60
50
54
91
86
00
30,200 00
2,486 35
10,823
10,000
1,256
5,300
3,821
03
00
58
00
00
5,779 60
61,05 0 00
155 00
Total.........................................................
3787,302 14
3787,302 14
No. 159.
T H E PEO PLE’S SAV IN G S B A N K OF B E L D IN G , B E L D IN G .
Organized April 26, 1893.
Corporate existence extended April 26, 1923.
B r i n t o n F. H a l l , P r e s id e n t ; F r a n k R. C h a s e , V i c e P r e s id e n t ; A m b r o s e S p e n c e r , C a s h ie r ;
S u m n e r H. W i l s o n , A n n a R. L a r s e n , A s s is t a n t C a sh ie rs .
D i r e c t o r s .—-Brinton
F. Hall, Frank R. Chase, Charles Eddy, Jno. G. Hessler, Fred E. Underwood,
Geo. W . Moulton, Ambrose Spencer.
Statement October 8, 1924.
Liab ilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items . . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3206,689 34
86,889 92
107,865 49
262,968 07
53,617 01
36,050 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
340,000
10,000
5,852
735
244,678
155,705
92
5,000
256,633
84,182
5,071
47,800
00
00
47
77
52
98
00
00
22
19
98
00
471 89
17,749
12,000
661
7,580
4,341
8,922
47,800
2,145
66
00
17
00
68
29
00
61
3855,752 13
Total........................................................
3855,752 13
STATE BANKS OF MICHIGAN
27
No. 347.
T H E B E L L A IR E ST A T E B A N K , B E L L A IR E .
Organized August 18, 1906.
C. C. P o t t e r , P r e s id e n t ; G. W . B e c h t o l d , V i c e P r e s id e n t ; W . H. R
H. H. B e c h t o l d , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
ichards
, C a s h ie r ;
G. W . Bechtold, W . H. Richards, C. C. Potter, H. H. Bechtold, Maxi Bechtold.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial...........................
Savings.................................. .....................
Bonds, mortgages and securities:
Commercial........ ........................................
Savings........... .. ....................
Due from banks in reserve cities:
Commercial.......... ......................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial............ . ..................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash item s.. . .
Total.......................... ..............................
Liabilities.
387,024 68
5,200 84
16,243 68
70,938 00
12,014 67
2,000 00
Capital stock paid in.......... '. .......................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping..
320,000 00
7,000 00
4,194 02
75,884 42
28,317 30
1,655 77
921395 31
17,200 00
Total.........................................................
3246,646 82
14,450 00
6,629 84
2,000 00
38 96
5,000 00
3,000 00
4,391 62
17,200 00
514 53
3246,646 82
No. 527.
T H E P EO PLE’S ST A T E B A N K OF BE LLEV ILLE .
Organized January 24, 1913.
F ranklin
D i r e c t o r s .—
L. R
obb e
, P r e s id e n t ; G e o r g e
T. C
lark
, V i c e P r e s id e n t ; F r a n k
H. C
lark
, C a sh ie r.
Franklin L. Robbe, George T. Clark, Irving H. Riggs, Frank H. Clark, Jenny C. Wilson.
Statement October 8. 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial......................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..............................
Cash on hand:
Commercial.................................................
Savings..............................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3132,959 66
23,670 00
7 440 00
349,722 46
49,207 03
14,381 78
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net.......................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit..................
320,000
40,000
5,561
162,408
5,551
379,589
48,648
00
00
48
44
36
58
50
42,785 00
12,732
10,000
10,000
5,500
3,361
43
00
00
00
00
3661,759 36
Total.........................................................
3661,759 36
STATE BANKING DEPARTMENT
28
No. 548.
T H E B E L L E V U E S T A T E B A N K , B E L L EV U E .
Organized April 16, 1914.
F. A. B
D i r e c t o r s .— F.
r o w n
, P r e s id e n t ; A l l e n H a v e n s , G. R. B u r t , V i c e P r e s id e n t s ;
M . H . K i m b e r l y , A u d ito r .
C. D. K
imberly
, C a s h ie r ;
A. Brown, W . C. Dyer, F. S. Allen, Charles H. Legge, L. E. Haight, John Sharkey, Allen Havens,
C. D. Kimberly, Volney Johnson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial..................................................
Savings................................... ....................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................. .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................. ...............
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items.. . .
3114,535 88
37,560 00
22,161 73
297,079 71
320,000
20,000
2,113
131,264
40,087
186
398,642
00
00
94
22
60
80
75
40,914 22
59,003 04
1,127 45
9,678
5,000
554
20,000
4,591
89
05
00
74
00
45
04
3612,295 31
Total
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit......... ..
Certified checks.............................................
Savings deposits (book account)..
3612,295 31
Total
No. 598.
F A R M E R S ’ S T A T E B A N K , BE LLEV U E .
Organized June 22, 1917.
B. N . K e i s t e r , P r e s id e n t ; I. W . C a r g o , C. H . Y o r k , B e r t C a r r o l l , V i c e P r e s id e n t s ; K . D. K i m b e r l y , C a s h ie r .
D i r e c t o r s .— B. N .
Keister, I. W . Cargo, W . A. Young, Bert Carroll, Charles H . York, W . F. Shaler, W . E. Simon,
M . J. Reid.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial..................... : .........................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Stock of Federal Reserve bank.................
Other assets....................................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
338,178 58
40,263 97
6,465 4C
48,050 02
2,625 46
3,600 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
325,000
5,000
1,043
32,328
5,000
86,286
27,233
5,350
00
00
52
58
00
26
29
00
2,025 92
3,640 90
9,000 00
'
3,280
9,000
137
8,000
3,500
5,350
900
3,223
36
00
24
00
00
00
00
80
3187,241 65
Total.........................................................
3187,241 65
STATE BANKS OF MICHIGAN
29
No. 219.
T H E B E N T O N H A R B O R ST AT E B A N K , B E N T O N H A R B O R .
Organized November 9, 1899.
H. D. P o o l e , P r e s i d e n t ; D. B. S u t h e r l a n d , F. L. B r a d f o r d , V i c e P r e s i d e n t s ; M. P. R
O. G. B r e w i t z , A s s is t a n t C a sh ie r.
esch
, C a s h ie r ;
D i r e c t o r s .— H.
D. Poole, M . B. Wells, C. A. Conkey, L. F. Sutherland, F. L. Bradford, M. P. Resch, D. B. Suth
erland, Wm. Wallace, E. C. Bowlby, B. F. Wells, Fred Handy, I. W. Conkey, G. M . Valentine.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial..................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.......... .......................................
Savings............. ...........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand :
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Stock of Federal Reserve bank.................
19
94,800 00
$ 5 7 6 ,6 7 6
5,597 39
696,670 00
42,710 56
30,000 00
77,136 95
40,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid ..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Postal savings deposits.................................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
$100,000
75,000
43,599
36
448,948
12,641
20,000
253
88,571
719,226
153,898
00
00
03
00
52
31
00
31
18
28
46
6,388 38
11,645
10,000
612
50,000
14,685
1
5,250
48
00
34
00
80
00
00
Total......................................................... g l , 662,174 09
Total........................................................
$1,662,174 09
No. 561.
B E R R IE N C O U N T Y B A N K , B E N T O N H A R BO R ,
Organized January 5, 1915.
Jo h n
C.
K. M
inary
D i r e c t o r s .— John
R o b i n s o n , C h a ir m a n o f B o a rd .
, P r e s i d e n t ; W . W o r t h B e a n , J r ., C h a s . L. Y o u n g , V i c e P r e s id e n t s ; J a m e s M . R o s e , C a s h ie r ;
P a u l A. P a r r i s h , A s s is t a n t C a sh ie r.
Robinson, Chas. L. Young, James M. Rose, W . Worth Bean, Jr., Chas. Handy, Charles N.
Sowers, George S. Barnard, C. K. Minary, W . H. Wanamaker.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as. legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial................................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate........................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$291,848 00
71,532 69
117,359 57
192,757 12
41,241 66
25,000 00
23,382 50
Capital stock paid in...................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
$50,000 00
50,000 00
13,845 43
3,000 00
299,127 19
100,904 70
712 35
1,298 58
5,176 -28
20,000 00
293,407 55
26,132 51
886 16
950 00
Total.........................................................
$865,440 75
10,300 36
21,676
8,000
1,253
352
39,500
17,158
39
0®
04
05
32
88
2,652 39
95000
47578
$865,440 75
STATE BANKING DEPARTMENT
30
No. 710.
B E R K L E Y S T A T E B A N K , B E R K L E Y (Royal Oak P. O.)
Organized February 16, 1924.
Commenced Business March 20, 1924.
E l b e r t H . F o w l e r , P r e s id e n t ; C. A r t h u r D u n t o n , E l m e r D . C r o m i e , V i c e P r e s id e n t s ;
F. E v a n H e r d m a n , C a sh ie r.
C. Arthur Dunton, Elmer D. Cromie, Elbert H. Fowler, Russell A. Murdoch, Ernest O. Knight’
Daniel L. Fowler, Frank J. Knight, Wm. A. Stearns, Manley D. Davis, H. Augustus O’ Dell, Paul W . Voorhies.
Earl H . Shedd, Albert E. Manning.
D irectors—
Statement October 8, 1924.
lia b ilitie s .
Resources.
Loans and discounts'.
Commercial...............................................
Savings................................ _•_..................
Bonds, mortgages and securities:
Savings........... ..................... .. ..................
Due from banks in reserve cities:
Commercial...............................................
Savings.................... ..................................
Cash on hand:
Commercial...............................................
Savings................................................
Overdrafts.....................................................
Premium account........................................
Expenses, interest and taxes paid ex
ceeding earnings.......................................
Furniture and fixtures.............. .................
Due from banks other than in reserve
cities........................................... ; ...............
Outside checks and other cash items. . .
3105,452 35
57,242 70
43,876 68
954 51
140,071 39
3,336
5,000
59
298
325,000
5,000
97,344
187
6,161
5,000
353,839
27,760
00
00
42
12
62
00
90
43
28
00
41
53
675 30
5,811 61
157,509 73
5 00
3520,293 49
Total
Capital stock paid in....................................
Surplus fund.............................. .....................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks..............................................
State moneys on deposit..............................
Savings deposits (book account).. . . . . . .
Savings certificates of deposit....................
Total.........................................................
3520,293 49
No. 448.
T H E B E R L IN ST A T E B A N K (M A R N E P. O.)
Organized January 11, 1910.
Frank
J. G
D i r e c t o r s .—
o o d e n o w
, P r e s id e n t ; C h a s . P. G o o d e n o w , C a s h ie r ; W i l l i a m T e r A v e s t , A s s is t a n t C a s h ie r .
Charles P. Goodenow, John C. Coffee, Frank J. Goodenow, Wm. Riemersma, Walter A. Goodenow.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................... ....................
Due from banks in reserve cities:
Commercial.................................................
U . S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.............................................. ..........
Overdrafts........................... .
Banking house................................................
Furniture and fixtures..................................
Other real estate.................. ..............................
Bonds borrowed or left for safe keeping..
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
332,604 00
55,069 69
3,550 00
79,855 00
10,181 88
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid............_.............................
Commercial deposits subject to check.. .
Due to other banks and bankers...............
Savings deposits (book account)...............
Savings certificates of deposit............• •••
Bonds borrowed or left for safe keeping..
320,000
4,0 0 0
1,845
3
36,743
15
88,122
54,369
13,850
00
00
76
00
65
00
65
75
00
12,100 00
2,351
1,000
67
3,470
2,720
2,130
13,850
46
00
07
00
00
71
00
3218,949 81
Total.........................................................
3218,949 81
31
STATE BANKS OF MICHIGAN
No. 416.
T H E B E R R IE N SPRINGS ST A T E B A N K , B E R R IE N SPRINGS.
Organized October 21, 1908.
W m . H. S y l v e s t e r , P r e s id e n t ; I r a
D irectors—
R. S t e m m , E. F. G a r l a n d , V i c e P r e s id e n t s ; G. L. V
W . F. S h u l t z , A s s is t a n t C a sh ie r.
alentine
, C a s h ie r ,
Wm. H. Sylvester, Ira R. Stemm, James D. Boone, E. F. Garland, W m . E. Sheffield, J. N. K lock,
C. M . Niles, Geo. R. Dater, G. L. Valentine.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................. .......................
Bonds, mortgages and securities:
Commercial......................... ' ......................
Savings................................. .......................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve :
Savings............................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate........................ ...................
Outside checks and other cash items. . . .
3180,932 51
36,482 03
29,605 00
217,450 47
95,337 87
320,000 00
10,000 00
2,780
231,869
73,600
9,136
216,283
80,249
21
29
64
03
61
47
50,726 40
241 29
18,174
216
9,000
1,940
3,763
49
22
45
00
00
91
10
3643,919 25
Total.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net.................................
Commercial deposits subject to check. . .
Demand certificates of deposits.................
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
3643,919 25
Total
No. 500.
T H E P EO PLE ’S ST A T E B A N K , BESSEM ER.
Organized March 22, 1912.
Ja c o b G o l d m a n , P r e s id e n t;
C.
D i r e c t o r s .— Joseph
J. S. R u m m a g e , V i c e P r e s id e n t ; M . A. H a g e r m a n , V i c e P r e s id e n t a n d C a s h ie r ;
A. O t t o , A s s is t a n t C a s h ie r ; A . A. M a z a n e c , A u d it o r .
Ochis, J. S. Rummage, M . A. Hagerman, Percy S. Williams, A. A . Mazanec, Jacob Goldman.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings. . . .......................... .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................... ....................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings..................................... ..................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate........................ ...................
Outside checks and other cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3100,553 63
52,173 82
92,469 48
147,549 40
100,281 27
Capital stock paid in. . ' . ..............................
Surplus fund....................................................
Undivided profits, net. . ...............................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks....................... .....................
State moneys on deposit............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
335,000
25.000
6,502
212,701
109
5,731
00
00
25
73
15
08
10.000 00
227,641 12
27,979 05
25,000 00
42,050 00
541 70
7,884
6,000
7
17,500
7,282
427
942
40
00
94
00
72
06
96
3575,664 38
Total
3575,664 38
STATE BANKING DEPARTMENT
32
No. 536.
T H E C E N T R A L ST A T E B A N K OF B E N Z O N IA , B E U L A H .
Organized August 18, 1913.
H erbert
B. W
D irectors—
o o d w a r d
, P r e s id e n t ; F r a n k
L. O
rcutt
, V i c e P r e s id e n t ; I r v i n g
P. J o n e s , C a sh ie r.
Herbert B. Woodward, Frank L. Orcutt, Charles E. Case, Irving P. Jones, J. F. Munro.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................,.......................
Bonds, mortgages and securities:
Commercial.................................................
Savings.................................; ..................
Due from banks in reserve cities:
Commercial.................................................
Savir g s ....................................................
U. S. Eonds and Cert, of Ind. as legal
reserve:
Savings..................................... ...................
Cash on hand :
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe keeping..
362,126 24
21,906 47
45,252 89
140,002 02
16,545 91
15,119 67
Capital stock paid in....................................
Surplus fund;..................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Savings deposits (book account). .............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
Other liabilities.................. '...........................
320,000 00
5,000
7,522
90,811
3,520
144,683
56,455
38,130
3,885
00
44
38
69
33
40
00
18
10,450 00
6,487
1,900
82
6,300
2,500
3,205
38,130
IS
00
38
00
00
69
00
3370,008 42
Total
3370,008 42
Total
No. 259.
BIG R A PID S SAVINGS B A N K , B iG RAPIDS.
Organized March 18, 1902.
W o o d b r i d g e N . F e r r i s , P r e s id e n t ; E.
St a n l e y
D i r e c t o r s .—
C. N e w c o m b e , A. B. R n a p p , V ic e P r e s id e n ts , R
C. N e l s o n , F. N . F o r d , A s s is t a n t C a sh ie rs .
e a m er
W . W i g l e , C a s h ie r ,
Woodbridge N. Ferris, E. C. Newcombe, A . A . Worcester, A. B. Knapp, A. K. Hanchett, J. J.
Henderson, Reamer W . Wigle, L. B. Hanchett, J. E. Bergelin, J. K. Brower.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings................................... ....................
Due from banks in reserve cities:
Commercial.......... .......................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe keeping
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3504,467 78
50,000 00
86,148 09
356,407 34
54,820 80
8,000 00
72,244 33
14,628
4,513
267
2,585
4,234
8,500
128,475
;
129
2,250
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks. ............................................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
350,000
25,000
20,140
1,823
299,936
350,947
26
1,193
1,208
409,520
9,400
128,475
00
00
32
22
56
95
90
35
64
85
00
00
51
51
34
00
75
50
00
84
00
31,297,672 79
Total
31,297,672 79
STATE
BANKS
OF
33
M IC H IG A N
No. 248.
C IT IZ E N S ’ ST AT E B A N K , BIG RAPID S.
Organized September 20, 1901.
G eorge
D i r e c t o r s .-—George
A. W
, P r e s id e n t ; F r e d E. H o o d , V i c e P r e s id e n t ; D. C. M o r r i l l , C a s h ie r ;
G e o . N . B e v i e r , F r e d A. A s h l e y , A s s i s t a n t C a s h ie r s .
right
A . Wright, A . W . Bennett, Geo. F. Fairman, W . T. Dodge, Wm. E . Bailie, D. C. Morrill,
Fred E. Hood, Jos. Fitzpatrick, John C. Jensen.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings................................... ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.......... ......................................
Cash on hand:
Commercial............................................... ..
Savings................................. ...................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe_ keeping
Outside checks and other cash items
Stock of Federal Reserve bank.................
$426,125 20
77,260 99
253,650 00
757,851 40
50,799 07
30,104 36
39,970 03
26,963 17
$50,000
25,000
26,766
5.000
411,440
305,746
76
3,437
5.000
868,355
13,633
23,010
77,650
Capital stock paid in............ •.......................
Surplus fund....................................................
Undivided profits, net................................ .
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Due to other banks and bankers...............
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits..........................
Bonds borrowed or left for safe keeping..
00
00
86
00
63
41
73
41
00
46
31
74
00
865 82
14,530 18
12,819 59
199 50
20,000 00
5,700
17,653
77,650
724
2,250
00
43
00
81
00
Total........................................................ $1,815,117 55
Total......... ....................... ...................
$1,815,117 55
No. 505.
T H E B IR CH R U N ST A T E B A N K , B IR C H R U N .
Organized June 13, 1912.
C h a s . W o l o h a n , P r e s id e n t ; W m . P. M c G r e g o r , V ic e P r e s id e n t ; E r n e s t
H e r b e r t W a l t e r , A s s is t a n t C a s h ie r .
D i r e c t o r s .— Chas.
R. M
a y
, C a s h ie r ;
Wolohan, Miles L. Hadsall, Herbert Walter, William P. McGregor, Ernest R. May.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings..................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate....................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$44,382 22
45,811 64
19,000 00
111,443 72
7,435 34
19,372 43
Capital stock paid in..................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks............ ................................
State moneys on deposit.............................
Savings deposits (book account) . . . . . . . .
Bonds borrowed or left for safe keeping..
$25,000
7.000
664
1,400
53,307
20,181
500
558
5.000
182,052
1,300
00
00
63
44
31
92
00
45
00
90
00
300 00
1,416 62
4,000 00
165 50
18,219 14
12,107 04
11,895 03
1,300 00
11697
$296,965 65
Total.........................................................
$296,965 65
34
STATE
B A N K IN G
DEPARTM ENT
No. 411.
T H E FIR ST ST A T E SAVINGS B A N K OF B IR M IN G H A M , B IR M IN G H A M .
Organized September 15, 1908.
F r a n k H a g e r m a n , P r e s id e n t ; T h o s . H. C o b b , V ic e P r e s id e n t ; A r t h u r C. P e c k , C a s h ie r ;
R o b e r t C. P e c k , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
Frank Hagerman, Thomas H. Cobb, Frank Schlaack, W . W . Masters, T. B. Smith, W . B. Harris,
Arthur C. Peck, Robert C. Peck.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........................................................
Due from banks in reserve cities:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................... , ..........
Savings........................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. .. .
Stock of Federal Reserve bank.................
Liabilities.
$553,651 55
191,916 99
15,913 51
892,264 65
49,337 41
30,000 00
106,010 76
1,214 16
Capital stock paid in....................................
Surplus fund...................................................
Undividedprofits.net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks...................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits..........................: . . .
Bonds borrowed or left for safe keeping..
$100,000
30,000
21,761
80
10, 799
495,170
17,242
1,675
2,378
5,000
846,852
375,349
9,875
2,800
00
00
65
00
60
68
56
50
25
00
25
64
73
00
11,578 95
10,000 00
392 84
40,000 00
9,500 00
2,800 00
505 04
3,900 00
Total........................................................ $1,918,985 86
Total........................................................
$1,918,985 86
No. 481.
T H E B L A N C H A R D ST A T E B A N K , B L A N C H A R D .
Organized April 4, 1911.
A ndrew
W. O
rr
D i r e c t o r s .-—George
, P r e s id e n t ; A a r o n A m o n , V i c e P r e s id e n t ; C h e s t e r M c D o n a l d , C a sh ie r.
Bilbrough, Aaron Amon, Andrew W . Orr, Elsie M . Orr,. Chester McDonald.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... _...........................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve :
, Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.....................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Stock of Federal Reserve bank.................
Total.................. ............................... ..
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$54,163 50
67,496 87
3,620 00
73,319 94
'
3,927 41
4, 700 00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check .. .
Cashier’s checks.............................................
State moneys on deposit.............................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit...................
$25,000 00
5,000 00
1,137 26
42,682 11
1,930 74
15,000 00
15,246 91
106,033 97
47,251 37
19,368 72
15,000 00
346 19
1,288
4,000
53
4,500
1,900
4,697
900
31
00
63
00
00
79
00
$259,282 36
Total. . . . . . . . . . . . , . . . ........................... ....
$259,282 36
STATE
BANKS
OF
M IC H IG A N
35
No. 163.
T H E BLISSFIELD ST A T E B A N K , BLISSFIELD .
Organized April 25, 1893.
Corporate existence extended April 24, 1923.
W i l l i a m R o t h f u s s , P r e s id e n t ; G e o . F. F o r d , E. A. B e a m e r , V i c e P r e s id e n t s ; K. B. G l a s e r , C a s h ie r ;
D o r i s E. P r a t t , A s s is t a n t C a s h ie r ; H. F. R o i i r b a c k , A u d it o r .
D irectors.
Geo. F. Ford, William Rothfuss, Bert McCormick, G. A. Hathaway, James G. Hill, E. A. Beamer
K. B. Glaser, C. A. Gilson, F. J. Wilt, W . E. Pifer.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
, Savings....................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Banking house.’.............................................
Furniture and fixtures.................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Stock of Federal Reserve bank’.................
Total........... .............................................
Liabilities.
3142,862 69
71,555 03
12,800 00
349,664 50
13,000 00
16,172 24
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Cashier’s checks....................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
350,000 00
23,000 00
9,017 74
178,759 26
3,621 21
5,000 00
456,162 76
78,909 58
2,763 75
58,050 00
Total.........................................................
3865,284 30
28,433 32
81,001 65
23,793 59
458 70
'
4,539 72
5,000 00
262 56
682 27
35,332 19
15,748 62
3,629 03
58,050 00
98 19
2,200 00
3865,284 30
No. 221.
T H E JIP SO N -CA R TER ST A T E B A N K , BLISSFIELD .
Organized October 5, 1900.
A. J i p s o n , P r e s id e n t ; J a c o b G. B a u e r , V i c e P r e s id e n t ; H a r o l d A. C r a n e C a s h ie r ;
V i c t o r B. B o d e , A s s is t a n t C a sh ie r.
D i r e c t o r s .— C. E. Howland, J. C. Holt, J. J. Walper, R. M . Eccles, Jacob G. Bauer, John Ickler, W . H. Burns
T. G. Glaser, H. E. Morrow, Cora A. Jipson.
C ora
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Savings .........................................................
Due from banks in reserve cities:.
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3172,843 71
755,128 00
31,717 59
152,060 61
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
350,000 00
50,000 00
25,559 78
158, 979 68
5,000 00
648,179 77
216,834 42
2,319 70
44,350 00
10,000 00
954 91
8,000 00
7,244 26
826 67
7,097 60
8,000 00
3,000 00
44,350 00
31,201,223 35
Total..................................... ................... 31,201,223 35
STATE
36
B A N K IN G
DEPARTM ENT
No. 516.
T H E P EO PLE ’S ST A T E B A N K OF B L O O M IN G D A L E , B L O O M IN G D A L E .
Organized July 9, 1912.
E. A
R uben
D ir ectors—
llen
, P r e s id e n t : A r t h u r B. W i g g i n s , V ic e P r e s id e n t ; E l l i s S i m o n , C a s h ie r ;
E n a B. S i m o n , A s s is t a n t C a sh ie r.
Daniel M . Allen, L. A. Newcomb, Ellis Simon, Ruben E. Allen, Edwin J. Dayton, Arthur B. Wiggins .
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................- .....................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ..................... .. - ..................
Due from banks in reserve cities:
Commercial.................................................
Savings . . . ...................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings...................... ..................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account..................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items
Total........................................................
3117,757 30
41,195 00
12,050 00
140,170 75'
7,103 34
4,000 00
Capital stock paid in.....................................
Surplus fund.. ................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Certified checks....................................... ; .
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits.......................... .• •••
Bonds borrowed or left for safe keeping..
320,000 00
22,000 00
1,697 31
1,694 51
76,646 90
26 00
39,994 11
94,613 34
117,551 74
2,095 39
15,500 00
26,000 00
5,797
4,000
1,191
17
8,200
4,471
3,978
15,500
386
96
00
37
77
00
00
00
00
81
3391,819 30
Total
3391,819 30
• No. 655.
P EO PLE ’S S T A T E B A N K , B O Y N E C IT Y .
Organized August 24, 1920.
A. J. M
a y n a r d
D i r e c t o r s .—
O. B l o o m e r , A. D. C r i m m i n s , V i c e P r e s id e n t s ; G. C. T
H. G. V i n c e n t , J. E. N i l e s , A s s i s t a n t C a sh ie rs .
, P r e s id e n t; L e e
o w n s e n d
, C a sh ie r.
C. W . McPhail, Lee O. Bloomer, A. D. Crimmins, A. J. Maynard. J. H. Parker, W . A. Sack,
G. C. Townsend.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................_......................
Bonds, mortgages and securities:
Commercial.................................................
Savings...................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................... _-----Bonds borrowed orleft for safe keeping..
Outside checks andother cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3108,260 50
84,118 22
13,807 51
117,258 17
19,252 95
Capital stock paid in....................................
Surplus fund.. ................................... ^-------Dividends unpaid............ . ............................
Commercial deposits subject to check. . .
Demand certificates of deposit. . . . . . . . .
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account).. . . . . . .
Bonds bor owed or left for safe keeping..
325,000
3.000
50
100,065
27,985
1,136
5.000
231,473
9,600
00
00
00
95
90
24
00
89
00
24,000 00
1,051 39
4,503 41
6,097 50
1,031 38
8,350 00
4,020 42
526 97
9,600 00
1,433 56
3403,311 98
Total
3403,311 98
STATE
BANKS
OF
37
M IC H IG A N
No. 624.
S T A T E B A N K OF B O Y N E FALLS, B O Y N E FALLS.
Organized October 30, 1918.
H e r m a n C. M e y e r , P r e s id e n t ;
D i r e c t o r s .— Herman C.
W . P. P
orter
, V i c e P r e s id e n t ; J. H . P o r t e r , C a sh ie r.
Meyer, J. H. Porter, W m . A. Stroebel, R . Mackey, J. J. Mikula, W m . H. Parks.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings................................... ....................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Cash on hand:
Commercial.................................... .............
Banking house.........................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities....................................................
Bonds borrowed or left for safe keeping..
Other assets.....................................................
349,551 28
1,792 04
3,674 76
18,522 67
5,383 41
320,000 00
2,750
652
27,931
16,889
503
16,522
21,400
00
70
24
49
02
69
00
1,242 08
2,300 00
1,800 00
980 46
21,400 00
2 44
3106,649 14
Total
Capital stock paid in....................................
Surplus fund....................................................
Dividends unpaid............_.............................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account).. . . . . . .
Bonds borrowed or left for safe keeping..
3106,649 14
Total
No. 436.
T H E F A R M E R S ’ S T A T E B A N K OF B R E C K E N R ID G E , B R E C K E N R ID G E .
Organized April 21, 1909.
L. S m i t h , J. E. H o d g e , V ic e P r e s id e n t s ; R o b e r t L. B
J. C. P r e i s k o r n , E. H. F o x , A s s is t a n t C a sh ie rs .
A l e x . C h i s h o l m , P r e s id e n t ; J o h n
D i r e c t o r s .— Alex.
Chisholm, J. L.
a l d w i n
, C a s h ie r ;
Smith, Robert L. Baldwin, C. K . Fox, J. E. Hodge, Ralph C. Chisholm,
B.
L. Case, Frank Oberst.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial..................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................. . . . . .
Bonds borrowed or left for safe keeping..
Outside checks and other cash item s.. . .
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3273,711 29
59,076 34
5,051 33
124,045 00
59,348 39
31,000 00
5,087
2,327
12,500
3,800
20,539
11,300
1,477
Capital stock paid in.....................................
Surplus fund....................................................
Undivided profits, net. .._............................
Commercial deposits subject J o check. ..
Demand certificates of deposit..................
Cashier’s checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...........................................
Bonds borrowed or left for safe keeping..
Other liabilities...............................................
330,000
7,500
7,444
119,110
178,033
3,209
5,000
190,314
24,853
20,000
11,300
12,498
00
00
63
42
74
53
00
13
14
00
00
62
72
06
00
00
13
00
95
3609,264 21
Total.........................................................
3609,264 21
38
STATE BANKING DEPARTMENT
No. 640.
B R ID G E W A T E R SAV IN G S B A N K , B R ID G E W A T E R .
Organized M ay 7, 1919.
F.
B a u e r , W m. S c h u m a c h e r , V i c e P r e s id e n t s ; L e o G r ü n e r , C a s h ie r ;
M r s . D e l i a R e e d , A s s is t a n t C a sh ie r.
G e o . K l a g e r , P r e s id e n t ; J a c o b
D i r e c t o r s .-—Geo.
Klager, Jacob F. Bauer, August Henes, W m . Schumacher, Wm. Kuebler, Jacob Renz.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house.................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total........................................................
$37,067 25
16,681 71
2,000 00
53,731 87
3,305 12
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Cashier’s checks..............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
$25,000 00
5,000 00
2,123 82
12 00
33,949 64
4 50
64,047 28
11,471 36
2,550 00
Total.........................................................
$144,158 60
13,350 00
874
199
11,709
2,688
2,550
95
29
75
66
00
$144,158 60
No. 570.
B R ID G M A N ST A T E B A N K , B R ID G M A N .
Organized December 23, 1915.
O. A. D. B
a ld win
, P r e s id e n t ;
D i r e c t o r s .— O.
W m. H.
G a s t , P ic e P r e s id e n t ;
F. W . G
ast
, C a s h ie r ;
P. R. B
ern dt
, A s s is t a n t C a s h ie r ;
A. D . Baldwin, T. E. Berk, A. E. Chauncey, F. W . Gast, W . H . Gast,
R. W . Ackerman, C. J. Peck.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$290,061 29
37,000 00
196,045 85
51,760 45
Capital stock paid in....................................
Surplus fu n d ..................................................
Undivided profits, net.................................
Commercial deposits subject to check. . .
Demand certificates of deposit. ................
Cashier’s checks..............................................
Savings deposits (book account).. . . . . . .
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
$20,000 00
10,000 00
5,015 47
235,430 84
94,319 49
9,276 33
248,806 64
21,474 46
11,300 00
Total.........................................................
$655,623 23
30,000 00
11,522 69
7,500 00
2,932 95
10^000 00
7,500 00
11,300 00
$655,623 23
STATE
BANKS
OF
39
M IC H IG A N
No. 718.
B R IG H T M O O R ST A T E SAVINGS B A N K , B R IG H T M O O R (D E T R O IT P. O.)
Organized April 15, 1924.
Commenced Business August 4, 1924.
E. L. D
D i r e c t o r s .— D.
eacon
, P r e s id e n t ;
H. H. S a n g e r , J o h n N. S t a l k e r , V ic e P r e s id e n t s ; G. M . L
C.
F. T o w e r , A s s is t a n t C a sh ie r.
eac h
, C a s h ie r ;
H . Appelhof, E. L. Deacon, J. A. Fitzgerald, W m . H. Kittle, W . A. Magoon, Wade Millis, A. FI.
Medbury, H. FI. Sanger, Fred L. Silk, John N. Stalker, B. E. Taylor.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial........................... .....................
Bonds, mortgages and securities:
Commercial................................................
Savings . 1 .............................. .....................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
Cash on hand:
Commercial.................: ..............................
Overdrafts.......................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house...............................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
364,471 19
5,000 00
31,750 00
24,459 05
6,002 87
Capital stock paid in....................................
Surplus fund...................................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks................................ ............
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
3 45,802
9,161
215
76,934
112
1,123
33,381
11,016
00
40
74
60
42
07
91
00
24,709 38
42 29
2,166
15,579
3,556
63
23
50
48
18
55177,800 17
dotal
3177,800 17
Total
No. 452.
T H E B R IG H T O N S T A T E B A N K , BR IG H T O N .
Organized April 6, 1910.
F. T. H y n e , P r e s id e n t ;
D i r e c t o r s .'— J.
A. L. S m i t h , V ic e P r e s id e n t ; R. O. N
e w c o m b
, C a sh ie r.
A. Nelson, F. M . Bergin, A. L. Smith, F. T. Ffyne, R. O. Newcomb, E. R. Flyne,
D.
W . Van Winkle.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial................................................
Savings........................................................
Due from banks in reserve cities:
Commercial.................................................
.Savings.........................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
397,767 52
76,082 10
167,413 98
29,343 13
34,018 67
12,238
6,653
757
7,900
1,900
152
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc.................
•Commercial deposits subject to check. . .
Certified checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000
8,000
7,389
2,030
188,370
381
116,884
91,201
00
00
80
00
07
83
01
71
73
10
60
00
00
62
3434, 227 45
Total........................................................
3434,227 45
40
STATE
B A N K IN G
DEPARTM ENT
No. 519.
B R IM L E Y S T A T E B A N K , B R IM L E Y .
Organized August 26, 1912.
A. W . R
eiijhard,
D i r e c t o r s .-—A.
P r e s id e n t ;
C. R. L a d d , V i c e P r e s id e n t ; F. K. W
allace
, C a sh ie r.
W . Reinhard, C. R. Ladd, Geo. R. Keller, F. K. Wallace, Minnie Reinhard.
Statement October 8, 1924.
Resources.
Loans and discountsCommercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings............................................ ............
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.................................
Other real estate............................................
Total.........................................................
Liabilities.
$32,195 47
6,394 60
50,926 25
13,710 86
1,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
$20,000
4,615
1,055
408
45,691
47,314
4,098
00
44
24
71
36
56
89
2,798 00
2,635
1,194
95
3,447
1,745
7,040
17
93
71
55
07
59
$123,184 20
Total.........................................................
$123,184 20
No. 635.
T H E P EO PLE ’S S T A T E SA V IN G S B A N K OF B R IT T O N , B R IT T O N .
Organized April 26, 1919.
Frank
J. T
emp le
, P r e s id e n t ; H. S. T e m p l e , V i c e P r e s id e n t ; H. F. T e m p l e , V ic e P r e s id e n t a n d C a s h ie r ;
D o n a l d J. E x e l b y , M a b e l O l i v e r , A s s is t a n t C a sh ie rs .
D i r e c t o r s .— Frank J.
Temple, Vie J. Temple, H . F. Temple, Herbert S. Temple, D . L. Burleson.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial..........................................
Savings. .......................................................
Due from banks in reserve cities.
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................•
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..................................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash item s.. . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$70,474 18
91,383 78
7,388 65
149,682 64
13,869 78
7,000 00
34,355 85
4,528
2,000
50
5,000
3,000
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
$25,000
5,000
8,823
99,071
18,098
995
5,000
141,112
88,400
4
24,050
00
00
36
14
84
92
00
68
98
71
00
68
00
32
00
00
1,502 40
24,050 00
371 35
900 00
$415,557 63
Total
$415,557 63
41
STATE BANKS OF MICHIGAN
No. 409.
T H E F IR ST S T A T E SAVINGS B A N K OF BRON SO N, BRONSON.
Organized M ay 1, 1908.
J o s e p h E. W a t s o n , P r e s id e n t ; J a c o b
D i r e c t o r s .— Joseph
F. W e r n e r , J e s s e M o n r o e , V i c e P r e s id e n t s ; F. T. S h a f f m a s t e r , C a s h ie r ;
C. F. M o o n , A s s is t a n t C a sh ie r.
E. Watson, J. F. Werner, E. W . Werner, Frank Coward, Jesse Monroe, B. P. Taggart,
A. G. Bushnell, J. H . Shaffmaster, W m . M . Monroe.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... ....................
Bonds, mortgages and securities:
Savings................................... ....................
Due from banks in reserve cities:
Commercial..................... ...................
Savings.........................................................
Ui S- Bonds and Cert, of Ind. as legal
reserve:
Savings................................................ .. . ■.
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.........................
Bonds borrowed or left for safe keeping..
3132,425 49
128,865 00
150,130 00
75,740 18
30,051 50
350,000
20,000
11,459
430
163,013
100
25,000
85,325
215,423
38,850
00
00
91
00
00
00
00
16
03
00
31,850 00
147 88
12,361
852
5,180
3,147
38,850
53
25
00
27
00
3609,601 10
Total
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net.................................
Dividends unpaid............_.............................
Commercial deposits subject to check. . .
Certified checks.............................................
State moneys on deposit.......... ..
Savings deposits (book account)...............
Savings certificates of deposit........... . . .
Bonds borrowed or left for safe keeping..
Total........................................................
3609,601 10
No. 312.
T H E BROO KLYN STATE B A N K , BROOKLYN.
Organized M ay 16, 1905.
E dwin
J. E
nnis,
P r e s i d e t n ; F. H. B r o w n , V ic e P r e s id e n t a n d M a n a g e r ; W i l l i a m V. R o b e r s o n , V i c e P r e s i d e n t ;
A. E . S h e k e l l , C a s h ie r ; W . J. D o n a h u e , J e n n i e A. M i e r s , A s s is ta n t C a sh ie rs .
D i r e c t o r s .— Edwin
J. Ennis, David J. Boyce, W m . V. Roberson, Chas. T. Greene, F. H . Brown, W . J. Neely,
W . T. Parker, C. R. Watts.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings................................. .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ..................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial....................... .........................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house........................................... ....
Furniture and fixtures.................................
Other real estate....................................... ....
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3201,681 97
33,326 54
3,875 00
172,126 87
34,576 61
4,258 61
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
State moneys on deposit...............................
Savings deposits (book account)...............
Savings certificates of deposit....................
350,000
35,000
9,615
90
169,335
5,000
148,306
78,217
00
00
74
00
81
00
88
10
24,000 00
2 13
4,541
5,000
75
6,500
2,700
2,900
89
00
91
00
00
00
3495,565 53
Total
3495,565 53
42
STATE ’ BANKING DEPARTMENT
No. 216.
B R O W N C IT Y SAV IN G S B A N K , B R O W N C IT Y .
Organized M ay 26, 1899.
A l b e r t E. S l e e p e r , P r e s id e n t ; J o h n E. C a m p b e l l , L. H . H o w s e , V i c e P r e s id e n t s ; J.
E z r a W . P e p p e r , J. L. K e a r n s , A s s is t a n t C a sh ie rs .
D i r e c t o r s .— Albert
E.
B. H
a g a m a n
, C a s h ie r ;
Sleeper, John E. Campbell, W . A. Martin, W m . Wilkie, Sarah S. Kearns, L. H. Howse,
D. C. Merrill, R. J. Scott, Wm. Stemkopf, Milton Burkholder.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings...................................................... ..
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Stock of Federal Reserve bank.................
Total.........................................................
£314,732 31
41,347 55
186,264 20
28,833 35
6,000 00
15,013 13
Capital stock paid in....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Bills payable....................................................
Bonds borrowed or left for safe keeping..
Other liabilities... t .......................................
£40,000
8,000
114,505
281,081
510
5,000
197 110
35,000
16,350
8,500
00
00
49
95
40
00
03
00
00
00
370 64
10,631 64
433 92
5,321
20,000
4,805
54,505
16,350
1,450
13
00
00
00
00
00
£706,057 87
Total.........................................................
£706,057 87
No. 588.
B U C H A N A N ST A T E B A N K , B U C H A N A N .
Organized November 25, 1916.
H enry
M. L
ee
D i r e c t o r s .— Henry
, P r e s id e n t ; H e n r y R . A d a m s , V i c e P r e s id e n t ; H e r b e r t R o e , C a s h ie r ;
C h a s . W . L a n d i s , A s s is t a n t C a s h ie r a n d A u d it o r .
M . Lee, Henry R. Adams, Clarence Kent, George B. Richards, Herbert Roe.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial......................... ....................... .
Bonds, mortgages and securities:
Commercial.................................
Savings........... .........................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve :
Savings..............................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
£244,344 82
134,228 00
109,860 10
20,891 43
11,500 00
22,158
205
10,800
4,031
16,779
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)...............
Club savings deposits...................
Bills payable...................................................
£40,000
10,000
10,866
211,326
145,390
5,000
125,792
6,422
20,000
00
00
59
95
76
00
90
30
00
64
48
00
10
93
£574,799 50
Total.........................................................
£574,799 50
43
STATE BANKS OF MICHIGAN
No. 610.
B U R L IN G T O N ST A T E B A N K , B U R L IN G T O N .
Organized December 4, 1917.
A l f r e d T h o m e t , P r e s id e n t ;
D i r e c t o r s .—
F. L. H
a g e l s h a w
, V i c e P r e s id e n t ; C l a r k
E. W
ildey
, C a sh ie r.
Frank L. Hagelshaw, Alfred Thomet, Clark E. Wildey, Sophia Washburn, H . E. Guilford, Frank
Mohrhardt, Frank Van Vleet.
Statement October 8, 1924.
Liabilities.
Resources.
Loans ans discounts:
Commercial.............................................
Savings....................................................
Bonds, mortgages and securities:
Savings....................................................
Due from banks in reserve cities:
Commercial.............................................
Savings....................................................
Cash on hand:
Savings....................................................
Overdrafts........................... •......................
Banking house...........................................
Furniture and fixtures.............................
Total....................................................
337,248 92
2,300 00
31,05 0 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Savings certificates of deposit. ..................
320,000
1,200
2,221
35,588
40,666
00
00
55
39
99
13,355 28
10,000 00
2,736
86
1,000
1,900
28
45
00
00
399,676 93
Total.........................................................
399,676 93
No. 212.
T H E BU R R O A K ST A T E B A N K , BU R R O A K .
Organized November 3, 1898.
B. P. T
D i r e c t o r s .— B.
a gg art
P. T
, P r e s id e n t ; G e o . E. W a t s o n , V i c e P r e s id e n t ;
H i l d o n B r o o k s , A s s is t a n t C a sh ie r.
agg art
,
E . I. H
olm es
, C a s h ie r ;
M . F. Smith, S. H. Hogle, Geo. E. Watson, Clinton A. Mallow, Jay B. Keeslar,
Veer Tefft.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial..............................................
Savings................................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................... . . ..................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
315,802 00
23,985 81
18,090 00
73,872 00
6,019 80
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net........ .........................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
315,000
5 ,000
5,516
466
19,044
671
2,500
35,119
75,237
00
00
56
86
10
59
00
90
84
11,000 00
4,108
1,078
3,100
1,500
37
87
00
00
3158,556 85
Total
3158,556 85
44
STATE
B A N K IN G
DEPARTM ENT
No. 637.
P EO PL E ’S ST A T E B A N K , B U T T E R N U T .
Organized December 18, 1919.
Jo h n
R. H
uds on
, P r e s id e n t ; B y r o n A r n t z , G e o r g e W h i t m o r e , V i c e P r e s id e n t s ; I r a T r o w b r i d g e , C a s h ie r ;
P e a r l M . G r i g g s , A s s is t a n t C a sh ie r.
D i r e c t o r s .— John
R. Hudson, Grant H. Slocum, Byron Arntz, Geo. Whitmore, Z. D. Rule,
John Boyer, Thomas Magee.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.......................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
T o t a l ......................................................
Liabilities.
374,351 40
6,239 91
15,654 58
3 5 ,1 2 1 4 3
15,925 32
Capital stock paid in..........................
320,000
Surplus fund.........................................
1,684
Undivided profits, net........................
1,708
Reserved for taxes, interest, etc......
1,100
Commercial deposits subject to check. . .
36,963
State moneys on deposit...................
2,500
Time commercial certificates of deposit .
49,407
Savings deposits (book account)........... . .
31,731
Savings certificates of deposit....................
24,393
Bonds borrowed or left for safe keeping..
11,000
00
00
95
00
23
00
06
94
32
00
11,000 00
3,585
155
2,900
2,255
2,129
11,000
170
55
45
00
00
65
00
21
3180,488 50
Total.........................................................
3180,488 50
N o . 313.
T H E S T A T E B A N K OF B Y R O N , B Y R O N .
Organized June 7, 1905.
F. S. R
uggles
, P r e s id e n t ;
D i r e c t o r s .—
E. D. W
L. B r a d e n , V i c e P r e s id e n t s ;
W . L. L a r s o n , A s s is t a n t C a s h ie r .
iltse,G u y
J. L. V
a n
A l s t i n e , C a s h ie r ;
F. S. Ruggles, E. D. Wiltse, J. L. Van Alstine, Guy L. Braden, Eugene Wolfin,
Bettie J. Chaffee, Millie D. Lee.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.....................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate..........................
Total............. ..........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
366,356 52
7,918 23
110,411 15
14,278 78
7,674 59
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000
7,000
1,030
1,500
27,207
50,230
33,744
106,634
00
00
30
00
24
67
78
51
16,450 00
1,117
5,843
121
2,2 0 0
3,294
11,682
17
55
28
00
00
23
3247,347 50
Total.........................................................
U
3247,347 50
STATE
BANKS
OF
45
M IC H IG A N
No. 673.
BYRON CENTER STATE BANK, BYRON CENTER.
Organized October 27, 1920.
S i e r d A n d r i n g a , P r e s id e n t ; D a n i e l B u r g e s s , V i c e P r e s id e n t ; J a m e s B l o k , C a s h ie r ;
F r a n k W i e r e n g a , Assistant Cashier.
D i r e c t o r s .— Sierd
Andringa, Paul France, Daniel Burgess, John Homrich, Peter Holleman.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgagesand securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Banking house............. .................................'
Furniture and fixtures..................................
$5104,483 08
30,188 90
5,000 00
69,175 00
19,854 77
10,022 41
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................... ............
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
$25,000 00
1,500 00
4,173 93
95 00
49,965 27
72,113 55
2,988 15
95,887 55
Total.........................................................
$251,723 45
400 00
2,884
3,500
3,532
2,682
Total.........................................................
29
00
50
50
3251,723 45
No. 670.
A M E R IC A N S T A T E B A N K , C A D IL L A C .
Organized September 8, 1920.
P eter
E. T
D i r e c t o r s .— E.
orb eson
, P r e s id e n t ; C. J. H e l m , E. F. S a w y e r , V i c e P r e s id e n t s ; F r a n k C o f f e y , C a sh ie r.
W . Benjamin, Emil F. Brehm, Henry Curtis, C. J. Helm, E . F. Sawyer, M . E . Thomas, Peter E.
Torbeson, W . S. Williams, John A. Willman, H. C. Schoff.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial......................
Cash on hand:
' Commercial.................................................
Savings.......................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash item s.. . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$189,596 59
99,405 85
18,000 00
109,463 5 9
16,469 88
20,026 32
3,220 70
5,352
15,000
223
26,410
15,556
2,687
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits.......................
$100,000
10,000
7, 371
93,356
66,207
185
9,973
6,219
5 ,000
201,783
9,667
11,649
00
00
89
83
25
08
22
95
00
08
13
46
91
00
55
79
05
66
$521,413 89
Total................, .......................................
$521,413 89
STATE
46
B A N K IN G
DEPARTM ENT
No. 181.
T H E C A D IL L A C ST A T E B A N K , C A D IL L A C .
Organized September 30, 1895.
L. R
F red
D i r e c t o r s .-— F.
eed
, P r e s id e n t ; H e n r y K n o w l t o n , V i c e P r e s id e n t ; F r a n k W e l t o n , C a s h ie r ;
J a y J. V e l d m a n , A s s is t a n t C a sh ie r.
J. Cobbs, Wm. L. Saunders, Joseph Murphy, Fred L. Reed, C. F. Williams, C. A. Saunders, Geo.
G. Brown, C. T. Mitchell, Henry Knowlton, Jno P. Wilcox, J. C. Ford.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts............ : .........................................
Banking house................................................
Furniture and fixtures.........................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Liabilities.
3983,865 59
359,865 50
186,275 09
716,977 71
243,318 09
16,771 88
124,850 00
39,130
15,000
354
14,500
1,700
291
89,300
1,219
93
00
22
00
00
00
00
69
Total......................................................... 32,793,419 70
Capital stock paid in..................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit..............................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
3100,000
100,000
27,900
831
11,500
447,765
694,101
456
2,617
72,131
10,000
3,462
1,092,009
108,459
32,884
89,300
00
00
58
00
00
52
15
37
47
76
00
30
95
04
56
00
Total......................................................... 32,793,419 70
No. 261.
T H E P EO PLE ’S SAVINGS B A N K OF C A D IL L A C , C A D IL L A C .
Organized April 20, 1902.
E . J. H a y n e s , P r e s id e n t ; J a m e s E n g l i s h , V i c e P r e s id e n t ; G e o . C h a p m a n , C a s h ie r ;
A . G . C h a p m a n , A s s is t a n t C a sh ie r.
D i r e c t o r s .— E. J.
Haynes, James English, James Mather, A . G. Chapman, A . W . Johnstone, George Chapman,
Perry F. Powers, A . W . Penny, Harry G. Chapman.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
C om m ercial....!.......................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash items. . . .
Capital stock paid in.................................
3451,745 40
114,348 56
563,013 01
30,525 12
20,000 00
3100,000 00
20,000
43,984
342,556
87
10,000
575,283
223,326
25,000
00
27
36
80
00
20
.86
00
76,950 00
2,959 05
16,537 99
20,000 00
340 28
34,000 00
2,000 00
1,350 00
6,469 08
Total......................................................... 31,340,238 49
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Certified checks..............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable....................................................
Total......................................................... 31,340,238 49
STATE BANKS OF MICHIGAN
47
No. 291.’
T H E ST A T E B A N K OF C A L E D O N IA , C A L E D O N IA .
Organized June 11, 1904.
S e t h G r a y , P r e s id e n t ; F r e d
D i r e c t o r s .—
W. R
ueh s
, V ic e P r e s id e n t ;
J. C. P
roctor
, C a sh ie r.
Seth Gray, Fred W . Ruehs, J. C. Proctor, Albert Miller, C. F. Beeler, F. S. Brown.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial..............................'..................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Stock of Federal Reserve bank..................
Total........................................................
Liabilities.
3169,016 34
45,103 51
57,950 00
186,625 00
12,000 00
13,153 97
Capital stock paid in....................................
Surplus fund.................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
350,000
10,000
■ 6,722
6
4,540
54,056
140,093
184,500
58,713
7,750
00
00
55
00
54
11
69
91
04
00
5,859 14
3,000
3,811
945
2,400
6,958
7,750
1,800
00
15
47
00
26
00
00
3516,382 84
Total.........................................................
3516,382 84
No. 87.
T H E M E R C H A N T S ’ A N D M IN E R S ’ B A N K , C A L U M E T .
Organized August 7, 1873.
Corporate existence extended December, 4, 1902.
One Branch.
G o r d o n R. C a m p b e l l , P r e s id e n t ; T h o m a s H o a t s o n , V ic e P r e s id e n t ; F r a n k J. K o h l h a a s ,
V i c e P r e s id e n t a n d C a s h ie r ; W . G. C u d l i p , E m i l H. R a n g e r , A s s is t a n t C a sh ie rs .
W a l t e r E d w a r d s , M a n a g e r 6 th S t. B r a n c h ; D. D. M a c I n t y r e , A s s is t a n t M a n a g e r .
D i r e c t o r s .— Peter
E. Ruppe, Paul P. Roehm, E. M . Lieblein, Fred Smith, Charles O. Jackola, Gordon R. Camp
bell, Thomas Hoatson, Norman Macdonald, J. Wesley Downing, Herman Haas, Frank J. Kohlhaas.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. 31,245,479 00
Bonds, mortgages and securities:
Commercial.................................................
1,067,585 80
Due from banks in reserve cities:
Commercial.................................................
713,096 13
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
4,649 98
Cash on hand:
Commercial.................................................
185,637 01
Overdrafts........ , .............................................
24 46
Banking house........................................... .. .
25,000 00
Furniture and fixtures..................................
9,541 50
Due from banks other than in reserve
cities..............................................................
28,821 15
Outside checks and other cash items . . . .
65 15
Total......................................................... 33,280,900 18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit. . * ...........
Cashier’s checks.............................................
Due to other banks and bankers..............
Time commercial certificates of deposit .
Total. . ....................................................
3200,000
200,000
93,060
30
10,000
2,388,044
154,175
7,823
5,556
222,209
00
00
66
03
00
87
11
83
12
59
33,280,900 18
STATE
48
B A N K IN G
DEPARTM ENT
No. 320.
T H E F IR ST S T A T E B A N K OF C A M D E N , C A M D E N .
Organized August 24, 1905.
C. B. A
l w a r d
, P r e s id e n t ; J.
A. B
D i r e c t o r s .— C. B.
ates
, V i c e P r e s id e n t ;
B. R. A
l w a r d
, C a s h ie r ;
Z. M . S w i f t , A s s is t a n t C a s h ie r .
Alward, J. A. Bates, B. R. Alward, B. S. Alward, Kay Rice.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................... ............ _....................
Bonds, mortgages and securities:
Savings...............................................
Due from banks in reserve cities:
Commercial.................................................
Savings. . . ......................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping..
Outside checks andother cash items. . . .
Total.........................................................
3145,112 22
44,435 39
69,645 38
21,180 82
13,485 08
4,897
2,000
1,696
1,920
1,536
28,840
931
Capital stock paid in........................
320,000
10,000
Surplus fund........................................
Undivided profits, net.......................
3,886
Commercial deposits subject to check. . .
57,230
Demand certificates of deposit.......
87,825
Cashier’s checks..................................
550
State moneys on deposit..................
2,500
Savings certificates of deposit........
124,847
Bonds borrowed or left for safe keeping..
28,840
00
00
12
51
86
75
00
81
00
71
00
08
80
45
00
12
3335,681 05
Total.........................................................
3335,681 05
No. 208.
CAPAC ST A T E SAV IN G S B A N K , CAPAC.
Organized June 5, 1898.
A. E. S l e e p e r , P r e s id e n t ; H. C. S i e g e l , A l b e r t T o s c h , V i c e P r e s id e n t s ; W . C. S i e g e l , C a s h ie r ;
L. R. G l a s s f o r d , A s s is t a n t C a sh ie r.
D i r e c t o r s .— A .
E. Sleeper, Lincoln Avery, Gus Hill, Alva Leach, O. A. Prey, Albert Tosch, H. C. Siegel, Geo. C.
Watson, Corey Leach, Elmer Lang.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings..................... ...................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings............................
Exchange for clearing house and checks
on banks in same place:
Commercial.............................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures...........................
Bonds borrowed orleft for safe keeping..
Outside checks andother cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3142,662 95
42,255 54
13,983 50
154,522 92
14,095 25
21,500 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc........ ’—
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping..
320,000 00
6,0 0 0 00
8,388 39
3-, 800 00
70,511 51
71,256 65
5,000 00
235,399 93
14,75 0 00
Total.........................................................
3435,106 48
10,000 00
342 84
2,743 69
7,121 47
84 73
6,709 23
2,898 94
14,750 00
1,435 42
3435,106 48
STATE
BANKS
OF
M IC H IG A N
49
N o. 303.
S T A T E S A V IN G S B A N K O F C A R L E T O N , C A R L E T O N .
O rgan ized D e c e m b e r 1, 1 9 0 4 .
Jacob J. L ucke , P r e s id e n t ; E dwin C. M axw ell , V i c e P r e s id e n t ; R. T. M cC ormick, C a s h ie r ;
A ndrew D. W oodward, A s s is t a n t C a s h ie r ; H arry S. G erman, A u d ito r .
D irectors.-—Jacob J. Lucke, Edwin C. Maxwell, J. Edward Ready, Harry S. German,
R. J. McCormick, Edw. F. Kahlbaum.
S ta te m e n t O c to b e r 8 , 1 9 2 4 .
Resources.
Loans and discounts:
Commercial...............................................
Savings......................................................
Bonds, mortgages and securities:
Commercial...............................................
Savings......................................................
Due from banks in reserve cities:
Commercial...............................................
Savings......................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......................................................
Cash on hand :
Commercial...............................................
Savings......................................................
Banking house.............................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities............................................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . .
Total..................................................
Liabilities.
$96,185 00
37,559 00
2,185 00
277,930 80
9,655 24
25,577 35
Capital stock paid in.................................. .
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
$20,000
20,000
17,663
76,391
51
395
2,500
338,851
36,334
1,099
11,650
00
00
73
57
33
00
00
20
44
34
00
27,900 00
10,949
10,000
5,195
1,000
84
00
35
00
8,501 29
11,650 00
647 74
$524,936 61
Total........................................................
$524,936 61.
No. 287.
T H E C O M M E R C IA L SAVINGS B A N K OF CARO.
Organized M ay 14, 1904.
J ohn F. Seeley , P r e s i d e n t ; W . A. F orbes, C linton F. S eeley , V i c e P r e s id e n t s ; F rank B. Campb ell , C a s h i e r ;
1
D irectors .-—John F. Seeley, W . A. Forbes, Guy R. Forbes, Clinton F. Seeley, Maud C. Seeley.
Statement October 8, 1924.
■
1
■
1
Î
■
■
■
■
■
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert. ,oi Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Total.........................................................
IH
Liabilities.
$67,864 15
52,342 51
20,372 74
182,137 00
6,751 80
10,067 48
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$35,000
15,000
2,350
139,915
5,000
138,794
80,231
15,000
00
00
84
25
00
44
61
00
i
16,400 00
7,000
4,290
930
10,000
2,900
8,735
41,500
Ò0
26
41
00
00
79
00
Total....................................... .................
$431,292 14
i
çc; c j r . J A . r ;
Capital stock paid in...................... .............
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
..........
e
'
$431,292 14
STATE BANKING DEPARTMENT
50
No. 525.
T H E P EO PLE ’S ST AT E B A N K OF CARO, CARO.
Organized November 11, 1912.
Jos e p h
H. B
, P r e s id e n t ; C a r l S i e l a n d , A l b e r t 0. P u r d y , V i c e P r e s id e n t s ;
S a m u e l R. P a r k , C a s h ie r ; H. H. P u r d y , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Joseph
eck ton
H. Beckton, Albert O. Purdy, John W . Quinn, Carl Sieland, Samuel R. Park,
Robert Park, Jr., D. Healy Clark.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................... . . . .
Bonds borrowed or left for safe keeping..
3175,154 93
48,249 15
120,000 00
432,584 14
46,966 25
50,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)..'...........
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping..
3^0,000
30,000
6,078
252,414
8,305
10,000
364,677
193,679
803
149,450
00
00
34
07
73
00
12
89
01
00
282 67
3,125
10,000
45
15,500
2,500
1,550
149,450
09
00
93
00
00
00
00
Total......................................................... 31,055,408 16
Total......................................................... 31,055,408 16
No. 286.
T H E ST A T E SAVINGS B A N K OF CARO.
Organized April 27, 1904.
J. M
E a l y , P r e s id e n t ; P e t e r C. P a r d e e , V i c e P r e s id e n t ; Louis W e a n , V i c e P r e s id e n t a n d C a s h ie r ;
C. R. M y e r s , A s s is t a n t C a s h ie r ; T h e r o n W . A t w o o d , L e e R. S t e w a r t , A u d it o r s .
cN air
D i r e c t o r s .— Louis
Wean, Lee R. Stewart, C. R. Myers, Walter S. Wixson, Peter C. Pardee, Chas. W . Stacy,
W m . P. Campbell, David J. Evans, Amos L. Kinney, J. McNair Ealy, T. W . Atwood.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial........1.......................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ..................... .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe keeping..
Outside checks and o ther cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3387,561 65
203,875 36
28,158 00
399,406 49
27,972 74
20,000 00
22,426 47
4,187 01
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Due to other banks and bankers..............
State moneys on deposit...................... . .
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Notes and bills rediscounted......................
Bills payable........................................... •
Bonds borrowed or left for safe keeping..
375,000
25,000
6,028
347,796
5,103
2,291
10,000
323,314
313,215
7,327
48,631
20,000
42,400
00
00
71
61
73
73
00
51
88
65
17
00
00
374 30
2,975
15.000
210
40.000
15,039
13,290
42,400
231
3,000
44
00
53
00
50
70
00
80
00
31,226,109 99
Total
31,226,109 99
STATE
BANKS
OF
M IC H IG A N
51
No. 558.
T H E F A R M E R S ’ A N D M E R C H A N T S ’ S T A T E B A N K OF CARSON C IT Y .
Organized December 21, 1914.
E. B. S t e b b i n s , P r e s id e n t ; M . H. K
D i r e c t o r s .—
ipp, W.
E. A
da m s
, V i c e P r e s id e n t s ; P a u l V. B r e t z , C a sh ie r.
Wm. E. Adams, Delbert Mayes, M . H. Kipp, E. B. Stebbins, F. A. Wright,
Paul V. Bretz, Martin Straight.
Statement October 8, 1924.
Resources,
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ..................... . . ...................
Due from banks in reserve cities:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
3116,773 28
28,451 047,572 36
114,710 71
9,976 52
4,880 24
10,998 25
4,918
3,500
40
6,750
3,000
6,295
2,685
900
Total.........................................................
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................. v............
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
325,000 0 0 ,
5,000 00
6,558 32
42 00
72,594 13
31,933 37
2,649 40
5,000 00
91,908 07
70,766 5 8
10,000 00
52
00
08
00
00
81
06
00
3321,451 87
Total........................................................
3321,451 87
No. 72.
ST A T E B A N K OF CAR SO N C IT Y , CARSO N C IT Y .
Organized February 14, 1887.
Corporate existence extended February 13, 1917.
I r a C u m m i n g s , P r e s id e n t ;
D i r e c t o r s .— J.
E. D. L y o n , V i c e P r e s id e n t ; B
ess
E. S o m e r s , C a sh ie r.
W . Hallett, Ira Cummings, H. G. Sessions, G. K . Daniels, Bess E. Somers,
Isaac Krohn, E. D. Lyon.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash item s.. . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3137,177 20
35,667 50
343,160 39
16,468 39
18,690 29
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net...................................
Dividends unpaid...........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
350,000
10,000
12,210
50
99,078
57,119
5,000
273,224
142,412
00
00
40
00
76
25
00
94
79
48,787 05
9,658 15
5,0 0 0 00
817
8,000 00
3,266 00
20,900 00
2,313 00
3649,096 14
Total.........................................................
3649,096 14
STATE
52
B A N K IN G
DEPARTM ENT
No. 234.
E X C H A N G E ST A T E B A N K , CA R SO N V IL L E .
Organized June 18, 1901.
D a v i d C r o r e y , P resid en t', W .
F rank
D i r e c t o r s .—
C. V
C. C
V i c e P r e s id e n t ; W .
, A s s is t a n t C a sh ie r.
ivian,
ror ey
J. M
c
C a r e n , C a s h ie r ,
David C r o r e y , W . J. McCaren, Frank C. Crorey, Edward Meyer, W . C. Vivian,
James Trigger, H. A . Ruttle.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages gnd securities:
Commercial. ...............................................
Savings........... _.................... .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings...................................................... ..
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings................................... . . . ............ •
Overdrafts............................................. ..........
Banking house................................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
3291,899 85
41,306 95
6,250 00
178,931 35
49,846 72
45,114 04
6,000 00
7,859
3,036
107,064
214,850
300
12,500
74,897
215,499
19,650
32
77
18
42
66
00
63
86
00
40,250 00
3,182
3,000
699
2,75 0
1,500
2,150
19,650
128
73
00
00
00
00
00
00
20
3686,658 84
Total
325,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Due to other banks and bankers...............
Savings deposits (book account)...............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
3686,658 84
Total
No. 611.
T H E F IR ST S T A T E B A N K OF CA R SO N V IL L E , CA R SO N V IL L E .
Organized March 22, 1918.
C. E. M c C i.u s k y , P r e s id e n t ; A r t h u r W . G r a h a m , V i c e P r e s i d e n t ; F r e d
A l b e r t J. P h i p p s , A s s is t a n t C a s h ie r .
D i r e c t o r s .— Arthur
W. E
llerthorpe
, C a s h ie r ;
W . Graham, Geo. B. Forrester, C. E. Copp, L. 0 . Wentworth, C. E. McClusky.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial........................................
Savings............................... .., .....................
Bonds, mortgages and securities:
Commercial....................... .....................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings............_.................... .. ....................
Due from banks in reserve cities:
Commercial........................... .....................
Cash on hand:
Commercial.................................................
Savings................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures. ................................
Other real estate................................. ..
Bonds borrowed or left for safe keeping. .
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3409,809 76
17,141 29
14,713 40
40,862 57
4,892 52
10,500 00
776 03
421
5,832
2,074
3.300
2.3 0 0
11,583
650
998
900
08
41
18
00
00
93
00
59
00
3526,755 76
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks............................. ...............
State moneys on deposit.....................
Time commercial certificates of deposit. .
Savings deposits (book account)...............
Savings certificates of deposit....................
Notes and bills rediscounted......................
Bills payable........................................ ..
Bonds borrowed or left for safe keeping. .
Other liabilities..............................................
Total
325,000
5.000
2,235
5.000
72.597
1,562
00
00
52
00
13
88
10,000 00
285,276
56,098
18,237
33.597
92
48
79
04
6.000 00
650 00
4,5 0 0 00
3526,755 76
STATE
BANKS
OF
53
M IC H IG A N
No. 571.
F A R M E R S ’ A N D M E R C H A N T S ’ S T A T E B A N K , C A SN O V IA .
Organized December 27, 1915.
J. L. N
D i r e c t o r s .— J.
orris,
P r e s id e n t ; G e o . E. B u r l e y , V i c e P r e s id e n t ;
V. R. F a n c e t t , A s s is t a n t C a s h ie r .
F. R. D
avis,
C a s h ie r ;
L. Norris, F. R. Davis, E. C. Greiner, Geo. E. Burley, Frank Nelson, C. B. Stinson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial........................
Savings.................................. . ...................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts..................................................
Expenses, interest and taxes paid exceed
ing earnings................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...........................................
Bonds borrowed or left for safe keeping..
Total.........................................................
$89,388 01
35,817 44
13,550 00
74,100 07
6,026 83
3,096 59
$20,000
00
Capital stock paid in..........................
Surplus fund.........................................
5,000
00
1,541
22
Undivided profits, net.......................
Commercial deposits subject to check. . .
42,759 67
Demand certificates of deposit.......
32,466
44
75,088
04
Savings deposits (book account).....
Savings certificates of deposit.........
44,673
69
Bills payable..........................................
17,500 00
Bonds borrowed or left for safe keeping. .
4,600 00
590 00
5,885 42
4 ,0 0 0 00
154 47
1,551
1,500
2,512
855
4,6 0 0
84
00
50
89
00
$243,629 06
Total.........................................................
$243,629 06
No. 680.
CASS C IT Y S T A T E B A N K , CASS C IT Y .
Organized June 10, 1921.
M.
B. A
D i r e c t o r s .— B.
u t e n , P r e s id e n t ; G. A. T i n d a l e , V i c e P r e s id e n t a n d C a s h ie r ;
C . M . W a l l a c e , I s a b e l l e M c I n t y r e , A s s is t a n t C a sh ie rs .
F. Benkelman, E. W . Jones, A. J. Knapp, John A. Sandham, M . B. Auten,
G. A . Tindale, J. H. Striffler.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................................................
Overdrafts.......................................................
Banking house................................................
Furniture and fixtures........................
Bonds borrowed or left for safe keeping. .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$119,061 72
50,512 27
8,150 00
155,859 20
7,988 96
11,346 17
Capital stock paid in....................................
Surplus fund...................................................
Undividedprofits.net..................................
Commercial deposits subject to check. , .
Demand certificates of deposit..................
Certified checks.............................................
State moneys on deposit.............................
Savings deposit (book account).................
Savings certificates of deposit....................
Bills payable.........................................
Bonds borrowed or left for safe keeping. .
$40,000 00
3,500 00
2,007 70
81,965 60
14,296 55
450 50
5,000 00
145,148 64
75,773 55
15,000 00
9,300 00
Total.........................................................
$392,442 54
15,400 00
8,557
266
4,0 0 0
2,000
9 ,3 0 0
37
85
00
00
00
$392,442'54
54
STATE
B A N K IN G
DEPARTM ENT
No. 671.
P IN N E Y ST A T E B A N K , CASS C IT Y .
Organized January 12, 1921.
E lizabeth
E. P
, P r e s id e n t ; J. M . D o d g e , V i c e P r e s id e n t ; R o y B r i c k e r , C a s h ie r ;
J. C. M c R a e , E r n e s t C r o f t , D. W . B e n k e l m a n , A s s is t a n t C a sh ie rs .
inney
D i r e c t o r s .— Elizabeth
E. Pinney, J. M . Dodge, J. D. Brooker, Herbert F. Lenzner, P. A. Schenck.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
S a v in g s.......................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.............................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings......... ...............................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.................................
Other real estate............................................
Bonds borrowed or left for safe keeping. .
Stock of Federal Reserve bank.................
Total.........................................................
Liabilities.
5522,825 02
182,298 55
126,100 27
269,751 88
19,463 83
13,000 00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net...................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks................... '.................... ..
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping. .
350,000
6,000
3,736
113,859
66,858
1,597
5,000
170,670
292,077
17,900
00
00
28
12
50
38
00
43
35
00
24,694 19
1,271 05
1,187
7,000
448
5,200
2,300
32,558
17,900
1,700
48
00
54
00
00
25
00
00
55727,699 06
Total.........................................................
3727,699 06
No. 421.
T H E CASS C O U N T Y S T A T E B A N K , CASSOPOLIS.
Organized August 27, 1908.
E l i c k L o w i t z , P r e s id e n t ; S t e p h e n
D i r e c t o r s .— Stephen
I. R u d d , R. F. P e c k , V i c e P r e s id e n t s ; W i l s o n
M a b e l V. G o h n , A s s is t a n t C a sh ie r.
B. D
eck er
, C a s h ie r ;
I. Rudd, U. S. Eby, R. F. Peck, J. F. Hayden, W . B. Decker, W . C. McCutcheon, Elick Lowitz.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial___ .•.........................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks andother cash items. . . .
Stock of Federal Reserve bank.................
T o t a l . . . . ................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3142,427 49
58,413 50
61,571 00
8,162 25
10,000 00
28,225 24
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Time commercial certificates of deposit. .
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
340,000 00
8,000 00
3,151 45
101 697 81
10,908 55
639 82
98,545 60
46,012 14
28,933 67
11,350 00
Total.........................................................
3349,239 04
605 16
3,279 85
3,374 81
581 84
6 ,0 0 0 00
2,500 00
11,275 48
11,350.00
22 42
1,450 00
3349,239 04
STATE
BANKS
OF
M IC H IG A N
55
N9. 537.
T H E ST AT E B A N K OF C E D A R , C E D A R .
Organized M ay 10, 1913.
G eorge
A.
M a s o n , P r e s id e n t ; A. E. B e l l i n g e r , V i c e P r e s id e n t ; E l m e r B i l l m a n , C a s h ie r ;
F r a n k E. S b o n e k , A s s is t a n t C a s h ie r ; S. R. B u r k e , A u d ito r .
D irectors.— Elmer Billman, A. E. Bellinger, George A. Mason, S. R. Burke, J. C. Vlack.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings................................._......................
Bonds, mortgages and securities:
Commercial.................................
Savings ...........
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate......... ..................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Other assets....................................................
Total........................................................
338,166 16
50,262 97
20,107 50
147,106 63
15 ¡113 56
Capital stock paid in....................................
Surplus fund...................................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
320,000 00
6,000 00
24 00
36,037 88
25,268 76
499 ¿2
200,356 45
23,757 30
32,400 00
22,650 00
898 36
3,000 00
8 75
842 62
5,000 00
3,135 00
5,475 02
32,400 00
31 54
145 90
3344,344 01
Total........................................................
3344,344 01
No. 581.
C E D A R SPRINGS ST AT E B A N K , C E D A R SPRINGS.
Organized April 4, 1916.
F r e d H u b b a r d , P r e s id e n t; J o h n
D i r e c t o r s .—
B e u c u s , G e o . F. F u r n e r , V i c e P r e s id e n t s ; H e r b e r t W . W h e e l e r , C a s h ie r ;
L e e G r i s w o l d , A s s is t a n t C a sh ie r.
John Beucus, George F. Furner, Fred Hubbard, Lee Griswold, Ernest A. Remer, Herbert W . Wheeler.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..............................
Cash on hand:
Commercial.................................................
Savings.......................................................
Overdrafts.................................
Banking house................................................
Furniture and fixtures..................................
Other real estate. . ;.......................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3119,236 30
26,700 31
6 955
46
123,555 95
41,781 13
3,000 00
58,700 00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of'deposit....................
Bonds borrowed or left for safe keeping..
320,000 00
12,000 00
941 62
808 78
73,863 86
87,943 54
360 00
10,000 00
51,637 72
161,556 78
44,650 00
8,990 86
4,0 0 0 00
167 70
16,000 00
6,754 94
3,104 00
44,650 00
165 65
3463,762 30
Total.................................•......................
3463,762 30
STATE
56
B A N K IN G
DEPARTM ENT
No. 675.
F A R M E R S & M E R C H A N T S ST AT E B A N K , C E D A R SPRIN G S.
Organized January 29, 1921.
D i b P h e l p s , P r e s id e n t ; T h o m a s J. B l a n c h a r d , V i c e P r e s id e n t ; D e n n i s D . D a v i s , C a s h ie r ;
C l a r e R e y b u r n , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Dib
Phelps, Thomas J. Blanchard, George Arnold, James Hanna, John M . Holland, George Munro,
E. B. Thurston.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings................................... ....................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Furniture and fixtures.........................
Bonds borrowed or left for safe keeping..
$70,327 82
1,668 00
26,863 00
1,890 14
3,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, n e t..._............................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit....................... ..
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
$23,000 00
2,000 00
2,393 31
31,010 69
6,710 80
10,000 00
6,000 00
12,393 79
23,280 13
ISO 00
6,600 00
4,305
1,018
3,113
ISO
19
39
98
00
$118,938 72
Total
$118,938 72
Total
No. 665.
B A N K OF C E M E N T C IT Y , C E M E N T C IT Y .
Organized August 4, 1920.
Jo h n
S. F
l i n t , P r e s id e n t ;
E r v i n L e w i s , V i c e P r e s id e n t ; M i n n i e
K. F
lint,
C a sh ie r.
John S. Flint, Alvin Cole, Norman W . Birdsall, Earl J. Wilson, L. W . Burroughs, Ervin Lewis,
Homer H. Crego, Ernest D. Every, Byron Every, James O. Wheaton, William Wheaton.
D ir e c t o r s —
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial....................................
$22,308
28
Bonds, mortgages and securities:
23,393
73
Commercial....................................
Savings......................
39,325 80
Due from banks in reserve cities:
Commercial....................................
24,438
81
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings............................................
6,390
04
Cash on hand:
Commercial................................................
3,912 32
Savings...........................................
3,420
S3
Overdrafts...........................................
1
03
Furniture and fixtures......................... •
3,819 72
Bonds borrowed or left for safe keeping..
8,130 00
Outside checks and other cash items. . . .
29 S3
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$137,210 01
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, n e t..._............... ............
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks............... ..............................
Savings deposits (book account)...............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
T o t a l ......................................................
$23,000
6,230
1,032
40,448
4,172
00
00
30
32
82
1,000 00
17,233 81
33,882 36
8,150 00
$137,210 01
STATE
BANKS
OF
M IC H IG A N
57
No. 660.
C E N T E R L IN E ST AT E SAVINGS B A N K (W A R R E N P. O.)
Organized M ay 1, 1920.
Edward
J. S c h o e n h e r r , P r e s i d e n t ; C
D irectors.
has
.H almich,
J. E
d w a r d
R e a d y , V i c e P r e s id e n t s ;
E. G. K
a y
, C a sh ie r.
Chas. Halmich, Bert V. Nunneley, John F. Kramer, John F. Buechel, Edw. J. Schoenherr, Bernard
Wolf, John G. Hafeli, Jr., Fred Schuster, J. Edward Ready.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts..............................................
Banking house................................................
Furniture and fixtures..................................
Total. •.
$269,284 14
60,875 00
44,770 00
499,509 07
26,424 65
39,943 83
Capital stock paid in.............. .....................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit..........................
Bills payable.........................................................
$60,000 .00
12,000 00
11,265 54
234,872 80
10 00
8,721 99
15,000 00
586,754 77
55,781 84
45,000 00
41,542 00
8,489
1,000
318
27,750
9,500
31
00
94
00
00
$1,029,406 94
Total
$1,029,406 94
No. 343.
T H E F IR ST S T A T E B A N K OF C E N T R A L L A K E , C E N T R A L L A K E .
Organized June 15, 1906.
C. W . M
cP hail,
D i r e c t o r s .—
P r e s id e n t;
A. F. W
allbrecht
,
W . S. R
ichardson
, V i c e P r e s id e n t s ; G u y
E. W
hite,
C a sh ie r.
C. W . McPhail, W . S. Richardson, A. F. Wallbrecht, J. H. Smith, M . G. Smith, Guy E. White.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................. . ...................
Bonds, mortgages and securities:
Savings........... _.................... .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house.................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$71,907 83
19,157 33
43,325 64
18,652 05
2,108 84
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Due to other banks and bankers..............
Savings deposits (book account)...............
Savings certificates of deposit. ..................
$20,000 00
5,000 00
398 31
41,186 34
38,463 11
332 14
134 50
71,749 03
200 00
5,000 00
5,010
1,764
387
3,200
1,800
57
83
26
00
00
4,499 42
649 66
$177,463 43
Total........................................................
,$177,463 43
STATE
58
B A N K IN G
DEPARTM ENT
No. 391.
T H E W O L F BROS. ST A T E B A N K , C E N T R E V IL L E .
Organized March 26, 1908.
F r a n k W o l f , P r e s id e n t ; B r y a n t W e e d , V i c e P r e s id e n t ;
D i r e c t o r s .— Frank
C. D. M
osher
, C a sh ie r.
Wolf, C. D. Mosher, Bryant Weed, W . I. Ashley, E. C. Engle, Wm. L. Thoms.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
Total.........................................................
3182,617 30
44,342 00
31,000 00
428,673 50
330,000
10,000
8,145
220,235
231,505
281,593
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings'certificates of deposit....................
00
00
18
75
70
14
31,488 78
21,875 28
30,450 00
2,186
5,000
255
3,500
91
23
00
06
00
62
3781,479 77
Total.........................................................
3781,479 77
No. 315.
T H E C H A R L E V O IX ST A T E SAVINGS B A N K , C H A R L E V O IX .
Organized June 8, 1905.
W . S. R i c h a r d s o n , P r e s id e n t ;
D i r e c t o r s .— John
A. D . C
rimmins
, V i c e P r e s id e n t ; A r c h i e L i v i n g s t o n , C a sh ie r.
Burns, A. D . Crimmins, W . S. Richardson, Archie Livingston, Harry A. Craig.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ..................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................... . . . .
Bonds borrowed or left for safe keeping..
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3223,064 67
4,000 00
41,590 42
259,449 84
14,411 68
27,699 78
5,500 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net...................................
Reserved for taxes, interesc, etc.................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
325,000 00
Total.........................................................
3623,412 13
10,000 00
5,911
2,043
173,269
67,388
1,798
906
5,000
296,162
22,432
13,500
99
50
10
04
04
95
00
18
33
00
2,999 48
3,672
10,000
458
11,000
4,299
1,765
13,500
62
00
83
00
00
81
00
3623,412 13
STATE
BANKS
OF
59
M IC H IG A N
No. 218.
E A T O N C O U N T Y SAVINGS B A N K , C H A R L O T T E .
Organized August 1, 1899.
G e o . H. S p e n c e r , P r e s id e n t ; A l b e r t M u r r a y , V ic e P r e s id e n t ; N e d B. A l s o v e r , C a s h ie r ;
C. E. F i s h e r , A s s is t a n t C a s h ie r ; E t h e l S i i o t w e l l , A u d ito r .
D i r e c t o r s .— Albert
Murray, Geo. H. Spencer, E. D. Barber, Ned B. Alsover, M . Vomberg, H. T. McGrath,
W . B. Fulton, C. E. Fisher.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial....................... ..........................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings................................. .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings..............._.........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.......................................................
Overdrafts.................................. .....................
Banking house......................» .......................
Furniture and fixtures..................................
Stock of Federal Reserve bank.................
3546,663 90
65,930 00
604,816 15
44,269 35
16,400 00
62,816 09
2,508 53
20,000 00
23,507
334,612
186,369
1,700
8,542
50.000
676
9 0.000
562,027
16,647
93
66
34
00
96
00
69
00
70
69
519 92
12,951 97
11,000 00
109
17,500
5,000
3,600
06
00
00
00
31,394,084 97
Total
3100,000 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, ne,t..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks.............................................
State moneys on deposit.............................
Postal savings deposits................................
U. S. Government deposits........................
Savings deposits (book account)...............
Club savings deposits...................................
31,394,084 97
Total
No. 509.
T H E CHASSELL ST A T E B A N K , CHASSELL.
Organized June 27, 1912.
C has.
H. W
orcester
D i r e c t o r s .— Chas.
, P r e s id e n t ; E d w a r d A. H a m a r , V i c e P r e s id e n t ; M a r c e l l
E l m i M. H i l l , A s s is t a n t C a sh ie r.
A. N
a d e a u
, C a s h ie r ;
H. Worcester, Marcell A. Nadeau, Edward A. Hamar, J. H. Funk, W . H. Hutchins.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................. ........................
Bonds, mortgages and securities:
Savings........... .. ................... .. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate........................ ...................
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
369,812 8 1 '
18,744 96
38,167 71
21,591 93
564 31
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, n e t.................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks...........................................
Savings deposits (book account)...............
Club savings deposits...................................
.
320,000
11,000
3,432
71,734
320
3
65,703
2,599
00
00
40
49
00
26
95
18
12,331 98
7,072
1,000
89
3,000
800
1,140
477
97
00
53
00
00
00
08
3174,793 28
Total.........................................................
3174,793 28
STATE
60
B A N K IN G
DEPARTM ENT
No. 304.
T H E C H E B O Y G A N S T A T E SAVINGS B A N K , C H E B O Y G A N .
Organized February 11, 1905.
F red
A. H
a u t
D irectors—
, P r e s id e n t ;
W m. C
hilds,
V i c e P r e s id e n t ; G e o .
D. N
imm o
, C a s h ie r ;
H. C. F r i d a y , A s s is t a n t C a s h ie r .
B. A. Cuenv, Fred A. Haut, J. F. Shepherd, George Annand, W . E. Chapman, Henry Barber,
O. H. Gebhardt, W . L. Hagadorn, M . E. Riggs.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial............ ....................................
Savings.................... ............ .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings................................... .....................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house.......................................
Bonds borrowed or left for safe keeping..
3216,915 94
78,636 11
163,829 92
330,724 09
101,704 09
54,900 00
350,000 00
10,000 00
8,522
1,170
302,815
500
5,262
1,149
116,945
344,725
130,408
29,050
23
67
33
00
24
93
03
11
22
00
1,666 90
9,560 97
11,373 36
187 38
2,000 00
29,050 00
31,000,548 76
Total
Capital stock paid in ...................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers. . . . . . .
Time commercial certificates of deposit .
Savings deposits (book account)..............
Savings certificates of deposit...........
Bonds borrowed or left for safe keeping..
31,000,548 76
Total
No. 397.
T H E F A R M E R S ’ A N D M E R C H A N T S ’ B A N K OF C H E L SE A , CH ELSEA.
Organized April 22, 1908.
P a u l G. S c h a i b l e , P r e s id e n t ; P e t e r M e r k e l , C h r i s t i a n G r a u , V i c e P r e s id e n t s ;
H e r b e r t W . S c h e n k , C a s h ie r ; P a u l F. N i e h a u s , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Peter
Merkel, Christian Grau, Jas. H. Guthrie, Christopher Kalmbach, John fval mbach,
O. C. Burkhart, John Farrell, Conrad Lehman, Paul G. Schaible.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................ ._.....................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... _.................... . •...................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings................................... .....................
Overdrafts........................................................
Banking house................................................
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3188,713 60
9,000 00
53,694 44
414,943 06
17,240 91
16,000 00
64,320 88
Capital stock paid in....................................
Surplus fund......................................... . . . . .
Undivided profits, net..................................
Dividends unpaid. ._.....................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks............ ................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
350,000
50.000
30,384
228
00
00
06
00
10.000 00
189,776
42
2,929
5,000
490,451
30,988
49
00
85
00
76
76
75,800 00
727 14
7,758
5,697
105
2,800
3,000
39
46
04
00
00
3859,800 92
Total
3859,800 92
STATE
BANKS
OF
M IC H IG A N
61
No. 203.
T H E K E M P F C O M M E R C IA L A N D SAVINGS B A N K , CHELSEA.
Organized December 17, 1898.
D. C. M
D i r e c t o r s .—
c
L a r e n , P r e s id e n t;
J. L. F l e t c h e r , D. E. B e a c h , V ic e P r e s id e n t s ; C. J. M
P. C. M a r o n e y , A s s is t a n t C a sh ie r.
aye r
, C a s h ie r ;
R. H. Holmes, Otto D. Luick, Edward Vogel, D. C. McLaren, L. P. Vogel, E. S. Spaulding, D. E.
Beach, C. J. Chandler, M . J. Dunkel, Andros Guide, L. G. Palmer.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial..........................................
Savings.........................................................
Due from federal reserve bank:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial..........................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................
Banking house................................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Stock of Federal Reserve bank.................
Total.........................................................
J5218.978 67
5 7 ,070 2447,284 84
300,056 87
24,008 91
3,216 42
34,246 59
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit............................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...............•...................................
Bonds borrowed or left for safe keeping..
360,000 00
40,000 00
31,929 05
82 03
183,601 81
7 05
5,000 00
29,128 10
383,022 72
24,063 28
27,550 00
57,050 00
Total.........................................................
3841,434 04
60,831 00
565 24
6,0 0 7
6 ,0 0 0
165
11,900
11,051
57,050
3,000
90
00
59
00
77
00
00
3841,434 04
No. 235.
T H E C H E S A N IN G ST A T E B A N K , C H E SA N IN G .
Organized M ay 17, 1901.
M illis
L. P a r s h a l l , P r e s id e n t ; G
eorge
M . P e e t , O. C. S p e r r y , V i c e P r e s id e n t s ; C l a y A. H o y t , C a s h ie r ;
F r a n k J. S t e v e n s , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Frank
A. Greenfelder, Ralph Agnew, George M. Peet, Millis L. Parshall, O. C. Sperry, G. M. Nason,
L.
A. Perrot.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... .....................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..............._.........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial................................. > ............
Savings.........................................................
Overdrafts............................................
Banking house................................................
Furniture and fixtures..................................
Other real estate.....................................
Bonds borrowed or left for safekeeping..
Outside checks and other cash item s.. . .
Liabilities.
3225,506 10
129,312 22
34,500 00
467,475 52
53,908 84
30,000 00
00
00
77
65
11
52
23
00
102,000 00
569 30
17,205 36
5,000 00
375 37
33,031 63
9,067 18
13,756 64
115,05 0 00
1,300 12
Total......................................................... 31,238,058 28
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in.........................
350,000
Surplus fund.........................................
30,000
Undividedprofits.net........................
15,831
Reserved for taxes, interest, etc.....
3,200
Commercial deposits subject to check. . .
122,665
Demand certificates of deposit.......
167,777
Savings deposits (book account).....
733,533
Bonds borrowed or left for safe keeping..
115,050
Total......................................................... 31,238,058 28
62
STATE
B A N K IN G
DEPARTM ENT
No. 424.
T H E C IT IZ E N S ST A T E B A N K OF C LA R E.
Organized December 22, 1908.
A. E. S l e e p e r , P r e s id e n t ; A. E. M
, W m . H. B i c k n e l l , V i c e P r e s id e n t s ; J a m e s
D o n a l d B i c k n e l l , J. R. G o o d m a n , A s s is t a n t C a s h ie r s ;
D i r e c t o r s .— A.
uld er
S. B i c k n e l l , C a s h ie r ;
E. Sleeper, James S. Bicknell, A. E. Mulder, Wm. H. Bicknell, A. J. Doherty, A. E. Mussell,
James Duncan.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial..................................................
U . S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total........................................................
3198,503 76
50,000 00
5,000 00
116,946 00
17,060 03
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit..............................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping .
Other liabilities..............................................
320,000
20,000
36
111,318
91,069
5,000
192,172
18,755
5,586
00
00
83
72
23
00
33
13
14
20,000 00
1,722 21
4,246
5,226
681
6,000
1,000
18,086
18,350
1,116
00
33
37
00
00
14
00
54
3463,938 38
Total...................... ..................................
3463,938 38
No. 118.
T H E C LA R E C O U N T Y SAV IN G S B A N K , CLA R E.
Organized M ay 17, 1891.
Corporate existence extended M ay 18, 1921.
C. W . P
erry
, P r e s id e n t ; J o s e p h H u d s o n , J a s . A. M c K a y , V ic e P r e s id e n t s ; C. H . S u t h e r l a n d , C a s h ie r ;
F r e d O. M c G u i r e , G e o . V. C o l l i n s , A s s is t a n t C a sh ie rs .
D i r e c t o r s .— C.
W . Perry, Joseph Hudson, C. H. Sutherland, Geo. V. Collins, Jas. A. McKay,
Fred O. McGuire, E. A. Anderson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Other real estate............................................
Bonds borrowed or left for safe keeping .
3248,932 27
40,882 00
556,788 91
83,698 85
47,403 41
340,000
40,000
7,470
129,730
208,745
500
5,000
549,437
86,265
00
00
45
63
48
00
00
81
58
20,000 00
727 61
13,252
11,511
39
40,000
2,848
1,065
15
07
86
00
50
32
Total......................................................... 31,067,149 95
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. ..
Demand certificates of deposit..................
Certified checks..............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Total........................................................
31,067,149 95
STATE
BANKS
OF
M IC H IG A N
63
No. 540.
T H E C L A R K ST O N ST AT E B A N K , C L A R K ST O N .
Organized October 31, 1913.
D avid
R. T
D i r e c t o r s .— G.
eggerdine
, P r e s id e n t ; G. A. W a l t e r , V ic e P r e s id e n t ;
D o n a l d M i l l e r , A s s is t a n t C a sh ie r.
G. D. K
ing,
C a s h ie r ;
A. Walter, David R. Teggerdine, W . J. Perry, Lewis L. Brown, Joseph H. Alger,
G. D. King.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings........... ............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings................................................ ..
Overdrafts................................................. .. . .
Banking house. . . ..........................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total.........................................................
Liabilities.
#67,463 38
69,867 20
96,383 44
18,842 79
Capital stock paid in.........................
#20,000
00
Surplus fund.........................................
10,000
00
Undivided profits, net........................
1,173
15
Commercial deposits subject to check. . .
88,461 68
Certified checks...................................
5
00
Savings deposits (book account).....
122,687
12
60,197
88
Savings certificates of deposit.........
Club savings deposits........................
418
99
Bonds borrowed or left for safe keeping .
15,241 46
24,250 00
4,955 96
3,000 00
290 10
7,161 19
4,324 83
6,005 04
15,100 00
541 35
#318,185 28
Total.........................................................
#318,185 28
No. 486.
T H E E D W IN N A SH ST A T E B A N K , CL A R K SV ILL E .
Organized June 5, 1911.
D . F. W a l t e r , P r e s id e n t ; E l m e r E. W i n e y , V i c e P r e s id e n t ; R o y B l o u g h , C a s h ie r ;
M r s . L y n n e N a s h , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
D. F. Walter, Elmer E. Winey, C. E. Scoville, John Nickerson, Jacob Lenhard, A. I. Laughlin,
C. E. Marvin.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings........... .............................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................................................'
Savings............................................ .........
Overdrafts........................................................
Banking house................... .. . ..................
Furniture and fixtures..................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
#71,919 22
25,762 93
11,835 00
92,065 00
14,682 66
11,628 89
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bills payable...................................................
#20,000 00
4,0 0 0 00
448 87
43,786 03
26,912 41
42,290 81
93,322 19
7,000 00
1,100 00
1,510
3,000
100
2,400
L755
97
00
64
00
00
#237,760 31
Total.........................................................
#237,760 31
64
STATE
B A N K IN G
DEPARTM ENT
No. 376.
T H E C L IM A X ST AT E B A N K , C L IM A X .
Organized August 25, 1907.
M . S c r a m l i n , P r e s id e n t ; J. W . P
D i r e c t o r s .— A.
ierce
, V i c e P r e s id e n t ;
T. E. S i n c l a i r , C a sh ie r.
A. Aldrich, M . Scramlin, Ira Barkley, J. W . Pierce, Morris Roof, T. E. Sinclair, G. G. Hamilton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
. reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.. . . » ..............................................
Furniture and fixtures..................................
Outside checks and other cash items . . . .
Total.........................................................
$30,801 74
31,451 53
34,206 87
81,823 39
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
$20,000
3,100
1,357
49,412
144,248
19,126
00
00
29
67
33
97
4,433 74
39,698 28
7,800 00
2,218
3.000
449
1.000
361
53
00
41
00
77
$237,245 26
Total............................... ..........................
$237,245 26
No. 616.
ST A T E SAVINGS B A N K , C L IN T O N .
Organized June 26, 1918.
W . D. V
L. W . K
imball
D i r e c t o r s .—
, P res id e n t;
W . B. R
ichmond
a n
, Frank
T u y l e , C h a ir m a n .
W . H o g a n , V ic e P r e s id e n ts ;
W m . P. V
a n
T u y l e , C a s h ie r .
W . D . Van Tuyle, Wm. P. Van Tuyle, W . B. Richmond, Wm. S. Kimball, Frank W . Hogan,
Clare L. Kimball, L. W . Kimball.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _...................._. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Banking house................................................
Furniture and fixtures..................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$199,330 93
76,685 00
5,488 35
326,670 41
38,800 69
56,150 58
..
Capital stock paid in......................... ..
Surplus fund... ..............................................
Undivided profits, net..................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
$50,000
20,000
14,944
2,606
179,142
1,569
386,962
86,068
00
00
93
44
52
55
57
44
17,900 00
4,965
100
10,000
5,202
71
00
00
78
$741,294 45
Total.........................................................
$741,294 45
STATE
BANKS
OF
M IC H IG A N
65
No. 483.
T H E CLIO ST AT E B A N K , CLIO.
Organized M ay 18, 1911.
C h a s . G. M a t z e n , P r e s id e n t ; T h o s . O l i f f , V i c e P r e s id e n t ; C h a s . E. T a y l o r , C a s h ie r ;
L y l e D . B r o w n , A s s is t a n t C a sh ie r.
D irectors.
Charles Noble, Chas. G. Matzen, Thos. Oliff, D . C. Merrill, Chas. E. Tay.or, Harley Jennings.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .........................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Lh S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................
Savings.........................................................
Overdrafts.......................................................
Expenses, interest and taxes paid ex
ceeding earnings........................................
Banking house...............................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping .
Total........................................................
3145,124 9l
43,941 49
4,500 00
282,154 30
24,023 40
23,366 76
41,800 00
Capital stock paid in.........................
$25,000
Surplus fund.........................................
7,000
Undivided profits, net........................
403
Reserved for taxes, interest, etc.....
134
Commercial deposits subject to check. . .
110,585
Cashier’s checks...................................
3,401
State moneys on deposit...................
5,000
Time commercial certificates of deposit .
55,055
353,978
Savings deposits (book account)....
Savings certificates of deposit.........
39,489
Club savings deposits........................
2,718
Bonds borrowed or left for safe keeping .
26,850
0.0
00
52
50
47
62
00
11
69
54
89
00
8,012 76
5,000 00
320 07
604 91
16,000 00
7,325 00
593 74
26,850 00
Total........................................................
$629,617 34
$629,617 34
No. 104.
T H E B R A N C H C O U N T Y SAVINGS B A N K , C O L D W A T E R .
Organized September 19, 1890.
Corporate existence extended September 20, 1920.
B. S. S p o f f o r d , P r e s i d e n t ; H . S m i t h C
lizbe, H a r r y
E m e r y M cV a y , H o w a r d
D i r e c t o r s .— B.
P. W o o d w a r d , V i c e P r e s id e n t s ; M . W . W
K. S n y d e r , A s s is t a n t C a sh ie rs .
imer
, C a s h ie r ;
S. Spofford, N. Baldwin, Harry P. Woodward, H. Smith Clizbe, M . W . Wimer, C. A. Conover,
E. E. Palmer.
Statement October 8, 1924.
Liabilities.
. Resources.
Loans and discounts:
Commercial..................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
$348,302 48
46,736 00
577,539 74
173,312 13
47,613 14
$50,000
50,000
8,199
140
244,115
239,841
655,651
00
00
97
00
43
59
84
2,990 23
9,610
30,498
345
11,000
45
96
70
00
Total......................................................... $1,247,948 83'
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Total..................................................
. . $1,247,948 83
66
STATE
B A N K IN G
DEPARTM ENT
No. 636.
F A R M E R S ’ SAVINGS B A N K , C O L E M A N .
Organized October 1, 1919.
S. W . D
ela marte r
, P r e s id e n t ; R a l p h C l a r k , L. J. D o h e r t y , V i c e P r e s id e n t s ; G e o r g e
W m . S. M e t h n e r , A s s is t a n t C a sh ier.
D i r e c t o r s .— Ralph
M. M
oore
, C a s h ie r ;
Clark, L. J. Doherty, S. W . Delamarter, C. P. Smith, G. A. Neier.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U S. Bonds and Cert, of Ind. as legal
-eserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................... , ..........
Other real estate............................................
Bonds borrowed or left for safe keeping..
Other assets....................................................
3103,065 88
5,235 41
36,051 11
12,258 02
900 00
Capital stock paid in..........................
325,000
27
Surplus fund.........................................
115
Undivided profits, net........................
Commercial deposits subject to check. . .
73,670
Demand certificates of deposit........
27,664
44,938
Savings deposits (book account).....
Bills payable...................................................
3,000
Bonds borrowed or left for safe keeping..
2,150
00
55
49
15
27
40
00
00
2,850 00
4,472
1,000
82
3,0 0 0
2,000
2,500
2,150
1,000
Total.........................................................
69
00
75
00
00
00
00
00
3176,565 86
Total.........................................................
3176,565 86
No. 292.
T H E ST AT E B A N K OF C O L E M A N , C O L E M A N .
Organized June 1, 1904.
C. W . M
c
P h a i l , P r e s id e n t ;
D i r e c t o r s .— C.
C. H. N
iggeman
, V i c e P r e s id e n t ; G.
H. G
lasure
, C a sh ie r.
H. Niggeman, C. W . McPhail, J. E. Curtice, C. H. Macomber, J. M. Allen.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................
Savings................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ....................... .....................
Due from banks in reserve cities:
Commercial.................................................
Savings......... ...............................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................................................
Cash on hand:
Commercial.................................................
Savings...............................; .......................
Overdrafts....................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Ponds borrowed or left for safe keeping..
Total............... .........................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
383,479 36
44,593 66
350 00
47,139 87
18,307 85
782 53
Capital stock paid in.....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks..............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping..
320,000 00
7,000 00
1,517 28
56,776 46
47,552 54
1,351 34
98,517 67
50 98
10,450 00
Total.........................................................
3243,216 27
7,150 00
8,213
500
42
8,000
2,000
12,207
10,450
93
00
07
00
00
00
00
3243,216 27
STATE
BANKS
OF
M IC H IG A N
67
No. 442.
T H E ST A T E B A N K OF COLO M A, COLO M A.
Organized October 28, 1909.
W . S. H
a l l m a n
D i r e c t o r s .— C.
C. M. B a l l , V i c e P r e s id e n t ; C
C. A. F u r m a n , A s s is t a n t C a sh ie r.
, P r e s id e n t ;
has
. O. B a l l , C a s h ie r ;
M. Ball, Lewis Umphrey, Horace G. Krake, F. J. Thar, W . S. Hallman.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank: *
Commercial...........................
Savings........... .....................; .....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.......................................................•.
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total.........................................................
Liabilities.
#284,166
82.
18,759 16
243,543 03
22,198 65
8,400 00
5,175 39
6,943 68
Capital stock paid in....................................
Surplus fund...................................................
Reserved for taxes, interest, etc........... .. .
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Club savings deposits...................................
Notes and bills rediscounted......................
Bills payable...................................................
Bonds borrowed or left for safe keeping..
#25,000
25,000
2,869
218,104
68,986
788
5,000
276,351
775
5,318
10,000
4,400
00
00
69
47
25
49
00
33
49
00
00
00
4,614 95
4,000 00
4,918 52
1,529
25,000
6,143
4,400
1,300
1,500
12
00
50
00
90
00
#642,593 72
Total.........................................................
#642,593 72
No. 427.
E. H IL L A N D SONS’ ST A T E B A N K , COLON.
Organized March 11, 1909.
F r a n k E. H i l l , P r e s id e n t ; S u s a n
D i r e c t o r s .— Grant
V. H
i l l , G r a n t E. F a r r a n d , V i c e P r e s id e n t s ; O. J. W i n t e r . C a s h ie r ;
E v a I. H i l l , A s s is t a n t C a sh ie r.
E. Farrand, Frank E. Hill, Susan V. Hill, Evelyn M . Hill, Raymond G. Hill.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings .........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand :
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Other real estate.............................c . .-. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
#59,822 65
23,700 00
103,721 13
48,342 12
2,914 09
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
#30,000 00
6,000 00
1,316
2,640
114,009
1,035
53,217
66,961
45
00
71
77
39
38
9,300 00
2,966 98
4,243 55
170 18
12,000 00
8,000 00
#275,180 70
Total
#275,180 70
68
STATE
B A N K IN G
DEPARTM ENT
No. 433.
T H E C O L U M B IA V IL L E ST A T E B A N K , C O L U M B IA V IL L E .
Organized M ay 29, 1909.
W . H. W
D i r e c t o r s .— Geo.
ilson,
P r e s id e n t ; R. S. S p e n c e r , V i c e P r e s id e n t ; J.
H a r l e y M i n e r , A s s is t a n t C a sh ie r.
H. B
ohn sack
, C a s h ie r ;
W . Hollenshead, E. C. Robertson, C. E. Robertson, R. S. Spencer, W . H. Wilson, J. W . Bohnsack,
C. D. Chapin, D. H. Butler, Fred Fick.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
S a v i n g s ^ .....................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts.......................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Total.........................................................
Liabilities.
3108,260 82
25,965 00
106,800 78
17,324 69
34,400 00
10,127
35
4,600
1,603
4,050
13,950
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit. . ..............
Savings deposits (book account)............... •
Savings certificates of deposit....................
Club savings deposits..................................
Bonds borrowed or left for safe keeping..
320,000
8,000
3,128
12
64
77,351
55,272
65,842
80,190
3,304
13,950
00
00
05
00
50
63
93
84
13
41
00
15
05
00
00
00
00
3327,116 49
Total.........................................................
3327,116 49
No. 599.
C O M S T O C K P A R K ST A T E B A N K , C O M ST O C K P A R K .
Organized M ay 24, 1917.
D. H . P o
w e r
, P r e s id e n t ; P e t e r B u t h , G e o . P. L a m o r e a u x , V i c e P r e s id e n t s ;
F. N. N a g e l , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
E. A. P
o w e r
, C a s h ie r ;
D. H. Power, Geo. P. Lamoreaux, E. A. Power, M . D. Buth, Peter Buth.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings.......... ......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
374,168 65
41,860 00
168,346 33
12,347 06
20,000 00
Capital stock paid in........................
320,000
Surplus fund.......................................
5,000
Undividedprofits.net......................
2,001
Commercial deposits subject to check. ..
71,256
Cashier’s checks..............................
1,948
10,000
State moneys on deposit.................
Savings deposits (book account)...
179,643
Savings certificates of deposit........
51,365
Bonds borrowed or left for safe keeping...
6,100
00
00
09
88
51
00
27
11
00
6,593 77
5033
9,982 00
5,892 26
1,974 46
6,1 0 0 00
3347,314 86
Total
3347,314 86
69
STATE BANKS OF MICHIGAN
No. 32.
T H E F A R M E R S ’ ST A T E B A N K OF C ON CORD.
Organized November 20, 1886.
Corporate existence extended November 15, 1916.
Frank N. A ldrich,
P r e s id e n t ;
A lfred Folks, V i c e P r e s id e n t ; D wight A. A ldrich,
V iola K eeler, A s s is t a n t C a s h ie r .
C a s h ie r ;
D irectors.—-A. C. Bloomfield, Frank N. Aldrich, Alfred Folks, Chauncey S. Allen, Dwight A. Aldrich.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Banking house...............................................
Furniture and fixtures..................................
#258,109 14
54,379 87
45,675 00
145,668 18
30,627 18
23,832 11
Capital stock paid in..........................
#25,000
Surplus fund.........................................
25,000
Undivided profits, net........................
8,669
Reserved for taxes, interest, etc......
6,051
Commercial deposits subject to check. . .
134,643
2,306
Cashier’s checks...................................
State moneys on deposit...................
10,000
Time commercial certificates of deposit .
156,002
Savings deposits (book account)...............
214,620
00
00
93
52
28
79
00
91
94
6,250 00
2,253
5,000
503
6,717
3,279
Total........................................................
30
00
41
40
78
#582,295 37
Total.........................................................
#582,295 37
No. 496.
T H E C O N K L IN S T A T E B A N K , C O N K L IN .
Organized December 27, 1911.
Chas. L. B ean,
P r e s i d e n t a n d C a s h ie r ;
Earl B. T hurston,
V i c e P r e s id e n t ;
D. J. Starks, A s s is t a n t C a sh ie r.
D irectors.— Charles L. Bean, Peter Brown, Earl B. Thurston, Fred W . Bean, Henry Ferguson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings............................... .. ......................
Bonds mortgages and securities:
Savings................................. .. ....................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items . . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
#56,171 48
43,967 10
52,600 00
1,096 63
Capital stock paid in....................................
Surplus fund...................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
#20,000 00
5,000 00
4,249*93
28,951 55
68 39
58,393 78
56,193 74
6,000 00
Total.........................................................
#178,857 39
10,200 00
4,251
4 ,0 0 0
1,579
2,000
2,950
41
36
00
26
00
00
56
#178,857 39
70
STATE
B A N K IN G
DEPARTM ENT
No. 174.
C O M M E R C IA L S T A T E B A N K OF C O N S T A N T IN E , C O N S T A N T IN E .
Organized June 22, 1894.
Corporate existence extended June 22, 1924.
W . H. Smith, P r e s id e n t ; W illiam G. Gibson, V i c e P r e s id e n t ; W . M erle Burger, C a sh ie r.
D irectors— W . H. Smith, W . G. Gibson, W . Merle Burger, C. M . Burger, R. E. Zimmerman, W . E. Wilson.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial................................................
Savings........................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Stock of Federal Reserve bank..................
Total.........................................................
Liabilities.
3180,794 66
35,000 00
13,773 66
80,146 55
4,057 29
4,0 0 0 00
59,490 06
Capital stock paid in....................................
Surplus fund....................................................
•Undivided profits, net..................................
Commercial deposits subject tocheck. . .
Demand certificates of deposit..................
Cashier’s checks..............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Notes and bills rediscounted.....................
Bonds borrowed or left for safekeeping..
325,000
8,000
562
126,710
115,006
1,191
121,666
165
1,698
850
78,550
00
00
96
73
43
01
42
00
08
00
00
562 47
3,729 37
2,0 0 0 00
201 40
8,000 00
2,270 00
5,775 17
78,550 00
1,050 00
3479,400 63
Total.........................................................
3479,400 63
No. 173.
T H E F IR ST S T A T E B A N K OF C O N S T A N T IN E , C O N S T A N T IN E .
Organized M ay 20, 1894.
Corporate existence extended M ay 20, 1924.
G eorge Crossett H arvey, P r e s id e n t ; E. W . K eightley, H. H. Bandholtz, V ic e
N eil G. G reensides, C a s h ie r ; Edna M. Burgwald, A s s is t a n t C a sh ie r.
P r e s id e n t s ;
D irectors.— E. W . Keightley, F. M . Younglove, George Crossett Harvey, H. H. Bandholtz, Neil G. Greensides,
C. A. Brody, Lewis Hutton.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .........................
Due from banks in reserve cities:
Commercial.................................................
Savings.................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts.......................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping..
Outside checks and other cash items. . . .
Liabilities.
3355,800 05
68,397 03
62,907 54
262,000 49
46,743 79
16,309 93
00
00
95
67
29
35
09
97
00
45,350 00
1,849 16
11,686
388
677
11,351
7,340
19,469
108,850
209
67
16
10
63
96
96
00
85
Total......................................................... 31,019,332 32
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in........................
330,000
Surplus fund........................................
15,000
Undivided profits, net......................
480
Commercial deposits subject to check. ..
177,199
Demand certificates of deposit......
297,857
Cashier’s checks.................................
3,295
Savings deposits (book account)...
245,879
Savings certificates of deposit........
140,769
Bonds borrowed or left for safe keeping..
108,850
Total......................................................... 31,019,332 32
STATE BANKS OP MICHIGAN
71
No. 281.
COOPERSVILLE ST AT E B A N K , COOPERSVILLE.
Organized September 29, 1903.
Chas. P. Lillie,
■
L. D. M ills, V ic e P r e s id e n t ; M. D urham,
Paul Hahn, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— M . Durham, Chas. P. Lillie, Ellis P. Lillie, Chas. Vandegrift, A. E. Bonner, L. D . Mills, Hugh E. Lillie
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.............................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total........................................................
3147,987 18
81,352 31
24,561 02
398,377 65
14,416 81
25,572 49
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
330,000 00
22,000 00
5,413
4,234
89,174
74,390
334,783
191,049
38,75 0
43
35
98
68
57
22
00
38,450 00
13,946
144
2,500
3,737
38,750
74
54
00
49
00
3789,796 23
Total........................................................
3789,796 23
No. 524.
P EO PLE ’S SAVINGS B A N K OF COOPERSVILLE.
Organized January 25, 1912.
Lyman E. D urphy,
L. J. H inken, V ic e P r e s id e n t ; G eorge Laug,
G ertie Comstock, A s s is t a n t C a s h ie r .
P r e s id e n t ;
C a s h ie r ;
D irectors.— Lyman E. Durphy, John Laug, Louis Peck, John Lubben, George Laug, Fred Van Allsburg,
L. J. Hinken.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping..
Stock of FederalReserve bank. . ..............
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3226,607 59
14,675 00
224,380 60
23,352 86
5,000 00
Capital stock paid in..............
325,000
00
Surplus fund..............................
5,000
00
Undividedprofits.net............
5,857
52
Commercial deposits subject to check. . .
55,211 80
State moneys on deposit.......
5,000
00
Time commercial certificates of deposit .
186,773 45
Savings deposits (book account).
235,998
34
Savings certificates of deposit.
188
00
Bonds borrowed or left for safe keeping..
11,300 00
6,204 10
620 65
6,229
1,000
58
7,600
2,400
11,300
900
92
00
39
00
00
00
00
3530,329 11
Total........................................................
3530,329 11
72
STATE
B A N K IN G
DEPARTM ENT
No. 648.
CO P E M ISH S T A T E B A N K , CO P E M ISH .
Organized M ay 17, 1920.
Ray Cartier,
P r e s id e n t ;
M . T. Crimmins, Jno. O. D oe, V i c e P r e s id e n t s ; R. E. Crimmins, C a sh ie r.
D irectors.— Ray Cartier, R. E. Crimmins, M . T. Crimmins, Jno. O. Doe, A. R. Bolton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total........................................................
338,579 17
9,150 03
24,100 00
5,554 74
5,746 77
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping..
320,000
3,200
218
22,409
19,854
33,355
1,500
00
00
10
95
77
54
00
1,633 96
2,000 00
273 72
9,500 00
2,500 00
1,500 00
3100,538 36
Total.........................................................
3100,538 36
No. 406.
T H E ST A T E B A N K OF M O N T C A L M C O U N T Y , CORAL.
Organized July 21, 1908.
J. S. N ewell,
P r e s id e n t ;
Van S. R eynolds, V i c e P r e s id e n t ; T homas Skedgell,
R ebecca W hite, A s s is t a n t C a sh ie r.
C a s h ie r ;
D irectors.—J. S. Newell, S. M . Dinsmore, M . C. Arbogast, Van S. Reynolds, Thos. Skedgell.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial...........................
Bonds, mortgages and securities: ......
Commercial.................................................
Savings........... ............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping..
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
396,974 33
14,500 00
75,206 58
11,804 89
320,000
00
Capital stock paid in.......................
Surplus fund.......................................
4,700
00
Undivided profits, net.....................
3,409
90
Commercial deposits subject to check. . .
23,137 09
Demand certificates of deposit......
83,224
70
Cashier’s checks.................................
1,075
54
State moneys on deposit................
2,500
00
Savings deposits (book account)...
79,203
82
Bonds borrowed or left for safe keeping..
7,050 00
9,950 00
2,237 76
477 49
4,100 00
2,000 00
7,050 00
3224,301 05
Total........................ ................................
3224,301 05
STATE BANKS OF MICHIGAN
73
No. 339.
T H E OLD C O R U N N A ST A T E B A N K , C O R U N N A .
Organized M ay 5, 1906.
E. T. Sidney, P r e s id e n t ; W . A. Rosenkrans, V i c e P r e s id e n t ; John Y. M artin, C a s h ie r ;
F. W . N otnagle, F. M. FIopkins, A s s is t a n t C a sh ie rs .
D irectors.— W. A. Rosenkrans, E. T. Sidney, Samuel M. Kerby, John Y. Martin, J. A. Richardson, Jos. H. Collins,
F. R. Gilna.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping..
Outside checks andother cash items. . . .
3252,177 30
61,959 45
5,175 00
367,795 00
21,358 90
22,536 52
37,500 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Due to other banks and bankers.............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
Bonds borrowed or left for safe keeping..
330,000
30,000
9,788
2,502
183,209
58,904
775
9,352
5,000
208,617
257,362
15,000
57,550
00
00
27
47
26
57
68
83
00
94
88
00
00
127 29
10,457 87
10,000 00
1,967 80
14,000 00
5,230 00
57,550 00
228 77
Total....................................................
3868,063 90
Total.........................................................
3858,063 90
No. 652.
C O V E R T ST A T E B A N K , C OVERT.
Organized March 15, 1920.
O. M . Vaughan, Jr.,
P r e s id e n t ;
T. C. T iedebohl, Jr.,
V i c e P r e s id e n t ;
T. Spelman,
C a sh ie r.
D irectors.— Earl L. Burhans, Geo. C. Monroe, T. Spelman, C. A. Runyan, T. C. Tiedebohl, Jr.,
O. M . Vaughan, Jr., E. J. Kirby.
Statement October 8, 1924.
Resources.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
|
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping.
389,150 84
2,000 00
88,400 06
18,951 93
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
320,000
3,300
1,352
3,726
91,316
1,056
79,113
38,001
7,350
00
00
17
81
95
35
13
32
00
15,650 00
9,637 18
1037
4,500 00
1,935 00
7,631 35
7,350 00
3245,216 73
Total.........................................................
3245,216 73
74
STATE
B A N K IN G
DEPARTM ENT
No. 596.
FIR ST S T A T E SAVINGS B A N K , CROSW ELL.
Organized July 5, 1917.
W m. H. A itkin,
A. E. Sleeper, V i c e P r e s id e n t ; Frank L. F enton,
Frank C. H urley, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— A. E. Sleeper, Wm. H. Aitkin, H. R. Rice, Neil J. McColl, Frank L. Fenton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
3281,177 61
23,335 10
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... _............................................
Due from banks in reserve cities:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
„ cities..............................................................
Stock of Federal Reserve bank.................
Total......................................................
154 974 55
144! 520 78
19,397 59
6! 000 00
32,609 37
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit.............................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit...................
330,000
6,000
11,538
1,838
100,190
299
00
00
61
52
65
40
5 ,o 6 o 00
351,167 46
58,124 28
114,149 94
8,909 67
249 21
3,0 0 0 00
1,593 57
1,441 43
1,100 00
3678,308
86
Total........................................................
3678,308
86
360,000
12,000
32,267
11,000
125,498
2,825
5,000
504,838
70,727
428,765
00
00
44
00
56
11
00
89
99
40
No. 182.
T H E ST A T E B A N K OF CR O SW ELL, CROSW ELL.
Organized November 15, 1895.
John P. N iggeman, P r e s id e n t ; H. W. W ixon,
M elvin H. A itkin, C a sh ie r.
V ic e P r e s id e n t ;
D irectors.— John P. Niggeman, Melvin H. Aitkin, H. W . Wixon, H. H. Learmont,
Carl E. Copp, Frank Matthews.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ; .................. .......................
Due from banks in reserve cities:
Commercial..............................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings....................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate.....................................
Due from banks other than in reserve
cities..............................................................
Outside checks and other cash item s.. . .
Stock of Federal Reserve bank..................
Total......................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3284,268 03
155,858 13
316,387 71
324,039 37
24,037 36
16,000 00
'
85,903 58
4 ,0 0 0 00
13,565
597
263
84
9,500
3,500
9,710
Capital stock paid in.................................
Surplus fund...................................................
Undividedprofits.net..................................
Reserved for taxef, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit.............................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
62
89
18
90
6o
00
18
1,954 37
1,053 57
2,266 00
31,252,923 39
Total........... ............................................. 31,252,923 39
STATE BANKS OF MICHIGAN
75
No. 568.
T H E ST A T E B A N K OF C R Y S T A L , C R Y S T A L .
Organized August 26, 1915.
Rayburn B. Smith,
James H. Steere, V ic e P r e s id e n t ; Ray Binkley,
Earl J. Frost, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— Rayburn B. Smith, James H. Steere, M. J. McConkie, Ray Binkley, Ira Cummings.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts......................................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed orleft for safe keeping.
Outside checks andother cash items. . . .
5595,891 91
33,307 90
85,430 00
17,783
86
Capital stock paid in ....... ............................
320,000
Surplus fund........................................
10,000
Undivided profits, net.......................
4,901
Commercial deposits subject to check. ,.
55,079
95,275
Demand certificates of deposit. . ..
State moneys on deposit.................
2,500
44,208
Savings deposits (book account)...
Savings certificates of deposit........
23,649
Bonds borrowed or left for safe keeping.
5,700
00
00
47
53
20
00
66
63
00
7,700 00
4,257
1,000
280
5,000
3,650
43
00
26
00
00
1,309 92
5,700 00
3 21
Total.........................................................
3261,314 49
Total.........................................................
3261,314 49
No. 529.
T H E D A G G E T T ST A T E B A N K , D A G G E T T .
Organized M ay 27, 1912.
A ndrew E. W eng,
D. R. Landsborough, V i c e P r e s id e n t ; C. O. Larsen,
G eorge B ergstrom, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— Andrew E. Weng, D. R. Landsborough, Arthur A. Weng, Solomon Swanson, Chas. Peterson,
Theodore Ekman.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... _....................
Bonds, mortgages and securities:
Commercial.................................................
Savings............_.................... .......................
Due from banks in reserve cities:
Commercial................
Savings........................... ..........................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
T o t a l . . . ..................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
398,844 94
27,020 00
41,509 71
59,833 15
12,499 07
1,294 07
Capital stock paid in....................................
Surplus fund.. . ; .........................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit...................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping.
320,000 00
17,000 00
4,824 22
740 22
104,529 59
17,624 50
924 05
2,036 19
5,0 0 0 00
97,926 92
1,550 00
4,950 00
5,718 85
5,000 00
461 49
2,100 00
2,75 0 00
8,583 33
1,550 00
41 08
3272,155 69
Total.........................................................
3272,155 69
STATE BANKING DEPARTMENT
76
No. 176.
D A V ISO N ST A T E B A N K , D A V ISO N .
Organized December 23, 1894.
Corporate existence extended December 23, 1924.
James H . Baxter,
P r e s id e n t ; I. J. B erry, V i c e P r e s id e n t ; C . E. L each, C a s h ie r ;
C. S. Stombaugh, J. W . H arlan, A s s is t a n t C a sh iers.
D irectors.— James H. Baxter, S. T. Hall, F. J. Smith, F. W . Knapp, C. E. Leach, I. J. Berry, J. M . Van Buskirk,
A. S. Harrison, Grant Stimson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial..................................................
Savings......................................................... ..
Overdrafts.......... .............................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping.
Stock of Federal Reserve bank. ................
Total.........................................................
3179,841 65
68,637 20
223,136 00
9,680 19
9,000 00
6,273 74
133 98
4,555
3,000
1,882
4,000
4,000
32,450
1,800
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of-deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits. .. .............................
Notes and bills rediscounted......................
Bonds borrowed or left for safe keeping.
3-50,000 00
10,000 00
13,038 41
83,017 61
37,758 59
271,178 80
33,771 71
1,677 46
15,498 00
32,450 00
Total.........................................................
3548,390 58
82
00
00
00
00
00
00
3548,390 58
No. 653.
F A R M E R S ’ ST A T E B A N K , D A V ISO N .
Organized December 16, 1919.
H arry Potter,
P r e s id e n t ;
M elzor H ill,
H oward R ice,
V i c e P r e s id e n t ; M.
A s s is t a n t C a sh ie r.
A. M cBratney, C a s h ie r ;
D irectors.— Harry Potter, Melzor Hill, Mark Baxter, C. M . Stoddard, Ira Dickinson, Wm. E. Hill,
Wm. J. Leach, Walter T. Hill, H. C. Whipple.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... _...................
Bonds, mortgages and securities:
Commercial.................................................
Savings............. ..................... ....................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.........................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. .. .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3111,304 27
34,060 27
1,233 31
50,602 16
Capital stock paid in....................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..............t .
Savings deposits (book account)...............
Bills payable.......................................... ........
Bonds borrowed or left for safe keeping.
340,000
897
54,850
33,846
94,651
25,000
8,950
00
33
17
63
57
00
00
16,256 92
7,-650
00
4,116
4,000
764
11,365
7,517
8,950
374
43
00
54
63
56
00
61
3258,195 70
Total
3258,195 70
77
STATE BANKS OF MICHIGAN
No. 630.
T H E A M E R IC A N ST A T E B A N K OF D E A R B O R N , D E A R B O R N .
Organized August 29, 1919.
Fred W . Dalby,
Samuel B. Long, V i c e P r e s id e n t ; A. R. Little,
Clare A. English, A s s is t a n t C a sh ie r.
P r e s id e n t;
C a s h ie r ;
D irectors.— Fred W . Dalby, Harvey B. Wallace, Fred J. McDonald, Samuel B. Long, G. W . J. Linton,
Herbert C. Munro, Gordon Fearnley.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..........................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Banking house................................................
Furniture and fixtures..................................
3343,624 35
614,633 45
9,562 04
27,927 41
48,600 00
3100,000
26,000
15,035
338,155
22
8,445
20,000
634,937
12,600
5,787
00
00
47
00
00
47
00
22
00
10
6,526 62
28,305
2,000
63,000
16,802
78
00
00
61
31,160,982 26
Total
Capital stock paid in....................................
Surplus fund....................................................
Undivided1profits, net..................................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
State moneys on deposit. . . ......................
Savings deposits (book account)..............
Savings certificates of deposit....................
Club savings deposits...................................
31,160,982 26
Total
No. 459.
TH E DEARBORN STATE BANK, DEARBORN.
Organized M ay 20, 1910.
H enry Ford,
H erman K almbach, E. G. Liebold,
C has. R. Smith, A s s is t a n t C a s h ie r .
P r e s id e n t ;
V i c e P r e s id e n t s .
D irectors.— Henry Ford, Herman Kalmbach, E. G. Liebold, William Lucking, H. L. Burdeno, Wm. T. Gregory,
C. L. Parker, John H. Johnson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial....................................
Bonds, mortgages and securities:
Commercial....................................
Savings.........................................
Due from Federal Reserve bank:
Commercial....................................
Savings................................. .... . . .
Due from banks in reserve cities:
Commercial......................... ’. . . . .
Cash on hand:
Commercial..................................
Savings..........................................
Banking house.................................
Furniture and fixtures...................
Stock of Federal Reserve bank. .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3557,962
66
449,100 00
1,570,506 98
75,279 13
44,000 00
75,256 62
41,266
4,801
33,497
15,804
7,500
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks................................
Cashier’s checks.............................................
Due to other banks and bankers...............
Savings deposits (book account)...............
Savings certificates of deposit....................
3100,000
150,000
18,296
650
2,191
1,013,686
36
28,162
10,729
1,532,249
18,973
00
00
10
00
42
33
71
36
41
62
53
39
94
74
02
00
32,874,975 48
Total
32,874,975 48
STATE BANKING DEPARTMENT
78
No. 319.
T H E C IT IZ E N S ’ ST A T E B A N K OF D E C A T U R , D E C A T U R .
Organized August 15, 1905.
G eo. T. Pomeroy,
J. C. D unnington, A. J. Goble,
B. W. H emenway, A s s is t a n t C a sh ie r.
P r e s id e n t ;
V i c e P r e s id e n t s ;
D irectors.— E. J. Rawson, J. C. Dunnington, Geo. T. Pomeroy, A. J. Goble, F. P. Hall.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.....................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.......................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......... ...............................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Total.........................................................
$5192,142 S3
19,069 16
3,000 00
74,396 77
34,246 68
2,500 00
Capital stock paid-in....................................
Surplus fund....................................................
Undivided profits, net...................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks..........................................
State moneys on deposir..............................
Savings deposits (book account)...............
Bills payable................................................... ’
325,000 00
6,250 00
2,402 95
351 00
83,358 36
123,060 34
7 00
11,404 32
2,500 00
100,251 11
10,000 00
Total.........................................................
3364,585 08
10,000 00
529 74
9,425
732
7,610
1,717
9,214
56
63
29
00
72
3364,585 08
No. 102.
T H E F IR ST ST A T E B A N K OF D E C A T U R , D E C A T U R .
Organized August 15, 1890.
Corporate existence extended August 15, 1920.
E. E. Copley, P r e s id e n t ; H. D. W ickett, V i c e P r e s i d e n t ; L. E. V an A ntwerp, C a s h ie r ;
F. C. Stapleton, H. H. Creagan, A s s is t a n t C a sh ie rs .
D irectors.— B. A. Baker, E. E. Copley, H. D. Wickett, L. E. Van Antwerp, J. E. Maxwell.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial......................... .......................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _..............•••.•;...................
Due from banks in reserve cities:
Commercial..........................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house............. ..................................
Furniture and fixtures..................................
Other real estate...................................
Bonds borrowed or left for safe_ keeping.
Outside Checks and other cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3251,217 11
35,090 75
149,177 21
21,449 50
16,500 00
Capital stock paid in............ ........................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check . . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable................................
Bonds borrowed or left for safe keeping.
340,000 00
10,000 00
3,770
79,207
167,943
• 2,162
5,000
139,900
25,766
25,000
9 ,7 5 0
79
14
65
58
00
9 ti
69
00
00
80 46
8,150
3,500
253
8,432
2,082
2,107
9,75 0
...7 1 0
91
00
10
00
50
82
00
39
' 3508,501 75
Total
3508,501 75
STATE BANKS OF MICHIGAN
79
No. 565.
D E C K E R ST AT E B A N K , D E C K E R .
Organized July 13, 1915.
W m . F. Ehlers, P r e s id e n t a n d C a s h ie r ; David I nnes, O. W . N ique, V i c e P r e s id e n t s ;
M ylo Ragan, M ilton J. Ross, A s s is t a n t C a s h ie r s ; Chas. F. Gates, C. M. Bailey, A u d it o r s .
D irectors.— Wm. F. Ehlers, David Innes, 0 . W . Nique, C. M. Bailey, Charles F. Gates.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.......... .............................................
Due from banks in reserve cities:
Commercial................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping.
Other assets....................................................
Total........................................................
3139,825 61
1,016 00
18,975 80
46,358 04
26,064 40
7,400 00
320,000 00
6,000 00
70,867 21
108,980 34
4,491 33
5,000 00
43,069 21
9,953 84
5,650 00
4,350 00
Capital stock paid in....................................
Surplus fund...................................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
Other liabilities..............................................
1,217 95
6,996 76
330 84
2,061
6,040
3,073
11,951
19
32
69
05
35
5,700 00
1,350 00
3278,362 00
Total........................................................
3278,362 00
No. 196.
F A R M E R S ’ ST A T E B A N K OF D E C K E R V IL L E , D E C K E R V IL L E .
Organized June 15, 1897.
Carl E. Copp,
D i r e c t o r s .— C.
C. E. M cClusky, V i c e P r e s id e n t ; J. F. Powley,
M. C. Baird, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
H. Clement, Jas. S. Haynes, Carl E. Copp, C. E. McClusky, A. A. Pattullo.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Total.................................................... ..
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3313,077 58
12,857 50
16,077 00
36,775 00
44,657 20
Capital stock paid in....................................
Surplus fund...................................................
Commercial deposits subject to check. . .
Due to other banks and bankers...............
State moneys on deposit.............................
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
Bonds borrowed or left for safe keeping.
325,000 00
5,000 00
101,171 21
716 85
10,000 00
256,689 70
48,713 03
5,300 00
15,000 00
3,050 00
Total.........................................................
3470,640 79
6,700 00
7,886 89
954 70
2,452 47
7,000 00
2 ,5 0 ) 0 0
16,652 45
3,050 00
3470,640 79
STATE BANKING DEPARTMENT
80
No. 195.
ST A T E B A N K OF D E C K E R V IL L E , D E C K E R V IL L E .
Organized M ay 23, 1897.
G eo. B. Forrester,
E. M cClusky, M . M . Forrester, V i c e P r e s id e n t s ; Otis J. M unn, C a s h ie r ;
I. E. K ennedy, R. E. K ennedy, A s s is t a n t C a sh ie rs .
P r e s id e n t ; C .
D irectors.— Geo. B. Forrester, C. E. McClusky, L. E. Morden, H. H. Learmont, M . M . Forrester.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.....................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts......................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping.
3574, 586 78
25,561 97
14,022 20
77,300 00
55,964 74
325,000
Capital stock paid in. ...................................
Surplus fund........................................
5,000
Reserved for taxes, interest, etc.....
7,500
Commercial deposits subject to check. ..
215,595
25
Certified checks..................................
State moneys on deposit.................
10,000
Time commercial certificates of deposit .
416,928
103,909
Savings certificates of deposit........
Bills payable........................................
30,000
Bonds borrowed or left for safe keeping.
8,400
00
00
00
07
00
00
39
93
00
00
11,950 00
17,915 39
556 02
2,438
7,000
3,000
16,898
29
00
00
43
6,764 57
8,400 00
Total........................................................
3822,358 39
Total.........................................................
3822,358 39
No. 335.
T H E D E E R F IE L D ST A T E B A N K , D E E R F IE L D .
Organized March 10, 1906.
W m. F. W eisinger,
W m. T. A tkin, V i c e P r e s id e n t ; A rthur J. Cannon,
Fred W. K ing, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— Wm. F. Weisinger, Wm. T. Atkin, Arthur J. Cannon, R. W . Cannon, F. G. Cannon.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.......................................................... 370,676
Savings..................................
39,515
Bonds, mortgages and securities:
Commercial.................................................
10,999
Savings........... •.................... .......................
107,289
Due from banks in reserve cities:
Commercial................................................
51,867
Savings.........................................................
23,500
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
1,300
Cash on hand:
Commercial.................................................
2,427
Savings.........................................................
7,000
Overdrafts........................................................
543
Furniture and fixtures..................................
3,229
Other real estate............................................
3,977
T o ta l.......................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4720
87
00
Capital stock paid in....................................
320,000
Surplus fund................................................................12,500
Undivided profits, net..................................
2,606
Commercial deposits subject to check. . .
92,400
Demand certificates of deposit..................
19,917
Cashier’s checks.............................................
251
Savings deposits (book account)...............
174,646
00
00
92
91
84
86
89
08
00
00
37
00
35
00
08
3322,324 42
Total.........................................................
3322,324 42
STATE BANKS OF MICHIGAN
81
No. 301.
T H E D E L T O N ST AT E B A N K , D E L T O N .
Organized November 3, 1904.
A. A. A ldrich, P r e s id e n t ; W m. E lliott, V i c e P r e s id e n t ; W. L. T horpe, C a sh ie r.
D irectors.— A. A. Aldrich, William Elliott, Geo. J. Doster, Silas S. Doster, T. A. Aldrich,
Fred O. Hughes, Chas. H. Hughes.
Statement October 8, 1924.
Resources.
378,866 23
47,413 15
165,993 54
30,123 7.4
41,652 69
Capital stock paid in....................................
Surplus fund....................................................
Lmdivided profits, net.....................
Commercial deposits subject to check. . .
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000 00
10,000 00
14,570 20
6 7 ’ 798 48
5,479 83
144,296 69
156,136 79
Total.........................................................
3418,281 99
00
02
10,000 00
32,200
3,676
751 98
700 00
6,438 53
466 51
OO
Total.........................................................
Liabilities.
CO
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due frcm banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial..............................„.................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
99
A M E R IC A N LO A N & T R U S T C O M P A N Y , D E T R O IT .
Organized M ay 12, 1917.
Richard G. Lambrecht, P r e s id e n t ; C . F. Bornman, Carl W isner, John W ynne, Jr., John C. Shaw, V i c e P r e s id e n t s
. G. Jolly, s e c r e t a r y ; G ustav D ietrich, T r e a s u r e r ; John K. Fitzsimmons, A s s is t a n t T r e a s u r e r ; F red M . Breen ,
T r u s t O ffic e r ; H. G. Roth, A u d it o r .
Directors— Rmhard G. Lambrecht, C. F. Bornman, Daniel Kelly, Gustav Dietrich, U. Grant Race, Wm. J. Berrv
C. M. Burton Wm. T. Fry, John E. Lambert, Conrad H. Smith, John Wynne, Jr., Harry Frank, Gordon W . KingsWidrig, Clyde I. Webster, A. Fitzgerald, Carl Wisner, David E. Stott, Wm. B. Morgan, C. F. Clipper!,
Ralph Wilkinson, Chester J. Sowinski, Albert P. Ternes, H. Leonard Wilton, B. F. Everitt, John C. Shaw.
Statement October 8, 1924.
Resources.
First mortgages on real estate................... 36,247,476 36
Other loans......................................................
201,058 24
First mortgage bonds in transit................
20,064 08
First mortgage bonds with State Treas
urer........................
201,700 00
Matured bonds receivable..........................
163,450 00
Collateral loans..............................................
832'286 99
Advances to trusts.........................................
94’ 742 54
First and second mortgages held in trust
30, 984 18
Real estate......................................................
117,875 88
Furniture and fixtures..................................
7,357 50
Office building improvements....................
9,216 35
Due from approved reserve agents...........
143,085 26
7,266 44
Cash..................................................................
T o ta l....................................................... 38,076,563 82
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits...........................................
Reserves...........................................................
Trust deposits.................................................
Treasurer’s checks outstanding..................
Debentures......................................................
First mortgage bonds outstanding...........
Bills payable...................................................
Other liabilities..............................................
3500,000
80,000
17,482
74,620
1,668’, 976
"3,933
28,250
5,546,450
44,800
112,050
00
00
74
43
88
77
00
00
00
00
Total......................................................... 38,076,563 82
82
STATE
B A N K IN G
DEPARTM ENT
No. 357.
T H E A M E R IC A N ST A T E B A N K , D E T R O IT .
Organized December 20, 1906.
Twenty-three Branches.
John J. Barlum, P r e s i d e n t ; L. W . Schimmel, Chas. P. Larned, Gordon Fearnley, Frank E. D oremus, Fred W .
Dalby, G eorge W . J. Linton, A. J. M aynard, V i c e P r e s id e n t s ; Robert M .Allan, V i c e P r e s id e n t a n d C a s h ie r ;
H enry M . H ild, R. W . Slayton, W m. R. Botsford, 0 . L. G reen, P. E. T odd, A s s is t a n t C a s h ie r s ; A rthur L
Coles, A u d ito r .
D irectors.— Frank A. Kelly, Chas. P. Larned, Harry C. Walker, L. W . Schimmel, H. B. Wallace, Fred W . Dalby,
Henry S. Koppin, John J. Barium, Frank E. Doremus, Richard M. Heames, Fred J. McDonald, Gordon Fearnley,
Joel Stockard, Frank E. Logan, Robert M . Allen, George W . J. Linton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial...................................... ..
$5,058,701 97
Savings............................... ..................... 2,635,106 45
Bonds, mortgages and securitizs:
Commercial.................................................
1,971,676 54
Savings......................................................... 13,494,613 39
Due from Federal Reserve bank:
Commercial.......................................... .. ..
819,573 10
Savings........... _.................... .......................
514,379 82
Due from banks in reserve cities:
Commercial.................................................
13,070 22
Savings.................
557,595 16
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
443,609 22
Cash on hand:
Commercial.................................................
292,831 26
Savings.........................................................
181,614 50
Overdrafts.......................................................
12,082 63
Premium account..........................................
13,777 44
Banking house................................................
795,363 08
Furniture and fixtures..................................
230,007 04
Other real estate............................................
43,989 39
Due from banks other than in reserve
cities..............................................................
121,485 79
Bonds borrowed or left forsafe keeping.
375,432 50
Outside checks and other cashitems. . . .
193,789 78
Stock of Federal Reservebank...................
60,000 00
Accrued interest, prepaidexpense, etc.. .
115,935 11
Other assets....................................................
2,325 70
Capital stock paid in.................................... 31,500,000 00
Surplus fund....................................................
500,000 00
Undividedprofits.net..................................
27,362 95
Dividends unpaid................................. .. ... .
4,826 73
Reserved for taxes, interest, etc................
146,987 26
Commercial deposits subject to check. . . 7,059,142 41
Certified checks.............................................
138,433 09
Cashier’s checks.............................................
278,566 19
Due to other banks and bankers..............
261,269 61
State moneys on deposit............................
500,166 35
Postal savings deposits.................................
25,158 96
Savings deposits (book account)............... 16,089,715 56
Savings certificates of deposit....................
483,408 14
Club savings deposits...................................
547,711 54
Bonds borrowed or left for safe keeping.
375,432 50
Customer’s letters of credit........................
4,768 67
Other liabilities..............................................
4,010 13
Total..................................... ...................327,946,960 09
Total.........................................................327,946,960 09
B A N K E R S ’ T R U S T C O M P A N Y OF D E T R O IT , D E T R O IT .
Organized April 26, 1917.
A rthur W ebster, C h a ir m a n o f th e B o a r d ; W. C. B randon, P r e s id e n t ; Frank W. H ubbard, Edwin D enby, Ralph
N ixon, V i c e P r e s i d e n t s ; H arry W. H anson, S ecr eta ry a n d T r e a s u r e r ; B. E. Cole, A s s is t a n t S e c r e ta r y a n d T re a s u r e r .
D irectors.— John R. Bodde, W . C. Brandon, Fred Burton, Leo M . Butzel, Edwin Denby, Claud M . Harmon, Frank
W . Hubbard, G. V. N. Lothrop, Edward A. Loveley, Walter B. Maurice, Arthur Webster, M . Hubert O’ Brien,
Ralph Nixon, Wm. R. Kales, Frank D. Eaman, Harry W . Hanson, F. J. Haynes, James M . Teahen.
Statement October 8, 1924.
Resources.
Loans on real estate mortgages:
In office........................................................ 38,892,139 32
With State Treasurer...............................
201,375 00
Other investments.........................................
157,082 98
Advances to trusts........................................
3,940 65
Due from approved reserve agents..........
159,552 22
Due from other banks and bankers.........
93,079 90
Cash..................................................................
200 00
Total......................................................... 39,507,370 07
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................................
Surplus fund..........., ................................
Undivided profits...........................................
Reserves...........................................................
Construction accounts payable.................
Debentures......................................................
3500,000
200, 000
194,459
111,275
504,560
7,997,075
00
00
68
01
38
00
Total......................................................... 39,507.370 07
STATE BANKS OF MICHIGAN
83
No. 573.
T H E B A N K OF D E T R O IT , D E T R O IT .
Organized January 12, 1916.
Sixteen Branches.
C. H. H aberkorn, Jr.,
C h a irm a n o f the B o a rd .
G eorge B. Judson, P r e s id e n t ; G. Ogden Ellis, W . A. Fisher, R. B. G ripman, F. J. B eyer, C. A. K inney, E. S.
Burns, Chas. B. Crouse, V i c e P r e s id e n t s ; A. A. M cPherson, C a s h ie r ; W . R. Laing, G. T. M urray, C. S. Goddin,
E. T. M cConnell, B. F. Saylor, A. J. Stocker, A s s is t a n t C a sh ie rs .
D irectors.— Geo. R. Andrews, Alonzo P. Ewing, C. Hayward Murphy, H. H. Rackham, Arthur J. Lacy, James T.
Whitehead, G. Ogden Ellis, C. H. Haberkorn, Jr., Andrew J. Peoples, George B. Judson, Ernst C. Kern, W . A.
Fisher, Henry T. Ewald, Wm. Robt. Wilson.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial..................................................$10,936,793
Bonds, mortgages and securities:
Commercial................................................ 11,016,703
Savings......................................................... 12,824,085
Due from Federal Reserve bank:
Commercial................................................. 2,425,036
Savings........... .......................
417,000
Due from banks in reserve cities:
Commercial.................................................
161,239
Savings............. ...........................................
300,000
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
637,178
Cash on hand:
Commercial..............................................
342,915
Savings.........................................................
303,391
Overdrafts........................................................
804
Premium account...........................................
215,256
Banking house................................................
910,654
Furniture and fixtures..................................
212,488
Other real estate............................................
273,237
Due from banks other than in reserve
cities..............................................................
32,659
Bonds borrowed or left for safe keeping,
280,100
Outside checks and othercash items. . . .
783,133
Stock of Federal Reserve bank................
75,000
Income accrued receivable (net)...............
261,098
Other assets....................................................
220,000
Liabilities.
10
20
79
77
00
65
00
45
74
32
63
73
73
41
85
00
00
70
50
08
69
31
67
75
00
84
00
00
81
96
00
00
00
37
00
89
00
68
00
Total........................................................ $42,628,778 31
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in.................................... $2,000 000
Surplus fund................
500,000
Undivided profits, net..................................
243,190
Dividends unpaid..........................................
3,571
Reserved for taxes, interest, etc................
9 6,(38
Commercial deposits subject to check. . . 19,881,554
. Certified checks.............................................
85,827
Cashier’s checks.............................................
2,275,511
Due to other banks and bankers..............
2,349,931
State moneys on deposit......................... .. .
100,000
Postal savings deposits.................................
19,027
440,000
U. S. Government deposits........................
Time commercial certificates of deposit .
252,500
Savings deposits (book account)........... . . 12,004,549
Savings certificates of deposit.................... 1,859,524
Bonds borrowed or left for safe keeping.
280,100
Customers’ letters of credit........................
17,550
Other liabilities...............................................
220, OX)
Total........................................................ $42,628,778 31
STATE BANKING DEPARTMENT
84
No. 73.
T H E C E N T R A L SAVINGS B A N K , D E T R O IT .
Organized April 19, 1888.
Corporate existence extended March 19, 1918.
Nineteen Branches.
W m. P. H olliday, C h a ir m a n o f th e B o a r d .
Laurence P. Smith, P r e s i d e n t ; Leo F. T imma, Edw. H. Rogers, V i c e P r e s id e n t s ; A lbert W . K aufmann, V i c e P r e s i d e n t
a n d C a s h ie r ; A rthur F. Papke, E lvin G. K rebs, G eorge F. Crook, A s s is t a n t C a s h ie r s ; D. T. Southwick, A u d it o r .
D irectors.— Wm. P. Holliday, Harry J. Fox, Alex I. McLeod, Emory W . Clark, Joseph J. Crowley,
Joseph B. Schlotman, Samuel T. Douglas, Frederick G. Clayton, James Craig, Jr., Laurence P. Smith.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................. 33,165,116 02
566,834 03
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
487,506 45
Savings......................................................... 17,808,063 73
Due from Federal Reserve bank:
Commercial.................................................
397,894 50
Savings........... ......................
712,000 00
Due from banks in reserve cities:
Commercial.................................................
205,351 95
Savings.........................................................
540,879 43
U. S. Bonds and Cert, of Ind. as legal
reserve :
Savings.................
4,013,876 16
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
88,716 80
Cash on hand:
Commercial.................................................
716,409 98
Savings.........................................................
115,772 28
Overdrafts........................................................
14,795 92
Banking house................................................
836,352 72
85,279 19
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
134,980 44
Outside checks and other cash items . . . .
20, 204 59
Stock of Federal Reserve bank.................
51,000 00
Capital stock paid in.................................... 31,000,000 00
Surplus fund....................................................
700,000 00
Undivided profits, net..................................
43,428 05
Commercial deposits subject to check. . . 3,849,133 61
Certified checks..............................................
46,683 05
261,445 65
Cashier’s checks.............................................
Due to other banks and bankers...............
271,338 39
Postal savings deposits.................................
31,579 81
Savings deposits (book account)............... 23,479,707 98
Savings certificates of deposit....................
277,717 65
Total........................................................ 329,961,034 19
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total........................................................ 329,961,034 19
STATE BANKS OF MICHIGAN
85
No. 679.
C O M M E R C IA L S T A T E SAVINGS B A N K , D E T R O IT .
Organized July 14, 1921.
Three Branches.
E lbert H. Fowler, P r e s id e n t ; L ewis G. Gorton, Frank G. Baxter, Charles P. Sieder, T. A llan Smith V ic e
P r e s id e n t s ; C. R. M cLaughlin, V i c e P r e s id e n t a n d C a s h ie r ; A rnold Baenziger, Frank W . D edoe, A s s i s t a n t
C a s h ie r s ; A. M. Souch, A s s is t a n t C a s h ie r a n d A u d it o r .
D irectors.— Alfred E. D. Allen, Frank G. Baxter, Harry M. Baxter, Elbert H. Fowler, Ja mes H. Garlick, Lewis G.
Gorton, George W . Graves, George G. Harvey, Ernest O. Knight, Albert E. Manning, Frederick C. Mathews,
Charles P. Sieder, William H. Steger, Carl T. Storm, Paul W . Voorhies, Clyde I. Webster, Arthur E. Wood, Fred L.
Woodworth.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................. $2,304,457 50
S a vin gs................................
1,286,306 69
Bonds, mortgages and securities:
Savings.........................................................
1,250,208 81
Due from Federal Reserve bank:
Commercial..................................... ..
243,766 98
Savings........... ......................................
68,060 03
Due from banks in reserve cities:
Commercial.................................................
84,049 67
Savings. . ........... _.......................................
111,623 42
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
257,764 76
Cash on hand:
Commercial.................................................
148,392 79
Savings.........................................................
7,170 83
Overdrafts........................................................
1,063 17
Banking house................................................
225,614 64
Furniture and fixtures..................................
41,914 97
Other real estate............................................
13,356 28
Due from b anks other than in reserve
1 63,191 68
cities..............................................................
Outside checks andother cash items. . . .
56,359 56
Stock of Federal Reserve bank.................
36,000 00
Other assets....................................................
60,203 75
Capital stock paid in.................................... $1,000,000 00
Surplus fund....................................................
200,000 00
Undivided profits, net..................................
14,656 33
Dividends unpaid..........................................
3,496 00
Reserved for taxes, interest, etc................
35,546 37
Commercial deposits subject to check.. .
2,328,606 79
Certified checks.............................................
23,168 05
84,584 44
Cashier’s checks.............................................
Due to other banks and bankers..............
310,560 44
State moneys on deposit.............................
100,000 00
2,053,892 17
Savings deposits (book account)..............
Savings certificates of deposit...................
203,958 69
Club savings deposits...................................
418 75
Other liabilities..............................................
_
617 50
Total......................................................... 36,359,505 53
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total......................................................... $6,359,505 53
86
STATE
B A N K IN G
DEPARTM ENT
No. 580.
C O M M O N W E A L T H -F E D E R A L SAVINGS B A N K , D E T R O IT .
Organized April 12, 1916.
Eleven Branches.
M . E. Galvin, C h a ir m a n ; J. W . M cCausey, P r e s id e n t ; Frank W olf, Comfort A. T yler, F. H. T albot, V i c e
P r e s i d e n t s ; W m. W . Smith, C a s h ie r ; H. P. Parshall, H. R. W ilkin, A s s is t a n t C a sh ie rs .
D irectors.— Frank H. Alfred, James R. Blackwood, James B. Bradley, Thomas Forman, Daniel P. Markey, Clarence
E. Gittins, John S. Haggerty, Brinton F: Hall, Paul H. King, T. j . W . McCausey, Robert Oakman, B. A. Scott,
Fred H. Talbot, Comfort A. Tyler, Frank Wolf, M . E. Galvin, J. M . Kurn, Joseph W. McCausey, Wm. W . Smith
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts.......... .............................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities............................................
Other assets.....................................................
#951,302 91
1,187,492 95
2,577,904 84
5,120,255 78
848,850 85
1,392,980 20
84,394 00
407,699
449
278,250
45,527
39,036
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit..............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Other liabilities..............................................
00
00
60
50
84
91
47
18
92
73
00
65
13
65
61
99
61
00
72
37
8,069 56
5,028 41
#12,947,243 19
Total
# 750,000
100,000
184,140
117
83,718
3,585,904
103,357
23,646
105,025
161,421
100,000
6,489,188
349,043
904,002
7,675
Total
#12,947,243 19
No. 666.
T H E C O N T IN E N T A L B A N K , D E T R O IT .
Organized November 30, 1920.
Four Branches.
W alter G. T oepel, C h a ir m a n o f th e B o a rd .
P r e s i d e n t ; H enry J. Guthard, M ason P. Rumney, A lvin G. Sherman, A lexander J. Stuart,
V i c e P r e s i d e n t s ; Forest G. Fillman, C a s h ie r ; Samuel A. P etty, E rnest M. E lkan, A s s is t a n t C a sh ie rs .'
James A. H oyt,
D irectors.— Arthur Colton, Louis A. DeHayes, Henry J. Guthard, Anthony Maiullo, Otto Misch, Louis A. Peters,
Alvin G. Sherman, Alexander J. Stuart, Warner R. Thompson, Walter G Toepel, Herbert V. Book, Horace Caulkins,
James A. Hoyt, Louis Kamper, John K. Livingston, Huston Rawls, Nason P. Rumney, Charles A. Kanter.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. #1,520,847 31
Savings..................
419,515 02
Bonds, mortgages and securities:
Commercial.................................................
222,435 00
Savings.........................................................
722,786 78
Due from banks in reserve cities:
Commercial.................................................
208_, 160 24
Savings.........................................................
215,000 00
Cash on hand:
Commercial.................................................
140,768 28
Savings.........................................................
15,000 00
Overdrafts......................................................e
116 40
Premium account...........................................
1,192 30
Expenses, interest and taxes paid ex
ceeding earnings.........................................
6,187 55
Banking house................................................
163,171 93
Furniture and fixtures..................................
13,314 93
Other real estate............................................
35,357 48
Due from banks other than in reserve
cities..............................................................
20,104 50
Income accrued receivable (net)...............
34,589 18
Total......................................................... #3,738,546 90
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...................................................
Customers’ letters of credit........................
Accrued interest, expense, etc. (net). . . .
#700,000 00
40,000 00
16,857 98
24,209 46
1,104 858 83
13,565 10
37,019 10
82,325 23
100,000 00
1,277,977 92
93,570 19
221,000 00
1,339 35
25,823 74
Total......................................................... #3,738,546 90
STATE BANKS OF MICHIGAN
87
No. 47.
T H E D E T R O IT SAVINGS B A N K , D E T R O IT .
Organized 1849.
Reorganized July 18, 1871.
Corporate existence extended July 18, 1901.
Twenty-two Branches.
D. C. D elamater, C h a ir m a n o f the B o a r d ; G eo. S. Baker, P r e s id e n t ; Chas. A. D ean, V i c e P r e s id e n t ; John M . D wyer,
C h a ir m a n o f E x e c u ti v e C o m .; Jas. H. D oherty, V i c e P r e s id e n t a n d C a s h ie r ; John C. D ilworth, W ilson Fleming,
Wm H. W atson, K enneth Paton, A s s is t a n t C a s h ie r s ; Edw. J. D ee, S u p t. o f B r a n c h B a n k s ; H. N. Baxendale,
A u d ito r ,
C. D. A twood,
B ra n ch A u d ito r ;
F. C. A ndrews,
C red it M a n a g e r .
D. C. Delamater, Sidney T. Miller, Charles A. Dean, Geo T. Hendrie, John M. Dwyer, Paul F. Bagley,
CL>rtieri. N?bcrt He,nki,1,
Remick> Francis Palms, Fred’k T . Ducharme, Geo. S. Baker, Jas. T.
McMillan, Ralph N. Stoepel, David M. Whitney.
D i r e c t o r s .—
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................. 54,721,391 40
„ Savings........................................................
165,038 52
Capital stock paid in.................................... 51,500,000 00
Surplus fund.................................................... 2,000 000 00
Undividedprofits.net..................................
361,535 15
Dividends unpaid..........................................
3,738 00
Reserved for taxes, interest, etc...............
311,000 00
Commercial deposits subject to check. . . 7,401,136 40
Demand certificates of deposit..................
7,573 14
Certified checks..............................................
50,653 60
Cashier’s checks........ ....................................
497,205 39
Due to other banks and bankers...............
217,355 63
State moneys on deposit. ...........................
100,000 00
Postal savings deposits................................
69,612 95
Savings deposits (book account)............... 23,786,452 77
Savings certificates of deposit....................
463,872 06
Club savings deposits...................................
578,589 41
Bills payable...................................................
500,000 00
Bonds borrowed or left for safe keeping.
525,000 00
Customers’ letters of credit........................
5,7 0 0 00
Bonds, mortgages and securities:
Commercial..........................................
1 49? 994 40
Savings. . . . . . . . ................................ 26’, 304’, 045 84
Due from Federal Reserve bankr
Commercial..........................................
acs 797
Savings
................... . . ...................
770^000 00
Due from banks in reserve cities:
Savings
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
326,014 31
Commercial....................
_ Sayings.........................................................
Overdrafts........................................................
Banking house................................................
furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left forsafe keeping.
Outside checks and othercash items. . . .
Stock of Federal Reservebank...................
Other assets....................................................
686,389 13
Cash on hand:
325,829 26
100,000 00
1,640 67
1,668,888 24
184,970 53
57,226
525,’ 000
84,709
105,000
1 627
95
00
75
00
89
Total.......................... ..............................538,379,424 50
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total........................................................ 538,379,424 50
88
STATE
B A N K IN G
DEPARTM ENT
D E T R O IT T R U S T C O M P A N Y , D E T R O IT .
Organized November 15, 1900.
Ralph Stone, P r e s i d e n t ; Julius C. Peter, Sidney T. M iller, James E. Danaher, H arry L. Stanton, Lawrence
K. Butler, Charles P. Spicer, M cPherson Browning, V i c e P r e s id e n t s ; Fred W ixson, T r e a s u r e r ; N orton J.
M iller A s s i s t a n t T r e a s u r e r ; Charles E. H ilton, S e c r e t a r y ; Frederick J. M cGavin, Julius H. M oeller,
Raymond C. B erry, Harold R. C rusoe, A s s is t a n t S e cr eta ries.
D irectors.— James E. Davidson, Charles A. Dean, John T. Nichols, Edward H. Butler, John H. Avery, Wm. R. Kales,
T. C. Starret, Thomas J. Bosquett, McPherson Browning, Lawrence K. Butler, Walter L. Dunham, Allan Shelden,
Chas. P. Spicer, Sidney T. Miller, Benton Hanchett, James E. Danaher, Samuel T. Douglas, Arthur H. Buhl, Walter
Scotten, John M. Dwyer, Julian H. Harris, Ralph Stone, H. H. Rackham, David S. Carter, Oren S. Hawes, Richard
P. Joy, Daniel L. Quirk, Jr., Edward D. Stair, Henry G. Stevens, Wm. T. Barbour, Fred T. Murphy, Jos. J. Crowley,
Chas. C. Roehm, Charles S. Mott, J. B. Ford, Jr.
Statement October 8, 1924.
Liabilities.
Resources.
Collateral loans:
Tim e..................................................
Demand............................................
Loans on real estate mortgages:
In office.............................................
With State Treasurer....................
Bonds:
In office..............................................
Stocks......... ■..........................................
Trust Company building..................
Other real estate.................................
Advances to trusts..............................
Due from approved reserve agents.
Due from other banks and bankers
Cash items............................................
Cash........................................................
Items in transit...................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S I ,274,613 90
550,000 00
5,392,061 79
240,070 00
Capital stock paid in.................
Surplus fund................................
Undivided profits.......................
Trust deposits.............................
Accrued interest.........................
Accrued taxes..............................
.................. 32, 000,000 00
.................. 3,000,000 00
..................
1,723,207 31
.................. 10,536,933 90
..................
69,286 49
..................
151,392 51
5,118,055 71
100,000 00
595,537
15,203
129,015
3,513,263
249,746
6,061
28,003
269,187
44
94
28
82
317,480,820
21
35
33
64
01
Total..................................... ................. 317,480,820
21
STATE
BANKS
OF
M IC H IG A N
59
No. 9.
T H E D IM E SAYING S B A N K , D E T R O IT .
Organized April 5, 1884.
Corporate existence extended April 5, 1914.
Eighteen Branches.
W illiam Livingstone, P r e s id e n t ; G eorge H. Barbour, G eorge T. Breen, David S. Carnegie, Charlton E.
Fartridge Duncan W . Daker, V i c e P r e s id e n t s ; T. W . P. Livingstone, V i c e P r e s id e n t a n d C a s h ie r ; Fred I).
Lorimer W. P. Breen, John H. Stein, Clifford H. Hyett, G eorge M. Scripps, J. K. Fisher, A s s is ta n t C a sh ie r ;
Robert hi. M oore, C r e d it M a n a g e r ; A. M acLennan, M n g r . F o r e ig n D e p t .; Chas. E. G ray, M n g r . o f B r a n ch es.
Directors.— WiHiara Livingstone, George H. Barbour, R. H. Webber, James B. McKay, Bethune Duffield, Augustus
G. Steliwagen, Horatio N. Hovey, R. H. Fyfe, Henry Ford, Seabourn R. Livingstone, Fred J. Robinson, W . H .
Bailey, 1. W. P. Livingstone, Judson Bradway.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................. 36,980,675 02
Savings..................................
5,910,807 67
Bonds, mortgages and securities:
Commercial................................................. 10,020,410 31
Savings......................................................... 21,528,717 82
Due from Federal Reserve bank:
Commercial................................................. 2,074,194 60
Savings........... .............................................
817,000 00
Due from banks in reserve cities:
Commercial.................................................
1 445 40? 78
Savings.........................................................
1,667,100 17
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
632,974 21
Cash on hand:
Commercial.................................................
87,760 98
Savings.........................................................
500,000 00
Overdrafts........................................................
2,776 30
Banking house................................................
844,554 18
Furniture and fixtures..................................
312,778 40
Other real estate............................................
29,684 94
Due from banks other than in reserve
cities..............................................................
312,987 17
Bonds borrowed or left for safe keeping.
495,400 00
Outside checks and other cash items.. . .
10,433 35
Stock of Federal Reserve bank.................
120,000 00
Income accrued receivable (net). ..............
463,376 04
Capital stock paid in.................................... 31,500,000 00
Surplus fund.................................................... 2 ,5 0 0 ,0 0 0 '0(i
Undividedprofits.net......................
557,586
28
Dividends unpaid.............................
3,360
00
Commercial deposits subject to check. . . 18,261,521 74
Demand certificates of deposit.....
36,000
00
78,099
83
Certified checks.................................
Cashier’s checks.................................
303,362
74
Dae to other banks and bankers.. 2,214,921
32
200,000
00
State moneys on deposit.................
Postal savings deposits....................
103,906
16
U. S. Government deposits............
170,000
00
Savings deposits (book account).............. 23,932,605 30
Savings certificates of deposit........ 2,990,734
65
Club savings deposits......................
639,845
30
Bonds borrowed or left for safe keeping.
495,400 00
Customers’ letters of credit............
15,500
00
Accrued interest, expense, etc. (net). . . .
254,200 52
Total.........................................................354,257,043 94
Total.........................................................354,257,043 94
F ID E L IT Y T R U S T CO., D E T R O IT .
Organized July 19, 1923.
Luther D. T homas,
P r e s i d e n t ; G eorge B. Y erkes, R ichard W . T homas, V i c e P r e s id e n t s ; Scott E.
P r e s id e n t a n d T r u s t O fficer ; F reer W . A rmstrong, S e c r e ta r y ; R oy R. M cDaneld, T r e a su r er.
Lamb,
V ice
D irectors.— Luther D. Thomas, George B. Yerkes, Richard W . Thomas, Albert B. Lowrie, Cramer Smith, Charle
L. Raymond, Fred Wardell, Charles W. Burton, Thomas Merrill, William G. Lerchen, Scott E. Lamb, Freer W
Armstrong, Roy R. McDaneld.
Statement October 8, 1924.
Resources.
Collateral loans:
Time.................................................
Loans on real estate mortgages:
In office...........................................
With State Treasurer......................
Bonds:
In office............. '.............................
Other investments. ...........................
Mortgages in transit........................
Advances to trusts...........................
Cash......................................................
Due from approved reserve agents
Furniture and fixtures.......................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3157,530 00
1,165,365 42
209,787 71
393,699
4,849
173,424
275
15,262
108,632
24,106
Capital stock paid in
Surplus fund...............
Undivided profits... .
Reserved for taxes.. .
Trust deposits.
Notes payable............
43
63
78
80
25
98
36
32,252,934 36
Total
3500,000
125.000
68,379
15,018
1,444,536
00
00
12
41
83
100.000 00
32,252,934 36
90
STATE
B A N K IN G
DEPARTM ENT
No. 5.
T H E F IR ST S T A T E B A N K OF D E T R O IT .
Organized February 3, 1883.
Corporate existence extended February 3, 1912.
Fifteen Branches.
G eorge H. K irchner, P r e s id e n t ; Paul R. G ray, Chas. W. K otcher, A bner E. Larned, Cyrenius A. N ewcomb,
Jr., Edward Y entsch, John K och, V i c e P r e s id e n t s ; H erman J. K och, V i c e P r e s id e n t a n d C a s h ie r ; Emil Jacob,
Julius Rubiner, E. C. B loss, A s s is t a n t C a s h ie r s ; R. T. K irchner, A s s is t a n t C a s h ie r a n d S u p e r v is o r o f B r a n c h e s ;
A. A. Chapp, A u d ito r .
D irectors.— Paul R. Gray, Abner E. Larned, Irvin Long, Edward A. Loveley, Ora J. Mulford, Cyrenius A. Newcomb,
Jr., Gustavus D. Pope, Wm. J. Hartwig, Max C. Koch, Chas. D. Aaron, Chas. W . Kotcher, Frank H. Bessenger,
Geo. H. Kirchner, Edward Yentsch, Wm. A. Comstock, Wm. R. Kales.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial......................................... . . . $5,574,762 78
Saving:................................................
3,201,.005 74
Bonds, mortgages and securities:
Commercial....................................
1,830,526 39
Savings............................................
6,206,202 58
Due from Federal Reserve bank:
Commercial....................................
362,167 98
Savings............................................
520,000 00
Due from banks in reserve cities:
Commercial....................................
218,712 10
Savings............................................
201,317 13
Exchange for clearing house and checks
on banks in same place:
Commercial................................
252,623 19
Cash on hand:
Commercial................................................
239,153 66
Savings..................•..........................
78,301 10
Overdrafts......................................
473 44
Banking house................................................
1,261,666 00
Furniture and fixtures..................................
107,399 54
Other real estate............................................
1,000 00
Bonds borrowed or left for safe keeping.
755,060 45
Outside checks and other cash items. . . .
20,707 09
Stock of Federal Reserve bank.................
96,000 00
Capital stock paid in.................................... $2,500,000 00
Surplus fund....................................................
700,000 00
Undivided profits, net..................................
199,557 69
Dividends unpaid..........................................
3,536 60
109,257 67
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . . 5,338,738 05
Demand certificates of deposit..................
226,058 72
Certified checks..............................................
69,972 62
Cashier’s checks.............................................
126,460 34
Due to other banks and bankers. . . . . . .
457,422 24
State moneys on deposit..............................
100,000 00
19,796 99
Postal savings deposits.................................
Savings deposits (book account)...............
9,804,988 33
Savings certificates of deposit....................
153,588 30
237,265 75
Club savings deposits...................................
Bills payable....................................................
100,000 00
Bonds borrowed or left for safe keeping .
755,060 45
Customers’ letters of credit........................
25,375 42
Total......................................................... $20,927,079 17
Total.........................................................$20,927,079 17
G U A R A N T Y T R U S T C O M P A N Y OF D E T R O IT , D E T R O IT .
Organized March 28, 1916.
Frank H. Bessenger, P r e s id e n t ; H. R. M artin, G eo. H. K irchner, A lanson A. M oore. V ic e P r e s id e n t s ; G. A llan
M cK aig, S e c r e t a r y - T r e a s u r e r ; W alter A. Stellberger, A s s is t a n t T r e a s u r e r ; Roy A. Strausser, T r u st O fficer a n d
A s s i s t a n t S e c r e t a r y ; F rederic A. T ilton, A u d i t o r .
D irectors.— Frank H. Bessenger, Clarence M.. Burton, Harold H. Emmons, Harrison Geer, Lewis G. Gorton, Norval
A. Hawkins, Claude M . Harmon, George H. Kirchner, Adam W . Lind, Edward A. Loveley, Harold R. Martin,
Alanson A. Moore, Frank C, Nall, Samuel J. Patterson, Walter C. Piper, A. C. Stellwagen, Vine LaRue Smith,
John H. Tigchon, John I. Turnbull, A. E. Michelson, William V. Butler, George W . House.
Statement October 8, 1924.
Resources.
Collateral Loans:
Tim e............................
Demand........................... , ..........................
Loans on real estate mortgages:
In office.........................................................
With State Treasurer...............................
Bonds:
In office........................................................
Prepaid expense.............................................
Accrued interest.............................................
Advances to trusts.........................................
Bond redemption account...........................
Coupon redemption account......................
Items in transit..............................................
Furniture and fixtures..................................
Due from approved reserve agents...........
Cash items.......................................................
Cash...................................................................
Liabilities.
$31,205 00
95,920 84
5,202,815 83
155,000 00
5,600
7,839
14,377
934
97,700
22,690
9,362
8,039
129,333
8,967
942
00
76
99
27
00
50
56
87
56
15
43
Total......................................................... $5,790,729 76
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits...........................................
Reserved for taxes and bonddiscount. . .
Trust deposits.................................................
Real estate bond sales..................................
Bills payable....................................................
Bonds sold under specialagreement..........
Accrued interest.............................................
$300,000 00
150,000 00
159,227 23
32,234 56
586,882 35
4,0 8 7 ,4 0 0 00
100,000 00
373,550 00
1,435 62
Total......................................................... $5,790,729 75
STATE
BANKS
OF
M IC H IG A N
91
IN D U S T R IA L M O R R IS PLAN B A N K , D E T R O IT .
Organized August 14, 1917.
ÜUGENE w . L e w is , P r e s id e n t ; _F r e d G. A u s t in , F r a n k W . H u b b a r d , G. F. T u r n b u l l , V i c e P r e s id e n t s ; R i c l a r d
H. D o u g h t y , S e c r e t a r y ; A. G. R o p p , T r e a s u r e r ; H. C. S p a r k s , H a r r y H a a s , C. L. R u g g , A s s is t a n t T rea su r ers .
D i r e c t o r s .— Fred G. Austin Leo M. Butzel, Hugh Chalmers, Richard H. Doughty, Clayton A. Grinnell, J. F. Hartz,
t ' p H T ’/ r M k TW ^ Uub b a o ’ HaI rFTM- Jewett, Julian H. Krolik, Eugene W . Lewis, Phelps Newberry,
Witter J. Peabody, M. L. Pülcher, Geo. E. Edmunds, E. E. MacCrone, G. F. Turnbull, Arthur J. Morris, Fiank
Cody, Howard E. Coffin Charles T. Bush, Louis Kamper, S. C. Mumford, Mason P. Rumn?y, Harold H. Emmons,
franz C. Kuhn, Walter L. Dunham, Wm. J. Kennedy.
Statement October 8, 1924.
Resources.
Inabilities.
Loans, viz.:
Notes receivable, Morris plan............... 36,435,145 00
Notes receivable, other............................
126,129 24
Trade acceptances.........................................
1,254,802 25
Bonds and other investments....................
523,908 97
Accrued interest on bonds..........................
5,544 73
Due from banks in reserve cities..............
350,936 11
Cash on hand:
89,698 00
U. S. and national bank currency........
Gold coin.........................................
1,227 50
Silver coin.......... .........................................
316 10
Nickels and cents......................................
73 61
Checks and other cash items......................
17,015 11
Furniture and fixtures.................................
47,070 24
Total......................................................... 38,851,866
Capital stock paid in....................................
Surplus fund.............'.................... .................
Undivided profits, earned............................
Reserved for taxes, interest, etc................
Discount collected unearned......................
Payments on installment certificates:
Hypothecated.............................................
Unhypothecated........................................
Investment certificates outstanding.........
Collections.......................................................
86
00
3500,000
125,000
143,940
192,130
250,422
00
69
02
07
3 ,176,270
3,772,111
687,560
4,431
65
28
84
31
Total......................................................... 38,851,866
86
No. 579.
M IC H IG A N ST AT E B A N K OF D E T R O IT , D E T R O IT .
Organized April 18, 1916.
Four Branches.
F r a n k S c h m id t , P r e s id e n t ; S t a n l e y C. K r u s z e w s k i , V i c e P r e s id e n t ; F r e d e r ic k A. S m it h , C a s h ie r ;
J o h n A. G r u p c z y n s k i , A s s is t a n t C a sh ie r.
D ir e c t o r s .— Frank Schmidt, John Krolczyk, Frank A. Schmidt, Jr., Edward J. Flynn,
John Lukaszewicz, Joseph Olschefsky, Stanley C. Kruszewski, Vernon Witkowski.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings........... ............................................
Due from banks in reserve cities:
Commercial................................................
Savings.................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping.
Outside checks andother cash items. . . .
Other assets....................................................
Liabilities.
3245,017 78
244,205 30
2,108,447 12
196,636 31
235,675 00
3,650 00
2,177 81
10,000
92,044
108
154,871
16,423
5,7 0 0
1,208
35
3250,000 00
42,000 00
29,458 65
301 00
99 62
289,348 81
11,144 36
1,396 4 >
24,898 76
454 69
2,634,896 23
26,500 1 -fc
5,700 00
00
44
80
75
88
00
59
00
Total........................................................ 33,316,201 78
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks.........................
Due to other banks and bankers...............
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
Total......................................................... 33,316,201 78
STATE
92
B A N K IN G
DEPARTM ENT
No. 563.
T H E N O R T H W E S T E R N ST A T E B A N K , D E T R O IT .
Organized April 14, 1915.
One Branch.
W ales C . M artindale, P r e s id e n t ; Frank E. V ignoe, Frederick C. M artindale, Peter Prochaska, V i c e
A llan H. F. M artindale, V i c e P r e s id e n t a n d C a s h ie r ; A. Raymond W ells, A s s is t a n t C a sh ie r.
P r e s id e n t s ;
D irectors.— Wales C. Martindale, Frederick C. Martindale, Thomas F. Browne, Peter Prochaska, Frank E. Vignoe,
F. Carew Martindale, Allan H. F. Martindale.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................., ............
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Other assets....................................................
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3159,354 23
89,010 00
98,368 04
894,353 04
114,783 65
13,042 98
129,250 00
26,620 76
5,000 00
149 14
10,923 17
7,883 67
17,400 00
105 52
31,566,244 20
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (bookaccount).................
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
Other liabilities.............................................
Total........................................................
325,000
30,000
7,174
2,648
278,566
39,500
2,717
22,432
10,000
1,086,723
27,467
16,464
17,400
149
00
00
95
03
51
00
38
17
00
56
88
58
00
14
31,566,244 20
STATE
BANKS
OF
93
M IC H IG A N
No. 15.
P E N IN SU L A R ST A T E B A N K , D E T R O IT .
Organized August 27, 1887.
Corporate existence extended August 26, 1917.
Twenty-four Branches.
J. H. Johnson, P r e s i d e n t ; H. L. Chittenden, H. H. E llerton, H. M oxon, W. J. N esbitt, E. J. Obendorfer. V ic e
P r e s i d e n t s ; M ilton S. W ebb, C a s h ie r ; F. F. F leming, B. H. Johnson, H. A. Lombard, J. P. A rthur, A s s is t a n t
C a s h ie r s ; H. B. Stead, A u d it o r .
D irectors.
Frank P. Byrne, Frank Howard, J. H. Johnson, W . M. MacLachlan, Henry A. Haigh, E. 0 . Krentler,
Frank W . Hubbard, Edward J. Hickey, Edward P. Hammond, W . H. Kirn, W m . M . Walker, H. L. Chittenden,
Peter J. Monaghan, Herbert B. Trix.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................. 5511,063,836 29
Savings................................
5,576,234 45
Bonds, mortgages and securities:
Commercial.................................................
1,018,583 33
Savings........................................................ 16,710,403 56
Due from Federal Reserve bank:
Commercial.................................................
1,270,963 21
730,000 00
Savings........... .......................
Due from banks in reserve cities:
Commercial................................................. 2,087,658 26
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
475,063 37
Savings.........................................................
462,984 06
Cash on hand:
Commercial.................................................
283,405 09
Savings.........................................................
668,897 03
Overdrafts........................................................
8,883 62
Banking house................................................
1,974,675 00
Furniture and fixtures..................................
178,934 25
Other real estate............................................
200,105 51
Due from banks other than in reserve
cities..............................................................
631,982 76
Outside checks and other cash items. . . .
73,018 30
Stock of Federal Reserve bank.................
120,000 00
Capital stock paid in.................................... 32,500,000 00
Surplus fund...................................................
1,500,000 00
Undividedprofits.net..................................
274,399 32
Dividends unpaid..........................................
7,242 00
Reserved for taxes, interest, etc................
38,878 45
Commercial deposits subject to check. . . 12,241,396 66
Demand certificates of deposit..................
249,902 62
Certified checks.............................................
149,043 24
Cashier’s checks.............................................
256,380 53
Due to other banks and bankers............... 1,995,411 01
State moneys on deposit.............................
100,000 00
Time commercial certificates of deposit . 22,874,584 68
1,037,725 62
Savings deposits (book account)...............
Savings certificates of deposit....................
310,673 96
Total.........................................................343,535,638 09
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total........................................................ 343,535,638 09
94
STATE
B A N K IN G
DEPARTM ENT
No. 356.
T H E P EO PLE’S ST AT E B A N K , D E T R O IT .
Organized January 4, 1907.
Thirty-six Branches.
John W. Staley, P r e s i d e n t ; F. A. Schulte, Jno. R. Bodde, R. W. Smylie, R. T. Cudmore, Chas. H. A yers, A. H.
M oody, V i c e P r e s i d e n t s ; D onald N. Sweeny, C a s h ie r ; A ustin E. W ing, A s s is t a n t to P r e s id e n t ; G. W. B easley,
C. C. Bogan, D. E. L euty, W m. Braasch, L. D. H eaphy, John H. Rooks, H ugh M cC lelend, Jr., H erbertW.
Boyes, Joseph E. T otten, A s s is t a n t C a s h ie r s ; G eorge T. Courtney, A u d it o r ; C. I. N orman, M a n a g e r B o n d D e p t .;
Roderick P. Fraser, M a n a g e r F o r e ig n D e p a r t m e n t.
D irectors.— Frederick M . Alger, George H. Barbour, W . T. Barbour, H. M . Campbell, C. A. DuCharme, Frank J.
Hecker, Henry Ledyard, R. S. Mason, Fred T. Moran, M. J. Murphy, J. C. Hutchins, Fred W . Hodges, W . Howie
Muir, Fred T. Murphy, Walter S. Russel, F. A. Schulte, Angus Smith, T. H. Newberry, John R. Bodde, Homer
Warren, R. W . Smylie, John W . Staley.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial....................................................325,823,754 26
Savings........... ! ................... ....................... 19,740,645 86
Bonds, mortgages and securities:
Commercial................................................... 29,784,914 40
Savings........................................................... 47,058,192 55
Due from Federal Reserve bank:
Commercial...........................
6,051,995 01
Savings................................... ....................
1,900,000 00
Due from banks in reserve cities:
Commercial................................................... 3,892,159 73
Exchange for clearing house and checks
on banks in same place:
Commercial................................................... 2,980,415 15
Cash on hand:
Commercial...................................................
1,982,253 41
Savings..........................................................
200,000 00
Overdraws.........................................................
5,939 45
Banking house................................................ 2,000 000 00
Other real estate..............................................
16,481 94
Due from banks other than in reserve
cities................................................................
412,142 47
Outside checks'and other cash items. . . . 4 ,773,020 2i
Stock of Federal Reserve bank...................
450,000 00
Total
3147,071,914 44
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Postal savings deposits................................
U. S. Government deposits........................
Savings deposits (book account)...............
Savings certificates of deposit...................
Customers’ acceptances and letters of
credit.. . . ....................................................
Other liabilities...............................................
Total
35,000,000
10,000,000
650,021
20,186
50,937,714
2,836,921
420,582
1,006,827
9,536,900
462,975
321,648
3,460,000
59,168,429
1,910,851
00
00
31
00
78
85
65
60
35
72
44
00
00
20
1,337,810 15
1,045 39
3147,071,914 44
T H E S E C U R IT Y T R U S T C O M P A N Y , D E T R O IT .
Organized April 16, 1906.
J. S. H olden, C h a ir m a n o f th e B o a rd .
A. E. Green, P r e s i d e n t ; L ewis K. W alker, Claude A. G uerin, V i c e P r e s id e n t s ; Robert L. N ixon, T r e a s u r e r ; F.
L. A dams, C. T. Darnton, H. R. G leeson, F. J. O’D onnell, K. C. T hom, A s s is t a n t S e c r e ta r ie s ; W . B. H ayes,
T r u s t O ffic e r ; H. V. Pusch, A s s is t a n t T r u st O fficer.
D irectors.— M . J. Murphy, Lem W . Bowen, J. H. Johnson, William Livingstone, James S. Holden, Henry M. Butzel,
Eugene W . Lewis, Standish Backus, A. E. Green, Richard H. Webber, Emory W . Clark, John Kelsey, Leo M . Butzel,
Frank P. Book, D. Dwight Douglas, Claude A. Guerin, C. H. Haberkorn, Jr., Lewis K. Walker, E. C. Lewis, Calvin
P. Bentley, Walter O. Briggs, Chas. T. Fisher, Peter J. Monoghan, Jas. T. Whitehead.
Statement October 8, 1924.
Resources.
Collateral loans:
T i m e . . . ......................................................
Demand.......................................................
Loans on real estate mortgages:
In office........................................................
With State treasurer.................................
Bonds:
In office........................................................
Real estate owned.........................................
Advances to trusts........................................
Due from approved reserve agents...........
Due from other banksand bankers...........
Cash items.......................................................
Cash...................................................................
Total................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3817,637 53
5,507 27
1,002,350 69
197,900 00
2,754,022
712,500
363,376
3,751,883
15,920
21,017
12,564
Capital stock paid in.................................... 31,000,000 00
Surplus fund....................................................
1,000,000 00
Undivided profits...........................................
953,284 90
Reserved for taxes,interest..........................
59,620 96
Trust deposits.................. , ............................ 6,641,774 12
61
00
87
15
54
14
18
39,654,679 98
Total......................................................... 39,654,679 98
STATE
BANKS
OF
M IC H IG A N
)5
T H E U N IO N T R U S T C O M P A N Y , D E T R O IT .
Organized November 24, 1890.
Corporate existence extended November 24, 1920.
.H enry M. Campbell, C h a ir m a n ; Frank W. Blair, P r e s id e n t ; Charlrs R. D unn, Joel H. Prescott, B. H. M anning.
V i c e P r e s i d e n t s ; Chas. H. A dams, M errill C. A dams, Harry Slater, A s s is t a n t V i c e P r e s id e n t s ; John N. Stalker,
V i c e P r e s i d e n t a n d S e c r e ta r y ; Charles E. Clark, T r e a s u r e r ; W alter C. H artwig, A s s is t a n t T r e a s u r e r ; Charles
N. C rosman, T r u s t O fficer ; J. M onroe Roney, M orse D. Campbell, Lawrence J. T oomey, E arl J. Publow, A s
s i s ta n t T r u s t O ffic e r s ;
John A. R eynolds, A lvin W. Bond, Eugene A. M iller, A rthur S. G ilmore, W illi am
•B. M cNally, A s s i s t a n t S e c r e ta r ie s ; Chas. H. M oore, M g r . B o n d D e p t . ; W illiam H. Fowler, C u s to d ia n S a fe ty
D e p o s i t V a u lt ; E. John Lantz, A u d i t o r ; Clinton F. B erry, A d v e r tis in g M a n a g e r ; Campbell, B uckley & L edyard,
G e n e r a l C o u n s e l.
D irectors.' Henry M . Campbell, Charles A. DuCharme, Harry A . Conant, Albert L. Stephens, Paul F. Bagley,
Frank W . Blair, Allen F. Edwards, J. C. Hutchins, Fred T. Moran, J. H. Poole, Hal H. Smith, Francis C. McMath,
Frederick M . Alger, Jerome JJ. Remick, Henry Ledyard, Arthur G. Bishop, Francis Palms, Truman H. Newberry,
James 1. McMillan, W . Howie Muir, Hobart B. Hoyt, F. J. Hecker, Arthur T. Waterfall, Chas. R. Dunn, Jno. N.
Stalker, Jno. R. Russel, Franz C. Kuhn, Henry H. Sanger, Ransom E. Olds, Murray W . Sales, Bart H. Manning,
Chas. B. Warren.
Statement October 8, 1924.
Resources.
Liabilities.
Collateral loans:
Tim e............................................................. {51,680,209 46
Demand........................................................
14,944 99
1 oans on real estate mortgages:
In office......................................................... 5,653,596 00
With State Treasurer..............................
229,500 00
Bonds:
In office........................................................
3,438,719 88
Stocks...............................................................
497,500 00
Real estate owned.........................................
1,000,000 00
Other investments.........................................
245,827 34
1,029,000 63
Advances to trusts........................................
Furniture and fixtures..................................
101,218 14
Accounts receivable.......................................
10,029 98
Due from approved reserve agents..........
5,782,483 30
Due from other banks and bankers.........
326,014 99
Cash items................................... ...................
26,800 82
Cash...................................................................
35,723 76
Items in transit..............................................
792,160 00
Capital stock paid in.................................... 32,000,000 00
Surplus fund...................................................
1,250,000 00
Undivided profits..........................................
203,189 32
Mortgage on Union Trust building.........
220,000 00
Trust deposits................................................ 16,690,539 97
Bonds sold subject to repurchase.............
500,000 00
Total........................................................ $20,863,729 29
Total........................................................ {520,863,729 29
N o . 386.
T H E U N IT E D S A V IN G S B A N K O F D E T R O IT .
O rg a n ized June 3 0 , 1 907 .
F rank B. L eland, P r e s id e n t ; A lbert F. P eck, Laverne B assett , W m . W . Slocum, V i c e P r e s id e n t s ;
T hos. E. B ryan , C a s h ie r ; E arl W . A lles, A s s is t a n t C a sh ie r.
D irectors.— Frank B. Leland, Henry M . Zimmerman, Albert F. Peck, William H. Hoyt,
Henry W . Standart, Laverne Bassett, Clinton W . Wilber, William W . Slocum.
S ta te m e n t O c to b e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 924 .
Liabilities.
Resources.
Loans and discounts:
Savings........................................................
$5,979 25
Bonds, mortgages anj securities:
Savings........................................................ 10,009,159 69
Due from Federal Reserve bank:
Savings........................................................
340,413 82
Due from banks in reserve cities:
Savings........................................................
156,521 51
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......................................................... 1,124,200 00
Exchange for clearing house and checks
on banks in same place:
Savings.........................................................
17,431 77
Cash on hand:
Savings............. ...........................................
88,733 26
Premium account..........................................
9,335 32
Banking house................................................
337,447 98
Furniture and fixtures..................................
9,365 06
Due from banks other than in reserve
cities..............................................................
157,040 19
Bonds borrowed or left for safe keeping.
73,100 00
Outside checks and other cash items. . . .
3,008 83
Stock of Federal Reserve bank.................
30,000 00
Total........................................................ $12,361,736
8,
68
Capital stock paid in....................................
Surplus fund...................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc................
Demand certificates of deposit..................
Postal savings deposits................................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
$750,000
250,000
103,969
8,583
45,000
100,797
10,554,013
476,273
73,100
00
00
64
28
00
52
24
00
DO
Total........................................................ $12,361,736 68
96
STATE
B A N K IN G
DEPARTM ENT
No. 6.
* W A Y N E C O U N T Y A N D H O M E SAVINGS B A N K , D E T R O IT .
Organized September 18, 1871.
Corporate existence extended September 18, 1901.
Thirty-three Branches.
Frank H. C roul, C h a irm a n .
Julius H. H aass, P r e s id e n t ; G eorge W iley, W . V. M oore, W m. S. G reen, E dwin J. E ckert, A rthur E. Loch,
Rupert Pletsch, G eorge H. Johnstone, V i c e P r e s id e n t s ; G eorge F. B uhrer, C a s h ie r ; G eorge A. Burns, S a v in g s
C a s h ie r ; W m. H. M cClenahen, Lyman L. R osier, G eorge C. Johnston, Chas. H. N orthrop, Frank A. G rosfield, John W . Schmitt, Scott Carpenter, E dw. M . E rlenbach, E dw. F. Spitzf.r, A s s is t a n t C a s h ie r s ; G eo. J.
Pipper, A u d ito r .
D irectors.—A. A. Albrecht, Lem W . Bowen, Clarence M . Burton, Chas. F. Collins, Frank H. Croul, John M .
Donaldson, W m . S. Green, Fred Guenther, Julius H. Haass, James S. Holden, James C. McGregor, John A. Mercier,
W . V. Moore, Ralph Phelps, U. Grant Race, Wesson Seyburn, A. L. Stephens, Orla B. Taylor, George Wiley, Leo
M . Butzel, Edwin J. Eckert, Fred J. Fisher, Arthur E. Loch.
Statement October 8, 1924.
Resources!
Liabilities.
Loans and discounts:
Commercial..................................................$13,981,319
Bonds, mortgages and securities:
Commercial...........................
7,393,943
Savings......................................................... 67,438,981
Due from Federal Reserve bank:
Commercial................................................. "2,310,305
Savings......................................................... 2,000,000
Due from banks in reserve cities:
Commercial.................................................
847,517
Savings......................................................... 2,267,463
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
1,179,270
Cash on hand:
Commercial.................................................
1,420,100
Savings........................................................
100,000
1,698
Overdrafts.......................................................
Banking house............. ..................................
2,430,154
Due from banks other than in reserve
cities..............................................................
116,184
Outside checks and other cash items. . . .
63,923
Stock of Federal Reserve bank.................
300,000
93
36
00
64
00
07
95
Capital stock paid in.................................... $4,000,000 00
Surplus fund.................................................... 6 ,0 0 0 ,0 0 0 00
Undivided profits, net.................................. 2,047,602 11
Commercial deposits subject to check. . . 22,533,560 55
Certified checks.............................................
112,210 63
Cashier’s checks.............................................
518,084 02
Due to other banks and bankers..............
544,617 00
Postal savings deposits................................
263,050 09
U. S. Government deposits........................
500,000 00
Savings deposits (book account)............... 63,836,577 66
Savings certificates of depoait...................
1,468,896 12
Customers’ letters of credit........................
26,265 00
15
47
00
27
94
41
99
00
Total........................................................ $101,850,863 18
Total........................................................ $101,850,863 18
*Upon April 28, 1924, The Wayne County and Heme Savings Bank absorbed the Strathmoor State Bank.
No. 157.
T H E D E X T E R SAV IN G S B A N K , D E X T E R .
Organized February 10, 1893.
Corporate existence extended February 10, 1923.
G. S. Francisco, P r e s id e n t a n d C a s h ie r ; H enry D ieterle, V i c e P r e s id e n t ; J. J. Page, A s s is t a n t C a sh ie r.
D irectors.'— E. Jedele, Henry Dieterle, Eleanor J. Newkirk, Fred Walker, W . C. Wylie, G. S. Francisco, Geo. C. Page.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Savings........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping.
Outside checks andother cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$168,153 27
250,265 05
12,765 30
23,520 17
$40,000
Capital stock paid in.........................
Surplus fund........ ...........................................
11,500
Undividedprofits.net........................
12,962
360
Dividends unpaid...............................
Commercial deposits subject to check. . .
145,753
Demand certificates of deposit.......
2,399
Savings deposits (book account)....
269,622
Savings certificates of deposit.........
22,843
Bonds borrowed or left for safe keeping.
12,700
00
00
94
00
25
68
42
84
00
32,634 40
11,442 83
216 11
2,400 00
4,000 00
12,700 00
45 00
$518,142 13
Total
$518,142 13
STATE
BANKS
OF
97
M IC H IG A N
No. 631.
D IM O N D A L E ST A T E B A N K , D IM O N D A L E .
Organized June 30, 1919.
— —■— ----- , P r e s id e n t ; John H ull, E. A. Lundberg, W . J. Bateman, V i c e P r e s id e n t s ;
B ert S. H arris, C a s h ie r ; F. L. Cogswell, A s s is t a n t C a sh ie r.
D irectors.— Alice M . Harris, John Hull, William J. Bateman, Bert S. Harris, E. A. Lundberg.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.....................................
Bonds, mortgages and securities:
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..............................................■.........
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts.........................
Banking house.................................... : . . . .
Furniture and fixtures. . ..............................
Bonds borrowed orleft for safe keeping.
Outside Checks andother cash items. . . .
Total........................................................
380,308 28
24,441 47
46,320 00
26,465 57
13,550 00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit.............
Club savings deposits...........................
Bonds borrowed or left for safe keeping.
320,000 00
5,0 0 0 00
3,893 75
6 00
53,610 27
47,295 51
1,969 41
45,468 99
24,379 33
1,976 00
8,500 00
Total..................................... ...................
3212,099 26
6,452 97
500 00
12 01
3,500 00
2,000 00
8,500 00
48 96
3212,099 26
No. 578.
LEE S T A T E B A N K , D O W A G IA C .
Organized January 3, 1916.
Fred E. L ee, P r e s id e n t ; H enry M . Lee, V i c e P r e s id e n t ; Chris. A. Hux,
N eil Swisher, K athryn M urphy, A s s is t a n t C a sh ie rs .
C a s h ie r ;
D irectors.— Fred E. Lee, Henry M . Lee, A. B. Gardner, Chris. A. Hux, Otis Bigelow, Vern Redner,
Mrs. Bella A . Baker.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings....................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings............. ...........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account..........................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities....................................................... .. . .
Outside checks and other cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3277,03 7 74
15,800 00
513,063 11
279,993 37
258,155 92
25,000 00
Capital stock paid in......................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Other liabilities..............................................
Special account...........................
3125,000
31,250
8,208
472,993
458,394
319,351
47
9 ,400
00
00
39
79
26
51
48
00
3,390 31
30,215
15,000
1,385
603
4,764
50
00
32
20
17
124 79
11200
31,424,645 43
Total
31,424,645 43
98
STATE
B A N K IN G
DEPARTM ENT
No. 351.
T H E D R Y D E N ST AT E B A N K , D R Y D E N .
Organized October 20, 1906.
I.ee B erridge,
P r e s id e n t ;
P. H. Foot, V i c e P r e s id e n t ; Floyd Slate, C a sh ie r.
D irectors.— Lee Berridge, A. J. Schanck, P. H. Foot, Gail Schanck, H. L. Parker,
H. R. Easton, Chas. Foot.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial................................................
Savings.................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial...............................
Savings.........................................................'
Overdrafts..............................................
Banking house...............................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
#113,-119 68
41,336 54
11,546 75
123,336 21
11,066 29
19,500 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
#20,000
20,000
1,268
84
56,507
60,155
199,836
27
14,850
00
00
73
50
00
28
21
04
00
5,600 00
5,413 52
3,000 00
448 17
14,000 00
4,500 00
4,641 60
14,850 00
70 00
Total........................................................
#372,728 76
Total.........................................................
#372,728 76
No. 477.
T H E D U N D E E ST AT E SAVINGS B A N K , D U N D E E .
Organized February 21, 1911.
T hornton D ixon,
A rthur M. R itter, V i c e P r e s id e n t ; Setii C. D ixon,
H azel M . B ordine, A s s is t a n t C a sh ie r.
P r e s id m l ;
C a s h ie r ;
D irectors.— Sarah A. Stanger, Thornton Dixon, Arthur M. Ritter, Lida M. Dixon, Seth C. Dixon.
Statement October 8, 1924.
Resources.
Loans an-d discounts:
Commercial.................................................
Savings..................................._...................
Fonds, mortgages and securities:
Savings........... .............................................
Due frcm banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Other real estate............................................
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
#55,988 91
45,476 59
81,755 00
4,074 10
7,399 11
Capital stock paid in....................................
Surplus fund...................................................
LTndivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit. ..................
#20,000
5,000
3,029
55
41,269
46,708
117,782
00
00
09
00
04
03
97
16,550 00
2,794
5,’ 000
1,249
2,659
10^897
08
00
63
32
39
#233,844 13
" Total........................................................
#233,844 13
STATE
BANKS
OF
99
M IC H IG A N
No. 142.
MONROE COUNTY BANK, DUNDEE.
Organized September 7, 1892.
Corporate existence extended September 6, 1922.
Fred Corkett,
P r e s id e n t ;
John F. N ieman, C. W. K nabush, W m. Clute,
Levi G. W illiams, C a sh ie r.
V i c e P r e s id e n t s ;
D irectors.— Fred Corkett, Chas. W . Knabush, John F. Nieman, C. B. Hiser, George J. Meyer, Ervin Smith,
Fred C. Rath.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _............' . . . . _ ......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Total.........................................................
Liabilities.
394,216 70
73,886 SI
958 22
163,418 66
5,000 00
33,955 12
8,429
179
163
2,500
4,631
Capital stock pa-id in....................................
Surplus fund...................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)........ ..
Savings certificates of deposit...................
325,000 00
8,000 00
25,067 21
135 00
3,000 00
70,016 39
100 00
63,992 45
192,027 76
Total.........................................................
3387,338 81
10
74
28
00
48
3387,338 81
No. 428.
F IR ST C O M M E R C IA L A N D SAVINGS B A N K OF D U R A N D , D U R A N D .
Organized April 8, 1909.
C. S. R eed, P r e s i d e n t ; G eo. B rooks, E. J. Carney, V i c e P r e s id e n t s ; W . L. Scranton, C a s h ie r ;
J. M . C rane, A s s is t a n t C a s h ie r ; C. E. M cA lvay, A u d it o r .
D irectors.— E. J. Carney, Geo. Brooks, C. S. Reed, E. F. Augsbury, C. E. McAlvay,
W . L. Scranton, U. P. Ferguson, Frank Mikan, B. W . Calkins.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings:.............................. _. ....................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
. reserve:
Savings........................................................ #
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3174,418 46
42,393 17
1,200 00
191,588 73
22,762 13
22,237 24
Capital stock paid in....................................
Surplus fund...................................................
Undividedprofits.net............ .....................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
325,000 00
15,000 00
6,526 85
102,363 66
78,298 29
563 30
200,527 14
79,954 70
4 ,550 00
21,600 00
5,010 83
11,936
7,000
14
7,000
1,072
4,5 5 0
95
00
43
00
00
00
3512,783 94
Total........................................................
3512,783 94
100
STATE
B A N K IN G
DEPARTM ENT
No. 124.
•THE SH IAW ASSEE C O U N T Y B A N K , D U R A N D .
Organized August 28, 1891.
Corporate existence extended August 27, 1921.
R obert C. Fair,
P r e s id e n t ;
C lair G. Bates,
D. M . T rumble,
V i c e P r e s id e n t ; H arry
A s s is t a n t C a sh ie r.
A. T homas, C a s h ie r ;
D irectors.-—Robert C. Fair, C. G. Bates, Harry A. Thomas, F. O. Nesbitt, C. E. Mapes.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings................................
Bonds, mortgages and securities:
Commercial.....................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial........................................
Savings.........................................................
Overdrafts........................................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total........................................................
3123,437 71
29,835 00
65,350 00
466,897 59
87,986 71
71,111 58
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check.. .
Demand certificates of deposit..................
Certified checks.........................•...................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
325,000
25,000
7,463
1,000
124,180
118,806
254
5,000
434,275
132,513
43,500
00
00
47
00
91
14
54
00
09
43
00
2,214 33
15,993
9,963
53
43,500
650
10
57
57
00
42
3916,993 58
Total.........................................................
3916,993 58
No. 462.
T H E P E O P L E ’S ST AT E SAVINGS B A N K OF E AST JO RD AN .
Organized September 16, 1910.
W . A. Stroebel, P r e s id e n t ; R. O. Bisbee, Roscoe M ackey, V i c e P r e s id e n t s ; John J. M ikula, C a s h ie r ;
W . G. Corneil, A s s is t a n t C a sh ie r.
D irectors.— W . A. Stroebel, C. H. Whittington, John J. Porter, John J. Mikula, Roscoe Mackey,
S. E. Regers, W . H. Parks.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................
Savings........... .......................
Due from banks, in reserve cities:
Commercial.................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures.................................
Other real estate. ..........................................
Bonds borrowed or left for safe keeping.
T o t a l . . . ..................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3164,981 42
66,137 28
620 00
114,130 46
6,970 21
325,000
00
Capital stock paid in.........................
Surplus fund.........................................
‘10,000
00
Reserved for taxes, interest, etc.....
3,070
26
Commercial deposits subject to check. . .
104,941 30
Demand certificates of deposit.......
46,216
75
Certified checks..................................
1
22
Cashier’s checks........ , .......................
7,122
97
Savings deposits (book account)....
212,214
56
Bonds borrowed or left for safe keeping.
7,6 5 0 00
25,500 00
6,993 46
1,000 00
149 17
121 66
5,750
1,250
14,963
7,650
00
00
40
00
3416,217 06
Total.........................................................
3416,217 06
101
STATE BANKS OF MICHIGAN
No. 238.
S T A T E B A N K OF EAST JO R D AN , E AST JO RD AN .
Organized July 9, 1901.
W . P. Porter, P r e s id e n t ; F red Smith, V i c e P r e s id e n t ; A. J. Suffern, C a s h ie r ;
H. E. V oice, A s s is t a n t C a sh ie r.
D irectors.— W . P. Porter, W . J. Ellson, Fred Smith, W . E. Malpass, M. H. Robertson, F. M . Severance,
Emma G. Dunham.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings. .......................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial..............................................
Savings.........................................................
Overdrafts.,....................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total.........................................................
3208,883 72
91,722 79
190,863 S3
108,893 SI
44,729 17
Capital stock paid in........................
350,000
Surplus fund........................................
15,000
Undivided profits, net......................
4,4'<7
Commercial deposits subject to check. ..
302,637
Certified checks.................................
1,288
Cashier’s checks.................................
3,215
Time commercial certificates of deposit .
77,474
Savings deposits (book account)...
237,336
Savings certificates of deposit.......
22
Bonds borrowed or left for safe keeping.
5,600
00
00
91
76
54
01
01
38
08
00
IS, 000 00
183 31
13,054 86
5,000 00
70 18
5,92S 49
2,393 SO
4,527 01
5,600 00
224 62
3697,071 69
Total.........................................................
3697,071 69
No. 583.
E AST L A N S IN G ST AT E B A N K , E AST L A N SIN G .
Organized March 21, 1916.
Jacob Schepers,
P r e s id e n t ;
Edward H. Ryder, V i c e P r e s id e n t ; A. J. N ash,
O. A. M iller, A s s is t a n t C a sh ie r.
C a s h ie r ;
D irectors.— A. M. Brown, Jacob Schepers, E. H. Ryder, W . S. Foster, Bert J. Baker,
A. J. Nash, Edward Gibbons.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3283,862 14
33,969 00
73,407 00
150,401 52
137,901 72
17,344 98
Capital stock paid in....................................
Surplus fund........................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Certified checks..............................................
State moneys on deposit.............................
Savings deposits (book account)........ ..
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
350,000 00
18,000 00
6,104 12
446,734 04
1,520 91
10,000 00
130,188 40
83,495 11
5,431 99
15,605 50
Total.........................................................
3767,080 07
12,400 00
425 05
19,513
5,000
464
10,000
6,785
15,605
59
00
57
00
00
50
3767,080 07
102
STATE
B A N K IN G
DEPARTM ENT
No. 53.
M IC H IG A N S T A T E B A N K OF E A T O N RAPID S.
Organized July 22, 1884.
Corporate existence extended July 22, 1913.
James H. Parks,
John B. Davidson, V i c e P r e s id e n t ; G. A. Speers,
H oward Chappell, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— W . E. Webster, H. C. Minnie, John J. Milbourn, J. H. Parks, E. F. Knapp, G. A. Speers,
John B. Davidson, A. Crane.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial................................................
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earning t .......................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
, cities..............................................................
' Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total.........................................................
3170,652 20
136,838 00
30,000 00
152,060 00
15,298 48
10|000 00
28,614 43
5,000 00
Capital stock paid in.......................
375,000
00
Surplus fund.......................................
15,000
00
Dividends unpaid.............................
22
29
Commercial deposits subject to check. . .
162,790 83
Demand certificates of deposit.....
38,820
46
Certified checks..............................................
55 20
Cashier’s checks.............................................
235 00
State moneys on deposit.............................
10,000 00
Savings deposits (book account).. . . . . . .
319,561 69
Savings certificates of deposit.......
10,447
21
Club savings deposits......................
2,988
25
Bonds borrowed or left for safe keeping.
34,150 00
520 01
971 27
17,000 00
1,686 59
259
38,374
5,522
8,974
46
45
20
08
10,000 00
34,150 00
449 76
2,700 00
3669,070 93
Total.........................................................
3669,070 93
No. 499.
T H E EAU C L A IR E ST A T E B A N K , E A U CLA IR E .
Organized March 14, 1912.
H omer E. IJf.ss,
John W . B edford, V ic e P r e s id e n t ; V erb B eckwith,
K enneth T atman, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— Homer E. Hess, John W . Bedford, H. S. Gray, Geo. R. Dater, Vere Beckwith,
Frank Gilbert, Roy Clark, Geo. T. Yetter, H. H. Hogue.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.....................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Outside checks and other cash items. .. .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
366,089 46
26,087 52
13,985 00
103,620 62
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000 00
3,500 00
26 5 18
92,148 44
48,386 '96
88,550 98
Total.........................................................
3252,851 56
9,852 39
6,535 99
13,350 00
3,238
2,000
603
4,924
2,300
06
00
69
14
00
26469
3252,851 56
STATE BANKS OF MICHIGAN
io :î
No. 716.
*D O W N R IV E R ST AT E B A N K , ECORSE.
Organized M ay 7, 1924.
A ugustus I. Burdeno,
P r e s id e n t ;
Frank X . Laffertv,
V ic e P r e s id e n t ;
L eo E. Byrnes,
C a sh ie r.
D irectors.— Augustus I. Burdeno, Frank X. Lafferty, Chas. L. Heide, Homer C. Shaffmaster, Columbus A. Labaiie,
Louis A. Seavitt, Edmund J. Durocher, Frank A. O’ Boyle, Theo. W. Salliotte.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.....................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
'
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings........................................
Furniture and fixtures..................................
Outside checks and other cash, items... . .
Total........................................................
$35,292 25
8,386 15
5,000 00
38,614 58
Capital stock paid in....................................
Surplus fund...................................................
Commercial deposits subject tocheck. . .
Certified checks.............................................
Cashier’s checks.............................................
Savings deposits (book account)...............
$24,360
4,870
50,676
1,293
1,892
56,037
00
00
25
00
58
08
31,816 23
5,000 00
1,631 20
4,036 35
99 84
4,308 84
4,467 85
475 62
$139,128 91
Total........................................................
$139,128 91
*Commenced business June 14, 1924.
No. 614.
ECORSE ST A T E B A N K , ECORSE.
Organized March 21, 1918.
Joseph Sai.liottf, P r e s id e n t ; G eo. H. K irchner, H oward C. W ade, V i c e P r e s id e n t s ;
A. P. M cN iven, C a s h ie r ; C. J. Livernois, A s s is t a n t C a s h ie r ; F. O. T asche, A u d ito r .
D irectors.— Michael C. Bourassa, W . A. Furgason, John S. Haggerty, Geo. H. Kirchner, Elmer R. Labadie,
Albert L. Montie, Charles F. Bahlow, I. J. Salliotte, Joseph Salliotte, Howard C. Wade, F. O. Tasche.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................................................
Overdrafts.......................................................
Premium account.'........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate.....................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed 6r left for safe keeping.
Outside checks and other cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$333,728 53
63,888 67
79,000 00
564,322 51
49,137 24
1,748 38
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit.......................
Bonds borrowed or left for safe keeping. .
$100,000 00
25,400 00
10,878 06
4,666 22
476,230 28
37 69
557,753 82
48,885 17
8,250 00
50,000 00
26,353
491
1,900
25,000
6,680
21,535
29
59
00
00
00
28
33 76
8,250 00
31 99
$1,232,101 24
Total
$1,232,101 24
104
STATE BANKING DEPARTMENT
No. 193.
EDM O RE STATE BANK, EDM ORE.
Organized March 23, 1897.
John W. Pfeifler,
P r e s id e n t ;
H arry E. W agar, V i c e P r e s i d e n t ; James E. Pittenger, Jr.,
A lvin W. K rouse, A s s is t a n t C a sh ie r.
C a s h ie r ;
D irectors— Sherman Neff, Edwin K. Horton, Wm. A. Wood, Lucian C. Palmer, C. B. LaClear.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial....................................! ...........
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Stock of Federal Reserve bank.................
Total.........................................................
Capital stock paid in....................................
3107,006 06
Surplus fund....................................................
52,418 48
Undivided profits, net...................................
Commercial deposits subject to check. . .
10,000 00 • Demand certificates of deposit..................
201,940 75
Cashier’s checks.............................................
Savings deposits (book account)...............
25,400 70
Savings certificates of deposit....................
9,000 00
330,000
10,000
532
115,870
19,902
1,287
58,152
222,837
00
00
40
29
63
81
84
29
5,737 74
28’, 077 19
4,369
4,’000
673
3,945
4^814
1,200
11
00
82
00
41
00
3458,583 26
Total.........................................................
3458,583 26
No. 129.
E L K R APID S S T A T E B A N K , E L K RAPIDS.
Organized November 6, 1892.
Corporate existence extended November 6, 1921.
Chas. B. Carver,
C. D. T owne, J. B. G riffin,
Edward D urkee, C a sh ie r.
P r e s id e n t ;
V i c e P r e s id e n t s ;
D irectors.— Harry Hirshberg, A. B. Fairbanks, Charles B. Carver, C. D. Towne, F. R. Williams
J. B. Griffin, Geo. W . Jackson.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings......... ............ ..................................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.............................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Taxes paid for share holders......................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3101,575 74
35,260 50
25,785 00
135,890 23
9,000 0Ó
10,717 15
19,124 21
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
Other liabilities...............................................
335,000
12,800
5,513
663
100,070
782
5 ,0 0 0
185,201
41,435
69,400
219
00
00
98
91
82
15
00
91
36
00
05
19,850 00
4.0 0 0
5,287
188
755
4.000
3 ,550
9,739
69,400
462
1,500
00
28
25
88
00
15
87
00
92
00
3456,087 18
Total
3456,087 18
STATE BANKS OF MICHIGAN
105
No. 342.
T H E ST AT E SAVINGS B A N K OF E LSIE, ELSIE.
Organized June 15, 1906.
LaM ott G. Bates,
P r e s id e n t ;
M eyer B. N etzorg, V ic e P r e s id e n t ; T homas P. Steadman,
W . S. Lusk, A s s is t a n t C a sh ie r.
C a s h ie r ;
D irectors.— LaMott G. Bates, Meyer B. Netzorg, Clyde D. Bates, Thomas P. Steadman,
F. H. Moulton, W . S. Lusk.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial................................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures...................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Other assets....................................................
3290,613 17
5,000 00
113,017 42
35,674 98
10,000 00
14,939
5,000
755
15,000
3,380
1,410
43,950
4,5 0 0
Total.........................................................
48
00
11
00
00
00
00
00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit . . ..............
Cashier’s checks.............................................
State moneys on deposit.............................
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
Other liabilities..............................................
325,000 30
8,200 00
332 68
153,338 14
174,278 66
5,03 0 04
5,000 00
124,110 44
43,950 00
4,000 (10
Total.........................................................
3543,240 16
3543,240 16
No. 619.
C IT IZ E N S ST A T E B A N K , E M M E T T .
Organized March 29, 1918.
A ndrew N olan,
Frank Furlong, V i c e P r e s id e n t : H. P. M cCabe,
F. V. M cCabe, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— H. P. McCabe, Edward F. Fead, Andrew Nolan, Frank Furlong, Geo. McIntyre,
William Powers, Peter J. Grace.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _.................... _. . ..................
Due from banks in reserve cities:
Commercial.................................................
Savings.......................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
362,486 81
23,986 03
7,118 10
49,000 00
Capital stock paid in....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Time commercial certificates of deposit .
Savings deposits (book account)...............
Bills payable...................................................
Bonds borrowed or left for safe keeping.
320,000 00
2,600 00
33,454 88
27,864 29
79,339 74
14,500 00
1,703 00
5,468 68
6,000 00
3,650 00
4,971 16
500 00
194 99
227
3,500
1,800
8,856
1,700
14
00
00
00
00
3179,458 91
Total........................................................
3179,458 91
106
STATE BANKING DEPARTMENT
-
No. 508.
E M P IR E ST AT E B A N K , E M P IR E .
Organized M ay 1, 1912.
E. H arvey A ilce, P r e s id e n t ; F ranklin G. Peck, V i c e P r e s id e n t ; G eo. Johnson, C a s h ie r ;
E. A. Voice, A s s is t a n t C a sh ie r.
L. H. Stacey, A u d ito r .
D irectors.— E. Harvey Wilce, E. A. Voice, L. H. Stacey, Franklin G. Peck, Geo. Johnson.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.....................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures.................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
329,301 49
65,292 85
90,041 08
22,658 17
Capital stock paid in....................................
Surplus fund........ ............ ..............................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
325,000
5,000
48,998
1,928
136,091
33,475
12,150
00
00
56
15
68
84
00
27,650 00
1,257 62
500 00
58 81
1,063
2,000
2,05 0
8,446
12,150
173
Total.........................................................
47
00
00
79
00
95
3262,644 23
Total.........................................................
3262,644 23
No. 700.
E R IE ST AT E B A N K , E R IE .
Organized June 15, 1923.
B. iRiEDENBERG,
P r e s id e n t ;
Boyez Dansard, V i c e
Eva G. Roe, A s s is t a n t
P r e s id e n t ;
C a sh ie r.
Fred L. Buyea,
C a s h ie r ;
D irectors.— B. Friedenberg, Boyez Dansard, Austin E. Shinevar, Fred L. Buyea, E. L.
Dansard, Oliver J. Golden, Wm. D. Lapointe, Jacob Steinbrenner.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial...........................
Bonds, mortgages and securities:
Savings................................_...................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings. .......................................................
Premium account..........................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities......................................................... . .
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
361,148 23
220,072 36
7,491 38
26,115 61
2,688
5,000
2,342
6,900
7,585
75
00
68
00
00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit...................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
320,000 00
1,500 00
792 24
1,723 75
71,865 56
180,395 46
65,307 69
1; 207 44
16,450 00
Total........................................................
3359,242 16
3,448 15
16,450 00
3359,242 16
STATE
BANKS
OF
107
M IC H IG A N
No. 299.
T H E ST A T E SAVINGS B A N K OF E SC A N A B A , E SC A N A B A .
Organized November 2, 1904.
W. R. Smith,
P r e s id e n t;
O. N. H ughitt, C. W. M allocii, V ic e P r e s id e n t s ; W m. W armington,
C. R. W iekman, E. O. Perron, A s s is t a n t C a sh ie rs .
C a s h ie r ;
D irectors.— Jas. B. Wilkinson, O. N. Hughitt, O. B. Fuller, Wr. R. Smith, Peter Olson,
C. W . Malloch, P. J. Groos, L. A. Erickson, A. J. Young.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings...................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial....’.........................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping.
Outside checks add other cash items. . . .
3349,849 25
254,091 45
175,552 75
874,886 12
80,378 82
166,291 69
Capital stock paid in..........................
3100,000
00
Surplus fund.........................................
50,000
00
Undivided profits, net........................
49,317
46
Commercial deposits subject to check.. .
434,741 38
Certified checks...................................
1,550
10
Cashier’s checks...................................
7,696
33
State moneys on deposit...................
15,000
00
U. S. Government deposits...............
200,000
00
Time commercial certificates of deposit .
88,060 65
Savings deposits (book account).....
1,211,330
66
Bonds borrowed or left for safe keeping.
75,250 00
130,000 00
4,891 57
51,413
1,292
37,500
10,000
15,362
28
61
00
00
15
5,849 43
75,250 00
337 46
Total......................................................... 32,232,946 58
Total......................................................... 32,232,946 58
No. 520.
ST A T E SAV IN G S B A N K OF E SS E X V IL L E , E SSE X V IL L E .
Organized November 19, 1912.
W'illiam P. K avanaugh,
H ubert J. Gaffney, V i c e P r e s id e n t ; L eo J. N avarre, C a s h ie r ;
E. A. H arris, A s s is t a n t C a sh ie r.
P r e s id e n t ;
D irectors.— William P. Kavanaugh, Leo J. Navarre, Hubert J. Gaffney, Elizabeth Coumans, James E. Davidson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings..........................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
358,104 50
18,540 00
250,427 49
11,348 06
23,175 54
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
320,000 00
6 ,0 0 0 00
3 ,1 1 9 3 1
84,744 80
1,024 42
237,109 14
19,170 91
3,121 25
7,500 00
2,000 00
4,550 32
958
3,750 00
1,700 00
684 34
7,500 00
3381,789 83
Total
3381,789 83
108
STATE
B A N K IN G
DEPARTM ENT
No. 152.
*E V A R T S T A T E B A N K , E V A R T .
Organized January 22, 1893.
Corporate existence extended January 22, 1923.
H erbert A. M illard,
'
W . J. Conover, V i c e P r e s id e n t ; Ludwig A. Bohls,
G eorge M. D isbrow, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— W . J. Conover, C. Lovell Rose, Fred E. Davy, Herbert A. Millard, Adrian DeWindt,
Judson W . Roe, Judson E. Richardson.
‘ Closed by the State Banking Department January 24,1924.
1924.
L. G. Hammond appointed receiver February 18
No. 553.
T H E ST A T E B A N K OF E W E N , E W E N .
Organized October 6, 1914.
E. J. H umphrey, P r e s id e n t ; Edw. E rickson, James N. H owlett, V i c e P r e s id e n t s ;
A ndrew M . A nderson, C a s h ie r ; O. E. H anson, A s s is t a n t C a sh ie r.
D irectors.— James N. Howlett, E. J. Humphrey, J. F. Foglesong, Andrew M . Anderson,
Edw. Erickson, D. A. Kooker, Harry Hankin.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house...................
Furniture and fixtures.................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3190,695 17
75,623 57
104,099 60
15,305 79
5,000 00
5,263 99
32,000 00
3,202
4,000
165
22,000
7,500
2,200
4,650
1,350
67
00
97
00
00
00
00
00
3473,056 76
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net.................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Certified checks....................................... -1 .
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit...................
Notes and bills rediscounted......................
Bonds borrowed or left for safe keeping.
Total.
325,000
20,000
3,545
76
181,702
30
4,791
2,069
5,000
160,464
48,226
17,500
4,650
00
00
93
00
03
75
04
40
00
70
94
00
00
3473,056 76
STATE BANKS OF MICHIGAN
109
No. 460.
T H E F A R M IN G T O N ST AT E SAVINGS B A N K , F A R M IN G T O N .
Organized September 6, 1910.
H oward M . W arner,
M . B. Pierce, , V i c e P r e s id e n t ; Edgar S. Pierce,
H inman G. N ichols, A s s is t a n t C a sh ie r.
P r e s id e n t ;
C a s h ie r ;
D irectors.— -Howard M . Warner, M . B. Pierce, Harry N. McCracken, H. A. Schroeder, G. Gale Collins,
Edgar S. Pierce, Isaac Bond, C. R. Talbot, Clinton McGee, Harley D. Warner, Olin Russell, E. O. Hatton.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures......................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank..................
Other assets.....................................................
Total........................................................
3271,330 87
161,824 36
62,500 00
454,600 17
14,341 66
20,000 00
9,328 25
18,572 57
10,826 74
143 21
21,820 00
2,000 00
17,500 00
2,100 00
' 4,557 02
31,071,444 85
Capital stock paid in..........................
340,000
00
Surplus fund.........................................
30,000
00
1,395
79
Undivided profits, net........................
Dividends unpaid................................
330
00
Reserved for taxes, interest, etc......
10,831
25
Commercial deposits subject to check. . .
214,122 28
Cashier’s checks...................................
4,617
19
State moneys on deposit.................
5,000 00
Time commercial certificates of deposit .
154,776 57
Savings deposits (book account).....
474,561
08
Savings certificates of deposit..........
106,453
70
Club savings deposits.........................
3,681
60
Notes and bills rediscounted...........
8,175
39
Bonds borrowed or left for safe keeping .
17,500 00
Total......................................................... 31,071,444 85
No. 608.
PEO PLE ’S S T A T E B A N K , F A R M IN G T O N .
Organized June 11, 1917.
Charles H. E ly,
James L. H ogle,
P r e s id e n t ;
C h a irm a n o f B o a r d .
J. A. M iller, T homas Lytle, V ic e P r e s id e n t s ; John Fitzpatrick, C a s h ie r ;
G eo C. Gildemeister, A s s is t a n t C a sh ie r.
D irectors.— Ernest V. Blanchard, Chas. H. Ely, James L. Hogle, James A. Miller, John Fitzpatrick, E. F. Holcomb,
Thomas Lytle, Leo F. Gildemeister, Emil Roos, Clarence N. Wesley.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
S a v in g s ............................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial............................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial..................................................
Cash on hand:
Commercial............. .................................
Overdrafts.................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed orleft for safe keeping.
Outside checks andother cash items. . . .
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3107,466 58
58,428 55
68,525 00
173,959 94
19,960 84
5,000 00
Capital stock paid in....................................
350,000
15,000
Surplus fund.................................. , ...............
Undivided profits, net.......................
2,680
Reserved for taxes, interest, etc.....
1,152
Commercial deposits subject to check. . .
101,193
75,838
Demand certificates of deposit.......
Cashier’s checks...................................
1,205
State moneys on deposit...................
5,000
Savings deposits (book account)....
266,602
Club savings deposits........................
4,116
Bonds borrowed or left for safe keeping.
18,150
00
00
76
13
10
60
96
00
21
09
00
35,350 00
117 76
11,275 81
93 13
32,483 00
10,127 24
18,150. 00
1 00
3540,938 85
Total.........................................................
3540,938 85
110
STATE BANKING DEPARTMENT
No. 629.
FAR W E L L ST AT E SAVINGS B A N K , F A R W E L L .
Organized July 5, 1919.
Josiah L. Littlefield,
Francis M . Dain, Edward B. G lass, V i c e P r e s id e n t s ; A llen R. G raham,
Clara S. Foell, A s s is t a n t C a s h ie r ; G erald E. Lamb, A u d ito r .
P r e s id e n t ;
C a s h ie r ;
D irectors.— Josiah L. Littlefield, Allen R. Graham, Edward B. Glass, Francis M . Dain,
Gerald E. Lamb, Robert Carson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......... ...............................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts...
..............................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Total.........................................................
349,326 08
14,067 10
41,837 00
3,320 86
7,000 00
Capital stock paid in ....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Certified checks..............................................
Savings deposits (book account)................
Savings certificates of deposit....................
Club savings deposits...................................
320,030
1,100
46,926
1,000
33,748
34,638
2
00
00
78
00
85
09
65
4,150 00
6,807 75
1,350 00
27 50
380
3,000
2,000
4,150
08
00
00
00
3137,416 37
Total.........................................................
3137,416 37
No. 215.
T H E OLD ST A T E B A N K , F E N N V IL L E .
Organized March 14, 1899.
J. E. H utchinson, P r e s id e n t ; Peter H. Broe, V i c e P r e s id e n t ; W . J. H utchinson, C a sh ie r.
D irectors.— J. E. Hutchinson, W . J. Hutchinson, M . C. Hutchinson, John Barron, Peter H. Broe.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Banking house............... ............ ...................
Furniture and fixtures..................................
Bonds borrowed or left forsafe keeping.
Outside checks and othercash items. . . .
Stock of Federal Reserve bank...............
Total...................... ..................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3127,252 88
62,259 30
17,073 16
200,923 13
20,595 77
10,468 58
85,169 70
Capital stock paid in....................................
Surplus fund....................................................
Undividedprofits.net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks..................................
State moneys on deposit.............................
Savings deposits (book account)..............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
350,000
15,000
1,632
4
198,712
22,703
4,269
• 5,000
162,233
102,022
600
00
00
13
24
78
38
92
00
82
14
00
8,803 10
6,934 18
560 89
15,901 29
1,817 50
600 00
1,868 93
1,950 00
3562,178 41
Total.........................................................
3562,178 41
111
STATE BANKS OF MICHIGAN
No. 209.
T H E C O M M E R C IA L STATE SAVINGS B A N K , F E N T O N .
Organized September 15, 1898.
F. A. Chapin, P r e s id e n t ; E. H. Stiles, T. H. Jadwin, V ic e P r e s id e n t s ; R. B. R enwick, C a s h ie r ;
D ennis E. K elleher, A s s is t a n t C a sh ie r.
D irectors.— E. H. Stiles, J. H. Jadwin, F. A. Chapin, D. R. Stiles, R. B. Renvvick, D. E. Kelleher,
J. H. Chestnut.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Savings.................
Dae from Federal Reserve bank:
Commercial.................................................
Savings...................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts......................................................
Banking house........................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank..................
Total.........................................................
3218,209 66
87,567 95
265,888 35
9,263 15
15,000 00
Capital stock paid in....................................
Surplus fund..........................................
Undividedprofits.net..................................
Dividends unpaid......................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit...................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
350,000
28,500
4,757
280
151,718
323,393
118,547
3,079
81,975
00
00
95
00
91
09
01
77
00
1,821 71
30,716 30
2,004 79
2,870
6 ,0 0 0
512
12,500
7,750
17,721
81,975
2,450
60
00
66
00
00
56
00
00
3762,251 73
Total
3762,251 73
No. 384.
F E N T O N ST A T E SAV IN G S B A N K , F E N T O N .
Organized September 26, 1907.
Charles J. Campbell, P r e s id e n t ; E. M. N ewell, E. A. Phillips, S. R. O’Brien,
. F. H. H itchcock, C a s h ie r ; V. M. Goodrich, A s s is t a n t C a sh ie r.
V i c e P r e s id e n t s ;
D irectors.— Charles J. Campbell, F. H. Hitchcock, E. W . Davidson, George Green, C. Frank Sharp,
J. B. Morehouse, E. A. Phillips, E. M. Newell, S. R. O’ Brien.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ......................
Due from banks in reserve cities:
Commercial...................... ..........................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Other real estate............................................
Bonds borrowed or left forsafe keeping.
Outside checks and othercash Items. . . .
Stock of Federal Reservebank...................
Total.............................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3241,129 62
32,447 14
433,155 59
19,713 66
17,000 00
9,666 25
13,137 07
Capital stock paid in....................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bonds borrowed or left for safe keeping.
325,000 00
20,000 00
12,615 28
3,400 74
209,237 78
63,645 54
390,658 07
113,137 72
1,375 46
85,050 00
Total.............................................
3921,120 59
14,476 45
10,000 00
458 42
27,571 01
14,866 86
85,050 00
1,098 52
1,350 00
3921,120 59
112
STATE BANKING DEPARTMENT
No. 626.
F E N W IC K ST A T E B A N K , F E N W IC K .
Organized December 31, 1918.
W alter W . Root,
P r e s id e n t ;
Jos. Bonsall, V i c e P r e s id e n t.
D irectors.— Walter W . Root, Jos. Bonsall, W . C. Chappie, V. C. Allchin, R. E. Chapman,
F. A. Hargraves, E. J. Kindell.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .....’ ..............._......... , ..........
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................
T o t a l . . . . . . . . : .....................................
328,821 98
8,945 00
28,142 00
4,231 69
1,552 21
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit. . . : ........
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000.
81'
1,378
19,620
14,939
17,500
8,869
00
79
39
80
71
90
30
3,400 00
2,263
1,000
34
2,500
1,500
15
00
86
00
00
382,390 89
Total.........................................................
382,390 89
No. 650.
A M E R IC A N ST A T E B A N K , F E R N D A L E . (D E T R O IT P. O.)
Organized December 10, 1919.
Fred W . Dalby,
P r e s id e n t ;
H. B. W allace, V i c e P r e s id e n t ; L ewis W alton, V i c e P r e s id e n t a n d C a s h ie r ;
A ndrew S. M cG eachy, A s s is t a n t C a sh ie r.
D irectors.— H. B. Wallace, Fred W . Dalby, G. W . J. Linton, Calvin N. Smith,
Lewis Walton, Gordon Fearnley. H. C. Munro.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial...............................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Other assets....................................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3 5 1 4 ,18 168
24,348 34
Capital stock paid in....................................
Surplus fund..........................................
Undivided profits, net..................................
Dividends unpaid..........................................
350,000
10,000
5,527
60
131,500 00
383,385 26
Commercial deposits subject tocheck. ..
555,516 76
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit.............................
Time commercial certificates ofdeposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
3,797
14,354
10,000
115,564
407,418
12,553
16,151
21,498 71
61,800 00
00
00
63
00
61
92
00
58
89
00
78
3,979 65
18,973
1,000
23
1,959
35,581
27
00
61
41
69
1,399 66
1,313 89
31,200,945 17
Total
31,200,945 17
STATE
BANKS
OF
11
M IC H IG A N
No. 717.
*F E R N D A L E ST A T E B A N K , F E R N D A L E .
(D E T R O IT P. O.)
Organized April 18, 1924.
A rthur E. W ood,
P r e s id e n t ;
C ecil R. M cLaughlin, William A. Hassberger, V i c e
C a s h ie r ; O. R. M cLaughlin, A s s is t a n t C a s h ie r .
P r e s id e n t s ;
Daniel G. Just,
D irectors.-— Arthur E. Wood, Ceci 1R. McLaughlin, .William A. Hassberger, Philip J. Watson, Herman F. Zehnder,
Albert C. Manning, Frederick C. Mathews, Harry M . Baxter, James H. Garlick, Walter A. Hyland, Walter A.
Williams.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................
Bonds, mortgages and securities:
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Furniture and fixtures.................................
Total.................................................. ..
Liabilities.
$108,378 83
5,075 00
12,960 00
2,113 62
12,000 00
Capital stock paid in....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Savings deposits (book account):.............
Savings certificates of deposit..................
Club savings deposits.................
$43,830 O')
8,622 00
79,621 49
751 15
11,369 11
10,090 00
10,000 00
Total.........................................................
$164,283 75
7,682 29
500 00
26 90
5,456 39
10,090 72
$164,283 75
’ Commenced business July 1, 1924.
No. 704.
C IT IZE N S ST AT E B A N K , FIFE L A K E .
Organized August 15, 1923.
Hiram L. LaBar, P r e s id e n t ; James S. H odges, V i c e P r e s id e n t ; S. L. LaBar, C a s h ie r ;
K. D. T immins, A s s is t a n t C a sh ie r.
D irectors.-—Hiram L. LaBar, James S. Hodges, Samuel F. Hodges, Jonah J. Neihardt, Blanche E. Aldridge.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ..................... . . ...................
Due from banks in reserve cities:
Commercial...................
Savings...........................‘.............................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking house'..............................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
$63,221 11
11,737 86
4,300 60
24,188 71
Capital stock paid in....................................
Surplus fund....................................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping.
$20,000
310
37,671
24,187
968
49,985
8,600
00
00
28
30
85
48
00
4,888 36
4,664 48
10,400 00
2,291 64
1,000 00
81 62
848
3,500
2,000
8,600
53
00
00
00
$141,722 91
Total......... , .............................................
$141,722 91
114
STATE
B A N K IN G
DEPARTM ENT
No. 495.
T H E S T A T E SAVINGS B A N K , F L A T RO CK.
Organized October 26, 1911.
J. F. Lindsay,
P r e s id e n t ;
F rank S. Peters, Julius N eifert, V i c e
H ilda Case, A s s is t a n t C a s h ie r.
P r e s id e n t s ;
M. S. W alker,
C a s h ie r ;
D irectors.'— George H. Brandes, J. F. Lindsay, Julius Niefert, Frank S. Peters, John C. Near,
John Chamberlain, M . S. Walker.
Statement October 8, 1924.
Liabilitie
Resources.
Loans and discounts:
Commercial.................................................
Savings. .......................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial...............................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total.........................................................
$101,040 09
37,281 46
220,316 16
28,890 66
11,842 37
•.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping. .
Other liabilities...............................................
$20,000
8,100
4,916
103,896
17,888
3
298,567
4,250
2,000
00
00
21
15
08
45
34
00
00
20,650 00
5,663 18
15,000 00
838 11
407 83
7,638 72
1,600 00
3,487 89
4,25 0 00
714 76
$459,621 23
Total.........................................................
$459,621 23
No. 101.
T H E C IT IZ E N S ’ C O M M E R C IA L A N D SAVINGS B A N K , F L IN T .
Organized July 19, 1890.
Corporate existence extended July 19, 1920.
One Branch.
G. W . H ubbard, P r e s i d e n t ; C. L. Bartlett, W . E. M artin, V i c e P r e s id e n t s ; H. E. Potter, C a s h ie r ;
E. W . Potter, R. W . Schumacher, A s s is t a n t C a s h ie r s ; John V. Siedel, A u d it o r .
D irectors.-—J. E. Burroughs, E. H. Watson, Harry Winegarden, Chas. H. Miller, G. W . Hubbard, C. L. Bartlett,
F. D. Buckingham, Thos. Doyle, W . S. Ballenger, H. N. Bush, F. B. Elliott, Otto P. Graff, H . J. McBride, W . E.
Martin, Wm. Veit, C. H. Bliss, E. S. Lunt.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................. $2,701,991 39
Savings.........................................................
422,300 00
Bonds, mortgages and securities:
Commercial.................................................
368,359 63
Savings.........................................................
3,219 114 61
Due from Federal Reserve bank:
106,726 11
Commercial.................................................
Savings.........................................................
140,694 97
Due from banks in reserve cities:
Commercial.................................................
63,617 50
Exchange for clearing house and checks
on banks in same place:
14,964 17
Commercial.................................................
10,000 00
Savings.........................................................
Cash on hand:
22,466 93
Commercial.................................................
40,000 00
Savings.........................................................
15,956 95
Overdrafts........................................................
45,000 00
Banking house................................................
18,552 02
Other real estate............................................
35,000 00
Bonds borrowed or left for safe keeping.
5,416 82
Outside checks and other cash items.. . .
24,000 00
Stock of Federal Reserve bank..............
Capital stock paid in....................................
Surplus fund..................................................
Undivided profits, net................................
Dividends unpaid............................. ' . . . . .
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks.............................................
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Notes and bills rediscounted......................
Bills payable....................................................
Bonds borrowed or left for safe keeping.
$7,254,161 10
Total.........................................................
Total.............................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$450,000
350,000
126,054
320
7,769
1,779,739
2,788
32,379
75,000
2,891,990
915,038
25,081
104,000
459,000
35,000
00
00
39
00
18
84
72
39
00
14
19
25
00
00
00
-
$7,254,161 10
115
STATE BANKS OF MICHIGAN
No. 23.
G E N E S E E C O U N T Y SAVINGS B A N K , F L IN T .
*
Organized M ay 1, 1872.
Corporate existence extended M ay 1, 1902.
Three Branches.
A. G. Bishop, P r e s i d e n t ; H. C. Spencer, R. S. Bishop, V i c e P r e s id e n t s ; James M artin, C a s h ie r ; G. E. M errill,
I. L. Y oung. A s s is t a n t C a s h ie r s T. S. Cowing, S a v in g s C a s h ie r ; E. P. H opkins, A u d it o r .
D irectors.— W . W . Crapo, A. G. Bishop, J. D. Dort, H . C. Spencer, J. H. Crawford, Geo. C. Willson, F. A. Aldrich,
E. W . Atwood, John J. Carton, W . O. Smith, H. H. Bassett, W . R. Hubbard, C. B. Burr, A. Champion, John L.
Pierce, James Martin, R. K. Horner, Benj. Rosenzweig, W . C. Durant, F. G. Eddy, J. M . Hammond.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.....................................
32,586,971 01
Savings........................................................
2,128,865 50
Bonds, mortgages and securities:
Commercial.................................................
207,870 00
Savings......................................................... 3,993,268 92
Due from Federal Reserve bank:
205,639 41
Commercial..............................................
Due from banks in reserve cities:
Commercial.................................................
372,735 36
Exchange for clearing house and checks
on banks in same place:
Commercial................
161,743 90
Cash on hand:
Commercial.................................................
99,883 85
Savings.........................................................
100,000 00
4,150 70
Overdrafts................................................. ..
Premium account...........................................
12,577 83
Banking house................................................
556,098 02
Furniture and fixtures.................................
78,471 83
Bonds borrowed or left forsafe keeping.
86,900 00
Outside checks and othercash items. . . .
6,263 80
Stock of Federal Reserve bank...............
30,000 00
Total........................................................ 310,631,440 13
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks..............................................
Cashier’s checks.............................................
Due to Federal Reserve bank...................
State moneys on deposit.............................
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Notes and bills rediscounted.......................
Bills payable........................................
Bonds borrowed or left for safe keeping.
3500,000
500,000
30,064
42,001
2 ,231,249
36,525
10,469
20,594
9,142
50,000
8,098
4 ,900,366
1,021,489
88,354
806,185
290,000
86,900
00
00
51
00
19
76
09
27
51
00
60
54
72
32
62
00
00
Total.........................................................310,631,440 13
STATE BANKING DEPARTMENT
116
No. 431.
T H E IN D U S T R IA L SAV IN G S B A N K , F L IN T .
Organized M ay 8, 1909.
Six Branches.
C. S. M ott, P r e s i d e n t ; W . E. F ellows, F. D. Baker, John S. D eCamp, H. C. M oore, V i c e P r e s id e n t s ; G rant J.
B rown, V i c e P r e s i d e n t a n d C a s h ie r ; F. M. Buffum, E lton D. G raham, A s s is t a n t C a s h ie r s ; A llen T. Smith.
M g r . S p e c ia l S e r v ic e D e p t . ;
Frank D. M ontague,
M g r . S a v in g s D e p t . ;
M ilton Pollock,
A u d it o r .
D i r e c t o r s . — C.
S. Mott, Grant J. Brown, D. D. Aitken, Fred J. Weiss, F. D. Baker, G. R. Jackson, Harvey J. Mallery.
E. D. Black, Leonard Freeman, S. S. Stewart, H. C. Moore, W . P. Chrysler, J. C. McGregor, R. Kleinpell, W . E,
Fellows, Frederick Larkin, D. Goldberger, E. M . Page, W . J. Sohlinger, Charles F. Barth, J. R. Francis.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial................................................. 33,489,022 12
Savings.........................................................
704,476 99
Bonds, mortgages and securities:
Commercial.................................................
299,479 62
Savings......................................................... 5,585,474 14
Due from Federal Reserve bank:
Commercial.................................................
288,359 26
Savings......................................................... 1 400,000 00
Due from banks in reserve cities:
Commercial.................................................
255,970 00
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
30,000 00
Savings.........................................................
104,905 05
Cash on hand:
Commercial.................................................
21,293 77
Savings.........................................................
244,392 66
Overdrafts........................................................
21,890 82
Banking house................................................
621,632 29
Furniture and fixtures..................................
230,000 92
Other real estate............................................
95,810 58
Due from banks other than in reserve
cities..............................................................
716 16
Bonds borrowed or left for safe keeping.
125,650 00
Outside checks and other cash items. . . .
4,239 47
Stock of Federal Reserve bank.................
39,000 00
Other assets....................................................
136 61
Capital stock paid in.................................... 31,000,000 00
Surplus fund....................................................
300,000 00
Undivided profits, net..................................
105,692 00
Dividends unpaid..........................................
516 00
18,762 10
Reserved for taxes, interest, etc...............
Commercial deposits subject to check. . . 3,092,306 86
Demand certificates of deposit..................
7,324 48
Certified checks.............................................
5,218 36
Cashier’s checks.............................................
39,477 38
Due to other banks and bankers..............
133,238 97
State moneys on deposit.............................
50,000 00
Postal savings deposits.................................
10,265 47
Savings deposits (book account)............... 6,030,819 86
Savings certificates of deposit....................
914,031 85
Club savings deposits...................................
94,397 13
Bills payable............................................
633,500 00
Bonds borrowed or left for safe keeping.
125,650 00
Customers’ letters of credit........................
1,250 00
Total.........................................................312,562,450 46
Total.........................................................312,562,450 46
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
117
STATE BANKS OF MICHIGAN
No. 165.
T H E U N IO N T R U S T A N D SAVINGS B A N K , F L IN T .
Organized March 1, 1893.
Corporate existence extended March 1, 1923.
F. H. Rankin, C h a ir m a n o f the B o a r d .
A rthur M. Davison, P r e s id e n t ; R. W. Selleck, G. W. Cook, C. H. Bonbright, V i c e P r e s id e n t s ;
John E. Storer, C a s h ie r ; W . E. M cI nnes, E. F. Johnson, A s s is t a n t C a s h ie r s .
D irectors.— Wm. S. Paterson, Francis FI. Rankin, Geo. W . Cook, Arthur M . Davison, John G. Windiate, 3. S.
Stewart, Charles H. Bonbright, R. W . Selleck, C. A. Cumings, Walter 0 . Smith, C. N. Doty, R. T. Armstrong, J. M.
Greissell, Jessel Hardy, J. E. Storer.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................. 31,775,232 79
Savings.........................................................
304,101 20
Bonds, mortgages and securities:
Commercial.................................................
454,495 00
Savings......................................................... 3,714,776 38
Due from Federal Reserve bank:
Commercial.................................................
97,766 68
Savings........................
125,000 00
Due from banks in reserve cities:
Commercial...............................
42,069 50
Savings.........................................................
150,998 00
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
38,491 27
Cash on hand:
Commercial..........................................
4,284 57
Savings..............................
80,000 00
Overdrafts........................................................
1,094 13
Banking house................................................
35,000 00
Ohter real estate............................................
76,667 24
Bonds borrowed or left for safe keeping.
75,700 00
Outside checks and other cash items... .
6,988 63
Stock of Federal Reserve bank.................
20,400 00
Total........................................................
37,003,065 39
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...................................................
Bonds borrowed or left for safe keeping.
3400,000
280,000
113,884
118
1,270,685
4,141
2,841
9,358
25,OOC
3,167,039
845,537
33,757
775,000
75,700
00
00
0,5
23
03
14
57
18
00
58
44
16
00
00
Total......................................................... 37,003,065 39
No. 126.
T H E F IR ST ST A T E A N D SAVINGS B A N K , F L U SH IN G .
Organized November 12, 1891.
Corporate existence extended November 12, 1921.
G eorge Packard,
P r e s id e n t ;
Edgar L. Cornwell,
V i c e P r e s id e n t ;
C. P. Rowe,
C a sh ie r.
D irectors.— Franklin A. Niles, Ida Packard, Charles Kimmell, C. P. Rowe, Geo. Packard,
E. L. Cornwell, A. G. Bishop, James Martin, Clarence Luce.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Other real estate........................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3109,082 50
22,892 46
41,636 18
367,674 18
3,582 32
6,452 77
327,500
CO
Capital stock paid in........................
Surplus fund........................................
27,500
00
Undivided profits, net.......................
12,409
73
Commercial deposits subject to check. ...
104,574 33
Cashier’s checks..................................
4,105
33
State moneys on deposit.................
5,000
00
Savings deposits (book account)...
198,258
74
Savings certificates of deposit........
235,749
61
Bonds borrowed or left for safe keeping.
50,050 00
50,000 00
29 97
4,748
119
1,500
7,224
50,050
154
67
75
00
41
00
53
3665,147 74
Total
3665,147 74
STATE
118
B A N K IN G
DEPARTM ENT
No. 223.
T H E P EO PLE ’S S T A T E B A N K OF F L U SH IN G , F L U SH IN G .
Organized March 10, 1900.
G r a n t J. B r o w n , P r e s id e n t ; J o h n H. R o w e , C. N. T a l b o t , V i c e P r e s id e n t s ;
H a r r y L. M a n n , C a s h ie r ; M a r y A n n R o w e , A s s is t a n t C a sh ie r.
D i r e c t o r s .— James
B. French, Albert E. Ransom, C. N. Talbot, W . G. Sprague, Elbert L. Beecher,
William Brophy, Frank P. Sayre, Grant J. Brown, J. H. Rowe.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial......... . .-..................................
Savings.........................................................
Due from banks in reserve cities:
Commercial..-.............................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total.........................................................
3122,976 44
56,872 45
17,306 40
155,583 14
4,000 00
9,242 61
8,000 00
30,294 55
Capital stock paid in....................................
Surplus fund................................
Undividedprofits.net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit. ..................
Bills payable................................................
Bonds borrowed or left for safe keeping.
325,000
15,000
7,347
120
513
99,934
2,763
5,000
149,014
106,161
8,200
25,950
00
00
70
00
36
72
15
00
83
07
00
00
3,000 00
3,646 10
357 63
4,000 00
1,316 00
1,253 99
25,950 00
5 52
1,200 00
3445,004 83
Total.........................................................
3445,004 83
No. 703.
FOSTOR IA ST A T E B A N K , FOSTORIA.
Organized December 7, 1922.
T. J. E
D i r e c t o r s .— T.
v e l a n d
, P r e s id e n t ; M . C. E v e l a n P, V i c e P r e s id e n t ;
H . L. E v e l a n d , A s s is t a n t C a s h ie r .
A. J. E
v e l and
, C a s h ie r ;
J. Eveland, A. J. Eveland, W . E. Hunt, M . C. Eveland, E. J. Kitchen, H. L. Eveland.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Expenses, interest and taxes paid exceeding earnings.........................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
334,446 45
29,255 17
45,090 32
4,082 21
19,453 36
Capital stock paid in....................................
Surplus fund...................................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
320,000
600
134
27,709
1,078
14,529
106,807
10,550
00
00
93
35
30
76
65
00
•
20,100 00
1,000 00
5,688 15
8 57
1,035 76
4 ,0 0 0 00
2,700 00
4,0 0 0 00
10,550 00
3181,409 99
'
Total.........................................................
3181,409 99
STATE
BANKS
OF
119
M IC H IG A N
No. 454.
T H E B A N K OF F O U N T A IN , F O U N T A IN .
Organized November 3, 1909.
W arren
A. C
artier
D i r e c t o r s .— F.
, P r e s id e n t ; W m . H. L a w r e n c e , V i c e P r e s id e n t ;
H. J. G
reg ory
, C a sh ie r.
W . Reek, W m . H. Lawrence, S. B. Burns, H. J. Gregory, Warren A. Cartier.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial..........................................
Savings.................................................
Bonds, mortgages and securities:
Savings..................................................
Due from Federal Reserve bank:
Commercial..........................................
Savings..................................................
Due from banks in reserve cities:
Savings..................................................
Cash on hand:
Commercial..........................................
Savings..................................................
Overdrafts.................................................
Banking house...........................................
Furniture and fixtures.............................
Other real estate.......................................
Outside checks and other cash items. .
Stock of Federal Reserve bank.............
Total...............................................
Capital stock paid in....................................
$ 2 5 ,000
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
5,000
1,030
3,200
39,35541,363
100
80,060
16,800 00
6,273 84
Savings deposits (book account)...............
00
00
52
00
03
96
25
18
100 00
7,690 26
40 82
8,000 00
1,650 00
4 ,0 8 0 9 9
4 28
900 00
.
3195,109 74
Total.........................................................
3195,109 74
No. 141.
ST A T E SAV IN G S B A N K OF F O W L E R , F O W L E R .
Organized August 7, 1892.
Corporate existence extended August 6, 1922.
E r n e s t S c h e m e r , P r e s id e n t ; W . H. S n e l l i n g , V i c e P r e s id e n t a n d C a s h ie r ;
R. P. T h e l e n , A s s is t a n t C a sh ie r.
D i r e c t o r s .—
Ernest Schemer, W . H. Snelling, Frank A. Wieber, John Luecht, W . H. Richards.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.
Savings.
Bonds, mortgages and securities:
Commercial.
Savings.
Due from banks in reserve cities:
Commercial.................................................
. Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings........................ ....................... ..
Exchange for clearing house and checks
on banks in same place:
Commercial.
Cash on hand:
Commercial.
Savings.
Overdrafts.
Banking house.........
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Other assets....................................................
Total................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3215,346 68
10,806 20
6,863 00
264,357 81
14,968 39
43,701 08
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
350,000 00
40,000 00
6,572 75
92 00
770 00
88,571 90
132,230 03
192,232 34
108,821 47
16,400 00
12,700 00
48 25
9,162
5,000
22
28,633
6,765
16,400
882
34
44
00
30
24
00
00
10
00
3635,690 49
Total.
3635,690 49
STATE
120
B A N K IN G
DEPARTM ENT
No. 706.
♦C O M M E R C IA L ST AT E B A N K , F O W L E R V IL L E .
Organized December 14, 1923.
G eorge
A. N
e w m a n
, P r e s i d e n t ; E u g e n e W . B u r k h a r t , R o y T. S p r a g u e ,
W a l l a c e M. P e a r s o n , C a sh ie r.
D i r e c t o r s .— Geo.
S. J. T
omi on
, V i c e P r e s id e n t s ;
A. Newman, E. W . Burkhart, Roy T. Sprague, S. J. Tomion, W . M . Pearson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _.................... ; ....................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings................j .......................................
Cash on hand:
Commercial....................... .........................
Overdrafts..........................................._............
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Furniture and fixtures..................................
Total.........................................................
$64,463 73
31.500 00
80,700 00
17,529 74
14.500 00
Capital stock paid in....................................
Surplus fund...................................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
State moneys on deposit.................... . . . .
Savings deposits (book account)...............
Savings certificates of deposit....................
$25,000
1,250
84,975
7,604
10,000
5,400
103,727
00
00
40
66
00
50
24
13,000 00
12,077 22
167 48
157 82
3,861 81
Total.........................................................
$237,957 80
$237,957 80
*Çommenced business December 31, 1923.
N o . 293.
T H E ST A T E B A N K OF F O W L E R V IL L E , F O W L E R V ILL E .
Organized June 1, 1904.
Jo h n
C. E
lls w o r t h
D i r e c t o r s .— John
, P r e s id e n t ; R. C. S m i t h , V i c e P r e s i d e n t ; E. S c h n e i d e r , C a s h ie r ;
D . W . G r i f f i n , A s s is t a n t C a sh ie r.
C. Ellsworth, R. C. Smith, John M . Bradley, Lewis H. Cooper, J. B. Fuller.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................. . ...................
Bonds, mortgages and securities:
Commercial.................................................
Savings...................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial......................................
Savings.........................................................
Overdrafts....................................
Due from banks other than in reserve
cities.......................................... ._.................
Outside checks and other cash items. . . .
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$53,741 29
41,875 00
51,611 96
294,739 95
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
State moneys on deposit.............................
Savings certificates of deposit....................
$50,000 00
10,000 00
2,569 82
3,000 00
80,496 70
20,000 00
359,093 48
Total.........................................................
$525 160 00
17,072 86
42,524 34
5,934 61
16,000 00
562 61
559 24
538 14
$525,160 00
STATE
BANKS
OF
121
M IC H IG A N
No. 592.
T H E F R A N K E N M U T H G E R M A N -A M E R IC A N B A N K , F R A N K E N M U T H .
Organized October 7, 1917.
Jo h n
L. G
eyer
, P r e s id e n t ; P a u l K a h n , J. M i k e Z i e g l e r , G e o r g e G e y e r , V i c e P r e s id e n t s ;
L o r e n z C. L i s t , C a sh ie r.
D i r e c t o r s .— Ernst
Geyer, Fred G. Geyer, George Geyer, Paul Kahn, Carl A. List, John L.
Geyer, Lorenz C. List, J. Mike Ziegler, John G. Schwab, Erwin J. Geyer.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... ....................
Bonds, mortgages and securities:
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings..................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures.................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
398,356 22
72,888 23
168,615 09
15,091 03
24,000 00
24,250 00
5,235
2,040
1,757
700
10,100
201
51
00
72
00
00
06
3423,234 86
Total
Capital stock paid in........................
325,000
00
10,000
00
Surplus fund.......................................
Undivided profits, net......................
6,909
36
Dividends unpaid.............................
6
00
Reserved for taxes, interest, etc...
2,000
00
Commercial deposits subjectto check. . .
41,761 18
Demand certificates of deposit......
29,413
34
State moneys on deposit................
10,000
00
Savings deposits (book account).. . . . . . .
288,044 98
Bonds borrowed or left for safe keeping.
10,100 00
3423,234 86
Total
No. 450.
F R A N K E N M U T H ST A T E B A N K , F R A N K E N M U T H .
Organized March 21, 1910.
B e n t o n H a n c h e t t , C h a ir m a n o f the B o a r d .
O t t o S c h u p p , P r e s i d e n t ; P a u l G u g e l , W m . J. W i c k e s , V ic e P r e s id e n t s ; O t t o T r i n k l e i n , C a s h ie r ;
L. G. G u g e l , A s s is t a n t C a s h ie r ; J. LIo l l a n d - M o r i t z , A u d it o r .
D i r e c t o r s .— Arnold
Boutell, Wm. C. Cornwell, Fred J. Fox, Paul Gugel, Benton Hanchett, Louis Goetzinger, Otto
Schupp, G. M . Stark, Wm. J. Wickes, John Leidlein, E. .A. Robertson, Otto Trinklein, E. A. Pillsbury, Arthur A.
Schupp, Jacob Rummel, William Stromer.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
’ Savings................................... ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial................................................
Savings.........................................................
Overdrafts.......................................................
Banking house......................................... v .
Other real estate................................... .. . . .
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank.................
Other assets.......................... .........................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3231,982 53
190,080 13
682,320 13
23,953 35
27,852 84
12,553 80
71,138 20
2,019
11,444
855
10,000
1
24,700
3,300
30
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.......... ..................................
State moneys on deposit.............................
Savings deposits (book account). . . . . . . .
Bonds borrowed or left for safe keeping.
350,000
60,000
7,361
560
10,161
82,485
109,588
3,944
15,000
928,428
24,700
00
00
73
00
50
60
99
84
00
21
00
57
26
06
00
00
00
00
00
31,292,230 87
Total
31,292,230 87
122
STATE
B A N K IN G
DEPARTM ENT
No. 229.
S T A T E SAVINGS B A N K OF F R A N K F O R T .
Organized January 30, 1901.
H. F. R
obertson
R. R. P a u t z , V i c e P r e s id e n t ; J. F. H o f s t e t t e r , V i c e P r e s id e n t a n d C a s h ie r ;
H. B. A n d e r s o n , O. C. D o l b e r g , A s s is t a n t C a s h ie r s .
, P r e s id e n t ;
D i r e c t o r s .—-H.
F. Robertson, J. F. Hofstetter, L. R. Hofstetter, E. J. Hofstetter, R. R. Pautz.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due frcm banks in reserve cities:
Commercial.......... 1.................................
U . S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings................................. .......................
Overdrafts........................................................
Banking house.............................. v...............
Furniture andfixtures...................................
Due from banks other than in reserve
cities..............................................................
Bonds borrowed crleft for safe keeping.
Outside checks ardother cash items. . . .
2,798 30
101,338 94
200 69
T otal.........................................................
3607,727 86
369,737 64
114,760 00
220,702 25
42,794 C6
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net... . ; ........................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Certified checks.............................................
Savings deposits (book account)...............
Savings certificates of deposit............. . . .
Bonds borrowed or left for safe keeping.
325,000
6,500
1,193
213,515
5,793
650
222,301
31,435
101,338
00
00
03
14
63
00
18
94
94
34,250 00
8,063
3,045
36
6,000
4,000
76
86
36
00
00
Total.........................................................
3607,727 86
No. 461.
T H E ST A T E B A N K OF FR ASE R , FRASER.
Organized July 10, 1910.
G e o r g e W . S t e f f e n s , P r e s id e n t ; A l b e r t G r a m b o w , E r n s t M a l o w , V i c e P r e s id e n t s ;
H e n r y J. B o h n , C a sh ie r.
D i r e c t o r s .—
Chas. Klein, Wm. L. Hartsig, W m . Schneider, Jos. Couchez, George W . Steffens, Wm. Klein,
Albert Grambow, Ernst Malow, Julius Faulmann, Fred J. Schott.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial........................
Savings.........................................................
Overdrafts.......................................................
Banking house................................................
Furniture and fixtures..................................
Due from banks other than in reserve
cities..............................................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
387,470 76
38,790 11
13,930 00
'2 2 2 ,8 7 6 50
Capital stock paid in....................................
Surplus fund........................................... ..
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
320,000
20,000
9,716
116,561
415
297,704
00
00
66
10
10
55
30,000 00
46,954 92
4,0 0 0
14,386
26
3,150
1,650
00
73
65
00
00
1,161 74
3464,397 41
Total....................•...................................
3464,397 41
STATE
BANKS
OF
123
M IC H IG A N
No. 654.
F R E E L A N D ST A T E B A N K , F R E E L A N D .
Organized January 16. 1920.
H enry
T. R
obinson
D i r e c t o r s .— Henry
, P r e s id e n t ; L o u i e H. S a r l e , V i c e P r e s id e n t ;
H a r r i e t t E. R e a v e y , A s s is t a n t C a sh ie r.
T. J. R
eavey
, C a s h ie r ;
T. Robinson, J. G. Riefenberg, Geo. F. Barbarin, Louie H. Sarle, Chas.
Wolohan, T. J. Reavey, Wm. F. Hemmeter.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Total.................................................. ..
$64,745 33
57,597 20
58,542 96
50,485 34
10,669 20
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, ne,t..................................
Commercial deposits subject to check. . .
Time commercial certificates of deposit .
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
$25,000 00
1,339 00
977 95
75,859 33
19,089 81
114,654 01
17,799 77
250 00
Total.........................................................
$254,969 87
4,300 00
3,293 09
1,000 00
61 75
2,755 00
1,270 00
250 00
$254,969 87
No. 449.
T H E S T A T E B A N K OF F R EE P O R T , FREE P O R T.
Organized March 23, 1910.
F. R. E
ve r h a r t
A.
D i r e c t o r s .— John
, P r e s id e n t ; T h o s . E. C h e e s e b r o u g h , W m . B l o u g h , V i c e P r e s id e n t s ;
R. S i e g e l , C a s h ie r ; Don A. S i e g e l , A s s is t a n t C a sh ie r.
Allarding, Frank Dorr, Wm. Blough, F. R. Everhart, Thos. E. Cheesebrough,
C. L. Henney, A. R. Siegel.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................
Bonds borrowed or left for safe keeping.
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$83,836 87
65,696 82
1,400 00
74,984 02
10,261 43
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
$25,000 00
7,000 00
131 61
349 07
42,696 15
41,834 48
81,011 79
73,957 25
7,790 51
Total.........................................................
$279,770 86
23,850 00
4,280
110
5,500
2,200
7,650
89
83
00
00
00
$279,770 86
STATE
124
B A N K IN G
DEPARTM ENT
No. 297.
T H E FREM O N T STATE BANK, FREM ON T.
Organized M ay 24, 1904.
M ilo
A. W
, P r e s id e n t ; L. D. P u f f , V i c e P r e s id e n t ; E m i e l K e m p f , C a s h ie r ;
C l a i r e K e m p f , F r a n k H. M a r s h , A s s is t a n t C a sh ie rs .
hite
E.
D i r e c t o r s .— Emiel
Kempf, L. D. Puff, J. H. Lewis, Milo A. White, Jas. L. Hillyard,
Harry D. Reber, Fred Kellogg.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................... ....................
Bonds, mortgages and securities:
Commercial................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial...........................................
Savings................................. .. ....................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures............ .*...............
Other real estate................................... .. . •.
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank..................
388,659 03
84,621 85
61,240 00
289,739 33
5,000 00
17,507 72
23,475 48
350,000
40.000
3,801
797
173
89,981
20,138
228,855
259,828
00
00
76
24
17
00
92
67
38
10.000 00
45,250 00
66,800 00
4 ,000
7,230
393
35,822
11,992
4,394
45,250
2,700
00
42
72
10
40
09
00
00
3748,826 14
Total
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable.................................. ..
Bond (borrowed or left for safe keeping.
3748,826 14
Total
No. 345.
T H E O LD S T A T E B A N K OF F R E M O N T , F R E M O N T .
Organized July 13, 1906.
J. A. G erber, P r e s id e n t ; D. D. A lton, S. P. Odell,
V i c e P r e s id e n t s ;
H e r m a n S c h u i t e m a n , A s s is t a n t C a s h ie r .
1. I. Fry,
C a s h ie r ;
D irectors.—J. A. Gerber, S. P. Odell, T. I. Fry, Frank Gerber, W m . H. Barnum, H. C. Buck, D. D. Alton,
Geo. B. Raider, Wm. J. Branstrom.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................. .......................
Bonds, mortgages and securities:
Savings.........................................................
Due from Federal Reserve bank:
Commercial..........................................
Savings........... ..................... _. ....................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures............ ._...................
Due from banks other than in reserve
cities.....................................................
Bonds borrowed or left for safe_ keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
3391,049 19
125,427 44
506,388 15
21,000 00
20,648 30
18,771 12
235 79
4,945
21,000
3,623
37,500
16,229
05
00
79
00
80
3,272
82,650
2,935
4,500
87
00
39
00
Total......................................................... 31,260,176 89
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund............... ....................................
Undivided profits, net..................................
Reserved for taxes, interest, etc.................
Commercial deposits subject to check...
Demand certificates of deposit..................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bills payable...........................................
Bonds borrowed or left for safe keeping.
Total
3100,000 00
50.000
9,948
1,783
235,978
15.000
00
28
41
96
00
20.000 00
394,690
300,125
50,000
82,650
93
31
00
00
31,260,176 89
STATE
BANKS
OF
125
M IC H IG A N
No. 362.
T H E ST A T E SAVINGS B A N K OF G A G E T O W N , G A G E T O W N .
Organized February 6, 1907.
J. L. P u r d y , P r e s i d e n t ; L. C. P u r d y , V i c e P r e s id e n t ; E d it h E . M
i l l e r , C a sh ie r.
D ir e c t o r s .— J. L. Purdy, L. C. Purdy, Richard Burdon, C. O. Purdy, F. D. Hemerick.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Bonds, mortgages ans securities:
Commercial.................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial..:...........................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.................................................... .. .
Overdrafts................
Banking house...............................................
Furniture and fixtures..................................
Outside checks and other cash items. . . .
T o t a l ......................................................
350,284 78
4,422 00
97,485 00
Capital stock paid in....................................
Surplus fund........................................... ..
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings certificates of deposit....................
325,000
5,155
3,122
39,476
26,781
90,258
00
00
20
88
00
92
5,673 74
9,884 03
1
6,750 00
1,854 17
3,000 00
11 12
8,000 00
1,500 00
929 16
3189,794 00
Total.........................................................
3189,794 00
No. 426.
T H E GALESBU R G ST A T E B A N K , GALESBU RG.
Organized February 13, 1909.
S. D u n n , P r e s i d e n t ; T. S. C l a p p , V i c e P r e s id e n t ; C . C . C l a p p , C a s h ie r ; Louis D u n n , A s s is t a n t C a sh ie r.
D
ir e c t o r s .—
S. Dunn, H. A. Steuard, T. S. Clapp, C. C. Clapp, Louis Dunn, H. L. Jackson, Michael Tuitt.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings'.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Furniture and fixtures..................................
Total.........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
358,112 32
47,219 50
7,000 00
177,416 95
Capital stock paid in....................................
Surplus fund............................ ...................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit....................
320,000
20,000
4,571
60,516
134,758
130,660
00
00
13
76
24
41
33,519 59
33,315 68
3,000 00
3,937
4,466
118
2,400
40
52
58
00
3370,506 54
Total.........................................................
3370,506 54
126
STATE
B A N K IN G
DEPARTM ENT
No. 719.
*G A L E W O O D -W Y O M IN G S T A T E B A N K , G A L E W O O D .
(G R A N D R A P ID S P. O.)
Organized April 4, 1924.
J ohn H
D
i r e c t o r s .—
e r m a n , P r e s id e n t ;
P e t e r L e e s t m a , V i c e P r e s id e n t ; C l a r e n c e V a n S t r i e n , C a s h ie r ;
R u s s e l l M . D a a n e , A s s is t a n t C a sh ie r.
Dewey Blocksma, Gilbert L. Daane, Charles W . Garfield, Arthur M. Godwin, John Hekman,
J. Hampton Hoult, Peter Leestma, John B. Martin, Wm. Alden Smith.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial..................................................
Savings.................... •...................................
Exchange for clearing house and checks
on banks in same place:
Savings.................................................. ..
Cash on hand:
Commercial.................................................
Savings....................................................
Expenses, interest and taxes paid ex
ceeding earnings.........................................
Banking-house................................................
Furniture and fixtures..................................
444 17
14,235 63
10,307 80
Total.........................................................
$85,151 37
$250 00
10,000 00
13,900 00
Capital stock paid in....................................
Surplus fund....................................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Savings deposits (book account)...............
Savings certificates of deposit...................
$23,000
6,250
500
24,142
23,965
3,294
00
00
00
07
30
00
19,362 24
3,376 23
1,221 40
1,000 00
10,633- 88
Total.........................................................
$83,131 37
■"Commenced business August 23, 1924.
No. 686.
T H E G A L IE N S T A T E B A N K , G A L IE N .
Organized October 14, 1921.
C h a r l e s A. C l a r k , P r e s id e n t ; C l a y t o n S m it h , V i c e P r e s id e n t ; H a r l e y R. B a l l , C a sh ie r.
D ir e c t o r s .— Charles A. Clark, Oliver A. Van Pelt, Clayton Smith, Horace Morley, Ray E. Babcock.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial........ .........................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial...............'.................................
Savings.........................................................
Overdrafts........................................................
Premium account...........................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$78,400 23
114,677 30
10,300 00
19,621 02
1,086 98
5,544
200
1,017
318
3,000
3,503
24,850
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Savings deposits (book account).............
Bills payable...........................................
Bonds borrowed or left for safe keeping.
$23,000
6,322
2,265
4
32
83,870
99,340
10,137
9,000
24,850
00
38
22
00
37
90
71
14
00
00
77
00
85
37
00
38
00
10060
$262,822 72
Total
$262,822 72
STATE
BANKS
OF
M IC H IG A N
127
No. 447.
T H E G A R D E N ST AT E SAVINGS B A N K , G A R D E N .
Organized November 4, 1910.
W
D
m.
S. C r o w e , P r e s id e n t ; V. L H i x s o n , V i c e P r e s id e n t ; H . G . G a u t h i e r , C a s h ie r ;
E. M . G a u t h i e r , A s s is t a n t C a sh ie r.
ir e c t o r s .—
H. G. Gauthier, V. I. Hixson, Wm. S. Crowe, Frank Hartman, L. Rosenthal.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings...................... ..................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.................................
Bonds borrowed or left for safe keeping.
336,479 98
22,375 92
12,743 20
38,831 75
2,120 24
5,290 88
Capital stock paid in....................................
Undivided profits, net...................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Savings deposits (book account)...............
Savingscertificates of deposit...................
Bonds borrowed or left for safe keeping.
325,000
1,126
46
22,266
2,249
9,096
5,000
70,207
1,404
650
00
7o
01
54
18
41
00
93
77
00
9,000 00
3,062 15
2,000 00
19 96
2,000 00
2,473 46
650 00
Total.........................................................
3137,047 54
Total.........................................................
3137,047 54
No. 153.
T H E G A Y L O R D ST A T E SAVINGS B A N K , G A Y L O R D .
Organized March 2, 1893.
Corporate existence extended March 2, 1923.
F r a n k A. K
F r a n k J. S h ip p , V i c e P r e s id e n t ; N o r m a n E. G
H o r a c e E. B l o d g e t t , A s s is t a n t C a sh ie r.
r a m e r , P r e s id e n t ;
l a s s e r , C a s h ie r ;
D ir e c t o r s .— Frank A. Kramer, Henry Stephens, Frank J. Shipp, Herman Lunden,
Norman E. Glasser.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... ..................... ..._...................
Due from banks in reserve cities:
Commercial.................................................
Savings........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial................... . .•........................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate............................................
Due from banks other than in reserve
cities..............................................................
Outside checks and other cash items. . . .
T otal...................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3417,863 93
59,825 00
3,550 00
338,691 45
40,332 75
28,314 48
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit.................
Certified checks.............................................
Cashier’s checks.............................................
Savings deposits (book account)...............
325,000 00
15,000 00
18,319 86
2,000 00
213,964
247,917
1,002
2,546
442,454
38
70
46
06
97
33,500 00
21,171
5,000
21
12,000
2,000
4,250
39
00
20
00
00
00
1,223 34
461 89
3968,205 43
Total.........................................................
3968,205 43
STATE
128
B A N K IN G
DEPARTM ENT
No. 507.
G L A D ST O N E ST AT E SAVINGS B A N K , G L A D S T O N E .
Organized M ay 31, 1912.
I. N . B u s h o n g , P r e s id e n t ; G
eo.
J. S l i n i n g , V i c e P r e s id e n t ; J o h n M . O l s o n , C a s h ie r ;
e l s o n , A s s is t a n t C a sh ie r.
A. S. N
D ir e c t o r s .— Phil Hupy, S. G. Nelson, Casper Elquist, W . J. Micks, W . L. Marble, Henry Rosenblum,
I. N. Bushong, Geo. J. Slining, John M . Olson.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial................................................
Savings................................... ....................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial............................. •'.................
Savings................................... ....................
Due from banks in reserve cities:
..........................
Savings................_
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate...................... .....................
Due from banks other than in reserve
cities.................................................. ..
Bonds borrowed or left for safe keeping.
Stock of Federal Reserve bank.................
S400,102 18
208,973 32
40,070 17
421,008 63
23,131 41
20,300 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
Due to other banks and bankers . . . . . . .
Time commercial certificates of deposit .
Savings deposits (book account).. . . . . . .
Bonds borrowed or left for safe keeping.
350,000
25,000
18,054
208
302,477
19,951
3,253
70,061
676,629
113,075
00
00
16
00
22
71
90
37
22
00
2,851 63
9,800
19,491
3,459
4.500
3.500
5,086
00
31
97
00
00
62
1,110 34
113,075 00
2,250 00
31,278,710 58
Total
Total.................................-...................... 31,278,710 58
No. 594.
T H E F IR ST S T A T E SAV IN G S B A N K OF G L A D W IN , G L A D W IN .
Organized M ay 16, 1917.
W
D
m.
H . A i t k i n , P r e s id e n t ; M e l v in H. A i t k i n , R o b t . C r o s k e r y , V i c e P r e s id e n t s ;
J o h n F. E n g l e h a r d t , C a s h ie r ; F r e d L e o n a r d , A s s is t a n r C a sh ie r.
ir e c t o r s .— Wm.
H. Aitkin, Melvin H. Aitkin, Robert Croskery, James Croskery,
John F. Englehardt, Frank Leonard, Guy E. Smith, Eugene Foster.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................ ................................
Bonds, mortgages and securities:
Commercial................................................
Savings........... .............................................
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house..................................... ..........
Furniture and fixtures..................................
Other real estate................................... ; •••
Bonds borrowed or left for safe keeping.
Outside checks and other cash items. . . .
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3296,244 26
16,630 34
90,710 63
31,507 00
59,989 01
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net.................................
Commercial deposits subject to check. . .
Cashier’s checks.............................................
State moneys on deposit...................... ..
Time commercial certificates of deposit .
Savings deposits (book account).. . . . . . .
Bonds borrowed or left for safe keeping.
340,030 03
8,000 00
4,971
131,954
10,424
5,000
275,283
53,006
21,350
02
03
71
00
36
99
00
386 86
3,605 42
4,869 65
483 81
6,000 00
1,500
16,007
21,350
705
00
69
00
44
3549,990 11
Total
3549,990 11
STATE
BANKS
OF
129
M IC H IG A N
No. 471.
T H E G L A D W IN ST A T E B A N K , G L A D W IN .
Organized January 31, 1911.
I s a a c F o s t e r , P r e s id e n t ;
D i r e c t o r s .— Isaac
H. A. C
h a m b e r l a i n , V ic e P r e s id e n t ; O t t o
W a l t e r S t i c k e l , A s s is t a n t C a sh ie r.
B. S o e h n e r , C a s h ie r ;
Foster, H. A. Chamberlain, Otto B. Soehner, Frank W . Merrick, A. 0 . Boulton.
Statement October 8, 1924.
Liabilities.
Resources
Loans and discounts:
Commercial.................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.................................................. .
Due from banks in reserve cities:
Commercial.................................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.............................
Other real estate............................................
Bonds borrowed or left for safe keeping.
T o t a l . . . .................................................
3247,064 82
32,293 17
38,796 97
4 46,392 79
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Bonds borrowed or left for safe keeping.
330,000 00
20,000 00
2,353 95
112,766 70
182,885 68
7,952 86
10,000 00
44,360 37
28,200 00
Total.........................................................
3438,519 56
1,019 93
11,315
5,563
953
8,800
2,820
15,298
28,200
71
40
92
00
00
85
00
3438,519 56
No. 552.
T H E FIR ST S T A T E B A N K , GOBLES.
Organized November 2, 1914.
H o w a r d B. A l l e n , P r e s id e n t ; C h a r l e s L. B e n n e t t , V i c e P r e s id e n t ;
E d n a L. D a v i s , A s s is t a n t C a sh ie r.
D i r e c t o r s .— Howard
Louis 0 . G
r a h a m
, C a s h ie r ;
B. Allen, Anson D. Pease, D. M . Allen, Stanley Styles, Marlin L. Wilmot,
Charles L. Bennett, Louis O. Graham.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings............................
Bonds, mortgages and securities:
Commercial.................................................
Savings...................... ................................
Due from banks in reserve cities:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings...............................I .......... ............
Overdrafts........................................................
Banking house...............................................
Furniture and fixtures...........................
Bonds borrowed or left for safe keeping.
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
393,323 59
37,820 82
33,269 75
6 3 ,6 9 1 4 9
17,029 44
8,113
3,000
624
4,965
9,638
13,100
54
00
05
63
40
00
3284,576 71
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
State moneys on deposit.............................
Savings deposits (book account).............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
320,000 00
12,000 00
2,387 51
2,606 85
65,065 90
65,633 48
2,500 00
48,198 47
53,084 f50
13,100 00
Total.........................................................
3284,576 71
130
STATE
B A N K IN G
DEPARTM ENT
No. 249.
G R A N D H A V E N ST A T E B A N K , G R A N D H A V E N .
Organized September 12, 1901.
One Branch.
B. P. S h e r w o o d , P r e s id e n t ; E l b e r t L y n n , V ic e P r e s id e n t ; A. E. G a l e , V i c e P r e s id e n t a n d C a sh ie r.
H e n r y J. V e r h o e k s , A u d it o r .
D i r e c t o r s .— G.
J. Diekema, Elbert Lynn, Peter Van Lopik, J. Edgar Lee, W . H. Beach, N. Robbins,
H. F. Harbeck, B. P. Sherwood, W . H. Loutit, H. S. Robbins, Edw. W . F. Moll.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.................................•_.....................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ; .................. .......................
Due from banks in reserve cities :
Commercial.................................................
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Other real estate...................... .....................
Due from banks other than in reserve
cities..............................................................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
3383,287 98
302,013 42
372,758 25
933,768 04
44,297 19
72,000 00
29,412 00
29,643 02
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified ch'ecks..............................................
Due to other banks and bankers..............
State moneys on deposit.............................
Postal savings deposits............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...................................................
5100,000 00
100,000 00
34,406
695
19,880
592,462
1,225
11,100
93
00
92
59
86
33
20,000 00
188
793,396
504,560
54,077
50,000
64
84
75
69
00
8,046 20
18,618 16
20,000 00
755 26
59,034 84
211 99
1,119 03
1,030 17
6,000 00
52,281,995 55
Total
52,281,995 55
Total
No. 443.
T H E P EO PLE ’S SAV IN G S B A N K OF G R A N D H A V E N , G R A N D H A V E N .
Organized January 12, 1910.
E d w a r d H o f m a , P r e s id e n t ; H. J. D o r n b o s , W m . T h i e l e m a n , A. C a m p b e l l , V ic e P r e s id e n t s ;
J o h n H o f f m a n , C a s h ie r ; F. C. B o l t , A s s is t a n t C a sh ie r.
D i r e c t o r s .— M .
DeGlopper, H. J. Dornbos, John J. Bolt, Chas E. Soule, William Thieleman, Geo. D.
G. L. Dornbos, Edward Hofma, J. F. Johnston, Wm. Ver Duin, A. Campbell, John Hoffman.
Turner,
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings........... ....................... ..................
Due from banks in reserve cities:
Commercial.................................................
Savings................_.......................................
Exchange for clearing house and checks
on banks in same place:
Commercial................................................
Cash on hand:
Commercial. ................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate................................... .. . •
Bonds borrowed or left for safe^ keeping.
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5194,708 84
246,216 13
52,852 11
547 531 37
17,474 78
24,500 00
6,884 36
24,744 61
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid.......... ..............................
Commercial deposits subject to check. . .
Certified checks.............
...........................
State moneys on deposit. ...........................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits..........................
Bonds borrowed or left for safe keeping.
550,000
30.000
11,088
7
272,852
543
00
00
58
00
56
44
10.000 00
431,949
342,976
24,337
63,900
90
59
02
00
858 98
13,241 54
10,000 00
282 58
20,000 00
6,944
1,205
63,900
3,909
2,400
35
58
00
86
00
51,237,655 09
Total
51,237,655 09
STATE
BANKS
OF
M IC H IG A N
131
No. 308.
T H E G R A N D L E D G E ST A T E B A N K , G R A N D L E D G E .
Organized M ay 2, 1905.
A. R. G
illies,
D i r e c t o r s .— W .
W . R. G r a n g e r , V i c e P r e s id e n t ; H. D. T
W . F. R o b i n s o n , A s s is t a n t C a sh ie r.
P r e s id e n t ;
o w n e r
, C a s h ie r ;
R. Clarke, A. R. Gillies, W . R. Granger, H . D . Towner, R. A. Latting,
J. D. HuLce.
Statement October 8, 1924.
Resources.
Liabilities.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Savings........... _.................... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.................
Exchange for clearing house and checks
on banks in same place:
Commercial..................... •...........................
Cash on hand:
Commercial.................................................
Savings........... ......................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Bonds borrowed or left for safe keeping.
3231,636 89
89,372 08
480,637 46
19,154 88
39,857 63
59,950 00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits, net..................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit..................
•Certified checks.............................................
State moneys on deposit............................
Savings deposits (book account)..............
Savings certificates of deposit...................
Bonds borrowed or left for safe keeping.
350,000
25,000
2,023
3,750
208,392
51,959
200
10,000
426,871
212,419
435,329
00
00
61
00
31
31
00
00
85
20
00
1,365 75
8,098
9,000
1,542
37,500
12,500
435,329
75
00
84
00
00
00
Total......................................................... 31,425,945 28
Total........................................................
31,425,945 28
No. 389.
LO A N A N D D EPO SIT ST A T E B A N K , G R A N D L E D G E .
Organized February 29, 1908.
F red
L.
D i r e c t o r s .—
B e r r y , P r e s id e n t ;
D. D.
S h a n e , E. M. L a w s o n , V i c e P r e s id e n t s ; E d w a r d
F. G. N i c h o l s , A s s is t a n t C a sh ie r.
P. M ills, C a s h ie r ;
F. L. Berry, P. Van Allsburg, J. B. Strange, E. P. Mills, E. M . Lawson, C. M . Maris, D. D. Shane.
F. S. Byam, R. Alexander, E. R. Taylor.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings..................................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... _................... ..._...................
Due from banks in reserve cities:
Commercial.................................................
Savings....................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings......... ............ .................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures.................................
Bonds borrowed or left for safe keeping.
Total........................................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
3151,865 34
104,021 80
2,700 00
355,566 82
20,517 07
-46,014 79
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Bonds borrowed or left for safe keeping.
350,000
25,000
2,136
24
1,000
139,923
20,000
214,141
311,448
162,450
00
00
09
00
00
45
00
80
55
00
15,750 00
2,038
17,000
699
37,500
10,000
162,450
89
00
18
00
00
00
3926,123 89
Total........................................................
3926,123 89
132
STATE
B A N K IN G
DEPARTM ENT
No. 276.
♦C O M M E R C IA L SAV IN G S B A N K OF G R A N D R A PID S.
Organized March 17, 1903.
Three Branches.
W m . H. A n d e r s o n , P r e s i d e n t ; C h r i s t i a n B e r t s c h , D e n t o n D . P r a t t , V i c e P r e s id e n t s ;
W m . T. D o s k e r , C a s h ie r ; T y l e r E. W h e e l e r , R o b e r t V a n N o o r d , A s s is t a n t C a sh ie rs .
D i r e c t o r s .— Huntley
Russell, Ganson Taggart, William H. Anderson, Daniel Lynch, Thomas W . Strahan, Christian
Bertsch, Thomas F. Carroll, John W . Goodspeed, Christian Gallmeyer, Wm. E. Gill, Robert D. Graham, Henry J.
Vinkemulder, L. C. Braudy, Wm. J. Clark.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
SavingT.6.'........... .........................................
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts........................................................
Banking house................................................
Furniture and fixtures..................................
Other real estate.................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
3307,202 99
783,347 88
133,978 03
921,119 21
106,022 42
60,000 00
416,838 S3
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks..............................................
Due to other banks and bankers..............
Postal savings deposits.................................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
00
00
10
00
47
86
39
05
10
30
05
70
82,700 00
20,679 54
30,000 00
22,678 19
58,000 00
2,969 83
200,000 00
17,500 00
32,000 00
2,930 40
12,000 00
Total......................................................... 33,209,967 02
Total.......................................................
’ Absorbed by the Kent State Bank of Grand Rapids, November 24, 1924.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3300,000
30,000
3,374
482
28,014
1,040,858
3,530
35,986
934
1,284,895
451,397
30,494
33,209,967 02
STATE BANKS OF MICHIGAN
133
No. 61.
*T H E G R A N D RAPIDS SAV IN G S B A N K , G R A N D R A PID S.
Organized M ay 1, 1872.
Corporate existence extended M ay 1, 1902.
Twelve Branches.
W i l l i a m A l d e n S m i t h , C h a ir m a n o f the B o a r d ; G i l b e r t L. D a a n e , P r e s id e n t ; A r t h u r M . G o d w i n , E a r l C. J o h n s o n ,
V i c e P r e s i d e n t s ; E a r l D . A l b e r t s o n , V i c e P r e s id e n t a n d C a s h ie r ; O. B. D a v e n p o r t , H . J. P r o c t o r , H . F r e d
O l t m a n , A s s i s t a n t C a s h ie r s ; C h a s . W . G a r f i e l d , C h a ir m a n E x e c u t i v e C o m m ittee .
D i r e c t o r s .— Noyes
L. Avery, Frank E. Leonard, William H. Gilbert, William Alden Smith, George G. Whitworth,
John B. Martin, Arthur H. Vandenberg, Jos. H. Brewer, Chas. J. Kindel, Fred A. Wurzburg, George A. Rumsey,
Gilbert L. Daane, Chas. M . Heald, Arthur M. Godwin, Tom Thoits, J. Hampton Hoult, Chas. W . Garfield, John
Hekman.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. 34,672,077 96
Savings.................. .................................... 3,001,972 04
Bonds, mortgages and securities:
Commercial.................................................
1,408,092 25
Savings. .......................................................
5,280,564 98
Due from Federal Reserve bank:
Commercial.................................................
404,790 25
Savings.........................................................
311,205 66
Due from banks in reserve cities:
Savings.........................................................
988,260 50
Exchange for clearing house and checks
on banks in same place:
Savings.................. ....................................
155,248 10
Cash on hand:
10,000 00
Commercial.................................................
Savings.....................................
644,295 12
Overdrafts........................................................
4,403 77
Banking house..................................
500,000 00
Furniture and fixtures..................................
249,392 20
Bonds borrowedor left for safe keeping.
1,010,150 00
Outside checks and other cash items. . . .
54,081 00
Stock of FederalReserve bank...................
30,000 00
Other assets.....................................................
29,827 00
Total........................................................ 318,754,360 83
.Liabilities,
Capital stock paid in.........................
3500,000
Surplus fund.........................................
500,000
Undivided profits, net.......................
97,330
Dividends unpaid...............................
1,227
Reserved for taxes, interest, etc.....
50,425
Commercial deposits subject to check. . . 5,347,152
Certified checks...................................
21,576
92,954
Cashier’s checks..................................
Due to other banks and bankers. ............
308,249
State moneys on deposit..................
450,000
Postal savings deposits.....................
2,565
Time commercial certificates of deposit .
1,500
Savings deposits (book account)....
7,330,994
Savings certificates of deposit. .................. 2,587,308
452,926
Club savings deposits........................
Bonds borrowed or left for safe keeping.
1,010,150
Total.........................................................318,754,360 83
’ Upon December 4, 1924, the Grand Rapids Savings Bank absorbed the South Grand Rapids State Bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
00
00
32
00
85
24
19
76
17
00
85
00
06
57
82
00
134
STATE BANKING DEPARTMENT
G R A N D R APIDS T R U S T C O M P A N Y , G R A N D RAPIDS.
Organized April 1, 1913.
R o b e r t D. G r a h a m , P r e s id e n t ; J o s e p h H, B r e w e r , A l e x a n d e r W . H o m p e , L e e M . H u t c h i n s . F. G. D e a n e , E. F.
B i r d s a l l , V i c e P r e s id e n t s ; J a m e s R. H o o p e r , V i c e P r e s id e n t a n d T r u s t O fficer ; F r a n k V. B u r r o w s , A s s is t a n t T r u s t
O ffic e r ; A. E. W e l l s , S e c r e t a r y ; J o s e p h B. W a r e , A s s is t a n t S e c r e t a r y ; H e n r y C. W o r f e l , T r e a s u r e r a n d A s s i s t a n t
S e c r e ta r y .
D i r e c t o r s .— Robert D.
\
l
/-r 1^ ’ Wm*
Graham, Lee M . Hutchins, Joseph H. Brewer, Melville R. Bissell, Alexander W . Hompe,
H. Lo Ttit, Thomas F. Carroll, Theron H. GoodspeeJ, David Wolf, Sim iel D. Young, Joseph
Murphy, GerritJ. Diekema, Ellis W . Ranney, Lewis T. Wilmarth, Frank G. Deine, James R. Hooper, Edwin Owen,
Paul F. Steketee.
Statement October 8, 1924.
Resources.
Collateral loans:
Time..............................................................
Demand........................................................
Loans on real estate mortgages:
In office........................................................
With State Treasurer...............................
Other loans......................................................
Bonds:
In office........................................................
With State Treasurer...............................
Other investments.........................................
Advances to trusts........................................
Cash ...................................................................
Cash items......................................................
Due from approved reserve agents..........
Due from other banks and bankers.........
Premiums paid...............................................
Safe deposit vaults........................................
Furniture and fixtures..................................
Liabilities.
324,081 97
5 , 5 7 4 54
104,919 77
133,600 00
10,692 26
573,249
20,000
90,000
56,114
4,222
1,411
263,488
1,076
801
10,500
9,0 0 0
08
00
00
18
22
12
10
27
20
00
00
Capital stock paid in....................................
Surplus fund...................................................
Undivided profits...........................................
Dividends unpaid..........................................
Depreciation reserve account.....................
Trust deposits................................................
Certificates of deposit...................................
Other liabilities...............................................
Total......................•................................. 31,308,730 71
3300,000
200,000
85,689
1,287
20,958
484,607
156,020
60,166
00
00
88
00
61
63
61
98
Total......................................................... 31,308,730 71
No. 689.
H O M E S T A T E B A N K FOR SAV IN G S, G R A N D RAPIDS.
Organized March 2, 1922.
C h a s . B. K e l s e y , P r e s id e n t ; J o h n S. M c D o n a l d , W . J. B r e e n , F r a n k A. H a r v e y , V i c e P r e s id e n t s ;
. M a r t i n D . V e r d i e r , C a s h ie r ; N e a l V a n O s t e n b e r g , A s s is t a n t C a sh ie r.
D i r e c t o r s .— H.
N. Battjes, W . J. Breen, fas. C. Everett, Albert Fochtman, P. J. Haan, Tom S. Handley, Frank A '
Harvey, W m . A. Hoult.Wm. A. Jack, E. Berkey Jones, Chas. B. Kelsey, Fred H. Locke, John S. McDonald, A. Linn
Murray, Martin D. Verdier, M . Thomas Ward, Milo Schuitema, J. G. Emery.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial.................................................
Savings.........................................................
Bonds, mortgages and securities:
Commercial...............................................
Savings................................
Due from Federal Reserve bank:
Commercial.................................................
Savings.........................................................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts.......................................................
Banking house................................................
Furniture and fixtures..................................
Stock of Federal Reserve bank.................
Liabilities.
31,754 87
490,293 69
341,769 75
2,213,377 64
25,000 00
87,021 73
23,499 70
55,318 28
64,383
7,577
40
40,643
25,541
9,400
3250,000
62,500
3,599
297,822
10,780
42,933
25,000
2,051,423
570,662
70,901
00
00
90
18
00
39
00
88
59
14
69
61
98
84
30
00
Total......................................................... 33,385,623 08
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks.............................................
State moneys on deposit.............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Total......................................................... 33,385,623 08
135
STATE BANKS OF MICHIGAN
♦THE IN D U S T R IA L B A N K OF G R A N D RAPID S.
Organized April 16, 1918.
John E.
F r e y , P r e s id e n t; H e n r y
J.
B e n n e t t , V i c e P r e s id e n t ; R u d o l p h
M.
B r e m e r , S e c r e ta r y a n d T r e a su r er.
D i r e c t o r s .-—Henry J.
Bennett, John E.Frey, Fred N . Rowe, Elmer L. Kinsey, Clark E.Higbee, William F. Wurzburg'
David A. Warner, P. B. Schravesande, Grover C. Good, T. W . Hefferan, Chas. F. Perkins, J. A. Bassford, Leon T .
Closterhouse, H. M . Taliaferro, Sanford P. Wilcox.
Statement October 8, 1924.
Liabilities.
Resources.
Loans, viz.:
Notes receivable, Morris plan...........
Notes receivable, other........................
Due from banks in reserve cities..........
Cash on hand:
U. S. and National bank currency. .
Gold coin.................................................
Silver coin...............................................
Nickels and cents..................................
Checks and other cash items.............
Furniture and fixtures.............................
Other real estate.......................................
Total....................................................
. 31,283,296
92,723
612,376
98,223
25
77
67
48
3,804
90
115
30
6,273
1
4,193
00
00
65
35
13
00
56
Capital stock paid in................................
Surplus fund...............................................
Undivided profits, earned.......................
Reserved for taxes, interest, etc...........
Discount collected unearned..................
Payments on installment certificates:
Hypothecated........................................
Unhypothecated....................... ............ .
Investment certificates outstanding. . .
. 32,101,127 86
Total....................................................
350,000
50,000
43,558
37,361
43,598
00
00
53
32
67
484,613 68
1,048,345 66
343,650 00
. 32,101,127 86
*0n March 4, 1924, the title of this bank was changed from the Morris Plan Industrial Bank to The Industrial Ban k
of Grand Rapids.
No. 402.
♦THE K E N T ST AT E B A N K , G R A N D RAPIDS.
Organized M ay 14, 1908.
Seven Branches.
H e n r y Id e m a , P r e s i d e n t ; A. W . H o m p e , H e b e r W . C u r t i s , T. W . H e f f e r a n , V ic e P r e s id e n t s ; C a s p a r B a a r m a n ,
V i c e P r e s id e n t a n d C a s h ie r ; H e n r y V e r h o e k , F. L. V e r d i e r , A s s is t a n t C a s h ie r ; C l i f f o r d B u c h a n a n , A u d it o r .
D i r e c t o r s .— Henry
Idema, A. W . Hompe, F. S. Foote, Benj. S. Hanchett, William H. Jones, M . S. Keeler, Heber
W . Curtis, Benj. Wolf, F. M . Deane, T. W . Hefferan, Caspar Baarman.
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial................................................. 32,780,045 78
Savings.....................................
2,338,053 82
Bonds, mortgages and securities:
Commercial.................................................
749,545 00
Savings......................................................... 6,995,742 50
Due from Federal Reserve bank:
Commercial.................................................
429,845 79
Savings...................................; ...................
324,798 20
Due from banks in reserve cities:
Commercial.................................................
140,971 96
Savings........................................................
580,770 26
Exchange for clearing house and checks
on banks in same place:
Commercial.................................................
190,108 36
Savings.........................................................
83,143 61
Cash on hand:
Commercial.................................................
211,757 10
Savings.........................................................
436,541 11
Overdrafts........................................................
3,451 75
Banking house................................................
793,853 43
Furniture and fixtures..................................
252,124 57
Stock of Federal Reserve bank.................
48,000 00
Total.........................................................316,358,753 24
Liabilities.
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Demand certificates of deposit........... ..
Certified checks. . . ........................
Cashier’s checks.............................................
Due to other banks and bankers...............
State moneys on deposit.............................
Postal savings deposits................................
Savings deposits (book account)...............
Savings certificates of deposit...................
Club savings deposits...................................
3500,000
1,100,000
157,931
894
100,000
3,764,134
2,619
34,562
7,167
773,628
347,423
2,636
7,100,461
2,326,602
140,691
00
00
78
00
00
48
69
00
57
69
38
22
49
18
76
Total........................................................ 316,358,753 24
*Upon November 21, 1921, the Kent State Bank of Grand Rapids absorbed the Peoples Savings Bank of Grand
Rapids and the Commercial Savings Bank of Grand Rapids.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
136
STATE
B A N K IN G
DEPARTM ENT
T H E M IC H IG A N T R U S T C O M P A N Y , G R A N D R A PID S.
Organized June 1, 1889.
Corporate existence extended June 1, 1919.
L ewis
H. W
ithey
, C h a ir m a n o f B o a rd .
F r e d e r i c k W . S t e v e n s , P r e s i d e n t ; F. A. G o r h a m , J o h ® H. S c h o u t e n , H e n r y I d e m a , N o y e s L. A v e r y , V i c e
P r e s i d e n t s ; A . C. S h a r p e , T r e a s u r e r ; G u y C. L i l l i e , S e c r e t a r y ; C. S. J o h n s o n , A r e n d V. D u b e e , J. D. M c C o r m i c k ,
A s s i s t a n t S e c r e ta r i e s ; S. B. D a u m e , T r u s t O fficer ; W m . H. P e r k i n s , M n g r . M o r tg a g e D e p t . ; A l e x . S. P a l m e r , M n g r .
R e a lt y D e p t . ; H a r r y B. W a g n e r , M n r g . B o n d D e p t .
William Judson, Edward Lowe, F. A. Gorham, Henry Idema, Dudley E. Waters, Lewis H. Withey*
James D. Lacey, John Duffy, R. E. Olds, Miner S. Keeler, Godfrey von Platen, Thos. W m . Hefferan, Thos. HHume, Noyes L. Avery, Clarence S. Dexter, Frederick W . Stevens.
D i r e c t o r s .—
Statement October 8, 1924.
Resources.
Collateral loans:
Tim e.............................................................
Demand.......................................................
Loans on real estate mortgages:
In office........................................................
With State Treasurer...............................
Other loans:
In British Columbia.................................
Bonds:
In office........................................................
In Illinois.....................................................
With State Treasurer...............................
Stocks...............................................................
Real estate owned.........................................
Certificates of deposit of other banks....
Items in transit..............................................
Premiums paid................................................
Due from approved reserve agents..........
Furniture and fixtures..................................
Cash items. . . ................................................
Cash..................................................................
Total
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Liabilities.
376,500 00
13,600 00
305,006 30
85.000 00
Capital stock paid in.................................... S I ,000 000
Surplus fund....................................................
500,000
Undivided p r o f i t s . ........................
207,600
Reserved for taxes.........................................
18,684
Trust deposits.................................................
985,313
Corporate agency deposits.......................... *
181,523
Due to banks and bankers.........................
35,899
00
00
42
67
21
32
96
31.000 00
558,882
60.000
124.000
158,722
68,996
226.000
9,219
47,014
1,126,911
25
00
00
92
44
00
62
49
44
2 00
8,280 10
29,886 02
2,929,021 58
Total........................................................ 32,929,021 58
STATE
BANKS
OF
137
M IC H IG A N
No. 108.
♦PEOPLE’S SAVINGS B A N K OF G R A N D RA PID S.
Organized November 15, 1890.
Corporate existence extended November 15, 1920.
Three Branches.
E ugene
D i r e c t o r s .— John
D. C
o n g e r
, P r e s id e n t ; V i c t o r M . T u t h i l l , V ic e P r e s id e n t ; W i l l i a m S m i t t o n , C a s h ie r ;
C. M . S m i t h , C. E. M u i r , A s s is t a n t C a sh ie rs .
Murray, Wm. H. Anderson, Reuben Bloomer, Stuart E. Knappen, Eugene D. Conger, Christian
Bertsch, Victor M . Tuthill, Samuel G. Braudy, E. A. Stowe.
Statement October 8, 1924.
Liabilities.
Resources.
Loans and discounts:
Commercial.................................................
Savings................................
Bonds, mortgages and securities:
Commercial.................................................
Savings.........................................................
Due from Federal Reserve bank:
Commercial............................................
Savings................................. _ .....................
Due from banks in reserve cities:
Commercial.................................................
Savings.............................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Exchange for clearing house and checks
on banks in same place:
Commercial........ ........................................
Cash on hand:
Commercial............ ....................................
Overdrafts..............................................
Banking house.......................
Furniture and fixtures..................................
Other real estate..........................
Outside checks and other cash items. . . .
Stock of Federal Reserve bank.................
Other assets.....................................................
3515,982 50
209,594 32
87,112 SO
1,365,198 90
68,160 04
50,000 00
72,838 65
181,679 16
41,600 00
Capital stock paid in....................................
Surplus fund..................................
Undivided profits, net.............................
Dividends unpaid. ._.....................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks..............................................
Cashier’s checks...............................
Due to other banks and bankers..............
State moneys on deposit.............................
Postal savings deposits...............................
Savings deposits (book account)...............
Savings certificates of deposit....................
Club savings deposits...................................
Bills payable...................................................
00
00
11
00
62
49
47
02
95
00
87
24
65
67
00
46,027 21
74,903 73
615 75
120,000 00
16,197 93
2,950 96
433 44
9,000 00
704 00
Total......... i ............................................. 32,862,999 09
Total......................................................... 32,862,999 09
‘ Absorbed by the Kent State Bank of Grand Rapids, November 24, 1924.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3200,000
100,000
34,148
55
26,480
622,680
7,371
7,567
51,158
50,000
3,444
1,147,501
510,925
41,665
60,000
138
STATE BANKING DEPARTMENT
No. 327.
♦SOUTH G R A N D R A PID S ST A T E B A N K , G R A N D RAPIDS.
Organized November 20, 1905.
W ilmarth
T. S h a f e r , P r e s id e n t ; W
i l l i a m H. R i c h a r d s o n , V i c e P r e s id e n t ; B e n j .
B e n j . C. P o r t e r , J r ., A s s is t a n t C a sh ie r.
C. P
ort er
, S r., C a s h ie r ;
Wilmarth T. Shafer, Roger I. Wykes, Benj. C. Porter, Sr., George H. Kirtland,
William H. Anderson, William H. Richardson, Nellie E. Ross, George Wykes, Jr.
D i r e c t o r s .—
Statement October 8, 1924.
Resources.
Loans and discounts:
Commercial..........................
Bonds, mortgages and securities:
Commercial.................................................
Savings........... .......................
Due from banks in reserve cities:
Commercial.................................................
Savings.........................................................
U. S. Bonds and Cert, of Ind. as legal
reserve:
Savings.........................................................
Cash on hand:
Commercial.................................................
Savings.........................................................
Overdrafts............................. f . .....................
Banking house. ..............................................
Furniture and fixtures..................................
Other real estate............................................
Outside checks and other cash items. . . .
Total........................................................
Liabilities.
£278,937 93
40,950 84
1,161,465 97
118,563 27
10,000 00
161,800 00
Capital stock paid in....................................
Surplus fund....................................................
Undivided profits, net..................................
Dividends unpaid..........................................
Reserved for taxes, interest, etc................
Commercial deposits subject to check. . .
Certified checks.....................
Savings deposits
@FedFRASER