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100th ANNUAL REPORT OF THE
COMPTROLLER OF THE CURRENCY
1962
Washington: 1963
For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., 20402 - Price $2.25
Contents
Title of Section
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
Page
Letter of Transmittal
Tables
State of the National Banking System
Asset Structure
Capital Accounts
Deposits
Advisory Committee to the Comptroller of the Currency
New Charters
Branching
Mergers
Income and Expenses of National Banks
Reports From Banks
Fiduciary Activities of National Banks
Litigation
Examinations
Issue and Redemption of Currency
Organization and Staff
Training
Income and Expenses of the Office of the Comptroller of the
Currency
Appendix A, Merger Decisions
Appendix B, Statistical Tables
Index
i
iii
1
2
4
5
6
7
9
11
12
14
14
15
19
20
20
21
22
23
159
379
TABLES
Table
Title of Table
1 Number of commercial banks and banking offices, and total
assets, by type of bank, end of 1961 a n d 1962, and percent
change 1961-62
2 Total assets of commercial banks, mutual savings banks, savings
and loan associations, and credit unions: end of December
1960, 1961, and 1962, and percent change 1961-62
3 Assets and liabilities of national banks on December 30, 1961;
March 26, 1962; J u n e 30, 1962; September 28, 1962; and
December 28, 1962; and percent change December 1961 to
December 1962
4 Percent distribution of assets, and liabilities, of national banks,
end of 1959, 1960, 1961, and 1962
5 Charters, liquidations, and capital stock changes of national
banks, calendar 1962
6 Demand and time deposits: dollar amount, percent distribution, by type of bank, end of selected years
Page
1
1
2-3
4
5
6—7
Table
Title of Table
Page
7 Applications for new national bank charters, approved and rejected, calendar 1962, by States
8
8 National bank charters issued in 1962 with total capital accounts, by States
8
9 Summary of applications for new national bank charters received, approved, rejected, and abandoned, and charters
issued, calendar 1962
8
10 Applications for national bank charters, status as of December
31, 1962
9
11 De novo branch applications of national banks, by States, calendar 1962: received, approved, rejected, abandoned, and
pending as of December 31, 1962
9
12 Branches authorized in 1962, by population of area and size of
sponsoring bank
10
13 Branches of national banks: opened for business, discontinued
or consolidated during 1962, and branches in operation December 31, 1961 and 1962
10
14 Consolidations, mergers, and absorptions involving national
banks, calendar 1962
11
15 Consolidations, mergers, and absorptions involving national
banks, 1950-62, inclusive
11
16 Conversions of national banks, by number of banks, type of
conversion, and total resources, calendar 1962
11
17 Conversions of national banks, by number of banks, type of
conversion, and total resources, 1950-62, inclusive
12
18 Current operating revenue, and expenses, and dividends of national banks, end of 1961 and 1962, and dollar and percent
changes 1961-62
12-13
APPENDIX A
Merger Decisions, 1962 1
I. Approvals
Page
Page
The First National Bank of Juneau, Juneau, Alaska,
purchased by The First National Bank of Anchorage,
Anchorage, Alaska
The Summerville Bank, Summerville, S.C., merged with
The First National Bank of South Carolina of Columbia,
Columbia, S.C
Farmers & Merchants Bank of Linesville, Linesville, Pa.,
purchased by The Merchants National Bank &
Trust Co. of Meadville, Meadville, Pa
The Livingston Manor National Bank, Livingston
Manor, N.Y., consolidated with The Sullivan County
National Bank of Liberty, Liberty, N. Y
West End Bank, Pittsburgh, Pa., consolidated with
Western Pennsylvania National Bank, McKeesport,
McKeesport, Pa
The Bridgeville National Bank, Bridgeville, Pa., consolidated with The Union National Bank of Pittsburgh,
Pittsburgh, Pa
The First National Bank of Exeter, Exeter, Pa., purchased by The Wyoming National Bank of WilkesBarre, Wilkes-Barre, Pa
State Savings Bank of Carleton, Carleton, Mich.,
merged with Manufacturers National Bank of Detroit,
Detroit, Mich
The First National Bank of North East, North East, Pa.,
purchased by The First National Bank of Erie, Erie, Pa.
Merchants National Bank in Chicago, Chicago, 111.,
consolidated with Central National Bank in Chicago,
Chicago, 111
First National Bank in Brownsville, Brownsville, Pa.,
purchased by First National Bank of Fredericktown,
Fredericktown, Pa
The Farmers National Bank of Williamsport, Williamsport, Ohio, purchased by The First National Bank of
Circleville, Circleville, Ohio
The First National Bank of Clinton, Clinton, N.J.,
consolidated with The Clinton National Bank, Clinton,
N.J
First National Bank of Brunswick, Brunswick, Maine,
merged with First National Bank of Portland, Portland, Maine
The National Bank of Kings Park, Kings Park, N.Y.,
merged with Valley National Bank of Long Island,
Valley Stream, N.Y
The First National Bank of Allendale, Allendale, N.J.,
consolidated with Citizens First National Bank &
Tr&st Co. of Ridgewood, Ridgewood, N.J
The Merchants National Bank of Cape May, Cape May,
N.J., consolidated with The National Bank of Ocean
City, Ocean City, N.J
The First National Bank of Freehold, Freehold, N.J.,
consolidated with The Monmouth County National
Bank, Red Bank, Red Bank, N.J
The First National Bank of West Orange, West Orange,
N.J., merged with The National Newark & Essex
Banking Co. of Newark, Newark, N.J
Bank of North Wilkesboro, North Wilkesboro, N.C.,
merged with The North Carolina National Bank,
Charlotte, N.C
1
23
24
25
26
26
27
28
29
30
30
31
32
33
34
35
36
38
39
40
41
Includes mergers, consolidations, and purchase and sale
transactions.
The Coplay National Bank, Coplay, Pa., consolidated
with The Merchants National Bank of Allentown,
Allentown, Pa
The First National Bank of Millerstown, Millerstown,
Pa., consolidated with The Juniata Valley National
Bank of Mifflintown, Mifflintown, Pa
Sanpete Valley Bank, Mount Pleasant, Utah, purchased
by First Security Bank of Utah, National Association,
Ogden, Utah
Mount Vernon Bank & Trust Company, Fairfax
County, Va., consolidated with Old Dominion
National Bank of Fairfax County, Annandale, Va
Jackson County Bank, Sylva, N . C , merged with First
Union National Bank of North Carolina, Charlotte,
N.C
The First National Bank of Grove City, Grove City,
Ohio, merged with The Huntington National Bank of
Columbus, Columbus, Ohio
North Adams National Bank, North Adams, Mass.,
consolidated with The Agricultural National Bank of
Pittsfield, Pittsfield, Mass
Bergen Trust Co. of New Jersey, Jersey City, N.J.,
merged with The First National Bank of Jersey City,
Jersey City, N.J.
The Depositors National Bank of New Wilmington, New
Wilmington, Pa., purchased by First National Bank of
Lawrence County at New Castle, New Castle, P a . . .
Mid-Columbia Bank of Pasco, Pasco, Wash., merged
with Peoples National Bank of Washington in Seattle,
Seattle, Wash
The Riverview State Bank, Kansas City, Kans., consolidated with Security National Bank of Kansas City,
Kansas City, Kans
Bank of Kearns, Kearns, Utah, merged with Zions First
National Bank, Salt Lake City, Utah
The Easton National Bank of Maryland, Easton, Md.,
purchased by Maryland National Bank, Baltimore,
Md
The First National Bank & Trust Co. of Orwigsburg,
Orwigsburg, Pa., merged with The Pennsylvania National Bank & Trust Co. of Pottsville, Pottsville, Pa
Carlisle Deposit Bank & Trust Co., Carlisle, Pa.,
merged with The Harrisburg National Bank & Trust
Co., Harrisburg, Pa
Bank of Bedford, Inc., Big Island, Va., merged with The
Peoples National Bank & Trust Co. of Lynchburg,
Lynchburg, Va
Plainwell Bank, Plainwell, Mich., purchased by The
American National Bank & Trust Co. of Kalamazoo,
Kalamazoo, Mich
Whitney National Bank of New Orleans, New Orleans,
La., consolidated with Crescent City National Bank,
New Orleans, La
The Citizens & Southern Bank of Atlanta, Atlanta, Ga.,
purchased by The Citizens & Southern National Bank
of Savannah, Savannah, Ga
The Bear Butte Valley Bank, Sturgis, S. Dak., consolidated with American National Bank of Rapid City,
Rapid City, S. Dak
The Bank of Wilmington, Wilmington, N . C , merged
with North Carolina National Bank, Charlotte, N.C.
44
45
46
47
48
50
51
53
53
54
56
58
60
61
63
64
65
66
66
67
68
Page
The First State Bank, North Lima, Ohio, purchased by
The Mahoning National Bank of Youngstown,
Youngstown, Ohio
97
69
The Second National Bank of Meyersdale, Meyersdale,
Pa., purchased by Gallatin National Bank, Uniontown, Uniontown, Pa
97
70
The Western National Bank of Rapid City, Rapid City,
S. Dak., and Rapid City Trust Co., Rapid City,
S. Dak., consolidated with American National Bank
71
of Rapid City, Rapid City, S. Dak
98
First National Bank of Afton, Afton, N.Y., consolidated
with The National Bank & Trust Co. of Norwich,
Norwich, N.Y
99
First National Bank of Thompsonville, Thompsonville,
73
Conn., consolidated with First National Bank of
Windsor Locks, Windsor Locks, Conn
100
The Farmers State Bank, Emmitsburg, Md., merged
74
with Farmers & Mechanics-Citizens National Bank
of Frederick, Frederick, Md
101
Citizens Trust Co. of Harrisburg, Harrisburg, Pa.,
75
merged with National Bank & Trust Co. of Central
Pennsylvania, York, Pa
102
The First National Bank of Shenandoah, Shenandoah,
75
Va., merged with Peoples National Bank of Central
Virginia, Charlottesville, Va
/ 103
First National Bank at Conneaut Lake, Conneaut Lake,
77
Pa., merged with The Merchants National Bank &
Trust Co. of Meadville, Meadville, Pa
104
The Hillside National Bank, Hillside, N.J., consolidated
78with The National State Bank, Elizabeth, N.J., Elizabeth, N.J
105
The Rahway National Bank, Rahway, N.J., merged
79
with The National State Bank, Elizabeth, N.J.,
Elizabeth, N.J
106
City National Bank of Winston-Salem, Winston-Salem,
80
N.C., merged with First Union National Bank of
North Carolina, Charlotte, N.C
107
The Wheeler National Bank of Interlaken, Interlaken,
81
N.Y., consolidated with First National Bank of Waterloo, Waterloo, N.Y
109
Lititz Springs National Bank of Lititz, Lititz, Pa.,
82
merged with The Conestoga National Bank of Lancaster, Lancaster, Pa
HO
The Farmers & Merchants Bank Co., Warsaw, Ohio,
purchased by Coshocton National Bank, Coshocton,
Ohio
HI
The Augusta National Bank of Staunton, Staunton,
84
Va., merged with First & Merchants National Bank
of Richmond, Richmond, Va
Ill
Greenleaf State Bank, Greenleaf, Kans., purchased by
Citizens National Bank, Greenleaf, Kans
112
85
First National Bank of Newport News, Newport News,
Va., merged with First & Merchants National Bank
of Richmond, Richmond, Va
113
88
The Richmond County National Bank of Port Richmond, New York, N.Y., merged with First National
City Bank, New York, N.Y
115
90
The Bank of Athens National Banking Association,
Athens, Ohio, merged with The Athens National Bank,
Athens, Ohio
115
91
Farmers Trust Co. of Middletown, Middletown, Pa.,
92
merged with National Bank & Trust Co. of Central
Pennsylvania, York, Pa
116
The Merchants National Bank of Michigan City, Michi93
gan City, Ind., consolidated with The First National
Bank of Michigan City, Michigan City, Ind
118
The Lindsey Banking Co., Lindsey, Ohio, consolidated
93
with The Liberty National Bank of Fremont, Fremont,
Ohio
120
94 ._ Farmers & Merchants National Bank of Blacksburg,
Blacksburg, Va., merged with The First National Exchange Bank of Roanoke, Roanoke, Va
120
95
The First National Bank of Clairton, Clairton, Pa., purchased by Western Pennsylvania National Bank, McKeesport, Pa
121
96
Page
The National Bank of Cold Spring on Hudson, Gold
Spring, N.Y., consolidated with The Fishkill National
Bank of Beacon, Beacon, N. Y
State Bank of Bolivar, Bolivar, N.Y., consolidated with
The Citizens National Bank of Wellsville, Wellsville,
N.Y
The Liberty Bank of North, North, S.C., consolidated
with The Southern National Bank of Orangeburg,
Orangeburg, S.C
The Peconic Bank, Sag Harbor, N.Y., consolidated with
Security National Bank of Long Island, Huntington,
American Trust Co., Lewiston, Maine, consolidated
with Canal National Bank, Portland, Maine
Drovers Trust & Savings Bank, Chicago, 111., merged
with The Drovers National Bank of Chicago, Chicago,
111
Manufacturers National Bank of North Attleboro, North
Attleboro, Mass., consolidated with The First National
Bank of Mansfield, Mansfield, Mass
The First National Bank of Sayreville, Sayreville, N.J.,
consolidated with The First National Bank of Middlesex
County, South River, N J
The National Bank of Avondale, Avondale, Pa., consolidated with National Bank of Chester County & Trust
Co., West Chester, West Chester, Pa
Buckingham County Bank, Dillwyn, Va., merged with
The Peoples National Bank of Charlottesville, Charlottesville, Va
Security Trust Co., Wheeling, W. Va., merged with The
National Bank of West Virginia at Wheeling, Wheeling, W. Va
Grosvenor Savings Bank, Jonesville, Mich., consolidated
with The Hillsdale County National Bank of Hillsdale,
Hillsdale, Mich
The Path Valley National Bank of Dry Run, Dry Run,
Pa., merged with The Valley National Bank of Chambersburg, Chambersburg, Pa
The Richfield Bank, Richfield, Pa., consolidated with
The First National Bank of Middleburg, Pennsylvania,
Middleburg, Pa
The Bellport National Bank, Bellport, N. Y., merged with
Valley National Bank of Long Island, Valley Stream,
The Commercial National Bank, Camden, S.C, merged
with The Citizens & Southern National Bank of South
Carolina, Charleston, S.C
The Catonsville National Bank, Cantonsville, Md., and
Farmer's Banking & Trust Co. of Montgomery
County, Rockville, Md., merged with The First
National Bank of Baltimore, Baltimore, Md
The Montgomery County National Bank of Rockville,
Rockville, Md., merged with Maryland National
Bank, Baltimore, Md
Central Trust Co. of Orlando, Orlando, Fla., merged
with Citizens National Bank of Orlando, Orlando,
Fla. ;
The First National Bank of Adams, Adams, Mass., consolidated with First Agricultural National Bank of
Berkshire County, Pittsfield, Mass
The Gap National Bank, Gap, Pa., merged with The
Fulton National Bank of Lancaster, Lancaster, P a . . .
The National Bank & Trust Co. of Schwenksville,
Schwenksville, Pa., merged with Union National
Bank & Trust Co. of Souderton, Souderton, Pa
The First National Bank & Trust Co. of Mount Joy,
Mount Joy, Pa., merged with The Lancaster County
National Bank, Lancaster, Pa
Augusta-Rockingham Bank, Weyers Cave, Va., merged
with The Rockingham National Bank of Harrisonburg,
Harrisonburg, Va
First National Bank in Carteret, Carteret, N.J., merged
with The Perth Amboy National Bank, Perth Amboy,
NJ
The Imperial Bank, Imperial, Pa., merged with The
Union National Bank of Pittsburgh, Pittsburgh, Pa..
Page
Farmers & Merchants Bank, Platte, S. Dak.; Farmers &
Merchants Bank, Presho, S. Dak.; and Farmers &
Merchants Bank, Wessington Springs, S. Dak., merged
with The National Bank of South Dakota, Sioux Falls,
Sioux Falls, S. Dak
Glendora Commercial & Savings Bank, Glendora,
Calif., merged with Citizens National Bank, Los
Angeles, Calif
The Bank of Manteo, Manteo, N.C., merged with The
Planters National Bank & Trust Co. of Rocky Mount,
Rocky Mount, N.C
Littlestown State Bank & Trust Co., Littlestown, Pa.,
merged with The First National Bank of Gettysburg,
Gettysburg, Pa
The Salisbury National Bank, Salisbury, Md., merged
with First National Bank of Maryland, Baltimore,
Md
Bank of Huntington, Huntington, N.Y., merged with
The Meadow Brook National Bank, New York, N.Y..
The Vandalia State Bank, Vandalia, Ohio, merged with
The Third National Bank & Trust Co. of Dayton,
Ohio, Dayton, Ohio
The First National Bank of Anthony, Anthony, N. Mex.,
consolidated with First National Bank of Dona Ana
County, Las Cruces, N. Mex
The Peoples Bank, Canal Winchester, Ohio, merged
with The Huntington National Bank of Columbus,
Columbus, Ohio
The Trust Company of Fulton County, Gloversville,
N.Y., merged with The National Commercial Bank &
Trust Co. of Albany, Albany, N.Y
The First National Bank of Allegany, Allegany, N.Y.,
merged with The First National Bank of Olean, Olean,
N.Y
Otsego County National Bank of Cherry Valley, Cherry
Valley, N.Y., consolidated with Central National
Bank, Canajoharie, Canajoharie, N.Y
123
124
125
126
127
128
130
131
131
132
133
134
Fag*
The City National Bank of Tiffin, Tiffin, Ohio, merged
with The First National Bank of Fostoria, Fostoria,
Ohio
The First National Bank of Clover, Clover, S.C.,
merged with The First National Bank of South Carolina
of Columbia, Columbia, S.C
The First National Bank of Flint Hill, Flint Hill, Va.,
merged with The Citizens National Bank of Front
Royal, Front Royal, Va
1
135
136
137
//. Disapprovals
National Bank of Westchester, White Plains, White
Plains, N.Y., and The First National City Bank of New
York, New York, N.Y
Bank of Livonia, Livonia, Mich., and National Bank of
Detroit, Detroit, Mich
Dallas City Bank, Dallas, Dallas, Oreg., and First National Bank of Oregon, Portland, Portland, Oreg
Bank of Lillington, Lillington, N.C, and Southern National Bank of Lumberton, Lumberton, N.C
The National Bank & Trust Co. of Port Jervis, Port
Jervis, N.Y., and County National Bank of Middletown, Middletown, N.Y
The Colonial-American National Bank of Roanoke,
Roanoke, Va., and The First National Exchange Bank
of Roanoke, Roanoke, Va
The First National Bank of Ovid, Ovid, N.Y., and First
National Bank of Waterloo, Waterloo, N.Y
138
147
151
152
153
154
157
1
Includes disapproval of proposed merger of National Bank
of Westchester, White Plains, White Plains, N.Y., and The
First National City Bank of New York, New York, N.Y., issued
December, 19, 1961.
APPENDIX B
Statistical Tables
Table No.
Title
Page
COMPTROLLERS AND DEPUTY COMPTROLLERS OF THE
CURRENCY AND CHANGES IN NATIONAL BANKING
STRUCTURE, 1863-1962:
B-l Comptrollers and Deputy Comptrollers of
the Currency, by dates of appointment and
resignation, and resident States at the time
of appointment
B-2 Changes in the structure of the national
banking system, by States and regions,
since 1863: number of banks organized,
consolidated, and merged; number of
insolvencies, liquidations, and conversions;
and national banks in existence, December
31, 1962
160
B-4
B-5
B-6
B-7
B-8
B-9
B-10
B-ll
B-12
B—13
Applications for new national bank charters,
approved and rejected, with name of bank
and date of approval or rejection, calendar
1962, by States
National banks chartered during calendar
1962: by charter number, title and location, States, and value of capital stock....
National banks chartered during calendar
1962, by title and location of bank, State,
effective date, authorized capital, surplus
and undivided profits, and assets: conversions of State chartered banks
National banks reported in voluntary liquidation during calendar 1962 with the names
of succeeding banks, the dates of liquidation, and the value of capital stock
National banks merged or consolidated with
and into State banks during calendar 1962
with effective dates and value of capital
stock
National banks converted into State banks,
calendar 1962, with effective dates and
value of capital stock
Purchases of State banks by national banks,
calendar 1962, with title and location,
effective dates of purchase, and capital
stock of State banks
Consolidations of national banks, or national
and State banks, calendar 1962...
Mergers of national banks, or national and
State banks, calendar 1962
Number of domestic branches of national
banks authorized, calendar 1962, by
States, banks, and type of branch
Number of domestic branches of national
banks closed, calendar 1962, by States,
banks, and type of branch
161
162
165
168
168
169
169
170
170
174
179
186
ASSETS AND LIABILITIES OF NATIONAL BANKS:
B-14 Principal assets and liabilities of national
banks, by deposit size, December 1961 and
1962
Title
B—15 Number and percent of national banks with
surplus fund equal to or greater than, and
less than, common stock, June and December 1942-62
B-16 Dates of reports of condition of national
banks, 1914-1962
B-17 Assets and liabilities of national banks on
March 26, June 30, September 28, and
December 28, 1962, by States, District of
Columbia, and the Virgin Islands
Page
189
190
192
FIDUCIARY ACTIVITIES OF NATIONAL BANKS:
CHARTERS, LIQUIDATIONS, ABSORPTIONS, CONVERSIONS,
AND AUTHORIZATION AND CLOSING OF BRANCHES,
INVOLVING NATIONAL BANKS:
B-3
Table No.
188
B—18 Fiduciary activities of national banks, by size
of capital stock, December 28, 1962
B-19 Fiduciary activities of national banks, by
national bank regions, December 28, 1962.
B-20 Investments under administration of national bank trust departments, December
28, 1962, by type of investments and size
of capital stock of bank
B-21 Fiduciary activities of national banks, summary data, 1928 and 1951-62
B-22 Fiduciary activities of national banks, by
States, December 28, 1962
B-23 National banks administering employee benefit trusts and agencies during 1962, by
national bank regions
B-24 National banks administering employee benefit trusts and agencies, calendar 1962, by
States
244
246
247
247
248
250
251
OPERATING REVENUE AND EXPENSES OF NATIONAL BANKS:
B-25 Current operating revenue, and expenses,
and dividends of national banks, by major
categories and States, year ended December
31, 1962
B—26 Occupancy expense of bank premises of
national banks, year ended December 31,
1962
B-27 Current operating revenue, and expenses,
and dividends of national banks, by major
categories and Federal Reserve districts,
year ended December 31, 1962
B-28 Current operating revenue, and expenses,
and dividends of national banks in the
United States and possessions operating
throughout calendar 1962 by size of deposits, December 1962
B-29 Current operating revenue, and expenses,
and dividends of national banks, years
ended December 31, 1961 and 1962
B-30 Number of national banks, capital stock and
accounts, net profits, dividends, and ratios
to capital accounts, years ended December
31, 1930-62
252
264
268
274
278
281
Table No.
Title
Page
B—31 Total loans of national banks, losses and recoveries on loans, and ratio of net losses or
recoveries to loans by calendar years,
1943-62
.
[282
B 3 Total securities of national banks, losses and
—2
recoveries on securities, and ratio of net
losses or recoveries to securities, by calendar
years, 1943-62
282
FOREIGN BRANCH OPERATIONS:
B—33 Foreign branches of national banks, December
28,1962
B-34 Assets and liabilities of foreign branches of
national banks, December 28, 1962: consolidated statement
283
284
OPERATIONS OF DISTRICT OF COLUMBIA BANKS:
B—35 Assets and liabilities of commercial banks in
the District of Columbia, by type of bank,
December 28, 1962
B-36 Assets and liabilities of all commercial banks
in the District of Columbia at date of each
call during the year ended December 31,
1962
B—37 Assets and liabilities of nonnational banks in
the District of Columbia at date of each
call during the year ended December 31,
1962
B-38 Current operating revenue, and expenses, and
dividends of all commercial banks in the
District of Columbia, years ended December 31, 1961 and 1962
B-39 All commercial banks in the District of
Columbia: number of banks, capital stock,
capital funds, interest and dividends, and
ratios to capital accounts, years ended
December 1930-62
B-40 Total loans of banks in the District of Columbia, losses and recoveries on loans, and
ratio of net losses or recoveries to loans, by
calendar years 1943-62
B-41 Total securities of banks in the District of
Columbia, losses and recoveries on securities, and ratio of net losses or recoveries to
securities, by calendar years 1943-62
B—42 Fiduciary activities of all commercial banks
in the District of Columbia, December 28,
1962
285
287
288
289
Table No.
Title
Page
ASSETS AND LIABILITIES OF ALL BANKS:
B-^3 Assets and liabilities of all banks in the United
States and possessions, by type of bank,
December 28, 1962
298
B-44 Assets and liabilities of all banks in the United
States and possessions, by States, December
28, 1962
300
B—45 Assets and liabilities of all banks in the United
States and possessions, date of last call
1961 and 1962, and change 1961-62
314
B-46 Assets and liabilities of national banks, by
States, December 28, 1962
316
B-47 Assets and liabilities of all State commercial,
mutual savings, and private banks, by States,
December 28, 1962
328
B^8 Assets and liabilities of State chartered
commercial banks, by States, December 28,
1962
342
B-49 Assets and liabilities of mutual savings banks,
by States, December 28, 1962
356
B-50 Assets and liabilities of private banks, by
States, December 28, 1962
362
B-51 Summary data and percent changes, by type
of bank, end of selected years
366
B-52 Dollar amount and percent distribution of
holdings of securities, by type of bank, end
of 1959-62, inclusive
368
B-53 Demand and time deposits of individuals,
partnerships and corporations in all banks,
by States, December 28, 1962: total and
per capita
371
STATE BANKING DEPARTMENTS:
B-54 State banking departments, by officials, titles,
and number of banks, December 1962
373
SURVEY OF END OF YEAR REPORTS OF ALL BANKS,
292
293
295
297
1936-62:
B-55 Assets and liabilities of all banks, date of last
report of condition, December 1936-62..
B-56 Assets and liabilities of all national banks,
date of last report of condition, December
1936-62
B-57 Assets and liabilities of all State commercial,
mutual savings, and private banks, date of
last report of condition, December 1936-62.
B-58 Bank suspensions, 1934-62: by type of bank,
number of banks, capital stock and
deposits
375
376
377
378
Letter of Transmittal
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, D.C., August 30, 1963.
SIRS : Pursuant to the provisions of section 333 of the United States
Revised Statutes, I am pleased to submit the 100th Annual Report of the
Comptroller of the Currency, which covers operations for the year 1962.
Respectfully,
JAMES J. SAXON,
COMPTROLLER OF THE CURRENCY.
T H E PRESIDENT OF THE SENATE
THE SPEAKER OF THE HOUSE OF REPRESENTATIVES
1. State of the National Banking System
At the close of 1962, national banks had total
assets of $160.7 billion—a $9.9 billion, or 6.5 percent, increase for the year. Unlike either 1960 or
1961, the assets of national banks grew at a faster
pace than those of State member banks. To a great
extent, as a result of national monetary policy, the
assets of commercial banks rose at a slower rate in
1962 than in the previous year—6.7 percent as compared with 8.3 percent. The exception was insured
nonmember banks.
One of the perennial problems of commercial
banks has been the competition from other financial
institutions such as mutual savings banks, savings
and loan associations, and credit unions. Mutual
savings banks also saw a decline in the rate of increase in their assets, from 8.6 percent in 1961 to 7.6
percent in 1962. Both savings and loan associations
and credit unions had minor declines in the rate of
increase in 1962 as compared to 1961, but were still
enjoying a rate of increase twice that of the commer-
cial banks. In part, these differences in rates of
growth reflect the more favorable treatment given to
nonbank financial institutions in public policy.
The decline in the number of national banks was
virtually arrested in 1962, when the number of such
banks fell by only 0.2 percent, less than in any recent
year. For the same period, State member banks declined by 3.5 percent, and insured nonmember banks
(typically small banks) increased by 1.1 percent.
As a result of these divergent changes, the number of
commercial banks remained virtually unchanged in
1962.
The number of banking offices (head offices
plus branch offices) is a better indicator of the service potential of the banking system. During 1962,
banking offices of national banks rose by 5.5 percent,
as a result mainly of the 600 additional branches
which were opened for business during 1962. This
increase in banking offices exceeded that for State
member banks (2.2 percent) and insured nonmember banks (3.3 percent).
TABLE 1.—Number of commercial banks and banking offices, and total assets, by type of bank, end of 1961 and 1962, and
percent change 1961-62
[Dollar amounts in billions]
Number of banks
Number of banking offices
7967
All commercial banks
National banks
State member banks
Insured nonmember banks
Noninsured banks
1962
Percent
change,
1967-62
1961
1962
13, 418
13,412
-0.04
24, 555
25, 549
4,513
1,598
7,004
303
4,505
1,542
7,079
286
-.18
-3.50
1.07
— 5.61
10, 557
4,453
9,545
322
11, 142
4,569
9,858
316
Percent
change,
7967-62
Value of assets
Percent
change,
7967-62
7961
7962
4.0
$279.5
$298. 2
6.69
5.5
2.2
3.3
-1.9
150.8
84.3
42.3
2.1
160.7
88.8
46.5
2.2
6.53
5.37
10.01
3.99
TABLE 2.—Total assets of commercial banks, mutual savings banks, savings and loan associations, and credit unions: end of
December 1960, 1961, and 1962, and percent change 1961-62
[Dollars amounts in millions]
Dec. 37, 7960Dec. 30, 7967Dec. 28, 7962Percent increase,
7967-62
Commercial banks
Mutual savings banks
Savings and loan associations.
Credit unions
1
Based on preliminary December 1962 data.
$258, 359
40, 574
71, 476
5,658
$279, 503
42, 833
82,135
6,382
$298,196
46, 086
1
93,816
1
7,187
6.69
7.59
M4.22
1
12.61
2. Asset Structure
There were a number of significant changes in
the asset structure of national banks during 1962.
Loans and discounts rose just over 12 percent to a
level of $75.5 billion. This rate of increase was
faster than that experienced by State member banks
(10.7 percent). All classes of commercial banks
had greater increases in this category than in either
of the 2 preceding years. A smaller fraction of national bank assets was held in the form of securities,
especially U.S. governments. There was a significant rise in holdings of tax-exempt obligations of
State and political subdivisions, but not large enough
to offset the decrease in U.S. governments.
At the end of 1962, national banks held 32.2 percent of their assets in securities, as compared to 32.6
percent for 1961. Loans and discounts increased to
44.6 percent of all assets, while holdings of cash and
balances with other banks, excluding reserves, declined to 11.6 percent.
These aggregate data fail to reveal certain significant changes in the composition of national bank
portfolios. Because of such factors as the differences in yields, we see that at the end of 1962 national banks held 69 percent of their securities in
U.S. Government obligations, and 31 percent in
other securities, mainly obligations of State and local
governments. Over the past 3 years, there may be
observed a steady decline in the fraction of assets
held in U.S. Government obligations, and an increase in holdings of non-U.S. Government obligations. During 1962 national banks decreased the
fraction of their portfolio held in short-term Treasury bills and long-term bonds maturing after 10
years.
TABLE 3.—Assets and liabilities of national banks on Dec. 30, 1967; Mar. 26, 1962; June 30, 1962; Sept. 28, 1962; and
Dec. 28, 1962; and percent change December 1961 to December 1962
[Dollar amounts in millions]
Dec. 30,
1961
Mar. 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
4,513 banks 4,498 banks 4,500 banks 4,494 banks 4,505 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank,
Total loans and securities
Reserve with Federal Reserve bank
Currency and coin
\
Balances with other banks, and cash items in process of
collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
Percent
change,
December
1961 to
December
1962
$67, 309
35, 960
128
11,077
1,569
359
$67, 465
34, 929
126
11,899
1,525
367
$69, 771
34, 383
125
12, 809
1,772
381
$71, 769
34,456
118
13,116
1,864
397
$75, 548
35, 551
112
13, 607
2,039
396
12.24
— 1.14
-12.06
22.84
29.94
10.28
116,402
116,311
119,241
121, 720
127, 254
9.32
31,078
25,161
26, 860
26, 959
29, 684
—4. 49
1,850
61
1,885
66
1,931
65
1,973
68
2,028
68
9.63
11.20
191
480
746
195
478
742
187
454
821
189
458
850
191
542
891
-.31
12.98
19.38
150,809
144, 838
149, 559
152, 216
160, 657
6.53
TABLE 3.—Assets and liabilities of national banks on Dec. 30, 1961; Mar. 26, 1962; June 30, 1962; Sept. 28, 1962; and
Dec. 28, 1962; and percent change December 1961 to December 1962—Continued
[Dollar amounts in millions]
Dec. 30,
1961
Mar. 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
Percent
December
1961 to
4,513 banks 4,498 banks 4,500 banks 4,494 banks 4,505 banks
1962
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships,
and corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
,
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money... .
Acceptances executed by or for account of reporting banks
and outstanding
Other liabilities
$67,138
$60, 144
$60, 705
$61, 831
$67, 338
.30
42, 034
44,711
46, 975
48, 437
49, 859
18.61
3,976
9,846
8,163
1,405
128, 244
79, 726
48,518
5,640
5,013
3,922
10, 390
8,278
1,741
133, 728
82, 834
50, 893
10, 050
8,621
1,588
135,539
83,352
52, 188
10, 629
9,282
1,795
142, 825
3,527
11.19
4
225
4
1,253
4
379
3
821
4
1,636
3.58
628.18
490
2,705
485
2,808
463
2,743
467
2,866
552
2,891
12.67
6.88
138, 934
Total liabilities
53,861
3.50
-11.29
-13.58
5.40
— 1.11
18.26
132, 794
137,316
139,697
147, 907
6.46
10, 270
10, 464
2,077
135, 511
89,965
45,545
CAPITAL ACCOUNTS
3,577
Retirable value of preferred capital stock 1
Surplus
Undivided profits
Reserves and retirement account for preferred stock
Total capital accounts
Total liabilities and capital accounts.
3,682
3,709
3,758
3,649
3
3,679
3
3,706
3
3,735
23
4.49
607.71
3
5,936
2,080
282
Common stock.
Preferred stock.
3,652
3,574
3
Capital stock, total
3
6,058
2,068
267
3
6,124
2,164
272
3
6,176
2,357
277
23
6,307
2,406
279
578. 03
6.26
15.66
— 1.13
11,875
12, 045
12,243
12,519
12,750
7.36
150,809
144, 838
149, 559
152, 216
160,657
6.53
19,714
19, 814
21,103
20, 622
21, 488
MEMORANDUM
Assets pledged or assigned to secure liabilities and for
other purposes
1
Not included in total capital accounts figure.
NOTE.—Data may not add to totals because of rounding.
Percent change calculated from unrounded figures.
TABLE 4.—Percent distribution of assets, and liabilities, of national banks, end of 1959, 1960, 1961, and 1962
1959
1961
1962
Percent
Percent
ASSETS
Securities:
U.S. Government, direct and guaranteed
Obligations of States and political subdivisions
Stock of Federal Reserve banks
Other bonds and securities
Percent
23.95
6.81
.19
1.21
Percent
23.49
22.20
8.47
.19
1.32
.19
1.05
23.93
7.34
.19
1.09
32.16
31.49
32.55
32.18
45.21
12.23
.78
45.74
12.95
7.64
1.21
.04
.93
44.63
13.43
7.18
1.23
.04
.94
47.03
11.58
6.90
1.26
.04
1.01
100. 00
100. 00
100. 00
100. 00
47.12
25.92
2.21
6.39
7.13
1.43
45.33
26.40
2.48
6.67
7.50
1.32
44.52
27.87
2.34
6.81
6.94
1.38
41.91
31.03
2.44
6.62
5.78
1.12
Total deposits
90.20
89.70
89.86
88.90
Demand deposits
Time deposits
62.35
27.85
2.03
60.86
28.84
2.33
59.66
30.20
2.27
55.38
33.52
3.16
2.39
3.82
1.56
2.40
3.91
1.66
2.37
3.93
1.57
2.34
3.93
1.67
100. 00
100. 00
Total securities
Loans and discounts
Cash and balances with other banks, excluding reserves...
Reserve with Reserve banks
Bank premises, furniture, and fixtures
Other real estate owned
All other assets
8.48
1. 11
.03
Total assets
6.76
LIABILITIES
Deposits:
Demand of individuals, partnerships, and corporations
Time of individuals, partnerships, and corporations...
U.S. Government
States and political subdivisions
Banks
Other deposits (including postal savings)
Other liabilities
.Capital funds:
Capital stock
Surplus
Undivided profits and reserves
Total capital funds
7.77
Total liabilities and capital funds
100. 00
3. Capital Accounts
There were also important developments in the
capital accounts of national banks during 1962.
Total capital, including surplus and undivided
profits, rose to $12.8 billion—an increase of about
7.4 percent. This increase in capital invested in
national banks carried forward the pattern established in recent years.
In a public announcement during the latter part
of 1962, the Comptroller indicated his intention not
to discourage national banks from raising addition-
al funds through the sale of preferred stock and
capital debentures. Although outstanding preferred stock at the end of 1962 accounted for less
than 1 percent of common stock, we see a sharp
percentage rise in the use of preferred stock. While
this represented only a small dollar increase in the
use of preferred stock by national banks, it may
evidence an attempt by some banks to add to their
capital by using a technique very common in the
other sectors of the economy.
TABLE 5.—Charters, liquidations, and capital stock changes of national banks, calendar 1962
Capital stock
Number of
banks
Common
Increases:
Banks newly organized:
Primary organizations
Reorganizations
Conversions of State banks
Capital stock:
Preferred: 1 case by new issue
Common:
215 cases by statutory sale
506 cases by statutory stock dividend
24 cases by statutory consolidation
42 cases by statutory merger
$21,275,000
0
8,027, 555
Preferred
0
0
0
$20,000,000
30, 279, 433
94,143, 629
7,317,650
11,888,532
83
Total increases
Decreases:
Banks ceasing operations:
Voluntary liquidations:
Succeeded by national banks
Succeeded by State banks
No successor
Statutory consolidations
Statutory mergers
Conversions into State banks
Merged or consolidated with State banks (Public Law 706)
Reveiverships
Capital stock:
Common:
2 cases by statutory reduction
7 cases by statutory consolidation
10 cases by statutory merger
Preferred: 3 cases by retirement
0
0
0
0
172, 931, 799
20, 000, 000
1, 605, 000
300,000
0
0
0
2, 231, 488
5,075, 000
0
300,000
980, 650
858, 000
0
0
0
0
140, 660
11,350,138
140, 660
Net change
Charters in force Dec. 31, 1961, and authorized capital stock
— 10
4,513
161,581,661
3, 574, 828,169
19, 859, 340
3, 268, 300
Charters in force Dec. 31, 1962, and authorized capital stock
4,503
3, 736,409, 830
23,127, 640
Total decreases
4. Deposits
On December 28, 1962, national banks held
$89.0 billion in deposits, or $1 billion less than on
December 31, 1961. Part of this decline reflects
the fact that the last report of condition for commercial banks, including national banks, was not
set for the last business day of 1962, as had been
the case for many previous call reports. It has been
a practice on the part of some banks to "windowdress" their yearend deposits so as to claim larger
size relative to their competitors.
There are other reasons, however, why demand
deposits of national banks did not rise significantly
during 1962. Perhaps most important was the
policy of the Federal Reserve System, which allowed
the money supply to rise by only 1.5 percent during
the year. Moreover, with higher interest rates gen-
erally available in 1962, some corporations have
sought to minimize demand deposit balances, and
time deposits rose very significantly.
The decline in demand deposits in national banks
(1.1 percent) was much smaller than that experienced by State member banks (3.4 percent). Only
insured nonmember banks, which at the end of 1962
accounted for only $23.8 of the $164.3 billion of demand deposits in commercial banks, were able to
increase their demand deposits (3.9 percent).
In the years 1960 and 1961, the picture was significantly different. Demand deposits in national
banks rose during those years by almost 6.2 percent,
in State member banks by about 5.8 percent, and
in insured nonmember banks by about 6.2 percent.
This was greatly influenced by the fact that in this
TABLE 6.—Demand and time deposits: dollar amount,
[Dollar amounts
1962
Dollar
amount
All commercial banks:
Total deposits
Percent
distribution
Percent
distribution
Dollar
amount
Dollar
amount
1959
Percent
distribution
Dollar
amount
Percent
distribution
Insured nonmember banks:
Total deposits
Demand
Time
220, 514
100.0
68.0
32.0
152,619
67, 895
69.2
30.8
219, 468
100.0
209, 616
100.0
193,010
100.0
184, 679
100.0
63.5
36.5
142,170
67, 446
67.8
32.2
134,117
58, 893
69.5
30.5
130, 541
54,137
70.7
29.3
100.0
135,511
100.0
124,911
100.0
119,638
100.0
62.3
37.7
89, 965
45, 545
66.4
33.6
84, 754
40,157
67.9
32.1
82,703
36, 935
69.1
30.9
76, 643
100.0
74,105
100.0
68,099
100.0
65, 041
100.0
65.8
34.2
52,205
21, 900
70.4
29.6
49, 363
18, 736
72.5
27.5
47, 838
17, 203
73.6
26.4
41, 976
100.0
38, 289
100.0
35, 984
100.0
34, 333
100.0
56.8
43.2
22, 923
15, 366
59.9
40.1
21, 592
14, 391
60.0
40.0
20, 997
13, 336
61.2
38.8
1,616
Demand
Time
100.0
156, 790
73, 742
23, 823
18,153
State member banks:
Total deposits
230, 532
66.6
33.4
50, 429
26, 214
Demand
Time
100.0
166,196
83, 308
88, 964
53, 861
National banks:
Total deposits
249, 504
62.5
37.5
142, 825
Demand
Time
100.0
139, 393
80,074
Members of Federal Reserve
System:
Total deposits
263,060
164, 316
98,744
Demand.
Time
100.0
1,599
100.0
1,539
100.0
1,503
100.0
1,099
517
68.0
32.0
1,103
496
69.0
31.0
1,080
458
70.2
29.8
1,081
422
71.9
28.1
Nbninsured banks:
Total deposits
Demand
Time
1960
1961
. .
period the money supply rose by 3.2 percent. In
1962, it rose at less than half the rate of 1961.
Mainly as a result of changes in regulations effective in 1961, national banks and other commercial banks enjoyed sharp rises in time deposits during
the past 2 years. Time deposits rose by 13.4 percent
in 1961, and by 18.3 percent in 1962.
Another way of looking at the structure of bank
deposits is to see how the division between time and
demand deposits has changed. At the end of 1962,
37.7 percent of the deposits of national banks were
time deposits, while 10 years earlier in 1952, time
deposits accounted for only 23.2 percent of total
deposits. National banks held a larger share of
their deposits in time deposits than did State member banks (34.2 percent), but a smaller share than
did the insured nonmember banks (43.2 percent).
5. Advisory Committee to the Comptroller of the Currency
In February 1962 this Office asked each national
bank for suggestions regarding desirable changes in
the laws, policies, and regulations affecting its operations. This was part of the effort, which continues,
to set policies and procedures which will give the
neededflexibilityto our national banks and promote
our national goals. An Advisory Committee on
Banking to the Comptroller of the Currency was
appointed to study the recommendations submitted
by some 1,500 national banks, and to formulate their
own proposals. Their report was published in September 1962 under the title: "National Banks and
the Future."
The Report of the Advisory Committee covered
percent distribution, by type of bank, end of selected years
in millions]
Dollar
amount
1957
7952
1958
Percent
distribution
Dollar
amount
Percent
distribution
Dollar
amount
7939
7947
Percent
distribution
Dollar
amount
Percent
distribution
Dollar
amount
Percent
distribution
217, 291
100.0
173, 810
100.0
165, 689
100.0
144, 950
100.0
58, 043
100.0
150,869
66, 422
69.4
30.6
131,689
42,121
75.8
24.2
126, 654
39, 035
76.4
23.6
108, 974
35, 976
75.2
24.8
42,259
15, 784
72.8
27.2
182,790
100.0
147, 507
100.0
140, 997
100.0
122,511
100.0
49, 340
100.0
129,497
53, 292
70.8
29.2
114,045
33, 462
77.3
22.7
109, 970
31, 027
78.0
22.0
94,138
28, 373
76.8
23.2
37,488
11,852
76.0
24.0
116,714
100.0
98, 975
100.0
94,172
100.0
82,023
100.0
31, 559
100.0
81,135
35, 579
69.5
30.5
75, 976
22, 999
76.8
23.2
73, 008
21,164
77.5
22.5
62,711
19,312
76.5
23.5
23, 368
8,191
74.0
26.0
66,076
100.0
48, 533
100.0
46, 824
100.0
40, 488
100.0
17, 781
100.0
48, 362
17,714
73.2
26.8
38,069
10, 464
78.4
21.6
36, 962
9,862
78.9
21.1
31, 427
9,061
77.6
22.4
14,120
3,661
79.4
20.6
32, 379
100.0
23, 850
100.0
22,175
100.0
19, 378
100.0
6,737
100.0
19, 991
12,388
61.7
38.3
15,947
7,903
66.9
33.1
14, 910
7,265
67.2
32.8
12, 797
6,581
66.0
34.0
3,352
3,385
49.8
50.2
2,123
100.0
2,453
100.0
2,517
100.0
3,061
100.0
1,966
100.0
1,381
742
65.0
35.0
1,697
756
69.2
30.8
1,774
743
70.5
29.5
2,039
1,022
66.6
33.4
1,419
547
72.2
27.8
a variety of issues: (1) powers relating to (a) lending, (b) investments, (c) underwriting of revenue
bonds, (d) trust matters, (e) borrowing, (/) branching; (2) capital, (a) capital adequacy, (b) authorized but unissued stock, (c) stock options, (d) stock
dividends, (e) preferred stock and debentures; (3)
corporate procedures; (4) Federal Reserve System,
(a) membership, (b) reserve requirements, (c) in-
terest rate regulation, (d) Edge Act corporations
and foreign branches; (5) bank examination and
supervision; and (6) taxes. Some of these recommendations have been embodied in administrative
actions taken by the Comptroller within his present
powers. Others have formed the basis of legislative
recommendations.
6. New Charters
In seeking the provision of adequate banking services, there are a limited number of alternative routes
that are accessible. One is to allow established
banks to provide additional services to new and
growing communities through the use of branches.
Another is to charter new banks. Where branching
is either severly restricted or prohibited by State law,
new charters may have to be relied upon more
extensively.
During 1962, this Office approved 132 new national bank charters and rejected 17 applications for
new charters. Of the 132 new charter approvals,
68 were in 4 States—Colorado, Florida, Illinois, and
Texas—-where branches are either prohibited or
TABLE 8.—National bank charters issued in 7962 with total
capital accounts, by States
severely restricted.
[Dollar amounts in thousands]
Actual charter issuance, which takes place when
a new bank is ready to open, was at the level of 83
in 1962.
Eighteen of these represented conversions
Number
State
Primary
Conversion
of State chartered banks to national banking status.
Total
capital
accounts
Of the 255 applications which were carried over
65
from 1961 and received during 1962, 17 were re-
Total
jected, 23 were abandoned, 83 were chartered, and
Alabama
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Illinois
Iowa
Kansas
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Missouri
New Jersey
New Mexico
New York
Ohio
Oklahoma
South Carolina
South Dakota
Texas
Utah
Virginia
Washington
Wyoming
as of December 31, 1962, 132 were pending.
TABLE 7.—Applications for new national bank charters,
approved and rejected, calendar 1962, by States
State
Total
Alabama
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Illinois
Iowa
Kansas
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Nebraska
New Hampshire....
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Rejected
132
17
$63, 228
645
883
9,570
4,216
883
603
3,000
8,278
1,956
200
1,152
1,100
1,050
350
1,870
1,012
500
1,688
250
7,944
1,469
3,826
520
450
7,010
400
1,603
300
500
TABLE 9.—Summary of applications for new national bank
charters received, approved, rejected, and abandoned, and
charters issued, calendar 7962
Type
Primary
Conversion
Applications Received
Number
Capital
153 $54,267,000
23
8,719,130
Total
176
62,986,130
Applications Approved
Primary
Conversion
112 $39,615,000
20
8,077,530
Total
132
47,692,530
16
1
$4,812,500
700,000
17
5,512,500
21
2
$6,548,750
2,850,000
23
9,398,750
Application Rejected
Primary
Conversion
Total
Applications Abandoned
Primary
Conversion
Total
National Banks Chartered
Primary
Conversion
Total
65 $21,275,000
18
8,027,555
83
29,302,555
TABLE 10.—Applications for national bank charters, status
as of Dec. 31, 1962
Applications carried over from 1961
79
Applications received in 1962
176
255
Applications rejected in 1962
Applications abandoned in 1962
Banks chartered in 1962
Applications pending at close of business, Dec. 31, 1962.
17
23
83
132
7. Branching
During 1962, 650 branches of national banks
Over 60 percent of the new branches were in corn-
were opened for business and 59 branches were
munities with a population of 25,000 or less, which
either discontinued or consolidated.
suggests that many of these branches may be serving
This resulted
in a net increase during the year of 591 branches.
areas which were lacking in adequate banking pre-
As of the end of 1962, there were 6,447 branches of
vious to the formation of these branches.
national banks in operation.
percent, or 190, of these branches were being op-
California led all of
the States with a net increase of 124 branches.
Almost 30
erated by banks with $25 million or less in resources.
TABLE 11.—De novo branch applications of national banks, by States, calendar 1962: received, approved, rejected, abandoned,
and pending as of Dec. 31, 1962
State
Total
Alabama
Alaska
Arizona
Arkansas
California
Connecticut
Delaware
District of Columbia
Georgia
Hawaii
Idaho
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Mississippi
Missouri
Nebraska
Nevada
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio.
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Received
679
14
18
8
5
115
12
1
7
10
1
20
16
5
5
5
6
4
25
21
24
7
3
2
5
32
5
61
24
4
38
3
16
64
3
16
1
12
6
1
35
19
Approved
Rejected
Abandoned
32
Pending
Dec. 37, 1962
126
2
5
6
0
16
3
1
2
4
0
5
3
0
0
0
0
2
6
2
5
0
0
1
0
6
2
16
3
2
4
0
1
15
0
1
0
3
2
0
5
3
TABLE 12.—Branches authorized in 7962, by population of
area and size of sponsoring bank
TABLE 12.—Branches authorized in 1962, by population of
area and size of sponsoring bank—Continued
In
In
In
In
In
By banks with less than $10 million total resources
By banks with total resources of $10 million to $25
million
By banks with total resources over $25 million
unincorporated areas
cities with population
cities with population
cities with population
cities with population
less than 5,000
from 5,000 to 25,000
from 25,000 to 50,000
over 50,000
18
154
223
74
181
Total
Total
69
121
460
650
650
TABLE 13.—Branches of national banks: opened for business, discontinued or consolidated during 1962, and branches in
operation Dec. 31, 1961 and 1962
State
Total
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska..
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Virgin Islands
Branches in opera- Branches opened for Existing branches Branches in operadiscontinued or con- tion Dec. 37, 7962
tion Dec. 37, 1967 business during 7962
solidated during 1962
5,856
650
59
6,447
76
27
136
22
1,313
0
111
0
!63
0
69
30
68
0
187
10
17
87
97
49
114
226
237
26
28
10
0
»13
23
1
273
33
527
142
1
346
20
167
509
49
105
28
139
0
42
19
148
266
0
20
0
2
6
8
9
5
134
0
8
2
3
0
19
6
1
0
12
0
4
7
7
8
24
21
32
0
4
2
0
1
2
0
34
1
61
38
1
35
3
7
58
2
12
6
9
0
3
0
40
13
0
2
0
0
0
6
1
0
10
0
1
0
0
0
0
0
0
0
2
0
0
0
0
2
4
1
1
0
0
1
0
0
0
0
0
1
2
7
0
4
2
0
11
0
0
0
1
0
1
0
1
0
0
0
0
0
82
29
144
27
1,437
0
118
2
166
0
88
36
69
0
197
10
21
94
104
55
134
246
268
6
32
11
0
14
25
1
307
33
586
173
2
377
21
174
556
51
117
34
147
0
44
19
187
279
0
22
0
2
1
Includes 31 branches in operation by 7 nonnational banks in the District of Columbia under the supervision of the Comptroller
of the Currency on Dec. 31, 1961, and 32 such branches on Dec. 31, 1962.
2
Established prior to enactment of McFadden Act, Feb. 25, 1927.
*Includes 1 branch established prior to enactment of McFadden Act, Feb. 25, 1927.
10
8. Mergers
During 1962, the Comptroller approved 111 consolidations, mergers, and absorptions involving
national banks, as compared to 72 in 1961. The
largest fraction of these were national banks consolidated or merged with and into other national
banks. There were 42 State banks consolidated or
merged with and into 40 national banks in 1962 (38
percent of those approved), as compared with 37, or
51 percent, in 1961. There were 77 national banks
purchased, consolidated or merged with State banks.
In Appendix A to this Report, there will be found:
tabular representations of the comments of the Justice Department, the Federal Reserve Board, and
the Federal Deposit Insurance Corporation on bank
merger applications passed on by the Comptroller of
the Currency; a complete set of the Comptroller's
approvals of mergers, consolidations, and purchase
and sale transactions for 1962, and a complete set
of the Comptroller's disapprovals from December
1961 through the end of 1962.
TABLE 15.—Consolidations, mergers, and absorptions involv-
ing national banks, 1950-62, inclusive
[Dollar amounts in millions]
216
139
175
State chartered banks consolidated
with and into national banks
State chartered banks merged with
national banks
State chartered banks purchased by
national banks
53
42
9
7
111
5
18
54
77
188
Type
National Banks consolidated or
merged with and into 53 national
banks .
.
. . .
State banks consolidated or merged
with and into 40 national banks. .
National banks purchased by 9
national banks
State banks purchased by 7 national
banks
Approved by the Comptroller
of the Currency
National banks purchased by 5 State
banks
National banks consolidated or
merged with and into 18 State
banks
State banks merged, consolidated, or
purchased by other State banks. . .
Total
resources
1,582
4,159
1,537
1,459
District of Columbia nonnational
bank consolidated with and into
District of Columbia national bank.
District of Columbia nonnational
bank purchased by District of
Columbia nonnational bank
District of Columbia nonnational
banks purchased by District of
Columbia nonnational banks
Total
=
55
75
216
—
1,087
Approved by Cdmptroller of
the Currency
199
National banks consolidated or
merged with State chartered banks.
National banks purchased by State
chartered banks
State chartered banks, merged, consolidated, or purchased by other
State chartered banks
12, 227
Approved by State banking
departments
23,246
Total for absorbed banks
40,111
$1, 050
105
400
571
77
64
1,591
16, 865
10, 077
942
11
TABLE 16.—Conversions of national banks, by number of
223
banks, types of conversion, and total resources, calendar 1962
[Dollar amounts in millions]
843
1,077
Total banks absorbed
2,668
Number
of banks
00
Approved by State banking
departments
00
2,852
7,155
Total
[Dollar amounts in millions]
$5, 060
9,494
Total
TABLEI14.—Consolidations, mergers, and absorptions involving national banks, calendar 1962
Number of
banks
National banks consolidated with
and into national banks
National banks merged with other
national banks
National banks purchased by other
national banks
26
Type
State chartered banks converted
into national banks
National bank converted into state
chartered banks
Total
Total
resources
$285
84
379
11
T A B L E 17.—Conversions of national banks, by number of
banks, type of conversion, and total resources,
1950-62,
inclusive
[Dollar amounts in millions]
Number of
banks
98
40
138
Type
Total
resources
State chartered banks converted
into national banks
National banks converted into state
chartered banks
Total
$1, 546
303
1,849
9. Income and Expenses of National Banks
Net income before dividends of national banks
rose modestly (2.6 percent) in 1962 to $1,069 million. Current operating revenue rose almost 11 percent reflecting increases in all categories of revenue.
But these increases in income ($642 million) were
offset by increases in current operating expenses
($641 million), with the result that net current
operating earnings were unchanged between 1961
and 1962.
There were rises in all classes of expenses, but the
sharpest rise (37.1 percent) was in interest on time
and savings deposits. This percent increase was
twice that which took place for the period 1960-61.
It reflects the fact that national banks have been receiving large amounts of new savings and time deposits (an $8.3 billion increase between the end of
December 1961 and December 1962), and paying
higher rates of interest on these deposits. Over the
past 3 years there has been a steady increase in the
ratio of current operating expenses to current operating revenue. This ratio rose from 64.4 percent in
1960, to 66.8 percent in 1961, and to 70.0 percent
in 1962.
As a result of various recoveries and losses, which
are added to net operating earnings to obtain net
income before taxes, there was a decline of $61 million, or 3.4 percent, in net income before taxes. Between 1960-61 this category rose by $30 million.
Cash dividends on common stock rose by 6.5 percent, to a level of $518 million. The relationship
of these cash dividends to the capital accounts was
the same as in 1960 and 1961, while there was a
slight rise in the relationship to capital stock.
TABLE 18.—Current operating revenue, and expenses, and dividends of national banks, end of 1961 and 1962, and dollar and
percent changes 1961-62
[Dollar amounts in millions]
Change 1961-62
1962
1961
Dollar
Number of banks *
Capital stock (par value) i
Capital accounts 2
Current operating revenue:
Interest and dividends on—
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges on deposit accounts. . .
Other current operating revenue
Total
See fpotnotes at end of table.
12
Percent
4,503
4,513
3, 672. 5 3, 466. 2
12, 289. 3 11,470.9
— 10
+206. 3
+818.4
-.22
5.95
7.13
1,136.5
414.9
4,134. 5
380.4
530.1
1,030. 7
338.2
3, 759. 3
351.5
475.0
+ 105.8
+76.7
+ 375.2
+28.9
+55.1
10.26
22.68
9.98
8.22
11.60
6, 596. 4
5, 954. 7
+641.7
10.78
T A B L E 18.—Current operating revenue, and expenses, and dividends of national banks, end of 1961 and 1962, and dolla
and percent changes 1961-62—Continued
[Dollar amounts in millions]
Change 1961-62
1962
1961
Dollar
Current operating expenses:
Salaries, wages, and fees '
Officer and employee benefits '
Interest on time and savings deposits
Net occupancy expense of bank premises
Other current operating expenses
Total
Losses, chargeoffs, and transfers to valuation reserves:
On securities:
Losses and chargeoffs
Transfers to valuation reserves
On loans:
Losses and chargeoffs
Transfers to valuation reserves
All other
.
. .
3, 975. 6
+640. 6
16.11
1, 979.1
+ 1.1
243.2
5.1
56.4
— 115.1
— 1.7
— 14.7
- 4 7 . 33
— 33.33
—26.06
8.1
27.3
40.4
. .
6.37
8.80
37.12
7.97
9.10
7.9
29.3
29.7
+ .2
—2.0
+ 10.7
2.53
-6.83
36.03
249.0
Recoveries, transfers from valuation reserves, and profits:
On securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
.
. . . .
Transfers from valuation reserves
All other
+98.6
+ 17.9
+430.1
21.1
72.9
128.1
3.4
41.7
Total
1, 547. 4
203.3
1,158. 6
264.9
801.4
1, 980. 2
. .
1, 646. 0
221.2
1, 588. 7
286.0
874.3
4, 616. 2
.
Net current operating earnings
371.6
-122. 6
— 32.99
40.4
59.1
39.4
154.3
+ 1.0
— 95.2
2.54
— 61.70
13.5
292.2
67.1
16.7
260.4
62.0
-3.2
+31.8
+5.1
-19.16
12.21
8.23
.06
472.3
Total
Net income before related taxes
Taxes on net income:
Federal
State
. . . . .
Total
532.8
-60.5
-11.36
1, 756. 9
1,817.9
-61.0
— 3.36
637.7
50.3
734.6
41.1
-96.9
-13.19
22.38
688.0
.
Total
Memoranda items:
Recoveries credited to valuation reserves (not included in recoveries above):
On securities
On loans
Losses charged to valuation reserves (not included in losses above):
On securities
On loans
Stock dividends (increases in capital)
775.7
1,068.9
Net income before dividends
Cash dividends declared:
On common stock
On preferred stock
Percent
1,042.2
517 5
.2
486.0
.1
517.7
486.1
2 9
51.3
7.6
143.6
94.1
+ 9.2
-87.7
+26.7
— 11.31
2.56
+31.5
+ .1
+ 31.6
6.48
100. 00
5 6
44.5
—2 7
+ 6.8
—48. 21
15.28
11.8
148.1
165.6
-4.2
— 4.5
-71.5
-35.59
— 3.04
-43.18
6.50
Percent
Ratios:
Percent
Percent
+ 3.22
66.76
Current operating expenses to current operating revenue
69.98
9.09
— .39
8.70
Net income before dividends to capital accounts
14.02
14.10
Cash dividends to capital stock
+ .08
4.24
4.21
Cash dividends to capital accounts
-.03
1
Number at end of period. Remaining figures include earnings, expenses, etc., of those banks which were in operation a part
of the year but were inactive at the close of the year.
2
Figures are averages of amounts reported for the June and December call dates in the year indicated and the December call
date in the previous year.
3
Exclusive of building employees.
n
io. Reports From Banks
In accordance with existing statutes, all national
banks and all banks located in the District of Columbia were required to submit to the Comptroller
four reports of condition during 1962—March 26,
June 30, September 28, and December 28. Income
and dividend reports, and reports of condition of
foreign branches, were submitted as of the yearend.
National banks and all District of Columbia banks
operating trust departments were required to submit
a report of their fiduciary activities as of the close
of business December 28, 1962. Similar reporting
requirements were imposed upon other insured
banks by the other supervisory agencies.
The call report has lost most of its value as an
effective supervisory tool because a pattern of regularity with respect to call dates has developed.
During the past 25 years, calls were made on the
last business day of June 21 times, and on the last
business day of December 24 times.
Many banks, anticipating a call date, particularly
at the yearend, engage in the practice of "window
dressing." This is a term applied to the inflating of
deposits and resources. The practice is fairly widespread, and persists because of the desire of some
bankers to improve or maintain at least the appearance of their relative size. Most bankers generally
agree that the practice is undesirable, and have expressed a willingness to refrain from the practice if
others will do so. Such misstatements may mislead
depositors, investors, students of monetary and banking affairs, and bank supervisory agencies.
The legislative history of the call-report laws inII.
dicates that the Congress intended these reports to
be on a surprise basis. The three Federal supervisory agencies (Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance Corporation, and the Comptroller of the Currency) set
the last call for 1962 as of December 28, rather than
the traditional last business day of the year. Total
deposits of all commercial banks which were members of the Federal Reserve System rose by 4.7 percent ($10.3 billion) between December 30, 1961,
and December 28, 1962, the last call report of each
year. Based upon reports submitted to the Board
of Governors of the Federal Reserve System in connection with the computation of required reserves,
total deposits on December 31, 1962—3 days after
the December 1962 call—were 7.6 percent above
December 30, 1961. Hence, between December
28,1962, and December 31, 1962, reported deposits
rose by $5.7 billion or 2.6 percent. This rise for
3 days is 55 percent of the rise for the previous 362
days. It thus appears that a very substantial
amount of "window dressing" took place in the last
days of the year, a fact which supports the oftenmade hypothesis.
It is the position of this Office that surprise calls
for reports of condition represent a technique for
bank supervision, and a means of improving the
reliability of bank data. At present, there are no
adequate methods of adjusting for these overstatements, especially for individual banks. This Office
has under study several plans to discourage this
undesirable practice.
Fiduciary Activities of National Banks
During 1962 there were several significant developments affecting the exercise of fiduciary powers by
national banks. Public Law 87-722, 12 U.S.C.
92a, enacted September 28, 1962, transferred to this
Office from the Board of Governors of the Federal
Reserve System power over the fiduciary activities
of national banks. This legislation also contained an
amendment to the Internal Revenue Code providing
that the common trust funds of any bank would be
eligible for tax-exempt status only where it was operated in conformity with rules and regulations of the
Comptroller of the Currency.
To carry out the additional responsibilities conferred by the act, the Trust Division of the Comptroller's Office was recognized and enlarged. The
14
examination of trust departments was separated
from and placed on a parity with commercial department supervision. Dean Miller was appointed
to the newly created position of Deputy Comptroller
of the Currency for Trusts to head the Trust Division. There were also established the positions of
Chief Representative in Trusts and Assistant Chief
Representative in Trusts, with Preston P. Kellogg
and Robert St. Pierre filling these posts. Steps were
taken to place the handling of applications for trust
powers on a 60-day basis. A revision of the report
of examination of trust departments and the manual
of instructions governing trust department examinations was initiated. A vigorous recruitment program
was instituted to attract young law school graduates
for employment as assistant in trusts, the new title
given to assistant trust department examiners. Pay
scales were revised and made competitive with the
industry. It is anticipated that, as a result of these
measures, the trust department of every national
bank will receive a thorough and specialized examination during 1963, and annually thereafter.
Immediately upon passage of Public Law 87722, this Office put into effect Regulation 9, which
was an adaptation of the existing Federal Reserve
Regulation F which had governed national bank
trust activity theretofore. All national banks and
state banks operating common trust funds were
asked to suggest needed amendments of the regulation, and an Advisory Committee, under the chairmanship of Reese Harris, of Manufacturers Hanover
Trust Co. of New York, was appointed to provide
technical assistance in such revisions. Prof. Austin
W. Scott, of Harvard University, acted as special
adviser to the Comptroller in these matters. By
the end of the year the study was well advanced,
and eventually culminated in the promulgation in
April 1963 of a comprehensive revision of Regulation 9.
Between January 1 and September 28, 1962, the
Board of Governors of the Federal Reserve System
granted the right to act in one or more fiduciary
capacities to 51 national banks. Following enactment of Public Law 87-722, this Office granted
similar authority to 14 additional national banks.
As of the end of 1962, 1,786 national banks were
authorized to act in fiduciary capacities. At that
time, 584 common trust funds were in operation by
360 banks, and 344 of these funds were operated by
223 national banks.
Since no uniform system exists for carrying values
of trust department assets among corporate fiduciaries, the trust data in dollar terms which appear in
this report are of value primarily for comparative
purposes.1 Appendix tables B-23 and B-24 show
the market value of securities held in employee benefit accounts for which national banks are trustees.
The figures submitted cover 867 national banks and
3 nonnational banks. The increase since the previous report, in market value of funds of plans where
the bank is trustee and has investment responsibility,
is 17.1 percent. In the case of those plans where
the bank is trustee with investments directed by
others, the increase since 1961 in market value is
23.9 percent.
1
There is no uniform system for carrying values of trust
department assets among corporate fiduciaries. Essentially
there are two systems employed which are (1) cost for assets
purchased with appraised values for assets received in kind,
and (2) unit value. Unit value systems carry bonds at $1
per $1,000 and stock at $1 per share, or sometimes par value
is used. A combination of both systems is usually found in
any trust department, and figures taken from trust ledgers
have little meaning in relation to the actual value of the
property held. The unit value system has the advantage of
permitting assets to be set up immediately at a permanent
carrying figure for audit purposes, but usually requires the
keeping of another set of books for tax purposes.
The trust data in dollar terms, except for figures on employee welfare and pension benefit plans for which national
banks are trustees, are valuable primarily for comparative
purposes from year to year. It is believed that to require
national banks to furnish market values as of any given date
would place a substantial and unjustified burden upon the
banks. Annual Report of the Comptroller of the Currency,
1961, p. 16.
12. Litigation
A. General
Community National Bank of Pontiac vs. Saxon
and Manufacturers National Bank of Detroit,
192 F. Supp. 514 (E.D. Mich. 1961), affirmed
310 F.2d 224,1962
Former Comptroller Ray M. Gidney approved a
branch of Manufacturers National Bank of Detroit
in an unincorporated area of Oakland County,
Mich. Plaintiff contended that the area did not
contain sufficient population and other indicia of
community life to constitute a "village" separate and
apart from the adjoining city of Bloomfield Hills.
Plaintiff further contended that under Michigan
law, M.S.A. § 23.762, unless the area was a separate
village, the establishment of Manufacturers' branch
was unlawful.
The district court, on a preliminary motion, held
that the Comptroller's discretion was not subject to
review by the courts, but deferred action on the
Comptroller's motion to dismiss the complaint until
the trial. At the trial, the district court took evidence on the sole question of whether the area constituted a village.
At the close of the trial, the district court held that
were he deciding the question, de novo, he would
find that the area was not a village, but that nevertheless there was substantial evidence that it was,
and that therefore the Comptroller's action could not
15
be characterized as arbitrary or capricious, and the
complaint was dismissed.
On appeal, the Circuit Court of Appeals for the
Sixth Circuit affirmed the decision of the lower court.
Union Savings Bank of Patchogue, et at. vs.
James J. Saxon and the Tinker National Bank
of East Setauket, U.S. District Court for the
District of Columbia, Civil No. 2455-62
This case arose out of the approval of a branch
for Tinker National Bank in an unincorporated area
east of the incorporated village of Patchogue, N.Y.
New York law permits branches under certain conditions in an "incorporated or an unincorporated
village." The area in which the subject branch was
located was eligible for incorporation as a village
under the New York village law. Plaintiff contended, however, that (1) the area was unavailable
for branching under New York law because it did
not contain sufficient physical attributes as a separate
village, and also contended (2) that the Comptroller
did not follow his own rules and regulations in the
manner in which the application was processed.
On cross-motions for summary judgment made by
plaintiffs and defendants, the plaintiffs' motion was
denied by the district court and the motions of the
Comptroller and the defendant bank for summary
judgment were granted.
Albert / . Minichello, et al. vs. James J. Saxon,
First National Bank of Exeter, et al, C.A. No.
7591, U.S. District Court, Middle District of
Pennsylvania.
In January 1962, a substantial shortage was uncovered in the First National Bank of Exeter. Pursuant to the provisions of the Bank Conservation
Act, the Comptroller appointed a conservator for the
bank on February 20, 1962. The conservatorship
lasted 7 days, at the end of which the assets of the
bank were purchased and its liabilities assumed by
the Wyoming Naional Bank of Wilkes-Barre.1
In March 1962, this action was commenced by
minority stockholders of the First National Bank of
Exeter. The complaint asked the court to upset
the action of the Comptroller in appointing a conservator and to invalidate the contract of sale to the
Wyoming National.
1
See below, "National Banks Placed in Conservatorship."
16
The court dismissed the complaint as to the
Comptroller, on motion, holding that his action in
appointing a conservator is not subject to judicial
review. An appeal for this order was dismissed.
In June of 1963, the case came to trial as to the
remaining defendants. The complaint was dismissed by the court at the close of the plaintiff's
case.
Bank of New Orleans and Trust Company et
al. vs. Whitney National Bank in Jefferson
Parish and James J. Saxon, U.S. District Court
for the District of Columbia, Civil Action No.
1857-62
This case arose out of the following situation.
The city of New Orleans, La., is divided by a county
(parish) line. On one side is the old city in New
Orleans Parish. On the other side is the rapidly
expanding suburban area of Jefferson Parish.
Under Louisiana law, banks are prohibited from
branching across parish lines.
The banks in New Orleans Parish were consequently faced with the problem of serving their customers in Jefferson Parish. Some accomplished
this by establishing affiliated banks in Jefferson.
The Whitney National Bank in New Orleans
elected to form a holding company which would
hold the stock of Whitney National Bank in New
Orleans and also of a new bank to be organized in
Jefferson Parish to be called the Whitney National
Bank in Jefferson Parish.
The plan of reorganization was submitted to the
Comptroller and to the Federal Reserve Board in
July 1961. After a formal hearing, on notice published in the Federal Register, the Federal Reserve
Board approved the formation of Whitney Holding
Corp. The Comptroller approved the formation of
Whitney-Jefferson and the necessary reorganization
of Whitney-New Orleans. The shareholders of
Whitney-New Orleans were given full information
as to the nature of the reorganization, and at a special meeting held on November 27, 1961, it approved by a vote of 93,645 shares out of 100,000
entitled to vote. Under the statutes, any shareholder who objected was entitled to have his stock
appraised by the Comptroller and paid for in cash.
However, none of the objecting shareholders requested such appraisal.
After all corporate steps necessary for the opening
of Whitney-Jefferson had been completed, but, before the Comptroller had issued his final certificate
of authority, this action was begun by three State
banks located in New Orleans.
The complaint alleged that the reorganization
plan of Whitney-New Orleans was an illegal evasion
of the Louisiana prohibition against branch banking.
A preliminary injunction against the issuance of
a certificate of authority to Whitney-Jefferson was
granted by District Court Judge Holtzoff on July 6,
1962, pending a determination of the merits of the
controversy.
Before the case could be heard on the merits, the
Louisiana Legislature passed Louisiana Act No. 275
of 1962, which purports to make it illegal for any
company to own or control more than 15 percent of
the stock of any bank, and further purports to make
it a crime for any such company or subsidiary thereof "to open for business any bank not now open for
business whether or not a charter, permit, license, or
certificate to open for business has already been
issued."
U.S. District Court Judge Charles F. McLaughlin
issued a permanent injunction against the issuance
of a certificate of authority to Whitney-Jefferson on
the ground that Louisiana Act 275 of 1962 was
effective and prohibited the opening of said bank.
The district court did not reach the question of alleged evasion of the branch banking laws of
Louisiana.
The defendants appealed to the Circuit Court of
Appeals for the District of Columbia on the ground,
inter alia, that the Louisiana statute was an unconstitutional interference with a function of a Federal
official. As of the date of this writing,1 no decision
has been published by the appeal court.
Michigan National Bank vs. James J. Saxon,
U.S. District Court, D.C., Civil Action No.
821-62
Plaintiff bank wished to construct a drive-in facility in the downtown business district of Flint,
Mich. The proposed facility would be separated
from plaintiff's existing branch in Flint by approximately 500 feet with two street intersections intervening. The drive-in facility was to be connected to
the existing office by a pneumatic tube laid under
the street.
x
July 1963.
Under Michigan law, plaintiff would not be permitted to establish the facility if it constituted a
separate branch.
The action was for a declaratory judgment that
the proposed facility was not a separate branch but,
rather, an extension of the existing branch. The
Comptroller was of the opinion that the facility
would require a separate branch certificate.
U.S. District Court Judge Alexander Holtzoff, on
motions by both sides for summary judgment, ruled
that the proposed facility would not be an independent branch and granted plaintiff's motion for summary judgment. No appeal was taken by the
Government.
Suburban Trust Company vs. National Bank of
Westjield, Civil Action No. 837-62, U.S. District Court, District of New Jersey
In October of 1961, the New Jersey banking commissioner issued a branch certificate to the plaintiff
for a branch in Mountainside, N.J. Under New
Jersey law, branch certificates may be issued before
the branch is ready to open. The certificates expire
in 6 months, but may be renewed by the Commissioner.
The location picked by plaintiff bank was not
zoned for a bank and the plaintiffs were not able to
obtain a variance. The Commissioner granted two
6-month extensions.
The Comptroller in October 1962 issued a branch
certificate to the defendant for another location in
Mountainside and the branch is presently in
operation.
The issue in the case is whether the mere issuance
by the New Jersey commissioner of a branch certificate preempted the town. The New Jersey statute
involved permits a branch to be established in
Mountainside provided that "no banking institution
has its principal office or a branch office" there. The
plaintiff bank and the New Jersey commissioner contend that the mere issuance of a certificate means
that a banking institution "has" an office. The defendant national bank contends that there is no
banking institution in town until its doors have
opened for business.
The Comptroller is not a party to the suit. A motion by the defendant to dismiss the complaint on
the ground that the Comptroller was an indispensable party was denied.
17
Both sides have filed motions for summary judgment. There has been no decision as of the time of
the printing of this report.
Charles R. Howell et ano vs. The National
Union Bank of Dover, Civil Action No. 16-63,
U.S.D.G., District of New Jersey
The Dover Trust Company vs. The National
Union Bank of Dover, Civil Action No. 20263, U.S.C.C., District of New Jersey
On August 31,1962, the Comptroller issued a certificate of authority to the National Union Bank of
Dover to establish a branch at the Lakeside Shipping Center, located on the south end of a long narrow municipality called Jefferson Township. Some
20 miles to the north, the First National Bank of
Butler operated during the summer season a "seasonal agency" in a resort area called Newfoundland.
Newfoundland is also in Jefferson Township.
Under the New Jersey branch law, it is not permissible to establish a branch in a municipality in
which an existing bank has "its principal office or a
branch office."
The plaintiffs contended that the seasonal agency
operated by First National Bank of Butler 6 weeks
out of the year is a full-fledged branch which prevents the establishment of any other office anywhere
in the township.
Our attorneys felt that plaintiff's interpretation of
the New Jersey statute was wrong. A "seasonal
agency" is a creature created by the Federal law.
The authority for its creation is contained in 12
U.S.C. 36(c) and there is no similar provision in
the New Jersey law. Further along in section 36,
in subsection (f), there is a definition of "branch"
which excludes any mention of seasonal agencies.
It appears quite clear from the language of section
36 that a "seasonal agency" was not conceived by
the Congress to be a branch.
It therefore appeared that not only good sense,
but also proper legal interpretation, permitted this
branch to be established in this completely unbanked
area.
On April 22, 1963, the Comptroller's position
was upheld by the U.S. district court and summary
judgment was rendered for the national bank in
both cases.
18
B.
Antitrust
U.S. vs. The Philadelphia National Bank et al.,
U.S. Supreme Court, October term, 1962,
No. 83
In an unprecedented decision, the Supreme Court
held that bank mergers were subject to the Clayton
Act and that the proposed merger of the Philadelphia National Bank and the Girard Trust Corn
Exchange Bank would substantially lessen competition and would therefore violate section 7 of the
Clayton Act. The merger had received the approval of former Comptroller Ray M. Gidney.
In a dissenting opinion, Mr. Justice Harlan, joined
by Mr. Justice Stewart, stated that the majority were
virtually nullifying the Bank Merger Act of 1960.
The dissenters pointed out that in enacting the Bank
Merger Act, Congress intended that "effect on competition was not to be the controlling factor in determining whether to approve a bank merger."
The Court did not reach the question of the applicability of the Sherman Act to the merger. However, Mr. Justice Goldberg, in a separate concurring
opinion, expressed the belief that the Sherman Act
was fully applicable to bank mergers.
U.S. vs. First National Bank and Trust Company of Lexington, U.S. Supreme Court No.
36, O.T. 1963, decision below (U.S.D.C.
E. Ky., 208 F. Supp 457)
The Supreme Court agreed to review the legality
of the consummated merger of three banks in Lexington, Ky. The complaint is based on alleged
violations of sections 1 and 2 of the Sherman Act.
U.S. vs. Continental Illinois National Bank and
Trust Company of Chicago, et al., U.S.D.C,
Northern District of Illinois
There has been no change in the status of this case
since the publication of the last annual report. The
merger has been consummated, and the case is awaiting trial, the court having denied the Government's
motion for a preliminary injunction.
C. National Banks Placed in Conservatorship
During calendar year 1962, the Comptroller
found it necessary to place one national bank in
conservatorship. The conservatorship lasted only 7
days, at the end of which the liabilities and assets
were purchased by a neighboring institution. The
circumstances leading up to the conservatorship
were as follows.
The First National Bank of Exeter was an institution of just under $3 million deposits, located in the
anthracite coal region of Pennsylvania. In early
1962, there came to light a large defalcation, the
full amount of which was not readily determinable.
As a result there came to the Comptroller's attention
information which raised serious questions concerning some stockholders and directors and officers of
the bank. It became patently clear that the continued operation of even a sound bank by these persons would be inimical to the bank as well as prejudicial to the interests of the depositors.
As an audit of the bank progressed, the amount
of the defalcation continued to rise to the point
where it was obvious that the bank could not be
permitted to continue operating, although there was
doubt as to whether it could be held to be technically
insolvent. In light of these facts, plus the failure of
the persons involved to work out a satisfactory sale
or reorganization of the bank, a serious question as
to the liability by the insurer on the bank's umbrella
bond, the fact that a receiver may be appointed by
the Comptroller only if he is satisfied that the bank
is insolvent, etc., there was no alternative but to seek
some satisfactory means of conserving the assets of
the bank until the full amount of defalcation could
be ascertained, the liability or lack of liability of the
bonding company could be better established, and
there could be determined whether a prompt sale or
reorganization of the bank could be accomplished.
There was reason to believe that the bank could
be sold. In spite of its difficulties the bank at no
time lost the confidence of the banking public in
Exeter, and there was no run nor heavy withdrawals of deposits. A number of sound and well-managed banks in the area had expressed an interest in
acquiring the bank. Such an acquisition would, of
course, insure the continuation of sound, adequate
banking service in the community with all deposits
immediately available and a minimum of harmful
publicity. This appeared clearly preferable to receivership. The appropriate way the depositors
could be protected until the bank could be sold was
through a conservatorship.
Accordingly, acting under authority of the Bank
Conservation Act, the Comptroller placed the bank
in conservatorship, appointing as conservator Mr.
Russell E. Gardner, vice president of the Miners
National Bank of Wilkes-Barre, and a former national bank examiner. Mr. Gardner assumed control of the bank on the morning of February 20,
1962. During the 7 days of the conservatorship,
the bank continued to have the confidence of the
public. Although withdrawal of funds was limited to 10 percent, there was no rush on the part
of the depositors to withdraw the amount permitted.
The bank continued to operate in the usual way
subject to the limitation.
During this period, there was agreed upon by the
directors of the bank a sale of the assets to the Wyoming National Bank of Wilkes-Barre, which assumed all deposit and other liabilities. The conservatorship was terminated on February 26, 1962.
The Wyoming National Bank reopened the bank
as a branch to the accompaniment of general public
approval. All deposits immediately became available.
13. Examinations
The examinations of individual national banks in
1962 disclosed the national banking system to be in
excellent condition. This evaluation included considerations of asset soundness, liquidity, capitalization, and character of management. Net loan losses
and the ratio of losses to total loans were lower than
in 1960 and 1961. At the yearend 3,948 banks
were judged to be in very good condition; 552 were
in satisfactory condition but contained minor weaknesses. Careful examination and review indicated
22 banks to be in poor condition due to depressed
economic conditions, management deficiencies, or an
immoderate volume of asset weaknesses. These
banks are receiving special supervisory attention.
No banks were judged to be in serious or hazardous
condition. By comparison, at the end of 1961, 47
banks were judged to be in poor condition and 2
were in serious condition. No national banks were
placed in receivership during 1962.
While examinations are made primarily to determine the financial condition of a bank, national bank
examiners perform other services for the public, the
banks, and their stockholders. Examiners explore,
regularly and in detail, the methods by which each
national bank determines service-charge rates.
Agreements among banks, through clearinghouses or
19
otherwise, concerning service charges are not permissible in any form. This was reiterated in a letter
to the presidents of all national banks on February
28, 1962, which expressly prohibited any arrangements among banks, through clearinghouses or otherwise. Examiners represent the public in insuring
that each national bank complies with the Comptroller's regulations by establishing its scale of service
charges independent of any agreement with any
other bank or institution.
After careful consideration and in accordance
with recommendations received from the industry
and the public, the Comptroller issued new rules on
December 20, 1962, affecting corporate practices
and procedures of national banks. These rules
afford increased protection to stockholders through
the requirement of detailed and informative annual
reports and proxy statements from all national banks
with deposits of $25 million or more. In addition,
these rules, which became effective February 1,
1963, embody provisions covering authorized but
unissued stock, ownership reports, appointment of
directors, as well as employee stock-option and stockpurchase plans. The examining staff regularly reviews these matters for each national bank.
As a result of specialized training received during
1962 in automatic data processing, Examiners have
been in a position to consult with and advise bankers
regarding problems of automation. A copy of the
Comptroller's publication "Examination of Automation in National Banks" was distributed to all national banks.
14. Issue and Redemption of Currency
During the year ending December 31, 1962, the
Comptroller's Office made 896 shipments of new
Federal Reserve notes (658,228,000 notes with an
aggregate value of $7,847,920,000) to the Federal
Reserve agents and the Federal Reserve branch
banks. In addition, 37 deliveries of such notes (15,020,000 notes with an aggregate value of $218,000,000) were made to the Treasurer of the United
States. There were 4,696 shipments of unfit Federal Reserve notes and Federal Reserve bank notes
(552,796,502 notes with an aggregate value of
$6,388,340,915) were received for verification and
certification for destruction; 369,8251/& badly damaged Federal Reserve notes and Federal Reserve
bank notes with an aggregate value of $8,531,458.50
were presented by the Treasurer of the United
States for identification approval.
The Comptroller's Office also received 45 shipments of national bank notes (61,457 notes with an
aggregate value of $1,108,793) for verification and
destruction. As of December 31, 1962, $37,667,904.50 of national bank notes were still outstanding.
15. Organization and Staff
Effective August 1,1962, the Office of the Comptroller of the Currency reorganized and expanded its
field operations and created three new regional offices in Memphis, Denver, and Portland. This was
essential (a) to achieve a better distribution of the
workload; (b) to facilitate optimum utilization of
manpower; (c) to eliminate situations in which parts
of the same State were in different districts; and (d)
to give overdue recognition to economic growth in
the Northwestern States, Rocky Mountain States,
and Southern States.
An expansion in the examining force was necessary in order to assure adherence to the historically
high standard for the examination of national banks.
Two hundred and seven members were added to the
examination staff for this purpose. To achieve and
maintain a high standard of quality in the discharge
of the increased volume of legal and regulatory work
20
in the Washington office, 10 attorneys were added
to the law department. As a result of a special effort
to recruit high-ranking law school graduates to carry
out the new responsibilities which were assumed in
the trust field, 25 assistants and associates in trust
were added to the force. Taking account of the increase in clerical and secretarial staff, total employment during the year rose from 1,210 to 1,459.
The Trust Division of the Comptroller's Office
was substantially reorganized and enlarged 1 during
1962.
During 1962 this Office began a training program designed to familiarize field examining staff
with the problems and potential of automated bank
operations.2
1 See the section in this Report entitled "Fiduciary Activities
of National Banks."
s
See section in this Report entitled "Training."
Principal Staff Members as of December 31,
1962
National bank region
No. 3
Pennsylvania
No. 4
JAMES J. SAXON
Indiana
Comptroller of the Currency
Ohio
Kentucky
ALBERT J. FAULSTICH
No. 5
Administrative Assistant to the Comptroller
West Virginia
Maryland
CLARENCE B. REDMAN
Delaware
First Deputy Comptroller
Virginia
North Carolina
GRIFFITH W. GARWOOD
No. 6
Deputy Comptroller*
South Carolina
Georgia
WILLIAM B. CAMP
Florida
No. 7
Deputy Comptroller
Illinois
JUSTIN T. WATSON
Michigan
No. 8
Deputy Comptroller
Arkansas
DEAN E. MILLER
Tennessee
Louisiana
Deputy Comptroller for Trusts
No. 9
THOMAS G. DESHAZO
North Dakota
South Dakota
Chief National Bank Examiner *
Minnesota
VICTOR ABRAMSON
Wisconsin
Directory Department of Banking and Economic No. 10
Nebraska
Research
Kansas
Iowa
ROBERT BLOOM
Missouri
Chief Counsel
No. 11
Oklahoma
Regional Chief NaTexas
No. 12
National bank region
Regional office
tional Bank Examiner
Wyoming
Elmer J. Peterman.
No. 1
Boston, Mass
Colorado
Maine
Utah
New Hampshire
New Mexico
Vermont
Arizona
Massachusetts
No. 13
Rhode Island
Washington
Connecticut
Oregon
No. 2
New York, N.Y.. Frank W. Krippel.
Idaho
New York
Montana
New Jersey
Alaska
No. 14
8
Retired Dec. 31, 1962.
California
Nevada
* Appointed Deputy Comptroller Jan. 1, 1963, and was
Hawaii
succeeded as Chief National Bank Examiner by R. Coleman
Egertson.
Regional Chief NaRegional office
tional Bank Examiner
Philadelphia, Pa.. Marshal Abramson.
Cleveland, Ohio..
Chalmer L. DeReiner.
Richmond, V a . . .
Charles M. Van
Horn.
Atlanta, Ga
John D. Gwin.
Chicago, 111
Joseph G. Lutz.
Memphis, Tenn..
William A. Robson.
Minneapolis,
Minn.
Cyril B. Upham.
Kansas City, Mo.
Paul L. Ross.
Dallas, Tex
Norman R. Dunn.
Denver, Colo
John R. Thomas.
Portland, Oreg..
Kenneth W. Leaf.
San Francisco,
Calif.
Arnold E. Larsen.
16. Training
During 1962 this Office began a training program
designed to familiarize our field examining staff with
the problems and potential of automated bank operations. A 2-week pilot school was held in Chicago
which was attended by 2 men from each of the 14
national bank regions. The students were chosen
on the basis of an expressed interest in this field and
a programer aptitude test. At the conclusion of the
school an additional 2 weeks were spent drafting the
manual "Examination of Automation in National
Banks." All of the students at the pilot school participated in this effort. After careful technical re-
view, the manual was published and distributed to
our examining staff, all national banks, and many
others who have requested it.
Based upon the experience gained at the pilot
school, it was concluded that this program was of
such benefit that it should be continued until all of
our personnel had been exposed to this area. The
course was, therefore, streamlined and improved and
the material is now covered in 1 week of intensive
study. Two men from each national bank region
attend the classes. The school is conducted in
Washington, with six sessions scheduled for each year
21
until our training requirement has been completed.
During 1962,113 men received this instruction. An
additional 90 men had been trained by June 30,
1963.
Intensified recruiting during 1962 made it necessary to adopt an integrated training program for new
examining personnel. This consists of an orientation period in the offices of Regional Chief National
Bank Examiners, a 2-week school conducted semiannually by the regional offices, and a plan for rotat-
ing assignments to insure comprehensive on-the-spot
training.
National bank examiners also participated in
other educational programs encouraged by the
Comptroller of the Currency. Seventy-five members of the examining staff enrolled in extension
courses during 1962 given by the American Institute
of Banking, and 40 examiners attended summer
sessions conducted by well-known graduate banking
schools throughout the country.
17. Income and Expenses of the Office of the Comptroller of the
Currency
The Comptroller's Office does not operate on
funds appropriated by Congress. Assessments and
fees paid by the national banks provide the Office's
main source of operating income. The Federal Reserve System reimburses the Comptroller's Office for
salaries and expenses incurred in connection with the
issue and redemption of its currency. The Office's
income for 1962 exceeded its expenses by $1,265,693. Previously, expenses had exceeded income in
every year since 1956.
Total income for 1962 from assessments, charges,
and investments was $14,903,943, as compared with
$11,666,508 for 1961. This increase was due primarily to an increase in the national bank assessment rate effective January 1, 1962.
22
Total expenditures for 1962 were $13,638,250.
This represented an increase of $1,533,668 over the
preceding year. The increase in expenses was
mainly attributable to an increase in personnel and
salary levels as well as increased per diem and travel
expenses.
Details of the income and expenses of the Office
are contained in the Second Annual Financial Report of the Comptroller of the Currency to the Secretary of the Treasury dated April 1, 1963. A
certified public accountant from the Bureau of Accounts of the U.S. Treasury made an independent
audit of the financial accounts and records of the
Comptroller's Office for 1962.
APPENDIX A
Merger Decisions, 1962
Summary of Comptroller's Decisions on Bank Merger Applications
Approved by Comptroller.
Denied by Comptroller....
Withdrawn
The following are tabular representations of the
comments of the Justice Department, the Federal Reserve Board, and the Federal Deposit Insurance Corporation on bank absorption applications passed on
by the Comptroller of the Currency, in the terminology of the individual agencies.
Justice Department
1.
2.
3.
4.
5.
6.
7.
8.
Favorable
No adverse effect
Not substantially adverse
Slightly adverse
Adverse effect
Significantly adverse
Substantially adverse
Substantially adverse and serious anticompetitive
effect
9. Threat of litigation
o
12
37
3
26
3
34
7
1
Total.
4. No serious adverse effect on competition
(with caveat of trend toward concentration).....
5. Will have little adverse effect on competition. . .
(with caveat on trend toward concentration)
2
1
12
9
6. Probably no adverse effect on competition
7. Might have adverse effect on two parties involved
8. Might have adverse effect on competition
(with caveat of trend toward concentration)
4
2
9. Will eliminate competition between two banks
exposing remaining banks to greater competition.
(with caveat of trend toward concentration)
8
3
10. Will eliminate some competition
(with caveat of trend toward concentration)
11. Will eliminate substantial competition
(with caveat of trend toward concentration).....
12. Will have adverse effect on competition
13. Will eliminate present and potential competition.
(with caveat of trend toward concentration)
6
6
4
2
3
2
5
14. Will result in concentration
1
Total
Federal Reserve Board
1. Will increase competition
2. May increase competition
(with caveat of trend toward concentration)
6
1
3. No adverse effect on competition
(with caveat of trend toward concentration)
4
30
3
33
1
Includes 3 emergency decisions not commented on by
agencies.
~"" 5
Federal Deposit Insurance Corporation
1. Enhancement of competition
2. Overall effect on competition would not be unfavorable
3. No effect on competition
4. No adverse effect on competition
5. Appears unfavorable
6. Effect would be unfavorable
Total.
/. Approvals
THE
FIRST NATIONAL BANK OF JUNEAU, JUNEAU, ALASKA, PURCHASED BY T H E FIRST NATIONAL BANK
ANCHORAGE, ANCHORAGE, ALASKA
Banking offices
Name of bank and type of transaction
Total assets
In operation
The First National Bank of Juneau, Juneau, Alaska (5117), with
was purchased Jan. 12,1962, by The First National Bank of Anchorage, Anchorage, Alaska (12072), which had
After the purchase was effected, the receiving bank had
$14,179, 000
4
52, 571,000
65,734, 000
To be operated
9
13
COMPTROLLER'S DECISION
The First National Bank of Anchorage, Anchorage,
Alaska, has applied to the Comptroller of the Currency
for permission to purchase the assets and assume the
liabilities of the First National Bank of Juneau, Juneau,
Alaska.
The First National Bank of Juneau has total resources of $14,179,000 and the First National Bank of
Anchorage has total resources of $52,571,000 and is
the second largest bank in the State of Alaska. The
first largest bank is the National Bank of Alaska,
Anchorage, Alaska, with total resources of $69,195,000.
Anchorage, Alaska, has a population of approximately 44,200 people and a trade area of about
82,500 people. It is served by three banks.
Juneau, Alaska, is in Southeastern Alaska, more
than 600 miles from Anchorage. It is the Capital of
Alaska, and it has a population of about 7,500 with
about 11,000 in the trade area. The First National
Bank of Juneau is one of two banks in Juneau, and the
National Bank of Alaska has been authorized to establish a branch there.
Under the provisions of section 18 (c) of the Federal
Deposit Insurance Act, consideration must be given to
seven factors. These are the financial history and condition of each of the banks involved, the adequacy of
its capital structure, its future earnings prospects, the
general character of its management, the convenience
and needs of the community to be served, whether its
corporate powers will be consistent with the purposes
of the Federal Deposit Insurance Act, and the effect of
the transaction on competition (including any tendency
toward monopoly.)
The critical factor in this case is the general character of the management of the First National Bank of
Juneau, Alaska. In recent months the President resigned both as President and as a Director and one
Director died. Two of the other Directors were in
poor health. As a result of the bank being left without satisfactory management it was sold to the President of the First National Bank of Anchorage who
purchased it with his personal resources. The bank
is being managed at the present time by temporary
management furnished by the First National Bank of
Anchorage. Under these circumstances it is our conclusion that this merger should be approved.
Although this acquisition will result in a substantial
increase in the total assets of the First National Bank
of Anchorage, and will result in two banks in the State
of Alaska having more than 50 percent of the total
banking resources in the entire State of Alaska, the
Department of Justice in its report as to the competitive factors did not find this transaction objectionable.
We have considered also die other statutory factors.
It is our conclusion that this transaction will be in the
public interest and it is hereby approved.
JANUARY 12,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Anchorage has total deposits of $47,489,000, loans and discounts of $26,433,
000 and total assets of $52,571,000.
The First National Bank of Juneau has total deposits of $13,070,000, loans and discounts of $6,127,000
and total assets of $14,179,000.
The two banks are located over 800 miles apart and
do not compete directly. It is not believed that the
addition of the resources of The First National Bank
of Juneau to those of The First National Bank of
Anchorage will give the resulting bank an undue advantage over its competitors either in the Juneau or
Anchorage area. The resulting bank will remain
second in size to the National Bank of Alaska, which
competes in both the Anchorage and Juneau areas.
It is therefore our view that the effect of this transaction on competition will not be significantly adverse.
THE SUMMERVILLE BANK, SUMMERVILLE, S.C., MERGED WITH THEJFIRST NATIONAL BANK OF SOUTH CAROLINA OF
COLUMBIA, COLUMBIA, S.C.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Summerville Bank, Summerville, S.C, with
and The First National Bank of South Carolina of Columbia, Columbia, S.C.
(13720), which had
merged Jan. 20, 1962, under charter and title of the latter bank (13720). The
merged bank at the date of merger had
24
$1,865,153
1
88,082,757
16
89,740, 610
17
COMPTROLLER'S DECISION
The First National Bank of South Carolina of Columbia, Columbia, South Carolina, and The Summerville Bank, Summerville, South Carolina, have applied
to the Comptroller of the Currency for permission to
merge, as required under the provisions of section
18 (c) of the Federal Deposit Insurance Act, as
amended, (12 U.S.C. 1828 (c)) and section 215a of
Title 12 of the United States Code.
The financial history and condition, capital structure, future earnings prospects, and management of
the two banks are satisfactory. The continuing bank
is presently adequately servicing the convenience and
needs of its community and will introduce its expanded
services to the Summerville area.
Since the continuing bank will be a national bank,
its corporate powers will be consistent with the Federal
Deposit Insurance Act.
The effect of the merger on competition would not
be unfavorable.
We find the proposed merger to be in the public
interest and the application is therefore approved.
JANUARY 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The third largest bank in South Carolina, with total
assets of over $83,000,000, proposes to merge with a
small bank (assets of $1,300,000) located in Summerville, a small town 24 miles west of Charleston in which
the charter bank has branches. While a degree of
competition would be eliminated by the merger, it does
not appear that the effect on competition would be
significantly adverse.
FARMERS & MERCHANTS BANK OF LINESVILLE, LINESVILLE, PA., PURCHASED BY THE MERCHANTS NATIONAL
BANK & TRUST CO. OF MEADVILLE, MEADVILLE, PA.
Total assets
Name of bank and type of transaction
Banking offices
In operation To be operated
Farmers and Merchants Bank of Linesville, Linesville, Pa., with
was purchased Feb. 3, 1962, by The Merchants National Bank & Trust Co. of
Meadville, Meadville, Pa., (871) which had
After the purchase was effected the receiving bank had
COMPTROLLER'S DECISION
The Merchants National Bank and Trust Company
of Meadville, Pennsylvania, has applied to the Comptroller of the Currency for permission to purchase the
assets and assume the liabilities of the Farmers and
Merchants Bank of Linesville, Linesville, Pennsylvania.
The Merchants National Bank and Trust Company
of Meadville has total assets of $16,848,200 and a
lending limit of $125,000. The Farmers and Merchants Bank of Linesville has total assets of $2,856,600
and a lending limit of $20,000.
Meadville, Pennsylvania, is the county seat of Crawford County with a population of about 16,700 and a
trade area population of 76,000. Considerable industry and trade are located there as well as Allegheny
College. However, the local economy has suffered
from the loss of two plants and at present 13% of the
available labor supply is unemployed. Agriculture in
the area is not very profitable due to the low fertility
of the soil. An industrial development program is
under way to induce new industries to come into the
area. There are three banks located in Meadville
$2, 856, 600
1
16, 848, 200
19, 361, 500
2
3
and the purchasing bank is presently, and will remain
subsequent to the acquisition, second in size.
Linesville, Pennsylvania, is located 17 miles west of
Meadville near the Ohio border and has a population
of approximately 1,500 and a trade population area of
approximately 6,000.
The anticipated retirement of the President of the
Farmers and Merchants Bank of Linesville and the
advanced age of its board of directors led to the discussion of the purchase of assets and assumption of
liabilities by the continuing bank. It is proposed that
the present management of the Farmers and Merchants Bank will be retained and several directors from
the Linesville area will be added to the continuing
bank's board. This will enable this bank to be representative of the Linesville community and be in a
stronger position to service its needs as well as to continue to take an active lead in bringing new industries
to the area.
We have reviewed the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved.
JANUARY 22,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Purchasing bank is one of the three largest in the
area; selling bank is one of the four smallest. There
is a sharp disparity in size between the smallest of the
three large banks in Meadville and the largest of the
four small banks in nearby towns. Although the
acquisition would not change the purchasing bank's
rank as second largest bank in the area, it would
enhance that position. The acquisition may well be a
detriment also to the remaining small banks in the
area, especially to the First National Bank of Conneaut Lake which lies about half way between Meadville and Linesville. Finally, the Linesville area residents would be deprived of an alternative source of
loans and place for deposits, but this may well be outweighed by the added convenience of having higher
loan limits and trust facilities available within the
town.
On balance, the effect of the proposed acquisition
on competition does not apear to be sifinificantly
adverse.
THE LIVINGSTON MANOR NATIONAL BANK, LIVINGSTON MANOR, N.Y., CONSOLIDATED WITH THE SULLIVAN
COUNTY NATIONAL BANK OF LIBERTY, LIBERTY, N.Y.
Banking offices
Total assets
Name of bank and type of transaction
In operation
The Livingston Manor National Bank, Livingston Manor, N.Y. (10043), with
and The Sullivan County National Bank of Liberty, Liberty, N.Y. (4925), which
had
consolidated Feb. 9, 1962, under charter and title of the latter bank (4925).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Sullivan County National Bank of Liberty,
Liberty, New York, and the Livingston Manor National Bank, Livingston Manor, New York, have applied to the Comptroller of the Currency for permission to consolidate, as required under the provisions
of section 18(c) of the Federal Deposit Insurance Act,
as amended, (12 U.S.C. 1828(c)) and section 215 of
Title 12 of the United States Code.
The financial history and condition, future earnings prospects, and management of The Sullivan
County National Bank of Liberty are good. However, the Livingston Manor National Bank is in an unsatisfactory condition in all these respects.
In view of the sound condition of The Sullivan
County National Bank, it would appear that the consolidated bank will be better able to service the convenience and needs of the community.
$2, 691, 678
1
20, 525, 456
To be operated
2
23,217,134
3
The weight of the so-called banking factors under
the bank merger act are such in this case as to require
approval of the proposed consolidation in the public
interest, and the application is therefore approved.
JANUARY 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Sullivan County National Bank is presently the
dominant bank in its service area, having 42.7 percent
of the deposits and 43.1 percent of the loans. The
proposed consolidation would result in this bank having almost 50 percent of the area's deposits and loans
and would eliminate an independent bank within
the service area of the resulting bank. Whatever
business factors there might be supporting this consolition, we believe they are far outweighed by its substantial adverse effect upon competition.
WEST END BANK, PITTSBURGH, PA., CONSOLIDATED WITH WESTERN PENNSYLVANIA NATIONAL BANK, MCKEESPORT,
MCKEESPORT, PA.
Name of bank and type of transactio
Total assets
Banking offices
In operation To be operated
West End Bank, Pittsburgh, Pa., with
and Western Pennsylvania National Bank, McKeesport, McKeesport, Pa.
(2222), which had
consolidated Feb. 9, 1962, under charter and title of the latter bank (2222).
The consolidated bank at date of consolidation had
26
$7, 458,142
236, 504, 765
243, 962, 908
31
COMPTROLLER'S DECISION
The Western Pennsylvania National Bank, McKeesport, McKeesport, Pennsylvania, and the West End
Bank, Pittsburgh, Pennsylvania, have applied to the
Comptroller of the Currency for permission to consolidate.
The Western Pennsylvania National Bank, McKeesport, McKeesport, Pennsylvania, has total assets of
$235,786,000. Since 1953, this bank has consolidated
with or purchased 16 banking associations, acquiring
thereby $46,366,000 in loans and $122,345,000 in deposits. It is presently the third largest bank in the
Pittsburgh area and has 28 offices throughout the city
of Pittsburgh and the surrounding metropolitan area.
From 1955 to the present time it established 13 de novo
branches. The West End Bank has total assets of
$7,788,000 and is a unit bank.
The West End Bank is principally a mortgage bank.
Its ability to serve its trade area in this respect is decreasing because of legal restrictions. In addition,
the bank's limited lending limit and its failure to offer
diversified banking services are a handicap in meeting
the financial needs of its trade area. The resulting
bank will have a lending limit of $1,650,000, and will
offer a full range of banking services and modern
procedures. The Western Pennsylvania National
Bank is a specialist in thefieldof retail banking, stressing a policy of community banking services. In each
of the communities in which the bank has established
itself, either through absorption or de novo branch
expansion, it has offered full banking services. In
view of Western Pennsylvania National Bank's secondary market mortgage operations, the resulting bank
will have a tremendous capacity to supply real estate
financing to the various communities it will serve.
The consolidated bank will be one-ninth the size of
the Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania, and one-quarter the size of the
Pittsburgh National Bank, Pittsburgh, Pennsylvania.
There are four additional commercial banks, 150 savings and loan associations, and one mutual savings
bank in the Pittsburgh metropolitan area.
We have reviewed the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved, effective Friday, February 9, 1962.
FEBRUARY 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Western Pennsylvania National Bank, McKeesport, Pennsylvania, the third largest bank in the Pittsburgh area, proposes to merge with the West End
Bank, Pittsburgh, Pennsylvania, one of the few remaining small banks in that area.
Western Pennsylvania is opening a new branch office sufficiently close to West End Bank to be a substantial competitor.
Banking in the Pittsburgh area is highly concentrated as a result in large part of a wave of recent
mergers and acquisitions among banks in that area,
a wave in which Western Pennsylvania has been an
active participant.
The elimination of still another small competing
bank will add to that concentration and would result in an adverse effect on banking competition in
the Pittsburgh area.
THE BRIDGEVILLE NATIONAL BANK, BRIDGEVILLE, PA., CONSOLIDATED WITH THE UNION NATIONAL BANK OF
PITTSBURGH, PITTSBURGH, PA.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Bridgeville National Bank, Bridgeville, Pa. (14251), with
and The Union National Bank of Pittsburgh, Pittsburgh, Pa. (705), which had..
consolidated Feb. 16, 1962, under charter and title of the latter bank (705).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Union National Bank of Pittsburgh, Pittsburgh,
Pennsylvania, and The Bridgeville National Bank,
Bridgeville, Pennsylvania, have applied to the Comptroller of the Currency for permission to consolidate.
The Union National Bank of Pittsburgh has total
assets of $ 163,606,000. It presently has nine branches
located in the Pittsburgh metropolitan area. How-
$24,712, 073
170, 776, 437
193, 383, 687
7
10
17
ever, up until 1958, it was a unit bank. The first
branch was established in 1958 through the merger of
the Allegheny Trust Company, Pittsburgh, Pennsylvania, with The Union National Bank. This was
followed by a merger with the First National Bank of
Tarentum, Tarentum, Pennsylvania, which resulted
in The Union National Bank acquiring two branches.
In 1959, through a consolidation with the Farmers
27
National Bank of Beaver Falls, Beaver Falls, Pennsylvania, three additional branches were acquired. In
1961, two additional branches were acquired through
the merger with The Coraopolis National Bank and
the Goraopolis Trust Company, Coraopolis, Pennsylvania. The bank's only de novo branch was established in 1960 in the Pittsburgh area.
The Bridgeville National Bank, Bridgeville, Pennsylvania, has total assets of $24,646,000. It has six
branches all located in the southwest Pittsburgh metropolitan area, an area in which The Union National
Bank of Pittsburgh presently has no branch office.
The Union National Bank has an application on file
with this office for a branch in this area but because of
the difficulty of finding a suitable location, this application may be withdrawn.
The Bridgeville National Bank has had an excellent
growth record in the past 10 years as a result of its
highly aggressive suburban operations. Its growth
was accomplished largely through the establishment of
de novo branches. However, the capital structure of
the bank has not kept pace with this expansion and it
has reached the point where additional capital is required. The growth has also expanded the bank
beyond the supervisory abilities of its staff. The consolidated bank will be adequately capitalized and will
have sufficient depth of personnel to properly staff
and supervise its branch offices.
The present service area of the consolidating banks
is centered principally in Allegheny County but also
includes parts of Westmoreland and Beaver Counties
of Pennsylvania. This service area is one of the most
highly industrialized regions in the United States, with
the economy heavily dependent on the steel and allied
industries. It has a population of over 1,600,000 peo-
ple. In this area, there are 26 commercial banks, 138
savings and loan associations, one mutual savings
bank, and 187 credit unions. The consolidated bank
would be the fourth largest bank in the Pittsburgh
area, standing behind the Mellon National Bank and
Trust Company, Pittsburgh, Pennsylvania, the Pittsburgh National Bank, Pittsburgh, Pennsylvania, and
the Western Pennsylvania National Bank, McKeesport, McKeesport, Pennsylvania. The larger customers in the area are sought by the major banks throughout the nation and particularly those banks located in
New York City and Cleveland.
We have reviewed the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved, effective Friday, February 9, 1962.
FEBRUARY 3, 1962.
SUMMARY OF REPORT OF ATTORNEY GENERAL
The acquiring bank is the fourth largest in the area
and the acquired bank is the seventh largest. There
is presently a heavy concentration in the four largest
banks which would be enhanced by the acquisition
in question. Moreover, the acquiring bank has acquired four other banks in the last three years. Although the direct competition between the participating banks is not great at present, if the acquiring
bank's pending application for a branch office near a
branch office of the acquired bank is granted, the
participating banks will become stronger competitors.
On balance, in view of the prior undue banking
concentration in the area due in major part to numerous recent bank mergers, the effect of the proposed acquisition on competition appears to be substantially
adverse.
THE FIRST NATIONAL BANK OF EXETER, EXETER, PA., PURCHASED BY THE WYOMING NATIONAL BANK OF WILKESBARRE, WILKES-BARRE, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
The First National Bank of Exeter, Exeter, Pa. (13177), with
was purchased Feb. 26, 1962, by The Wyoming National Bank of Wilkes-Barre,
Wilkes-Barre, Pa. (732), which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
Application has been made to the Comptroller of
the Currency for approval of an agreement under
which The Wyoming National Bank of Wilkes-Barre,
Wilkes-Barre, Pennsylvania, would purchase the assets
and assume the liabilities of The First National Bank of
Exeter, Exeter, Pennsylvania, in conservatorship.
This transaction will enable the termination of the
28
$3, 002, 359
1
33, 490, 400
36, 492, 759
To be operated
4
5
conservatorship and will prevent the probable failure
of The First National Bank of Exeter. It is the
public interest, and it is hereby approved, effective
immediately.
FEBRUARY 26,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
(Emergency basis—no Justice report)
STATE SAVINGS BANK OF CARLETON, GARLETON, M I C H . , MERGED WITH MANUFACTURERS NATIONAL BANK OF
DETROIT, DETROIT, M I C H .
Banking offices
Name of bank and type of transaction
Total assets
In operation
State Savings Bank of Garleton, Garleton, Mich., with
and Manufacturers National Bank of Detroit, Detroit, Mich. (13738), which had.
merged Feb. 28, 1962, under charter and title of the latter bank (13738).
The merged bank at date of merger had
COMPTROLLER'S DECISION
The Manufacturers National Bank of Detroit,
Detroit, Michigan, has applied to the Comptroller
of the Currency for permission to merge with and into
itself the State Savings Bank of Carleton, Carleton,
Michigan.
The Manufacturers National Bank of Detroit has
total assets of $887,271,000. It is the third largest
bank in the Detroit metropolitan area, with 41 branches
spread throughout this area. The State Savings
Bank of Carleton has total assets of $3,668,000. It
is a unit bank and the only bank in the Carleton area.
Detroit, Michigan, has a population of 1,670,000
and is a highly industrial and commercial city. The
manufacture of motor vehicles and their component
parts is its most important industry. Some balance in
the area economy is provided by the chemical, drug,
steel, and tool and die industries located in the area,
The Detroit metropolitan area has a population of
2,800,000 and is serviced by 17 banks having a total
of 251 offices. The city of Detroit has seven banks
with 228 offices.
Carleton, Michigan, has a population of 1,379 and
serves an area with a population of 5,000. It is
principally a residential and agricultural community.
Most of the farms in the area are small and uneconomical and most farm owners combine their farming
operations with employment in the Detroit area industrial plants. From the trend already present in
the metropolitan area, it appears that Carleton will
change from an agricultural and residential community
into an industrial and suburban community.
In the years of 1950 to 1960, the Carleton service
area experienced a 50 percent increase in population
and an additional 50 percent increase is anticipated
in the next 10 years. Because of the size and limited
capital structure of the State Savings Bank of Carleton,
it is restricted in the services which it can offer to its
community. The nearest financial center to Carleton
is the city of Monroe, 10 miles distant. The banks
located in Monroe have been servicing to some extent
those banking needs which cannot now be handled
by the State Savings Bank of Carleton.
$4, 007, 615
914,129, 083
To be operated
1
42
917,668,161
43
The application states that Manufacturers National
Bank of Detroit is desirous of locating a branch office in the Carleton area. Carleton is within the
metropolitan service area of Detroit. Under the
restrictions of federal and state laws, Manufacturers
National Bank of Detroit could not locate there. The
only method by which Manufacturers National Bank
of Detroit could establish a branch in the community
of Carleton is by a merger with the existing bank.
The merger will bring to the Carleton community the
resources and the full range of services of the continuing bank and will provide Manufacturers National
Bank of Detroit with an entry into this portion of the
Detroit metropolitan area.
We have considered the statutory factors and it is
our conclusion that this transaction will be in the
public interest. The application is hereby approved,
effective Friday, February 9,1962.
FEBRUARY 3,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Manufacturers National Bank of Detroit is the
third largest bank in Detroit, with total deposits of
$790,445,000, net loans and discounts of $377,126,000,
and total assets of $887,271,000 and 42 banking offices.
Over one-fourth of its growth in the past 10 years has
been through merger, acquisition or consolidation.
The State Savings Bank of Carleton is a small unit
bank with deposits of $3,241,000, net loans and discounts of $1,640,000 and total assets of $3,668,000.
The proposed merger appears to be thefirstattempt
by a large Detroit bank to enter the area south of the
Detroit suburbs through merger. Should it be approved, the State Savings Bank of Carleton will be replaced by a branch of a bank more than 20 times larger
than the largest bank now operating in the area. Not
only will this be a disadvantage to existing independent
banks in the area, but it can be expected to stimulate
a merger trend which will turn the area from one of
independent banks to one of branch banks. No affirmative justification appears for the merger.
For the foregoing reasons it is our view that the effect
of the proposed merger on competition would be
adverse.
29
T H E FIRST NATIONAL BANK OF NORTH EAST, NORTH EAST, PA., PURCHASED BY T H E FIRST NATIONAL BANK OF
ERIE, ERIE, P A .
Name of bank and type of transaction
Total assets
Banking offices
In operation
The First National Bank of North East, North East, Pa. (4927), with
was purchased Feb. 28,1962, by The First National Bank of Erie, Erie, Pa. (12),
which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
The First National Bank of Erie, Erie, Pennsylvania,
with total assets of $84,464,000, has applied to the
Comptroller of the Currency for permission to purchase the assets and assume the liabilities of The First
National Bank of North East, North East, Pennsylvania, with total assets of $6,802,000.
Erie, Pennsylvania, is the county seat of Erie County,
with a population of 138,440 and a trade area population of 250,000. Erie is a lake port which can accommodate ocean going shipping. While there is
diversified industry in the area, 11 percent of the labor
force is currently unemployed. The County is served
by 13 banks with 21 branches.
North East, Pennsylvania, is also located in Erie
County, 15 miles east of Erie and has a population of
4,000. It is the center of a prosperous fruit producing region and there are presently two banks in the
community.
During the past 10 years, there was dissension among
the shareholders of The First National Bank of North
East, with a resulting history of internal friction.
This dissension was subsequently eliminated by the
purchase of a majority of the stock of the bank by
one faction. This group presently desires to dispose
of its interest. The First National Bank of Erie is in
a position to conduct and staff a branch operation in
North East, Pennsylvania.
We have considered the statutory factors and find
these favorable. It is our conclusion that this trans-
$6, 802, 000
1
84, 464, 000
90, 648,000
To be operated
8
9
action will be in the public interest and it is hereby
approved.
JANUARY 25, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Erie is the largest commercial bank in Erie County, Pennsylvania. Its service area, which includes the smaller area served by
The First National Bank of North East, extends
throughout the county.
Within the smaller area, the principal competition
of The First National Bank of North East for local
business has been provided by the National Bank of
North East. Whereas formerly that bank accounted
for approximately 48 percent of the deposits and 45
percent of the loans held by the two banks in North
East, following the proposed acquisition it will account
for less than 7 percent of such deposits and less than 6
percent of such loans.
It is our opinion that the proposed acquisition will
have the following effects on competition: it will increase the percentage of deposits and loans held by
The First National Bank of Erie, which already is the
largest bank in Erie County; the disparity in size of the
resulting bank and the National Bank of North East
may make it more difficult for the latter to remain independent; and a degree of competition between the acquiring and acquired banks will be eliminated.
We conclude, therefore, that the effect of the proposed transaction on competition would be slightly
adverse.
* * *
MERCHANTS NATIONAL BANK IN CHICAGO, CHICAGO, I I I . , CONSOLIDATED WITH CENTRAL NATIONAL BANK IN
CHICAGO, CHICAGO, I I I .
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
Merchants National Bank in Chicago, Chicago, 111. (14313), with
and Central National Bank in Chicago, Chicago, 111. (14362), which had
consolidated Mar. 9, 1962, under charter and title of the latter bank (14362).
The consolidated bank at date of consolidation had
30
$41,861,737
109,591,007
151, 452, 744
1
1
1
COMPTROLLER'S DECISION
The Central National Bank in Chicago, Chicago,
Illinois, and the Merchants National Bank in Chicago,
Chicago, Illinois, have applied to the Comptroller of
the Currency for permission to consolidate.
The Central National Bank has total assets of $113,972,000. The area in which this bank is presently
located is now being redeveloped by municipal authorities for use as a Chicago campus for the University of Illinois. The bank's premise will be subject to
condemnation and most of its immediate trade area
will be converted to this institutional use.
Permission has already been granted by this office for
Central National Bank to change its location to the
location vacated by the Chicago National Bank in
1960 when that bank merged with Harris Trust and
Savings Bank. This location is in the financial center
of the city. It is the applicant's contention that the
proposed consolidation will be beneficial in that the
resulting bank will have additional capital funds and
deposits to enable it to compete more effectively with
the larger banking institutions; the consolidated bank
would have a loan limit of $900,000 compared with
Central National Bank's present limit of $575,000;
deposit attrition would be minimized when the relocation of the bank is made; and the consolidated bank
would have sufficient depth of personnel.
Merchants National Bank has total assets of $48,858,000. It is located in an area experiencing an economic and social change. Many of its customers have
found it necessary to expand their operations and have
moved to outlying and suburban areas. Since 1954,
this bank has experienced a decline in deposits of
approximately $10,000,000, at a time when Chicago
banks generally were experiencing deposit growth.
The lack of growth and the change in the bank's
service area have made it difficult to attract proper
personnel for future management strength and continuity. At present, Merchants National Bank has a
lending limit of $250,000 and does not offer a full
range of banking services to its customers.
Neither bank presently relies on the business it
derives from the immediate area in which it is located
but draws customers from the entire metropolitan
area of Chicago. The relocation to the central business area will make the consolidated bank more convenient for its customers.
We have considered the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved, effective Friday, Feburary 9, 1962.
FEBRUARY 3,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Central, with assets of $133,972,000 and the largest
bank in its claimed service area in Chicago, proposes
to merge with Merchants, a bank fourth in size in the
same claimed service area and with assets of $48,858,000. While Central is about to move its quarters
to a new location, vacated by a recent merging bank,
the effect of the merger will still be the elimination of
a substantial competitor, the elimination of substantial
competition between the merging banks, and an increase in banking concentration in Chicago.
It is to be noted that one of the main reasons for
the proposed merger is to fill a "void" created by two
recent large bank mergers in Chicago leaving on LaSalle Street "only two 'smaller' banks on that street
offering the personal attention so difficult to achieve in
larger banking institutions."
We are of the view that the effect on competition of
the proposed merger will be substantially adverse.
FIRST NATIONAL BANK IN BROWNSVILLE, BROWNSVILLE, P A . , PURCHASED BY FIRST NATIONAL BANK OF FREDERICKTOWN, FREDERICKTOWN, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
First National Bank in Brownsville, Brownsville, Pa. (14597), with
was purchased Mar. 9, 1962, by First National Bank of Fredericktown, Fredericktown, Pa. (5920), which had
After the purchase was effected, the receiving bank had
COMPTROLLER S DECISION
The First National Bank of Fredericktown, Fredericktown, Pennsylvania, with total resources of $7,458,000, has applied for the approval of the Comptroller
of the Currency to purchase the assets and assume the
liabilities of the First National Bank in Brownsville,
696-055—63
4
$4, 594, 000
1
7, 458, 000
11,577,000
To be operated
3
4
Brownsville, Pennsylvania, with total resources of
$4,594,000.
Fredericktown, Pennsylvania, has a population of
1,270 and is an unincorporated village located approximately 35 miles south of Pittsburgh. It is a mining
community serving a trade area of 6,500. The mines
in the area are owned by large corporation* and at
31
present the coal industry is in a depressed condition.
Brownsville, Pennsylvania, with a population of
6,000, is located approximately eight miles from
Fredericktown and the majority of employment is
provided by the coal mines located in the vicinity.
Employment is currently below normal levels.
At present the two banks have common ownership
and management. The control of the Brownsville
bank was acquired June 2, 1961, by President M. A.
Powers of the First National Bank of Fredericktown.
Mr. Powers assumed the presidency of the Brownsville
bank, thus bringing to an end a management problem
therein existing since 1959.
Many operating economies would be possible as a
result of the combining of the two institutions and the
continuing institution would be able to more effectively
use the combined resources of both banks and to better
serve the convenience and needs of the community.
In view of the above, we find the proposed sale to
be in the public interest and the application is therefore approved, effective Friday, February 9, 1962.
FEBRUARY 3, 1962.
SUMMARY OF REPORT OF THE ATTORNEY GENERAL
The resulting bank, with $10,491,000 in IPG
deposits and $4,698,000 in total loans and discounts,
would rank sixth in size of the eight banks within its
service area.
There already prevails a great degree of common
ownership and common management of the purchasing and selling banks, which would seem to limit any
competition which might normally exist between them
by virtue of the fact that their service areas overlap.
In view of this and in view of the relative size of the
resulting bank and the number of banking alternatives
which would still exist in the service area, it does not
appear that the proposed acquisition of assets would
have a substantially adverse effect on competition.
THE FARMERS NATIONAL BANK OF WILLIAMSPORT, WILLIAMSPORT, OHIO, PURCHASED BY THE FIRST NATIONAL
BANK OF CIRCLEVILLE, CIRCLEVILLE, OHIO
Total assets
Name of bank and type of transaction
Banking offices
In operation
The Fanners National Bank of Williamsport, Williamsport, Ohio (10267), with
was purchased Mar. 16, 1962, by The First National Bank of Circleville, Circleville, Ohio (118), which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
The First National Bank of Circleville, Circleville,
Ohio, has applied to the Comptroller of the Currency
for permission to purchase the assets and assume the
liabilities of The Farmers National Bank of Williamsport.
The First National Bank of Circleville has total
assets of $4,879,000. It is located in Circleville, the
County Seat of Pickaway County, which has a population of approximately 11,000. Circleville's business
district serves as a shopping center for a trade area of
approximately 20,000 persons. The surrounding area
is primarily agricultural; however, manufacturing is
becoming increasingly important. Six of the largest
manufacturers employ 2,250 persons and some residents commute to an air force base 17 miles north and
to Columbus, Ohio, about 26 miles distant. The First
National Bank is a unit bank and there are three other
banks in this city.
The Farmers National Bank of Williamsport, with
total assets of $1,927,000, is located in Williamsport,
a community of 700 people, which is nine miles from
Circleville. There are an estimated 4,000 people in
the Williamsport trade area whose principal source of
32
$1, 927, 000
1
4, 879, 000
6, 595, 000
1
To be operated
2
income is farming. The Farmers National Bank is a
unit bank and is the only bank located in the community. There has been a deterioration in the quality
of this bank's assets, requiring this office to place it on
our special list for more frequent examinations. Its
managing officer has resigned, creating a management
succession problem. The management of The First
National Bank of Circleville is competent and well
equipped to direct the proposed operation.
Within the County, there are 16 commercial and
savings banks. These banks carry a combined deposit
volume of $34,875,000, with an average of less than
$2,500,000 for a banking office. These figures indicate that the banking needs of larger interests within
the county are served by banks located elsewhere.
The First National Bank anticipates a capital increase
program to increase its lending limit to $40,000, a limit
which it is anticipated will enable the bank to service
almost all of the local credit needs. It is further
anticipated that The First National Bank, upon approval of the proposal, will offer services to its customers not presently offered by either bank. In addition, The First National Bank would be in a position
to offer to the other banks within the county such
services as clearing facilities, electronic posting or
booking, and such other services which the smaller
banks would require but because of their capital position could not supply for themselves.
We have reviewed the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved, effective Friday, February 23, 1962.
FEBRUARY 16, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Circleville presently
competes with three other commercial banks in the
same city, eight additional banks located within its
service area, and seven banks lying on the periphery
of its service area. Although it presently competes
with the selling bank, such competition is not substantial.
As a result of the proposed sale, First National will
move from second to first in size among area banks.
However, in light of the relatively minor degree of
competition being eliminated and the continued existence of a number of independent banks who will
continue to compete with the resulting bank, we believe that the proposed purchase will not have a substantial adverse effect upon competition nor will it
tend towards monopoly.
THE FIRST NATIONAL BANK OF CLINTON, CLINTON, N.J., CONSOLIDATED WITH THE CLINTON NATIONAL
BANK, CLINTON, N.J.
Banking offices
Total assets
Name of bank and type of transaction
In operation
The First National Bank of Clinton, Clinton N.J. (2246), with
and The Clinton National Bank, Clinton, N.J. (1114), which had
consolidated Mar. 16,1962, under the charter of the latter bank (1114) with title
"First Clinton National Bank." The consolidated bank at date of consolidation had
$3, 245, 917
12, 508, 489
To be operated
1
1
15,754,406
1
COMPTROLLER'S DECISION
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Clinton, Clinton, New
Jersey, and The Clinton National Bank, Clinton, New
Jersey, have applied to the Comptroller of the Currency for permission to consolidate, as required under
the provisions of section 18 (c) of the Federal Deposit
Insurance Act, as amended, (12 U.S.C. 1828(c)) and
section 215 of Title 12 of the United States Code.
The financial history and condition, future earnings prospects, and capital of the two banks are favorable and the management of the resulting bank will
be satisfactory.
The consolidated bank will have the capacity to
service satisfactorily the convenience and needs of the
immediate area. Since the resulting bank will be a
national bank, its corporate powers will be consistent
with the Federal Deposit Insurance Act.
We find the proposed consolidation to be in the
public interest and the application is therefore
approved.
The service area of First National Bank is entirely
within the somewhat larger service area of the Clinton
National Bank and only one other banking office is
located within this common service area, the population of which is represented at approximately 20,000.
The proposed merger will have an adverse effect on
competition in this area between the two banks proposing to merge and will reduce from three to two
the number of banking offices in this area.
The banks are the only commercial banking institutions in Clinton, New Jersey, which has a population
of approximately 1,158. The merger will eliminate
the substantial competition which must exist between
the two banks in and near Clinton and will reduce
from two to one the number of banking institutions
immediately available to persons residing or doing
business in that area.
DECEMBER 19, 1961.
33
FIRST NATIONAL BANK OF BRUNSWICK, BRUNSWICK, MAINE, MERGED WITH FIRST NATIONAL BANK OF PORTLAND,
PORTLAND, MAINE
Banking offices
Name of bank and type of transaction
Total assets
In operation
First National Bank of Brunswick, Brunswick, Maine (192), with
and First National Bank of Portland, Portland, Maine (4128), which had
merged Mar. 23, 1962, under charter and title of the latter bank (4128). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The First National Bank of Portland, Portland,
Maine, and the First National Bank of Brunswick,
Brunswick, Maine, have applied to the Comptroller
of the Currency for permission to merge.
The First National Bank of Portland has total assets of $83,654,000. The bank has four branches in
Portland and five branches in communities in the
southeastern portion of the State. Beginning January 1958, the First National Bank of Portland has
acquired five banks with total deposits of $32,227,000.
This bank is a full service bank and has a trust department. The First National Bank of Brunswick
has total assets of $8,703,000. This bank has no
branches; however, it operates a military facility office at the United States Naval Air Station, Brunswick,
Maine.
Portland, Maine, is the largest city in the State, with
a population of approximately 73,000 and is located
in the southeastern section of the State. It is a leading trade center for the northeastern section of New
England with a trade area population of 120,000.
The city's excellent harbor facilities have been instrumental in attracting industry to it and to the surrounding area. There has been a steady increase in the
economy of southern Maine in the past decade, with
new industries moving into the area and with the local
industries expanding.
Brunswick, Maine, is located 26 miles northeast of
Portland and has a population of 15,000 and a trade
area population of approximately 23,000. During the
period from 1950 to 1960, the city was the most rapidly
growing community in the State, with a population
gain of 50 percent since 1950. This increase is attributable to new industrial concerns moving into the
area. Bowdoin College is located in Brunswick and
outside of this community there is a naval air force
base with personnel in excess of 3,500 and an air force
base employing 800 persons.
Directly competing with the merging banks are four
commercial banks, 24 branch banking offices, four
mutual savings banks, one industrial bank, and 12
savings and loan associations. In addition, the large
financial institutions in the metropolitan centers of
34
$7, 825, 695
80,123, 505
To be operated
1
11
87, 949, 200
12
Boston and New York are also exceedingly active in
this area, offering a variety of banking services. Of
the commercial banks competing in the Portland area,
four, including the First National Bank of Portland,
have area-wide branch systems. The First National
Bank of Portland is the second largest of these four
banks. The largest bank is the Depositors Trust Company whose head office is in Augusta, Maine, some 57
miles from Portland. This bank has total assets of
$97,929,000 and operates 22 branches throughout the
south central section of Maine. The third largest of
these four banks, the Casco Bank and Trust Company
of Portland, has 18 branches and operates principally
in the southwestern section of Maine. The smallest
of these banks, the Canal National Bank of Portland,
has 10 branch offices.
The application states that one of the reasons motivating the merger is the anticipated retirement of
the managing officer of the First National Bank of
Brunswick and the difficulties experienced by that
bank in its attempts to find a suitable replacement.
This reason standing alone, except under unusual circumstances, will not support the approval of an application to merge. However, in addition to the
management factor, the application also notes that
Brunswick is the most rapidly growing community in
Maine and that there is a definite need for additional
financial resources in the area. Where it can be
clearly demonstrated, as it is in this application, that an
acquisition through a merger will materially strengthen the banking structure of the area, such an acquisition is in the public interest. The continuing
bank will bring to the Brunswick community resources and services which the merging bank is not
able to supply and will offer intensified competition
to the branch of the Casco Bank and Trust Company
located in Brunswick.
The application is therefore approved, effective on
or after March 20, 1962.
MARCH 13,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First Portland, the charter bank, has deposits of
$74,592,000, net loans and discounts of $45,410,000,
and assets of $83,654,000. It operates 10 banking
offices in Portland and other communities in Southeastern Maine. Nearly half its present size is attributable to a series of acquisitions begun in 1958, at
least three of which appear to have had anticompetitive effects.
First Brunswick, the merging bank, has deposits of
$7,941,000, net loans and discounts of $4,178,000, and
total assets of $8,703,000. It has an office in Brunswick, and operates a facility at the U.S. Naval Air
Station, Brunswick.
In our view the proposed merger would:
1. Transform the only independent bank in
Brunswick into a branch bank;
2. Increase the resources of First Portland, already the largest Portland bank, by approximately
10 percent;
3. Encourage further mergers which might
eliminate the only two independent unit banks
which would remain in the Resulting Bank's service area if the present proposal is approved;
4. Continue the series of acquisitions in which
First Portland has acquired five independent
banks with deposits of $32,227,000 within the past
four years.
We therefore feel that its effect on competition
would be adverse.
THE NATIONAL BANK OF KINGS PARK, KINGS PARK, N.Y., MERGED WITH VALLEY NATIONAL BANK OF LONG
ISLAND, VALLEY STREAM, N.Y.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The National Bank of Kings Park, Kings Park, N.Y. (14019), with
and Valley National Bank of Long Island, Valley Stream, N.Y. (11881), which
had
merged Mar. 23, 1962, under the charter and title of the latter bank (11881).
The merged bank at the date of merger had
COMPTROLLER S DECISION
The Valley National Bank of Long Island, Valley
Stream, New York, has applied to the Comptroller of
the Currency for permission to merge with and into itself The National Bank of Kings Park, Kings Park,
New York, under the charter and title of "Valley National Bank of Long Island."
The Valley National Bank of Long Island, with
total assets of roughly $68 million as of October 31,
1961, was chartered November 29, 1920, under the
name of "Valley Stream National Bank and Trust
Company." The bank presently operates ten
branches, six of which are located in Western Nassau
County and the remaining four branches in Eastern
Suffolk County. The bank has an application pending for an additional branch office to be located in
Western Nassau County.
Up until July 8, 1960, Valley National Bank of
Long Island had not participated in any merger, consolidation or sale. On that date Valley National
Bank merged with The First National Bank of Greenport, Greenport, New York. On October 13, 1961,
Valley National Bank and Osborne Trust Company,
East Hampton, New York, were consolidated.
The National Bank of Kings Park, with total assets
of $8,102,000, was chartered on February 21, 1934.
It has not been a party to any merger, consolidation,
reorganization or sale. The bank, which is a unit
$8, 052, 801
1
67, 073, 426
11
75,126, 227
12
bank, is located in the community of Kings Park.
This is an unincorporated village located at Suffolk
County approximately 38 miles Northeast of Valley
Stream. Kings Park has a population of 10,000, and
is located in a predominantly agricultural area which
has no industry. The National Bank of Kings Park
is the only bank located in that community. Competition is supplied by the offices of four banks located
withinfivemiles of that community.
Suffolk County has experienced a tremendous residential growth in the past five years. The area south
and west of Kings Park has shown the largest residential expansion in the area. Several shopping centers have already been established there as well as
several light industrial plants.
While at present The National Bank of Kings Park
appears to be adequately servicing the community, it
does not appear to have the capacity to continue to
service the expected growth which this area will experience. At present 67 percent of the deposit structure of Kings Park consists of time money and the
interest paid on these deposits has reduced retained
earnings sharply.
The management of Kings Park has operated under
very conservative policies. As a result, the bank has
not sought to establish branch offices and the full potential of the bank and its service area has not been
realized. The management of Valley National Bank
35
has demonstrated that it is experienced, competent, aggressive and capable of servicing its service area to the
fullest extent.
We are convinced that both the community of Kings
Park and the service area in general will benefit as a
result of the proposed transaction. We find the proposed transaction to be in the public interest in the light
of the statutory factors, and it is therefore approved,
effective on or after March 20,1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Valley National Bank of Long Island, with assets of
approximately $67,825,000 and with 11 offices in Nassau and Suffolk Counties and applications pending
for three de novo offices in Nassau County, proposes to
acquire The National Bank of Kings Park, with a
single office in northwestern Suffolk County, and assets
of approximately $8,102,000. The banks are apparently not in competition with each other, the nearest
branch of Valley National being approximately 30
miles from Kings Park. The home office of Valley
National in Valley Stream is approximately 38 miles
from Kings Park.
Valley National competes in Nassau County with
several banks substantially larger in size, including
Franklin National Bank and Meadow Brook National
Bank, and in Suffolk County with Security National
Bank of Long Island, which lias assets of approximately
$250,000,000.
It does not appear that the proposed merger would
have any substantial adverse competitive effects, nor
any tendency toward monopoly.
THE FIRST NATIONAL BANK OF ALLENDALE, ALLENDALE, N.J., CONSOLIDATED WITH CITIZENS FIRST NATIONAL
BANK & TRUST CO. OF RIDGEWOOD, RIDGEWOOD, N J .
Total assets
Name of bank and type of transaction
Banking offices
In operation To be operated
The First National Bank of Allendale, Allendale, NJ. (12706), with
and Citizens First National Bank & Trust Co. of Ridgewood, Ridgewood, NJ.
(11759), which had
consolidated Mar. 30, 1962, under charter of the latter bank (11759) with title
"Citizens First National Bank of Ridgewood." The consolidated bank at
date of consolidation had
COMPTROLLER'S DECISION
The Citizens First National Bknk and Trust Company of Ridgewood, Ridgewood, New Jersey, and
The First National Bank of Allendale, Allendale, New
Jersey, have applied to the Comptroller of the Currency for permission to consolidate under the charter
of the former, with the title of "Citizens Northern
National Bank of Ridgewood."
The Citizens First National Bank was chartered in
1920 and now maintains, in addition to its main office,
an in-town branch and one office each in Hohokus
and Saddle River, 1.5 miles and 4 miles, respectively,
north of the main office. It has total assets of $45.5
million, total deposits of $42.1 million, total loans of
$18.2 million, and a loan limit of $229,400. During
1960, this bank had one loan of $235,000 participated
in by a New York correspondent. In 1961, it had
50 percent participation in a $400,000 loan with the
same correspondent. It urges, as a reason for approval of this application, that it needs an increase in
its loan limit to $303,000, better to compete with the
larger banks in Bergen, Passaic, and Essex Counties.
The trust department of this bank, active for the past
36
$11,506,231
48, 479, 504
60, 028, 966
50 years, has 309 accounts with total assets of $17.8
million. Its good earning record for the last five
years of operation reflects the competency of its management which would continue in charge of the resulting bank.
The First National Bank of Allendale was chartered
in 1925. The home office in Allendale is 4.5 miles
north of Ridgewood and its one branch at Waldwick
is 2.5 miles north of Ridgewood. It has total assets
of $10.6 million, total deposits of $9.8 million, total
loans of $5 million, and a loan limit of $74,000. Its
trust department has 28 accounts with total assets of
$1.3 million. This bank has not participated in loans
with any other bank. It is reported to have rejected
one loan for $100,000 and a number of loans for lesser
amounts and to have reduced the amount of a number
of loans requested because of its legal lending limitations. Under its present management, which will be
supplanted by this transaction, its earnings for the
last five years have been satisfactory.
On the basis of municipal boundaries, the Citizens
First National Bank has 775 accounts totalling $1,400,000 drawn from the Allendale area and The First
National Bank has 200 accounts with $660,000 from
the Ridgewood area. This overlapping of trade
areas springs in part from the proximity of their
branches at Hohokus and Waldwick (1 mile apart)
and at Saddle River and Allendale (2 miles apart).
Both banks offer substantially the same services, follow the same rates, have the same loan policies, and
possess good management. Neither bank is owned by
a bank holding company nor is affiliated with any
other bank. There is no comon management and
very little common stock ownership between the two
banks. By maintaining their present offices as
branches of the resulting bank, they will continue to
serve the community with the same degree of convenience as before the consolidation.
Both these banks operate in northwest Bergen County, New Jersey, some 25 miles northwest of New York
City and 10 miles north of Paterson, New Jersey. This
section of Bergen County has shown a marked growth
in both population and industrial development in the
past ten years. Ridgewood is a rapidly growing better class residential community of 25,000 people and
limited industrial activity. There has been a marked
industrial growth of small plants in the area just south
of Ridgewood. Allendale is also a better class residential community with little industry. The Ford
Motor Company opened an assembly plant in the last
10 years at Mahwah, New Jersey, six miles north of
Allendale. The towns of Waldwick, Saddle River,
and Hohokus, served by branches of these banks, are
also residential communities with insignificant industrial activity. Many of the residents of the abovementioned towns are employed in New York City,
Paterson, Newark, and Mahwah.
Within the service area of these two banks, as described in the application, there are seven banks with
15 banking offices. The total deposits of these seven
banks are $126.9 million. The Citizens First National Bank, with three offices, accounts for 33.2 percent of these deposits. The First National Bank of
Allendale, with two offices, has 8.5 percent of the
total deposits. The Citizens First National Bank, now
the largest in this service area, will, by this consolidation, more firmly establish its primacy over the North
Jersey Trust Company, which has 25 percent of the
total deposits. The four remaining banks in this area,
with seven offices, have 33.3 percent of the deposits.
In addition to this local competition for deposits, it
must be noted that the large banks beyond the service
area with offices convenient to the place of business of
the commuting population of these communities, offer
considerable competition for regular and special
checking accounts.
While a view of the service area of the resulting
bank as lying within either a four-mile or a five-mile
radius of the principal office would alter the figures
used in the preceding paragraph, the overall effect of
this consolidation on the pattern of banking would be
substantially the same. Within a four-mile radius
service area, there would be eight banks with 17 offices
of whose total deposits the Citizens First National Bank
would have 27.2 percent and The First National Bank
of Allendale would have 6.9 percent. In this area,
the consolidation would only confirm the Citizens
First National Bank's first place over its nearest competitor, the North Jersey Trust Company, which has
20.4 percent of the deposits. Within afive-mileradius
of the main office of the resulting bank, there are 17
banks with 32 existing branches. The Citizens First
National Bank would, in this area, be fifth in size and
would control 4.6 percent of the deposits of the area.
By the consolidation, it would gain 1.2 percent of the
deposits but would retain its relative position.
Since this transaction has been measured against
the statutory criteria and appears to be in the public
interest, the application, therefore, is granted, effective Thursday, March 8, 1962.
MARCH 2,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Citizens First National Bank and Trust Company,
with $41,950,000 of IPC deposits and $17,931,000
of loans, presently ranks fifth in size among thirteen
banks within its service area. First National Bank of
Allendale, with $10,486,000 of IPC deposits and $4,782,000 of loans, ranks fourth in size of five banks
within its service area. It appears that the service
areas overlap since approximately 6.6 percent of Allendale's loans and 7.3 percent of its deposits are attributable to Citizens' service area, while 6.0 percent
of the loans and 3.6 percent of the deposits of Citizens
arise in Allendale's service area.
It is stated that the consolidation was inspired by
the desire to meet the increased competition offered
by larger banks in the area.
It should be noted that the attempt to compete with
larger banks through consolidation is likely to increase
the pressures on the remaining smaller banks within
the service area to follow suit. However, in view of
the fact that there will remain fifteen commercial
banks within a service area with a population of 123,000, and in view of the relative size of the resulting
bank and the lack of substantial competition between
the applicants, it does not appear that the proposed
consolidation would have a substantial adverse effect
on competition.
37
THE MERCHANTS NATIONAL BANK OF CAPE MAY, GAPE MAY, NJ., CONSOLIDATED WITH THE NATIONAL BANK
OF OCEAN CITY, OCEAN CITY, NJ.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Merchants National Bank of Gape May, Cape May, NJ. (9285), with
and The National Bank of Ocean City, Ocean City, NJ. (14145), which had...
consolidated Mar. 30, 1962, under charter of The National Bank of Ocean City
(14145), with title "The Cape May County National Bank." The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
Ocean City, New Jersey, is a resort community located in the northernmost part of Cape May County
on the Atlantic coast. Its population of 7,500 yearround residents expands by approximately 100,000
vacationers during the summer season. The steady
influx of retired families of moderate means between
1950 and 1960 has caused a 26 percent increase in the
number of permanent residents. The commercial
activities of the community are geared to the tourist
trade. While its industrial activity is presently limited
to boat building, it has zoned a substantial amount of
land for light and heavy industries in the apparent
hope that some such industries may be induced to
locate there.
The National Bank of Ocean City, one of the applicants herein, was organized in 1934 and is the only
bank in the city. It maintains two branch offices—one
in Ocean City and the other in Sea Isle City, a resort
community of 1,400—ten miles south of Ocean City.
The total assets of this bank are $25.3 million. Its
total deposits of $20.3 million and loans of $14.9
million make up approximately one-third of the county
totals.
Cape May, New Jersey, is situated at the southern
extremity of Cape May County, 32 miles distant from
Ocean City. The permanent population of Cape May,
numbering some 5,000, is augmented in the summer
months by some 30,000 persons on vacation. The
principal commercial activities of this town center
about the tourist trade. As one of the nation's chief
fishing ports, its annual revenue from both commercial
and sport fishing is estimated at $10 million. Its few
small industries, employing 400 persons on a steady
basis, have an annual payroll of $2 million. The payroll at the U.S. Coast Guard Receiving Station located
near Cape May averages $2.5 million a year. A
limited amount of farming is conducted in the area.
The Merchants National Bank of Cape May is the
only bank in the town. Organized in 1908, this bank
has grown steadily until its total assets are $7,199,000.
Its total deposits are $4.9 million and its loans are $3.8
million. This bank can make loans up to its limit of
38
$6,106, 096
21,055,137
27,161, 233
1
3
4
$35,000. Like the National Bank of Ocean City, The
Merchants National Bank has a wide fluctuation in
deposits during the year stemming from the seasonal
nature of its tourist trade.
The application for this consolidation sets forth
as the basic reason for this proposal the desire to diversify the nature of the business and resources of the
Ocean City Bank by expanding into an area in which
there is greater diversification of the economy. While
it is quite true that the Coast Guard Station and the
light industry located in Cape May contribute to the
stability of its economy, Cape May, like Ocean City,
now depends primarily on the tourist trade to sustain it.
Among other reasons offered in support of this consolidation is the desire of bringing to Cape May the
better banking services which will result from the
larger resulting bank. It is believed that the resulting Cape May County National Bank will provide a
more complete program of banking services than is
now rendered. The new program envisages increased
customer lending, FHA and G.I. mortgages, drive-in
banking windows and parking lots, and extended banking hours. It is further urged that this consolidation
will increase the lending limit of the participating
banks from $100,000 and $35,000 to $135,000, thereby
enabling it better to meet the credit needs of some of
its borrowers without the necessity of seeking help from
their correspondent banks. That such expanded services will in some degree accrue to Cape May as a result of the proposal cannot well be doubted. The
promise contained in the application that the resulting
bank will, after the consolidation, increase its capitalization by a 100 percent stock dividend and the sale
of 5,000 new shares of $10 par at $20 to increase its
lending limit to $200,000 is a favorable factor in this
application.
Both the Ocean City Bank and The Merchants
Bank, like the other six banks in Cape May County,
primarily serve the communities in which they are
located without any substantial effect beyond the environs of that community. Since none of these county
banks competes with any other, it is difficult to see how
this proposed consolidation could affect competition
favorably or unfavorably. The size and location of
the resulting bank would be such that no active competition betwen it and larger banks in other counties
could be expected.
Having thus considered this application in the light
of the criteria set forth in the Bank Merger Act of
1960, 12 U.S.G. 1828(c), and having found that on
balance the proposed consolidation is in the public
interest, it is hereby approved, effective on or after
March 20, 1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The charter bank with total assets of $25,275,000
proposes to merge with the only bank in Cape May
with assets of $7,199,000. The banks are located 32
miles apart and do not appear to compete to an appreciable degree with each other.
While the resulting institution will be considerably
larger than other banks competing in the service area
of the charter bank and in the combined service area
of the two banks, it does not appear that the effect on
competition will be significantly adverse.
THE FIRST NATIONAL BANK OF FREEHOLD, FREEHOLD, N.J., CONSOLIDATED WITH THE MONMOUTH COUNTY
NATIONAL BANK, RED BANK, RED BANK, NJ.
Total assets
Name of bank and type of transaction
Banking offices
In operation To be operated
The First National Bank of Freehold, Freehold, NJ. (452), with
and The Monmouth County National Bank, Red Bank, Red Bank, NJ .(2257),
which had
consolidated Mar. 30, 1962, under charter and title of the latter bank (2257).
The consolidated bank at date of consolidation had
COMPTROLLER S DECISION
The Monmouth County National Bank, Red Bank,
New Jersey, and The First National Bank of Freehold,
Freehold, New Jersey, have applied to the Comptroller
of the Currency for permission to consolidate under the
charter and title of The Monmouth County National
Bank. Monmouth County is located on the outer ring
of metropolitan New York, approximately 40 miles
south on the east coast of New Jersey. The County's
mixed economy has experienced a rapid growth in
industry with the arrival of such companies as Bendix,
Lily-Tulip, Bell Telephone Laboratories, Minnesota
Mining and Manufacturing and Corning Glass. This,
along with its proximity to the New York area, has produced a concomitant expansion of residential development.
The Monmouth County National Bank had, as of
September 27, 1961, deposits of $50,261,000 and loans
of $32,340,000. With approximately 18.30 percent of
the deposits and 19.82 percent of the loans, it is the
third largest bank in the Monmouth County area. It
operates five branches, with a sixth approved, in the
County and has consolidated with three other banks in
the past 10 years.
The First National Bank of Freehold had, as of
September 25,1961, deposits of $20,936,000 and loans
of $14,149,000 derived from its main office and two
branches. As the fourth largest bank in the area, it has
7.62 percent of the total deposits and 8.66 percent of
$26, 212, 693
2
64, 237, 479
6
90, 470, 826
8
the total loans. It has consolidated with one other
bank in the last 10 years.
The earnings of these two institutions have been
below normal for banks of comparable size in the area.
The resulting institution would be better equipped
over an extended period of time to effect operating
economies without detriment to the services offered
the public in this rapidly changing and expanding
area. In addition to the substantial increase in the
lending limit from $330,000 to $516,000, a more complete trust service will be offered to the Freehold
area.
While this consolidation will effect a change in the
relative position of The Monmouth County National
Bank in the Monmouth County area, it will not materially affect the banking structure nor the position
of the smaller banks in relation to the larger banks.
The elimination of the unsubstantial competition between these institutions in the Englishtown-Freehold
area will not deprive the people of that area of the
benefits of the more effective competition which will
be generated between the resulting bank and the $81
million Central Jersey Bank and Trust Company.
Having considered all factors that bear on this
application, and having determined that this proposal
will promote the public interest, the application is
granted effective on or after March 20, 1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY THE ATTORNEY GENERAL
The proposed consolidation would unite the third
and fourth largest banks in this area and eliminate the
competition that appears to exist between the First
National Bank of Freehold and the Englishtown branch
of the Monmouth County National Bank. This transaction, the fourth in a series of mergers and consolidations occurring within slightly more than a year and
involving the three largest banks in this area, would
result in their holding approximately 72 percent of all
assets in the resulting bank's service area. It would
increase the already serious competitive disadvantage
of the small independent banks and perhaps make their
own consolidation a necessity if they are reasonably to
compete with the emerging giants.
It is the view of the Department of Justice, therefore,
that the proposed consolidation, if approved, will have
a substantially adverse effect on competition among the
banks in the resulting bank's service area.
THE FIRST NATIONAL BANK OF WEST ORANGE, WEST ORANGE, N J., MERGED WITH THE NATIONAL NEWARK &
ESSEX BANKING GO. OF NEWARK, NEWARK, N J .
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The First National Bank of West Orange, West Orange, NJ. (9542), with
and The National Newark & Essex Banking Go. of Newark, Newark, N J. (1316),
which had
merged Mar. 30, 1962, under charter of the latter bank (1316), and title "National Newark & Essex Bank." The merged bank at date of merger had
COMPTROLLER S DECISION
The National Newark & Essex Banking Company
of Newark, Newark, New Jersey, and The First National Bank of West Orange, West Orange, New Jersey, have applied to the Comptroller of the Currency
for permission to merge.
The National Newark & Essex Banking Company
of Newark, with total assets of $370,720,000, operates
its main office and six branches in Newark, four
branches in East Orange, three in Bloomfield, and one
branch each in Orange, Montclair, Caldwell, Caldwell Township, Cedar Grove, and South Orange.
The First National Bank of West Orange, with assets
of $20,191,000, operates its main office, one branch,
and a drive-in facility in West Orange and has an application for an additional branch in West Orange.
Both banks are located in Essex County, New Jersey,
and The National Newark & Essex Banking Company
is the third largest bank in this County. The Fidelity
Union Trust Company, Newark, New Jersey, with
total assets of $514,475,000, and the National State
Bank of Newark, Newark, New Jersey, with total assets
of $462,597,000, are both larger than The National
Newark & Essex Banking Company.
Essex County is an important industrial and residential section of the State of New Jersey, covering
an area of 125 square miles, with a population just
under one million. Newark is located in the more
populous eastern half of the County and is approximately 10 miles from New York City. It is the largest
city in the state, with a population of 405,000, and it
40
$20,605,112
3
373, 722,144
25
394,161,161
28
is the center of a metropolitan area with a population
of over three million.
West Orange, with a population of approximately
40,000, is located in the western half of Essex County.
This section of the County is largely suburban in
character. However, it is experiencing a rapid growth
in residential and light industrial development. West
Orange covers an area of about 12 square miles and
a substantial portion of this area is undeveloped. The
lending limit of The First National Bank of West
Orange is presently $110,000. In the application,
the bank states that it has experienced a significant
number of cases where its legal limit was inadequate
for some of its customers and in other instances the
low limit prevented the bank from soliciting new customers. While at present the demand for credit is
primarily for loans to individuals, it is anticipated
that the demand in the area will be increasing and that
there will also be a need for additional services which
The First National Bank of West Orange at present
is not offering. If the merger is approved, the continuing bank will have a lending limit of $2,610,000
and will bring to the West Orange community a full
range of banking services.
The First National Bank of West Orange presently
enjoys a monopoly in that community because New
Jersey law prohibits branching in a community, outside of the municipality in which a bank's main office
is located, where the head office or branch of another
bank is located. This monopoly would be acquired by
the continuing bank, which presently enjoys a similar
position in Caldwell Township, Cedar Grove, South
Orange, and Bloomfield.
While there are no other commercial banks located
in West Orange, The National Newark & Essex Banking Company has nine offices located in contiguous
communities or within three miles of West Orange.
There are eight other commercial banks which have
home offices withinfivemiles of the West Orange bank,
including the Fidelity Union Trust Company and the
National State Bank of Newark. While it would appear that in the West Orange service area there are
already available resources greater than those the
merged bank would have, such resources are not available within the community of West Orange. Thus, it
would appear that the community of West Orange
would materially benefit from the proposed merger.
At present, the banks with larger resources are kept
out of the limits of West Orange by the provisions of
the State Branch Banking Statutes. A merger, as proposed, is their only path of entry.
In view of the dynamic nature of the western area
of Essex County and the restriction against branching
present in New Jersey, it is our opinion that the convenience and needs of the West Orange community
favor the proposed merger. We find that this proposal will have little effect on the banking structure
throughout the rest of the community. We further
find that the other statutory factors are favorable.
It is our conclusion that this transaction will be
in the public interest and it is therefore approved, effective on or after March 20, 1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The National Newark & Essex Banking Company
of Newark, Newark, New Jersey, proposes to acquire
by merger The First National Bank of West Orange,
West Orange, New Jersey.
The proposed merger would eliminate competition
between the merging institutions, it would further
the tendency toward mergers in the Essex area of New
Jersey and increase the concentration of banking in
this area. Thus, the effect upon competition would
be adverse.
BANK OF NORTH WILKESBORO, NORTH WILKESBORO, N.C., MERGED WITH THE NORTH CAROLINA NATIONAL
BANK, CHARLOTTE, N.C.
Total assets
Name of bank and type of transaction
Banking offices
In operation To be operated
Bank of North Wilkesboro, North Wilkesboro, N.C, with
and The North Carolina National Bank, Charlotte, N.C. (13761), which had...
merged Mar. 30, 1962, under charter and title of the latter bank (13761). The
merged bank at the date of merger had
COMPTROLLER S DECISION
The North Carolina National Bank, Charlotte, North
Carolina, and the Bank of North Wilkesboro, North
Wilkesboro, North Carolina, have applied to the
Comptroller of the Currency for permission to merge
under the charter and title of the "North Carolina
National Bank" and to maintain branches at the site
of the present offices of the Bank of North Wilkesboro.
North Carolina National Bank has had an interesting history of growth in the last five years. Since
its formation at the close of business June 30, 1960, by
consolidation of the Security National Bank of Greensboro and the American Commercial Bank in Charlotte,
it has been the receiving bank in mergers with the
Merchants and Farmers Bank of Statesville on October
7, 1960, and the First National Bank of Winston-Salem
on December 30, 1960, whereby it acquired nine new
branches. Prior to June 30, 1960, the Security National Bank of Greensboro, which was organized under
the title "Guaranty Bank and Trust Company" in 1933
and converted to a national bank two days later as the
$12, 920, 673
527, 405, 025
538, 667, 552
2
51
53
"Security National Bank of Greensboro," merged
with the Depositors National Bank of Durham on
September 5,1959, and acquired its present title as well
as two branch offices. On April 8, 1960, the Security
National Bank of Greensboro merged with the Guilford
National Bank of Greensboro, retaining the name of
the former and acquiring five offices from the latter.
The American Commercial Bank, which consolidated with the Security National Bank of Greensboro
in 1960 to form the North Carolina National Bank,
was organized in 1901 as the "American Trust Company" with its principal offices in Charlotte. On
November 29, 1957, The Commercial National Bank
of Charlotte merged with the American Trust Company under the title "American Commercial Bank"
with five offices. The First National Bank of Raleigh
merged into the American Commercial Bank on October 30, 1959, bringing with it three banking offices.
As a result of the consolidation of the American
Commercial Bank, which was then rated the 118th
largest in the country, and the Security National
41
Bank of Greensboro, classed as the 180th largest, in
1960 and the two subsequent mergers of the resulting North Carolina National Bank, the last now
operates 51 permanent and 2 seasonal branches in the
communities of Charlotte, Greensboro, Wilmington,
Raleigh, Durham, Tarboro, High Point, Burlington,
Statesville, Harmony, Frontman, and Winston-Salem.
It has total deposits of $470.1 million, total loans of
$257.9 million, and a loan limit of $3.8 million. At
the present time this bank is rated as the 59th largest
in the nation, the third in size in the southeastern section of the United States, and the second largest in
North Carolina.
The Bank of North Wilkesboro, organized under a
state charter, opened for business in 1892. In 1957,
it established its one and only branch. Its present
total deposits are approximately $11.4 million, total
loans of $6.5 million, and operates under a lending
limit of $169,000. Located in the northern section of
twin communities having a total population of 6,500,
it is available to the 45,000 people in Wilkes County.
Though the economy of the county derives its support
principally from such agricultural pursuits as livestock
and poultry raising, tobacco growing and lumbering,
the industry located in the twin communities, including the largest mirror factory in the world and some
furniture manufacturing, gives the economy an added
boost. It may be said that the economic climate of
the area is generally healthy.
Also located in these twin communities is the home
office of The Northwestern Bank, a state nonmember
chain of 32 branches situated in 27 communities
throughout the northern and western parts of the state.
The Northwestern Bank, with total deposits of $114.3
million, now enjoys a distinct competitive advantage
over the Bank of North Wilkesboro, as is evidenced by
the number of valuable loans the former gained in the
last year by reason of the latter's inability to service
them.
The present relationship of the merging banks, with
40 miles separating their closest branches and 79 miles
between their home offices, is that of normal correspondent banks. There is no common management
between them and the common ownership of stock is
limited to four persons who hold 5,770 shares of the
merging bank's 48,200 outstanding shares and 1,274
shares of the receiving bank's 2,093,000 outstanding
shares. Neither bank is affiliated with nor has a stock
interest in any other bank whose stock is owned by a
bank holding company.
While the North Carolina National Bank offers
counseling and loan participation service to its correspondent banks, the Bank of North Wilkesboro, as
stated in the application, follows a policy of not placing
overlines or loans with other banks, even though it
thereby loses customers. This policy of the Bank of
North Wilkesboro, fully within the lawful right and
discretion of its management, has deprived some customers in the area, whose credit needs are in excess
of the bank's lending limits, of a choice in banking
alternatives and has resulted in giving the Northwestern Bank a decided competitive advantage in this
regard. A policy of a bank against participation in
loans and overlines is certainly a banking factor affecting the needs and convenience of the community to be
weighed in determining whether or not a bank which
adheres to it is adequately serving the public interest.
If only the competitive disadvantage of the Bank of
North Wilkesboro in relation to the Northwestern
Bank were under consideration in this application, it
would be germane to point out that by adopting this
policy the bank has apparently handicapped itself.
But since it is the over-all public interest that is determinative in ruling on merger applications, it matters
little how the competitive disadvantage occurred if it
can be corrected by allowing the merger. To suggest
that a competitive disadvantage should, because it is
self-incurred, militate against approval of a merger,
would not only defeat the public interest in the benefits
which would flow from the merger, but would implicitly deny the right of the bankers to select a lawful
policy in the exercise of their private initiative.
Because the North Carolina National Bank has
state-wide territorial diversification of its branches,
the effect of this proposed merger on the state's overall banking structure must be considered. North
Carolina National Bank engages in substantial rivalry
for banking business with five other banking chains
in the state. These six banking chains, operating
through 284 offices, account for 60.3 percent of all
deposits in the state. A breakdown of their relative
size, as of June 30, 1961, both by branches and by
deposits, reveals that Wachovia Bank & Trust Company, Winston-Salem, now rated the 36th largest
bank in the country and the biggest in the state, has
77 branches and controls 22.7 percent of the deposits.
The North Carolina National Bank, with 50 offices and
controlling 16.7 percent of the desposits, is the second
largest in the state. First-Citizens Bank and Trust
Company, Smithfield, has 66 branches and 8 percent
of the deposits. First Union National Bank of North
Carolina, Charlotte, operates 32 offices and accounts
for 6.3 percent of the deposits. Branch Banking and
Trust Company, Wilson, has 25 branches and 3.4 percent of the deposits. The Northwestern Bank, North
Wilkesboro, maintains 32 branches and has 3.2 per-
cent of the deposits. The balance of the deposits in
the state are distributed among the approximately
170 other banks which operate some 400 banking
offices. The Bank of North Wilkesboro has only .4
percent of the total deposits in the state.
It must not go unnoticed that North Carolina National Bank's position of prominence on the state
banking scene as the second largest bank in the state
has been gained in very large measure by acquisition
and absorption of existing and independent banks. Its
rate of growth in recent years, when measured against
the corresponding development of Wachovia Bank
and Trust Company during the same period, betrays
that a race for size is in progress. Conceding that bigness is not opprobrious, and acknowledging that growth
is a mark of a healthy and vigorous bank operating in
the public interest, it must always be remembered
that a balanced growth is the sine qua non to preserving a balanced banking structure designed to serve
the best interests of a community or state. And as a
corollary to this, it should be noted that not all means
available to bankers to expand their institutions will
serve the public interest equally well in every circumstance. While recent emphasis in North Carolina has
been put on growth by acquisition, a growth marked
by sudden and sometimes startling increases in size,
the banking agencies set up to guard the public interest
in banking operations have not forgotten that moderate
growth in banking by branching, increased capitalization or new charters, is possible in many instances.
In view of the criteria contained in the Bank Merger
Act of 1960, 12 U.S.C. 1828(c), the banking agencies
are and must be alert to the dangers of the fitful growth
which may derive from mergers, consolidations, and
purchase of assets and assumptions of liabilities. Banks
intent upon extending their range of services to meet
broader customer demand should consider the moderate means of growth through branches and capital
increases when available, as means more consonant
with the balanced development of the state's banking
structure.
While this merger would add two more branches to
the rapidly expanding facilities of the North Carolina
National Bank and would remove another small, independent, two-office state bank from the scene, it
appears that it would, all factors considered, be of
some benefit to the state-wide banking structure. It
would, on the contrary, serve the public interest now
and in the future. It may prevent the development
of a management succession problem which the appli-
cant states can become critical for the Bank of North
Wilkesboro when its present competent key officers and
directors reach the end of their active business careers
in the next few years. It will offset the advantageous
competitive position which the Northwestern Bank
enjoys in the area by giving the customers whose credit
requirements exceed the lending limit of the Bank of
North Wilkesboro another banking alternative. In
addition to these local benefits which contribute to the
public interest, the over-all banking structure in the
state will be strengthened.
Having weighed the foregoing considerations in the
light of the statutory criteria, and having concluded
that this merger will serve the public interest, the application, therefore, is granted. While approving this
application, attention is called to dangers to the public
interest latent in unbridled expansion by acquisitions.
Further expansion by this means in this area cannot
be condoned without an unmistakably clear showing
that the proposal is not only soundly conceived in the
public interest but also will materially strengthen the
banking structure. This policy of restricting unjustified
growth by acquisitions can only be effective with the
sympathetic cooperation of all state and federal banking agencies similarly concerned with the public
interest.
The grant of this application will be effective on or
after March 20,1962.
MARCH 13,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
North Carolina National Bank, the second largest
bank in North Carolina in terms of reources, having
total assets of $534,302,000, and total capital funds of
$43,158,000, and operating 52 offices proposes to
acquire Bank of North Wilkesboro, with two offices in
that community and total assets of $13,454,000, total
net loans and discounts of $6,460,000, total deposits
of $11,407,000, and total capital accounts of
$1,696,000.
Bank of North Wilkesboro refuses to arrange overlines and consequently loses business of growing companies in its area. It faces the competition of The
Northwestern Bank, headquartered in its home town,
and growing fast in western North Carolina, but is
apparently unwilling to grow itself.
It does not apear that the best interests of the banking
public in North Carolina are best served by the continuing mergers in the state.
43
THE COPLAY NATIONAL BANK, COPLAY, PA., CONSOLIDATED WITH THE MERCHANTS NATIONAL BANK OF ALLENTOWN, ALLENTOWN, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Coplay National Bank, Goplay, Pa. (9113), with
and The Merchants National Bank of Allentown, Allentown, Pa. (6645), which
had
consolidated Mar. 30, 1962, under charter and title of the latter bank (6645).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Merchants National Bank of Allentown, Allentown, Pennsylvania and The Coplay National Bank,
Goplay, Pennsylvania, have applied for permission to
consolidate and to maintain the Coplay office as a
branch of the resulting bank.
The Merchants National Bank was chartered in
1903 and now maintains, in addition to its main office,
six branches. Four of these branches are in Allentown and two are located 6 to 10 miles north in the
communities of Egypt and Schnecksville. These latter branches were acquired by the Merchants National Blank in 1961 by consolidation with the Egypt
Schnecksville Bank which then carried deposits of $7.8
million. At present The Merchants National Bank
has total assets of $75.9 million, total deposits of $66.2
million, total loans of $34.1 million and a lending limit
of $576,400. Time deposits constitute 55 percent of
its total deposits. An examination of its loans reveals
that 50 percent are real estate loans and 18 percent
are concentrated in commercial paper. Its trust department has accounts valued at $ 12.4 million. These
factors constitute The Merchants National Bank the
second largest in its service area.
The Coplay National Bank, organized in 1907 and
now operating as a unit bank, is the only banking facility serving the community of Coplay. Its total
assets are $5.2 million, total deposits are $4.8 million,
total loans are $2.3 million and its loan limit is
$25,000. Of its total deposits, 87 percent are on time.
The loan portfolio reveals that 75 percent are in real
estate mortgages and 20 percent in commercial and
industrial loans. It maintains no trust department.
This bank is classed as fifth in size in the service area.
Allentown, a city of 108,000, and its environs, wherein the service area of these two banks lies, is considered
to be the third largest industrial center in Pennsylvania. As county seat for Lehigh County, it serves
as retail shopping mecca for an estimated population
of 500,000. Though Allentown is primarily a residential area, it has extensive commercial and industrial activity. Its industries are well diversified to in44
$5, 276, 200
1
78, 725,988
8
83,972,188
9
clude the manufacture of motor trucks, silk products,
machinery, chemicals, leather, rubber, cement, and
zinc products. Immediately to the east of Allentown
and contiguous to it is the industrial city of Bethlehem,
the home of Bethlehem Steel Corporation, with a
population of 75,000. Allentown is within 100 miles
of Philadelphia and New York City.
Coplay, a borough of 3,700 people, adjoins Allentown to the north and shares with it the benefits deriving from the thriving commercial and industrial
activity of this section of the Lehigh Valley.
While there are 12 banks maintaining 35 banking
offices within the metropolitan area of Allentown, the
service area as described in the application for this
consolidation includes but 6 banks maintaining 20
offices, not including the two recent approvals of
branches. Of the total $254.6 million deposits in this
service area, The First National Bank of Allentown
controls 45.7 percent, Merchants National Bank 26.8
percent, Lehigh Valley Trust Company 16.1 percent,
Cement National Bank 6.5 percent, Union Bank and
Trust Company 3 percent, and the Coplay National
Bank 1.9 percent.
It is evident that the elimination of the Coplay
National Bank by this consolidation will not substantially alter the banking structure of the area. Moreover, the resulting bank, under the management of
the Merchants National Bank, will expand the number, and should improve the quality, of banking services offered, and thus serve the convenience and needs
of the affected banking public.
Having weighed the circumstances surrounding this
proposed consolidation against all the statutory factors,
and having concluded that it will be in the public interest, the application is .granted, effective on or after
March 20, 1962.
MARCH 13,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Coplay National Bank operates the only banking office in the City of Coplay, a growing community
seven miles from Allentown. The Merchants National Bank now has seven banking offices in Allen-
town and surrounding communities. Because it has
two branches close to Coplay, competition presently
exists between the two consolidating banks.
The consolidation will eliminate an independent
competitor of Merchants National, and alter to a
minor degree the concentration of banking resources
in the area, which concentration is due in part to
other recent mergers in the area. Merchants National, which is currently the second largest bank in
the area, will remain so after the consolidation.
We believe that the effect of the proposed merger
on competition would not be substantially adverse.
THE FIRST NATIONAL BANK OF MILLERSTOWN, MILLERSTOWN, PA., CONSOLIDATED WITH THE JUNIATA VALLEY
NATIONAL BANK OF MIFFLINTOWN, MIFFLINTOWN, PA.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The First National Bank of Millerstown, Millerstown, Pa. (7156), with
and The Juniata Valley National Bank of Mifflintown, Mifflintown, Pa. (5147),
which had
consolidated Mar. 30, 1962, under charter of The Juniata Valley National Bank
of Mifflintown (5147), with title "The Juniata Valley National Bank." The
consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Juniata Valley National Bank of Mifflintown,
Mifflintown, Pennsylvania, and The First National
Bank of Millerstown, Millerstown, Pennsylvania, have
applied to the Comptroller of the Currency for permission to consolidate.
The Juniata Valley National Bank has total assets
of $4,515,000. The bank is a unit bank and is located
in Mifflintown, Pennsylvania, the County Seat of
Juniata County. The city has a population of 1,200
and is the trading center for a prosperous agricultural
area. Local employment is furnished by the Pennsylvania Railroad and by a garment factory located in
Mifflin. However, the majority of local workers are
employed in Lewistown, some 12 miles west. There
are two national banks in Mifflintown, one at Mifflin,
which is a community located across the Juniata River,
two national banks in Port Royal, which is four miles
south, and a national bank in McAlisterville, which is
nine miles northeast of Mifflintown.
The First National Bank of Millerstown has total
assets of $1,657,000. It also is a unit bank and is
located in Millerstown, which is 15 miles east of
Mifflintown. There is no other banking office in
Millerstown. However, there are nine banking offices
within a 15-mile radius. Millerstown is in Perry
County and is primarily a residential community with
a population of approximately 700 persons. The
First National Bank of Millerstown serves a prosperous
agricultural trading area. A number of wage earners
from Millerstown commute daily to industries and
government installations located in or near Harrisburg.
$1, 739, 678
1
4, 483, 877
1
6, 223, 555
2
The active management of The First National Bank
of Millerstown has expressed their interest in retiring.
At present, the bank has no suitable replacements.
The bank has 70 percent of its deposits loaned out,
with a lending limit of $12,500. While the quality of
the loans is good, it appears that the Millerstown area
requires additional banking resources to service the
area's modern agricultural operations and housing
construction.
We have reviewed the statutory factors and find
them favorable. It is our conclusion that this transaction will be in the public interest and it is hereby
approved, effective on or after March 20, 1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Juniata National, with a single office and assets of
approximately $4,515,000, competes with four other
commercial banks within its service area. It has approximately 28 percent of the IPC deposits of the service area, the largest of its competitors having 30 percent and the three smallest having from 13 to 16
percent.
The Millerstown bank has assets of approximately
$ 1,657,000. It operates from a single office at Millerstown, which is 14 miles from Mifflintown and not
within the service area of Juniata National. No other
commercial banking office is located within the service
area of The First National Bank of Millerstown.
There is virtually no competition between the two
banks, nor any indication that the proposed merger
will tend to create a monopoly in commercial banking.
Accordingly, it is our view that the proposed merger
will not have an adverse competitive effect.
45
SANPETE VALLEY BANK, MOUNT PLEASANT, UTAH, PURCHASED BY FIRST SECURITY BANK OF UTAH, NATIONAL
ASSOCIATION, OGDEN, UTAH
Banking offices
Name of bank and type of transaction
Total assets
In operation
Sanpete Valley Bank, Mount Pleasant, Utah, with
was purchased Mar. 30, 1962, by First Security Bank of Utah, National Association, Ogden, Utah (2597), which had
After the purchase was effected the receiving bank had
COMPTROLLER'S DECISION
The First Security Bank of Utah, National Association, Ogden, Utah, has applied to the Comptroller of
the Currency for permission to purchase the assets
and assume the liabilities of the Sanpete Valley Bank,
Mt. Pleasant, Utah.
The First Security Bank of Utah has total assets of
$343,988,000 and is the largest banking association
in the State and the only statewide branch banking
institution. However, it has no branches in the service
area of the Sanpete Valley Bank. The Sanpete Valley Bank is a unit bank with total assets of $4,107,000,
and recently all the shares of this bank were acquired
by the First Security Corporation. This Corporation
owns approximately 99 percent of the shares of the
First Security Bank of Utah.
Mt. Pleasant, Utah, has a population of 1,572 and is
located in the northern portion of Sanpete County, 133
miles south of Ogden. The surrounding area is largely
agricultural, with the raising of sheep, cattle, and
turkeys, and the growing of hay, grain, and alfalfa
predominating. In recent years, a number of wearing
apparel manufacturing firms have established plants in
the town and nearby communities, employing some
300 persons. The Sanpete Valley Bank is the only
bank in the Mt. Pleasant trade area which covers the
northern portion of Sanpete County. The population
of this trade area in 1960 was 4,872, showing a decline
of approximately 1,500 in the past 10 years.
The managing officer of Sanpete Valley Bank recently became ill and has expressed the desire to be
relieved of his duties. The First Security Bank of
Utah will have sufficient personnel to assume the
management of a branch in Mt. Pleasant. The application states that the chief reasons for the proposed
purchase are the existing common ownership of the
46
$4,107, 000
1
343, 988, 000
347, 680, 000
To be operated
39
40
two banks and their desire to increase efficiency of
operation as well as their desire to supply banking services in the Mt. Pleasant area of the calibre now rendered by the various offices of the First Security Bank.
It is anticipated that the continuing bank will expand
substantially the volume of residential mortgage and
installment loans available in the Mt. Pleasant area.
We have reviewed the statutory factors and it is our
conclusion that this transaction will be in the public
interest. The application is hereby approved, effective
Friday, February 9,1962.
FEBRUARY 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Both the selling bank, Sanpete Valley Bank, and the
purchasing bank, First Security Bank of Utah, National
Association, are profitable and viable institutions conducting a general commercial banking business. The
selling bank is relatively small and has only one office
as compared with the 39 offices of the purchasing
bank, located throughout Utah.
Although one office of the purchasing bank derives
a not insignificant volume of business from the service
area of the selling bank, the two institutions are no
longer in active competition since virtually all the stock
in both banks is already owned by a bank holding company, the First Security Corporation, under the provisions of the Bank Holding Company Act of 1956.
Due to a degree of geographic isolation, no other commercial bank competes significantly in the selling bank's
service area. Thus, the effect on competition of the
proposed transaction standing alone would not be
adverse. In view of the past acquisitions of Security
Bank and its parent company, which have contributed
materially to increased concentration in banking in
Utah, there appears to be a significant tendancy to
monoply in commercial banking in Utah.
MOUNT VERNON BANK & TRUST C O . , FAIRFAX COUNTY, V A . , CONSOLIDATED WITH O L D DomiNiON NATIONAL
BANK OF FAIRFAX COUNTY, ANNANDALE, V A .
Banking offices
Name of bank and type of transaction
Total assets
In operation
Mount Vernon Bank & Trust Co., Fairfax County, Va., with
and Old Dominion National Bank of Fairfax County, Annandale, Va. (14893),
which had
consolidated Mar. 30, 1962, under charter of Old Dominion National Bank of
Fairfax County (14893) with title "Mount Vernon National Bank and Trust
Company of Fairfax County." The consolidated bank at date of consolidation
had
COMPTROLLER'S DECISION
The Mount Vernon Bank and Trust Company, Fairfax County, Virginia, and the Old Dominion National
Bank of Fairfax County, Annandale, Virginia, have
applied to the Comptroller of the Currency for permission to consolidate, under the charter of the Old
Dominion National Bank of Fairfax County and the
title of "Mount Vernon National Bank and Trust
Company of Fairfax County."
The Mount Vernon Bank and Trust Company was
organized on October 13, 1951, under the laws of the
State of Virginia. The bank is located adjacent to
the city limits of Alexandria, Virginia, in Fairfax
County, and operates four branches in this County.
The bank has also received the necessary approval
to establish an additional office in the County, which
offices has not been opened. As of August 31, 1961,
the bank had total assets of $22,799,000.
The Old Dominion National Bank of Fairfax County
was originally chartered in 1952 as a state bank under
the name of "The Bank of Annandale." This bank
converted into a national banking association on April
1, 1960, under its present name. The bank operates
two branches in Fairfax County and has an application pending for one additional branch in the County.
As of August 31, 1961, the bank had total assets of
$8,929,000.
The First Virginia Corporation, a registered holding
company, owns 65.9 percent of the shares of Old
Dominion National Bank. This Corporation also
owns a majority of the stock in the Old Dominion
Bank, Arlington, Virginia, the Purcellville National
Bank, Purcellville, Virginia, the Fall Church Bank,
Falls Church, Virginia, and The National Bank of
Manassas, Manassas, Virginia. The Corporation has
received the approval of the Board of Governors of the
Federal Reserve System to acquire the majority of the
stock of the Richmond Bank and Trust Company,
Richmond, Virginia, and has pending before the
Board an application to acquire stock in three other
Virginia banks.
$25, 912, 376
6
10, 059, 278
To be operated
3
35,971,654
9
Both of the applicant banks and their branches are
located in the eastern section of Fairfax County. This
County lies in the Washington metropolitan area and
contains approximately 397 square miles of land area,
making it the largest political subdivision in the Virginia section of the Washington metropolitan area.
The County has experienced a rapid growth in population in the years between 1950 and 1960, growing
from a population of 98,557 to a population of 275,000.
By 1970, the population is expected to be 417,000, and
by 1980, it is expected to grow to 600,000.
The eastern section of the county has experienced
the greatest growth primarily because of its proximity
to Washington, D.C. Additional growth has been
fostered by the decentralization of the federal government agencies and by the development of the Dulles
International Airport which is being built on the western edge of the County. The new highway system
presently under construction will make the area more
attractive for additional residential growth. In addition, in recent years, many light industries, particularly in the electronic and research fields, have moved
into Fairfax County. Several industrial parks are
also in the planning stages. The western portion of
Fairfax County has remained essentially an agricultural area.
The primary reason given for the consolidation by
the applicant banks is the changing character and the
economic expansion of the County. The application
notes that during the period from 1950 to 1960 the
total resources of the County banks grew from $17
million to $100 million and in the same period of time
the number of banks has increased from four to nine
units.
Since Fairfax County is a part of the Washington
metropolitan complex, the banks in that County compete with the banks in the cities of Washington and
Alexandria and banks located in Arlington County.
Operating in the same service area are the banks affiliated with the Financial General Corporation, a
holding company, which presently has affiliated banks
in Alexandria and Arlington, Virginia; Washington,
47
D.C., and Silver Spring, Maryland, which is within
the Washington metropolitan area.
The consolidated bank would be the largest bank in
Fairfax County, with a lending limit of $209,980.
This is slightly less than the present lending limit of the
Mount Vernon Bank of $232,470 which is permitted
under state law. Of the 15 banks remaining in the
service area in Virginia, two of the banks located in
Alexandria, and two of the banks located in Arlington
would be larger than the consolidated bank. Of these,
the Old Dominion Bank of Arlington is affiliated with
the First Virginia Corporation and two are affilliated
with the Financial General Corporation.
In an area such as Fairfax County which is experiencing rapid development, there appears to be a
need for a bank which would have the capitalization,
the resources, and the branch system of the proposed
consolidated bank. This need motivated the application and it is because of this need that the application is approved. In approving this application, the
effect of the further penetration of this important
banking service area by the First Virginia Corporation
has been carefully weighed. However, due to the
competitive nature of the area, this acquisition would
have a favorable effect and will serve to provide Fairfax County with a bank of sufficient stature to assist
the County's continued development.
It must be clearly understood that this office will
not acquiesce in unjustified expansions by acquisitions
when other means of growth are available. Further
acquisitions by the banks in this area will be approved
only in those instances where it can be demonstrated
that the transaction will materially contribute to the
balanced banking structure of the state in furtherance of the public interest. The policy of this office
that the public interest in a balanced banking structure
JACKSON COUNTY BANK, SYLVA, N.C.,
can best be attained by taking a reluctant approach to
acquisitions by mergers, consolidations and purchases
of assets, when other methods of expansion are available, can only be effected to the extent that there is
consistency of approach among the banking agencies.
The application is approved, effective on or after
March 20, 1962.
MARCH 13,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Both of the consolidating banks have shown a rate
of growth which is more than commensurate with the
unusual growth of Fairfax County, the relevant service
area.
Old Dominion National Bank of Fairfax County
is an affiliate of The First Virginia Corporation, which
is registered with the Board of Governors of the Federal Reserve System in accordance with the provisions
of the Bank Holding Company Act of 1956. With
the addition of the Mount Vernon Bank and Trust
Company as an affiliate, The First Virginia Corporation would own a controlling interest in banks which
hold 50.3 percent of the IPC deposits and 52.8 percent
of the loans and discounts of all banks in Fairfax
County.
The proposed consolidation does not appear to be
necessary for the continued growth of either bank.
Fairfax County is now embarking on a new period of
expansion in which all banks within the service area
can be expected to share.
It is our opinion that any increase in the already
high degree of concentration within the service area
would not be in the public interest and would have an
adverse effect on competition and create a tendency
toward monopoly.
MERGED WITH FIRST UNION
CHARLOTTE, N.C.
NATIONAL BANK OF N O R T H CAROLINA,
Banking offices
Total assets
Name of bank and type of transaction
In operation
Jackson County Bank, Sylva, N.G., with
and First Union National Bank of North Carolina, Charlotte, N.C. (9164), which
had
merged Mar. 31, 1962, under the charter and title of the latter bank (9164).
The merged bank at the date of merger had
COMPTROLLER S DECISION
The First Union National Bank of North Carolina,
Charlotte, North Carolina, and The Jackson County
Bank, Sylva, North Carolina, have applied to the
Comptroller of the Currency for permission to merge
under the charter and title of the former, and for per48
$7, 667, 423
40
224, 708, 637
To be operated
3
231, 721, 967
43
mission to continue operation of the present offices of
The Jackson County Bank as branches of the resulting
bank.
First Union was chartered in 1908 as "The Union
National Bank of Charlotte." By early 1958 it had
eight branches operating in Charlotte and controlled
$61 million in deposits. Beginning in July 1958, it
began its phenomenal growth when it consolidated
with the First National Bank and Trust Company in
Ashville under the title of "First Union National
Bank of North Carolina." By this consolidation, it
acquired 11 new offices in eight different communities
and deposits of $42.9 million. In November of the
same year it merged with the Bank of Lenoir and the
Union National Bank of Lenoir and acquired two
more branches and $12.2 million deposits. About
a year later, in December 1959, it gained four more
branches and deposits of $15.9 million when it merged
with the National Bank of Wilson and the Durham
Industrial Bank. Two more mergers in 1960 with the
First National Bank of Kings Mountain and the National Bank of Commerce of Gastonia added four more
branches and $17.2 million deposits to First Union's
growing system. In October and November of 1961
it merged with the First National Bank of Marion,
gaining one branch, and the Chatham Bank in Siler
City, with its three offices, thereby adding another
$19.1 million to its total deposits. At the time of filing
this application, First Union operated 38 banking
offices in 19 communities.
Since First Union's branches are fairly evenly distributed throughout the entire State of North Carolina
with the exception of the eastern seaboard counties and
the far western counties, it is fair to say that the whole
state is its service area. Within the State of North
Carolina are five other branch banking systems competing with First Union for deposits and loans. The
Wachovia Bank and Trust Company, with 77 branches,
is the largest bank in the state and has deposits of
$774.8 million. Second in size is the North Carolina
National Bank with 50 branches and $512.8 million
in deposits. The First-Citizens Bank and Trust Company is third with 66 offices and $258.7 million in
deposits. Next is the applicant. Fifth in scale is the
Branch Banking and Trust Company with its 25 offices
and $115.1 million deposits. Finally, the sixth largest
system is the Northwestern Bank of North Wilkesboro
with 32 offices and $114.3 million deposits. The
merging Jackson County Bank has only three offices
and $7.1 million in deposits. Approval of this merger
would not produce a marked change in the size of the
First Union nor would it alter in any degree its relative
standing among the state's banking systems.
Analysis of the existing banking facilities in North
Carolina reveals a balance well suited to the convenience and needs of all segments of the state community.
Of the six branch banking systems discussed above, two
of them, namely, Wachovia Bank and Trust Company
and North Carolina National Bank, control approximately 39.3 percent of the total deposits in the state.
The other four branch systems, none of which controls
over 7.9 percent of total state deposits, account for an
aggregate 21.7 percent of the total. The other 39.3
percent of state deposits are divided among some 170
small banks which operate about 400 offices. These
small banks constitute an adequate and necessary base
to the state banking pyramid which is capped by the
two large systems. While steady growth is as much an
indicia of economic health in the banking industry
as in any other, a balanced growth maintaining the
proper proportions between small, intermediate, and
large is essential to the continued soundness of the
banking structure. The critical issue in deciding this
application for merger, as it is in all that come before
the Comptroller for decision, is whether the entire
proposal is consonant with a balanced growth that
serves the public interest.
The Jackson County Bank, which the First Union
now seeks to absorb, was organized in 1933 with its
home office in Sylva, Jackson County. Since 1933
this bank has opened a branch at Highlands in Macon
County, 40 miles southwest of Sylva, and a branch,
comprised only of a teller's cage at Cherokee, in Swain
County, on the Cherokee Indian Reservation 16 miles
northwest of Sylva. At the present time this statechartered bank has total assets of $8.4 million, deposits of $7.8 million, loans of $2.8 million, and a
lending limit of $37,500. Its capital structure, comprised of $125,000 in paid-in stock, $250,000 surplus,
and $141,000 undivided profits, is sound. During
the last four years its annual net current operating
income has shown improvement, rising from $21,000
in 1957 to $66,000 in 1960.
The three counties served by the Jackson County
Bank are located in the mountainous southwest corner
of North Carolina. While the economy of these
counties is supported primarily by agricultural pursuits,
it is bolstered by such industries as lumber production,
tourist trade, meat packing, textiles, paper and paper
products, and vegetable processing. The natural resources and raw materials with which these hills
abound, when considered in conjunction with the
supply of willing labor available there, make it an
attractive location for migrating and expanding industry. As the applicant points out, great strides have
already been made in industrial expansion in the area
in recent years and it is anticipated that the economy
will continue to grow.
While it is clear that a growing area needs growing
banks, it should be equally clear that it is the responsibility of the banking agencies, charged with the
duty of supervising banking operations, to see that the
growth of the banks comports with the convenience
and needs of the communities affected. The opportunity to grow by acquisition should not blind
banks to the possibilities for growth through new
branches, or aditional capitalization, when they are
available. It is quite possible that the expanding
needs of some areas can best be served by chartering
new banks. Each of these methods recommends it49
self in certain situations. The fact that acquisition
recommends itself most readily to larger banks because it gives them an established branch with trained
officers as well as a welcome increment to deposits and
loans does not mean that it is always recommended
as promoting the public interest.
The advent of the First Union will undoubtedly
bring certain benefits to Jackson and its sister counties.
First Union's arrival will bring an increase of 1 percent
in the interest paid to the depositors in the Jackson
County Bank. It will bring a larger loan limit to a
banking office that is already servicing substantially
large loans on a participating basis with its New York
correspondent. It will bring a trust department service to these three counties. On the other hand, it
will deprive the State of North Carolina of an independent bank with three offices, thereby narrowing
the base that supports the over-all banking structure.
Having weighed all the circumstances surrounding
this application against the statutory criteria, and having concluded that this proposed merger will promote
the public interest, the application therefore is granted.
Though this application is granted, the First Union
and other branch banking systems are admonished
that further acquisitions cannot always expect the con-
tinued approbation of the Comptroller. A policy of
curbing mergers and consolidations where necessary to
preserve or attain a balanced banking structure in the
several states can be effective in achieving its ultimate
goal only if, and to the extent that, the other banking
regulatory agencies subscribe to its principles and carry
them out in their jurisdiction. The grant of this opplication is effective on or after March 20, 1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First Union National Bank is the fourth largest bank
in North Carolina, with deposits of $205,038,000, net
loans and discounts of $115,167,000 and total assets
of $227,118,000. This represents a growth of almost
400 percent since July, 1958, due primarily to its acqisition of independent banks in North Carolina.
The proposed merger represents a continuation of
a statewide trend towards centralization of banking
facilities in North Carolina. It will eliminate one
more successful independent bank and signal still further centralization as each of the larger banks in the
State seeks to retain its position of dominance. For
these reasons, it is felt that the proposed merger would
have adverse effects on competition.
THE FIRST NATIONAL BANK OF GROVE CITY, GROVE CITY, OHIO, MERGED WITH THE HUNTINGTON NATIONAL
BANK OF CoLumBUS, COLUMBUS, OHIO
Total assets
Name of bank and type of transaction
Banking offices
In operation
The First National Bank of Grove City, Grove City, Ohio (6827), with
and The Huntington National Bank of Columbus, Columbus, Ohio (7745), which
had
merged Apr. 2, 1962, under the charter and title of the latter bank (7745).
The merged bank of date of merger had
COMPTROLLER'S DECISION
The First National Bank of Grove City, Grove City,
Ohio, and The Huntington National Bank of Columbus, Columbus, Ohio, have applied to the Comptroller
of the Currency for permission to merge under the
charter and title of the latter.
The applicant banks are located in Franklin County
within the Columbus, Ohio, metropolitan area. The
population of the city of Columbus is approximately
470,000 and that of Grove City, which is approximately 8 miles from Columbus, is 8,000. The service area of these two communities embraces an estimated population of 640,000 and is predominantly
industrial in character. There are over 800 diversified
industries manufacturing goods valued in excess of
$1.3 billion in this area. Columbus is the capital of
50
$6, 330, 335
1
239, 217, 913
To be operated
4
244, 693, 730
5
the State of Ohio and many federal government offices
as well as state offices are located there. The growth
rate of the city over the past decade has exceeded 25
percent. This expansion of the Columbus metropolitan area has affected Grove City which has experienced a population growth of 246 percent in the
same period of time. As a result, the economy of
Grove City is becoming less dependent upon agriculture and is being integrated into the Columbus metropolitan complex.
The Huntington National Bank of Columbus, one
of the most prominent banks in the State of Ohio, had
total assets of $233,122,000 as of September 27, 1961.
The bank operates two branches which have been
opened since 1958; one as a result of an acquisition,
and the other as a de novo branch. The bank has the
approval of this office to establish two additional
branches. Prior to 1958, the bank was primarily a
wholesale bank but is now expanding into the retail
banking business. The principal source of deposits
of the bank is from the city of Columbus and the five
adjacent suburban corporations. This bank is second
in size of the 7 Columbus banks.
The First National Bank of Grove City is a unit
bank and had total assets of $5,853,000 as of September 27, 1961. The chief executive officer of the bank
recently resigned, leaving the bank without capable
management. As a result, the board of directors decided to explore the possibility of merging their institution with another bank.
The Huntington National Bank expresed its interest
in acquiring the Grove City bank because Grove City
is in the southwest portion of Franklin County, an
area in which the Huntington bank had no branch
offices. Since Grove City lies on the fringe of the
Columbus metropolitan area, it is within the service
area of the Columbus banks.
The proposed transaction contemplates the elimination of a small locally-owned bank in an area which
is rapidly being integrated into the Columbus metropolitan area, and the substitution therefor by a branch
office of a Columbus-based bank. The continuing
bank has recently recognized that in order to remain
effectively competitive and to service adequately its
area, the bank must decentralize its facilities through
the establishment of properly located branches. The
bank has taken the initial steps to establish an effective
branch system. In developing this system, the bank
has indicated that it will not rely on acquiring branches
through mergers and consolidations but will utilize all
the means available to it. This utilization of various
growth processes is in keeping with the concept that
banks, in meeting the needs of an expanding area,
must program their growth so as not to affect unfavorably the balance of the banking structure. The application is therefore approved, effective on or after
March 28, 1962.
MARCH 22, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of the Huntington National
Bank of Columbus, Columbus, Ohio with the First
National Bank of Grove City, Grove City, Ohio, will
combine the second largest bank in the Columbus area
with a suburban bank. The First National Bank of
Grove City is in all probability in direct competition
with the Huntington National Bank since the banks
are located only 8.3 road miles apart, and the Huntington National Bank has demand deposit customers
located within the trading area of the First National
Bank of Grove City.
The Huntington National Bank had merged with
another local bank in 1958 and has also opened a
branch office and is in the process of opening three
more branch offices in the Columbus area.
There are two banks located in Grove City and the
remaining independent bank, the Grove City Savings
Bank, would, if the merger is approved, face direct
competition from a branch of a large metropolitan
bank and would therefore be placed at a competitive
disadvantage.
For the above reasons it appears that the proposed
merger may have an adverse effect on competition.
NORTH ADAMS NATIONAL BANK, NORTH ADAMS, MASS., CONSOLIDATED WITH THE AGRICULTURAL NATIONAL
BANK OF PITTSFIELD, PITTSFIELD, MASS.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
North Adams National Bank, North Adams, Mass. (1210), with
and The Agricultural National Bank of Pittsfield, Pittsfield, Mass. (1082), which
had
consolidated Apr. 4, 1962, under charter of the latter bank (1082) with title
"First Agricultural National Bank of Berkshire County." The consolidated
bank at date of consolidation had
COMPTROLLER'S DECISION
The North Adams National Bank, North Adams,
and The Agricultural National Bank, Pittsfield, both
of Berkshire County, Massachusetts, have applied to
the Comptroller of the Currency for permission to
consolidate under the charter of the latter and with
$8, 697, 762
1
23, 969, 248
2
32, 667, 011
3
the title "First Agricultural National Bank of Berkshire County."
The North Adams National Bank, with total resources of $9,171,000 as of November 30, 1961, was
organized in 1832 and converted into a national banking association on April 27, 1865. This bank, located in the town of North Adams, operates no
51
branches. It has total deposits of $7,895,000, total
loans of $3,737,000, and a loan limit of $60,000.
The Agricultural National Bank of Pittsfield, with
total assets of $24,168,000, as of November 30, 1961,
was organized as a state trust company in 1818 and
converted into a national bank on April 28, 1865.
This bank, situated in Pittsfield, 21 miles south of
North Adams, operates two banking offices. At the
present time it has total deposits of $20,684,000, total
loans of $9,756,000, and a lending limit of $250,000.
Both of these banks are located in Berkshire County
which covers the entire width of the state at its western
edge. Pittsfield, the principal city in western Massachusetts, is 150 miles from Boston. Located in the
center of the county and the seat thereof, Pittsfield
had, by the 1960 census, a population of 57,879 and
served an additional 10,000 people in its trade area.
Its decennial increase of 9,000 accounted for 50 percent of the county's over-all growth. Pittsfield is
considered the industrial center of the county, playing
host to a General Electric plant which employs 10,000
persons on a pay roll of $1,000,000 per week to manufacture large transformers and missile components.
Of the total labor force in Pittsfield, 50 percent work
for General Electric Company and 35 percent are employed in other industrial plants making paper products, machinery, and shoes. The average $107 per
week wage of the Pittsfield workers is the second highest in the state. As a supplement to its industrial
activity, Pittsfield supports and profits from large commercial and residential developments.
North Adams, unlike Pittsfield, has suffered a slight
decline in population during the last decade going
from 21,505 in 1950 to 19,905 in 1960. This decline
may be attributed in large measure to a contraction
in the textile industry. Though North Adams is effectively separated from Pittsfield by the intervening
town of Adams, both are related through the general
industrial economy of the county. The Sprague Electric Company, with a substantial pay roll, is the
largest industrial plant in the city. Retail and wholesale commerce adds to the support of the local economy. Of late, some effort is being made to attract
new industries to North Adams.
The city of Adams, with a population of 12,391,
which lies between Pittsfield and North Adams, is the
third city of importance in the county. This city, supported in large part by chemical manufacturing in-
52
dustries, has two banking offices—one a branch of The
Berkshire Bank and Trust Company which holds in
its five offices $23,161,000 in IPC deposits, and the
other, the home office of The First National Bank of
Adams, which holds $2,888,000 in IPC deposits.
The application, in describing the trade area served
by these consolidating banks, considers the AdamsNorth Adams community separate from the Pittsfield
community. This separation is justified both in view
of the rugged topography of the surrounding countryside and in the light of the fact the consolidating banks
have few depositors and borrowers in common. It
cannot be said that this consolidation will eliminate
any substantial competition between them.
Within the service area of the resulting bank, 34
percent of the total IPC bank deposits will be in four
commercial banks and 66 percent infivesavings banks.
Of all bank loans in the same area, 30 percent were
made by commercial banks and 70 percent by savings
banks. In addition to the savings banks, there are
two cooperative banks with total assets of $25,399,000
and one savings and loan association with total assets
of $67,534,000. In addition to the savings bank competition, the participating banks are contesting with
commercial banks located in Springfield, Hartford,
and other communities for local business. The proposed consolidation will not place the resulting bank
in a position of overriding prominence nor disrupt the
banking structure of the area.
This proposal has been weighed against the statutory
criteria and found to be in the public interest. The
application, therefore, is granted effective on or after
April 4, 1962.
MARCH 29,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed consolidation of Agricultural National
Bank of Pittsfield, Pittsfield, Massachusetts, and North
Adams National Bank, North Adams, Massachusetts,
could have adverse competitive effects inasmuch as
there would be in the Pittsfield-North Adams area after
the merger two large banks, one with deposits of about
$27,300,000, the other with deposits of about $26,400,000, and two small banks, one with deposits of about
$11,800,000, and the other with deposits of about
$2,900,000. The imbalance in the banking structure
in the area would appear to place the remaining
smaller banks at a competitive disadvantage.
BERGEN TRUST CO. OF NEW JERSEY, JERSEY CITY, N.J., MERGED WITH THE FIRST NATIONAL BANK OF JERSEY
CITY, JERSEY CITY, N J .
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
Bergen Trust Company of New Jersey, Jersey City, N J., with
and The First National Bank of Jersey City, Jersey City, NJ. (374), which had..
merged Apr. 6, 1962, under charter and title of the latter bank (374). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Bergen Trust Company of New Jersey, Jersey
City, New Jersey, and the First National Bank of Jersey
City, Jersey City, New Jersey, have applied to the
Comptroller of the Currency for permission to merge
under the charter and title of the latter bank. The
First National Bank of Jersey City, with total assets of
$254,429,000 as of December 13, 1961, operates 10
offices servicing Hudson County and the areas adjacent
thereto. Jersey City, having a population of approximately 276,000, is the seat of Hudson County whose
population now exceeds 600,000. The city is situated
across the Hudson River from New York City and is a
part of that metropolitan complex. In the past 10
years, the population of Jersey City has declined and
many of its residential areas have become run down.
The Bergen Trust Company of New Jersey had assets
of $8,524,000 as of December 13, 1961. Its assets and
deposits have steadily decreased over the past four
years. It has over a period of years been beset with
some serious difficulties. In view of its recent history,
the bank's potential is limited.
The Bergen Trust Company's office is located in the
Journal Square area of the city. This area, the hub
of commuter transportation, is being considered as the
site of a transportation center to be built by the Port of
New York Authority. Jersey City planners are pro-
$7, 699, 548
240, 512,134
1
10
247, 244, 455
11
posing an urban renewal program north of the Square
to tie in with the Port of New York Authority building.
Considerable growth is expected in this area upon completion of these developments.
The strong condition of the continuing bank with its
adequate capitalization, its favorable earning prospects
and its aggressive management, will materially contribute to the economic revitalization of this area.
The proposed merger is believed to meet the applicable statutory requirements, and it is therefore
approved, effective on or after April 4, 1962.
MARCH 29,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Within the small service area of the Bergen Trust
Company of New Jersey, the Bergen Trust Company
and The First National Bank of Jersey City compete.
Three other banks also compete in this area. However, since the Bergen Trust Company has only one
per cent of the loans and deposits in this area, the
effect on competition of the merger will not be substantial.
If the merger is considered in a larger area, for
instance the one indicated by applicant which includes
New York County, Hudson County, Essex County,
Union County, Middlesex County and Bergen County,
the effect of the merger on competition would be of
even less consequence.
THE DEPOSITORS NATIONAL BANK OF NEW WILMINGTON, NEW WILMINGTON, PA., PURCHASED BY FIRST NATIONAL
BANK OF LAWRENCE COUNTY AT NEW CASTLE, NEW CASTLE, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Depositors National Bank of New Wilmington, New Wilmington, Pa. (562), with,
was purchased Apr. 7,1962, by First National Bank of Lawrence County at New
Castle, New Castle, Pa. (13845), which had
After the purchase was effected, the receiving bank had
$3,149, 000
1
28,785,000
31,568,000
3
4
53
COMPTROLLER S DECISION
The First National Bank of Lawrence County at
New Castle, New Castle, Pennsylvania, has applied to
the Comptroller of the Currency for permission to
purchase the assets and assume the liabilities of the
Depositors National Bank of New Wilmington, New
Wilmington, Pennsylvania.
Lawrence County is located in western Pennsylvania
at the Ohio border. New Castle, the county seat, is
approximately 55 miles northwest of Pittsburgh, and
29 miles southwest of Youngstown, Ohio. New
Wilmington, 9 miles north of New Castle near the
Mercer County line, depends primarily upon agriculture for its livelihood. New Castle is an industrial
city and the combined bank will service an area with
a mixed economic base and a population approximating 80,000 people.
The First National Bank of Lawrence County operates its main office in New Castle and two branches;
one in Ellwood City, 12 miles southeast of New Castle,
and the other in Neshannock, 2 miles north of New
Castle. As of January 15, 1962, the bank had total
resources of $28,785,000, deposits of $24,253,000 and
loans of $10,224,000.
The Depositors National Bank of New Wilmington
is a unit bank and had, as of January 15, 1962, total
resources of $3,149,000, deposits of $2,783,000 and
loans of $939,000.
The transaction will bring to the customers of Depositors a substantial increase in the available lending
limit and many new services, including a trust department, which are not now available to them.
While the First National of Lawrence County will
increase its percentage of deposits and loans in the
area, the measurable effect on the local banking structure is negligible.
The overlapping of the service areas of these banks
has afforded Depositors an opportunity to offer, within its resources, banking competition on the local level.
However, because of the broader services offered by
the First National, many of the customers of Depositors
have already gravitated to First National. The transaction, therefore, will not materially affect existing
competition between the two institutions.
The application also states that one of the prime
reasons for the transaction is the desire of the management of the Depositors National Bank to retire from
active participation. This purchase will eliminate a
serious management succession problem which will be
precipitated by this contemplated retirement and will
also provide the benefits of a competent and aggressive
management to the customers of the Depositors National Bank.
In view of the above and in light of the statutory
factors, I find that the proposed transaction is in the
public interest and the application is, therefore, approved effective on or after April 4, 1962.
MARCH 29,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL.
Depositors National Bank is the only bank in New
Wilmington which has a population of 2,203. Within
a nine mile radius are nine banking offices including
the head office and one branch of First National Bank
of Lawrence County at New Castle.
Depositors National Bank has had considerable difficulty in obtaining experienced help in its management
and has been unable to find a suitable replacement
for its 73 year old cashier who is anxious to retire.
In light of the existence of several other banks in its
service area and its inability to adequately service its
area it is not believed that the acquisition of Depositors
National by First National will have substantial adverse competitive effects.
MID-COLUMBIA BANK OF PASCO, PASCO, WASH., MERGED WITH PEOPLES NATIONAL BANK OF WASHINGTON IN
SEATTLE, SEATTLE, WASH.
Name of bank and type of transaction
Total assets
Banking offices
In operation
Mid-Columbia Bank of Pasco, Pasco, Wash., with
and Peoples National Bank of Washington in Seattle, Seattle, Wash. (14394),
which had
merged Apr. 13, 1962, under charter and title of the latter bank (14394). The
merged bank at date of merger had
54
$4, 239, 761
1
257, 437, 532
To be operated
29
260, 785, 672
30
COMPTROLLER'S DECISION
The Mid-Columbia Bank of Pasco, Pasco, Washington, and the Peoples National Bank of Washington in
Seattle, Seattle, Washington, have applied to the
Comptroller of the Currency for permission to merge
under the charter and with the title of the latter.
Peoples National Bank of Washington has grown
since its founding in 1889 until it is now the third
largest commercial bank in the State of Washington
with total resources of $251,145,000, deposits of $231,820,000, and loans of $109,125,000. Though it operates 29 banking offices in seven of the state's 39
counties, 24 of the offices are concentrated in western
Washington—with 15 within the Seattle Metropolitan
area, and five located in the Columbia Basin area of
central Washington.
Leadership among the commercial banks in Washington is shared by two large institutions. The SeattleFirst National Bank accounts for one-third of the total
deposits in the state and the National Bank of Commerce of Seattle for one-sixth. Both these banks operate branches in the Pasco area as part of their statewide systems. Since Peoples National Bank is but a
poor third in size with only 6l/z percent of the total
state deposits, this merger will not disrupt the relative
positions of the state's banks nor materially affect
competition among them.
Seattle, the home office city of Peoples National
Bank, had a population of 557,087 at the time of the
1960 census. Its trade or metropolitan area, comprised of King County of which it is the seat, and
adjacent Snohomish County, had a population of
1,107,213. With its present rate of growth, which is
10 percent greater than the nation as a whole, Seattle
will retain its preeminence as one of the leading industrial and commercial centers of western United States.
Its highly diversified manufacturing activities, especially its aircraft plants, its government offices, wholesale
and retail trade, a wide variety of service industries and
shipping facilities all provide employment and support its thriving economy. This merger, while adding
little to the resources of Peoples National Bank, does,
to some extent, strengthen its position in the struggle
for business generated in this metropolitan area.
The Mid-Columbia Bank of Pasco was organized in
1954. Since its beginning, it has accumulated total
assets of $3,807,000. With its total deposits of $3,479,000 and total loans of $1,475,000, it ranks fourth in
size among thefivebanking offices serving the booming
Pasco trade area.
Pasco, in Franklin County, and Kennewick, across
the river from it in Benton County, are referred to
colloquially, in conjunction with Richland, also in
Benton County, as the "Tri-Cities." Lying at the confluence of the Snake and Columbia Rivers, 230 miles
east of Seattle, these cities enjoy a prosperous economy
based on trade, agriculture and industry. As a transportation center Pasco is served by four railroads and
is the northern terminus for the heavy barge traffic
on the Columbia River. The agriculture of the area,
centered on high cost wheat farming, row crops and
livestock production, derives its increasing success from
the Columbia Basin irrigation project—one of the
World's largest. In addition to the smaller chemical,
wood pulp and assorted industrial plants recently
located in the area, the large Hanford Works of the
Atomic Energy Commission at Richland contributes
to the prospering economy. It is anticipated that in 20
or 30 years hence the Tri-Cities will threaten Spokane's
position of industrial prominence. As the number
of bank customers with increasing credit requirements
grows with the expanding local economy, the need
for another banking office in the area with a loan
limit greater than Mid-Columbia's is evident.
The application states that Mid-Columbia desires
this merger because of its inability to find among its
own ranks a suitable successor for its chief executive
officer who has announced his resignation and has
declared his intention of selling his Mid-Columbia
stock. When Peoples National Bank was consulted
by Mid-Columbia for assistance in resolving their
management succession problem, Peoples proposed this
merger as a method of increasing the banking services
to Mid-Columbia customers and as a means of obtaining a branch office in Pasco which would otherwise be
denied to them by state law.
This merger promises to be beneficial to the PascoKennewick-Richland complex. While the substitution
of Peoples National Bank for Mid-Columbia will leave
the Tri-Cities National Bank as the only independent in
the area, it will provide a local office of a different
branch banking system to compete with the six existing offices of the three other well entrenched banking
systems. This will provide four different banking alternatives, each with adequate resources, for the borrowers in this burgeoning community. Nor is there any
solid reason to fear that the advent of Peoples National
to Pasco will have an adverse effect upon the TriCities National Bank which, since it was chartered in
1960, has continued to grow in competition with the
branches of the other large banking systems.
Though the ten stockholders of Peoples National
Bank who own 53.4 percent of its stock also own 49.9
percent of the stock of Mid-Columbia Bank, the officers of both banks insist that the management of each
bank is completely separate and independent of the
other. Whether or not they are thus technically affiliated is immaterial since it is quite apparent that merger
or sale of Mid-Columbia to any other bank than
Peoples National is effectively blocked. This high
degree of common ownership of both banks indicates
that there will in all probability be no change in
policies after merger.
55
696-055—63
5
This proposed merger viewed in the light of all the
statutory criteria gives every indication of fostering the
public interest. The application is therefore granted
effective on or after April 4,1962.
MARCH 29,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Mid-Columbia Bank of Pasco, Pasco, Washington, proposes to merge into Peoples National Bank
of Washington in Seattle, Seattle, Washington, under
the charter of the latter and with the title, Peoples
National Bank of Washington in Seattle.
There is presently no competition between the two
banks, and their service areas are located distinctly
apart in different sections of the State of Washington.
Mid-Columbia, a small unit bank, has now vigorous
competition from two branch offices of the Seattle
First National Bank and one branch office of the National Bank of Commerce, which are both large chain
banks substantially exceeding Peoples in total resources.
Thus, the effect upon competition would not be
adverse.
T H E RWERVIEW STATE BANK, KANSAS CITY, KANS., CONSOLIDATED WITH SECURITY NATIONAL BANK OF KANSAS
CITY, KANSAS CITY, KANS.
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Riverview State Bank, Kansas City, Kans., with
and Security National Bank of Kansas City, Kansas City, Kans. (13801), which
had
consolidated Apr. 20, 1962, under charter and title of the latter bank (13801).
The consolidated bank at date of consolidation had
COMPTROLLER S DECISION
An application has been filed with the Comptroller
of the Currency to consolidate Security National Bank
of Kansas City, Kansas, and The Riverview State
Bank, Kansas City, Kansas, under the charter and
title of the former.
The Security National Bank, located in the heart
of the commercial and light industrial district of
Kansas City, Kansas, with total resources of $48.5
million, ranks second in size after the $60 million
Commercial National Bank. Under the restrictions
of the Kansas branch banking law, Security National
is able to operate one outside teller's facility located
less than 2,600 feet from its main office, and will be
compelled to close The Riverview State Bank office
upon approval of this consolidation.
The Riverview State Bank, situated in the center
of a commercial district one mile south of Security
National, is the third largest bank in Kansas City,
Kansas. Its assets total $29 million. The consolidation of Security National and Riverview will constitute the resulting bank the largest in the city and
will reduce the Commercial National Bank to second
place.
Kansas City, Kansas, lies on both sides of the
Kansas River in Wyandotte County on the eastern
border of the state and is contiguous to Kansas City,
Missouri. Immediately south of Wyandotte County
is Johnson County whose population showed 129 per-
56
$28, 941, 325
1
50, 701, 897
To be operated
2
79, 643, 222
2
cent increase during the last decade. Population shifts
between 1950 and 1960 reduced the size of the city
proper by 5.9 percent to a total of 122,000 and increased the suburban population of Wyandotte County
to 185,500. These totals, added to the 143,800 people
residing in northeast Johnson County, made the population of the trade area of Kansas City, Kansas, about
450,800 persons.
A complete description of the economic and financial
character of Kansas City, Kansas, compels consideration of its sister, Kansas City, Missouri. Kansas City,
Missouri, with a population of 475,000, includes both
Jackson and Clay Counties, with their 710,000 residents, within its trade area. This thriving Missouri
city supports three banks whose assets are well in excess of $200 million and three other banks in the same
size bracket as the two largest banks in Kansas City,
Kansas.
Because of the adequate highway systems connecting
these sister cities and facilitating movement between
them, their combined trade areas may be properly
considered when weighing the impact of this merger
on the convenience and needs of the community.
Within this combined trade area, there are approximately 1,160,800 people residing—a 27 percent increase in the last ten years. Industry, both heavy and
light, is the principal support of the area economy.
Railroads, stockyards, commerce, and agriculture also
contribute to the well being of these cities and gen-
erate financial requirements the banks of the area
must meet.
This consolidation will be effective in balancing out
certain inequalities that now plague each of the consolidating banks. Riverview State Bank has $21.8
million in deposits and a capital structure of $4.4
million, whereas the Security National with deposits of
$41.8 million has total capital of only $3.6 million.
Consolidation will resolve this unbalance. It will give
the resulting bank a much stronger capital position
than the Security National now has. The capital structure of the new bank will have a lending power of
$800,000—a substantial increase from the $300,000
and $550,000 limits of the consolidating banks. This
augmentation of lending ability gives Kansas City,
Kansas, a new resource to meet its financial needs.
The premium being paid to the shareholders of Security National, while somewhat large, loses significance
in view of the extensiveness of the common ownership
of the stock in these banks.
Though approval of this consolidation will cause the
closing of the Riverview State Bank's office by reason
of State law, its elimination will not seriously disrupt
the local balance in banking facilities as 23 other banking offices will remain to serve this Kansas city. The
increase in capacity of the Security Bank to service
larger accounts will heighten the rivalry for business in
the area and will be felt most keenly by the Commercial National Bank whose President has repeatedly
stated that he welcomed such competition. No bank
in the area has expressed any objection to the prospects
of increased competition which is expected to ensue.
On the contrary, all business interests in Kansas City,
Kansas, welcome this consolidation, not only because
of its positive contribution to their community, but
also because it strengthens the banking structure of the
area, enabling it to serve more effectively the banking
needs of the residents. It is generally recognized
throughout the area that this consolidation will lessen
the competitive advantage the banks in the Missouri
city now possess over the Kansas banks.
The high degree of common ownership of the stock
of these consolidating banks weighs heavily in passing
on this application. Both are, and have been since
their founding, family banks under the control of the
same family. The members of the family own 57.7
percent of the stock in Security National and 69.7 percent of the stock in the Riverview State Bank. In
addition to this interrelated stock ownership, members
of the same family serve as principal officers in both
banks. It seems self-evident that the consolidation of
these banks will not produce any changes in policy likely
to be detrimental to the community served and will
insure a continuation of the same competent management that now characterizes both these banks.
Amidst the almost universal approval accorded this
proposed consolidation by various and representative
members of the financial, commercial, and industrial
circles of the Kansas City area, only one strong protest has been heard. This protest, coming from the
Commercial National Bank, did not oppose the consolidation itself but was directed at the fact that the
consolidation would extend the basis for the dominant
stockholders in the resulting bank to be able to exert
influence on the policies and management of the Commercial National through cumulative voting. The
gravity of the implications contained in this protest and
the seriousness of the situation which it intimated,
prompted us to hold a public hearing on the application to consolidate.
The evidence adduced by the protestants at the hearing on March 21, 1962, demonstrated that their opposition rested on their apprehension of possible future
events rather than upon proved happenings of the
past. It was neither alleged nor proved that the family
which controls the consolidating banks had ever tried,
through their stock holdings in Commercial, to influence its policies or frustrate its management. During
the course of the hearing, it was made plain that Commercial National Bank, while not fearing the new competitive element the consolidation would introduce into
the banking community, was apprehensive of a possible
future abuse of the rights of cumulative voting by the
family controlling the resulting bank.
The thrust of Commercial's case, therefore, is to
oppose this application unless an assurance can be
given that its competitive capability will not be undercut by the family controlling the resulting bank. While
the Commercial National Bank wants us to afford them
protection against possible abuses of cumulative voting, they have been unable to suggest and we are unable
to devise any method save an order requiring the stockholders of the resulting bank to divest themselves of the
stock of the Commercial National Bank.
Such a drastic order is not deemed necessary to protect the Commercial Bank from a feared abuse of
cumulative voting and to insure the harmonious functioning of its board of directors. Because directors of
national banks are trustees of the depositors' funds, as
well as representatives of the stockholders who elected
them, they must be men of character, integrity, and
good repute who will perform the high trust imposed
upon them. A bank director, whether elected by a
cumulative vote or otherwise, must work always for the
best interests of the bank on whose board he serves.
He must support its honest and competent management in its daily operations and strive ever to strengthen
its policies. Never shall a director breach the confidence of his trust by funnelling information, gained
from his office, to a competitive bank through the
stockholders who elected him. The Comptroller,
through the powers vested in him by statute to examine national banks at regular intervals and to
take such corrective action as he may deem necessary,
57
including the removal of directors and officers for
unsafe and unsound practices, can effectively deal with
breaches of trust by directors.
At the hearings on this application, the principal
stockholders of the consolidating banks made it clear
to all who attended that they would never use their
stock interest in the Commercial National to affect
adversely its competitive capability in the community.
In response to cross-questioning, these same stockholders unequivocally stated they would not attempt in
any way to influence the policies or defeat the management of Commercial Bank. We rely upon their
assurances.
Having weighed all the factors presented by this
application against the statutory criteria, we conclude
that the proposed consolidation will promote the public
interest. The application is therefore granted effective on or after April 16,1962.
APRIL 9,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Security National Bank of Kansas City, which
opened as a state bank in 1911, became a national
bank in 1933, following its consolidation with the
Peoples National Bank. As of September 29, 1961, it
had total assets of $47,764,000, total capital accounts
of $3,632,000, total deposits of $41,822,000, and loans
and discounts of $17,069,000. As of the same date,
Riverview, a state bank chartered in 1903, had total
assets of $26,383,000, total capital accounts of
$4,418,000, total deposits of $12,802,000, and loans
and discounts of $7,342,000.
There is common ownership of 57.7 percent of the
stock of Security and 69.8 percent of the stock of
Riverview. The consolidation is motivated by the
desire of the owners to take advantage of the fact
that the smaller of the two banks, Riverview, has the
largest capital structure. This, it is believed, would
provide the resulting bank with a capital structure
strong enough to enable it to acquire some of the
local banking business presently being transacted in
Kansas City, Missouri banks.
Competition between the two banks is perhaps not
vigorous due to the extent of common ownership. It
appears that sufficient banking alternatives will remain,
despite the consolidation, to properly service the area.
It does not appear that the proposed consolidation
will have a substantial adverse effect on competition.
BANK OF KEARNS, KEARNS, UTAH, MERGED WITH ZIONS FIRST NATIONAL BANK, SALT LAKE CITY, UTAH
Name of bank and type of transaction
Total assets
In operation
Bank of Kearns, Kearns, Utah, with
and Zions First National Bank, Salt Lake City, Utah (4341), which had
merged Apr. 30, 1962, under charter and title of the latter bank (4341). The
merged bank at date of merger had
COMPTROLLER'S
DECISION
The Bank of Kearns, Kearns, Utah, and the Zions
First National Bank, Salt Lake City, Utah, have applied to the Comptroller of the Currency for permission
to merge under the charter and title of "Zions First
National Bank" and to maintain the present office of
the Bank of Kearns as a branch.
Kearns, located 13 miles southwest of Salt Lake
City, lies in the northern part of Salt Lake County
in the north central part of the state. This town was
organized in 1949 when a large Arizona construction
company acquired the site of a World War II military
training camp and, utilizing the existing utility installations, erected a large housing development for lower
bracket wage earners. The houses which comprise
this development sold for $7,000 to $10,000 on terms
of a small down payment with many years to pay,
and werefinancedprincipally by an eastern firm. The
1950 census revealed that Kearns had a population of
58
To be operated
$2, 869, 931
152, 606, 849
155, 476, 780
2,100. By 1960 it housed 3,440 families or 17,250
people. When the First Security Bank of Utah National Association, Ogden, Utah, applied to the Comptroller of the Currency in 1960 for permission to open
a branch in Kearns, the Bank of Kearns, in successfully
opposing the application, represented that 50 percent
of the population was under nine years of age and
that the average of the inhabitants was 17.3 years.
It also stated that its principal source of income was
from service charges which resulted from the fact that
over 80 percent of its checking accounts carried balances averaging less than $150. Kearns can boast
of only one industrial plant—the Trane Company of
LaCrosse, Wisconsin, which, in its manufacture of
industrial air conditioning equipment, employs 400
people. The great majority of the wage earners of
Kearns are employed in the Kennecott Copper Company open pit mines in Bingham Canyon, 12 miles
southwest; at the Magna and Garfield smelters, 10
miles northwest; at the Hercules Powder Company
at Bacchus, 5 miles northwest; and at other industrial
plants in the suburbs of Salt Lake City. The commercial activity in Kearns is limited to one small shopping center which houses, in addition to the Bank
of Kearns, several units of chain food stores and a
limited number of retail specialty shops. The town
has no automobile dealer. Strikes by the workers in
recent years against the copper interests have impaired
the economic health of this community. While further industrial development of the area is anticipated,
no plans for present expansion are known.
The Bank of Kearns, since its organization as a
state bank in 1956, has continued as a unit bank. Its
application for permission to open a branch at Taylorsville, 5 miles to the east, is now being held by the
State Banking Commissioner pending action on this
merger application. The bank was organized by a
small group of financially substantial residents of
Salt Lake City and the Bamberger Investment and
Exploration Company. According to the application,
it now has total assets of $2.5 million, deposits of $2.2
million, loans of $1.2 million, and a lending limit of
$37,500. Its average yearly earnings for the last five
years have been $28,000, rising from zero in the year
of its organization to $57,000 in 1960.
The application alleges that "present and potential
businesses in the Kearns area will be greatly benefited
by the increased lending power of the Resulting Bank."
In its opposition to the branch application in 1960,
the Bank of Kearns stated that it provided "all the
banking services needed in Kearns." The bank then
pointed out that its F.H.A. business was non-existent;
that the home owners were unable, because of their
low equity, to convert to conventional loans; that its
automobile loans were on models much older than the
Salt Lake City banks would consider and that "We
make most of our commercial and real estate loans
with customers outside of the Kearns area because there
is no property here on which a first mortgage can be
taken and practically no commercial loans because
the local merchants are struggling to get along and cannot present a favorable financial statement." The advent of the Trane Company and the prospect of 100
new homes in the $11,000 to $18,000 bracket since 1960
do not seem sufficient to alter materially the economic
picture of the Kearns area.
Of the Bank of Kearns' $2.2 million in deposits, 32.6
percent are large. More than half of these large deposits are either controlled by one of its directors or
represented by time certificate of deposits of state funds.
Although deposits by the residents of Kearns continue
to show a modest growth, it appears that a plateau has
been reached in this regard. Since local loans have
lagged and are expected to lag for some time to come,
behind available loan funds, its present portfolio of
loans which are 48 percent of its total assets was purchased from other area banks on a no-recourse basis.
One of the bank's principal sources of income, in addition to its loan interest and service charges, is from
commissions on insurance sold.
Zions First National Bank was organized as a National Association in 1890 under the title of "Utah
National Bank." The title of the bank was subsequently changed to Utah State National Bank, then
to Utah First National Bank, and later to First National Bank of Salt Lake City. Under this last title,
the bank functioned conservatively as fiscal agent for
the large and varied financial interests of the Church
of Jesus Christ of Latter Day Saints A substantial
part of the revenue of the bank derived from the investment of the Church's $30 million deposits, on which
the Church drew no interest, in U.S. Government
obligations. The Zion Savings Bank and Trust Company of Salt Lake City, also controlled by the Church,
was principally a savings and mortgage lending institution. The Utah Savings and Trust Company, also
controlled by the Church, was poorly managed and
carried a high volume of potential losses. In 1957,
these three banks, following the Church's withdrawal
of its $60 million deposits, merged into the Zions First
National Bank. This new bank, now operating three
branches and having approval for three more, has been
successful in solving the financial problems inherited
from the Utah Savings and Trust Company and in
expanding credit activities and improving earnings.
It is now the third largest bank in Utah, with total
assets of $144.6 million, deposits of $127.6 million,
loans of $83.7 million, and a lending limit of $1 million.
When the Church withdrew from ownership of the
Zion First National Bank in 1960, it sold its 146,542
shares of the outstanding 255,000 shares to an outside
group who controls and votes the shares as trustees
under a trust agreement executed for that purpose.
There is marked common ownership of the stock of
these merging banks. Of the 6,000 outstanding shares
of Bank of Kearns stock, 5,167 shares are owned by
persons owning either shares of Zion First National
Bank Stock or stock in the Voting Trust. There is only
one shareholder who acts as director in both banks, but
this man is Executive Director of the Bamberger Exploration and Development Company which has a
substantial interest in both banks.
The competitive positions of these banks do not
militate against this merger. The Bank of Kearns
has no competing banking offices within a radius of
five miles other than that of the Lockhart Company, a
finance and thrift firm operating an office in Kearns.
The deposits of this bank account for .2 percent of the
total deposits in the county. Zions First National
Bank has 15 percent of the total deposits constituting
it third in size to the First Security Bank of Utah with
42.4 percent and Walker Bank and Trust Company
with 24.3 percent. The next smaller bank is The Continental Bank and Trust Company, with 9.8 percent of
59
the total county deposits. Seven other small banks
make up the total. While this proposed merger will
do little to affect competition in the Kearns area, it
will strengthen the relative position of Zion First National Bank in the state banking structure and improve
its opportunities in the quest for the business of the
Trane Company, the Hercules Powder Company, and
any other industry that may contemplate locating in
the southwest quadrant of Salt Lake County.
In view of the over-all economic picture of
Kearns, it would not be realistic to suggest that Zion
First National Bank apply for permission to open a
branch there in lieu of this proposed merger.
Having balanced this proposed merger against the
standards prescribed in the statute and having concluded that it would be in the public interest, the application is approved effective on or after March 20,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger would appear to have an adverse effect on competition.
There appears to be actual and future direct competition between the merging banks. However, the
merger would not unduly enhance the present position of Zions First National Bank in the overall competitive picture of Salt Lake County and may promote
more vigorous rivalry with the two largest banks in
serving the needs of the growing southwestern portion
of this county.
On the other hand, it would seem that Zions First
National Bank may well be able to expand into this
area without the necessity of eliminating a vigorous
independent competing bank from a county already
dominated by four banks that account for over 90 percent of its banking business.
MARCH 13,1962.
THE EASTON NATIONAL BANK OF MARYLAND, EASTON, MD., PURCHASED BY MARYLAND NATIONAL BANK,
BALTIMORE, MD.
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Easton National Bank of Maryland, Easton, Md. (1434), with
was purchased May 4, 1962, by Maryland National Bank, Baltimore, Md.
(13745), which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
The Maryland National Bank, Baltimore, Maryland,
has applied to the Comptroller of the Currency for
permission, pursuant to section 18(c) of the Federal
Deposit Insurance Corporation Act, to purchase the
assets and assume the liabilities of The Easton National
Bank, Easton, Maryland.
The Maryland National Bank, with assets in excess
of $550 million, has its main office in Baltimore and
maintains 61 branches throughout the state. It accounts for approximately 30.0 percent of the commercial bank deposits in the Baltimore area and approximately 10.8 percent in the state as a whole. The addition of Easton National Bank would not significantly
alter this situation.
The Easton National Bank, with assets in excess of
$20 million, is located in Easton, Talbot County, Maryland, 51 miles southeast of Baltimore, in the area known
as "The Eastern Shore."
In dealing with this application I have had two primary areas of concern; the first is the effect on the
banking structure of Talbot County, Maryland, and
the second is the recent statewide banking trend.
60
$20,189, 000
2
588, 849, 000
607,215,000
61
To be operated
63
Talbot County has, in addition to two branches of
Maryland National, four other banks: The Easton National Bank, the St. Michaels Bank, The Liberty Bank,
Easton, and the Talbot Bank of Easton. Because of
the geography of the area, the two branches of Maryland National and the St. Michaels Bank, located on
peninsulas jutting into the Chesapeake Bay, do not
offer significant direct competition to the Easton Banks
for those services which are local in nature. Thus the
major impact of the transaction will be felt in the
city of Easton and the "main body" of Talbot County.
The transaction will not eliminate any significant
amount of direct competition on any level now existing between the two banks involved in this application.
Because physical access to the Eastern Shore has
been greatly eased, there is a trend of economic diversification and expansion in Talbot County. The
economic base of the area continues, however, to be
based primarily on agriculture and fishing. Talbot
County has a population approximating 21,000; 6,000
in the city of Easton. The future economic outlook of
the area is very good.
If this transaction is approved, there would continue
to be three banking choices open to the public in the
Easton area. The two remaining banks would, however, be faced with direct competition with a much
larger bank than at present. The question resolves itself as to the effect on the small Easton banks.
The facts in this case do not show that the smaller
banks in Easton would be at any greater disadvantage in competing with a branch of Maryland National than they are now in competing with Easton National since the level of service to be offered is, in most
cases, beyond thir corporate structure and legal limitations.
The second major factor is the obvious recent trend
of banking in Maryland and its effect on the over-all
banking structure of the state. Maryland has statewide branch banking—avenues of access which are
denied banks in some states. With a reasonable choice
of means available, both for the banks and regulatory
agencies, I feel that banks in Maryland should give
proper regard to using the various choices open to them
with particular emphasis on de novo branch banking.
If the opportunities are correctly used by both parties
involved, the effect will be beneficial to the public
and will build a sound, adequate banking structure
with opportunities for small banks to grow and with
opportunities for the larger banks to have reasonable
and proper access to present and prospective customers.
Maryland National has itself obtained most of its
branches by means of merger rather than de novo.
If this practice is continued by the larger banks over a
period of time, an imbalance will result that neither
present nor reasonably foreseeable economic circumstances seem to dictate.
The Easton-Talbot County area presently needs
expanded service and will benefit in general from the
increased availability of Maryland National, and in
particular from its trust and lending services. With
statewide branch banking and the resulting facility of
access for all banks, coupled with the growing Eastern
Shore area, I conclude that the public interest is served
by approving this application.
In weighing the facts in this case and in light of the
statutory criteria, I find favorably on this application
and it is, therefore, approved effective on or after
May 3,1962.
APRIL 26,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
There does not appear to be substantial competition
between the purchasing and selling banks. Nor does
the proposed transaction appear likely to enhance unduly the competitive position of the purchasing bank
in the important Metropolitan Baltimore area. It
would, however, have a potentially substantial adverse
effect on competition among commercial banks in the
service area of the selling bank in particular and on the
Eastern Shore of Maryland in general.
The area served by the selling bank is characterized
as rapidly outgrowing the ability of local banks to serve
its needs. Assuming this to be true, it does not appear
convincingly from the application that the only solution to this problem is for the largest bank in said area
to be acquired by the largest bank in Maryland. Furthermore, the proposed acquisition would make it very
difficult for the other small banks in this area to compete with the comparatively vast resources of the purchasing bank. These independent banks would be
likely objects of acquisition by other large banks in
Baltimore anxious to match expansion by Maryland
National Bank, which has already achieved its dominant position in Baltimore and several counties in
Southern Maryland and the Eastern Shore by acquiring substantial banks that formerly operated therein.
T H E FIRST NATIONAL BANK & TRUST C O . OF ORWIGSBURG, ORWIGSBURG, P A . , MERGED WITH T H E PENNSYLVANIA
NATIONAL BANK & TRUST C O . OF POTTSVILLE, POTTSVILLE, PA.
Total assets
Name of bank and type of transaction
In operation
The First National Bank & Trust Co. of Orwigsburg, Orwigsburg, Pa.
(4408), with
and The Pennsylvania National Bank & Trust Go. of Pottsville, Pottsville, Pa.
(1663), which had
merged May 4, 1962, under charter and title of the latter bank (1663). The
merged bank at date of merger had
COMPTROLLER S DECISION
The Pennsylvania National Bank and Trust Company of Pottsville, Pottsville, Pennsylvania, and The
To be operated
$6, 350, 430
28, 770, 756
33, 969, 434
First National Bank and Trust Company of Orwigsburg, Orwigsburg, Pennsylvania, have applied to the
Comptroller of the Currency for permission to merge
under the charter and title of "The Pennsylvania
61
National Bank and Trust Company of Pottsville."
The Pennsylvania National Bank and Trust Company of Pottsville, with total assets of $27,761,000 as
of November 15, 1961, presently operatesfivebranches
in the Pottsville area. Pottsville, Pennsylvania, has
a population of 21,000 and serves, in its trade area,
an additional 10,000. The principal industries in the
city and in its immediate vicinity are aluminum and
allied products, steel fabrication, light manufacturing
of various types, apparel production, and textiles.
The economy of the Pottsville service area has declined
in recent years due to the continued depressed conditions of the coal mining industry, which industry has
been a major economic element in the area. There
are four commercial banks in the city of Pottsville,
with The Pennsylvania National Bank and Trust Company being the second largest of these banks.
The First National Bank and Trust Company of
Orwigsburg had total assets of $5,525,000 as of November 15, 1961, and is a unit bank. The bank is
located in Orwigsburg, Pennsylvania, which is 8 miles
south of Pottsville and has a population of about
3,000, with an additional 1,500 in its trade area. The
economy of this area is fairly stable since it is located
outside of the coal mining region. Employment is
provided by a variety of small manufacturing plants.
In addition, many of the residents commute to other
areas for employment. The First National Bank of
Orwigsburg is the only bank in the town. Its nearest
competitors are the two banks located in Schuylkill
Haven, some 5 miles distant.
The circumstances leading to this proposal are
unusual. When the managing officer of The First
National Bank and Trust Company of Orwigsburg
informed the bank that he would resign shortly, the
board of directors of the bank decided to invite several
banks to make sealed bids to effect a merger or a
consolidation. Identical letters requesting such bids
were sent to five banks in the area. Offers were received from three of these banks and the offer of The
Pennsylvania National Bank and Trust Company,
which was highest, was accepted by the directors of
The First National Bank and Trust Company of
Orwigsburg.
The practice of placing the assets of a bank on the
auction block is fraught with many dangers. Such
a procedure, except under exceptional circumstances,
appears to be incompatible with sound banking practices. A merger of several banking institutions should
be predicated upon higher motives and reasons than
the premium to be paid for the assets. Rather, a
merger should be predicated on valid banking reasons,
and the negotiations which precede an agreement, as
well as the agreement itself, should demonstrate an
62
awareness by the applicant banks of their responsibilities to serve the public interest as well as the interest
of the stockholders of the institutions concerned.
However, the applicants have demonstrated that the
method used to arrive at an agreement was compatible with their responsibilities.
There are 15 banks with 27 banking offices operating in the competitive area of the applicant banks.
In addition, there are 13 other banks with 14 offices
operating in Schuylkill County outside of the applicant
banks' service area. Because the economic condition
of the County, in general, is depressed, the population
has steadily declined, between 1950 and 1960, by 13.7
percent. This decline of population commenced three
decades ago, with the general decline in the anthracite industry. While steps have been taken to induce
new industries to come into the area, the decline has
not yet been arrested. Unemployment is high at
about 13 percent of the labor force, notwithstanding
the fact that many people commute long distances to
employment outside of the County.
The County has a large number of independent
banks, which are experiencing difficulty in retaining
and replacing management and in meeting the rising
costs of operation. In view of the number of banks
operating in this area and the declining state of its
economy and population, approval of this application
will serve to strengthen the banking structure. In
addition, the continuing institution will be able to
fully utilize the potentials of the Orwigsburg area.
The application is, therefore, approved effective on or
after March 20,1962.
MARCH 13,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Pennsylvania National is the second largest of four
commercial banks within the Pottsville service area.
As of November 15,1961, it had total assets of $27,761,000, deposits of $25,395,000, loans of $12,831,000, and
capital accounts of $1,928,000. It has previously participated in mergers in 1953, 1954, 1955, and 1956.
First National has not previously participated in
any mergers or consolidations. As of November 15,
1961, it had total assets of $5,525,000, deposits of
$4,765,000, loans of $2,726,000, and capital accounts
of $708,000.
The two banks are located approximately 9 miles
apart and it is stated in the application that there is
little overlapping in their service areas and virtually
no competition between them. In view of this lack
of substantial competition between the merging banks
and in view of the size of the other banks within the
service area, it does not appear that the effect on
competition will be substantially adverse.
CARLISLE DEPOSIT BANK & TRUST C O . , CARLISLE, P A . , MERGED WITH T H E HARRISBURG NATIONAL BANK &
TRUST C O . , HARRISBURG, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Carlisle Deposit Bank & Trust Co., Carlisle, Pa., with
and The Harrisburg National Bank & Trust Co., Harrisburg, Pa. (580), which
had
merged May 12, 1962, under charter and title of the latter bank (580). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Harrisburg National Bank and Trust Company,
Harrisburg, Pennsylvania, has applied to the Comptroller of the Currency for permission to merge with
the Carlisle Deposit Bank and Trust Company, Carlisle,
Pennsylvania, under the charter and title of the former.
Harrisburg National, with assets in excess of $103,000,000 operates its main office in Harrisburg, four
branches in Dauphin County, and two branches in
neighboring Cumberland County. The Carlisle Deposit Bank and Trust Company, with assets in excess
of $12,000,000, has its main office and one branch
in Carlisle, Pennsylvania.
Harrisburg, located in Dauphin County, is in southeastern Pennsylvania. The population of the city is
roughly 80,000, with the general area containing approximately 345,000 people. Harrisburg is the capital
city of Pennsylvania, and Dauphin County's broad,
sound economic base is served by 16 commercial banks
and their branches. Harrisburg National, now the
third largest bank in the city, would retain its position
after the merger and be better able to compete with
the two larger banks in Harrisburg. Approval of this
merger would serve to increase effective banking competition in the Harrisburg area.
Carlisle is located in Cumberland County, 18 miles
west of Harrisburg. It has a diversified economic base
and, in addition to being the most populous borough,
it is the natural hub of trade for central Cumberland
County. Carlisle is now served primarily by three
banking institutions; the merging bank, the Farmers
Trust Company, and a branch of the $126,000,000
Dauphin Deposit Trust Company whose head office
is in Harrisburg. There is also a branch of the applicant bank in Mechanicsburg which lies between Harrisburg and Carlisle.
The approval of this merger will bring much more
direct and active competition to the branch of the
$12,766,735
99, 072, 875
To be operated
2
7
111,839,611
9
Dauphin Deposit Trust Company in Carlisle. This
fresh competition will stimulate banking in this growing area and bring to Carlisle an alternative choice
for the broad services and resources of two large banks.
While it is true that the remaining bank in Carlisle will
face stronger competition, it has voiced no objection to
this merger.
In weighing these considerations in light of the statutory criteria, I conclude, that, on balance, the public
interest will be served and the application is, therefore, approved effective on or after May 10,1962.
MAY 4,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Carlisle Deposit Bank and Trust Company is one
of the two independent banks in the City of Carlisle
and maintains two of the four banking offices in the
city, the remaining offices belonging to the other
independent bank and to the largest bank in the Harrisburg area.
Harrisburg National Bank and Trust Company
maintains seven banking offices in the Harrisburg area
and is the second largest bank with approximately
21 percent of the IPC demand deposits and 19 percent
of the loans in the area. It has been a party to seven
mergers since 1955 and as a result has increased its
loans by 1.463 percent and its deposits by 32 percent
since December 31, 1954. During this same period
Carlisle Deposit has shown an increase of 47 percent
in loans and a deposit increase of 51 percent without
being a party to any merger.
Both banks are in direct and substantial competition
with each other and are substantial factors in competition within the service areas of the banks. The elimination of this competition and of Carlisle Deposit
as a competitor will have substantial anticompetitive
effects.
63
BANK OF BEDFORD, INC., BIG ISLAND, V A . , MERGED WITH THE PEOPLES NATIONAL BANK & TRUST C O . OF
LYNCHBURG, LYNGHBURG, V A .
Banking offices
Name of bank and type of transaction
Total assets
In operation
iank of Bedford, Inc., Big Island, Va., with
and The Peoples National Bank & Trust Co. of Lynchburg, Lynchburg, Va.
(2760), which had
merged May 18,1962, under the charter and title of the latter bank (2760). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Peoples National Bank and Trust Company of
Lynchburg, Lynchburg, Virginia, and the Bank of
Bedford, Inc., Big Island, Virginia, have applied to
the Comptroller of the Currency for permission to
merge under the charter and title of "The Peoples
National Bank and Trust Company of Lynchburg."
The Bank of Bedford, which was originally chartered as a state bank in 1913 under the title "The Bank
of Big Island, Incorporated," now has assets of $1.3
million. Its main office is the only bank in Big Island,
a rural town of 800 which plays host to an OwensIllinois Glass Company paper mill. The 200 to 250
persons employed in the paper mill constitute the bulk
of the bank's customers.
In addition to its main office, the Bank of Bedford
operates a branch in the town of Bedford, midway between Lynchburg and Roanoke. This town of 6,000
is the commercial and trading center for 30,000 persons living in the surrounding agricultural area. While
tobacco, once the chief crop in this county, is still important to the economy, dairying and livestock operations have become the biggest source of income.
The Bedford branch of the Bedford Bank was
opened, two days after the bank changed its name
from "The Bank of Big Island, Inc.," in 1961 in competitive response to the merger of Bedford's two independent banks into The First National Exchange
Bank of Roanoke, Virginia. Following the death of
the branch manager of the Bedford Bank shortly after
opening its Bedford branch, the bank has had difficult
times. Its limited resources, lack of management
depth, and insufficient capital, with all the attendant
64
To be operated
$1, 525, 943
34, 033,178
35, 480,177
problems, have harassed its operations. At the present
time it is being managed by personnel of The Peoples
National Bank and Trust Company of Lynchburg.
The Peoples National Bank and Trust Company, a
$32 million institution, operates its main office, three
branches and a drive-in window in Lynchburg, 18
miles east of Bedford. Through this merger Peoples
National will rescue the Bank of Bedford from its present difficulties and will bring to the people in the
Big Island and Bedford areas a more complete, adequate and stable banking service. It will also establish
competitive operations in Bedford with the branches of
The First National Exchange Bank to an extent beyond
the powers of the Bank of Bedford.
It seems clear that this merger, weighed against all
statutory prescriptions, will promote the public interest.
The application therefore is approved effective on
or after May 3,1962.
APRIL 26,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Peoples National Bank and Trust Company
and the Bank of Bedford cannot be considered in effective competition since their service areas hardly
overlap and since the closest office of the Bank of Bedford to the Peoples National Bank and Trust Company
is 18 miles. Furthermore, in the larger service area of
the merged bank the effect on competition would not
be substantial.
It is noteworthy that one of the reasons cited in favor
of the merger is the need to restore effective competition in the town of Bedford, a town in which the only
two banks there were permitted to be acquired in 1961
by a much larger bank in Roanoke, Virginia.
PLAINWELL BANK, PLAINWELL, MICH., PURCHASED BY THE AMERICAN NATIONAL BANK & TRUST CO. OF
KALAMAZOO, KALAMAZOO, MICH.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
Plainwell Bank, Plainwell, Mich., with
was purchased May 19, 1962, by The American National Bank & Trust Co. of
Kalamazoo, Kalamazoo, Mich. (13820), which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
The American National Bank and Trust Company
of Kalamazoo, Kalamazoo, Michigan, has applied to
the Comptroller of the Currency for permission to
purchase the assets and assume the liabilities of the
Plainwell Bank, Plainwell, Michigan, and to continue
in operation the banking office of the Plainwell Bank
as a branch of the purchasing bank. The American
National also asks permission to increase its capitalization by $1,000,000 through the sale of 20,000 shares
of $25 par value stock at $50 per share.
The American National Bank and Trust Company,
first chartered in 1933, now operates six offices, five
of which are located in the city of Kalamazoo, and
one in Richland, six miles to the northeast. This
bank, with total assets of $67 million, is capable of
accommodating most of the financial needs of its service area with the exception of loans in excess of
$300,000.
The Plainwell Bank, established in 1869 and chartered as a state bank in 1903, was reorganized in 1932
and completely paid off its moratorium deposits by
June 1938. This one-office bank, possessing assets of
$5.8 million, operates in the Plainwell-Otsego area 12
miles north of the American National Bank's home
office.
The city of Kalamazoo, located midway between
Detroit and Chicago, has experienced a 33.9 percent
population growth between the last two census reports
and at the present time it advertises that the population of its urban area is 82,000 and of its trade area
is 158,700. As the city grew, the emphasis shifted in its
mixed economy from its agricultural pursuits focused
on dairy farming, fruit growing, and feeder operations,
to industrial and commercial activities including the
manufacture of paper products, taxi cabs, fishing equipment, and pharmaceuticals. The several universities
and colleges in this city, with their many students and
the nearby lakes with their resort facilities, give an
added lift to the area economy.
Plainwell, which is 12 miles from Kalamazoo, was
principally an agricultural town before it became a
$5, 829, 000
67, 017, 000
73,145, 000
suburb of Kalamazoo. This community of 3,100,
serving a trade area of 12,000, now relies upon three
local industries employing 400 people, on farming, and
on the industrial and commercial activities of Kalamazoo to support it.
The conversion of the Plainwell Bank into a branch
of the American National will not affect the pattern
of competitive banking in Kalamazoo County. Using
total assets as a basis for comparing the banks now
serving this area, the largest is the First National Bank
of Kalamazoo with $98 million and 10 offices. Second
is the applicant American National with $66 million
and six offices. The Industrial State Bank with $33
million and nine offices is third in size with the Home
Savings Bank with $10 million fourth. The addition
of the $6 million assets of the Plainwell Bank to those
of American National will not affect its relative position in the banking community.
The existing branch of the First National in Otsego,
extending, as it does, all the multiple services of a
large bank to the people of the area, has put the
management of the small Plainwell Bank at a disadvantage. This absorption of the Plainwell Bank, while
solving management succession arising from its inability to attract and train and hold young men of management caliber, will also bring to the people in the
Plainwell-Otsego area an alternative banking facility
offering competitively broad services.
Examination of all the circumstances surrounding
this purchase and sale in the light of the statutory
criteria persuades us that the proposal will promote
the public interest. The application is therefore
granted effective on or after May 3,1962.
APRIL 26,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed purchase of assets and assumption of
liabilities of Plainwell Bank, Plainwell, Michigan, one
of the smaller banks competing in the Kalamazoo
Metropolitan Area, by The American National Bank
and Trust Company of Kalamazoo, Kalamazoo, Michigan would appear to have adverse effects on
competition.
65
WHITNEY NATIONAL BANK OF N E W ORLEANS, N E W ORLEANS, L A . , CONSOLIDATED WITH CRESCENT CITY
NATIONAL BANK, N E W ORLEANS, L A .
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
Whitney National Bank of New Orleans, New Orleans, La. (3069), with
and Crescent City National Bank, New Orleans, La. (14977), which had
consolidated May 24,1962, under charter Crescent City National Bank (14977),
and title "Whitney National Bank of New Orleans." The consolidated bank
at date of consolidation had
COMPTROLLER S DECISION
Application has been made to the Comptroller
of the Currency for permission to consolidate the
Whitney National Bank of New Orleans, New
Orleans, Louisiana, and the Crescent City National
Bank, New Orleans, Louisiana.
Application had previously been made to this office to organize two new national banks; one, located
in New Orleans, to be known as the Crescent City
National Bank and the othera located in Jefferson
Parish, to be known as the Whitney National Bank
in Jefferson Parish. Substantially all of the stock of
the new banks would be acquired by the proposed
Whitney Holding Corporation.
This office approved the formation of the two
banks on October 2, 1961. Subsequently, on May 3,
1962, the Board of Governors of the Federal Reserve
System granted approval to the Whitney Holding
Corporation to acquire substantially all the shares of
these banks.
We find the proposal to consolidate to be in the
public interest. The application, therefore, is approved effective on or after May 24, 1962.
MAY 18, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed consolidation is one of several operations involved in the creation of a holding com-
$484, 508, 466
350,000
12
12
484, 518, 566
pany enabling Whitney National Bank to expand its
operations beyond Orleans Parish. The consolidation will result in Whitney National Bank becoming a
wholly owned subsidiary of the holding corporations.
Whitney National Bank is the largest of six banks
located in Orleans Parish, three of which are very
substantial banks. The proposed holding company
formation would not appear to affect significantly
competition in Orleans Parish.
At present there are four banks operating a total
of ten offices in Jefferson Parish. The largest of these
banks is an affiliate, established in 1955, of The National Bank of Commerce, the second largest bank in
New Orleans. The largest stockholder in the National
American Bank of New Orleans, New Orleans' fourth
largest bank, recently acquired 40 percent of the stock
of the Merchants Trust and Savings Bank, the fourth
largest bank in Jefferson Parish. Thus, two relatively
large New Orleans banks have large interests in two
of the four banks in Jefferson Parish which together
have six out of ten of the existing banking offices in
that Parish. The present proposal will result in the
entry of another large New Orleans bank into Jefferson
Parish.
While there may be some danger of further domination of banking in Jefferson Parish by Whitney National to the detriment of competition, it does not now
appear that the effect of the proposed transaction on
competition will be substantially adverse.
THE CITIZENS & SOUTHERN BANK OF ATLANTA, ATLANTA, GA., PURCHASED BY THE CITIZENS & SOUTHERN
NATIONAL BANK, SAVANNAH, SAVANNAH, GA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Citizens & Southern Bank of Atlanta, Atlanta, Ga., with
was purchased May 31. 1962, by The Citizens & Southern National Bank,
Savannah, Ga. (13068), which had
After the purchase was effected, the receiving bank had
66
$42, 007, 000
11
554, 094, 000
592,177, 000
11
22
COMPTROLLER S DECISION
The Citizens and Southern National Bank, Savannah, Georgia, has applied to the Comptroller of the
Currency for permission to purchase the assets and
assume the liabilities of The Citizens & Southern Bank
of Atlanta, Atlanta, Georgia.
The Citizens and Southern Holding Company owns
99 percent of the oustanding stock of the C&S Bank
of Atlanta. The C&S Holding Company stock is, in
turn, held in trust for the benefit of the shareholders
of C&S National of Savannah. C&S National has 10
branches in Atlanta and pending applications for two
more. The C&S Bank of Atlanta operates nine offices and two drive-in facilities in Atlanta. Because
of the ownership of the two banks, the state bank
is run almost as though it were a branch of the National Bank. In many instances the public is not
aware that they are separate institutions.
The effect of this purchase is to join in law two
banks which are, in fact, one operation.
The transaction will eliminate confusion in the pub-
lic eye, give economies of scale to the operation of the
bank and provide a better balance to the loan, deposit
and capital structure of the C&S Bank of Atlanta.
Viewed in light of the statutory criteria, the proposal is in the public interest and the application is
therefore approved, effective May 10, 1962.
MAY 4, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The acquiring bank, whose main office is in Savannah, Georgia, operates 12 offices in Atlanta. The
acquired bank operates 11 offices in Atlanta. However, there is no real competition between the two because of devotion to common stockholders. The
acquired bank is almost wholly owned by the Citizens
and Southern Holding Company which in turn is
trusteed with the Trust Department of the acquiring
bank for the benefit of the acquiring bank's stockholders.
It does not appear that the effect of the proposed
acquisition on competition would be adverse.
THE BEAR BUTTE VALLEY BANK, STURGIS, S. DAK., CONSOLIDATED WITH AMERICAN NATIONAL BANK OF RAPID
CITY, RAPID CITY, S. DAK.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The Bear Butte Valley Bank, Sturgis, S. Dak., with
and American National Bank of Rapid City, Rapid City, S. Dak. (14099), which
had
consolidated May 31, 1962, under charter and title of the latter bank (14099).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The American National Bank, Rapid City, South
Dakota, with assets of $36 million and The Bear
Butte Valley Bank, Sturgis, South Dakota, with assets
of $8 million, have applied to the Comptroller of the
Currency for permission to consolidate under the charter and title of The American National Bank.
American National is located in Rapid City, in the
Black Hills of western South Dakota. Rapid City
is the second largest city in the state and its population
of 42,000 has doubled in the last ten years. The economy of the area is based primarily upon livestock,
ranching and mining, augmented by resort and military spending. The city is served by four commercial
banking institutions; the applicant bank and its affiliate
the Western National Bank, the Rushmore State Bank,
and the $71 million First National Bank of the Black
Hills. The applicant bank is also affiliated with the
Rapid City Trust Company which does not engage
in commercial banking.
$8,729, 243
1
38,439,634
3
46, 938, 498
4
The Bear Butte Valley Bank is located in Sturgis,
30 miles north of Rapid City. Sturgis has a population of 4,000 and ranching and livestock are the
economic mainstays of the area with some support
from mining. The only other banking institution in
the town is the Sturgis branch of the First National
Bank of the Black Hills.
Sincefiveofficers or directors of American National
own the controlling interest in The Bear Butte Valley
Bank and control its policies, operation of the Sturgis
bank as a branch office ultimately benefits its customers
and the community through operating and management economies and more efficient services. The consolidation will promote the convenience and needs of
the people in the Sturgis area by offering more complete service, a proposed new banking house, and an
aggressive management. At the same time it will
redound to the benefit of both The American National
Bank by reducing its overlines and The Bear Butte
Valley Bank by correcting an imbalance in its loan
67
portfolio occasioned by the large proportion of agricultural loans.
This consolidation will not have any adverse effects
upon the banking structure either in Rapid City or
Sturgis.
In weighing these factors and in light of the statutory
criteria, I find that the consolidation is in the public
interest and it is, therefore, approved effective on or
after May 24, 1962.
MAY 18, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
These banks are located approximately 30 miles
from each other and have been under common ownership since January 1962. It is not believed that there
is substantial competition between the banks, and the
common ownership has probably eliminated what
little competition that may have existed between them.
The effect of the merger on competition would therefore not be adverse.
THE BANK OF WILMINGTON, WILMINGTON, N.C., MERGED WITH NORTH CAROLINA NATIONAL BANK, CHARLOTTE,
N.C.
Banking offices
Total assets
Name of bank and type of transaction
In operation
The Bank of Wilmington, Wilmington, N.C, with
and North Carolina National Bank, Charlotte, N.C. (13761), which had
merged June 8, 1962, under charter and title of the latter bank (13761). The
merged bank at date of merger had
COMPTROLLER S DECISION
The North Carolina National Bank, Charlotte, North
Carolina, has applied to the Comptroller of the Currency for permission to merge under its charter and
title, The Bank of Wilmington, Wilmington, North
Carolina.
The $538,000,000 North Carolina Bank, with its
main office in Charlotte, North Carolina, has 53 statewide branch offices. The $9,000,000 Bank of Wilmington operates its main office and three branches
in Wilmington, North Carolina, in the southeastern
part of the state 6 miles from the Atlantic Ocean.
Wilmington, with a population of 44,000, has historically been the trading center of the surrounding
agricultural area. It has, however, in the past two
years suffered economic setbacks with the removal, in
1960, of the head offices of the Atlantic Coast Line
Railroad and the removal, in 1961, of the district offices of the U.S. Army Engineers. These events led
to a loss of annual pay rolls estimated at $7,000,000.
The economic future of this city is, at best, uncertain
with the importance of agriculture declining. Its
future will depend upon new industrial growth.
The area is now served by three branches of Wachovia Bank and Trust Company of Winston-Salem,
the largest bank in the state; two branches of FirstCitizens Bank and Trust Company, which maintains
64 state-wide branches; four branches of the merging
bank; two branches of the applicant North Carolina
National Bank; and one branch of the First National
Bank of Jacksonville, a growing regional bank with
eight offices in Eastern North Carolina.
68
$9, 703,131
549, 395, 002
557, 798, 674
To be operated
4
53
57
The Bank of Wilmington, while showing a good
over-all growth prior to 1960, has felt the loss of the
community's two largest employers most keenly. Its
deposits in the past two years have increased only $17,000. In addition to this deposit problem, the bank
has been forced to place an undue reliance on installment loans—60 percent of its total. The hope of new
industry coming to Wilmington holds little promise
for this bank's future as it cannot, because of limited
capital, either attract or service the large credit demands of industry. In addition to these problems, the
lack of a trust department seriously hampers the effective servicing of both present and future customers.
The addition of the resources of The Bank of Wilmington to the North Carolina National Bank will not
appreciably affect the state-wide banking structure. It
is true that some competition between the applying
banks will be eliminated. However, I feel that this is
outweighed by the present needs of The Bank of Wilmington to strengthen its internal structure. There
will remain in Wilmington branches of the three largest
banks in the state, as well as a branch of the smaller
First National Bank of Jacksonville which, it should
be noted, has not raised objection to this merger. In
my decision of March 13, 1962, concerning the approval of the application of the North Carolina National Bank to merge with the Bank of North Wilkesboro, I called attention "to dangers to the public interest latent in unbridled expansion by acquisitions.
Further expansion by this means in North Carolina
cannot be continued without an unmistakably clear
showing that the proposal is not only soundly conceived
in the public interest, but also will materially
strengthen the banking structure." On balancing the
facts of this case, however, I feel that these conditions
have been met and that the convenience and needs of
both the community of Wilmington and The Bank of
Wilmington will be materially benefited by the approval of this application.
The application, therefore, is approved effective on
or after May 31,1962.
MAY 25,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
North Carolina National Bank, the second largest
bank in the state, with total assets of $538,700,000
proposes to acquire Bank of Wilmington, Wilmington,
North Carolina, which has assets of $9,800,000 and
operates four offices in the Wilmington area. Bank of
Wilmington and another bank of about the same size
compete in Wilmington with North Carolina National,
Wachovia Bank and Trust, the state's largest bank, and
First Citizens Bank and Trust, the state's third largest
bank. The increasing concentration of banking assets among the largest banks in the state is a matter
of considerable concern. The effect of the proposed
acquisition on commercial banking in North Carolina
and more particularly the Wilmington area is believed
to be substantially adverse.
We think it important to note that the merging bank
points to the serious difficulties involved in trying to
compete with the two largest banks in the state and in
particular trying to compete with offices of Wachovia
which has been permitted to obtain a dominant position in the Wilmington area by acquiring two substantial competing banks in such area.
THE NATIONAL BANK OF COLD SPRING ON HUDSON, COLD SPRING, N.Y., CONSOLIDATED WITH THE FISHKILL
NATIONAL BANK OF BEACON, BEACON, N.Y.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The National Bank of Cold Spring on Hudson, Cold Spring, N.Y. (4416), with
and The Fishkill National Bank of Beacon, Beacon, N.Y. (35), which had
consolidated June 15, 1962, under charter of the latter bank (35) with title
"The Fishkill National Bank." The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Fishkill National Bank of Beacon, Beacon, New
York, with resources of $10.3 million, has applied to
the Comptroller of the Currency for permission to
consolidate with the National Bank of Cold Springon-Hudson, Cold Spring, New York, whose resources
are $1.8 million, under the charter of the former and
with the title "The Fishkill National Bank."
Beacon, in Dutchess County, is a residential community of 14,000, located on the east bank of the Hudson
River 15 miles south of Poughkeepsie. Most of its
wage earning residents are employed either at the International Business Machine plant in Poughkeepsie
or in the several industrial shops established in Beacon.
Eight miles south of Beacon, in Putnam County, is the
residential community of Cold Spring-on-Hudson.
The majority of wage earners among its 2,000 residents also find employment in the industrial shops of
Beacon or Poughkeepsie.
The National Bank of Cold Spring, the only bank in
the village, is closely held, conservatively managed,
and in excellent financial condition. Because it has
no banking competition within a 5-mile radius, this
bank, which will not accept savings accounts nor offer
$1, 726, 075
9, 963, 618
11,689,693
1
2
3
special checking account service, has shown little
growth during recent years. The application states
that it is now faced with a management succession
problem.
The Fishkill National Bank, since its organization
in 1863, has served the needs and convenience of the
community of Beacon in competition with The Matteawan National Bank of Beacon and the Beacon Savings Bank for the business generated among the 20,000
people of its trade area. It has maintained a steady
growth rate as is evidenced by the fact it has in 10
years twice increased its capital, built a new banking
house, and established a branch in Fishkill. During
this period of expansion, it has preserved its financial
stability and returned satisfactory earnings.
Approval of this consolidation will enable The Fishkill National Bank to bring additional and much
needed banking services to Cold Spring whose residents have long felt handicapped by the absence of a
full service bank. The larger resulting bank will have
a capitalization adequate to meet the credit demands
of Cold Spring residents not now being satisfied locally
and will also provide a solution to the Cold Spring
bank's impending management problem.
69
The competitive effect of this consolidation in the
Cold Spring area where the present banking competition derives from three banks located in Peekskill, 12
miles to the south, will be negligible. By strengthening the financial structure of The Fishkill National
Bank, this plan will permit it to develop a more active
competition in Beacon without undue harm to other
banks. An ancillary result of this consolidation will
be to open Gold Spring to branch banking under the
state laws.
Having thus weighed all the factors prescribed by
the statute, I have concluded that this consolidation
will promote the public interest. The application is
therefore granted effective on or after May 24, 1962.
MAY 18,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Within the service area of The Gold Spring National Bank, Cold Spring, New York, there is competition by The Fishkill National Bank of Beacon,
Beacon, New York, although the application indicates
that the two banks are in separate service areas.
Within a service area circumscribing Beacon and Cold
Spring the result of this merger would be to add to
a bank with 50 percent of all assets in the area one
with 9 percent of all assets. However, in the service
area of the Cold Spring bank, there is also competition
from banks in Putnam County and banks in Peekskill.
In view of the fact that banks outside of Beacon compete in this service area any reduction in competition
as a result of this merger would not be substantial.
STATE BANK OF BOLIVAR, BOLIVAR, N.Y., CONSOLIDATED WITH THE CITIZENS NATIONAL BANK OF WELLSVILLE,
WELLSVILLE, N.Y.
Banking offices
Name of bank and type of transaction
Total assets
In operation
State Bank of Bolivar, Bolivar, N.Y., with
and The Citizens National Bank of Wellsville, Wellsville, N.Y. (4988), which had.
consolidated June 15, 1962, under charter and title of the latter bank (4988).
$2, 821, 739
14, 789,147
17, 610, 611
COMPTROLLER'S DECISION
The Citizens National Bank of Wellsville, Wellsville,
New York, has applied to the Comptroller of the
Currency for permission to consolidate with the State
Bank of Bolivar, Bolivar, New York, under the charter
and title of the former.
Wellsville, located in Allegany County, lies 10 miles
north of the Pennsylvania state line, 70 miles southeast of Buffalo. This town, the largest in the county,
has a population of 6,000 and serves as the trading
center for 10,000 persons living in the surrounding
country-side. While its economic life depends primarily upon agriculture, centered on dairying and
cheese making with grain and potatoes as the cash
crops, it receives substantial support from diversified
industrial and mercantile activity within its confines.
Its industrial plants, employing 1,400 and its mercantile establishments, hiring 900, provide work for many
residents of neighboring towns.
Bolivar, a town of 1,500 located 14 miles west of
Wellsville, is the second largest community in the
county. Between 1940 and 1952 when production
of Pennsylvania crude oil kept 100 drilling rigs occupied daily and accounted for 10,000 to 12,000 barrels a day, its economy boomed and fortunes were
made. Since then, however, oil production has
steadily declined until only 15 drilling rigs are em70
To be operated
1
4
5
ployed daily and 3,500 barrels of crude are pumped.
Its large refinery closed depriving 700 of work. The
economy now depends on agriculture and six small
industrial plants. Many of its residents are employed
in Wellsville and Olean to the west.
The Citizens National Bank was organized in 1895
and now has assets of $14.1 million. Through a
series of consolidations with smaller banks between 1956
and 1959 it acquired its three branch offices in Alfred, Andover, and Whitesville, all in Allegany County
to the east of Wellsville. This bank has served well
the convenience and needs of the community.
The State Bank of Bolivar, with resources of $2.9
million, competes with The First National Bank of
Bolivar for the banking business generated within the
trade area of the town. The State Bank, following an
ultraconservative policy of restricting loans to local
residents, has not enjoyed the earnings usual to a bank
this size. This conservative policy appears to have
been dictated by the vulnerability of its deposit structure stemming from the fact that 40 percent of its deposits are held in 26 accounts, a local by-product of the
concentration of oil wealth in a few families. This
merger of the State Bank with the larger Citizens National Bank will correct this deposit imbalance and enable the resulting bank to pay higher interest on Bolivar
deposits than is now the case. The competitive im-
pact of this merger on the banking scene in Allegany
County will not be unfavorable.
Having weighed all the statutory factors, I have
concluded that is merger is in the public interest. The
application, therefore, is approved effective on or after
May 31,1962.
MAY 25,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Citizens National Bank of Wellsville has in recent years acquired the only banks in three surrounding
communities. It presently has approximately 35 percent of the deposits in the area and 43 percent of the
loans. By acquiring the State Bank of Bolivar, Citizens
National would eliminate a substantial competitor
in the area and would substantially increase concentration so that it would have 41 percent of IPC deposits
and 47 percent of the loans in the area and the two
largest banks would control almost 90 percent of the
banking business in the area. We therefore believe this
consolidation may substantially adversely affect competition.
THE LIBERTY BANK OF NORTH, NORTH, S.C, CONSOLIDATED WITH THE SOUTHERN NATIONAL BANK OF ORANGEBURG, ORANGEBURG, S.C.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Liberty Bank of North, North, S.C, with
and The Southern National Bank of Orangeburg, Orangeburg, S.C. (14135),
which had
consolidated June 20, 1962, under charter and title of the latter bank (14135).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Southern National Bank of Orangeburg,
Orangeburg, South Carolina, with assets of $7.9 million, has applied to tht Comptroller of the Currency to
consolidate with The Liberty Bank of North, North,
South Carolina, with assets of $845,000, under the
charter and title of the former.
Orangeburg County, wherein both of the participating banks operate, is located in the center of the state
on the fertile coastal plain. Reputed to be one of the
richest agricultural counties in the southeast, it leads
the state in the production of dairy and meat products,
cotton, pecans, and soy beans. It is, however, significant that since 1954 the total number of independent farms decreased by one-third. During the
same period the remaining farms grew correspondingly
in size to create greater credit demands on the county's
eight banks. Because of the large quantity of dependable labor available among the county's 69,000 residents, an increasing number of industrial concerns
have opened plants in the county. This trend, which
is expected to continue, will require banks with larger
capital.
Orangeburg, with a population of 14,000, is the
County Seat. Its economy is bolstered by the presence
of diversified manufacturing and processing plants producing meats, food, clothing, wood products, and plywood. It is also the retail and wholesale center for an
area that extends beyond the county lines.
North, a town of 1,000, serves 7,500 people in the
section of the county 18 miles north of Orangeburg.
$792, 995
1
8, 066, 094
2
8, 859, 088
3
Because it has only two small industrial plants, its economic life depends upon the well-being of surrounding farms.
The Southern National Bank, with two offices in
Orangeburg, is the smallest of the three banks which
serve the city. However, it is larger than any of the
five other banks in the county. In order to meet the
financial needs of this agricultural community, this
bank originated many participations with correspondents.
The Liberty Bank of North, with a limited capital
structure, is having difficulty in adequately serving the
needs of the expanding farm operations in its area.
Many of the bank's potential customers consequently
have taken substantial banking business to The Southern National in Orangeburg. In addition to these
problems, the bank's managing officers, looking forward to retirement, are confronted with the task of
obtaining competent successors.
This proposal, while not disturbing the banking
structure either in the city or county of Orangeburg,
will bring to North a caliber and range of banking
services its businessmen and successful farmers have
long needed. It will resolve internal problems of The
Liberty Bank and generally promote the public interest of that area and the entire county.
This application, therefore, is granted, effective on
or after May 31, 1962.
MAY 25, 1962.
71
SUMMARY OF REPORT BY ATTORNEY GENERAL
A degree of competition exists between Liberty
Bank of North and The Southern National Bank of
Orangeburg, which will be eliminated by the proposed
consolidation. However, this competition appears to
result in large part from the inability of the small
consolidating bank to adequately serve the banking
needs of the people in that community thereby necessitating their going to banks located some distance
away to obtain banking services.
The replacement of the consolidating bank with a
branch of a larger bank now located 18 miles distant
does not appear to have a significant adverse effect
on competition.
THE PECONIG BANK, SAG HARBOR, N.Y., CONSOLIDATED WITH SECURITY NATIONAL BANK OF LONG ISLAND,
HUNTINGTON, N . Y .
Name of bank and type of transaction
Total assets
Banking offices
In operation
The Peconic Bank, Sag Harbor, N.Y., with
and Security National Bank of Long Island, Huntington, N.Y. (6587), which had.
consolidated June 22, 1962, under charter and title of the latter bank (6587).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Security National Bank of Long Island, Huntington, New York, has applied to the Comptroller of
the Currency for permission to consolidate with The
Peconic Bank, Sag Harbor, New York, under the
charter and title of "Security National Bank of Long
Island."
Security National Bank of Long Island, organized
in 1903 as the First National Bank of Huntington,
assumed its present title in 1958 after several previous
name changes. This bank, which was a single location institution until 1952, now possesses total resources of $228 million and operates 29 offices—22 in
Suffolk County and seven in Nassau County. It has
approval for four other branches and applications on
file for five more. One of its present Suffolk County
branches is situated at Riverhead, 26 miles west of
Sag Harbor.
The one-office Peconic Bank has served Sag Harbor, an old whaling port, since it was chartered in
1889. With assets of $3.4 million, it is the smallest
commercial institution in Suffolk County. This bank,
under its capable management, has, during the last
five years, maintained a fine dividend record without
impairing its very sound capital structure. It is now
experiencing difficulty in attracting and holding competent young men who can assume management positions and will continue itsfinetraditions.
Though the offices of Security National are concentrated in eastern Nassau County and southwestern
Suffolk County, its trade area may properly be considered as embracing both counties. Nassau County,
covering 300 square miles, has enjoyed a phenomenal
population boom of 93.3 percent in the last decade,
rising from 672,000 in 1950 to 1,300,000 in 1961.
72
$3, 301, 085
243, 596, 401
246, 897, 486
To be operated
1
31
32
During the same period, the county enjoyed a concomitant increase in residential, commercial, and light
industrial development. Suffolk County, with its 922
square miles, had a population of 667,000 in 1960—
an increase of 142 percent over the 1950 total of
276,000. Population concentration of Suffolk County
is most dense in its southwest corner. While this
county has enjoyed the same type of economic growth
as Nassau County, there is still some agriculture carried
on in its eastern section. Its beaches and recreational
facilities also attract sufficient tourist trade to make it
a prominent factor in the area economy. The combined area of these counties has generated much banking business since 1950 and, judging by present indicators, will develop a great deal more.
Sag Harbor, a village of 2,400, is situated in the
eastern section of Suffolk County, 25 miles west of
Montauk Point. This village, which serves some 5,000
year-round residents, doubles its trade area population
during the summer influx of vacationers. In addition to the income it receives from tourists, the economy relies on farming, residential developments, and
several light industries that employ 800 persons. The
Peconic Bank and the Sag Harbor Savings Bank, which
is five times as large as Peconic, are the only banks
in the town.
The effect of this proposal on the Nassau-Suffolk
banking scene will be minimal. While Security National, as the third largest commercial bank in this
two-county area operates 29 offices, it competes with
221 other banking offices for business generated on
Long Island. On the basis of scale, it faces the $904
million Franklin National Bank and the $687 million
Meadow Brook National Bank. The inclusion of
Peconic, in Security National's multi-location system,
will certainly not disrupt the over-all banking balance.
The banking pattern in eastern Suffolk County
around Sag Harbor is scattered. Within the 10-mile
radius of Peconic Bank, there are three commercial
banks and one savings bank. One of the commercial
banks, located at Easthampton, seven miles from Sag
Harbor, is a branch of the $67 million Valley National
Bank of Long Island; the other two are small oneoffice institutions. Approval of this proposal will intensify banking competition in this section of Long
Island and will make adequate banking services readily
available to meet the present and expanding needs of
its economy. It will also resolve the management
succession problems that now trouble Peconic and
insure the operation of an effective banking facility in
the community.
This proposal meets all the statutory criteria and
will promote the public interest. The application,
therefore, is granted effective on or after June 12,1962.
JUNE 5,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Security National, with assets of approximately
$228,684,000 as of September 15, 1961, is the third
largest Long Island based commercial bank. It has
grown substantially by consolidation and internal
growth since 1952, but is considerably smaller than
the two largest Long Island based banks with which
it competes.
The Peconic Bank, with a single office, is approximately 5 miles from the closest office of Security
National, and is the only bank within its service area.
The service areas of Security National and The Peconic Bank do not overlap. There are no known deposit
or loan accounts in both banks, and no deposits or
loans of either bank appear to originate in the service
area of the other bank.
The proposed consolidation does not appear to have
any significant adverse competitive effects.
AMERICAN TRUST COMPANY, LEWISTON, MAINE, CONSOLIDATED WITH CANAL NATIONAL BANK, PORTLAND, MAINE
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
American Trust Co., Lewiston, Maine, with
and Canal National Bank, Portland, Maine (941), which had
consolidated June 25, 1962, under charter and title of the latter bank (941).
The consolidated bank at date of consolidation had
COMPTROLLER S DECISION
On April 17, 1962, the Canal National Bank, Portland, Maine, and American Trust Company, Lewiston, Maine, applied to the Comptroller of the
Currency for permission to consolidate under the
charter and title of "Canal National Bank."
Canal National Bank, with total assets of $50.5
million, is the third largest of the banks operating
in Portland and its surrounding area. The bank
presently operates six branches in the metropolitan
area and has four branches, with approval to establish four more outside of the Portland area. At present, it has no branch in the Lewiston area.
The American Trust Company, whose only office
is located 34 miles north of Portland, in Lewiston,
has acquired total assets of $2.9 million since it was
established in 1961. This bank serves the LewistonAuburn area, which communities are separated by the
Androscoggin River, and its combined population of
65,000. The two communities are primarily industrial
in character, with textiles, shoes, and electronic products being their principal manufacturing. The area
$2, 902,104
50, 285, 415
1
12
52,211,685
13
is presently served by 10 offices of four banks, two of
which are based in Portland and Augusta.
The principal effect of the proposed consolidation
will be felt in and around Lewiston and Auburn.
This transaction will not adversely affect the banking
structure of the area and in fact will serve to stimulate
competition with the branches of the other metropolitan banks now operating there.
I find that the proposal is in the public interest and
the application is therefore approved effective June
25, 1962.
JUNE 18, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Canal National is an old and established bank with
offices in Portland and environs. American Trust has
been in existence for only a year and operates a single
office in Lewiston. Because of the distance between
the two cities, the small size of American Trust, and
its brief existence, there appears to be no substantial
competition between it and the acquiring bank.
The Lewiston-Auburn area will continue to be
served by four banks after the consolidation. Two
of the banks are chain institutions substantially larger
73
than the resulting bank. The other bank is a local
institution, smaller than the resulting bank, but a
larger factor in its own locale.
The consolidation will not significantly affect bank-
ing concentration in the area, and, although it will
eliminate potential competition between the consolidating banks, we do not believe that the competitive
effects of the acquisition will be substantially adverse.
DROVERS TRUST & SAVINGS BANK, CHICAGO, I I I . , MERGED WITH THE DROVERS NATIONAL BANK OF CHICAGO,
CHICAGO, I I I .
Name of bank and type of transaction
Total assets
Banking offices
In operation
Drovers Trust & Savings Bank, Chicago, 111., with
and The Drovers National Bank of Chicago, Chicago, 111. (6535), which had
merged June 29, 1962, under charter and title of the latter bank (6535). The
merged bank at date of merger had
COMPTROLLER'S DECISION
Drovers National Bank of Chicago, Chicago, Illinois, has applied to the Comptroller of the Currency
for permission to merge with Drovers Trust and Savings Bank, Chicago, Illinois, under the charter and title
of the former.
Drovers National Bank, with assets of $92.2 million,
was organized in 1882. Though this bank accepts no
savings accounts and has no trust department, it has
become the second largest of the 20 banks which
maintain offices in Chicago's stockyard district.
Drovers Trust and Savings Bank, with total resources
of $46.9 million, has, since its organization in 1902,
limited its banking service to savings and trust
accounts.
Because these banks now share a common banking
room, have identical boards of directors, and are
managed by the same three top executive officers, they
are little more than divisions of one banking operation.
This merger not only will unify the complementary
services of the participating banks but will remove
much confusion that the present arrangement engenders in customers' minds. It will enable the resulting bank to avoid duplications in operation and permit
it to enjoy economies not now available.
74
$47,033, 396
97, 981,184
To be operated
1
1
142, 964,676
1
The fact that the Drovers National Bank will become the largest in this area of Chicago by reason
of the merger imports no significant substantive
change. The resulting bank, with its strengthened
capital structure and broadened services, will better
serve the needs and convenience of the community
and will produce no adverse effects upon the competitive banking alignment in the area.
All statutory factors having been weighed, I conclude that this merger is in the public interest. The
application, therefore, is granted effective on or after
June 21, 1962.
JUNE 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
On the basis of the information furnished in the
application it would appear that there is no competition between the merging banks at the present time,
due to mutual ownership and the different banking
services which each institution offers. The corporations share the same building, the same directors, the
same three top officers, and the owners of 54 percent
of the national bank's stock own 95 percent of the state
bank's stock. Thus any competition between the
banks has already been eliminated and it would appear
that the proposed merger will not have any substantial adverse effects on competition.
MANUFACTURERS NATIONAL BANK OF NORTH ATTLEBORO, NORTH ATTLEBORO, MASS., CONSOLIDATED WITH
THE FIRST NATIONAL BANK OF MANSFIELD, MANSFIELD, MASS.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
Manufacturers National Bank of North Attleboro, North Attleboro, Mass. (9086),
with
and The First National Bank of Mansfield, Mansfield, Mass. (5944), which had..
consolidated June 29, 1962, under charter the First National Bank of Mansfield
(5944) and title "Manufacturers National Bank of Bristol County." The
consolidated bank at date of consolidation had
COMPTROLLER S DECISION
The First National Bank of Mansfield, Mansfield,
Massachusetts, with assets of $5 million, and the Manufacturers National Bank of North Attleboro, North
Attleboro, Massachusetts, with resources of $10 million,
have applied to the Comptroller of the Currency for
permission to consolidate under the charter of the
former with the title "Manufacturers National Bank
of Bristol County."
The combined service area of these consolidating
banks lies in northwest Bristol County, midway between Boston and Providence, and embraces 120,000
residents. North Attleboro, a highly industrialized city
of 8,000, is known for the production of jewelry, insignia, novelties, and components for electrical and
electronic circuits. Mansfield, with a population of
15,000, which formerly depended on truck farming and
poultry production in addition to the manufacture of
chocolate candies, metal shoe plates, boilers, and precision scales to support its economy, is now relying on
residential development as commuters from Boston and
Providence locate there. The availability of skilled
labor in this area makes future industrial development
almost certain.
Manufacturers National is the only commercial bank
in North Attleboro. This bank, with its competent
management, good earning record, adequate capital
structure, and sound asset condition has been successfully competing with three larger commercial banking
offices within a 5-mile radius and a $32.5 million sav-
$9,733,143
5, 542, 456
1
1
2
15, 275, 599
ings bank. Mansfield likewise is served by only one
commercial bank, The First National, which competes
with two other commercial banks in Taunton and Foxboro. This consolidation will not adversely affect the
present pattern of commercial banking in the area
and will strengthen the participating banks by raising
their lending limits. The resulting bank will be able
to offer its customers those additional services reasonably expected from larger banks as well as the economies of operation which derive from its greater size.
At the present time, the boards of directors of these
banks are elected by the Baystate Corporation which
owns 67 percent of the stock of the Manufacturers National Bank and 89 percent of the stock of The First
National Bank. In view of this common ownership of
stock, the consolidation will not produce any marked
changes in management policies detrimental to the
communities served.
Since this consolidation, when measured against the
statutory standards, is in the public interest, the application, therefore, is granted effective on or after May
10,1962.
MAY 4,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed consolidation of The First National
Bank of Mansfield, Mansfield, Massachusetts and Manufacturers National Bank of North Attleboro, North
Attleboro, Massachusetts, will not have any significant
adverse competitive effects.
THE FIRST NATIONAL BANK OF SAYREVILLE, SAYREVILLE, N.J., CONSOLIDATED WITH THE FIRST NATIONAL BANK
OF MIDDLESEX COUNTY, SOUTH RIVER, N.J.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The First National Bank of Sayreville, Sayreville, N.J. (13369), with
and The First National Bank of Middlesex County, South River, N.J. (288),
which had
consolidated June 29, 1962, under charter and title of the latter bank (288).
The consolidated bank at date of consolidation had
$8, 044, 905
2
34, 764, 303
4
42,789,313
6
75
COMPTROLLER S DECISION
The First National Bank of Middlesex County, South
River, New Jersey, and The First National Bank of
Sayreville, Sayreville, New Jersey, have applied to the
Comptroller of the Currency for permission to consolidate under the title and charter of the former.
The First National Bank of Middlesex County, as
successor to The First National Bank of Jamesburg,
is the oldest national bank in the State of New Jersey
and holds the 83d oldest charter of all the banks in the
United States operating under the National Bank Act
of 1863. The bank, with assets of $34 million, has its
home office in South River and operates three branches,
one in South River, one in Spotswood, and one in
Jamesburg. Approval has been given for the relocation of the bank's main office from South River to East
Brunswick Township. Upon completion of this relocation, the branch in South River will be moved to
the present main office building.
The First National Bank of Sayreville, with assets
of $8 million, was chartered in 1929 and its only branch
was established in Sayreville in 1957.
Both banks and all their branches are located in
Middlesex County which covers a land area of over
300 square miles and which has experienced a population increase of over 63 percent in the period between
1950 and 1960. The county's present population is
in excess of 400,000 and in the next decade this is expected to double. The entire county is becoming highly
urbanized, with substantial commercial and industrial
growth.
South River, with a population of 14,000, is primarily a residential community, having very little
land available for further residential development.
Considerable residential development has taken place
in neighboring East Brunswick Township in the past
five years and further development in that area is indicated. Employment for the 19,000 residents of this
township is provided by the industrial plants located
in Middlesex County and the adjacent Union County.
The Borough of Sayreville, which is located adjacent
to South River, has a population of 22,000 residing
within its 16 square miles. It also is a residential and
commercial community, but further residential development will be restricted due to the commercial zoning
of the available land.
While it appears that the consolidating banks are
adequately meeting the present needs of their communities, the expanding economy of the area will
exert continued pressure on the banking facilities located in Middlesex County. At present, there are 21
commercial banks with 39 offices operating in the
county. Within the immediate service area of the
consolidating banks, there are 10 commercial banks
with 22 offices. The consolidated bank will operate
six of these offices and will remain the second largest
76
bank in the area next to the National Bank of New
Jersey, New Brunswick, New Jersey, with assets of $51
million.
At present, The First National Bank of Sayreville
has a lending limit of $65,000 and the First National
Bank of Middlesex County has a lending limit of
$212,000. The application states that the Sayreville
bank has been severely restricted by its low lending
limit in meeting the credit demands of the expanding
local economy and as a result has lost business to other
banks. The Middlesex bank is also restricted by its
lending limit and as a result has been required to
arrange for participations of loans with Newark, New
York City, and Philadelphia banks, and many satisfactory large credits have been rejected. The resulting bank will have a lending limit of $287,000, which
will enable it to service broader needs than either
of the consolidating banks and meet the future requirements of the rapidly developing area.
The officer calibre of the Middlesex bank is excellent, but the rapid expansion of the bank has outdistanced its ability to locate and train suitable
personnel. The combined staffs of the consolidating
institutions will give the resulting bank an adequate
management comprised of experienced executive officers and operational personnel who are intimately
familiar with the area, its peculiar needs, and its future
requirements.
We are not unmindful that approval of this consolidation will eliminate the substantial competition
which exists between the two banks. However, the
satisfactory number and size of the remaining banking
institutions available in the service area, together with
the greater ability of the consolidated bank to service
the needs of the area, will serve to preserve the balanced banking structure within the county.
We find the proposal to be in the public interest
and the application is approved effective on or after
May 10,1962.
MAY 4, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Middlesex Bank, with three branches in Middlesex
County and assets of approximately $34,206,000, proposed to consolidate with Sayreville Bank, with one
branch and assets of approximately $8,030,000.
Based on I PC deposits Middlesex Bank is now third
in size among the commercial banks in Middlesex
County and based on loans it is second in size. The
proposed consolidation would not change these relative positions.
The banks are now in active competition with each
other for commercial banking business in the South
River-Sayreville area of Middlesex County. This is
a closely-knit area with rather complete integration
of the two communities. There are 516 common de-
posit accounts with a total of $2,534,288 and 67 common borrowers with loans of $110,086. Middlesex
Bank has 1,802 deposit accounts with total deposits of
$3,698,764 and 824 borrowers with loans of $1,690,816
originating in the service area of Sayreville Bank.
Conversely, Sayreville Bank has 274 deposit accounts
with deposits totalling $298,595 and 183 borrowers
with loans of $316,650 originating within Middlesex
Bank's service area.
South River Trust Company is the only other commercial bank located within the South River-Sayreville
area. It is less than one-fourth the size the resulting
bank would be if the proposed consolidation should
be effected.
It is our view that the consolidation would have
adverse competitive effects by creating a dominant
bank in the South River-Sayreville area and by eliminating the existing and potential commercial banking
competition between the two banks.
THE NATIONAL BANK OF AVONDALE, AVONDALE, PA., CONSOLIDATED WITH NATIONAL BANK OF CHESTER COUNTY
& TRUST CO., WEST CHESTER, WEST CHESTER, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The National Bank of Avondale, Avondale, Pa. (4560), with
and National Bank of Chester County & Trust Co., West Chester, West Chester,
Pa. (552), which had
consolidated June 29, 1962, under charter and title of the latter bank (552).
$7, 923, 882
1
27,163, 027
2
35, 086, 909
COMPTROLLER S DECISION
The National Bank of Chester County and Trust
Company, West Chester, West Chester, Pennsylvania,
and the National Bank of Avondale, Avondale, Pennsylvania, have applied to the Comptroller of the Currency for permission to consolidate under the charter
and title of the former.
The National Bank of Chester County and Trust
Company, situated in West Chester, had, as of December 30, 1961, total resources of $25,927,000 with deposits of $22,924,000 and loans of $10,237,000. The
bank was organized in 1814 and it has never participated in a reorganization, merger, or consolidation. It
is the largest bank in the area and operates a main
office in West Chester with one branch in Painters
Crossroad, approximately 7 miles south of West Chester, and another branch approved, but not yet opened,
in Kennett Square, approximately 4 miles east of
Avondale.
West Chester is located in southeastern Pennsylvania
approximately 25 miles west of Philadelphia and 15
miles north of Wilmington, Delaware. While the
city's population has not increased significantly, the
population of the surrounding territory has more than
doubled in the past 10 years. Because West Chester
lies within commuting distance of Philadelphia and
Wilmington, it is becoming increasingly residential with
a concomitant decrease in the agricultural economy.
The National Bank of Avondale had, as of December
31, 1961, total resources of $7,646,000 with deposits of
$6,838,000 and loans of $4,346,000. It is a unit bank,
3
organized in 1891, and has also never participated in a
merger, reorganization, or consolidation.
Avondale is located approximately 16 miles southwest of West Chester. The population of the general
area approximates 10,000 and agriculture, principally
mushroom growing and processing, is the dominant
means of livelihood.
The agricultural economy of Avondale creates seasonal loan demands and the National Bank of Avondale finds that its loans at times reach 70 percent of
its deposits. It is at these peak periods that the West
Chester Bank has its highest deposits. The resulting
bank will be able to eliminate these fluctuations and
provide a better balance in its over-all operations and
services.
In addition to bringing trust powers and a much
larger lending limit to the Avondale area, the consolidation will also alleviate pending management succession problems of the Avondale Bank and increase
the interest paid to savings depositors of Avondale
from 2^4 percent to 3 percent.
Direct competition between the two institutions is
minimal since there are only two known common depositors and no common borrowers. The National
Bank and Trust Company of Kennett Square with
deposits of $15,547,000, located between Avondale and
West Chester, offers an effective interception of that
direct competition between the applicant banks which
would depend upon the geographical proximity of the
two institutions.
In recent years Philadelphia banks have merged with
banks in counties contiguous to Philadelphia. In one
77
instance a Philadelphia bank merged with a bank in
a contiguous county and changed its head office to that
county. Since that county adjoins Chester County, the
applicants will be subject to direct de novo branch competition, under Pennsylvania Branch Banking Law,
from a "Philadelphia" bank. There is also direct
solicitation by Philadelphia and Wilmington banks on
the local level as well as vigorous competition of savings
and loan associations and the competition of the larger
city banks for the business of the commuter at his
place of employment. This places the resulting bank
in a competitive milieu which is not limited to the West
Chester-Avondale area.
I have weighed the foregoing consideration in light
of the statutory criteria and I conclude that the consolidation will be in the public interest. The applica-
tion is, therefore, granted and will be effective on or
after March 28,1962.
MARCH 22,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Department of Justice reports that the proposed
consolidation between National Bank of Chester
County and Trust Company, West Chester, Pennsylvania, and The National Bank of Avondale, Pennsylvania, would not have any significant adverse competitive effects.
Competition between the two banks does not appear
to exist to a substantial degree. The National Bank of
Avondale chiefly serves a farm area as evidenced by its
loans, while the banking activities of National Bank
of Chester County and Trust Company are directed to
servicing residential and commercial accounts.
BUCKINGHAM COUNTY BANK, DILLWYN, VA., MERGED WITH THE PEOPLES NATIONAL BANK OF CHARLOTTESVILLE,
CHARLOTTESVILLE, VA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Buckingham County Bank, Dillwyn, Va., with
and The Peoples National Bank of Charlottesville, Charlottesville, Va. (2594),
which had
merged June 29, 1962, under the charter of the latter bank (2594), and title
"Peoples National Bank of Central Virginia." The merged bank at date of
merger had
COMPTROLLER'S DECISION
On April 11, 1962, The Peoples National Bank of
Charlottesville, Charlottesville, Virginia, and the
Buckingham County Bank, Dillwyn, Virginia, applied
to the Comptroller of the Currency for permission to
merge under the charter of the former and with the
title "The Peoples National Bank of Central Virginia."
Peoples National, with resources in excess of $107
million, is located in Charlottesville in central Virginia. This city with a sound, diversified economy has
experienced a good population growth over the last
10 years. There has been a great increase in the
activity of light industry in and around Charlottesville
and the outlook for further growth continues to be
promising. The general area of central Virginia
served by the Peoples National, while encompassing
some industry, is primarily agricultural. Peoples National servies this area with 12 offices, all of which are
located within 20 miles of Charlottesville. There are
3 banks headquartered in Charlottesville: the applicant; the Citizens Bank and Trust Company, with
offices only in the city; and the National Bank and
Trust Company, with 9 offices—which compete directly in serving this and neighboring localities. While
78
$3, 429, 515
1
106, 043, 824
To be operated
13
109, 437, 889
14
Peoples is the largest bank in the area, the acquisition
of the resources of the Buckingham County Bank will
not materially enhance its present pre-eminence.
The Buckingham County Bank, with resources in
excess of $3 million is the only bank in Buckingham
County and is located in the city of Dillwyn, Virginia,
40 miles south of Charlottesville. Dillwyn has a
population of 500 while the remainder of the county,
with only 3 villages, contains a population approximating 12,000. There is some small business in the area
but the county is primarily based upon an agricultural
economy.
The Buckingham County Bank, with a limited capital and with two-thirds of its deposits in time accounts,
finds itself in a very unfavorable posture. The present
capital structure of this bank is not now adequate to
meet local needs and to enable the bank to compete
effectively with banks in neighboring countries.
The primary effect of the approval of this merger
will be to arouse competition in the immediate area
now served by the Buckingham County Bank. Further, the addition of new services, a trust department
and, in general, a broader based bank will bring a
present benefit to the area and will provide for future
growth and development.
I find that this merger is in the public interest and I
therefore approve the application, effective on or after
June 29, 1962.
JUNE 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Peoples National Bank of Gharlottesville operates 12 banking offices in the central Virginia area
and is the largest bank in its service area with approximately 33 percent of the IPG deposits and 36 percent
of the loans in the area. Its nearest rival has less
than half this amount of deposits and loans with the
balance distributed among several smaller banks.
Since 1958 Peoples has consummated four mergers
resulting in an increase in deposits from $57 million
to $86 million and an increase in loans from $29 million to $51 million. Of the deposit increase, $22 million is directly attributable to the mergers while $13
million of the loan increase is similarly due to the
mergers.
In light of the merger trend and Peoples' obvious
dominance in the service area it is believed that any
further acquisitions by Peoples will serve to substantially reduce the vigor of competition in the area and
have a tendency towards monopoly.
SECURITY TRUST CO., WHEELING, W. VA., MERGED WITH THE NATIONAL BANK OF WEST VIRGINIA AT WHEELING,
WHEELING, W. VA.
Banking offices
Total assets
Name of bank and type of transaction
In operation
Security Trust Co., Wheeling, W. Va., with
and The National Bank of West Virginia at Wheeling, Wheeling, W. Va., (1424),
with
merged June 29, 1962, under the charter of the latter bank (1424), and title
"Security National Bank & Trust Co." The merged bank at date of merger
had
COMPTROLLER'S DECISION
Application has been made to the Comptroller of
the Currency by The National Bank of West Virginia
at Wheeling, Wheeling, West Virginia, for permission to merge with the Security Trust Company, Wheeling, West Virginia, under the charter of the former
and with the title "Security National Bank and Trust
Company."
Wheeling, the home of these banks, is the County
Seat of Ohio County and encompasses within its limits
54,000 of the 69,000 county residents. Its trade area is
augmented by another 15,000 persons who live in the
adjacent Marshall County, to the south, and Belmont
County, Ohio, across the river. Its reputation as the
commercial and industrial hub of the upper Ohio
Valley stems from its excellent transportation facilities, both by river and by rail, from its heavy industrial
plants, and from coal mining. Though the coal industry has been declining in recent years, the steel processing and manufacturing plants, as well as newly
erected chemical and aluminum factories, have given
stability to its economy. Despite a slight population
decline and a persistent high rate of unemployment,
the prospects for future economic development in the
Wheeling area are improving and the need for local
banks capable of making increased demands is apparent.
$16,672,711
1
15,643,150
To be operated
1
32, 270, 995
1
The $16.5 million National Bank of West Virginia,
which was incorporated in 1817 as the Northwestern
Bank of Virginia, is the oldest bank in the state and the
fourth largest in the city of Wheeling. This well capitalized and soundly managed bank has tended to specialize in the larger accounts—typical of wholesale
banking. The Security Trust Company, which was
chartered in 1902, is, with assets of $17 million, the
third ranking bank in Wheeling. It is, essentially, a
retail bank. Both banks are strategically located in the
downtown section of the city, only a block and a half
apart.
The banking structure in Wheeling does not presently possess the degree of balance most conducive to
the welfare of the community. Of the seven banks
now serving the city, the largest, the Wheeling Dollar
Savings Bank, has assets of $48.6 million, or nearly
three times that of each of the applicant banks. The
Half Dollar Trust, with assets of $17.4 million, is second in size, being slightly larger than either the National Bank or Security Trust. The remaining three
banks in Wheeling each possess less than $8 million in
resources.
This merger, by combining the third and fourth largest banks in Wheeling, will reduce the disproportion
in size the Dollar Savings Bank now possesses and will
create new and active competition for it. Because the
79
services now rendered by the National Bank and Security Trust are more complementary than competitive, their union will not be disruptive to the banking
needs of the community nor burdensome on the remaining smaller banks.
Having examined this proposal in the light of all the
statutory factors, I find that it will promote the public
interest. The application, therefore, is granted effective on or after June 12,1962.
JUNE 5,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The participating banks are located in downtown
Wheeling and have identical service areas. As the
third and fourth largest banks in Wheeling, each having total deposits in excess of $15,000,000, the proposed
merger would eliminate substantial competition between them. In addition, the resulting bank would
become the second largest in Wheeling, and together
with the largest bank would represent a further concentration to the detriment of Wheeling's four other
banks. Moreover, both banks have enjoyed substantial
increases in net current operating income between 1956
and 1960. Finally, the proposed merger would not result in any new benefits to customers of either bank
(except higher lending limits).
The effect of the proposed merger on competition
appears to be substantially adverse.
GROSVENOR SAVINGS BANK, JONESVILLE, MICH., CONSOLIDATED WITH THE HILLSDALE COUNTY NATIONAL BANK
OF HILLSDALE, HILLSDALE, MICH.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Grosvenor Savings Bank, Jonesville, Mich., with
and The Hillsdale County National Bank of Hillsdale, Hillsdale, Mich. (14062),
which had
consolidated June 30, 1962, under charter the Hillsdale County National Bank
of Hillsdale (14062), and title "Hillsdale County National Bank." The
consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
The Hillsdale County National Bank is a unit bank
with total assets of $5,647,000 as of August 31, 1961.
Prior to the present application, the bank had not
been a party to any merger, reorganization, or consolidation. The bank has experienced a steady
growth, with its deposit volume doubling since 1951.
The bank is located in Hillsdale, Michigan, a community with a population of approximately 8,000 and
a service area population of approximately 11,000.
While the economy of this community is mixed, agriculture still plays a prominent role. However, the
number of farms in the community has been steadily
decreasing as a result of the marginal farmers' being
forced out of business. The remaining farms are
growing larger, and as a result, require expanded
lending facilities.
An important segment of the economy is the oil
industry. At present, this is not expanding so rapidly
as in past years, however, it still exerts a strong upward
influence on the economy. New fields are being
opened, exploration continues, and secondary recovery
methods are being applied to existing fields. In addition, the gas processing plant opened in the county
two years ago has just completed doubling its capacity.
There is some local industry in and around Hills80
$3, 675, 582
1
6, 552, 736
To be operated
1
10,228,318
2
dale, and the Hillsdale Development Corporation,
which was formed in December 1961, is working with
the local companies to assist their expansion and to
induce new industry into the area.
The other bank located in Hillsdale is the Hillsdale
State Savings Bank. This is a unit bank with total
assets of $13,652,000 as of June 30, 1961.
The Grosvenor Savings Bank is also a unit bank
and had total assets of $3,464,000 as of August 31,
1961. During the 5-year period from 1956 through
1960, the deposits of this bank increased over 50 percent. This paralleled the recent growth in oil production in the area. The community of Jonesville, in
which The Grosvenor Savings Bank is located, has a
population of 1,900 and a trade area population of
3,000. This community is located 5 miles from Hillsdale and has an economy quite similar to that of
Hillsdale.
Mr. Richard Varnum, who was the President of
The Grosvenor Savings Bank, held 20 percent of the
stock of the bank. He indicated to the other banks
in the area that upon his retirement as President of
The Grosvenor Savings Bank, he was desirous of
liquidating his holdings in that bank. An offer was
submitted by several directors of the Hillsdale County
National Bank acting in their individual capacity, to
purchase his stock. Bids with a higher premium were
rejected by Mr. Varnum because of his feelings that
the policies followed by the management of Hillsdale
County National Bank would complement those of the
Grosvenor bank. As a result of this purchase, shareholders owning 22.68 percent of the Hillsdale County
National Bank held 37.5 percent of the stock of the
Grosvenor bank. At present, there is no common
management between the banks.
The application contends that while both of the
applicant banks have experienced a substantial growth
over the past 10 years, future growth would be hampered because of the limited capital position of each
of the consolidating banks. The applicants state that
through expanded services and the combined capital,
the consolidated unit would be able to experience a
growth rate unattainable by the two consolidating
banks. Both of the banks presently maintain larger
than average depository accounts with correspondent
banks in Detroit in return for the services which these
correspondent banks provide the customers of the
consolidating banks. It is anticipated that the consolidated bank could perform these services for its own
customers.
The service areas of the consolidating banks overlap
to some extent and the management policies of the two
banks are quite similar as is the nature of the communities they serve. The related borrowing and deposit accounts which the two consolidating banks have
acquired in each others service area are inconsequential. This would seem to demonstrate that the degree
of direct competition between the two banks is not
large, notwithstanding their proximity to one another.
The most important competitive element in the
service area of the consolidating banks is The Hillsdale State Savings Bank. This bank has a lending
limit of $80,000, compared with the present limit of
$36,250 for The Hillsdale County National Bank and
$20,000 for the Grosvenor bank. The lending limit
of the consolidating bank will be $56,250, and the application states that it will be in a better position to
compete with The Hillsdale State Savings Bank and
to offer the services and facilities required by the area
which the components are not capable of offering.
Because of the present substantial degree of common
ownership, it would appear that the consolidating
banks would not engage in any stronger competitive
action in the future than they have in the past. This
degree of mutual ownership, together with similar
operating policies, will continue to serve to diminish
the lines of differences between the two banks. As a
consolidated unit, the full resources of these banks
could be utilized to their most effective extent to service the area with the probable effect that the competitive quality of the area will be intensified.
In view of the favorable competitive and banking
factors, we find the proposed consolidation to be in
the public interest and it is therefore approved, effective on or after March 20,1962.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The participating banks are located in two small
Michigan towns,fivemiles apart. Although the competition between them is probably substantial, each of
them faces its chief competition from the Hillsdale
State Savings Bank which has about one-third more
IPC deposits than the participating banks combined.
The ability of the participating banks to compete with
the dominant bank in the area has been hindered by
insufficient capital with which to extend credit to,
and thus attract, business customers.
On balance, it does not appear that the effect of
the proposed merger would be significantly adverse.
THE PATH VALLEY NATIONAL BANK OF DRY RUN, DRY RUN, PA., MERGED WITH THE VALLEY NATIONAL BANK
OF CHAMBERSBURG, CHAMBERSBURG, PA.
Total assets
Name of bank and type of transaction
Banking offices
In operation To be operated
The Path Valley National Bank of Dry Run, Dry Run, Pa. (10811), with
and The Valley National Bank of Chambersburg, Chambersburg, Pa. (4272),
which had
merged June 30, 1962, under charter and title of the latter bank (4272). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Valley National Bank of Chambersburg,
Ghambersburg, Pennsylvania, with resources of $15
million, has applied to the Comptroller of the Currency for permission to merge with The Path Valley
$1,818,272
1
16,176,104
3
17, 994, 376
4
National Bank of Dry Run, Dry Run, Pennsylvania,
with assets of $1.7 million, under the charter and title
of the former.
These banks serve the central and northern parts
of Franklin County, which is located in the middle of
81
the state abutting the Maryland line. Chambersburg,
the County Seat, with a population of 18,000, serves
a trade area encompassing 47,000. While agriculture
in the form of fruit farming, dairying, poultry raising,
and egg producing is the economic mainstay of this
community, many plants of nationally known industries located nearby make a substantial contribution.
The U.S. Army Ordnance Depot at Letterkenny, 5
miles southwest of Chambersburg, is the largest employer in the area with some 5,500 persons on its pay
roll. The Chambersburg Area Development Corporation has been inordinately successful in attracting new
industry and commercial activity to the community.
Dry Run, a community of 200, is located 26 miles
northwest of Chambersburg in Path Valley between
the Tuscarora Mountains on the west and the Blue
Ridge Mountains on the east. Dairy farming and general agriculture, with some limestone and shale quarrying, milling, and pulp production provide the
livelihood for the 4,000 people in the trade area.
Many of the residents, however, commute to work at
the Letterkenny Ordnance Depot. Prospects for the
future development of Dry Run and its environs appear limited by reason of its rugged surrounding
terrain.
Franklin County is served by eight commercial banks
operating 18 offices. The four largest of these, of
which the Valley National Bank is third in size, are
located in Chambersburg. Valley National, organized
in 1890, now operates three offices and a facility at
the Letterkenny Depot. This bank, with full trust
powers, is well managed and adequately capitalized.
By this merger, Valley National will strengthen its
position in the Chambersburg area without disrupting the present balance that now exists.
The Path Valley National Bank, with a $14,000 ceiling on its lending power, has experienced difficulty in
meeting the demands for loans made upon it. Despite
the best efforts of its competent managers, it has been
unable to attract interest free deposits in sufficient volume to offset the cost of the undue proportion of savings accounts it now carries. Its restricted earnings
have curtailed its efforts to improve its capital structure. This merger will bring to the people of Dry
Run and Path Valley a banking office able to meet their
loan requirements. The sound capital position of
Valley National will enable it to offset the deficiencies
of Path Valley National without any new injection of
capital.
While this proposal will eliminate an independent
bank, it is clear that Dry Run, unable to support adequately its own bank, will be better served by a branch
of a larger institution. Not only will more funds be
available for credit needs, but also it is expected that
higher interest can be paid on savings without fear of
impairing reasonable income. The impact of this
merger on banking competition in the county, if any,
is too slight to mention.
All the statutory factors having been weighed, it appears this merger will promote the public interest. The
application, therefore, is granted effective on or after
May 10,1962.
MAY 4,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The participating banks are located 25 miles apart
in Franklin County, Pennsylvania. The acquiring bank
is the third largest of the four relatively large Chambersburg banks which dominate the county. The acquired bank is one of the much smaller banks which
are located in small towns throughout the county.
Although the position of the acquiring bank will be
enhanced by the instant merger, it will remain third in
size among the eight banks.
On balance, the effect of the proposed acquisition
on competition does not appear to be substantially
adverse.
THE RICHFIELD BANK, RICHFIELD, PA., CONSOLIDATED WITH THE FIRST NATIONAL BANK OF MIDDLEBURG,
PENNSYLVANIA, MIDDLEBURG, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Richfield Bank, Richfield, Pa., with
and The First National Bank of Middleburg, Pennsylvania, Middleburg, Pa.
(4156), which had
.
.
consolidated June 30, 1962, under charter and title of the latter bank (4156).
$2, 766, 794
1
7, 887, 602
3
10, 654, 396
82
To be operated
4
COMPTROLLER S DECISION
The First National Bank of Middleburg, Middleburg, Pennsylvania, and The Richfield Bank, Richfield, Pennsylvania, have applied to the Comptroller
of the Currency for permission to consolidate under the
charter and title of the former.
The First National Bank of Middleburg, with total
assets of $7.5 million, has its home office in the Borough
of Middleburg and branch offices at McClure and
Beaver Springs, all in Snyder County. Middleburg,
with a population of 1,366, is supported by a stable
agricultural economy. Industry in the service area,
employing approximately 1,000 is of secondary importance.
The single-office Richfield Bank, with assets of $2.7
million, was first organized as a private bank in 1907
and was chartered by the Commonwealth of Pennsylvania in 1921. Richfield, located 12 miles southwest of Middleburg in Juniata County, is a residential
community of 350 in the center of a prosperous agricultural trading area which primarily produces poultry
and dairy products. The only industrial plant in the
area employs about 125 persons.
The motivation for the proposed consolidation is
the advanced age and ill health of the managing officer
of The Richfield Bank who managed the bank since
its organization. During the last decade, the management of this bank has pursued an extremely conservative policy which has caused much of the area's banking needs to be serviced by banks located in other towns
in the two-county service area.
The First National Bank of Middleburg, on the other
hand, has developed a young and aggressive officer staff
which has been active in building a modern and progressive bank. The resulting bank, with its increased
lending limit, its sound capitalization, its full range of
services, and the additional loanable funds of The
Richfield Bank, will be in a position to fully serve the
area and to compete more actively with the nine other
commercial banks in the area.
The proposed consolidation meets the applicable
statutory requirements and it is approved effective
on or after May 3,1962.
APRIL 26,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed consolidation of The Richfield Bank,
Richfield, Pennsylvania and The First National Bank
of Middleburg, Pennsylvania, Middleburg, Pennsylvania would appear to have adverse effects on competition since one of three banks serving this rural area
would be eliminated.
The effect of this consolidation on competition would
be felt in the service areas of the participating banks.
In Middleburg's area its dominance would be enhanced
by 18.8 percent in IPC Deposits and 14.9 percent in
total loans. In Richfield's area, Middleburg's position in IPC Deposits and Total Loans would be
tremendously increased by 76.5 and 75.7 percent respectively. In both areas an independent banking
facility over one-third the size of the acquiring bank
in total assets would be eliminated. Therefore, we believe that the elimination of Richfield will have adverse effects on competition.
THE BELLPORT NATIONAL BANK, BELLPORT, N.Y., MERGED WITH VALLEY NATIONAL BANK OF LONG ISLAND,
VALLEY STREAM, N.Y.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Bellport National Bank, Bellport, N.Y. (12473), with
and Valley National Bank of Long Island, Valley Stream, N.Y. (11881), which
had
merged July 13, 1962, under charter and title of the latter bank (11881). The
merged bank at date of merger had
COMPTROLLER S DECISION
On April 27, 1962, the Valley National Bank of
Long Island, Valley Stream, Nassau County, New
York, filed an application with the Comptroller of
the Currency for permission to merge with The Bellport National Bank, Bellport, Suffolk County, New
York, under the former's title and charter.
The Valley National Bank, with resources of over
$75 million, maintains seven offices in Nassau County
$5, 530,886
1
81, 760, 111
12
87,290, 997
13
and five in Suffolk County. Another branch has been
approved in Nassau County.
Although not in direct competition with the Valley
National, the $5 million Bellport National Bank, 27
miles from the nearest Valley National branch and
42 miles from its main office, competes with four other
banks for the business of the 20,000 persons in its
service area, in and around the small residential town
of Bellport. The bank's deposits and loans have
83
doubled in the past five years, but earnings have
remained low.
Both Nassau and Suffolk Counties, primarily residential in nature, have experienced an extraordinary
population growth in the last decade, and the prognosis for the future, in terms of residential, commercial, and light industrial development, is good. The
results of the proposed merger will be favorable, since
the Valley National, with its aggressive management,
would provide more effective competition for area
banks, one of which is nearly three times the size of
the proposed resulting bank.
Having weighed all the factors prescribed by the
statute, I conclude that the merger will promote the
public interest. The application, therefore, is granted
effective on or after July 10, 1962.
JULY 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
This proposed merger, the fourth in two years in-
volving Valley National, would combine a small bank
on the southern boundary of Suffolk County with a
bank principally doing business in the western end of
Nassau County. Valley National, with 12 branches,
has total deposits in excess of $65,000,000, and total
net loans and discounts of over $32,000,000. Bellport
National has no branches; its total deposits are
$4,624,000 and it holds almost $3,000,000 in total net
loans and discounts. Valley National already has acquired entry into Suffolk County through mergers or
consolidations with banks in the northwestern corner
of the and on the north and south forks of Long Island. While the proposed merger, extending its business to the south central portion of Suffolk County,
apparently will not have substantial adverse effects
on competition. Valley National's series of small but
strategic acquisitions may encourage a trend toward
similar moves by other banks in the area which should
be carefully scrutinized.
THE COMMERCIAL NATIONAL BANK, CAMDEN, S.C., MERGED WITH THE CITIZENS & SOUTHERN NATIONAL BANK
OF SOUTH CAROLINA, CHARLESTON, S.C.
Name of bank and type of transaction
Total assets
Banking offices
In operation
The Commercial National Bank, Gamden, S.G. (14525), with
and The Citizens & Southern National Bank of South Carolina, Charleston,
S.C. (14425), which had
merged July 14, 1962, under charter and title of the latter bank (14425). The
merged bank at date of merger had
COMPTROLLER'S DECISION
On April 30, 1962, The Citizens and Southern National Bank of South Carolina, Charleston, South
Carolina, and The Commercial National Bank, Camden, South Carolina, applied to the Comptroller of the
Currency for permission to merge under the charter
and title of the former.
The Citizens and Southern Bank, with assets in
excess of $140 million, operates 20 branches throughout the state of South Carolina, 14 of which were
established de novo. It is the second largest commercial bank in the state. Commercial National, with
assets in excess of $5 million, operates from its main
office in Camden, South Carolina, the county seat of
Kershaw County, which has a population of 33,000
and is located 32 miles northeast of Columbia and
125 miles north of Charleston. The area has an
economy diversified among agriculture, industry and
lumbering.
84
$5, 087, 589
1
149, 408, 887
To be operated
23
154, 496, 476
24
Camden is presently served by Commercial National and by a branch of The South Carolina National Bank of Charleston, the largest in the state.
There are no other competing banks within a 20-mile
radius of Camden. The limited capabilities of Commercial National and its lack of aggressive policies
have handicapped the bank in effectively servicing its
customers and in obtaining new business in competition with the branch of South Carolina National. It
is also having difficulty attracting aggressive young
management by failing to provide realistically for the
future financial security and opportunity for employees through pension plans and other employee
benefits so necessary to effective and progressive banking. The acquisition by Citizens and Southern will
immediately remedy these problems and will bring
present benefits to the staff and thus to the customers
of Commercial National.
The acquisition will have no significant effect on
the statewide banking structure in South Carolina.
Its primary effect will be to stimulate more effective
competitive in the Camden area.
In light of the statutory factors, I find that the transaction is in the public interest and the application is
approved effective on or after June 21, 1962.
JUNE 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The merger of The Commercial National Bank,
Gamden, South Carolina, into The Citizens and
Southern National Bank of South Carolina, Charles-
ton, South Carolina, will not substantially affect competition since the two banks do not operate in the
same service area.
Citizens is a large state-wide banking organization
whereas Commercial is a local bank now competing
under handicaps with a branch of a large state-wide
bank which entered Camden by also acquiring the
other local unit bank. While this merger will not substantially affect competition it represents part of a
trend whereby local unit banks in South Carolina
are being absorbed by larger state-wide chain banks.
THE CATONSVILLE NATIONAL BANK, CATONSVILLE, MD., AND FARMER'S BANKING & TRUST CO. OF MONTGOMERY
COUNTY, ROCKVILLE, MD., MERGED WITH THE FIRST NATIONAL BANK OF BALTIMORE, BALTIMORE, MD.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Catonsville National Bank, Catonsville, Md. (13147), with
Farmers' Banking & Trust Co. of Montgomery County, Rockville, Md., with. . . .
and The First National Bank of Baltimore, Baltimore, Md. (1413), which had
merged July 20, 1962, under the charter of the latter bank (1413), and under the
title of "The First National Bank of Maryland." The merged bank at the
date of merger had
COMPTROLLER S DECISION
On May 1, 1962, the First National Bank of Baltimore, Baltimore, Maryland, filed an application with
the Comptroller of the Currency for permission to
merge with the Catonsville National Bank, Catonsville,
Maryland, and the Farmers Banking and Trust Company of Montgomery County, Rockville, Maryland,
under the charter of the First National Bank of Baltimore and with the title of "The First National Bank of
Maryland."
The $366 million First National Bank, organized in
1806, entered the national banking system in 1864.
This bank, the second largest in Maryland, is headquartered in Baltimore and operates its 20-branch system in and near that city. While 10 of these branches
have been acquired during the last six years by the
absorption of smaller banks, the remainder were established de novo.
Greater metropolitan Baltimore embraces over
1,785,000 people, of whom some 939,000 live within
the city limits. The city, in addition to being an industrial and commercial center, is one of the great seaports on the east coast. It is also one of the leading
insurance and financial centers on the Atlantic seaboard. Among the banks serving this area are the
63-office Maryland National Bank with assets of $579
million (the state's largest bank), the 33-ofBce Union
Trust Company of Maryland with assets of $293 mil-
$17, 560, 484
27,433,150
374, 348, 052
419, 323, 966
2
5
22
29
lion, and the 26-office Equitable Trust Company with
assets of $239 million.
Catonsville, an unincorporated town of 40,000, lies
on the western edge of Baltimore City. This purely
residential community has gained 15,000 residents in
the last decade—largely from the overflow of the Baltimore populace. Most of the gainfully employed in this
upper-level suburb commute to their jobs in the city.
Residential construction during this period of expansion has averaged 612 building starts a year for the last
10 years and the presently new homes number 1,200.
In addition to the building construction and the high
income level of the residents, the economy is aided by
a large number of service and commercial facilities
adequate to the neighborhood.
The Catonsville National Bank, chartered into the
national system in 1927, has acquired assets of $17.6
million through the operation of its main office and
one local branch. Catonsville National is presently in
direct competition with Maryland National, Equitable
Trust, and Union Trust, the latter two banks being
located within one block of the Catonsville National.
In this geographical and competitive context, the
limited capabilities of the excessively conservative
Catonsville National will in time put it to a disadvantage with its existing larger competitors in servicing
the convenience and needs of the community.
It is regrettable that approval of this merger will
deprive the local residents of the choice of a smaller
85
bank, but it cannot be gainsaid that the First National
has the unquestioned capacity to bring a wider and
more realistic service to the customers of the Catonsville National.
The $25.5 million Farmers Banking and Trust
Company, the third bank involved in this merger,
maintains its principal office in Rockville, the county
seat of Montgomery County, and operates three branch
offices in the county. Rockville is located 33 miles
southwest of Baltimore and 18 miles northwest of the
District of Columbia. This bank, organized in 1900,
has witnessed the growth of Rockville from a quiet
country town into a growing city of 26,000, thriving on
the viable local economy of a county whose population
expanded 120 percent in the last 10 years. The 279
percent decennial growth rate of Rockville has been
occasioned by the location of large Federal government installations in the county, the increase in the
number of light and highly technical industrial plants
in the city, and the large migration of residents from
Washington, D.C., and other parts of the country.
This population increase in the county has produced
a substantial expansion in the development and construction of residential subdivisions, commercial facilities, and civic buildings. The per capita income level
of the area residents is another factor which contributes
to the county's well being and makes it a desirable
banking location.
Though Farmers is headquartered in Rockville, the
strategic location of its three branch offices in Poolesville, Gaithersburg, and Kensington enable it to serve,
and thus compete, on a countywide basis. At this
time there are 14 banks serving Montgomery County
through 39 opened offices. Four of these banks possess
assets in excess of those held by Farmers: the $65.9
million Citizens Bank of Maryland, Riverdale; the
$41.2 million American National Bank of Silver Spring
(a subsidiary of the Financial General Corporation);
the $27.1 million Bank of Bethesda; and the $215 million Suburban Trust Company of Hyattsville, which
alone accounts for more than one-third of the deposit
volume of the Montgomery County area and has
recently had a branch approved in the city of Rockville. Though the District of Columbia banks are unable to branch beyond the District line into neighboring Maryland counties, they actively solicit business
in these areas and, indeed, have contributed greatly
tofinancingthe growth of the surrounding territory.
In recent years, from various causes, the banking
structure of Montgomery County has gradually acquired an imbalance that is not conducive to the public interest or to a healthy banking climate. Though
14 banks are now operating 39 offices in the county,
the fact that the $215 million Suburban Trust maintains 11 of these facilities in strategic locations gives it
a marked advantage over the others. The recent approval of Suburban's branch in Rockville now projects
86
its unequal advantage within the city limits to the disadvantage of Farmers Banking and Trust Company.
We can readily understand the desire of the larger
Baltimore banks to expand their operations into Montgomery County and to share in the attractive banking
business being generated there. We prefer, and in
many instances require, that banks expand their operations along the more gradual route of de novo branching, especially in states such as Maryland where the
law permits state-wide branching. To insist, in this
case, that the First National should enter Rockville
through a de novo branch would produce an overbanked situation to the added detriment of the smaller
banks. We believe, under the unique circumstances
of this case, that the public interest as measured by
the convenience and needs of the community precludes
us from relying on de novo branching.
We must acknowledge that approval of this merger
cannot easily be squared with our concept of a balanced banking structure as it should exist generally
on a municipal level. The desideratum of large and
small banks competing side by side is lost when we
permit large out-of-town banks to replace the last
small local banks. A balanced banking structure has,
as its prime function, the promotion of the public interest. When blind insistence upon the maintenance
of a balanced structure would impair the public interest, as it would in this case, our concern for the
public interest must be controlling. In approving this
merger under the exigencies of the economic and banking development of Rockville and Montgomery Counties as they relate to the over-all banking picture in the
Washington standard metropolitan area, we are not
to be understood as forsaking the concept of a balanced banking structure as the goal which will generally best serve the public interest.
The application in this case proposed an integrated
three-way merger. Since it was filed before the publication of our recent letter to all national banks stating
that this Office did not look with favor upon such
applications, whether or not severable according to
their legal terms, no objection is raised at this time.
Approval of this application, and of the Maryland
National application simultaneously, will patently
have a pervasive impact on banks in the District of
Columbia and in the entire relevant trade area which
now realistically stretches from Washington to Baltimore. By approval of this merger the First of Baltimore acquires a branch within four miles of the District
of Columbia, and puts that bank in direct competition
for banking business in the District of Columbia. Unquestionably, therefore, approval of this application
will be of strong concern to all of the District of Columbia banks. Of similar concern to them is the fact
that Maryland National has pending before this Office
three branch applications which, if approved, would
bring it within easy and effective striking distance of
District of Columbia banking. And it may also be
presumed that the large state-chartered banking institutions in Baltimore will similarly seek authority
under the Maryland state-wide branching law to move
into competitive conflict in the District of Columbia.
The District of Columbia banks have long quietly
felt, and with substantial merit, that they should have
entry into the immediate Virginia and Maryland banking areas in order to give them direct access to the
great mass of their former customers who have migrated over the years from the District into Maryland
and Virginia. They contend, also with substantial
merit, that it was, and yet is, the substantial resources
of the District of Columbia banks which have been so
largely responsible for the business and commercial
development over the last twenty years in nearby Maryland and Virginia. They have also seen District of
Columbia savings and loan associations, finance companies, and insurance companies, move, through
branches and otherwise, into the Maryland and Virginia areas, while these District of Columbia banks
were prevented by branching limitations from seeking
equal access by following their customers and their
capital investments into these areas. In earlier years,
District of Columbia banks did have the opportunity
to cross through the bank holding company vehicle
into these areas but did not do so. Affiliate or satellite
banking was also not employed except by one institution as an alternative vehicle. Only Financial General
Corporation, specifically exempted by Congress from
the application of the Federal Bank Holding Company Act, has enjoyed unregulated freedom of access
into Maryland and Virginia, a privilege which it has
liberally exercised. Only recently, at its Annual Convention, did the District of Columbia banks—one excepted—publicly avow an interest in seeking proper
legislation to extend their competition into nearby
Maryland and Virginia areas. That action by the
District of Columbia banks comes very late indeed.
Pending and prospective merger and bank holding
company applications of larger Virginia banks clearly
suggest the possibility of direct competition by Virginia
institutions in the District of Columbia banking area.
This is apparent to all who would read the picture.
Such additional competition to the District of Columbia banks further accents the competitive disadvantage to which they have been subject, and to which
they may become more severely subject in the future.
This opinion should be read in conjunction with the
opinion issued simultaneously on the application of
the Maryland National Bank of Baltimore to merge
with the Montgomery County National Bank of Rockville.
Balancing all the facts surrounding this case against
the statutory criteria, we find this merger will serve the
public interest. The application, therefore, is granted,
effective on or after July 20,1962.
JULY 13,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The merger of The First National Bank of Baltimore, Baltimore, Maryland with The Catonsville National Bank, Catonsville, Maryland would substantially adversely affect competition and tend towards
oligopoly in each geographic area in which this merger
can be considered. Within metropolitan Baltimore,
this merger would tend towards oligopoly and adversely
affect competition in view of the history of mergers of
First National and other Baltimore banks and in the
light of the relative size of First National and other
Baltimore banks. First National is the second largest
bank in the state. Together with the largest, First
National controls 53 percent of all deposits in the Baltimore metropolitan area, control achieved in large part
by mergers and acquisitions of competing banks.
Within Baltimore County the competitive situation
would also be severely adversely affected by this
merger. Within this somewhat narrower area First
National together with the largest bank in the area
controls 57 percent of all deposits. The merger would
adversely affect competition and tend towards oligopoly by eliminating substantial competition between the
merging banks and encourage other mergers.
The merger of The First National Bank of Baltimore with Farmers Bank and Trust Company of Montgomery County would also substantially adversely affect competition and tend towards monopoly. Within
Montgomery County, this merger would completely
unbalance the banking structure and undoubtedly lead
to a rapid pace of mergers and other means of external
expansion by other banks not now operating in the
area. Competition by three large banks for the correspondent business of Farmers would be eliminated.
And the size of one of the two giants in Baltimore
would also be augmented.
87
©96-055—63
7
THE
MONTGOMERY COUNTY NATIONAL BANK OF ROCKVILLE, ROCKVILLE, M D . ,
NATIONAL BANK, BALTIMORE, M D .
MERGED WITH
MARYLAND
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Montgomery County National Bank of Rockville, Rockville, Md. (3187), with..
and Maryland National Bank, Baltimore, Md. (13745), which had
merged July 20, 1962, under charter and title of the latter bank (13745). The
merged bank at the date of merger had
COMPTROLLER S DECISION
On May 25, 1962, the Maryland National Bank,
Baltimore, Maryland, filed an application with the
Comptroller of the Currency requesting permission to
merge with the Montgomery County National Bank
of Rockville, Rockville, Maryland, under the charter
and title of the former.
The $587 million Maryland National Bank is the
largest commercial bank headquartered in Maryland.
Its multioffice system of 63 branches covers 12 counties in the state, including metropolitan Baltimore and
Baltimore County, the Eastern Shore and the Southern
Maryland counties, constituting three distinct trade
areas. The first area, in which this bank has 34 offices,
is comprised of Baltimore City and County, and has an
economic base founded on industry, commerce, shipping, finance and extensive real estate developments.
The second lies on the Eastern Shore, where it has 14
offices serving six counties. This area, largely dependent upon truck farming and the tourist trade, is
rapidly shifting to an industrial and commercial base
to support its expanding economy. The third, or
Southern Maryland area, is served by 15 offices. Once
devoted solely to agricultural pursuits, Southern Maryland is now undergoing economic revitalization as its
resort potential is being discovered by tourists and residents of Baltimore and Washington.
The $13 million Montgomery County National
Bank, chartered in 1884, operates its main office and
one branch in Rockville, the county seat of Montgomery County. While this bank, characterized by its
very conservative management, has shown moderate
growth in the past, it has yet to realize its full potential
by taking advantage of the many opportunities available to it in this burgeoning area.
The City of Rockville, with a population of 26,000,
is located 33 miles southwest of Baltimore and 18
miles northwest of Washington, D.C. Though Rockville is the site of both offices of the Montgomery
County National Bank, it cannot be considered apart
from its position in Montgomery County. This historic town, which maintained its tranquil, rural atmosphere through World War II, has undergone a marked
$12, 603, 438
584, 067, 934
596, 397, 245
To be operated
2
66
68
transition in the last 15 years. Following the war, the
growing population of Washington began overflowing
the District of Columbia boundaries and inundating
the adjacent counties. This process continues unabated until, now the residential developments in
Montgomery County, extending from the District line
well beyond Gaithersburg to the northwest, have virtually engulfed Rockville. Despite this rapid growth,
Rockville, through careful planning and well-regulated
development, has retained its identity and maintained
its focal position in Montgomery County.
Banking facilities located within Rockville are presently limited to the two offices of the Montgomery
County National Bank, two offices of the $25 million
Farmers Banking and Trust Company of Montgomery
County and one office of the $41 million American
National Bank of Silver Spring. It should be especially noted that the $215 million Suburban Trust
Company of Hyattsville has now obtained approval to
open a branch in Rockville.
Because the economy of Rockville is integrated into
that of Montgomery County, it is necessary to evaluate the position of the Montgomery County National
Bank in relation to other banking facilities available
throughout the county. There are 14 banks serving
Montgomery County through 39 offices. Countywide
banking competition is offered by Suburban Trust,
which through 11 of its 29 offices, has over one-third
of the total county deposits; by four offices of the
American National which has nearly one-fifth of the
deposits; and by the six-office Bank of Bethesda and
the four-office Farmers Banking and Trust Company,
each of which control one-tenth of the deposits. In
comparison, Montgomery County National accounts
for only one-twentieth of the county's deposits. Substantial competition for the savings dollar and loan
accounts originating in the county also comes from the
larger banks located in Washington. Additional competition would be generated by the three branch offices
which the applicant bank proposes to open in the
county, il approval is granted by this office.
The pmding entry of Suburban Trust Company
into the City of Rockville through its recently approved 1 ranch will seriously disadvantage the Mont-
gomery County National Bank. While County National, with its ultraconservative policies, has preserved
its position as an undoubtedly sound financial institution, it has failed to provide the community with the
depth and breadth of service that should be expected.
Its failure to keep abreast of the economic and financial requirements of this growing city has placed it under a distinct handicap when compared to the other
banking institutions in the city and county. This inability of the County Bank to respond to the needs of
the community would become increasingly evident
when the new branch of Suburban Trust becomes
operative and proffers to the people of Rockville its
full range of service, skilled counselling and realistic
rates.
To present the Suburban Trust with a rival capable
of offering comparable services in Rockville, it is
proper that the inadequately competitive County Bank
be supplanted through merger by the larger Maryland
National Bank. This substitution of banks will present
to the people of Rockville an alternative banking facility capable of rendering a service fully as broad as
that tendered by the Suburban Trust.
While the passing of a smaller bank from a growing
community is a matter of regret, concern for the public
interest must be our primary guide. The unusual economic development of Rockville and the surrounding
Montgomery County area present a unique situation
not equalled anywhere in the State of Maryland.
Where normally we would hesitate to supplant an
effective smaller local bank by substituting a large outof-town bank, our strong and continuing concern for
a balance in the banking structure in every locale of
the nation must yield to the exigencies of circumstances as unusual as these.
The entry of Maryland National will clearly affect
the banking structure of the City, the County, and the
District of Columbia. However, the same number of
banking offices which now are in operation in this
area will continue to be available after this merger.
Two of these offices will be capable of offering greatly
expanded banking services and will undoubtedly intensely affect banking competition in the County and
in the District of Columbia. It should also be noted
that, because of the total number of banking alternatives available to the residents of Rockville and Montgomery County, there is no reasonable basis to contend
that approval of this merger will produce an undue
concentration of funds and resources.
Approval of this application, and of the First of
Baltimore application simultaneously, will patently
have a pervasive impact on banks in the District of
Columbia, and in the entire relevant trade area which
now realistically stretches from Washington to Baltimore. By approval of this merger the Maryland National acquires a branch within a few miles of the
District of Columbia, and puts that bank in direct
competition for banking business in the District of
Columbia. Unquestionably, therefore, approval of
this application will be of strong concern to all of the
District of Columbia banks. Of similar concern to
them is the fact that Maryland National has pending
before this office three branch applications which, if
approved, would bring it within easy and effective
striking distance of District of Columbia banking.
And it may also be presumed that the large statechartered banking institutions in Baltimore will similarly seek authority, under the Maryland statewide
branching law, to move into competitive conflict in
the District of Columbia.
The District of Columbia banks have long quietly
felt, and with substantial merit, that they should have
entry into the immediate Virginia and Maryland banking areas in order to give them direct access to the
great mass of their former customers who have migrated over the years from the District into Maryland
and Virginia. They contend, also with substantial
merit, that it was, and yet is, the substantial resources
of the District of Columbia banks which have been so
largely responsible for the business and commercial development over the last twenty years in nearby Maryland and Virginia. They have also seen District of
Columbia savings and loan associations, finance companies, and insurance companies, move, through
branches and otherwise, into the Maryland and Virginia areas, while these District of Columbia banks
were prevented by branching limitations, from seeking
equal access by following their customers and their
capital investments into these areas. In earlier years,
District of Columbia banks did have the opportunity
to cross, through the bank holding company vehicle,
into these areas but did not do so. Affiliate or satellite banking was also not employed except by one institution as an alternative vehicle. Only Financial
General Corporation, specifically exempted by Congress from the application of the Federal Bank Holding
Company Act, has enjoyed unregulated freedom of
access into Maryland and Virginia, a privilege which
it has liberally exercised. Only recently, at its Annual
Convention, did the District of Columbia banks—one
excepted—publicly avow an interest in seeking proper
legislation to extend their competition into nearby
Maryland and Virginia areas. That action by the
District of Columbia banks comes very late indeed.
Pending and prospective merger and bank holding
company applications of larger Virginia banks clearly
suggest the possibility of direct competition by Virginia institutions in the District of Columbia banking
area. This is apparent to all who would read the
picture. Such additional competition to the District
of Columbia banks further accents the competitive disadvantage to which they have been subject, and to
which they may become more severely subject in the
future.
This opinion should be read in conjunction with
the opinion issued simultaneously on the application
of the First of Baltimore to merge with the Catonsville
National Bank and Farmers Banking and Trust Company of Montgomery County.
Having balanced all the statutory factors in appraising this proposal, we find that the merger will
serve the public interest. This application, therefore,
is granted, effective on or after July 20, 1962.
JULY 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Maryland National Bank (MNB), the state's largest
bank, operating 63 offices in all parts of the state
except Western Maryland and the suburban Washington area, and having total assets of $587,045,000,
proposes to acquire Montgomery County National
Bank, operating two offices in Rockville and having
total assets of $12,975,000.
The proposed acquisition would contribute to the
spread of branch banking by the large Baltimore banks
by acquisition of smaller independent banks. This is
one of two current proposals by Baltimore banks to
acquire Rockville banks, the other proposal being made
by the second largest bank in the state. MNB states
that it would be "inappropriate" to open a de novo
branch in Rockville although it has three applications
pending for de novo branches in Montgomery County,
at least one of which would be close to the Rockville
city limits and in competition with Montgomery
County National.
The accelerating trend toward growth of large banks
by acquisition and the elimination of the smaller independent banks may substantially lessen competition
and tend toward monopoly in commercial banking in
the State of Maryland generally and in certain areas
within the state.
CENTRAL TRUST CO. OF ORLANDO, ORLANDO, FLA., MERGED WITH CITIZENS NATIONAL BANK OF ORLANDO,
ORLANDO, FLA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Central Trust Go. of Orlando, Orlando, Fla., with
and Citizens National Bank of Orlando, Orlando, Fla. (14573), which had
merged July 31, 1962, under charter and title of the latter bank (14573). The
merged bank at date of merger had
COMPTROLLER'S DECISION
An application has been filed with the Comptroller
of the Currency requesting permission to merge the
Citizens National Bank of Orlando, Orlando, Florida,
and The Central Trust Company of Orlando, Orlando,
Florida.
The Citizens National Bank, with assets of $51 million, operates its main office in downtown Orlando, a
city of 88,000, and its one facility at McCoy Air Force
Base. While it is second in size to the $102 million
First National Bank, it is slightly larger than the
Florida National Bank whose assets are $45.3 million.
These three banks offer a full line of commercial banking services including trust department facilities.
The Central Trust Company opened for business in
Orlando on April 5, 1928, under the title of "Central
Florida Abstract Title and Trust Company." It first
changed its name in 1934 to "Central Title and Trust
Company." When it sold its title and abstract business in November 1959 to concentrate solely on trust
affairs, it again changed its name to its present title.
Since it does no commercial banking, neither accept-
90
$290, 648
48,760, 252
49, 050, 899
To be operated
1
1
1
ing deposits nor making loans, any effect this proposal
may have on the local scene will be limited to the
trust field. The combination of the trust assets of
these merging institutions will not produce any significant concentration as the First National Bank alone
holds seven times as many assets in its trust department.
Since the sale of its real estate title business, the
Central Trust Company has been faced with management problems. Its record keeping techniques and
trust management policies fall short of the minimum
standards demanded of an insured institution. There
is reason to believe that Central Trust Company, if
allowed to continue on its present course, might
eventually founder. By transferring the trust accounts
of Central Trust to Citizens National Bank, the beneficiaries of each trust will get the benefits of better
management policies and an experienced trust officer.
It follows, therefore, that since approval of this transaction comports with all the statutory criteria and will
be clearly in the public interest, the application is
granted effective on or after May 11,1962.
MAY 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Citizens National Bank of Orlando and the
Central Trust Company of Orlando compete only in
the field of trust accounts. Citizens National Bank
has total trust assets of $6,135,398.31. Central Trust
Company has total trust assets of $2,999,805.44. According to the application, the Trust Departments of
the two banks are relatively small and the resultant
bank would rank third in the Orlando area in the size
of its Trust Department. This compares with the
$61,405,000 size Trust Department of Orlando's
largest bank.
Should this merger be approved, competition between the Citizens National Bank and the Central
Trust Company in the trust accounts field will be
eliminated and one of four factors in trust business
removed from competition. However, the elimination
of this competition will not give Citizens National Bank
a monopoly or a dominant position in this field.
THE FIRST NATIONAL BANK OF ADAMS, ADAMS, MASS., CONSOLIDATED WITH FIRST AGRICULTURAL NATIONAL BANK
OF BERKSHIRE COUNTY, PITTSFIELD, MASS.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The First National Bank of Adams, Adams, Mass. (462), with
and First Agricultural National Bank of Berkshire County, Pittsfield, Mass.
(1082), which had
consolidated July 31, 1962, under charter and title of the latter bank (1082).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On May 23, 1962, the First Agricultural National
Bank of Berkshire County, Pittsfield, Massachusetts,
filed an application requesting consent of the Comptroller of the Currency to its consolidation with the
First National Bank of Adams, Adams, Massachusetts,
under the charter and title of the former.
Adams is a community of 12,000, situated in a
manufacturing area in northern Berkshire County,
near the NewYork-Vermont border. Paper manufacturing and lime production arefillingthe void created
by the gradual slackening of the area's once dominant
textile business. The town of Pittsfield, 15 miles south
of Adams, is the economic and political center of Berkshire County. Its 58,000 people are served by 10 commercial and savings bank offices, including two each of
the applicant and of the Berkshire Bank and Trust
Company.
The First National Bank has assets of $3.6 million,
as compared to the $32 million First Agricultural National Bank. First National's only commercial bank
competition in Adams is furnished by one of the five
branches of the $32 million Berkshire Bank and Trust
Company, whose main office is in Pittsfield. Consummation of the consolidation will place First Agricultural and the Berkshire Bank & Trust in direct
competition for the business of the Adams residents,
and will give First Agricultural its fifth branch in the
service area of the consolidated banks.
The First National Bank is experiencing management problems and is in a period of declining deposits.
$3, 732, 068
1
34, 436, 521
3
38,168, 589
4
It is not able to adequately service the community in
effective competition with the larger Berkshire Bank.
The fact that recent mergers have reduced the number of commercial banks in the combined PittsfieldAdams area from seven to four and that the present
proposal will lower the number to three, is not meaningful to an assessment of the competitive banking
structure in the area. The four mutual savings banks
doing business in this area are able, by reason of state
law, to compete effectively with commercial banks.
These savings banks hold twice the amount of deposits
of the commercial banks. Telling competition is also
provided commercial banks by local savings and loan
associations, cooperative banks, loan andfinancecompanies, insurance companies, and credit unions.
This consolidation will be of benefit to the banks,
their communities, and their stockholders, and will not
disrupt the present balance in the area's banking
structure. We find that the application meets the
statutory requirements and is in the public interest.
The application to consolidate, therefore, is approved,
effective on or after July 31,1962.
JULY 24, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First Agricultural National Bank of Berkshire
County is the largest bank in the area involved in this
consolidation with 41 percent of the deposits and 36
percent of the loans. In addition to First National
Bank of Adams, there are only two other banks in the
91
It would appear that concentration of commercial
banking in this area, brought about by merger with
other banks, has reached a point where any further increase in size of either of the two large banks by this
means will have substantially adverse effects upon
competition. Should this consolidation be consum-
mated, there will be only one remaining independent
bank in the area where less than one year ago there
were five. This will place the remaining independent
bank at a substantial competitive disadvantage in relation to the two banks operating in this area which are
considerably larger than it.
THE GAP NATIONAL BANK, GAP, PA., MERGED WITH THE FULTON NATIONAL BANK OF LANCASTER,
LANCASTER, PA.
Name of bank and type of transaction
Total assets
Banking offices
In operation
The Gap National Bank, Gap, Pa. (2864), with
and The Fulton National Bank of Lancaster, Lancaster, Pa. (2634), which had. .
merged July 31, 1962, under charter and title of the latter bank (2634). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Fulton National Bank of Lancaster, Lancaster,
Pennsylvania, with assets of $51 million, applied to the
Comptroller of the Currency on May 2, 1962, for
permission to merge with the $4 million Gap National
Bank, Gap, Pennsylvania, under the charter and title
of the former.
Lancaster's population of 61,000 is served by
three national banks and one state bank, ranging
in size from $30 million to $52 million. The trade
area of the five-branch Fulton National, whose
customer services include a trust department, is the
prosperous residential, industrial and agricultural complex of central Lancaster County, overlapping only to
a minor extent the trade zone of The Gap National
Bank.
The agricultural community of Gap is located just
17 miles east of Lancaster, on the heavily traveled
Lancaster Pike, and the financial needs of its 1,000
residents are served primarily by its lone bank, The
Gap National.
The present management of both banks is experienced and aggressive, but the smaller bank is having
difficulty in finding and maintaining management in
depth. The consummation of the merger will strengthen the resulting bank's executive talent with concomitant benefits to the main Fulton office and its
Gap branch. The merger will bring to residents of
92
$4,119,823
54, 959, 248
To be operated
1
5
59, 079, 071
6
Gap the greater resources and services offered by the
larger bank, with its trust department, and a better
response to their convenience and need.
The financial history and present condition of both
banks presages a successful future for the merged bank.
Approval of the merger will not seriously disturb the
existing well-balanced banking structure of Lancaster
and will further strengthen the management and competitive capabilities of the applicant bank.
I have tested this application against applicable
statutory criteria, and find that it will promote the
public interest. The application, therefore, is granted
effective on or after June 21,1962.
JUNE 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of The Gap National Bank,
Gap, Pennsylvania, and The Fulton National Bank of
Lancaster, Lancaster, Pennsylvania would not appear
to have substantial adverse effects upon competition.
Fulton, with assets of over $51 million, is the largest
by a small margin of eight banks competing in its
service area. Gap, with assets of $3,906,000 is the
only bank located in the town of Gap, located 17
miles from Lancaster. Nearby are three other small
banks. There does not appear to be significant competition between the merging banks the merger oi
which would not substantially increase the preseni
size of Fulton.
THE NATIONAL BANK & TRUST CO. OF SCHWENKSVILLE, SCHWENKSVILLE, PA., MERGED WITH UNION NATIONAL
BANK & TRUST CO. OF SOUDERTON, SOUDERTON, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The National Bank & Trust Co. of Schwenksville, Schwenksville, Pa. (2142), with
and Union National Bank & Trust Co. of Souderton, Souderton, Pa. (2333),
which had
merged July 31, 1962, under charter and title of the latter bank (2333). The
merged bank at date of merger had
COMPTROLLER'S DECISION
An application filed on May 24, 1962, by the $18.4
million Union National Bank and Trust Company of
Souderton, Souderton, Pennsylvania, requests the approval of the Comptroller of the Currency to the proposed merger under its charter and title of the $4.9
million National Bank and Trust Company of
Schwenksville, Pennsylvania.
The banks are within 12 miles of each other in
Montgomery County, separated by the northern extension of the Pennsylvania Turnpike, and midway
between Philadelphia and Allentown. Union National, with branches in nearby Telford and Green
Lane, serves an estimated 20,000. The merging
Schwenksville bank serves an estimated trade of 12,000, overlapping in slight degree the service area of
the Union National. The local economy is predominantly agricultural-residential, with light industry beginning to increase in the area. Although competition between the applicants is slight, each is strongly
engaged with other local and Philadelphia banks of
various sizes for the business generated in this growing
community.
The merger will erase a management problem in
the National Bank & Trust Company of Schwenks-
$5, 031,192
1
17,770,624
3
22, 801, 816
4
ville, and will bring to Schwenksville a more aggressive bank, offering a considerably higher savings
interest rate. Approval will enable the resulting bank
to compete more effectively, not only with local independent banks, but also with larger Philadelphia
banks that have penetrated this area through branches.
In balancing the factors of this case in light of the
statutory criteria, I find that this merger is in the public interest. The application, therefore, is approved,
effective on or after July 25, 1962.
JULY 18, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of the National Bank and
Trust Company of Schwenksville, Schwenksville,
Pennsylvania and the Union National Bank and Trust
Company of Souderton, Souderton, Pennsylvania
would appear to have no adverse effects upon competition.
Since there are branch offices of large Philadephia
Banks in the service areas, a number of banks would
remain in the areas, the deposits and loans are wellstratified among the banks, and the merging bank
was of limited size in its strongest area, it would appear
that the vigor of competition would not be adversely
affected by the proposed merger.
THE FIRST NATIONAL BANK & TRUST CO. OF MOUNT JOY, MOUNT JOY, PA., MERGED WITH THE LANCASTER
COUNTY NATIONAL BANK, LANCASTER, PA.
Name of bank and type of transaction
Total assets
Banking offices
In operation
The First National Bank & Trust Co. of Mount Joy, Mount Joy, Pa. (667), with
and The Lancaster County National Bank, Lancaster, Pa. (683), which had
merged July 31, 1962, under charter and title of the latter bank (683). The
merged bank at date of merger had
$5, 695, 023
51, 877, 067
57,572, 090
To be operated
2
5
1
93
COMPTROLLER'S DECISION
On May 17, 1962, an application was filed requesting permission to merge the $50.6 million Lancaster
County National Bank, Lancaster, Pennsylvania, with
the $5.3 million First National Bank and Trust Company of Mount Joy, Mount Joy, Pennsylvania, under
the charter and title of the former.
The city of Lancaster is located between Harrisburg
and Philadelphia in an extremely productive and wellknown agricultural area. New light industry and
residential development with their concomitant services also provide for the economic well-being of an
estimated 112,000 population in the area. Mount
Joy, 13 miles northwest of Lancaster, serves a population estimated at 7,000. While it is primarily agricultural, there are good prospects, because of its location, that it will attract light industry and enjoy
economic expansion.
Approval of this application will have no significant
effect on the banking structure in the city of Lancaster
but it will bring to the city of Mount Joy a larger bank
structurally able to offer increased specialized financ-
ing and expanded consumer credit. The convenience and needs of the area will definitely be enhanced
by the operation of the First National Bank as a
branch of Lancaster County Bank. There will remain
available to residents of Mount Joy the alternative
services of the smaller, but well established and well
run $8.4 million Union National Mount Joy Bank.
In balancing the circumstances of this case in light
of the statutory factors, I find that the merger is in the
public interest. The application is therefore approved
effective on or after July 24,1962.
J U L Y 17, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Lancaster County National Bank operatesfivebanking offices and ranks second in deposits and first in
loans in its service area. The First National Bank
and Trust Company of Mount Joy operates two offices
in its service area and is the smaller of the two banks
in Mount Joy.
In the service areas involved, it is not believed that
there will be any substantial adverse competitive effects
resulting from the merger.
AUGUSTA-ROCKINGHAM BANK, WEYERS CAVE, V A . , MERGED WITH THE ROCKINGHAM NATIONAL BANK OF
HARRISONBURG, HARRISONBURG, V A .
Banking offices
Name of bank and type of transaction
Total assets
In operation
Augusta-Rockingham Bank, Weyers Gave, Va., with
and the Roekingham National Bank of Harrisonburg, Harrisonburg, Va. (5261),
which had
merged July 31, 1962, under charter and title of the latter bank (5261). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Rockingham National Bank of Harrisonburg,
Harrisonburg, Virginia, on May 11, 1962, made application to merge under its charter and title the
Augusta-Rockingham Bank, Weyers Cave, Virginia.
The main office and the one branch of the $12
million Rockingham National Bank are located in
Harrisonburg, a college town of 13,000, located in the
northern section of the Shenandoah Valley. The
community is the hub of Rockingham County and
services an area of 100,000.
The $2 million Augusta-Rockingham Bank has its
main office in Weyers Cave, a community of 600, located 16 miles from Harrisonburg. This bank operates a branch in Mt. Sidney, with a population of 900;
in Grottoes, with a population of 900; and in Verona,
with a population of 2,000.
The Shenandoah Valley of Virginia is an attractive
and prosperous section of the state. Tourists con94
$3, 464, 606
4
13, 081, 967
To be operated
2
16, 546, 573
6
tribute heavily to the economy, which is based on agriculture, educational institutions, and light and heavy
industries. The offices of the Augusta-Rockingham
Bank are the only bank offices serving their respective
communities. As branches of the continuing institution, the bank will be in a position to service better the
northern portion of the Valley. With the management
staff of the continuing bank properly supplemented, the
bank would be in the position to compete with the
larger bank in Harrisonburg and the banks in Staunton
and Waynesboro, which are approximately 25 miles
south of Harrisonburg, and would be in a position to
assist materially in servicing the banking needs of this
expanding area in northwest Virginia.
Having weighed the facts of this case against the
statutory criteria, I find that the merger will be in the
public interest. The application, therefore, is granted
effective on or after July 10,1962.
JULY 3,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Rockingham National Bank of Harrisonburg
is the third largest bank in the Harrisonburg-Staunton
area with 14 percent of the deposits and 14.7 percent
of the loans in the area. Augusta-Rockingham National Bank is one of the three banks located in the area
between the cities of Staimton and Harrisonburg and
maintains 4 of the 7 banking offices in this area.
As a result of this merger, the existing competition
between the banks will be eliminated. In addition,
Rockingham National will absorb 4 banking offices in
the rapidly developing area between Harrisonburg
and Staunton, leave only 2 smaller independent banks
in this area and create the likelihood that these remaining banks will be absorbed by the larger banks in Staunton or Harrisonburg and thereby eliminate small independent banks from the entire area. This may
serve to reduce the vigor of competition in the area.
FIRST NATIONAL BANK IN CARTERET, GARTERET, N.J., MERGED WITH THE PERTH AMBOY NATIONAL BANK,
PERTH AMBOY, N.J.
Total assets
Name of bank and type of transaction
Banking
In operation
First National Bank in Garteret, Garteret, N.J. (14153), with
and The Perth Amboy National Bank, Perth Amboy, N.J. (12524), which had.
merged Aug. 10, 1962, under charter of the latter bank (12524) and title of"
"Perth Amboy National Bank." The merged bank at the date of merger h ad.
COMPTROLLER S DECISION
On June 1, 1962, The Perth Amboy National Bank,
Perth Amboy, New Jersey, filed an application with
the Comptroller of the Currency requesting permission
to merge with the First National Bank in Carteret,
Carteret, New Jersey, under the charter of the former
and with the title, "Perth Amboy National Bank."
Perth Amboy is a city of 38,000 located in northern Middlesex County at the mouth of the Raritan
River and due west of the southern tip of Staten Island,
New York. An increase in the city's industrial concentration in recent years has brought a decline in
its residential areas and in the retail activities which
depend upon them. Despite this transition, Perth
Amboy continues to be the trade center for an estimated 200,000 persons living in the northern quarter
of the county and on Staten Island.
Carteret, a city of 20,500, is also located in Middlesex County, six miles northeast of Perth Amboy and
17 miles south of New York City. This industrial
city, which serves as a trading center for some 45,000
persons, has enjoyed a 56 percent expansion in its
residential developments during the last decade.
Further expansion is not to be anticipated as very
little land remains available for development. Of
its wage-earning residents, one-half is employed in the
city and the other half commutes to New York City.
The Perth Amboy National Bank, organized in 1924,
now has total resources of $21.4 million and operates
two offices in the same city. Though the ownership
of this bank has changed four times since 1953, it is
now under competent and capable management.
$7 868, 456
21 164, 569
offices
To be operated
1
2
29, 086, 426
3
While its capital structure is adequate for the needs
of the community it serves, it would benefit by an increase in loanable funds to meet the present requirements of its customers.
The First National Bank of Carteret, whose assets
total $8 million, operates a single office. This conservative bank, with a limited capital, has never fully
utilized its loanable funds in service of the community.
It has not been particularly effective in competition
with the $12.2 million Carteret Bank and Trust Company which is headquartered in the same city. Despite the large number of industrial plants in its area,
First National has not been able to attract other than
the payroll accounts of a few.
The application sets forth the common ownership
of the participating banks as a factor impelling approval. While common ownership of two banks is a
factor to be considered in weighing an application to
merge, it is not of sufficient significance to compel
approval in every instance where it is present. To
give common ownership such undue weight as to make
it determinative of applications to merge would subordinate the significance of other statutory criteria
in contravention of Congressional intent and would
impair the ability of bank regulatory agencies to guide
the development of the local, state, and national banking structures in the public interest.
While the slight overlapping of the service area of
the participating banks would normally indicate the
existence of some competition between them, their
common control has resulted in a cooperative relationship rather than in effective competition. Their competition stems from 11 other banking institutions which
95
operate 18 offices in the combined service area. Of
these 11 banks, three are larger than the resulting
bank. In view of this plenitude of commercial bank
competition in northern Middlesex County, this merger
will have no adverse effect.
Approval of the proposal will unite in one banking
organization the complementary services of two existing banks. It will bring to the residents of Garteret
a more aggressive and resourceful bank offering a
complete line of service, and to the people and industry of Perth Amboy, a bank of greater resources capable of meeting their financial requirements.
Having weighed this application against the statutory criteria, we find that it will promote the public
interest. The application, therefore, is granted effective on or after August 10, 1962.
AUGUST 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of First National Bank in
Carteret into Perth Amboy National Bank is a union
of two banks whose majority stockholder is president
of one and a director of both banks so that as a practical matter the competition that would normally be expected between these banks, has, in all probablity, been
restricted.
The merged bank would be the third largest among
thirteen in the service area and would have approximately eleven per cent of total deposits.
The practice of commercial banks acquiring stock
interests in, and having interlocking directorates with,
competitors through officers and directors and by other
means appears to warrant considerable concern by
both the Department of Justice and the bank regulatory
authorities. The indirect acquisition of the stock of a
competitor is, of course, within Section 7 of the Clayton
Act where the effect may be substantially to lessen
competition or to tend to create a monopoly in any line
of commerce. Moreover, indirect acquisitions appear
to be susceptible of use as a means of evading the reporting and approval requirements of the Bank Merger
Act of 1960. Recent applications have indicated that
this practice is sufficiently widespread that a full report
by all commercial banks to the appropriate federal
regulatory authorities on all oustanding interests of
this type may be warranted. It may also be appropriate
to require all such transactions to be reported at the
time they are made. The opportunity for evasion of
Congressionally imposed merger restrictions and for
abuses of the type intended to be forbidden by SEC
regulations applicable to other businesses would seem
to be readily apparent and within the powers of the
bank regulatory agencies to correct.
THE IMPERIAL BANK, IMPERIAL PA., MERGED WITH THE UNION NATIONAL BANK OF PITTSBURGH, PITTSBURGH, PA,
Banking offices
Total assets
Name of bank and type of transaction
In operation
The Imperial Bank, Imperial, Pa., with
and The Union National Bank of Pittsburgh, Pittsburgh, Pa. (705), which had.
merged Aug. 17, 1962, under charter and title of the latter bank (705). The
merged bank at date of merger had
COMPTROLLER'S DECISION
The Union National Bank of Pittsburgh, Pittsburgh,
Pennsylvania and The Imperial Bank, Imperial, Pennsylvania applied to the Comptroller of the Currency
on April 27, 1962, for permission to merge under the
charter and title of the former.
The Union National Bank, with assets in excess
of $190 million, is one of 23 commercial banks serving Pittsburgh and surrounding Allegheny county. It
is the area's fourth largest bank, operating 16 branches.
The Imperial Bank, with resources in excess of $4
million is the smallest bank in the area, and is located
16 miles west of the city of Pittsburgh. Imperial has
96
To be operated
$4,011,564
195, 992, 790
199, 708, 888
19
a population of 1,500 and serves in its trade area an
estimated 5,000 people. The area is primarily ruralresidential with some small mining operations still
present.
Because of the limited potential, resources and corporate structure of The Imperial Bank, it is highly
improbable that competent management could be
attracted to enable the bank to remain an effectively
competing independent unit. Thus, this merger will
solve an imminent and serious management succession
problem for The Imperial Bank whose only active
officer wishes to retire.
In addition, Westinghouse Electric has announced
plans to construct a $35 million plant 3^4 miles from
Imperial with probable employment of 4,000. Thus
by 1963, there will be a need for an energetic bank
or branch offering full services for this immediate area.
The effect of this merger on the banking structure of
Allegheny and surrounding counties will be negligible.
While it is true that there is a branch of the applicant
6 miles east of Imperial, the terrain and the circuitous
route between them precludes any significant amount
of direct competition. This substitution of a branch of
Union National for The Imperial Bank will be of
present and future benefit to the community and will
provide a full service bank when the influx of residents
and business takes place.
In light of the statutory factors, I find that the public
interest is served and the application is therefore
approved effective on or after June 21, 1962.
JUNE 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The acquiring bank is the fourth largest in the area
and the acquired bank, located in a Pittsburgh suburb,
is the smallest. There is presently a heavy concentration in the five largest banks which would be enhanced by the acquisition in question. Moreover, the
acquiring bank has acquired six other banks in the past
four years. Although the direct competition between
the participating banks does not appear great from
the incomplete information furnished by applicant,
there is reason to believe that at least from the acquired
bank's point of view, the acquiring bank is a competitor. The merging bank has serious management
problems.
On balance, in view of the prior undue banking
concentration in the area due in major part to numerous recent bank mergers, the effect of the proposed
acquisition on competition appears to be adverse.
THE FIRST STATE BANK, NORTH LIMA, OHIO, PURCHASED BY THE MAHONING NATIONAL BANK OF YOUNGSTOWN,
YOUNGSTOWN, OHIO
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The First State Bank, North Lima, Ohio, with
was purchased Aug. 18,1962, by The Mahoning National Bank of Youngstown,
Youngstown, Ohio (2350), which had
After the purchase was effected the receiving bank had
COMPTROLLER'S DECISION
In order to prevent the probable failure of The First
State Bank, North Lima, Ohio, which has been declared to be in an emergency situation by the Superintendent of Banks, The Mahoning National Bank of
Youngstown, Youngstown, Ohio has applied to the
Comptroller of the Currency for permission to purchase
assets and assume the deposit liabilities of The First
State Bank.
$1, 850, 606
1
82, 663, 721
84, 514,327
10
ii
Because of the emergency nature of this situation,
and in order to protect the depositors, creditors and
shareholders of The First State Bank, the application
is hereby approved effective at the close of business
Saturday, August 18, 1962.
AUGUST 17, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
(Emergency basis—No report)
THE SECOND NATIONAL BANK OF MEYERSDALE, MEYERSDALE, PA., PURCHASED BY GALLATIN NATIONAL BANK,
UNIONTOWN, UNIONTOWN, PA.
Name of bank and type of transaction
Banking offices
Total assets
In operation To be operated
The Second National Bank of Meyersdale, Meyersdale, Pa. (5801), with
was purchased Aug. 25, 1962, by Gallatin National Bank, Uniontown, Uniontown, Pa. (5034), which had
After the purchase was effected, the receiving bank had
$6, 018,000
2
73, 904, 000
79, 312,000
13
15
97
COMPTROLLER'S DECISION
On May 31, 1962, the Gallatin National Bank,
Uniontown, Pennsylvania, filed, an application with the
Comptroller of the Currency requesting permission to
purchase the assets and assume the liabilities of The
Second National Bank of Meyersdale, Meyersdale,
Pennsylvania.
Uniontown, a city of 18,000 catering to a trade area
of 185,000, is located in Fayette County in southwestern
Pennsylvania, 41 miles south of Pittsburgh. This city's
economy depends primarily upon coal mining, and to
a lesser degree on manufacturing and agriculture.
It has suffered vexatious unemployment problems resulting from depletion and automation in the coal
fields. The recent establishment of local plants of
three large manufacturing concerns brings some hope
for Uniontown's economic prospects.
Meyersdale is a community of 1,300, lying in a
valley in the Allegheny Mountains, 50 miles east of
Uniontown and eight miles north of the Maryland
line. Depletion of surface coal and standing timber
has aggravated the economic condition of this
town. Two small clothing factories employing 375
people and the local farms help take up the slack in
the area's economy.
The Gallatin National Bank, with total resources of
$75 million, operates 11 offices in Fayette County, one
in Greene County, and one in Westmoreland County.
This well managed bank has followed conservative
policies which have enabled it to show satisfactory net
income while serving the needs of a depressed area.
Its supply of loanable funds is more than adequate to
meet the requirements of its customers.
The Second National Bank, with assets of $6 million,
operates one branch office in Salisbury, a town of 862,
located six miles south of Meyersdale. This bank,
through sound management, has enjoyed consistently
good earnings and has shown a satisfactory rate of
growth since it was organized in 1901. Though it has
a competent and versatile staff, all of whom are stock-
holders, a management succession problem has developed on its executive level.
There are 13 banks presently serving Fayette
County. Gallatin National, the largest in the area,
will add only a small increment to its total resources
through this purchase. Such an addition to Gallaton National will not disrupt the banking structure in
the area it serves.
Approval of this sale will bring a greater breadth
and depth of banking services to the residents of the
Meyersdale area. While the entry of Gallatin into
this region will stimulate competition among the five
smaller banks that operate there, there is no reason to
believe that they will be put to a competitive disadvantage. This sale will not only solve the management problem of Second National but will make
available greater financial resources for the progressive
farmers in the area.
Having considered this application in the light of
the statutory factors, we find that the sale will be in
the public interest. The application, therefore, is
granted effective on or after August 10, 1962.
AUGUST 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed acquisition of assets and assumption
of liabilities of the Second National Bank of Meyersdale, Meyersdale, Pennsylvania by the Gallatin National Bank, Uniontown, Uniontown, Pennsylvania
would appear to have adverse effects upon competition.
The acquisition would bring into the selling bank's
service area a bank with twice the Time Deposits of
all the banks presently competing in the area, more
than three times the Demand Deposits of all other
banks in the area and almost twice the Loans and
Discounts of all its competitors in the area. It is
doubtful that these six small remaining banks could
give vigorous competition to so large a bank without
engaging in mergers or otherwise combining.
THE WESTERN NATIONAL BANK OF RAPID CITY, RAPID CITY, S. DAK., AND RAPID CITY TRUST CO., RAPID
CITY, S. DAK., CONSOLIDATED WITH AMERICAN NATIONAL BANK OF RAPID CITY, RAPID CITY, S. DAK.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Western National Bank of Rapid City, Radid City, S. Dak. (14781), with
and Rapid City Trust Co., Rapid City, S. Dak., with
and American National Bank of Rapid City, Rapid City, S. Dak. (14099), which
had . . . .
.
consolidated Aug. 31, 1962, under charter of the latter bank (14099) and title
of "American National Bank & Trust Co." The consolidated bank at date
of consolidation had
..
98
$4, 941, 212
1,297, 713
48, 044, 475
53, 403,157
1
1
4
5
COMPTROLLER'S DECISION
On June 15, 1962, the $47.5 million American National Bank of Rapid City, Rapid City, South Dakota,
the $4.3 million Western National Bank of Rapid City,
and the $1.5 million Rapid City Trust Company, applied to the Comptroller of the Currency for permission to consolidate under the charter of the former
and with the title, "American National Bank and
Trust Company."
American National was chartered in 1934. It operates its main office and one branch in Rapid City,
a branch in Hot Springs 60 miles south, and recently
established a branch in Sturgis 30 miles north, after
consolidating with The Bear Butte Valley Bank. The
Rapid City Trust Company was chartered in 1952,
and the Western National in 1956. The shareholders
and directors in each of these banks, as well as in the
American National, are substantially the same. It
is proposed that the office of Western National will be
operated as a branch of the American National. The
Trust Company now operates from the same building
as American National.
Rapid City, with its population of 42,000 doubling
in the last ten years, is the second largest city in South
Dakota. It is served by two other banking institutions: the $5.3 million Rushmore State Bank and the
$71 million First National Bank of the Black Hills, an
affiliate of the Northwest Bancorporation. The economy of the area is based primarily upon livestock,
ranching and mining, augmented by resort and military spending.
The consummation of this proposal will unite three
institutions, long known by the public to be under
common ownership, into one commercial banking
entity. Economies of scale and operation will form a
more unified base from which to offer more efficient
and expanded services to the community.
Having balanced the facts of this case in light of the
statutory factors, the transaction is found to be in the
public interest and it is approved effective on or after
August 31, 1962.
AUGUST 24, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
These three banks, all located in the same city, are
largely under common ownership and control with the
result that competition between them is purely nominal.
The number of banks in Rapid City, South Dakota
will be reduced from five to three in number, with one
of the other banks being substantially larger than
the Resultant Bank.
We therefore believe that the proposed merger will
not have any significant adverse competitive effect.
FIRST NATIONAL BANK OF AFTON, AFTON, N.Y., CONSOLIDATED WITH THE NATIONAL BANK & TRUST CO. OF
NORWICH, NORWICH, N.Y.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
First National Bank of Afton, Afton, N.Y. (11513), with
and The National Bank & Trust Co. of Norwich, Norwich, N.Y. (1354), which
had
consolidated Sept. 1, 1962, under charter and title of the latter bank (1354).
The consolidated bank at date of consolidation had
COMPTROLLER S DECISION
On June 6, 1962, The National Bank and Trust
Company of Norwich, Norwich, New York, having
total resources of $36.8 million, requested the permission of the Comptroller of the Currency to consolidate
with the $3.7 million First National Bank of Afton,
Afton, New York, under the charter and title of the
former.
The Norwich bank is the largest in Chenango
County serving through its six branches a trade area
of 51,000 in five counties. The economy of the service area is basically agricultural, interspersed with
some industry. This bank is considered strong and
aggressive, well capitalized, and well staffed.
$3, 783, 454
1
38,104, 749
7
41 888 203
8
The First National Bank of Afton, located just 5
miles from the Bainbridge branch of the applicant,
30 miles south of Norwich and 25 northwest of Binghamton, is a strong country bank whose assets have
increased since 1952 by over 60 percent in the servicing of 5,000 people in its primary area. The First
National Bank competes actively with other area
banks, including the Binghamton bank for local business. Though it has served the needs of its customers
and the Afton community well, it is not able to attract
a competent successor to continue its tradition of fine
service after the imminent retirement of its able executive officer.
The consolidation will bring to Afton trust facilities
not presently available to its residents, and will enable
99
the continuing Afton branch to pursue more actively
business which it is not now able to handle. The resulting bank will be in a position to furnish increased
competition to the larger banks in the surrounding
area. Further, the approval of this application will
solve the problem of management succession which
presently confronts the smaller bank.
Accordingly, I conclude that this merger as measured by the statutory factors, is in the public interest
and the application is, therefore, approved, effective on
or after August 10, 1962.
AUGUST 3, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
National Bank and Trust Company of Norwich,
with assets of $36,845,000, operates seven banking
offices in Chenango and Delaware Counties in south
central New York State. It is by far the largest bank
with a head office in its service area with approximately
26 percent of the IPC deposits and 32 percent of the
loans. However, it competes with branch offices of
much larger banks as well as with a number of local
banks.
First National Bank of Afton, with assets of $3,655000, operates one banking office in a small town thirty
miles from Norwich in the southern portion of the
Norwich service area.
A degree of competition will be eliminated by the
merger, as well as competition between a third bank
owned by the President of the National Bank and
Trust Company of Norwich and First National Bank
of Afton. It will increase the relative size of the Norwich bank. While a number of other banks remain
in the area, we believe that the effect of the merger
on competition will be adverse.
FIRST NATIONAL BANK OF THOMPSONVILLE, THOMPSONVILLE, CONN., CONSOLIDATED WITH FIRST NATIONAL BANK
OF WINDSOR LOCKS, WINDSOR LOCKS, CONN.
Banking offices
Name of bank and type of transaction
Total assets
In operation
First National Bank of Thompsonville, Thompsonville, Conn. (14627), with
and First National Bank of Windsor Locks, Windsor Locks, Conn. (14588), which
had
consolidated Sept. 7, 1962, under charter and title of the latter bank (14588).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On May 18, 1962, the First National Bank of Windsor Locks, Windsor Locks, Connecticut, and the First
National Bank of Thompsonville, Thompsonville,
Connecticut, filed an application with the Comptroller
of the Currency, requesting permission to consolidate
under the charter and title of the former.
The $11.4 million First National Bank of Windsor
Locks opened two branches in Windsor Locks and one
at Warehouse Point in East Windsor since it was
organized in 1947. Established to fill the banking
void that has persisted in the town since its banks
closed in the 1930's, this bank, under aggressive management, has grown with the community and twice
increased its capital to meet local needs. As the
town's only bank, it now requires a further capital increase to keep abreast of the economic development in
its service area.
The $6.3 million First National Bank of Thompsonville, entered the national system in 1949 when it was
converted from a private bank. This bank, operating
two in-town branches, has experienced satisfactory
100
$6,511,666
3
12, 688, 535
To be operated
4
19,224,335
7
growth while concentrating its lending activities in the
real estate field.
Windsor Locks, a community of 12,000 located on
the west side of the Connecticut River in the north
central section of the state, has more than doubled in
size in the last decade. It is the site of Bradley Field,
a commercial and military air installation that serves
both Hartford, 15 miles to the south, and Springfield,
Massachusetts, 15 miles to the north. It is also the
home of 19 manufacturing plants which employ some
8,000 people in the production of airplane parts and
paper. Raising of cigar tobacco in adjacent rural
areas also contributes substantially to the economy of
this town.
Thompsonville, a town of 16,000, is located on the
east side of the Connecticut River, six miles north of
Windsor Locks. Though its several small industries
offer some employment to its residents, the majority of
its working force are employed in such neighboring
communities as Enfield, Windsor Locks, Hartford and
Springfield, Massachusetts, which are within easy commuting distance. The banking needs of Thompsonville are served by the three offices of the applicant
bank and a branch of $507 million Connecticut Bank
and Trust Company of Hartford.
The First National Bank of Windsor Locks and the
First National Bank of Thompsonville, were organized
by one man who, in addition to owning 50 percent
or more of the stock of each, serves as the President
and Chairman of the Board of Directors of each. Because of this unity of management, no competition has
ever developed between these banks. In view of the
growth record of both Windsor Locks and the charter
bank, it is clear that this consolidation will strengthen
its capital structure and enable it to serve the community needs more effectively.
Having weighed all the facts in this case against the
statutory requirements, I find that this consolidation
will promote the public interest. The application,
therefore, is granted effective on or after July 20, 1962.
JULY 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed consolidation of the First National
Bank of Thompsonville, Thompsonville, Connecticut
and the First National Bank of Windsor Locks, Windsor Locks, Connecticut would appear to have no adverse effects upon competition. Competition has
never existed between the consolidating banks. One
person is a Director, Chairman of the Board and President of both banks. He owns at least 50 percent of
the stock of each. Another person is a Director of
both banks, the Executive Vice President of one and
a Vice President of the other. Moreover, from the
banks' incipiency, their managements' policy has been
ultimately to consolidate them.
The practice of commercial banks acquiring stock
interests in, and having interlocking directorates with,
competitors through officers and directors and by other
means appears to warrant considerable concern by
both the Department of Justice and the bank regulatory authorities. The indirect acquisition of the stock
of a competitor is, of course, within Section 7 of the
Clayton Act where the effect may be substantially to
lessen competition or to tend to create a monopoly in
any line of commerce. Moreover, indirect acquisitions
appear to be susceptible of use as a means of evading
the reporting and approval requirements of the Bank
Merger Act of 1960. Recent applications have indicated that this practice is sufficiently widespread that
a full report by all commercial banks to the appropriate
federal regulatory authorities on all outstanding interests of this type may be warranted. It may also be
appropriate to require all such transactions to be reported at the time they are made. The opportunity
for evasion of Congressionally imposed merger restrictions and for abuses of the type intended to be forbidden by SEC regulations applicable to other businesses
would seem to be readily apparent and within the
powers of the bank regulatory agencies to correct.
THE FARMERS STATE BANK, EMMITSBURG, MD., MERGED WITH FARMERS & MECHANICS-CITIZENS NATIONAL
BANK OF FREDERICK, FREDERICK, MD.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The Farmers State Bank, Emmitsburg, Md., with
and Farmers & Mechanics-Citizens National Bank of Frederick, Frederick, Md.
(1267), which had
merged Sept. 14, 1962, under charter and title of the latter bank (1267). The
merged bank at date of merger had
COMPTROLLER'S DECISION
On July 13, 1962, the $47.6 million Farmers and
Mechanics-Citizens National Bank of Frederick, Frederick, Maryland, filed an application with the Comptroller of the Currency to merge with the $3.3 million
Farmers State Bank of Emmitsburg, Emmitsburg,
Maryland, under the charter and title of the former.
The Farmers and Mechanics, which was organized
in 1817 and entered the National Banking System in
1865, is located in Frederick, a county seat whose
population is 22,000. This city has easy access to Baltimore, 45 miles to the east, and Washington, D.C., 49
$3, 447, 551
1
51,067,809
6
54, 473, 246
7
miles to the south, along excellent highways. The bank
operates two branches in Frederick, two facilities at
nearby Fort Detrick, and one branch each in Union
Bridge, Libertytown, and Mt. Airy. The principal
economic support of the entire trade area served by
this bank derives from agricultural activities.
The Farmers State Bank serves the 1,400 residents of
Emmitsburg, which is located 24 miles north of
Frederick and one mile south of the Pennsylvania line.
Though this bank is in good condition, its board of
directors has been unable to find a successor for the
executive officer who is not physically well.
101
The acquisition of The Farmers State Bank of
Emmitsburg by the Farmers and Mechanics will not
substantially affect the relative position of the latter
with respect to the three other smaller Frederick banks.
The entry of Farmers and Mechanics into Emmitsburg
will enable it to compete more effectively in the
northern section of the county with the seven banks,
four of which are located in Pennsylvania, serving the
area.
Though this merger will further strengthen Farmers
and Mechanics preeminent position in Frederick
County in north-central Maryland, it must be remembered that this $47 million bank is relatively small
when viewed in relation to the large Maryland banks
headquartered in Baltimore. Because of the apparent
westward movement of the Baltimore banks, it is
understandable that Farmers and Mechanics seeks to
entrench itself firmly by the merger route before the
impending competition with the Baltimore banks becomes too sharp. Farmers and Mechanics must also
prepare to face increased banking competition from
the larger banks located in Montgomery County and
the District of Columbia to the south.
While the competitive aspects of the banking structure in Frederick County weigh heavily in favor of
this proposal, the fact that it will resolve a difficult and
critical management problem while bringing more
diversified banking services of greater depth to serve
the convenience and needs of Emmitsburg is
controlling.
Having weighed all the statutory factors in our consideration of this application, we have concluded that
the merger will be in the public interest. The application is, therefore, granted effective on or after
September 14, 1962.
SEPTEMBER 7, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Farmers State Bank is the only bank in its service
area; however, within a 13 mile radius of the city there
are 11 other banks with the closest office of Farmers
and Mechanics being approximately 15 miles from
Emmitsburg.
Farmers and Mechanics is by far the largest bank
in its immediate area; however, within 45 miles of
Frederick are the two metropolitan areas of Baltimore and Washington. Although the proposed merger
will increase the size of Farmers and Mechanics Bank,
in light of the nature of the relevant service areas involved and competition therein, its effect on competition appears to be only slightly adverse.
CITIZENS TRUST CO. OF HARRISBURG, HARRISBURG, PA., MERGED WITH NATIONAL BANK & TRUST CO. OF CENTRAL
PENNSYLVANIA, YORK, PA.
BanHngoffices
Name of bank and type of transaction
Total assets
In operation To be operated
Citizens Trust Go. of Harrisburg, Harrisburg, Pa., with
and National Bank & Trust Co. of Central Pennsylvania, York, Pa. (694), which
had
merged Sept. 14, 1962, under charter and title of the latter bank (694). The
merged bank at the date of merger had
COMPTROLLER S DECISION
On June 14, 1962, the $130.4 million National
Bank and Trust Company of Central Pennsylvania,
York, Pennsylvania, applied to the Comptroller of the
Currency to merge under its charter and title the $7.8
million Citizens Trust Company of Harrisburg, Harrisburg, Pennsylvania.
The National Bank and Trust Company operates
a total of 13 offices, eight in and near York andfivein
the Harrisburg area, 25 miles north. The resulting
bank will serve an estimated 500,000 people supported
by an expanding industrial, residential and agricultural community. This complex will be served by 33
competing banks operating 58 branch offices.
Consummation of the merger will have no significant effect upon the banking structure of York and
102
V7, 778, 439
1
132, 589, 616
13
139, 689, 846
14
Dauphin Counties. While the merger will eliminate
a moderate amount of competition existing between
the merging institutions, it will improve the over-all
banking structure in the Harrisburg area.
The resulting bank will bring to the present customers of Citizens Trust increased capital protection,
fuller and more aggressive banking and trust services.
In balancing the circumstances of this case in light
of the statutory criteria the transaction is found to be
in the public interest, and the application is hereby
approved effective on or after August 31, 1962.
AUGUST 24,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
National Bank & Trust Company operates 13 banking offices in the area around Harrisburg and York and
is the largest bank in the area with 15.8 percent of the
IPC deposits and 16.8 percent of the loans. During
the past three years National has increased its deposits
by $87 million, from $24 million to $111 million, with
$83 million of the increase due directly to mergers and
consolidations with other banks in the area.
The four largest banks presently account for 54 percent of the IPG deposits and 56 percent of the loans.
This is due in large measure to a recent wave of mergers and consolidations in the area.
If the proposed merger is consummated, the substantial competition existing between the banks in
Harrisburg will be eliminated. This may have substantially adverse effects on competition and may tend
towards monopoly.
T H E FIRST NATIONAL BANK OF SHENANDOAH, SHENANDOAH, V A . , MERGED WITH PEOPLES NATIONAL BANK OF
CENTRAL VIRGINIA, CHARLOTTESVILLE, V A .
Banking offices
Total assets
Name of bank and type of transaction
In operation
The First National Bank of Shenandoah, Shenandoah, Va. (11133), with
and Peoples National Bank of Central Virginia, Charlottesville, Va. (2594),
which had
merged Sept. 14, 1962, under charter and title of the latter bank (2594). The
merged bank at the date of merger had
COMPTROLLER'S DECISION
On July 18,1962, the $109 million Peoples National
Bank of Central Virginia, Charlottesville, Virginia,
and the $3 million First National Bank of Shenandoah,
Shenandoah, Virginia, applied to the Comptroller of
the Currency for permission to merge under the charter
and title of the former.
Shenandoah is an incorporated town with a population of 1,839 located in the northwest section of the
Shenandoah Valley in central Virginia, approximately
43 miles north of Charlottesville. Once primarily
a railroad and farming community, it is now largely
a manufacturing area with nearly three times as many
persons employed in manufacturing as were employed
in 1940. The First National Bank is the only bank
in the town, and its nearest competitor is a branch
of the Peoples National Bank at Elkton, 7 miles south.
There are four other smaller banks located in three
villages 14 to 19 miles north of Shenandoah, but none
of them has sufficient resources to make a substantial
contribution to the growth of this community.
The main office of The Peoples National Bank of
Central Virginia is located in Charlottesville, which is
situated in central Virginia and has a population of
29,427. As the largest bank in central Virginia, with
14 branches, it offers to a population of approximately
125,000 a breadth of service not within the capacity
of the smaller area banks.
Approval of this merger will bring to Shenandoah a
bank offering a wide range of services and possessing
resources sufficient to meet not only the present demands of the community but the requirements that
$3,169, 656
1
114, 883, 865
To be operated
15
118,053, 521
16
are reasonably certain to develop in the next few years.
In addition, it will alleviate a management succession
problem now existing in the First National Bank.
Peoples National, through its branch in Elkton,
which was established in 1947 as a result of a consolidation with the Bank of Elkton, now competes
with the First National. This merger, which will
eliminate this competition and substantially augment
the influence of Peoples National in this section of
Virginia, appears to be the only feasible way to bring
to the Shenandoah area banking resources adequate
to its needs. While a de novo branch of a larger bank
would supply the financial resources Shenandoah's
growth demands without the elimination of a sound,
locally headquartered bank, the present state laws have
closed this route to Peoples National. This proposal
is a clear response to the state's merger generating
statute.
Applying the applicable statutory criteria, I find that
this merger is in the public interest. The application
is approved effective on or after September 14, 1962.
SEPTEMBER 6,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Peoples National, with 13 banking offices throughout central Virginia, is the dominant bank in the area
with more than 32 percent of the IPC deposits and
35 percent of the loans in the service area involved.
Its closest rival has only 12 percent and 11 percent
respectively.
During the past several years Peoples has acquired
5 formerly independent banks in the area. As a result, it has increased its deposits from $57 million to
103
$97 million and doubled its loans from $29 million to
$59 million with much of the increase directly attributable to the acquisitions.
Considering Peoples' already dominant position in
the service area and its past history of acquisitions,
this merger will serve to further enhance its domi-
nance in the area, accelerate tht trend toward concentration, eliminate a degree of competition between
Shenandoah and a branch of Peoples, and create an
imbalance in the banking structure in Page County
where three other small banks serve the area. The
effect of the merger on competition would be adverse.
FIRST NATIONAL BANK AT CONNEAUT LAKE, CONNEAUT LAKE, PA., MERGED WITH THE MERCHANTS NATIONAL
BANK & TRUST CO. OF MEADVILLE, MEADVILLE, PA.
Name of bank and type of transaction
Total assets
In operation To be operated
first National Bank at Conneaut Lake, Conneaut Lake, Pa. (13980), with
and The Merchants National Bank & Trust Co. of Meadville, Meadville, Pa.
(871), which had
merged Sept. 15, 1962, under charter and title of the latter bank (871). The
merged bank at date of merger had
COMPTROLLER S DECISION
The Merchants National Bank and Trust Company
of Meadville, Meadville, Pennsylvania, and the First
National Bank at Conneaut Lake, Conneaut Lake,
Pennsylvania, applied to the Comptroller of the Currency on June 16, 1962, for permission to merge under
the charter and title of the former.
Meadville is located in northwestern Pennsylvania,
some 90 miles north of Pittsburgh and 40 miles south
of Erie. It is the county seat and trade center of
Crawford County, a predominantly agricultural area.
Although there are two moderately sized textile manufacturers and approximately 21 light industrial concerns, they employ only 6,000 people and the rate of
unemployment is 10 percent of the available labor
force. An attendant ancillary attrition of 12 percent
of the population between 1950 and 1960 is a result of
the lack of employment opportunities. Efforts to attract industry to the area by means of an industrial
development program financed at state and local
levels have met with limited success.
In addition to the main office, the $19.5 million
Merchants National maintains two branches and serves
an area population of 30,000. Along with this bank,
the Meadville area banking structure primarily consists of the $23.6 million First National Bank of Meadville, and a branch of the $55.4 million Northwest
Pennsylvania Bank and Trust Company, Oil City.
Also, a new branch of the Venango Federal Savings and Loan Association of Franklin, Pennsylvania,
was recently established. This association has resources in excess of $ 10 million. The proposed merger
will not change the local banking structure. Each
104
$3,874,814
20,143, 681
24,018,495
bank will continue to occupy its present lineal position
as to size.
Conneaut Lake is located eight miles west-southwest
of Meadville. The permanent residents of the area
are dependent upon employment opportunities in
Meadville and Greenville except for the seasonal employment provided by the recreational and resort
facilities of the immediate vicinity. The area has become increasingly popular as a recreational area thereby producing a favorable economic factor for future
expansion in this field.
The $3.2 million First National Bank serves the
Conneaut Lake population of 2,000 and an area population of 4,000. The bank does not have trust facilities and its lending limit of $15,000 is at times insufficient for the needs of the community.
The approval of this merger will provide depth of
management, assure retention of competent personnel
and provide greater opportunity to attract replacement
personnel. The increased capitalization of the resulting bank will be a balancing factor for the local banking structure in that two banks of nearly equal size
will be competing with a branch of a bank having
twice the resources of either of them, and it will allow
greater local participation in the industrial development program. Greater efficiency of operation and
better banking services should result for present customers of the participating banks, and the larger resulting bank will be able to expand and improve
banking services.
In balancing the factors of this case in light of the
statutory criteria, I find that this merger is in the public
interest. The application is approved effective on or
after August 14,1962.
AUGUST 7, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of The Merchants National
Bank and Trust Company, Meadville, Pennsylvania,
and The First National Bank, Conneaut Lake, Pennsylvania, would appear to have no significant adverse
effects upon competition.
The resulting bank would increase Merchants' rank
in time deposits, demand deposits and loans and discounts by a small percent. Moreover, the merger
would result in two banks of nearly equal size competing against a branch of a bank with twice the resources of either of them. The merging banks are
located eight miles apart and do not appear to be
substantial competitors.
THE HILLSIDE NATIONAL BANK, HILLSIDE, N.J., CONSOLIDATED WITH THE NATIONAL STATE BANK, ELIZABETH
NEW JERSEY, ELIZABETH, N J .
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Hillside National Bank, Hillside, NJ. (11727), with
and The National State Bank, Elizabeth, N.J., Elizabeth, N.J. (1436), which had.
consolidated Sept. 17,1962, under the charter and title "The National State Bank,
Elizabeth, N.J." (1436). The consolidated bank at the date of consolidation
had
COMPTROLLER S DECISION
On June 28, 1962, the $107 million National State
Bank, Elizabeth, New Jersey, and the $41.4 million
Hillside National Bank, Hillside, New Jersey, applied
to the Comptroller of the Currency for permission to
consolidate under the charter and title of the former.
Union County, which encompasses the contiguous
municipalities of Hillside and Elizabeth, has a land
area of 102 square miles located in northeast New
Jersey, less than 10 miles from New York City. As
a peripheral segment of the New York metropolitan
area, Union County has become a highly urbanized,
industrial and residential area which has experienced
a population increase from 398,138 to 504,255 during
the past decade. The industries and populace of the
county are served by 55 banking offices operated by
17 commercial banks, and the requirements of local
industry for larger bank credit and services are being
satisfied by the large commercial banks in Newark
and New York City, thereby constituting these banks
primary competitors of the subject banks. Additional competition within the county is furnished by
five savings banks with deposits aggregating $141.2
million, 26 savings and loan associations with withdrawable balances of $388 million and two building
and loan associations with share accounts totaling $828
thousand.
The National State Bank has its main office and two
branches in Elizabeth, a municipality with a population of 107,698. Elizabeth is in an economically
favorable location 13 miles south of New York City on
the main arteries of railroads and highways which provide connections to other seaboard cities. It is adja-
$46,660,911
135, 753, 536
182, 819, 333
1
8
9
cent to Newark Bay where port facilities are presently
being expanded at a cost of $150 million. The bank
has also five out-of-town branches widely dispersed
throughout the county making it the third largest bank
in the county and the second largest bank in Elizabeth.
The Hillside National Bank is 2.5 miles from National State in Hillside Township in the northeastern
part of the county between Elizabeth and Newark.
Primarily a growing industrial and residential community, it has a population of 22,300 who are served
by this bank as the sole operating bank in the township.
The banking structure in Hillside Bank's service area,
however, consists of a branch office of the $56 million
Bank of Commerce, Newark, and a branch office of
the $532 million Fidelity Union Trust Company,
Newark. Also, a new state bank has been approved
but is not yet open.
The area in which the applicant banks are situated
has potentials for growth which exceed present capital
availabilities of service area banks. The expanding
industrial capacity of the area will be substantially increased by the port facilities being constructed by the
New York Port Authority. The population is increasing and the labor supply is adequate to meet the
demands of production capacity. The full realization
of the opportunities cannot be developed by local banks
without additional capital.
Approval of this consolidation would increase the
opportunities for the resulting local bank to participate
more actively in the growth of the communities which
it will serve. This will follow from the resulting bank's
ability to service banking needs of local business which
now goes to Newark or New York, by the extension of
105
trust department banking into Hillside, and through
an over-all reduction of expenses.
Applying the applicable statutory criteria, I find
that this consolidation is in the public interest. The
application is approved, effective on or after September
11, 1962.
SEPTEMBER 4, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The acquiring bank is the second largest in Elizabeth, New Jersey, and in the surrounding Union
County. The acquired bank operates two offices in a
suburban town about 2 miles from the nearest office
of the acquiring bank and is the sixth largest of the 17
banks in Union County. A substantial amount of
competition exists between the participating banks.
The resulting bank would be the largest bank in Union
County, and if the acquiring bank's application to
merge the Rahway National Bank (filed concurrently
with the instant application) were approved, the
resulting bank would have 24.6 percent of total deposits
in all commercial banks in Union County.
The effect of the proposed acquisition on competition would appear to be substantially adverse.
THE RAHWAY NATIONAL BANK, RAHWAY, N.J., MERGED WITH THE NATIONAL STATE BANK, ELIZABETH, N.J.,
ELIZABETH, NJ.
Name of bank and type of transaction
Total assets
Banking offices
In operation
The Rahway National Bank, Rahway, NJ. (5260), with
and The National State Bank, Elizabeth, N.J., Elizabeth, NJ. (1436),?which had.
merged Sept. 17, 1962, under charter and title of the latter bank (1436). The
merged bank at the date of merger had
COMPTROLLER'S DECISION
On June 28, 1962, The National State Bank,
Elizabeth, New Jersey, filed an application with the
Comptroller of the Currency requesting permission
to merge with The Rahway National Bank, Rahway,
New Jersey, under the charter and title of the former.
It should be noted at the outset that the $107.5
million National State Bank has filed an application
to merge with the $41.4 million Hillside National
Bank, also in Union County. Our comments on the
banking condition of Union County and the need for
larger banking institutions there as contained in our
decision of this date on National State Bank-Hillside
National Bank merger are equally applicable to this
case and adopted by reference.
The $25 million Rahway National Bank, located
four and one-half miles southwest of Elizabeth competes with the State Bank of Rahway which was organized in 1958. Since 1958 Rahway National has had
a deposit growth of only $900 thousand while the new
State Bank has acquired deposits of $8.9 million. The
entry of National State into Rahway, while eliminating
token competition that now exists with the Rahway
National Bank, will provide effective banking com-
106
$25, 619, 489
110,134,046
To be operated
1
8
135, 753, 536
9
petition in the public interest with the State Bank. It
will also bring to the Rahway area a greater breadth
of specialized banking services to meet the convenience
and needs of its residents.
Having considered all the statutory criteria, we conclude that this merger will be in the public interest.
The application, therefore, is approved, effective on or
after September 7,1962.
AUGUST 31, 19.62.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The acquiring bank is the second largest in Elizabeth,
New Jersey, and in the surrounding Union County.
The acquired bank operates one office in a suburb
about 4J/2 miles from the nearest office of the acquiring
bank. The acquired bank is tenth largest of the 17
banks in Union County. It is considerably larger than
the one other independent bank in Rahway. The
resulting bank will become the largest bank in Union
County.
In view of the acquiring bank's heavy merger activity
over the last decade and the substantial competition to
be eliminated, the effect of the proposed acquisition on
competition would be substantially adverse.
CITY NATIONAL BANK OF WINSTON-SALEM, WINSTON-SALEM, N.G., MERGED WITH FIRST UNION NATIONAL BANK
OF NORTH CAROLINA, CHARLOTTE, N.C.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
City National Bank of Winston-Salem, Winston-Salem, N.G. (14428), with
and First Union National Bank of North Carolina. Charlotte, N.C. (9164).
which had
merged Sept. 21, 1962, under the charter and title of the latter bank (9164).
The merged bank at the date of merger had
COMPTROLLER'S DECISION
On July 11, 1962, the First Union National Bank
of North Carolina, Charlotte, North Carolina, filed
an application with the Comptroller of the Currency
to merge with The City National Bank of WinstonSalem, Winston-Salem, North Carolina, under the
charter and title of the former.
This proposed merger presents problems of unusual
import whose proper resolution turns on a delicate
balance of fundamental and countervailing considerations. Because the decision in this case can carry
grave implications for the future development of a
well balanced banking structure in North Carolina
and can seriously affect the healthy functioning of our
dual banking system, we approach this application
fully mindful of our heavy responsibility to protect
the public interest.
This merger proposal, because of the size of the participating banks and their excellent record of fine service rendered in meeting the convenience and needs of
the communities they serve, can be satisfactorily assessed only when viewed against the broad background
of North Carolina's present and potential economic
pattern. North Carolina, with 4.6 million residents,
is the twelfth largest State in the Union. In land area
it ranks 28th with its 52,712 square miles, well divided between arable land and mountainous terrain.
Its economy, reflecting the natural benefits of good
climate and varied topography, is well diversified
among industrial, agricultural, commercial, and lumbering activities. In 1960, the state's 7,500 manufacturing plants employed 524,000 workers in the
production of textiles, furniture, electrical machinery,
apparel, and other goods valued at $9,075 million. In
1960, it ranked fourth among the states in receipts for
cash crops raised on its 191,000 farms which embraced
some 16 million acres. North Carolina leads all states
in tobacco production, having raised and sold nearly
844 million pounds in 1961, and is fifth in the nation in
lumber production. In short, North Carolina is now
enjoying a period of economic resurgence that shows
no signs of abating.
$23, 086, 512
4
273,599,110
45
295, 931, 492
49
The banking requirements of North Carolina are
met by 171 banks which operate 531 offices. This
total is comprised of 31 national banking associations
with 130 branch offices and 140 state banks and trust
companies with 401 branch offices. Under the healthy
influence of its constructive state-wide branch banking laws, six North Carolina banks have developed
substantial multi-office systems to serve large areas of
the state. First in size among these banks is the $909.4
million Wachovia Bank and Trust Company, headquartered in Winston-Salem, with 81 branch offices.
The $581.7 million North Carolina National Bank
of Charlotte, with 61 branch offices and the $294.7
million First Citizens Bank and Trust Company of
Smithfield with 67 branches rank second and third,
respectively. Applicant bank, the $248.1 million First
Union National Bank of Charlotte, with its 44
branches, is fourth. Fifth and sixth in size are the
$130.2 million Branch Banking and Trust Company of
Wilson with 30 branch offices and the $127.9 million
Northwestern Bank of North Wilkesboro with 38
offices.
It is interesting to note in connection with a review
of the state's large banks that at the end of 1960 the
four largest held 48.7 percent of state banking resources while the remaining 182 banks held 51.3 percent. Within the space of one year, at the close of
1961, the same four banks held 55.7 percent of all
resources while the surviving 167 other banks held
only 44.3 percent of the total. Not only did 15 independent banks disappear during this period, but the
gap in assets between the two groups increased to 11.4
percent. Thesefiguresclearly indicate the imbalance
that is developing in the banking structure of North
Carolina through unrestrained use of the merger
route.
Winston-Salem, a city of 111,000, situated on the
Piedmont Plateau, is in the north central section of
the state, 42 miles south of the Virginia border. It
is not only the seat of Forsyth County but is the shop*
ping and trading area for northwestern North Carolina and much of southwestern Virginia. This city,
which is the industrial heart of the state, houses over
107
230 manufacturing plants which employ more than
38,000 persons on annual payrolls in excess of $100,000,000. The principal articles of manufacture are
tobacco products, textiles, furniture, and electronic
equipment. Highly profitable agricultural activities
in the rural areas surrounding this city account in
large part for its economic stability.
The $27.6 million City National Bank, which has
its main office in Winston-Salem, was organized in
1917. This bank, under competent management carrying out aggressive policies, reflected a 10-year deposit growth of $16 million. While its growth rate
has been severely retarded since 1960, when North
Carolina National entered the area through merger
with the First National Bank of Winston-Salem, its
earnings have continued to rise. It now operates
three in-town branches and has obtained approval to
open its fourth.
The banking requirements of Forsyth County are
now served by seven banks. Three of these, the $1.9
million Hood System Industrial Bank and two small
banks located in different communities, each 11 miles
from Winston-Salem, offer little effective banking
competition and feel impervious to injury resulting
from this merger. A branch of Northwestern Bank
operates in Clemmons, eight miles from WinstonSalem. Within the city of Winston-Salem, are the
four offices of City National Bank whose lending capacity is below $200,000. The other two banks with
lending limits of at least $4 million are the Wachovia
Bank & Trust Company, with nine local offices, and
the North Carolina National Bank, with three in-city
offices. From the application, it appears that City
National, an aggressive and well managed bank, competes effectively with the other two banks for installment loan business but is unable, because of its limited
resources, to compete for the business of many large,
local concerns. By this merger, the applicant bank,
with a newly augmented lending capacity just short of
$2 million, will be able to enter into direct competition
with the two large branch bank systems for the financial business of the Winston-Salem market. It cannot be gainsaid that a more vigorous banking competition of benefit to a community is engendered when
three, rather than two, rival banks are effectively
contending.
Charlotte, which is the largest city in the two Carolinas, is located in the south central sector of North
Carolina, some 80 miles south of Winston-Salem.
This city of 202,000, situated in the center of one of
the most rapidly developing industrial and commercial
areas in the South, serves as the trading mecca for over
2,000,000 persons residing within an 85-mile radius.
Its well diversified industry numbers over 500 manufacturing concerns employing some 22,000 workers in
the production of textiles, hosiery, wearing apparel,
food products, machinery, chemicals, and military
108
supplies. Commercial activities in this city, which is
the principal distributing center for both Carolinas,
add to its economic well-being. Projections of industrial and commercial growth, based on the last decennial record, portend a very promising future for this
city.
The First Union National Bank, which is the successor to the Union National Bank with headquarters
in Charlotte, was chartered in 1908. This bank, before it entered into its present period of growth in
1958, had nine offices and total deposits of $61 million. Through a series of 10 acquisitions beginning
in 1958, this bank acquired 30 additional offices. Today, this bank operates a system of 44 branches located in 21 different communities distributed through
16 counties, most of which are in the western section
of the state. It has received approval to open two
de novo branches. In the course of its growth, it has
acquired deposits totaling $223 million.
In addition to the First Union National, six other
commercial banks and one savings bank serve the
convenience and needs of Charlotte. Four of these
seven banks have combined resources of $39 million;
none has over $ 16 million. The other three, along with
First Union, have aggregate resources of $2,044.6 million and operate 36 offices within the city. Of these
offices, First Citizens operates two; Wachovia, nine;
North Carolina National, also headquartered in
Charlotte, 14; and First Union, 11. It is immediately
apparent that this proposed merger would have no
effect upon the banking alignment in Charlotte where
competition among the four large branch banking systems is already whetted fine.
The approval of this application will benefit both
the city of Winston-Salem and the banking structure
of the state as a whole. The availability to the people
and businesses of Winston-Salem of a third source of
larger funding operations and services will prove to be
of benefit to that community. The addition of the
resources of City National, while not appreciably increasing the concentration of banking assets in the
state, will strengthen the position of First Union on
a state-wide basis. It will, moreover, enhance the
geographic effectiveness of the First Union without
disruption in the banking structure of Winston-Salem.
"In balancing the circumstances of this case in light
of statutory criteria, I find that the transaction is in
the public interest" and the application is thereby approved on or after September 21,1962.
SEPTEMBER 14,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First Union National Bank of North Carolina, the
fourth largest bank in the state with total assets of
$248,125,000, proposes to acquire City National Bank
of Winston-Salem, operating four offices in that city
and having total assets of $27,587,000.
City National had grown from $11,000,000 in 1950
to its present $27,000,000, indicating a real need for
its services in an area dominated by the home office of
the state's largest bank, which now has total assets of
more than $900,000,000. The only other banks in
Winston-Salem are the state's second largest bank with
assets of $580,000,000, and an industrial bank with
assets of $ 1,900,000. The merger would thus eliminate
a vigorous independent.
This is another step in a trend, which we view seriously, toward an oligopolistic banking structure in
North Carolina.
THE WHEELER NATIONAL BANK OF INTERLAKEN, INTERLAKEN, N.Y., CONSOLIDATED WITH FIRST NATIONAL
BANK OF WATERLOO, WATERLOO, N.Y.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
The Wheeler National Bank of Interlaken, Interlaken, N.Y. (13037), with
and First National Bank of Waterloo, Waterloo, N.Y. (368), which had
consolidated Sept. 28,1962, under charter and title of the latter bank (368). The
consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On July 13, 1962, the $12 million First National
Bank of Waterloo, Waterloo, New York, filed an application with the Comptroller of the Currency to consolidate with the $2.1 million Wheeler National Bank
of Interlaken, Interlaken, New York, under the charter
and title of the former.
The participating banks are both located in Seneca
County, which is located in north central New York
between Seneca Lake on the west and Cayuga Lake
on the east. Though the 32,000 residents of this county
derive their economic support primarily from agriculture, an increasing number are finding employment
in resort and recreational pursuits as well as in the
commercial and industrial activities that center around
Seneca Falls.
The First National Bank, organized in 1864, is located in Waterloo in the center of the county, at the
northern tip of the lakes. Nearly all the gainfully
employed of the 5,000 residents commute to Seneca
Falls, three miles to the east, and to Geneva, six miles
to the west. This well managed and aggressive bank,
which operates its single branch in Seneca Falls, effectually serves the convenience and needs of these
residents.
The Wheeler National Bank of Interlaken, organized
in 1927, is located 22 miles south of Waterloo in Interlaken on the western shore of Cayuga Lake. It serves
the 780 people of this community who derive their
principal economic support from agriculture. This
bank is presently vexed by very serious management
problems.
The service area of the resulting bank, which includes all of Seneca County, is served by 11 commercial
banks, four of which are headquartered in the county.
$2, 225, 807
12, 752, 687
2
14, 978, 494
3
Though the First National has received no effective
competition from The Wheeler National Bank, it has
had to contend with other banks operating in both
Seneca Falls and Geneva. In Seneca Falls there are
the locally headquartered $9.1 million State Bank of
Seneca Falls, a branch of the $153.1 million Lincoln
National Bank & Trust Company of Central New York
of Syracuse, and the local $7.9 million Seneca Falls
Savings Bank, as well as the branch of the First National Bank of Waterloo. Additional competition for
the banking business of this area stems from the $14.4
million National Bank of Geneva, the Geneva branch
of the $457 million Lincoln Rochester Trust Company
and the $12.7 million Geneva Savings Bank.
In view of the number of banks serving Seneca
County and actively competing for its business, it is
impossible to say that elimination of The Wheeler
National Bank of Interlaken will have an adverse effect upon the banking structure of the area. On the
other hand, this consolidation will provide a solution
to the management problem now facing The Wheeler
National Bank and will provide the residents of Interlaken with a banking office of sufficient resources and
breadth of service to meet all their financial requirements.
Having weighed all the statutory factors involved
in this application, we have concluded that the consolidation will serve the public interest. The application, therefore, is approved effective on or after September 14, 1962.
SEPTEMBER 7, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Competition between First National Bank of
Waterloo, Waterloo, New York, and Wheeler National
109
Bank, Interlaken, New York, appears to be insubstantial.
Wheeler National Bank is presently the smallest of
the six banks in its service area. Its merger with First
National will enable it to better serve the community in
which it operates.
Of the ten banks included in the service area of the
resultant bank, the two largest are stated to have 27.9
and 19.5 percent respectively of the IPC deposits of
this service area. The resultant bank and two other
banks rank next in size, each having between 9 and
10 percent of the IPC deposits of the area.
The effect of the merger on competition does not
appear to be significantly adverse.
LITITZ SPRINGS NATIONAL BANK OF LITITZ, LITITZ, P A . , MERGED WITH T H E GONESTOGA NATIONAL BANK OF
LANCASTER, LANCASTER, P A .
Banking offices
Total assets
Name of bank and type of transaction
In operation
Lititz Springs National Bank of Lititz, Lititz, Pa. (9422), with
and The Conestoga National Bank of Lancaster, Lancaster, Pa. (3987), which had.
merged Sept. 28, 1962, under charter and title of the latter bank (3987). The
merged bank at date of merger had
COMPTROLLER S DECISION
On June 26, 1962, the $37.3 million Gonestoga National Bank of Lancaster, Lancaster, Pennsylvania,
and the $8.5 million Lititz Springs National Bank,
Lititz, Pennsylvania, applied to the Comptroller of the
Currency for permission to merge under the charter
and title of the former.
The city of Lancaster is located between Harrisburg
and Philadelphia in a very productive and well-known
agricultural and livestock area. Conestoga National
is the third largest commercial bank of four located
in the city of Lancaster, and approval of this application will not have a significant effect on the banking
structure of the city.
Lititz Springs National is located in Lititz, which
serves an estimated 36,000 people. The economy of
the surrounding area is essentially the same as that of
Lancaster with primary emphasis on agriculture.
Though the area farms are becoming fewer, they are
increasing in size. Industry is gradually expanding.
These developments are creating concomitant needs
for banking services which the merging bank and the
$13 million Farmers National Bank of Lititz are having difficulty providing.
While approval of this application will eliminate the
minimal existing competition between the participat-
110
$8, 820, 958
34, 761, 618
To be operate d
1
3
43, 582, 576
4
ing banks, it will not have an adverse impact upon
the ability of Farmers National Bank to compete in
the area.
This transaction will bring directly to the customers
of Lititz National, and to the city itself, the resources
of a much larger bank structurally able to offer increased financing, expanded customer credit and trust
services not presently available. In addition, it will
bring depth in specialized management to this local
facility with a corresponding service to the convenience
and needs of the area.
On balancing the circumstances of this case in light
of the statutory factors, I find that the merger is in
the public interest and the application is, therefore,
approved effective on or after August 31, 1962.
AUGUST 24,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of Lititz Springs National
Bank of Lititz, Pennsylvania, and the Congress National Bank of Lancaster, Lancaster, Pennsylvania,
would appear to have no significant adverse effects
upon competition.
There will remain six banks in competition in the
area, with two of them being larger than the resulting
bank. The merger would eliminate a small amount
of competition existing between the merging banks.
T H E FARMERS & MERCHANTS BANK C O . , WARSAW, O H I O , PURCHASED BY COSHOCTON NATIONAL BANK, COSHOCTON,
OHIO
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Farmers & Merchants Bank Co., Warsaw, Ohio, with
was purchased Sept. 29, 1962, by Coshocton National Bank, Coshocton, Ohio
(13923), which had
After the purchase was effected the receiving bank had
COMPTROLLER'S DECISION
On June 13, 1962, the $19.2 million Coshocton
National Bank, Coshocton, Ohio, applied to the Comptroller of the Currency for permission to purchase the
assets and assume the liabilities of The Farmers and
Merchants Bank Company, Warsaw, Ohio, a $2.2 million institution.
Coshocton, located in west-central Ohio, has a population of 13,000 and serves an estimated 25,000 people
in its general trade area. It is supported by a well
diversified light industrial economy aided by productive farming. The banking needs of the city are presently being served by the applicant and the $19 million
First National Bank of Coshocton, a subsidiary of the
BancOhio Corporation of Columbus. In 1958 the
applicant bank opened a de novo branch in West
Lafayette, seven miles east of Coshocton.
The Farmers and Merchants Bank is located 10
miles west of Coshocton. It is the only bank in this
primarily agricultural community of 8,000 people.
Although Farmers and Merchants has shown a good
growth, it is structurally unable to offer a reasonably
wide range of services. As an example, its present
lending limit of $11,000 does not allow for a balanced
or competitive lending policy. The operation of
$2, 232, 000
1
19, 296, 000
21, 026, 000
To be'joperated
2
3
Farmers and Merchants as a branch of Coshocton
National will benefit both the bank and its customers
and will bring a greater depth and breadth of banking
services directly to the community of Warsaw.
In balancing the statutory factors, I find that the
transaction is in the public interest and the application is therefore approved, effective on or after August
14, 1962.
AUGUST 7,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Competition between these two banks does not appear to be more than nominal due to the ownership of
31.8 percent of the capital stock of the Farmers &
Merchants Bank Company by a vice president of the
Coshocton National Bank and by having a director
of the Farmers & Merchants Bank Company on the
Advisory Board of the Coshocton National Bank.
The resultant bank will be enlarged in size by about
10 percent and will consequently acquire an increased
competitive advantage over its only remaining competitor in Coshocton and the immediate service area.
The effect on competition appears to be slightly
adverse.
T H E AUGUSTA NATIONAL BANK OF STAUNTON, STAUNTON, V A . , MERGED WITH FIRST & MERCHANTS NATIONAL
BANK OF RICHMOND, RICHMOND, V A .
Banking offices
Name of bank and type of transaction
Total assets
In operation
The Augusta National Bank of Staunton, Staunton, Va. (2269), with
and First & Merchants National Bank of Richmond, Richmond, Va. (1111),
which had
merged Sept. 29, 1962, under charter and title of the latter bank (1111). The
merged bank at date of merger bad
$13,137, 748
2
313,593,731
To be operated
19
325, 833,161
21
111
COMPTROLLER'S DECISION
On June 27, 1962, the $284.7 million First and
Merchants National Bank of Richmond, Richmond,
Virginia, applied to the Comptroller of the Currency
for permission to merge, under its charter and title,
the $12 million Augusta National Bank of Staunton,
Staunton, Virginia.
The Augusta National Bank is located in Staunton,
a city of 22,000, in the area known as the "Valley of
Virginia." This city is the trade center for the prosperous area of Augusta County and its economy is
changing from a primary emphasis on agriculture to
a growing industrialization. The economic future of
this area is good and Augusta County will undoubtedly
share in and benefit by the expanding economy of the
entire state. Nine banks presently serve this area and
the entry of First and Merchants will stimulate banking competition without a disruptive effect on the
present banking structure.
First and Merchants, located in Richmond, is the
largest bank in the state. This city, the state capital,
is a wholesale, retail, and manufacturing center serving
in excess of 400,000 people. The addition of the
resources of Augusta National to First and Merchants
will be in no way adverse to the 11 banks now serving
the Richmond public.
The resulting bank, making proper use of the new
Virginia law permitting statewide branching through
the technique of merger, will bring its resources and
services directly to the Augusta County area with a
demonstrable benefit to the convenience and needs of
the community.
In light of the statutory criteria, I find that this
proposed transaction is in the public interest and it is
approved effective on or after September 7, 1962.
AUGUST 31, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The acquiring bank is the largest in the City of Richmond and in the State of Virginia. The acquired bank
is the second largest of nine in the City of Staunton,
which is 120 miles from Richmond. Thus, there is no
significant competition between the participating
banks. However, the acquisition of the second largest
bank in Staunton by the state's largest bank may place
the remaining banks in Staunton at such a competitive
disadvantage as to force them to merge or sell to other
large institutions in order to effectively compete. We
are therefore of the view that the proposed merger
will have an adverse effect on competition.
GREENLEAF STATE BANK, GREENLEAF, KANS., PURCHASED BY CITIZENS NATIONAL BANK, GREENLEAF, KANS.
Banking offices
Total assets
Name of bank and type of transaction
In operation
Greenleaf State Bank, Greenleaf, Kans., with
was purchased Oct. 26, 1962, by Citizens National Bank (10789), Greenleaf,
Kans., which had
After the purchase was effected, the receiving bank had
COMPTROLLER'S DECISION
On August 14, 1962, the $1.6 million Citizens National Bank of Greenleaf, Greenleaf, Kansas, applied
to the Comptroller of the Currency for permission to
purchase the assets and assume the liabilities of the $1.1
million Greenleaf State Bank, Greenleaf, Kansas.
Greenleaf, a community with a population of approximately 562, representing a decline of 8.4 percent
since the 1950 census, is located in northeast Kansas
about 80 miles northwest of Topeka in an area primarily agricultural. Although the applicant banks are
the only banks in the town, there are three other banks
within a 10-mile radius trade area serving a population of 4,000. The largest of these three is the $4.2
million First National Bank of Washington, Washington, Kansas, located 10 miles northwest of Greenleaf.
112
$1,100,253
1
1, 675, 633
2, 775, 886
1
To be operated
1
In addition, Washington County, with a population
of 10,500 which has declined 17 percent in the past
decade, has three other banks serving its needs.
On July 26, 1962, the principal shareholders of
Citizens National Bank purchased all of the stock of the
Greenleaf State Bank. Consequently, the two local
banks are affiliated in that they are now being managed
by the same people and the policies of the banks are
practically identical. Moreover the high degree of
common ownership of the stock weighs heavily in
passing on this application. Finally, it is apparent
that a small community with a declining population
and economic support primarily needs banking
strength—not dispersion of available resources.
Approval of this application will provide the area
with a larger bank which will be able to compete more
effectively with the $4.8 million First National Bank of
Washington, thereby providing improved banking
services to meet the needs and convenience of the
community securely.
In balancing the applicable statutory criteria, we
find that the proposed purchase of assets and assumption of liabilities is in the public interest, and the application is approved effective on or after October 19,
1962.
OCTOBER 12,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger is not merely for the purpose
of permitting two small banks with limited resources in
a small community to combine operations in order to
effectively compete with larger banks. All the commercial banks located within the service area are
relatively small in size and scope and the resulting
bank, with 34.2 percent of total IPC deposits and 28
percent of loans and discounts, would be in a favorable competitive position.
The merger if approved would not only eliminate the
competition existing between the participating banks
but would probably adversely affect competition by
upsetting the delicate financial balance of commercial
banks presently operating in the service area. This, in
turn, may lead to additional mergers and further concentration of banking resources in the area. Thus, the
effect of the merger on competition would be substantially adverse.
FIRST NATIONAL BANK OF NEWPORT NEWS, NEWPORT NEWS, VA., MERGED WITH FIRST & MERCHANTS NATIONAL
BANK OF RICHMOND, RICHMOND, VA.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
First National Bank of Newport News, Newport News, Va. (4635), with
and First & Merchants National Bank of Richmond, Richmond, Va. (1111),
which had
.. .
merged Oct. 31, 1962, under charter and title of the latter bank (1111). The
merged bank at date of merger had
COMPTROLLER S DECISION
On August 6, 1962, the First and Merchants National Bank of Richmond, Richmond, Virginia, applied to the Comptroller of the Currency to merge
with the First National Bank of Newport News, Newport News, Virginia, under the charter and title of
the former.
First and Merchants National Bank, with resources
of $284.7 million, is the largest bank in Virginia
This bank was chartered in 1865, when the national
banking system was but two years old, as the First
National Bank of Richmond. During the last decade
this bank, through a series of three mergers, has acquired ten banking offices in six communities with
$35 million in deposits. A fourth merger, with the
$12.6 million Augusta National Bank of Staunton, was
approved in September of this year. It now operates
its main office and 20 branches, which are, with the
exception of Staunton 120 miles to the west, within
a 23 mile radius of Richmond.
The service area of First and Merchants is
the Richmond-Hopewell-Petersburg metropolitan area
with an estimated 473,000 residents. This population
figure reflects an increase of 25 percent during the
last decade. The economic vitality of this area rests
upon a constantly increasing industrial activity in to-
$50, 072, 782
5
315,084,009
21
364, 365, 939
26
bacco processing and the production of chemical, paper
and metal goods. Over 50,000 persons are employed
in industrial plants in this three-city complex. Extensive wholesale and retail distribution activities, employing some 33,000 persons, add to the economic
health of Richmond which has become the financial
center of the state. Another 24,000 persons find employment in governmental activities, both state and
federal. If the limitations imposed upon economic
growth by reason of the unavailability of adequate
capital resources in the local banking institutions are
removed, there is no reason to expect a cessation in the
rapid growth of the Richmond area.
Within the Richmond service area of applicant are
12 competing banks with 68 facilities. Seven of these
banks, with total assets of $28.2 million, operate 13 of
the offices. The other five banks which account for
49 offices are the applicant with 21, the $244.4 million
State-Planters Bank of Commerce with 14, the $141.5
million Central National Bank of Richmond with
six, the $166.3 million Bank of Virginia with 11 and
the $47.5 million Southern Bank and Trust Company
of Richmond. Applicant's acquisition of First National will have no impact upon the banking structure
of Richmond other than confirm its position as the
largest bank in the state, increase its lending capabilities in a small degree, and strengthen its operating
113
position by broadening its service area. The formidable banking competition presented by the other large
Richmond banks will be in nowise diminished.
The $49.4 million First National Bank of Newport
News was chartered in 1891. This bank, which has
served the needs of the community well throughout its
history, merged with its satellite, the Warwick National Bank, located in Newport News, in July, 1958.
This bank, with its five offices, is now encountering
difficulty in serving the needs and convenience of its
community. Despite the burgeoning economic activity in the area, this bank has suffered a slight decline
in operating income, encountered difficulty in preserving its traditional dividend rate and has met with a
marked deceleration in its rate of deposit growth.
Newport News, 75 miles southeast of Richmond,
is located on the stretch of land between the York
River and the James River which the people refer to
as the "Lower Peninsula." Adjacent to Newport
News to the north is the city of Hampton. Across
Hampton Roads to the southeast, and connected by
the Hampton Roads bridge and tunnel, is the city of
Norfolk. When the 114,000 population of Newport
News is combined with that of Hampton and York
County, the total within the service area of First National is approximtaely 225,000, an increase of 45 percent in the past decade.
The flourishing economy of the Newport NewsHampton area has created many demands for financial resources quite beyond the capabilities of all but
the larger Virginia banks. The gainfully employed
residents of the area derive their economic sustenance from widely diversified occupations. Because
of the excellent harbor facilities offered by Hampton
Roads, which are second only to New York in the annual dollar value of tonnage handled, many persons
are associated with export-import activities. Others
are employed in the seafood industry which is the
largest in the area on an income basis. Some 20,000
are hired by the Newport News Shipbuilding and Dry
Dock Company, $100 million Corporation; another
14,000 are on government civil service registers. The
Chesapeake and Ohio Railway Company employs
1,200 at its eastern terminus. Other national firms
engaged in oil refining, metal processing and varied
manufacturing have plants in Newport News. Of the
20 common accounts in the participating banks, 17 are
manufacturing concerns, two are large public utilities
and one is a ship builder.
Competing within the Newport News-Hampton
area are 13 commercial banks with 30 offices. First
National with five offices is the largest of the locally
headquartered banks. Its principal competition derives the $20.9 million Citizens Marine Jefferson Bank
114
with three offices, the $17.9 million Bank of Warwick
with three offices, and the $10.2 million Bank of
Hampton Roads with three offices, all of which are
chartered for Newport News. Additional competition stems from the $16.3 million Citizens National
Bank with four offices, the $13.1 million Merchants
National Bank with four offices and the $7.5 million
Old Point National Bank with two offices which are
headquartered in Hampton. The single branch office
of the $166.3 million Bank of Virginia is the most
effective banking competitor First National has in
Newport News. It is immediately evident that substitution of First and Merchants for First National
by this merger will produce a substantial realignment
in the local banking structure. While the competition
eliminated is de minimis, the arrival of First and Merchants into this community will do much to allay the
local need for larger banks.
With the total banking resources of Virginia so
thoroughly fragmented and decentralized among
some 302 different banks, it is not surprising that many
of the large and growing industrial and commercial
concerns are not able to find thefinancingthey require
in local banks but must seek assistance in other states.
While this merger will add another cubit to the size of
First and Merchants, it cannot seriously be contended
that it will unduly concentrate resources or effectively
solve all the financing needs of local industry. It will
be a definite benefit to Newport News and will provide a vigorous competitive force with Citizens Marine
Jefferson and the Bank of Virginia if and when the
proposed bank holding companies become operative.
Having weighed the facts surrounding this case
against the statutory criteria, I find that this merger
will promote the public interest. The application,
therefore, is granted effective on or after October 26,
1962.
OCTOBER 19,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First and Merchants is the largest bank in Richmond
and in the State of Virginia with 30 percent of the
IPC deposits and 29 percent of the loans of all banks
in its service area.
First National is by far the largest bank in the Newport News service area with 29 percent of the deposits
and loans of all banks in the area. Its nearest rival
has only 12 percent and 13 percent respectively.
In view of First and Merchants' resources, its past
mergers which gave it 10 new offices and deposits in
excess of $34 million since 1959; and in light of First
National's position as by far the largest bank in Newport News, this merger will serve to increase the dom-
inance of First and Merchants, accelerate the trend
toward concentration, eliminate a degree of competition between the merging banks, and enhance the im-
balance in the Newport News area. Therefore, the
effect of the merger on competition will be substantially adverse.
THE RICHMOND COUNTY NATIONAL BANK OF PORT RICHMOND, NEW YORK, N.Y., MERGED WITH FIRST NATIONAL
CITY BANK, NEW YORK, N.Y.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Richmond County National Bank of Port Richmond, New York, N.Y. (8194)
with
$23,799,626.39
and First National City Bank, New York, N.Y. (1461), which had
8,057,830,425.40
merged Nov. 2, 1962, under the charter and title of the latter (1461). The
merged bank at the date of merger had
8,081,044,023.09
COMPTROLLER'S DECISION
The First National City Bank, New York, New
York, and the Richmond County National Bank of
Port Richmond, Port Richmond, New York, applied
to the Comptroller of the Currency for permission
to merge under the charter and title of the former.
Substantial discrepancies and other serious irregularities in the Richmond Bank require approval of this
transaction in the public interest, and the application
is, therefore, approved effective at the close of business, November 2, 1962.
NOVEMBER 2, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
FNCB is the second largest bank in the City of New
York operating 91 branches with total assets exceeding
$9 billion. It presently operates 2 branches on Staten
Island and has been granted authority to open a third
branch.
RCNB is the sole remaining independent bank on
Staten Island. It operates 4 branches with total assets of $22 million.
4
98
102
There are presently a total of 14 commercial banking offices on Staten Island, 10 of which are operated
by large New York City banks. Should this merger
be consummated, FNCB will absorb the 4 established
branches of RCNB, and obtain a markedly superior
position over the other New York City banks in securing banking business on Staten Island since it will
control 6 of the 14 banking offices on the Island.
When the 5 branches of the Chase Manhattan Bank
are added to this total, the result will be that 11 of
the 14 banking offices on the Island will be operated
by the two largest banks in New York City. Such a
marked increase in concentration may have serious
anticompetitive effects and may tend toward monopoly
of commercial banking on Staten Island.
Furthermore, the existing competition between
FNCB and RCNB will be eliminated, RCNB will be
removed as a separate entity, and independent local
banking will disappear from the Island. This may
substantially lessen competition in commercial banking on Staten Island.
THE BANK OF ATHENS NATIONAL BANKING ASSOCIATION, ATHENS, OHIO, MERGED WITH THE ATHENS NATIONAL
BANK, ATHENS, OHIO
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Bank of Athens National Banking Association, Athens, Ohio (10479), with
and The Athens National Bank, Athens, Ohio (7744), which had
merged Nov. 10, 1962, under charter and title of the latter bank (7744). The
merged bank at date of merger had
$6, 967, 206
8, 363, 593
15, 330, 799
1
1
2
115
COMPTROLLER'S DECISION
On August 24, 1962, the $7.7 million Athens National Bank, Athens, Ohio, and the $6.4 million Bank
of Athens National Banking Association, Athens, Ohio,
applied to the Comptroller of the Currency for permission to merge under the charter and title of the former.
It serves no useful purpose to consider either of these
banks as a separate entity since they have been under
common ownership for the last 34 years; first by one
family and now, since June, 1962, by three brothers.
During the last four decades the conservative management has refused to accept time deposits and reluctantly granted mortgages, severely delimiting both
banks' activity and growth. The Bank of Athens National Banking Association has a trust department but
has solicited no new business and, in fact, has gradually
been liquidating it.
The two banks are located across the street from
one another in Athens, a city of 16,500 in the southeastern part of the state. It is the seat of Athens
County which has a population of 46,000. The city
population has shown an increase of 41.3 percent since
1950, primarily because of the growth of Ohio University to an enrollment of almost 10,000. The University employs approximately 900 people, and two
manufacturing plants a total of 1,200. The economy
of the area is otherwise based on small scale agriculture and cattle raising plus some strip mining of coal.
The $9.8 million Security Bank of Athens, presently
larger than either of the merging banks, will be surpassed by the resulting bank. In past years this bank
cannot be said to have been in competition with the
two subject banks since it devoted itself primarily to
accepting time deposits which the two merging banks
refused. There are five other small banks located in
Athens County, all outside of Athens. Two are in
Nelsonville, 14 miles distant, the others in Amesville,
Coolville and Glouster, small communities 12 to 20
miles away. There is only minimal competition between these and the subject banks.
The new owners of Athens National Bank have
represented that, if the merger is approved, they intend
to embark on aggressive new policies to build up the
business, revitalize their trust department and expand
their loans in both the installment and mortgage fields.
The business would be carried on from the office of the
Bank of Athens National Banking Association.
It is clear that there is at present no competition in
Athens to be impaired. The merger, therefore, cannot have a deleterious effect and the economies to be
gained by combining the staff and offices of the two
banks, along with the new and aggressive ownership,
raise hopes that the new bank will become a moving
force in the community, supplying its needs, anticipating its demands and actively competing with the
other bank.
In balancing the factors of this case in light of the
statutory criteria, wefindthis merger to be in the public
interest and the application is, therefore, approved
effective on or after October 26,1962.
OCTOBER 23, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Bank of Athens with assets of $6,370,000, deposits
of $5,504,000 and loans of $2,778,000 proposes to consolidate with Athens National with assets of $7,558,000,
deposits of $6,382,000 and loans of $1,700,000.
Both are located in the city of Athens, Ohio, population 23,870, in which one other bank of comparable
size is located. Five other smaller banks are located
in towns 14 and 20 miles distant from Athens.
Because of past and present common ownership the
consolidating banks do not compete with each other
in any meaningful sense. In the past they have not
met the needs of the area they serve, a situation the new
owners promise to correct with the consolidation.
We believe the principal effect of the consolidation
on competition may be to place the remaining bank at
a slight competitive disadvantage but on balance such
effect does not appear to be significant. Thus, the
effect of the consolidation on competition does not
appear to be significantly adverse.
FARMERS TRUST CO. OF MIDDLETOWN, MIDDLETOWN, PA., MERGED WITH NATIONAL BANK & TRUST CO. OF
CENTRAL PENNSYLVANIA, YORK, PA.
Name of hank and type of transaction
Total assets
Banking offices
In operation
Farmers Trust Go. of Middletown, Middletown, Pa., with
and National Bank & Trust Co. of Central Pennsylvania, York, Pa. (694),
which had
merged Nov. 16, 1962, under charter and title of the latter bank (694). The
merged bank at date of merger had
116
$6, 352, 822
1
142, 916, 203
To be operated
14
149, 269, 025
15
COMPTROLLER'S DECISION
On August 29, 1962, the $138.2 million National
Bank & Trust Company of Central Pennsylvania, York,
Pennsylvania, and the $5.9 million Farmers Trust
Company of Middletown, Middletown, Pennsylvania,
applied to the Comptroller of the Currency for permission to merge under the charter and title of the
former.
The National Bank and Trust Company of Central
Pennsylvania is one of the oldest banks in this area.
Originally chartered in 1845, it converted to a national
bank on January 9, 1865, slightly less than two years
after the establishment of the national banking system.
The 14 branch offices of the bank serve a trade area
which consists of York County, Dauphin County, and
the eastern part of Cumberland County. These
counties are situated in southeast-central Pennsylvania
abutting the Susquehanna River in an area whose
population totals approximately 270,000. The economic life of this area, which includes Harrisburg,
York, and surrounding communities, derives from agricultural and industrial activities. Its financial infrastructure consists of 33 competing commercial banks
maintaining 95 banking offices; nine savings and loan
associations with withdrawal balances in excess of
$182 million; 29 credit unions; and, numerous small
loan companies, consumer discount companies, and
insurance companies. Each of these lending agencies
manifests an aggressive desire to fulfill the borrowing
needs of the particular segment of the economy to
which its services are structured.
On October 13, 1961, National became the first
commercial bank to operate offices in both York and
Dauphin Counties by way of a consolidation effected
between National Bank of York County, York, and
Central Trust Capital Bank, Harrisburg, under the
charter of the former and with its present title. In the
four and one-half year period prior to the consolidation, National had acquired three other banks by
merger, and, since the consolidation, it has merged
with Citizens Trust Company of Harrisburg. As a
result of these acquisitions, National became the largest
bank in this three-county area, thereby fulfilling an
existing need for banking facilities commensurate with
the growth patterns of the area.
National was not alone in its drive to provide banking facilities which would be more compatible with the
changing socio-economic environment in which it
functioned. The $116 million Harrisburg National
Bank and Trust Company reacted similarly and merged
the Carlisle Deposit Bank and Trust Company, Carlisle, on May 10, 1962, and the Citizens Bank and Trust
Company of Middletown on March 30, 1961. This
latter merger was a natural extension for Harrisburg
National since the geographic proximity and economic
unity of Harrisburg with Middletown is indicative of
the community of interest which exists between these
two municipalities.
The Borough of Middletown, which has a population of 11,182, representing a 22 percent increase in
the past decade, is located in Dauphin County on the
eastern side of the Susquehanna River, some eight
miles southeast of Harrisburg and 31 road miles north
of York. It is part of the Harrisburg metropolitan
area and its economy receives substantial sustenance
from Olmstead Air Force Base of Middletown Air
Materiel Area, which provides employment for more
than 10,000 civilians and has a military complement
of about 2,000.
The Farmers Trust Company serves Middletown
along with the branch of the Harrisburg National
Bank and Trust Company, which operates eight
branches within Dauphin and Cumberland Counties.
The $126 million, nine-branch Dauphin Deposit Trust
Company, Harrisburg, has been granted permission to
establish a branch here, and the applicant National
Bank & Trust Company of Central Pennsylvania has
been authorized to establish a branch at a shopping
center within two miles of Farmers Trust Company.
In addition, there are seven other commercial banks,
all larger than Farmers Trust, operating one or more
offices in southern Dauphin County.
In view of this situation, it is somewhat questionable
as to whether Farmers Trust Company can continue to
operate effectively, earning and retaining sufficient
resources for the future growth necessary to meet the
needs of this viable community. The indications are
that the experienced and mature management is having
some difficulty in combating the ineluctable competitive and economic factors. Furthermore, the bank
management has an ancillary problem of attracting
successors to whom the managerial operations of the
bank can be assigned.
This merger will be beneficial to Middletown in that
three relatively large banks anxious to meet the developing needs of the community will be operating within
the framework of a more equitably balanced banking structure. Competition will be strengthened, additional specialized banking services will be available,
and there will be no adverse effect on other banking
institutions. Furthermore, it will eliminate a management succession problem at Farmers Trust Company.
Approval of this merger is consonant with our
previous efforts in this area which were directed to the
support of a banking structure with resources and
strength sufficient to service the local communities.
These efforts have been successful and we are of the
opinion that the present banking facilities within this
three-county area, are, for the most part, adequate to
serve the needs and convenience of the communities
withflexibilityand efficiency.
On balancing the circumstances of this case in light
of the statutory factors, we find that the merger is in
117
the public interest and the application is therefore,
approved effective on or after November 2, 1962.
OCTOBER 26, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
National Bank & Trust Company is the largest bank
operating in the Harrisburg-York area with 13 banking offices, of which 10 were acquired as a result of
consolidation or merger with formerly independent
banks. It presently has 16.3 percent of the IPG deposits, and 16.9 percent of the loans of all banks in the
area.
Farmers Trust is the only independent bank remaining in Middletown, the other bank having been acquired by a large Harrisburg bank in 1961. In addition, National has been granted authority to open
a new bank in Middletown but no indication is made
in the application as to when it will open.
As a result of its program of expansion through
acquisition, National has increased its deposits by more
than $89 million and its loans by more than $57 million
since 1959. Of these increases, $83 million of the $89
million deposit increase and $44 million of the $57
million loan increase are due directly to the consolidations and mergers.
In view of this history of acquisitions and the continuing trend towards concentration of bank resources
in this area, this merger will serve to further accelerate
the trend towards concentration, eliminate existing as
well as potential competition between the merging
banks, eliminate independent banking from Middletown and give National two of the three banks in that
city, enhance the competitive imbalance existing between the larger and smaller banks in the HarrisburgYork area, and serve to substantially reduce the vigor
of competition in the area. Therefore, the effect of
the merger on competition would be substantially
adverse.
THE MERCHANTS NATIONAL BANK OF MICHIGAN CITY, MICHIGAN CITY, IND., CONSOLIDATED WITH THE FIRST
NATIONAL BANK OF MICHIGAN CITY, MICHIGAN CITY, IND.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Merchants National Bank of Michigan City, Michigan City, Ind. (9381), with..
and The First National Bank of Michigan City, Michigan City, Ind. (2747),
which had
consolidated Nov. 30,1962, under charter of The First National Bank of Michigan
City (2747), and title "The First-Merchants National Bank of Michigan
City." The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On July 25, 1962, the $15.7 million First National
Bank of Michigan City, Michigan City, Indiana and
the $19.7 million Merchants National Bank of Michigan City, Michigan City, Indiana applied to the Comptroller of the Currency for permission to consolidate
under the charter of the former and with the title of
"The First-Merchants National Bank of Michigan
City."
Since both of these institutions are located in the
same city, this case presents certain difficulties of decision. Michigan City, located in northern Indiana
on Lake Michigan, is 50 miles east of Chicago, 25 miles
east of Gary, and some 30 miles west of South Bend.
The Michigan City area, close to the highly industrialized Calumet Region, has had rapid expansion
both industrially and residentially. The area offers
118
$20, 444, 351
7
14, 830, 603
1
35, 274, 954
8
the finest farming in northern Indiana and is further
aided by resort and vacation spending. The population of the Michigan City service area, encompassing
La Porte and Porter Counties and portions of Berrien
and St. Joseph's Counties, has expanded rapidly in the
last ten years and is presently estimated at 160,000.
Future growth is expected to continue at a rapid pace.
Merchants National operates its main office and two
branches in Michigan City; a branch at Wanatah, 20
miles south; and a branch at Hanna, 26 miles southeast. Merchants National has also received approval
to establish two new branches at Kingsbury and Fish
Lake, 11 and 10 miles southeast respectively, which are
expected to be in operation in October of this year.
First National, chartered in 1873, operates only from
its main office in Michigan City. It is a family-owned
bank and has been since its inception.
Michigan City itself, with a population of 38,000,
is also served by the $27.5 million Citizens Bank of
Michigan City with its main office, two branches, and
one approved by the state authorities but not yet acted
upon by the FDIC. There are also two savings and
loan associations with withdrawable balances of $19.7
million and $2.5 million. In addition, a full complement of insurance company solicitation, industrial
credit unions and ten sales finance companies and personal loan companies do a substantial amount of business in the area. Solicitation by the Chicago banks
of industrial and personal credits is an important factor
in banking competition of the area. Michigan City,
and the general service area, is east, with assets of
$26.6, $9 and $12 million, and banks in Porter, Westville and Union Mills, with assets of $3, $2.4 and $2.5
million respectively. A branch of $6.5 million Three
Oaks, Michigan, bank at New Buffalo, Michigan, is
active in the eastern portion of the service area along
with banks in Gary to the west. It is clear that the
resulting institution would not be in a position of preeminence which would be detrimental to the public
interest or would have a detrimental effect on banking
competition in the general service area of the resulting
bank. There is some question as to the effect upon
one segment of the banking structure, i.e., Michigan
City.
Two questions present themselves: one, the extent
of the present competition between the institutions;
and two, whether there are counter-balancing factors
which outweigh any adverse effect on banking competition that may be caused by the elimination of a bank
in Michigan City itself.
As to the first, it can be fairly said that First National does not offer strong competition in Michigan
City. While there is opportunity for banking competition, because of the proximity of the two institutions, it has not materialized. Over the years First
National has not kept pace with modern banking
trends. It has neither automation nor branches, and
its outlook can only be characterized as extremely
nostalgic. The Bank has possessed trust powers since
1926 and presently maintains only 41 accounts, the
department being an ancillary service to some of its
customers. Merchants National, on the other hand,
solicits trust business in its service area, although the
activity of Chicago banks undoubtedly decreases the
chance of substantial local trust business remaining
in Michigan City under the present circumstances.
Of the total loans outstanding, First National has
approximately 8 percent in commercial and industrial
credits, while 57 percent are either FHA, GI or conventional mortgages on residential real estate. Merchants National, on the other hand, has approximately
25 percent of its total loans in commercial and industrial credits, and approximately 32 percent in FHA,
GI and conventional mortgages. First National's deposit figures have been static over the last five years
and indications are that they will remain so.
Thus, while there is opportunity for banking competition between these two institutions of almost equal
size, existing competition is neither strong nor significant, and the past history of First National does not
indicate probable change.
While some direct competition will be eliminated>
we conclude, in balancing the statutory criteria, that
this factor is outweighed by the increased banking
capacity of the resulting institution. Its capital and
lending limits will be substantially increased, thereby
improving the capacity of the resulting bank to serve
the convenience and needs of the community. Improved management in the resulting institution will
benefit the bank and the public. Strong competition
will continue both within the city and without; competition for dollar deposits and loans from savings and
loan associations, from credit unions and from the
larger Chicago banks. These factors, in our opinion,
outweigh the limited adverse competitive effect on
banking which would follow from the elimination of
First National.
In balancing the statutory factors in light of the
circumstances of this case, it is our opinion that the
proposed transaction is in the public interest and it
is approved effective on or after October 5, 1962.
OCTOBER 2, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First National Bank of Michigan City, Michigan
City, Indiana, and Merchants National Bank of Michigan City, Michigan City, Indiana, propose to merge.
The two banks are third and second respectively in size
among the three banks in the city, although the variation in size among the three banks is not great.
The merger would have a serious adverse effect on
competition in commercial banking in the service area
and would tend toward monopoly in an area which is
growing economically and therefore would be expected
to have need for more rather than fewer banks.
119
] E LINDSEY BANKING C O . , LINDSEY, OHIO, CONSOLIDATED WITH T H E LIBERTY NATIONAL BANK OF FREMONT,
FREMONT, OHIO
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Lindsey Banking Co., Lindsey, Ohio, with
and The Liberty National Bank of Fremont, Fremont, Ohio (13997), which had..
consolidated Nov. 30, 1962, under the charter of the latter bank (13997) and
under the title "The Liberty National Bank, Fremont." The consolidated
bank at date of consolidation had
COMPTROLLER'S DECISION
On August 27, 1962, the $11.4 million Liberty National Bank of Fremont, Fremont, Ohio, filed an application with the Comptroller of the Currency to
consolidate with the $1.5 million Lindsey Banking
Company, Lindsey, Ohio, under the charter of the
former and with the title "The Liberty National Bank,
Fremont."
The Liberty National Bank of Fremont is located
in Fremont, a city of 17,500 and the seat of Sandusky
County. Between 1950 and 1960, the county showed
a population increase of 22.5 percent. Although the
surrounding area is agricultural, Fremont itself contains 78 small diversified industries. The charter
bank is the smallest of the Fremont area's three banks
in total assets; The Fremont Savings Bank, with two
offices, has $14.6 million in assets, and The Croghan
Colonial Bank, with three offices, has $21.7 million
in assets. While the consolidation will not change
Liberty National's rank, it will increase its lending
limit so that it is second in that regard.
Lindsey, the home of The Lindsey Banking Company, is located nine miles northwest of Fremont.
The only industry in this farming community of 600
is a grain elevator. This bank, despite its monopoly
of the town's banking business, has not been able to
meet the financial requirements of its customers nor
to secure competent successors for its present management at the prevailing salary scales. It is doubtful if
$1, 667, 607
11,821,804
1
1
2
13,489,411
this small bank could survive the competition of a
branch of a larger Fremont bank which, under State
law, could be established there.
This consolidation will not only bring to the people
of Lindsey a bank with tenfold greater resources and
offering a wider range of service, but will resolve the
pressing management succession problem confronting
the Lindsey Bank. It will not affect the already keen
competition in Fremont except insofar as it will
strengthen the operating base of the Liberty National.
In balancing the circumstances of this case in light
of the statutory criteria, we find this consolidation to
be in the public interest, and the application is, therefore, approved effective on or after November 2, 1962.
OCTOBER 26, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Liberty National is the smallest of the three banks
in its primary service area which does not include the
city of Lindsey. Lindsey Banking Company is the only
bank in the city of Lindsey.
As a result of this consolidation, Liberty National
will become the second largest of the three banks in
terms of demand deposits but will remain the smallest
in terms of time deposits and loans.
On balance, it appears that although the consolidation will eliminate a degree of competition between
the consolidating banks, its effect on competition will
not be significantly adverse.
FARMERS & MERCHANTS NATIONAL BANK OF BLACKSBURG, BLACKSBURG, VA., MERGED WITH THE FIRST NATIONAL
EXCHANGE BANK OF ROANOKE, ROANOKE, VA.
Name of bank and type of transaction
Total assets
Banking offices
In opeiation
Farmers & Merchants National Bank of Blacksburg, Blacksburg, Va. (14633), with.
and The First National Exchange Bank of Roanoke, Roanoke, Va. (2737), which
had
.
. . .
merged Nov. 30, 1962, under charter of the latter bank (2737) with title "The
First National Exchange Bank of Virginia." The merged bank at date of
merger had
120
$5, 627, 596
2
145 464 811
To be operated
8
150,818,071
10
COMPTROLLER S DECISION
On September 18, 1962, the $131.2 million First
National Exchange Bank of Roanoke, Roanoke, Virginia and the $5.3 million Farmers and Merchants National Bank, Blacksburg, Virginia, applied to the
Comptroller of the Currency for permission to merge
under the charter of the former and with the title
"The First National Exchange Bank of Virginia."
Roanoke city, with a population of 97,000, is the
fourth largest city in Virginia. The economy of
Roanoke city and the county is diversified and rapidly
expanding. As stated in our decision of June 29,1962,
denying the proposed merger of First National Exchange with the Colonial-American Bank, the city is
the natural center for the present and expanding economic activity in 26 western counties of Virginia.
The city's financial needs are served by First National
Exchange, with eight offices and a branch approved
in Salem; by the $48 million Colonial-American National Bank with four offices; by the $38 million Mountain Trust Bank with five offices; and, by a branch
of the $166 million Bank of Virginia. Banks in Salem,
which adjoins Roanoke city, and in Lynchburg, 50
miles to the east, also offer service to the general area.
On October 25, 1962, the Board of Governors of the
Federal Reserve System approved the formation of the
Virginia Commonwealth Corporation, a bank holding
company, which centers around the Bank of Virginia
and includes among its affiliates the $10.7 million Bank
of Salem.
Blacksburg, a city of 7,000, is located in Montgomery
County, 38 road miles west of Roanoke. Its economy
is essentially local in nature with support being drawn
from Montgomery, Giles and portions of Pulaski
counties. Virginia Polytechnic Institute, whose enrollment has doubled in the last ten years and which
has a $9 million annual payroll, contributes significantly to the economic activities of the Blacksburg area.
The presence of the institution has drawn a number of
electronic and related industries to this area. The expanding economy of the area is expected to accelerate
its growth in the future. Blacksburg itself is served
by Farmers and Merchants, with its main office and a
branch approved, and by the $7 million National Bank
of Blacksburg which does business only from its main
office. There are six other banking institutions within
a 15-mile radius, whose resources range from $1.7
million to $10.5 million.
The entry of First National Exchange directly to
the Blacksburg area will be beneficial to the public
without adverse effects on the banking institutions
presently serving the area. The convenient availability of a larger bank will not only attend to the needs of
the area but will stimulate its development. Active
trust services and a broad operational base will allow
strong emphasis in all areas of financing. Moreover,
the addition of Farmers and Merchants to the First
National Exchange system will have no appreciable
effect on the banking structure of the Roanoke area.
In balancing the factors of this case in light of the
statutory criteria, the transaction is found to be in the
public interest and it is hereby approved effective on
or after November 2,1962.
OCTOBER 26, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First National is the largest bank located in the City
of Roanoke. It has had a substantial growth since
1948 expanding its deposits by 95 percent, its loans by
419 percent and its capital accounts by 129 percent.
During the past two years it has merged with two formerly independent banks, acquiring deposits in excess
of $15 million and loans in excess of $7 million.
Farmers and Merchants is the smaller of the two
banks located in Blacksburg; however, it has also had
a substantial growth since 1948, expanding its deposits
by 250 percent, its loans by 400 percent and its capital
accounts by 500 percent. It has been a profitable institution with average net current operating income
during the past 5 years exceeding $50,000 annually.
Consummation of this merger will eliminate a substantial amount of competition between the participating banks, create a competitive imbalance in the primary service area of Farmers and Merchants (which
presently has 14 banking offices, the largest of which
has less than one tenth the IPC deposits and loans of
First National), and accelerate the trend toward concentration of banking resources in the area. Accordingly, its effect on competition will be adverse.
THE FIRST NATIONAL BANK OF CLAIRTON, CLAIRTON, PA., PURCHASED BY WESTERN PENNSYLVANIA NATIONAL
BANK, MCKF.ESPORT, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The First National Bank of Clairton, Clairton, Pa. (6794), with
was purchased Dec. 3, 1962, by Western Pennsylvania National Bank, McKeesport, Pa. (2222), which had
After the purchase was effected, the receiving bank had
$18,337,000
2
273, 943, 000
289, 480, 000
32
34
COMPTROLLER'S DECISION
On September 14, 1962, the Western Pennsylvania
National Bank, McKeesport, McKeesport, Pennsylvania, filed an application with the Comptroller of the
Currency to purchase the assets and assume the liabilities of the First National Bank of Clairton, Clairton,
Pennsylvania.
McKeesport, the home city of the $273.9 million
Western Pennsylvania National Bank, is situated in
Allegheny County to the southeast of Pittsburgh at
the confluence of the Monongahela and Youghiogheny
Rivers. Though it is 14 miles from downtown Pittsburgh to McKeesport, only two and one-half miles
separate the boundaries of these cities at their closest
point. McKeesport, whose population declined some
6,000 in the last ten years to its present level of 46,000,
is part of the Pittsburgh standard metropolitan area.
Though McKeesport is heavily industrialized, the
depressed condition of the metal and allied industries
of the area in recent years has had an adverse effect
on the local economy. The aggressive efforts of community leaders to attract new plants to McKeesport
have not been too successful.
The Western Pennsylvania National Bank has an
interesting history. Chartered as a national bank in
1875, four years after it came into existence as a state
bank, it operated as a single unit bank until 1953. In
the nine years following, it has absorbed 17 banks, has
opened 14 de novo branches and has approval for five
more that are not yet in operation. Of the 32 offices
it now operates, 24 are in Allegheny County, six are
in Washington County and two are in Westmoreland
County—all within the trade area of Pittsburgh. Nine
of its branches are located in the city of Pittsburgh
while two branches and the main office are in McKeesport. In the course of its expansion program the
assets of Western Pennsylvania have grown from $50
million to $277 million.
Clairton, also situated in Allegheny County, is located seven miles southwest of McKeesport on the
opposite bank of the Monongahela River. This city,
whose declining population is now 18,000 is primarily
a steel town and part of the greater Pittsburgh industrial complex. Since most of the resident wage earners
are hourly factory employees, the fact that the largest
employer, who has been operating at one-half capacity,
has recently announced the permanent closing of some
plant operations, has had an adverse effect upon the
local economy. The prospects for an early recovery
of industrial activity in the area are not optimistic.
The $18.3 million First National Bank of Clairton
operates one branch which it acquired in 1942 when
it absorbed a competing bank in Clairton. Though
First National is the only commercial bank in the city,
its growth has been moderate and its earnings unimpressive in recent years. Despite ultra conservative
122
policies which have not contributed to the business and
civic development so badly needed in Clairton, this
bank has maintained an excellent rating in every
respect. The active head of this bank, who has for
several years been planning to retire, has not been able
to attract a qualified successor.
Within the limits of Allegheny County and serving
the Pittsburgh standard metropolitan area are 24
commercial banks which operate 227 offices—67 of
which are in adjoining counties. The two largest are
the $2.4 billion Mellon National Bank and Trust Company of Pittsburgh with 67 offices and the $1 billion
Pittsburgh National Bank with 61 offices which control
approximately 75 percent of area deposits. The
Western Pennsylvania National Bank, while ranking
third in size, accounts for only 6.7 percent of area
deposits. Three other banks, each one-half the size
of Western Pennsylvania, operate 43 offices in competition with larger area banks.
The competitive impact of this transaction on banking in the Clairton area will be minimal. With no
other banks in the city, itg effect, if any, will be upon
the $11.7 million Duquesne City Bank situated across
the river from McKeesport, and upon the $6 million
Bank of Glassport, about two miles to the north, which
has Federal Reserve Board approval to merge with the
$123 million Peoples Union Bank and Trust Company
in McKeesport. These banks, however, are already in
competition with branch offices of the state's larger
banks.
The absorption of the First National by Western
Pennsylvania will serve the convenience and needs of
the people of Clairton. Not only will they gain a more
aggressive bank to foster community development but
they will acquire a local source of consumer and installment loan credit long needed by its business interests. In addition to solving the management sucT
cession problem which now confronts the selling bank,
it promises hope to the residents that the local banking
office may be modernized for their greater convenience.
On balancing this proposal against the statutory
criteria we find that it will promote the public interest.
The application is, therefore, approved effective on
or after November 16,1962.
NOVEMBER 9,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
WPNB, the third largest bank in the Greater Pittsburgh area, with total assets of $209,000,000 and operating 32 offices with 9 more scheduled to open, proposes to acquire by purchase First National Bank of
Clairton which has total assets of $18,000,000 and
operate 2 offices located about 7 miles from the head
office of the acquiring bank. While WPNB is considerably smaller than the 2 largest banks in the area
it has made 17 acquisitions in the past 9 years and
added total deposits of more than $129,000,000
through such acquisitions. The concentration of
banking resources in metropolitan Pittsburgh has been
brought about in great part by a series of acquisitions
by major banks. The proposed purchase is another
step in the continuing concentration. The effect of
this acquisition on competition may be substantially
adverse and the cumulative effect on competition of
acquisitions in commercial banking in the Greater
Pittsburgh area will be adverse.
FARMERS & MERCHANTS BANK, PLATTE, S. DAK.; FARMERS & MERCHANTS BANK, PRESHO, S. DAK.; AND FARMERS
& MERCHANTS BANK, WESSINGTON SPRINGS, S. DAK., MERGED WITH THE NATIONAL BANK OF SOUTH DAKOTA,
SIOUX FALLS, SIOUX FALLS, S. DAK.
Banking offices
Total assets
Name of bank and type of transaction
In ojideration
Farmers & Merchants Bank, Platte, South Dakota, with
Farmers & Merchants Bank, Presho, S. Dak., with
Farmers & Merchants Bank, Wessington Springs, S. Dak., with
and The National Bank of South Dakota, Sioux Falls, Sioux Falls, S. Dak.
(12881) which had
merged Dec. 6, 1962, under charter and title of the latter bank (12881). The
merged bank at the date of merger had
COMPTROLLER'S DECISION
On October 29, 1962, The National Bank of South
Dakota, Sioux Falls, South Dakota, filed an application with the Comptroller of the Currency to merge
Farmers & Merchants Bank, Platte, South Dakota;
Farmers & Merchants Bank, Presho, South Dakota;
and Farmers & Merchants Bank, Wessington Springs,
South Dakota, under the charter and title of "The
National Bank of South Dakota, Sioux Falls."
The $39.5 million National Bank of South Dakota,
which is owned by the First Bank Stock Corporation,
is headquartered in Sioux Falls, the county seat of
Minnehaha County. Sioux Falls, located 17 miles west
of the point at which Minnesota, Iowa, and South
Dakota meet, is the largest city in the state, with a
population of 65,000. This city, surrounded by very
productive farm land devoted primarily to the production of wheat, corn, flax, barley, livestock and
dairying, has meat packing as its major industry. It
is one of the 10 top livestock markets in the nation. In
addition to the charter bank, the financial needs of
Sioux Falls are served by the $41 million First National Bank in Sioux Falls and the $77 million Northwest Security National Bank of Sioux Falls.
Farmers & Merchants Bank of Platte, with assets
of $5.5 million, is the only banking office in this town
of 1,200 population. Platte, 147 miles southwest of
Sioux Falls, is located in an area devoted entirely to
diversified farming activities. Farmers & Merchants,
operating one branch at Corsica, 20 miles to the east,
is the largest of four banks operating within a radius of
36 miles of Platte.
Farmers & Merchants Bank of Presho, with assets
of $3.4 million, is the only banking office in this town
$5, 946, 435
3,913,537
3, 661, 266
2
1
1
40,194, 868
To be operated
5
53,816,052
9
of 881 residents. It is located 180 miles west of Sioux
Falls, in a rural community devoted principally to the
raising of winter wheat and range cattle.
Farmers & Merchants Bank of Wessington Springs,
with assets of $3.2 million, is the only banking facility
serving this town of 1,500 people whose economy depends upon diversified farming activities in the area.
The rural population surrounding Wessington Springs,
like that surrounding Platte and Presho, is gradually
declining as the individual farming units increase in
size.
The small merging banks are commonly referred to
throughout the state as the "Thomson Banks" because
of their common family ownership. The senior management apparently wishes to be relieved of the primary responsibility for the operation of these three
banks. In view of the marked tendency of the farming units in the trade areas of these three banks to increase in size, there is a concomitant demand for directly available increasedfinancingto meet their larger
requirements. As this demand exceeds the capacity
of the small banks involved, it is evident that a somewhat larger bank is needed to meet the convenience
and needs of the communities.
Having considered all the facts germane to this
application, we find that this application will be in the
public interest, and it is hereby approved effective
immediately.
DECEMBER 6, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
This merger will increase the dominant position of
the Charter Bank in the Vermillion service area and
strengthen it in the Sioux Falls service area, to the
123
detriment of smaller banks. It would prevent further
development of the existing competition between one
of the Merging Banks and the Huron branch of the
Charter Bank. It would similarly affect the competitive difficulties now faced by those banks which compete with the Merging Banks, particularly since the
Holding Company controls the Charter Bank. Finally,
it would eliminate the small, local and family-owned
Merging Banks and make them parts of the Holding
Company's large organization thus further extending
the Holding Company's already substantial banking
interests in South Dakota. For these reasons, this
merger is likely to have a substantially adverse effect
on competition in commercial banking in South
Dakota.
GLENDORA COMMERCIAL & SAVINGS BANK, GLENDORA, CALIF., MERGED WITH CITIZENS NATIONAL BANK, LOS
ANGELES, CALIF.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Glendora Commercial & Savings Bank, Glendora, Calif., with
$3,869,643.68
and Citizens National Bank, Los Angeles, Calif. (5927), which had
754,843,312.90
merged Dec. 7, 1962, under charter and title of the latter bank (5927). The
merged bank at date of merger had
758,415,554.88
COMPTROLLERS DECISION
On August 8, 1962, the $3.5 million Glendora Commercial and Savings Bank, Glendora, California, and
the $731.7 million Citizens National Bank, Los Angeles,
California, applied to the Comptroller of the Currency
for permission to merge under the charter and title
of the latter.
The Glendora Commercial & Savings Bank has its
two offices in Glendora, a city of 21,000, located some
30 miles east of Los Angeles. It was opened in
December of 1957, in an area where it would be in
competition with a number of the largest banking
institutions in California. Not only has it not met
with the degree of success hoped for, but the opening
of a branch office this year caused them to show a
net loss on their total operations. The difficulties of
the Glendora Commercial bank stem from the failure
of the particular area to keep pace with the rapid
growth experienced in many other areas around Los
Angeles, and their limited loan capacity which impairs
their ability to compete with the larger banks.
The competition within a three-mile radius of Glendora is keen. There are three branches of the $13.3
billion Bank of America in the Azusa-Glendora area,
as well as an office of the $607 million First Western
Bank and Trust Company, an office of the $4.1 billion
Security First National Bank and the $12.3 million
First National Bank of Azusa and its affiliate, the
Azusa Valley Savings Bank.
The Citizens National Bank, a 67-office system
which is the eighth largest in California, does not compete directly in Glendora with the merging bank
though it has two offices on the general vicinity, one
124
To be operated
2
73
75
5*/2 and the other Sl/2 miles distant. While Citizens
National could, under California branch banking
statutes, open a branch office in Glendora as a substitute for entry by merger, such action would aggravate the difficulties now facing Glendora Commercial.
Opinions have been expressed that the Glendora
Commercial Bank was organized for the purpose of
selling at a profit to a larger organization at the earliest
opportunity. We fail to find this so, since the original
organizers are not parties to this merger and the price
to be paid for the shares of stock is not, in light of the
bank's non-dividend policy since its chartering, unreasonable.
It is apparent that the Glendora bank is not a significant competitive factor in the area. Its rate of growth
and problems of succession raise serious questions as
to its future effectiveness in the community. It has
experienced difficulty in attracting competent management personnel and has had to call on Citizens National for aid a number of times in the past. Further,
the withdrawal of its president has precipitated a management succession problem which promises to become critical.
Nothing is to be gained by continuing a bank whose
prospects for further growth appear to be stunted;
the competition eliminated by the merger is adequately
compensated by the banking advantages that will
result.
In balancing the factors of this case in light of the
statutory criteria, we find this merger to be in the public interest and the application is therefore approved
effective on or after October 19, 1962.
OCTOBER 12,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Citizens National Bank, Los Angeles, proposes to
acquire by merger Glendora Commercial & Savings
Bank, Glendora, California. Citizens is thefifthlargest
bank in the Los Angeles area and holds approximately
6 percent of deposits within the area. Glendora Commerical was organized in December 1957, and its total
deposits have grown since that time from $124,000
to $3,107,000. According to the Application the five,
largest banks in the Los Angeles area hold 89 percent
of deposits within the area. The proposed merger is
another step in the continuing concentration of commercial banking in the Los Angeles area. This continuing concentration would appear to lead to a substantial lessening of competition.
THE BANK OF MANTEO, MANTEO, N.C., MERGED WITH THE PLANTERS NATIONAL BANK & TRUST CO. OF ROCKY
MOUNT, ROCKY MOUNT, N.C.
Banking offices
Name of hank and type of transaction
Total assets
In operation To be operated
The Bank of Manteo, Manteo, N.C, with
and The Planters National Bank & Trust Co. of Rocky Mount, Rocky Mount,
N.C. (10608), which had
merged Dec. 8, 1962, under charter of the latter bank (10608), and title "The
Planters National Bank and Trust Company of Rocky Mount." The merged
bank at date of merger had
COMPTROLLER^ DECISION
On August 13, 1962, The Planters National Bank
and Trust Company of Rocky Mount, Rocky Mount,
North Carolina, applied to the Comptroller of the Currency for permission to merge under its charter and
title The Bank of Manteo, Manteo, North Carolina.
The $3.7 million Bank of Manteo is the only bank
in Dare County. It has its main office in Manteo
on Roanoke Island and two tellers windows on the
Outer Blanks, one at Nags Head and the other at Buxton near Cape Hatteras. While the permanent
population of Dare County is only 6,000, of whom 564
reside in Manteo, the summer influx of tourists brings
the total to 20,000. Fishing and some lumbering add
to the tourist trade to form the economic foundation
of the area.
The $32.6 million Planters National Bank and Trust
Company is headquartered in Rocky Mount, 140 miles
west of Manteo. The 32,000 residents of Rocky
Mount derive their economic support principally from
the agricultural activities of the surrounding countryside which is the world center for bright leaf tobacco.
Other major income crops in the area are corn, peanuts and cotton.
In addition to its main office and five branches in
Rocky Mount, Planters National Bank maintains eight
other branches in the cities of Ahoskie, Greenville,
Plymouth, Roanoke Rapids, Gaston and Siler City,
all widely dispersed through the northeast section of
the state. Because of the geographic spread of this
system, Planters National Bank is actively competing
$3,466,716
3
38, 633, 486
14
42, 094, 336
17
with four of the large North Carolina banks including
the $909.4 million Wachovia Bank and Trust Company, the $130.2 million Branch Banking and Trust
Company, the $294.7 million First-Citizens Bank and
Trust Company, and the $248.1 million First Union
National Bank. It is clear that the addition of the
Bank of Manteo to the Planters National Bank operation will not adversely affect the statewide or regional
banking structure.
The Bank of Manteo has little banking competition
for the business developed in this seaboard county.
The closest commercial bank to Manteo is a branch of
the $4.2 million East Carolina Bank at Columbia, 40
miles west of Manteo. The nearest office of Planters
National Bank is located in Plymouth, 75 miles west of
Manteo. This merger will not, therefore, eliminate
any banking competition in Dare County.
The most significant benefits to be derived from this
proposal will be an expansion of the banking services
available to residents of this increasingly popular resort
area, an increase in credit availability, and a definite
strengthening of management in the Manteo bank
office.
The facts presented in this case, when weighed in the
light of the statutory criteria, indicate that the merger
will be in the public interest. The application, therefore, is granted effective on or after October 19, 1962.
OCTOBER 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Planters National Bank and Trust Company with
total assets of $32,000,000 proposes to acquire by
125
merger Bank of Manteo with total assets of $3,000,000.
The acquiring bank operates 14 offices in eastern North
Carolina and the merging bank operates two teller
branches in seaside resort areas. Neither bank pres-
ently does business in the other's service area and there
are no accounts in common. The proposed merger
would not appear to have an adverse effect on
competition.
LITTLESTOWN STATE BANK & TRUST CO., LITTLESTOWN, PA., MERGED WITH THE FIRST NATIONAL BANK OF
GETTYSBURG, GETTYSBURG, PA.
Banking offices
Name of bank and type of transaction
Total assets
In operation
Littlestown State Bank & Trust Co., Littlestown, Pa., with
and The First National Bank of Gettysburg, Gettysburg, Pa. (311), which had..
merged Dec. 8,1962, under the charter of the latter bank (311) with title "Adams
County National Bank." The merged bank at date of merger had
COMPTROLLER'S DECISION
On August 7, 1962, the $9.2 million First National
Bank of Gettysburg, Gettysburg, Pennsylvania, and
the $12.7 million Littlestown State Bank, Littlestown,
Pennsylvania, applied to the Comptroller of the Currency for permission to merge under the charter of the
former, and under the title "Adams County National
Bank," and to relocate its main office at Littlestown,
Pennsylvania.
The borough of Gettysburg, with an estimated population of 8,000, serves an area of approximately
28,000, predominantly devoted to agriculture but including some light industry. Tourism is an important
factor in the economy because the Gettysburg Civil
War Battlefield brings more than one million visitors to
the area annually. Gettysburg College and Lutheran
Theological Seminary, with a combined student force
of 2,000, add to the economic activity of the borough.
The principal competitor of The First National Bank
of Gettysburg is the $22.5 million Gettysburg National
Bank, the largest bank in Adams County. The merger
will provide more effective banking competition between two banks of near-equal size.
Littlestown, located approximately ten miles southeast of Gettysburg, serves an estimated 8,000 people
in the immediate trade area. The borough is the
County's leading industrial center, with two large
shoe manufacturers, an iron foundry, a dress factory,
and several canning factories. Adams County, in
which both Gettysburg and Littlestown are situated,
is a region of agricultural and industrial growth and
has shown a population increase of 17 percent between 1950 and 1960.
The $7.6 million Littlestown National Bank, fourth
largest in the County, is the principal competitor of
Littlestown State Bank, nearly twice its size. It is
not anticipated that an increase in size of the merged
126
$13,516,794
10, 059, 333
To be operated
2
1
23, 576,127
3
bank will adversely affect Littlestown National Bank's
competitive ability.
Principal beneficiary of this merger will be the
public. By doubling its size, the merged bank will be
able to offer increased specialized services, more trust
activity and more aggressive management. The
merger will substantially increase lending capacity,
making wider financing and bank credit available and
will serve to ease the cost pressure caused by a high
percentage of time deposits in both institutions.
On balancing the circumstances of this case in the
light of the statutory factors, I find that the merger
is in the public interest. The application to merge
and the request to relocate the main office at Littlestown, Pennsylvania, are granted, effective on or after
October 19,1962.
OCTOBER 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
A degree of competition between Littlestown State
Bank and Trust Company, Littlestown, Pennsylvania,
and First National Bank of Gettysburg, Gettysburg,
Pennsylvania, would be eliminated by the merger.
In addition the merger will have a dual competitive
effect in the area of competition:
(a) The resources and lending limit of the
resultant bank will enable it to compete on even
terms with the Gettysburg National Bank thereby
overcoming the present competitive disadvantage
of First National, and
(b) The resources and lending limit of the
resultant bank will be so much greater than
Littlestown National Bank that the latter will
operate under about the same competitive disadvantage that First National is trying to overcome through the merger.
The merger would thus tend to solve one competitive situation but tend to create another one just as
serious.
In the broader area of competition there are 8 banks,
two of which are about twice as large as 5 of the others
and about three times as large as Littlestown National
Bank, the smallest bank in the area. The proposed
merger would create a bank of the approximate size
of the two largest and would place the four remaining
banks at an increased competitive disadvantage.
It is our view that the effect of this proposed merger
on competition will be adverse.
THE SALISBURY NATIONAL BANK, SALISBURY, MD., MERGED WITH FIRST NATIONAL BANK OF MARYLAND,
BALTIMORE, MD.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Salisbury National Bank, Salisbury, Md. (3520), with
and First National Bank of Maryland, Baltimore, Md. (1413), which had
merged Dec. 14, 1962, under the charter and title of the latter (1413). The
merged bank at the date of merger had
COMPTROLLER S DECISION
On September 28, 1962, the Salisbury National
Bank, Salisbury, Maryland, and the First National
Bank of Maryland, applied to the Comptroller of the
Currency for permission to merge under the charter
and title of the latter.
The Salisbury National Bank, which has two established offices and a third approved but unopened, is
located in Salisbury, the county seat of Wicomico
County, on the Eastern Shore of Maryland. This
town of 16,000 whose population has doubled in the
last ten years, is situated 100 miles southeast of Baltimore and is the center of recent commercial and industrial development in that section of the state.
Whereas the area economy has been traditionally
based on agricultural pursuits, chiefly poultry raising
and truck farming, it now rests in large measure upon
diversified manufacturing, commercial fishing, retail
and wholesale distribution, and a growing tourist
trade.
The trade area of Salisbury, encompassing the 49,000 residents of Wicomico County, is presently served
by nine commercial banks. In addition to the merging bank with its two offices, there are two offices of
the Maryland National Bank, the largest in the state,
and two offices of the Union Trust Company, the
third largest. These two large Baltimore banks entered Salisbury through mergers with local banks in
the last two years. The other six are single office
banks located in communities three to 14 miles distant
from Salisbury. These small banks, while serving a
vital role in the area, do not offer effective competition to the larger banks officed in Salisbury.
The First National Bank, which is the second largest in Maryland, maintains its main office in Baltimore
and operates 29 branches throughout the state. In
696HO55—63
10
$22, 702, 383
418, 327,155
439, 453, 396
2
29
31
the last six years, this bank has absorbed six banks by
purchase or merger acquiring 16 offices and gaining
$117 million in deposits. This bank effectively competes with the 66 office Maryland National Bank, with
the 34 office Union Trust Company, and with the
27 office Equitable Trust Company for the banking
business generated in the prosperous Baltimore metropolitan area, and in virtually every section of the
state where the economy is thriving. However, it
has no office in Salisbury to compete with Maryland
National and Union Trust for the trade of that area.
This application presents another in a recent series
of mergers which are rapidly changing the banking
structure in Maryland. While mergers in themselves
are a licit means of achieving banking growth, they
should not be relied on to the virtual exclusion of
other fitting means. As we said in our decision of
July 13, 1962, approving the merger of First National
with the Farmers Banking and Trust Company, in
Rockville, "We prefer, and in many instances require,
that banks expand their operations along the more
gradual route of de novo branching, especially in states
such as Maryland where the law permits state-wide
branching." The unique circumstances existing in
Rockville which prompted us to depart from our concepts of de novo branching as a means of growth to
approve that merger are also present in Salisbury.
To insist that First National resort to a de novo branch
to effectuate its entry into this Eastern Shore area
could work to the jeopardy of the existing banks as
well as to the public detriment.
Notwithstanding that Salisbury National is an aggressive and excellently managed local bank, whose
demise through merger is not to be taken lightly, the
adverse competitive impact of the entry of Union
Trust and Maryland National into Salisbury has not
127
yet been fully felt by Salisbury National. When the
local reaction against the previous mergers passes,
as experience in other cases indicates it will, Salisbury
National will find it increasingly difficult to maintain
its previous position.
Having weighed all the facts germane to this application in the light of the statutory criteria, we find
that the proposed merger will be in the public interest.
The application is, therefore, granted effective December 4, 1962.
NOVEMBER 27, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First National Bank of Maryland, the second largest bank in the state, operating 30 offices and having
total resources of $406,900,000, proposes to acquire
by merger The Salisbury National Bank, Salisbury,
Maryland, which operates two offices with approval
to open a third in that city and which has total resources of $23,265,000. First National has acquired
six banks in the past six years, adding deposits of
$108,296,000 and loans of $64,269,000.
First National claims a need to merge because two
of its competitors in Baltimore have acquired previously independent banks in Salisbury. Salisbury National claims a need to merge because of its "increasing difficulty in competing with" the branch offices of
the Baltimore banks.
Six small banks, the largest of which has total deposits of $3,100,000, are listed as competing with Salisbury National. The proposed merger would have a
severely adverse effect on competition in commercial
banking on the Eastern Shore, and would accelerate
the trend toward monopoly.
BANK OF HUNTINGTON, HUNTINGTON, N.Y., MERGED WITH THE M E A D O W BROOK NATIONAL BANK, N E W
YORK, N.Y.
Banking offices
Name of bank and type of transaction
Total assets
In operation
$57,669,330.52
Bank of Huntington, Huntington, N. Y., with
and The Meadow Brook National Bank, New York, N.Y. (7703), which h a d . . . 658,369,264.85
merged Dec. 14, 1962, under charter and title of the latter bank (7703). The
716,038,595.37
merged bank at date of merger had
COMPTROLLER'S DECISION
On September 27, 1962, the Meadow Brook
National Bank, Jamaica, New York, and the Bank
of Huntington, Huntington, New York, applied to
the Comptroller of the Currency for permission to
merge under the charter and with the title of the
former.
The Meadow Brook National Bank, organized in
1905, has experienced a phenomenal growth rate in
the past decade; a period in which its deposits have
increased from $44 million to $600 million, making
it the forty-third largest commercial bank in the country, the tenth largest in the New York City area, and
the second largest headquartered on Long Island.
Since 1950, it has merged or consolidated with 16
other banks, thereby acquiring 30 banking offices and
approximately $300 million of deposits. At the present time it operates 57 banking offices; 47 in Nassau
County, six in Queens (including the main office in
Jamaica), three in Manhattan, and one in Brooklyn.
It has also received approval for three de novo
branches in Suffolk County, and is applying for
another branch in Nassau County. This bank's
growth has been sustained by an aggressive manage-
128
To be operated
6
57
63
ment which has consistently coordinated expansion
plans with the natural development and increasing
needs of the communities it serves.
Meadow Brook National's general service area,
which includes Manhattan and the Long Island counties contains 45 commercial banks with aggregate deposits exceeding $28 billion, 38 mutual savings banks
with combined deposits of $15 billion, 46 savings and
loan associations with combined withdrawable balances
of $2.4 billion, and numerous insurance companies,
personal loan firms, sales finance agencies and credit
unions. Situated, as it is, within the New York City
area, the bank is in direct competition with some of
the largest financial institutions in the country. In
Nassau County, this bank's competition has been increased substantially by 23 branches of New York City
commercial and savings banks which have been established within the county following the passage in
1960 of the New York Omnibus Banking Bill.
The history of the vigorous growth of Nassau County is too well known to require an extensive exposition.
It is sufficient to point out that in the last ten years
the population has doubled to 1.3 million, and the
economy has changed from one largely residential to
one wherein there are 1,700 manufacturing plants
employing more than 80,000. In addition to the
New York City commercial and savings banks which
operate branches here, the county is served by 17
commercial banks and one savings bank which have
total assets of $2.3 billion and of which the largest
is Franklin National Bank.
Suffolk County, consisting of 900 square miles,
stretches 80 miles from the border of Nassau County,
on the west, to the tip of Long Island, on the east,
with the Sound forming the northern boundary and
the Atlantic the southern. It is now exeriencing
growth patterns quite similar to those which took place
in Nassau County during the past decade. Since
1950, its population has increased from 276,000 to
700,000. Extrapolation of current population statistics indicates that Suffolk County will have a population in excess of two million by 1985. Its employment is projected to increase from its 1960 census high
of 146,000 to 459,000. The county is served by 19
commercial banks and four savings banks along with
17 branches of Nassau County banks. The large resources of Manhattan banks are not directly available to the county since New York state law prevents
these banks from operating branches therein.
Huntington, the home of the merging bank, is
located in the northwest corner of Suffolk County,
adjacent to Nassau. It has had a marked population growth since 1950, with the total number of residents increasing from 47,000 to 138,000. During the
same years the economic base of the area has changed
from residential development to an admixture of commercial and industrial expansion. There are now 18
major firms with large facilities located within a few
miles of Huntington. Banking facilities for these firms
are provided by the Bank of Huntington, the Security
National Bank, the Long Island Trust Company,
Franklin National, the Long Island National, and
Eastern National. In addition to the 15 banking offices maintained by these banks in the town of Huntington, some competition is furnished by 14 offices of
eight other banks located at distances ranging from
5.5 miles to 7.5 miles from the head office of the
Huntington Bank. Among these are two branches of
First National City and one office of Chase Manhattan. The Bank of Huntington is by far the smallest
bank in the area.
For several years the Bank of Huntington had difficulty marshalling sufficient financial and managerial
resources necessary to attain the growth demanded
by the highly virile economy of Huntington. The
bank's expansion during the past ten years, wherein
deposits increased from $10 million to $51 million,
has been aided by the establishment of four branches
and by the merger of the Huntington Station Bank
in 1956, which acquisition accounts for about onethird of the growth registered during the last decade.
This rate of growth is somewhat less than might be
expected in the light of the substantial growth of
the area. Although the recent acquisition of new
and highly capable managerial talent has helped to
alleviate this situation, it appears that overwhelming
competitive factors and rapidly changing economic
conditions hinder the bank management from participating more effectively and more actively in servicing the needs and convenience of the community.
Approval of this merger will be of substantial
benefit to Huntington and to Suffolk County. Meadow Brook National will be able to offer direct competition to Franklin National and to Security National,
thereby creating an invigorating banking climate
functioning within an invigorating economic climate.
It will prove beneficial to the entire public since lower
interest rates and substantially increased services will
be available, and it will provide Huntington with another strong banking source of demonstrated ability,
experience and knowledge in servicing growing businesses and communities in suburban areas.
On balancing the circumstances of this case in
light of the statutory factors, we find that the merger
is in the public interest and the application is therefore approved effective on or after December 4, 1962.
NOVEMBER 27,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Meadow Brook National Bank, operating 10 offices
in New York City and 47 in Nassau County and
having total resources of $663,492,000, proposes to
acquire by merger Bank of Huntington, operating five
offices and having total resources of $56,322,000.
Bank of Huntington operations are concentrated in
Huntington Township at the western end of Suffolk
County close to Nassau County. It is the second
largest of 20 commercial banks in the County. The
population of the Township has tripled in the twelve
years since 1950 while the assets of the Bank have
tripled in the six years since June 1956.
The proposed merger would radically alter the
banking structure of Suffolk County, an area which
faces excellent growth prospects in the next 25 years.
It Would eliminate substantial actual and potential
competition between the two banks. As an illustration, MBNB now has loans originating in Huntington's
service area which are equal to 17 percent of Huntington's total loans. There are also common demand
deposit accounts in which the Huntington balance
amounts to more than 4 percent of Huntington's IPC
demand deposits.
The proposed merger would enhance the disparity
in size between MBNB and its small competitors in
Nassau County to the detriment of competition and
would bring to Suffolk County a competitor of substantial size which already has three applications for
129
de novo offices in Suffolk County approved.
MBNB has made 16 acquisitions in the past twelve
years which account for a major part of its growth
in this period.
The proposed merger would have a substantially
adverse effect on competition in commercial banking
generally on Long Island and intensify the trend
toward concentration in that area.
THE VANDALIA STATE BANK, VANDALIA, OHIO, MERGED WITH THE THIRD NATIONAL BANK & TRUST CO. OF
DAYTON, OHIO, DAYTON, OHIO
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The Vandalia State Bank, Vandalia, Ohio, with
and The Third National Bank & Trust Co. of Dayton, Ohio, Dayton, Ohio (10),
which had
merged Dec. 15, 1962, under charter and title of the latter bank (10). The
merged bank at date of merger had
COMPTROLLER'S DECISION
On September 13, 1962, the $8.3 million Vandalia
State Bank and the $109.5 million Third National
Bank and Trust Company of Dayton, Dayton, Ohio,
applied to the Comptroller of the Currency for permission to merge under the charter and title of the
latter.
The Third National Bank and Trust Company of
Dayton was the tenth banking association to receive
a federal charter. It opened for business on June 29,
1863, just five months and four days after passage of
the National Currency Act, which created the present
national banking system.
Dayton, location of the charter bank, is a city of
246,000 on the Miami River in southwestern Ohio,
50 miles north of Cincinnati. It is the county seat
of heavily industrialized Montgomery County which
has a population of 527,000. There are 900 manufacturing plants in Dayton employing a total of 100,000
people. The city is a center for the fabrication of
machine parts, particularly for automobiles and
aircraft.
The Third National Bank and Trust Company, with
four branches, is the second largest bank in Dayton and
is slightly larger than the $89.7 million National Bank
of Dayton which has nine branches. The largest bank
in the city is the $264.1 million Winters National
Bank with 10 branches and two facilities. Five other
banks in the service area, which encompasses all of
metropolitan Dayton and the northern half of Montgomery County, have a total of six offices and combined resources of $31 million.
The Vandalia State Bank serves Vandalia, a rapidly growing community of 7,500 residents, located
nine miles north of Dayton. Formerly a rural town
in an agricultural area, it now has some light industry
130
$9, 627, 932
2
113, 698, 088
5
122, 859,123
7
and has become a residential and commercial suburb
of Dayton. In addition to its main office, the merging
bank has an important branch in the Northridge section of Dayton. Within two miles of this branch the
Winters National Bank and The Dayton National
Bank have a total of four offices. Thus, the competition for local banking business is not between the
merging banks but between the Northridge branch of
The Vandalia Bank and the other two large Dayton
banks. Approval of this merger will heighten competition in the northern part of the city without affecting the smaller banks which are primarily concerned with their own communities and without
changing the relative positions of the Dayton banks.
The Vandalia Bank's customers will be better served
by a large increase in its lending capabilities, the
introduction of specialized forms of credit and trust
facilities, and the benefits of automation, a project
on which the charter bank has already embarked but
which The Vandalia Bank has been putting off because
of the cost. The resulting bank will benefit from
the economies of centralized operation.
In balancing the factors of this case in light of the
statutory criteria, we find this merger to be in the
public interest and the application is, therefore, approved on or after November 16, 1962.
NOVEMBER 9, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger would eliminate the active
competition presently existing between these banks in
the Third National-Vandalia service area. Furthermore, it would contribute to further concentration of
banking power in the greater Dayton area by eliminating an effective competitor. In light of the above,
it would appear that the effect of the proposed merger
on competition would be substantially adverse.
T H E FIRST NATIONAL BANK OF ANTHONY, ANTHONY, N. M E X . , CONSOLIDATED WITH FIRST NATIONAL BANK OF
DONA ANA COUNTY, LAS CRUCES, N. M E X .
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The First National Bank of Anthony, Anthony, N. Mex. (14863), with
and First National Bank of Dona Ana County, Las Cruces, N. Mex. (7720),
which had
consolidated Dec. 19, 1962, under charter and title of the latter bank (7720).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On October 12, 1962, the $15.9 million First
National Bank of Dona Ana County, Las Cruces,
New Mexico, and the $2.7 million First National
Bank of Anthony, Anthony, New Mexico, applied to
the Comptroller of the Currency for permission to
consolidate under the charter and title of the former.
Las Cruces, with a population of 40,000, is the
county seat of Dona Ana County and is located in
the southwest section of the state, 46 miles northwest
of El Paso, Texas. The area has a mixed economic
base deriving support from cotton, new industry, New
Mexico State University, and the expanding White
Sands Missile Range. The city is served by the charter bank with two operating branches and one approved but unopened, by the $17 million Farmers
and Merchants Bank, and by various non-bank financial institutions.
Anthony, 23 miles south, has a population of 3,000
including Anthony, Texas, directly across the state
line. Cotton, with some industrial support, provides
the primary economic livelihood for this area. While
the merging bank is the only bank located in the city,
this area is considered to be in the service area of the
El Paso banks.
$3, 353, 020
1
17, 349, 791
3
4
20, 560, 250
This consolidation will make a corporate unity of
the present common ownership of these affiliated institutions. With common management and ownership
the two institutions have been since 1959 operated
as one. In addition to corporate economies, the consolidation will facilitate the utilization of larger resources and bring expanded services directly to the
Anthony area.
In weighing this application in light of the statutory
criteria, it is found to be in the public interest and
it is approved effective on or after December 19, 1962.
DECEMBER 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of The First National Bank
of Dona Ana County, Las Cruces, New Mexico, and
The First National Bank of Anthony, New Mexico,
would constitute the union of two banks which have
common ownership. The president of Dona Ana
owns 70 percent of the stock of Anthony. Eight of
Anthony's shareholders control 68 percent of the stock
of Dona Ana.
Since competition between them is slight and not
meaningful, the effect of the merger would not be
substantially adverse.
THE PEOPLES BANK, CANAL WINCHESTER, OHIO, MERGED WITH THE HUNTINGTON NATIONAL BANK OF COLUMBUS, COLUMBUS, OHIO
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The Peoples Bank, Canal Winchester, Ohio, with
and The Huntington National Bank of Columbus, Columbus, Ohio (7745),
which had
merged Dec. 22, 1962, under charter and title of the latter bank (7745). The
merged bank at date of merger had
$8, 632, 279
2
251, 458, 855
6
259, 487,135
8
131
COMPTROLLER'S DECISION
On October 10, 1962, The Peoples Bank, Canal
Winchester, Ohio, and The Huntington National
Bank of Columbus, Columbus, Ohio, applied to the
Comptroller of the Currency for permission to merge
under the charter and title of the latter.
Columbus, with a population of 471,000, is the
capital of Ohio and the seat of Franklin County.
Its service area, encompassing a million people, is
highly industrialized with over 800 manufacturing
plants producing a diversity of goods valued in excess
of $1.3 billion a year; an increase of 72 percent in
the last ten years. State and federal governmental
agencies and a number of educational institutions
contribute to the economic activity of the area.
The banking needs of Columbus and other communities in Franklin County are served through 47
offices of eight commercial and savings banks.
Though the charter bank is the second largest in the
city, it is less than half the size of The Ohio National
Bank of Columbus, which is an affiliate of BancOhio
Corporation. Third in size is The City National Bank
and Trust Company of Columbus. Of the remaining
five smaller banks, two are affiliates of BancOhio.
Canal Winchester, with a population of 2,000, is
located 15 miles southeast of Columbus. This community is losing its rural characteristics as it rapidly
develops into a residential suburb of Columbus
with a high potential for commercial and industrial
development. It is now served by the merging
Peoples Bank and The Canal Winchester Bank.
The single branch of the Peoples is the only banking office serving Groveport, which is five miles to
the west. This city is economically dependent upon
the Lockbourne Air Base and it is estimated that
some 20,000 persons are associated with this military
installation.
While Peoples Bank has grown through the years,
the rate of growth has not been sufficient to enable
it to keep pace with the increased and specialized demands for banking service engendered by the area's
rapid development. This is true particularly with
1
respect to mortgage and consumer installment loans.
The advent of Huntington National into Canal Winchester, while destroying the slight competition which
now exists between the participating banks, will bring
to the people a convenient source of adequate banking resources. The Canal Winchester Bank will undoubtedly feel the impact of increased competition
stemming from this merger. This is unavoidable,
however, if needed services are to be brought to the
area consonant with the convenience and needs of the
Canal Winchester.
Having weighed the facts presented by this case
in light of the statutory criteria we find that the proposed merged is in the public interest and the application is, therefore, approved effective on or after
December 20, 1962.
DECEMBER 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger will combine the second largest bank in the Columbus area with an independent
suburban bank. There appears to be competition
between the two banks. The acquiring bank has
acquired one-third of its present operating offices by
merger or consolidation since 1958. Merger would
upset the apparent competitive balance now prevailing in the town of Canal Winchester and eliminate
a local independent bank from that community.
For the above reasons, it is believed that the proposed merger will have an adverse effect on competition.
THE TRUST CO. OF FULTON COUNTY, GLOVERSVILLE, N.Y., MERGED WITH THE NATIONAL COMMERCIAL BANK
& TRUST CO. OF ALBANY, ALBANY, N.Y.
Name of bank and type of transaction
Total assets
Banking offices
In operation
The Trust Go. of Fulton County, Gloversville, N. Y., with
$13,514,806.63
and The National Commercial Bank & Trust Co. of Albany, Albany, N.Y. (1301),
which had
426, 350, 763. 78
merged Dec. 28, 1962, under charter and title of the latter bank (1301). The
merged bank at date of merger had
439, 865, 570. 41
COMPTROLLER'S DECISION
On October 5, 1962, the $433 million National
Commercial Bank and Trust Company of Albany,
New York, and the $12.6 million Trust Company of
132
To be operated
1
34
35
Fulton County, Gloversville, New York, applied to
the Comptroller of the Currency for permission to
merge under the charter and title of the former.
The National Commercial Bank, with 33 operating
branches, serves a large part of northeastern New York.
Its primary service area, immediately surrounding
Albany, has a population exceeding 200,000 with a
highly diversified and stable economy.
The addition of the resources of the Trust Company
to Commercial National will not have a significant
effect in the Albany area, which is also served by the
$430 million State Bank of Albany and the $100 million First Trust Company of Albany. In addition
to these three large banks, there are several smaller
banks, as well as the normal complement of other nonbank financial institutions, serving the Albany area.
Gloversville, 50 miles northwest of Albany, is an
industrial city with a population of 21,000. Glove
making and the processing of high grade leather constitute the economic mainstay both of this city and
of Johnstown, one-half mile away. These "twin
cities" are presently served by the merging bank, the
$20 million City National Bank and Trust Company
of Gloversville, the $18 million Fulton National Bank
and Trust Company and in Johnstown by a branch of
the State Bank of Albany and a branch of the First
Trust Company of Albany.
The recent death of the senior executive officer of
the merging bank has led to an imminent manage-
ment problem. This, coupled with the size of the
merging bank, places it in an extremely difficult competitive position in its trade area. These two factors
are sufficient in our opinion to warrant approval of
this proposal.
In balancing this application in light of the statutory criteria, it is our opinion that the merger will be
in the public interest and it is approved effective on
or after December 19, 1962.
DECEMBER 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger would eliminate the active
competition existing between the merging bank and
the two branch offices of the charter bank in the
Gloversville area. It would remove an active independent competitor from the area while further
adding to the dominance and concentration in the
hands of larger Albany-based banks here. This is
particularly true of the charter bank in view of its very
recent mergers in Fultonville and Amsterdam. In
light of the above, it would appear that the effect of
the proposed merger on competition would be substantially adverse.
THE FIRST NATIONAL BANK OF ALLEGANY, ALLEGANY, N.Y., MERGED WITH THE FIRST NATIONAL BANK OF
OLEAN, OLEAN, N.Y.
Name of bank and type of transaction
Banking offices
Total assets
In operation To be operated
The First National Bank of Allegany, Allegany, N.Y. (7009), with
$3, 514, 662. 68
and The First National Bank of Olean. Olean, N.Y. (1887), which had
27, 653, 501. 51
merged Dec. 31, 1962, under charter and title of the latter bank (1887). The
merged bank at date of merger had
31,168,164.19
COMPTROLLER'S DECISION
On August 13,1962, the $27.4 million First National
Bank of Olean, Olean, New York, filed an application with the Comptroller of the Currency to merge
with the $3.5 million First National Bank of Allegany,
Allegany, New York, under the charter and title of
the former.
The First National Bank of Olean is located in
Olean (population 22,000) in southwestern New York,
about 5 miles from the Pennsylvania border. It operates one branch at Portville, a village 6 miles
southeast of Olean. Though Olean is largely rural,
it has a number of industrial and commercial businesses. The population has declined some 4.4 percent
in the last 10 years partially because of the decrease
in the area's oil industry.
1
2
3
The First National Bank of Allegany, the community's only banking facility, serves a population of
2,000 in the town of Allegany, some three miles west
of Olean. Allegany, primarily a residential area with
the addition of 2,000 students of St. Bonaventure
University to bolster its economy, had a population
increase of 18.7 percent in the last decade.
The Olean bank is the largest in the combined
service area; the Allegany bank the smallest. There
are two other banks in the Olean-AUegany service
area (estimated population 40,000); the $25.1 million
Exchange National Bank of Olean and the $8.6 million Olean Trust Company, both in keen competition
with the Olean bank. While the merger would place
three of the five offices in the area under control
of the receiving bank, the remaining two offices would
still control more than half of the area's banking busi-
133
ness. The merger, therefore, would have no adverse
effect on banking competition in the locality.
The approval of the application will remove the
threat to the continuity of management of the smaller
bank posed by the impending retirement of its chief
executive and heightened by the difficulty commonly
experienced by smaller banks in attracting competent
personnel. In addition, the added resources of the
resulting institution will provide broader services, including FHA mortgage loans and a trust department,
to satisfy directly the expanding public needs in the
Allegany area.
In balancing the circumstances of this case in light
of the statutory criteria, we find this merger to be in
the public interest, and the application is, therefore,
approved effective on or after October 19, 1962.
OCTOBER 12, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger would eliminate the degree
of competition presently existing between the largest
and smallest banks in the Olean-Allegany service area.
The merger by further enhancing the dominance of
the Olean Bank would also inhibit effective competition from the two remaining independent banks.
Its effect on competition would be substantially
adverse.
OTSEGO COUNTY NATIONAL BANK OF CHERRY VALLEY, CHERRY VALLEY, N.Y., CONSOLIDATED WITH CENTRAL
NATIONAL BANK, CANAJOHARIE, CANAJOHARIE, N.Y.
Banking offices
Total assets
Name of bank and type of transaction
In operation To be operated
Otsego County National Bank of Cherry Valley, Cherry Valley, N.Y. (13748), with,
and Central National Bank, Canajoharie, Canajoharie, N.Y. (1122), which had .
consolidated Dec. 31, 1962, under charter and title of the latter bank (1122).
The consolidated bank at date of consolidation had
COMPTROLLER'S DECISION
On August 27, 1962, the $28.7 million Central
National Bank, Canajoharie, Canajoharie, New York,
and the $2.5 million Otsego County National Bank,
Cherry Valley, New York, applied to the Comptroller
of the Currency for permission to consolidate under
the charter and title of the former.
Canajoharie is located in northern New York between Schenectady and Utica. Canajoharie itself has
a population of 4,000 and serves an area of an estimated 17,000 population. Its economic base is diversified and has changed in the past years from a
primarily agricultural and resort area to one relying
more upon industry. Cash crop farming is substantial
and dairy and poultry farming are also carried on
extensively in the area.
Central National operates from its main office in
Canajoharie and four branches, located in Fonda, 12
miles east, in Middleburgh, 31 miles southeast, in St.
Johnsville, 9 miles west, and, in Sharon Springs 11
miles south. The principal competition for the charter bank is afforded by a branch office of the $430
million State Bank of Albany, located at Ft. Plains,
New York, four miles west. Excluding the Sharon
Springs office, the other branches of the charter bank
serve distinctly separate areas, with competition for
134
$2, 625, 055
29, 562, 778
31, 987, 834
1
5
6
each deriving predominantly from the $413 million
National Commercial Bank and Trust Company of
Albany. The addition of the resources of Otsego
County National will have no significant effect upon
the banking structure in the present area served by
Central National.
Otsego County National is the only bank in Cherry
Valley, a town of 600, located 17 miles southwest
of Canajoharie. The economy of the area is drawn
from the village of Cherry Valley and the dairy and
cash crop farming in the immediate vicinity. There
are no local industries and the residents of the village
primarily commute to other cities for employment.
In addition, the relocation of a main highway has
contributed to the noticeable decrease of business activity in the area. The declining population, higher
interest costs on savings, and the decreasing earnings
of Otsego County National all evidence the fact that
the bank does not have a particularly bright future.
Added to this is the difficulty of a bank this size located in a rural area of obtaining competent successor
management.
While the operation of Otsego County National as
a branch of Central National will afford broader services directly to the area, its primary benefit will be to
alleviate the problems of Otsego County National
occasioned by an economically declining environment.
Were the area to enjoy a resurgence in the future, the
village would be open to direct branching by other
banks in the district.
While we are normally hesitant in eliminating the
only bank in a town, both the present position of
Otsego County National, and the probability that this
situation will not improve in the near future, lead us
to conclude that the public interest will be served by
the operation of this institution as a branch of the
Central National Bank.
In balancing the factors of this case in light of the
statutory criteria, the transaction is found to be in the
public interest and is hereby approved effective on or
after November 2, 1962.
OCTOBER 26, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Central National Bank's past acquisitions account
for approximately 30.3 percent of its total deposits
and 12 percent of its total loans. It appears that
the merger would merely serve to improve Central
National's relative competitive position in the general
banking area with no appreciable benefit to the respective communities. The resulting bank would,
as reflected by the enclosed map, be the only independent in the combined trade area and would control
six of the nine commercial banking offices located
therein. Moreover, the consolidation would eliminate
the amount of competition presently existing between
Otsego County Bank and the Sharon Spring's branch
of Central National and, thereby, result in a monopoly
of commercial banking in the local Cherry Valley area.
It is the view of the Department of Justice, therefore, that the proposed merger, if approved, would
have substantial adverse effects on existing and potential competition in the general banking area.
THE CITY NATIONAL BANK OF TIFFIN, TIFFIN, OHIO, MERGED WITH THE FIRST NATIONAL BANK OF FOSTORIA,
FOSTORIA, OHIO
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The City National Bank of Tiffin, Tiffin, Ohio (5427), with
and The First National Bank of Fostoria, Fostoria, Ohio (2831), which had
merged Dec. 31, 1962, under charter of The First National Bank of Fostoria
(2831), with title "Tri-County National Bank." The merged bank at date
of merger had
COMPTROLLER'S DECISION
On August 31, 1962, the $3.8 million City National
Bank of Tiffin, Tiffin, Ohio, and the $14.6 million
First National Bank of Fostoria, Fostoria, Ohio, applied to the Comptroller of the Currency for permission to merge under the charter of the latter and
with the title "Tri-County National Blank."
Fostoria, serving an estimated 25,000 people, is
located at the juncture of Wood, Hancock and Seneca
counties in west-central Ohio. Small, diversified industries are increasing but agriculture continues to
offer a substantial contribution to the economic vitality of the area. The city's financial needs are attended to by First National, with three established
branches and one approved but unopened branch;
by the $9.5 million Commercial Bank and Savings
Company with two branches and one applied for
but unprocessed; and by the Ohio Savings and Loan
Association having withdrawable balances of $9 million. First National deposits have increased 20 percent in the last ten years to $15 million and its loans
have increased 334 percent to approximately $8
million.
$4, 317, 505
17,866,764
22,184, 269
1
4
5
Tiffin, 15 miles southeast of Fostoria, is the county
seat of Senecca County and serves an estimated 30,000
people. Its economy is essentially the same as that
of Fostoria. The city is served by City National with
one branch; by the $16.3 million Commercial National
Bank with two branches; by the $9.3 million First
National Bank with one branch; by the $11.5 million
Tiffin Savings Bank with one branch; by the Seneca
County Building and Loan Association and the Citizens Savings and Loan Association having withdrawable balances of $2.4 million and $11.8 million respectively. It should be noted that this latter
institution has outstanding loans in excess of those
of the resulting bank. The general trade area also
has ten other commercial banks with resources in excess of $88 million.
Although some competition between the two institutions will be eliminated by this merger, it is not
considered detrimental. Approval of this transaction,
while not essentially altering the banking structure
of the area, will be beneficial to the city of Tiffin and
to the institutions involved. City National is the
smallest bank in Tiffin and, while it is well based,
135
Its total resources have declined in the last ten years.
Increased and more effective banking services will be
offered to the Tiffin customers by the operation of
City National as a branch of First National. In addition, the merger will strengthen First National in capital and will also ease the heavily loaned position which
it is now approaching.
In balancing the factors of this case in light of the
statutory criteria, it is found to be in the public interest
and is hereby approved effective on or after November
7, 1962.
NOVEMBER 2, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The cities of Fostoria and Tiffin are the centers
of population and industry in their respective service areas. In the former, the resulting bank would
be second in size with 16.6 percent of total IPG deposits and 22.2 percent of total loans, while in the
latter area, the merged bank would be the largest
with 29.7 percent of total IPC deposits and 27.6 percent of total loans. The merger, if consummated,
would increase the degree of concentration to the
following level:
tin percent]
Tiffin area
Fostoria area
Deposits Loans Deposits Loans
2 largest commercial banks.
3 largest commercial banks.
5 smallest banks combined..
4 smallest banks combined..
52.7
71.7
14.6 " l i . ' i
53.6 45.7
67.7 59.5
13.5 14.6
53.7
71.1
Although the application asserts that the participating banks are not engaged in substantial direct
competition, it should be noted that, even if this assertion is correct, substantial potential competition
between the banks may be eliminated if the merger
is approved since forecasts indicate a continuing
growth and expansion of population and industry
in the area. Moreover, the very benefits that would
accrue to the resulting bank would place the remaining
smaller rivals at a competitive disadvantage.
It appears, therefore, that the elimination of an independent bank coupled with the consequent increase
in concentration of banking resources in the respective
service areas would have adverse effects on existing
and potential competition in the general banking area.
THE FIRST NATIONAL BANK OF CLOVER, CLOVER, S.C., MERGED WITH THE FIRST NATIONAL BANK OF SOUTH
CAROLINA OF COLUMBIA, COLUMBIA, S.C.
Name of bank and type of transaction
Total assets
Banking offices
In operation To be operated
The First National Bank of Glover, Glover, S.C. (11439), with
and The First National Bank of South Carolina of Columbia, Columbia, S.C.
(13720), which had
merged Dec. 31, 1962, under charter and title of the latter bank (13720). The
merged bank at date of merger had
COMPTROLLER S DECISION
On October 15, 1962, the First National Bank of
Clover, Clover, South Carolina and The First National Bank of South Carolina of Columbia, Columbia,
South Carolina, applied to the Comptroller of the Currency for permission to merge under the charter and
title of the latter.
The First National Bank of South Carolina, with
assets of $81 million, has its headquarters and four of
its nineteen branches in Columbia, the capital of
South Carolina. Other branches are in Charleston,
Anderson, Summerville and Clemson. Columbia,
with a population of 97,000, is located in the heart of
the state and enjoys a diversified and expanding economy with employment centered in government and
136
$2, 272, 102
1
97,048, 218
18
99, 321, 852
19
industry, particularly textiles. The charter bank, third
largest in the state, is approximately one-third the size
of the largest bank, and one-half the size of the second
largest bank. The fourth largest bank's resources are
slightly smaller than its own. Because of the relatively
minor volume of deposits and capital to be acquired
by this merger, there will be little effect on statewide
banking competition. The main effect of the merger
will be felt in Clover, where the merging bank has its
one office. Clover, a community of 3,500 is located
in York County, in the north central part of the state,
four miles from the North Carolina border and twentyeight miles southwest of Charlotte, North Carolina.
The economy of Clover is based on three textile
mills, which employ 1,500, and on agriculture. Part
of Clover's working force commutes to Gastonia,
North Carolina, 12 miles to the north.
The $1.9 million First National Bank of Clover's
main competition is the nearby $2.4 million Bank of
Clover. Nine miles south of Clover are located the
$4.0 million Bank of York, and the $1.4 million State
Bank of York, each with one office. Nearby Charlotte
and Gastonia house offices of all the large North Carolina banks and offer banking alternatives to Clover
residents. The merging bank has enjoyed moderate
success over the past years but its small size and low
loan capability, adequate only for the smallest business customers has restricted its growth. It offers neither trust services nor consumer credit loans and faces
problems of management succession.
Approval of the merger will have no effect upon
competition between the merging banks since their
closest offices are located 85 miles apart. Clover's
remaining bank is capable of holding its own competitively and may even profit by its position as the
only locally-owned bank. The resulting institution
will be competitive with the large North Carolina
banks active in the area and provide services to many
of the inhabitants of Clover who have been forced
to seek them elsewhere.
The merger will provide a stimulus to the economy
of Clover and make additional resources available
for future economic growth. The public will benefit
by the creation of new and improved facilities and the
addition of services such as a trust department;
younger and more aggressive management will stimulate competition; and greater diversification of its
loan portfolio will protect the bank against local
fluctuations.
On balancing the facts of this case in light of the
statutory criteria, we find that the merger is in the
public interest and the application is, therefore, approved effective on or after December 21, 1962.
DECEMBER 14, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
Applicant, the third largest bank in the City of
Columbia and State of South Carolina, has nineteen
branches located throughout the State. It does not
appear that the addition of the resources of the merging bank will significantly affect competition in the
applicant's operating areas of Columbia, Anderson,
Charleston, Clemson, and Summerville. The participating banks, about 75 miles apart, do not appear to
compete with each other to any substantial degree.
In the immediate service area of the Merging Bank,
the only remaining local independent will be at a considerable competitive disadvantage if the merger is
consummated. In addition, the merger may accelerate the growth in concentration and further increase
the dominance throughout the State on the part of
Columbia banks including the Applicant. Thus the
merger may have adverse effects on existing and potential competition.
THE FIRST NATIONAL BANK OF FLINT HILL, FLINT HILL, VA., MERGED WITH THE CITIZENS NATIONAL BANK OF
FRONT ROYAL, FRONT ROYAL, VA.
Banking offices
Name of bank and type of transaction
Total assets
In operation To be operated
The First National Bank of Flint Hill, Flint Hill, Va. (11797), with,
and The Citizens National Bank of Front Royal, Front Royal, Va. (13275), which
had
merged Dec. 31, 1962, under charter and title of the latter bank (13275) The
merged bank at date of merger had
COMPTROLLER'S DECISION
On October 5, 1962, the $7 million Citizens National
Bank of Front Royal, Front Royal, Virginia, and the
$572,000 First National Bank of Flint Hill, Flint Hill,
Virginia, applied to the Comptroller of the Currency
for permission to merge under the charter and title
of the former.
Front Royal is the county seat and geographic center
of Warren County which is located at the extreme
western edge of the Piedmont, abutting the Blue Ridge
Mountains, in northern Virginia. The 8,000 residents
$650, 941
1
7,569 098
2
8, 220, 040
3
of the town and the remaining 6,700 residents of
the county work within a somewhat diversified manufacturing and agricultural economy processing and
producing limestone, rockwool, rayon, fruit jams and
jellies, chemicals, wood products, sheep, beef and dairy
cattle, grains, berries, and fruits. The town, which
also receives seasonal economic support from tourists
visiting the Skyline Drive and the Skyline Caverns,
is served by Citizens National through a main office
and a drive-in branch, and by the slightly larger,
single-office Bank of Warren. Nonbank financial in-
137
stitutions include two personal loan companies, a credit
union, and a direct lending agency of the Federal
Government.
Flint Hill, some 12 miles south of Front Royal, is in
the north central part of Rappahannock County. The
5,600 county residents are engaged primarily in agricultural activities with nearly half of all farm income
deriving from fruit crops. Seasonal additions to county income are made available from packing plants,
cold storage and locker plants, and the sale of saw
logs and fence posts. This primary dependence upon
agriculture is on the threshold of change: a manufacturer of feminine sports and casual wear has completed construction of a new plant which is expected
to employ 200. This new industry will give Flint
Hill's economy a decided boost and, at the same time,
it will place a burden on the First National for expanded services since the establishment of the new
plant is expected to promote an increased demand for
mortgage and other loans. While First National is
the only financial institution in Flint Hill, the $2 million Rappahannock National Bank, situated within
the service area approximately five miles to the south
in Washington, Virginia, will also feel the impact of
this economic improvement.
Approval of this merger will provide Flint Hill with
increased banking services and greater financial resources to serve the community and will, at the same
time, secure continuation of adequate management
resources for the Flint Hill facility.
Applying the statutory criteria to the facts of this
case, we find that the proposed merger will be in the
public interest. The application is, therefore, approved effectively on or after December 19, 1962.
DECEMBER 12,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Citizens National Bank of Front Royal, Warren
County, Virginia with total deposits of $6,367,000
and total loans and discounts of $3,887,000 and the
First National Bank at Flint Hill, Rappahannock
County, Virginia with total deposits of $519,000 and
total loans and discounts of $239,000 propose to merge.
The two banks are twelve miles apart in a rural and
agricultural section of Virginia. It is believed important to note that although the lessening of competition as a result of the merger would not be
substantial, the effect is to add to the growing concentration of banking in Virginia.
II. Disapprovals
NATIONAL BANK OF WESTCHESTER, WHITE PLAINS, WHITE PLAINS, N.Y.,
BANK OF NEW YORK, NEW YORK, N.Y.
Name of bank and type of transaction
Total assets
National Bank of Westchester, White Plains, White Plains, N.Y. (10525), with
and The First National City Bank of New York, New York, N.Y. (1461), with
disapproved Dec. 19,1961.
COMPTROLLER'S DECISION
Appplication has been filed with the Comptroller
of the Currency to merge National Bank of Westchester, White Plains, New York, and The First National City Bank of New York, New York.
The First National City Bank, one of the nation's
outstanding institutions, is the second largest bank
in New York, and the third largest in the nation. It
had on September 27, 1961, total resources of
$7,952,198,366.49. It operates 85 branches in New
York City, and three in Nassau County, as well as 79
foreign branches. It has received approval to establish two branches in Westchester County, one in Eastchester, and one in Harrison. Neither of these is
open or expected to be open for some time. Thus
it presently has no branches operating in Westchester
County.
138
AND THE FIRST NATIONAL CITY
$239, 809, 036
8,287, 359, 833
Banking
offices
in operation
22
89
National Bank of Westchester, White Plains, is the
second largest bank in Westchester County. It had
on September 27, 1961, total resources of $271,214,235.91. Its main office is in White Plains, 29.3 miles
from New York City. It operates no branches in New
York City. The largest bank in Westchester County
is County Trust Company, with total resources on
September 27, 1961, of $541,351,126.49. It has 41
branches, all of them in Westchester County. In addition to these two, there are 7 other commercial banks
with main offices in Westchester County of which the
smallest is First National Bank of North Tarrytown
with total resources of $14,973,388.39. It operates
only in North Tarrytown and has no branches. In
Westchester County there also is a branch of Bank of
Commerce of New York in Yonkers, and a branch of
Chemical Bank New York Trust Company in Eastchester. Approval has been granted for the estab-
lishment of a branch of Chase Manhattan Bank in
Hartsdale, but this branch is not yet open.
New York is, of course, the largest metropolitan
area in the nation, with a population in excess of 10.5
million. The City itself has a population of 7,781,984.
It has a number of very large banks vigorously competing for local business as well as for national and
international business. It is perhaps the most intensely competitive banking market in the nation.
Westchester County is immediately north of and
contiguous to New York City. According to official
census publications it is a part of the New York metropolitan area. It has an area of 435 square miles, with
a population of 808,891. It has a density of population of 1,859.5 persons per square mile, but a large
proportion of the population is concentrated in a number of cities in the southern portion of the county
adjacent to New York City. These include Yonkers,
with a population of 190,634, New Rochelle with a
population of 76,812, and Mount Vernon with a population of 76,010.
If this merger should be approved, and if there
should be approved the establishment and operation
by The First National City Bank of New York of
branches at the sites of the main office of the National
Bank of Westchester, and of each of its branches,
The First National City Bank would thereby acquire
26 offices in Westchester County, out of a total of
110 commercial bank offices therein.
The commercial banks in Westchester County with
their total resources and number of branches are:
Title and location
"The Gramatan National
Bank and Trust Company
of Bronxville," Bronxville,
NY
"Northern Westchester National Bank, Chappaqua,"
Chappaqua, N.Y
"The First National Bank of
Mount Vernon," Mount
Vernon, N.Y
"First Westchester National
Bank of New Rochelle,"
New Rochelle, N.Y
"The First National Bank of
North Tarrytown," North
Tarrytown, N.Y
"Scarsdale National Bank and
Trust Company," Scarsdale,
N.Y
"National Bank of Westchester,
White Plains," White Plains,
NY
"First National Bank in
Yonkers," Yonkers, N.Y
"County Trust Company,"
White Plains, N.Y
1
Total resourcesl
Branches
$19,365,205.69
\
19,194, 324. 46
4
52, 453, 485. 63
3
86, 390, 033.13
13
14, 973, 388. 39
0
37, 687, 642. 78
3
271,214,235.91
84, 971, 401. 93
541,351,126.49
25
9
41
We find ourselves with heavy responsibilities in
reaching our decision in this case. We must decide
whether this merger is in the public interest, and that
decision must be made under the provisions of Section 18(c) of the Federal Deposit Insurance Act (12
U.S.C. 1828(c)), in the light of six significant statutory factors.1 These factors are the financial history
and condition of each of the banks involved, the adequacy of its capital structure, its future earnings prospects, the general character of its management, the
convenience and needs of the community to be served,
and the effect of the transaction on competition (including any tendency toward monopoly). We regard
it as our duty to give the broadest possible significance
to each of these factors in order that our decision
may truly be in the public interest.
Of critical significance in this case are the convenience and needs of the communities involved and the
effect of the merger upon competition (including any
tendency toward monopoly).
Convenience and Needs of the Community
In connection with this factor we must take into
consideration the convenience and needs of each community involved. These include: Westchester County,
New York City, the New York Banking District as
defined in the application,2 New York State, the national banking market, and the international banking
market. First and foremost, however, is the convenience and needs of the United States. We are charged
with responsibility for insuring that our national banking system at all times has the capacity to perform
and does perform its vital functions of contributing to
the free flow of money, the financing of government,
national, state and local, the financing of trade and
commerce, national and international, the financing
of business and industry, the financing of home purchases, thefinancingof consumer purchases, and where
necessary, the financing of war.
The national banking system must play a vital role
in contributing to economic growth. Economic
growth is a vital goal of our national economic policy. Achievement of the full potentials for our economic growth requires the most effective functioning
of our commercial banking system. It is our judgment that the banking system has not performed in
the fashion which is required if this goal is to be
attained. We must re-examine, reconsider, and if
1
The seventh statutory factor, whether corporate powers
are consistent with the purposes of the Federal Deposit
Insurance Act has no significance in the case of national
banks whose corporate powers are in every case consistent.
a
This includes the counties of New York, Bronx, Westchester, Nassau, Queens, Kings and Richmond.
As of Sept. 27, 1961.
139
necessary, revamp our national banking system to insure its adequacy to perform this vital role.
The vital role of banking in our economy is a prime
reason for a NATIONAL banking system. Nearly
100 years ago, after two earlier experiments with single banks, the nation concluded that there was needed,
and there was provided, a national banking system.
Since that day in 1863 when the National Bank Act
was first enacted, the Executive, the Congress, and
the Courts have jealously protected that system against
encroachment from any source. The courts have
stated that, "National banks are national favorites," 3
and have recognized that national banks are federal
instrumentalities, created for public and national purposes.4 The Congress has often legislated in the interests of the national banking system and to prevent
it from being at any competitive disadvantage with
respect to state banks, e.g., in the matter of branches.
We represent the Executive as our predecessors in
office have over nearly 100 years. It is our responsibility, and our responsibility alone, acting within the
statutory policies prescribed by the Congress, to preserve and to protect the national banking system, to
insure that it has the capacity to and does perform
its vital governmental functions, and here specifically
to consider whether proposed mergers of national
banks are in the public interest, and to decide whether
they should or should not be permitted.5 And so, it
is in the light of this heavy responsibility that we must
examine the proposal before us. We must do so with
great care.
The effect of this proposal would be to substitute
in Westchester County for the National Bank of Westchester, The First National City Bank of New York.
As has been stated, by this merger the latter bank
would acquire at once 26 branches in Westchester
County. This would be in addition to one other
branch for which it has received approval, but which
is not yet in operation.6
Thus, should this merger be approved, the banking structure in Westchester County would consist of
County Trust Company with 41 branches, The First
National City Bank with 27 branches, 7 much smaller
commercial banks with a total of 33 branches, and
three branches of other New York City banks, of the
8
4
Tiffany v. Bank of Missouri, 18 Wall. 409, 413 (1874).
Osborn v. The Bank of the United States, 9 Wheat. 738,
860 (1824); Van Reed v. Peoples National Bank, 198 U.S.
554 (1905); Franklin National Bank v. New York, 347 U.S.
373 (1954).
"The National Bank Act is "A complete system for the
establishment and government of national banks." Cook
County National Bank v. United States, 107 U.S. 445, 448
(1883); Deitrick v. Greaney, 309 U.S. 190, 194 (1940).
8
It has received approval to establish two branches in
Westchester, but if the merger should be approved, one of
these would be consolidated with a close-at-hand branch of
National Bank of Westchester.
140
five largest New York City competitors of The First
National City Bank, two would have one branch each
in Westchester, with the other three having none.
Such an unbalanced banking structure is our major
cause for concern in connection with this merger.
It is desirable and in the public interest that New
York City banks be permitted to branch in the suburban portions of the metropolitan area. Banks like
other businesses should be permitted to follow their
customers to the suburbs. As our society changes so
must every business desiring to maintain its position
and achieve its growth potential change also. One of
the serious problems in banking today arises from
legal restrictions, many of which were designed for
an earlier age, which have hampered the proper accommodation by banks to the changing nature of our
society, and have inhibited not only their growth, but
their ability to serve efficiently our growing economy.
Removal of the restrictions on New York City banks
branching in Westchester and Nassau Counties shows
recognition of these problems at the State level.
The most immediate advantage of this legislation
to the public in Westchester and Nassau Counties is
the price competition which will result and which to
some extent has already resulted from the entry and
prospective entry of the New York City banks. On
personal loans The First National City Bank charges
4^4 percent discount, including insurance, whereas
until very recently the Nassau and Westchester banks
charged 6 percent discount, plus insurance, as most
still do. The National Bank of Westchester now
charges 4^2 percent discount, plus insurance, on new
autombile loans, 6 percent on personal loans. The
Franklin National Bank of Long Island now charges
4% percent on new automobile loans, and on personal
loans is stated to be competitive with New York City
banks. It is not unreasonable to suppose that the
entry and prospective entry of the New York City
banks were a factor in the decisions of the other banks
to reduce their rates. Price competition resulting in
lowered rates to the public is a matter of public entitlement and is not without substantial national economic
significance, but is consistent with national aims and
policy relating to production, employment, and
growth.
There are other advantages. The larger banks
have experts in very nearly every important line of
industry. The presence of these experts not only
enables the larger banks better to evaluate credit in
specialized fields, but their knowledge and services are
of inestimable benefit to the borrowers. The larger
banks are thus enabled to give specialized services of
a type not available from smaller banks. This also
is to the public advantage.
It is likely also that the needs of small business in
Westchester County would be better served as a result of this merger. There is aggressive competition
among the larger banks of the country to service the
needs of small business, and they do it well. The
First National City Bank has pioneered and has been
particularly outstanding in meeting the credit needs
of and in aiding small business. It remains one of
the nation's leaders in this respect. We are aware
of criticisms to the effect that only local banks can
serve local needs, and that the small businessman is
more welcome at the smaller banks than at the larger
ones. As a general proposition we are satisfied that
this is not true. As was stated at the hearings on
this merger, large banks do actually service the needs
of small business.7 Information submitted by the
First National City Bank after the hearings and included in the record, concerning its activities in lending to small business, serves to confirm our view that
small business in Westchester County would benefit
from the entry therein of that bank.
Another considerable advantage which will flow
from the entry of New York City banks is the more
productive utilization of savings through improvement
in the mobility of funds from areas of excess to places
where they may be employed to better advantage.
This is a point in favor of the merger rather than
against it. The First National City Bank quite naturally desires to acquire surplus funds available in Westchester County for use throughout the scope of its
operations. We believe there is general awareness of
the need to remove impediments which may slow or
obstruct the movement of capital to the uses which
will contribute most effectively to the nation's economic growth.8 Capital should not be artificially
condemned to inferior uses.
Since we are satisfied that substantial benefits will
be derived from the entry of the New York City banks
into Westchester County, the crucial question relates
to the method by which, and the rapidity with which,
access should be permitted. The response to this
question depends in turn upon the comparative benefits to be derived from the entry of the New York City
banks into Westchester County through gradual entry,
as contrasted with the more precipitate method proposed here. It depends, finally, upon the effect of
large-scale entry by merger on the banking structure
of Westchester County.
It is our view that these substantial benefits will
more desirably be made available in Westchester
County through the establishment of de novo branches.
We believe that large scale entry by this merger would
cause an unreasonable distortion and dislocation in
the present and future banking structure of Westchester County not consistent with the public interest
according to the standards set forth in the Federal
banking laws, particularly the so-called Bank Merger
Act.
There is no doubt that the larger New York City
banks are today actively seeking out acceptable
branch sites in Westchester and Nassau Counties.
Gradually, as the population shifts to what are now
the lesser populated sections of the county, acceptable
branch sites will be located, supervisory approval secured, and branches established. Already two of the
larger New York banks have one branch each on
Westchester, and The First National City Bank has
secured approval for two. It seems likely that these
branches, together with other branches which will be
approved and established, will supply the competitive
pressures necessary to bring the interest rates charged
in Westchester more closely in line with those now
charged in the intensely competitive New York City
area. There is some evidence that this is already
transpiring. As stated above, both National Bank of
Westchester and County Trust Company in Westchester, and Franklin National Bank in Nassau, have
to some extent lowered their interest rates. It may be
assumed that these reductions were the result of developing competitive pressures, actual or anticipated.9
Since it appears that the competitive capacity of
New York City banks is already making its influence
felt on the loan-rate structure of Westchester, it may
be concluded that the convenience and needs of that
area in these terms will be served effectively through
de novo branches, and without the merger.
There is no substantial evidence before us of failure to meet adequately the convenience and needs
of the public of Westchester County in respect to matters other than interest rates on loans. It is generally
agreed that there exists no lack of lending capacity
there; it is indeed a funds-exporting area. There was
testimony at the Hearing that all commercial banks
in Westchester were paying the maximum rate of
interest on savings deposits permissible under Regulation Q of the Board of Governors of the Federal Reserve System. No price competition, of course, isallowed for demand deposits. The improved and enlarged services which might be expected from the
merger will come to Westchester County through the
branches of the New York City banks which may
now be anticipated. It appears, therefore, that approval of this merger is not warranted or required by
a consideration of the critical question of the convenience and needs of Westchester County.
We attach serious implications to the prospective
disclocations in the banking structure which we believe would result from this merger. There are two
principal considerations: elimination of the National
T
Transcript of Hearing, statement of the Comptroller of
the Currency, pp. 197-199.
8
Transcript of Hearing, Colloquy between Mr. Arthur
Roth and the Comptroller of the Currency, pp. 153-155.
9
There are presently pending before the Board of Governors of the Federal Reserve System two mergers involving
proposed acquisitions by large New York City banks of banks
in Nassau each with a number of branches.
141
Bank of Westchester as a separate entity; and the
markedly superior position which The First National
City Bank would acquire over the other New York
City banks in securing banking business in Westchester County.
The National Bank of Westchester is a large, wellmanaged bank with its branch offices strategically
located at various points in the County. If it now is
eliminated, it will forever cease to exist. We are convinced that from a longer-range viewpoint the elimination of this bank will have harmful effects, in terms
of the public interest. It now has total resources in
excess of $250 million. Located, as it is, in a rapidly
growing portion of the largest metropolitan area in
the nation, and with other factors favorable to its
growth, its continued success seems assured. It is
therefore our view that the continued existence in
Westchester County of this bank outweighs any immediate benefits to be gained through this merger.
Should this merger be approved, there would remain
in Westchester County, aside from the New York
City banks, County Trust Company with assets of
more than $500 million, and a number of smaller
commercial banks none as large as $100 million in
size. Of the New York City banks, one would have
27 branches in Westchester County, while none of the
others would have more than one branch. This
would leave County Trust Company as the only really
effective competitor of the New York City banks in
Westchester.10
In contrast, should this merger be disapproved,
there would continue to be two large banks serving
Westchester County, both well able to service the
convenience and needs of the County, and there would
be preserved a reasonable equality-of-opportunity for
entry into Westchester County of all New York City
banks. Clearly, this offers the more hopeful prospect
of developing and maintaining there a viable and
balanced banking structure under the banking laws.
These considerations appear to us to be of paramount importance, and indicate that the merger
should be disapproved. It is thus our judgment that
entry of New York City banks into Westchester County
should be by branches, now permitted under New
York Banking Law, and not through the proposed
merger. We reach this judgment because of our concern that the proposed merger would produce serious
distortions and dislocations, and so that the evolution
of banking facilities in that area may be observed and
controlled in the best interests of the communities
involved and of the banking system.
The smaller banks in Westchester County, to the
extent that they are able properly to service the needs
of their respective communities, should be given the
10
The smaller banks could, or course, and no doubt would,
continue to grow; they could also provide effective competition, but only to the limits of their resources.
142
opportunity to grow and to prosper. It is our view
that a balanced banking system consisting both of
small banks and of larger banks is more desirable
than one consisting solely or primarily of large banks
or of smaller banks artificially protected from vigorous
competition. While small banks can and do grow in
competition with larger institutions, with unique benefit to the commercial banking system as such, approval
of this merger could well beget an unbalanced banking
structure depending primarily on larger banks, just
as denial of substantial—if gradual—entry of the
New York City banks could beget an unbalanced structure where large segments of the population would
have to rely on smaller banks enjoying economically
unjustifiable protection merely because of size.
If, as a matter of sound banking policy, the New
York City banks are allowed to compete equitably for
acceptable branch sites in Westchester County, this
policy will itself lead to vigorous competition, with
no one bank having an excessive advantage over the
others. As the New York City banks enter that
County, even though on a gradual basis, the banks
now there, including County Trust Company and National Bank of Westchester, will find themselves under
a constraint to meet the new competition. This competition will insure to the public the substantial benefits of one of the fruits of our system. There is no
doubt that both of these latter-named banks are well
able to compete domestically on a substantially equal
basis with the largest New York City banks. The outcome will be in the public interest.
If entry is to be limited to the more gradual establishment of branches, as will be required under this
decision, the banking authorities will be better able
to observe and determine whether the desired effects
in terms of price competition and in other material
respects are being achieved. We shall maintain our
interest in seeing that the banking needs of Westchester
County are adequately and properly served, and that
the banking public has the benefits which are expected
of vigorous competition.
At the present time, rates in Westchester County
and in Nassau County are substantially higher than
those charged for comparable loans by the larger New
York City banks. This results in some degree from
the fact the banks in these counties have in the past
been protected by State laws from competition. Some
of the banks in these Counties will continue to be
protected by the Home Office Protection Law of the
State.11 We shall observe closely the situation in the
cities where this rule applies.
If it should develop that the public interest does require entry on a substantial scale of branches of New
York City banks, such entry will be authorized where
legally permissible. Similarly, adequate and competitive servicing of the banking needs of the County by
u
Section 105 of the New York Banking Law.
existing banks will determine our policy in granting
new bank charters.
Effect of the Transaction on Competition {Including
Any Tendency Toward Monopoly)
This is an issue charged with emotionalism and
characterized at the present time by an almost complete lack of clarity and objectivity, brought about in
part by an indiscriminate use of conceptual terms.
There has to our knowledge been no adequate study
of bank competition or the standards by which the
effects upon competition of bank mergers should be
measured. The nature of commercial banking and
the regulatory framework under which it operates distinguish banking from the type of industrial enterprise
to which the general antitrust laws were designed to
apply, and render highly questionable for judging
bank mergers the concepts developed in the application of those laws to industrial corporations. For
example, there are geographical limitations upon the
expansion of banks which place ultimate limits upon
their possible growth. There is also to some extent
federal regulation of the supply of money which is
the raw material of the commercial banking business.
This is a factor in limiting the growth of banks since
a bank which prospers cannot, as an industrial corporation might do, purchase additional raw materials
and increase productive capacity in order to grow. A
bank can acquire more loanable funds only by generating additional deposits, a considerably more difficult undertaking than merely purchasing more supplies and producing more goods, and one which is
subject to influences other than management decision.
We believe it to be incumbent upon the bank supervisory agencies to institute studies aimed at developing proper standards to insure adequate competition
in banking. It is the banking agencies alone that
have the facilities, the background knowledge, the constant concern with the adequacy of banking to serve
the financial needs of government and of industry,
as well as the understanding of the monetary and
fiscal policies and problems of the nation necessary
to adequate consideration of this matter.12 We have
stated publicly that we shall institute such studies both
internally and through the appointment of an advisory
committee.
Moreover, under the so-called Bank Merger Act
of 1960 (Section 18(c) of the Federal Deposit Insurance Act), the banking agencies have the ultimate
responsibility for the determination of the effect upon
competition of bank mergers, and for the preservation
of effective but sound competition in banking. Their
13
"Both managers and examiners of financial institutions
should always bear in mind the role of our financial institutions in promoting economic growth." The report of
the Commission on Money and Credit, p. 175.
determinations, however, must, as the Congress wisely
recognized in enacting the statute, be based on much
broader considerations than competition alone.
We are unimpressed with the arguments presented
to us that this proposed merger will have such an
adverse effect upon competition as to require our disapproval. There have been no serious arguments presented to us that this merger would substantially lessen
competition, and there is no evidence before us to
support a conclusion that it would.13 Such competition as the evidence indicates there may be between
the applicant banks is not significant when considered
in the light of the total competition existing in the
areas in which the banks operate. We find that there
would be no substantial lessening of competition resulting from this proposed merger.
It is urged upon us that this merger will result in
a tendency toward monopoly. In order to find a
tendency toward monopoly we must find that by this
merger The First National City Bank would have
moved measurably closer to the monopoly power of
being able to control prices or to exclude competition.14 First, however, there must be determined "the
area or areas of existing effective competition in which
monopoly power might be exercised." 15 The area
chosen must constitute "a single area of effective competition among commercial banks." 16
No one has suggested or could seriously suggest
that this merger would create a tendency toward monopoly in the New York Metropolitan area. On the
contrary, it is urged that the effects of this merger must
be measured in Westchester County alone. We agree
that whatever competitive impact this merger would
have would be in Westchester County, and that there
would be no impact to any significant degree elsewhere. It seems to us doubtful that a single portion
of a large metropolitan area could realistically be regarded as constituting a single area of effective competition among commercial banks either from the
viewpoint of enforcing the antitrust laws or of considering the effect upon competition under the Bank
Merger Act, particularly when the large metropolitan
banks are permitted to establish branches within the
"The Federal Reserve report states that there is a "significant" amount of competition between the two banks,
which would be eliminated. Neither the Department of
Justice nor the Federal Deposit Insurance Corporation in
its report to us on competition stated that there would be
a substantial lessening of competition. In a supplemental
letter addressed to us in response to our request for clarification of some aspects of its original report, the Department
of Justice in support of its contention that Westchester
County is the relevant market area for this merger, urged
that the Westchester banks are not in competition in an
important way with New York banks.
14
Transamerica Corp v. Board of Governors, (C.A. 3,
1953) 206 F. 2d 163, cert. den. 346 U.S. 901.
15
Ibid., p. 169.
16
Ibid.
143
area. It is unnecessary for us to decide this question,
however, for it is clear that this merger would create
no tendency toward monopoly in Westchester County.
In the first place, we have considerable doubt that
there can exist effective monopoly power in commercial banking as it operates in this country today. Here
again is illustrated the difficulty of attempting to apply
to banking antitrust concepts developed in connection
with industrial enterprises. There are few other industries subject to governmental regulation and control to the same extent as commercial banking, and
in the case of those that are it is usual that they are
exempt from the antitrust laws in matters subject to
regulation.17 In the case of banks there are limitations on geographical expansion, there are limitations
on the rates of interest which they may pay on time
and savings deposits, they are prohibited from paying
interest on demand deposits, they are limited by the
usury laws in the interest which they may charge on
loans;18 the supply of loanable funds, which is their
stock in trade is limited (1) by the amount of deposits
they are able to generate, (2) by the reserves which
they are required to keep with the Federal Reserve
System, (3) by the amount of the total money supply
at any given time, and in many other respects. The
Board of Governors of the Federal Reserve System
has several methods including the setting of reserve
requirements and discount rates, and open market
operations, which it can and does use to influence the
money supply. It is not within the power of banks,
as is true of industrial corporations, to increase freely
their productive capacity. A bank which attempted
to use lower interest rates on loans as a means of driving out competition would very soon find itself without
loanable funds.
Whatever the risks may be that monopoly power
could be attained in banking, we are satisfied that it
could not be achieved in an area such as Westchester
County, which is immediately adjacent to the most
intensely competitive banking institutions in the nation, and which is open to branching by a significant
number of those large and aggressive banks.
" A good discussion of the interweaving of the antitrust
laws and regulatory laws in connection with regulated inIn Westchester County there is at the present time
dustries may be found in California v. Federal Power ComCounty Trust Company, a commercial bank with 41
mission, No. 15687 (G.A.D.C, March 30, 1961), cert.
offices and total resources of more than $500 million.
granted, Oct. 9, 1961, 30 L.W. 3102.
18
This bank is and can continue to be an able and effecNational banking associations are probably subjected to
as many regulations as any type of institution in this country.
tive competitor. There is no doubt that a bank of
For example, the Comptroller's approval is required for: their
this size and efficiency can compete and compete well
chartering, the establishment of branches, mergers, consolidawith banks of the largest size, including The First
tions, purchases of assets, assumption of liabilities, converNational City Bank. In addition to County Trust
sion from state into national banks, increases in capital, dethere are other commercial banks ranging in size from
creases in capital, stock dividends, dividends exceeding net
profits for three years, certain types of borrowing, investthe First Westchester National Bank of New Rochelle,
ment in bank premises in excess of the amount of capital,
with total resources of $86 million, to The First Nachange of location, change of name, etc. They are subject
tional Bank of North Tarrytown, with total resources
to regulations of the Comptroller of the Currency regardof $15 million. Each of these banks is protected from
ing investment securities, real estate loans, engaging in the
insurance business, acting as real estate broker, making
the establishment of branches of The First National
loans on leaseholds, etc. They are subject to regulations
City Bank in the city in which its main office is located,
of the Board of Governors of the Federal Reserve System
by the provisions of Section 105 of the New York
with respect to: Reserves required to be maintained against
Banking Law.19 We have no fear that these banks
deposits, amount of interest which may be paid on time
and savings deposits, interlocking directorates, loans to executive officers, exercise of trust powers, collection of noncash items, check clearing and collection, the establishment
of foreign branches and foreign subsidiaries, affiliate relationships, relationships with dealers in securities, loans secured
by registered stocks, etc. They are subject to regulations
•of the Federal Deposit Insurance Corporation with respect
to advertising. They are prohibited by law from: establishing additional offices outside their own states, and in
many cases within their own states, engaging in the securities business, underwriting and dealing in special revenue
or corporate securities, lending more than a specified percentage of capital and surplus to any one borrower, making
loans on real estate except in accordance with statutory
requirements, owning real estate other than that necessary
to their accommodation in their business, engaging in the
banking business with less than a specified amount of capital,
purchasing their own shares of stock or making loans on
their own shares of stock, borrowing in excess of the amount
of their capital, paying interest on demand deposits, charging
interest in excess of that permitted by the usury laws, dealing
with affiliates except in specified ways, accepting drafts in
144
excess of specified amounts, acting as insurance agent or real
estate brokers in towns of more than 5,000, acting as agent
for nonmember banks in receiving discounts from Federal
Reserve banks, acting as agent of any nonbanking person
in making loans on the security of stocks to brokers or
dealers, engaging in business transactions with their directors,
except on specified terms, etc. Every national bank is required by law to be a member of the Federal Deposit
Insurance Corporation and the Federal Reserve System; it
must furnish periodic reports to the Comptroller of the
Currency and the Federal Deposit Insurance Corporation
upon calls submitted by them; it must submit to semiannual
examinations by the Comptroller of the Currency; and its
shareholders are subject to assessment for impairment of
capital.
19
By this merger The First National City Bank would
acquire branches in New Rochelle and in White Plains where
are located the main offices respectively of First Westchester
National Bank of New Rochelle and County Trust Company.
It would be able to acquire no additional branches in either
place because of the home office protection law.
will be unable to compete effectively even when faced
with increased competitive pressures. There are also
located in Westchester County at the present time, two
branches of New York City banks, a branch in
Yonkers of the Bank of Commerce and a branch in
Eastchester of The Chemical Bank New York Trust
Company. Under New York and Federal law, New
York state and national banks, respectively, can be
authorized to establish additional branches in Westchester.
The First National City Bank's present policy of
charging the same rates at all its offices, if continued,
would restrict its capacity to use its admittedly great
financial resources to achieve a monopoly position.20
Any change in this policy, if there was any evidence
that it was designed for the purpose either of achieving or exercising monopoly power, would bring the
most intensive supervisory scrutiny.
We find that there is no foreseeable possibility of
The First National City Bank acquiring monopoly
power in Westchester County, and hence that there
would be no tendency toward monopoly resulting from
this merger.
Neither do we find that this merger would result
in any undue concentration of banking resources in
Westchester County. The First National City Bank
of New York now has no offices, and hence no resources in Westchester County. The effect of this
merger would be to substitute that bank in Westchester
County for the National Bank of Westchester. This
would result in no change in the concentration of resources in the County. It does not seem to us realistic
to take account of all of the resources of The First
National City Bank, acquired through its deposits
in all of its other offices, in measuring the concentration of banking resources in Westchester County.
Moreover, since Bank of Commerce and Chemical
Bank New York Trust Company each have an office
in Westchester, and The Chase Manhattan Bank soon
will, that approach would require including also the
total resources of all of those banks, thus obviously
giving a greatly distorted view of the banking structure
in Westchester County. Any increase in concentration resulting from this merger would have to be appraised in terms of the entire areas in which both
banks operate. Viewed in this light, there would be
no undue increase in concentration.
Objection has been made to this merger on the
ground that the smaller banks in Westchester would
find it difficult to compete with the lower rates and
better services offered by The First National City
Bank. As we have stated earlier, we have no fear that
the smaller banks in Westchester County would be
unable to compete effectively if this merger were approved, particularly in view of the home office pro20
Transcript of Hearings, Testimony of Mr. George Moore,
p. 93.
tection which their main offices enjoy.21 Even if we
thought otherwise, however, we do not believe that
this would be a proper basis upon which we could
disapprove this merger. The purpose of assuring
competition is to bring to the public the best and
broadest services at the lowest cost. Only keen competition will insure this result. It seems to us to
amount to a perversion of this concept to undertake
the protection of small competitors from fair competition by larger competitors, if thereby the public is
wholly or partly denied the benefits of competition
to which it is entitled. By fair competition we mean
competition in the absence of monopoly power, and
without predatory purpose. We have concluded
above that The First National City Bank could not
foreseeably achieve monopoly power in Westchester
County, and if the rates charged and services rendered
in Westchester County were identical with those
offered in New York City, that would be ample evidence that they were not fixed with a predatory purpose.22
We have been unable to find any authority, and
none has been cited to us, to support a conclusion
that there is any national policy to prevent fair competition which may adversely affect some rival firms,
and we reject this argument. In response to a specific
question from us, the Department of Justice has advised us that "Nothing in our national policy of free
competition protects competitors of any size from
the kind of competitive advantages First National City
would enjoy in Westchester when such advantages
are achieved through normal growth and efficiency,"
but that "Congress has chosen to close the path to
the achievement of such advantages through combinations, mergers or acquisitions where the effect of
such combinations may be to substantially lessen competition or tend to create a monopoly or unreasonably
restrain trade." Since we are satisfied that the effect
of this merger would not be to substantially lessen competition or tend to create a monopoly or unreasonably
restrain trade, we are satisfied that considerations of
the protection of smaller competitors would not be
pertinent to our conclusion with regard to the effect
upon competition.
As bank supervisors, we would, of course, be concerned with competition which might lead to insolvency, lack of reasonable earnings, or unsound practices on the part of any bank. This is one of the
prime reasons for bank supervision and for requirements of supervisory approval of new charters,
branches, mergers, etc. We must not confuse our
consideration of banking factors, however, with our
n
It is perhaps significant that while each was invited to do
so, no commercial bank operating in Westchester County
appeared at the hearing in opposition to this merger, and
only one commercial bank furnished for the record a statement in opposition.
22
See footnote 20.
145
consideration of competitive factors. Part of the existing confusion concerning bank competition stems
from a failure properly to distinguish banking factors
from competitive factors.
One other consideration needs mentioning. This
proposed merger was for legitimate business purposes,
and no part of the purpose was to eliminate a competitor nor to attempt to monopolize. Having been
prohibited by law for more than a century from expanding into Westchester and Nassau Counties, The
First National City Bank, as well as other large New
York City banks, quite naturally are anxious to acquire
a share of the banking business in those large, expanding areas. Like other business, banks desire to
follow their customers to the suburbs. More important considerations, however, are the natural and laudable desires on the part of The First National City
Bank to slow the proportionate decline in the volume
of its business,23 to secure additional deposits so the
funds can be used in its national and international
business, and thus to facilitate the free flow of funds
from areas of surplus funds to areas of need. The
fastest and most efficient way to accomplish these purposes would, of course, be to merge with another
bank having a volume of deposits and a number of
offices.
It has been suggested that the desirable results to
be achieved by this merger could be achieved also
through correspondent relationships. This shows a
lack of understanding of the nature of those relationships as well as the basis upon which they exist. Such
relationships exist primarily to breach artificial barriers
and they result in services to the smaller banks in
the nature of tax advice, investment advice, etc., which
the small banks cannot easily provide for themselves.
These services are compensated for, of course, by
deposits maintained with the larger bank. Correspondent relationships are in no sense an adequate
substitute for the establishment of branches.
Some of what we have considered under the convenience and needs factor might be pertinent also to
the competitive factor. However, our primary concern has been with the balance of the banking system
in Westchester County, the structure of the system,
how best the banking needs of the community can be
served, what sizes and types of banks there should be,
the number of banks, etc. In our view these are
clearly relevant to the banking factors and for determination by the Comptroller of the Currency in the
exercise of his supervisory authority over the national
28
See comparison of growth in gross national product with
growth in commercial bank assets in the merger application, p. 88; and the comparison of growth in gross national
product with growth in total assets of the First National
City Bank of New York submitted by the bank after the
hearing for inclusion in the Record.
146
banking system, rather than to the competitive factor,
of the Bank Merger law, where the primary concern is
with lessening of competition or tendency toward
monopoly.
We are satisfied that the effect of this merger upon
competition alone would not be such as to require
its disapproval. If the benefits to be derived in Westchester County from the entry therein of the larger
New York City banks could be secured only through
this merger, we would have no hesitancy in approving
it. We may say that it is our view that there has been
a considerable overemphasis placed upon an alleged
lack of competition in banking, and an alleged concentration in banking. To the contrary, banking is
highly competitive. It is diffuse rather than concentrated, and the smaller institutions by and large
are growing at a faster rate than are the largest banks.
We find no reason for concern over the future of competition in banking.
Other Factors
We have considered the financial history and condition of the banks involved, the adequacy of their capital structures, their future earnings prospects, the
general character of their management, and whether
their corporate powers are consistent with the purposes
of the Federal Deposit Insurance Act. In our consideration of these factors we have found nothing to
change our views as expressed above. Our action
with respect to this merger should in no wise be regarded as any unfavorable reflection whatsoever on
The First National City Bank of New York, nor its
purposes in submitting this application. This bank
is in the very first rank of American financial institutions, and is outstanding in every way.
Conclusion
In view of our conclusions with respect to the convenience and needs of the community involved, we
have concluded that this merger should be, and it
hereby is, disapproved.
DECEMBER 19, 1961.
SUMMARY OF REPORT BY ATTORNEY GENERAL
First National City Bank of New York, the second
largest bank in New York City and the third largest
in the United States, proposes to merge with the
second largest bank in Westchester County, the National Bank of Westchester. In recent years the
growth of the County has been substantial, and greater
growth in its population and industry is predicted for
the future. The number of Westchester's commercial
banks, however, has been decreasing over the years,
primarily through mergers. From a total of 12 banks
with 96 banking offices in 1955, the number of West-
Chester banks has declined to 9 with 108 banking offices. Nevertheless, as recently as 1957, the president
of NBW believed that the County's requirements for
banking services and loans were being met adequately
by Westchester's banks, either directly or through correspondent affiliations. Moreover, even with the decline in the number of its banks, Westchester is today
undoubtedly a funds-exporting area, and this is an
important factor motivating FNCB to seek affiliation
with NBW, although FNCB officials state that local
needs will be given first consideration. FNCB requires
continually-expanding sources of deposits for use in
its national and international operations, and fully
expects that its merger with NBW will provide such
deposits. Through the merger FNCB will be provided
not only with NBW's present deposits but additional
deposits attracted at the expense of other Westchester
banks by FNCB's much lower bank rates, greater efficiency through size and automation, and wider range
of specialized services which will also eliminate NBW's
present correspondent relationships.
The competitive effects of the merger in Westchester
County would be pronounced. The resulting bank
would control resources of over $8 billion in an area
where all other commercial banks combined have resources totaling considerably less than $1 billion. The
merger would eliminate another independent bank
which, in turn, may lead the remaining independents
to merge with other Westchester County or with New
York City banks, and threaten undue concentration
of banking in Westchester.
It is the view of the Department of Justice, therefore, that the proposed merger of FNCB and NBW,
if consummated, would have a substantial adverse
effect on competition in commercial banking in the
Westchester-New York area and would tend to create
a monopoly in commercial banking in the Westchester
BANK OF LIVONIA, LIVONIA, MICH., AND NATIONAL BANK OF DETROIT, DETROIT, MICH.
Name of bank and type of transaction
Bank of Livonia, Livonia, Mich., with
and National Bank of Detroit, Detroit, Mich., (13671), with
disapproved Mar. 13, 1962.
COMPTROLLER'S DECISION
Application has been filed with the Comptroller of
the Currency to merge Bank of Livonia, Livonia,
Michigan, and National Bank of Detroit, Detroit,
Michigan.
National Bank of Detroit is the fifteenth largest
commercial bank in the United States, the third largest bank in the Middle West, and the largest bank in
Michigan. It had on December 30, 1961, total resources of $2,180,782,162.92. It operates 67 branches,
all within Wayne County, or a radius of approximately
25 miles from its main office. Three of its branches
are in Livonia.
Bank of Livonia is a small bank with total resources
of $8,519,363.78. Its main office is in Livonia and it
operates two branches, both in Livonia. Its last
branch was established in 1959. It would likely be
required by supervisory authorities to raise more capital before opening any additional branch.
Detroit, Michigan is the center of a large metropolitan area, having a population of 3,762,360, of
which 1,670,144 is within the corporate limits of
Detroit. It is highly industrialized.
Livonia, Michigan is a incorporated area of approximately 36 square miles within, and a part of, the
Total assets
$7, 978, 000
2, 036, 375, 000
Banking
offices in
operation
3
68
metropolitan area of Detroit. Its corporate boundary
and that of Detroit are less than two miles apart at
the closest point. It is a rapidly growing suburb of
Detroit without any distinguishable separate identity
of its own. It has no central business district but a
number of shopping centers. It has a rapidly growing
residential population but also a broad industrial belt.
Its population has increased from 17,534 in 1950 to
66,702 in 1960. It is estimated that its present population is 72,000, and it has been projected that in
1970, its population will approximate 120,000. It
has a density of population of 2,000 per square mile.
It is presently served by six banking offices, three
offices each of the applicants here. There are other
banking offices of the periphery of this incorporated
area.
It is our responsibility to determine whether this
merger is in the public interest. This determination
must be made in the light of the six significant statutory
factors enumerated in Section 18 (c) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(c)). These
factors are the financial history and condition of each
of the banks involved, the adequacy of its capital
structure, its future earnings prospects, the general
character of its management, the convenience and
147
needs of the community to be served, and the effect
of the transaction on competition (including any tendency toward monopoly). It is our duty to give the
broadest possible significance to each of these factors
in order that our decision may truly be in the public
interest.
This case must be considered in the light of the
Michigan branch banking law x which artificially and
discriminatorily prevents the City of Livonia from
being furnished banking services by other existing
banks than the applicants here; and which also prevents any bank other than the National Bank of
Detroit from acquiring the offices of Bank of Livonia.
Briefly, this law permits branching within county limits,
or within 25 miles, but provides that no outside branch
may be established in a city, town or village in which
a bank or a branch is then in operation. Under this
law as it has heretofore been interpreted, no bank except the Bank of Livonia may now establish branches
in Livonia, and after the merger, if approved, no bank
save the National Bank of Detroit may establish
branches in Livonia.
There can be no economic justification for such a
law. As a matter of practice it has resulted in a large
national bank in Detroit being permitted, after establishing one branch in the City of Dearborn, to establish five additional branches there with its Detroit and
other competitors prohibited from establishing any;
in the National Bank of Detroit, after establishing one
branch in Livonia, being permitted to establish two
additional branches there with its Detroit and other
competitors prohibited from establishing any; and in
other similar situations. After the establishment of a
unit bank in Dearborn, and the Bank of Livonia as a
unit bank in Livonia, only those banks could establish
branches in their respective communities. If this
merger should be approved, the National Bank of
Detroit would have six branches in Livonia and would
be the only bank which could establish additional
branches in that large and growing incorporated area.
We are charged with responsibility for insuring that
our national banking system at all times has the capacity to perform and does perform its vital functions
of contributing to the free flow of capital; the financing of government, national, state and local; the
financing of trade and commerce, national and international; the financing of business and industry; the
financing of home purchases; the financing of consumer purchases; and where necessary, the financing
of war. Economic growth is a vital goal of our national economic policy. Achievement of the full potentials for such growth requires the most effective
functioning of our National Banking System. We
1
Section 34 of the Michigan Financial Institutions Act.
148
have previously stated that it is our judgment that the
banking system has not performed in the fashion which
is required if it is to make its maximum contribution
to economic growth.2 We have solicited the aid of
every national bank in identifying, appraising, and
developing methods to eliminate restrictions hampering the performance of our National Banking System.
We are undertaking a comprehensive review of all
laws and administrative rulings to determine which
should be eliminated or modified. We have appointed an Advisory Committee to assist us in this task.
We envision that completion of this task will see more
realistic laws enacted with a view to permitting our
National Banking System to serve properly our present-day economy. The bank supervisory agencies will
then have available to them more reasonable and
realistic alternatives than those we must choose between here.
Neither of the alternatives available to us here is
desirable. On the one hand, we have the alternative
of enabling the National Bank of Detroit to acquire,
in addition to the three offices it already has in Livonia,
three additional offices, and to have the way open for
it to establish additional offices in Livonia while no
other bank may establish a branch there. On the
other hand, we have the alternative of imposing upon
the Bank of Livonia the entire burden of establishing
whatever additional banking facilities may be needed
in this rapidly growing area, a burden which its past
performance does not indicate it will be able to properly sustain.
For more than three years the various owners of the
Bank of Livonia have been negotiating for a sale of the
bank to the National Bank of Detroit.
Negotiations looking toward this merger were carried on by various large stockholders of the Bank of
Livonia or their representatives apparently on their
own initiative and without authorization from the
Board of Directors of the bank. This is another indication of the fact that there is and has been no interest
on the part of the owners of the Bank in building its
business and serving the banking needs of its
community.
It is evident that there may have been considerably
more interest in selling the bank than in keeping and
properly managing it either in the public interest, or
in the interest of its stockholders. It has been our
observation that banks which are actively seeking
buyers seldom provide adequate banking services. In
some places banks actually are organized for the pur" Decision of Comptroller of the Currency James J. Saxon
on the application to merge National Bank of Westchester,
White Plains, New York, and the First National City Bank of
New York, New York, p. 5.
pose of subsequent merger with a larger bank.3 This
practice is found where state law permits the continuation as branches of offices acquired through merger,
even though new branches could not otherwise be
established. It is obvious that such banks have little
interest in serving their communities but are merely
marking time. This is an example of the type of
questionable practice existing today because of overly
restrictive branch laws.
In addition to the evident desire of the owners to
sell, there are other indications of a past lack of interest
on the part of this Bank adequately to serve the banking needs of Livonia. The President of the bank does
not live in the community which his bank serves.4
The counsel for the bank who is also a director as well
as the representative of a group with large stockholdings does not reside nor practice law in Livonia. Of
the nine directors, seven do not reside in the community. It is fair to say also that there appears to
be no community support for the bank. Residents
of the community have not bought the stock of the
bank, nor have they indicated a willingness to serve as
directors.
The bank provides no significant employee benefits. The president of the bank is within two years
of retirement and there appear to have been heretofore no adequate inducements that the bank would be
willing to offer to attract another managing officer.
No ambitious young man of the type who could seize
the excellent opportunities available and lead the bank
into the important role it should play in its community
3
This was not the case with the Bank of Livonia. There
was a race between the Bank of Livonia and National Bank
of Detroit to establish offices in Livonia. See Millard v.
National Bank of Detroit (Mich., 1953), 61 N.W. 2d 804.
The type of race there involved is another illustration of the
harmful effects of the really incredible Michigan branch
law. More litigation results from this law than any branch
law in the nation. Within the past ten years there have
been the following cases:
Millard v .National Bank of Detroit, 338 Mich. 610, 61 N.W.
2d804 (1953).
Wyandotte Savings Bank v. Eveland, 347 Mich. 33, 78 N.W.
2d612 (1956).
Michigan National Bank v. Gidney, 237 F. 2d 262; cert. den.
352 U.S. 847 (1956).
National Bank of Detroit v. Wayne-Oakland Bank, 249 F 2d
445; reh. den: 252 F 2d 537; cert. den. 358 U.S. 830
(1957).
Commercial State Bank of Roseville et al. v. Gidney, 174
F. Supp. 770, Aff. 278F.2d871 (1960).
Bank of Livonia v. Gidney, Civ. No. 2397-59 (D.C.D.C.).
Community National Bank of Pontiac v. Gidney, 192 F. Supp.
514 (1961) (Appeal Pending).
Bank of Dearborn v. National Bank of Detroit, Civ. N 20,
778 (D.C., E.D.Mich.).
Bank of Dearborn v. Gidney (U.S.D.C. D.C. 1961) Civ No
64-61.
Bank of Dearborn v. Taylor, No. 559-441, Cir. Ct. Mich.,
Aug. 22, 1960.
* In fairness it should be said that he does attempt to participate in community affairs. Transcript of hearings, p. 47.
would be willing to go into this bank without adequate benefits including an opportunity to acquire
a substantial interest in its ownership. This is the
way businesses grow and contribute to the growth of
our economy. Adequate incentive is an essential ingredient of our American system of free enterprise.
We have under consideration proposed regulations
under which national banks would be permitted to provide reasonable stock options for their officers and stock
purchase plans for their employees, under adequate
controls to prevent abuse. Such incentives are necessary to enable banks to attract and retain management of the caliber needed in this vital industry. Moreover, it has been our experience that employee benefits
provided are a rough measure of a company's willingness and ability to serve the public.
The premium, i.e. the amount in excess of the
net worth of the Livonia Bank, to be paid by the National Bank of Detroit is large. This premium
amounted, as of the time agreement was first reached
with a representative of a group of stockholders, to
6.75 percent of deposits.5 It was substantially greater
at the time the merger proposal was approved by
the directors of Bank of Livonia, and it would be substantially greater on the basis of present market value
of the stock of National Bank of Detroit. We are
presently studying the amount of premiums which
should reasonably be permitted to be paid in the
case of bank acquisitions, and we are satisfied that
in many cases the premiums being offered particularly
by larger banks, are such as to compel disapproval of
proposed mergers. Large premiums being offered in
many cases remove the incentive of smaller banks to
compete vigorously and aggressively in serving their
communities, but cause their shareholders to agree
to the merger because of large personal profits to
them. Where a small bank is adequately serving its
community, it will not be permitted to sell to a larger
bank solely because of a large premium which will enrich its shareholders, perhaps at the expense of the
public service. Another aspect of this same problem
is long term employment contracts offered to managing officers of smaller banks to induce them to favor,
and to persuade the stockholders of their bank to
favor, the merger. All such arrangements in the case
of national banks will henceforth receive careful scrutiny. Also, we have under consideration, and shall
shortly issue, rules applicable to national banks,
adapted from section 16 (b) of the Securities Act of
1934 and appropriate to the national banking system.
Insider transactions in stock should be matters of public
5
The premium offered in this case is, of course, in part a
result of the invidious Michigan branch law which precludes the National Bank of Detroit from establishing
branches in Livonia except at the price of acquiring the
Bank of Livonia.
149
record in the case of banks no less than in the case of
other corporations.
The effect of denial of this merger would be to limit
the banking facilities which will be available in
Livonia. The population of Livonia has expanded
rapidly and is continuing to expand. There is a
broad industrial belt running through it. It needs now
and will continue to need expanding banking facilities.
Almost the full burden of serving these expanding
needs will fall on the Bank of Livonia. It is unfortunate and detrimental to Livonia that branches of
other banks cannot be permitted to establish Livonia
branches. It is contrary to the public interest that this
segment of the metropolitan area of Detroit should be
deprived of the opportunity to have adequate and
competitive banking facilities because of the happenstance of incorporation. This case furnishes almost as
effective an illustration as could be imagined of the
lack of economic basis and economic justification for
many of the restrictive branch laws. What public
purpose is served by a law which prevents competitive
offices of other banks in an area of 36 square miles
with a population in excess of 70,000, which is an
integral part of a single metropolitan area?
It is perfectly clear that such laws show little regard for the public interest, that they are designed to
protect the selfish interests of the less energetic or
competent segments of the industry which cannot
abide the prospect of competition. It is unfortunate
that such laws do not meet the economic needs of the
people and of the industries, but serves instead the determined opposition of parochial interests.
The complexity of our society, the size of the large
corporations necessary to our standard of living and
economic growth, the increasing cost of government
caused in large measure by needs of national defense,
and now of space exploration, require a National Banking System capable of providing adequate financing
to support our economy, our industry, and our nation.
It is apparent that there is required a more effective
and efficient banking system.
For far too long the states have been in a position to
impede the progress of the National Banking System.
In no other industry of which we are aware are there
imposed such restrictions on growth and expansion
as in banking. It is ironic that although as early in
our national life as 1790, there was recognized the need
for a national bank to serve the fiscal and monetary
needs of the nation,6 and as early as 1819, it was dea
Alexander Hamilton, Report on a National Bank, Annals
of 7
Congress, Vol. 2, p. 2098.
McCulloch v. Maryland (1819) 4 Wheat. 316.
150
cided in a landmark decision 7 that the states could
not constitutionally interfere with national banks, yet
as late as 1962 we find the growth of the National
Banking System being seriously retarded by the States.
If other banks large or small could be permitted
to establish offices adequate to serve the needs of
Livonia, we would not be faced with the dilemma we
have here. Under the circumstances the only means
available by which we can place new banking facilities in Livonia is by the chartering of a new national
bank. In view of the potential in that community
and the lack of competitive facilities, we could have
no hesitancy in approving a charter application for
a national bank which would be well managed, adequately capitalized and backed by strong local
interests.
In the meantime, however, we have little choice but
to disapprove the proposed merger in order to preserve
some semblance of banking competition and some
competitive choice in this area.
As stated above, if this merger should be approved,
National Bank of Detroit would have six offices in
Livonia and would be permitted to establish additional
ones there, while until another bank is organized, no
other banking offices could be established there. While
it is true that this is solely a result of the operation of
the Michigan branch law, nevertheless we cannot
conclude that approval of this application would be
in the public interest. Accordingly, and after consideration of all the statutory factors enumerated in
section 18 (c) of the Federal Deposit Insurance Act,
the application is denied.
MARCH 13, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The Bank of Livonia has deposits of $7,160,000,
net loans and discounts of $3,011,000, and total assets
of $7,978,00. Chartered in 1953, it now conducts a general banking business through its head
office and two branches in Livonia, Michigan, a city
entirely within the Detroit Metropolitan area.
The National Bank of Detroit is the largest bank
in Detroit, with deposits of over $1,800,000,000, net
loans and discounts of more than $770,000,000, and
assets of over $2,000,000,000. It operates 68 banking
offices in the Detroit Metropolitan area, including
three in Livonia. Since 1952, it has acquired eight
surburban banks with 14 offices and deposits of
$102,738,000.
We therefore feel that the proposed transaction
would have a significant effect on competition.
DALLAS CITY BANK, DALLAS, DALLAS, OREG., AND FIRST NATIONAL BANK OF OREGON, PORTLAND, PORTLAND, OREG.
Total assets
Name of bank and type of transaction
Dallas City Bank, Dallas, Dallas, Oreg., with
and First National Bank of Oregon, Portland, Portland, Oreg. (1553), with
disapproved Mar. 16,1962.
COMPTROLLER'S DECISION
The First National Bank of Oregon, Portland, Oregon, and the Dallas City Bank, Dallas, Oregon, have
applied to the Comptroller of the Currency for permission to merge under the charter and title of "The
First National Bank of Oregon, Portland" and to continue the present office of the Dallas City Bank as a
branch.
This proposed merger is a further step in a pattern
of bank expansion which has been developing for
some years in Oregon. Two principal banks are involved in this emerging pattern. The First National
Bank, one of the applicants, and the United States
National Bank of Portland, each has developed extensive statewide branches. Stock control of the First
National Bank lies in the hands of Western Bancorporation, the successor of Firstamerica Corporation which
acquired it from the Transamerica Corporation. The
Western Bancorporation in turn controls 23 other
banks operating in 11 western states.
It is particularly significant that both the First National Bank and the United States National Bank
have carried out their expansion in large degree
through merger with other existing institutions. Of
the 86 branches which the first National Bank now
operates, 54 were acquired by merger with unit banks,
22 having been merged during the past decade. Of
the 81 branches of the United States National Bank,
53 were acquired through merger with unit banks,
21 of these mergers having been completed within
the past decade.
The Dallas City Bank, the other applicant, operates no branches. It is a smaller bank with deposits
of $4.9 million and loans of $1.1 million. The area in
which the Dallas City Bank operates is primarily
agricultural, although there is some lumbering and
industrial activity. Within the trade area of the Dallas
City Bank there is one other independent bank and
two branches of the United States National Bank. The
merger would thus bring the First National Bank into
competition in that area with its large statewide rival.
At present there are only 24 out of 131 communities
in the State of Oregon supporting banking offices
which are closed to branch banking by the homeoffice protection provided in that State. Dallas is one
of those communities, and approval of the merger
$5, 324, 000
967, 302, 000
Banking
offices in
operation
1
87
would have the effect of opening one additional community to branching. The issue of policy is whether
the advantage to be gained by opening this area to
additional branching would justify the further extension of dominance by two large institutions of the
banking structure of Oregon.
Even apart from the present strength of the two
large banks, there appears to be no justification for
ending the independent existence of the Dallas City
Bank. It is a well-managed and effectively-operating
institution which is serving its community well. While
there is no present evidence that a deficiency of banking services exists in the area, should the present homeoffice protection prove a bar to the provision of adequate banking services, it would be preferable to meet
this situation by encouraging the formation of newlychartered banks properly capitalized and possessed
of competent management. We are not here faced
with the issue whether either of the two existing large
banks should be permitted to establish additional de
novo branches, although this may well become a pertinent issue in other cases.
Approval of the proposed merger would create further imbalance in the already unbalanced banking
structure of the State, by eliminating an independent
bank and adding thereby a branch to one of the two
large statewide branching systems. It could then
be anticipated that other small banks in the State
would be induced to join either of the two large banking systems which continue to compete with one another in the race for new branches through mergers.
There is a clearly evident thrust for growth in these
two large banking systems, and as is true in many
other States the merger route appears to be the preferred course for achieving such growth. The attainment of a balanced banking structure in the State
of Oregon requires a restraint on the further growth
of the two dominant banking systems through the
absorption of independent banks, together with encouragement under proper auspices of the formation
of new independent banks.
It should be made clear that in reaching a decision on this merger application we have appraised the
competitive factors but have not viewed these factors
apart from the other considerations of public interest.
We are concerned with a balanced banking structure,
and it is this concept which has guided our decisions
151
in merger cases. The Bank Merger Act sets forth as
one of the criteria to be considered in deciding merger
cases: "the effects upon competition including any
tendency toward monopoly." In the present case the
growing concentration of control in the hands of two
large financial institutions is clearly apparent. Nevertheless, our conclusion in this case does not rest upon
a finding concerning the effects on competition per se.
While the maintenance of competition is of the utmost
importance, its importance in banking relates to the
attainment of a banking structure which preserves the
separate identity of effectively functioning banks of
smaller and intermediate size alongside the larger
banks, with opportunities sustained for the formation
of new and independent banking units. This is our
goal without regard to the rivalry which now prevails,
and its purpose is to maximize the independent sources
from which new initiative and innovation may spring.
No judgment is here reached on the wisdom of permitting the two large banking systems of Oregon to
expand further. Our only concern in this case is to
restrain such growth through the absorption of existing
independent units.
In the interest of attaining a balanced banking
structure in the State of Oregon, the application for
this merger is therefore denied.
MARCH 16,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Oregon, Portland, has
requested permission to merge with the Dallas City
Bank. It intends to operate the Dallas City Bank as
a branch office in Dallas, Oregon.
Applicant is the largest banking chain in Oregon
having a total of 87 banking offices located both in
metropolitan Portland and throughout the state. Also
located in Oregon is the United States Bank of Portland, Portland, Oregon, which is only slightly smaller
than the applicant bank, having a total of 77 banking
offices located in Oregon. These two banks control
over 80 percent of all bank deposits in Oregon. Another indication of the size of these banks is that the
First National Bank of Oregon, Portland, is the
twenty-sixth largest bank in the United States and the
United States National Bank of Portland is the
twenty-ninth largest bank.
Since 1951 applicant has acquired 18 banks with a
total of 25 banking offices in the State. It now proposes to acquire yet another independent bank and
thus continue the trend toward concentration of all
banking business in the State in the hands of the two
largest banks. The First National Bank has not been
alone in making a series of acquisitions. The United
States National Bank of Portland has also had a past
history of mergers and acquisitions, having acquired
21 branch offices since 1953 by this means.
The Dallas City Bank is in actual and direct competition with the First National Bank, which is evidenced by the fact that the First National Bank has
customers not only within the service area of the Dallas
City Bank but also has a considerable number of customers within the city of Dallas itself. The First National Bank services these customers for checking and
savings deposits, commercial, real estate and installment loans. The merger may also affect the small independent banks in this area in that they will now be
faced with the competition of still another branch of
the State's largest bank.
It is our conclusion that the merger will have an
adverse effect on competition and will tend to increase
banking concentration in Oregon.
* * *
BANK OF LILLINGTON, LILLINGTON, N.C., AND SOUTHERN NATIONAL BANK OF LUMBERTON, LUMBERTON, N.C.
Name of bank and type of transaction
Total assets
Bank of Lillington, Lillington, N.G., with
and Southern National Bank of Lumberton, Lumberton, N.C. (10610), with
$4, 476, 000
20, 838, 000
Banking
offices in
operation
2
6
disapproved May 25,1962.
COMPTROLLER S DECISION
The Southern National Bank of Lumberton, Lumberton, North Carolina, has applied to the Comptroller of the Currency for permission to merge with
the Bank of Lillington, Lillington, North Carolina,
under the charter and title of the former.
The $20.8 million Southern National Bank operates
the seven offices of its widely scattered system in five
152
counties in the east-central section of North Carolina.
The application estimates that there are some 100,000
people living in this rich agricultural area noted for
its flue cured tobacco. The large number of small
manufacturing and processing plants which bolster
the economy, without dominating it, are increasing
each year to strengthen the forecast of expanding prosperity in the area.
The Bank of Lillington, with resources of $4.5 million, opened for business in 1903 in the town of Lillington, whose population is 1,000. This town, which is
the trading center for an estimated 15,000 residents
in the surrounding area, is located in Harnett County
and is 65 miles north of Lumberton. Economic sustenance for this community derives principally from
agricultural pursuits devoted to tobacco, cotton, grain,
poultry and cattle and, in small degree, from several
small industries including a textile mill. While the
Bank of Lillington, as the only bank in town, has adequately served the convenience and needs of the community in the past, it can anticipate competition for
the locally generated banking business from a branch
of the $10 million National Bank of Sanford, which
was recently approved. The resources of these two
banks promise to fulfill substantially all of the credit
requirements of the Lillington area.
Approval of this proposal would extend the operations of the Southern National Bank of Lumberton into
another county and would increase the number of its
banking offices to eight. While this addition would not
materially affect the banking structure in the Lumberton area, it would be detrimental to the banking structure in Lillington. The Comptroller, in granting approval to the National Bank of Sanford to open a
branch in Lillington, determined not only that the
community could support two banking offices, but
also that the proposed branch had a reasonable likelihood for satisfactory growth in competition with
the Bank of Lillington for the banking business of the
area. Substituting the Southern National Bank of
Lumberton for the Bank of Lillington at this time
would put the new branch of the National Bank of
Sanford at a greater competitive disadvantage than
was contemplated when the branch was approved.
Having weighed all the factors prescribed by the
statute in considering this application, I have concluded that the proposed merger would not promote
the public interest. The application, therefore, is
denied.
MAY 25, 1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger will give the resulting bank a
sizable portion of the commercial banking business
in its service area. Nevertheless, it will continue to
face competition from eight other banks including
one substantially larger than itself. Because of the
distance between the merging institutions, little or
no direct competition presently exists between them.
The merger will bring new banking services to the
Lillington area without significantly altering the present competitive situation. We see no substantial
anticompetitive effects resulting from this acquisition.
THE NATIONAL BANK & TRUST CO. OF PORT JERVIS, PORT JERVIS, N.Y., AND COUNTY NATIONAL BANK OF
MlDDLETOWN, MlDDLETOWN, N . Y .
Name of bank and type of transaction
Total assets
The National Bank & Trust Co. of Port Jervis, Port Jervis, N.Y. (1363), with
and County National Bank of Middletown, Middletown, N.Y. (13956), with
disapproved June 14,1962.
COMPTROLLER S DECISION
The County National Bank, Middletown, of Middletown, New York, has applied to the Comptroller of
the Currency for permission to merge with The National Bank and Trust Company of Port Jervis, Port
Jervis, New York, under the charter and title of the
former.
Middletown and Port Jervis are located in Orange
County, approximately 70 miles northwest of New
York City. The economy of the county is based upon
agriculture, industry, and resort trade. Middletown,
with 23,500 residents, is one of the industrial centers
of the county. Port Jervis, with 9,300 residents, is
located 20 miles southwest of Middletown on the Dela-
$5, 967, 000
57, 591, 000
Banking
offices in
operation
1
7
ware River directly opposite Matamoras, Pennsylvania.
Port Jervis, the smallest of the three towns in the
county, depends primarily upon several small industries manufacturing soft goods and cosmetics and the
tourist trade for its economic life.
The County National Bank, with resources of $57.6
million, presently operates seven offices in Orange
County and has an application pending for permission to establish a de novo branch. Five of its branches,
including the one in Port Jervis, were acquired by
absorbing smaller banks.
The National Bank and Trust Company, operating
a single office in Port Jervis, has acquired total assets
of $6 million. While the conservative management of
the bank has kept it in sound condition, it is estimated
153
that 25 percent of the area's banking business is going
to the neighboring community of Matamoras, which
is located across the Delaware River one mile from
Port Jervis. It has been stated that if the merger is
approved, a further substantial amount of the Port
Jervis banking business will go to the Matamoras bank.
This would indicate a lack of support for the merger
by the community.
In 1956, through the acquisition of the First National Bank of Port Jervis, the County National Bank
acquired its present branch office in the town. This
office has experienced substantial growth. In spite of
this increased competition with County National, The
National Bank and Trust Company has experienced
appreciable growth in both its deposit and loan
accounts.
The proposal, if approved, would combine the two
banking offices operating in Port Jervis, and the nearest competing institutions would be the bank located
in Matamoras and the bank located in Milford, Pennsylvania, some six miles from Port Jervis. The growth
of the two banking offices in Port Jervis argues against
a reduction in the number of banks in this area. The
statements made in the application in support of the
merger do not counter this fact, nor do they present
a situation which compels approval of the application.
Since there are indications that some of the banking
requirements of the area are being serviced by competing out-of-state institutions, the need for the reten-
tion, rather than a reduction, of the present banking
offices to meet their challenge and to serve effectively
the needs of the area seems to be indicated.
Having weighed all the statutory factors, I have
concluded that this proposal will not be in the public
interest. The application is, therefore, denied.
JUNE 14,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
County National Bank operates 7 banking offices
throughout Orange County, New York and has approval to open a new branch and an application pending for a ninth branch. Since 1955, it has acquired 5
formerly independent banks located in all parts of
Orange County and opened a new bank in the county.
One of the banks acquired in 1956 was the only other
bank in Port Jervis.
The National Bank and Trust Company is the other
bank in Port Jervis with approximately 24 percent of
the deposits and 22 percent of the loans in the Port
Jervis area. As a result of this merger, County National will control 55 percent of the deposits and 52
percent of the loans in the area, with the balance
divided between two banks located across the Delaware
River in Pennsylvania. To permit this merger would
eliminate substantial competition between the merging
banks, create banking monopoly in the town of Port
Jervis and tend toward monopoly in the entire service
area of the merging bank.
THE COLONIAL-AMERICAN NATIONAL BANK OF ROANOKE, ROANOKE, VA., AND THE FIRST NATIONAL EXCHANGE
BANK OF ROANOKE, ROANOKE, VA.
Total assets
Name of bank and type of transaction
The Colonial-American National Bank of Roanoke, Roanoke, Va. (11817), with
and The First National Exchange Bank of Roanoke, Roanoke, Va. (2737), with
disapproved June 28, 1962.
COMPTROLLER S DECISION
On May 11, 1962 The First National Exchange
Bank of Roanoke, Roanoke, Virginia, and The Colonial-American National Bank of Roanoke applied
to the Comptroller of the Currency for permission to
merge under the charter and title of the former. A
public hearing on this application was held in Roanoke City on June 21,1962.
Both of the above banks have their main offices in
Roanoke City. The First National Exchange Bank,
established in 1882, has assets of $140,000,000 and operates five branches in Roanoke City and two branches
154
$48, 520, 000
140, 878, 000
Banking
offices in
operation
4
8
in Bedford, Virginia, twenty-three miles east of the
city. The Bedford branches were established by
merger in 1960 and 1961—the only mergers by First
National in thirty-four years. The Colonial-American
National Bank, established in 1910, does business from
four offices in Roanoke City and has assets of
$48,000,000.
Roanoke City is located at the neck of the Shenandoah Valley in western Virginia, 160 miles west of
Richmond. At the crossroads of major north-south,
east-west traffic in this part of the state, the city, on
the historic route to the Cumberland Gap, has been and
is the gateway to western Virginia, southern West
Virginia and areas of Kentucky, Tennessee and North
Carolina. It is the natural center for all economic
activity—financial, commercial and trading—for a 26
county area in Virginia alone. The city has been and
will continue to be the key to the economic, social and
cultural development of the region.
Roanoke is the fourth largest city in Virginia with
a population of 97,000. The immediate area (Roanoke City and County) has a population of 158,000,
showing an increase of 19 percent in the last 10 years.
The economic base of metropolitan Roanoke and
nearby communities is industrial, commercial and agricultural. The city is the headquarters for the Norfolk and Western Railroad and the Appalachian
Power Company. The Norfolk and Western has recently merged with the Virginian Railroad and has
extensive plans which, if completed, will extend its
system through fourteen states and the Dominion of
Canada. Their plans also call for a $1,400,000 annex
to their general offices in the city. The Appalachian
Power Company serves 31 counties in western Virginia
and 21 counties in southern West Virginia. It has
broad and solidly based expansion plans as evidenced
by the $90,000,000 Clinch River Steam Generating
Plant in Russell County in western Virginia, and the
$50,000,000 hydroelectric dams and plant at Smith
Mountain on the Roanoke River about 40 miles downstream from the city. This latter project will provide
a reservoir lake with five hundred miles of shoreline
capable of development into an extensive resort area.
Many major new industries have been established in
or near Roanoke in the last ten years including, to
name a few, the General Electric Industry Control
Plant, the International Telephone and Telegraph
Components plant, the Diamond Plastics Industry
plant, a large Kroger Company Distribution warehouse, and the Roanoke Electric Steel Corporation
plant. According to the Norfolk and Western Industrial Development Department, the investment in new
and expanded industry within this 26 county area
amounted to $37,000,000 in 1960 and $50,000,000 in
1961. New employment as a result of this investment
amounts to 4,505 in 1960 and 9,520 in 1961.
All of this clearly shows the changes taking place in
the economy of this area as it intensifies its industrialization. It is also evident that the expansion occurring
is not a passing phenomenon. As was brought out at
the public hearing, the real potential of this region is
yet untapped.
While Colonial-American serves only the immediate
area embracing Roanoke and Bedford Counties, The
First National serves not only this immediate area but
an area including 26 counties in western Virginia and
adjacent counties in southern West Virginia, eastern
Kentucky, northeastern Tennessee and northwestern
North Carolina wherein is located its correspondent
system numbering 120 banks.
There are now seven commercial banks in the Roanoke-Bedford area with 24 offices. Approval of this
merger would reduce the number of banks serving this
area to six, and would place 12 of the 24 banking offices in one bank. Among the five remaining banks in
this area would be the $38 million Mountain Trust
Bank which operatesfiveoffices in the City of Roanoke,
and the $38 million Peoples National Bank and Trust
Company of Lynchburg with two offices in Bedford
County. In the City of Salem, adjoining Roanoke,
are two $10 million-asset banks operating four offices.
There is also a branch of the $166 million Bank of
Virginia located in Roanoke City, which is authorized
to make loans to the full limit of the bank. In addition to these banks, nine savings and loan associations
with total deposit shares of $67.7 million, 35 credit
unions with share accounts totaling $4.2 million, 15
insurance companies, two mortgage loan companies,
three major sales finance companies, 16 personal loan
companies and several factors, compete for the deposit
dollars and loan accounts in the area. In addition to
these financial institutions, it is important to recognize
that such banks as the $304 million First and Merchants National Bank of Richmond, the $265 million
State-Planters Bank of Commerce and Trusts of Richmond, the $909 million Wachovia Bank and Trust
Company of Winston-Salem, North Carolina, and the
$581 million North Carolina National Bank of Charlotte, also compete for business in this area. As is evident from thesefigures,no bank in this 26 county area
of western Virginia, nor, indeed, in the entire state,
compares in size with either of these two statewide
North Carolina banks, which have contributed so
greatly to that state's economic growth.
Among the facts that must be considered in passing
on this application is the new Virginia branch banking
law which takes effect June 29, 1962, and the holding
company movement which is now taking place in that
state. This statute, in effect, authorizes statewide
branch banking through mergers. It is not possible at
this time to appraise realistically the banking structure which will evolve under this new law and the
holding company movement, although pervasive
changes may be anticipated.
Several bank holding company applications are now
pending before the Federal Reserve Board. The proposed Virginia Commonwealth Corporation would
center around the Bank of Virginia which now has 19
offices in the tideland area and one in Roanoke. Included as affiliates would be the Bank of Henrico at
Sandston and the Bank of Warrick at Newport News,
both east of Richmond, and the Bank of Salem, adjacent to Roanoke. The formation of this holding
company, with total resources of $204 million, would
cause a substantial change in the banking structure of
the State, particularly in the valley lands of the west.
The existing First Virginia Corporation has filed ap155
plications to acquire the controlling stock interest in
the Farmers & Merchants National Bank of Winchester, the Shenandoah County Bank & Trust Company of Woodstock, and the Peoples Bank of Mt. Jackson, all in the northern part of the State, as well as the
Southern Bank of Norfolk, in the east. Another holding company whose formation has been announced
would be known as the United Virginia Bank Shares,
Inc., and would center around the $265 million StatePlanters Bank of Commerce and Trusts located in
Richmond. This company would control the stock of
the Vienna Trust Company and the First and Citizens
National Bank in Alexandria, both in the northeast
corner of the State. Citizens Marine Jefferson Bank in
Newport News and Merchants and Farmers Bank of
Franklin, both in the southeast section of the State
would be included. The sixth bank involved in this
proposal is the First National Trust and Savings Bank
of Lynchburg. Through this Lynchburg bank the
$417 million resources of this corporation would be
made readily available to western Virginia in direct
competition with the First National Exchange Bank.
There is presented in this case an issue fundamental
to the developing banking structure of Virginia, which
has broad significance as well for our public policy in
the field of banking. This issue concerns the role of
larger banks infinancingeconomic development. Two
co-ordinate questions are: the relation of the size of
banks to their efficiency; and the standards by which
the competitive factors should be judged where larger
banks are required in order to insure the effective performance of functions essential to the growth of our
economy.
The area in which the applicant banks are situated
has potentials for growth which appear to exceed present capital availabilities. Greatly enlarged power facilities are now in process of creation, and improved
transportation facilities are in the making. Natural
resources abound, and a large labor supply awaits the
availability of expanded production capacity. The
full realization of these opportunities requires additional capital.
The decisive influence of large financial institutions
in fostering economic development is well understood
by all who have examined our economic history.
Large aggregations of capital are required to serve
the needs of large-scale enterprises, which alone are
capable of employing modern technology efficiently,
and of serving the supporting regional, national and
even international markets effectively. Without extensive financial resources, moreover, the risks entailed
in undertaking new ventures could not be spread in
sufficient degree to justify these hazards, and enterprise and initiative would lag. Wherever economic
growth has been marked, the financing facilities have
been imaginative and sophisticated, and accelerated
development has been preceded by significant capital
156
accumulations or availabilities in search of outlets.
This need is today discussed chiefly in relation to the
"take-off" problems of the less-developed areas of the
world which we seek to aid, and where we have fostered
and financed the creation of "development banks."
Some parts of our own country, however, have comparable, although perhaps less intensive, needs, and
require larger commercial banking institutions to insure the full and prompt realization of their potentials.
The area served by the applicant banks clearly has
such a need for enlarged banking resources and services tofinanceeconomic growth.
The requirements of size needed to insure maximum
efficiency may at points clash with the need to maintain rivalry in order to insure that the benefits of improved efficiency are passed on to the consuming public. Efficiency achieved at the cost of rivalry—or
rivalry preserved at the expanse of efficiency—either
may work to harm the public interest. The task is to
discern the proper balance which will serve the public
interest to best advantage. For this purpose arbitrary
measures of concentration will not suffice.
The objectives sought through the merger of the
applicant banks—to provide larger-scale financial facilities to fulfill industrial expansion potentials of the
area—are clearly in accord with the most effective and
publicly beneficial functioning of our national banking system. The evidence amply supports the view
that there is need in this area for local institutions with
larger lending capacities—to provide local sponsorship,
support and participation in economic development.
However, the particular means which the applicant
banks have chosen to enlarge their capabilities are not
likely to prove the most fruitful in terms of the public
interest.
These banks represent two of the principal sources—
being the first and second banks in size—from which
initiative could be expected to flow in meeting the future requirements of the area for larger-scale financing
to facilitate economic growth. It is in the public interest to preserve the independence of these institutions to serve as experienced and effectively operating
nuclei about which still larger institutions may be
formed. The new Virginia statute permitting statewide branching through mergers, which becomes operative on June 29, 1962, affords a vehicle through
which this alternative course may be pursued. While
it cannot be said that the new authority to branch
through mergers will serve all of the requirements of a
balanced banking structure as effectively as these requirements could be achieved through de novo branching, it does offer added opportunities to enlarge the
size of banks, and to bring more effective employment
of under-utilized resources, in response to the needs
which are relevant in the present case.
In essence, then, the unique characteristics of this
case point to the need for larger banking institutions
in Roanoke in order to meet the convenience and present and future needs of the immediate Roanoke area,
and particularly of the larger area to the south and
west. It is our opinion, however, that this end would
not best be achieved by the elimination of The
Colonial-American National Bank. In fact, the public interest would seem to require substantially increased growth of The Colonial-American which is
today not sufficiently competitive in terms of size with
The First National. The Colonial-American, like The
First National, is a strong, well-managed, well-staffed,
excellent earning, aggressive banking institution. In
all of these respects it has the capacity for further
expansion, both internally and externally. Publicly
beneficial external expansion by The Colonial-American can more fruitfully be realized through acquisition or branching, or both, in Salem or other areas.
First National also needs larger resources, and this
first-rate institution unquestionably has the capacity
to expand externally to the public benefit by acquisitions beyond the immediate Roanoke-Bedford area.
In the light of all of the statutory criteria it is our
conclusion that the proposed transaction is not in the
public interest, and the application is therefore denied.
JUNE 28,
1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The proposed merger of Colonial-American National Bank into First National Exchange Bank would
unite the two largest banks in the City of Roanoke and
neighboring Bedford County. As of December 30,
1961, First National had total assets of $140,878,000,
total deposits of $126,436,000, and net loans and discounts of $75,676,000. Colonial-American as of the
same date had total assets of $48,520,000, total deposits of $42,081,000 and net loans and discounts of
$26,396,455. First National, through two previous
mergers since October, 1960, with banks in the City of
Bedford, eliminated the only remaining independent,
locally-owned banks in the City of Bedford. Merger
of First National and Colonial-American would further enhance First National's dominant position in the
Roanoke area and create a bank holding over 70 percent of the IPC deposits and about 75 percent of the
loans and discounts in the City of Roanoke. The
merger would substantially increase concentration,
eliminate substantial direct competition between the
two largest banks, tend to produce a monopolistic
banking situation in Roanoke, and have serious anticompetitive effects raising serious questions under the
antitrust laws.
* * *
THE FIRST NATIONAL BANK OF OVID, OVID, N.Y.,
AND FIRST NATIONAL BANK OF WATERLOO, WATERLOO, N.Y.
Total assets
Name of bank and type of transaction
The First National Bank of Ovid, Ovid, N.Y. (7840), with
and First National Bank of Waterloo, Waterloo, N.Y. (368), with
disapproved Dec. 18, 1962.
COMPTROLLER'S
DECISION
On October 8, 1962, the $14.6 million First National Bank of Waterloo, Waterloo, New York, and
the $3.6 million First National Bank of Ovid, Ovid,
New York, applied to the Comptroller of the Currency for permission to merge under the charter and
with the title of the former.
The participating banks are both located in Seneca
County, in north-central New York between Seneca
Lake on the west and Cayuga Lake on the east. These
natural boundaries provide the county with some 80
miles of lake-front area, a natural recreational resource for the area economy. Utilization of these resources is increasing as can be attested by the 9.3 percent increase in population during the past decade.
As a result, an ever increasing number of the 32,000
residents are finding employment in resort and recrea-
$3, 570, 481
14} 5495 445
Banking
offices
in operation
1
3
tional pursuits, although most of the residents continue
to derive their economic support primarily from agriculture and from the light commercial and industrial
activities centered in Seneca Falls, Waterloo and
Geneva.
Prior to 1957, there were five commercial banks in
the county: The State Bank of Seneca Falls and the
Seneca County Trust Company of Seneca Falls, the
First National Bank of Waterloo, The First National
Bank of Ovid and The Wheeler National Bank of
Interlaken. Since 1957 the $153 million Lincoln National Bank and Trust Company of Syracuse acquired
the Seneca County Trust Company of Seneca Falls and
the First National Bank of Waterloo acquired The
Wheeler National Bank of Interlaken. The First National also opened a branch in a shopping center just
outside of the village of Seneca Falls. As the net result of these changes, the county now has four com-
157
mercial banks operating six facilities and ranging in
size from the $153 million Lincoln National to the
$3.6 million First National Bank of Ovid.
The First National Bank of Waterloo is located in
Waterloo, in the center of the county, at the northern
tip of the Finger Lakes. Nearly all of the gainfully
employed of the 5,000 residents of Waterloo commute
to Seneca Falls, three miles to the east, and to Geneva,
six miles to the west. The bank competes in this area
with the $9 million State Bank of Seneca Falls and a
branch of the Lincoln National. Additional competition is furnished by several large banks from adjacent
counties, such as the Geneva Trust Office of the $457
million Lincoln Rochester Trust Company and the
$14 million National Bank of Geneva, located about
six miles west of Waterloo.
The First National Bank of Ovid, located 19 miles
south of Waterloo, primarily serves the 780 residents
of Ovid who derive their principal economic support
from agriculture. The trade area is served by The
First National Bank of Ovid; the Interlaken Branch
of First National of Waterloo, located three miles
southeast of Ovid; the Trumansburg branch of the
$42 million Tompkins County Trust Company, located
15 miles southeast of Ovid; and, by the $7 million
Glen National Bank, located 24 miles south of Ovid.
The latter two banks, however, participate in area
banking to a relatively minor degree.
In the light of the foregoing facts, this proposed
merger presents an unusual problem. While the expected performance of a bank the size of the First
National Bank of Ovid and so situated in an effective
158
competitive structure would not normally be favorable,
the actual performance record of the merging bank
is good. The earnings for this bank, which reached a
new high for 1961, are expected to be better in 1962
despite the fact that the interest rates and service
charges are among the lowest in the area. There appears to be no management succession problem in this
sound bank as the active control is now in the care of
young and capable officials. Whether or not this small
bank can continue to prosper and show such satisfactory returns in the coming years appears to be a community problem affecting depositors, shareholders and
directors alike.
In view of the situation which confronts the First
National Bank of Ovid and the public reaction generated by this proposal, it appears that the application is premature and inconsistent with the public interest. The application is therefore denied.
DECEMBER 18,1962.
SUMMARY OF REPORT BY ATTORNEY GENERAL
The First National Bank of Waterloo competes with
five banks in the merging bank's service area, and will
face competition from eight banks in the resulting
bank's service area. Although Waterloo presently
competes with the merging bank, such competition is
not substantial. In light of the relatively minor degree
of competition being eliminated and the continued existence of a number of independent banks who will
continue to compete with the resulting bank, we believe the proposed merger will not have a substantial adverse effect upon competition.
APPENDIX B
Statistical Tables
696-055—63
12
TABLE B-l.—Comptrollers and Deputy Comptrollers of the Currency, by dates of appointment and resignation, and resident
States at the time of appointment
Name
Date of appoint- Date of resigna-
State
COMPTROLLERS OF THE CURRENCY
McCulloch, Hugh
Clarke, Freeman
Hulburd, Hiland R
Knox, John Jay
Cannon, Henry W
Trenholm, William L
Lacey, Edward S
Hepburn, A. Barton
Eckels, James H
Dawes, Charles G
Ridgely, William Barret
Murray, Lawrence O
Williams, John Skelton
Crissinger, D. R
Dawes, Henry M
Mclntosh, Joseph W
Pole, John W
O'Connor, J. F. T
Delano, Preston
Gidney, Ray M
Saxon, James J
May
Mar.
Feb.
Apr.
May
Apr.
May
Aug.
Apr.
Apr.
Feb.
Mar.
May
Dec.
Nov.
May
Oct.
Apr.
9,1863 Mar. 8,1865
21,1865 July 24,1866
1,1867 Apr. 3,1872
25,1872 Apr. 30,1884
12,1884 Mar. 1,1886
20,1886 Apr. 30,1889
1,1889 June 30,1892
2,1892 Apr. 25,1893
26,1893 Dec. 31,1897
1,1898 Sept. 30,1901
1,1901 Mar. 28,1908
27,1908 Apr. 27,1913
2,1914 Mar. 2,1921
17,1921 Apr. 30,1923
1,1923 Dec. 17,1924
20,1924 Nov. 20,1928
21, 1928 Sept. 20,1932
11,1933 Apr. 16,1938
24,1938 Feb. 15,1953
16, 1953 Nov. 15,1961
16,1961
Indiana
New York
Ohio
Minnesota
Minnesota '
South Carolina
Michigan
New York
Illinois
Illinois
Illinois
New York
Virginia
Ohio
Illinois
Illinois
Ohio
California
Massachusetts
Ohio
Illinois
DEPUTY COMPTROLLERS OF THE CURRENCY
Howard, Samuel T
Hulburd, Hiland R
Knox, John Jay
Langworthy, John S
Snyder, V. P
Abrahams, J. D
Nixon, R. M
Tucker, Oliver P
Coffin, George M
Murray, Lawrence O
Kane, Thomas P
Fowler, Willis J
Mclntosh, Joseph W
Collins, Charles W
Stearns, E. W
Await, F. G
Gough, E. H
Proctor, John L
Lyons, Gibbs
Prentiss, William, Jr
Diggs, Marshall R
Oppegard, G. J
Upham, C. B
Mulroney, A. J
McCandless, R. B
Sedlacek, L. H
Robertson, J. L
Hudspeth, J. W
Jennings, L. A
Taylor, W. M
Garwood, G. W
Fleming, Chapman C
Haggard, Hollis S
Camp, William B
Redman Clarence B
Watson, Justin T
Miller, Dean E
DeShazo, Thomas G
1
3
8
Term expired.
Died Mar. 2, 1923.
To succeed G. W. Garwoodi
160
M a y 9,1863
Aug. 1,1865
Mar. 12,1867
Aug. 8,1872
Jan. 5,1886
Jan. 27, 1887
Aug. 11,1890
Apr. 7,1893
Mar. 12,1896
Sept. 1,1898
29,1899
1,1908
21,1923
1,1923
6,1925
1,1927
6.1927
J
1.1928
Jan. 24,1933
Feb. 24,1936
Jan. 16,1938
Jan. 16,1938
Oct. 1,1938
May 1,1939
July 7,1941
Sept. 1,1941
Oct. 1,1944
Jan. 1,1949
Sept. 1,1950
Mar. 1,1951
Feb. 18,1952
Sept. 15,1959
M a y 16,1960
Apr. 2,1962
Aug. 4,1962
Sept, 3, 1962
Dec. 23, 1962
Jan. 1,1963
Aug. 1,1865
Jan. 31,1867
Apr. 24,1872
Jan. 3,1886
Jan. 3,1887
May 25, 1890
Mar. 16,1893
Mar. 11,1896
Aug. 31, 1898
June 27,1899 2
Mar. 2,1923
Feb. 14,1927
Dec. 19,1924
June 30,1927
Nov. 30,1928
Feb. 15,1936
Oct. 16,1941
Jan. 23, 1933
Jan. 15,1938
Jan. 15,1938
Sept. 30,1938
Sept. 30,1938
Dec. 31,1948
Aug. 31,1941
Mar. 1,1951
Sept. 30,1944
Feb. 17,1952
Aug. 31,1950
May 16,1960
Apr. 1,1962
Dec. 31,1962
Aug. 31, 1962
Aug. 3,1962
New York
Ohio
Minnesota
New York
New York
Virginia
Indiana
Kentucky
South Carolina
New York
District of Columbia
Indiana
Illinois
Illinois
Virginia
Maryland
Indiana
Washington
Georgia
California
Texas
California
Iowa
Iowa
Iowa
Nebraska
Nebraska
Texas
New York
Virginia
Colorado
Ohio
Missouri
Virginia
Connecticut
Ohio
Iowa
Virginia
TABLE B-2.—Changes in the structure of the national banking system, by States and regions, since 1863: number of banks
organized, consolidated, and merged; number of insolvencies, liquidations, and conversions; and national banks in existence,
Dec. 31, 1962
Organized,
7863
through
7962
Location
.
.
.
.
. . .. . .
. . .
.
139
2 2,814
3 6, 685
40
199
4,503
7
3
3
36
3
11
5
0
1
5
0
4
13
5
17
28
2
7
79
22
29
207
58
69
0
0
1
0
0
0
1
0
5
8
0
13
22
51
29
94
4
23
. . .
Middle Western States, total
North Dakota
South Dakota
Nebraska
Kansas
Miontana
Wyoming
Colorado
New Mexico
Oklahoma
Western States, total
63
15
72
464
1
27
223
117
47
96
0
3
8
34
7
24
0
5
0
130
59
211
1
17
7
437
150
482
18
69
13
4
1
0
0
0
0
59
10
47
8
5
0
221
149
424
4
48
5
271
70
425
1,169
5
129
851
258
193
155
129
193
216
182
82
117
1,251
153
250
215
19
11
8
8
8
2
4
5
4
44
1
11
8
10
0
8
4
0
0
1
0
0
0
0
1
0
28
38
44
43
42
42
45
16
16
141
39
37
36
74
68
58
49
87
41
62
34
53
572
55
110
94
0
0
0
0
3
0
0
0
0
6
0
5
2
1
0
8
0
0
0
0
0
0
1
0
1
2
126
76
29
25
53
131
70
27
44
487
58
85
73
3,394
133
24
567
1,357
16
13
1,284
704
442
948
333
279
498
553
299
32
14
19
11
9
8
4
11
6
0
1
3
0
0
0
1
112
98
227
77
54
116
205
58
332
204
295
156
115
192
243
148
1
0
2
0
0
1
4
2
3
1
1
3
0
0
0
1
218
125
403
83
101
181
97
78
4,056
108
11
947
1,685
10
9
259
221
405
451
198
65
232
91
753
3
13
2
6
3
0
5
1
12
100
93
83
76
76
12
55
25
85
118
81
198
198
76
26
84
36
453
0
1
1
3
0
0
0
0
0
ooooooooo
.
Southern States, total
Minnesota
Iowa
Missouri
666
2,920
Eastern States, total
.
15,046
865
Pennsylvania
Delaware
Maryland
District of Columbia
Ohio
Indiana
Illinois
Consolida- Mergers
tions under under sees.
4 and 5
sees. 7, 2,
and 3
In existence,
Dec. 37,
7962
Converted Merged or
consolidated
to State
with State
banks
banks
1,002
423
1,284
31
147
33
New England States, total
New York
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
In liquidation
ooooooooo
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
North Carolina
South Carolina
Georgia
Florida
Insolvent
127
81
85
378
67
127
United States and possessions, total
Virginia
1
Public Law 706 (72
U.S.C. 274)
Consolidated and merged
under act Nov. 7, 7978,
as amended
38
33
121
168
43
27
88
29
203
2,675
45
0
605
1,270
5
0
750
1,286
See footnotes at end of table.
161
TABLE B-2.—Changes in the structure of the national banking system, by States and regions, since 1863: number of banks
organized, consolidated, and merged; number of insolvencies, liquidations, and conversions; and national banks in existence,
Dec. 31, 1962— Continued
Organized,
7863
through
7962
Location
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska .
Hawaii
Consolidated and merged
under act Nov. 7, 1978,
as amended
Public Law 706 (72
U.S.C. 274)
Insolvent
In liquidation
ConsolidaMergers
tions under under sees.
sees. 7, 2,
4 and 5
and 3
Converted Merged or
consolidated
to State
with State
banks
banks
0
0
2
0
1
0
0
0
0
0
2
13
2
2
1
0
1
0
25
10
44
9
7
3
3
5
2
739
3
21
108
1
0
0
0
0
0
0
1
1
0
0
1
232
149
540
111
39
17
31
8
7
3
2
14
0
0
0
0
0
0
51
31
65
35
6
4
6
0
0
135
102
383
65
19
8
12
2
4
46
19
198
1
1
0
0
0
0
0
0
2
Possessions total
18
2
19
0
4
1
1
0
1
1,134
Pacific States, total
Puerto Rico
Virgin Islands of the United States
In existence,
Dec. 37,
7962
0
0
0
1
Includes 456 organized under act Feb. 25, 1863; 9,401 under act June 3, 1864, as amended; 10 under Gold Currency Act
of July 12, 1870; and 5,179 under act Mar. 14, 1900.
2
Exclusive of thi ose restored to solvency.
L
3
Includes 208 liquidations upon expiration of corporate existence.
TABLE
B-3.- -Applications for new national bank charters, approved and rejected, with name of bank and date of approval
or rejection, calendar 1962, by States
Alabama
Approved Rejected
1962
7962
Colfax National Bank of Denver, Denver.
South Denver National Bank of Glendale,
Glendale
Alameda National Bank, Alameda
First Westland National Bank, Lakewood.
Republic National Bank of Pueblo, Pueblo.
First National Bank of Lafayette,
Lafayette
First National Bank of Louisville, Louisville
Security National Bank, Denver
University National Bank of Fort Collins,
Fort Collins
First National Bank of Sterling, Sterling..
Park National Bank of Pueblo, Pueblo...
The Pikes Peak National Bank of Colorado
Springs, Colorado Springs
Citizens National Bank of Shawmut,
Shawmut, Ala
Apr. 27
Phenix National Bank, Phenix City
June 5
First National Bank of Fairhope, Fairhope. Aug. 8
Arkansas
First National Bank of Dermott, Dermott. Feb. 2
The First National Bank in Harrison,
Harrison
Nov. 2
California
Wilshire National Bank of Los Angeles,
Los Angeles
First National Bank of Fresno, Fresno
Rocklin-Sunset National Bank, Rocklin..
Security National Bank of Monterey
County, Pacific Grove
The Feather River National Bank, Oroville
Redwood National Bank, San Rafael
The Mount Diablo First National Bank,
Pleasant Hill
First National Bank of Daly City, Daly
City
Daly City
Pleasant Hill
162
Feb. 21
Apr. 11
Apr. 11
June 5
Approved Rejected
7962
7962
Apr. 7
May
June
June
July
17
23
23
17
Aug. 4
Aug. 4
Sept. 1
Sept. 1
Oct. 17
Oct. 30
Dec. 5
Connecticut
July 17
Sept. 15
Lincoln National Bank of Stamford,
Stamford
Oct.
Sept. 15
Sept. 29
Colorado
1
Delaware
Apr. 11
June 5
The First National Bank of Wilmington,
Wilmington
Colonial National Bank, Wilmington
Oct. 4
Oct. 26
T A B L E B-3.—Applications for new national bank charters, approved and rejected, with name of bank and date of approval
or rejection, calendar 1962, by
States—Continued
District of Columbia
District of Columbia
Washington, D.C
National
Approved Rejected
1962
1962
Bank,
Illinois— Continued
First National Bank of Winnebago, Winnebago
Mar. 2
Florida
First National Bank of St. Andrews,
Panama City
First National Bank of Cape Canaveral,
Cape Canaveral . . . .
...
The Harbor City National Bank of Eau
Gallie, Eau Gallie
Brevard National Bank, Indian River
City . . . . . . . . . . . . . . . . . . . . . . .
First National Bank of Merntt Island,
Merritt Island
First National Bank of South Brevard
Beaches, Satellite Beach
First National Bank of Titusville, Titusville
Commercial National Bank of Broward
County, Fort Lauderdale
First National Bank of North Broward
County, Lighthouse Point
University National Bank of Coral Gables.
First National Bank of Hialeah, Hialeah. .
Northwestern National Bank of Miami,
Miami
Inter-National Bank of Miami, M i a m i . . .
County National Bank of North Miami
Beach, North Miami Beach .
...
The First National Bank of South Miami,
South Miami
First National Bank of Bonita Springs
Edison National Bank in Fort Myers, Fort
Myers
Trail National Bank, S a r a s o t a . . . . . . .
First National Bank of Maitland, Maitrrland™ * ' " Mr"'.'' • V « ' \
X Y •V '
The Plaza National Bank at Orlando,
Orlando
Aloma National Bank of Winter Park
National Bank of Riviera Beach
First National Bank of New Port Richey,
New Port R i c h e y . . . . . . . . . . . . . . . . .
American National Bank of South Pasadena South Pasadena.
••••""•
First National Bank of Lakeland, Laker, , ? i • • ^ • • • • i W •/ c
Gulf Gate National Bank, Sarasota
First National Bank of Venice, V e n i c e . . .
First National Bank of New Smyrna Beach,
New Smyrna Beach
Hialea
Lantana
.
The Bank of Palmetto (Conversion)
Panama City
SouthMiami
Dec. 13
Oct.
Nov.
J
5
3
East
Wichita
2
F
Anr 26
p
'
..
Louisiana
Gonzales, Gon'
r
Apr. 27
First
Oct. 26
National
zaIes
Delconibre*
Bank
of
yu|
16
Nov
7
Nov. 10
Aug. 24
Mar. 5
Nov. 3
Maryland
Metropolitan National Bank, Wheaton,
Wheaton
First Nationai Bank of HUlandaie/Hiilandale
National' City' Bank of Baltimore,' Baltil
more
P e o leg - N a t i o n a f Bank of Prince Georges
County, Southern Prince Georges
Countv
Sept. 15
Apr. 27
May 25
July 17
Oct. 19
Aug. 2
July 31
V>
Apr. 23
Nov. 27
Sept. 1
Nov. 13
Au
S-
Mar
2
Mar 23
Oct
26
Nov
8
,,
,
Massachusetts
Hampshire National Bank of South HadW S o u t h Hadley
Mar. 23
Suburban National Bank of Arlington,
Arlington
Mar 23
5
24
pr
6 ' 7n
Nov. 10
July 23
Apr. 27
Nov. 3
May 25
May 18
May 25
Nov. 3
, ,. .
Michigan
Central National Bank of Alma, A l m a . . . May 4
Metropolitan National Bank of FarmingJuly 24
t o n Farmington
Troy National Bank, Troy
Sept. 5
Huron Valley National Bank, Ann Arbor. Oct. 18
First
National Bank of Cadillac, Cadillac. Oct. 19
'
,,.
Minnesota
Summit National Bank of St. Paul, St.
May 25
Paul
F i r s t N a t i o n a i B a n k of Long Prairie, Long
Prairie
7
.
7 Aug. 24
National' Bank'' of ' 'Montgomery,
First
Montgomery
Sept. 29
&
Georgia
r
'
Mississippi
F i
Dec. 20
^ National Bank of Bolivar County,
Cleveland
Sept. 7
Dec. 20
Ilhn0lS
Side
Mar
Sept. 1
„
Kansas
National Bank of Wichita,
Apr. 27
Mar. 23
First National Bank of Brookfield, Brookfield
Watseka First National Bank, Watseka...
First National Bank of Deerfield, Deerfield
The First National Bank of West Chicago,
West Chicago
Oct. 17
Iowa
First National Bank of Evansdale, Evansdale
National" B a n k* ' o f ' Columbus
Peoples
Junction, Columbus Junction
Dec. 13
Venice
First National Bank of Newton County,
Covington
Covington
Approved Rejected
1962
1962
Feb. 17
Mar. 2
May 25
Sept. 1
Missouri
Civic Plaza National Bank of Kansas City,
Kansas City
July 23
Kennett National Bank, Kennett
Nov. 21
Flat River
-.. Aug. 24
Nebraska
First National Bank of Bellevue, Bellevue.
Oct. 29
163
T A B L E B-3.—Applications for new national bank charters, approved and rejected, with name of bank and date of approval or
rejection, calendar 1962, by
States—Continued
Approved Rejected
1962
1962
Texas—Continued
New Hampshire
White Mountain National Bank of North
Conway, Conway
July
North Hill National Bank of San Antonio,
San Antonio
First National Bank of Irving, I r v i n g . . . .
First National Bank of Flour Bluff, Flour
Bluff
West Columbia National Bank, West
Columbia
Guaranty National Bank & Trust Co. of
Corpus Christi, Corpus Christi
The First National Bank of Euless, Euless.
West Side National Bank of San Angelo,
San Angelo
Riverside National Bank of Houston,
Houston
Republic National Bank of Houston,
Houston
American National of Killeen, Killeen. . .
Southwest National Bank of Fort Worth,
Fort Worth
Hillside National Bank of Dallas, Dallas..
First National Bank of Stinnett, Stinnett.
Security National Bank of San Antonio,
San Antonio
Stonewall National Bank of Corpus Christi,
Corpus Christi
Trinity National Bank of Dallas, Dallas. .
Bowie National Bank, Bowie
Commercial National Bank of Victoria,
Victoria
Lake Air National Bank of Waco, Waco.
First National Bank of Ingleside, Ingleside.
Texas National Bank of Temple, Temple.
First National Bank of Lake Jackson,
Lake Jackson
Austin
Plainview
Sealy
7
New Jersey
The Short Hills National Bank, Millburn
Township
June 15
New Mexico
Deming National Bank, Deming
Jan. 23
New York
Flushing National Bank, Flushing
July 3
Royal National Bank of New York, New
York
Nov. 14
North Carolina
First National Bank of Boone, Boone
Dec.
1
Dec.
5
North Dakota
Community National
Forks, Grand Forks
Bank of
Grand
Ohio
First National Bank of Parma, Parma. . . .
July 19
Oklahoma
First National Bank of Owasso, Owasso. .
The First National Bank of Midwest City,
Midwest City
Citizens National Bank of Oklahoma City,
Oklahoma City
Southern Hills National Bank, Tulsa
Tulsa
Apr. 11
May
4
Oct. 26
Dec. 20
Dec. 2
Oregon
Emerald National Bank, Bethel-Danebo..
Nov. 24
of
Northshore First National Bank, Bothell. .
6
Tennessee
Ravenswood.
Aug.
2
Aug. 31
Sept. 11
Oct. 5
Oct. 12
Oct. 12
Oct. 12
Oct. 26
Nov. 24
Nov. 27
Nov, 27
Dec. 4
Dec. 5
Dec. 12
Dec. 21
Dec. 12
Oct. 4
Feb. 17
Aug. 23
Mar.
Mar. 23
Mar. 22
West Virginia
Dec. 20
Wisconsin
Nov. 24
Texas
164
J u n e 26
Washington
Apr.
Casa Linda National Bank of Dallas,
Dallas
May 14
May 15
Peoples National Bank of Gloucester,
Gloucester
Jan. 20
Richmond National Bank & Trust Co.,
Richmond
Oct. 31
Winner,
The First National Bank of Rutherford,
Rutherford
Madisonville
Apr. 11
Apr. 27
Virginia
South Dakota
Bank
Mar. 23
Apr. 2
Utah
U t a h N a t i o n a l B a n k of P r o v o , P r o v o . . . .
South Carolina
First National Bank of St. George, St.
George
June 19
Ranchers National
Winner
Approved Rejected
ejected
pp
1962
1962
American National Bank of Green Bay,
Green Bay
Marine National Bank of Waukesha,
Waukesha
Valley National Bank, Appleton
First National Bank of Cudahy, C u d a h y . .
Mar.
2
Mar. 2
Aug. 24
Nov. 24
TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value of
capital stock
Charter No.
Title and location of bank by States
50 States and D.C.: 83 banks, total
$29, 302, 555
ALABAMA
First National Bank of Fairhope1
14973
15039
Capital
stock
300, 000
ARKANSAS
First National Bank of Dermott
The First National Bank in Harrison i
125, 000
200, 000
Total: 2 banks
325, 000
CALIFORNIA
14980
14997
14998
15007
15021
15032
San Francisco National Bank, San Francisco
Wilshire National Bank of Los Angeles
Security National Bank of Monterey County, Pacific Grove *
First National Bank of Fresno
The Feather River National Bank, Oroville
Rocklin-Sunset National Bank, Rocklin
Total: 6 banks
2, 250, 000
750, 000
100, 000
1, 200, 000
300, 000
200, 000
4, 800, 000
COLORADO
14969
15003
15009
15014
15016
15017
15024
15030
Cache National Bank of Greeley
Republic National Bank of Pueblo
Colfax National Bank of Denver
Alameda National Bank, 5500 West Alameda Ave., P.O. Denver 26, Colo
First National Bank of Louisville 1
First National Bank of Lafayette *
First National Bank of Sterling
University National Bank of Fort Collins
Total: 8 banks
200,
400,
500,
300,
100,
100,
750,
400,
000
000
000
000
000
000
000
000
2, 750, 000
CONNECTICUT
14972
15040
Vernon National Bank, Vernon
Lincoln National Bank of Stamford 1
125, 000
200, 000
Total: 2 banks
325, 000
DELAWARE
15033
207, 860
Colonial National Bank, Wilmington x
DISTRICT OF COLUMBIA
15013
District of Columbia National Bank, Washington
2, 000, 000
FLORIDA
14966
14974
14996
15000
15004
15010
15020
15026
15036
15043
The First National Bank of Belleair Bluffs (P.O. Largo)
Florida National Bank at Lake Shore (P.O. Jacksonville)
First National Bank of Sebring
The First National Bank of South Miami :
First National Bank of North Broward County, Lighthouse Point
Trail National Bank, 6401 North Tamiami Trail (P.O. Sarasota)
Northwestern National Bank of Miami (P.O. Opa Locka)
County National Bank of North Miami Beach
American National Bank of South Pasadena
First National Bank of New Port Richey *
Total: 10 banks
ILLINOIS
14993
15019
15022
15038
First National Bank of Brookfield
The Archer National Bank of Chicago
Watseka First National Bank, Watseka 1
The First National Bank of West Chicago
Total: 4 banks
350, 000
300, 000
200, 000
750, 000
400, 000
300, 000
450, 000
600, 000
300, 000
400,000
4, 050, 000
200, 000
300, 000
100,000
150,000
750, 000
See footnote at end of table.
165
TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value of
capital stock—Continued
Title and location of bank by States
Charter No.
14970
First National Bank of Evansdale.,
14999
East Side National Bank of Wichita *
Parklane National Bank of Wichita..
$100, 000
250, 000
250, 000
Total: 2 banks.
14977
14989
15041
Capital
stock
500,000
Crescent City National Bank, New Orleans.
First National Bank of Slidell
First National Bank of Gonzales
280, 000
200, 000
200, 000
Total: 3 banks.
680, 000
MARYLAND
14985
Metropolitan National Bank, Wheaton.
700, 000
MASSACHUSETTS
15005
Hampshire National Bank of South Hadley.
175, 000
15001
15008
15042
First National Bank of Allen Park.
Central National Bank of Alma...
Troy National Bank, Troy
First National Bank of Cadillac...
250,
200,
200,
240,
Total: 4 banks.
000
000
000
000
890, 000
MINNESOTA
14991
15037
14984
Summit National Bank of St. Paul
First National Bank of Long Prairie 1 .
Total: 2 banks.
200, 000
225, 000
425, 000
Columbia National Bank, Columbia..
250, 000
NEW JERSEY
15035
Delaware Valley National Bank of Cherry Hill
The Short Hills National Bank, Milburn Township (P.O. Short Hills).
Franklin Lakes National Bank, Franklin Lakes
Total: 3 banks.
225, 000
200, 000
180, 000
605, 000
NEW MEXICO
14971
15029
14968
Deming National Bank, Deming.
Royal National Bank of New York 1
100, 000
NEW YORK
2,711,270
x
First National Bank of Elyria .
500, 000
OKLAHOMA
14986
15006
15031
The First National Bank of Midwest City *. . .
First National Bank of Owasso
Citizens National Bank of Oklahoma City 1 .
Total: 3 banks
300,000
150,000
1, 000, 000
1, 450, 000
SOUTH CAROLINA
14967
15025
The First National Bank of Lancaster.
First National Bank of St. George
Total: 2 banks.
See footnote at end of table.
166
125, 000
125,000
250, 000
TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value of
capital stock—Continued
Title and location of bank by States
Charter Mo.
Capital
stock
SOUTH DAKOTA
$200, 000
Ranchers National Bank of Winner
TEXAS
14963
14976
14979
14982
14983
14988
14992
14994
14995
15011
15015
15018
15028
15034
15044
Valley-Hi National Bank of San Antonio
Casa Linda National Bank of Dallas
First National Bank of Irving
Northeast National Bank of Fort Worth, North Richmond Mills (P.O. Fort Worth)
Clear Creek National Bank, Seabrook
Guaranty National Bank & Trust of Corpus Christil
North Hill National Bank of San Antonio
The First National Bank of Euless
West Side National Bank of San Angelo
Bassett National Bank of El Paso
West Columbia National Bank, West Columbia
First National Bank of Flour Bluff (P.O. Corpus Christi)
First National Bank of Stinnett
Stonewall National Bank of Corpus Christi
American National Bank of Killeen
Total: 15 banks
250, 000
200, 000
200, 000
250, 000
200, 000
300, 000
250, 000
200, 000
250, 000
250, 000
150,000
125, 000
100, 000
200, 000
200, 000
3,125, 000
UTAH
Moab National Bank, Moab
200, 000
VIRGINIA
14965
15002
15027
First National Bank of Vienna
Peoples National Bank of Gloucester
Richmond National Bank & Trust Co., Richmond 1
300, 000
150, 000
233, 425
Total: 3 banks
WASHINGTON
14990
Northshore First National Bank, Bothell
14987
American National Bank of Riverton
WYOMING
1
Conversion of State chartered bank.
167
TABLE B-5.—National banks chartered during calendar 1962, by title and location of bank, State, effective date, authorized
capital, surplus and undivided profits, and assets: conversions of State chartered banks
Charter
No.
Effective
date of
charter,
7962
Title and location of bank
Authorized
capital
Surplus and
undivided
profits
Assets
$8, 027, 555
$13,161, 595
Ohio
Kans.
Okla..
Apr. 14
May 25
June 25
500, 000
250, 000
300, 000
970,141
319, 246
599,197
Tex.
June 29
300,000
239, 030
1,194, 841
Calif..
Fla...
Ala...
Colo..
Colo..
Aug. 15
Aug. 16
Sept. 29
Oct. 20
Oct. 20
100, 000
750, 000
300, 000
100, 000
100, 000
79, 854
1, 320, 995
335, 447
42, 667
33, 502
5,118,238
25, 850, 725
6, 547, 732
2,135,095
1, 736, 306
Va.. .
N.Y..
Okla..
Del...
Minn.
111. . .
Ark...
Conn.
Fla...
Nov. 30
Nov. 29
Dec. 8
Dec. 14
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
233, 425
2,711,270
1, 000, 000
207, 860
225, 000
150, 000
200, 000
200, 000
400, 000
319,612
5, 245, 635
1, 683, 489
396, 008
278, 782
188,465
372, 246
404,619
332, 660
4, 739, 202
116,342,487
36,711,692
6, 210, 751
8, 207, 630
5, 418, 724
7, 294, 430
7,191,049
11,080,557
Total: 18 banks.
First National Bank of Elyria
East Side National Bank of Wichita
1
The First National Bank of Midwest City..
Guaranty National Bank & Trust of Corpus Christi
14998 Security National Bank of Monterey
County, Pacific Grove
15000 The First National Bank of South Miami. .
15012 First National Bank of Fairhope
15016 First National Bank of Louisville
15017 First National Bank of Lafayette
15027 Richmond National Bank & Trust Co.,
Richmond
15029 Royal National Bank of New York
15031 Citizens National Bank of Oklahoma City. .
15033 Colonial National Bank, Wilmington
15037 First National Bank of Long Prairie
15038 The First National Bank of West Chicago..
15039 The First National Bank in Harrison
15040 Lincoln National Bank of Stamford
15043 First National Bank of New Port Richey...
14968
14978
14986
14988
$285,178, 888
17, 348, 669
7, 778, 698
14,272,062
TABLE B-6.—National banks reported in voluntary liquidation during calendar 1962 with the names of succeeding banks, the
dates of liquidation, and the value of capital stock
Title and location of bank
Date of
liquidation, 1962
Total: 14 banks.
The Louisa County National Bank of Columbus Junction, Iowa (2032), absorbed by Columbus Junction
State Bank, Columbus Junction
Feb. 10
The First National Bank of Hoisington, Kans. (9232), absorbed by the First National Bank in Hoisington Jan. 9
The First National Bank of North East, Pa. (4927), absorbed by the First National Bank of Erie, Pa. .. Mar. 1
First National Bank in Brownsville, Pa. (14597), absorbed by the First National Bank of Fredericktown,
Mar. 9
Pa.
The First National Bank of Juneau, Alaska l (5117), absorbed by the First National Bank of Anchorage,
Alaska
Jan. 12
The Farmers National Bank of Williamsport, Ohio (10267), absorbed by the First National Bank of Circleville, Ohio
Mar. 17
The Depositors National Bank of New Wilmington, Pa. (13845), absorbed by First National Bank of
Lawrence County at New Castle, Pa
Apr. 16
First National Bank in Freeland, Pa. (13970), absorbed by the People's Savings & Trust Co., Hazleton,
May 31
Pa.
The Easton National Bank of Maryland, Easton, Md.2 (1434), absorbed by Maryland National Bank,
Baltimore, Md
May 5
Central City National Bank, Central City, Pa. (14591), absorbed by Windber Trust Co., Windber, Pa.. June 30
The First National Bank in Wampum, Pa. (14112), absorbed by Lawrence Savings & Trust Co., New
Castle, Pa
Sept. 1
The Second National Bank of Meyersdale, Pa.3 (5801), absorbed by Gallatin National Bank, Uniontown,
Aug. 25
Pa.
Mount Jewett National Bank, Mount Jewett, Pa. (7473), absorbed by Hamlin Bank & Trust Co., SmethSept. 28
port, Pa
The First National Bank of Clairton, Pa.4 (6794), absorbed by Western Pennsylvania National Bank,
Dec. 1
McKeesport, Pa
1
2
With 1 branch each at Sitka and Haines.
With 1 local branch.
3 With 1 branch at Salisbury.
4
With 1 local branch.
168
Capital stock
$1, 905, 000
50, 000
100, 000
200, 000
100, 000
300, 000
75, 000
100, 000
100, 000
400, 000
50, 000
50, 000
130, 000
50, 000
200, 000
TABLE B-7.—National banks merged or consolidated with and into State banks during calendar 1962 with effective dates and
value of capital stock
Title and location of bank
Effective Capital stock
date, 1962
$5, 075, 000
Total: 18 banks..
The Farmers and Merchants National Bank of Santa Cruz, Calif.1 (10571), merged with and into Wells
Fargo Bank American Trust Co., San Francisco, Calif
Jan. 2
250, 000
The First National Bank of Bonners Ferry, Idaho (10727), merged with and into Bank of Idaho, Boise,
Feb. 28
150, 000
Idaho.
The Bridgeport National Bank, Bridgeport, Pa. (8329), merged with and into Liberty Real Estate Bank
& Trust Co., Philadelphia, Pa
Apr. 19
200, 000
Oil City National Bank, Oil City, Pa.2 (14274), merged with and into Crawford County Trust Co.,
Meadville, Pa., and under the title "Northwest Pennsylvania Bank & Trust Co."
Apr. 30
665, 000
Broadway National Bank of Nashville, Tenn.3 (9774), merged with and into Commerce Union Bank,
Nashville
May 22
1, 000, 000
The Peoples National Bank of Brooklyn in New York, N.Y.4 (9219), merged with and into Commercial
Bank of North America, New York
500, 000 :
May 31
The National Bank of Vergennes, Vt. (1364), merged with and into Chittenden Trust Co., Burlington, Vt. June 30
150, 000
The National Bank of Royersford, Pa. (3551), merged with and into Industrial Valley Bank & Trust
Co., Jenkintown, Pa
150,000
June 29
The First National Bank of Perry, N.Y. (4519), merged with and into the Citizens Bank of Perry, and
under the title "The Bank of Perry"
100, 000
Aug. 3
The First National Bank of Bellwood, Pa. (7356), merged with and into Altoona Central Bank & Trust
Co., Altoona, Pa
75, 000
June 29
The Lincoln National Bank of Lincolnton, N.C. (14603), merged with and into First-Citizens Bank &
100, 000
Oct. 20
Trust Co., Smithfield, N.C
5
The Carroll County National Bank, Westminster, Md. (742), merged with and into Manchester Bank,
Manchester, Md., and under the title "Carroll County Bank & Trust Company"
500, 000
Dec. 14
The First National Bank of Derry, Pa. (13794), merged with and into Brookline Savings & Trust Co.,
100,000
Oct. 12
Pittsburgh, Pa
The First National Bank of Bolivar, N.Y. (13246), merged with and into First Trust Co. of Allegany
Dec. 28
County, Wellsville, N.Y
60, 000
The City National Bank of Anchorage, Alaska 6 (14691), merged with and into Alaska State Bank,
Aug. 31
Anchorage, Alaska
350, 000
The First National Bank of Price, Utah (6012), merged with and into Walker Bank & Trust Co., Salt
Dec. 31
Lake City, Utah
100, 000
The National Bank of Coatesville, Pa.7 (3990), merged with and into Industrial Valley Bank & Trust
Dec. 28
Co., Jenkintown, Pa
250, 000
The Gramatan National Bank & Trust Co. of Bronxville, N.Y.8 (8240), merged with and into the County
Dec. 31
Trust Co., White Plains, N.Y
375, 000
6
1 With 1 local branch.
With 2 local branches and 1 at Kenai.
2
* With 1 branch at Cain Township (P.O. Thornton).
With 1 local branch and 1 each at Knox, Clintonville,
s With 1 local branch.
Emlenton, and East Brady.
s With 1 local branch.
NOTE: Mergers and consolidations enacted under the
* With 1 local branch.
provisions of Public Law 706 (12 U.S.C. 214), Aug. 17, 1950,
s With 2 local branches.
and State laws.
TABLE B-8.—National banks converted into State banks, calendar 1962, with effective dates and value of capital stock
Title and location of bank
Effective
date,
7962
Total: 8 banks.
The Hillsdale National Bank, Hillsdale, N.J. (12902), converted into "Pascack Valley Bank and Trust
Company, Hillsdale, New Jersey"
Jan. 22
The First National Bank of Normangee, Texas (10275), converted into "Normangee State Bank,
Normangee, Texas"
Mar. 3
The Union National Bank of Providence, Ky. (9708), converted into the Providence State Bank,
Feb. 28
Provide
The First National Bank of Edna, Kans. (7590), converted into the First State Bank, Edna
June 30
The Farmers National Bank of White Deer, Tex. (14272), converted into First Bank & Trust Co., White
Aug. 24
De<
The First National Bank of Braham, Minn. (7387), converted into "The First State Bank of Braham,"
Braham
Oct. 1
The Southern Ohio National Bank of Cincinnati, Ohio * (14724), converted into the Southern Ohio
Bank, Cincinnati
Dec. 31
Valley First National Bank, Cupertino Calif.2 (14725), converted into First Valley Bank, Cupertino
Dec. 31
1
With 1 branch each at Deer Park, Greenhills, White Oak, and Anderson Township (P.O. Cincinnati).
2
With 1 branch each at Saratoga, Los Gatos, and Campbell.
NOTE: Conversions enacted under Public Law 706 (12 U.S.C. 214), Aug. 17, 1950, and State laws.
Capital
stock
$2, 231, 488
525, 000
50,000
100, 000
50, 000
100, 000
140, 000
600,000
666, 488
169
TABLE B-9.—Purchases of State banks by national banks, calendar 1962, with title and location, effective dates of purchase,
and capital stock of State banks
Effective
date,
1962
Title and location of bank
Capital
stock
$2,125, 000
Total: 7 banks.
The Merchants National Bank & Trust Co. of Meadville, Pa. (871), purchased Farmers & Merchants
Bank, Lineville, Pa
First Security Bank of Utah, National Association, Ogden, Utah (2597), purchased Sampete Valley
Bank, Mount Pleasant, Utah
,
The American National Bank & Trust Co. of Kalamazoo, Mich. (13820), purchased Plainwell Bank,
Plainwell, Mich
The Citizens & Southern National Bank, Savannah, Ga. (13068), purchased the Citizens & Southern
Bank, Atlanta, Ga
The Mahoning National Bank of Youngstown, Ohio (2350), purchased First State Bank, North Lima,
Ohio.
Coshocton National Bank, Coshocton, Ohio (13923), purchased Farmers & Merchants Bank Co.,
Warsaw, Ohio
The Citizens National Bank, Greenleaf, Kans. (10789), purchased Greenleaf State Bank, Greenleaf
Jan.
3
50, 000
Mar. 30
50, 000
May 19
200,000
May 31
, 650, 000
Aug. 18
100,000
Sept. 29
Oct. 26
50, 000
25,000
TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962
Capital stock
Total: 35 consolidations (after consummation)
The Libingston Manor National Bank, Livingston Manor,
N.Y. (10043), with
and The Sullivan County National Bank of Liberty, N.Y.
(4925), which had
consolidated Feb. 9, 1962, under charter and title of the
latter bank (4925). The consolidated bank at date of
consolidation had
West End Bank, Pittsburgh, Pa., with
and Western Pennsylvania National Bank, McKeesport,
Pa. (2222), which had
consolidated Feb. 9, 1962, under charter and title of the
latter bank (2222). The consolidated bank at date of
consolidation had
The Bridgeville National Bank, Bridgeville, Pa.1 (14251).
with
and The Union National Bank of Pittsburgh, Pa. (705),
which had
consolidated Feb. 16, 1962, under charter and title of the
latter bank (705). The consolidated bank at date of
consolidation had
Merchants National Bank in Chicago, 111. (14313), with
and Central National Bank in Chicago, 111. (14362),
which had
consolidated Mar. 9, 1962, under charter and title of the
latter bank (14362). The consolidated bank at date of
consolidation had
The First National Bank of Clinton, NJ. (2246), with
and The Clinton National Bank, Clinton, NJ. (1114),
which had
consolidated Mar. 16, 1962, under charter of the latter
bank (1114), and title "First Clinton National Bank."
The consolidated bank at date of consolidation had
The First National Bank of Allendale, N.J.2 (12706), with
and Citizens First National Bank & Trust Co. of Ridgewood, NJ. (11759), which had
consolidated Mar. 30, 1962, under charter of the latter
bank (11759), and title "Citizens First National Bank of
Ridgewood." The consolidated bank at date of consolidation had
See footnotes at end of table.
170
Surplus
$57, 352, 660 $104, 872, 255
Undivided
profits
Total assets
$41, 679, 456 $2, 478, 464, 257
50, 000
80, 000
84, 999
2, 691, 678
475,000
1,000, 000
200,158
20, 525, 456
525, 000
200,000
1,080, 000
300,000
285,157
87, 622
23, 217,134
7, 458,142
6, 868,140
9,131, 860
4, 025, 848
236, 504, 765
7,068,140
9, 431, 860
4,113,470
243, 962, 908
500, 000
1, 000, 000
497,120
24, 712, 073
3, 629,000
11,371,000
2, 530,146
170, 776, 437
4, 316, 500
1, 250, 000
12,183, 500
1, 250, 000
2, 745, 920
855, 703
193, 383, 687
41, 861, 737
2, 750, 000
3,000,000
1, 920, 207
109,591,007
3, 687, 500
85, 000
5, 000,000
85,000
2, 338, 410,
82, 966
151,452,744
3,245, 917
227, 500
543, 500
192, 618
12, 508, 479
272, 850
390, 000
668,150
382,000
262, 784
123, 938
15,754,406
11, 506, 231
630, 000
1, 400, 000
1,048, 929
48, 479, 504
1, 284, 000
1, 782, 000
918,211
60, 028, 966
TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962—Continued
Capital stock
The Goplay National Bank, Goplay, Pa. (9113), with
and the Merchants National Bank of Allentown, Pa.
(6645), which had
consolidated Mar. 30, 1962, under charter and title of the
latter bank (6645). The consolidated bank at date of
consolidation had
The First National Bank of Millerstown, Pa. (7156), with
and the Juniata Valley National Bank of Mifflintown,
Pa. (5147), which had
consolidated Mar. 30, 1962, under charter of the latter
bank (5147), and title "The Juniata Valley National
Bank." The consolidated bank at date of consolidation
had
The Merchants National Bank of Cape May, N.J. (9285),
with
and the National Bank of Ocean City, N.J. (14145),
which had
consolidated Mar. 30, 1962, under charter of the latter
bank (14145), and title "The Cape May County National Bank." The consolidated bank at date of consolidation had
Mount Vernon Bank & Trust Co., Fail fax County, Va.3
(P.O. Alexandria), with
and Old Dominion National Bank of Fairfax County,
Annandale, Va. (14893), which had
consolidated Mar. 30, 1962, under charter of the latter
bank (14893), and title "Mount Vernon National Bank
and Trust Company of Fairfax County." The consolidated bank at date of consolidation had
The First National Bank of Freehold, N.J.4 (452), with
and The Monmouth County National Bank, Red Bank,
N.J. (2257), which had
consolidated Mar. 30, 1962, under charter and title of the
latter bank (2257). The consolidated bank at date of
consolidation had
North Adams National Bank, North Adams, Mass. (1210),
with
and the Agricultural National Bank of Pittsfield, Mass.
(1082), which had
consolidated Apr. 4, 1962, under charter of the latter
bank (1082), and title "First Agricultural National
Bank of Berkshire County." The consolidated bank at
date of consolidation had
The Riverview State Bank, Kansas City, Kans., with
and Security National Bank of Kansas City, Kans.
(13801), which had
consolidated Apr. 20, 1962, under charter and title of the
latter bank (13801). The consolidated bank at date of
consolidation had
Whitney National Bank of New Orleans, La. (3069), with
and Crescent City National Bank, New Orleans, La.
(14977), which had
consolidated May 24, 1962, under charter of the latter
bank (14977), and title "Whitney National Bank of New
Orleans." The consolidated bank at date of consolidation had
The Bear Butte Valley Bank, Sturgis, S. Dak., with
and American National Bank of Rapid City, S. Dak.
(14099), which had
consolidated May 31, 1962, under charter and title of the
latter bank (14099). The consolidated bank at date of
consolidation had
State Bank of Bolivar, N.Y., with
and The Citizens National Bank of Wellsville, N.Y. (4988),
which had
consolidated June 15, 1962, under charter and title of the
latter bank (4988). The consolidated bank at date of
consolidation had
See footnotes at end of table.
Undivided
profits
Total assets
$50, 000
$200, 000
$116,101
$5, 276, 200
1, 764, 375
4, 000, 000
799, 990
78, 725, 988
1, 858,125
25, 000
4, 200, 000
100, 000
842, 341
117,049
83, 972,188
1, 739, 678
150,000
480, 000
215, 334
4, 483, 877
200, 000
600, 000
287, 383
6, 223, 555
125,000
225,000
163, 357
6,106,096
350,000
650, 000
435,149
21,055,137
475, 000
875, 000
598, 506
27,161, 234
774, 900
774, 900
234, 381
25, 912, 376
250, 000
300, 000
186,793
10, 059, 278
1,024, 900
880, 000
1,074, 900
920, 000
421,174
117, 803
35, 971, 654
26, 212, 693
1, 600, 000
1, 700,000
1, 586, 205
64, 237, 479
2, 269, 000
2, 900, 000
1, 500,185
90, 470, 826
300, 000
300, 000
284, 777
8, 697, 762
900, 000
1, 600, 000
753, 927
23, 969, 248
1, 087, 500
100, 000
942, 696
1, 300, 364
32,667,011
28, 941, 325
1, 200, 000
2, 012, 500
3, 600, 000
1, 800, 000
773, 461
50, 701, 897
4, 000, 000
2, 800, 000
4, 000, 000
27, 200, 000
803, 826
14, 254, 821
79, 643, 222
484, 508, 466
280, 000
56, 000
14, 000
350, 000
2, 800, 000
105, 000
27, 200, 000
195,000
13,954,821
229, 661
484, 518, 566
8, 729, 243
800, 000
800, 000
671, 606
38, 439, 634
983, 750
120, 000
983, 750
125, 000
833, 767
75, 755
46, 938, 498
2, 821, 739
544, 500
700,000
192, 223
14,789,147
669, 500
825,000
262, 978
17,610,611
171
TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962—Continued
Capital stock
The National Bank of Cold Spring on Hudson, Cold Spring,
N.Y. (4416), with
..
and the Fishkill National Bank of Beacon, N.Y. (35),
which had
consolidated June 15, 1962, under charter of the latter
bank (35), and title "The Fishkill National Bank." The
consolidated bank at date of consolidation had
The Liberty Bank of North, S.C., with
and The Southern National Bank of Orangeburg, S.C.
(14135), which had
consolidated June 20, 1962, under charter and title of the
latter bank (14135). The consolidated bank at date of
consolidation had
The Peconic Bank, Sag Harbor, N.Y., with
and Security National Bank of Long Island, Huntington,
N.Y. (6587), which had
consolidated June 22, 1962, under charter and title of the
latter bank (6587). The consolidated bank at date of
consolidation had
American Trust Co., Lewiston, Maine, with
and Canal National Bank, Portland, Maine (941), which
had
consolidated June 25, 1962, under charter and title of the
latter bank (941). The consolidated bank at date of
consolidation had
The National Bank of Avondale, Pa. (4560), with
and National Bank of Chester County & Trust Co., West
Chester, Pa. (552), which had
consolidated June 29, 1962, under charter and title of the
latter bank (552). The consolidated bank at date of
consolidation had
The First National Bank of Sayreville, NJ. 5 (13369), with
and the First National Bank of Middlesex County, South
River, NJ. (288), which had
consolidated June 29, 1962, under charter and title of the
latter bank (288). The consolidated bank at date of
consolidation had
Manufacturers National Bank of North Attleboro, North
Attleboro, Mass. (9086), with
and the First National Bank of Mansfield, Mass. (5944),
which had
consolidated June 29, 1962, under charter of the latter
bank (5944), and title "Manufacturers National Bank
of Bristol County", North Attleboro. The consolidated
bank at date of consolidation had
Grosvenor Savings Bank, Jonesville, Mich., with
and the Hillsdale County National Bank of Hillsdale,
Mich. (14062), which had
consolidated June 30, 1962, under charter of the latter
bank (14062), and title "Hillsdale County National
Bank." The consolidated bank at date of consolidation had
The Richfield Bank, Richfield, Pa., with
and the First National Bank of Middleburg, Pa. (4156),
which had
consolidated June 30, 1962, under charter of the latter
bank (4156), and title "The First National Bank of
Middleburg, Pa." The consolidated bank at date of
consolidation had
The First National Bank of Adams, Mass. (462), with
and First Agricultural National Bank of Berkshire County,
Pittsfield, Mass. (1082), which had
consolidated July 31, 1962, under charter and title of the
latter bank (1082). The consolidated bank at date of
consolidation had
See footnotes at end of table.
172
Surplus
Undivided
profits
Total assets
$50, 000
$50, 000
$125, 498
$1, 726,075
250, 000
300, 000
211,626
9,963,618
350, 000
50, 000
350,000
40, 000
287,125
25, 220
11,689,693
792, 995
200, 000
200, 000
180, 464
8, 066, 094
235, 000
75, 000
265, 000
76, 000
195, 684
78, 816
8, 859, 088
3, 301, 085
5, 452, 775
8, 344, 725
2, 233,131
243, 596, 401
5, 546, 525
300, 000
8,401,975
142, 610
2,311,946
246, 897, 486
2, 902,104
2, 330, 000
1, 670, 000
687, 525
50,285,415
3, 000, 000
150, 000
1, 500, 000
550, 000
630,135
71,221
52,211,685
7, 923, 882
500, 000
1, 577, 500
355, 029
27,163, 027
672, 500
300,000
2,127, 500
350, 000
403, 750
79, 461
35, 086, 908
8, 044, 905
1, 080, 000
1, 060, 000
71, 205
34, 764, 303
1, 480, 000
1, 410, 000
232, 455
42,789,313
220, 000
400, 000
184, 316
9, 733,143
150, 000
150,000
327, 537
5, 542, 456
370, 000
100, 000
550, 000
100, 000
511,853
114,405
15,275,599
3, 575, 582
150,000
212, 500
180, 133
6, 552, 736
230, 000
35, 000
332, 500
265, 000
294, 439
57, 229
10,228,318
2, 766, 794
150, 000
450, 000
78, 802
7, 887, 602
220, 000
100, 000
680, 000
300, 000
136,031
112, 867
10, 654, 396
3, 732, 068
1, 087, 500
2, 012, 500
987, 380
34, 436, 521
1,175, 000
2, 325, 000
1,100, 247
38,168, 589
TABLE B-10.—Consolidation of national banks, or national and State banks, calendar 1962—Continued
Capital stock
The Western National Bank of Rapid City, S. Dak. (14781),
with
Rapid City Trust Co., Rapid City, S. Dak., with
and American National Bank of Rapid City, S. Dak.
(),
(14099), which had
l i d d Aug. 31 1962, under charter of the lastconsolidated A
31,
named bank (14099), and title "American National
Bank and Trust Company." The consolidated bank at
date of consolidation had
First National Bank of Afton, N.Y. (11513), with
and The National Bank and Trust Company of Norwich,
N.Y. (1354), which had
consolidated Sept. 1, 1962, under charter and title of
the latter bank (1354). The consolidated bank at date
of consolidation had
First National Bank of Thompsonville, Conn.6 (14627), with...
and First National Bank of Windsor Locks, Conn. (14588),
which had
consolidated Sept. 7, 1962, under charter and title of the
latter bank (14588). The consolidated bank at date
of consolidation had
The Hillside National Bank, Hillside, N.J. (11727), with
and "The National State Bank, Elizabeth, N.J.," Elizabeth, N.J. (1436), which had
consolidated Sept. 17, 1962, under charter and title of the
the latter bank (1436). The consolidated bank at date
of consolidation had
The Wheeler National Bank of Interlaken, N.Y. (13037), with
and First National Bank of Waterloo, N.Y. (368), which
had
consolidated Sept. 28, 1962, under charter and title of the
latter bank (368). The consolidated bank at date of
of consolidation had
The Merchants National Bank of Michigan City, Ind.7 (9381),
with
and the First National Bank of Michigan City, Ind. (2747),
which had
consolidated Nov. 30, 1962, under charter of the latter
bank (2747), and title "The First-Merchants National
Bank of Michigan City." The consolidated bank at
date of consolidation had
The Lindsey Banking Co., Lindsey, Ohio, with
and The Liberty National Bank of Fremont, Ohio (13997),
which had
consolidated Nov. 30, 1962, under charter of the latter
bank (13997), and title "The Liberty National Bank,
Fremont." The consolidated bank at date of consolidation had
The First National Bank of Anthony, New Mexico (14863),
with
and First National Bank of Dona Ana County, Las Cruces,
N. Mex. (7720), which had
consolidated Dec. 19, 1962, under charter and title of the
latter bank (7720). The consolidated bank at date of
consolidation had
Otsego County National Bank of Cherry Valley, N.Y. (13748),
with
and "Central National Bank, Canajoharie," Canajoharie,
N.Y. (1122), which had
consolidated Dec. 31, 1962, under charter and title of the
latter bank (1122). The consolidated bank at date of
consolidation had
1 With 1 branch each in McDonald, Bethel Park, Oakdale,
Scott Township (P.O. Pittsburgh 16), Cecil, and P.O. Canonsburg, Washington County.
2 With 1 branch in Waldwick.
3
With 2 branches in Falls Church, 2 in Alexandria, and 1 in
Franconia.
* With 1 local branch.
Surplus
Undivided
profits
Total assets
$100, 000
100, 000
$100, 000
100,000
$96, 898
66, 692
$4, 941, 212
1,297,713
983, 750
\, 016, 250
893, 542
48, 044, 475
1,170, 000
100, 000
1, 330, 000
100, 000
957,131
190, 557
53,403,157
3, 783, 454
1, 633, 620
1, 633, 620
683, 359
38,104, 749
1, 833, 620
250, 000
1, 833, 620
275, 000
673,916
60, 798
41, 888, 203
6,511,666
250, 000
275, 000
895, 369
12, 688, 535
800,000
1,000,000
1,000,000
2, 200, 000
230, 436
65, 743
19,224,335
46,660,911
2, 250, 000
1, 500, 000
339, 992
135,753,536
4, 000, 000
100,000
4, 000, 000
100, 000
188,465
60, 878
182, 819, 333
2, 225, 807
600, 000
207,120
12, 752, 687
437, 500
525, 000
700, 000
280, 497
14, 978, 494
630, 000
490, 000
224, 780
20, 444, 351
420, 000
310, 000
519,375
14, 830, 603
1, 260, 000
50, 000
940, 000
52, 000
394,155
31,097
35, 274, 955
1, 667, 607
360, 000
500, 000
283, 336
11,821,804
450, 000
550,000
276, 433
13,489,411
110,000
110,000
115,391
450, 000
450, 000
683,118
17,349,791
560, 000
560, 000
798, 509
20, 560, 250
50, 000
200, 000
107, 494
2, 625, 055
847, 000
1, 000, 000
638, 376
29, 562,779
953, 250
1, 200, 000
664, 620
31, 987, 834
3, 353, 020
s With 1 local branch.
e With 2 local branches.
7 With 3 local branches and 1 each in Hanna, Fish Lake
(P.O. Walkerton), and Kingsbury.
NOTE: Consolidations enacted under sees. 1,2, and 3 of the
act of Nov. 7, 1918, as amended.
TABLE B-l 1.—Mergers of national banks, or national and State banks, calendar 1962
Capital stock
Total: 56 mergers (after consummation)
The Summerville Bank, Summerville, S.G., with
and the First National Bank of South Carolina of Columbia, S.C. (13720), which had
merged Jan. 20, 1962, under charter and title of the latter
bank (13720). The merged bank at date of merger had.
State Savings Bank of Carleton, Mich., with
and Manufacturers National Bank of Detroit, Mich.
(13738), which had
merged Feb. 28, 1962, under charter and title of the latter
bank (13738). The merged bank at date of merger had.
The National Bank of Kings Park, N.Y. (14019), with
and Valley National Bank of Long Island, Valley Stream,
N.Y. (11881), which had
merged Mar. 23, 1962, under charter and title of the latter
bank (11881). The merged bank at date of merger had.
First National Bank of Brunswick, Maine (192), with
and First National Bank of Portland, Maine (4128), which
had
merged Mar. 23,1962, under charter and title of the latter
bank (4128). The merged ba,nk at date of merger had..
Bank of North Wilkesboro, N.C.,i with
and North Carolina National Bank, Charlotte, N.C.
(13761), which had
merged Mar. 30, 1962, under charter and title of the latter
bank (13761). The merged bank at date2 of merger had.
The First National Bank of West Orange, NJ. (9542), with. .
and The National Newark and Essex Banking Company of
Newark, NJ. (1316), which had
merged Mar. 30, 1962, under charter of the latter bank
(1316), and title "National Newark & Essex Bank."
The merged bank at date of merger had
Jackson County Bank, Sylva, N.C.,3 with
and First Union National Bank of North Carolina, Charlotte, N.C. (9164), which had
merged Mar. 31, 1962, under charter and title of the latter
bank (9164). The merged bank at date of merger had. .
The First National Bank of Grove City, Ohio (6827), with
and the Huntington National Bank of Columbus, Ohio
(7745), which had
merged Apr. 2, 1962, under charter and title of the latter
bank (7745). The merged bank at date of merger had. .
Bergen Trust Co. of New Jersey, Jersey City, NJ., with
and the First National Bank of Jersey City, NJ. (374),
which had
merged Apr. 6, 1962, under charter and title of the latter
bank (374). The merged bank at date of merger had.. .
Mid-Columbia Bank of Pasco, Wash., with
and Peoples National Bank of Washington in Seattle,
Wash. (14394), which had
merged Apr. 13, 1962, under charter and title of the latter
bank (14394). The merged bank at date of merger had.
Bank of Kearns, Utah, with
and Zions First National Bank, Salt Lake City, Utah
(4341), which had
merged Apr. 30, 1962, under charter and title of the latter
bank (4341). The merged bank at date of merger had. .
The First National Bank & Trust Co. of Orwigsburg, Pa.
(4408), with
and the Pennsylvania National Bank & Trust Co. of
Pottsville, Pa. (1663), which had
merged May 4, 1962, under charter and title of the latter
bank (1663). The merged bank at date of 4merger had..
Carlisle Deposit Bank & Trust Co., Carlisle, Pa., with
and the Harrisburg National Bank & Trust Co., Harrisburg, Pa. (580), which had
merged May 12, 1962, under charter and title of the latter
bank (580). The merged bank at date of merger had...
See footnotes at end of table.
174
Surplus
Undivided
profits
Total assets
$508, 259, 705 $823, 638, 645 $305, 884, 830 $18,891,009,741
75, 000
35, 000
28, 845
1,865,153
1, 869, 770
3, 200, 000
950,100
88, 082, 757
1, 906, 340
125,000
3, 200, 000
125, 000
1, 038, 666
110,742
89,740,610
4, 007, 615
14,001,350
28, 998, 650
17, 454, 599
914,129,083
14, 095,100
112, 500
29,123,650
287, 500
17, 596, 591
143, 898
917, 668,161
8,052, 801
1, 581, 785
3, 250, 000
364,102
67, 073, 426
1, 769, 285
200, 000
3, 537, 500
200, 000
433, 000
327,129
75,126,227
7, 825, 695
2, 935, 000
3, 650, 000
1, 594, 722
80,123,505
3, 275, 000
242, 500
4, 225, 000
1,211,300
1, 406, 851
214, 764
87, 949, 200
12,920,673
10, 469, 500
29, 530, 500
3, 814, 427
527, 405, 025
10,833,250
450, 000
30, 620, 550
650, 000
4,029,192
323, 437
538, 667, 552
20,605,111
11,000,000
14,000,000
6, 235, 751
373, 722,144
11,800,000
125, 000
14, 300, 000
250, 000
6, 559,189
68, 084
394,161,161
7, 667, 423
7, 937, 500
8, 062, 500
2, 790, 236
224, 708, 637
8,125, 000
150, 000
8,125, 000
150,000
2,983,319
118,660
231, 721, 967
6, 330, 335
8, 000, 000
10, 000, 000
3, 497, 303
239, 217, 913
8,132,000
363, 000
10, 868, 000
200,000
2,915,963
340, 076
244, 693, 730
7, 699, 548
5, 500, 000
5, 500, 000
2, 552, 741
240, 512, 134
5, 863, 000
100, 000
5, 863, 000
100, 000
2, 729, 817
115,278
247, 244, 455
4, 239, 761
6,132,000
6,168,000
5, 917, 500
257, 437, 532
6, 252, 000
150,000
6, 288, 000
5, 992, 779
155, 934
260, 785, 672
2, 869, 931
2, 550, 000
7, 450, 000
4, 896, 665
152,606,849
2,610,000
9, 890, 000
2, 702, 599
155,476,780
125, 000
300, 000
277, 619
6, 350, 430
300, 000
1,100, 000
507, 250
28, 770, 756
400, 000
220,000
1, 200, 000
800, 000
308,116
338, 824
33, 969, 433
12,766,736
2, 406, 641
5, 593, 360
2, 269,103
99, 072, 875
2, 830, 000
6, 420, 000
2, 379, 226
111,839,611
T A B L E B - l 1.—Mergers of national banks, or national and State banks, calendar
Capital stock
Bank of Bedford, Inc., Big Island, Va., s with
and the Peoples National Bank & Trust Go. of Lynchburg,
Va. (2760), which had
merged May 18, 1962, under charter and title of the latter
bank (2760). The merged bank at date of merger had.
The Bank of Wilmington, N.C., 6 with
and North Carolina National Bank, Charlotte, N.C.
(13761), which had
merged June 8, 1962, under charter and title of the latter
bank (13761). The merged bank at date of merger had.
Security Trust Co., Wheeling, W. Va., with
and the National Bank of West Virginia at Wheeling, W.
Va. (1424), which had
merged June 29, 1962, under charter of the latter bank
(1424), and title "Security National Bank & Trust Co."
The merged bank at date of merger had
Drovers Trust & Savings Bank, Chicago, 111., with
and the Drovers National Bank of Chicago, 111. (6535),
which had
,
merged June 29, 1962, under charter and title of the latter
bank (6535). The merged bank at date of merger h a d . .
Buckingham County Bank, Dillwyn, Va., with
,
and the Peoples National Bank of Charlottesville, Va.
(2594), which had
merged June 29, 1962, under charter of the latter bank
(2594), and title "Peoples National Bank of Central
Virginia." The merged bank at date of merger had
The Path Valley National Bank of Dry Run, Pa. (10811), with..
and the Valley National Bank of Chambersburg, Pa.
(4272), which had
merged June 30, 1962, under charter and title of the latter
bank (4272). The merged bank at date of merger had. .
The Bellport National Bank, Bellport, N.Y. (12473), w i t h . . . .
and Valley National Bank of Long Island, Valley Stream,
N.Y. (11881), which had
merged July 13, 1962, under charter and title of the latter
bank (11881). The merged bank at date of merger had.
The Commercial National Bank, Camden, S.C. (14525), with. .
and the Citizens and Southern National Bank of South
Carolina, Charleston, S.C. (14425), which had
merged July 14, 1962, under charter and title of the latter
bank (14425). The merged bank at date of merger had.
The Catonsville National Bank, Catonsville, Md. 7 (13147),
with
Farmers' Banking & Trust Co. of Montgomery County,
Rockville, Md.,3 with
and the First National Bank of Baltimore, Md. (1413),
which had
merged July 20, 1962, under charter of the last-named
bank (1413), and title "The First National Bank of
Maryland." The merged bank at date of merger had. . .
The Montgomery County National Bank of Rockville, Md.«>
(3187), with
and Maryland National Bank, Baltimore, Md. (13745),
which had
merged July 20, 1962, under charter and title of the latter
bank (13745). The merged bank at date of merger h a d . .
Central Trust Co. of Orlando, Fla., with
and Citizens National Bank of Orlando, Fla. (14573),
which had
merged July 31, 1962, under charter and title of the latter
bank (14573). The merged bank at date of merged had.
The Gap National Bank, Gap, Pa. (2864), with
and the Fulton National Bank of Lancaster, Pa. (2634),
which had
merged July 31, 1962, under charter and title of the latter
bank (2634). The merged bank at date of merger h a d . .
Augusta-Rockingham Bank, Weyers Cave, Va., 10 with
and the Rockingham National Bank of Harrisonburg, Va.
(5261), which had
merged July 31, 1962, under charter and title of the latter
bank (5261). The merged bank at date of merger h a d . .
See footnotes at end of table.
Surplus
1962—Continued
Undivided
profits
Total assets
$62, 500
$187,500
$16, 970
$1, 525, 943
1, 071, 000
1, 367, 962
721,701
34, 033,178
1, 221, 000
440, 000
1, 500, 000
440, 000
706, 633
129,503
35, 480,177
9, 703,131
10, 833, 250
30, 620, 550
4,445,713
549, 395, 002
11,075,250
600, 000
31,258,550
1, 000, 000
4, 575, 216
610, 655
557, 798, 674
16,672,711
500, 000
1, 000, 000
689,105
15, 643,150
980, 000
1,125, 000
1, 960, 000
1,125, 000
1,772,116
1, 759, 622
32, 270, 995
47, 033, 396
2, 250, 000
2,250, 000
3, 258, 956
97, 981,184
3, 375, 000
50, 000
3, 375, 000
150, 000
5,018,579
76, 650
142, 964, 676
3, 429, 515
2, 688, 355
5,311,645
2, 425, 430
106, 043, 824
2, 782,105
50, 000
6,217,895
98, 000
1, 702, 081
9,154
109, 437, 889
1,818,272
380, 000
850,000
152, 684
16,176,104
442, 500
180, 000
935,500
232, 500
161,839
70, 679
17, 994, 376
5, 530, 886
1, 769, 285
3, 537, 500
720,180
81,760,111
1, 904, 285
150,000
3, 770, 000
200, 000
832,149
144, 590
87, 290, 997
5, 087, 590
2, 721, 500
7, 278, 500
1, 906,188
149, 408, 887
2, 831, 500
7,518,500
2,023, 768
154,496,477
50,000
150, 000
1,619,696
17, 560, 484
514, 500
585, 500
797, 449
27,433,150
8,175, 000
16,825,000
4, 932,174
374, 348, 052
9, 342, 400
17, 657, 600
6, 394, 319
419, 323, 966
350, 000
350, 000
287, 992
12,603,438
9, 740, 960
30, 259, 040
5, 922, 096
584, 067, 933
10,020,960
100, 000
30, 979, 040
103,153
5,910,088
87,124
596, 397, 245
290, 648
1, 500, 000
1, 500, 000
397, 546
48, 760,252
1, 580, 000
125, 000
1, 700, 000
275, 000
407,822
73,141
49, 050, 899
4,119,823
980, 000
2, 020, 000
1,201,801
54, 959, 248
1,155,000
60, 000
2, 295, 000
280, 000
1, 224, 942
51,615
59, 079, 071
3, 464, 606
325, 000
500, 000
225,062
13,081,967
475, 000
800, 000
166,677
16,546,574
175
TABLE B—11.—Mergers of national banks, or national and State banks, calendar 7962—Continued
Capital stock
The First National Bank & Trust Go. of Mount Joy, Pa."
(667), with
and the Lancaster County National Bank, Lancaster, Pa.
(683), which had
merged July 31, 1962, under charter and title of the latter
bank (683). The merged bank at date of merger had. ..
The National Bank & Trust Co. of Schwenksville, Pa. (2142),
with
and Union National Bank & Trust Co. of Souderton, Pa.
(2333), which had
merged July 31, 1962, under charter and title of the latter
bank (2333). The merged bank at date of merger had..
First National Bank in Carteret, NJ. (14153), with
and the Perth Amboy National Bank, Perth Amboy, NJ.
(12524), which had
merged Aug. 10, 1962, under charter of the latter bank
(12524), and title "Perth Amboy National Bank." The
merged bank at date of merger had
The Imperial Bank, Imperial, Pa., with
and the Union National Bank of Pittsburgh, Pa. (705),
which had
merged Aug. 17, 1962, under charter and title of the latter
bank (705). The merged bank at date of merger had...
Citizens Trust Co. of Harrisburg, Pa., with
and National Bank & Trust Co. of Central Pennsylvania,
York, Pa. (694), which had
merged Sept. 14, 1962, under charter and title of the latter
bank (694). The merged bank at date of merger had. ..
The First National Bank of Shenandoah, Va. (11133), with. ..
and Peoples National Bank of Central Virginia, Charlottesville, Va. (2594), which had
merged Sept. 14,1962, under charter and title of the latter
bank (2594). The merged bank at date of merger had..
The Farmers State Bank, Emmitsburg, Md., with
and Farmers & Mechanics-Citizens National Bank of
Frederick, Md. (1267), which had
merged Sept. 14, 1962, under charter and title of the latter
bank (1267). The merged bank at date of merger had..
First National Bank at Conneaut Lake, Pa. (13960), with
and the Merchants National Bank & Trust Co. of Meadville, Pa. (871), which had
merged Sept. 15, 1962, under charter and title of the latter
bank (871). The merged bank at date of merger had. . .
The Rahway National Bank, Rahway, NJ. (5620), with
and "The National State Bank, Elizabeth, N.J.," Elizabeth, NJ. (1436), which had
merged Sept. 17,1962, under charter and title of the latter
bank (1436). The merged bank at date of merger had..
City National Bank of Winston-Salem, N.C.12 (14428), with. . .
and First Union National Bank of North Carolina, Charlotte, N.C. (9164), which had
merged Sept. 21, 1962, under charter and title of the latter
bank (9164). The merged bank at date of merger had..
Lititz Springs National Bank of Lititz, Pa. (9422), with
and the Conestoga National Bank of Lancaster, Pa. (3987),
which had
merged Sept. 28, 1962, under charter and title of the latter
bank (3987). The merged bank at date of merger had..
The Augusta National Bank of Staunton, Va.13 (2269), with...
and First & Merchants National Bank of Richmond, Va.
(1111), which had
merged Sept. 29, 1962, under charter and title of the latter
bank (1111). The merged bank at date of merger had..
First National Bank of Newport News, Va.1* (4635), with
and First & Merchants National Bank of Richmond, Va.
(1111), which had
merged Oct. 31, 1962, under charter and title of the latter
bank (1111). The merged bank at date of merger had..
See footnotes at end of table.
176
Surplus
Undivided
profits
Total assets
$125, 000
$375, 000
$113,813
$5, 695, 023
1,180, 000
3, 250, 000
1,041,781
51, 877, 067
1, 336, 250
3, 663, 750
1, 085, 594
57, 572, 090
125, 000
375,000
110,943
5,031,192
368, 750
1,131,250
480, 218
17, 770, 624
518,750
100, 000
1, 506, 250
160,000
566,161
88,794
22, 801, 816
7, 868, 456
500, 000
500,000
366, 275
21,164, 569
595, 000
50, 000
905, 000
250, 000
245, 902
55, 482
29, 086, 426
4,011,564
4, 316, 500
12,183, 500
3, 315, 448
195,992,790
4, 316, 500
125, 000
12,183, 500
375, 000
3, 302, 201
183, 072
199, 708, 888
7, 778, 439
5, 392, 020
6,132, 500
2, 342, 542
132,589,616
5, 392, 020
100,000
6,132, 500
180, 000
2, 307, 405
57, 723
139,689,846
3,169, 656
2, 782,105
6, 217, 895
2, 265, 758
114,883,865
2, 862,105
40, 000
6, 637, 895
160, 000
2,103, 481
64, 380
118,053,521
3, 447, 551
1, 375, 000
2,125,000
1, 867, 585
51, 067, 809
1, 435, 000
50, 000
2, 265, 000
100, 000
1, 931, 965
192,186
54, 473, 246
3, 874, 814
550, 000
700, 000
165, 873
20,143, 681
660, 000
400, 000
800, 000
1, 000, 000
298, 059
1, 303, 571
24, 018, 495
25, 619, 489
2, 250, 000
2, 250, 000
486, 421
110,134,046
2, 250, 000
450, 000
1, 500, 000
1, 350, 000
339, 992
645, 529
135, 753, 536
23, 086, 512
8,125, 000
8,125, 000
3, 492, 956
273, 599,110
9,025,000
50, 000
9, 025, 000
750, 000
3, 814, 942
247, 570
295, 931, 492
8, 820, 958
1, 000, 000
2, 000, 000
1,188, 876
34,761,618
1, 270, 000
200, 000
2, 530, 000
800, 000
1, 436, 446
369, 716
43, 582, 576
13,137,748
8, 730, 250
11,269,750
5, 746, 861
313, 593, 731
9, 230, 250
1, 500, 000
11,769,750
1, 500, 000
6, 015, 826
1, 049, 598
325, 833,161
50, 072, 782
9, 230, 250
11,769,750
6, 288, 412
315, 084, 009
10, 880, 250
14,119,750
6, 338, 010
364, 365, 939
TABLE B-l 1.—Mergers of national banks, or national and State banks, calendar 1962—Continued
Capital stock
T h e Richmond County National Bank of Port Richmond,
N.Y.is (8194), with
and First National City Bank, New York, N.Y. (1461),
which had
merged Nov. 2, 1962, under charter and title of the latter
bank (1461). The merged bank at date of merger had.
The Bank of Athens National Banking Association, Athens,
Ohio (10479), with
and the Athens National Bank, Athens, Ohio (7744), which
had
merged Nov. 10,1962, under charter and title of the latter
bank (7744). The merged bank at date of merger had.
Farmers Trust Go. of Middletown, Pa., with
and National Bank & Trust Co. of Central Pennsylvania,
York, Pa. (694), which had
merged Nov. 16,1962, under charter and title of the latter
bank (694). The merged bank at date of merger h a d . .
Farmers & Merchants National Bank of Blacksburg, Va. 16
(14633), with
and the First National Exchange Bank of Roanoke, Va.
(2737), which had
merged Nov. 30, 1962, under charter of the latter bank
(2737), and title "The First National Exchange Bank
of Virginia." The merged bank at date of merger had. .
Farmers and Merchants Bank, Platte, S. Dak., with
Farmers and Merchants Bank, Presho, S. Dak., w i t h . . . .
Farmers and Merchants Bank, Wessington Springs,
S. Dak., with
and "The National Bank of South Dakota, Sioux Falls,"
Sioux Falls, S. Dak. (12881), which had
merged Dec. 6, 1962, under charter and title of the lastnamed bank (12881). The merged bank at date of
merger had
Glendora Commercial & Savings Bank, Glendora, Calif.,17
with
and Citizens National Bank, Los Anglees, Calif. (5927),
which had
merged Dec. 7, 1962, under charter and title of the latter
bank (5927). The merged bank at date of merger h a d . .
The Bank of Manteo, N.C., 18 with
and the Planters National Bank & Trust Co. of Rocky
Mount, N.C. (10608), which had
merged Dec. 8, 1962, under charter of the latter bank
(10608), and title "The Planters National Bank and
Trust Company of Rocky Mount." The merged bank
at date of merger had
Littlestown State Bank & Trust Co., Littlestown, Pa. 19 with. .
and First National Bank of Gettysburg, Pa. (311), which
had
merged Dec. 8, 1962, under charter of the latter bank
(311), and title "Adams County National Bank,"
Littlestown. The merged bank at date of merger h a d . .
The Salisbury National Bank, Salisbury, Md. 20 (3250), with. .
and The First National Bank of Maryland, Baltimore, Md.
(1413), which had
merged Dec. 14, 1962, under charter and title of the latter
bank (1413). The merged bank at date of merger h a d .
Bank of Huntington, N.Y., 21 with
and the Meadow Brook National Bank, New York, N.Y.
(7703), which had
merged Dec. 14,1962, under charter and title of the latter
bank (7703). The merged bank at date of merger h a d . .
The Vandalia State Bank, Vandalia, Ohio, 22 with
and the Third National Bank & Trust Co. of Dayton,
Ohio (10), which had
merged Dec. 15,1962, under charter and title of the latter
bank (10). The merged bank at date of merger h a d . .
The Peoples Bank, Canal Winchester, Ohio, 23 with
and the Huntington National Bank of Columbus, Ohio
(7745), which had
merged Dec. 22,1962, under charter and title of the latter
bank (7745). The merged bank at date of merger had. .
See footnotes at end of table.
Surplus
Undivided
profits
Total assets
$400, 000
$600, 000
$918,443
$23, 799, 626
254, 689, 920
400, 304, 000
144, 818, 303
8, 057, 830, 425
255, 689, 920
400, 304, 000
145, 736, 746
8, 081, 044, 023
250, 000
250, 000
296, 749
6, 967, 206
125, 000
375, 000
346,177
8, 363, 593
250, 000
125, 000
750, 000
375, 000
642, 926
100, 391
15, 330, 799
6, 352, 822
5, 392, 020
6,132, 500
2, 586, 043
142, 916, 204
5, 667, 020
6, 507, 500
2, 536, 434
149,269,025
200, 000
300, 000
108,719
5, 627, 596
3, 689, 400
7,162, 000
1, 038, 400
145, 464, 811
3, 889, 400
100, 000
50, 000
7, 462, 000
200, 000
200, 000
1,147,119
240, 704
239, 452
150,818,071
5, 946,435
3, 913, 537
50, 000
150, 000
197,102
3, 661, 266
1, 000, 000
1, 000, 000
519, 583
40,194, 868
1, 500, 000
1, 500, 000
946, 941
53, 816, 052
200, 000
100, 000
9,363
3, 869, 644
14, 657, 500
22, 342, 500
10, 007, 499
754,843,313
14,777,500
70, 840
22, 522, 500
156, 008
10, 016, 862
106, 366
758, 415, 555
3, 466, 716
829, 000
971, 000
713,144
38, 633, 486
928,180
380, 000
1,171, 820
620, 000
746, 376
123, 079
42, 094, 336
13,516,794
300, 000
350, 000
283, 246
10, 059, 333
680, 000
480, 000
970, 000
880, 000
406, 325
259, 205
23, 576,128
22, 702, 384
9, 342, 400
17, 657, 600
6, 532, 488
418, 327,156
9, 822, 400
1, 050, 000
18, 537, 600
1, 500, 000
6, 791, 693
1, 259, 360
439, 453, 397
57, 669, 331
15,000,215
9, 499, 785
9, 889, 227
658, 369, 265
16, 837, 715
245, 000
9,499,715
255, 000
11,861,087
149,120
716, 038, 595
9, 627, 932
3, 850, 000
3, 850, 000
3, 027, 070
113,698,088
4,194, 525
200, 000
4,194, 525
300, 000
2, 987, 140
124, 504
122,859,123
8, 632, 279
8,132, 000
11,868,000
3, 458, 956
251, 458, 855
8, 332, 000
11,668,000
3, 083, 459
259, 487,135
177
Table B - l 1.—Mergers of national banks, or national and State banks, calendar 7962—Continued
Capital stock
Trust Company of Fulton County, Gloversville, N.Y., with....
and the National Commercial Bank & Trust Co. of
Albany, N.Y. (1301), which had
merged Dec. 28, 1962, under charter and title of the latter
bank (1301). The merged bank at date of merger had.
The First National Bank of Allegany, N.Y. (7009), with
and the First National Bank of Olean, N.Y. (1887), which
had
merged Dec. 31,1962, under charter and title of the latter
bank (1887). The merged bank at date of merger had.
The City National Bank of Tiffin, Ohio 24 (5427), with
and the First National Bank of Fostoria, Ohio (2831),
which had
merged Dec. 31, 1962, under charter of the latter bank
(2831), and title "Tri-County National Bank." The
merged bank at date of merger had
The First National Bank of Flint Hill, Va. (11797), with
and the Citizens National Bank of Front Royal, Va.
(13275), which had
merged Dec. 31, 1962, under charter and title of the latter
bank (13275). The merged bank at date of merger
had
The First National Bank of Clover, S.C. (11439), with
and the First National Bank of South Carolina of Columbia, S.C. (13720), which had
merged Dec. 31, 1962, under charter and title of the latter
bank (13720). The merged bank at date of merger
had
1 With 1 local branch.
2
With 3 local branches.
3
With 1 branch in Highlands and 1 in Cherokee.
4
With 1 local branch.
5
With 1 branch in Bedford.
6
With 3 local branches.
7
With 1 local branch.
8
With 1 local branch and 1 each in Kensington, Poolesville,
and Gaithersburg.
» With 1 local branch.
10
With 1 branch each in Grottoes, Verona, and Mt. Sidney.
11
With 1 branch in Florin.
12
With 3 local branches.
" With 1 local branch.
14
With 4 local branches.
178
Surplas
Undivided
prqfts
Total assets
$350, 000
$700, 000
$258, 892
$13, 514, 807
6, 729, 825
16, 270,175
3, 926, 248
426, 350, 764
7, 071, 075
100, 000
16, 270,175
125, 000
4, 893, 890
135,090
439, 865, 570
750, 000
800, 000
473, 270
862, 500
200,000
937, 500
200,000
575,110
114,472
390, 000
610, 000
215, 598
31,168,164
4, 317, 505
17, 866, 764
746, 000
25, 000
754, 000
22, 500
230, 070
5,814
22,184, 269
650, 941
180,000
360, 000
172, 892
7, 569, 098
195,000
50, 000
392, 500
100,000
178, 706
130,672
8, 220, 040
2, 272,102
1, 906, 340
3, 343, 660
1, 322, 383
97, 048, 218
1, 969, 370
3, 530, 630
1, 346, 875
99, 321, 852
15
3, 514, 663
27, 653, 502
With 1 branch each in Mariner Harbor, New York Four
Corners (Staten Island), and New Dorp (Staten Island).
» With 1 local branch.
17 With 1 local branch.
18
With 1 branch in Nags Head and 1 in Buxton.
19
With 1 branch in McSherrystown.
20
With 1 local branch.
21
With 1 branch each in Greenlawn, East Northport, and
Elwood and 2 in Huntington Station.
22
With 1 branch in Dayton.
23
With 1 branch in Groveport.
24
With 1 local branch.
NOTE: Mergers enacted under sees. 4 and 5 of the act of
Nov. 7, 1918, as amended.
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type of
branch
Branches authorized under act of
Feb. 25, 7927, as amended
Title and location of bank by States
Total: 315 banks
172
ALABAMA
The Commercial National Bank of Anniston
The First National Bank of Birmingham
Birmingham Trust National Bank, Birmingham
State National Bank of Decatur
The City National Bank of Tuscaloosa
First National Bank in Tuscumbia
ALASKA
The First National Bank of Anchorage
National Bank of Alaska, Anchorage
First National Bank of Fairbanks
Alaska National Bank of Fairbanks
ARIZONA
The First Navajo National Bank, Holbrook
First National Bank of Arizona, Phoenix
The Valley National Bank of Arizona, Phoenix
ARKANSAS
The Citizens National Bank of Camden
The First National Bank of Fayetteville
The Commercial National Bank of Little Rock
National Bank of Commerce of Pine Bluff
CALIFORNIA
Community National Bank of Kern County, Buttonwillow
Citizens National Bank, Los Angeles
Security First National Bank, Los Angeles
Central Valley National Bank, Oakland
The First National Bank of Orange
Security National Bank of Monterey County, Pacific Grove
The American National Bank of San Bernardino
The United States National Bank of San Diego
Bank of America National Trust & Savings Association, San Francisco
The Bank of California, National Association, San Francisco
Crocker-Anglo National Bank, San Francisco
Golden Gate National Bank, San Francisco
CONNECTICUT
The Connecticut National Bank, Bridgeport
The Clinton National Bank, Clinton
Hartford National Bank and Trust Company, Hartford.
Litchfield County National Bank, New Milford
The Second National Bank of New Haven
The State National Bank of Connecticut, Stamford
First National Bank of Windsor Locks
1
0
0
1
1
0
0
1
1
1
0
0
1
1
DELAWARE
Colonial National Bank, Wilmington.
DISTRICT OF COLUMBIA 1
The First National Bank of Washington
See footnotes at end of table.
179
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type of
branch—Continued
Branches authorized under act of
Feb. 25, 1927, as amended
Title and location of bank by States
Other than
local
GEORGIA
The First National Bank of Atlanta
The Fulton National Bank of Atlanta
The Gainesville National Bank, Gainesville
The First National Bank & Trust Co. in Macon
The First National Bank of Rome
The National City Bank of Rome
The Citizens & Southern National Bank, Savannah.,
HAWAII
First National Bank of Hawaii, Honolulu.
Hawaii National Bank, Honolulu
The Idaho First National Bank, Boise.
The Citizens National Bank of Evansville
The Indiana National Bank of Indianapolis
Merchants National Bank & Trust Co. of Indianapolis.
First National Bank, Kokomo
First National Bank in Marion
The First-Merchants National Bank of Michigan City..
The Merchants National Bank of Michigan City
The Merchants National Bank of Muncie
The American National Bank of Noblesville
The First National Bank of Odon
2
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
2
1
1
1
The City National Bank of Atchison
First National Bank in Great Bend
The First National Bank of Olathe
First National Bank in Pratt
The First National Bank of Smith Center.,
1
1
1
1
1
0
0
0
0
0
The Union National Bank of Barbourville
Fort Knox National Bank, Fort Knox
First National Lincoln Bank of Louisville
Liberty National Bank & Trust Co. of Louisville.
The Traders National Bank of Mount Sterling. . .
1
1
0
2
0
0
0
2
0
1
City National Bank of Baton Rouge
The National Bank of Bossier City
The Citizens National Bank of Morgan City
National American Bank of New Orleans
The National Bank of Commerce in New Orleans.
3
1
0
2
1
0
0
1
0
0
1
0
0
0
0
1
KENTUCKY
First National Granite Bank of Augusta...
The Ocean National Bank of Kennebunk..
First National Bank of Portland
Canal National Bank, Portland
See footnotes at end of table.
180
1
5
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type of
branch—Continued
Branches authorized under act of
Feb. 25, 7927, as amended
Charter
No.
Title and location of bank by States
Other than
local
MARYLAND
1413V
13745C
13680
14864
1267
3010
4364v
13776
14937
5471
1596
The First National Bank of Baltimore 2
Maryland National Bank, Baltimore
'. \
The First National Bank of Bel Air
State National Bank of Bethesda
Farmers & Mechanics-Citizens National Bank of Frederick
First National Bank & Trust Co., Havre de Grace
The Citizens National Bank of Laurel
The Garrett National Bank in Oakland
American National Bank of Silver Spring
The First National Bank of Southern Maryland of Upper Marlboro.
The Union National Bank of Westminster
393
475
2152
2504
614
528
474
1014
6077
261
5944
1082
779
14816
7550
1
0
0
0
0
0
0
0
0
0
0
7
6
1
1
1
1
1
1
2
1
1
The First National Bank of Amherst
New England Merchants National Bank of Boston
The Home National Bank of Brockton
National Bank of Plymouth County, Brockton
Middlesex County National Bank, Everett
The Framingham National Bank, Framingham
First National Bank & Trust Co. of Greenfield
Bay State Merchants National Bank of Lawrence
Union National Bank of Lowell
The First Safe Deposit National Bank of New Bedford
Manufacturers National Bank of Bristol County, North Attleboro.
First Agricultural National Bank of Berkshire County, Pittsfield...
The Plymouth National Bank, Plymouth
Security National Bank of Springfield
Woburn National Bank, Woburn
1
3
1
0
0
1
1
0
0
2
0
0
0
1
1
0
0
0
2
1
0
0
1
1
0
1
3
1
0
0
14933
14641
1924
14925
13738
14948
13671
14062
13820
1731
14582
4398
3717
13753
1918
14729
National Bank & Trust Co. of Ann Arbor
Peoples National Bank & Trust Co. of Bay City
The Southern Michigan National Bank of Coldwater
City National Bank of Detroit
Manufacturers National Bank of Detroit
Michigan Bank, National Association, Detroit
National Bank of Detroit
Hillsdale County National Bank, Hillsdale
The American National Bank & Trust Co. of Kalamazoo.
The First National Bank of Lapeer
The Midland National Bank, Midland
Hackley Union National Bank & Trust Co. of Muskegon.,
The First National Bank of Negaunee
First National Bank of Niles
Second National Bank of Saginaw
St. Clair Shores National Bank, St. Clair Shores
1
0
1
1
1
1
1
0
0
1
1
1
0
0
0
1
0
1
0
2
8
1
1
1
0
0
0
1
1
1
0
14739
6847
10523
11898
First National Bank of Biloxi
The First National Bank of Canton
First National Bank of Jackson
The Commercial National Bank & Trust Co. of Laurel.
1
0
1
1
0
1
0
0
1
1
0
0
MASSACHUSETTS
5
MISSISSIPPI
MISSOURI
4111
4157
The Citizens National Bank of Chillicothe.
The First National Bank of Independence.
City National Bank of Hastings.
See footnotes at end of table.
181
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 7962, by States, banks, and type of
branch—Continued
Branches authorized under act of
Feb. 25, 7927, as amended
Title and location of bank by States
First National Bank of Nevada, Reno.
The Security National Bank of Reno..
NEW JERSEY
The First National Bank of Somerset County, Bound Brook
The Farmers & Merchants National Bank of Bridgeton
Mechanics National Bank of Burlington
First Gamden National Bank & Trust Co., Camden
The National Union Bank of Dover
The National State Bank, Elizabeth, N.J., Elizabeth
The First National Bank of Highland Park
The First National Bank of Jersey City
The Boonton National Bank of Parsippany-Troy Hills, Lake Hiawatha
The First National Bank of Minotola
The First National Iron Bank, Morristown
National Newark & Essex Bank, Newark
The National State Bank of Newark
The Cape May County National Bank, Ocean City
The Penn's Grove National Bank & Trust Co., Penn's Grove
Perth Amboy National Bank, Perth Amboy
Plainfield Trust State National Bank, Plainfield
The First National Bank of Princeton
The Monmouth County National Bank, Red Bank
Citizens First National Bank of Ridgewood
First National Bank South Amboy-Madison Township, Madison Township.
The First National Bank of Middlesex County, South River
The First National Bank of Toms River N.J., Toms River
The First National Bank of West Orange 3
The National Bank of Westfield
Woodbridge National Bank, Woodbridge
The Farmers & Mechanics National Bank of Woodbury
NEW MEXICO
First National Bank of Dona Ana County, Las Cruces
NEW YORK
The National Commercial Bank & Trust Co. of Albany
First National Bank of Bay Shore
The Fishkill National Bank, Beacon
The Matteawan National Bank of Beacon
Central National Bank, Canajoharie
The First National Bank of East Islip
The Tinker National Bank of East Setauket
The First National Bank of Glens Falls
The National Bank of Orange and Ulster Counties, Goshen
Long Island National Bank, Hicksville
Security National Bank of Long Island, Huntington
The Keeseville National Bank, Keeseville
The Sullivan County National Bank of Liberty
The Franklin National Bank of Long Island, Mineola
First National City Bank, New York
The Meadow Brook National Bank, New York
Royal National Bank of New York
Sterling National Bank & Trust Co. of New York
The National Bank & Trust Co. of Norwich
The First National Bank of Olean
The Peoples National Bank of Patchogue
Marine Midland National Bank of Southeastern New York, Poughkeepsie...
The First National Bank of Spring Valley
Lincoln National Bank & Trust Co. of Central New York, Syracuse
The Manufacturers National Bank of Troy
See footnotes at end of table.
182
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type of
branch—Continued
Branches authorized under act of
Feb. 25, 1927, as amended
Title and location of bank by States
Other than
NEW YORK—continued
The Union National Bank of Troy
Valley National Bank of Long Island, Valley Stream.,
First National Bank of Waterloo
Glen National Bank of Watkins Glen
The Citizens National Bank of Wellsville
National Bank of Westchester, White Plains
NORTH CAROLINA
The First National Bank of Albemarle
The First National Bank of Asheboro
First Union National Bank of North Carolina, Charlotte
North Carolina National Bank, Charlotte
First National Bank of Jacksonville
Southern National Bank of Lumberton
The First National Bank of Morganton
The Planters National Bank & Trust Co. of Rocky Mount.,
The National Bank of Sanford
NORTH DAKOTA
The Dakota National Bank of Fargo.
OHIO
The Athens National Bank, Athens
The First National Bank of Chillicothe
The First National Bank of Cincinnati
The Southern Ohio National Bank of Cincinnati
The First National Bank of Circleville
The National City Bank of Cleveland
The Huntington National Bank of Columbus
The Ohio National Bank of Columbus
Coshocton National Bank, Coshocton
The Third National Bank & Trust Co. of Dayton, Ohio, Dayton.
First National Bank of Elyria
Citizens National Bank of Flushing
The First National Bank of Fostoria
The Franklin National Bank, Franklin
The Liberty National Bank, Fremont
The Citizens National Bank of Ironton
The Lebanon-Citizens National Bank, Lebanon
First National Bank of Mansfield
The First National Bank of Newark
The Citizens National Bank of New Philadelphia
The First National Bank & Trust Co. of Ravenna
The Second National Bank of Ravenna
The First National Bank of Tiffin
The City National Bank of Tiffin
The National Bank of Toledo
The Xenia National Bank, Xenia
The Mahoning National Bank of Youngstown
OKLAHOMA
The First National Bank of Midwest City
The Security National Bank of Norman
The First National Bank of Britton, Oklahoma City.
The First National Bank of Oregon, Portland.
The United States National Bank of Portland.
See footnotes at end of table.
183
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type of
branch—G ontinued
Branches authorized under act of
Feb. 25, 1927, as amended
Title and location of bank by States
Other than
local
PENNSYLVANIA
The Merchants National Bank of Allentown
Citizens National Bank of Beaver Falls
The Berwick National Bank, Berwick
The Valley National Bank of Chambersburg
The Cheltenham National Bank, Cheltenham
The Conyngham National Bank, Conyngham
The First National Bank of Erie
The Citizens National Bank of Evans City
The Fogelsville National Bank, Fogelsville
The First National Bank of Fredericktown
The Harrisburg National Bank & Trust Co., Harrisburg
Community National Bank of Hooversville
The Conestoga National Bank of Lancaster
The Fulton National Bank of Lancaster
The Lancaster County National Bank, Lancaster
Adams County National Bank, Littlestown
The Mars National Bank, Mars
Western Pennsylvania National Bank, McKeesport
The Merchants National Bank & Trust Co., Meadville
The First National Bank of Middleburg, Pa., Middleburg
The Juniata Valley National Bank, Mifflintown
The First National Bank of Monaca
First National Bank of Lawrence County at New Castle
The Peoples National Bank & Trust Co. of Norristown
The First National Bank of Palmerton
Central-Penn National Bank of Philadelphia
Mellon National Bank & Trust Co., Pittsburgh
Pittsburgh National Bank, Pittsburgh
The Union National Bank of Pittsburgh
The Pennsylvania National Bank & Trust Co. of Pottsville. . .
The Rices Landing National Bank, Rices Landing
Union National Bank & Trust Co. of Souderton
Gallatin National Bank, Uniontown
National Bank of Chester County & Trust Co., West Chester.
The Wyoming National Bank of Wilkes-Barre
The Drovers & Mechanics National Bank of York
National Bank & Trust Co. of Central Pennsylvania, York...
RHODE ISLAND
The Columbus National Bank of Providence
Industrial National Bank of Rhode Island, Providence.
SOUTH CAROLINA
The Citizens and Southern National Bank of South Carolina, Charleston.
The South Carolina National Bank of Charleston
The First National Bank of South Carolina, Columbia
Carolina National Bank of Easley
The Southern National Bank of Orangeburg
Rock Hill National Bank, Rock Hill
The Commercial National Bank of Spartanburg
Piedmont National Bank of Spartanburg
SOUTH DAKOTA
American National Bank of Rapid City 4
The National Bank of South Dakota, Sioux Falls.
TENNESSEE
The First National Bank of Clarksville.
Union National Bank of Fayetteville...
The Second National Bank of Jackson..
See footnotes at end of table.
184
TABLE B-12.—Number of domestic branches of national banks authorized, calendar 7962, by States, banks, and type of
branch—Continued
Feb. 25, 7927, as amended
Charter
No.
Title and location of bank by States
Local
Other than
local
Total
TENNESSEE—continued
2049
8934
336
13681
13349
Park National Bank of Knoxville
The First National Bank of Lewisburg
The First National Bank of Memphis
National Bank of Commerce in Memphis
Union Planters National Bank of Memphis
UTAH
2597
4341
First Security Bank of Utah, National Association, Ogden
Zions First National Bank, Salt Lake City
VIRGINIA
651
7093
14893
14660
12451
14633
2594
13275
13775
5261
14325
1738
1558
2760
6839
1111
2737
14824
9012
12599
First & Citizens National Bank of Alexandria
Alexandria National Bank, Alexandria
Mount Vernon National Bank & Trust Co. of Fairfax County, Annandale
First National Bank of Arlington
The Hanover National Bank of Ashland
Farmers & Merchants National Bank of Blacksburg
Peoples National Bank of Central Virginia, Charlottesville
The Citizens National Bank of Front Royal
The Citizens National Bank of Hampton
The Rockingham National Bank of Harrisonburg
Citizens National Bank of Herndon
The Loudoun National Bank of Leesburg
First National Trust & Savings Bank of Lynchburg
The Peoples National Bank & Trust Co. of Lynchburg
The Marion National Bank, Marion
First & Merchants National Bank of Richmond
The First National Exchange Bank of Virginia, Roanoke
Fairfax County National Bank, Seven Corners
The First National Farmers Bank of Wytheville
Wythe County National Bank of Wytheville
WASHINGTON
4375
13230
14394
11280
3417
The National Bank of Commerce of Seattle
The Pacific National Bank of Seattle
Peoples National Bank of Washington in Seattle.
Seattle-First National Bank, Seattle
National Bank of Washington, Tacoma, Washington
WISCONSIN
1749
6663
First National Bank of Appleton
The First National Bank of Rice Lake
1
1 branch also authorized for 1 nonnational bank in the District of Columbia.
a Title changed July 20, 1962, to "The First National Bank of Maryland."
3 Merged with National Newark & Essex Bank, Newark (charter No. 1316), Mar. 30, 1962.
* Title changed Aug. 31, 1962, to "American National Bank and Trust Company."
185
TABLE B-13.—Number of domestic branches of national banks closed, calendar 1962, by States, banks, and type of branch
Branches closed
Charter
No.
Title and location of bank by States
Local
Total
24
35
59
2
0
0
1
1
2
3
1
2
0
1
1
—ooooo
Total: 35 banks
Other than
local
3
2
1
1
2
0
3
2
1
1
2
1
1
0
1
2
0
2
1
1
2
1
0
2
0
1
o
1
1
2
1
o
1
1
0
1
ALASKA
14691
14651
5117
City National Bank of Anchorage
National Bank of Alaska, Anchorage
The First National Bank of Juneau
12198
The First Navajo Natonal Bank Holbrook .
ARIZONA
CALIFORNIA
14725
2491
6919
13044
10391
10571
Valley First National Bank of Cupertino
Security First National Bank Los Angeles
Central Valley National Bank Oakland
Bank of America National Trust & Savings Association, San Francisco
The United States National Bank of San Diego
The Farmers & Merchants National Bank of Santa Cruz
CONNECTICUT
2
First N e w H a v e n National B a n k N e w H a v e n
.
.
....
INDIANA
13759
American Fletcher National Bank & Trust Co., Indianapolis
MAINE
13768
Northern National Bank of Presque Isle
.
MARYLAND
1434
13776
742
The Easton National Bank of Maryland, Easton
The Garrett National Bank in Oakland
.
The Carroll County National Bank Westminster
475
New England Merchants National Bank of Boston
. . .
MASSACHUSETTS
MICHIGAN
13741
The National Bank of Jackson
186
T A B L E B-13.—Number of domestic branches of national banks closed, calendar 7962, by States, banks, and type of
branch—Continued
Branches closed
Charter
No.
Title and location of bank by States
Other than
local
Local
Total
MISSOURI
9236
1
1
1
0
I
1
1
0
1
1
0
7
7
0
4
4
1
1
..
o
0
0
1
1
1
0
1
0
1
1
0
1
0
1
4
1
1
1
1
1
5
2
1
Traders National Bank of Kansas City
0
1
0
1
1
1
0
1
NEW MEXICO
6183
The First National Bank of Farmington
NEW YORK
8240
9219
The Gramatan National Bank & Trust Co. of Bronxville
The Peoples National Bank of Brooklyn in New York
..
. .
o
NORTH CAROLINA
13761
North Carolina National Bank, Charlotte
. . . .
OHIO
14724
The Southern Ohio National Bank of Cincinnati
12044
6159
Central National Bank & Trust Co of Enid
The First National Bank of Yukon
6974
3990
9862
5801
14274
705
First National Bank Clairton
The National Bank of Coatesville
Peoples National Bank of Edwardsville
The Second National Bank of Meyersdale
Oil City National Bank, Oil City
The Union National Bank of Pittsburgh
OKLAHOMA
PENNSYLVANIA
'.
TENNESSEE
9774
Broadway National Bank of Nashville
UTAH
2597
First Security Bank of Utah, National Association, Ogden
VIRGINIA
5261
The Rockingham National Bank of Harrison burg
187
TABLE B-14.—Principal assets and liabilities of national banks, by deposit size, December 1961 and 1962
[Dollar amounts in millions]
Deposits
Loans and securities
Number
of banks
Total
Cash,
balances
with other
Real
Loans and
U.S.
banks,
discounts, Governincluding
estate
Other
including ment oblibonds reserve with assets
Federal
rediscounts gations,
and
direct and securities Reserve
guaranteed
banks
Total
assets
Capital
Surplus,
stock profits and
reserves
Time
and
savings
Total
1961
4,513 $116,402
Total
Banks with deposits of—
Less than $1.0
$1.0 to $1.9
$2.0 to $4.9
$5.0 to $9.9
$10.0 to $24.9
$25.0 to $49.9
$50.0 to $99.9
$100.0 to $499.9
Over $500.0...,
$67, 309
$36, 088 $13, 006
$31, 078
$2,102 $150, 809
$3, 577
$8, 298 $135,511
$89, 965
$45, 545
104
435
1,378
1,116
862
286
144
151
37
68
602
4,227
7,029
11,804
8,841
8,896
27, 085
47, 849
35
303
2,124
3,555
6,092
4,651
4,725
16, 278
29,544
28
242
1,569
2,494
4,171
3,158
3,095
8,138
13,192
5
57
533
980
1,541
1,032
1,075
2,669
5,114
22
152
955
1,555
2,552
1,908
2,179
8,325
13, 430
1
8
68
121
233
185
160
509
818
91
763
5,256
8,717
14, 621
10, 971
11,294
36,132
62, 964
4
24
132
196
329
260
274
838
1,520
9
63
376
550
828
565
588
1,842
3,477
78
672
4,714
7,889
13, 248
9,960
10, 218
32, 744
55, 988
60
452
2,935
4,742
7,964
6,164
6,687
23, 768
37,194
18
220
1,779
3,147
5,283
3,796
3,532
8,976
18, 794
4,505
127, 254
75,548
35, 663
16, 042
29, 684
2,287
160,657
3,758
8,992
142, 825
8, 964
53, 861
101
395
1,306
1,135
908
315
150
158
37
67
559
4,096
7,333
12, 785
10,139
9,800
30, 278
52,197
37
284
2,073
3,757
6,678
5,496
5,484
18, 663
33, 075
26
226
1,524
2,563
4,354
3,365
3,037
8,215
12,352
4
49
499
1,012
1,752
1,278
1,280
3,399
6,769
22
131
861
1,440
2,359
1,866
1,931
7,988
13, 085
2
9
66
131
252
208
178
578
863
91
700
5,031
8,919
15, 431
12, 257
11,978
39, 095
67,154
25
126
198
348
290
294
909
1,561
11
63
378
581
908
660
636
2,092
3,664
72
609
4,494
8,052
13, 936
11,069
10,794
34, 881
58, 919
54
396
2,745
4,648
7,924
6,473
6,649
23, 747
36, 329
18
213
1,749
3,405
6,011
4,596
4,145
11,134
22, 589
1962
Total
Banks with deposits of—
Less than $1.0
$1.0 to $1.9
$2.0 to $4.9
$5.0 to $9.9
$10.0 to $24.9
$25.0 to $49.9
$50.0 to $99.9
$100.0 to $499.9
Over $500.0
NOTE: Data may not add to totals because of rounding.
TABLE B-15.—Number and percent of national banks with
surplus fund equal to or greater than, and less than,
common stock, June and December, 1942-62
Dates
Number Surplus equal to Surplus less than
of banks or greater than
common stock
common stock
Number Percent Number Percent
June 30, 1942..
Dec. 31, 1942..
June 30, 1943..
Dec. 31, 1943..
June 30, 1944..
Dec. 30, 1944..
June 30, 1945.,
Dec. 31, 1945..
June 29, 1946..
Dec. 31, 1946..
June 30, 1947..
Dec. 31, 1947..
June 30, 1948..
Dec. 31,1948..
June 30, 1949..
Dec. 31, 1949..
June 30, 1950..
Dec. 30, 1950..
June 30, 1951..
Dec. 31, 1951..
June 30, 1952..
Dec. 31, 1952..
June 30, 1953..
Dec. 31, 1953..
June 30, 1954..
Dec. 31, 1954..
June 30, 1955..
Dec. 31, 1955..
June 30, 1956..
Dec. 31, 1956..
June 6, 1957..
Dec. 31, 1957..
June 23, 1958..
Dec. 31, 1958..
June 10, 1959..
Dec. 31, 1959..
June 15, I960..
Dec. 31, I960.,
June 30, 1961.,
Dec. 30, 1961..
June 30, 1962.,
Dec. 28, 1962..
5,107
5,087
5,066
5,046
5,042
5,031
5,021
5,023
5,018
5,013
5,018
5,011
5,004
4,997
4,993
4,981
4,977
4,965
4,953
4,946
4,932
4,916
4,881
4,864
4,842
4,796
4,751
4,700
4,675
4,659
4,654
4,627
4,606
4,585
4,559
4,542
4,542
4,530
4,524
4,513
4,500
4,505
2,115
2,205
2,275
2,434
2,576
2,749
2,946
3,180
3,318
3,531
3,637
3,773
3,820
3,963
4,003
4,132
4,148
4,236
4,242
4,324
4,327
4, 398
4,368
4,406
4,400
4,417
4,378
4,363
4,330
4,337
4,316
4,316
4,299
4,308
4,276
4,263
4,236
4,243
4,246
4,251
4,241
4,231
41.41
43.35
44.91
48.24
51.09
54.64
58.67
63.31
66.12
70.44
72.48
75.29
76.34
79.31
80.17
82.96
83.34
85.32
85.65
87.42
87.73
89.46
89.49
90.58
90.87
92.10
92.15
92.83
92.62
93.09
92.74
93.28
93.33
93.96
93.79
93.86
93.26
93.66
93.85
94.19
94.24
93.92
2,992
2,882
2,791
2,612
2,466
2,282
2,075
1,843
1,700
1,482
1,381
1,238
1,184
1,034
990
849
829
729
711
622
605
518
513
458
442
379
373
337
345
322
338
311
307
277
283
279
306
287
278
262
259
274
58.59
56.65
55.09
51.76
48.91
45.36
41.33
36.69
33.88
29.56
27.52
24.71
23.66
20.69
19.83
17.04
16.66
14.68
14.35
12.58
12.27
10.54
10.51
9.42
9.13
7.90
7.85
7.17
7.38
6.91
7.26
6.72
6.67
6.04
6.21
6.14
6.74
6.34
6.15
5.81
5.76
6.08
189
TABLE B-16.—Dates of reports of condition of national banks, 1914 to 1962
[For dates of previous calls, see AR report for 1920, vol. 2, table No. 42, p. 150]
Jan.
Tear
13
May
Apr.
Mar.
4
4
7
5
4
.
1
1
1
10
12
4
4
28
21
28
10
3
31
23
6
12
28
27
27
25
... .
190
June
5
4
4
31
7
29
26
4
4
13
20
12
11
24
9
31
20
15
11
10
14
4
12
15
12
26
5
July
Aug.
20
29
30
30
30
30
30
30
30
30
30
30
29
30
30
30
30
30
29
30
30
30
30
29
30
30
30
30
30
29
30
30
30
30
30
30
30
30
30
30
6
23
10
15
30
30
Sept.
Oct.
12
2
12
11
O
COO
CO CM C"
1914
1915
1916
1917 ...
1918
1919
1920
1921
1922
1923
1924
1925 . .
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
Feb.
Nov.
31
10
17
20
1
17
15
31
12
8
6
15
14
10
28
10
3
4
24
29
30
25
17
1
28
2
24
18
30
6
1
4
10
5
30
7
5
26
11
24
6
3
27
28
Dec.
31
31
27
31
31
31
29
31
29
31
31
31
31
31
31
31
31
31
31
30
31
31
31
31
31
30
31
31
31
31
30
31
31
31
31
31
30
31
31
31
31
31
31
31
31
31
31
30
28
NOTES
Act of Feb. 25, 1863, provided for reports of condition on
the 1st of each quarter before commencement of business.
Act of June 3, 1864—1st Monday of January, April, July,
and October, before commencement of business, on form prescribed by Comptroller (in addition to reports on 1st Tuesday
of each month showing condition at commencement of business in respect to certain items; i.e., loans, specie, deposits,
and circulation).
Act of Mar. 3, 1869, not less than 5 reports per year, on form
prescribed by Comptroller, at close of business on any past
date by him specified.
Act of Dec. 28, 1922, minimum number of calls reduced
from 5 to 3 per year.
Act of Feb. 25, 1927, authorized a vice president or an
assistant cashier designated by the board of directors to verify
reports of condition in absence of president and cashier.
Act of June 16, 1933, requires each national bank to furnish
and publish not less than 3 reports each year of affiliates other
than member banks, as of dates identical with those for which
the Comptroller shall during such year require reports of
condition of the bank. The report of each affiliate shall contain such information as in the judgment of the Comptroller
shall be necessary to disclose fully the relations between the
affiliate and the bank and to enable the Comptroller to inform
himself as to the effect of such relations upon the affairs of the
bank.
Sec. 21 (a) of the Banking Act of 1933 provided, in part,
that after June 16, 1934, it would be unlawful for any private
bank not under state supervision to continue the transaction
of business unless it submitted to periodic examination by the
696-055—63
14
Comptroller of the Currency or the Federal Reserve bank of the
district, and made and published periodic reports of conditions
the same as required of national banks under sec. 5211, U.S.R.S.
Sec. 21 (a) of the Banking Act of 1933, however, was amended
by sec. 303 of the Banking Act of 1935, approved Aug. 23,
1935, under the provisions of which private banks are no
longer required to submit to examination by the Comptroller
or Federal Reserve bank, nor are they required to make to the
Comptroller and publish periodic reports of condition. (5
calls for reports of condition of private banks were made by
the Comptroller, the first one for June 30, 1934, and the last
one for June 29, 1935.)
Sec. 7(a) (3) of the Federal Deposit Insurance Act (Title 12,
U.S.C., sec. 1817(a)) of July 14, 1960, provides, in part, that,
effective Jan. 1, 1961, each insured national bank shall make
to the Comptroller of the Currency 4 reports of condition
annually upon dates to be selected by the Comptroller, the
Chairman of the Board of Governors of the Federal Reserve
System, and the Chairman of the Board of Directors of the
Federal Deposit Insurance Corporation, or a majority thereof.
2 dates shall be selected within the semiannual period of January to June, inclusive, and 2 within the semiannual period of
July to December, inclusive. Sec. 161 of Title 12 also provides
that the Comptroller of the Currency may call for additional
reports of condition, in such form and containing such information as he may prescribe, on dates to be fixed by him, and
may call for special reports from any particular association
whenever in his judgment the same are necessary for use in the
performance of his supervisory duties.
191
TABLE B 17.—Assets and liabilities of national banks on March 26, June 30, September 28, and December 28, 1962, by
States, District of Columbia, and the Virgin Islands
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962
ALABAMA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
69 banks
69 banks
69 banks
70 banks
Total assets.
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
,
Other liabilities
$741,663
417, 594
533
159,468
12, 212
3,230
118, 988
34,491
$774, 556
407,129
670
170, 850
16, 068
3,268
124, 218
28, 948
$794, 089
411, 381
567
181, 249
18, 362
3,282
120, 948
31, 031
$834, 853
423, 824
576
188, 395
19, 633
3,328
127, 467
39, 891
176,497
20, 453
881
185, 247
20, 427
904
185, 346
20, 994
936
199, 924
21, 928
1,044
3,151
351
6,432
3,103
437
7,647
3,091
262
7,655
3,608
573
6,573
1, 695, 944
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
1, 743, 472
1, 779,193
1, 871, 617
784, 520
785, 471
797, 593
860, 499
459,046
5
40,011
134,525
93, 317
6,258
7, 517, 682
1, 045, 605
472, 077
488, 445
10
51, 540
152,133
79, 445
6,897
7, 563, 941
7, 064, 672
502, 903
10
52, 097
139, 325
96,107
5,543
7, 593, 578
7, 078, 191
515, 387
512, 451
10
37, 803
154, 803
106, 812
7,324
7, 679,702
1, 148,586
531, 116
11
125
11
125
21
351
30,163
438
28,594
262
30,112
573
32, 945
1,548,196
1, 593,109
1, 624, 088
1, 713, 241
Capital stock: Common stock
44, 073
44, 073
44, 073
44, 483
Surplus
Undivided profits
Reserves
62, 371
31,152
10,152
63, 987
31, 751
10, 552
64, 022
35, 422
11, 588
65, 962
36, 071
11,860
Total liabilities.
CAPITAL ACCOUNTS
Total capital accounts
Total liabilities and capital accounts.
147, 748
150, 363
155,105
158, 376
1, 695, 944
1, 743, 472
1,779,193
1, 871, 617
237, 579
248, 975
263, 972
263, 798
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
192
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 7962—Continued
ALASKA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
6 banks
6 banks
5 banks
5 banks
Total assets.
$83, 395
56, 871
9,387
5,262
257
5,813
8,119
$92, 298
54, 010
9,597
3,665
257
2,829
6,100
$92, 471
67, 087
8,874
6,144
267
8,337
7,603
$95, 386
61,795
8,946
7,444
267
5,886
7,531
10, 764
3,782
246
16, 598
4,037
307
16,878
4,703
246
19, 409
4,737
261
1,814
289
2,029
355
1,248
438
1,229
578
185, 999
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other' assets indirectly representing bank
premises or other real estate
Other assets
192, 082
214,296
213,469
73, 099
74, 942
82, 556
79, 779
47, 563
20
16,171
30, 521
808
1,198
169, 380
90,185
79,195
3,314
49,183
20
17, 331
34, 394
668
2,213
178, 751
95,330
83, 421
293
49,437
20
17, 292
47, 205
1,057
2,056
199,623
106,548
93,075
1,592
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits.
Demand deposits.
Time and savings deposits
,
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
,
Other liabilities
50,821
20
15,452
49, 760
1,081
2,137
199, 050
103,977
95,073
191
1,603
1,481
1,637
1,693
174, 297
Total liabilities.
180, 525
202, 852
200, 934
4,850
4,850
3,750
2,547
410
4,500
3,575
2,916
453
4,500
3,625
3,931
479
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
3,725
2,714
413
11,702
11, 557
11, 444
12, 535
185, 999
192,082
214, 296
213, 469
44,538
47,498
60,136
59, 312
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
193
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
ARIZONA
[Dollar amounts in thousands]
Mar. 26, 1962
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets.
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
$681, 337
185, 590
1,222
61, 634
6,305
2,474
68, 678
19,055
$725, 634
191,868
1,428
67, 591
5,544
2,562
78, 579
17, 623
$740, 437
162,413
1,640
71, 686
4, 548
2,583
67, 968
17, 101
$794, 791
176, 505
1,773
71, 180
4,724
2,589
80, 727
22, 370
101,315
24, 826
433
82, 454
23, 674
1,528
78, 293
23, 774
1,800
82, 094
24, 000
1,471
5,909
3,794
9,500
5,909
1,853
10, 676
5,909
2,282
10, 366
5,909
4,424
14, 470
1,172, 072
1, 216, 923
1,190, 800
1, 287, 027
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
499,197
505, 056
488, 139
399, 154
27
19, 859
108, 169
16, 595
15, 785
7, 058, 786
633, 085
425, 701
427,311
27
30,131
114,479
17,119
12, 269
7, 106, 392
652, 479
453, 913
1,200
449, 542
27
26, 080
88, 902
12, 304
11,436
7, 076, 430
601, 440
474, 990
1,750
3,794
30, 075
1,853
25, 550
2,282
26, 357
1,134,995
1,106, 819
1, 203, 046
1, 092, 655
541,311
456, 799
27
20, 704
109, 468
19, 860
17, 844
1, 166, 013
683, 863
482, 150
4,200
4,424
28, 409
CAPITAL ACCOUNTS
Capital stock: Common stock
23, 439
23, 439
23, 589
23, 589
Surplus
Undivided profits.
Reserves
43, 882
10,015
2,081
43, 882
12, 524
2,083
44,107
13, 903
2,382
44,158
13,850
2,384
Total capital accounts
Total liabilities and capital accounts.
79, 417
81, 928
83, 981
83, 981
1,172, 072
1,216,923
1,190,800
1, 287, 027
199, 594
211,615
185,118
203, 696
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
194
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37,
ARKANSAS
[Dollar amounts in thousands]
1962—Continued
Mar. 26, 7962
June 30, 7962
Sept. 28, 7962
56 banks
57 banks
Dec. 28, 7962
57 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
$318, 593
171, 866
53
83, 790
13, 021
1,487
54, 609
13, 855
$328, 117
165,005
54
88, 353
11,447
1,556
56, 857
11,851
$345, 688
171,952
54
90, 748
12, 609
1,565
57, 398
12, 603
90, 931
10, 396
674
98, 590
10, 760
727
99, 875
10, 924
229
1
2,825
350
3,321
713
365
762, 330
Total assets
776, 988
"3,684
808,178
367, 754
357,149
366, 538
186, 505
24
13,939
58, 059
61, 856
3,210
697, 347
507, 253
790, 094
196, 775
24
19, 768
61, 399
65,417
3,407
703, 939
503, 677
200, 322
204, 227
24
22, 408
65, 866
68, 603
3,289
730, 955
523, 478
207, 537
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
15
500
16
15
1
6,514
697, 878
6,139
8,120
710, 093
739, 590
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
21,160
,
Reserves
21, 835
21, 885
26, 534
15,181
1,577
28, 054
15, 441
1,565
28, 255
16,743
1,705
64, 452
Total capital accounts
66, 895
68, 588
762, 330
776, 988
808,178
58,048
59, 258
60, 540
Total liabilities and capital accounts
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
195
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37, 7962—Continued
CALIFORNIA
[Dollar amounts in thousands]
Mar. 26, 1962
Sept. 28, 1962
Dec. 28, 1962
39 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
40 banks
43 banks
45 banks
$11,138,044
4, 298, 278
8,346
1, 809, 346
224, 282
80,237
1, 558, 591
170, 320
$11,636,318
4,122,120
7,847
1,766, 981
204, 694
82,432
1, 632, 416
172, 841
$11,923,215
4,233,705
8,229
1, 884, 383
251, 700
82, 600
1, 586, 237
228, 378
1,291,144
315, 069
3,554
1, 550,743
323, 386
3,281
1, 509, 311
329, 818
3,362
1, 994, 929
334, 851
4,159
61, 923
130, 204
99, 930
62, 635
140, 968
129, 961
63,135
167,104
141, 889
65,058
166,019
159,273
20, 905, 215
Total assets
$10, 861, 374
4,278, 337
7,879
1, 675,120
157,253
79,095
1,752,815
191,518
21, 498, 418
21, 840, 268
22, 922, 736
7, 406, 925
7, 502, 358
7, 642, 814
8, 271, 673
8, 525, 419
184
469, 313
1, 570,087
346, 962
317, 998
18, 636,888
8, 924, 946
9,711,942
8, 900, 461
184
684, 469
1,721, 970
362, 477
369,153
19,541, 072
9,334,532
10,206,540
9,183, 819
184
554,233
1, 556, 278
354,227
339, 513
19,631, 068
9,292,580
10, 338, 488
9, 262, 327
184
456, 363
1, 824,010
391, 876
395, 201
20,601, 634
10, 115,369
10,486, 265
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
640
17, 200
474
200, 342
454
282, 350
131,618
414, 440
142, 236
362, 624
168, 697
384,160
166, 978
395,183
19,505,813
Total liabilities
658
322, 209
20, 063, 772
20, 384, 741
21, 446, 599
404,177
758, 969
228, 756
7,500
406, 560
760, 944
258, 923
8,219
409, 429
764, 713
273, 471
7,914
410,143
775, 446
282, 495
8,053
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
1, 399, 402
1, 434, 646
1, 455, 527
1, 476,137
20,905,215
21,498,418
21, 840, 268
22, 922, 736
3, 676, 456
3, 733, 795
3, 673, 416
3, 851, 555
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
196
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37, 7962—Continued
COLORADO
[Dollar amounts in thousands]
Mar. 26, 1962
Sept. 28, 1962
Dec. 28, 1962
80 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
,
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
81 banks
83 banks
88 banks
$812, 878
452, 975
61
78, 654
3,201
3,062
122,102
19, 262
$843,180
411,178
365
82,113
4,606
3,106
121, 501
17, 495
$866, 927
433, 438
372
87, 776
4,894
3,162
143, 520
19, 308
$910, 349
440, 050
91
92, 444
7,808
3,250
127,170
20, 879
180, 702
15, 833
1,287
187,130
16, 386
1,174
203,410
21, 246
1,184
207, 674
21, 979
1,048
4,577
4,413
12, 408
9,579
4,352
13
10, 734
1, 706,179
1, 705, 219
1, 799, 229
1, 847, 841
793, 444
765, 068
817, 472
857, 734
486, 737
10
47, 375
112,784
93, 697
18, 029
1, 552, 076
1, 004,505
547, 571
510, 261
10
59, 388
115, 022
82, 035
16, 651
1, 548, 435
975, 303
573, 132
530, 226
10
57, 820
118, 358
99, 654
14, 350
7,637,890
7, 048,595
589, 295
544, 870
10
43, 885
104, 274
100,152
20, 540
7,671, 465
1, 069,724
601,741
30
6,250
30
5,375
30
3,840
30
12, 775
17, 371
19,514
20, 970
13
21, 738
1, 575, 727
Total assets.
4,695
11,467
1, 573, 354
1, 662, 730
1, 706, 021
43, 236
58, 200
27, 642
1,374
43, 886
58, 836
27, 704
1,439
45, 016
59, 421
30, 506
1,556
46, 666
60, 690
33,188
1,276
LIABILITIES
Demand deposits of individuals, partnerships, and corporations.
Time and savings deposits of individuals, partnerships, and
corporations
,
Postal savings deposits
,
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
CAPITAL ACCOUNTS
Capital stock: Common stock..
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
130,452
131,865
136, 499
141, 820
1, 706,179
1,705,219
1, 799, 229
1, 847, 841
240, 466
249, 285
259, 248
244,155
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
197
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
CONNECTICUT
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
23 banks
22 banks
22 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
$683, 345
217,168
14
140, 924
13, 867
3,885
65, 895
33, 439
$689, 939
229, 611
64
147,092
17,485
3,860
69,033
28, 257
$710, 339
215,185
64
151,848
15,397
3,887
81,751
27, 550
$764, 769
219,016
14
156, 694
16, 573
3,906
69, 385
35,235
118,678
26, 643
643
135, 252
26, 971
135,652
26, 845
216
149,014
27, 060
290
330
8
3,913
330
627
330
330
4,844
5,399
1, 308, 752
Total assets
4,'925
1, 353, 446
692, 655
695, 964
715, 840
818,217
303,182
56, 806
43, 286
23, 722
10, 762
7,130,413
819,529
310, 884
312,128
81, 489
54, 767
26, 866
12, 307
1, 183, 521
863, 129
320, 392
322, 480
67, 987
52,196
23, 917
323, 773
52, 763
39,799
27, 760
15,548
7, 277,860
944,002
333,858
1, 373, 908
1, 447, 685
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
,
Deposits of States and political subdivisions
,
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
203
9,100
253
12,121
7, 194,541
859,316
335,225
253
6,100
253
1,000
54, 978
55,141
56, 459
1,194, 702
Total liabilities
1,238,915
1, 257, 353
1, 328, 558
35,513
61, 266
16, 410
861
35, 758
61,419
16, 407
947
36,110
61, 880
17, 621
944
36, 245
62, 810
19, 208
864
49, 445
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
114,050
1, 308,752
114, 531
116,555
1, 353, 446
1, 373, 908
125,396
114,201
119,127
1,447, 685
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
198
111,457
112, 993
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31f, 1962—Continued
DELAWARE
[Dollar amounts in thousands]
Mar. 26, 1962
Sept. 28, 1962
Dec. 28, 1962
3 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures.
Real estate owned other than bank premises.
Other assets
June 30, 1962
3 banks
3 banks
4 banks
$4, 966
3,303
1
518
202
27
410
241
$5, 303
3,182
1
$8, 253
5,837
553
202
27
691
219
555
223
44
626
148
349
145
415
146
1
1
758
292
18
19
10, 257
10,163
10, 740
17,715
3,669
3,343
3,653
7,231
5,310
32
155
5,634
50
101
5,850
61
92
42
9,208
3,883
5,325
17
9, 145
3,495
5,650
6
9,662
3,796
5,866
8,175
357
60
67
48
15, 938
7,747
8, 191
10
12
9,217
Total assets
$4,715
3,106
1
504
216
27
630
277
9,155
9,674
15, 982
225
675
136
225
675
104
4
225
675
162
4
433
1,027
269
4
1,211
505
LIABILITIES
Demand deposits of individuals, partnerships, and corporations.
Time and savings deposits of individuals, partnerships, and
corporations
,
Deposits of U.S. Government
,
Deposits of States and political subdivisions
Deposits of banks
,
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Other liabilities
Total liabilities.
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
1,040
1,008
1,066
1,733
10, 257
10,163
10, 740
17,715
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
186
199
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
DISTRICT OF COLUMBIA
[Dollar amounts in thousands]
Mar. 26, 1962
Sept. 28, 1962
Dec. 28, 1962
4 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures.
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collec-
June 30, 1962
4 banks
4 banks
5 banks
$470,034
298, 240
119
35, 882
5,836
1,810
90, 883
14, 064
$503,893
297,097
31
39, 904
5,581
1,923
72, 750
19, 686
93, 406
16, 576
112
86, 385
17, 009
226
107, 982
17, 579
258
0
2,712
Total assets.
8453, 543
309, 360
119
37, 743
5,626
1,780
92, 510
14, 263
88, 253
16, 660
233
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
$435, 946
304, 502
115
37, 559
5,326
1,780
70, 341
15,787
115
2,795
0
3,015
0
2,875
979,214
1, 027, 948
1, 023, 503
1, 069, 559
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
,
Time and savings deposits
,
Rediscounts and other liabilities for borrowed money
,
Other liabilities
580, 480
606,189
589, 557
630,221
229, 547
479
32, 874
128
42, 624
7,346
893, 478
653,464
240, 014
239, 449
479
40, 722
73
44, 664
9,223
940, 799
691, 021
249, 778
255, 376
479
32, 400
189
48, 299
8,362
975,326
710,178
265,148
11,586
11,699
905, 064
Total liabilities.
246, 404
479
37, 796
108
42,911
9,016
926, 271
669,389
256, 882
8,000
11,798
" 952, 498
946, 069
987, 746
19, 597
38, 933
13,135
3,785
20,097
39, 433
14, 092
3,812
22,097
41,183
14, 207
4,326
12, 420
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
19, 597
38, 933
11,864
3,756
Total capital accounts
Total liabilities and capital accounts
74,150
,
75, 450
77, 434
81,813
979, 214
1,027, 948
1, 023, 503
1, 069, 559
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
200
54, 414
78, 259
64, 642
53,147
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
FLORIDA
[Dollar amounts in thousands]
Mar. 26t 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
123 banks
127 banks
130 banks
$1, 364, 323
1,125,299
388
240, 331
52,509
7,497
218,181
70,144
$1, 374, 544
1,093,605
669
248,278
62,126
7,614
237,220
57, 806
$1, 396,726
1,086,118
886
257, 961
66,084
7,783
233,819
57, 602
$1,511,782
1,076, 831
1,070
279,198
69, 814
8,018
226,154
81,596
491, 293
61, 549
2,481
482,163
74,081
2,591
411,637
75, 745
3,060
528, 745
77, 059
3,566
23, 814
160
19,097
12,169
156
19, 962
11,552
253
21, 343
11, 349
281
22, 678
3, 677,066
3, 672, 984
3, 630, 569
3, 898,141
1, 710, 901
1, 665, 065
1, 609, 410
1, 700, 885
1,005, 510
61
92, 616
255,160
251, 866
29, 887
3, 244, 510
2, 144, 471
1,100,039
1, 022, 407
61
72, 748
347, 704
329, 473
31,951
3,505, 229
2,380,219
7, 725, 010
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
899,021
61
74, 310
325, 302
292, 083
22, 925
3, 324, 603
2,301, 064
1, 023, 539
954, 428
61
93, 332
306, 287
272, 619
26, 756
3,318,548
2, 248, 897
1, 069, 651
129
9,100
100
22, 862
100
20, 800
240
51,417
233
48, 695
290
54, 833
359
57,169
3, 387, 090
Total liabilities
130
10, 700
3, 376, 705
3, 322, 595
3, 583, 657
112,065
200
113,501
200
113,701
145,245
45, 656
9,882
CAPITAL ACCOUNTS
Capital stock:
Common stock
Preferred stock
Total capital stock
Surplus.
Undivided profits
Reserves and retirement account for preferred stock
Total capital accounts
Total liabilities and capital accounts
107, 822
200
108, 022
133, 376
39,128
9,450
109, 440
200
109, 640
137,224
39, 424
9,991
772, 265
139,143
46,160
10, 406
289, 976
296, 279
307, 974
314, 484
3, 677,066
3, 672, 984
3, 630, 569
3, 898,141
772, 373
761, 234
743,236
828,208
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
201
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
7962—Continued
GEORGIA
[Dollar amounts in thousands]
Mar. 26, 7962
June 30, 1962
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
,
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
53 banks
$916,642
360, 005
11
106, 925
14, 386
4,141
148,216
23,717
$988,117
337, 460
11
126,775
15, 204
4,141
143, 379
20, 234
$992, 908
355, 381
11
125, 529
19, 306
4,155
156, 962
22, 002
$1, 043, 568
333, 066
212,209
32, 986
595
222, 583
34, 670
754
226, 070
34, 885
1,206
269, 934
35, 747
1,804
2,860
1,996
6,377
3,199
1,663
6,365
3,192
284
6,831
3,183
32
5,937
1,948,722
2,019,445
1,831,066
Total assets.
Dec. 28, 1962
53 banks
53 banks
Sept. 28, 1962
1, 904, 555
113,218
16,280
4,168
162, 936
29, 572
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
843, 210
875, 709
887, 330
974, 922
346,211
683
61,615
153,131
190,719
7,414
1, 602, 983
1, 212, 554
390, 429
377,415
683
76,611
161, 960
165,725
7,596
7, 665, 699
1, 245, 130
420, 569
382, 050
683
76, 844
149, 973
204, 329
6,398
1, 707, 607
1, 284, 993
422, 674
382, 924
678
62, 271
154, 897
201, 986
10, 082
7, 787, 760
1, 362, 027
425, 733
10
24, 300
10
30, 610
18
28, 400
18
17, 425
1,996
39, 701
1,663
42, 527
284
45, 178
32
46, 547
1, 668, 990
Total liabilities
1, 740, 509
43,184
80, 692
20,640
17. 560
43, 184
81,261
22, 701
16,900
1, 781, 487
1,851,782
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
162,076
1,831,066
164,046
1, 904, 555
43, 354
81, 290
25,615
16, 976
167, 235
1, 948, 722
43,
81,
25,
17,
524
249
058
832
167,663
2,019,445
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
202
303, 797
316,430
283, 608
291, 787
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
7962—Continued
HAWAII
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 7962
Sept. 28, 7962
Dec. 28, 7962
2 banks
2 banks
ASSETS
$173, 830
79, 365
20,219
1,300
612
24, 053
4,724
$171, 474
78, 822
20, 686
1,199
612
16, 455
6,730
$173, 382
75, 232
20, 280
910
612
17, 095
7,472
22, 588
6,003
31
6,045
39, 861
6,079
134
9,691
25, 405
6,507
92
7,127
32, 778
11,011
78
3,161
359, 868
335,109
342,011
110, 963
120, 361
111,249
116, 643
98, 374
10
20, 890
54, 888
4,904
2,845
292, 874
150, 593
142, 281
98,059
10
25, 645
61, 953
7,403
4,280
317, 711
181, 374
136, 337
99, 959
10
25, 258
52, 932
7,278
2,532
299, 218
156, 727
142, 491
99, 734
10
19, 703
46, 846
8,595
2,186
293, 717
162, 862
130, 855
31
9,443
134
13, 770
92
6,575
10, 000
78
8,203
302, 348
Total assets
$162, 665
86, 541
19, 589
2,365
612
18, 704
5,669
330, 812
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Customers' liability on acceptances outstanding
Other assets
331,615
305, 885
8,600
11,799
5,889
2,176
8,600
11,800
5,877
1,976
8,600
11,800
6,848
1,976
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
311, S
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
28, 464
330,812
28, 253
359, g
8,600
11,800
7,637
1,976
29, 224
30, 013
335, 109
342,011
94, 696
93,194
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
99, 072
96, 476
203
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
IDAHO
[Dollar amounts in thousands]
Mar. 26, 1962
Sept. 28, 1962
Dec. 28, 1962
9 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
,
Currency and coin
Balances with other banks, and cash items in process of collec-
June 30, 1962
9 banks
9 banks
9 banks
Total assets.
Demand deposits of individuals, partnerships, and corporations,
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits.
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
$273, 491
144, 027
126
40, 841
310
916
32, 882
6,737
$282, 929
128, 897
153
42, 736
310
935
36,170
6,445
$286, 862
142,760
201
45, 696
310
968
37,059
7,482
28,064
8,904
10
2,238
30, 243
8,868
196
2,033
29, 872
9,014
130
2,235
31,091
8,905
146
2,268
522, 228
Bank premises owned, furniture and fixtures.
Real estate owned other than bank premises.
Other assets
$250,296
153, 323
99
39, 383
470
901
32, 286
6,254
540, 670
539,926
563,748
220, 628
217, 201
233, 447
234, 241
186, 846
11
10.028
53.029
1,967
5,219
477,728
289,708
188,020
194,088
11
13, 865
61, 966
1,681
3,893
492,705
297,443
195, 262
194, 075
11
12, 887
42, 426
2,314
4,508
489,668
294,414
195,254
201, 077
11
9,840
61,088
2,524
5,267
514,048
311,795
202, 253
108
136
3,000
6,214
93
2,000
8,162
8,536
484, 473
Total liabilities.
6,7'45
502, 055
499, 923
522, 692
13, 875
15,145
6,968
1,767
13, 875
16,255
6,709
1,776
13, 875
16, 284
7,961
1,883
13, 875
17, 385
7,847
1,949
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
37, 755
38,615
40, 003
41,056
522, 228
540, 670
539, 926
563, 748
114, 488
114,118
105, 224
118,123
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
204
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
ILLINOIS
[Dollar amounts in thousands]
Mar. 26, 1962
Dec. 28, 1962
399 banks
400 banks
402 banks
$5, 994, 419
3, 846, 237
1,251
1, 241, 290
203, 303
34, 585
1,172,611
121, 960
$6, 254, 904
3, 571, 555
1,543
1, 520, 306
291,553
42,106
1, 092, 269
104, 458
$6, 391, 997
3, 644, 784
1,689
1, 541, 224
288, 705
55,094
1,143,821
113,657
$6, 840, 250
3, 834, 623
1,651
1, 550, 445
285, 422
48, 438
1,176,013
139, 589
952, 852
68, 458
6,810
1, 306, 490
71,926
6,923
1, 261, 472
77, 305
7,229
1, 402, 500
84, 719
7,003
6,621
76,211
71, 345
6,684
65, 584
73, 699
9,243
56, 549
78, 954
13, 797, 953
Total assets
Sept. 28, 1962
399 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
14, 410, 000
14, 671, 723
7,690
69,155
77,086
15, 524, 584
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
5, 744,128
5, 779, 535
6, 402,071
4, 515, 621
2,910
618, 952
749, 726
1, 075, 074
139, 245
12,845, 656
8, 182, 337
4, 663, 319
4, 628, 822
2,910
528, 918
761, 841
1,187,952
129, 388
13, 019, 366
8, 234,510
4, 784, 856
4, 901, 080
2,910
427, 836
701, 056
1, 206, 887
128, 590
13,770, 430
8,703, 766
5, 066, 664
462
369, 950
513
39, 233
409
103, 284
398
214, 534
76, 276
170, 607
65, 640
248, 294
56, 725
254, 847
69,198
210, 840
12, 613, 492
Total deposits
Demand deposits
Time and savings deposits
5, 700, 875
4,164, 661
910
419,717
522, 332
1, 072, 331
115,371
77,996, 197
7,690, 807
4,305,390
13,199, 336
13, 434, 631
14, 265, 400
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
415,181
580, 738
135, 469
53, 073
418,
590,
147,
53,
548
380
861
875
420,
594,
166,
55,
451
890
504
247
421, 591
605,173
177,189
55, 231
1,184, 461
1, 210, 664
1, 237, 092
1, 259,184
13, 797, 953
14, 410, 000
14, 671, 723
15, 524, 584
1, 220, 762
1, 473, 751
1, 400, 538
1, 565, 935
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
205
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
INDIANA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
126 banks
Total assets.
Demand deposits of individuals, partnerships, and corporations.
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
$1, 376, 803
995,155
67
205,212
42, 657
6,542
216, 496
63, 415
$1, 455, 415
1, 002, 695
91
208, 889
46, 064
6,784
218, 469
54, 875
$1, 479, 514
979, 188
84
216,834
60, 606
6,832
215,317
57, 541
SI, 557,105
1,017,361
324
203, 285
63,012
7,446
223, 386
72, 595
289, 491
42, 232
1,372
372, 266
42, 257
1,554
342,154
43, 480
1,280
375,099
42, 759
1,540
222
272
14, 822
226
165
15,434
212
178
15,587
208
223
14, 881
3, 254, 758
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
3, 425,184
3, 418, 807
3, 579, 224
1,410,191
1, 418, 520
1, 485,134
1, 609, 985
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
972, 794
854
126, 290
382, 396
139, 376
32,031
3, 072,261
2, 066, 295
1, 005,966
988, 675
854
115, 957
284,455
142, 919
22, 315
3, 040, 309
2, 012, 477
1, 027, 832
995, 777
854
84, 504
313,239
159,031
36, 962
3,200,352
2, 165, 472
1, 034, 880
1,850
502
78, 344
4,030
264
65, 968
16, 530
269
70, 876
10, 300
366
73, 458
2, 974, 422
Total deposits
Demand deposits
Time and savings deposits
960, 518
854
90, 381
278, 935
131, 677
21,170
2, 893,726
7, 899, 398
994, 328
3,142, 523
3,127, 984
3, 284, 490
74, 396
137,991
59, 309
8,640
75, 576
141,120
56, 915
9,050
75, 586
141,156
64, 792
9,289
75,811
146,137
64, 032
8,754
14
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
280, 336
282, 661
290, 823
294, 734
3, 254, 758
3, 425,184
3, 418, 807
3, 579, 224
238, 361
259, 499
261, 436
268, 260
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
206
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
IOWA
[Dollar amounts in thousands]
Mar. 26, 7962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
96 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets. .
95,039
13, 932
1,944
60, 767
17, 508
$489, 897
289, 450
12
100,164
13, 937
1,960
65, 423
14, 550
$490, 876
314, 672
12
101, 727
16,433
1,965
72, 408
15, 951
$531,855
319, 047
13
99, 020
15, 140
1,990
78, 760
17, 541
151,219
9,569
787
155,713
10, 056
856
184, 567
11,541
914
184, 305
12,150
1,014
1,127
1,143
1
4,573
1,143
1
3,958
1,366
1
3,857
1, 266, 059
$473, 257
297, 745
4,427
1,127, 321
1,147, 735
1,216,168
492, 672
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
,
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
,
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
486, 676
512, 554
551,230
283, 615
51
29, 228
79, 666
122, 981
10, 097
7, 018, 310
731, 507
286, 803
301,191
51
37,178
67, 345
131,081
7,449
7, 030, 971
727, 190
303, 781
308, 282
51
39, 255
81, 602
159, 760
8,156
1, 109, 660
314, 735
51
27, 799
56,138
159,908
10, 437
6
8,600
6
15, 000
6
400
34, 030
6,237
1
6,388
1
7,846
1
11,401
1,117,913
1,165,730
24, 735
40, 918
30, 806
1,796
24, 735
42, 075
31,712
1,807
1, 033,153
1, 052, 366
310, 855
1, 120, 298
803, 021
317, 277
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts. . .
24, 585
40, 330
27, 530
1,723
94,168
1, 127, 321
24, 735
40, 719
28,118
1,797
95, 369
98, 255
100, 329
1,147, 735
1,216,168
1, 266, 059
83, 416
86, 294
122,992
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
85,138
207
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
KANSAS
[Dollar amounts in thousands]
Mar. 26, 7962
June 30, 7962
Sept. 28, 7962
Dec. 28, 7962
167 banks
768 banks
768 banks
768 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve b a n k . . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
$609, 514
415, 849
$613, 876
441, 640
164,883
24, 348
3,114
124, 681
17, 605
168, 503
26, 841
3,256
112, 791
18, 298
$669, 713
442, 033
115
170, 686
29, 548
3,190
113, 367
22, 659
146, 373
15,173
531
181, 601
15,019
697
158, 743
15, 735
643
169,490
15, 905
705
509
3,872
1,143
3,833
1,144
4,014
1,428
4,035
1, 466,199
1, 562, 287
1, 565, 484
1, 642, 874
668, 930
672, 825
700, 399
721, 230
291, 297
37
38, 009
224, 895
91, 871
6,717
7,327, 756
999,070
322, 746
319, 374
37
46, 092
261, 305
102, 040
8,050
1, 409, 723
1,058, 939
350, 784
335,182
37
50, 821
217,680
94, 902
6,827
7, 405, 848
1, 039, 340
366, 508
346, 676
25
36, 950
259, 456
103, 739
10, 302
7, 478,378
7,100, 474
377, 904
30
3,710
10, 672
30
4,100
10, 619
30
3,866
12, 601
30
6,435
11,890
1, 336,168
Total assets
$586, 402
401, 064
30
153, 513
22, 503
2,911
114,663
18, 655
1, 424, 472
1, 422, 345
1, 496, 733
37,516
59, 502
31,008
2,005
40, 871
63, 539
31,401
2,004
41, 226
63,919
35, 858
2,136
41, 231
65, 451
37, 044
2,415
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposit
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
130, 031
137,815
143,139
146,141
1,466,199
1, 562, 287
1, 565, 484
1, 642, 874
309, 773
312, 873
316, 286
337,511
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
208
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37,
7962—Continued
KENTUCKY
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
85 banks
Sept. 28, 1962
85 banks
Dec. 28, 1962
85 banks
ASSETS
Loans and discounts (including overdrafts)
,
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
,
Customers' liability on acceptances outstanding
,
Other assets
Total assets
,
$445, 274
351, 303
81, 032
14, 335
2,528
85, 983
21, 375
$475, 435
320,423
86, 900
16,018
2,530
81,140
17, 869
$492, 571
315, 931
90, 470
16, 496
2,560
86, 262
20, 035
$530, 828
341, 282
94,460
17, 827
2,656
91, 237
24, 275
98, 514
12,111
621
118,186
12,169
756
105, 772
12, 376
833
180, 888
12, 696
747
1,216
102
3,806
1,193
77
3,193
1,175
113
3,546
1,177
90
3,443
1,118,200
1,135, 889
1,148,140
1, 301, 606
596, 491
593, 578
592, 422
692, 201
249, 484
15
29,494
65, 362
54, 623
4,743
7, 000, 212
734,557
265,655
262, 626
15
43, 628
56, 958
54, 323
6,176
1, 017,304
740, 353
276, 951
268, 375
15
41,818
62, 429
53, 387
5,409
1, 023, 855
742,558
281, 297
275, 320
15
32, 315
64, 599
105,716
6,863
7, 777, 029
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
,
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
885,787
291, 242
98
1,250
81
350
79
1,400
78
200
102
10, 665
77
11,037
113
12,405
90
12,192
1,012, 327
1, 028, 849
1, 037, 852
1,189, 589
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
27, 884
54, 079
22, 008
1,902
28, 040
54, 885
22, 027
2,088
28, 290
55,109
24, 641
2,248
28, 290
58, 353
23, 344
2,030
105, 873
107, 040
110,288
112,017
1,118, 200
1,135,889
1,148,140
1, 301, 606
127, 729
119,012
115,317
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
111,778
209
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37, 1962—Continued
LOUISIANA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
43 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
$896, 896
591, 676
165
151,053
11,324
4,283
171,212
26,411
$924, 930
570, 278
165
153, 892
11,245
4,332
168,475
26, 951
$986, 509
614, 967
285
155,151
9,812
4,517
169, 647
34, 815
258, 947
25, 274
500
278, 210
25, 142
480
264, 543
25, 349
704
305,102
25, 923
370
2,244
2,756
8,997
2,352
1,569
10, 862
2,318
1,294
10, 843
2,207
1,934
10,781
2,182, 903
Total assets.
$937, 229
598, 317
359
142, 300
10,710
4,303
160,051
30, 916
2,171,635
2, 165, 319
979, 452
959, 394
505, 437
51
71,778
202, 578
187, 975
16,294
7, 963, 565
1, 423, 447
540, 118
507, 299
51
66,142
207, 747
188,286
11,299
7, 940, 218
1, 388, 808
551, 410
2, 322, 020
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
1, 019, 273
479, 017
51
57, 804
206, 437
199,433
13,527
7, 975, 542
1, 465, 950
509, 592
1,091,357
518,045
51
49, 960
213, 886
214, 883
15,839
2, 104, 021
7,538, 081
565, 940
61
2,300
83
5,986
79
700
2,965
23, 609
1,635
23, 609
1,305
30, 314
1,990
27, 454
2, 004, 677
Total liabilities
61
2,500
1,991,170
1, 977, 906
2,134,244
43, 890
97, 395
36, 561
380
43, 890
97, 503
38, 324
748
44, 340
102, 852
39, 451
770
44, 590
105, 607
37,166
413
CAPITAL ACCOUNTS
Capital stock: Common stock...
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
178, 226
180, 465
187,413
187,776
2,182,903
2,171,635
2,165,319
2, 322,020
389, 743
400, 299
398,158
387,158
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
210
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
MAINE
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
22 banks
Sept. 28, 1962
22 banks
Dec. 28, 1962
22 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
$214, 099
68,149
10
26, 242
3,585
829
12, 998
7,650
$216, 028
81,748
15
25,215
3,525
834
20, 497
8,384
$221, 737
74, 431
16
22, 664
3,476
842
17, 750
9,915
24, 297
6,857
286
29, 530
6,999
393
29,182
7,017
499
33, 336
7,410
186
128
1,588
156
1,474
154
1,561
314
1,551
357, 759
Total assets
$203, 466
70, 678
13
22, 276
4,227
798
15,232
7,913
372,114
394, 659
393, 628
147, 441
155,666
168,746
174, 280
129, 835
7
9,080
11, 343
9,172
1,697
133,518
7
10, 924
12, 465
9,790
2,166
.324, 536
134, 827
7
11,642
19, 273
9,100
1,913
345, 508
209, 251
136, 257
135, 419
7
8,302
13,992
10, 727
2,536
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Other liabilities
Total liabilities
308, 575
176, 960
731, 615
1,233
11,650
189, 262
135, 274
108
10, 637
11,573
345, 263
136, 775
75
10, 288
321,458
335, 281
357, 081
355, 626
13,127
13,992
8,370
812
13,797
13,853
8,359
824
13, 882
13, 924
9,014
758
14,032
14, 026
9,165
779
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
36, 301
36, 833
37, 578
38, 002
357, 759
372, 114
394, 659
393, 628
27, 312
26, 636
29, 542
25, 247
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
211
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
MARYLAND
[Dollar amounts in thousands]
Mar. 26, 1962
Total assets.
Sept. 28, 1962
Dec. 28, 1962
52 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank.. .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
,
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
,
Other assets
June 30, 1962
52 banks
50 banks
48 banks
$637, 744
406, 536
92,736
20, 210
3,035
108, 664
29, 090
$673, 761
397, 707
96,069
18, 381
3,031
119, 640
23,712
$715, 437
403, 527
101, 478
22,702
3,111
120, 538
25, 409
$716, 289
390, 899
103,456
22,705
3,153
112,303
33, 634
126, 680
20,518
421
132, 878
21, 489
365
131,034
22,715
449
149, 672
23,012
459
353
1,326
6,566
353
672
5,964
353
1,059
6,750
353
1,323
7,093
1, 453, 879
1, 494, 022
1, 554, 562
1, 564, 351
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
,
Time and savings deposits of individuals, partnerships, and
corporations
,
Postal savings deposits
,
Deposits of U.S. Government
Deposits of States and political subdivisions
,
Deposits of banks
,
Certified and officers' checks, etc
,
Total deposits
,
Demand deposits
,
Time and savings deposits
,
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
643, 844
644,125
675, 225
741,294
403, 674
425,075
446, 558
58, 927
114,346
66, 267
7,810
1, 294,868
84, 459
117, 024
70,096
8,207
/, 348, 986
904,990
443,996
69, 844
129, 267
65, 341
11, 584
1,397,819
931,933
4,000
437,706
25
52, 740
102,110
67,050
8,722
7,409,647
954, 943
454,704
1,350
1,059
26, 024
1,323
26, 072
425,372
14,100
1,326
21, 646
672
22, 824
1, 331, 940
1, 372, 482
30, 472
68, 243
17, 400
5,824
30, 797
67, 898
16, 863
5,982
1, 428, 902
1, 438, 392
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
31, 904
69, 269
18,815
5,672
31, 404
70, 616
18, 346
5,593
121, 939
121, 540
125, 660
125, 959
1, 453, 879
1,494, 022
1, 554, 562
1, 564, 351
258, 434
257, 515
255,026
241, 238
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
212
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
MASSACHUSETTS
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
96 banks
95 banks
94 banks
94 banks
$2,184, 321
886, 673
616
216, 703
17, 392
13, 540
372,120
63, 437
$2, 256, 939
858, 278
618
253, 405
15,517
13, 589
361, 820
46, 613
$2, 292, 454
818,020
635
249, 474
22, 694
13, 931
365,119
49, 797
$2, 348, 398
990,164
789
201,922
39, 788
14,105
390, 937
68,108
388, 344
43, 983
1,283
417, 285
44, 084
1,074
415,467
45, 027
1,620
544, 819
45, 599
2,175
403
46, 550
22, 693
419
48,139
22, 229
418
33, 441
18, 763
402
66,126
21,075
4, 258,058
4, 340, 009
4, 326, 860
4, 734, 407
2,219,066
2, 226, 530
2,231,111
2, 502, 949
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
714,097
533
217, 997
185,240
353, 581
40, 506
3,738, 484
2, 993, 170
745, 314
2,072
712, 844
533
196, 663
197, 876
358, 840
31, 925
3,729,792
2,977,186
752, 606
4,736
726,186
527
134,805
244, 083
404, 928
44,194
4,057,672
3, 291, 394
766, 278
43, 461
46,918
133, 328
49, 400
120, 245
34, 492
122, 067
67,092
122, 394
3, 832, 243
Total liabilities
678, 419
533
153, 636
187, 957
347, 953
32, 792
3, 620,356
2, 906,760
713,596
31, 641
3, 910, 201
3, 891, 087
4, 290, 619
107, 682
233, 993
65, 294
18,846
107,611
234, 290
69, 326
18, 581
107, 828
245, 058
64, 397
18,490
108, 201
251, 868
64, 581
19,138
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
425, 815
429, 808
435, 773
443, 788
4, 258, 058
4, 340,009
4, 326, 860
4, 734, 407
323, 522
367, 883
375, 678
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
355, 937
213
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
MICHIGAN
[Dollar amounts in thousands]
Mar. 26, 7962
Total assets
Sept. 28, 7962
79 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 7962
80 banks
Dec. 28, 7962
82 banks
$2, 454, 270
1, 404, 599
937
613,244
22, 651
9,885
349, 810
87, 695
346, 347
54, 508
3,430
8,072
868
30,814
$2,579 665
1,389,655
1,595
646,199
28, 960
9,913
389, 847
74, 082
$2, 582, 680
1, 467, 467
1,783
644,011
27, 581
9,996
366, 905
76, 457
$2,777,159
1, 498, 969
2,205
660, 562
29,113
10,269
323, 214
100, 664
477, 089
56, 827
2,388
463, 907
58, 074
2,404
583, 366
59, 853
2,456
8,277
581
32,194
8, 425
2,951
32, 887
8,559
4,981
32, 639
5,387,130
5, 697, 272
5, 745, 528
6, 094, 009
1, 902, 928
2, 032,171
2, 029, 360
2, 275, 035
2, 076, 390
30
217, 942
458,651
207, 837
32, 917
4, 896, 695
2, 587, 080
2, 309, 675
2,162,157
30
362, 473
402, 892
204, 872
37,161
5, 207, 756
2, 874, 669
2, 387, 087
2, 226, 631
30
305, 030
400, 790
206,120
35, 276
5, 203, 237
2, 749, 753
2, 454, 084
2, 324, 908
30
253, 075
442,92?
215, 667
47, 430
5, 559, 084
2, 992, 579
2,566,505
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
23
9,500
71
27, 000
152
6,850
868
91,499
Total liabilities
15
1,700
581
97, 348
2,951
108,430
4,981
114,022
4, 998, 585
5, 301, 400
112,101
2,000
774, 707
198, 979
68, 809
6,656
112,851
2,000
774, 557
200,757
73, 251
7,013
5,341,689
5, 685, 089
CAPITAL ACCOUNTS
Capital stock:
Common stock
Preferred stock
,
Total capital stock
Surplus
Undivided profits
,
Reserves and retirement account for preferred stock
Total capital accounts
Total liabilities and capital accounts
113,331
2,000
775, 337
201,734
79, 039
7,735
113,891
2,000
775, 897
210, 274
75, 032
7,723
388, 545
395, 872
403, 839
408, 920
5,387,130
5, 697, 272
5, 745, 528
6,094, 009
512, 267
641, 970
559, 465
573, 698
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
214
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
MINNESOTA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
180 banks
Dec. 28, 1962
180 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
1, 589,176
722, 355
44
223, 005
51, 486
6,718
251,617
27,087
$1, 629, 587
750, 095
37
229, 557
58, 691
6,778
281, 737
28, 057
$1, 664, 313
799, 887
36
236, 581
67, 990
6,858
262,202
32,158
362, 203
37,537
1,266
372,518
39, 344
1,140
385, 091
40, 599
994
426,089
40,711
969
16, 707
935
13, 321
16, 702
2,720
14, 830
16, 659
3,358
15,707
16,244
3,803
15, 488
3, 208, 405
Total assets
$1, 510, 400
723, 677
22
210,646
58, 367
6,672
235, 951
30, 701
3,318,742
3, 446, 947
3, 573, 329
1, 260, 663
1, 230, 495
1, 254, 351
1, 371, 850
1, 046, 510
64
144,180
227,654
315, 334
26, 870
2,991,107
7, 903, 466
1, 087, 641
1,094, 805
68
129,114
198, 770
384, 542
24, 346
3, 085, 996
1, 944, 710
1, 141, 286
1,131,112
49
97, 625
222, 586
360,227
28, 662
3, 212, 111
2, 034, 753
1,177, 358
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
,
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
971, 293
68
98, 891
169,107
353, 390
24, 260
2, 877,672
1, 881, 940
995,732
2,150
137
23, 230
115
15,721
935
49, 247
2,728
47, 493
3,358
52, 534
3,803
56, 712
2, 937,126
Total liabilities
102
9,170
3,043, 566
3,165, 255
3, 288,462
81, 947
128, 674
55,706
4,952
82, 937
130, 500
56, 993
4,746
83,637
131,195
62,170
4,690
83, 659
134,057
62, 450
4,701
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
271, 279
275,176
281, 692
284, 867
3, 208,405
3, 318, 742
3,446, 947
3, 573, 329
523,166
580,191
558,198
563, 481
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
215
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
MISSISSIPPI
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 7962
Sept. 28, 1962
Dec. 28, 1962
27 banks
27 banks
27 banks
27 banks
$198,194
102, 672
49, 899
2,404
1,033
30,513
8,432
$203, 039
106, 945
53, 037
2,497
1,041
23, 976
9,665
$215,09?
110,364
54,12S
2,37<
1,048
25, 351
11,832
45,481
7,644
121
57, 656
7,869
175
50, 655
7,936
157
55, 492
7,66f
284
500
1,389
500
1,473
500
1,525
50C
460, 820
460, 973
485, 785
179, 240
Total assets.
$188,022
102, 373
48, 566
2,476
1,028
27,010
10,108
434, 718
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve b a n k . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
,
Other assets
182, 299
183, 819
200, 51C
108,073
10, 336
64,216
31, 823
987
394, 675
280, 269
114,406
119, 352
12, 782
69, 635
34, 407
1,070
419, 545
292, 829
126, 716
122,478
12,297
58, 488
35,181
1,305
413, 568
284, 125
129,443
128, 062
9,84S
48, 75$
44,811
1,723
433, 7U
297, 061
136,641
LIABILITIES
Demand deposits of individuals, partnerships, and corporaTime and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
,
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
36
""47296'
36
4,000
5,073
36
8,000
5,215
398, 649
Total liabilities.
45
3,929
423, 871
422, 677
446, 965
9,520
24, 827
1,339
383
9,595
25,120
1,879
355
9,595
25,117
2,998
586
9,595
25, 395
3,627
203
CAPITAL ACCOUNTS
Capital stock: Common stock.
p
Surplu
u ps
l
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
36, 069
36, 949
38, 296
38, 820
434, 718
460, 820
460, 973
485, 785
82, 734
85, 706
92, 846
91,411
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
216
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
MISSOURI
[Dollar amounts in thousands]
June 30, 7962
Sept. 28, 7962
Dec. 28, '7962
78 banks
Mar. 26, 7962
78 banks
78 banks
ASSETS
Total assets
$1,141,455
587, 396
172
151,948
15, 440
5,086
210,514
25, 764
$1,148,767
567, 885
172
174, 525
14, 441
5,101
215,841
23, 382
$1,153,844
562, 461
157
185,315
17,056
5,111
231,245
24, 094
$1, 253,429
605, 083
52
184, 695
30, 628
5,124
214,219
29, 045
268,695
19, 669
1,758
327, 542
20, 747
1,389
328, 430
22, 070
1,467
381,706
23,462
1,104
2,782
215
12, 906
2,867
152
10, 836
2,841
222
11,092
2,822
127
10,810
2, 443, 800
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
2,513,647
2, 545, 405
2, 742, 306
1,119,752
1,133, 782
1,140, 414
1,250, 257
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
,
Other liabilities
537,709
28
80, 703
81,355
367,714
11,086
2, 798, 347
1, 630, 903
567, 444
11,400
557,277
28
106,191
75,158
381,027
13,413
2, 266, 876
7, 683, 379
583, 497
10, 300
579, 490
28
101, 496
75, 242
391, 408
13,464
2,307, 542
7,698, 777
603, 437
1,900
71,325
120, 537
431,191
16, 397
2, 486, 236
7,865, 070
627, 226
9,400
596, 502
152
23, 867
222
24, 461
140
26, 877
2,233,619
Total liabilities
215
23, 657
2,301,195
2,328,125
2, 522, 653
67,168
94,197
43, 051
5,765
67,418
94, 420
45, 253
5,361
67,418
94, 772
49,171
5,919
67,418
95,477
50,215
6,543
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
,
Total capital accounts
Total liabilities and capital accounts
210,181
212,452
217,280
219, 653
2, 443, 800
2,513,647
2, 545, 405
2, 742, 306
281, 262
299,136
290,178
287, 252
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
917
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962— Continued
MONTANA
[Dollar amounts in thousands]
Mar. 26, 1962 June 30, 1962
43 banks
43 banks
Sept. 28, 1962 Dec. 28, 1962
43 banks
43 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
,
Customers' liability on acceptances outstanding
,
Other assets
$215, 233
118,743
31,725
8,454
784
26, 315
6,061
$220, 246
127,469
32,452
10, 960
786
29, 641
6,244
$228,608
141,851
37, 561
12,926
39, 771
8,760
195
40,643
8,896
194
43, 572
8,682
227
44, 885
8,632
225
16
7
1,838
16
27
2,431
19
424
2,931
489
2,028
454, 259
Total assets
$199, 999
127, 789
32, 648
10, 531
764
26,135
5,806
459, 522
483, 653
511,415
202, 381
194,147
215, 306
223,030
150,155
7,979
36, 492
12, 533
4,017
413,557
255, 907
157,650
156, 845
10, 322
41,062
10,713
3,955
417,044
252,156
161,044
11,018
32, 323
13,711
4,228
437,630
268,675
168,955
167,939
840
25, 912
7,458
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
77m* and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
8,738
45,833
12,988
4,161
462,689
286,822
175, 867
14
300
250
2,365
7
7,361
63
8,168
532
10,161
492
10,174
421, 839
Total liabilities
14
900
425, 589
448, 573
475, 720
12, 618
12, 993
6,575
234
12, 898
13, 234
7,560
241
12, 948
13, 233
8,658
241
12, 973
13,393
9,085
244
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
32, 420
33, 933
35, 080
35, 695
454, 259
459, 522
483, 653
511,415
74,033
74, 828
75, 445
72, 712
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
218
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
NEBRASKA
[Dollar amounts in thousands]
Mar. 26, 1962
721 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
June 30, 1962
Sept. 28, 7962
121 banks
Dec. 28, 1962
121 banks
$619,130
299, 424
89, 521
14, 942
2,576
114, 684
14, 836
$633,293
291,464
88, 332
15,143
2,580
103, 273
13, 280
$634, 039
318, 964
92,420
21, 873
2,588
123, 204
14, 001
$700, 534
297, 340
94,177
19,918
2,670
114, 966
15, 896
142,144
11,346
1,069
164, 353
11, 530
167, 763
11,521
1,499
168,453
11, 502
1,508
2,506
3
5,224
2,011
2,210
2,310
960
1, 317, 405
5,345
""5,045
1, 331, 563
1, 395, 228
6,027
1, 435, 201
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Depostis of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
676, 852
657, 803
677, 714
711, 217
223, 076
24
39, 934
93, 549
145, 422
5,756
1,184,613
955,655
228,958
243, 912
24
53, 986
83, 801
142 895
7,163
7,189, 584
939,882
249,702
256,005
24
53, 411
82, 706
165,134
7,665
7,242,659
981,633
261, 026
264, 376
24
39, 545
81, 800
169, 728
10, 203
7, 276,893
7,006, 146
270,747
28
20, 476
27
23,104
101
7,050
3
9,826
1,201, 593
21
14, 095
10, 227
1, 213, 927
11,203
12, 701
1, 274, 366
1, 312,725
34, 334
49,102
33, 790
3,636
36, 334
49, 806
33,028
3,308
CAPITAL ACCOUNTS
Capital stock; Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
34, 248
48, 659
29, 312
3,593
34, 274
48, 902
30, 924
3,536
115,812
117, 636
120, 862
1, 317,405
1, 331, 563
1, 395, 228
122,476
1,435, 201
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
200, 535
205, 678
213, 935
205,059
219
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
NEVADA
[Dollar amounts in thousands]
Mar. 26, 7962
3 banks
Sept. 28, 7962
Dec. 28, 7962
3 banks
June 30, 1962
3 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
651
22, 146
7,589
8,529
$200, 259
71,374
45, 054
1,378
651
23,104
6,498
$193,138
93,190
45, 310
4,516
651
30, 349
6,592
$198, 072
86, 299
45,981
5,277
654
20, 442
8,525
12, 622
7,682
45
20, 606
8,087
90
21,124
8,833
90
25, 502
10,283
85
576
1,514
652
2,257
652
2,744
652
2,577
369, 024
380, 010
407,189
404, 304
140, 656
146, 056
164,161
166, 883
131,281
15,915
39, 601
1,612
132,877
19, 382
39, 508
1,988
138, 307
13, 665
47, 966
2,663
139, 394
12,336
Total deposits
Demand deposits
Time and savings deposits
4,293
333, 358
792, 649
740, 709
5,395
345, 206
203, 715
747, 491
4,918
371, 680
227, 566
744, 714
7,345
7,461
6,844
Total liabilities
342, 501
352, 551
379, 141
375, 465
,
,
,
9,875
11,825
4,772
51
9,875
11,826
5,707
51
9,925
11,875
6, 197
51
9,925
11,875
6,968
,
26, 523
27, 459
28, 048
28, 839
369, 024
380, 010
407,189
404, 304
74, 760
74, 820
78, 418
77, 737
Total assets
$182, 543
82,180
42, 947
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Other liabilities
9,143
38,780
2,968
8,260
368, 621
223, 657
744,964
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
220
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
NEW HAMPSHIRE
[Dollar amounts in thousands]
Mar. 26, 1962 June 30, 1962
51 banks
51 banks
Sept. 28, 1962 Dec. 28, 1962
51 banks
51 banks
ASSETS
$176,219
74, 949
0
17, 352
1,279
778
18,733
10, 003
$191,089
81,273
4
23, 504
1,476
785
21,009
8,526
$201,418
85, 567
14
17,459
1,308
804
21,010
10,172
36, 045
5,940
248
34, 957
6,787
233
38, 088
51
1,180
49
895
125
318
43
630
338,710
351, 807
370,086
383, 491
166, 829
176,188
186, 520
194, 781
69, 299
10
13,265
23,911
9,851
2,515
255, 680
213, 401
72, 279
72, 845
10
16,664
21,939
11,189
2,943
307, 778
226, 607
75, 171
76, 955
10
17, 593
22, 792
11,098
2,799
317, 767
238, 872
78, 895
78, 079
10
13, 682
28, 786
12, 253
3,932
331, 523
251, 681
79, 842
42
2,350
15,135
35
300
13, 893
35
1,050
14, 032
28
900
13, 285
303, 207
Total assets
$187,668
70, 695
0
21,579
1,761
781
17, 935
8,211
32, 492
5,441
233
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
316,006
332, 884
345, 736
6,609
19,317
8,377
1,200
6,635
19, 467
8,317
1,382
6,635
19, 527
9,649
1,391
6,635
20, 028
9,697
1,395
35, 503
35, 801
37, 202
37,755
338, 710
351,807
370, 086
383, 491
24, 865
27,168
29, 254
36, 667
6,769
209
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
Total liabilities
,
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
221
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
NEW JERSEY
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
154 banks
151 banks
147 banks
149 banks
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets.
$2,185, 491
1,183, 221
469
621, 729
79, 627
9,980
255, 396
95, 758
$2, 268, 408
1,198,478
498
652, 890
85, 681
9,988
274, 756
76, 776
$2, 312, 047
1,237, 471
848
657, 712
103, 348
10,106
288, 480
81,918
$2, 442, 360
1, 269, 697
2,833
661, 606
96, 283
10, 229
247, 396
111,435
274, 267
60, 600
1,837
321, 570
61, 380
1,796
333,067
62, 589
1,956
361,162
63, 354
1,955
1,873
781
20,405
2,028
421
21, 796
2,047
541
23, 490
2,028
631
22, 942
4,791,434
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
,
Other bonds, notes, and debentures
,
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collec-
4,976, 466
5,115,620
5,293,911
LIABILITIES
Demand deposits of individuals, partnerships, and corporations.,
Time and savings deposits of individuals, partnerships, and
corporations
,
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
1,829, 277
1,890,811
1, 934, 535
2,129,131
1, 984, 391
15
110,199
305, 495
38, 579
32, 683
4,300,639
2,265,808
2,034,831
2,049,124
15
153,698
303, 969
48, 372
43, 450
4, 489, 439
2,376, 024
2,113,415
2,104,006
2,131, 497
147,415
345, 507
43,064
40, 452
4,614,979
2,447,919
2,167, 060
106, 274
320, 399
49, 906
52, 698
4,789,905
2,598,334
2,191,571
64
11,350
64
14,154
56
6,350
781
114,499
424
102, 901
541
106,052
631
110, 346
4,424, 983
Total liabilities.
64
9,000
4, 604,178
4, 735, 781
4, 907, 288
CAPITAL ACCOUNTS
Capital stock:
Common stock
Preferred stock
Total capital stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock.
Total capital accounts
Total liabilities and capital accounts.
112,888
88
112,976
184, 314
60, 022
9,139
114, 621
88
114,709
186,473
61, 981
9,125
116, 605
88
116, 693
187, 088
66, 989
9,069
117, 981
88
118, 069
190, 822
68,247
9,485
366,451
372, 288
379, 839
386, 623
4, 791,434
4, 976, 466
5,115,620
5,293,911
318,243
351, 389
348, 684
336, 517
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
,
222
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37, 1962—Continued
NEW MEXICO
[Dollar amounts in thousands]
Mar. 26, 7962
Sept. 28, 7962
29 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collec-
June 30, 1962
30 banks
Dec. 28, 1962
30 banks
Total assets.
$255, 233
171, 776
24,513
2,222
966
42, 920
10, 957
$270, 092
168, 061
25, 586
2,240
977
38, 586
11,499
$280, 953
166, 759
26, 874
3,223
979
38, 254
13, 550
59, 093
7,289
375
61, 929
7,256
472
60, 442
7,504
520
62, 564
7,691
998
275
1,131
275
1,279
250
1,531
250
1,416
563, 333
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
$247, 592
177, 329
22, 305
2,364
933
34,020
10, 627
579, 798
587,288
603,511
257, 895
261, 745
260, 251
278, 846
132,023
11
17, 091
85, 645
15, 254
6,660
514,579
358,837
755,742
136, 854
11
26, 735
86, 442
15,195
5,369
532,357
373,313
159, 038
144, 780
11
27,516
82, 915
14,150
5,323
534, 946
369,900
765,046
151, 547
11
22, 664
74, 692
15,968
6,821
550,549
377,361
773, 788
LIABILITIES
Demand deposits of individuals, partnerships, and corporations. .
Time and savings deposits of individuals, partnerships, and
corporations
,
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
* 5,638
4
1,000
7,223
19
200
7,7'47
521, 948
Total liabilities.
7,363
537, 995
543,173
558,515
15,199
15,016
6,787
4,383
15,474
15, 701
6,040
4,588
15, 684
15, 810
8,455
4,166
15, 684
15, 810
9,573
3,929
6
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
41, 385
41, 803
44,115
44,996
563, 333
579, 798
587, 288
603,511
129, 313
132, 518
131, 483
134,752
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
223
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37,
1962—Continued
NEW Y O R K
[Dollar amounts in thousands]
Mar. 26, 1962
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits.
Dec. 28, 1962
229 banks
226 banks
225 banks
$6,797,413
2,915,297
19,993
1,391,743
92,197
42, 863
959, 963
156, 840
$6, 979, 965
3,091,513
20,083
1,415,685
154,740
43,316
1,027,811
120, 298
$7, 344, 656
2, 917, 747
17, 300
1,493,711
144,195
43, 538
1,019,684
130, 264
1,095, 766
189,816
4,860
1,481,545
189, 790
4,669
1, 393, 292
183, 940
5,155
1,518,092
194, 061
2,904
7,384
163,922
153,685
7,609
141,108
174, 728
7,377
151,524
179, 392
7,772
176, 536
197, 789
13,991,742
Total assets.
Sept. 28, 1962
231 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve b a n k . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
14, 852, 860
15,031,775
16,043,112
$7, 827, 399
2,984,155
17, 590
1, 539, 463
153, 206
44, 668
1, 210, 768
168, 709
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of rep
outstanding
Other liabilities
5, 735, 662
5, 822, 901
6, 431, 961
4,110,119
384, 896
696, 902
707, 752
358,314
77, 797, 727
7, 336,378
4, 455,343
4, 389, 576
518,455
762, 554
851, 564
523, 639
72, 781, 450
8, 002, 253
4, 779, 197
4, 576, 234
456,150
824, 746
799, 557
456, 075
12,935,663
7, 972, 319
4,963,344
4, 809, 450
390, 724
767, 400
859,128
450, 476
13,709,139
8, 466,852
5, 242, 287
114
218, 693
114
93, 209
114
113, 379
234
281, 598
167,794
562, 672
145, 476
556, 398
156,305
530, 034
183,336
522, 503
12, 740, 994
Time and savings deposits
Mortgages or other liens on bank premises and other real
5, 533, 738
13,576,647
13,735,495
14,696,810
ks and
Total liabilities.
CAPITAL ACCOUNTS
Capital stock:
Common stock
,
Preferred stock
Total capital stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock..
Total capital accounts
Total liabilities and capital accounts.
404, 741
30
404, 771
631,175
206, 569
8,233
1, 250, 748
13, 991, 742,
405, 039
22
405, 061
635,915
226, 461
8,776
406, 579
22
406,601
641, 658
239, 314
8,707
1, 276, 213
1, 296, 280
14, 852, 860
15, 031, 775
1, 730, 876
1, 639,069
412, 361
20, 022
432,383
647,811
256, 653
9,455
1, 346, 302
16,043,112
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
224
1, 602,160
1, 791, 590
Assets and liabilities of national banks, by States, at date oj each call during year ended Dec. 31,
1962—Continued
NORTH CAROLINA
[Dollar amounts in thousands]
Mar. 26, 1962
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
$556, 964
195, 044
7
68, 593
24, 599
2,426
67, 126
24, 394
$588,716
193,173
0
71,755
22, 463
2,549
70, 698
21, 985
$619, 806
199, 988
0
78,417
22, 852
2,554
78, 084
27, 365
$649,100
216, 470
0
79, 200
28, 474
2,568
90, 325
32, 138
125,104
16, 087
393
175, 134
16, 545
366
172, 857
17, 030
218
189,015
17, 483
638
4,163
82
5,605
4,179
50
5,467
4,035
4,168
70
5,272
1,089,966
Total assets.
5,194
1,172,894
1, 229, 021
1,315,107
522, 208
546, 791
587, 656
642, 794
210, 616
2
43, 201
94, 571
87, 687
5,377
963, 662
707, 152
256, 510
232,214
2
59, 034
85, 988
106,810
5,982
7, 036, 821
762, 449
274, 372
240, 230
2
53, 840
89, 469
106, 067
7, 138
7, 084, 402
799, 887
284, 515
250, 606
2
47, 335
97,816
107, 067
6,321
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
7, 151, 941
854, 854
297, 087
30
15, 800
173
28, 700
30, 445
70
31, 620
82
27, 570
50
31, 703
995,057
Total liabilities.
0
950
0
4,850
1, 073, 361
1,127, 884
1,212,567
28, 005
56, 286
13, 738
1,504
28, 455
55, 835
15, 597
1,250
28, 454
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
26, 537
53,814
13, 093,
1,465
94, 909
99, 533
1, 089, 966
1,172, 894
101,137
56, 237
16, 755
1,094
102, 540
1, 229, 021
1,315,107
195, 876
203, 698
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
186,404
184,135
225
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
NORTH DAKOTA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
38 banks
38 banks
38 banks
38 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
,
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
$178, 513
115, 548
0
33,427
9,400
675
23, 503
4,284
$188, 617
124, 536
10
34, 610
10,044
678
28,033
4,125
$202, 856
126,790
10
39, 954
11,740
698
29, 302
4,765
28,011
7,047
172
24,102
7,382
177
33, 489
7,466
118
26,730
7,512
212
531
0
1,625
531
67
2,227
721
691
2,474
863
412
1,807
402, 873
399, 836
435, 612
453, 651
169,490
168, 913
195,100
207, 850
142, 575
6
7,740
35,161
148, 358
6
9,786
25, 689
8,756
2,467
363,975
209, 808
154,167
25
155, 568
367,464
219, 674
147,790
500
12,124
20, 958
10, 920
2,430
397,106
236,092
161, 014
0
163,123
6
8,222
20, 916
10, 992
3,050
414,159
245,634
168,525
100
0
4,994
67
5,175
691
6,261
412
6,984
372, 958
Total assets
$166, 790
123, 948
0
32, 825
10,190
670
26,173
4,891
369, 242
404, 058
421,655
9,440
12, 874
6,923
678
9,540
12, 982
7,444
628
9,540
13, 032
8,354
628
10,140
13,151
8,091
614
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
,
Deposits of States and political subdivisions
Deposits of banks
Certified and ofiicers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
10,161
2,331
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
,
Total capital accounts
Total liabilities and capital accounts
29, 915
30, 594
31, 554
31, 996
402, 873
399, 836
435, 612
453, 651
67,189
66, 282
67,154
66, 894
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
226
Assets and liabilities of national banks, by States, at date of each call dunngyear ended Dec. 31,
7962—Continued
OHIO
[Dollar amounts in thousands]
Mar, 26, 1962
Total assets
,
Sept. 28, 1962
Dec. 28, 1962
221 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
,
June 30, 1962
221 banks
221 banks
220 banks
$3, 084, 827
1, 892, 905
325
526, 533
78, 581
15,622
475, 615
115,816
$3,231,113
1,833,816
337
567, 341
82, 645
17,284
481,582
95, 811
$3, 346, 565
1, 839, 590
292
595, 740
85, 876
15,771
508, 494
102, 392
533, 641
82, 381
1,928
591,715
83, 549
1,801
593, 907
85,090
1,889
670,075
88, 295
1,866
3,731
487
26, 978
3,513
269
24, 438
3,495
116
25, 604
3,147
3,094
26, 986
6, 839, 370
7,015,214
7, 204, 821
7, 605, 524
2, 664, 803
2,710,178
2,793, 417
3,145, 833
2, 385,021
160
212, 204
506, 248
264, 552
50, 479
6, 083, 467
3,581,504
2,501, 963
2,456,486
160
298, 862
511,976
244,192
59, 969
6, 281, 823
3,703,376
2,578,447
2,511,851
155
267, 279
543, 817
280,234
62, 596
6, 459,349
3,823,880
2,635,469
2, 595, 966
135
200,788
494,120
311,775
59, 302
6,807,919
4,090,703
2,717, 216
$3, 518, 927
1, 932, 228
317
611,021
101, 955
15, 931
497,114
134, 568
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
,
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
42
28, 408
39
10, 333
39
1,432
67
36, 971
487
148, 580
269
136, 748
116
146, 977
3,094
148,344
6, 260,984
6, 429, 212
6, 607, 913
6, 996,395
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
175, 439
306,137
92, 837
3,973
177,762
309,729
94,772
3,739
177, 632
311,075
104,722
3,479
178,141
318,092
108,903
3,993
586,002
596, 908
609,129
6, 839, 370
7,015,214
7,204,821
7, 605, 524
1,069, 839
1,186,452
1,121,142
1,156,081
578, 386
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
227
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
OKLAHOMA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
200 banks
201 banks
$1,031,791
$1,081,842
630, 292
627, 627
8
Sept. 28, 1962
Dec. 28, 1962
203 banks
ASSETS
Loans and discounts (including overdrafts)
,
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
,
Corporate stocks, including stock of Federal Reserve bank.. . ,
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
,
6
175,158
29, 637
4,735
190, 921
30,125
189,407
31,860
5,081
190, 897
$1,076, 455
657, 089
$1,148,417
663,818
18
113
206, 981
38, 084
5,243
224, 963
35, 490
349, 263
32, 370
1,147
359, 487
33, 082
1,049
339, 345
33, 506
1,066
382,135
33, 657
1,375
5,501
573
6,684
5,448
608
6,856
5,453
5,795
7,362
8,111
2, 488, 203
Total assets
26, 757
193,178
35, 728
5,153
203, 079
29, 200
2, 560, 009
2, 586, 652
2, 754, 220
1,217, 873
1,186, 604
1,198, 640
1, 312,797
20
38
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
586,613
81
58, 077
238,816
221,829
27,047
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
,
Other liabilities
Total liabilities
573, 631
16
16
8,850
16
38,150
16
34, 465
573
16,488
608
18,305
26
20, 539
38
21,233
2, 253, 655
Total deposits
Demand deposits.
Time and savings deposits
555, 572
91
91,135
204, 489
215, 139
17,516
2, 282, 582
7, 699, 653
582, 929
2, 322, 904
2,341,313
2,501,012
63, 603
93, 028
73,911
4,006
94, 592
74, 606
3,754
64,153
64, 603
96,212
80,551
3,973
65, 903
97, 606
85, 477
4,222
496, 666
91
63,110
230,192
212,642
16,004
2, 236, 578
1, 708, 409
528, 169
541,900
91
92,055
239, 037
218, 956
16,482
2, 295, 125
7, 727, 494
2, 445, 260
7, 832, 209
613, 051
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
234, 548
237,105
245, 339
253, 208
2, 488, 203
2, 560, 009
2, 586, 652
2, 754, 220
469, 976
479, 462
476,097
494, 609
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
228
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
OREGON
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank.. .,
Res rve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
,
Other assets
Total assets
,
$930, 654
480,273
2,438
185, 182
36, 688
3,246
157,222
17, 829
$986, 525
442, 986
2,432
194,264
26,362
3,367
154, 588
17,454
$1,051,510
449, 469
1,826
194, 862
16,756
3,369
166,131
16,157
$1,085,630
488, 475
1,870
192,287
17,714
3,370
176,105
20, 506
131,357
36, 567
1,295
154,356
36, 767
1,561
173,416
37, 382
1,415
168,244
38,918
282
3
2,759
10,511
303
1,993
12, 666
303
2,168
13,927
387
1,703
14,925
1,996,024
2, 035, 624
2,128,691
2,210,416
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
,
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
,
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
745, 694
773,132
834, 850
832, 558
770,769
14
33,171
186,308
25, 497
33, 467
7, 794, 920
918, 017
876, 903
786, 966
14
53,069
162,820
29, 445
37, 988
7, 843, 434
968, 532
874, 902
818,343
14
50,302
154,163
30, 757
43, 494
7, 931, 923
1, 033, 439
823,111
14
34, 547
233, 485
30,679
45, 340
7, 999, 734
1, 054, 002
945, 732
163
5,000
129
0
231
11,500
2,813
34, 802
1,993
29,416
2,168
32, 480
1,735
32, 396
1,837,698
Total liabilities
133
0
1,874,976
1,966,700
2, 045, 596
48, 691
59, 531
50, 059
45
50, 691
61,582
48, 325
50
50, 691
61,611
49, 634
55
50, 691
61,647
52, 424
58
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
,
Total capital accounts
Total liabilities and capital accounts
158,326
160, 648
161,991
164,820
1,996,024
2, 035, 624
2,128, 691
2,210,416
491,159
476, 424
493, 806
525, 952
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
229
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
PENNSYLVANIA
[Dollar amounts in thousands]
Mar. 26, 1962
Dec. 28, 1962
437 banks
421 banks
424 banks
$4,619,429
2, 513,266
859
1,092,614
143,183
30,691
638, 647
170,286
$4, 683, 586
2, 510, 620
1,265
1,215,701
149, 628
30, 569
732, 477
137,236
$4, 777, 808
2, 481, 807
1,745
1, 278, 978
151,295
30,772
701,129
148, 682
672,021
129,742
4,204
693, 596
131,343
3,896
716,702
134,121
4,012
803,774
135,867
4,110
5,164
15,658
45, 222
5,378
17, 974
46, 276
5,282
12,432
47, 217
5,364
5,069
47,064
10,080, 986
10, 359, 545
10, 491, 982
10, 979, 621
3, 965, 588
Total assets.
Sept. 28, 1962
446 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank....
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
3, 968, 605
3, 952,064
4, 240,036
3,721,713
594
280, 542
396, 694
402, 269
40, 559
8,807, 959
4, 912,179
3,895,780
3, 832, 890
597
438,123
417,384
399,119
49, 080
9,105,798
5,092, 175
4,013, 623
3, 963, 422
594
353,815
504, 259
405, 887
39, 730
9, 219,771
5, 080,801
4,138,970
4,083, 768
585
274,295
481, 391
421,322
48, 241
9,549,638
5, 260,680
4,288,958
$4, 996,036
2, 425, 751
1,954
1, 452, 656
155, 964
31, 321
716,196
198, 495
LIABILITIES
Demand deposits of individuals, partnerships, and corporaTime and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
254
39,115
244
19, 085
284
12, 830
280
164, 945
16,049
171,825
19,124
168, 587
13,120
179,104
5,473
188,540
9,035,202
9, 312, 838
9,425,109
9, 908, 876
CAPITAL ACCOUNTS
Capital stock:
Common stock
Preferred stock
Total capital stock
Surplus
Undivided profits
Reserve and retirement account for preferred stock.,
Total capital accounts
Total liabilities and capital accounts
260, 960
50
267,070
621,041
153, 987
9,746
260, 862
50
260,912
620, 465
155, 735
9,595
261, 326
50
261,376
621,702
173,658
10,137
262,494
50
262,544
645, 611
152, 902
9,688
1,045,784
1,046,707
1,066, 873
1,070,745
10,080, 986
10, 359, 545
10,491, 982
10, 979,621
1, 271, 473
1, 439, 900
1, 378, 296
1,416,413
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
230
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
RHODE ISLAND
[Dollar amounts in thousands]
Mar. 26, 1962
4 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
4 banks
Sept. 28, 1962
Dec. 28, 1962
4 banks
$335, 840
114, 637
69
70, 892
1,000
1,181
30, 242
8,701
27, 800
7,895
113
47
2,320
23, 861
8,007
178
9
2,900
25,082
8,179
201
71
2,997
29,478
8,300
237
39
1,833
598,105
Total assets
$330, 648
112,614
58
70,003
2,431
1,181
32, 371
10, 624
597, 517
601, 983
625, 344
$337, 087
111,397
97
71, 335
1,711
1,181
32, 914
10, 451
$391, 405
96,181
71
74, 550
2,105
1,181
7,800
12,164
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
189, 841
193, 867
214,113
278, 699
24
20, 578
33,992
4,360
6,049
533,543
251,945
281,598
0
282,789
24
15, 961
37, 699
4,652
3,260
538,252
283,956
24
13, 583
37,156
5,458
6,570
60
15,114
31
15, 651
75
14,977
49
14, 950
550, 840
Total deposits
Demand deposits
Time and savings deposits
191,311
282, 562
24
14, 018
36, 944
4,222
6,585
535, 666
244,721
290,945
0
549, 225
553, 304
576, 859
13, 605
25, 753
7,879
28
13, 605
25, 758
8,9,4
13, 605
25, 758
9,282
34
13, 605
25, 758
9,107
15
266,770
294,090
1,000
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
47, 265
48, 292
48, 679
48, 485
598,105
597, 517
601, 983
625, 344
34, 248
41,841
37, 304
37, 338
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
231
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
SOUTH CAROLINA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 7962
Sept. 28, 1962
Dec. 28, 1962
26 banks
25 banks
26 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
$344,183
184, 544
51,175
7,498
1,488
39, 567
16,823
$347, 047
216,810
51,921
10, 825
1,596
40, 481
17,155
$359, 596
216,458
52, 605
11,326
1,600
50,175
22, 375
83,180
13,181
220
90, 761
13,195
220
90, 554
13, 345
363
89,149
13, 704
511
245
4
3,035
244
3
2,435
243
0
2,608
242
10
2,746
746,180
752,136
792, 948
820, 497
410, 005
418,605
449, 103
481, 529
100, 067
29, 356
88, 836
18, 369
4,028
650, 661
535, 822
114, 839
103,613
34, 028
86, 001
15, 284
5,620
663, 151
544, 656
118, 495
107,310
35, 299
83, 054
20,985
3,443
699, 194
577, 105
122, 089
104,196
30, 459
87, 766
18,270
5,165
727, 385
608, 651
118,734
29
2,000
29
1,300
29
1,000
19
0
4
34, 254
3
26, 801
0
30, 565
10
29, 846
686, 948
Total assets
$333, 962
188, 571
49, 285
9,596
1,474
43, 996
19, 431
691,284
730, 788
757, 260
15,162
32, 293
10, 395
1,382
15, 372
33, 073
11, 140
1,267
15,332
34, 262
11,154
1,412
15,457
34, 751
11,582
1,447
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
,
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
59, 232
60, 852
62,160
63, 237
746,180
752,136
792, 948
820, 497
123, 904
130, 656
130, 299
130,120
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
232
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37, 7962—Continued
SOUTH DAKOTA
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
32 banks
Total assets.
$206, 455
131,349
$222, 649
132, 781
$226,174
141,736
$243, 775
149,382
25, 058
10, 382
918
29, 875
5, 199
25, 628
8,931
938
32, 239
5,222
26,313
9,726
952
34, 985
4,885
29, 332
11,852
1,024
33, 299
5,509
27, 304
7,042
227
31,822
7,132
211
31,129
7,447
176
34,171
7,555
192
855
0
2,228
932
0
3,053
3,103
922
53
2,547
446, 892
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customer' liability on acceptances outstanding
Other assets
471,538
487, 677
519,613
196,016
193,475
209, 816
229, 692
143,764
154,069
159,418
166,658
8, 735
48, 001
10,614
2,345
409, 475
251, 497
157, 978
12,189
59, 873
9,386
3,421
432, 413
263, 807
168, 606
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U .S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
11,727
51,487
10, 997
2,696
446, 141
271,646
174, 495
8,885
54, 008
12, 707
2,989
474, 939
293, 176
181, 763
50
50
50
0
5,966
0
6,510
7,187
53
8,221
415,491
Total liabilitie
50
438,973
453, 466
483, 263
10,870
13,265
11,054
13, 586
7,591
334
11,140
13, 850
8,855
366
12,370
15, 370
8,291
319
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
6,937
329
31,401
32, 565
446, 892
471, 538
487, 677
519,613
80, 409
81,780
83, 974
86, 333
34,211
36, 350
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
233
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
TENNESSEE
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
74 banks
73 banks
73 banks
73 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Customers' liability on acceptances outstanding
Other assets
SI, 267, 302
572,020
352
163, 851
29, 977
5,565
198,421
40, 460
$1,318,947
593, 945
352
171,458
36, 619
5,726
205,298
42, 380
$1,429,566
599,461
250
192, 623
37, 630
6,300
209,732
55,423
309, 323
27, 482
2,752
3,993
8,361
350, 680
29,115
1,272
2,637
8,357
345,154
29,811
790
2,205
8,945
357, 515
30, 403
933
2,226
12, 807
2, 633, 377
Total assets
$1,242, 864
615,809
152
156,006
20, 397
5,468
192,854
47, 916
2, 670,009
2, 761, 630
2, 934,869
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
966,913
977, 978
997,101
741, 602
160
61, 981
240,274
352, 907
8,225
2,372,062
1,581, 601
790,461
773, 518
161
83,471
240, 826
329,714
11,316
2,416,984
1,580,804
836,180
786, 646
160
80,246
233, 821
367,650
9,441
2,475,065
1,632,473
842,592
817, 582
160
60,153
218, 922
415, 811
10, 796
2,614,129
1,733,635
1,090, 705
86
2,000
60
21,875
59
43,025
3,993
42,856
2,637
37, 641
2,205
42,726
2,226
50,710
2,422,498
Total liabilities
87
3,500
2,459,348
2, 541, 931
2,710,149
62,705
108, 569
35,447
4,158
61, 805
108, 590
34, 965
5,301
65,005
113,790
36, 373
4,531
65,005
115,939
39,056
4,720
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
210,879
210, 661
219, 699
224, 720
2,633,377
2, 670,009
2,761,630
2,934,869
325,995
351,471
370,105
368,392
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
234
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,1962—Continued
TEXAS
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
482 banks
Total assets
$4,814,055
2, 355,023
88,057
739,013
118,095
23, 521
848, 203
120,264
$4,877,118
2,290, 309
83, 507
740, 598
121, 464
24,250
859, 333
104, 549
$4, 953,029
2,386,700
78, 442
771, 340
136,127
24, 412
812,610
115,317
$5, 302,098
2,415,748
69,085
817,487
155, 386
24,762
975,063
135,517
1, 569,771
202, 046
9,728
1, 667, 958
204, 618
9,729
1, 655, 907
208, 329
9,985
1, 865,775
212,711
9,945
5,277
17,317
42, 389
5,290
17, 642
48, 855
5,302
12,195
52,315
5,307
27,634
54,285
10, 952,759
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government..
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve b a n k . . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
11,055,220
11,222,010
12,070, 803
LIABILITIES
Demand deposits of individuals, partnerships, and corporations. ,
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
,
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
5,132,004
5,044,128
5,138,120
5,494,071
2,230,081
1,075
215,055
969,029
1,244,491
68,292
9,860, 027
7, 136,188
2,723, 839
2, 391, 524
1,075
286,099
906, 642
1,278,610
75, 721
9,983,799
7,157,532
2, 826,267
2,456, 892
1,080
267,406
828,819
1,288,424
75,227
10,055,968
7,170,835
2,885,133
2, 574,304
1,080
201,478
949, 829
1, 391, 355
100,136
10,712, 253
7,686,451
3, 025,802
196
32,212
247
92,462
326
249, 677
17, 689
79, 591
17, 642
88,679
12,195
102,478
27, 634
104,791
10,032,460
Total liabilities.
208
74, 945
10,122, 528
339,269
415,420
138, 641
26, 969
341,294
418, 200
145,130
28, 068
10,263, 350
11,094,681
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
343.187
420.188
167,282
28,003
346,714
427, 758
173, 287
28, 363
920,299
932, 692
958, 660
10, 952, 759
11,055,220
11,222,010
12,070, 803
1,770,342
1,943,130
976,122
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
1,743, 308
1,748, 370
235
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
UTAH
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
8 banks
8 banks
8 banks
8 banks
Total assets.
$290,955
95, 850
13
41,585
3,954
1,064
44, 449
5,625
$306, 499
96, 637
37
44,175
3,268
1,170
43,167
5,907
$320,218
80, 294
47
51,151
3,323
1,171
44, 203
5,771
$334,169
83, 308
58
52, 010
3,593
1,201
49, 246
6,384
40, 928
1,551
63
48, 499
1,612
66
50, 952
1,644
107
58, 747
1,613
91
6,200
456
6,200
1,751
6,200
720
6,200
494
532, 693
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
558, 988
565, 801
597,114
LIABILITIES
Demand deposits of individuals, partnerships, and corporations. .
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Other liabilities
194,922
208, 081
209, 304
224,125
489
16,795
42, 966
20, 935
3,331
503, 563
261, 549
242, 014
3,000
8,730
219, 329
489
14, 832
46, 498
17, 029
4,223
570, 481
271, 712
238, 769
10, 354
230,186
489
10,458
56, 090
18,193
7,715
532, 435
282, 482
249, 953
10, 396
8,452
488, 912
Total liabilities.
191,971
207, 223
489
11,544
43,104
18,755
3,765
476, 851
252, 426
224, 425
3,000
9,061
515,293
520, 835
551,283
13,275
19,035
9,257
2,214
13,335
22,485
5,661
2,214
13, 335
22, 485
6,861
2,285
13,335
23, 536
6,600
2,360
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus..
Undivided profits.
Reserves
Total capital accounts
Total liabilities and capital accounts.
43, 781
43, 695
44, 966
45, 831
532, 693
558, 988
565, 801
597,114
25,193
29, 260
29, 875
34, 910
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
,
236
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
VERMONT
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
30 banks
30 banks
29 banks
29 banks
Total assets.
$125, 277
57,190
7
13,022
2,925
471
10, 905
3,922
$130,995
53, 361
22
14,438
2,705
474
11,253
3,884
$127, 786
60, 721
42
14, 347
3,133
466
12, 391
3,867
$130, 929
62,127
66
12,417
3,122
467
12,133
3,933
12,170
3,224
134
13,169
3,103
144
12,412
3,155
162
14, 987
3,113
121
878
565
960
493
941
561
960
786
230, 690
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Other assets
235, 001
239, 984
245,161
LIABILITIES
Demand deposits of individuals, partnerships, and corporations. .
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Other liabilities
66,094
68, 206
70,793
129, 626
3
4,691
5,458
1,184
1,239
208, 295
77, 489
130, 806
100
5,151
130, 200
3
4,974
7,460
1,432
1,215
213, 490
81, 958
131, 532
0
4,786
130, 702
3
4,093
9,454
1,547
1,592
218, 184
85,567
132,617
0
5,164
209,125
Total liabilities.
64, 201
127, 583
3
4,182
5,773
1,247
978
203, 967
75, 263
128, 704
225
4,933
213,546
218,276
223, 348
6,793
800
7,593
8,223
4,457
1,292
6,843
800
7,643
8,307
4,211
1,294
6,693
768
7,461
8,188
4,666
1,393
6,693
768
7,461
8,204
4,752
1, 396
CAPITAL ACCOUNTS
Capital stock:
Common stock
Preferred stock
Total capital stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock.
Total capital accounts
Total liabilities and capital accounts
21,565
21, 455
21,708
21,813-
230, 690
235, 001
239, 984
245,161
10, 321
10, 096
10, 425
11,370
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
237
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
VIRGINIA
[Dollar amounts in thousands]
Mar. 26, 1962
Total assets
Sept. 28, 1962
Dec. 28, 1962
129 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
,
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank
,
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
,
Real estate owned other than bank premises
,
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
June 30, 7962
129 banks
129 banks
127 banks
$1, 068, 809
530, 087
57
160,834
39, 600
4,998
137, 453
45,216
$1,151,337
522, 233
165
164, 905
40, 937
5,106
129, 239
39, 538
$1,185,104
533, 829
91
175, 439
47,712
5,242
134,259
44, 402
163, 986
32,603
951
205, 003
33, 385
1,041
202, 072
34, 356
1,079
204, 592
35, 297
1,000
2,179
354
6,592
2,171
259
6,286
2,166
392
6,775
6,948
2,193,719
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
2, 301, 605
2, 372, 918
$1,215,016
569, 300
245
196,265
52,203
5,284
133, 085
54, 715
2,084
453
2, 476,487
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money.,
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
895, 699
948, 340
995,690
805,708
13
83, 549
148, 697
87, 894
15, 094
2,036,654
1,178,167
858, 487
838, 590
13
78, 471
139, 221
97, 493
8,534
2,110,662
1,221,840
888, 822
867, 349
13
64, 369
153,056
104, 726
15,711
2,200,914
1,280,499
920, 415
253
9,405
247
21,315
244
6,450
202
12, 500
354
49, 942
259
40, 876
392
46,246
453
49, 989
1, 994, 566
Total deposits
Demand deposits
Time and savings deposits
875, 336
769,049
13
61, 391
131, 301
89,667
7,855
1,934,612
1, 112, 460
822, 152
2,099, 351
2,163, 994
2,264, 058
53, 555
104, 927
38,160
2,511
55,710
107, 580
36, 680
2,284
58, 391
107, 384
40, 651
2,498
60,149
108, 598
41, 458
2,224
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
199,153
202, 254
208, 924
212, 429
2,193,719
2, 301, 605
2, 372, 918
2,476, 487
353, 763
379, 945
377, 974
376,288
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
238
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
VIRGIN ISLANDS OF THE UNITED STATES
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
1 bank
Ibank
1 bank
1 bank
ASSETS
Total assets
811,353
6,927
2,258
60
886
553
$12,619
7,013
1,957
45
449
635
$10, 393
4,519
2,508
60
678
599
3,287
483
80
1,952
476
222
1,267
139
116
1,128
129
276
22,734
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Other assets
21, 407
23, 559
24, 419
5,702
5,032
4,978
5,209
8,295
205
6,113
95
119
20,529
7,360
8,444
226
5,260
10
141
19,113
6,082
13,031
8,453
207
7,715
169
94
21,847
5,969
15,878
851
$10, 298
4,526
2,601
36
788
803
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
,
Deposits of banks
Certified and officers' checks, etc
626
8,514
220
7,306
50
109
21,177
5,847
15,330
796
21,116
19,739
21, 973
22, 698
^
360
840
418
0
360
840
468
0
360
840
386
0
400
1,100
221
0
1,618
1,668
1,586
1,721
Total liabilities and capital accounts
22, 734
21, 407
23, 559
24, 419
6,576
5,976
8,356
8,385
Total deposits
Demand deposits
Time and savings deposits
13,169
587
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
,
239
Assets and liabilities of national banks, by States, at date of each call during year ended Dec, 31, 1962—Continued
WASHINGTON
[Dollar amounts in thousands]
Mar. 26, 7962
24 banks
Sept. 28, 7962
Dec. 28, 7962
25 banks
June 30, 1962
25 banks
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets.
$1,378,354
648, 876
137
209, 621
11,884
4,845
212, 956
40, 043
$1, 439,896
636, 845
225
219,673
17, 977
4,938
220, 279
35, 910
$1,491,069
611,118
218
219,646
22, 208
4,950
36, 081
$1,505,414
668, 378
227
225, 958
36, 398
4,975
231,586
45, 744
250,012
46, 689
1,469
272, 764
46, 987
1,627
276, 875
47,514
1,597
274, 399
47, 239
1,659
613
5,510
14, 757
601
5,524
15,128
618
5,899
14, 520
645
4,370
15,453
2, 825, 766
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collec-
2,918,374
2, 974, 907
3, 062, 445
1,238, 883
1, 248,770
1,315,405
1,375,013
981,393
9
103,611
188, 648
76, 840
20, 722
1,003,182
9
79, 787
195,077
79, 761
20, 097
242, 594
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
914,619
9
79, 893
215,280
69,718
20,478
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
4,125
5,715
59, 810
6,038
48, 657
5,938
55, 448
4,471
53, 699
2, 608, 530
Total deposits.
947, 705
9
124, 839
225,391
75, 646
20, 294
2, 642, 654
7, 682, 078
960, 576
125
2, 697, 474
2,751,139
2, 833, 096
68.057
93,213
54, 660
1,306
68, 352
95, 871
55, 591
1,086
68, 502
96,061
57, 905
1,300
68, 502
97,065
62,316
1,466
2, 538, 880
7, 672, 276
926, 664
2, 686, 628
7, 692, 605
994, 023
3,125
2, 752, 926
7, 737, 490
7, 015, 436
22, 000
CAPITAL ACCOUNTS
Capital stock: Common stock.,
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
217,236
220, 900
223, 768
229, 349
2, 825, 766
2,918,374
2, 974, 907
3, 062, 445
507,432
552, 576
521,713
477, 842
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
240
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 37,
7962—Continued
WEST VIRGINIA
[Dollar amounts in thousands]
June 30, 7962
Sept. 28, 7962
Dec. 28, 7962
76 banks
Mar. 26, 7962
76 banks
ASSETS
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
,
Other assets
$295,860
278, 963
21
48, 688
6,240
1,738
43, 649
19,444
$320,097
283, 926
28
51,177
7,019
1,835
42, 489
16,481
$326, 800
292, 901
10
51,542
7,234
1,843
46,190
18,759
$335, 212
296, 275
170
51,690
7,992
1,865
38, 982
22, 220
69,167
9,557
657
542
77, 735
9,722
610
742
81, 427
9,992
701
747
73, 426
11,363
636
764
2,455
2,655
2,930
1,912
776, 981
Total assets
814,516
841, 076
842, 507
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Depostis of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
334, 875
333, 463
353,818
268, 299
148
24, 940
58,151
29, 966
3,683
720, 062
450, 066
269, 996
274, 594
148
24, 736
80, 469
27, 306
5,407
746, 723
469, 887
276, 242
281,003
148
18,397
62, 875
27, 237
3,633
27
1,225
27
2,335
27
375
3
10, 049
3
11,503
3
11,149
11,749
699, 535
Total deposits
Demand deposits
Time and savings deposits
333,019
255, 068
148
17,394
51,000
27, 930
3,672
688, 237
437, 497
256, 734
733, 930
757, 677
759, 287
19,089
38, 886
16, 493
2,978
19, 569
39, 996
17,055
3,966
19, 579
40, 317
19, 574
3,929
19, 629
41,078
19, 284
3,229
77, 446
80, 586
83, 399
83, 220
747, 777
464, 523
282, 588
27
400
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
776,981
814,516
841,076
842, 507
133, 917
139, 601
143,251
144, 530
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
241
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,
1962—Continued
WISCONSIN
[Dollar amounts in thousands]
Mar. 26, 1962
Dec. 28, 1962
101 banks
101 banks
101 banks
$969, 580
631, 559
29
137,757
29, 444
3,921
202, 865
30,235
$1, 014, 623
640, 932
137, 936
30, 586
3,994
161, 949
27,109
$1,050,123
637, 619
75
140,634
36,274
4,011
168, 591
27,456
$1,119, 991
682,047
125
142,699
34, 858
4,034
140, 865
33, 616
206,079
24, 659
1,331
246,245
25, 840
1,406
258, 380
26, 849
1,518
302, 813
27,759
1,680
1,268
318
9,360
1,438
244
10, 551
1,700
101
10, 435
2,059
94
10, 466
2,248, 405
2, 302, 941
2, 363, 766
2,503,106
867,010
918, 853
947, 075
1,068, 901
792, 737
857
71,265
126, 377
154, 528
10, 581
2,023,355
1,198,830
824,525
811,959
857
102,043
95, 628
139, 860
14, 335
866, 834
857
69, 870
75,313
166, 634
12, 655
2,083, 535
7,238,089
845,446
847, 458
857
88, 800
86, 772
153, 782
10, 818
2,135,562
7,261,489
874,073
187
2,039
185
3,965
184
4,817
181
2,550
326
48, 827
244
38, 622
101
42,435
94
55, 858
2,074, 734
Total assets.
Sept. 28, 1962
101 banks
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank.. .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate.
Customers' liability on acceptances outstanding
Other assets
June 30, 1962
2,126, 551
2,183,099
2, 319, 747
45,144
85, 733
36,050
6,744
45,474
86,257
38,054
6,605
45, 624
86, 508
41, 521
7,014
45, 974
87,186
43,104
7,095
88
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits.
Demand deposits
Time and savings deposits
,
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities.
2,261,064
7,374,161
886,903
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts.
173, 671
176, 390
180, 667
183, 359
2,248, 405
2, 302, 941
2, 363, 766
2, 503,106
141,314
170, 729
167, 488
157, 250
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
242
Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—Continued
WYOMING
[Dollar amounts in thousands]
Mar. 26, 1962
June 30, 1962
Sept. 28, 1962
Dec. 28, 1962
26 banks
27 banks
27 banks
27 banks
Total assets
$148, 800
97, 353
18, 477
3,215
564
20, 744
5,114
$156, 355
89,728
19, 307
3,283
583
19, 061
5,080
$155, 488
94, 040
19, 297
3,242
585
22, 809
5,415
$159,483
103,490
20, 332
2,978
610
23,184
5,657
26, 444
6,230
111
812
30, 393
6,403
1,002
1,197
35, 602
6,470
1,083
1,377
35, 022
6,327
1,076
1,085
328, 530
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank. . .
Reserve with Federal Reserve bank
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Other assets
332, 392
345, 408
359,244
129, 310
125,714
136, 265
141, 391
103, 461
18
7,041
44,181
10, 444
2,941
297,396
175,363
122,033
108, 028
18
8,832
41, 859
10,485
3,702
298,638
173,385
125, 253
110,995
18
9,490
37, 858
13, 334
4,501
312,461
186,299
126,162
113, 647
18
6,610
47, 518
12, 919
3,202
325,305
195, 743
129,562
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Mortgages or other liens on bank premises and other real
estate
Rediscounts and other liabilities for borrowed money
Other liabilities
Total liabilities
,
21
100
4,327
14
2,450
4,242
14
500
4,467
14
200
4,773
301, 844
305, 344
317,442
330,292
4,616
13, 669
7,604
797
4,725
14,185
7,348
790
4,755
14, 461
8,019
731
4,755
14, 830
8,534
833
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
26, 686
27, 048
27, 966
28, 952
328, 530
332, 392
345,408
359,244
70, 589
71, 807
71, 369
70, 801
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
243
TABLE B-18.—Fiduciary activities of national banks, by size of capital stock, Dec. 28, 1962
[Dollar amounts in thousands]
Banks with capital stock of—
$25.1 to
$50.
$25.0
Number of national banks with trust powers, total
Not administering trusts
Assets of national banks with trust powers, total
Not administering trusts
Trust department assets, total
Other assets
Trust department liabilities, total
Trusts
.
Other liabilities;
Agency, escrow, custodian, and corporate accounts
Miscellaneous
Volume of bond issues outstanding for which national banks are
total
acting as trustees
$50.7 to
$100.0
$100.1 to
$200.0
£200.7 to
$500.0
$500.1 and
over
Total
9
43
193
383
487
671
1,786
3
6
22
21
137
56
311
72
426
61
651
20
1,550
236
$20,120
$154, 517
$1,225,813
$3, 542, 850
$8, 255, 326
$128,449,673
$141, 648, 299
7,691
12,429
83, 720
70, 797
915,265
310, 548
2, 866, 508
676, 342
7, 257, 522
997, 804
126, 392, 857
2, 056, 816
137,523,562
4,124,737
$378
$2, 229
$62, 628
$267, 678
$1,100, 236
$86, 317, 000
$87,750,149
262
23
93
0
1,866
78
269
17
49, 757
3,257
5,171
4,444
211,389
12,636
20, 486
23,167
886,
36,
70,
106,
653
881
207
495
44,801,392
1,465,518
1,533,514
38, 516, 576
45,951,319
1,518,392
1, 629, 739
38, 650, 698
$378
$2, 229
$62, 628
$267, 678
$1,100,236
$86, 317, 000
$87,750,149
94
2,020
48, 769
204, 232
798, 917
30, 322, 039
31, 376, 072
259
25
193
16
13, 399
460
60, 982
2,464
290, 522
10,796
53, 297, 545
2,697,416
53, 662, 900
2,711,176
$1, 733
$1, 057
$6, 214
$182,939
$401, 531
$40,116,269
$40, 709, 742
Number of national banks:
Administering personal accounts:
Trusts
Agency, escrow, and custodian accounts
Administering corporate accounts:
Bond or debenture issues
Paying agencies
Depositories and other miscellaneous corporate accounts
Acting as a transfer agent
Acting as registrar
Number of accounts being administered by national banks,
total
130
49
Trusts
Agency, escrow, and custodian accounts
139
6
1,508
1,094
91
27
169
115
479
414
769
570
16
9
14
58
22
34
258
343
292
341
377
344
2,662
11,813
37, 979
512,701
565, 321
2,582
153
644
601
8
3
4
13
414
290
24
12
Personal accounts
296
150
11,402
35, 936
452, 994
503, 070
2,057
525
10, 047
1,355
30, 489
5,447
330, 917
122,077
373, 660
129,410
Corporate accounts
Bond or debenture issues
Paying agencies
Depositories and other miscellaneous corporate accounts
Acting as a transfer agent
Acting as registrar
NOTE.—Data may not add to totals because of rounding.
1,958
12
49, 843
52, 268
295
63
1,060
717
10,428
31,669
11,820
32, 482
26
181
7,746
7,966
5,210
4,654
5,257
4,726
TABLE B-19.—Fiduciary activities of national banks, by national bank regions, Dec. 28, 1962
[Dollar amounts in millions]
Number of national banks with trust powers
Trust department liabilities
Assets of banks
authorized to
exercise fiduciary
powers, total
National bank regions
Administering
trusts
Total...
Not administering trusts
1,550
Total
236
$141, 648
$31, 376
$53, 663
$2,711
$87, 750
153
199
168
209
146
97
167
135
85
143
167
64
33
20
7,480
19, 670
9,533
10, 851
6,450
5,725
18,170
7,575
5,066
5, 517
12,044
4,145
6,179
23, 243
2,669
4,027
4,889
2,945
1,416
1,411
3,954
1,083
969
894
2,004
697
971
3,446
3,395
16, 434
3,513
2,082
1,968
1,951
11, 685
1,555
2,987
1,893
1,238
779
698
3,486
15
63
28
38
30
12
2,357
12
11
6
91
10
7
31
6,079
20, 524
8,430
5,065
3,414
3,375
17, 996
2,649
3,966
2,793
3,332
1,486
1,676
6,964
Number of accounts being administered
National bank regions
Trusts
Total.,
373, 660
Agency,
escrow, and
custodian
accounts
129,410
Corporate
trust bond
issue
accounts
11, 820
All other
accounts
50, 431
1,781
319
23, 249
9,094
Boston
8,456
25,114
16, 392
701
New York
1,634
52, 876
7,104
1,381
Philadelphia...
2,503
30, 723
8,635
1,255
Cleveland
1,164
24,283
6,267
433
Richmond
2,654
4,547
16, 692
436
Atlanta
11,222
22, 231
81,074
1,172
Chicago
5,910
5,396
14, 943
2,910
Memphis
1,223
8,716
16,900
984
Minneapolis...
1,813
8,015
13,137
576
Kansas City...
7,680
4,771
17, 935
676
Dallas
1,336
6,280
13, 320
415
Denver
706
3,558
13,215
220
Portland
2,349
18,404
29, 929
342
San Francisco.
1
Includes 30 banks which have been granted only certain specific fiduciary powers.
Total
liabilities
Other
il,786
129
179
164
196
128
86
148
116
65
103
143
47
29
17
Boston
New York....
Philadelphia..
Cleveland
Richmond....
Atlanta
Chicago
Memphis
Minneapolis..
Kansas City..
Dallas
Denver
Portland
San Francisco
Agency, escrow,
custodian, and
corporate
accounts
Trusts
Common trust funds
Bond and debenture issues outstanding where
Total number bank acts as
trustee
of accounts
565, 321
34, 443
50, 663
62, 995
43,116
32,147
24, 599
115,699
29,159
27, 823
23, 541
31,062
21, 351
17,699
51, 024
$40,710
1,191
13, 720
4,231
1,670
1,490
1,433
7,239
1,441
664
1,279
2,034
432
366
3,520
Number of
funds
2
359
Ledger value
of assets
Trust department gross
earnings for
calendar 1962
$1,123
$242
127
58
218
54
89
59
36
34
51
23
68
98
81
128
19
34
23
17
11
10
40
7
10
9
13
7
7
35
T A B L E B-20.—Investments under administration of national bank trust departments, Dec. 28, 7962, by type of investments and size of capital stock of bank
[Dollar amounts in thousands]
Bonds
Trust department investments, by
size of capital stock of banks
administering trusts
Real estate
Real estate mortgages
Stocks
Miscellaneous
Total
investments
Percent
Value
55.18 $14, 880, 958
Value
32.38
$2, 272, 277
4.95
$1, 779, 239
3.87
$1, 664, 849
3.62
$45,951,319
37
809
24,416
88, 033
400, 033
14, 367, 629
13.99
43.37
49.07
41.65
45.12
32.07
0
118
3,181
32, 669
78, 072
2,158,236
0.00
6.34
6.39
15.45
8.81
4.82
0
260
4,538
14, 923
77, 094
1, 682, 424
0.00
13.96
9.12
7.06
8.69
3.76
0
20
2,126
7,811
53, 932
1, 600, 960
0.00
1.08
4.28
3.69
6.08
3.57
262
1,866
49, 757
211,389
886, 653
44, 801, 392
Value
Percent
Total
$25, 353, 996
$25 0
$25.1 to $50.0
$50.1 to $100.0
$100.1 to $200.0
$200.1 to $500.0
Over $500.1
225
658
15,495
67, 953
277, 522
24,992,143
86.01
35.25
31.14
32.15
31.30
55.78
Value
Percent
Percent
Value
Percent
NOTE.—Data may not add to totals because of rounding.
T A B L E B-21.—Fiduciary activities of national banks, summary data, 1928 and 1951-62
[Dollar amounts in millions]
Common trust funds
Dec. 31—
1,585
1,512
1,513
1,513
1,503
1,480
1,486
1,476
1,477
1,493
1,507
1,524
1,550
1928
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1
Number of
banks exercising
trust
powers
Aggregate trust
department
liabilities
$3, 297
36,137
39, 666
43,150
47, 939
37,188
39, 000
42, 579
46, 782
56, 558
73,217
79, 224
87,750,148,612
2
$7, 978
14, 551
16, 052
17, 626
19,486
17, 358
19,201
22, 044
24, 753
33, 094
35, 963
37, 934
40, 709, 741, 944
Number of accounts
Gross trust
department
earnings
Number
Includes agency accounts in 1928.
Outstanding
bonds and
debentures
$16
75
81
86
101
103
117
129
141
182
201
219
242, 204, 000
8
(2)
(2)
Trusts
Agency,
etc.
53, 853
171,589
184,125
194,231
207,157
214, 383
231, 991
248, 048
270, 789
303, 933
324, 928
351, 307
373, 660
(2)
78, 171
72, 725
77, 473
82, 032
74, 832
79, 327
82,916
87, 593
105, 977
115,255
121,119
129,410
Amount
These figures were not developed at the time.
60
71
88
105
130
165
218
234
282
332
359
$187
214
277
321
382
433
519
685
802
951
1,122,710,707
1
Corporate
trust, bond
and debenture
issues
9,293
(2)
7,217
7,611
8,011
8,056
8,381
8,839
9,619
10,139
10,725
11,248
11,820
Other
accounts
(2)
(2)
33, 893
37, 370
38, 396
34, 543
35,103
36, 860
37, 910
45, 087
45, 053
48, 712
50, 431
TABLE B-22.—Fiduciary activities of national banks, by States, Dec. 28, 1962
[Dollar amounts in millions]
Trust department liabilities
State or other area
Number with
Total num- Total banking
Number of
authority but ber authorized assets of banks
to exercise
authorized to
banks exercis- not exercising
fiduciary
exercise
ing fiduciary
powers
fiduciary
powers
powers
powers
50 States and D.G.—Total.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire....
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon....
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
1,550
236
29
4
2
25
15
23
14
1
3
52
23
0
3
121
95
35
31
51
18
18
14
60
27
19
18
25
8
12
2
21
88
8
91
17
6
50
28
2
164
2
11
8
26
115
2
14
67
12
26
32
12
1
Included with figures for the State of Nevada.
2 Included with figures for the District of Columbia,
3
Includes figures for 1 bank in Delaware.
4
Includes figures for 2 banks in Arizona, 2 banks in Oregon
and 2 banks in Utah.
6
Included with^figures^for the State of Vermont.
248
71,786
35
4
2
27
16
34
14
2
3
56
26
1
4
136
98
49
38
56
20
18
18
72
31
26
20
33
10
23
3
31
98
11
101
20
8
55
33
3
168
2
15
11
33
134
3
16
72-12
31
40
14
$141, 648
1,638
203
1,269
693
22, 516
1,557
1,421
10
1,038
3,076
1,880
322
541
12, 596
3,449
1,068
1,112
1,146
2,117
378
1,335
4,577
5,574
2,511
442
2,353
284
984
404
318
4,774
463
14,896
1,250
168
6,256
1,831
2,163
9,533
594
769
415
2,686
10, 213
574
192
2,180
2,988
638
1,971
282
Trusts
$31, 376
Agency, escrow,
custodian, and All other
corporate
liabilities
accounts
$53, 663
378
4
0)
89
3,375
383
823
$2,711
371
4
0)
45
3,357
564
555
()
805
445
0
24
2,574
758
154
139
168
126
118
279
1,421
1,379
584
36
392
16
209
* 626
58
619
62
3,408
313
26
2,019
294
1,239
614
0
3
9,435
782
116
164
60
628
155
448
2,386
2,250
2,516
3
1,143
14
469
*586
42
1,571
54
14, 863
92
19
1,239
555
0)
3,513
(5)
99
13
507
683
6
5
2
()
0)
4,889
(5)
161
36
453
1,
1,710
0)
)
6
6 249
517
600
143
323
25
8.
C)
•1
8
4
0
(*)
2,348
11
1
1
1
1
1
2
9
9
(*) 5
(*)
(*)
(*)
J
0)
6 258
1,093
350
22
(*)
439
31
6
Includes figures for 2 banks in Rhode Island.
7
Includes 30 banks which have been granted only certain
specific fiduciary powers.
•Less than $500,000.
NOTE.—Data may not add to totals because of rounding.
TABLE B-22—Fiduciary activities of national banks, by States, Dec. 28, 1962— Continued
[Dollar amounts in millions]
Number of accounts being administered
Trust department la i ihes
Total liabilities
$87, 750
Trusts
373, 660
754
8
0)
134
6,763
954
1,382
Agency, escrow,
and custodian
accounts
129, 410
3,998
104
0)
2,023
29, 278
7,182
7,426
3
3
478
2,052
1,063
0
27
14, 357
1,552
272
304
230
756
274
730,
3,816
3,639
3,105
40
1,538
31
680
4
1,219
100
2,197
116
18, 327
407'
46
3,284
854
1 , 594
9,017
5,152
0
1,376
71, 437
12, 582
2,500
2,441
3,492
2,458
2,008
3,113
10,517
9,637
9,093
839
5,095
353
3,101
* 9,142
779
8,493
1,109
16, 621
6,050
960
14, 649
2,166
C)
0)
8,430
52, 876
260 *
49
965
2,478
508
1, 634 952
166767
56
0)
6
2, 519
10, 050
7,242
3,476
5,586
678
11,820
495
15
1,586
8
0)
362
17, 555
2,466
2,976
0)
1,648
334
308
48
3
3
763
2,638
1,367
0
47
16, 955
3,982
995
2,389
962
1,736
592
1,473
4,416
5,276
6,445
64
2,094
729
2,537
4
2, 654
248
3,047
1,132
13, 345
587
129
3,691
1,240
0)
7,104
2, 793
1,261
5,625
15, 769
0)6
Corporate trust
bond issue
accounts
50
225
165
0
32
1,065
389
83
118
107
202
98
72
141
107
376
8
212
27
163
4
136
9
124
7
577
187
51
759
164
0)
1,381
542
229
1,648
3,531
(x)
6
862
3, 034
1,756
410
1,913
1,895
46
13
557
512
(0
6
23
98
108
26
544
10
All other
accounts
50, 431
Trust department
Bond and degross earnings
benture issues
for year ended
Total number outstanding where
bank acts as trustee Dec. 37, 7962
of
accounts
565, 321
624
2,327
580
497
8
113
782
1,457
0
16
9,885
516
70
99
240
1,667
201
474
835
1,337
608
91
1,543
14
101
4
810
26
754
144
7,702
182
15
1,747
2,990
0)
440
5
7,715
139
1,636
12
0)
$40, 710
0)
4,657
49, 494
10, 536
10, 947
(2)
3
2, 520
12, 662
8,141
0
1,471
99, 342
17, 469
3,648
5,047
4,801
6,063
2,899
5,132
15, 909
16,357
16, 522
1,002
8,944
1,123
5,902
4
12, 742
1,062
12,418
2,392
38, 245
7,006
1,155
20, 846
6,560
0)
1,634
62, 995
415
34
1,892
4,690
0)
6 222
370
482
25
566
6
0)
6
3, 626
13, 552
9,588
3,937
8,609
2,589
2
(*)
1
C)
8
354
641
732
0
18
6,870
650
26
286
59
356
135
434
916
370
367
2
641
23
325
4
289
2
282
4
13, 437
220
103
962
675
0)
3,796
1,537
9,722
24, 502
0)
336
3,490
276
122
$242
4,231
60
4
307
1,359
C)
«16
464
210
18
189
3
1
34
5
6
S
(*)
2
6
3
o
32
5-
2
11
9
8
(*)
(*)
4
2
6
7
1
27
2
(*)
0)
11
2
23
1
(*)
(*)
(*)
3
11
62
4
4
1
2
TABLE B-23.—National banks administering employee benefit trusts and agencies during 7962, by national bank regions
[Dollar amounts in thousands]
With investment
responsibility
National bank region
Investments directed
by others
Held as agent only
Number
of banks
Number
of plans
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Memphis
Minneapolis
Kansas City
Dallas
Denver
Portland
San Francisco
48
79
100
113
65
54
93
58
47
61
80
28
25
16
647
525
786
1,507
455
592
1,948
636
1,098
580
647
234
271
658
Total for national banks.
Nonnational banks in the
District of Columbia
867
10, 584
3
60
870 10, 644
Total
250
Market value
Number
of plans
Market value
Number
of plans
Number of
fully insured
plans with
no bank investment responsibility
142
250
438
528
332
183
485
88
260
152
268
136
205
1,210
$37, 704
418,482
184,147
285, 268
107, 432
59,776
356, 953
24, 239
95, 606
43,138
230,050
44,166
42, 565
512, 380
112
145
75
75
38
35
338
53
55
43
90
23
66
37
$121, 396
207,044
1, 384, 633
34, 250
21, 902
44,718
638,033
299, 277
62, 017
158,191
49, 283
35,166
21, 257
88, 372
102
66
153
420
113
94
191
117
155
140
26
28
74
165
9, 206, 861 4,677
2,441,911
1,185
3,165, 540
1,844
17, 532
24
5,646
32
179, 079
122
9, 224, 392
4,701
1,217
3, 344, 619
1,966
$636, 464
1,212,994
1,838,173
506,137
137, 296
135, 685
3, 404, 894
147, 604
328,636
109, 269
258,184
41,719
66, 559
383, 248
2, 447, 557
T A B L E E—24.—National banks administering employee benefit trusts and agencies, calendar 7962, by States
[Dollar amounts in thousands]
With investment
responsibility
Investments directed
by others
Held as agent only
Number
of banks
Number
of plans
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
District of Columbia
15
3
2
11
14
13
11
0
35
13
0
2
69
53
16
23
17
14
4
7
24
24
16
6
14
7
8
2
5
36
4
43
10
3
43
17
2
100
1
6
8
12
63
2
3
33
11
12
20
7
3
Total for national banks.
Nonnational banks in the District of Columbia
867
Total
Market value
233
3
$76,198
587
0)
49
653
136
245
0
145
310
0
(2)
1,252
496
88
78
31
54
25
38
292
696
761
22
278
10
136
3
75
13
99
25
426
161
48
980
98
4
95
786
6
()
137
56
278
549
0)
6
Number
of plans
29
18
0)
0)
1,608
511,598
13,283
9,551
0
35, 467
10, 456
0
241
137
29
23
20
35
25
90
72
244
73
2
43
15
57
3
52
9
86
25
164
109
33
371
30
4
55
438
285, 812
26, 364
3,746
5,541
12, 320
17, 292
5,012
18,520
19,613
71,141
43, 623
101
14, 416
2,062
19,435
3
29, 660
2,247
22, 733
1,336
395, 749
27, 567
1,181
246, 583
38, 704
4
14, 492
184,147
49
46
10
238
13,853
1,245
1,461
191, 346
C1)6
0)
36, 321
27, 465
51, 744
1,739
48, 784
346
68, 985
2
91
117
19
108
7
23
6
1 , 285
40, 556
25, 529
4,274
49, 557
669
16,514
Number
of plans
(0
17
4
36
15
32
0
10
16
0
(2)
296
31
7
6
1
18
0
7
60
42
31
0
25
0
5
3
8
2
62
1
83
6
0
43
5
4
25
75
(6)
9
3
16
85
0)
$6,593
362
0)
3,006
88, 341
29,117
16, 852
0
16, 282
25,147
0
(2)
419,635
14,109
816
613
56
260, 734
0
570
48, 710
218, 399
9,556
0
156, 225
0
537
3
6, 042
142
23, 774
37
183, 270
1,176
0
20, 085
5,376
8,015
1,384, 633
(6)
3,288
82
28, 944
43, 906
6
0)
55, 692
3,603
12, 880
0
52, 378
0
16, 553
9, 206, 861
4,677
2,441,911
•18
11
37
0
21
0
14
1,185
60
870
72
140
163
26
233
3
90
10, 584
17, 532
24
5,646
32
179, 079
10, 644
9, 224, 392
4,701
2, 447, 557
1,217
3, 344, 619
1
4
2
c
3
8
Included with figures for the State of Nevada.
Included with figures for the State of Oregon.
Includes figures for 2 banks in Arizona and 2 banks in
Utah.
$3, 778
482
0)
12
203
59
34
0
82
52
0
3,474
382,112
27, 916
126, 098
0
56, 565
60, 591
0
2,152,275
110,435
18,798
7,261
3,764
17, 734
2,894
11,098
469, 721
1,252,619
275, 826
1,901
69, 447
364
13, 762
8
12, 448
1,429
17, 912
2,145
1,195,082
28, 009
1,110
391, 938
35, 838
* 13, 864
1, 838,173
(6)
18,529
2,916
48, 296
222, 346
6
Market value
Number of
fully insured
plans with
no bank investment responsibility
3,165, 540
Includes figures for 2 banks in Idaho.
Included with figures for the State of Vermont.
Includes figures for 1 bank in Rhode Island.
251
TABLE B-25.—Current operating revenue, and expenses, and dividends of national banks, by major categories and States, year ended Dec. 31, 1962
[Dollar amounts in thousands]
Current operating revenue
Location
Number of
banks l
Interest and dividends on
securities
U.S. Goveminent
obligations
United States and possessions,
total
Ad aine.
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
fees and
collection
and exchange
charges
Trust department
Other
current
operating
revenue
$104,571 $6, 596, 403
$414, 878
$4,134, 522
$74, 305
$380, 402
$108, 978
$242, 204
2,246
2,489
1,871
29, 642
3,740
7,216
734
659
453
6,748
2,050
3,954
13, 364
11,851
7,979
130,897
18,769
43, 380
180
117
117
2,210
203
928
1,199
1,801
786
12,241
1,457
4,952
238
302
91
9,017
636
997
1,008
436
156
10, 525
1,356
5,805
Total
current
operating
revenue
166
168
92
4,582
224
627
19,135
17, 823
11, 545
205, 862
28, 435
67, 859
222
. .
. .
47,204
14, 598
226,240
3,755
22, 436
11,281
19,286
5,859
350, 659
100, 835
38, 940
82,226
109
13, 381
9,029
48, 217
21, 066
39, 630
23
3,251
1,048
405, 951
133, 951
272, 831
299
38, 859
23, 947
6,100
1,739
2,974
0
1,347
695
28,513
14, 327
16,238
13
3,684
2,632
9,630
2,434
4,229
1
895
495
26, 873
6,677
22, 572
0
1,987
1,816
35, 505
1,975
5,541
3
524
293
661, 624
221, 109
446, 241
448
63, 928
39, 955
853
Eastern States, total
Southern States, total
Other service
charges,
comm tssiotiSy
224
149
423
4
48
5
New England States, total
Ohio
Indiana
Service
Service
charges and charges on
deposit
other fees
accounts
on bank
loans
4,503 $1,136,543
22
51
29
94
4
22
New York
New Jersey . .
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Other
securities
Interest and
discount on
loans
244, 520
113,235
875, 838
12, 855
65, 407
17, 684
59, 925
43, 841
1, 433, 305
127
76
29
26
53
130
70
27
43
486
57
85
73
16, 990
8, 874
6,959
6,502
11,213
35, 062
12,821
3,328
18,076
80, 935
5,708
10,914
19,817
6,430
1,581
2,729
1,735
3,952
9,432
5,464
1,676
4,826
24, 299
3,088
3,209
6,539
70, 523
20, 331
35, 846
21,201
61,461
86, 259
49, 833
12, 500
52,411
286, 688
20,136
29,143
76, 639
1,045
175
1,810
115
1,081
2,603
565
16
406
3,181
69
454
677
6,581
1,270
3,918
3,279
7,332
11, 900
5,732
1,772
5,124
18,738
2,073
2,475
4,947
1,464
398
1,169
1,105
2,531
2,741
1,349
694
1,831
5,657
758
348
1,952
4,009
809
2,003
929
3,296
6,059
2,414
165
987
11,383
507
1,438
2,684
945
327
257
181
695
1,689
793
216
967
4,463
290
390
796
107, 987
33, 765
54, 691
35, 047
91,561
155,745
78, 971
20, 367
84, 628
435, 344
32, 629
48, 371
114,051
1,282
237,199
74,960
822, 971
12,197
75,141
21, 997
36, 683
12,009
1,293,157
220
125
63, 586
32, 397
19, 951
7,179
183, 352
87, 338
2,421
1,028
15,831
7,903
3,272
1,751
10,511
4,924
2,665
1,155
301, 579
143, 675
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total
North Dakota
South Dakota
Nebraska
Kansas
Montana
W<
Co]
New Mexico
Oklahoma
Western States, total
402
83
101
180
97
78
118,066
47, 778
19,951
25,016
10,111
18,615
46, 528
19, 770
5,129
8,485
3,209
5,497
337, 443
149,233
57, 971
92,036
28, 474
62,107
4,359
1,883
633
1,068
246
415
19, 764
11,384
4,227
8,290
2,799
3,288
8,169
4,074
1,129
4,972
910
797
31,670
8,556
2,399
7,572
1,231
4,512
4,735
1,829
904
1,120
400
830
570, 734
244, 507
92, 343
148, 559
47, 380
96, 061
1,286
335, 510
115,748
997,954
12,053
73, 486
25,074
71, 375
13,638
1,644,838
38
32
121
168
43
27
88
29
203
4,195
4,590
9,952
14,265
4,361
3,049
13, 607
5,644
20, 559
1,436
1,103
2,918
5,416
1,384
678
2,757
789
6,266
11,093
14, 480
37, 442
35, 943
13,833
10,123
51,230
17,460
66, 397
195
193
113
181
391
225
849
311
753
1,448
1,651
3,221
4,230
1,832
1,137
6,170
2,003
6,792
722
1,012
1,017
846
600
531
1,454
111
1,196
223
279
1,790
974
102
198
4,583
515
1,987
165
192
401
629
189
118
741
297
798
19, 477
23, 500
56, 854
62, 484
22, 692
16, 059
81,391
27, 796
104, 748
3,530
415,001
Pacific States, total
80, 222
22, 747
258, 001
3,211
28, 484
8,155
10, 651
20, 795
13, 838
136,243
4,915
2,860
2,626
5,962
1,727
2,736
749
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
6,815
5,823
53,290
1,300
1,442
1,367
2,360
414
724
89,169
60, 924
691,101
17,114
18,775
12,419
45,298
7,089
10, 966
2,067
1,268
21,639
598
1,170
527
1,796
690
423
13, 722
9,112
79, 035
2,559
2,042
903
5,853
1,090
1,111
3,080
1,506
15,771
676
707
589
1,654
468
257
4,248
2,865
34, 067
203
554
743
1,562
42
141,652
1,756
96, 584
1,248
21, 652 1, 052, 798
27, 553
188
27, 657
107
19,334
160
64, 837
352
11,643
123
16,294
77
191, 702
73, 535
952,855
30,178
115,427
24, 708
44, 284
25, 663 1, 458, 352
United States (exclusive of possessions), total
Virgin Islands of the United States
4,502 1,136,357
1
186
414, 823
55
4,133,859
663
74, 249
56
380, 381
21
108, 899
79
242, 204
104, 540 6, 595, 312
1,091
31
Reserve city banks
Country banks
149
4,354
552,686
583, 857
212, 875
202,003
2,271, 652
1,862,870
45, 826
28, 479
171,331
209,071
57, 706
51, 272
165, 465
76, 739
78, 000 3, 555, 541
26, 571 3,040, 862
110
1
Number of banks as of end of year, but figures of income, expenses, etc., include those banks which were in operation a part of the year but were inactive at the
close of the year.
TABLE B-25.—Current operating revenue, and expenses, and dividends of national banks, by major categories and States, year ended Dec. 31, 1962—Continued
[Dollar amounts in thousands]
Cash dividends declared
Taxes on net income
Location
Net
income
before
related
taxes
United States a n d possessions, total
$1,756,869
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, t o t a l . . .
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
G
F]
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
Michigan
Federal
State
Net
income
before
dividends
On
common
stock
On
preferred
stock
Total
cash
dividends
declared
Ratios
Net
income
after
dividends
$637, 670 $50, 356 $1,068,843
$517, 546
2,674
3,416
1,203
40,167
3,736
9,554
1,337
1,098
613
20, 827
2,546
5,297
1,337
1,098
654
20, 827
2,546
5,297
1,337
2,318
549
19,340
1,190
4,257
4,299
5,161
1,983
78, 536
6,340
15,938
1,625
1,745
701
32, 573
2,190
5,176
0
0
79
5,796
414
1,208
$202
$517, 748
Capital
accounts i
$551, 095 $12, 289, 305
Net
income
before
dividends
to
capital
accounts
Total
current
operating
expenses
to total
current
operating
revenue
Percent
8.70
Percent
69.9
36, 827
36,153
21, 470
432, 345
48,136
112,540
7.26
9.45
5.60
9.29
7.76
8.49
72. 18
69.04
80.66
59.70
70.56
71.66
687, 471
8.84
67.74
8.00
8.89
7.63
2.97
8.04
10.19
68.90
76.40
69.88
84.82
70.00
66.43
112,257
44, 010
7,497
60, 750
31,718
31, 759
28, 991
164,798
43, 657
118,424
54
16, 247
14, 025
53, 626
10,617
38, 390
17
6,576
6,218
7,820
0
0
1
0
0
103, 352
33,040
80, 034
36
9,671
7,807
58, 329
14, 895
42, 022
28
5,654
3,548
58, 370
14, 903
42, 024
28
5,654
3,548
44, 982
18,137
38, 010
8
4,017
4,259
357, 205
115,444
7,821
233, 940
124, 476
124, 527
109,413
2,911,816
8.03
70.35
31,228
10, 796
15, 399
12, 045
23, 839
38, 513
24,823
5,374
26, 853
128, 512
8,450
14, 422
32, 302
12, 877
4,524
6,474
5,025
10, 269
14, 304
8,117
1,790
9,986
50,713
2,639
5,264
13,671
0
0
438
248
0
0
942
0
0
0
0
0
0
18, 351
6,272
8,487
6,772
13, 570
24, 209
15,764
3,584
16,867
77, 799
5,811
9,158
18, 631
8,179
2,536
4,554
2,864
6,600
8,857
6,087
1,366
5,605
39, 039
2,267
3,009
7,783
8,179
2,536
4,554
2,864
6,600
8,867
6,087
1,366
5,605
39, 039
2,267
3,009
7,783
10,172
3,736
3,933
3,908
6,970
15, 342
9,677
2,218
11,262
38, 760
3,544
6,149
10, 848
202, 086
79, 827
98, 505
60, 701
163, 840
298, 708
151,195
36, 878
180, 987
931,252
66, 728
107, 652
212, 432
9.08
7.86
8.62
11.16
8.28
8. 10
10.43
9.72
9.32
8.35
8.71
8.51
8.77
69.72
66.58
68.52
63.96
69.50
72.84
66.70
69.40
70.02
65.57
69.89
67.38
68.21
372, 556
145, 653
1,628
225,275
8, 746
98, 756
126,519
2, 590, 791
8.70
68.01
53, 973
24,262
107, 791
33, 720
22,180
9,369
40, 677
16,119
22,180
9,369
40,677
16,219
31,793
14, 893
67,114
17, 501
588,113
284,141
1,214,853
396, 348
9.18
8.54
8.87
8.51
68.96
68.93
67.66
76.60
87, 934
41, 632
164,718
47,357
33,
17,
56,
13,
961
370
927
637
0
0
0
100
1, 292, 671
371, 452
1, 049, 538
1,213
120, 305
76, 637
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
9.68
8.82
9.06
8.59
70.60
69.14
69.82
66.46
26, 510
43, 236
13,369
31, 797
8,652
15,704
4,655
12,615
719
3,174
0
895
17,139
24, 358
8,714
18,287
7,696
11,099
2,935
7,110
0
0
0
0
7,696
11,099
2,935
7,110
9,443
13,259
5,779
11,177
177, 042
276,102
96,174
212, 773
456, 553
163, 521
4,788
288, 244
117,185
100
117,285
170, 959
3, 245, 546
8.88
69.63
5,666
6,636
18,681
21, 309
5,866
4,159
20, 935
7,178
34, 979
1,985
2,812
7,576
7,420
2,225
1,913
8,104
3,158
13,155
124
209
0
0
0
0
1,244
0
1,033
3,557
3,615
11,105
13,889
3,641
2,246
11,587
4,020
20, 791
1,532
1,506
4,552
4,614
1,691
1,022
5,452
1,662
7,262
0
0
0
0
0
0
0
0
0
1,532
1,506
4,552
4,614
1,691
1,022
5,452
1,662
7,262
2,025
2,109
6,553
9,275
1,950
1,224
6,135
2,358
13, 529
30, 791
33, 284
118,255
137,410
34, 296
27, 458
134,140
42, 368
239,791
11.55
10.86
9.39
10.11
10.62
8.18
8.64
9.49
8.67
70.06
67.46
64.20
64.89
71.50
70.17
71.29
69.76
63.99
125, 409
48, 348
2,610
74, 451
29, 293
0
29, 293
45, 158
797, 793
9.33
67.10
38, 645
18, 324
230, 696
9,050
8,750
6,941
14, 679
1,722
3,912
16,942
5,674
79,140
3,889
3,669
2,962
5,765
1,039
1,527
0
1,729
22, 831
773
175
0
311
5
188
21,703
10, 921
128, 725
4,388
4,906
3,979
8,603
678
2,197
9,676
7,490
86, 592
2,372
2,375
2,281
3,962
400
980
0
0
0
0
0
0
0
0
0
9,676
7,490
86, 592
2,372
2,375
2,281
3,962
400
980
12, 027
3,431
42,133
2,016
2,531
1,698
4,641
278
1,217
221, 738
161, 623
1,438,418
38, 941
43, 832
27, 623
81,162
12,206
28, 694
9.79
6.76
8.95
11.27
11.19
14.40
10.60
5.55
7.66
71.14
76.21
74.39
66.01
68.09
61.67
76.18
78.40
72.75
332,719
186,100
116,128
0
116,128
69, 972
2, 054, 237
9.06
73.84
12,287, 654
120, 607
26, 012
United States (exclusive of
1, 756, 699
possessions), total
Virgin Islands of the United States,
170
total
637, 583
50, 356 1, 068, 760
517,546
202
517,748
551,012
87
0
83
0
0
0
83
Reserve city banks
Country banks
386, 566
251,104
37, 317
13,039
593,155
475, 688
321,466
196,080
100
102
321,566
196,182
271, 589
279, 506
1,017,038
739, 831
1,651
6, 899, 761
5, 389, 544
8.70
69.98
5.03
83.23
8.60
8.83
67.34
73.07
1
Represents aggregate book value of capital stock, surplus, undivided profits, reserves, and retirement fund for preferred stock. Figures are averages of amounts
reported for the June and December call dates in the current year and the December call date in the previous year.
TABLE B-25.—Current operating revenue, and expenses, and dividends of national
[Dollar amounts
Current operating expenses
Officer and
employee
benefits
{pensions,
Employees other than officers
hospitalization,
social security,
insurance, etc.)
Amount
Number *
Salaries and wages
Location
Amount
United States and possessions,
total
Maine. . ..
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
$221, 232
$29, 064
980
873
494
10, 556
1,191
3,653
543
689
314
8,289
1,474
3,594
162
205
142
846
104
362
17, 747
14, 903
1,821
24, 550
10, 436
16, 836
47
3,246
1,798
29, 608
7,157
13, 949
7
1,878
848
1,762
1,676
3,344
10
395
230
56,913
53, 447
7,417
4,878
1,339
3,070
2,151
5,122
8,065
3,677
972
3,843
15,388
1,440
2,314
4,922
3,196
897
2,000
1,355
3,853
4,853
2,039
518
2,528
11,623
1,123
1,615
3,497
856
393
249
214
434
945
365
191
469
2,389
336
405
444
,
Southern States, total
197, 389
57,181
39, 097
7,690
46, 063
23, 905
83, 822
41, 981
14, 202
23,913
6,958
15,825
11,998
6,454
20, 333
10, 680
4,259
6,347
2,068
4,375
8,601
5,022
20, 324
9,174
3,082
5,798
1,508
3,047
1,503
817
2,442
733
528
758
330
546
Middle Western States, total. .
256, 669
66, 514
56, 556
7,657
2,939
64, 993
3,570
1,695
3,764
17
552
289
105, 052
38, 696
65, 046
44
11,154
7,027
104, 384
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
275,139
3,142
2,787
1,592
39,169
3,972
14, 331
222
262
147
1,523
180
605
30, 969
Eastern States, total
256
55, 421 $1, 057, 500
42,132
17, 932
35, 493
52
5,085
3,690
New England States, total
See footnotes at end of table.
1
1,879
2,079
1,189
17, 289
1,837
6,696
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolinia
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
$559, 485
Number
Fees paid to
directors and
members of
executive,
discount,
and other
committees
9,887
227,019
10, 520
3,506
6,335
4,108
8,667
14, 970
7,723
2,167
7,621
44, 066
3,943
5,223
9,702
1,199
401
641
437
833
1,513
752
235
662
4,700
450
631
995
15, 967
4,554
9,535
6,929
17,244
27,972
12, 624
3,091
14, 052
56, 672
4,650
7,398
16, 701
128,551
13,449
23, 670
14, 059
41, 235
14, 788
8,859
14, 350
6,101
8,862
2,124
1,325
3,494
1,291
799
1,408
627
823
131, 924
11,891
banks, by major categories and States, year ended Dec. 31, 1962—Continued
in thousands]
Current operating expenses—Continued
Interest on
time and
savings
deposits
Interest and
discount on
borrowed
money
Net occupancy
expense of
bank
premises 3
Furniture
and equipment
{depreciation, rents,
servicing,
uncapitalized
costs, etc.)
Other
current
operating
expenses
Total
current
operating
expenses
Net
current
operating
earnings
$1, 588, 710
$32, 680
$285, 962
$148, 521
$693, 071
$4, 616, 225
$1, 980,178
3,981
2,488
4,184
19,086
8,391
9,751
38
40
5
966
75
259
1,137
436
531
260
10,171
1,037
3,491
2,144
2,494
2,557
1,083
22, 318
2,642
7,999
13,812
12, 305
9,312
122, 894
20, 065
48, 627
5,233
5,518
2,233
82, 968
8,370
19,232
929
543
4,760
533
47, 881
1,383
17, 308
8,664
39, 093
227, 015
123, 644
162,207
61,754
115,593
7,165
1,949
33,187
11,263
18,574
12,094
5,790
9,550
62, 646
24, 267
48, 313
455, 853
168, 933
311,811
205, 771
52,176
134,430
13, 848
7,718
259
56
3,342
1,863
1,308
958
7,483
4,154
44, 752
26, 544
19,176
13,411
361, 309
9,827
68, 246
29,719
146,905
1, 008, 273
425, 032
25, 702
7,380
7,776
2,480
11,744
33,168
16,115
3,651
16, 563
85, 423
5,853
7,999
27,716
240
53
384
28
632
437
49
69
161
3,915
1,210
2,799
1,489
5,155
6,951
2,334
2,619
15
108
332
3,907
16, 607
1,522
2,729
4,025
1,622
9,653
1,150
2,700
12, 272
3,775
7, 046
4, 768
13,214
18, 940
9,638
3,036
12, 332
55, 831
4,598
5,965
12, 681
75, 287
22, 482
37, 473
22, 415
63, 637
113,445
52, 671
14,135
59, 255
285, 461
22, 806
32, 592
77, 798
32, 700
11,283
17,218
12, 632
27, 924
42, 300
26, 300
6,232
25, 373
149, 883
9,823
15,779
36, 253
251, 570
5,705
53, 401
31,958
164, 096
879, 457
413, 700
73, 838
26, 397
150, 584
77, 643
22,819
31, 505
8,264
17,711
1,031
10, 556
6,766
21, 439
11,543
3,805
6,766
2,173
4,529
67, 577
5,547
3,302
8,898
5,148
1,705
3,338
1,228
1,427
37,152
18, 398
53, 504
25,193
9,981
15, 968
6,208
11,418
177, 822
207, 961
99, 030
386,150
187; 285
65,193
102, 717
33, 080
63, 845
1,145, 261
93, 618
44, 645
184, 584
57, 222
27,150
45, 842
14, 300
32,216
499, 577
189
408, 761
398
3,197
364
3,902
1,082
212
321
310
480
7,702
17
758
19
714
1,349
1,044
2,694
5,209
1,784
654
766
30, 593
42
380
68
957
TABLE B-25.—Current operating revenue, and expenses, and dividends of national
[Dollar amounts
Current operating expenses
Salaries and wages
Location
Officers
Amount
North Dakota
South Dakota
Nebraska .
Kansas
Montana . . .
Wyoming
Colorado
New Mexico
Oklahoma
.
. .
.
. .
. .
.
.
.
. .
Western States, total
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
. . .
Number 1
Officer and
employee
benefits
{pensions,
Employees other than officers
hospitalization,
social security,
insurance, etc.)
Amount
Number 2
Fees paid to
directors and
members of
executive,
discount,
and other
committees
$2,217
2,823
7,847
8,584
2,465
1,874
7,913
3,009
13, 031
248
341
788
953
276
193
806
300
1,429
$2,428
2,940
8,313
8,254
3,296
2,366
13,355
4,657
14, 027
821
955
2,489
2,422
961
618
3,577
1,333
4,149
$657
903
2,175
1,577
813
367
2,202
626
3,319
$129
112
497
604
132
124
572
159
710
49, 763
5,334
59, 636
17, 325
12, 639
3,039
12, 868
10, 059
75,849
2,718
1,898
1,675
5,955
1,437
1,353
1,290
1,119
8,034
258
204
205
583
97
124
26, 947
15,810
181,323
3,934
3,530
3,055
11,837
2,581
2,514
6,478
4,016
41,711
1,170
1,006
820
3,054
513
630
4,716
2,860
31, 630
921
689
344
2,178
272
939
290
141
654
76
98
31
79
25
42
113,812
11,914
251,531
59, 398
44, 549
1,436
United States (exclusive of
possessions), total
Virgin Islands of the United States...
559, 403
82
55, 414
7
1, 057, 237
263
275, 078
61
221,191
41
29, 060
4
Reserve city banks
Country banks
240,116
319, 369
20, 950
34, 471
594, 496
463,004
141,461
133, 678
125, 846
95, 386
4,594
24, 470
Pacific States, total
1
2
a
Number at end of period.
Number of full-time employees at end of period.
For detailed figures see supplemental table 26 on p. 264.
258
banks, by major categories and States, year ended Dec. 31, 1962—Continued
in thousands]
Current operating expenses—Continued
Interest on
time and
savings
deposits
Interest and
discount on
borrowed
money
$4, 770
5,277
6,624
10, 004
4,585
3,961
19, 029
5,062
18, 067
$10
9
360
121
43
37
263
4
386
77, 379
32, 492
29, 627
338, 201
6,435
8,043
4,013
16, 332
2,176
4,124
441,443
1, 588, 343
$714
Furniture
and equipment
(depreciation,
servicing,
uncapitalized
costs, etc.)
Other
current
operating
expenses
Total
current
operating
expenses
Net
current
operating
earnings
3,925
1,233
3,355
$441
586
1,309
1,511
565
461
2,015
832
2,363
$2, 280
2,367
7,169
7,196
3,423
1,578
8,749
3,808
11,768
$13, 646
15, 854
36, 498
40, 543
16, 225
11,269
58, 023
19, 390
67, 026
$5, 831
7,646
20, 356
21, 941
6,467
4,790
23, 368
8,406
37, 722
1,233
16, 364
10,083
48, 338
278, 474
136, 527
270
155
6,009
69
98
24
84
29
92
6,584
4,141
44, 626
704
726
3,268
2,508
26, 583
605
744
364
2,518
410
478
13, 331
8,310
78, 268
2,623
2,837
1,524
6,741
1,494
1,586
100, 766
73,611
783,143
18,188
18, 832
11,924
49, 391
9,128
11,854
40, 886
22, 973
269, 655
9,365
8,825
7,410
15, 446
2,515
4,440
6,830
63, 044
37, 478
116,714
1,076,837
381,515
32, 680
285, 940
148, 495
26
692, 968
4,615,317
1, 979, 995
22
103
908
146, 343
139,619
70, 683
77, 838
331, 137
361, 934
367
852, 578
736,132
Met occupancy
expense of
bank
premises 3
28, 580
4,100
837
2,204
2,692
903
501
807
895
894
3,667
2, 394, 373
2, 221, 852
183
1,161,168
819,010
259
TABLE B-25.—Current operating revenue, and expenses, and dividends of national
[Dollar amounts
Recoveries, transfers from valuation reserves, and profits
On loans
On securities
Location
All other
Transfers
Transfers
Profits on
securities sold Recoveries from valua- Recoveries from valuation reserves
or redeemed
tion reserves
United States and possessions,
total
$3, 408
$41, 696
$8,106
$27, 343
$40, 373
8
91
99
0
85
$249, 003
646
35
20
172
6
152
234
4,548
484
966
3,520
15,830
98
9
164
0
38
10,181
1,021
1,080
0
0
255
255
389
4
69
10, 466
1,517
1,712
1
55
169
1
56
0
0
6,078
10, 012
4,423
7,559
1
908
New England States, total
24
7
605
0
330
Total recoveries,
transfers from
valuation reserves, and
profits
8
0
4,158
0
291
388
129
4,592
155
451
105
64
2,314
26
926
729
221
11,897
187
2,150
602
15
0
11
56
42, 935
7,419
14, 114
6
1,070
1,931
324
12, 282
983
16, 574
13,807
67, 475
2,677
Eastern States, total
11,923
194
3,210
0
0
1,247
23, 505
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama . . .
Mississippi
Louisiana
Texas . .
Arkansas
Kentucky
Tennessee
$128, 077
363
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
1
10
15
953
185
142
89
337
128
155
99
0
0
2
62
2
1
0
0
4
472
31
37
864
...
Southern States, total
Ohio
Illinois
Michigan .
Wisconsin
Minnesota
Iowa ..
Missouri
Middle Western States, total
See footnotes at end of table.
260
707
778
1,576
3,695
2,581
169
3,839
7,712
243
824
275
137
34
72
361
4,274
1,380
981
905
2,838
5,744
3,069
648
7,357
11,761
1,418
1,905
4,974
2,753
1,273
8,504
47, 254
343
197
2,152
112
2,671
1,826
66
66
12
696
1,452
1,267
4,574
247
429
164
615
15, 096
7,118
33, 593
10, 042
4,338
3,576
1,439
4,029
9,444
79, 231
38
3
22
235
216
75
60
1,460
31
0
24
46
39
213
108
176
0
770
4
93
9
28
35
293
1,188
29, 958
261
4,505
7,312
4,614
17,322
3,230
3,635
2,243
1, 141
3,070
111
23
1,406
4
45
155
8
4,482
720
10,196
363
318
417
72
25
258
48
13
42, 567
1,777
16, 826
1,699
6,918
1,305
3,285
272
70
71
731
45
27
266
42
205
124
1,210
1,234
200
153
3,103
1,496
92
banks, by major categories and States, year ended Dec. 31,
1962—Continued
in thousands]
Losses, chargeqffs, and transfers to valuation reserves
On securities
2
On loans
AH other
Losses on
securities sold
Chargeqffs on
securities not sold
Transfers to
valuation reserves
Losses and
chargeqffs
Transfers to
valuation reserves
Total losses,
chargeqffs, and
transfers to
valuation reserves
$32, 961
$7, 409
$59,125
$13,465
$292, 201
$67,151
$472, 312
336
55
118
788
0
917
6
207
17
30
0
0
199
95
0
2,496
844
51
85
47
34
158
56
16
793
501
249
7,866
1,214
2,218
251
181
53
4,991
103
2,242
1,670
1,086
471
16,329
2,217
5,444
2,214
260
3,685
396
12, 841
7,821
27, 217
8,465
3,802
2,470
1
114
0
145
152
453
1
70
0
8,221
390
4,402
0
55
0
510
462
672
16
128
0
58, 420
9,955
17, 646
0
2,599
978
8,147
1,177
4,477
2
1,033
339
83, 908
15,938
30, 120
20
3,999
1,317
14, 852
821
13,068
1,788
89, 598
15,175
135, 302
266
138
45
14
221
745
198
3
129
602
44
144
609
89
21
27
49
3
110
14
19
64
812
141
112
194
1,087
160
76
0
622
141
121
173
1,671
1,152
263
887
1,738
242
140
38
12
90
621
429
68
146
2,442
267
158
120
3,573
1,178
2,055
1,239
3,701
6,555
3,188
1,031
2,909
20, 699
1,403
1,540
5,171
489
230
559
178
2,286
1,359
596
212
958
7,425
673
421
1,093
5,746
1,867
2,800
1,492
6,923
9,531
4,546
1,506
5,877
33,132
2,791
3,262
8,925
3,158
1,655
8,091
4,773
54, 242
16, 479
88, 398
2,546
193
2,993
274
484
667
83
264
616
115
1,584
49
75
93
83
160
4,728
2,411
6,345
5,449
3
266
79
1,160
415
301
1,219
55
31
360
68
90
10, 569
4,321
36,815
11,136
3,984
4,167
1,271
2,292
1,906
2,790
4,503
2,944
401
629
786
482
20, 780
10,131
53,459
19, 907
4,978
6,182
2,370
4,448
7,504
2,775
20, 441
2,539
74, 555
14, 441
122, 255
261
TABLE B-25.—Current operating revenue^ and expenses, and dividends of national
[Dollar amounts
Recoveries, transfers from valuation reserves, and profits
1
On loans
On securities
Location
All other
Profits on
Transfers
Transfers
securities sold Recoveries from valua- Recoveries from valuaor redeemed
tion reserves
tion reserves
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wfyoming
Colorado
New Mexico . . .
Oklahoma
...
...
Alaska
Hawaii
Pacific States, total
United States (exclusive of possessions) total
Virgin Islands of the United States
Country banks
.
$584
155
1,624
1,887
315
302
1,785
536
1,587
$6
7
229
3
52
3
45
0
5
$12
0
82
16
756
0
25
28
153
$12
62
49
315
331
118
147
80
686
0
0
$706
28
0
4
45
64
22
$133
89
205
311
68
10
497
78
338
$747
313
2,895
2,560
1 522
437
2,544
786
2,791
350
1,072
1,800
869
1,729
14, 595
3,355
494
9,535
719
703
163
1,937
284
4
448
0
1
13
0
0
0
0
0
177
0
1,508
0
0
0
778
0
0
44
11
221
2
12
1
0
96
0
728
14
1
0
0
0
0
0
0
256
352
2,400
5
27
29
184
89
10
5,008
871
13, 666
739
742
193
2,899
'469
14
17,194
462
2,463
387
743
3,352
24, 601
128,077
0
3,408
0
41,696
0
8,106
0
27, 343
0
40, 356
17
248, 986
17
60,150
67, 927
1,830
1,578
29, 732
11,964
1,109
6,997
23, 060
4,283
19, 473
20, 900
135, 354
113, 649
1
Not including recoveries credited to valuation reserves.
* Not including losses charged to valuation reserves.
262
profits
8,775
...
Western States, total
Oregon
California
Idaho
. . . .
Utah
Nevada
Total recoveries,
transfers from
valuation reserves, and
banks, by major categories and States, year ended Dec. 31,
1962—Continued
in thousands]
and
Losses, chargeoffs, transfers to valuation reserves 2
On loans
On securities
Total losses,
chargeoffs, and
transfers to
valuation reserves
All other
Chargeoffs on
securities not sold
Losses on
securities sold
Transfers to
valuation reserves
Transfers to
valuation reserves
Losses and
chargeoffs
$2
36
262
209
7
43
42
116
417
$27
15
324
189
25
7
158
3
64
0
$5
815
210
636
10
147
12
194
$38
119
130
594
402
344
212
101
1,262
$647
1,089
2,221
1,377
746
466
3,315
1,517
2,984
$198
59
818
613
307
198
1,103
265
613
$912
1,323
4,570
3,192
2,123
1,068
4,977
2,014
5,534
1,134
812
2,029
3,202
14, 362
4,174
25, 713
156
2,435
1,165
8
9
11
44
3
268
41
0
1,032
1
0
0
0
12
0
1,989
303
8,690
306
0
79
444
0
0
62
5
464
15
0
10
0
211
0
4,244
2,474
34, 052
690
766
390
2,764
981
227
757
303
7,222
34
42
172
414
55
47
7,249
5,520
52, 625
1,054
817
662
3,666
1,262
542
4,099
1,086
11,811
767
46, 588
9,046
73, 397
32, 961
7,409
59,125
13,465
292,186
67,136
472,282
0
0
0
0
15
15
30
17,049
15,912
3,228
4,181
42, 481
16,644
1,369
12, 096
177, 284
114,917
38, 073
29, 078
279, 484
192, 828
263
TABLE B-26.—Occupancy expense of bank premises of
[Dollar amounts
Salaries and wages of building employees
Location
Amount
United States and possessions,
total
Number l
Amount
Recurring depreciation on
bank promises
and leasehold
improvements
Number 1
Maintenance, repairs, and uncapitalized
alteration
costs of bank
premises and
leasehold improvements
$1,018
116
$48, 562
16, 867
$5, 611
$69, 513
$46, 568
0
0
0
78
29
0
M^aine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
0
0
0
7
3
0
228
129
95
1,542
339
562
103
69
50
474
110
172
25
10
8
266
76
79
240
159
125
2,101
336
818
145
93
56
1,241
145
455
. .
Middle Western States, total.
See footnote at end of table.
264
978
464
3,779
2,135
3,287
1,356
4,870
1
490
584
975
492
1,794
1
124
184
659
197
590
0
69
49
203
28
10, 588
3,570
1,564
8,353
2,469
4,687
9
814
478
16,810
4,190
1,930
2,503
1
339
247
9,210
1
1
0
0
1
3
3
0
3
12
2
1
5
573
164
212
67
204
379
231
53
450
1,717
135
226
364
80
36
54
25
58
129
50
7
100
411
25
50
78
1,075
385
576
413
1,385
1,719
628
205
1,073
7,034
458
511
1,027
248
32
822
342
438
141
603
1,181
574
95
1,262
4,585
256
491
874
11,664
4,775
1,103
16, 489
511
208
318
305
793
1,179
350
86
588
3,514
248
321
580
9,001
5
2
4
4
2,569
1,773
5,744
1,561
924
638
1,368
475
0
1
846
290
329
170
307
243
156
486
231
99
102
43
135
3,129
1,973
4,270
2,178
1,166
1,206
365
930
2,235
1,387
3,646
1,400
0
16
Southern States, total
2,895
9
6
9
0
2
2
35
21
61
57
Eastern States, total
Virginia
W^est Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
10
8
8
0
0
11
34
20
0
36
88
7
6
30
Maryland
District of Columbia
107
104
15
48
0
21
15
New England States, total...
New York
New Jersey
Pennsylvania
Ohio
.
Indiana
Illinois
Michigan
Wisconsin. .
Minnesota
Iowa
Missouri
Employees other than
officers
Officers
Building
officer
and
employee
benefits
4,501
1,495
15, 217
11,068
0
8
0
1
1,020
395
934
198
17
14, 842
574
1,018
313
495
national banks, year ended Dec. 31, 1962
in thousands]
Less
Rents paid on
bank premises
Taxes on bank
premises and
leasehold
improvements
Gross occupancy expense
$62, 504
$85,134
$59, 066
$377, 976
$89, 097
$2, 917
$92, 014
$285, 962
225
167
124
206
272
138
180
208
83
1,249
1,038
112
109
81
112
109
86
1,137
2,533
1,347
2,993
358
745
12,101
1,825
4,227
1,898
723
633
0
0
5
32
65
103
1,930
10,171
1,037
3,491
4,183
2,939
4,567
21,069
3,556
205
3,761
17, 308
7,426
2,118
3,852
8,261
2,297
3,529
5,660
2,251
2,941
37, 940
12, 633
23, 020
4,660
1,367
4,299
4,753
1,370
4,446
33, 187
11,263
18, 574
Insurance, utilities {heat,
light, and
water), etc.
267
867
275
701
79, 930
11,439
245
11,684
68, 246
4,955
1,800
3,388
1,697
6,977
10, 865
3,307
1,701
6,171
36, 777
1,977
3,377
5,225
1,039
1
2
0
0
23
89
16
0
58
608
0
1
10
1,040
3,915
1,210
2,799
1,489
5,155
6,951
2,334
15, 497
1,095
891
204
365
694
447
1,100
251
473
252
208
115
1,043
2,094
1,658
2,263
1,426
2,266
5,762
1,273
9,878
14, 846
16, 254
1,175
18,612
2,698
1,567
4,142
2,791
3,329
1,430
6,113
3,010
1,467
1,350
4,238
2,038
2,071
3,693
1,298
15, 268
1,517
20, 783
11,926
5,505
354
695
923
788
436
775
323
559
538
943
748
929
543
11,532
14, 526
922
795
988
788
736
Net occupancy
expense
0
850
263
1
387
292
598
182
851
Total
credits
4,194
2,126
164
0
Other
credits
93
3
147
0
2
0
1,246
5
828
297
629
Rental income
from bank
premises
165
331
306
744
768
403
364
17
588
589
208
1,799
3,825
957
943
2,206
19, 562
455
647
1,190
0
852
263
590
589
208
1,822
3,914
973
943
2,264
20, 170
17
3,342
1,863
758
1,200
3,907
16, 607
1,522
2,729
4,025
455
648
88, 217
34, 008
808
34, 816
53, 401
15, 705
9,657
28, 700
13,266
5,184
10, 424
2,703
5,158
90, 797
4,930
2,880
7,006
1,622
1,358
3,317
525
510
219
11
255
101
21
341
5
119
5,149
2,891
7,261
1,723
1,379
3,658
530
629
10, 556
6,766
21, 439
11,543
3,805
6,766
2,173
4,529
22,148
1,072
23, 220
67, 577
265
TABLE B-26.—Occupancy expense of bank premises of
[Dollar amounts
Salaries and wages of building employees
Location
Amount
$53
75
310
460
128
148
470
133
792
70
75
229
265
96
40
289
82
561
$14
21
57
39
29
7
72
16
157
65
11
4,242
1,707
412
5,096
2,569
65
46
63
0
0
0
12
0
11
6
4
5
0
0
0
1
0
2
748
638
2,014
174
84
147
413
29
84
211
184
597
68
51
43
111
10
61
93
66
293
8
7
17
63
1
25
2,247
1,135
6,802
371
57
171
978
113
244
1, 159
936
9,865
59
18
77
249
135
78
197
18
4,331
1,336
573
12,118
12,576
1,018
0
116
0
48, 562
0
16, 867
0
5,611
0
69, 509
4
46, 559
9
736
282
63
53
24, 753
23, 809
6,735
10,132
3,151
2,460
33, 592
35, 921
24, 964
21, 604
Western States, total
California
Idaho
Utah
Arizona
Alaska
Hawaii
Pacific States, total
Reserve city banks
Country banks
Number on payroll at end of period.
$259
199
746
896
285
164
764
336
1,447
Number *
$144
147
507
610
250
98
933
289
1,264
Washington
266
Amount
0
0
1
3
0
2
2
1
2
Colorado
New Mexico
Oklahoma
1
Number»
Recurring depreciation on
bank premises
and leasehold
improvements
0
0
$15
12
0
9
12
1
16
North Dakota
South Dakota
Nebraska
Kansas
Montana
United States (exclusive of
possessions), total
Virgin Islands of the United States.
Employees other than
officers
Officers
Maintenance, repairs, and uncapitalized
alteration
costs oj bank
premises and
leasehold improvements
Building
officer
and
employee
benefits
national banks, year ended Dec. 31, 1962—Continued
in thousands]
Less
Taxes on bank
premises and
leasehold
improvements
Gross occupancy expense
$175
152
747
519
139
35
2,845
381
1,601
$183
197
466
697
401
215
723
228
589
$1, 022
1,024
3,270
3,861
1,436
825
6,584
1,631
7,046
$299
182
1,015
1,167
530
318
2,601
289
3,647
$9
5
51
2
3
6
58
109
44
$308
187
1,066
1,169
533
324
2,659
398
3,691
$714
837
2,204
2,692
903
501
3,925
1,233
3,355
4,022
6,594
3,699
26, 699
10, 048
287
10, 335
16, 364
1,308
554
5,674
195
77
202
1,143
230
272
1,044
451
18, 823
95
660
56
1,408
221
294
694
695
6,275
177
31
294
389
55
119
7,358
4,521
49, 809
1,079
934
964
4,655
784
1,127
728
380
4,929
272
39
70
988
80
401
46
0
254
0
0
0
0
0
0
774
380
5,183
272
39
70
988
80
401
6,584
4,141
44, 626
807
895
894
3,667
704
726
9,655
23, 052
8,729
71, 231
7,887
300
8,187
63, 044
62, 500
4
85,119
15
59, 065
1
377, 943
33
89, 086
11
2,917
0
92, 003
11
285, 940
22
29,619
32, 885
53, 906
31, 228
28, 826
30, 240
199,547
178, 429
51, 368
37,729
1,836
1,081
53, 204
38, 810
146, 343
139,619
Insurance, utilities (heat,
light, and
water), etc.
Rents paid on
bank premises
$194
233
422
628
204
149
765
247
1,180
Net occupancy
expense
Rental income
from bank
premises
Other
credits
Total
credits
TABLE B-27.—Current operating revenue, and expenses, and dividends of national
[Dollar amounts
Federal Reserve district
Item
Boston
Current operating revenue:
Interest and dividends on—
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges and other fees on bank loans
Service charges on deposit accounts
Other service charges, commissions, fees, and collection and exchange charges
Trust department
Other current operating revenue
Total recoveries, transfers from valuation reserves,
and profits
Losses, chargeoffs, and transfers to valuation reserves:
On securities:
Chargeoffs on securities not sold
Transfers to valuation reserves
On loans:
Transfers to valuation reserves
All other
Total losses, chargeoffs, and transfers to valuation
reserves
. .
...
. .
. .
$45, 021
13,743
212, 546
3,061
20, 996
$131,477
64, 983
518,600
8,165
40, 564
$52,615
21,415
191,793
1,652
12, 302
$109,239
44, 702
314, 999
4,360
24, 452
$61,105
16,693
209, 350
5,172
21, 246
10, 985
18, 338
5,688
11,751
33, 272
37,197
2,926
7,165
3,131
5,413
28,100
5,762
5,505
11,414
2,466
846, 009
292, 999
537, 027
332, 951
28, 891
60, 583
2,744
16, 583
57, 608
138, 673
4,942
33, 390
24, 512
43, 797
2,909
12, 395
42, 046
80, 455
3,870
20, 341
32, 911
54, 802
3,478
16, 349
13, 905
35,987
8,802
16,210
10,106
1,719
43, 282
1,328
16,187
2,868
213,463
7,529
42, 456
3,373
78, 517
718
13,098
2,429
131,517
2,390
20, 066
2,294
64, 390
1,020
14, 520
7,948
36, 770
17,015
82, 861
6,782
31, 929
10, 365
62, 932
7,935
39,154
598, 460
211,528
368, 410
227,132
247, 549
81,471
168,617
105,819
6,070
234
4,548
12,442
106
11,202
5,478
157
588
11,893
130
5,074
6,536
77
1,088
477
966
3,493
431
12, 072
10, 747
383
410
2,208
500
5,112
1,534
337
1,628
674
15, 788
47, 000
9,224
24, 243
10, 340
2,104
260
3,681
12, 243
254
8,615
2,317
457
440
2,967
715
8,970
577
254
1,378
396
12, 240
7,616
Transfers from valuation reserves
All other
Richmond
119,765
Recoveries, transfers from valuation reserves, and profits:
On securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
268
Cleveland
210, 613
Total current operating expenses
Net current operating earnings
See footnotes at end of table.
Philadelphia
330, 378
Total current operating revenue
Current operating expenses:
Salaries and wages:
Officers
Employees other than officers
Number of officers 2
Number of employees other than officers 2
Officer and employee benefits—pensions, hospitalization, social security, insurance, etc,
Fees paid to directors and members of executive,
discount, and other committees
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents, servicing, uncapitalized costs, etc
Other current operating expenses
Net income before related taxes..
New York 1
861
65, 772
9,061
597
10,511
3,275
736
21, 645
3,890
522
11,596
2,811
26, 297
96, 806
17,597
38, 923
17,138
109, 256
197,743
73, 098
153, 937
99, 021
banks, by major categories and Federal Reserve districts, year ended Dec. 37, 1962
in thousands]
Federal Reserve district—Continued
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
$90, 373
28, 318
294,141
5,038
33,618
$208, 505
76, 303
617, 039
7,593
42, 837
$44, 288
14, 448
138,176
1,335
9,828
$42, 953
14, 006
142, 595
2,030
14, 384
$73, 300
20, 709
236, 401
2,514
24, 421
$85, 965
26, 023
306, 027
3,207
20, 327
$191,702
73, 535
952, 855
30,178
115,427
$1,136, 543
414, 878
4,134, 522
74, 305
380, 402
9,647
14, 291
4,602
15,038
48, 047
8,423
3,414
4,173
1,831
7,605
8,247
1,835
5,774
13,188
3,253
6,212
11,685
4,720
24, 708
44, 284
25, 663
108, 978
242, 204
104, 571
480, 028
1, 023, 785
217,493
233, 655
379, 560
464,166
1, 458, 352
6, 596, 403
45, 273
81,758
4,451
23, 730
76, 007
161,627
6,449
40, 936
21, 856
31,933
2,396
9,550
24, 316
34, 783
2,555
9,792
44, 706
56, 672
4,657
16, 030
47, 547
60, 886
5,056
16, 645
113,812
251, 531
11,914
59, 398
559, 485
1, 057, 500
55, 421
275,139
14, 988
36, 870
7,530
8,799
11,065
12,421
44, 549
221, 232
2,605
95, 250
1,462
20, 563
3,800
269, 346
5,800
42,411
1,826
41,811
545
10, 439
1,400
51,217
393
9,959
2,711
67, 944
1,440
15,220
2,603
90, 530
3,225
17, 999
1,436
441,443
6,830
63, 044
29, 064
1, 588, 710
32, 680
285, 962
13,189
62,418
18,597
103, 962
5,040
26,124
5,325
26, 326
8,591
44, 282
10, 256
59, 599
37, 478
116,714
148, 521
693, 071
337, 506
718, 420
147,104
162,518
252, 631
305, 066
1, 076, 837
4, 616, 225
142, 522
305, 365
70, 389
71,137
126, 929
159,100
381,515
1,980,178
13,339
71
1,898
28, 252
1,445
11,526
5,650
105
710
3,669
220
1,291
9,271
308
449
8,283
93
859
17,194
462
2,463
128, 077
3,408
41, 696
623
429
5,931
839
4,554
7,207
512
312
1,401
713
67
772
1,348
869
1,505
1,556
181
1,549
387
743
3,352
8,106
27, 343
40, 373
22, 291
53, 823
8,690
6,732
13,750
12, 521
24, 601
249, 003
1,489
266
3,627
3,810
1,599
13, 966
815
678
2,801
737
208
983
1,086
779
1,564
717
853
1,289
4,099
1,086
11,811
32, 961
7,409
59,125
1,379
20, 063
5,680
1,247
55, 686
10,506
809
6,751
2,469
970
7,159
1,331
2,553
12, 034
3,681
2,628
22,156
7,785
767
46, 588
9,046
13, 465
292,201
67,151
32, 504
86, 814
14, 323
11,388
21,697
35, 428
73, 397
472, 312
132, 309
272, 374
64, 756
66, 481
118,982
136,193
332,719
1, 756, 869
269
TABLE B-27.—Current operating revenue, and expenses, and dividends of national banks,
[Dollar amounts
Federal Reserve district
Boston
Taxes on net income:
Federal
$43,128
7,158
State
Total taxes on net income
1
New York
$61, 636
8,159
Philadelphia
Cleveland
Richmond
$23, 501
1
$55,067
$41, 320
686
50, 286
69, 795
23, 502
55, 067
42, 006
Net income before dividends
,
58, 970
127, 948
49, 596
98, 870
57, 015
Gash dividends declared:
On common stock
,
30,716
41
70,183
49
24, 028
2
46, 077
27, 086
On preferred stock
Total cash dividends declared
Net income after dividends
Occupancy expense of bank premises:
Salaries and wages of building employees:
Officers
Employees other than officers
Number of officers 2
Number of employees other than officers 2
Building officer and employee benefits
Recurring depreciation on bank premises and leasehold improvements
Maintenance, repairs, and uncapitalized alteration
costs of bank premises and leasehold improvements.
Insurance, utilities (heat, light, and water), etc
Rents paid on bank premises
Taxes paid on bank premises and leasehold improvements
Gross occupancy expense
Less:
Rental income from bank premises
Other credits
Total credits
Net occupancy expense
Memoranda items:
Recoveries credited to valuation reserves (not included in recoveries, above):
On securities
On loans
Losses charged to valuation reserves (not included in
losses, above):
On securities
On loans
Number of banks 2
Loans, gross
Securities
Capital stock (par value)
Capital accounts
See footnotes at end of table.
270
30, 757
70, 232
24, 030
46, 077
27, 086
28,213
57, 716
25, 566
52, 793
29, 929
107
2,727
10
932
436
113
4,455
10
1,356
841
32
2,432
11
1,103
270
65
5,653
9
1,897
630
50
2,800
6
1,320
312
3,457
10, 532
3,106
5,581
3,725
1,995
3,896
2,695
5,751
9,112
9,940
1,608
3,140
2,982
3,849
4,441
4,839
1,912
3,696
3,821
4,366
7,492
2,086
3,225
1,711
19, 679
48, 236
15, 656
28, 283
18, 027
3,388
104
5,584
196
2,410
148
7,998
219
3,502
5
3,492
5,780
2,558
8,217
3,507
16,187
42, 456
13,098
20, 066
14, 520
36
2,835
497
6,024
105
1,912
67
4,044
97
1,697
1,204
8,665
111
23, 207
18
5,901
3,568
7,930
450
4,918
312
402
220
3, 705, 023
1, 971, 235
174, 556
661, 868
9, 485, 773 3, 342, 054
6, 257, 332 2, 376, 991
504,100
160,180
1, 589, 476
611,199
364
5, 729, 061
4, 826, 469
321, 993
1,182, 034
304
3, 561, 305
2, 523, 069
167, 337
630,711
by major categories and Federal Reserve districts, year ended Dec. 31, 7962—Continued
in thousands]
Federal Reserve district—Continued
Atlanta
$49, 452
942
Chicago
St. Louis
Minneapolis
$94,167
693
$24,186
598
$24, 283
3,533
Kansas City
$46, 537
2,553
San Francisco
Dallas
$53, 786
21
$120,607
26,012
Total
$637, 670
50, 356
50, 394
94, 860
24, 784
27, 816
49, 090
53, 807
146,619
688, 026
81,915
177,514
39, 972
38, 665
69, 892
82, 386
186,100
1, 068, 843
31,032
10
72,109
100
16,168
17,120
25, 988
40,911
116,128
517, 546
202
31, 042
72, 209
16,168
17,120
25, 988
40,911
116,128
517, 748
50, 873
105, 305
23, 804
21, 545
43, 904
41, 475
69, 972
551,095
122
4,055
13
1,467
375
136
9,616
9
2,627
944
27
1,810
6
799
226
16
1,760
1
645
185
64
4,086
10
1,562
389
89
4,837
13
1,823
430
197
4,331
18
1,336
573
1,018
48, 562
116
16, 867
5,611
5,534
9,149
2,129
2,182
4,674
7,326
12,118
69, 513
3,256
5,048
6,710
6,698
8,871
11,799
1,236
2,345
2,500
1,414
2,914
4,196
2,554
3,550
6,545
3,719
5,836
6,055
12, 576
9,655
23, 052
46, 568
62, 504
85,134
5,629
7,959
2,121
2,273
2,990
10, 485
8,729
59, 066
30, 729
55,172
12, 394
14, 940
24, 852
38, 777
71, 231
377, 976
9,970
196
12, 376
385
1,950
5
4,618
363
9,250
382
20,164
614
7,887
300
89, 097
2,917
10,166
12, 761
1,955
4,981
9,632
20, 778
8,187
92, 014
20, 563
42,411
10, 439
9,959
15,220
17, 999
63, 044
285, 962
24
3,467
7
8,700
795
1,185
51
1,386
234
4,136
838
6,805
191
9,126
2,942
51,317
48
11, 388
442
18,611
598
4,766
6
4,005
28
9,102
19
16, 403
421
28, 679
7,579
143, 575
360
598
4, 899, 997 11,552,818
3, 745, 099 9, 277, 223
274,135
637, 407
906, 573 2, 005, 899
321
2, 490, 251
1, 880, 205
127, 380
471, 733
347
2, 422, 568
1, 758, 228
124, 959
411,936
635
4, 078, 776
3, 003, 936
227, 848
772, 278
530
5, 400, 452
3, 575, 671
354, 903
991, 361
110
4,503
15, 676,187
8, 894, 292
597, 657
2, 054, 237
72, 344, 265
50, 089, 750
3, 672, 455
12, 289, 305
271
TABLE B-27.—Current operating revenue, and expenses^ and dividends of national banks,
[Dollar amounts
Federal Reserve district
Item
Boston
Ratios:
To total current operating revenue:
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
All other current revenue
New York i
Philadelphia
Cleveland
Percent
Percent
Percent
Percent
Richmond
Percent
17.79
64.33
6.36
11.52
23.22
61.30
4.80
10.68
25.26
65.46
4.20
5.08
28.67
58.66
4.55
8.12
23.37
62.88
6.38
7.37
Current operating revenue, total
100. 00
100. 00
100. 00
100. 00
100. 00
Salaries, wages, and fees3
Interest on time and savings deposits
All other current expenses
27.60
13.10
23.05
23.54
25.23
21.97
24.46
26.80
20.93
23.26
24.49
20.85
27.03
19.34
21.85
63.75
70.74
72.19
68.60
68.22
36.25
29.26
27.81
31.40
31.78
5.74
2.98
5.47
3.14
5.74
3.11
5.50
3.19
5.88
3.08
68.61
33.78
17.62
49.11
25.38
13.93
50.86
30.96
15.00
52.37
30.71
14.31
63.24
34.07
16.19
18.09
8.91
4.65
15.57
8.05
4.42
13.33
8.11
3.93
14.26
8.36
3.90
16.78
9.04
4.29
Total current expenses
Net current earnings
To gross loans: Interest and discount on loans
To securities: Interest and dividends on securities. . .
To capital stock (par value):
Net current earnings
Net income before dividends
Cash dividends
To capital accounts:
Net current earnings.
Net income before dividends
Cash dividends
1
Includes 1 member bank in the Virgin Islands of the United States.
2
Number at end of year. Remaining figures include earnings, expenses, etc., of those banks which were in operation a part of
the 8
year but were inactive at the close of the year.
Exclusive of building employees.
NOTE.—The figures of loans, securities, capital stock, and capital accounts are averages of amounts reported for the June and
December call dates in the current year and the December call date in the previous year.
272
by major categories and States, year ended Dec. 31, 1962—Continued
in thousands]
Federal Reserve district—Continued
Atlanta
Chicago
St. Louis
Percent
Percent
Percent
24.73
61.28
7.00
6.99
27.82
60.27
4.18
7.73
Minneapolis
Percent
27.01
63.53
4.52
4.94
24.38
61.03
6.15
8.44
Kansas City
Dallas
San Francisco
Total
Percent
Percent
Percent
Percent
24.77
62.28
6.43
6.52
24.13
65.93
4.38
5.56
18.19
65.34
7.91
8.56
23.52
62.68
5.77
8.03
100.00
100. 00
100. 00
100. 00
100. 00
100.00
100. 00
100. 00
27.01
19.84
23.46
23.58
26.31
20.28
25.57
19.23
22.84
25.89
21.92
21.74
27.42
17.90
21.24
23.92
19.50
22.30
25.15
30.27
18.42
24.95
24.09
20.94
70.31
70.17
67.64
69.55
66.56
65.72
73.84
69.98
29.69
29.83
32.36
30.45
33.44
34.28
26.16
30.02
6.00
3.17
5.34
3.07
5.55
3.12
5.89
3.24
5.80
3.13
5.67
3.13
6.08
2.98
5.72
3.10
51.99
29.88
11.32
47.91
27.85
11.33
55.26
31.38
12.69
56.93
30.94
13.70
55.71
30.67
11.41
44.83
23.21
11.53
63.84
31.14
19.43
53.92
29.10
14.10
15.72
9.04
3.42
15.22
8.85
3.60
14.92
8.47
3.43
17.27
9.39
4.16
16.44
9.05
3.37
16.05
8.31
4.13
18.57
9.06
5.65
16.11
8.70
4.21
273
T A B L E B-28.—Current operating revenue and expenses, and dividends of national banks in the
[Dollar amounts
Banks operating throughout entire year with deposits
in December 1962, of—
Less than
$500.0
Number of banks
Total deposits
Capital stock (par value)
Capital accounts
Current operating revenue—
Interest and dividends on:
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges and other fees on banks' loans
Service charges on deposit accounts
Other service charges, commissions, fees, and collection and exchange charges.
Trust department
Other current operating revenue
$500.1 to
$750.0
$750.1 to
$1,000.0
28
49
362
$2,180
215
585
$17,080
1,025
2,723
$43,452
1,805
6,858
$559,817
18,161
72, 738
39
5
117
0
2
6
0
2
164
27
513
19
48
17
0
9
439
86
1,381
9
116
54
0
21
6,482
1,471
16, 037
98
1,372
633
43
209
797
2,106
26, 345
264
59
69
35
536
183
124
97
5,625
2,468
1,037
988
16
16
35
48
498
559
68
0
48
12
275
2
105
50
4,927
14
1,180
542
Total current operating revenue
Current operating expenses:
Salaries and wages:
Officers
Employees other than officers
Number of officers x
Number of employees other than officers *
Officer and employee benefits—pensions, hospitalization, social security,
insurance, etc
Fees paid to directors and members of executive, discount, and other committees.
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents, servicing, uncapitalized
costs, etc.
Other current operating expenses
124
Net current operating earnings
190
290
3,216
1,524
Total current operating expenses
19, 029
582
7,316
Recoveries, transfers from valuation reserves, and profits:
On securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
Transfers from valuation reserves
All other
178
40
10
438
164
98
Total recoveries, transfers from valuation reserves, and profits
87
928
1
4
0
71
70
5
120
11
10
Losses, chargeoffs, and transfers to valuation reserves:
On securities:
Losses on securities sold
Chargeoffs on securities not sold
Transfers to valuation reserves
On loans:
Losses and chargeoffs
Transfers to valuation reserves
All other
759
359
201
523
6,779
Total losses, chargeoffs, and transfers to valuation reserves
Net income before related taxes
See footnote at end of table.
274
$1,000.1 to
$2,000.0
1,465
50
United States and possessions operating throughout calendar 7962 by size of deposits, December 1962
in thousands]
Banks operating throughout entire year with deposits in December 7962, of—
$2,000.1 to
$5,000.0
$5,000.1 to
$10,000.0
$10,000.1 to
$25,000.0
$25,000.1 to
$50,000.0
$50,000.1 to
$100,000.0
$100,000.1 to
$500,000.0
Over
$500,000.1
Total
1,293
1,130
903
314
156
37
4,428
$4,458,118
119,290
491, 478
$8,018,767
196,052
775,198
$13, 851, 376
343, 464
1, 245,183
$11,036,865
288, 837
946, 708
$10, 793, 573
293, 632
929, 502
$34,285,146
903, 707
2, 948,198
$58, 918, 525
1, 560, 894
5, 225,156
$141, 984, 899
3, 727, 082
12, 644, 327
46, 855
14, 075
126, 289
885
12, 345
4,056
394
1,782
79,148
27, 084
228, 482
2,287
25, 343
6,716
1,367
3,204
133,599
46, 438
396, 326
5,031
50, 073
11,538
8,091
6,037
104, 075
32, 749
310, 046
5,015
36, 277
7,793
13,422
4,955
98,129
32, 293
300, 730
4,530
31, 040
7,638
26, 268
4,038
259, 289
88, 035
973, 447
18,492
85, 637
23, 509
70, 787
14, 635
398, 420
170, 733
1, 753, 783
37, 661
135,271
46, 445
121,603
68, 833
1,126, 639
412, 996
4,107,151
74, 027
377, 524
108, 405
241, 975
103, 725
206, 681
373, 631
657,133
514, 332
504, 666
1, 533, 831
2, 732, 749
6, 552, 442
34, 382
24, 258
4,890
7,979
49, 076
49, 046
5,990
15,533
71, 939
97, 693
7,714
29, 347
51,191
81,801
5,000
23, 892
46, 050
79, 299
4,057
22,199
122, 536
266,116
10, 793
70,112
172, 972
450, 053
15,331
103, 452
554, 619
1, 050, 991
55,023
273, 639
4,625
3,944
9,539
5,175
19,561
6,426
16, 086
3,313
17, 099
2,431
99, 572
2,318
219,982
28, 797
44,111
126
8,730
5,061
90, 300
200
16, 531
9,303
162,439
528
30, 690
16,910
129, 716
563
23, 868
12, 641
118,148
1,049
22, 520
11,740
52, 948
4,564
320, 271
6,924
66, 935
36, 218
707,185
23, 226
113,037
55,104
1, 577, 461
32, 632
283, 653
147, 582
150
24, 424
44, 437
80, 291
61, 905
67, 246
177,118
227, 405
686, 476
149, 661
273, 607
486, 477
381, 084
365, 582
1, 053, 630
1, 850, 872
4, 582,193
57, 020
100, 024
170, 656
133,248
139, 084
480, 201
881, 877
1, 970,249
2,198
100
225
6,248
397
512
16,306
562
1,794
12, 929
135
1,733
15,218
311
1,931
34, 823
135
15, 533
37, 635
1,714
19, 867
125, 550
3,394
41, 605
1,992
277
727
1,632
365
1,314
1,403
959
2,400
826
1,069
3,077
259
742
3,396
450
4,075
10, 735
739
19,685
18,283
7,833
27, 340
40, 034
5,519
10, 468
23, 424
19,769
21,857
65, 751
97, 923
245, 756
658
504
251
1,337
1,249
592
2,433
1,150
3,281
2,530
509
2,363
1,808
665
3,436
9,792
664
15,615
14,147
2,549
32, 522
32, 777
7,364
58, 065
3,450
5,069
1,781
2,954
11,198
4,113
2,347
23, 338
6,395
1,569
19, 577
4,804
518
24, 439
4,025
436
58,022
15, 447
703
148, 350
30, 046
12, 896
290, 367
66, 826
11,713
21,443
38, 944
31, 352
34, 891
99, 976
228, 317
468, 295
50, 826
89, 049
155,136
121, 665
126, 050
445, 976
751, 483
1,747,710
275
TABLE B-28.—Current operating revenue, and expenses, and dividends of national banks in the United
[Dollar amounts
Banks operating throughout entire year with deposits
in December 1962, of—
Less than
$500.0
Taxes on net income:
Federal
State
#500.7 to
$750.0
$750.1 to
$1,000.0
$12
0
$41
2
$138
11
Total taxes on net income
$1,000.1 to
149
Net income before dividends
374
Gash dividends declared:
On common stock
177
0
On preferred stock
56
Total cash dividends declared
177
197
Net income after dividends
Occupancy expense of bank premises:
Salaries and wages:
Officers
Employees other than officers
Number of officers x
Number of employees other than officers *
Building officer and employee benefits
,
Recurring depreciation on bank premises and leasehold improvements
Maintenance, repairs, and uncapitalized alteration costs of bank premises
and leasehold improvements
Insurance, utilities (heat, light, and water), etc
Rents paid on bank premises
Taxes on bank premises and leasehold improvements
Gross occupancy expense
50
Less:
Rental income from bank premises
Other credits
Total credits
Net occupancy expense
Memoranda items:
Recoveries credited to valuation reserves (not included in recoveries above):
On securities
On loans
Losses charged to valuation reserves (not included in losses above):
On securities
On loans
Average per bank:
Gross current operating revenue
Current operating expenses
Net current operating earnings
Net income before dividends
Per $100 of deposits:
Net current operating earnings
Net income before dividends
Per $100 of capital accounts:
Net current operating earnings
Net income before dividends
Gash dividends
2.34
1.74
1.11
.76
1.34
.86
8.72
6.50
1.03
6.98
4.77
2.06
8.49
5.45
2.58
1
Number at end of year.
NOTE.—The deposits, capital stock, and capital accounts shown in this table are as of end of period. Capital accounts represents the aggregate book value of capital stock, surplus, undivided profits, reserves and retirement fund for preferred stock.
276
States and possessions operating throughout calendar 1962 by size of deposits, December
1962—Continued
in thousands]
Banks operating throughout entire year with deposits in December 7962, of—
$5,000.1 to
$10,000.0
$10,000.1 to
$25,000.0
$13, 289
819
$26, 422
1,367
$51,439
2,310
$44, 367
1,653
$45, 701
1,722
$2,000.1 to
$5,000.0
$25,000.1 to
$50,000.0
$50,000.1 to
$100,000.0
$100,000.1 to
$500,000.0
$175,184
7,961
Over
$500,000.1
$273, 829
34, 369
Total
$632, 061
50, 298
14,108
27, 789
53, 749
46, 020
47, 423
183,145
308,198
682, 359
36,718
61, 260
101,387
75, 645
78, 627
262, 831
443, 285
1,065,351
13, 306
4
22, 994
2
38, 272
8
32, 069
41
32, 744
10
116, 632
100
515,027
202
515,229
13,310
22, 996
38, 280
32,110
32, 754
116,732
256, 895
37
256, 932
23, 408
38, 264
63,107
43, 535
45, 873
146, 099
186, 353
550,122
5
1,097
7
988
52
2,142
1
2,233
5
1,218
161
4,297
5
4,660
5
1,966
388
7,635
69
4,948
11
1,917
450
6,756
67
4,129
10
1,738
471
5,302
355
15,312
36
4,864
1,780
17, 716
499
15, 346
40
3,764
2,239
24, 722
1,00347, 833
115
16, 659
5,543
68, 80S
1,289
2,771
716
1,979
2,343
4,263
1,939
3,560
4,574
7,239
5,455
6,735
3,800
5,407
5,845
5,577
3,843
4,762
7,216
5,181
10, 786
16, 379
25, 507
17, 509
19,240
20, 751
37, 986
17, 787
46,116
62, 068
84, 76a
58, 641
10, 051
18,797
36, 691
32, 852
30, 971
105, 344
138, 570
374, 777
1,289
32
5,897
104
8,767
217
8,121
330
37,139
1,270
24, 620
913
88, 207
2,917
1,321
2,219
47
2,266
6,001
8,984
8,451
38,409
25, 533
91,124
8,730
16, 531
30, 690
23, 868
22, 520
66, 935
113,037
283, 653
40
2,160
69
4,281
69
6,438
265
4,196
306
4,135
1,792
11,461
401
18,401
2,942
51,278.
5
4,186
79
9,047
262
14, 548
214
10,104
371
12, 479
2,576
33,415
4,067
59, 253
7,574143, 362
160
116
44
28
331
242
89
54
728
539
189
112
1,638
1,214
424
241
3,364
2,437
927
524
9,832
6,754
3,078
1,685
73, 858
50, 024
23, 834
11,981
1, 480'
1,035
445
241
1.28
.82
1.25
.76
1.21
.69
1.29
.73
12.90
7.90
2.97
14.07
7.99
3.39
14.96
8.46
3.52
1.40
.77
16.29
8.91
3.96
1.50
.75
16.88
8.48
4.92
1.39
.75
11.60
7.47
2.71
1.23
.73
13.71
8.14
3.07
15. 58
8. 43.
4.07
277
TABLE B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 31, 1961 and 1962
[Dollar amounts in thousands]
7967
Number of banks
l
7962
4,513
4,503
$3, 466,166
$11,470,899
Capital stock, par value 2.
Capital accounts2
$3, 672, 455
$12, 289, 305
Amount
Current operating revenue:
Interest and dividends on:
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges and other fees on banks' loa.iS
Service charges on deposit accounts
Other service charges, commissions, fees, and collection and exchange
charges
Trust department
Other current operating revenue
Total current operating revenue
Current operating expenses:
Salaries and wages:
Officers
Employees other than officers
l
Number of officers
Number of employees other than officers x
Officer and employee benefits—pensions, hospitalization, social security,
insurance, etc
Fees paid to directors and members of executive, discount, and other
committees
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents, servicing, uncapitalized
costs, etc
Other current operating expenses
Total current operating expenses
Net current operating earnings
See footnotes at end of table.
278
Percent distribution
Amount
Percent distribution
SI, 030, 719
338, 217
3, 759, 347
62,196
351,460
17.31
5.68
63.13
1.05
5.90
$1,136, 543
414, 878
4,134, 522
74, 305
380, 402
17.23
6.29
62.68
1.13
5.77
98, 979
218, 765
95, 039
1.66
3.67
1.60
108, 978
242, 204
104, 571
1.65
3.67
1.58
5, 954, 722
100. 00
6, 596, 403
100. 00
520, 393
999, 493
13.09
25.14
559, 485
1, 057, 500
12.12
22.91
52, 304
266, 662
55, 421
275,139
203, 345
5.12
221, 232
4.79
27, 546
1,158, 544
19,259
264, 906
,69
29.14
.48
6.66
29,064
1,588,710
32, 680
285, 962
.63
34.42
.71
6.19
122, 276
659, 873
3.08
16.60
148, 521
693, 071
3.22
15.01
3, 975, 635
4, 616, 225
100. 00
1, 979, 087
1, 980,178
T A B L E B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 31, 1961 and 1962—
Continued
[Dollar amounts in thousands]
1962
1961
Amount
Recoveries, transfers from valuation reserves, and profits:
On securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
O n loans:
Recoveries
Transfers from valuation reserves
All other
Total losses, chargeoffs, and transfers to valuation reserves
Amount
$128, 077
3,408
41, 696
51.44
1.37
16.74
7,880
29, 321
29, 690
2.12
7.89
7.99
8,106
27, 343
40, 373
3.26
10.98
16.21
371,577
100. 00
249, 003
100. 00
22,720
16, 677
154,269
..
65.46
1.36
15.18
4.26
3.13
28.95
32, 961
7,409
59,125
6.98
1.57
12.52
16, 666
260,424
62, 050
3.13
48.88
11.65
13, 465
292, 201
67,151
2.85
61.86
14.22
532, 806
100.00
472, 312
100.00
Taxes on net income:
Federal
State
Total taxes on net income
Net income before dividends
Cash dividends declared:
On common stock
On preferred stock
Total cash dividends declared
Net income after dividends
1, 817,858
1, 756, 869
734, 565
41,092
Net income before related taxes
Percent distribution
$243,236
5,052
56, 398
Total recoveries, transfers from valuation reserves, and profits
Losses, chargeoffs, and transfers to valuation reserves:
O n securities:
Losses on securities sold
ChargeofFs on securities not sold
Transfers to valuation reserves
On loans:
Losses and chargeoffs
Transfers to valuation reserves
All other
Percent distribution
637, 670
50,356
775, 657
688, 026
1, 042, 201
1, 068, 843
485, 960
119
517, 546
202
486,079
517, 748
556,122
551,095
See footnotes at end of table.
696-055—63
19
279
TABLE B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 37, 1961 and 1962—
Continued
[Dollar amounts in thousands]
7962
Percent
to total
Amount
Occupancy expense of bank premises:
Salaries and wages:
Officers
Employees other than officers
$936
47, 290
Number of officers 1
Number of employees other than officers l
Building officer and employee benefits
Recurring depreciation on bank premises and leasehold improvements..
Maintenance, repairs, and uncapitalized alteration costs of bank premises
and leasehold improvements
Insurance, utilities (heat, light, and water), etc
Rents paid on bank premises
Taxes on bank premises and leasehold improvements
.26
13.35
110
16, 641
Percent
to total
$1,018
48, 562
.27
12.85
116
16, 867
5,378
64, 962
1.52
18.33
5,611
69,513
1.48
18.39
47, 045
58,198
75, 834
54, 695
13.28
16.42
21.40
15. 44
46, 568
62, 504
85,134
59, 066
12.32
16.54
22.52
15.63
354, 338
100. 00
377, 976
100.00
85, 869
3,563
24.23
1.01
89, 097
2,917
23.57
.77
Total credits
89, 432
25.24
92, 014
24.34
Net occupancy expense
264, 906
74.76
285, 962
75.66
Gross occupancy expense
Less:
Rental income from bank premises
Other credits
Memoranda items:
Recoveries credited to valuation reserves (not included in recoveries
above):
On securities
On loans
Losses charged to valuation reserves (not included in losses above):
On securities
On loans
Stock dividends (increases in capital stock)
5,552
44, 473
11,839
148, 099
165, 590
Ratios to current operating revenue:
Salaries, wages, and fees 3
Interest on time and savings deposits
All other current expenses
2,942
51, 317
7,579
143, 575
94,144
Percent
24.95
24.09
20.94
66.76
Total current expenses
Percent
25.99
19.45
21.32
69.98
14.02
4.24
14.10
4.21
Net current earnings
Ratio of cash dividends to capital stock (par value)
Ratio of cash dividends to capital accounts
1
Number at end of period. Remaining figures include
earnings, expenses, etc., of those banks which were in operation
a 2part of the year but were inactive at the close of the year.
Figures are averages of amounts reported for the June and
December call dates in the year indicated and the December
call date in the previous year.
3
Exclusive of building employees.
280
,
NOTE.—Earnings and dividendsfiguresfor 1869 to 1937 were
published for the years ended August 31 or June 30 and appear
in the table beginning on page 96 of the Comptroller's Annual
Report for 1937. Similiar figures for 1938 through 1941
appear in table 26 on page 136 of the 1941 report. Calendar
year figures are available, beginning with the year 1917, and
are published in the Comptroller's reports as follows: 1938, p.
100; 1940, p. 17; 1942, p. 34; 1943, p. 30; 1946, p. 98; 1949,
p. 100; 1951, p. 118; 1954, p. 142; 1957, p. 152; and 1960, p.
T A B L E B-30.—Number of national banks, capital stock and accounts, net profits, dividends, and ratios to capital accounts, years ended Dec. 31, 1930-62
[Dollar amounts in thousands.
For earlier data, see Annual Report of the Comptroller of the Currency, 1938, p. 115]
Capital stock (par value) *
Number
of banks
Capital
accountsx
Common
Total
$1, 724, 028
, 680, 780
, 597, 037
, 507, 834
I, 359, 573
,280,813
, 259, 027
, 285, 946
1, 310, 243
1, 320, 446
1, 328, 071
1, 341, 398
1, 354, 384
1, 372, 457
1,440,519
1, 536, 212
1, 646, 631
1, 736, 676
1, 779, 362
1, 863, 373
1, 949, 898
2, 046, 018
2,171, 026
2, 258, 234
2, 381, 429
2, 456, 454
2,558,111
2, 713, 145
2, 871, 785
3, 063, 407
3, 257, 208
3,464,126
3, 662, 603
$1, 724, 028
1, 680, 780
1, 597, 037
1, 600, 303
1, 709, 043
1, 791, 324
1, 706, 528
,591,788
, 577, 738
,561,521
, 532, 315
, 523, 454
1,511,123
., 508,170
,551,116
, 616, 884
., 699, 833
1, 769, 205
1, 804, 490
1, 884, 352
1, 965, 977
2, 058, 050
2,177, 888
2, 263, 746
2, 386, 226
2, 460, 621
2, 562, 055
2, 716, 931
2,875,117
3, 066, 632
3, 259, 258
3,466,166
3, 672, 455
Preferred
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
7,038
6,373
6,016
3 5,159
» 5, 467
5,392
5,331
5,266
5,230
5,193
5,150
5,123
5,087
5,046
5,031
5,023
5,013
5,011
4,997
4,981
4,965
4,946
4,916
4,864
4,796
4,700
4,659
4,627
4,585
4,542
4,530
4,513
4,503
n.a.
n.a.
n.a.
192, 469
349, 470
510,511
447, 501
305, 842
267, 495
241, 075
204, 244
182, 056
156, 739
135,713
110,597
80, 672
53, 202
32, 529
25, 128
20, 979
16, 079
12, 032
6,862
5,512
4,797
4,167
3,944
3,786
3,332
3,225
2,050
2,040
9,852
$3, 919, 950
3,753,412
3, 323, 536
2, 981, 678
2, 982, 008
3, 084, 092
3,143, 029
3, 206,194
3,281,819
3, 380, 749
3, 463, 862
3, 596, 865
3, 684, 882
3, 860, 443
4,114,972
4, 467, 718
4, 893, 038
5, 293, 267
5, 545, 993
5, 811, 044
6, 152, 799
6, 506, 378
6,875,134
7, 235, 820
7, 739, 553
7, 924, 719
8, 220, 620
8, 769, 839
9, 412, 557
10, 003, 852
10, 695, 539
11,470,899
12, 289, 305
1
Averages of amounts from reports of condition made in each year.
a Deficit.
8 Licensed banks, i.e., those operating on an unrestricted basis.
NOTE.—n.a.=not available.
Ratios
Cash dividends
Net profits before
dividends
$158,411
2
54, 550
2
164, 737
2
286,116
2
153, 451
158, 491
313, 826
228, 021
198, 649
251, 576
241, 465
269, 295
243, 343
350, 457
411,844
490, 133
494, 898
452, 983
423, 757
474, 881
537, 610
506, 695
561, 481
573, 287
741, 065
643,149
647,141
729, 857
889,120
800,311
1, 046, 419
1, 042, 201
1, 068, 843
On
preferred
stock
On
common
stock
n.a.
n.a.
n.a.
$558
10,103
18, 862
18, 166
11,532
9,378
8,911
8,175
7,816
6,683
6,158
5,296
4, 131
2,427
1,372
1,304
1,100
712
615
400
332
264
203
177
171
169
165
99
119
202
$211,272
193,196
135, 381
71,106
80, 915
94, 377
101, 850
110, 231
113,347
122, 267
125,174
124, 805
121,177
125, 357
139,012
151,525
167,702
182,147
192, 603
203, 644
228, 792
247, 230
258, 663
274, 884
299, 841
309, 532
329, 777
363, 699
392, 822
422, 703
450, 830
485, 960
517, 546
Cash dividends on
preferred
stock to
preferred
capital
Cash dividends on
common
stock to
common
capital
Percent
n.a.
n.a.
n.a.
0.60
2.89
3.69
4.06
3.77
3.51
3.70
4.00
4.29
4.26
4.54
4.79
5.12
4.56
4.22
5.19
5.24
4.43
5.11
5.83
6.02
5.50
4.87
4.49
4.52
5.07
5.12
4.83
5.83
2.05
Percent
12.25
11.49
8.48
4.72
5.95
7.37
8.09
8.57
8.65
9.26
9.43
9.30
8.95
9.13
9.65
9.86
10.18
10.49
10.82
10.93
11.73
12.08
11.91
12.17
12.59
12.60
12.89
13.41
13.68
13.80
13.84
14.03
14.13
Net profits before dividends
Total cash
dividends
to capital
accounts To capital To capital
accounts
stock
Percent
5.39
5.15
4.07
2.40
3.05
3.67
3.82
3.80
3.74
3.88
3.85
3.69
3.47
3.41
3.51
3.48
3.48
3.47
3.50
3.52
3.73
3.81
3.77
3.80
3.88
3.91
4.01
4.15
4.18
4.23
4.22
4.24
4.21
Percent
9.19
2
3. 25
2
10. 32
2
17. 88
2
8. 98
8.85
18.39
14.32
12.59
16.11
15.76
17.68
16.10
23.24
26.55
30.31
29.11
25.60
23.48
25.20
27.35
24.62
25.78
25.32
31.06
26.14
25.26
26.86
30.92
26.10
32.11
30.07
29.10
Percent
4.04
2
1.45
2
4. 96
2
9. 60
2
5.15
5.14
9.98
7.11
6.05
7.44
6.97
7.49
6.60
9.08
10.01
10.97
10.11
8.56
7.64
8.17
8.74
7.79
8.17
7.92
9.58
8.12
7.87
8.32
9.45
8.00
9.78
9.09
8.70
TABLE B—31.—Total loans of national banks, losses and recoveries on loans, and ratio of net losses or recoveries to loans,
by calendar years, 1943-62
[Dollar amounts in thousands]
Tear
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
Total loans end
of year
Losses and
chargeoffs
Recoveries
Ratio of tosses
Met losses or (or recoveries
recoveries ( + ) + ) to loans
Percent
+.10
+.08
+.06
.
. . . .
.
.
.
Average for 1943-62
$10,133, 532
11, 497, 802
13,948,042
17, 309, 767
21, 480, 457
23,818,513
23, 928, 293
29, 277, 480
32,423, 777
36,119,673
37, 944,146
39, 827, 678
43, 559, 726
48, 248, 332
50, 502, 277
52, 796,224
59, 961, 989
63, 693, 668
67, 308, 734
75, 548, 316
$43,101
41, 039
29, 652
44, 520
73, 542
1
50, 482
1
59, 482
1
45, 970
i 53, 940
i 52, 322
1
68, 533
i 67,198
i 68, 951
1
78, 355
i 74, 437
i 88, 378
i 80, 507
1
181,683
1
164, 765
1
157, 040
$52, 900
50, 348
37, 392
41,313
43, 629
2 31,133
a 26, 283
2
31, 525
2 31, 832
2
32, 996
2
36, 332
2
41, 524
2
39, 473
2
37, 349
2
39, 009
2
50, 205
2
54, 740
2
51, 506
2
52, 353
2
59, 423
$+9,799
+9, 309
+7, 740
3,207
29, 913
19, 349
33,199
14, 445
22,108
19, 326
32, 201
25,674
29, 478
41, 006
35, 428
38,173
25, 767
130,177
112,412
97, 617
.02
.14
.08
.14
.05
.07
.05
.08
.06
.07
.08
.07
.07
.04
.20
.17
.13
37, 966, 421
.. .
.
76,195
42, 063
34,132
.09
1
Excludes transfers to valuation reserves.
Excludes transfers from valuation reserves.
NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency 1947, p . 100.
2
TABLE B-32.—Total securities of national banks, losses and recoveries on securities and ratio of net losses or recoveries to
securities, by calendar years, 1943-62
[Dollar amounts in thousands]
Tear
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
. . .
..
.
. .
Average for 1943-62
1
3
Total securities
end of year
Losses and
chargeoffs
Recoveries
$37, 504,253
47,022, 329
55, 611, 609
46, 642, 816
44, 009, 966
40, 228, 353
44, 207,750
43, 022, 623
43, 043, 617
44,292, 285
44,210,233
48, 932,258
42, 857, 330
40, 503, 392
40, 981,709
46, 788, 224
42, 652, 855
43,852,194
49, 093, 539
51,705,503
$66, 008
67, 574
74, 627
74, 620
69,785
1
55, 369
1
23, 595
1
26, 825
1
57, 546
1
76, 524
1
119,124
1
49,469
1
152, 858
1
238, 997
1
151,152
1
67, 455
1
483, 526
1
154, 372
1
51, 236
1
47, 949
$59, 652
50, 302
54,153
33, 816
25, 571
2
25,264
2 7,516
2 11,509
2 6,712
2
9 , 259
2 8, 325
2
9, 286
2
15, 758
2
13, 027
2
5, 806
2
12, 402
2 18, 344
2 21,198
2
10, 604
2 6, 350
$6, 356
17, 272
20, 474
40, 804
44, 214
30,105
16, 079
15,316
50, 834
67, 265
110,799
40,183
137,100
225, 970
145, 346
55, 053
465,182
133,174
40, 632
41,599
Percent
0.02
.04
.04
.09
.10
.07
.04
.04
.12
.15
.25
.08
.32
.56
.35
.12
1.09
.30
.08
.08
44, 858,142
105,431
20,243
85,188
.19
Excludes transfers to valuation reserves.
Excludes transfers from valuation reserves.
NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p . 100.
282
Ratio of losses
Net losses or (or recoveries
recoveries ( + )+ ) to securities
TABLE B-33.—Foreign branches of national banks, Dec. 28, 1962 l
BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION,
SAN FRANCISCO, CALIF.:
Argentina: Buenos Aires.
England:
London.
London (West End).
Guam: Agana.
Japan:
Kobe.
Osaka.
Tokyo.
Yokohama.
Netherlands: Amsterdam.
Nigeria: Lagos.
Okinawa: Naha.
Pakistan: Karachi.
Philippines: Manila.
Thailand: Bangkok.
Truk Islands: Moen.
CONTINENTAL ILLINOIS NATIONAL BANK & TRUST CO. OF CHI-
CAGO, I I I . : England: London.1
FIRST NATIONAL BANK OF BOSTON, MASS.:
Argentina:
Avellaneda.
Buenos Aires.
Buenos Aires (Alsina).
Buenos Aires (Constitution).
Buenos Aires (Once).
Rosario.
Brazil:
Campinas.
Rio de Janeiro.
Santos.
Sao Paulo.
FIRST NATIONAL CITY BANK OF NEW YORK, N.Y.:
Argentina:
Buenos Aires.
Buenos Aires (Belgrano).
Buenos Aires (Flores).
Buenos Aires (Plaza Once).
Cordoba.
Lomas de Zamora.
Mendoza.
Rosario.
Bahamas: Nassau.
Belgium: Brussels.
Brazil:
Belo Horizonte.
Brasilia.
Campinas.
Curitiba.
Porto Alegre.
Recife.
Rio de Janeiro.
Salvador.
Santos.
Sao Paulo (Avenida Ipiranga).
Sao Paulo (Praca Antonio Prado).
Canal Zone: Balboa.
Chile:
Valparaiso.
Colombia:
Barranquilla.
Bogota.
Cali
Medellin.
Dominican Republic: Santo Domingo.
Ecuador: Guayaquil.
1
Excludes banking facilities at military establishments.
NOTE.—For consolidated statement of the assets and liabilities
of the above-named branches for Dec. 28,1962, see table B-34.
FIRST NATIONAL CITY BANK OF NEW YORK, N.Y.—Continued
England:
London.
London (Berkeley Square Branch).
France: Paris.
Germany: Frankfurt am Main.
Hong Kong:
Hong Kong.
Hong Kong (Kowloon Section).
India:
Bombay.
Calcutta.
Madras.
Italy: Milan.
Jamaica: Kingston.
Japan:
Nagoya.
Osaka.
Tokyo.
Yokohama.
Lebanon: Beirut.
Malaya: Kuala Lumpur.
Mexico:
Mexico City:
Isabel la Catolica.
Parque San Martin.
Paseo de la Reforma.
Republica.
Pakistan: Karachi.
Panama:
Colon.
Panama City.
Panama City (Hotel El Panama Hilton).
Panama City (La Exposicion).
Paraguay:
Asuncion.
Asuncion (Guarani Hotel).
Asuncion (Peru Esquina Pettirossi).
Peru: Lima.
Philippines:
Cebu City.
Clark Field.
Manila.
Manila (Port Area Branch).
Puerto Rico:
Arecibo.
Bayamon.
Caguas.
Mayaguez.
Mayaguez (Plaza de Colon).
Ponce.
San Juan.
San Juan (Hato Rey).
San Juan (New Port Area).
San Juan (Rio Piedras).
San Juan (Santurce).
Saudi Arabia: Jeddah.
Singapore:
Singapore (Raffles Quay).
Singapore (Orchard Road).
Uruguay:
Montevideo.
Montevideo (Pocitos).
Venezuela:
Caracas.
Caracas (Miranda).
Maracaibo.
Valencia.
VIRGIN ISLANDS NATIONAL BANK, CHARLOTTE AMALIE," ST.
THOMAS, VIRGIN ISLANDS:
British Virgin Islands: Road Town (Tortola Island).
283
TABLE B-34.—Assets and liabilities of foreign branches of national banks, Dec. 28, 1962: consolidated statement*
[Dollar amounts in thousands]
Number of branches.
Ill
Loans and discounts, including overdrafts
$1,125, 732
Securities
58, 628
Currency and coin
28, 502
Balances with other banks and cash items in process
of collection
395, 395
Due from head office and branches
172, 725
Real estate, turniture, and
fixtures
20, 750
Customers' liability on account of acceptances...
183,179
Other assets
23, 567
Total assets
2,008, 478
* Excludes figures for banking facilities at military establishments.
NOTE.—For location of foreign branches, see table B-33.
284
LIABILITIES
Demand deposits of individuals, partnerships, and
corporations
Time and savings deposits of individuals, partnerships, and corporations
Deposits of U.S. Government
State and municipal deposits
Deposits of banks
Other deposits (certified and officers' checks, etc.).
$560, 682
669,741
159, 696
20, 378
355, 546
16, 669
Total deposits
1,782,712
606
Due to head office and b r a n c h e s 3 3, 606
Rediscounts and other liabilities for borrowed
7,439
money
Acceptances executed by or for account of reporting branches and outstanding
183, 543
Other liabilities
31,178
Total liabilities
2,008,478
TABLE B-35.—Assets and liabilities of commercial banks in the District of Columbia, by type of bank, Dec. 28, 1962
[Dollar amounts in thousands]
Total all
banks
Number of banks.
Loans and discounts:
Real estate loans:
Secured by farm land
Secured by residential properties:
Insured by Federal Housing Administration
Insured or guaranteed by Veterans' Administration
Not insured or guaranteed by FHA or VA
Secured by other properties
Loans to financial institutions:
Domestic commercial and foreign banks
Other
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities
Loans to farmers directly guaranteed by the Commodity Credit Corporation
Other loans to farmers (excluding loans on real estate)
Commercial and industrial loans (including open market paper)
Other loans to individuals for personal expenditures:
Passenger automobile installment loans
Other retail consumer installment loans
Residential repair and modernization installment loans
Other installment loans for personal expenditures
Single-payment loans for personal expenditures
All other loans
Overdrafts
National
banks
Nonnational
banks
12
$210
$60
$150
13, 571
29, 378
125, 757
96, 685
9,749
18, 875
71, 039
59, 111
3,822
10, 503
54, 718
37, 574
37, 448
131, 827
14, 966
6,859
1,982
93
232,221
22, 448
79, 885
3,228
2,209
1,982
36
133, 913
15,000
51, 942
11,738
4,650
67, 530
22, 268
26,134
48,255
92, 584
20, 748
360
28,235
4,761
10,411
12, 789
40, 965
10, 654
190
39,295
17, 507
15, 723
35,466
51,619
10,094
170
Total gross loans
Less valuation reserves
968> 876
8,353
510, 540
6,647
458, 336
1,706
Net loans
960, 523
503, 893
456, 630
64,859
39, 250
22,099
19,194
42, 760
20,056
28, 887
123,036
10, 656
61, 508
18,231
61, 528
6,784
17, 239
143, 296
102, 079
917
5,188
15,174
102, 992
59, 686
600
1,596
2,065
40, 304
42, 393
317
526, 347
282
297,097
31
229, 250
251
526, 629
66,056
11,484
2,993
297,128
39, 904
5,581
1,923
229, 501
26,152
5,903
1,070
607,162
344, 536
262, 626
112,856
54, 571
1,548
945
35, 013
143,473
70, 342
35, 789
1,081
770
19, 686
72, 750
42, 514
18, 782
467
175
15, 327
70, 723
348,406
200, 418
147, 988
Securities:
U.S. Government obligations, direct and guaranteed:
Direct obligations:
Treasury bills
Treasury certificates of indebtedness
Treasury notes:
Maturing within 1 year
Maturing after 1 year
U.S. nonmarketable bonds (savings, investment series A—1965, B—1975—80,
and depositary bonds)
Other bonds maturing within 1 year
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 years
Other bonds maturing after 10 years
Total
Securities guaranteed by U.S. Government.
Total.,
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank.,
Total securities..
Cash, balances with other banks, including reserve balances and cash items in process
© collection:
f
Cash items in process of collection, including exchanges for clearinghouse
,
Demand balances with banks in the United States
Other balances with banks in United States
Balances with banks in foreign countries
Currency and coin
Reserve with Federal Reserve bank and approved reserve agencies
Total cash, balances with other banks, etc.,
57
98, 308
285
TABLE B-35.—Assets and liabilities of commercial banks in the District of Columbia, by type of bank, Dec. 28, 1962—Con.
[Dollar amounts in thousands]
Total all
banks
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises or other real estate..
Customers' liability on acceptances outstanding
Other assets
$24, 854
492
3,923
12
6,363
National
banks
$17, 579
258
2,875
1,951,735
Total assets.
1,069,559
1,100,211
605, 322
27,819
34, 551
289
64, 776
24, 899
23,107
189
45, 245
LIABILITIES
Demand deposits:
Individuals, partnerships, and corporations
Foreign governments and official institutions, central banks and international institutions
U.S. Government
States and political subdivisions
Commercial banks in United States
Mutual savings banks in United States
Banks in foreign countries
Certified and officers' checks (including dividend checks), letters of credit, and
travelers' checks sold for cash
Total time and savings deposits.
Total deposits
Mortgages or other liens on bank premises and other real estate
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and outstanding..
Other liabilities
3,054
8,362
1, 249, 254
Total demand deposits.
Time and savings deposits:
Savings
Accumulated for payment of personal loans
Other time deposits of individuals, partnerships, and corporations
Foreign governments and official institutions, central banks, and international institutions
U.S. Government
Postal savings
States and political subdivisions
Commercial banks in United States
Mutual savings banks in United States
Banks in foreign countries
4,747
16, 861
710, 178
369, 947
19,188
101,713
185, 908
3,091
53, 045
20, 062
15, 547
479
186
13,332
9,293
479
527,122
265,148
1, 776, 376
975,326
CAPITAL ACCOUNTS
Capital stock: Common stock.
Surplus
Undivided profits
Reserves
12, 420
1,811,820
Total liabilities.
12
35, 432
987, 746
m
36, 682
74, 773
21,565
6,895
Total capital accounts
22,097
41,183
14, 207
4,326
139,915
Total liabilities and capital accounts
81,813
1,951,735
1, 069, 559
148, 206
53,147
MEMORANDUM
pledged or assigned to secure liabilities and for other purposes (including notes
and bills rediscounted and securities sold with agreement to repurchase)
286
Nonnational
banks
T A B L E B-36.—Assets and liabilities of all commercial banks in the District of Columbia at date of each call during the year
ended Dec. 37, 1962
[Dollar amounts in thousands]
Mar. 26, 7962
June 30, 1962
Sept. 28, 1962
11 banks
11 banks
11 banks
Dec. 28, i
12 banks
Total assets
$838, 239
543,199
366
56, 287
12, 243
2,787
$869, 383
542, 363
371
58, 450
11,565
2,787
$891, 369
529, 923
380
58, 331
12, 434
2,877
$960, 523
526, 347
282
66, 056
11,484
2,993
142, 491
31,144
158,762
27, 295
160, 623
25, 678
143, 473
35,013
135,181
23, 882
412
150, 963
23, 868
334
154,174
24, 281
450
169, 920
24, 854
492
3,923
28
6,356
4,038
47
6,902
3,923
6
7,678
3,923
12
6,363
1, 796, 538
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve b a n k . . . .
Reserve with Federal Reserve bank and approved reserve
agencies
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
1, 857,128
1, 872,127
1, 951, 735
1, 048, 743
1, 063, 337
1,055,664
1,128, 030
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and
corporations
Postal savings deposits
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
457, 529
479
55, 321
151
61, 330
12, 099
7, 635, 652
1, 160, 494
475, 158
0
484, 266
479
66, 514
99
62, 766
16, 520
1, 693, 981
1, 192, 423
507, 558
0
495, 872
479
64, 990
133
62, 947
16, 679
7, 696, 764
1, 784, 767
572, 603
8,200
510, 910
479
50, 098
475
69, 523
16,861
7, 776, 376
1, 249, 254
527, 722
0
47
30, 441
7
31,180
12
35, 432
1, 666, 579
Total liabilities
28
30, 899
1, 724, 469
1, 736,151
1,811,820
34,182
68, 923
20, 577
6,277
34, 182
68, 923
23, 224
6,330
34, 682
71,473
23, 451
6,370
36, 682
74, 773
21, 565
6,895
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
129, 959
132,659
135,976
139,915
1, 796, 538
1, 857,128
1, 872,127
1, 951, 735
121, 724
150,187
144, 909
148, 206
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
696-055—63
20
287
TABLE B-37.—Assets and liabilities of nonnational banks in the District of Columbia at date of each call during the year
ended Dec. 31, 1962
[Dollar amounts in thousands]
Mar. 26, 1962
7 banks
Sept. 28, 1962
Dec. 28, 1962
7 banks
June 30, 1962
7 banks
$415, 840
233, 003
252
20, 707
5,939
1,007
$421, 335
231, 683
261
22,449
6,598
1,067
$456, 630
229, 250
251
26,152
5,903
1,070
72,150
15, 357
66, 252
13, 032
69, 740
11,614
70, 723
15, 327
46, 928
7,222
179
57, 557
7,292
222
67, 789
7,272
224
61, 938
7,275
234
3,923
28
3,644
3,923
47
4,107
3,923
6
4,663
3,923
12
3,488
829,180
848, 624
882,176
468, 263
457,148
466,107
497, 809
227, 982
22, 447
23
18, 706
4,753
742, 174
507,030
235, 144
0
244, 817
25, 792
26
18,102
7,297
753, 182
501, 402
251, 780
0
249, 468
27,194
25
20, 036
7,663
770, 493
514, 772
255, 721
200
255, 534
17, 698
286
21, 224
8,499
801, 050
539,076
261, 974
0
28
19,313
47
18, 742
7
19, 382
12
23, 012
761,515
Total assets
$402, 293
238, 697
251
18, 728
6,917
1,007
817, 324
Loans and discounts (including overdrafts)
U.S. Government securities, direct obligations
Obligations guaranteed by U.S. Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stock of Federal Reserve bank
Reserve with Federal Reserve bank and approved reserve
agencies.
Currency and coin
Balances with other banks, and cash items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances outstanding
Other assets
771, 971
790, 082
824, 074
14, 585
29, 990
8,713
2,521
14, 585
29, 990
10, 089
2,545
14, 585
32, 040
9,359
2,558
14, 585
33, 590
7,358
2,569
LIABILITIES
Demand deposits of individuals, partnerships, and corporations.
Time and savings deposits of individuals, partnerships, and
corporations
Deposits of U.S. Government
Deposits of States and political subdivisions
Deposits of banks
Certified and officers' checks, etc
Total deposits
Demand deposits
Time and savings deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and
outstanding
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital stock: Common stock
Surplus
Undivided profits
Reserves
Total capital accounts
Total liabilities and capital accounts
55, 809
57, 209
58, 542
58,102
817, 324
829,180
848, 624
882,176
67, 310
71, 928
80, 267
95, 059
MEMORANDUM
Assets pledged or assigned to secure liabilities and for other
purposes
288
TABLE B-38.—Current operating revenue, and expenses, and dividends of all commercial banks in the District of Columbia, years ended Dec. 31, 1961 and 1962
[Dollar amounts in thousands]
Total
1962
National banks
1961
1962
1961
Nonnational banks
1962
1961
Number of banks*
Capital stock, par value 2 .
Capital accounts 2
Current operating revenue:
Interest and dividends on:
U.S. Government obligations
Other securities
Interest and discount on loans
Service charges and other fees on banks' loans
Service charges on deposit accounts
Other service charges, commissions, fees, and collection and exchange charges.
Trust department
Other current operating revenue
Total current operating revenue
Current operating expenses:
Salaries and wages:
Officers
Employees other than officers
Number of officers *
Number of employees other than officers *
Officer and employee benefits—pensions, hospitalization, social security, insurance, etc...
Fees paid to directors and members of executive, discount, and other committees
Interest on time and savings deposits
Interest and discount on borrowed money
Net occupancy expense of bank premises
Furniture and equipment—depreciation, rents, servicing, uncapitalized costs, etc
Other current operating expenses
Total current operating expenses.
Net current operating earnings
See footnotes at end of table.
$34, 482
133,493
$32, 352
124, 621
$20, 430
76, 637
$19, 570
71,114
$14, 052
56, 856
$12, 782
53, 507
16, 470
2,227
47, 709
1,155
5,454
1,050
4,722
526
14,136
1,703
43, 522
685
5,182
993
4,436
409
9,029
1,048
23, 947
695
2,632
495
1,816
293
7,899
877
22,415
335
2,533
422
1,723
229
7,441
1,179
23, 762
460
2,822
555
2,906
233
6,237
826
21,107
350
2,649
571
2,713
180
79,313
71, 066
39, 955
36, 433
39, 358
34, 633
6,761
13,615
6,469
12, 992
3,690
7,027
3,571
6,587
3,071
6,588
2,898
6,405
528
3,499
500
3,148
289
1,798
274
1,667
239
1,701
226
1,481
1,807
437
15, 082
134
3,918
1,614
9,114
1,722
419
10, 188
58
3,799
1,437
8,577
848
230
7,718
56
1,863
958
4,154
791
226
5,324
22
1,802
863
3,909
959
207
7,364
78
2,055
656
4,960
931
193
4,864
36
1,997
574
4,668
52, 482
45, 661
26, 544
23, 095
25, 938
22, 566
26, 831
25, 405
13,411
13,338
13,420
12,067
CO
TABLE B-38.—Current operating revenue, and expenses, and dividends of all commercial banks in the District of Columbia, years ended Dec. 31, 1961 and
1962—Continued
o
[Dollar amounts in thousands]
1962
Recoveries, transfers from valuation reserves, and profits:
O n securities:
Profits on securities sold or redeemed
Recoveries
Transfers from valuation reserves
On loans:
Recoveries
Transfers from valuation reserves
. .
All other
1961
1962
1961
.
.
....
Occupancy expense of bank premises:
Salaries and wages:
Officers
Employees other than officers1
Number of officers * . . . . . ;
Number of employees other than officers *
Building officer and employee benefits
.
. . .
Recurring depreciation on bank premises and leasehold improvements
Maintenance, repairs, and uncapitalized alteration costs of bank premises and leasehold
improvements
Insurance, utilities (heat, light, and water), etc
Rents paid on bank premises
Taxes on bank premises and leasehold improvements
$602
15
$510
1
$436
3
71
$426
59
34
510
11
1,247
56
15
467
40
17
36
44
34
43
1,540
1,931
993
603
547
12
7
128
.
$936
1
2,534
Total losses, chargeoffs, and transfers to valuation reserves
expense
1962
51
1,264
92
..
Total recoveries, transfers from valuation reserves, and profits
Gross occupancy
1961
$1, 038
18
71
Losses, chargeoffs, and transfers to valuation reserves:
On securities:
Losses on securities sold
Chargeoffs on securities not sold
Transfers to valuation reserves .
.
O n loans:
Losses and chargeoffs
Transfers to valuation reserves
AU other
Net income before related taxes
Taxes on net income: Federal
Net income before dividends
Gash dividends declared
Net income after dividends
Nonnational banks
National banks
Total
3
161
126
1
159
12
7
128
2
2
126
177
1,613
491
222
1,612
461
177
635
152
222
506
163
978
339
1,106
298
2,428
2,585
1,317
1,564
1,111
1,021
26, 937
12, 520
14, 417
6,581
7,836
24, 360
11,720
12, 640
6,181
6,459
14, 025
6,218
7,807
3,548
4,259
12, 767
5,945
6,822
3,437
3,385
12, 912
6,302
6,610
3,033
3,577
11,593
5,775
5,818
2,744
3,074
15
998
15
932
15
584
15
526
0
414
0
406
2
315
2
304
2
184
2
185
0
131
0
119
88
732
64
742
49
478
38
461
39
254
26
281
439
603
1,298
547
525
701
1,155
522
247
297
164
292
312
370
75
273
192
306
1,134
255
213
331
1,080
249
4,720
4,656
2,126
2,070
2,594
2,586
Less:
Rental income from bank premises
Other credits
Total credits
Net occupancy expense
Memoranda items:
Recoveries credited to valuation reserves (not included in recoveries above): On loans....
Losses charged to valuation reserves (not included in losses above): On loans
772
30
772
85
263
0
857
263
268
539
589
3,799
1,863
1,802
2,055
1,997
209
1,075
152
1,495
133
544
89
1,123
76
531
63
372
All other current expenses
Percent
21.40
19.31
19.72
Total current expenses
66.17
64.25
33.83
35.75
19.09
4.93
19.11
4.96
Ratio of cash dividends to capital stock (par value)
Ratio of cash dividends to capital accounts
1
Percent
Percent
Percent
Percent
Percent
27.42
14.04
23.70
28.50
14.61
20.28
25.07
18.71
22.12
66.43
63.39
65.90
65.16
33.57
36.61
34.10
34.84
17.37
4.63
17.56
4.83
21.58
5.33
21.47
5.13
Number at end of period.
Figures are averages of amounts reported for the June and December call dates in the year indicated and the December call date in the previous year.
* Exclusive of building employees.
8
517
72
802
27.97
14.34
21.94
Net current earnings
509
30
3,918
26.24
19.02
20.91
Ratios to current operating revenue:
Salaries wages and fees '
255
13
TABLE B-39.—All commercial banks in the District of Columbia: number of banks, capital stock, capital funds, interest and dividends, and ratios to capital
accounts, years ended December 7930-62
[Dollar amounts in thousands]
Interest CLTUI cosh dividends
Capital*
Number
of banks
1930...
1931...
1932...
1933...
1934...
1935...
1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958....
1959
I960....
1961....
1962
1
39
39
34
21
22
22
22
22
22
22
22
22
22
22
21
21
20
19
19
19
19
19
19
19
17
17
17
16
13
12
12
11
12
m
Capital Preferred Common
notes and stock (par stock (par
value)
value)
debentures
$0
0
0
300
1,340
1,790
1,536
1,419
1,303
1,295
999
604
454
400
123
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net prof •{
On
Capital its before
On preaccounts* dividends capital
notes and ferred
stock
debentures
m.
Total
$0 $24, 008 $24, 008 $52, 638
0 23, 328 23,328 52, 066
0 23,072 23,072 50, 062
0 19,216 19,516 41,119
18,345 21,260 39, 849
1,575
18, 235 21, 675 40,843
1,650
18, 243 21, 429 42, 263
1,650
18,250 21,223 44,365
1,554
18, 060 20, 718 45, 481
1,355
17, 300 19, 803 46, 966
1,208
17, 338 19, 625 48,191
1,288
17, 490 19,224 49, 499
1,130
969 17, 669 19,092 50,425
794 17, 768 18, 962 51,447
317 17, 616 18,056 52, 301
34 17, 833 17,867 55,255
0 19, 783 19, 783 61,601
0 20, 750 20,750 65, 468
0 20, 933 20, 933 67, 653
0 21,017 21,017 69, 635
0 21,467 21,467 73, 451
0 22, 333 22, 333 78, 295
0 22,833 22,833 81,881
0 23, 000 23, 000 85, 707
0 24, 610 24, 610 90,209
0 27,440 27, 440 96,050
0 30, 213 30,213 107, 318
0 31, 307 31, 307 112,236
0 30, 637 30, 637 110,950
0 29, 919 29, 919 110,021
0 30, 826 30,826 115,614
0 32, 352 32, 352 124,621
0 34, 482 34, 482 133, 493
$2, 983
1,514
8
1,218
2
2,186
2
416
2,501
3,744
2,966
2,480
3,455
2,986
3,283
2,436
2,468
3,573
5,485
5,438
4,991
3,589
5,083
6,361
5,800
6,446
7,143
6,773
7,388
7,708
7,013
6,462
9,158
11,165
12, 640
14, 417
Averages of amounts from reports of condition made in each year.
$0
0
0
0
31
77
58
47
41
40
28
24
11
17
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
» Deficit.
$0
0
0
0
34
68
68
59
50
47
56
42
38
31
16
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ratios
Interest
Total
Cash
Cash
on capital dividends dividends interest
on com- and cash
On com- notes and on predividends
mon
mon stock debentures ferred
to capital stock to stock to to capital
notes and preferred CQVfittXQft accounts
capital
debentures capital
$2, 755
2,648
2,278
1,006
901
996
,083
1,194
,248
,379
1,416
1,442
,439
1,432
,557
i;610
1,902
2,198
2,412
2,653
2,912
3,014
3,068
3,166
3,553
3,941
4,449
4,635
4,839
5,090
5,579
6,181
6,581
Percent
0
0
0
0
2.31
4.30
3.78
3.31
3.15
3.09
2.80
3.97
2.42
4.25
4.88
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Petcent
0
0
0
0
2.16
4.12
4.12
3.80
3.69
3.89
4.35
3.72
3.92
3.90
5.05
2.94
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Percent
11.48
11.35
9.87
5.24
4.91
5.46
5.94
6.54
6.91
7.97
8.17
8.24
8.14
8.06
8.84
9.03
9.61
10.59
11.52
12.62
13.57
13.50
13.44
13.77
14.44
14.36
14.73
14.80
15.79
17.01
18.10
19.11
19.09
Percent
5.23
4.09
4.55
2.45
2.42
2.79
2.86
2.93
2.94
3.12
3.11
3.05
2.95
2.88
3.02
2.92
3.09
3.36
3.57
3.81
3.96
3.85
3.75
3.69
3.94
4.10
4.15
4.13
4.36
4.63
4.83
4.96
4.93
Net profits before
dividends
To
capital
stock
To
capital
accounts
Percent
12.43
6.49
»5.28
M l . 20
2
1.96
11.54
17.47
13.98
11.97
17.45
15.22
17.08
12.76
13.02
19.79
30.70
27.49
24.05
17.15
24.19
29.63
25.97
28.23
31.06
27.52
26.92
25.51
22.40
21.09
30.61
36.22
39.07
41.81
Percent
5.67
2.91
2
2. 43
2
5. 32
2
1.04
6.12
8.86
6.69
5.45
7.36
6.20
6.63
4.83
4.80
6.83
9.93
8.83
7.62
5.31
7.30
8.66
7.41
7.87
8.33
7.51
7.69
7.18
6.25
5.82
8.32
9.66
10.14
10.80
T A B L E B - 4 0 . — T o t a l loans of banks in the District
of Columbia, losses and recoveries on loans, and ratio of net losses or
recoveries to loans, by calendar years
1943-62
ALL BANKS
[Dollar amounts in thousands]
Total loans
end of year
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
. . .
.
. .
.*.
. .
. . .
. .
. . .
Average for 1943-62
. . . .
.
. . .
Losses and
chargeoffs
$106, 789
110,479
125, 302
175, 340
242, 755
270, 963
285, 399
347, 853
372, 607
420, 060
446, 861
501,630
579, 680
631,394
650,210
670,206
712, 426
772, 944
825, 906
960, 523
$237
600
195
184
303
1395
1574
1382
M75
1393
1579
1335
1360
'423
1477
H21
1443
1599
11,717
11,252
$297
434
300
483
529
2
211
2
304
2 539
2 315
2
253
2
406
2
162
2
243
2 173
2
212
2
140
2
132
2
179
2
211
2
260
+$60
166
+105
+299
+226
460, 466
Tear
518
289
229
$133
110
66
62
133
1264
1261
1166
1298
1279
1288
M39
1206
64
83
138
118
103
175
147
1,019
400
.02
.02
.04
.03
.03
.04
.04
.23
.08
128
.05
Recoveries
Net losses or Ratio of losses
recoveries ( + ) (or recoveries
+ ) to loans
184
270
+ 157
160
140
173
173
117
250
265
287
311
420
1,506
992
Percent
+0.06
15
+.08
+ .17
+ 09
.07
.09
+ .05
.04
.03
.04
.03
02
.04
.04
.04
.04
.05
.18
.10
.05
NATIONAL BANKS
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
.
.
.
.
.
.
.
. .
. .
Average for 1943-62
$51, 534
55,181
67, 807
96, 720
131, 989
145, 299
145, 982
183, 547
199,131
226, 337
245 151
300, 865
347, 098
378, 746
396,165
376, 878
388, 955
414, 033
440, 917
503, 893
1252
M70
1238
1241
11,123
*544
$113
141
112
211
230
2
100
2
93
2
180
2
191
2
102
2
289
2 75
2 123
2
103
2
134
2
67
2
63
2 94
2
104
2
144
254,811
261
133
$20
+31
+46
+149
+97
164
168
+ 14
107
177
+1
0.04
+.06
+ 07
+.15
+ .07
.11
.11
+ .01
05
08
See footnotes at end of table.
293
T A B L E B-40.— Total loans of banks in the District of Columbia, losses and recoveries on loans, and ratio of net losses or
recoveries to loans, by calendar years
1943-62—Continued
NONNATIONAL BANKS
[Dollar amounts in thousands]
Tear
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957 .
1958
1959
I960
1961 .
1962
. .
Average for 1943-62
Total loans
end of year
Losses and
chargeoffs
Recoveries
$55, 255
55, 298
57,495
78, 620
110, 766
125, 664
139, 417
164, 306
173, 476
193,723
201, 710
200, 765
232, 582
252, 648
254, 045
293, 328
323, 471
358,911
384, 989
456, 630
$104
490
129
122
170
U31
1313
1216
1177
H14
1291
1196
1154
1182
1225
1257
1205
1358
1594
1708
$184
293
188
272
299
Mil
2
211
2
359
2
124
2
151
205, 655
257
294
+$80
Percent
87
120
2 70
2 78
2
73
2
69
2
85
2
107
2
116
197
+59
+150
+129
20
102
+ 143
53
+37
174
109
34
112
147
184
136
273
487
592
+0.14
.36
+.10
+.19
+ .12
.02
.07
+.09
.03
+.02
.09
.05
.01
.04
.06
.06
.04
.08
.13
.13
156
101
.05
any
2
2
1 Excludes transfers to valuation reserves.
Excludes transfers from valuation reserves.
NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p. 109.
8
Net losses or Ratio of losses
recoveries ( + ) {or recoveries
+ ) to loans
T A B L E B - 4 1 . — T o t a l securities of banks in the District of Columbia, losses and recoveries on securities, and ratio of net losses
or recoveries to securities, by calendar years, 1943-62
ALL BANKS
[Dollar amounts in thousands]
Total securities end of
year
Year
Losses and
chargeoffs
Recoveries
Ratio of losses
Net losses or (or recoveries
recoveries + ) to securities
(+)
Percent
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
.
.
.
. .
.
Average for 1943-62
. . .
.
.
$433, 694
549, 977
719,103
621,710
547,104
509, 545
534, 759
575, 500
601,232
570, 881
548, 393
575, 323
543, 452
521, 085
514, 639
594, 931
546, 385
521, 657
571,532
607,162
$770
639
299
205
347
1201
1126
1169
1757
1711
1634
M64
1509
11, 224
1518
1889
11, 375
1671
M64
119
$590
459
278
125
83
2
88
2
2
2
2
2210
1
2
18
$180
180
21
80
264
113
124
167
757
703
563
130
508
1,224
517
889
1,375
661
163
1
560, 403
520
89
431
$641
231
182
97
166
$469
250
173
76
16
2
80
2
1
$172
2
8
2 71
2 34
2
1
21
0.04
.03
.002
.01
.05
.02
.02
.03
.13
.12
.10
.02
.09
.23
.10
.15
.25
.13
.03
.08
NATIONAL BANKS
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
$276, 495
341, 778
440, 209
372, 566
327, 705
308, 248
345, 537
379, 010
388, 279
361, 695
351, 994
378, 648
354, 373
348, 086
331, 406
350, 090
325, 286
300, 792
321, 343
344, 536
Average for 1943-62
347, 404
M4
124
1100
1540
M32
1265
1151
1167
1332
1204
1341
1564
1228
1160
244
2
27
67
2 10
2
1
2 15
0.06
+ 19
+.01
+36
+.01
+ 15
+ .004
9
21
150
23
100
540
425
198
151
167
332
203
341
564
218
159
.002
.01
.05
.01
.03
.14
.12
.06
.04
.05
.10
.06
.10
.17
.07
.05
59
See footnotes at end of table.
295
TABLE B-41.—Total securities of banks in the District of Columbia, losses and recoveries on securities, and ratio of net losses
or recoveries to securities, by calendar years, 1943-62—Continued
NONNATIONAL BANKS
[Dollar amounts in thousands]
Year
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
.
...
.
.
.
.
.
Average for 1943-62
Total securities end of
year
Losses and
chargeoffs
Recoveries
$157,199
208,199
278, 894
249,144
219, 399
201, 297
189, 222
196,490
212, 953
209,186
196, 399
196, 675
189,079
172, 999
183,233
244, 841
221,099
220, 865
250,189
262, 626
$129
408
117
108
181
157
1102
169
1217
1279
1369
113
1342
1892
1314
1548
i 811
1443
14
U9
$121
209
105
49
67
2
8
2
1
2
2
212, 999
276
$8
199
12
59
114
149
101
67
217
278
365
Percent
0.01
.10
.004
.02
.05
.07
.05
.03
.10
.13
.19
23
341
892
314
548
811
443
4
16
.18
.52
.17
.22
.37
.20
.002
.006
30
246
M
24
2 34
2
1
1 Excludes transfers to valuation reserves.
2
Excludes transfers from valuation reserves.
NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p. 110.
296
Ratio of losses
Net losses or (or recoveries
+ to securirecoveries
ties
(+)
+21
+.01
.12
TABLE B-42.—Fiduciary activities of all commercial banks in the District of Columbia, Dec. 28, 1962
[Dollar amounts in millions]
National
banks
Total
Total number authorized to exercise fiduciary powers
3
0
banks
COO
6
0
Number of banks exercising fiduciary powers
Nonnational
Total liabilities
Number of accounts being administered:
Trusts
Agency escrow, and custodian
Corporate trust bond issue accounts
. . .
Total number of accounts
Bond and debenture issues outstanding where bank acts as trustee
Trust department gross earnings for year ended Dec. 31, 1962
3
3
$1,038
$745
402
769
7
164
313
1
238
456
6
1,178
Trust department liabilities:
Trusts
Agency, escrow, custodian, and corporate accounts
All other liabilities
6
$1, 783
478
700
4,621
2,120
69
292
1,593
763
50
113
3,028
1,357
19
179
7,102
2,519
4,583
399
354
44
5
2
3
1
Corporate paying agency, depository, registrar, transfer agency, etc.
NOTE.—Data may not add to totals because of rounding.
297
TABLE B-43.—Assets and liabilities of all banks in the United States and possessions, by type of bank, Dec. 28, 1962
8
[Dollar amounts in thousands]
CO
Banks other than national
Item
Number of banks.
Loans and discounts:
Real estate loans:
Secured by farm land (including improvements)
Secured by residential properties (other than farm)
Secured by other properties
Loans to financial institutions:
Domestic commercial and foreign banks
Other
Loans to brokers and dealers in securities
Other loans for the purpose of purchasing or carrying stocks, bonds,
and other securities
Loans to farmers directly guaranteed by the Commodity Credit
Corporation
Other loans to farmers (excluding loans on real estate)
Commercial and industrial loans (including open market paper)
Other loans to individuals for personal expenditures
All other loans (including overdrafts)
Total gross loans
Less valuation reserves
Net loans
Securities:
U.S. Government obligations, direct and guaranteed
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stocks of Federal Reserve banks
Total securities
Currency and coin
Balances with other banks, including reserve balances and cash items in
process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises or
other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
Total all banks
13, 924
National banks
4,505
All banks
other than
national
9,419
State
commercial1
8,853
Mutual
savings
Private
512
$51,138
29,161, 458
3, 085, 943
$2, 071, 937
52, 626, 230
12, 048, 650
$795, 997
13, 359, 877
4, 649, 481
$1, 275, 940
39, 266, 353
7,399,169
$1, 223,177
10,101, 423
4,311,510
2, 586, 931
8, 498, 365
5, 203, 004
1, 509, 681
4, 699,105
1, 599, 707
1, 077,250
3, 799, 260
3, 603, 297
1,064,126
3, 788, 237
3, 542, 275
8,049
5,379
57, 296
5,075
5,644
3,726
$1, 625
3,472
1,716
935, 244
1, 207, 953
1,183, 562
11,955
12, 436
1,119,869
5, 992, 500
49,148, 467
31, 032, 640
3, 935, 469
540, 877
2, 957, 222
26, 910, 471
16, 997, 385
2,090, 531
578, 992
3, 035, 278
22, 237, 996
14, 035, 255
1, 844, 938
578,196
3, 026, 828
21, 953, 545
13,673,270
1, 824,148
0
2,250
196, 018
350, 448
16,206
796
6,200
88, 433
11,537
4,584
176,407,259
2, 931, 417
77, 045, 578
1, 497, 262
99, 361, 681
1,434,155
66, 270, 297
1,203, 360
32, 946,140
230, 256
145, 244
539
173, 475, 842
75, 548, 316
97, 927, 526
65, 066, 937
32,715,884
144, 705
72, 682, 062
25, 323,144
7, 947, 687
1, 792, 281
35, 663, 248
13,607,014
2, 039, 040
396, 201
37, 018, 814
11,716,130
5, 908, 647
1, 396, 080
30,819,535
11,157,467
1, 743, 390
346, 822
107, 745,174
51, 705, 503
56, 039, 671
44, 067, 214
11,842,396
4, 429,740
2, 277, 621
2,152,119
2, 003, 533
146, 756
1,830
50, 640, 450
3, 732, 614
135, 569
27, 405, 959
2, 027, 983
68, 238
23, 234, 491
1, 704, 631
67, 331
22, 367, 367
1, 393, 745
42, 681
743, 484
308, 614
24, 528
123, 640
2,272
122
379,434
1, 641, 532
2,101, 879
190, 606
542, 089
890, 691
188, 828
1, 099, 443
1,211,188
188, 668
1, 079, 394
901, 736
0
0
304,164
160
20, 049
5,288
344, 282,234
160,657,006
183, 625, 228
2,143,197
137,111,275
6,128, 806
528, 367
4,141, 900
1, 043, 323
46, 085, 826
70, 473
30, 296
23, 357
5,935
130,061
428,127
Demand deposits:
Individuals, partnerships, and corporations
Foreign governments, central banks, etc
U.S. Government
States and political subdivisions
Commercial banks in the United States
Mutual savings banks in the United States
Banks in foreign countries
Certified and officers' checks, etc
Total demand deposits
Time and savings deposits:
Savings
Accumulated for payment of personal loans
Other deposits of individuals, partnerships, and corporations
Foreign governments, central banks, etc
U.S. Government
Postal savings
States and political subdivisions
Commercial banks in the United States
Mutual savings banks in the United States
Banks in foreign countries
124, 302, 972
729, 642
6, 855, 814
12,152,773
13,944,670
781, 885
1, 295, 462
4, 535, 472
67, 055, 872
282,133
3, 734, 768
6, 941, 554
8, 496, 306
242,100
416, 331
1, 795, 253
57, 247,100
447, 509
3,121, 046
5,211,219
5, 448, 364
539, 785
879,131
2,740,219
56, 795, 457
444, 601
3,110,929
5, 208, 010
5, 427, 891
538, 563
856,139
2, 669, 392
263, 746
0
9,980
1,711
26
0
0
7,205
187, 897
2,908
137
1,498
20, 447
1,222
22, 992
63, 622
164, 598, 690
18, 964, 317
75, 634, 373
75, 050, 982
282, 668
300, 723
112,460,692
785, 771
16, 947, 410
2, 449, 707
269, 676
18,179
6,519,081
246, 441
147,122
148, 650
40, 423, 898
441, 525
8, 014, 037
979, 242
177,266
9,754
3, 687, 644
77, 964
8,134
41,110
72, 036, 794
344, 246
8, 933, 373
1, 470, 465
92, 410
8,425
2, 831, 437
168,477
138, 988
107, 540
30, 805, 548
343, 541
8,911,117
1, 452, 465
92, 352
8,425
2,811,807
167,150
138, 988
99, 030
41, 216, 896
705
11,131
0
56
0
19, 057
919
0
0
14, 350
0
11,125
18, 000
2
0
573
408
0
8,510
Total liabilities
139,992,729
53, 860, 574
86,132,155
44, 830, 423
41, 248, 764
52, 968
304,591,419
3,635,187
142, 824, 891
1, 635, 593
161,766,528
1, 999, 594
119,881,405
1, 985, 301
41, 531, 432
7,963
353, 691
6,330
1, 679, 804
6, 256, 245
551, 697
2, 895, 075
1,128,107
3, 361,170
1,106, 497
2, 756, 617
0
595, 262
21,610
9,291
316,162,655
Total time and savings deposits
Total deposits
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and outstanding
Other liabilities
147, 907, 256
168,255,399
125, 729, 820
42,134,657
390, 922
CAPITAL ACCOUNTS
Common stock
Capital notes and debentures
Preferred stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock and capital notes
and debentures
Total capital accounts
Total liabilities and capital accounts
1
Includes stock savings banks.
7, 004,
50,
34,
14, 312,
5, 808,
940
646
794
975
340
3,734,518
0
23,128
6, 307,160
2, 405, 942
3, 270, 422
50, 646
11,666
8, 005, 815
3, 402, 398
3, 259, 688
50, 496
11,666
5, 285, 565
2, 460, 442
0
150
0
2, 697, 808
940, 794
10, 734
0
0
22, 442
1,162
907, 884
279, 002
628, 882
313, 598
312, 417
2,867
28,119,579
12, 749, 750
15,369,829
11,381,455
3, 951,169
37, 205
344, 282, 234
160, 657, 006
183,625,228
137,111,275
46, 085, 826
428,127
TABLE B-44.—Assets and liabilities of all banks in the
[Dollar amounts
ASSETS
Location
United States and possessions,
total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, total
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total. .
See footnotes at end of table.
300
Estimated
population
(thousands)
Number of
Loans and
U.S. Government f Obligations of
discounts, includ- obligations, direct (/States and politing overdrafts
and guaranteed ical subdivisions
Other bonds,
notes and
debentures
190,720
1,010
641
393
5,196
871
2,628
13,924
$173, 475, 842
$72, 682, 062
$25, 323,144
$7, 947, 687
79
107
57
344
18
137
776,496
818,181
426, 908
8, 431, 633
1,163, 827
3, 897, 702
276, 368
251, 933
125,156
3, 336, 972
264, 324
950, 706
59,132
29, 225
34,126
409, 391
104,036
352, 440
76,167
35, 716
9,005
322,718
83, 863
351,100
10, 739
742
15, 514, 747
5,205, 459
988, 350
878, 569
17, 594
6,318
11,438
476
3,228
790
495
263
646
21
127
12
49, 422, 092
5,482, 425
10,186, 645
533, 482
1, 820, 760
960, 523
12, 882, 733
2,410, 907
4,213,530
305, 965
951,963
526, 629
5, 527, 686
1,150,308
2, 038, 724
36, 558
232, 325
66, 056
2, 735, 892
376, 281
924, 747
87, 835
154,962
11,484
39, 844
1,564
68, 405, 927
21, 291, 727
9, 051, 657
4, 291, 201
4,235
1,765
4,790
2,458
4,153
5,591
3,390
2,274
3,371
10, 258
1,841
3,107
3,666
292
182
162
142
399
343
239
192
196
1,045
241
351
294
2, 073, 700
640,915
1, 852, 412
561,014
1,810,213
2, 424, 905
1,156,419
715,463
1,484,943
7, 008, 756
734,152
1, 252, 806
2, 052, 546
1, 005, 098
548, 258
763, 910
345, 291
773,144
1,842,187
650, 469
373, 500
968, 479
3, 263, 888
369, 032
860, 927
898, 712
326, 714
104, 780
287, 633
110,966
223,169
472, 456
269, 869
235,146
307,299
1,105, 757
186,648
173, 917
316,861
86, 637
13, 537
115,348
39,146
65, 292
100, 423
44, 991
19, 586
19, 056
251,280
32, 925
40, 336
68, 000
50, 899
4,078
23, 768, 244
12, 662, 895
4,121,215
896, 557
10, 226
4,748
10, 220
8,056
4,137
3,504
2,793
4,376
566
443
999
371
574
695
670
627
6, 710,176
2, 475, 523
9, 759, 009
5,254,311
2,548,719
2, 727,105
1,851,357
3, 417,706
3, 660, 914
1, 886, 258
6, 004, 036
3, 057, 695
1, 664, 300
1,413,009
1,012,113
1, 885, 792
1,130,173
318, 801
2,179,805
1, 282,177
371, 232
364, 801
319,760
574, 662
155,450
91, 286
459, 476
54, 437
84, 971
191,211
48, 794
109, 619
48, 060
4,945
34, 743, 906
20,584,117
6,541,411
1,195,244
United States and possessions, by States, Dec. 28, 1962
in thousands]
ASSETS—Continued
Balances with
other banks, Bank premises
Corporate
stocks, includ- Currency and including re- owned, furniing stocks of
serve balances ture and fixcoin
Federal Retures
and cash items
in process of
serve banks
collection
Investments
Real estate and other assets
owned other indirectly representing bank
than bank
premises or
premises
other real
estate
Customers'
liability on
acceptances
outstanding
$4, 429, 740 $50, 640, 450
$3, 732, 614
$135, 569
$379,434
$1, 641, 532
23, 960
14, 327
8,379
142, 659
26, 237
87,157
106, 674
80, 860
49, 023
1, 396, 920
103,121
483,179
18,661
16, 634
7,351
124,313
17,191
77,198
1,051
1,269
1,173
5
0
2
1,399
256
330
571, 080
302,719
2,219,777
261, 348
13,622
6,291
73, 035
623, 928
48, 501
107, 356
13,764
6,749
2,993
552,191
194,743
336, 585
15, 301
75, 850
35, 013
12, 782, 571
15 094, 447
2, 661, 241
104, 795
449, 201
313, 393
713, 628
123,176
224, 919
11,875
43, 678
24, 854
18, 941
2,601
8, 650
80,011
2,383
15, 304
4,449
1,160, 971
3,923
12
1, 209, 683 17, 405, 648
1,142,130
32, 312
106, 449
1,178, 090
58, 629
20, 761
52, 807
19,084
58,125
120,129
30, 200
26,156
42, 759
284, 436
21, 295
28,183
47, 484
1,407
1,276
1,323
7,476
2, 430
5,714
1,690
953
411
3,033
5,697
1,475
4,978
14, 791
4,317
1,024
646
573
0
1,439
13, 554
1,377
1,629
2,861
4,259
7,187
2,137
29, 938
196
$1, 792,281
30,472
40, 948
2,481
283, 487
36, 687
177,005
803, 291
318
9,168
417
829
799
492
7,339
3 239
5,697
1,722
6,634
9,540
3,688
1,782
5,179
29, 510
2,025
4,126
7,490
96, 597
42, 845
101, 907
38, 652
70, 030
137, 925
59,116
41, 323
71, 384
211,841
32, 245
58, 029
86, 745
579, 385
209, 430
663, 451
214,136
709, 261
1, 004, 889
429, 639
285, 483
704, 945
3, 478,130
324, 955
629, 372
767,195
87, 971
1,048,639
10, 000, 271
810, 048
37, 001
28, 231
9,005
82, 295
17, 461
5,749
23, 264
3,436
24, 738
194,179
259, 313
123,291
220, 960
196, 786
91,211
62,315
61, 076
98, 828
1,113,780
2, 051, 662
887, 036
3, 551,168
1, 458, 770
805, 064
866, 476
582, 655
1, 422, 821
11,625,652
151,328
64, 403
138, 382
124, 082
59, 674
66, 492
33, 327
63, 860
701, 548
3,013
2,357
10,613
4,622
3,053
1,856
1,748
2,887
30,149
977
46
1,841
2,645
379
70, 840
2,188
0
783
14, 745
3
1,576
Other assets
Total assets
$2,101, 879 $344,282, 234
4,304
2,379
1,459
64, 407
5,265
15, 439
1, 374,463
1,291,518
666,049
14, 595,153
1, 807, 412
6, 393, 655
93, 253
26,128, 250
87, 312, 096
10, 941, 573
20, 813, 325
1,119, 720
3, 800, 700
1, 951, 735
1, 021, 034 125, 939,149
811,452
55,018
80, 879
4,864
62, 458
6,363
2,379
12, 537
4 305
29, 675
3,572
12, 521
31, 738
7,914
4,897
13, 308
62,183
3,593
6,910
15, 536
4, 255, 972
1, 591, 776
3, 881, 567
1, 334, 959
3, 737, 085
6,165, 704
2, 658, 670
1, 704, 959
3,625,187
15, 746, 460
1, 708,771
3, 057, 727
4, 266,005
54, 269
39, 043
208, 689
53, 734, 842
6,374
3,173
25, 647
9,662
9,417
16, 315
3,646
5,577
79, 811
8,850
53, 791
20, 461
109, 522
50, 524
23, 350
22, 874
6,976
26, 246
313,744
14,219,275
5, 881, 907
22, 620, 883
11,515,533
5, 667, 066
5, 760, 047
3, 925, 238
7, 633, 638
77, 223, 587
519
1,345
453
12
685
5
147
313
79, 970
5,006
326
4,329
350
902
100, 046
301
TABLE B-44.—Assets and liabilities of all banks in the United
[Dollar amounts
ASSETS
Loans and
U.S. Government Obligations of
Estimated
Number of discounts, includ- obligations, direct States and politing overdrafts
population
and guaranteed ical subdivisions
banks
{thousands)
Location
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming .
Colorado
New Mexico
Oklahoma .
647
731
1,502
2,241
717
372
1,949
1,040
2,484
11,683
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
. .
.
. .
Pacific States, total
United States (exclusive of possessions), total
Canal Zone (Panama)
Guam
Puerto Rico 3
American Samoa
Virgin Islands of the United States 4 . .
157
171
426
593
123
56
205
60
392
3,049
1,888
17, 340
708
985
346
1,557
252
712
$408, 362
431, 662
1,031,884
1,287, 812
451, 769
224, 254
1,316,338
401, 540
1, 397, 965
$286, 677
302, 094
500, 442
850, 542
285, 643
155, 504
624, 714
240, 771
841, 739
$105, 737
56, 465
128, 996
338, 482
75,174
29, 207
135, 752
47,147
258, 615
$36, 976
22, 920
34, 651
38,159
24, 036
3,638
12, 599
6,451
42, 408
2,183
6, 951, 586
4, 088,126
1,175,575
221, 838
96
50
129
31
49
7
11
13
12
2,053,155
1, 284,442
17, 009, 877
404,058
673, 442
326, 207
1,053,789
126, 609
493, 452
894, 223
613, 592
6,088, 638
195,287
243, 865
142, 283
272, 995
80,161
192,689
270, 071
224, 886
2, 539, 280
62, 786
89, 976
53,212
98, 994
9,763
53, 929
88, 945
21,974
295,134
1,372
5,337
6,227
18, 330
9,265
6,420
26, 837
398
23, 425, 031
8, 723, 733
3, 402, 897
453, 004
188,062
13,910
172, 809, 441
72, 556, 057
25,281,105
7, 936, 413
8n
1,842
13, 536
623, 750
112
27,161
0
0
117,698
1,294
7,013
0
0
40, 082
0
1,957
0
0
11,269
0
5
666, 401
126, 005
42, 039
11,274
44
62
2,494
22
36
2,658
1
l
2
14
1 branch of a national bank and 1 branch of a State member bank in New York.
Branches of banks in California and Hawaii.
Asset and liability items include data for branches of a national bank and a State member bank in New York.
* Asset and liability items include data for branches of a State member bank in New York.
2
3
302
Other bonds,
notes and
debentures
States and possessions, by States, Dec. 28, 1962—Continued
in thousands]
ASSETS—Continued
Balances with
other banks, Bank premises
Corporate
stocks, includ- Currency and including re- owned, furniserve balances ture and fixcoin
ing stocks of
and cash items
tures
Federal Rein process of
serve banks
collection
Investments
Real estate and other assets
owned other indirectly repthan bank
resenting bank
premises
premises or
other real
estate
Customers*
liability on
acceptances
outstanding
Other assets
$462
92
0
0
588
0
13
0
38
$2, 419
2,940
7,380
5,345
3,419
1,204
14, 656
2,267
9,101
$960, 874
961, 771
2,133,294
3, 070, 629
1, 017, 722
518, 320
2, 631, 384
879,165
3, 351, 914
Total assets
$724
1,192
2,842
3,630
1,431
715
5,475
1,072
5,369
$9, 970
10, 917
25, 784
43, 346
14, 756
8,053
33, 669
21, 221
48, 447
$97, 061
121,877
380, 886
474, 245
146, 065
87, 070
452, 593
143, 892
703,149
$11,213
10, 334
16,460
25, 768
14, 201
7,522
26, 912
13,034
37, 442
$250
300
1,690
1,369
505
1,140
2,038
1,496
1,575
$1,023
978
2,279
1,931
135
13
6,625
274
6,066
22, 450
216,163
2, 606, 838
162, 886
10, 363
19,324
1,193
48, 731
15,525,073
5,368
3,496
93, 964
1,211
2,054
837
3,484
282
2,568
56,630
27, 441
316, 763
11,753
15,510
14, 316
32, 581
9,011
23, 206
567,155
387, 825
4, 995, 791
95,317
210,140
65, 938
217,066
33, 391
108, 039
56,174
45, 126
447, 342
12,546
8,039
13,598
36, 334
5,680
20, 800
1,744
693
6,236
199
237
108
1,611
386
386
1,407
389
85, 995
589
9,222
672
7,374
1,517
2,740
4,402
1,703
234, 732
0
0
0
5,721
0
1,225
17, 545
16, 532
235, 308
3,152
2,069
3,518
19,169
813
7,106
4,016,819
2, 628, 099
32, 349, 060
788, 270
1, 259, 891
626, 916
1, 767, 448
276, 878
912, 560
113,264
507,211
6, 680, 662
645, 639
11,600
109, 905
247, 783
305, 212
44, 625, 941
1, 792, 235
4,398,195
50, 538, 848
3, 723, 599
135,047
376, 049
1,639,190
1, 990, 663
343,176, 842
0
0
0
0
46
1,476
1,352
26, 693
89
1,935
485
6,114
83, 012
9,638
2,353
46
210
8,312
14
433
0
66
456
0
0
0
0
3,385
0
0
0
0
2,322
0
20
16,294
15,734
69, 433
130
9,625
20,143
37, 012
986, 412
11,277
50, 548
46
31, 545
101, 602
9,015
522
3,385
2,342
111,216
1,105, 392
303
TABLE B-44.—Assets, and liabilities of all banks in the United States and possessions, by States, Dec. 28,
1962—Continued
LIABILITIES
Location
Demand
deposits
Time and
savings
deposits
Total
deposits
Acceptances
Rediscounts
Other
and other orforaccount
liabilities
of reporting liabilities
for borrowed banks and
money
Capital
stock1
Surplus
Reserves and
retirement acUndivided count for preferred stock
and capital
notes and
debentures
United States and possessions,
$164, 598, 690 $139, 992,729 $304, 591,419 $3, 635,187 $1,679, 804 $6, 256, 245 $7,090, 380 312, 975 808, 340 $907, 884
$14,
$5,
total.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island...
Connecticut
N e w England States, total. ..
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Eastern States, total.,
Virginia.
West Virginia...
North Carolina.,
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
1,216,246
403,815
812,431
1,129, 981
291, 546
838,435
596, 457
167, 897
428, 560
4, 913,476 7, 827, 032 12, 740, 508
538,242 1,077, 648 1,615,890
1, 995, 517 3, 720,102 5, 715, 619
475
5,200
0
72,169
1,000
1,128
0
2
72,060
2,198
0
22, 682
26, 584
10, 842
318, 069
39,162
120,017
26,130
9,365
14, 922
174, 003
25, 055
76, 663
8, 310,493 14, 704, 208 23,014, 701
79, 972
74, 265
537, 356
326,138
60, 967
66, 422
22, 031
757, 259
96, 454
288,110
43, 760
46, 940
18, 258
391, 304
26, 290
152, 340
1, 291, 243
4,198
7,026
3,537
69, 781
1,363
39, 778
678, 892
125, 683
34, 976, 565 39, 859, 439 74, 836, 004 1, 864, 343 1,194, 679 2,160, 400 1, 505, 534
4,477, 861 5, 425, 394 9, 903, 255 10, 950
218, 880 201, 485
783
9,234, 556 9,067,217 18, 301, 773 223, 078
352, 020 417, 742
15,419
986,443
625, 074
361,369
100
22, 342
20, 845
3
1,854, 731 1, 572, 449 3,427,180
1,855
53, 047
65,231
1,576
1,249,254
1,776, 376
527,122
0
35, 432
12
36, 682
4,179, 457 1, 370, 474
421, 577 127, 246
1,164, 959 268, 863
15,533
74,011
61, 203
178, 941
21,565
74, 773
201, 205
57, 397
69, 471
443
11,667
6,895
52,418, 041 56, 812, 990 109, 231, 031 2,100, 326 1, 212, 472 2, 842,121 2,247,519
6, 093, 718 1, 864, 884
347, 078
2,157,454 1,633,815
869, 243
533,148
2, 342,455 1,036, 362
944, 632
239, 554
2, 315,169
987, 694
3, 610,483 1, 942, 520
1, 579, 007
806, 803
1,065,824
473, 948
2, 362, 999
923, 008
9, 931,160 4,116,941
1, 093, 520
456, 838
2, 064, 589
699, 339
2, 386, 718 1,427, 255
32,723,253
15,277,225
3, 791,269
1, 402, 391
3, 378, 817
1,184,186
3, 302, 863
5, 553, 003
2, 385, 810
1, 539, 772
3,286, 007
14,048,101
1, 550, 358
2, 763, 928
3,813,973
22, 950
600
64, 395
298
27, 884
21, 600
0
12, 503
2,104
256, 730
3,060
829
43, 325
453
0
1,721
12
685
1,102
573
0
2,193
29, 939
5
147
2,379
82, 424
21, 591
125, 543
33, 035
74, 875
90, 466
39, 259
14, 014
39, 313
130,177
11,216
25, 821
70,145
101, 401
38, 829
80, 510
35, 661
•91,171
194,716
65, 270
33, 266
79, 906
449, 878
41, 093
66, 397
96, 240
182, 054
81, 234
172,315
56,713
146, 995
216, 537
93, 327
86, 752
147, 748
538,140
54, 461
130, 989
154,554
48,000,478
456,278
39,209
757,879 1,374,338
2,061,819
71,269
40, 466
50, 061
22, 558
61,563
74, 592
61,238
16, 953
64, 258
250,109
44, 286
64, 252
77, 406
899,011
4,152
6,665
8,205
2,496
31, 049
13, 688
13,193
1,699
3,658
43, 386
4,292
5,364
7,983
145,830
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total. .
North Dakota
South Dakota
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
United States (exclusive of possessions), total
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United States.,
Possessions, total
1
7,254, 770
3, 394, 997
12, 338, 794
5, 007, 066
2, 725, 871
2, 801, 780
2, 285, 425
4,816,408
5, 479, 786 12,734,556
1, 892, 818 5,287,815
7,811,367 20, 150,161
5, 446, 808 10, 453, 874
2,415,583
5,141, 454
2, 398, 250 5, 200, 030
1, 223, 382 3, 508, 807
2,061,919
6, 878, 327
49, 502
12, 900
263, 759
30, 075
6,330
16,171
35, 055
21,393
40,625,111
28, 729, 913 69, 355, 024
435, 185
508, 317
547, 229
1, 488, 924
1,965,739
579, 823
283, 048
1,481,161
540, 977
2,198, 794
866, 451
875,411
1, 898,188
2, 767, 536
925, 939
469, 461
2, 365, 690
799, 883
2, 981, 065
100
1,058
25, 049
8,552
2,365
900
18, 692
200
35, 910
256, 625
103, 224
300,459
204, 098
84, 444
75, 496
22, 879
81, 263
331, 406
121, 825
583, 584
246, 906
115,245
126, 048
83, 476
197,017
101, 074 1,128, 488 1, 805, 507
622, 446
219,839
845, 061
383, 799
191,170
205,116
131, 632
250, 331
209, 495
123, 083
286, 679
165, 894
115,157
111,107
132, 700
185, 232
6,357
12, 765
111,042
25, 465
12, 940
21, 750
10, 334
18,915
2, 849, 394 1, 329, 347
219, 568
462
92
0
0
591
0
13
0
38
9,084
9,800
17, 588
17, 988
15, 903
5,579
40, 731
10, 287
25, 996
21,739
22,135
56, 583
76, 438
26, 318
6,768
69, 909
24, 969
82, 698
27, 767
28,142
74, 091
117, 299
26, 950
20,783
85, 243
23, 834
115,091
30, 092
23,152
56, 505
78, 416
19,146
13, 441
49, 436
14,143
105, 875
5,179
1,981
5,290
4,400
510
1,388
1,670
5,849
5,241
4, 355, 612 13, 949, 624
92, 826
1,196
152, 956
387, 557
519,200
390, 206
31, 508
1, 958, 905 1, 653, 566 3, 612, 471
2, 382, 466
1, 224, 874 1,157,592
14, 425, 860 14, 592, 661 29,018,521
717, 455
278, 808
438, 647
1,133,071
511,255
621,816
572,170
229, 883
342, 287
1, 592, 444
655, 828
936, 616
257, 067
125, 483
131,584
794, 861
391, 703
403,158
22, 750
12,175
403, 556
0
14, 581
2,700
4,200
191
10, 39
4,503
1,735
236, 062
0
0
0
5,721
0
1,225
62, 412
37, 467
566, 728
11,980
19,919
10, 276
39, 880
2,131
19,434
80, 581
62, 397
620, 994
20, 023
30, 828
14, 652
38, 237
6,650
27, 951
140, 992
73,191
1,073, 601
24, 693
43,403
17,461
64, 221
5,135
34, 822
83, 882
58, 274
415,627
11,751
15, 667
9,586
19,361
5,084
20, 487
9,228
394
13, 971
2,368
2,422
71
3,384
620
3,383
20, 483, 747 19, 596, 779 40,080, 526
470, 550
249, 246
770, 22
902, 313
1, 477, 519
639, 719
35, 841
7, 043, 372 14, 292, 893 5, 802, 059
905, 508
9, 594, 012
164,154, 657 139, 476, 72 303, 631, 384 3, 635,13 1, 677, 462 6,189,02
14, 985
16, 322
390,130
4,613
17, 983
5,145
19, 902
455,171
6,291
29,493
444, 033
516,002
960, 035
0
0
2,322
0
20
20,130
36, 224
845, 301
10, 904
47, 476
Includes capital notes and debentures.
358,134
328,182
409, 264
801,797
346,116
186,413
884, 529
258, 906
782, 271
8,888
456
80,138
5,422
326
4,329
355
1,160
50
13
788
65,11
49
1,256
0
0
46, 508
100
400
0
0
18, 782
200
1,100
0
0
5,961
24
296
0
0
2,376
0
0
2,34
67, 218
47, 008
20, 082
6,281
2,376
TABLE B-44.—Assets and liabilities of all banks in the United
Loans and discounts
Loans tofinancialinstitutions
Real estate loans
Loans for purchasing or
carrying securities
Location
Secured by
farmland
{including
improvements)
Secured by
residential
properties
{other than
farm)
To domestic
Secured by
commercial
other properties and foreign
banks
Other
To brokers
and dealers
in securities
Other
United States and posses$2, 071, 937 $52, 626, 230 $12, 048, 650 $2, 586, 931 $8, 498, 365 $5, 203, 004 $2,143,197
sions, total
Maine
New Hampshire
Vermont
Massachusetts.
Rhode Island
Connecticut
8,456
6,633
19,386
8,650
1,351
8,737
Eastern States, total
,
14,467
7,254
4,075
99, 875
53, 300
49, 644
53,213
8, 768, 815
1,350,215
228, 615
3,100, 283
466, 690
731, 578
48,519
190,806
96, 685
737,
56,
99,
50,
33,
37,
10,117
9,928
342
260, 963
42, 931
61, 360
2,119
1,955
950
89, 440
18, 975
46,117
385, 641
2,774
1,504
1,645
20, 922
1,070
19, 334
159, 556
47, 249
469
384
871
025
954
448
2, 440, 595 3,131,396
166,355
186,241
141,031
401, 525
12, 647
13, 535
89, 832
14, 061
131,827
14, 966
563,168
29, 445
136, 327
3,405
26, 299
6,859
4, 634, 561 1,015,151
3, 242, 781 3, 501, 230
765, 503
,
,
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Western
235, 217
27,016,462
57, 396
16,157
46, 268
16,033
63, 179
34, 939
38, 851
49,127
34,197
78, 709
45, 599
90, 766
74, 577
411,517
174, 507
145, 666
58, 540
225,199
272, 907
130,575
66, 083
164, 386
286, 337
71,967
181, 824
191,614
147,193
58,134
107, 562
39, 929
104, 165
230, 560
68, 325
51,624
134, 479
320, 562
53,916
90, 371
111,320
11,956
7,150
8,712
3,298
15, 997
26, 599
20, 055
230
33, 679
159, 666
1,418
8,587
23, 747
76, 879
14, 830
89, 328
23, 756
120, 944
146, 952
48, 480
26, 358
92,915
343, 341
23, 748
72, 883
146,210
17, 872
2,117
90, 849
8,262
16,196
23,146
7,928
10, 896
26, 660
83, 686
9,001
10,130
41, 773
15,775
7,658
42,198
11,591
13, 880
50, 868
12, 762
15,186
16,994
266,390
5,574
10, 857
37, 901
645, 798
2, 381,122
1,518,140
321, 094
1, 226, 624
348, 516
507, 634
118,945
85, 557
98, 313
69, 586
104, 650
69, 946
77, 973
86, 447
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Middle
total
83, 494
117, 800
46,165
770, 438
88, 874
243, 444
66, 912 20, 451, 046
16, 066
2, 454, 992
103,216
3,172, 078
12, 568
147, 941
36, 245
621, 699
210
168, 706
New England States, total
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
373, 577
491, 779
209, 565
4, 621, 820
625, 884
2,446,190
1, 560, 792
603, 241
1, 234, 633
1, 587,144
676, 978
748, 697
280, 895
571,731
305, 534
26, 669
459, 345
51,359
22, 499
40, 642
5,191
61,359
146, 258
16, 766
261, 769
58, 952
20, 244
29, 477
13,517
54,119
111, All
7,264,111
972, 598
601,102
569,
177,
449,
404,
227,
146,
95,
236,
553
497
509
523
675
338
783
281
104, 239
31, 550
148, 935
89,018
23,129
12, 430
19, 867
86, 740
2,307,159
515, 908
309, 517
130, 878
875, 768
279, 307
138,491
113,349
48, 686
241, 725
States,
306
2,137,721
States and possessions, by States, Dec. 28, 7962—Continued
Loans and discounts—Continued
Loans to farmers
Commercial and Other loans to
industrial loans individuals for All other loans
Other loans to
(including open personal expendi- (including overDirectly guaranteed
farmers (excluding market paper)
tures
drafts)
by the Commodity loams on real
Credit Corporation
estate)
$1,119,869
$5, 992, 500
$49,148, 467
$31, 032, 640
0
0
0
0
0
0
12, 953
4,597
18, 774
8,330
135, 628
78, 900
51,127
1, 569, 716
204, 434
455, 979
132,525
98, 259
75, 621
986,112
116,331
538, 581
547
6,786
Total gross
loans
Less valuation
reserves
Net loans
$3, 935, 469 $176, 407, 259 $2, 931, 417 $173, 475, 842
8,295
4,300
3,755
88, 546
26, 223
56, 644
784, 405
822, 909
431,405
8, 524, 812
1,179, 920
3, 932, 816
7,909
4,728
4,497
93,179
16,093
35,114
776, 496
818,181
426, 908
8, 431, 633
1,163, 827
3, 897, 702
15, 514, 747
0
51, 987
2, 495, 784
1, 947, 429
187,763
15, 676, 267
161,520
7,258
130, 065
18,728
111,239
6,520
27, 612
14,114,322
935,182
3, 084, 282
94, 655
352,810
232, 221
4,196,286
1,182,260
2,168,007
140, 583
420, 359
256, 771
1, 357, 203
74, 588
253,198
7,575
30,611
21,108
50, 296, 003
5, 587, 501
10, 402, 430
538, 026
1, 844, 288
968, 876
49, 422, 092
5,482, 425
10,186,645
533, 482
1, 820, 760
960, 523
9,941
294, 257
18,813,472
8, 364, 266
1, 744, 283
69, 637,124
873,911
105, 076
215,785
4,544
23, 528
8,353
1,231,197
66
0
61, 700
9,892
50, 497
16, 359
52,190
53, 466
48, 596
53, 457
32, 905
430, 356
68,173
86,203
77, 204
1, 040, 998
528, 574
117,983
654, 622
179, 353
577, 785
789, 623
350, 916
241,499
584, 619
3,152, 850
200,257
329, 361
652, 802
8, 360, 244
717, 097
235, 942
611,298
184, 543
569, 367
798, 863
386, 724
168, 529
336, 800
1, 690, 366
188,161
363, 982
640, 428
6, 892,100
52, 851
8,488
36, 452
22, 778
32,411
42, 743
53, 967
17,150
37, 983
170,411
7,369
25, 039
35,413
543, 055
2, 098, 876
652, 858
1, 889, 752
570, 438
1, 835, 052
2, 470, 931
1,184, 905
732, 761
1, 506, 315
7,123, 832
742, 971
1, 271, 959
2, 088, 936
24, 169, 586
25,176
11,943
37, 340
9,424
24, 839
46, 026
28, 486
17,298
21, 372
115,076
8,819
19,153
36, 390
401, 342
2, 073, 700
640, 915
1, 852, 412
561,014
1,810,213
2, 424, 905
1,156,419
715, 463
1, 484, 943
7, 008, 756
734,152
1, 252, 806
2, 052, 546
23, 768, 244
30, 885
77, 376
91,715
124, 910
151,521
404, 045
121,031
143, 999
294, 547
601, 527
201, 833
1,617,665
555, 345
3, 865, 050
1, 162, 544
635, 055
733, 431
312, 194
943, 957
1, 735, 998
683, 524
1, 769, 729
1, 409, 598
516,208
491,896
322, 104
808, 210
228,130
47, 022
398,017
101,115
95, 059
46,816
23, 025
75, 799
6, 826, 336
2, 518, 729
10,015,117
5,336, 111
2, 604, 075
2, 758, 454
1,878,138
3, 459, 916
116,160
43, 206
256,108
81, 800
55, 356
31, 349
26, 781
42, 210
6, 710, 176
2, 475, 523
9, 759, 009
5,254,311
2,548,719
2, 727,105
1, 851, 357
3, 417, 706
265, 956
2, 043, 413
9, 825, 241
7, 737, 267
1, 014, 983
35, 396, 876
652, 970
34,743, 906
570
78
53
0
1,982
6,300
5,996
43, 739
265
17, 726
32, 622
10, 698
141,158
67, 788
1,956
55, 947
384, 261
4,795
9,159
50, 004
1,934
88
93
68, 405, 927
307
TABLE B-44.—Assets and liabilities of all banks in the United
Loans and discounts
Real estate loans
Loans for purchasing or
carrying securities
Loans to financial
institutions
Locotiott
Secured by
Secured by
Secured by
other
residential
farmland
{including properties {other properties
improvements) than farm)
To brokers
and dealers
in securities
Other
Other
$30, 314
8,937
21, 736
41,212
7,010
5,859
12, 536
5,563
36, 991
Alaska
Hawaii
Pacific States, total
$119
73
2,675
3,695
7,000
1,500
20,240
24, 000
6,032
$2,120
11,936
33, 409
40, 302
9,171
4,741
76, 674
12,215
84, 621
$1, 045
1,143
3,675
1,714
2,398
256
16, 578
1,943
25, 571
$2,070
820
9,341
8,907
1,382
1,576
27, 615
6,766
11,893
712, 390
383, 528
65, 334
275,189
54, 323
70, 370
590,187
276, 963
4, 701,185
113, 958
181,195
55, 531
229,164
36, 050
155,687
173, 477
105, 232
1,277, 590
18, 273
61, 092
63, 845
33, 704
17,158
63, 808
30, 500
603
366, 867
100
16, 745
1,530
11,789
1,500
10,110
115,485
85, 788
886, 638
7,343
40, 995
12,108
41,194
1,080
6,118
15, 653
12,109
82, 709
2,860
8,476
2,000
41, 292
0
182
5,670
16, 048
100, 774
766
8,211
704
540
79
18, 027
241,141
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
$14, 851
22, 958
37, 869
43, 777
21,191
20,318
104, 750
33, 869
83, 945
21, 924
21, 837
173, 856
6,706
7,790
2,315
3,138
346
3,229
Wyoming
Colorado
New Mexico
Oklahoma
$70, 232
66, 940
54, 262
112,814
90, 406
40,056
143,188
37, 918
96, 574
170,158
North Dakota
South Dakota
Nebraska
Kansas . . .
United States (exclusive of
possessions), total
To domestic
commercial
and foreign
banks
6, 339, 920
1, 814,179
439,744
165,281
150, 819
2, 056, 944 52, 482, 820 12,007,782
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United
States
Possessions, total
308
0
0
14, 935
0
0
1,838
127, 552
0
0
44
35, 897
0
1,196,749
2, 585, 846 8, 464, 705 5, 201, 504 2,142, 677
0
0
1,085
0
0
0
33, 660
0
0
0
1,500
0
0
84
436
0
58
14, 020
4,927
0
0
0
0
14, 993
143, 410
40, 868
1,085
33, 660
1,500
520
States and possessions, by States, Dec. 28, 7062—Continued
Loans and discounts—Continued
Loans to farmers
Other loans to
Directly guaranteed by the farmers {excluding loans on
Commodity Credit
real estate)
Corporation
Commercial and
industrial loans
{including open
market paper)
Other loans to
individuals for
personal
expenditures
All other loans
{including
Total gross loans Less valuation
reserves
overdrafts)
Net loans
$85, 837
20, 058
61, 806
104, 026
19,640
929
4,690
3,957
25, 912
$94, 339
168, 200
399, 032
355, 612
94, 979
51, 899
184,920
42, 593
164, 891
$52, 742
68, 074
225, 789
323, 464
94, 596
57, 273
375, 931
137, 443
507, 862
$59, 443
69, 683
180, 946
258, 038
109, 346
42, 299
353, 994
99, 884
334, 559
$4, 374
4,326
17, 743
7,821
4,147
751
15, 943
4,441
36, 700
$417, 486
443,148
1, 048, 283
1, 301, 382
461,266
227, 457
1, 337, 059
410, 592
1,415,551
$9,124
11,486
16, 399
13, 570
9,497
3,203
20,721
9,052
17, 586
$408, 362
431,662
1,031, 884
1,287, 812
451, 769
224,254
1, 316, 338
401, 540
1, 397, 965
326, 855
1, 556, 465
1, 843,174
1, 508,192
96, 246
7,062, 224
110, 638
6, 951, 586
30, 535
10, 794
76, 444
1,739
44
0
13,300
0
0
95, 031
71, 879
559, 954
73, 310
42,110
12,178
129, 773
701
7,428
611,696
432, 574
5, 668, 271
90, 269
170, 997
102, 645
287, 659
40, 088
124, 707
364, 563
246, 329
3,150, 596
92,117
133, 878
74, 279
261,755
32, 989
96, 797
29, 596
14,210
259, 771
2,719
10, 700
1,488
9,809
323
10, 081
2, 084, 317
1,294, 366
17, 304, 655
410,160
682, 233
328, 623
1,063,117
130,314
496,174
31,162
9,924
294, 778
6,102
8,791
2,416
9,328
3,705
2,722
2,053,155
1,284,442
17, 009, 877
404, 058
673, 442
326, 207
1,053,789
126, 609
493, 452
132, 856
992, 364
7, 528, 906
4, 453, 303
338, 697
23, 793, 959
368, 928
23, 425,031
1,119,869
5, 979, 484
48, 866, 821
30, 902, 557
3, 925, 027
175, 736, 036
2, 926, 595
172, 809, 441
0
0
0
0
0
2
13,014
0
358
5,055
270, 795
34
592
6,110
120, 478
216
892
403
9,030
2
1,842
13, 536
628, 382
252
0
0
4,632
140
1,842
13, 536
623, 750
112
0
0
5,404
2,687
115
27,211
50
27,161
0
13,016
281, 646
130,083
10, 442
671,223
4,822
666,401
309
TABLE B-44.—Assets and liabilities of all banks in the United States and possessions, by States, Dec. 28, 1962—Continued
Demand deposits
Capital
Location
Common
stock
Capital
notes
and
debentures
Individuals,
Preferred partnerships,
stock
and corporations
Foreign
governments,
central
banks,
etc.
Banks in United States
U.S.
Government
States and
political
subdivisions
Banks in
foreign
Commercial
Mutual
savings
countries
Certified
and
officers'
checks,
etc}
United States and pos$7, 004, 940 $50, 646 $34, 794 $124, 302, 972 $729, 642 $6,855,814 $12,152,773 $13, 944, 670 $781, 885 $1, 295, 462 $4, 535, 472
sessions, total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States,
total
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total.
Ohio
Indiana
Illinois
26,030
9,140
13, 976
173,803
25, 055
76, 663
0
150
0
0
0
0
100
75
946
200
0
0
324, 667
150
1,321
331, 051
222, 834
135,413
3, 836,223
440, 666
1, 708, 773
0
0
0
3,706
0
0
16, 841
15,319
7,693
191, 755
27, 278
97, 798
6, 674, 960
3,706
356, 684
35, 363
36, 273
18, 590
340,077
41,822
100,110
6,567
8,194
3,557
8,966
1,052
1,788
319,049 125, 923
4,464
7,400
21, 307 38, 522
572, 235
355, 996 190, 793
89
0
0
26,611
2,698
31
5,710
4,597
3,361
70,132
13, 914
28, 976
29, 429
126, 690
978, 067 2, 436, 608
86, 728
921
102, 212
32,256
3,581
31
20, 397
1,716
16, 861
4,747
1, 442, 492 43, 020 20, 022
2,642
193,718 5,125
60
0
417,682
0
0
20, 845
25
0
65, 206
0
0
36, 682
24, 061, 534 603, 841 1, 700, 590
183, 844
114
3, 675, 447
426, 899
4,692
7, 523,146
40, 573
0
537, 613
81, 425
26
1, 503, 677
34, 551
1,100,211
27, 819
1,105,355 3, 599, 372 491,198
429, 785
72, 927 28, 095
432, 567
670, 533 42, 251
33,152
2,752
7,372
147, 888
8,144
91, 458
0
64,776
289
2,176, 625 48, 145 22, 749
38, 401, 628 636, 492 2, 467, 882
2,149, 036 4, 506, 438 572, 440 1, 017, 738 2, 666, 387
99, 866
38, 829
80, 488
35,611
90, 994
194, 066
65,270
33,156
79, 889
449, 878
41, 093
66, 347
96, 240
1, 371, 727
331,131
121, 646
582, 959
100
179
0
1,035
0
22
50
0
650
0
110
17
0
0
50
0
1, 673, 461
676, 283
1, 760, 358
761, 822
1, 722, 568
2, 699, 994
1,183, 812
752, 245
1, 643, 577
7, 337, 709
855,124
1, 552, 781
1, 625, 826
0
0
0
0
0
1,177
0
0
2,697
5,577
0
0
0
89,140
32, 486
106, 273
40, 328
98, 287
105, 332
51,498
24, 919
65, 534
233, 399
25, 556
60, 426
76, 516
197, 748
169,619
113,468
38, 621
180,307
275, 271
102, 621
32, 793
216, 621
257,211
400,454
349, 563
228, 706
104, 694
183, 908
98, 262
341, 621
278, 544
718, 295 1, 486, 402
110,486
95,321
173, 449
261,185
241, 700
423, 658
1,934
500
0
0
0
177
0
0
0
0
0
0
0
0
24, 245, 560
9,451
1, 009, 694
3, 209, 384 3, 871,144
175
0
625
5, 783, 647
2, 574,150
9, 350, 763
109
0
15, 625
349, 942
124, 829
581,114
579, 640
428, 937
473, 672
168, 650
764, 679 1, 390, 414
1,052
0
597
0
852
4,432
435
293
3,481
17, 489
0
74
2, 656
31,361
2,218
728
1,580
26, 434
8,385
19, 649
7,068
19,630
49, 531
9,862
6,197
27, 545
132, 289
7,033
16, 674
16, 362
346, 659
10, 893
646
41, 409
99, 384
52, 322
193,210
398
735
872
085
325
0
550
3,621
0
0
14,150
2,541
5,640
722
4,472
93,145
36,610
40, 949
30, 700
49, 066
3, 285, 743
3, 795, 416
8,697
80, 473
595, 386
68, 051
74, 943
120, 930
432, 587
79, 902
45, 971
85,100
82, 456
267, 765
14, 330
16, 728
174, 032
114,502
28, 949
13,678
131,798
17, 778
228, 209
0
0
0
0
0
0
0
0
0
25
0
52
63
0
0
423
0
396
5,272
5,146
14,846
18, 585
8,405
4,134
27, 750
9,564
33, 851
309, 999
1, 257, 705
740, 004
0
959
127, 553
84,181
36, 789
598, 240
12,254
20,154
15, 148
26,127
5,590
30, 747
216, 232
136,607
815,313
81,860
102, 995
40, 360
125, 034
21, 435
58, 761
65, 216
28, 987
484,159
4,306
43, 932
4,364
20, 591
1,243
9,568
6,949
1,440
1,424
0
0
0
0
142
0
11,565
3,472
111,610
0
87
78
4,252
17
3,537
23, 705
48, 923
511,087
7,320
12, 934
13, 488
25,194
2,697
10, 357
64, 045
829, 230
1, 598, 597
662, 366
9,955
134, 618
655, 705
12, 072, 700 13, 931, 364
781,885
1, 294, 578
4, 518, 380
11
37
13,120
0
0
0
0
0
20
0
744
103
61
291
16, 457
25
243,071
112,680
124, 923
83, 051
196,817
0
340
870
0
150
3,835
2,225
255
425
50
3,881,415
2,196,276
1, 984, 014
1, 775, 533
3, 432, 636
42
1
51
0
0
1, 796, 278
1,639
7,590
30, 978, 434
21, 739
22,100
56, 583
76, 438
26, 318
6,668
69, 909
24, 969
82, 698
0
35
0
0
0
0
0
0
0
0
0
0
0
0
100
0
0
0
407, 993
436, 094
1,124, 057
1,340,195
445, 765
211,598
1,180,716
405, 382
1, 605, 992
387, 422
35
100
80, 581
62, 397
619,894
20, 023
30, 828
14, 652
38, 237
6,650
27, 951
0
0
0
0
0
0
0
0
0
0
0
1,100
0
0
0
0
0
0
901,213
0
United States (exclusive
of possessions), t o t a l . . . 6, 957, 932
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States,
total
North Dakota
South Dakota
Nebraska
Kansas
Montana..
Wyoming
Colorado
New Miexico
Oklahoma
Western States, total...
Washington
Oregon. . . .
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
332,
118,
123,
72,
161,
807
594
303
595
950
433,109
168, 564
288,330
219,790
357, 959
15,828
1, 865,134
0
0
0
0
0
0
0
0
0
12, 646
14, 318
55, 007
59, 807
16, 802
7,667
55, 374
25, 797
62, 581
7,157, 792
0
1, 549, 820
968, 653
11,843,984
332, 907
441, 714
268, 849
732, 676
100,460
290,168
1,237
3
60, 043
0
0
0
2,742
0
20
1,100
16, 529, 231
252,
202,
355,
186,
810,
50, 646
34, 794
123, 987, 605
729, 522
6, 838, 623
Canal Zone (Panama)
Guam
Puerto Rico . .
American Samoa
Virgin Islands of the United
States
0
0
46, 508
100
0
0
0
0
0
0
0
0
7,848
10, 899
283, 533
640
0
20
52
15
7,045
2,799
6,508
127
400
0
0
12, 447
33
712
4,378
138
0
17
258
Possessions total .
47, 008
0
0
315, 367
120
17,191
80, 073
13, 306
0
884
17, 092
1
Includes dividend checks, letters of credit, and travelers' checks sold for cash.
0
2,276
69, 716
3,703
GO
TABLE B-44.—Assets and liabilities of all banks in the United States and possessions, by States, Dec. 28, 1962—Continued
Time and savings deposits
Accumulatedfor
payment of
personal
loans
Location
United States and possessions,
total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, total. .,
Banks in United States
U.S. Gov-
Postal
savings
302
130
646
3,810
0
7
20, 220
8,811
10, 564
183,015
40, 942
26, 318
0
12
0
54,187
0
0
678
179
118
4,523
655
1,965
7
10
3
540
146
15
Banks in
foreign
States and
political subdivisions
Commercial
$6,519,081
$246, 441 $147,122
4,328
2,620
5,403
39, 754
13,183
37, 527
0
218
97
5,456
0
94
Mutual
0
0
0
145
0
1,000
$148, 650
0
0
0
4,403
0
0
4,895
289, 870
8,118
721
102, 815
5,865
1,145
4,403
5,841
1,511
8,378
24
7,388
19,188
3, 706, 612
260,164
996, 753
25, 633
52, 051
101,713
1, 755, 737
1,000
63,107
0
0
20, 062
57, 274
5,391
4,262
265
5,687
15,547
100
0
932
0
42
479
1, 001, 978
112,700
277, 593
16, 303
42, 602
186
121, 397
1,510
6,211
0
93
0
143, 624
32
1,530
0
0
0
92, 229
25
5,000
0
0
0
47, 874, 836
,
,
,
14, 232,177
32, 974, 647
5, 043, 061
7, 703, 451
319,144
1, 464, 586
369, 947
Eastern States, total
Southern States, total
toreign governments,
central banks
$785, 771 $16, 947, 410 $2, 449, 707 $269, 676 $18,179
786, 896
826, 455
411,729
7, 531, 199
1, 022, 722
3, 653,176
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Vriginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
$112,460,692
Other deposits
of individuals,
partnerships,
42, 330
5,142, 926
1, 839, 906
88, 426
1,553
1, 451, 362
129,211
145,186
97, 254
2,202
1, 392, 227
1,912
486, 381
722,813
19,701
184, 023
10
617,786
184
1,427
1,428,318
3,033
653, 172
1,459
253, 885
738, 386
3,190
2,287,611
211,367
301, 339
1,960
457, 463
19,464
3,534
1,051,197
124,163
41, 879
136,141
23, 456
261, 491
294, 769
124, 373
201, 556
117,641
1, 039, 021
145, 588
182, 494
279, 182
2,000
0
0
0
4,270
21
0
0
1,500
2,529
0
0
2,000
9,116
603
12,100
5,759
3,281
4, 158
966
1,421
2,087
13, 070
335
1,415
1,428
869
284
2,210
0
1,106
785
50
0
360
1,104
447
20
218
100, 276
1,601
137,812
22,911
95, 596
209, 524
18, 559
2,906
57, 009
549, 480
5,994
37, 876
87, 449
2,956
488
5,585
3,395
3,980
3,368
6,650
12, 721
2,835
10, 609
1,175
607
1,922
0
0
0
0
0
150
0
0
0
2,150
0
0
315
2, 971, 754
12, 320
55, 739
7,453
1, 326, 993
56, 291
2,615
10, 574, 601
269, 443
54,199
3hio
Indiana
.
4, 235, 864
1, 571, 690
5, 987, 076
4, 247, 883
1, 680, 892
1, 332, 047
703, 010
1, 304, 704
.
Michigan
Iowa
Missouri
Middle Western States, total.
North Dakota
South Dakota
Kansas
Montana
Wyoming
. . .
Colorado
New Mexico
Oklahoma
.
Western States, total
Washington
Oregon
...
California
Idaho
Utah
Nevada
. .
Arizona
Alaska
Hawaii
.
.
384, 379
752
51,065
1,131
734
194
4,527
3,256
606, 471
261,156
1, 362, 873
790, 981
671,774
980, 677
511,493
641, 602
6,000
0
140, 821
0
0
4,072
0
4,000
2,212
2,434
7,507
2,598
1,489
1,994
1,734
3,588
710
987
2,949
56
1,010
228
190
518
243,118
53, 481
239, 300
398,519
56, 767
79, 007
2,383
103, 737
132
2,308
7,301
2,840
2,767
31
45
514
0
10
0
0
0
0
0
0
900
0
12,475
2,800
150
0
0
0
21,063,166
446, 038
5, 827, 027
154,893
23, 556
6,648
1,176,312
15, 938
10
16, 325
112,897
132,559
227, 967
546, 724
215,637
142,076
675,158
192, 937
594, 830
1,921
25
137
5 736
3,846
10
113
30
9,074
184,670
167, 538
171,895
176 497
109,156
21, 393
114,381
31,121
145, 748
0
0
0
0
0
0
0
0
0
517
661
227
2, 166
933
754
693
1,755
3,594
6
7
34
60
2
23
10
284
91
58, 088
27, 372
8,949
70, 575
16, 542
22,157
93, 674
32, 304
27, 539
35
20
55
39
0
0
500
475
1,395
0
0
0
0
0
0
0
0
0
0
0
0
2, 840, 785
20, 892
1, 122, 399
0
11,300
517
357, 200
2,519
0
0
1,551, 138
967, 932
11,394,288
239, 710
422, 068
192,216
551,609
61, 856
208, 787
4
9
102
5
0
0
122
0
0
76,418
36, 782
1, 098, 641
36 598
35, 572
11,899
56, 236
4,035
91, 724
7,600
2,000
375, 770
0
0
0
3,000
0
0
3,466
3,610
31, 754
2, 233
1,517
360
2,290
11,217
7,392
9
14
203
11
499
0
27
27
447
5,586
146, 537
1, 652, 688
51
50, 349
25, 408
42, 544
48, 282
75, 477
80
558
21, 847
200
1,250
0
0
41
6,766
315
50
375
0
0
0
0
25
0
8,950
100
16, 993
0
0
0
0
0
1,110
o
0
0
0
0
0
15,589,604
242
1, 447, 905
388, 370
63, 839
1,237
2, 046, 922
30, 742
765
27, 153
United States (exclusive of
possessions), total
112,175,169
783, 840
16,801,881
2, 449, 688
250, 978
18,129
6, 461, 604
240, 566
147,122
147, 750
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United States.
1,351
10, 850
255, 735
667
16,920
0
0
1,910
21
0
659
1,063
143, 722
82
0
19
0
0
0
3,135
2,644
11,592
0
1,327
0
0
50
0
0
0
5,326
35, 401
5,600
11,150
0
0
5,861
0
14
0
0
0
0
0
0
0
900
0
0
285, 523
1,931
145, 529
19
18, 698
50
57, 477
5,875
0
900
Pacific States, total
TABLE B-45.—Assets and liabilities of all banks in the United States and possessions, date of last call 1961 and 1962, and
change 1961-62
[Dollar amounts in millions]
Dec. 28,
1962
Number of banks
Real estate loans
Loans tofinancialinstitutions:
Domestic commercial and foreign banks
Other
Loans to brokers and dealers in securities and other loans for the purpose of purchasing or
carrying securities
Loans to farmers directly guaranteed by the Commodity Credit Corporation
Other loans to farmers
Commercial and industrial loans (including open-market paper)
Other loans to individuals
All other loans (including overdrafts)
Total gross loans
Less valuation reserves
Net loans
U.S. Government obligations direct and guaranteed
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks, including stocks of Federal Reserve banks
Total securities
Currency and coin
Balances with other banks, including reserve balances, and cash items in process of collection.
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises or other real estate
Customers' liability on acceptances outstanding
Other assets
Total assets
314
Dec. 30,
1961
Change
since 1961
13, 924
13, 933
$66,747
$59, 587
$+7,160
2,587
8,498
1,046
7,329
+ 1,541
+ 1,169
7,346
1,120
5,993
49,148
31,033
3,935
6,213
934
5,329
45, 538
28,277
3,436
+ 1,133
+ 186
+664
+3, 610
+2, 756
+499
176,407
2,931
157,689
2,846
+ 18, 718
+ 85
173,476
154, 843
+ 18, 633
72, 682
25, 323
7,948
1,792
72,822
21, 064
7,081
1,574
-140
+4,259
+ 867
+218
107, 745
102, 541
+5, 204
4,430
50, 640
3,733
136
379
1,641
2,102
3,865
53,622
3,405
122
354
1,676
1,908
+ 565
- 2 , 982
+ 328
+ 14
+25
—35
+ 194
344, 282
322, 336
+21, 946
-9
TABL E B-45.—Assets and liabilities of all banks in the United States and possessions, date of last call 7967 and 7962, and
change 7967-62— Continued
[Dollar amounts in millions]
Dec. 28
1962
Dec. 30,
1961
Change
since 1961
$125, 033
132,643
7,144
18, 672
16, 564
4,535
$125,170
115,218
6,271
17,843
18,410
5,079
$-137
+ 17,425
+ 873
+ 829
-1,846
544
Total deposits
304, 591
287, 991
+ 16,600
Demand deposits
Time and savings deposits
164,598
139, 993
166,462
121,529
-1,864
+ 18,464
3,635
1,680
6,257
494
1,715
5,840
+ 3,141
-35
+ 417
316,163
296, 040
+20,123
7,005
50
35
14,313
5,808
908
6,700
52
15
13,540
5,086
903
+ 305
-2
+20
+ 773
+ 722
28,119
26,296
+ 1,823
344,282
322, 336
+21, 946
LIABILITIES
Demand deposits of individuals, partnerships, and corporations
Time and savings deposits of individuals, partnerships, and corporations
U.S. Government and postal savings deposits
Deposits of States and political subdivisions
Deposits of banks
Other deposits (certified and officers' checks, etc.)
Rediscounts and other liabilities for borrowed money
Acceptances executed by or for account of reporting banks and outstanding
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Common stock
Capital notes and debentures
Preferred stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock and capital notes and debentures
Total capital accounts
Total liabilities and capital accounts
+5
315
TABLE B-46.—Assets and liabilities of
[Dollar amounts
ASSETS
22
51
29
94
4
22
222
225
149
424
4
48
5
855
127
76
29
26
53
130
70
27
43
486
57
85
73
1,282
220
125
402
83
101
180
97
78
1,286
38
32
121
168
43
27
88
29
203
749
25
10
45
9
8
3
3
5
2
110
$221, 737
201,418
130,929
2, 348, 398
391,405
764, 769
4, 058, 656
7, 827, 399
2, 442, 360
4, 996, 036
8,253
716,289
503, 893
16,494,230
1,215,016
335,212
649,100
359, 596
1, 043, 568
1,511,782
834, 853
215,098
986, 509
5, 302, 098
364, 947
530, 828
1, 429, 566
14, 778, 173
3,518,927
1, 557,105
6, 840, 250
2,777,159
1,119,991
1,664,313
531,855
1, 253, 429
19,263,029
202, 856
243, 775
700, 534
669,713
228, 608
159, 483
910, 349
280, 953
1,148, 417
4, 544, 688
1, 505, 414
1, 085, 630
11,923,215
286, 862
334,169
198, 072
794, 791
95, 386
173, 382
16, 396, 921
$74, 447
85, 581
62,193
990, 953
96, 252
219,030
1, 528, 456
3,001,745
1, 272, 530
2, 427, 705
5,837
390, 899
297,128
7, 395, 844
569, 545
296, 445
216,470
216,458
333, 066
1, 077, 901
424, 400
110, 364
615,252
2, 484, 833
191,583
341, 282
599,711
7,477,310
1, 932, 545
1,017,685
3, 836, 274
1,501,174
682,172
799, 923
319,060
605, 135
10, 693, 968
126,800
149, 382
297, 340
442,148
141,851
103, 490
440, 141
166,759
663, 931
2, 531, 842
668, 605
490, 345
4, 241, 934
142, 961
83, 366
86, 299
178, 278
61,795
75, 232
6, 028, 815
$22, 664
17, 459
12,417
201,922
74, 550
156,694
485, 706
1, 539, 463
661, 606
1, 452, 656
555
103, 456
39, 904
3, 797, 640
196, 265
51,690
79, 200
52, 605
113,218
279,198
188, 395
54,129
155,151
817, 487
93, 920
94, 460
192, 623
2, 368, 341
611,021
203, 285
1, 550, 445
660, 562
142,699
236, 581
99, 020
184,695
3, 688, 308
39, 954
29, 332
94,177
170, 686
37, 561
20, 332
92, 444
26, 874
206,981
718, 341
225, 958
192, 287
1, 884, 383
45, 696
52,010
45, 981
71,180
8,946
20, 280
2, 546, 721
$3, 476
1,308
3,122
39, 788
2,105
16,573
66, 372
153, 206
96, 283
155, 964
223
22, 705
5,581
433, 962
52, 203
7,992
28, 474
11,326
16,280
69, 814
19, 633
2,376
9,812
155, 386
15, 688
17, 827
37, 630
444, 441
101,955
63,012
285, 422
29,113
34, 858
67, 990
15, 140
30, 628
628,118
11,740
11,852
19,918
29, 548
12, 926
2,978
7,808
3,223
38, 084
138,077
36, 398
17,714
251, 700
310
3,593
5,277
4,724
7,444
910
328,070
$842
804
467
14,105
1,181
3,906
21, 305
44, 668
10, 229
31, 321
44
3,153
1,923
91,338
5,284
1,865
2,568
1,600
4,168
8,018
3,328
1,048
4,517
24, 762
1,569
2,656
6,300
67, 683
15,931
7,446
48, 438
10, 269
4,034
6,858
1,990
5,124
100,090
698
1,024
2,670
3,190
840
610
3,250
979
5,243
18, 504
4,975
3,370
82, 600
968
1,201
654
2,589
267
612
97, 236
4,504
1
4,505
75, 535, 697
12,619
75, 548, 316
35, 656, 235
7,013
35, 663, 248
13,605,057
1,957
13, 607, 014
2,039, 040
0
2,039, 040
396,156
45
396, 201
banks
Maine
New Hampshire
Vermont
Rhode Island
Connecticut
New England States, total
New York
New Jersey . .
Pennsylvania
•
.
Iviaryland
..
District of Columbia
Eastern States, total
Virginia
. .
West Virginia
North Carolina
South Carolina
. .
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
.
Michigan
.
Minnesota
Iowa
.
Missouri
Middle Western States, total
North Dakota
South Dakota
Nebraska
Kansas .
..
Montana
Colorado.
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
United States (exclusive of possessions), total
Virgin Islands of the United States
United States and possessions, total...
316
Corporate
stocks,
including
stocks of
Federal
Reserve
banks
US.
Government
obligations,
direct and
guaranteed
of
Location
Obligations
of States
and political
subdivisions
Loans and
discounts,
including
overdrafts
Number
Other bonds,
notes, and
debentures
national banks, by States, Dec. 28, 1962
in thousands]
ASSETS—Continued
Currency
and coin
Balances with
other banks,
Bank premises
including
owned,
reserve balances furniture and
and cash items
fixtures
in process of
collection
$9, 915
10, 172
3,933
68,108
12, 164
35, 235
139,527
168, 709
111,435
198, 495
505
33, 634
19,686
532,464
54,715
22, 220
32,138
22, 375
29, 572
81,596
39, 891
11,832
34, 815
135,517
14,427
24, 275
55, 423
558, 796
134,568
72, 595
139,589
100, 664
33,616
32,158
17, 541
29, 045
559, 776
4,765
5,509
15, 896
22, 659
7,458
5,657
20, 879
13, 550
35, 490
131,863
45, 744
20, 506
228, 378
7,482
6,384
8,525
22, 370
7,531
7,472
354, 392
$51,086
59, 098
27,120
935, 756
37, 278
218, 399
1, 328, 737
2, 728, 860
608, 558
1, 519, 970
1,969
261, 975
180, 732
5, 302, 064
337, 677
112,408
279, 340
139, 324
432, 870
754, 899
327, 391
80, 843
474, 749
2, 840, 838
159, 027
272, 125
567, 247
6, 778, 738
1, 167, 189
598, 485
2,578,513
906, 580
443, 678
688, 291
263, 065
595, 925
7,241,726
56, 032
67, 470
283,419
282, 857
70, 797
58, 206
334, 844
100,818
607, 098
1,861,541
505, 985
344, 349
3,581,166
68,150
107, 993
45, 944
162, 821
25, 295
49, 873
4, 891, 576
2,276,818
803
2, 277, 621
27, 404, 382
1,577
27, 405, 959
$7, 410
6,769
3,113
45, 599
8,300
27, 060
98, 251
194, 061
63, 354
135,867
292
23,012
17, 579
434, 165
35, 297
11,363
17, 483
13,704
35, 747
77, 059
21, 928
7,665
25, 923
212,711
11,479
12,696
30, 403
513,458
88, 295
42,759
84, 719
59, 853
27, 759
40,711
12,150
23, 462
379, 708
7,512
7,555
11,502
15,905
8,632
6,327
21, 979
7,691
33, 657
120, 760
47, 239 ~
38, 918
334, 851
8,905
1,613
10, 238
24, 000
4,737
11,011
481,512
2, 027, 854
129
2, 027, 983
Real estate
owned other
than bank
premises
Investments
and other
assets indirectly
representing
bank premises
or other real
estate
Customers'
liability
on acceptances
outstanding
Other assets
Total assets
$186
209
121
2,175
237
290
3,218
2,904
1,955
4,110
18
459
258
9,704
1,000
636
638
511
1,804
3,566
1,044
284
370
9,945
713
747
933
22, 191
1,866
1,540
7,003
2,456
1,680
969
1,014
1,104
17, 632
212
192
1,508
705
225
1,076
1,048
998
1,375
7,339
1,659
282
4,159
146
91
85
1,471
261
0
8,154
$314
43
960
402
0
330
2,049
7,772
2,028
5,364
0
353
0
15,517
2,084
764
4,179
242
3,183
11, 349
3,608
500
2,207
5,307
445
1,177
0
35, 045
3,147
208
7,690
8,559
2,059
16, 244
1,366
2,822
42, 095
863
922
2,210
1,428
0
0
4,352
250
5,795
15,820
645
387
65, 058
0
6,200
652
5,909
1,229
0
80, 080
$0
0
0
66,126
39
0
66,165
176, 536
631
5,069
0
1,323
0
183, 559
453
0
50
10
32
281
573
0
1,934
27, 634
5
90
2,226
33, 288
3,094
223
69,155
4,981
94
3,803
1
127
81,478
412
53
0
0
489
0
13
0
38
1,005
4,370
1,703
166,019
0
0
0
4,424
0
78
176, 594
$1, 551
630
786
21, 075
1,833
5,399
31, 274
197, 789
22, 942
47, 064
19
7,093
2,875
277, 782
6,948
1,912
5,467
2,746
5,937
22, 678
6,573
1,646
10,781
54, 285
2,934
3,443
12, 807
138,157
26, 986
14, 881
77, 086
32, 639
10, 466
15, 488
3,857
10,810
192,213
1,807
2,547
6,027
4,035
2,028
1,085
10, 734
1,416
8,111
37, 790
15,453
14, 925
159, 273
2,268
494
2,577
14, 470
578
3,161
213,199
$393, 628
383, 491
245,161
4, 734, 407
625, 344
1, 447, 685
7,829,716
16,043,112
5,293,911
10, 979, 621
17,715
1, 564, 351
1, 069, 559
34, 968, 269
2, 476, 487
842, 507
1,315,107
820, 497
2,019,445
3, 898, 141
1,871,617
485,785
2, 322, 020
12, 070, 803
856, 737
1, 301, 606
2, 934, 869
33,215,621
7, 605, 524
3, 579, 224
15, 524, 584
6, 094, 009
2, 503,106
3, 573, 329
1, 266, 059
2, 742, 306
42, 888, 141
453, 651
519,613
1, 435, 201
1, 642, 874
511,415
359, 244
1, 847, 841
603,511
2, 754, 220
10,127, 570
3, 062, 445
2,210,416
22, 922, 736
563, 748
597,114
404, 304
1, 287, 027
123, 469
342,011
31, 603, 270
68, 238
0
68, 238
190, 606
0
190, 606
542, 089
0
542, 089
890,415
276
890, 691
160, 632, 587
24, 419
160, 657, 006
317
CO
TABLE B-46.—Assets and liabilities of national banks by States, Dec. 28, 1962—Continued
LIABILITIES
Demand deposits
Location
Time and
savings
deposits
Total deposits
Rediscounts
and other
liabilities for
borrowed
money
Acceptances
executed
by or for
account of
banks and
Other liabilities
Capital stock
Surplus
profits
Reserves
and retire
ment
account for
preferred
stock
outstanding
United States and possessions, total
$88, 964, 317 $53,860, 574 $142, 824, 891 $1, 635, 593 $551, 697 $2, 895, 075 $3, 757, 646 $6,307,160 $2,405, 942 $279, 002
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
208, 488
251, 681
85, 567
3, 291, 394
266, 770
944, 002
New England States, total.
Southern States, total
75
900
0
43, 461
1,000
1,000
0
0
0
67, 092
49
0
10, 288
13,313
5,164
122, 394
14, 950
49, 698
46, 436
14, 032
6,635
7,461
108, 201
13, 605
36, 245
14, 026
20, 028
8,204
251, 868
25, 758
62, 810
9,165
9,697
4,752
64, 581
9,107
19, 208
779
1,395
1,396
19, 138
15
864
5, 047, 902
,
1, 743, 460
6, 791, 362
67,141
215, 807
186,179
382, 694
116,510
23, 587
5, 242, 287
2,191,571
4, 288, 958
8,191
454, 704
265,148
13,709,139
4, 789, 905
9, 549, 638
15,938
1, 409, 647
975, 326
281, 598 183, 336
6,350
631
164, 945
5,473
0
0
1,323
1,350
522, 737
110,402
188, 820
44
26, 072
12, 420
432, 383
118,069
262, 544
433
31, 404
22,097
647,811
190,822
645,611
1,027
70, 616
41,183
256, 653
68, 247
152, 902
269
18, 346
14, 207
9,455
9,485
9,688
4
5,593
4,326
17, 998,734 12,450, 859
Eastern States, total
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
345, 263
331,523
218,184
4, 057, 672
560, 860
1, 277, 860
8, 466, 852
2, 598, 334
5,260, 680
1,141
954, 943
710,178
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
136,775
79, 842
132,617
766, 278
294, 090
333, 858
30, 449, 593
454, 243 190, 763
860, 495
866, 930 1, 597, 070
510, 624
38, 551
920, 415
282, 588
297, 087
118,734
425, 733
1,125,010
531,116
136, 645
565, 940
3, 025, 802
216, 513
291, 242
880, 494
2, 200, 914
747, 111
1,151,941
727, 385
1, 787, 760
3, 505, 229
1, 679, 702
433, 714
2,104, 021
10, 712,253
775, 592
1,177, 029
2, 614,129
12, 500
400
28, 700
0
17, 425
20, 800
0
8,000
700
249, 677
2,850
200
43, 025
453
0
50
10
32
359
573
0
1,990
27, 634
5
90
2,226
50,191
11,776
31, 876
29, 865
46, 565
57, 269
32,966
5,251
27, 533
105,117
8,180
12, 270
50, 769
60,149
19, 629
28,454
15,457
43, 524
113,701
44,483
9,595
44, 590
346, 714
22,110
28, 290
65,005
108, 598
41, 078
56, 237
34, 751
81, 249
145, 245
65, 962
25, 395
105, 607
427,758
29, 009
58, 353
115,939
41, 458
19, 284
16, 755
11,582
25, 058
45, 656
36, 071
3,627
37,166
173, 287
17, 227
23, 344
39, 056
2,224
3,229
1,094
1,447
17, 832
9,882
11,860
203
413
28, 363
1,764
2,030
4,720
8,817,319
29,616,780
384, 277
33, 422
469, 628
841,701
1,295,181
489, 571
85, 061
1,280,499
464, 523
854, 854
608, 651
1, 362,027
2, 380, 219
1,148, 586
297, 069
1, 538, 081
7, 786,451
559, 079
885,787
1, 733, 635
20, 799, 461
4, 090, 703
2,165, 472
8, 703, 766
2, 992, 579
1, 374,161
2, 034, 753
803, 021
1,865,010
2,717,216
1, 034, 880
5, 066, 664
2, 566, 505
886, 903
1,177,358
317,277
621, 226
6,807,919
3, 200, 352
13,770,430
5, 559, 084
2, 261, 064
3,212,111
1, 120, 298
2, 486, 236
36, 971
10, 300
214, 534
6,850
2,550
15,721
34, 030
9,400
3,094
366
69,198
4,981
94
3,803
1
140
148,411
73, 472
211,238
114,174
56, 039
56, 827
11,401
26, 877
178, 141
75,811
421, 591
115,891
45, 974
83, 659
24, 735
67, 418
318, 092
146,137
605,173
210, 274
87, 186
134, 057
42, 075
95, 477
108, 903
64, 032
177,189
75, 032
43, 104
62, 450
31,712
50,215
3,993
8,754
55, 231
7,723
7,095
4,701
1,807
6,543
Middle Western States, total. 24, 029, 465
14, 388, 029
38, 417, 494
330, 356
81, 677
698, 439
1,013,220
1, 638, 471
612, 637
95, 847
245, 634
293,176
1, 006,146
1,100,474
286, 822
195,743
1, 069, 724
377, 361
1, 832, 209
168, 525
181,763
270, 747
377, 904
175,867
129, 562
601, 741
173,188
613, 051
414,159
474, 939
1, 276, 893
1, 478, 378
462, 689
325, 305
1,671,465
550, 549
2, 445, 260
100
0
23,104
6,435
2,365
200
12, 775
200
34, 465
412
53
0
0
492
0
13
0
38
6,984
8,271
12, 728
11,920
10,174
4,787
21,768
7,766
21, 249
10,140
12, 370
36, 334
41,231
12, 973
4,755
46, 666
15,684
65, 903
13,151
15,370
49, 806
65, 451
13, 393
14, 830
60, 690
15,810
97, 606
8,091
82, 291
33, 028
37, 044
9,085
8,534
33,188
9,573
85, 477
614
319
3,308
2,415
244
833
1,276
3,929
4,222
6, 407, 289
2, 692, 348
9, 099, 637
79, 644
1,008
105, 647
246, 056
346,107
232,311
17, 160
1, 737, 490
1, 054, 002
10,115,369
311,795
282, 482
223, 657
683, 863
103, 977
162, 862
1, 015, 436
945, 732
10, 486, 265
202, 253
249, 953
144, 964
482,150
95, 073
130, 855
2, 752, 926
1, 999, 734
20, 601, 634
514, 048
532, 435
368, 621
1,166,013
199,050
293,717
22, 000
11,500
282, 350
0
10, 396
0
4,200
191
10, 000
4, 471
1,735
166,978
0
0
0
4,424
0
78
53, 699
32, 627
395, 637
8,644
8,452
6,844
28, 409
1,693
8,203
68, 502
50, 691
410,143
13,875
13, 335
9,925
23, 589
4,500
8,600
97, 065
61, 647
775, 446
17, 385
23, 536
11,875
44,158
3,625
11,800
62,316
52, 424
282, 495
7,847
6,600
6,968
13, 850
3,931
7,637
1,466
58
8,053
1,949
2,360
71
2,384
479
1,976
14, 675, 497
13, 752, 681
28,428,178
340, 637
177, 686
544, 208
603,160
1, 046, 537
444, 068
18, 796
88, 958, 348
53, 844, 696
142, 803, 044
1, 635, 593
551,697
2, 894, 224
3, 757, 246 6, 306, 060 2, 405, 721
279, 002
5,969
15,878
21, 847
0
851
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado
,
New Mexico..
Oklahoma....
Western States, total.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total.
United States (exclusive of
possession), total
Virgin Islands of the United
States
0
400
1,100
221
0
TABLE 46.—Assets and liabilities of national
(In thousands
Loans and discounts
Loans to financial
institutions
Real estate loans
Loans for purchasing or
carrying securities
Location
Secured by
farmland
(including
improve*
ments)
United States and possessions,
total
Maine
New Hampshire.
Vermont
Massachusetts. . .
Rhode Island... .
Connecticut
New England States, total
New York
,
New Jersey
Pennsylvania
,
Delaware
,
Maryland
,
District of Columbia..
Eastern States, total.
Virginia
West Virginia. .
North Carolina.
South Carolina.
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total.
Ohio
Indiana....
Illinois
Michigan. .
Wisconsin..
Minnesota.
Iowa
Missouri...
Middle Western States, total.
North Dakota.
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma....
Western States, total..
320
Secured by
residential
properties
(other than
farm)
Secured by
other
properties
To domestic
commercial
and foreign
banks
Other
To brokers
and dealers in
securities
$795, 997 $13,359,877 $4, 649, 481 $1,509,681 $4, 699,105 $1, 599, 707
2,669
1,102
7,546
2,756
986
938
39, 537
31,751
41,875
150,454
121,494
145,855
18, 596
11,198
10, 988
143, 227
33, 806
44,156
7,000
7,254
925
95,152
39, 900
10, 001
7,748
9,220
101
182, 551
23, 441
35, 298
1,306
880
0
41,885
11,091
31,775
Other
$935, 244
1,779
1,007
1,311
12, 060
271
4,267
15,997
530, 966
261, 971
160, 232
258,359
86, 937
20, 695
31,900
12,861
76, 513
797
18,078
60
1,075, 923
769, 596
1,139,135
3,086
113,416
99, 663
350, 294
224, 897
408,149
333
73, 577
59,111
207,207
24, 575
75, 951
0
21, 939
22, 448
618,612
94, 856
169, 241
0
48, 261
79, 885
390, 296
110,778
62, 694
0
4,586
3,228
73, 395
18,794
36, 861
0
20, 958
2,209
140, 209
3,200,819
1,116,361
352,120
1,010,855
571, 582
152,217
27,188
5,308
6,807
2,822
11,585
9,965
11, 500
5,029
6,369
52,104
14, 395
19,157
17,533
233, 323
86, 408
28, 463
21, 440
77, 005
152,925
76,184
14, 506
70, 344
181,047
26, 956
56, 734
79,125
85, 490
30, 834
29,371
23, 692
58, 582
129, 831
44, 010
20, 600
70,176
227, 726
25, 852
42, 571
73, 268
7,950
4,050
2,498
3,298
15, 022
20, 891
18, 243
0
29, 679
155, 828
750
3,025
23, 649
52, 570
9,434
35, 567
19,728
95, 407
112, 832
45, 301
9,114
77, 735
310,389
15, 398
35, 561
136,267
11,588
1,430
28,115
5,423
10, 979
15,343
7,869
5,577
18,110
81,171
6,484
4,231
41, 397
8,012
2,340
14, 602
4,201
5,647
34, 241
9,277
4,565
13, 648
212, 036
1,348
3,460
30, 687
189, 762
1,104,460
862, 003
284, 883
955, 303
237, 717
344, 064
53,134
27, 246
52, 556
15,645
15,290
12,255
11,301
10, 340
812,765
336, 314
787, 640
822, 834
268, 050
318, 777
88,157
165, 837
235, 962
105,218
286, 825
194, 446
67, 938
72,015
31,150
77,126
52, 078
31,550
127, 307
73, 966
20, 214
12,430
9,867
57, 466
194, 746
119,846
674, 499
152, 699
85,018
105, 928
17, 570
112,354
108,400
25, 629
289, 036
31, 244
20, 247
40, 223
1,233
15,727
42,182
11,676
163,158
18,637
7,285
24, 709
4,498
19, 957
197,767
3, 600, 374
1, 070, 680
384, 878
1, 462, 660
531,739
292,102
6,378
2,550
12, 749
15,840
2,249
4,112
8,148
2,569
26, 492
45, 620
45, 023
34, 291
46, 225
46, 732
28, 502
105, 052
25, 227
77,697
10,188
15,567
28, 507
22,166
11,627
14, 351
76, 487
22, 600
75, 212
0
73
2,675
3,695
4,000
1,500
15,412
24, 000
6,010
2,088
9,416
28, 409
34, 435
5,143
4,447
65, 476
9,348
82, 078
1,005
1,027
3,425
1,651
1,398
256
14,131
1,300
25, 571
1,318
433
8,819
2,769
286
1,231
9,971
5,653
10, 860
81,087
454, 369
276, 705
57, 365
240, 840
49, 764
41, 340
banks, by States, Dec. 28,
1962—Continued
of dollars)
Loans and discounts—Continued
Loans to farmers
Directly guaran- Other loans to
teed by the
farmers {excluding loans on
Commodity
real estate)
Credit
Corporation
Commercial and
industrial loans
{including open
market paper)
Other loans to
individuals for
personal
expenditures
$540, 877
$2, 957, 222
$26, 910, 471
$16,997,385
0
0
0
0
0
0
8,071
3,656
7,699
5,077
73, 130
66, 648
22, 555
1,126, 795
96, 879
221, 597
60, 721
68, 928
38,119
574,312
51,216
242, 852
444
2,782
Total gross
loans
Less valuation
reserves
Net loans
$2, 090, 531 $77,045, 578
$1,497,262
$75, 548, 316
3,139
3,050
1,611
58, 693
4,130
15, 659
221,737
201, 418
130, 929
2, 348, 398
391, 405
764, 769
All other loans
{including
overdrafts)
4,319
2,824
1,421
72, 822
16,007
40, 907
224, 876
204, 468
132,540
2, 407, 091
395, 535
780, 428
0
27, 729
1, 607, 604
1, 036,148
138,300
4,144, 938
263
64
68
0
0
68, 980
14, 877
88, 376
14, 323
10, 844
8, 086, 284
2, 496, 642
5,096, 070
8,285
723,106
510, 540
258, 885
54, 282
100,034
36
1, 502, 595
649, 526
1, 092, 555
2,518
193, 795
97,161
279, 621
40, 396
147, 850
1,982
2,377
3,487,198
535, 422
1,798, 677
1,077
200, 437
133,913
6,817
6,647
7, 827, 399
2,442, 360
4,996,036
8,253
716,289
503, 893
186, 417
6,156,724
3, 538,150
493, 096
16,920,927
426, 697
16, 494, 230
33, 935
4,776
12,745
4,970
16,103
27, 563
24,174
7,017
14,574
268, 422
29, 535
33, 764
33, 873
511,451
331,115
69, 667
274, 532
139,238
380, 722
519,151
288, 281
74, 935
457,158
2, 523, 618
116,706
167,797
537,181
5, 880, 101
408, 728
123,465
207,820
119,126
338, 568
490,131
272, 305
67, 044
208, 609
1,138,033
101, 952
161,259
417, 849
4, 054, 889
30, 497
4,204
16,116
20,478
20, 852
25, 352
48, 670
8,223
27, 893
153,479
3,443
11,169
25, 586
395, 962 15,027,515
15,400
6,704
10,327
6,198
12, 823
26, 443
22, 385
4,781
11,027
93, 528
4,755
8,407
26, 564
249, 342
1,215,016
335,212
649,100
359, 596
1,043, 568
1,511,782
834, 853
215,098
986, 509
5, 302,098
364, 947
530,828
1, 429, 566
14, 778,173
10, 728
18, 545
22, 998
55, 227
42, 421
207, 520
26, 932
26, 897
94, 502
126, 786
62,005
873, 871
411,227
2, 966,125
705, 000
319, 340
628, 398
118,054
395,008
1, 010, 907
430,550
1,104, 383
709, 593
247, 244
323, 469
102, 065
307, 609
141, 975
38, 549
346, 590
71,074
69,192
40, 271
12, 453
21, 455
64, 962
25, 428
186,196
45, 782
26, 744
19, 392
9,824
14, 453
3, 518, 927
1, 557,105
6, 840, 250
2,777,159
1,119,991
1,664,313
531, 855
1, 253,429
78, 918
642, 290
6, 417, 023
4,235, 820
741, 559
19,655,810
392, 781
19,263,029
25, 543
7,065
28,613
39, 560
6,518
33, 884
70, 360
233,182
154,760
38, 678
30, 599
133,790
27, 376
100, 395
823, 024
39,917
49, 946
181,806
217,103
53,438
44, 608
269, 343
96, 576
450, 990
1,403, 727
39, 848
46, 922
133,432
135, 436
62,118
31,288
216,629
66, 949
257, 024
989,646
2,348
3,190
15,767
3,996
1,132
208,137
251,572
711,675
677, 636
233,319
161,866
924, 433
287,182
1,163, 275
4,619,095
5,281
7,797
11,141
7,923
4,711
2,383
14,084
6,229
14, 858
74, 407
202, 856
243, 775
700, 534
669,713
228, 608
159, 483
910, 349
280, 953
1,148,417
4, 544, 688
20
0
2,791
1,378
25, 919
0
11,424
3,269
3,241
91,773
26, 883
507
39,715
206, 920
2,642
2,307
20, 807
871
20
439
2,767
2,247
15,201
127,953
412
13, 736
62
533
7,227
3,337
35,745
73, 275
1,230,416
341,916
659, 427
365, 794
1, 056, 391
1, 538, 225
857, 238
219,879
997,536
5, 395, 626
369, 702
539, 235
1,456,130
3, 583, 889
1, 582, 533
7, 026, 446
2, 822, 941
1,146,735
1, 683, 705
541,679
1, 267, 882
86, 282
32
4,058, 656
321
TABLE 46.—Assets and liabilities of national
[Dollar amounts
Loans and discounts
Loans to financial
institutions
Real estate loans
Loans for purchasing or
carrying securities
Location
Secured by
farmland
(including
improvements)
Washington . .
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
United States (exclusive of
possessions), total
Virgin Islands of the United States...
322
Secured by
residential
properties
{other than
Secured by
other
properties
To domestic
commercial
and foreign
banks
$16,960
17, 400
124, 203
5,019
3,084
582
2,691
33
1,145
$258, 598
208, 488
3, 486, 809
98, 621
98, 331
39,123
190, 575
25, 279
54, 993
$95, 506
82, 896
731, 615
11,955
29, 925
40,029
25, 467
14, 426
28, 494
$29, 500
553
226, 282
0
585
1,530
10, 253
1,500
0
$109, 630
81,182
514, 718
6,914
21, 450
7,225
29, 625
0
344
$14,919
12,106
43, 730
2,860
7,227
2,000
39,121
0
5
$4, 531
15, 831
45, 791
143
6,488
704
540
1
10, 797
171,117
4, 460, 817 1,060,313
270, 203
771, 088
121,968
84, 826
795, 939 13, 351, 805 4, 648, 033 1, 509, 681 4, 699,105
58
0
0
1,448
8,072
1, 599, 707
0
935, 244
0
farm)
Other
To brokers
and dealers in
securities
Other
banks, by States, Dec. 28, 7962—Continued
in thousands]
Loans and discounts—Continued
Loans to farmers
Directly guaran- Other loans to
teed by the
farmers (excludCommodity
ing loans on
Credit
real estate)
Corporation
Commercial and
industrial loans
(including open
market paper)
Other loans to
individuals for
personal
expenditures
All other loans
(including
overdrafts)
Total gross
loans
Less valuation
reserves
Net loans
3,008
$551, 751
386, 448
4, 031, 838
59,618
86, 957
49, 543
198, 627
29, 950
48, 341
$317, 406
208,105
2, 223, 778
63, 633
54, 984
51, 359
170, 253
27, 340
25, 045
$27, 846 $1, 533, 603
11,094
1, 093, 339
192, 301 12,134,657
2,264
291,056
7,667
337, 384
213
199,212
4,249
801, 880
160
98, 819
2,502
174, 674
$28,189
7,709
211,442
4,194
3,215
1,140
7,089
3,433
1,292
$1, 505, 414
1, 085, 630
11,923,215
286, 862
334,169
198,072
794, 791
95, 386
173, 382
124, 709
766,311
5, 443, 073
3,141, 903
248, 296
16, 664, 624
267, 703
16, 396, 921
540, 877
2, 957, 222
2, 090, 488 77, 032, 909
43
12, 669
1, 497, 212
0
26, 908, 252
2,219
16,996,556
0
75, 535, 697
12,619
$24, 665
9,920
76, 444
412
0
0
13,268
0
0
$82, 291
59, 316
437,148
39, 617
20, 686
6,904
117,211
130
829
50
323
TABLE 46.—Assets and liabilities of national banks, by States, Dec. 28, 1962—Continued
Capital
Demand deposits
Location
Common stock
United States and possessions, total
New England States, total..
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
. . . .
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Texas
Tennessee
$3,734,518
14, 032
6,635
6,693
108, 201
13,605
36, 245
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
. . .
Preferred
stock
Foreign
Individuals',
partnerships, governments, U.S. Governcentral
and corporament
banks, etc.
tions
States and
political
subdivisions
Banks in
foreign
countries
Banks in United States
C ommerci al
#
Certified
and officers1
checks etc.1
Mutual
savings
$23,128 $67, 055, 872
$282, 133
$3, 734, 768
$6, 941, 554
$8, 496, 306
$242,100
0
0
768
0
0
0
174, 280
194, 781
70, 793
2, 499, 246
214,113
818,217
0
0
0
3,703
0
0
7,670
13,510
4,013
130, 656
13,373
50,818
13,275
27, 205
7 622
217, 465
27, 256
32, 659
4,241
3,529
457
278, 756
2,470
9,659
6,397
8,724
1 090
92,826
1,240
17, 070
$416,331 $1,795,253
89
0
0
24, 548
1,748
31
2,536
3,932
1, 592
44,194
6,570
15, 548
185,411
768
3,971,430
3,703
220, 040
325, 482
299,112
127, 347
26,416
74, 372
412, 361
117,981
262, 494
433
31,404
22, 097
20, 022
88
50
0
0
0
6, 263, 849
2,129,036
4, 236, 520
7,231
741,281
605, 322
168,112
95
3,516
0
13
24, 899
365,814
101,139
270, 841
357
49, 764
23,107
382, 509
265, 707
285, 888
44
88,163
189
595, 707
28, 432
382,896
67
60, 247
45, 245
58, 801
21,091
12, 598
0
6,018
0
181,584
136
20,180
0
735
3,054
450, 476
52, 698
48, 241
48
8,722
8,362
846, 770
20,160
13,983,239
196,635
811,022
1,022,500
1,112,594
98, 508
205, 689
568, 547
60,149
19,629
28, 454
15,457
43, 524
113,501
44, 483
9,595
44, 590
346, 714
22,110
28, 290
65, 005
0
0
0
0
0
200
0
0
0
0
0
0
0
995, 690
353,818
642, 794
481, 529
974, 922
1,700,151
860, 499
200, 510
1, 088, 660
5, 488, 494
412,454
692, 201
1, 090, 705
0
0
0
0
0
734
0
0
2,697
5,577
0
0
0
59,150
17,911
44, 009
25, 722
60, 324
68, 845
36,915
8,483
49,105
188,607
14,803
31,525
58, 902
107, 005
62, 037
56, 308
78,170
117,281
251,006
143, 027
47, 563
168, 784
523, 300
51,183
49, 532
159,281
101,924
27,124
105, 422
18,065
198,928
324,154
100,387
38, 760
209, 515
1, 363, 373
76, 740
105, 666
411,295
0
0
0
0
0
0
o
1,019
0
0
0
490
3,378
435
30
3,481
16, 964
0
2,656
15,711
3,633
6,321
5 165
10, 082
31,951
7 324
1,723
15 839
100,136
3 899
6 863
10, 796
841,501
200
14,982,427
9,008
664, 300
1,814,477
3,081,353
0
28, 453
219,443
0
0
0
0
0
0
o
Ohio
Indiana.. .
Illinois
Michigan..
Wisconsin. ,
Minnesota.
Iowa......
Missouri...
Middle Western States, total
North Dakota..
South Dakota. .
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico.. .
Oklahoma
Western States, total
Washington.
Oregon
California. . .
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total.
United States (exclusive of
possessions), total
Virgin Islands of the United States.
1
178,141
75,811
421,591
113,891
45, 974
83, 659
24, 735
67,418
0
0
0
2,000
0
0
0
0
1,011,220
2,000
3,145, 808
1,609,985
6,386 446
2, 274, 993
1,068,900
1,371,799
551,230
1,250,257
17,659,418
10, 140
12, 370
36, 334
41,231
12, 973
4,755
46, 666
15,684
65, 903
207, 850
229, 692
711,217
721, 230
223, 030
141,391
857, 734
278, 846
1,312,797
246, 056
4, 683, 787
68, 502
50, 691
410, 143
13,875
13, 335
9,925
23, 589
4,500
8,600
1, 373, 776
832,555
8,218,645
234, 241
209, 304
166,883
538, 569
79, 779
116,643
15, 744
302, 757
157,226
1,151,203
200, 395
161, 155
350, 960
159,186
428, 546
1,765
434
1,060
0
402
3,606
0
0
6,501
646
36,169
10, 579
2,268
5,640
722
2,410
59,
36,
128,
47,
12,
28,
10,
16,
302
962
590
430
655
662
437
397
1,212,578
1,817,660
2,911,428
7,267
64, 935
340, 435
16,010
39, 540
75, 657
230, 385
38, 332
32, 309
48, 596
54, 642
216,271
10, 942
12, 707
169,671
103, 739
12, 988
12,919
99, 229
15,493
220, 488
25
0
52
0
0
0
423
0
396
3,050
2,989
10, 203
10, 302
4,161
3,202
20, 540
6,821
27, 047
23,128
0
224, 373
751, 742
658, 176
896
(8,315
1,237
3
53, 028
0
0
0
2,742
0
0
76, 341
31,007
427,141
8,707
9,003
11,986
19,209
4,915
13,939
189,518
114,768
647, 832
61,056
38, 317
33, 560
85, 639
16,090
22, 609
60, 341
25, 999
299, 984
2,524
18,057
2,940
16, 588
1,039
6,033
6,697
124
157
0
0
0
0
0
0
9,483
3,206
72, 381
0
86
28
3,272
17
1,452
20, 097
45, 340
395, 201
5,267
7,715
8,260
17, 844
2,137
2,186
57,010
602, 248
1, 209, 389
433, 505
8,978
19, 925
504, 047
67, 050, 696
5,176
282,100
33
3, 734, 561
207
6, 941, 250
304
8, 496,168
138
242,100
0
416,314
17
1,795,159
94
Includes dividend checks, letters of credit, and travelers' checks sold for cash.
374, 925
278, 091
564, 233
207,611
60, 334
178, 368
55, 351
98, 747
199,
82,
420,
251,
68,
95,
26,
68,
11,770,395
603,160
3,734,118
400
620
128
440
529
446
667
095
653
7,757
8,248
39, 346
34, 818
8,311
5,922
43, 202
21,559
55,210
25
0
15, 625
42
1
51
0
0
TABLE 46.—Assets and liabilities of national banks, by States, Dec. 28, 1962—Continued
Time and savings deposits
Accumulated
for payment
of personal
loans
Location
United States and possession!
total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, total.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Foreign
Other deposits
of individuals, governments, U.S. Govcentral
partnerships,
ernment
and corpora- banks, etc.
tions
Banks in United States
Postal
savings
States and
political
subdivisions
Commercial
Mutual
Banks in
foreign
countries
$40,423, 898
$441, 525
$8, 014, 037
$979, 242
$177, 266
$9, 754
$3, 687, 644
$77, 964
$8,134
$41,110
122, 790
70, 719
126, 777
528, 425
265, 810
307, 897
0
95
153
3,776
0
0
12, 629
7,253
3,772
139,798
18,146
15, 876
0
12
0
54,187
0
0
632
172
80
4,149
210
1,945
7
10
3
527
24
0
717
1,581
1,832
26,618
9,900
7,140
0
0
0
4,250
0
0
0
0
0
145
0
1,000
0
0
0
4,403
0
0
1,422,418
4,024
197,474
54,199
7,188
47, 788
4,250
1,145
4,403
3, 599,104
1, 992, 259
3, 383, 365
8,030
410, 854
185, 908
5,841
1,511
4,789
0
238
3,091
841,216
136, 727
660, 907
145
26, 614
53, 045
363, 289
1,000
34, 707
0
0
13, 332
24, 910
5,135
3,454
0
2,976
9,293
0
0
585
0
25
479
384, 891
54, 692
195,503
16
13,947
0
10,100
225
2,168
0
50
0
5,471
22
1,030
0
0
0
7,465
0
2,450
0
0
0
9, 579, 520
15,470
1,718,654
412, 328
45, 768
1,089
649, 049
12, 543
6,523
9,915
784, 315
261, 496
197,804
94, 561
281, 697
836,411
434,768
76, 661
437,164
1, 586, 789
150,612
218,399
673,178
1,341
41
2,375
0
71
3
2,839
21
2,904
128,839
1,189
1,022
0
79, 693
19,466
50, 427
9,635
98, 886
185, 972
74, 844
51,380
76, 477
856,167
61,118
55, 899
142, 404
2,000
0
0
0
2,270
21
0
0
1,500
2,509
0
0
2,000
5,219
486
3,326
4,737
1,947
3,903
889
1,366
855
12, 871
281
790
1,251
3
148
2
0
678
61
10
0
51
1,080
24
15
160
46, 051
838
41, 508
9,596
37,616
96, 698
11,776
1,196
45,102
426, 529
2,724
15,067
59, 641
1,777
113
1,645
205
2,568
1,891
5,990
6,021
1,887
8,868
565
50
1,535
0
0
0
0
0
50
0
0
0
2,150
0
0
315
6,033, 855
140, 645
1, 762, 368
10, 300
37, 921
2,242
794, 342
33,115
2,515
2, 028, 885
880,190
3, 764, 282
1, 975,075
663, 652
220,979
650
43, 225
1,051
302
340,102
114, 937
967,717
348, 782
202, 880
6,000
0
125,856
0
0
1,168
2,376
7,396
1,546
1,424
135
854
2,910
30
857
119,195
35,148
136,823
235, 328
14,979
102
715
6,080
1,893
2,659
650
0
12,375
2,800
150
593,650
216,242
415,102
60
20
1,731
533, 330
98, 473
177,669
4,072
0
2,000
1,958
1,704
2,672
49
51
27
44,218
787
21,790
21
0
235
0
0
0
0
0
0
10, 537, 078
268,018
2, 783, 890
137,928
20, 244
4,913
608, 268
11,705
10
15,975
68, 665
79, 440
159, 834
271,494
109, 239
99,061
465, 497
132, 358
462,074
1,750
21
133
1,751
3,240
0
0
1
6,363
92, 708
87,197
104, 409
73, 431
55, 460
14, 586
79, 373
19,188
118,176
0
0
0
0
0
0
0
0
0
465
637
199
2,132
427
688
683
1,105
2,867
6
0
24
25
0
18
10
11
81
4,906
14,468
6,143
29, 071
7,501
15,209
55, 678
20, 050
22, 545
25
0
5
0
0
0
500
475
945
0
0
0
0
0
0
0
0
0
0
0
0
0
1,847,662
13,259
644, 528
0
9,203
175
175, 571
1,950
0
0
932, 666
790,857
8,219,235
169,795
203,048
133,912
417,201
47,722
80,496
0
0
33
0
0
0
76
0
0
62, 916
30, 254
691,172
31,282
27, 138
5,482
36, 522
3,099
19,238
7,600
2,000
351,887
0
0
0
3,000
0
0
3,446
3,540
29, 222
1,133
1,455
350
1,495
10, 537
5,764
9
14
184
11
489
0
27
20
10
5,559
118,717
1,176,178
32
17 773
5,220
23, 829
33, 670
24, 237
0
200
14,137
0
50
0
0
0
0
290
50
75
0
0
0
0
25
0
2,950
100
4,142
0
Pacific States, total
10, 994, 932
109
907,103
364, 487
56, 942
764
1,405,215
14, 387
440
8,302
United States (exclusive of
possessions), total
40,415,465
441, 525
8, 014, 017
979, 242
177, 266
9,754
3, 680, 233
77, 950
8,134
41,110
8,433
0
20
0
0
0
7,411
14
0
0
Minnesota
Iowa
Missouri
•
..
. . .
Middle Western States total...
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
.
.
. .
.
.
...
Western States, total
Washington
Oregon.
California
Idaho
Utah
Nevada .
Arizona
Alaska
Hawaii
.
.
.
Virgin Islands of the United States..
o
0
0
0
0
o
0
0
0
1,110
TABLE B-47.—Assets and liabilities of all State commercial, mutual savings
[Dollar amounts
ASSETS
Location
United States and possessions.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, t o t a l . . .
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Number of
banks
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total.
328
U.S. Government
obligations,
direct and
guaranteed
Obligations of
States and
political
subdivisions
Other bonds,
notes, and
debentures
Corporate
stocks, including stocks of
Federal
Reserve banks
9,419
$97, 927, 526
$37,018,814
$11,716,130
$5, 908, 647
SI, 396, 080
57
56
28
250
14
115
554, 759
616,763
295, 979
6, 083, 235
772,422
3,132,933
201, 921
166, 352
62, 963
2,346,019
168,072
731,676
36, 468
11,766
21, 709
207, 469
29, 486
195,746
72,691
34, 408
5,883
282, 930
81,758
334, 527
29, 630
40,144
2,014
269, 382
35, 506
173, 099
812,197
549, 775
520
11,456,091
3, 677, 003
502, 644
270
114
222
17
79
7
41, 594, 693
3, 040, 065
5,190,609
525,229
1,104, 471
456, 630
9, 880, 988
1, 138, 377
1, 785, 825
300,128
561,064
229, 501
3, 988, 223
488, 702
586, 068
36, 003
128, 869
26,152
2, 582, 686
279, 998
768, 783
87, 612
132, 257
5,903
579, 260
38, 272
76, 035
13, 720
3,596
1,070
5,254,017
3, 857, 239
711,953
34, 434
5,545
86, 874
27, 820
49,012
30, 609
25, 358
17,210
9,244
95, 894
17, 237
22, 509
30, 370
2,055
1,374
3,129
122
2,466
1,522
360
734
662
4,748
456
1,470
1,190
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Loans and
discounts,
including
overdrafts
51,911,697
165
106
133
116
346
213
169
165
153
559
184
266
221
858, 684
305, 703
1,203,312
201,418
766, 645
913,123
321,566
500, 365
498, 434
1, 706, 658
369, 205
721,978
622, 980
13,895,883
435, 553
251,813
547, 440
128, 833
440, 078
764, 286
226, 069
263, 136
353, 227
779, 055
177, 449
519,645
299, 001
2,796
8, 990, 071
5,185,585
346
318
597
288
473
515
573
549
3,191,249
918,418
2,918,759
2,477,152
1, 428, 728
1, 062, 792
1,319,502
2,164,277
1, 728, 369
868,573
2,167,762
1, 556, 521
982,128
613,086
693, 053
1, 280, 657
3,659
15,480,877
9,890,149
130,449
53, 090
208, 433
58, 361
109, 951
193,258
81,474
181,017
152,148
288, 270
92, 728
79, 457
124,238
1,752,874
452,116
20, 288
519,152
115,516
629, 360
621,615
228, 533
128, 220
220, 740
389, 967
53, 495
28, 274
174, 054
25, 324
50,113
123, 221
33, 654
78, 991
12, 300
1,559
33, 857
7,192
1,715
16,406
1,446
19,614
2,853,103
567,126
94, 089
and private banks, by States, Dec. 28, 7962
in thousands]
ASSETS—Continued
Currency and
coin
Balances with
other banks, in- Bank premises
cluding reserve owned, furniture
balances and cash and fixtures
items in process
of collection
Investments and
Real estate
other assets in- Customers' liaowned other directly represent- bility on accept- Other assets
ing bank prem- ances outstanding
than bank
premises
ises or other
real estate
$2,152,119
$23, 234, 491
$1,704,631
$67, 331
$188,828
14, 045
4,155
4,446
74, 551
14,073
51,922
55, 588
21,762
21,903
461,164
65, 843
264, 780
11,251
9,865
4,238
78,714
8,891
50,138
865
1,060
197
859
3
881
5
0
2
2,753
1,749
6,993
2,243
4,714
2,149
43, 332
3,432
10, 040
180
1,109
256
0
$1, 099, 443 $1,211,188
0
673
Total assets
$183,625,228
980, 835
908, 027
420, 888
9, 860, 746
1,182,068
4, 945, 970
163, 192
891,040
163,097
10, 404
4,242
6,870
61,979
18,298,534
383, 482
83, 308
138,090
14, 796
42,216
15, 327
10,053,711
485, 889
1,141,271
102, 826
187,226
132,661
519,567
59, 822
89, 052
11,583
20, 666
7,275
16, 037
72,239
984, 435
71,268,984
5, 647, 662
9, 833, 703
1,102, 005
2, 236, 349
882,176
677,219
12,103,584
707, 965
41,882
20, 625
69, 769
16,277
40, 458
56, 329
19,225
29, 491
36, 569
76, 324
17,818
33, 754
31,322
241,708
97, 022
384,111
74,812
276,391
249, 990
102,248
204, 640
230,196
637, 292
165,928
357, 247
199,948
23, 332
9,398
35, 324
5,380
22, 378
43, 070
8,272
18,491
16,836
71,725
9,816
15,487
17,081
489, 843
3,221,533
124,745
50, 696
81,371
96,122
57, 595
30,157
43, 535
69, 783
554, 004
884,473
288, 551
972, 655
552,190
361,386
178,185
319,590
826, 896
4, 383, 926
646
355
152
4,540
9,940
4,449
9,676
3,923
3
253
12
613,663
32, 076
33,815
4,845
55, 365
3,488
22, 608
90, 932
994, 531
743, 252
90, 970, 880
407
640
685
442
5,392
1,666
1,535
0
0
1,640
5,589
2,393
24, 208
1,229
2,131
1,795
3,442
1,069
3,609
2,052
1,880
2,304
6,584
9,060
1,341
3,251
2,527
7,898
3,467
2,729
1, 779, 485
749, 269
2, 566, 460
514, 462
1,717,640
2, 267, 563
787,053
1,219,174
1,303,167
3, 675, 657
852, 034
1,756,121
1,331,136
20,519,221
811
340
234
431
693
664
882
26
169
709
146
2
653
743
0
0
203
659
1,928
74
168
196
296, 590
14,810
19,224
5,755
70, 532
63, 033
21,644
53, 663
64, 229
31,915
25,781
21,177
40,398
321,840
1,147
5,756
3,610
2,166
1,373
3,227
2,965
17,957
1,103
7,358
1,783
12,517
2,280
2,755
37,716
25
232
526
349
775
26, 805
5,580
32, 436
17,885
12, 884
7,386
3,119
15,436
6,613,751
2, 302, 683
7, 096, 299
5,421,524
3,163,960
2,186,718
2,659,179
4,891,332
18,568
121,531
34, 335, 446
817
887
734
71
0
57
153
826
90
10,815
329
TABLE B-47.—Assets and liabilities of all State commercial, mutual savings
[Dollar amounts
ASSETS
Number of
banks
Location
Western States, total
. .
.
. . .
Pacific States, total
United States (exclusive of
possessions), total
Guam
.
Puerto Rico 3
Virgin Islands of the United States 4 . .
Possessions total
2
8
Other bonds,
notes, and
debentures
$25, 236
11,068
14, 733
8,611
11,110
660
4,791
3,228
4,324
$26
168
172
440
591
105
2,225
93
126
$205, 506
187,887
331,350
618, 099
223,161
64, 771
405, 989
120, 587
249, 548
$159, 877
152,712
203,102
408, 394
143, 792
52,014
184, 573
74, 012
177, 808
$65, 783
27,133
34, 819
167, 796
37,613
8,875
43, 308
20, 273
51, 634
1,434
Oklahoma
1
Corporate
stocks including stocks of
Federal
Reserve banks
U.S. Government Obligations of
States and
obligations,
political
direct and
subdivisions
guaranteed
119
139
305
425
80
29
117
31
189
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona .
Alaska
Hawaii
Loans and
discounts,
including
overdrafts
2, 406, 898
1, 556, 284
457, 234
83, 761
3,946
71
40
84
22
41
4
8
8
10
547, 741
198, 812
5, 086, 662
117,196
339, 273
128,135
258, 998
31, 223
320, 070
225,618
123, 247
1, 846, 704
52, 326
160,499
55, 984
94, 717
18,366
117,457
44,113
32, 599
654, 897
17, 090
37, 966
7,231
27, 814
817
33, 649
52, 547
4,260
43, 434
1,062
1,744
950
13,606
1,821
5,510
393
126
11,364
243
853
183
895
15
1,956
288
7,028,110
2, 694, 918
856,176
124, 934
16, 028
9,406
97,273, 744
36, 899, 822
11,676,048
5, 897, 373
1, 396,079
1,842
13, 536
623, 750
112
14, 542
0
0
117,698
1,294
0
0
0
40, 082
0
0
0
0
11,269
0
5
0
0
0
0
1
653, 782
118, 992
40, 082
11,274
1
"l
13
1 branch of a national bank and 1 branch of a State member bank in New York.
Branches of banks in California and Hawaii.
Asset and liability items include data for branches of a national bank and a State member bank in New York.
330
and private banks, by States, Dec. 28, 1962—Continued
in thousands]
ASSETS—Continued
Currency and
coin
Balances with
other banks, including reserve
balances and
cash items in
process of
collection
Bank premises
owned, furniture
and fixtures
Investments and
other assets inReal estate
owned other directly representthan bank
ing bankpremises
premises
or other real
estate
Customers"
liability on
acceptances
outstanding
Other assets
Total assets
$5, 205
5,408
9,888
20,687
7,298
2,396
12, 790
7,671
12, 957
$41,029
54, 407
97, 467
191,388
75, 268
28, 864
117,749
43,074
96,051
$3, 701
2,779
4,958
9,863
5,569
1,195
4,933
5,343
3,785
$38
108
182
664
280
64
990
498
200
$160
56
69
503
135
13
2,273
24
271
$50
39
0
0
99
0
0
0
0
$612
393
1,353
1,310
1,391
119
3,922
851
990
$507, 223
442,158
698,093
1,427,755
506, 307
159,076
783, 543
275, 654
597, 694
84, 300
745, 297
42,126
3,024
3,504
188
10, 941
5, 397, 503
10, 886
6,935
88, 385
4,271
9,126
5,791
10,211
1,480
15, 734
61,170
43, 476
1,414,625
27,167
102,147
19,994
54, 245
8,096
58,166
8,935
6,208
112,491
3,641
6,426
3,360
12, 334
943
9,789
85
411
2,077
53
146
23
140
125
386
762
2
20, 937
589
3,022
20
1,465
288
2,740
32
0
68,713
0
0
0
1,297
0
1,147
2,092
1,607
76, 035
884
1,575
941
4,699
235
3,945
954, 374
417, 683
9, 426, 324
224, 522
662, 777
222, 612
480, 421
63, 409
570, 549
152,819
1, 789,086
164,127
3,446
29, 825
71,189
92, 013
13,022,671
2,121,377
23,134, 466
1, 695, 745
66, 809
185, 443
1,097,101
1,100, 248
182, 544, 255
1,476
1,352
26, 693
89
1,132
485
6,114
83,012
9,638
776
46
210
8,312
14
304
0
66
456
0
0
0
0
3,385
0
0
0
0
2,322
0
20
16,294
15,734
69, 433
130
9,349
20,143
37,012
986, 412
11,277
26,129
30, 742
100,025
8,886
522
3,385
2,342
110, 940
1, 080, 973
4
Asset and liability items include data for branches of a State member bank in New York.
NOTE.—Figures obtained from the Federal Deposit Insurance Corporation.
331
TABLE B-47.—Assets and liabilities of all State commercial, mutual savings and private banks, by States, Dec. 28, 1962—Continued
LIABILITIES
Acceptances
executed by
or for account
liabilities
of reporti
for borrowed banks an
money
Rediscounts
Demand
deposits
Location
Time and
savings
deposits
Total
deposits
Other
liabilities
Capital
stock l
Surplus
Undivided
profits
United States and possessions, total
$75, 634, 373 $86,132,155 $161,766,528 $1, 999, 594 $1,128,107 $3, 361,170 $3, 332, 734 $8,005,815 $3, 402, 398
195,327
39, 865
82, 330
1, 622, 082
271, 472
1,051,515
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States,
total
983
458
273
836
030
759
400
4,300
0
28,708
0
128
5
0
2
4,968
2,149
0
12, 394
13,271
5,678
195,675
24,212
70,319
46, 941
46, 394
13,827
505, 391
70, 696
225, 300
34, 595
37, 243
13, 506
326, 723
17,183
133,132
$628, 882
3,419
5,631
2,141
50, 643
1,348
38, 914
,
12, 960, 748
16, 223, 339
33, 536
7,124
139, 959
908, 549
562, 382
102, 096
34,617,152
3, 233, 823
4,778, 259
353,178
1,117,745
261, 974
61,126,865
5,113,350
8,752,135
970, 505
2,017,533
801, 050
1, 582, 745
4,600
58,133
100
505
0
1,011,343
152
9,946
3
253
12
1, 637,
108,
163,
22,
26,
23,
663
478
200
298
975
012
1,073,151
83,416
155,198
20, 412
33, 827
14, 585
3,531,646
230, 755
519,348
72, 984
108, 325
33, 590
1,113,821
58, 999
115,961
15,264
42, 857
7,358
191,750
47, 912
59, 783
439
6,074
2,569
44,362,131
78, 781, 438
4, 496, 648
876, 955
404, 720
1, 487, 601
335,981
953,142
1, 230, 264
430, 421
768, 755
824,918
2, 244, 709
534, 441
1,178, 802
653, 083
3,164, 067
1, 229, 525
321, 549
12,098
2,730
7,461
65, 802
11,450
40,418
3, 262, 591
Southern States, total. . . 11,923,792
Federal Reserve Bank of St. Louis
870,
798,
378,
8, 682,
1, 055,
4, 437,
34,419,307
Eastern States, total
Ohio
http://fraser.stlouisfed.org/ I n d i a n a . . . . . . . . . f . . . . t
656
593
943
754
558
244
26,509,713
1, 879, 527
3, 973, 876
617,327
899, 788
539, 076
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
675,
758,
295,
7, 060,
783,
3, 386,
Reserve
and retirement
account for
preferred
stock and
capital
notes and
debentures
1, 646, 083
1, 021, 709
1, 981, 626
1, 380, 589
1,354,260
308, 527
713, 400
250, 560
739, 275
120, 820
561, 961
817, 510
275, 687
337, 303
357, 068
1,091,139
240, 325
408, 097
546, 761
1, 590, 355
655, 280
2, 226, 876
456, 801
1,515,103
2, 047, 774
706,108
1,106,058
1,181,986
3, 335, 848
774, 766
1, 586, 899
1,199,844
10,450
200
35,695
298
10, 459
800
0
4,503
1,404
7,053
210
629
300
0
0
1,671
2
653
743
0
0
203
2,305
0
57
153
32,233
9,815
93, 667
3,170
28, 310
33,197
6,293
8,763
11,780
25, 060
3,036
13,551
19,376
41,252
19, 200
52, 056
20, 204
47, 647
81,015
20, 787
23, 671
35, 316
103,164
18, 983
38,107
31,235
73, 456
40,156
116,078
21, 962
65, 746
71, 292
27, 365
61, 357
42,141
110,382
25, 452
72, 636
38,615
29,811
21,182
33, 306
10, 976
36, 505
28, 936
25,167
13, 326
27, 092
76, 822
27, 059
40, 908
38, 350
1,928
3, 436
7,111
1,049
13,217
3,806
1,333
1,496
3,245
15,023
2,528
3,334
3,263
6, 459, 906
18, 383, 698
72, 001
5,787
288, 251
532, 637
766, 638
409, 440
60, 769
2, 762, 570
857, 938
5, 926, 637
2, 087, 463
12, 531
2,600
5,794
90
108,214
29, 752
153,265
46, 014
304, 354
73, 702
100, 592
59, 051
2,364
4,011
3, 635, 028
2, 014, 487
1,351,710
767 027
1, 482, 404
2, 951, 398
Middle Western States,
total
North Dakota
South Dakota
Nebraska
Kansas . . . .
Montana
Wyoming
Colorado
New Mexico . .
Oklahoma
Western States, total...
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
....
Hawaii
. . .
2, 744, 703
2, 880, 303
1, 528, 680
1,220 892
906,105
1,440,693
6, 379, 731
4, 894, 790
2, 880, 390
1 987 919
2, 388, 509
4, 392, 091
49, 225
23, 225
3,780
450
1,025
11,993
10, 940
441
232
526
354
1,020
89, 221
89, 924
28, 405
18, 669
11,478
54, 386
161, 993
131,015
69, 271
42, 389
58, 741
129, 599
239, 888
173, 525
103, 984
71,059
89, 557
154,854
109, 490
90, 862
72, 053
48, 657
100, 988
135,017
55,811
17,742
5,845
17,049
8,527
12, 372
16,595,646
14,341,884
30, 937, 530
104, 829
19, 397
430, 049
792, 287
1,210,923
716,710
123,721
262, 683
254, 053
482, 778
865, 265
293, 001
87, 305
411,437
163 616
366, 585
Illinois
Michigan. .
Wisconsin
Minnesota
Iowa
...
Missouri
189, 609
146,419
138 517
423, 893
170, 249
56, 851
282, 788
85 718
169,220
452, 292
400, 472
621,295
1,289,158
463, 250
144,156
694, 225
249, 334
535, 805
0
1,058
1,945
2,117
0
700
5,917
0
1,445
50
39
0
0
99
0
0
0
0
2,100
1,529
4, 860
6,068
5,729
792
18, 963
2,521
4,747
11,599
9,765
20, 249
35, 207
13, 345
2,013
23, 243
9,285
16,795
14,616
12,772
24, 285
51, 848
13, 557
5,953
24, 553
8,024
17,485
22, 001
14,861
23, 477
41,372
10,061
4,907
16,248
4,570
20, 398
4,565
1,662
1 982
1,985
266
555
394
1,920
1,019
3,186, 723
1, 663, 264
4, 849, 987
13,182
188
47, 309
141, 501
173,093
157,895
14,348
221,415
170, 872
4 310 491
126, 852
339, 334
118,630
252 753
27, 607
240, 296
638, 130
211,860
4 106 396
76, 555
261, 302
84,919
173 678
30, 410
260, 848
859, 545
382, 732
8,416,887
203, 407
600,636
203, 549
426, 431
58,017
501,144
750
675
121,206
0
4,185
2,700
0
0
397
32
0
69, 084
0
0
0
1,297
0
1,147
8,713
4,840
171,091
3,336
11,467
3,432
11,471
438
11,231
12,079
11,706
210,851
6,148
17, 493
4,727
14, 648
2,150
19,351
43, 927
11,544
298,155
7,308
19, 867
5,586
20, 063
1,510
23, 022
21, 566
5,850
133,132
3,904
9,067
2,618
5,511
1,153
12,850
7,762
336
5, 918
419
62
0
1,000
141
1,407
75, 808, 250
5, 844, 098
11,652,348
129,913
71, 560
226,019
299,153
430, 982
195,651
17, 045
United States (exclusive
of possessions), total... 15,196,309
85, 632, 031
160, 828, 340
1, 999, 544
1,125,765
3, 294, 803
3,286,126
7, 986, 833
3, 396, 338
626, 506
14 985
16 322
390, 130
4,613
5 145
19 902
455,171
6,291
0
0
50
0
0
0
2,322
0
13
788
65,112
49
0
0
46, 508
100
0
0
18,782
200
0
0
5,961
24
0
0
2,376
0
Pacific States, total
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United
States
Possessions total
1
130
224
301
904
12,014
13,615
25, 629
0
20
405
0
0
75
0
438, 064
500,124
938,188
50
2,342
66, 367
46, 608
18, 982
6,060
2,376
Includes capital notes and debentures.
20,
36,
845,
10,
(See classification on pp. 338 and 339.)
TABLE B-47.—Assets and liabilities of all State commerical, mutual savings
[Dollar amounts
Loans and discounts
Real estate loans
Loans to financial
institutions
Loans for purchasing or
carrying securities
Location
Secured by
Secured by
Secured by
residential
farmland
other
(including properties (other properties
improvements) than farm)
To domestic
commercial
and foreign
batiks
Other
To brokers
and dealers
in securities
Other
United States and posses$1, 275, 940 $39, 266, 353 $7, 399,169 SI, 077, 250 $3, 799, 260 $3, 603, 297 $1, 207, 953
sions, total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
5,787
5,531
11,840
5,894
365
7,799
New England States, total...
334, 040
460, 028
167, 690
4, 471, 366
504, 390
2, 300, 335
37, 216
8, 237, 849 1, 088, 244
7,467
0
3,150
4,723
13, 400
39, 643
2,369
708
241
78, 412
19, 490
26, 062
813
1,075
950
47, 555
7,884
14,342
68, 383
127, 282
995
497
334
8,862
799
15, 067
26, 554
530, 262 1,821,983 2, 741,100
71, 499
75,463
31,809
232, 284
78, 337
23, 920
12, 647
13, 535
50, 025
41, 571
9,475
12,015
51, 942
11,738
15, 000
489, 773
10, 651
99,466
3,405
5,341
4,650
95, 008 23,815,643
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
72, 619
35, 012 19, 375,123 2,749, 989
3,205
1,685, 396
241, 793
26, 703 2, 032, 943
323, 429
11,771
144, 855
48, 186
18,167
508, 283
117,229
150
69, 043
37, 574
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
663, 031 2,231, 926 2, 929, 648
613, 286
4,006
3,100
6,214
0
975
5,708
1,812
230
4,000
3,838
668
5,562
98
24, 309
5,396
53,761
4,028
25, 537
34,120
3,179
17, 244
15,180
32, 952
8,350
37, 322
9,943
6,284
687
62, 734
2,839
5,217
7,803
59
5,319
8,550
2,515
2,517
5,899
376
7,763
5,318
27, 596
7,390
8,233
16,627
3,485
10, 621
3,346
54, 354
4,226
7,397
7,214
1, 276, 662
656,137
36,211
271, 321
110,799
163, 570
748, 027
266, 927
446, 993
764, 310
408, 928
429, 920
192, 738
405, 894
333, 591
72, 279
162, 684
210, 077
159,737
74,323
64, 633
159,155
52,161
0
21, 628
15,052
2,915
0
10, 000
29, 274
114,771
11,032
201, 269
126, 608
53, 473
7,421
31,116
129, 371
197,134
1,040
170, 309
20,115
2,252
419
3,958
45, 632
104, 076
5,090
98,611
40, 315
12, 959
4,768
9,019
34,162
3,663, 737 1, 236, 479
131,030
675, 061
440, 859
309, 000
178,194
88, 099
117, 203
37,100
148,194
119,982
54, 391
51, 577
94, 042
105, 290
45,011
125, 090
112,489
456, 036
,
65,811
58,311
45, 757
53, 941
89, 360
57, 691
66,672
76,107
Middle Western States, total
513, 650
Southern States, total
,
334
3, 518,200
61, 703
27, 300
78,191
16,237
45, 583
100,729
24,315
31, 024
64, 303
92,836
28, 064
47, 800
38, 052
30,208
10, 849
39, 461
13,211
51,594
24, 974
27,351
44, 098
27, 828
26, 605
31, 204
71, 609
57, 044
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
64, 898
106, 602
35,177
627,211
55, 068
199,288
and private banks, by States, Dec. 28, 1962—Continued
in thousands]
Loans and discounts—Continued
Loans to farmers
Other loans to
Directly guaranteed by the farmers (excludCommodity Credit ing loans on
real estate)
Corporation
Commercial and
industrial loans
(including open
market paper)
Other loans to
individuals for
personal
expenditures
All other loans
(including
Total gross loans Less valuation
reserves
overdrafts)
$99, 361, 681 $1,434,155
$97, 927, 526
4,770
1,678
2,886
34, 486
11,963
19,455
554,759
616, 763
295, 979
6, 083, 235
772,422
3,132, 933
11,531,329
75,238
11,456,091
42, 209, 719
3, 090, 859
5, 306, 360
529, 741
1,121,182
458, 336
615, 026
50,794
115,751
4,512
16,711
1,706
804, 500
41, 594, 693
3, 040, 065
5,190, 609
525, 229
1,104, 471
456, 630
51,911,697
9,776
5,239
27, 013
3,226
12,016
19,583
6,101
12,517
10, 345
21, 548
4,064
10,746
9,826
152, 000
858, 684
305, 703
1, 203, 312
201,418
766, 645
913,123
321, 566
500, 365
498, 434
1, 706, 658
369,205
721, 978
622, 980
8, 990, 071
51,198
17,778
69, 912
36, 018
28, 612
11,957
16, 957
27, 757
260,189
3,191,249
918,418
2, 918, 759
2, 477,152
1, 428, 728
1, 062, 792
1, 319, 502
2,164, 277
15, 480, 877
$578, 992
$3, 035, 278
$22, 237, 996
$14, 035, 255
$1, 844, 938
0
0
0
0
0
0
4,882
11,075
3,253
62, 498
12, 252
28, 572
442, 921
107, 555
234, 382
71,804
29, 331
37, 502
411, 800
65,115
295, 729
3,976
1,476
2,334
15,724
10,216
15,737
0
24, 258
888, 180
911,281
49, 463
6,995
61,085
3,851
22, 863
6,108
13, 876
57
10, 627,124
399, 760
1, 285, 605
93, 578
152, 373
98, 308
2, 693, 691
532,734
1, 075, 452
138,065
226, 564
159,610
1, 077, 582
34,192
105, 348
7,513
16, 288
10, 264
7,564
107, 840
12, 656, 748
4, 826,116
1,251,187
52,716,197
46
0
27, 765
5,116
37, 752
11,389
36, 087
25, 903
24, 422
46,440
18,331
161,934
38, 638
52, 439
43, 331
529, 547
197,459
48, 316
380, 090
40,115
197,063
270,472
62, 635
166, 564
127,461
629,232
83, 551
161, 564
115,621
2, 480,143
308,369
112,477
403, 478
65,417
230, 799
308, 732
114,419
101, 485
128,191
552, 333
86, 209
202, 723
222, 579
2, 837, 211
22,354
4,284
20, 336
2,300
11,559
17,391
5,297
8,927
10,090
16, 932
3,926
13, 870
9,827
147, 093
868, 460
310,942
1, 230, 325
204, 644
778, 661
932, 706
327, 667
512, 882
508,779
1, 728, 206
373, 269
732, 724
632, 806
9,142, 071
69, 683
109,100
196,525
94, 099
117,102
200, 045
474, 741
139, 828
1,401,123
743, 794
144,118
898, 925
457, 544
315,715
105, 033
194,140
548, 949
725, 091
252, 974
665, 346
700, 005
268,964
168,427
220, 039
500, 601
86,155
8,473
51, 427
30, 041
25, 867
6,545
10, 572
54, 344
3, 408, 218
3, 501, 447
273, 424
3, 242,447
936,196
2,988,671
2, 513,170
1, 457, 340
1, 074, 749
1, 336, 459
2,192,034
15, 741, 066
506
10
53
0
0
3,509
4,618
17, 820
265
6,302
29, 353
7,457
49, 385
40, 905
1,449
16, 232
177, 341
2,153
6,852
29,197
1,063
68
20,157
58,831
68, 717
187, 038
941
103
4,004
Net loans
559, 529
618,441
298, 865
6,117,721
784, 385
3,152, 388
335
TABLE B-47.—Assets and liabilities of all State commerical, mutual savings
[Dollar amounts
Loans and discounts
Loans to financial
institutions
Real estate loans
Loans for purchasing or
carrying securities
Location
Secured by
farm land
{including
improvements)
Secured" by
residential
properties
(other than
farm)
Secured by
other
properties
$23, 936
6,387
8,987
25, 372
4,761
1,747
4,388
2,994
10, 499
$24, 612
21,917
19, 971
66, 589
43, 674
11,554
38,136
12, 691
18, 877
$4, 663
7,391
9,362
21,611
9,564
5,967
28, 263
11,269
8,733
$119
0
0
0
3,000
89,071
258, 021
4,964
4,437
49,653
1,687
4,706
1,733
447
313
2,084
331,589
68, 475
1, 214, 376
15,337
82, 864
16,408
38,589
10, 771
100, 694
70, 024
To domestic
commercial
and foreign
banks
Other
To brokers
and dealers
in securities
Other
Montana
New Mexico
Oklahoma
Western States, total
California
Idaho
Utah
Alaska
Hawaii
Pacific States, total
United States (exclusive of
possessions), total
Canal Zone (Panama) . . . .
Puerto Rico
American Samoa
Virgin Islands of the United States.
336
4,828
0
22
$32
2,520
5,000
5,867
4,028
294
11,198
2,867
2,543
$40
116
250
63
1,000
0
2,447
643
0
$752
387
522
6,138
1,096
345
17, 644
1,113
1,033
106, 823
7,969
34, 349
4,559
29, 030
77,971
22, 336
545, 975
6,318
31,167
23,816
8,237
2,732
35, 314
1,000
50
140, 585
100
16,160
0
1,536
0
10,110
5,855
4,606
371, 920
429
19, 545
4,883
11,569
1,080
5,774
734
3
38, 979
0
1,249
0
177
1,139
217
54, 983
623
1,723
0
0
78
7,230
1, 879,103
753, 866
169, 541
425, 661
43, 313
65, 993
1, 261, 005
39,131,015
7, 359, 749
1, 076,165
3,765, 600
3, 601, 797
1, 207,433
0
0
14, 935
0
0
0
1,838
127, 552
0
5,948
0
44
35, 897
0
3,479
0
0
1,085
0
0
0
0
33,660
0
0
0
0
1,500
0
0
0
84
436
0
0
14, 935
North Dakota
135, 338
39, 420
1,085
33, 660
1,500
520
o
2,m
and private banks, by States, Dec. 28, 7962—Continued
in thousands]
r
-,oans and discounts—Continued
Loans to farmers
Directly guaranteed by the
Commodity
Credit Corporation
Other loans
to farmers
(excluding
loans on
real estate)
Commercial and
industrial loans
(including open
market paper)
Other loans
to individuals
for personal
expenditures
All other
loans (including
overdrafts)
Total gross
loans
$3, 843
3,689
5,258
5,647
4,786
955
6,637
2,823
2,728
$205, 506
187,887
331,350
618,099
223,161
64, 771
405, 989
120, 587
249, 548
22, 971
2, 443,129
36,231
2,406,898
47,157
38, 224
926, 818
28,484
78, 894
22, 920
91, 502
5,649
71, 752
1,750
3,116
67, 470
2,973
2,215
83, 336
1,908
5,576
1,276
2,239
7,579
550,714
201, 027
5,169, 998
119,104
344, 849
129,411
261,237
31,495
321, 500
1,430
547, 741
198, 812
5, 086, 662
117,196
339, 273
128,135
258, 998
31, 223
320, 070
2, 085, 833
1,311,400
90, 401
7,129,335
101,225
7,028,110
3, 022,262
21, 958, 569
13,906,001
1,834, 539
98, 703,127
1, 429, 383
97, 273, 744
0
2
358
592
13, 014
5,055
270, 795
6,110
120,478
892
403
9,030
1,842
13, 536
628, 382
0
0
34
216
3,185
1,858
2
72
13,016
279, 427
129, 254
10, 399
$19,595
22, 761
47,514
122, 602
47, 228
11,011
137, 365
32, 935
77, 535
$2, 026
1,136
1,976
3,825
3,015
1,923
1,710
10,711
$12, 825
18,128
43, 983
106,361
41,158
12,665
106,588
40, 867
56,872
198, 902
733, 441
439,447
518, 546
5,870
12,740
12, 563
122, 806
33, 693
21,424
5,274
12, 562
4,420
59, 945
46,126
1, 636, 433
30, 651
84, 040
53,102
89, 032
10,138
76, 366
8,147
226, 053
578, 992
0
0
0
0
0
0
490
874
0
1,327
44
0
32
0
0
Net loans
$209, 349
191,576
336, 608
623, 746
227, 947
65, 591
412,626
123, 410
252, 276
$60, 455
97, 840
165,850
200, 852
56, 301
21,300
51,130
15,217
64, 496
$60, 294
12, 993
33, 193
64, 466
13,122
Less valuation reserves
571
218
8,716
1,104
455
3,033
1,275
5,560
163
820
272
4,632
1,842
13, 536
623, 750
14, 542
140
0
14, 542
658, 554
4,772
653, 782
252
0
0
112
337
TABLE B-47.—Assets and liabilities of all State commercial, mu tual savings and private banks, by States, Dec. 28,1962—Con.
Demand deposits
Capital
Location
Common
stock
Capital
notes and
debentures
Individuals,
Preferred partnerships,
and
stock
corporations
United States and posses$3, 270, 422
sions, total
$50, 646
11,998
2,505
7,283
65, 602
11,450
40, 418
0
150
0
0
0
0
100
75
178
200
0
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, total.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
139,256
Foreign
Banks in United States
governStates and
U.S.
ments,
Government political
central
subdivisions Commercial Mutual
banks, etc.
savings
Banks in
foreign
countries
Certified
and officers'
checks, etc.1
$11, 666 $57, 247,100 $447, 509 $3,121, 046 $5, 211, 219 $5, 448, 364$539, 785 $879,131 $2, 740, 219
9,171
1,809
3,680
61, 099
13,905
46, 980
156,771
28, 053
64, 620
1, 336, 977
226, 553
890, 556
136,644
22, 088
9,068
10, 968
122, 612
14, 566
67, 451
2,326
28
595
40, 293
1,994
11,648
246, 753
1,797
242
698
33, 097
6,160
21, 452
0
0
0
2,063
950
0
3,174
665
1,769
25, 938
7,344
13, 428
3,013
52, 318
150
553 2, 703, 530
56, 884
63, 446
1, 030,131
75, 737
155,188
20, 412
33,802
14, 585
43, 020
5,125
0
0
0
0
0 17, 797, 685
2,554 1, 546, 411
10 3, 286, 626
0
530, 382
25
762, 396
0
494, 889
435, 729 1, 334, 776
19
82, 705
156,058
1,176
0
40, 216
13
31, 661
2,920
11,444
722, 846 3, 003, 665
44,495
164, 078
146, 679 287, 637
7,305
33,108
31,211
59, 725
19, 531
100
432, 397
7,004
29, 653
2,752
2,126
0
796, 483 1,986,132
34, 030
785
53, 971
12, 076
3,533
31
11,675
981
8,499
1,693
1, 329, 855
48,145
2,589 24, 418, 389
439, 857 1, 656, 860 1,126, 536 3, 393, 844
473, 932
812, 049 2, 097, 840
39, 717
19, 200
52, 034
20,154
47, 470
80, 565
20, 787
23, 561
35, 299
103,164
18, 983
38, 057
31, 235
500
0
0
0
177
0
0
0
0
0
0
0
0
1,035
0
22
50
0
450
0
110
17
0
0
50
0
677, 771
322,465
1,117,564
280, 293
747, 646
999, 843
323, 313
551, 735
554, 917
1,849,215
442, 670
860, 580
535,121
0
0
0
0
0
443
0
0
0
0
0
0
0
530, 226
677
1, 734
9, 263,133
443
90, 743
51, 431
123, 999
24, 451
99, 340
149, 448
85, 679
136, 345
172, 837
194,995
59, 303
123,917
82, 419
67, 695
11,497
169, 849
14, 728
58, 283
25, 409
4,307
59, 502
69, 029
123, 029
18, 581
155,519
12, 363
33
0
597
0
362
1,054
0
263
0
525
0
74
0
10, 723
4,752
13,328
1,903
9,548
17, 580
2,538
4,474
11,706
32,153
3,134
9,811
5,566
345,394 1,394,907
789, 791
2, 908
127, 216
29, 990
14, 575
62,264
14, 606
37, 963
36, 487
14, 584
16, 436
16, 429
44, 792
10, 753
28, 901
17, 614
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
152, 990
45, 835
161, 368
129,180
66, 706
41, 264
58, 316
129, 399
Middle Western States,
total
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
United States (exclusive
of possessions), total
Canal Zone (Panama)
Guam
Puerto Rico
America Samoa
Virgin Islands of the United
States
Possessions, total
1
,
100
179
0
0
340
870
0
150
785, 058
1,639
11,599
9,730
20, 249
35, 207
13, 345
1,913
23, 243
9,285
16,795
0
35
0
0
0
0
0
0
0
141, 366
12,079
11,706
209, 751
6,148
17, 493
4,727
14, 648
2,150
19,351
298, 053
3, 223, 814
175
0
625
1,835
2,225
255
425
50
2, 637, 839
964,165
2, 964, 317
1, 606, 422
1,127, 376
612, 215
1, 224, 303
2,182, 379
0
0
0
0
0
0
204, 715
195, 581
200, 446
225, 498
108, 230
109, 962
164, 439
259,212
126,180
11,424
239,211
52, 003
41, 580
4,912
26, 899
381, 779
453
294
520
0
148
15
0
0
4,392
0
5,240
3,571
273
0
0
2,062
40, 082
15, 360
64, 620
45, 715
23, 955
12,287
20, 263
32, 669
652, 556 1, 468, 083
150, 322
42, 701
160,674
81, 278
50, 148
27, 636
46, 500
93, 297
5,590 13,319,016
84
883, 988
1,430
15, 538
254, 951
0
0
0
0
0
100
0
0
0
200,143
206,402
412, 840
618, 965
222, 735
70, 207
322, 982
126, 536
293,195
0
0
0
0
0
0
0
0
0
4,889
6,070
15, 661
24, 989
8,491
1,745
12,172
4,238
7,371
52, 041
35, 403
45, 273
202, 202
41, 570
13, 662
36, 504
27, 814
51, 494
3,388
4,021
4,361
10, 763
15, 961
759
32, 569
2,285
7,721
0
0
0
0
0
0
0
0
0
0
0
0
63
0
0
0
0
0
2,222
2,157
4,643
8,283
4,244
932
7,210
2,743
6,804
35
100
2, 474, 005
0
85, 626
505, 963
81, 828
0
63
39, 238
0
0
0
0
0
0
0
0
0
0
0
1,100
0
0
0
0
0
0
176, 044
136,098
3, 625, 339
98, 666
232, 410
101, 966
194,107
20, 681
173, 525
0
0
7,015
0
0
0
0
0
20
7,840
5,782
171,099
3,547
11,151
3,162
6,918
675
16, 808
26, 714
21,839
167,481
20, 804
64, 678
6,800
39, 395
5,345
36, 152
4,875
2,988
184,175
1,782
25, 875
1,424
4,003
204
3,535
252
316
267
0
0
0
0
142
0
2,082
266
39, 229
0
1
50
980
0
2,085
3,608
3,583
115,886
2,053
5,219
5,228
7,350
560
8,171
0
1,100
4, 758, 836
7,035
226, 982
389, 208
228, 861
977
44, 693
151,658
447, 422 3, 104, 062 5,131,450 5,435,196
539, 785
11
37
13,120
0
0
0
0
0
50, 646
11,666 56, 936, 909
7,848
10, 899
283, 533
640
0
20
52
15
7,045
2,799
6,508
127
0
2,276
69, 716
3,703
878, 264 2, 723, 221
20
0
744
103
61
291
16, 457
25
0
0
0
0
0
0
0
0
0
0
0
7,271
0
505
4,074
0
0
0
164
46, 608
0
0
310,191
87
16, 984
79, 769
13,168
0
867
16,998
0
0
46, 508
100
Includes dividend checks, letters of credit, and travelers' checks sold for cash.
84
TABLE B-47.—Assets and liabilities of all State commercial, mu tual savings and private banks, by States, Dec.
28,1962—Con.
Time and savings deposits
Location
Savings
United States and possessions,
total
$72,036, 794
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
$344, 246
$8, 933, 373
664,106
755, 736
284, 952
7, 002, 774
756,912
3, 345, 279
302
35
493
34
0
7
Banks in U.S.
States and
political
subdivisions
Commercial
Mutual
savings
$2, 831, 437
$168,477
$138, 988
$107, 540
Banks in
foreign
countries
$1, 470, 465
$92, 410
$8, 425
46
7
38
374
445
20
7,591
1,558
6,792
43, 217
22, 796
10, 442
0
0
0
13
122
15
3,611
1,039
3,571
13,136
3, 283
30, 387
55, 027
1,615
100
0
347
0
17
0
617, 087
58, 008
82, 090
16, 287
28, 655
186
111,297
1,285
4,043
0
43
0
138,153
10
500
0
0
0
84, 764
25
2,550
0
0
0
138,663
87, 339
0
218
97
1,206
0
94
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
States, total
12, 809, 759
81
7
29, 375, 543
3, 050, 802
4, 320, 086
311,114
1, 053, 732
184, 039
0
0
3,589
24
7,150
16,097
2, 865, 396
123,437
335, 846
25, 488
25, 437
48, 668
1, 392,448
0
28, 400
0
0
6,730
32, 364
256
808
265
2,711
6,254
38, 295, 316
26, 860
3, 424, 272
1, 427, 578
42, 658
464
802, 313
116, 668
607, 912
224, 885
525,009
89, 462
336, 089
591, 907
218,404
177, 224
301, 222
700, 822
150, 727
239, 064
378,019
New England States, t o t a l . . . .
New York
New Jersey
Pennsylvania.
Delaware
Maryland
District of Columbia
Southern
Accumu- Other deposits Foreign Govof individuals,
ernments,
lated/or
U.S.
payment of partnerships, central banks, Government
and corporapersonal
etc.
tions
loans
861
1,871
17, 326
10
113
1,424
194
1,438
286
82, 528
771
18, 442
3,534
44, 470
22,413
85,714
13,821
162,605
108, 797
49, 529
150,176
41,164
182, 854
84, 470
126, 595
136, 778
0
0
0
0
2,000
0
0
0
0
20
0
0
0
3,897
117
8,774
1,022
1,334
255
77
55
1,232
199
54
625
177
856
136
2,208
0
428
724
40
0
309
24
423
5
58
54, 225
763
96, 304
13,315
57, 980
112,826
6,783
1,710
11,907
122, 951
3,270
22, 809
27, 808
1,179
375
3,940
3,190
1,412
1,477
660
6,700
948
1,741
610
557
387
0
0
0
0
0
100
0
0
0
0
0
0
0
4, 540, 746
128, 798
1, 209, 386
2,020
17,818
5,211
532, 651
23,176
100
92, 396
930
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
279
0
0
0
0
0
0
0
0
250
0
100
0
0
0
0
0
568, 044
4,233
0
350
0
273
10
53, 182
12, 904
2,806
41, 504
9,041
6,948
37, 996
12, 254
4,994
10
20
50
39
0
0
0
0
450
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2, 206, 979
691,500
2, 222, 794
2, 272, 808
1,017,240
738, 397
486, 768
889, 602
163, 400
102
7,840
80
432
134
4,507
1,525
266, 369
146,219
395, 156
442, 199
468, 894
447, 347
413,020
463, 933
0
0
14, 965
0
0
0
0
2,000
1,044
58
111
1,052
65
36
30
916
575
133
39
26
153
179
139
491
123, 923
18, 333
102, 477
163,191
41, 788
34, 789
1,596
81, 947
30
1,593
1,221
947
108
10
Middle Western States, total. . 10, 526, 088
178, 020
3,043,137
16, 965
3,312
1,735
0
0
0
0
0
0
0
0
0
52
24
28
34
506
66
10
650
727
0
7
10
35
2
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
•
,
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
,
Pacific States, total
171
4
4
3,985
606
10
113
29
2,711
91, 962
80, 341
67, 486
103, 066
53, 696
6,807
35, 008
11,933
27, 572
993,123
,
,
44, 232
53,119
68, 133
275, 230
106, 398
43,015
209, 661
60, 579
132,756
5
45
7,633
477, 871
0
2,097
342
181, 629
569
0
0
618,472
177,075
3,175,053
69,915
219,020
58, 304
134,408
14, 134
128, 291
4
9
69
5
0
0
46
0
0
13, 502
6,528
407, 469
5,316
8,434
6,417
19,714
936
72, 486
0
0
23, 883
0
0
0
0
0
0
20
70
2,532
1,100
62
10
795
680
1,628
0
0
19
0
10
0
0
7
437
27
27, 820
476, 510
19
32, 576
20, 188
18,715
14,612
51, 240
80
358
7,710
200
1,200
0
0
41
6,766
25
0
300
0
0
0
0
0
0
6,000
0
12,851
0
0
0
0
0
0
4, 594, 672
133
540, 802
23, 883
6,897
473
641, 707
16, 355
325
18, 851
United States (exclusive of
possessions), total
71, 759, 704
342, 315
8, 787, 864
ls 470, 446
73, 712
8,375
2, 781, 371
162,616
138, 988
106, 640
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United States.,
1,351
10, 850
255, 735
667
8,487
0
0
1,910
21
0
659
1,063
143, 722
3
62
0
19
0
0
0
3,135
2,644
11,592
0
1,327
0
0
50
0
0
0
5,326
35, 401
5,600
3,739
0
0
5,861
0
0
0
0
0
0
0
0
0
900
0
0
277, 090
1,931
145, 509
19
18, 698
50
50, 066
5,861
0
900
Possessions, total
TABLE B-48.—Assets and liabilities of State chartered
[Dollar amounts
ASSETS
Location
United States and possessions,
total
Number of
banks
New England States, total
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total
See footnotes at end of table.
342
Corporate
stocks, including
stocks of
Federal
Reserve
banks
Obligations of
States and
political subdivisions
Other bonds,
notes, and
debentures
$1, 743, 390 $346, 822
$65, 066, 937
$30, 819, 535
$11,157,467
232, 221
97, 774
164,728
1,119,972
292, 042
851, 355
18, 853
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
U.S. GovernLoans and dis- ment obligations,
direct and
counts, including
guaranteed
overdrafts
106,136
36, 500
45, 937
527, 631
94, 065
330,260
22, 339
5,872
21, 228
166, 365
26, 726
172, 957
6,590
3,536
3,212
10, 726
10, 515
10, 920
2,222
3,633
1,185
5,617
3,131
12, 587
188
2, 758, 092
1,140, 529
415, 487
45, 499
28, 375
141
93
210
15
73
7
21, 299, 552
1, 902, 902
3, 705,064
435, 880
724, 717
456, 630
7,120, 896
892, 506
1, 465, 830
276, 336
427, 791
229, 501
3, 659, 822
457 919
512, 916
34, 230
117, 723
26,152
359, 223
58, 590
83, 074
17, 443
39, 044
5,903
140,784
11,420
39, 278
5,049
3,588
1,070
539
28, 524, 745
10,412,860
4, 808, 762
563, 277
201,189
165
106
133
116
315
213
169
165
153
552
184
266
221
858, 684
305, 703
1, 203, 312
201,418
757, 891
913,123
321, 566
500, 365
498, 434
1,695,818
369, 205
721,978
622, 980
435, 553
251,813
547, 440
128, 833
439, 666
764, 286
226,069
263,136
353, 227
771,082
177, 449
519,645
299, 001
130, 449
53, 090
208, 433
58, 361
109, 898
193,258
81, 474
181,017
152,148
285, 626
92, 728
79, 457
124, 238
34, 434
5, 545
86, 874
27, 820
48, 921
30, 609
25, 358
17,210
9,244
95, 400
17,237
22, 509
30, 370
2,055
1,374
3,129
122
2,450
1, 522
360
734
662
4,510
456
1,470
1,190
2,758
8, 970, 477
5,177, 200
1,750,177
451, 531
20, 034
344
312
597
288
469
514
567
549
3,174, 579
879, 953
2,918,759
2,477,152
1,412,199
778, 884
1,314,613
2,164, 277
1, 722, 320
847, 129
2,167, 762
1, 556, 521
974,150
580, 014
691, 565
1, 280, 657
518,563
113,576
629, 360
621, 615
226, 988
111,114
220, 575
389, 967
50, 238
26, 265
174, 054
25,324
49, 149
79, 313
33, 642
78, 991
11, 645
1,559
33, 857
7,192
1,608
329
1,446
19,614
2, 831, 758
516, 976
77, 250
3,640
15,120,416
9,820,118
commercial banks, by States, Dec. 28, 1962
in thousands]
ASSETS—Continued
Currency and
coin
Balances with
other banks, including reserve Bank premises
balances and owned, furniture
and fixtures
cash items in
process of
collection
Investments and
Real estate
other assets inowned other directly representthan bank
ing bank premises
premises
or other real
estate
Customers'
liability on
acceptances
outstanding
Other assets
Total assets
$2, 003, 533
$22, 367, 367
$1, 393, 745
$42, 681
$188,668
11, 079, 394
$901, 736
$137,111,275
11,001
2,177
3,859
48,134
11,325
37, 025
42, 591
9,263
18,518
371, 670
56, 058
207, 251
7,366
1,823
3,163
33,466
4,478
26, 947
359
92
169
646
134
215
859
3
881
5
0
2
2,312
2,243
4,714
2,149
14,065
1,808
4,321
434, 001
160,764
263, 321
2, 305,249
502, 687
1, 653, 838
256
0
0
91
439
113,521
705, 351
77, 243
1,615
4,242
6,870
23,036
5,319,860
309, 406
75, 320
128, 286
14, 479
39, 410
15,327
337, 501
45, 723
76,181
9,596
17,212
7,275
493, 488
2,946
72,239
964, 386
410, 670
21,118
24,276
4,823
13, 889
3,488
478,264
44,176,682
3,913,086
7,161,306
900, 277
1,561,050
882,176
582, 228
9,499, 257
446, 735
1,103, 832
97, 256
177,330
132, 661
11,457,071
41,882
20, 625
69, 769
16,277
40,122
56, 329
19,225
29, 491
36, 569
75, 625
17,818
33, 754
31, 322
241, 708
97, 022
384,111
74, 812
271, 523
249, 990
102, 248
204, 640
230,196
631, 330
165, 928
357, 247
199,948
23, 332
9,398
35, 324
5,380
22,151
43, 070
8,272
18, 491
16, 836
71, 320
9,816
15, 487
17, 081
1,640
5,589
2,393
24, 208
2,304
6,320
9,060
1,341
3,251
2,527
7,882
1, 779,485
749, 269
2, 566, 460
514,462
1, 702, 565
2, 267, 563
787, 053
1,219,174
1,303,167
3, 646, 253
852, 034
1, 756,121
1,331,136
488, 808
3, 210, 730
124, 470
50, 262
81,371
96,122
57, 289
29, 569
43, 498
69, 783
552, 364
883, 424
285, 886
972, 655
552,190
359, 833
173, 728
317, 901
826, 896
4,372,513
346
355
152
3,015
9,878
4,449
9,676
3,923
3
253
12
7,341
90, 870
974, 482
407
640
685
442
5,392
1,666
1,535
0
0
1,175
2,131
1,795
3,442
1,069
3,574
2,052
1,782
733
67
234
431
693
26
169
709
146
2
653
743
0
0
203
0
57
153
826
659
58, 594, 577
1,928
74
168
196
295, 958
14, 721
19,126
5,755
70,252
20, 474,742
61, 928
20, 862
53, 663
64, 229
31, 646
20, 501
21,146
40, 398
314, 373
984
780
5,756
3,610
2,166
1,329
3,227
2,965
17, 957
1,103
7,358
1,783
12, 226
2,280
2,755
37,716
26, 798
5,261
32, 436
17, 885
12, 821
4,208
3,119
15, 436
117,964
6, 583, 932
2, 234, 588
7, 096, 299
5, 421, 524
3,134, 602
1, 779, 097
2, 650, 868
4, 891, 332
33, 792, 242
664
882
840
734
71
90
10,815
25
232
526
349
775
18, 568
3,467
2,729
343
TABLE B-48.—Assets and liabilities of State chartered
[Dollar amounts
ASSETS
U.S. GovernNumber of Loans and dis- ment obligations,
direct and
counts, including
banks
guaranteed
overdrafts
Location
Obligations of
States and
political subdivisions
Other bonds,
notes, and
debentures
Corporate
stocks, including
stocks of
Federal
Reserve
banks
119
139
305
425
80
29
117
31
189
Western States, total
Washington
$159, 877
152, 712
203,102
408, 394
143,792
52, 014
184, 573
74, 012
177, 808
$65,783
27,133
34,819
167, 796
37, 613
8,875
43, 308
20,273
51, 634
$25, 236
11,068
14, 733
8,611
11,110
660
4,791
3,228
4,324
$26
168
172
440
591
105
2,225
93
126
2,406, 898
1, 556, 284
457, 234
83, 761
3,946
67
39
84
22
41
4
8
7
10
196, 552
157,742
5,086, 662
117,196
339,273
128,135
258, 998
28,074
320, 070
131, 345
116, 821
1, 846, 704
52, 326
160,499
55, 984
94,717
17, 699
117,457
42, 306
32,197
654, 897
17,090
37, 966
7,231
27, 814
817
33, 649
2,601
600
43,434
1,062
1,744
950
13, 606
1,570
5,510
393
126
11, 364
243
853
183
895
15
1,956
282
6, 632, 702
2,593, 552
853, 967
71, 077
16, 028
8,841
Oklahoma
$205, 506
187,887
331,350
618,099
223,161
64, 771
405, 989
120, 587
249, 548
1,434
North Dakota.
South Dakota
Nebraska
Kansas
Montana
64,413,330
30, 700, 543
11,117,385
1, 732,121
346, 822
8,
1,842
13, 536
623, 750
112
14, 367
0
0
117, 698
1,294
0
0
0
40,082
0
0
0
0
11,269
0
0
0
0
0
0
0
653, 607
118,992
40, 082
11,269
0
...
California
Idaho
Utah
Nevada
Arizona
Alaska
Pacific States, total
United States (exclusive of possesCanal Zone (Panama)
Puerto Rico *
American Samoa ..
. . . .
Virgin Islands of the United States
00
12
1
2
3
Includes stock savings banks.
1 branch of a national bank and 1 branch of a State member bank in New York.
Branches of banks in California and Hawaii
344
commercial banks, by States, Dec. 28, 1962—Continued
in thousands]
ASSETS—Continued
Currency and
coin
Balances with
other banks, in- Bank premises
cluding reserve owned, furniture
balances and cash and fixtures
items in process
of collection
Investments and
Real estate
other assets in- Customers" liaowned other directly represent- bility on accept- Other assets
than bank
ing bank prem- ances outstanding
premises
ises or other
real estate
Total assets
$5, 205
5,408
9,888
20, 687
7,298
2,396
12, 790
7,671
12, 957
$38
108
182
664
280
64
990
498
200
$160
56
69
503
135
13
2,273
24
271
$50
39
0
0
99
0
0
0
0
$612
393
1,353
1,310
1,391
119
3,922
851
990
$507, 223
442,158
698, 093
1, 427, 755
506, 307
159, 076
783, 543
275, 654
597, 694
745, 297
42,126
3,024
3,504
188
10, 941
5, 397, 503
9,986
6,633
88, 385
4,271
9,126
5,791
10,211
1,449
15, 734
50,711
41, 696
1, 414, 625
27,167
102,147
19, 994
54, 245
7,714
58,166
6,881
5,845
112,491
3,641
6,426
3,360
12, 334
905
9,789
59
223
2,077
53
146
23
140
125
386
762
2
20, 937
589
3,022
20
1,465
288
2,740
32
0
68, 713
0
0
0
1,297
0
1,147
956
1,115
76,035
884
1,575
941
4,699
211
3,945
442, 584
363, 000
9, 426, 324
224, 522
662, 777
222, 612
480, 421
58, 867
570, 549
151,586
1, 767, 465
161, 672
3,232
29, 825
71,189
90, 361
12, 451, 656
1, 972, 807
22,267, 400
1, 384, 860
42,159
185, 283
1,077, 052
790, 818
136, 030, 580
1,476
1,352
26, 693
89
1,116
485
6,114
83, 012
9,638
718
46
210
8,312
14
303
0
66
456
0
0
0
0
3,835
0
0
0
0
2,322
0
20
16, 294
15, 734
69, 433
130
9,327
20,143
37, 012
986,412
11,277
25, 851
30, 726
5
$3, 701
2,779
4,958
9,863
5,569
1,195
4,933
5,343
3,785
84, 300
4
$41, 029
54, 407
97, 467
191,388
75, 268
28, 864
117,749
43, 074
96, 051
99, 967
8,885
522
3,385
2,342
110,918
1,080,695
Asset and liability items include data for branches of a national bank and a State member bank in New York.
Asset and liability items include data for branches of a State member bank in New York.
345
O3
TABLE B-48.—Assets and liabilities of State chartered commercial banks, by States, Dec. 28,
1962—Continued
LIABILITIES
Location
Demand
deposits
Time and
savings
deposits
Total
deposits
Rediscounts
and other
liabilities
for borrowed
money
Acceptances
Other
liabilities
Capital
stock1
Surplus
Undivided
profits
by or for
account of
reporting
banks and
Reserves
and retirement
account for
preferred
stock and
capital
notes and
debentures
United States and pos$75,050, 982 $44, 830, 423 $119,881,405 $1, 985, 301 $1,106, 497 $2,756,617 $3, 321, 850 $5, 285, 565 $2, 460, 442
sessions, total
$313, 598
11,135
5,687
6,484
46,236
8,300
27, 623
665
841
632
7,603
1,046
3,133
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States,
total
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
193, 348
38, 059
81,851
1, 607, 344
269, 827
1, 025, 731
191, 972
104,158
155, 810
371, 700
172,075
439, 494
385, 320
142, 217
237, 661
1, 979, 044
441, 902
1, 465, 225
320
200
0
28, 058
0
0
3, 216,160
1,435, 209
4, 651, 369
28, 578
876, 955
404, 720
1, 487, 601
335, 981
943, 687
1, 230,264
430,421
768, 755
824, 918
2,223, 790
534, 441
1,178, 802
653,083
Southern States, total.., 11,893,418
9,455
1,717
3,540
75, 028
14,197
48, 737
12,098
2,580
7,461
65, 802
11,450
40,418
15, 003
7,522
7,541
98, 510
23, 643
68,702
7,124
152,674
139,809
220, 921
105,465
13, 920
989, 733 1,271,155 1, 065,151 1,834,130
144, 048
83, 416
91, 594
152
383, 236
155,198
126,132
9,946
52, 473
20,412
3
21, 766
74, 995
33, 827
253
20, 000
33, 590
14, 585
12
23, 012
684, 703
49, 732
111,311
10,121
20, 754
7,358
74, 939
5,787
8,743
78
5,974
2,569
49, 525, 497 1, 638,192 1, 000, 099 1, 553, 659 1, 372, 589 2, 522 472
26, 077, 841 10, 603, 820 36, 681, 661 1, 575, 210
4,600
1, 847,479 1, 686, 278 3, 533, 757
57, 777
2, 345, 652 6, 308, 963
3,963,311
100
178, 062
795, 324
617, 262
505
515,695
1, 404, 742
889, 047
0
261, 974
801, 050
539, 076
33, 934, 016 15, 591, 481
5
0
2
4,968
2,149
0
713,400
250, 560
739, 275
120, 820
559, 575
817, 510
275, 687
337, 303
357,068
1, 085, 567
240, 325
408,097
546,761
1, 590, 355
655, 280
2, 226, 876
456, 801
1, 503, 262
2, 047, 774
706,108
1,106, 058
1,181, 986
3, 309, 357
774, 766
1, 586,899
1,199, 844
10, 450
200
35, 695
298
9,295
800
0
4,503
1,404
7,053
210
629
300
0
0
1,671
2
653
743
0
0
203
2,305
0
57
153
32,233
9,815
93, 667
3,170
28, 009
33,197
6,293
8,763
11, 780
25, 030
3,036
13, 551
19, 376
6, 451, 948
18, 345, 366
70, 837
5,787
287, 920
883, 979
98, 090
41, 252
19, 200
52, 056
20, 204
46, 568
81,015
20, 787
23, 671
35, 316
101, 754
18, 983
38,107
31, 235
73,456
40,156
116,078
21, 962
65, 450
71, 292
27, 365
61, 357
42,141
109, 475
25, 452
72, 636
38, 615
29,811
21,182
33, 306
10, 976
36,211
28, 936
25,167
13, 326
27, 092
76, 637
27,059
40, 908
38, 350
1,928
3,436
7,111
1,049
13,117
3,806
1,333
1,496
3,245
14, 642
2,528
3,334
3,263
530,148
765, 435
408, 961
60, 288
3,163,796
1, 223, 898
3, 635, 028
2, 014, 487
1, 351, 565
765, 271
1, 475, 775
2, 951, 398
Ohio
Indiana. ,
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States,
total
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
.
Colorado
New M!exico
Oklahoma
. . . . .
Western States, total
Washington
Oregon. .
California
Idaho
Utah
Nevada
Arizona.
Alaska
Hawaii
...
2, 736, 259
802, 898
2, 744, 703
2, 880, 303
1, 502, 393
846, 276
905,120
1, 440, 693
5, 900, 055
2,026, 796
6, 379, 731
4, 894, 790
2, 853, 958
1,611,547
2, 380, 895
4, 392, 091
12,531
2,500
49,225
23, 225
3,600
450
1,025
11,993
5,794
90
10, 940
441
232
526
354
1,020
107, 809
29, 699
89, 221
89, 924
28, 296
15,483
11,478
54, 386
153, 265
45, 989
161,993
131,015
69, 271
42, 389
58, 521
129, 599
302,079
68, 632
239, 888
173, 525
101,858
52, 059
89, 387
154,854
100,135
57, 610
109, 490
90,862
71, 547
47, 932
100, 686
135,017
2,264
3,272
55,811
17,742
5,840
8,711
8,522
12, 372
16,581,218
13,858,645
30, 439, 863
104, 549
19,397
426, 296
792, 042
1,182, 282
713, 279
114,534
262, 683
254, 053
482, 778
865, 265
293, 001
87, 305
411,437
163, 616
366, 585
189,609
146,419
138, 517
423, 893
170, 249
56, 851
282, 788
85, 718
169, 220
452, 292
400, 472
621, 295
1, 289,158
463, 250
144,156
694, 225
249, 334
535, 805
0
1,058
1,945
2,117
0
700
5,917
0
1,445
50
39
0
0
99
0
0
0
0
2,100
1,529
4,860
6,068
5,729
792
18, 963
2,521
4,747
11,599
9,765
20, 249
35, 207
13, 345
2,013
23, 243
9,285
16, 795
14, 616
12, 772
24, 285
51, 848
13, 557
5,953
24, 553
8,024
17, 485
22, 001
14, 861
23, 477
41, 372
10, 061
4,907
16, 248
4,570
20, 398
4,565
1,662
1,982
1,985
266
555
394
1,920
1,019
3, 186, 723
1, 663, 264
4, 849, 987
13,182
188
47, 309
141, 501
173,093
157,895
14, 348
215,288
170,175
4, 310, 491
126, 852
339, 334
118,630
252, 753
27, 564
240, 296
178, 750
161,163
4,106, 396
76, 555
261, 302
84,919
173, 678
26, 343
260, 848
394, 038
331, 338
8, 416, 887
203, 407
600, 636
203, 549
426, 431
53, 907
501, 144
750
675
121,206
0
4,185
2,700
0
0
397
32
0
69, 084
0
0
0
1,297
0
1,147
6,189
3,913
171,091
3,336
11,467
3,432
11,471
263
11,231
12,079
11,706
210, 851
6,148
17,493
4,727
14, 648
2,150
19, 351
16, 881
10,163
298,155
7,308
19,867
5,586
20, 063
1,335
23, 022
11,788
4,937
133,132
3,904
9,067
2,618
5,511
1,071
12, 850
827
268
5,918
419
62
0
1,000
141
1,407
5, 801, 383
5, 329, 954
11,131,337
129,913
71, 560
222, 393
299,153
402, 380
184, 878
10, 042
United States (exclusive
of possessions), total... 74, 612, 918
44, 330, 501
118,943,419
1,985,251
1,104,155
2, 690, 251
3, 275, 242
5, 266, 583
2, 454, 457
311,222
14, 985
16, 322
390,130
4,613
5,145
19,902
455,171
6,291
20,130
36, 224
845, 301
10, 904
0
0
50
0
0
0
2,322
0
13
788
65,112
49
0
0
46, 508
100
0
0
18, 782
200
0
0
5,961
24
0
0
2,376
0
Pacific States, total
Canal Zone (Panama)
Guam . . . .
Puerto Rico
American Samoa
Virgin Islands of the United
States
Possessions, total
1
12, 014
13, 413
25,427
0
20
404
0
0
0
0
438, 064
499, 922
937, 986
50
2,342
66, 366
46, 608
18, 982
5,985
2,376
Includes capital notes and debentures.
(See classification on pp. 352 and 353.)
TABLE B-48.—Assets and liabilities of State
chartered
Loans and discounts
Loans to financial
institutions
Real estate loans
Loans for purchasing or
carrying securities
Location
Secured by
JQTTH
Idtld
{including
improvements)
Secured by
residential
properties
{other than
farm)
Secured by
other
properties
To domestic
commercial
and foreign
banks
Other
To brokers
and dealers
in securities
Other
United States and posses- $1, 223,177 $10,101,423 $4, 311, 510 $1,064,126 $3,788,237 $3, 542, 275 $1,183, 562
sions, total.
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island....
Connecticut
New England States, total.
New York
New Jersey
,
Pennsylvania
,
Delaware
Maryland
District of Columbia.
Eastern States, total.
Virginia
West Virginia..
North Carolina.
South Carolina.
Alabama...
Mississippi.
Louisiana..
Texas
Arkansas...
Kentucky..
Tennessee..
Southern States, total.
Ohio
Indiana
Illinois
Michigan..
Wisconsin..
Minnesota.
Iowa
Missouri...
Middle Western States, total
348
4,487
2,000
8,225
1,631
239
1,909
18,491
61,035
58, 872
64, 456
131, 504
51,143
213,521
29, 456
14, 654
20, 791
103, 061
35,179
59, 020
7,467
0
3,150
4,723
13, 400
37, 700
2,339
67
241
77, 674
19,444
26, 062
613
300
950
47, 555
7,884
14, 342
125, 827
71, 644
692
313
245
8,247
104
12,454
22,055
262,161
66, 440
28,122
3,110
25, 532
10, 976
17,440
150
1, 383, 668
629, 878
593, 392
73,161
184, 341
69, 043
776, 600
163,244
262, 759
31, 469
87,315
37, 574
519, 081
31, 809
23, 920
50, 025
12,015
15,000
1, 814, 402 2, 681, 093
71, 499
75, 463
231, 648
78, 337
12, 647
13,535
40, 412
9,475
51, 942
11,738
470, 590
10, 581
99, 417
3,405
4,921
4,650
85, 330
2, 933, 483 1, 358, 961
651, 850
2, 222, 550 2, 869, 641
593, 564
580, 531
30, 208
10, 849
39, 461
13,211
50,701
24, 974
27, 351
44,098
27, 828
26, 334
31, 204
71, 609
57, 044
178,194
88, 099
117,203
37,100
147, 009
119,982
54, 391
51, 577
94, 042
104, 754
45,011
125, 090
112,489
61, 703
27, 300
78,191
16,237
45,116
100, 729
24, 315
31, 024
64, 303
92, 335
28, 064
47, 800
38, 052
4,006
3,100
6,214
0
975
5,708
1,812
230
4,000
3,838
668
5,562
98
24, 309
5,396
53,761
4,028
25, 529
34,120
3,179
17, 244
15,180
32, 862
8,350
37, 322
9,943
6,284
687
62, 734
2,839
5,217
7,803
59
5,319
8,550
2,475
2,517
5,899
376
7,763
5,318
27,596
7,390
8,119
16, 627
3,485
10, 621
3,346
54, 350
4,226
7,397
7,214
454, 872
1, 274, 941
655,169
36,211
271, 223
110,759
163, 452
62,107
55, 603
45, 757
53, 941
89, 200
41, 332
66, 527
76,107
737, 955
238, 474
446, 993
764, 310
394, 362
187,464
192, 518
405, 894
332, 377
66, 367
162, 684
210, 077
158,066
46, 388
64, 558
159,155
52,161
0
21, 628
15, 052
2,915
0
10, 000
29, 274
114,771
11,032
201, 269
126, 608
53, 473
7,421
31,116
129, 371
197,134
1,040
170, 309
20,115
2,252
419
3,958
45, 632
104,076
5,056
98,611
40, 315
12, 959
4,768
9,019
34,162
3, 367, 970 1,199, 672
131, 030
675, 061
440, 859
308, 966
490, 574
commercial banks, by Statas, Dec. 28, 1962—Continued
•Loans and discounts—Continued
Loans to farmers
Directly guaranteed by the
Commodity
Credit Corporation
Other loans
to farmers
{excluding
loans on
real estate)
Commercial and All other loans
industrial loans
to individuals
(including open for personal
expenditures
market paper)
All other
loans {including
overdrafts)
Total gross
loans
Less valuation reserves
Net loans
$578,196
$3,026, 828
$21, 953, 545
$13,673,270
$1, 824,148
$66, 270, 297
$1, 203,360
$65,066, 937
0
0
0
0
0
0
4,874
582
9,365
3,253
103
3,975
61, 928
8,131
26, 472
439, 508
103, 712
231, 870
60, 747
12, 441
32, 790
313, 701
58, 271
249, 429
3,110
780
929
8,740
8,867
15,169
236, 748
98,140
167, 614
1,139,597
298, 346
865, 451
4,527
366
2,886
19, 625
6,304
14, 096
232, 221
97,774
164,728
1,119, 972
292,042
851,355
0
22,152
871, 621
727, 379
37, 595
2, 805, 896
47, 804
2, 758, 092
6,995
506
10
53
0
0
61, 084
3,851
22, 272
6,108
13, 876
57
10, 371, 637
399,760
1, 279, 284
93, 578
152,185
98, 308
2, 564, 021
526, 998
1, 072, 852
137,693
200, 948
159,610
1, 073, 087
34,103
104,113
7,513
14, 291
10, 264
21, 750, 380
1, 950, 802
3, 793, 536
440,163
737, 219
458,336
450, 828
47, 900
88,472
4,283
12, 502
1,706
21,299, 552
1, 902, 902
3, 705, 064
435, 880
724, 717
456, 630
7,564
107, 248
12, 394, 752
4, 662,122
1, 243, 371
29,130, 436
605, 691
28, 524,745
46
0
3,509
4,618
17, 820
265
6,302
29, 353
7,457
48, 785
40, 905
1,449
16, 232
27, 765
5,116
37, 752
11, 389
35, 565
25, 903
24, 422
46, 440
18, 331
160, 645
38, 638
52, 439
43, 331
197,459
48, 316
380, 090
40,115
196,176
270, 472
62, 635
166, 564
127, 461
625, 325
83, 551
161,564
115, 621
308, 369
112,477
403, 478
65,417
226, 212
308,732
114,419
101,485
128,191
548, 823
86, 209
202, 723
222, 579
22, 354
4,284
20, 336
2,300
11, 395
17, 391
5,297
8,927
10, 090
16, 840
3,926
13, 870
9,827
868, 460
310, 942
1, 230, 325
204, 644
769, 834
932, 706
327, 667
512, 882
508, 779
1, 717, 366
373, 269
732, 724
632, 806
9,776
5,239
27,013
3,226
11,943
19, 583
6,101
12,517
10, 345
21, 548
4,064
10, 746
9,826
858, 684
305,703
1, 203, 312
201, 418
757, 891
913,123
321, 566
500, 365
498, 434
1, 695, 818
369, 205
721, 978
622, 980
176, 741
527, 736
2,475, 349
2,829,114
146, 837
9,122, 404
151, 927
8, 970, 477
2,153
6,852
29,197
1,063
68
20,157
58, 635
68, 717
69, 683
108, 663
196, 525
94, 099
117,102
200, 045
471, 237
139,828
743, 475
143, 953
898, 925
457, 544
315,715
105, 033
193, 773
548, 949
723, 210
252, 035
665, 346
700, 005
268, 831
167, 769
219,710
500, 601
86,125
8,376
51, 427
30, 041
25, 864
6,545
10,519
54, 344
3, 225, 227
897,451
2,988, 671
2, 513,170
1, 440, 807
787, 341
1, 331, 570
2,192,034
50, 648
17, 498
69, 912
36,018
28, 608
8,457
16, 957
27, 757
3,174, 579
879, 953
2, 918, 759
2, 477,152
1,412,199
778, 884
1, 314, 613
2,164, 277
186, 842
1, 397,182
3, 407, 367
3, 497, 507
273, 241
15, 376, 271
255, 855
15,120, 416
349
TABLE B-A8.—Assets and liabilities of State chartered
Loans and discounts
Real estate loans
Loans to financial
institutions
Loans for purchasing or
carrying securities
Location
Secured by
Secured by
Secured by
farmland
residential
other
(including Properties (otherproperties
mprovements) than farm)
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New M!exico
Oklahoma
Other
To brokers
and dealers
in securities
Other
$23, 936
6,387
8,987
25, 372
4,761
1,747
4,388
2,994
\ 10,499
$24, 612
21,917
19,971
66, 589
43, 674
11,554
38,136
12,691
18, 877
$4, 663
7,391
9,362
21,611
9,564
5,967
28, 263
11,269
8,733
$119
0
0
0
3,000
0
4,828
0
22
$32
2,520
5,000
5,867
4,028
294
11,198
2,867
2,543
$40
116
250
63
1,000
0
2,447
643
0
$752
387
522
6,138
1,096
345
17, 644
1,113
1,033
89,071
258,021
106, 823
7,969
34, 349
4,559
29, 030
4,844
4,437
49, 653
1,687
4,706
1,733
447
313
2,084
43, 379
31, 647
1,214,376
15,337
82, 864
16,408
38, 589
7,996
100, 694
17,342
18, 695
545,975
6,318
31,167
23, 816
8,237
2,440
35, 314
1,000
50
140, 585
100
16,160
0
1,536
0
10,110
5,761
4,606
371, 920
429
19, 545
4,883
11,569
1,080
5,774
734
3
38, 979
0
1,249
0
2,171
0
177
1,121
217
54, 983
623
1,723
0
0
78
7,230
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
To domestic
commercial
and foreign
banks
.
Pacific States, total
United States (exclusive of
possessions), total.
Canal Zone (Panama)
Puerto Rico
American Samoa
Virgin Islands of the United States.
Possessions, total
350
69, 904
1, 551, 290
689, 304
169, 541
425, 567
43, 313
65, 975
1,208, 242
9, 966, 236
4, 272, 090
1,063, 041
3,754, 577
3, 540, 775
1,183, 042
0
0
14, 935
0
0
0
1,838
127, 552
0
5,797
0
44
35, 897
0
3,479
0
0
1,085
0
0
0
0
33, 660
0
0
0
0
1,500
0
0
0
84
436
0
0
14, 935
135,187
39, 420
1,085
33, 660
1,500
520
commercial I lanks, by Stat es, Dec. 28, 1962—Continued
Loans and discounts—Continued
Loans to farmers
Directly guarOther loans to
anteed by the farmers (excludCommodity Credit
ing loans on
Corporation
real estate)
Commercial and All other loans to All other loans
(including
Total gross loans Less valuation
industrial loans individuals for
reserves
overdrafts)
personal
{including open
expenditures
market paper)
$3, 843
3,689
5,258
5,647
4,786
955
$209, 349
191,576
336, 608
623, 746
227, 947
65, 591
412, 626
123, 410
252, 276
6,637
2,823
2,728
$205, 506
187, 887
331, 350
618,099
223,161
64, 771
405, 989
120, 587
249, 548
22, 971
2, 443,129
36, 231
2,406, 898
1,107
3,116
67,470
199, 425
159,912
5,169, 998
119,104
344, 849
129,411
261, 237
28, 346
321, 500
2,873
2,170
83, 336
1,908
5,576
1,276
2,239
196, 552
157, 742
5, 086, 662
117,196
339, 273
128,135
258, 998
28,074
320,070
$12, 825
18,128
43, 983
106, 361
41,158
12, 665
106, 588
40, 867
56, 872
$19, 595
22, 761
47, 514
122, 602
47, 228
11,011
137,365
32, 935
77, 535
$ 2,026
1,136
1,976
3,825
3,015
1,923
1,710
10,711
$60, 455
97, 840
165, 850
200, 852
56, 301
21, 300
51,130
15,217
64, 496
198, 902
733, 441
439, 447
518, 546
5,870
12, 740
12, 563
122, 806
33, 693
21, 424
5,274
12, 562
59, 945
45, 875
1, 636, 433
30, 651
84, 040
53,102
89,032
10,138
76, 366
45, 582
37, 829
926, 818
28, 484
78, 894
22, 920
91, 502
5,567
71, 752
$60, 294
12, 993
33,193
64, 466
13,122
490
874
0
1,327
44
0
32
0
0
571
4,420
Net loans
218
8,716
1,104
455
3,033
1,275
5,560
163
7,579
820
272
1,430
8,147
226, 053
2, 085, 582
1, 309, 348
89, 758
6, 733, 782
101,080
6, 632,702
578,196
3, 013, 812
21,674,118
13, 544, 016
1,813,773
65,611,918
1,198, 588
64, 413, 330
0
0
0
0
0
892
403
1,842
13, 536
628, 382
0
0
13,014
4,632
1,842
13, 536
623, 750
0
13,016
0
2
0
0
358
592
5,055
270, 795
6,110
120, 478
3,185
1,858
279, 427
129, 254
34
216
9,030
2
48
10, 375
14, 367
140
0
658, 379
4,772
252
112
14, 367
653, 607
351
TABLE B-48.—Assets and liabilities of State chartered
commercial
banks, by Statess Dec. 283
1962—Continued
Capital
Location
Common
stock
Capital
Individuals,
notes and Preferred partnerships,
debenstock
and
tures
corporations
Foreign
Banks in United States
U.S.
ments,
Government
central
banks, etc.
States and
political
' " nsions
Commercial
Mutual
Banks in
Certified
foreign
and officers'
countries checks, etc.1
United States and posses$3, 259, 688 $50, 496 $11,666 $56, 795, 457 $444, 601 $3,110, 929 $5, 208, 010 $5, 427, 891 $538, 563 $856,139 $2, 669, 392
sions, total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
11,998
2,505
7,283
65, 602
11,450
40, 418
New England States, total...
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
139, 256
Eastern States, total. . .
States, total..
9,105
1,748
3,669
60,100
13, 663
46, 346
155,233
26, 324
64,193
1, 323, 338
225,185
866, 044
22, 088
9,068
10, 967
122, 606
14, 565
67, 405
2,326
28
595
40, 292
1,994
11,635
1,797
242
698
33, 097
6,160
21, 452
0
0
0
2,063
950
0
2,799
649
1,729
25, 845
7,310
12, 849
553
2, 660, 317
134,631
246, 699
56, 870
63, 446
3,013
51,181
0
2,554
10
0
25
0
17, 484, 467
1, 517, 837
3, 276, 747
530, 350
753,711
494, 889
432, 821
19
1,176
0
13
2,920
1, 327, 979
82, 429
155, 598
40,186
31, 544
11, 444
722, 335
163,725
146, 592
33,105
59, 709
100
2, 983,627
44, 470
287, 637
7,305
31,211
19,531
431,175
7,004
29, 653
2,752
2,126
0
773, 491
785
12,076
981
1,693
1,921,946
31,210
53, 832
3,533
9,752
8,499
48,145
2,589
24, 058, 001
436, 949
1, 649,180
1,125, 566
3, 373, 781
472, 710
789, 057
2, 028, 772
500
0
0
0
177
0
0
0
0
0
0
0
0
1,035
0
22
50
0
450
0
110
17
0
0
50
0
677,771
322, 465
1,117,564
280, 293
738, 265
999, 843
323, 313
551,735
554, 917
1, 830,179
442, 670
860, 580
535,121
0
0
0
0
0
443
0
0
0
0
0
0
0
29, 990
14, 575
62, 264
14, 606
37, 963
36, 487
14, 584
16,436
16, 429
44, 659
10, 753
28, 901
17,614
90, 743
51, 431
123, 999
24, 451
99, 340
149, 448
85, 679
136,345
172, 837
193, 821
59,303
123,917
82,419
67, 695
11,497
169,849
14, 728
58, 283
25, 409
4,307
59, 502
69, 029
122,633
18,581
155,519
12, 363
33
0
597
0
362
1,054
0
263
0
525
0
74
0
10, 723
4,752
13, 328
1,903
9,474
17, 580
2,538
4,474
11,706
31, 973
3,134
9,811
5,566
677
1,734
9,234,716
443
345, 261
1, 393, 733
789, 395
2,908
126, 962
1, 022,131
75, 737
155,188
20, 412
33, 802
14,585
43, 020
5,125
0
0
0
0
1, 321, 855
39,717
19, 200
52, 034
20,154
46, 391
80, 565
20, 787
23, 561
35, 299
101, 754
18,983
38, 057
31, 235
,
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern
100
75
178
200
0
0
527, 737
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
152, 990
45, 810
161,368
129,180
66, 706
41, 264
58, 096
129, 399
Middle Western States, total.
1,639
126,180
11,424
239, 211
52, 003
41, 580
4,912
26, 899
381,779
453
294
520
0
148
15
0
0
4,392
0
5,240
3,571
273
0
0
2,062
39, 940
15, 261
64, 620
45,715
23, 828
12, 287
20, 263
32, 669
1,467,072
883, 988
1,430
15, 538
254, 583
5,590
13,306,216
652, 307
0
0
0
0
0
100
0
0
0
200,143
206, 402
412, 840
618,965
222, 735
70, 207
322, 982
126, 536
293,195
4,889
6,070
15, 661
24, 989
8,491
1,745
12,172
4,238
7,371
52,
35,
45,
202,
41,
13,
36,
27,
51,
041
403
273
202
570
662
504
814
494
3,388
4,021
4,361
10, 763
15,961
759
32, 569
2,285
7,721
100
2, 474, 005
0
85, 626
505, 963
81, 828
0
0
,100
0
0
0
0
0
0
169, 959
135,401
3, 625, 339
98, 666
232, 410
101, 966
194,107
20, 638
173, 525
0
0
7,015
0
0
0
0
0
20
7,798
5,782
171,099
3,547
11,151
3,162
6,918
675
16, 808
26,714
21,839
167,481
20, 804
64, 678
6,800
39, 395
5,345
36,152
4,875
2,988
184,175
1,782
25, 875
1,424
4,003
204
3,535
298, 053
United States (exclusive of
possessions), total
1,100
4,752,011
7,035
226, 940
389, 208
228, 861
3, 093, 945 5,128, 241
5,414,723
3,213,080
50, 496
11,666
56, 485, 266 444, 514
United
46, 608
7,045
2,799
6,508
127
0
2,276
69,716
3,703
7,271
0
0
46, 508
100
505
4,074
310,191
16, 984
79, 769
7,848
10, 899
283, 533
640
Includes dividend checks, letters of credit, and travelers' checks sold for cash.
204, 714
194,791
200, 446
225, 498
108, 230
109, 962
164,219
259,212
12,079
11,706
209, 751
6,148
17, 493
4,727
14, 648
2,150
19,351
Pacific States, total
1
784, 813
150, 316
42, 462
160, 674
81, 278
50,144
27, 636
46, 500
93, 297
2,637,717
959, 666
2,964,317
1, 606, 422
1,127, 362
610, 459
1,217,894
2,182, 379
141, 366
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Possessions, total
175
0
625
1,835
2,225
255
425
50
11,599
9,730
20, 249
35, 207
13, 345
1,913
23, 243
9,285
16, 795
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the
States
100
179
0
0
340
870
0
150
11
37
13,120
0
2,222
2,157
4,643
8,283
4,244
932
7,210
2,743
6,804
63
538, 563
39, 238
2,082
266
39, 229
0
1
50
980
0
2,085
3,608
3,583
115,886
2,053
5,219
5,228
7,350
560
8,171
44, 693
252
316
267
0
0
0
0
142
0
151,658
855, 272 2, 652, 394
=—
—
20
0
744
103
•
61
291
16,457
25
164
13,168
16, 998
TABLE B-48.—Assets and liabilities of State chartered commercial banks, by States, Dec. 28, 1962—Continued
Time and savings deposits
Location
Savings
Foreign
Accumulated Other deposits
US.
for payment of individuals, governments,
of personal partnerships, central banks, Government
etc.
and corporations
loans
Banks in United States
Postal
savings
Banks in
foreign
States and
political
subdivisions
Commercial
Mutual
savings
COWfittXBS
United States and possessions,
$30, 805, 548
total
$343, 541
$8,911,117
$1, 452, 465
$92, 352
$8, 425
$2,811,807
$167,150
$138, 988
$99, 030
184, 608
102,163
147, 843
314, 890
148, 022
401, 408
214
35
493
34
0
0
6,066
1,423
5,190
42, 216
20, 745
9,241
0
0
0
0
0
0
25
6
38
374
445
15
0
0
0
13
122
15
1,059
531
2,186
12, 967
2,741
28, 815
0
0
60
1,206
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Maine .
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
. . . .
...
....
. .
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida . .
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern
. .
.
....
. .
. . .
.
. .
....
States, total
....
1, 298, 934
776
84, 881
0
903
150
48, 299
1,266
0
0
5, 402, 226
1,513,547
1, 887, 906
136, 291
451, 690
184,039
0
0
3,589
24
7,150
16, 097
2, 852, 299
122, 752
335, 553
25, 488
25, 437
48, 668
1, 374s 449
0
28, 400
0
0
6,730
32, 357
241
808
265
2,711
6,254
100
0
347
0
17
0
617, 086
48, 603
81, 966
15,994
28, 655
186
110,897
1,100
4,033
0
35
0
138,153
10
500
0
0
0
76, 254
25
2,550
0
0
0
9, 575, 699
New England States, t o t a l . . . .
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
26, 860
3,410,197
1, 409, 578
42, 636
464
792, 490
116,065
138,663
78, 829
607, 912
224, 885
525, 009
89, 462
333, 742
591, 907
218, 404
177, 224
301, 222
695, 882
150,727
239, 064
378,019
861
1,871
17, 326
10
113
1,424
194
1,438
286
82, 528
771
18, 442
3,534
44, 470
22, 413
85, 714
13, 821
162,571
108, 797
49, 529
150, 176
41,164
182, 778
84, 470
126, 595
136, 778
0
0
0
0
2,000
0
0
0
0
20
0
0
0
3,897
117
8,774
1,022
1,334
255
77
55
1,232
197
54
625
177
856
136
2,208
0
428
724
40
0
309
24
423
5
58
54, 225
763
96, 304
13,315
57, 975
112,826
6,783
1,710
11,907
122,405
3,270
22, 809
27, 808
1,179
375
3,940
3,190
1,412
1,477
660
6,700
948
1,733
610
557
387
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100
0
0
0
0
0
0
0
4, 533,459
128, 798
1,209, 276
2,020
17, 816
5,211
532,100
23,168
0
100
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
2,182, 320
636, 853
2, 222, 794
2, 272, 808
491, 263
363, 781
486,143
889, 602
162, 790
102
7,840
80
432
134
4,507
1,525
266, 369
146,219
395,156
442,199
468, 727
447, 347
412, 672
463, 933
0
0
14, 965
0
0
0
0
2,000
1,044
58
111
1,052
58
36
30
916
575
133
39
26
153
179
139
491
122, 881
17, 953
102, 477
163,191
41, 652
34, 789
1,584
81, 947
30
1,580
1,221
947
108
10
45
279
0
0
0
0
0
0
0
0
250
0
100
0
0
0
0
0
Middle Western States, total.. 10, 045, 564
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
Pacific States, total
United States (exclusive of
possessions), total
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United States..
Possessions, total
177, 410
3, 042, 622
16, 965
3,305
1,735
566, 474
4,220
0
350
44, 232
53,119
68,133
275, 230
106, 398
43,015
209, 661
60, 579
132, 756
171
4
4
3,985
606
10
113
29
2,711
91, 962
80, 341
67, 486
103, 066
53, 696
6,807
35, 008
11,933
27, 572
0
0
0
0
0
0
0
0
0
52
24
28
34
506
66
10
650
727
0
7
10
35
2
5
0
273
10
53,182
12, 904
2,806
41, 504
9,041
6,948
37, 996
12, 254
4,994
10
20
50
39
0
0
0
0
450
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
993,123
7,633
477, 871
0
2,097
342
181,629
569
0
0
159,188
126, 877
3,175, 053
69,915
219,020
58, 304
134,408
10, 825
128, 291
4
9
69
5
0
0
46
0
0
13,461
6,528
407, 469
5,316
8,434
6,417
19,714
936
72, 486
0
0
23, 883
0
0
0
0
0
0
20
70
2,532
1,100
62
10
795
680
1,628
0
0
19
0
10
0
0
7
437
27
27, 579
476, 510
19
32, 576
20,188
18,715
13, 895
51, 240
25
100
7,710
200
1,200
0
0
0
6,766
25
0
300
0
0
0
0
0
0
6,000
0
12, 851
0
0
0
0
0
0
4, 081, 881
133
540, 761
23, 883
6,897
473
640, 749
16,001
325
18, 851
30, 528, 660
341,610
8, 765, 608
1, 452, 446
73, 654
8,375
2, 761, 741
161,289
138,988
98,130
1,351
10, 850
255, 735
667
8,285
0
0
1,910
21
0
659
1,063
143, 722
3
62
0
19
0
0
0
3,135
2,644
11,592
0
1,327
0
0
50
0
0
0
5,326
35, 401
5,600
3,729
0
0
5,861
0
0
0
0
0
0
0
0
0
900
0
0
276, 888
1,931
145, 509
19
18, 698
50
50, 066
5,861
0
900
TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28> 1962
[Dollar amounts in thousands]
ASSETS
Location
Number
of banks
\faiinc..
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
U.S. Gov- Obligaernment
tions of
obligations, States and
direct and political
guaranteed subdivisions
32
33
6
181
8
71
New England States,
total
$322, 538
$95,785
518, 989
129, 852
131,251
17, 026
4, 963,263 1, 818, 388
480, 380
74, 007
2,280,196
400, 656
331
8, 696, 617 2, 535, 714
Eastern States, total...
Ohio
Indiana
Wisconsin
Minnesota
$14,129
5,894
481
41,104
2,760
22, 683
$66,101
30, 872
2,671
272, 204
71, 243
323, 578
87,051
Corporate
stocks, including
stocks of
Federal
Reserve
banks
Balances
Bank
with other
premises
banks, inowned,
Currency cluding reserve bal- furniture
and
and
coin
ances and
cash items fixtures
in process
of collection
Real
estate
owned
other
than
bank
premises
Other
assets
Total
assets
$12, 997
12, 499
3, 385
89, 494
9,785
57, 202
$506
968
28
6,347
46
894
$441
1,658
234
29, 267
1,624
5,713
$546, 834
747, 263
157,567
7, 555, 497
679, 381
3, 289, 402
$27, 408
36, 511
829
263, 765
32, 375
160, 506
$3, 044
1,978
587
26, 417
2,748
14, 846
$3, 885
8,042
1,075
45, 248
4,413
23,128
766, 669
521,394
49, 620
185, 362
85, 791
8,789
38, 937 12, 975, 944
301,418 2, 200, 886
221, 408
30, 783
685, 555
72,807
70,169
1,773
93, 213
11,146
432, 919
26, 852
36, 639
8,671
8
73, 747
7,988
9,447
317
2,806
445, 250
39,154
36, 000
5,570
9,896
180, 633
14, 099
12, 764
1,987
3,454
13, 091
300
1,492
78
273
197, 998 26,734,019
10, 958 1, 734, 576
9,532 2, 659, 284
201, 728
22
675, 299
41, 476
163 23, 268, 612 3, 423, 715
417, 927 3, 271, 231
505, 089
94, 305
535, 870
212, 937
15, 234
259, 986 32, 004, 906
3,257
2,009
964
43, 908
655
0
107
16, 077
275
413
306
588
1,049
2,514
1,553
4,457
1,105
lie
269
5,280
163
37
44
47
7
319
63
3,178
29,819
66, 885
29, 358
407, 621
16, 839
1,582
9,573
7,430
291
3,567
533, 683
26
188
0
1,136
492
24
511,790
54, 683
4,542
1,652
571,015
16,670
37, 965
16, 529
283, 908
6,049
20, 912
7,978
33, 072
589
1,940
1,545
17,106
11
355, 072
68,011
21,180
50,138
4
1
1
351,189
41,070
3,149
94, 273
6,426
667
1,807
402
0
49, 946
3,660
251
0
0
0
900
302
31
10, 459
1,780
382
2,054
363
38
6
395, 408
101, 366
2,209
53, 857
0
1,233
12, 621
2,455
214
528, 367 4,141, 895 1, 043, 322
146, 740
743, 426
308,613
24, 528
1
16
58
1
0
528, 367 4,141, 900 1, 043, 323
146, 756
743, 484
308, 614
24, 528
2
4
4
1
Middle Western States,
total
.
Pacific States, total
United States (exclusive of possessions),
total
Virgin Islands of the United
States
511 32,715,709 6,128, 806
United States and possessions, total
512 32, 715, 884 6,128, 806
Other
bonds,
notes, and
debentures
127 20,181,835 2, 706, 242
245, 871
21 1,137,163
314, 537
7 1,480,511
23, 792
89, 349
2
133, 273
379, 754
6
New York
New Jersey
Pennsylvania
Delaware
Maryland
Washington
Oregon. .
Alaska
Loans and
discounts,
including
overdrafts
1
175
0
0
5
304,142 46, 085, 548
22
278
304,164 46, 085, 826
TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28, 1962—Continued
[Dollar amounts in thousands]
LIABILITIES
Demand
deposits
Location
$1, 979
1,806
479
14, 738
1,645
23, 622
Maine
.
New Hampshire
Vermont
^Massachusetts
Rhode Island
Connecticut
New England States,
total
Rediscounts
and other
Other
liabilities for liabilities
borrowed
money
Time and
savings
deposits
Total
deposits
$483, 684
654, 435
140,133
6, 689, 054
611,483
2, 946, 387
$485, 663
656, 241
140,612
6, 703, 792
613,128
2, 970, 009
$80
4,100
0
650
0
128
Surplus1
Undivided
profits
$2, 939
11,554
2,138
120, 647
10,015
21, 577
$31, 938
38, 872
6,286
406, 881
47, 053
156, 598
$23,460
31, 556
7,022
280, 487
8,883
105, 309
Reserves
$2,754
4,790
1,509
43, 040
302
35,781
Eastern States, total
44, 269 11, 525,176 11,569,445
4,958
168,870
687, 628
456, 717
88,176
176,106 23, 975, 868 24,151,974
32, 048 1, 547, 545 1, 579, 593
5,753 2, 426, 428 2,432,181
175,181
65
175,116
612, 791
10, 741
602, 050
New York
New Tersev
Pennsylvania
Delaware
Maryland
2,725
0
0
0
0
357, 575 1, 678, 304
86, 707
16, 884
37, 046
134, 380
532
20,511
6,975
33, 330
428, 990
9,267
4,650
5,143
22,103
114, 451
42,125
51, 027
361
100
224,713 28, 727, 007 28, 951, 720
2,725
419, 012 1, 953,232
470,153
208, 064
2,275
4,945
2,126
19,000
457
1,388
506
725
100
731
5
8,338
271
4,647
145
1,756
Ohio
Indiana
Wisconsin
Minnesota
26, 311
55, 021
26, 287
374,616
26, 582
59, 668
26, 432
376, 372
0
100
180
0
405
53
109
3,186
V
Middle Western States,
total
Oregon
Alaska
Pacific States, total
United States (exclusive
of possessions), total...
Virgin Islands of the United
States
United States and possessions total
1
6,819
482, 235
489, 054
280
3,753
28, 346
3,076
9,174
6,127
697
43
459, 380
50, 697
4,067
465, 507
51, 394
4,110
0
0
0
2,524
927
175
27, 046
1,381
175
9,778
913
82
6,935
68
0
6,867
514,144
521,011
0
3,626
28, 602
10, 773
7,003
282, 668 41, 248, 562 41, 531, 230
7,963
595, 261 2, 697, 808
202
0
282, 668 41, 248, 764 41, 531, 432
7,963
0
202
940,719
312,417
0
75
0
595,262 2, 697, 808
940,794
312, 417
1
Includes guaranty fund and capital notes and debentures of $150,000 for banks in the State of New Hampshire.
357
TABLE B-49.—Assets and liabilities of mutual savings
[Dollar amounts
Loans and
Secured by
farm land
(including
improvements)
Maine
New Hampshire
Massachusetts
Rhode Island
Connecticut
.
New England States, total
Secured by
residential
properties
{other than
farm)
Secured by
other
properties
$1, 300
3,531
3,615
4,263
126
5,890
Location
Loans for purchasing or
carrying securities
Loans to financial
institutions
Real estate loans
$273, 005
401,156
103, 234
4, 339, 862
453,247
2, 086, 443
$35,442
91, 948
14, 386
524,150
19, 889
140,268
$0
0
0
0
0
1,943
To domestic
commercial
and foreign
banks
To brokers
and dealers
in securities
Other
$30
641
0
738
46
0
Other
$200
775
0
0
0
0
$303
184
89
615
695
2,613
18,725
7, 656, 947
826, 083
1,943
1,455
975
4,499
..
6,890
95
897
795
727
17, 991, 455
1, 055, 518
1,438, 420
71, 694
323, 942
1, 973, 389
78, 549
60,018
16,717
29, 914
6,106
0
0
0
0
2,071
0
600
0
1,159
56, 321
0
0
0
0
6,914
70
0
0
420
Eastern States, total
9,404
20, 881, 029
2,158, 587
6,106
3,830
56, 321
7,404
3,704
2,666
160
16, 359
10, 072
28, 424
14, 566
242, 456
1,214
5,891
1,671
27, 935
0
0
0
0
0
0
0
0
0
0
0
0
0
34
0
0
New York
New Jersey
..
Delaware
Maryland
Ohio
Indiana
Minnesota
. .
Middle Western States, total
Washington
.
Alaska
Pacific States, total
22, 889
295, 518
36, 711
0
0
0
34
120
0
0
288, 210
36, 828
2,775
60, 629
3,641
292
0
0
0
94
0
0
0
0
0
18
0
0
120
327,813
64, 562
0
94
0
18
United States (exclusive of possessions) total
Virgin Islands of the United States
51,138
0
29,161, 307
151
3, 085, 943
0
8,049
0
5,379
0
57, 296
0
11,955
0
United States and possessions,
total
51,138
29,161,458
3, 085, 943
8,049
5,379
57, 296
11, 955
358
banks, by States, Dec. 28, 1962—Continued
in thousands]
discounts
Other loans to
individuals for
personal
expenditures
All other loans
{including
overdrafts)
Loans to farmers
(excluding loans
on real estate)
Commercial and
industrial loans
{including open
market paper)
$8
359
1,710
0
0
29
$570
4,121
2,100
3,413
3,843
1,751
$11,057
16,890
4,712
98, 099
6,844
46, 048
$866
696
1,405
6,984
1,349
568
2,106
15,798
183, 650
11,868
8, 724, 049
27, 432
8, 696, 617
1
0
0
0
0
173, 476
0
5,869
0
188
127, 497
5,736
1,980
372
25, 616
1,457
89
0
0
1,997
20, 345, 577
1,140, 057
1, 507, 784
89, 578
383, 963
163, 742
2,894
27, 273
229
4,209
20,181, 835
1,137,163
1, 480, 511
89, 349
379, 754
Less valuation
reserves
$322, 781
520, 301
131,251
4, 978,124
486,039
2, 285, 553
$243
1,312
0
14,861
5,659
5,357
Net loans
$322, 538
518, 989
131,251
4, 963, 263
480, 380
2, 280,196
1
179, 533
161, 201
3,543
23, 466, 959
198, 347
23,268,612
0
143
0
0
319
117
0
0
1,881
873
133
658
30
95
3
0
17, 220
38, 243
16,533
287, 408
550
278
4
3,500
16, 670
37, 965
16, 529
283, 908
143
436
3,545
128
359, 404
4,332
355, 072
ooo
Total gross loans
0
251
0
1,575
395
82
643
0
0
351, 289
41,115
3,149
100
45
0
351,189
41, 070
3,149
0
251
2,052
643
395, 553
145
395, 408
2,250
0
196, 018
0
350, 448
0
16,182
24
32, 945, 965
175
230, 256
0
32, 715, 709
175
2,250
196, 018
350, 448
16, 206
32, 946,140
230, 256
32,715 884
359
TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28, 1962—Continued
[Dollar amounts in thousands]
Demand deposits
Individuals,
partnerships,
and corporations
Location
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
.
$1, 538
1,729
427
13,639
1,368
22, 479
. . .
U.S.
Government
$66
61
11
999
242
634
States and
political
subdivisions
$0
0
1
6
1
41
KjOfTHTlCTClCtl
banks
Certified
and officers'
checks, etc.1
$0
0
0
1
0
0
$375
16
40
93
34
468
41,180
2,013
49
1
1,026
. .
167, 829
28, 574
5,178
32
8,685
6,796
276
457
30
117
511
353
20
3
16
0
25
0
0
0
970
2,820
98
0
1,923
Eastern States, total
210, 298
7,676
903
25
5,811
122
3,551
14
1,756
6
239
4
0
1
758
0
0
0
0
0
0
142
99
127
0
5,443
249
759
0
368
6,085
697
43
42
0
0
0
0
0
0
0
0
0
New England States, total
New York
New Jersey
Pennsylvania.
Delaware
Maryland
Ohio
Indiana
Wisconsin
Minnesota
Middle Western States, total
Washington
Oregon
Alaska
6,825
Pacific States, total
United States (exclusive of possessions), total
Virgin Islands of the United States
United States and possessions, total
1
...
42
0
0
0
263, 746
0
9,980
0
1,711
0
26
0
7,205
0
263, 746
9,980
1,711
26
7,205
Includes dividend checks, letters of credit, and travelers' checks sold for cash.
360
o
0
TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28, 1962—Continued
[Dollar amounts in thousands]
Time and savings deposits
Location
Savings
Maine
New Hampshire
Vermont
.
$479, 498
653, 573
137,109
6, 687, 884
608, 890
2, 943, 508
$88
0
0
0
0
7
11,510,462
23, 973, 317
1, 537, 255
....
2,426,114
174, 823
602, 042
..
Rhode Island
Connecticut
New England States, total
New York
New Jersey
Pennsylvania
Delaware
Maryland
.
.
28,713,551
Eastern States, total
Ohio
Indiana
.
Wisconsin
Minnesota
Other deposits
Accumulated of individuals,
U.S.
States and
for payment of partnerships, Government
political
personal loans and corporasubdivisions
tions
...
Middle Western States, total
Washington
Oregon
Alaska
U.S.
commercial
banks
$1, 525
135
1,602
1,001
2,051
1,201
$21
1
0
0
0
5
$2, 552
508
1,385
169
542
1,572
$0
218
37
0
0
94
95
7,515
27
6,728
349
0
0
0
0
0
2,543
685
180
0
0
7
15
0
0
0
1
9,405
124
293
0
0
185
10
0
8
0
3,408
22
9,823
203
659
638
977
616
610
0
0
0
0
0
167
0
0
0
7
0
1,042
370
136
0
0
13
0
0
479, 890
610
167
7
1,548
13
459, 284
50,198
3,309
0
0
0
41
0
0
0
0
0
0
241
717
55
258
41
24,
54,
25,
374,
512, 791
0
41
0
958
354
United States (exclusive of possessions),
total
Virgin Islands of the United States
41, 216, 694
202
705
0
11,131
0
56
0
19, 057
0
919
0
United States and possessions, total
41, 216, 896
705
11,131
56
19, 057
919
Pacific States, total
361
TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962
[Dollar amounts in thousands]
ASSETS
Location
Number
of banks
US.
Loans
Govern- Obligaand distions of
ment
counts,
States
obligaincluding tions,
and
overdirect political
drafts
subdiviand
sions
guar-
Other
bonds,
notes,
and
debentures
Corporate
stocks
InvestBalances
ments
with
and
other
other
Real
Bank
banks,
estate Assets inincluding premises
directly
owned
Currency reserve owned,
repreother
and
balances furniture
senting
than
and
coin
and cash
bank
bank
items in fixtures
process
premises premises
of
collection
$106
Customers'
liability
on acceptances
outstanding
Other
assets
Total
assets
real
estate
Connecticut
1
$1, 382
$29
$6
$51
$327
$63
$0
$0
$0
$6
$2, 730
New York
Pennsylvania
2
5
113,306
5,034
53, 850 26, 983 22, 577
345
154
5,458
5,557
109, 204
1,439
1,433
107
0
33
o
20, 049
4,995
118
329
357
62
0
7
358, 283
13,114
7
118,340
59, 308 27, 328 22, 731
5,675
686
110,643
1,540
33
62
20, 049
5,002
371, 397
31
7
8,754
10, 840
38
2
6
Eastern States, total.. . .
Georgia
Texas
Southern States, total...
Indiana
Iowa
Middle Western States,
total
United States, total....
8
54
$760
7,973
53
2,644
91
494
16
238
336
699
4,868
5,962
227
405
54
35
0
98
0
0
264
16
15, 075
29, 404
19, 594
8,385
2,697
585
254
1,035
10, 830
632
89
98
0
280
44, 479
500
532
0
165
0
12
0
0
21
37
151
6
31
0
0
0
0
0
0
0
0
1,210
8,311
165
12
5,389
2,020
144, 705 70, 473 30, 296 23, 357
0
58
1,840
37
0
0
0
0
9,521
5,935
1,830
123, 640
2,272
122
160
20, 049
5,288
428,127
4,889
412
1,488
1,689
TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962—Continued
LIABILITIES
Location
Demand
deposits
Time and
savings
deposits
Total
deposits
Acceptances
Rediscounts
and other
executed by or
liabilities for for account of
Other
borrowed
liabilities
reporting
money
banks and
outstanding
Capital
stock
Surplus
Undivided
profits
Reserves
Connecticut
$2,162
$363
$2, 525
$0
$0
$5
SO
$0
$200
$0
New York
Pennsylvania
255, 766
4,812
37, 464
6,179
293, 230
10, 991
4,810
356
21,610
0
8,933
22
8,000
0
19,212
1,732
128
0
2,360
13
260, 578
43, 643
304, 221
5,166
21,610
8,955
8,000
20, 944
128
2,373
9,455
20, 919
2,386
5,572
11,841
26, 491
1,164
0
0
0
301
30
1,079
1,410
296
907
294
185
100
381
30, 374
7,958
38, 332
1,164
0
331
2,489
1,203
479
481
980
6,629
19
985
999
7,614
0
0
0
0
0
0
25
220
125
170
53
302
8
5
Eastern States, total
Georgia
Texas
Southern States, total
Indiana
Iowa
Middle Western States, total
United States, total
7,609
1,004
8,613
0
0
0
245
295
355
13
300, 723
52, 968
353, 691
6,330
21,610
9,291
10, 734
22, 442
1,162
2,867
TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962—Continued
[Dollar amounts in thousands]
Loans and discounts
Loans to financial Loans for purinstitutions
chasing or carrying securities
Real estate loans
Location
3
•II
a
I
$0
0
274
0
1,131
0
652
893
271
1,185
536
467
501
1,164
Pennsylvania
Georgia
Texas
Southern States, total.
1,721
968
42
145
29
220
Indiana
Iowa
Middle Western States,
total
United States, total
$0
5,075
0
5,510
36
3,686 12, 269
0
49
5,075
1,131
Eastern States, total. .
H
ill
$371
Connecticut
New York..
Loans to farmers
5,546
$761
3,686 12, 318
0
591
$252
$1, 384
$2
$1, 382
82,011
452
2,173
620
3,038 113,762
5,040
1,235
456
6
113,306
5,034
4,273 118,802
462
118,340
8,827
10, 840
73
0
8,754
10, 840
$0
187
249
3,472
1,716
522
1,289
887
3,907
4,587
3,510
118
600
1,811
4,794
8,097
19, 667
19, 594
294
3,504
48
367
66
329
502
4,889
500
4,889
3,798
415
0
96
1,625
2,793
0
600
0
196
98
82, 463
114
4
5,075
5,644
196
3,726 12, 436
6,200
164
92
395
55
11,537
4,584
5,391
145, 244
5,389
539
144,705
TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962—Continued
[Dollar amounts in thousands]
Demand deposits
Individuals;
partnerships, and
corporations
Location
Foreign
governments,
central
banks, etc.
U.S.
Government
Banks in United States
States and
political
subdivisions Commercial Mutual
savings
Banks in
foreign
countries
Certified
and officers3
checks,
etc. i
Connecticut
$2, 033
$0
$0
$5
$13
$0
$0
$111
New York
Pennsylvania
145, 389
4,701
2,908
0
1
3
0
67
20, 038
0
1,222
0
22, 992
0
63,216
41
150,090
2,908
4
67
20, 038
1,222
22,992
63, 257
0
0
74
180
Eastern States, total
Georgia
Texas
0
0
0
133
0
1,174
0
396
0
0
28, 417
0
133
1,174
396
0
0
254
948
6,409
0
0
0
0
32
220
0
0
0
0
0
0
0
0
9,381
19,036
Southern States, total
Indiana
Iowa
Middle
total
Western
States,
7,357
United States, total
0
0
252
0
0
0
0
187, 897
2,908
137
1,498
20, 447
1,222
22, 992
63, 622
U.S. Government
States and
political
subdivisions
US. commercial
banks
i Includes dividend checks, letters of credit, and travelers' checks sold for cash.
Time and savings deposits
Location
Savings
Other deposits
of individuals, Foreign govpartnerships
ernments,
and
central
corporations
banks, etc.
Banks in
foreign
countries
Connecticut
$363
$0
$0
$0
$0
$0
$0
New York
Pennsylvania
0
6,066
10, 554
113
18,000
0
0
0
0
0
400
0
8,510
0
Eastern States, total
Georgia
Texas
Southern States, total
Indiana
Iowa
Middle Western States, total..
United States, total
6,066
10, 667
18,000
0
0
400
8,510
2,347
4,940
34
76
0
0
0
2
5
546
0
8
0
0
7,287
110
0
2
551
8
0
9
625
0
348
o
o
0
0
10
12
0
0
0
0
634
348
0
0
22
0
0
14, 350
11,125
18, 000
2
573
408
8,510
365
TABLE B—51.—Summary data and percent changes, by type of bank, end of selected years
[Dollar amounts in millions]
1962
1961
1960
1959
1958
1952
1951
1947
Percent chan
g*
1939
1961-62 1960-61 1959-60
Number of banks:
All commercial banks
Members of Federal Reserve System. . .
National banks
State member banks
Insured nonmember banks
Noninsured banks
Total assets:
All commercial banks
13, 412
13,418
13,456
13,466
13,514
14,067
14,107
14, 222
14, 545 - . 0 4
-.28
-.07
6,047
6,111
6,171
6,229
6,308
6,795
6,837
6,920
6,362 — 1.05
—.97
— .93
4,505
1,542
4,513
1,598
4,530
1,641
4,542
1,687
4,578
1,730
4,909
1,886
4,939
1,898
5,005
1,915
5,187 - . 1 8
1,175 - 3 . 5 0
-.38
—2.62
— .26
—2.73
7,079
286
7,004
303
6,955
330
6,885
352
6,816
390
6,644
628
6,618
652
6,483
819
1.07
7,173
.70
1,010 - 5 . 6 1 - 8 . 1 8
1.02
— 6.25
5.27
$298,196 $279, 503 $258, 359 $245,415 $240,101 $189,597 $180,424 $156,293
$65, 723
6.69
8.18
Members of Federal Reserve System.. . 249, 474
235, 096
216, 555
205, 696
201, 987
160,804
153,419
132,043
55, 361
6.12
8.56
5.28
National banks
State member banks
160,657
88, 817
150, 809
84,287
139,261
77, 294
132, 636
73, 059
128, 397
73, 590
107, 830
52, 974
102, 462
50, 957
88,182
43, 861
35, 257
20,104
6.53
5.37
8.29
9.05
4.99
5.80
Insured nonmember banks
Noninsured banks
46, 509
2,214
42,278
2,129
39, 768
2,036
37, 727
1,192
35, 486
2,628
25, 878
2,915
24, 030
2,975
20, 731
3,519
7,786
2,576
10.01
3.99
6.31
4.57
5.41
2.21
95, 903
90, 675
82, 025
79, 577
87, 362
77, 806
75,189
78, 687
23, 502
5.77
10.55
3.08
77, 049
733, 59
65, 676
63, 087
70, 790
64, 501
62, 675
65,205
19,979
5.03
11.70
4.10
51, 706
25, 343
49, 094
24,266
43, 852
21, 824
42, 653
20, 434
46, 650
24,139
44,176
20, 324
42, 938
19, 736
43, 852
21,352
12, 789
7,190
5.32
4.44
11.95
11.19
2.86
6.80
Insured nonmember banks
Noninsured banks
17, 864
990
16, 302
1,013
15, 344
1,005
15,496
995
15,267
1,305
11,780
1,525
10, 998
1,516
11,507
1,975
9.58
2,449
1,074 —2.27
6.24
.80
-.98
1.01
Total loans and discounts, net:
All commercial banks
Total securities:
All commercial banks
Members of Federal Reserve System. . .
National banks
State member banks
140, 760
125, 449
118,132
111,284
98, 930
64, 580
58,140
38, 285
17, 450
12.20
6.19
6.15
Members of Federal Reserve System. . . 118,637
106, 225
99, 923
94, 764
84, 048
55, 027
49, 555
32, 625
13, 962
11.68
6.31
5.44
75, 548
43, 089
67, 309
38,916
63, 694
36,229
59, 962
34, 802
52, 627
31,421
36, 004
19,023
32, 317
17, 238
21, 428
11,197
9,022
4,940
12.24
10.72
5.68
7.42
6.22
4.10
21,386
737
18, 583
642
17, 598
610
15,931
589
14, 083
799
8,797
755
7,816
769
4,967
693
2,904
584
15.08
14.80
5.60
5.25
10.46
3.57
State member banks
Noninsured
banks
Deposits:
Demand:
All commercial banks
164, 316
166,196
156, 790
152, 619
150,869
131,689
126, 654
108, 974
42, 259 — 1.13
6.00
2.73
Members of Federal Reserve System. 139,393
142,170
134,117
130, 541
129,497
114,045
109, 970
94,138
37, 488 — 1.95
6.00
2.74
88, 964
50, 429
89, 965
52, 205
84, 754
49, 363
82, 703
47, 838
81,135
48, 362
75, 976
38, 069
73, 008
36, 962
62,711
31, 427
23, 368 — 1.11
14, 120 - 3 . 4 0
6.15
5.76
2.48
3.19
23, 823
1,099
22, 923
1,103
21, 592
1,080
20, 997
1,081
19, 991
1,381
15, 947
1,697
14, 910
1,774
12, 797
2,039
3,352
1,419
3.93
— .36
6.16
2.13
2.83
-.09
98, 744
83, 308
73, 742
67, 895
66, All
42,121
39, 035
35, 976
15,784
18.53
12.97
8.61
80, 074
67, 446
58, 893
54,137
53, 292
33, 462
31, 027
28, 373
11,852
18.72
14.52
8.79
53, 861
26, 214
45, 545
21, 900
40,157
18,736
36, 935
17,203
35, 579
17,714
22, 999
10, 464
21,164
9,862
19,312
9,061
8,191
3,661
18.26
19.70
13.42
16.89
8.72
8.91
18,153
517
15, 366
496
14, 391
458
13,336
422
12, 388
742
7,903
756
7,265
743
6,581
1,022
3,385
547
18.14
4.23
6.78
8.30
7.91
8.53
24,168
22, 528
21, 050
19,614
18, 603
12,975
12, 300
10,107
6,985
7.28
7.02
7.32
19, 842
18, 636
17, 396
16,261
15,457
10, 759
10,217
8,463
5,522
6.47
7.13
6.98
12, 750
7,093
11,875
6,761
11,098
6,297
10, 302
5,959
9,643
5,814
7,042
3,717
6,653
3,563
5,409
3,054
3,397
2,124
7.37
4.91
7.00
7.37
7.73
5.67
3,910
416
3,487
405
3,263
392
2,970
383
2,734
412
1,826
389
1,706
377
1,273
371
1,002
461
12.13
2.72
6.86
3.32
9.87
2.35
National banks.
State member banks
Insured nonmember banks
Noninsured banks
Time:
All commercial banks
Members of Federal Reserve System.
National banks
State member banks
Insured nonmember banks
Noninsured banks
Capital accounts, total:
All commercial banks
Members of Federal Reserve System
State member banks
Insured nonmember banks
TABLE B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62, inclusive
[Dollar amounts in millions]
Dollar
amount
Percent
distribution
Dollar
amount
1959
1960
1961
1962
Dollar
amount
Percent
distribution
100. 00 $82, 025
Percent
distribution
Percent
Dollar
amount distribution
ALL COMMERCIAL BANKS
100. 00
$79, 577
100. 00
66, 553
69.40
66, 685
73.54
61,104
744.9
59,017
74.16
11,741
3,938
Treasury notes maturing in 1 year or less... 5,222
18, 626
Treasury notes maturing after 1 year
307
U.S. nonmarketable bonds
Other bonds maturing in 1 year or l e s s . . . . 2,263
11,449
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 y e a r s . . . . 12, 055
795
Other bonds maturing after 10 years
156
Guaranteed obligations
12.24
4.11
5.45
19.42
.32
2.36
11.94
12.57
.83
.16
11,511
2,115
8,228
18,126
440
2,421
15, 821
5,898
1,977
148
12.69
2.33
9.07
19.99
.48
2.67
17.45
6.52
2.18
.16
8,080
2,925
9.85
3.57
j-19, 032
593
\l\, 825
23.20
26.61
6,162
2,387
100
7.51
2.91
.12
6,311
2,426
14, 865
792
22, 241
9,658
2,684
42
7.93
3.05
18.68
1.00
27.95
12.14
3.37
.05
$95, 903
Obligations of the U.S. Government—Total
Direct:
Treasury bills
Other securities—Total
Obligations of States and subdivisions
Securities of Federal agencies and corporations
(not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock
Other corporate stocks
100. 00 $90, 675
.72
29, 350
30.60
23, 989
26.46
20, 921
25.51
20, 560
25.84
24, 795
25.85
20, 386
22.48
17, 609
21.47
16, 993
21.35
2,959
847
466
283
3.09
.88
.49
.30
2,145
778
444
236
2.37
.86
.49
.26
} 2, 686
3.27
2,980
3.75
627
}
.76
587
.74
MEMBERS OF FEDERAL RESERVE SYSTEM
77, 049
100. 00
73, 359
100. 00
65, 676
100. 00
63, 087
100. 00
52, 959
68.73
54,053
73.68
49, 099
74.76
46, 802
74.19
Direct:
8,862
Treasury bills
Treasury certificates of indebtedness
3,249
Treasury notes maturing in 1 year or less. .
4,268
Treasury notes maturing after 1 year
15,172
U.S. nonmarketable bonds
217
Other bonds maturing in 1 year or l e s s . . . . 1,795
Other bonds maturing in 1 to 5 years
8,838
Other bonds maturing in 5 to 10 y e a r s . . . . 9,820
Other bonds maturing after 10 years
608
Guaranteed obligations
131
11.50
4.22
5.54
19.69
.28
2.33
11.47
12.74
.79
.17
9,229
1,842
6,457
14, 932
306
1,975
12, 870
4,686
1,613
144
12.58
2.51
8.80
20.35
.42
2.69
17.54
6.39
2.20
.20
6,402
2,296
9.75
3.50
}l5,071
22.95
7.31
2.87
18.39
.8
28.33
12.91
3.46
.07
Total securities
Obligations of the U.S. Government—Total
Other securities—Total
Obligations of States and subdivisions
Securities of Federal agencies and corporations
(not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock
Other corporate stocks
368
411
.63
}l7, 896
27.25
4,971
1,953
99
7.57
2.97
.15
4,612
1,812
11,603
532
17, 875
8,142
2,186
41
24, 090
31.27
19, 306
26.32
16, 577
25.24
16,284
25.81
20, 771
26.96
16, 690
22.75
14,139
21.53
13, 675
21.68
2,103
572
466
178
2.73
.74
.60
.23
1,510
523
444
139
2.06
.71
.61
.19
} 1,902
2.90
2,107
3.34
.82
502
.80
}
536
T A B L E B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62,
inclusive—
Continued
[Dollar amounts in millions]
Dollar
amount
Percent
distribution
Dollar
amount
1959
1960
1961
1962
Dollar Percent
amount distribution
Percent
distribution
Dollar
Percent
distribution
NATIONAL BANKS
$51,706
Total securities
100. 00 $42, 653
100. 00
74.60
31, 761
74.46
8.97
3.18
23.70
.73
26.78
8.03
2.99
.22
3,006
1,202
7,749
402
12, 309
5,579
1,476
37
7.05
2.82
18.17
.94
28.86
13.08
3.46
.09
11,140
25.40
10, 892
25.54
9,409
21.46
9,036
21.19
2.43 } 1,408
.77
.58
324
. 15 }
3.21
1,554
3.64
.74
302
.71
100. 00
21, 824
100. 00
20, 434
100. 00
74.04
16, 388
75.09
15,041
73.61
3,340
698
2,113
4,922
67
745
4,275
1,306
483
16
2,470
13.76
900
2.88
8.71
20.28 | 4,679
.28
90
3.07
17.62 } 6,151
1,452
5.38
643
1.99
3
.07
11.32
4.12
1,605
610
3,854
130
5,566
2,563
710
4
7.86
2.98
18.86
.63
27.24
12.54
3.47
.02
31.75
6,300
25.96
5,436
24.91
5,392
26.39
28.27
5,612
23.13
4,731
21.68
4,639
22.70
1.89
.62
.65
.33
316
147
160
64
1.30
.61
.66
.26
\
494
2.26
554
2.71
)-
211
.97
200
.98
100. 00 $49, 094
100. 00 $43, 852
35, 663
68.97
36, 088
73.51
32, 712
Direct:
Treasury bills
5,297
2,147
Treasury certificates of indebtedness
Treasury notes maturing in 1 year or less. . 2,756
10, 216
Treasury notes maturing after 1 year
169
U.S. nonmarketable bonds
Other bonds maturing in 1 year or l e s s . . . . 1,212
6,376
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 years. . . . 6,849
529
Other bonds maturing after 10 years
112
Guaranteed obligations
10.24
4.15
5.33
19.76
.33
2.34
12.33
13.25
1.02
.22
5,889
1,144
4,344
10, 010
238
1,229
8,595
3,380
1,130
128
3,932
12.00
1,396
2.33
8.85 llO, 392
20.39
.49
320
2.50
17.51 } l 1,745
6.88
3,520
2.30
1,310
.26
96
16, 042
31.03
13, 006
26.49
13, 607
26.32
11,077
22.56
1,624
415
301
96
3.14
.80
.58
.18
1,193
376
284
75
25, 343
100. 00
24, 266
17, 296
68.25
17, 966
3,565
1,102
1,512
4,956
48
583
2,462
2,971
79
18
14.07
4.35
5.97
19.55
.19
2.30
9.72
11.72
.31
.07
8,047
7,164
479
157
165
83
Obligations of the U.S. Government—Total
Other securities—Total
. .
Obligations of States and subdivisions
Securities of Federal agencies and corporations
(not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock
Other corporate stocks
STATE MEMBER BANKS
Total securities
Obligations of the U.S. Government—Total
Direct:
Treasury bills
Treasury certificates of indebtedness
Treasury notes maturing in 1 year or less. .
Treasury notes maturing after 1 year
U.S. nonmarketable bonds
Other bonds maturing in 1 year or l e s s . . . .
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 y e a r s . . . .
Other bonds maturing after 10 years
Guaranteed obligations
Other securities—Total
Obligations of States and subdivisions
Securities of Federal agencies and corporations
(not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock....
.
. .
Other corporate stocks
21.44
.41
28.18
6.65
2.95
.01
369
TABLE B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62, inclusive—
Continued
[Dollar amounts in millions]
1962
1961
Percent
Dollar
amount distribution
Dollar
amount
1960
Percent
distribution
Dollar
amount
1959
Percent
distribution
Dollar
amount
Percent
distribution
INSURED NONMEMBER BANKS
Total securities
Obligations of the U.S. Government—Total
Direct:
Treasury bills
Treasury certificates of indebtedness
Treasury notes maturing in 1 year or less..
Treasury notes maturing after 1 year
U.S. nonmarketable bonds
Other bonds maturing in 1 year or l e s s . . . .
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 years
Other bonds maturing after 10 years
Guaranteed obligations
Other securities—Total
Obligations of States and subdivisions
Securities of Federal agencies and corporations (not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock
Other corporate stocks
$17, 864
100.00 $16, 302
100. 00 $15, 344
100. 00 $15, 496
100. 00
74.44
11,588
74.78
1,596
591
10.40
3.85
1,580
594
10.20
3.83
} 3,806
24.80
3,132
20.21
176
1.15
253
1.63
} 3,752
24.45
4,172
26.92
7.27
2.51
1,406
451
(2)
0)
25.56
3,907
25.22
20.84
3,079
19.87
689
4.49
791
5.11
.23
35
.23
37
.24
13, 007
72.81
12,037
73.84
11,423
2,708
668
931
3,347
86
458
2,494
2,148
160
5
15.16
3.74
5.21
18.74
.48
2.57
13.96
12.02
.90
.03
2,149
257
1,728
3,038
130
428
2,838
1,140
327
3
13.18
1.58
10.60
18.64
.80
2.62
17.41
6.99
2.01
.02
4,857
27.19
4,265
26.16
3,921
3,812
21.34
3,414
20.94
3,197
767
232
4.30
1.30
603
212
3.70
1.30
45
.25
37
1,115
386
1
}
0)
9.07
2.91
NONINSURED BANKS
990
Direct:
Treasury bills .
Treasury certificates of indebtedness
Treasury notes maturing in 1 year or less..
Treasury notes maturing after 1 year
U.S. nonmarketable bonds
Other bonds maturing in 1 year or l e s s . . . .
Other bonds maturing in 1 to 5 years
Other bonds maturing in 5 to 10 years.. . .
Other bonds maturing after 10 years
Other securities—Total
Securities of Federal agencies and corporations (not guaranteed by United States)
Other bonds, notes, and debentures
Federal Reserve bank stock
100. 00
1,013
100. 00
1,005
100. 00
995
100. 00
587
59.27
595
58.69
582
57.92
627
62.98
171
21
23
107
4
10
117
88
26
20
17.29
2.10
2.30
10.81
.37
.99
11.85
8.84
2.65
2.06
133
17
44
156
4
19
113
72
36
1
13.16
1.65
4.30
15.36
.36
1.83
11.18
7.13
3.57
.13
81
37
8.09
3.72
119
20
156
15.50
.56
17.68
130
8
194
11.97
1.99
13.02
.79
76
48
7.57
4.78
.02
110
47
(2)
403
40.73
418
41.31
423
42.08
368
37.02
212
Obligations of the U.S. Government—Total
21.39
283
27.91
272
27.05
239
24.01
89
43
8.97
4.32
.03
6.02
33
43
3.31
4.27
} «
9.46
81
8.18
} 56
5.56
48
4.83
(2)
60
1
2
Less than 0.005 percent.
Amount less than fyi million.
370
60
5.92
}
6
}
178
2
()
19.46
11.03
4.71
.01
TABLE B-53.—Demand and time deposits of individuals, partnerships and corporations in all banks, by States, Dec. 28, 1962:
total and per capita
Deposits of individuals, partnerships and corporations
Locatior
Estimated
population
(in thousands)
( Thousands of dollars)
Per capita
Total
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, t o t a l . . .
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States, total
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Middle Western States, total
$331, 051
222, 834
135,413
3,839, 929
440, 666
1, 708, 773
Demand
Time
1,010
641
393
5,196
871
2,628
$1,138,469
1, 058, 242
558, 352
11,612,140
1, 504, 330
5, 388, 274
10, 739
21,259, 807
6, 678, 666
14,581,141
1,980
622
1,358
17, 594
6,318
11,438
476
3,228
790
63,108, 212
8, 981, 297
16, 299, 527
882, 414
3, 027,728
1, 638, 940
24, 665, 375
3,675, 561
7, 527, 838
537, 613
1, 503,703
1,128, 030
38, 442, 837
5, 305, 736
8, 771, 689
344, 801
1, 524, 025
510, 910
3,587
1,422
1,425
1,854
938
2,075
1,402
582
658
1,129
466
1,428
2,185
840
767
724
472
647
39, 844
93, 938,118
39, 038,120
54,899, 998
2,358
980
1,378
4,235
1,765
4,790
2,458
4,153
5,591
3,390
2,274
3,371
10,258
1,841
3,107
3,666
3,194, 053
1, 206,455
2, 639, 013
969,311
2, 606, 299
4, 425, 706
1, 964, 390
1,209,145
2, 506, 991
10,883,814
1, 304, 011
2, 212, 202
2, 961,739
754
684
551
394
628
792
579
532
744
1,061
708
712
808
395
383
368
310
415
483
349
331
488
716
464
500
443
359
300
183
84
213
308
230
201
255
345
244
212
364
50, 899
38, 083,129
10, 226
4,748
10,220
8,056
4,137
3,504
2,793
4,376
11,016,470
4,407, 748
16,908,223
8, 921, 452
4, 549, 677
4, 301, 055
2, 994, 563
5, 386, 198
5, 783,756
2, 574,150
9, 366, 388
3, 881, 457
2,196, 277
1, 984, 065
1, 775, 533
3, 432, 636
48, 060
58, 485, 386
30, 994, 262
1, 673,461
676, 283
1, 760,358
761,822
1,722, 568
2,701,171
1,183, 812
752,245
1, 646, 274
7, 343,286
855,124
1, 552, 781
1, 625, 826
24,255,011
$807,418 $1,127
835, 408 1,651
422, 939 1,421
7,772,211
2,235
1, 063, 664 1,727
3,679, 501 2,050
1, 520, 592
530,172
878,655
207, 489
883, 731
1, 724, 535
780, 578
456, 900
860, 717
3, 540, 528
448, 887
659, 421
1,335,913
13,828,118
5,232, 714
1, 833, 598
7, 541, 835
5,039, 995
2, 353, 400
2, 316, 990
1, 219, 030
1, 953, 562
27, 491,124
$328
348
345
739
506
650
748
$799
1,303
1,076
1,496
1,221
1,400
272
1,077
928
1,654
1,107
1,100
1,227
1,072
1,231
566
542
916
482
531
566
636
784
512
386
738
626
569
661
436
446
1,217
645
572
371
TABLE B-53.—Demand and time deposits of individuals, partnerships and corporations in all banks , by States, Dec. 18
1962: total and per capita—Continued
Deposits of individuals, partnerships and corporations
Estimated
Population
(in thousands)
Location
( Thousands of dollars)
Total
Demand
Per capita
Time
647
731
1,502
2,241
717
372
1,949
1,040
2,484
Colorado
New Mexico
Oklahoma
Western States, total
Washington
Oregon
California
Idaho
Utah
...
Nevada
Arizona
Alaska
Hawaii
. . .
Pacific States, total
707, 481
736,216
1, 524, 056
2,069,152
774, 404
375, 077
1, 970, 368
629, 470
2, 355, 644
407, 993
436, 094
1,124,057
1, 340,195
445, 765
211,598
1,180, 716
405, 382
1, 605, 992
299, 488
300,122
399, 999
728, 957
328, 639
163, 479
789, 652
224, 088
749, 652
11,683
11,141,868
7,157, 792
3,049
1,888
17, 340
708
985
346
1,557
252
712
3,186, 217
1, 975, 379
24, 772, 828
609, 220
899, 354
472, 964
1, 346, 385
166, 351
590, 699
1, 551, 057
968, 656
11, 904, 027
332, 907
441,714
268, 849
735, 418
100,460
290,188
26, 837
34,019,397
188, 062
North Dakota
South Dakota
Nebraska
Kansas
Montana
44
62
2,494
22
36
Total
Demand
Time
1,093
1,007
1,015
923
1,080
1,008
1,011
605
948
631
597
748
598
622
569
606
390
647
463
411
266
325
458
439
405
215
302
3, 984, 076
954
613
341
1,635,160
1, 006, 723
12, 868, 801
276, 313
457, 640
204,115
610, 967
65,891
300,511
1,045
1,046
1,429
860
913
1,367
865
660
830
509
513
687
470
448
111
412
399
408
536
533
742
390
465
590
392
261
422
16,593,276
17, 426,121
1,268
618
649
256, 927,705
124,717,127
132,210, 578
1,366
663
703
9,858
22, 851
684, 952
1,346
29, 482
7,848
10, 919
283, 585
655
12, 480
2,010
11,932
401, 367
691
17,002
224
369
275
61
819
178
176
114
30
347
46
192
161
31
472
United States (exclusive of
Canal Zone (Panama)
Guam
Puerto Rico
American Samoa
Virgin Islands of the United States.
Possessions, total
United and possessions, total.
2,658
748, 489
315,487
433, 002
282
119
163
190,720
257,676,194
125, 032, 614
132, 643, 580
1,351
656
695
NOTE.—Data may not add to totals because of rounding.
372
TABLE B-54.—State banking departments, by officials, titles, and number of banks, December 1962
Location
Nai
Titles
Total
number
of banks
David Garceau
Harrison S. King
Albert D. Pingree
Edward A. Counihan III
William M. Favicchio
Philip Hewes
State Bank Commissioner
Bank Commissioner
Commissioner of Banking and Insurance.
Commissioner of Banks
Bank Commissioner
do
Oren L. Root
Charles R. Howell. ..
Robert L. Myers, Jr..
Randolph Hughes. . .
W. Robert Milford...
Superintendent of Banks
Commissioner of Banking and Insurance.
Secretary of Banking
State Bank Commissioner
Bank Commissioner
270
114
222
17
79
7
Logan R. Ritchie.,
Carl B. Early
Ben R. Roberts....
C. V. Pierce.
W. D. Trippe
Ray E. Green... .
John C. Curry. . .
Llewellyn Brown.
J. W. Jeansonne. .
J . M . Falkner....
Dick Simpson
Hugh A. Rogers. .
M. A. Bryan
Commissioner of Banking.
.do.
Commissioner of Banks.
Chief Bank Examiner. .
Superintendent of Banks.
State Commissioner of Banking
Superintendent of Banks
State Comptroller
State Bank Commissioner
Commissioner, Department of Banking..
State Bank Commissioner
Commissioner, Department of Banking..
Superintendent of Banks
165
106
133
116
346
213
169
165
153
559
184
266
221
Ohio...
Indiana.
Raymond H.Willett.
Joseph McCord
Illinois
Michigan..
Wisconsin.,
Minnesota..
Iowa
,
Missouri...
Joseph E. Knight..
Charles D. Slay. . .
William E. Nuesse.
Gerald L.Bryan...
Clay W. Stafford..
J. Lay ton Pickard..
Superintendent of Banks
,
Director, Department of Financial Institutions,
.do.
Commissioner, State Banking Department...
Commissioner of Banks
....do
Superintendent of Banking.
Commissioner of Finance
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States, total.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
57
56
28
2
250
14
115
520
Eastern States, total..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States, total.
Middle Western States, total.
2,796
346
318
597
288
473
515
573
2 549
3,659
See footnotes at end of table.
373
TABLE B-54—State banking departments, by officials, titles, and number of banks, December 1962—Continued
Location
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico..
Oklahoma
Names of officials
Titles
Eugene Rich
Oscar Brosz
Ralph E. Misko
J . A. O'Leary
Albert E. Leuthold
Norris E. Hartwell
Frank E. Goldy
Keith E.Moore
Carl B. Sebring
State Examiner
Superintendent of Banks..
Director of Banking
State Bank Commissioner.
Superintendent of Banks..
State Examiner.,
State Bank Commissioner.
State Bank Examiner
Bank Commissioner
Joseph C. McMurray
J . F. M. Slade
John A. O'Kane
J. L. McCarthy
Spencer C. Taylor
Grant L. Robison
A. J. Grasmoen
A . H . Romick
James C. Davis, Jr
Supervisor of Banking
Superintendent of Banks... .
do
Commissioner of Finance. . .
Bank Commissioner
Superintendent of Banks
.do.
Commissioner of Commerce.
Supervising Bank Examiner.
Western States, total.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Hawaii
288
Secretary of the Treasury.
United States and possessions,
total.
1
Includes stock savings banks.
Includes 1 trust company which is a member of the Federal Reserve System.
374
71
40
84
22
41
4
8
8
10
9,406
Possessions, total
2
119
139
305
425
80
29
117
31
189
1,434
Pacific States, total.
United States (exclusive of
possessions), total.
Puerto Rico
American Samoa
Virgin Islands of the United States...
Total
number
of banks
11
1
1
13
i 9,419
TABLE B-55.—Assets and liabilities of all banks, date of last report of condition, December 1936-62
[Dollar amounts in thousands]
Number
of banks
1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
1961...
1962...
Loans and
discounts
including
overdrafts
U.S. Government
obligations,
direct and
guaranteed
Other
bonds,
stocks,
and
securities
Balances
with other
banks *
Total assets
Capital2
Surplus
and
undivided
profits 3
Total
deposits
Bills payable and
rediscounts,
etc.
Other
liabilities
.,
),
059
15, 704 $21, 613, 328 $17. 497, $10, 700, 905 $1 025, 586$15>, 871, 668 $3, 402,165 $70, 110,711 $3,293, 014 $4.849, 310 $61,155, 014 $57, 247 $756,126
613,
,
>,
'
,
:
342, 879 16,660,068 9, 828, 984 907,
15,463
50, 816 744, 095
59,109, 903
15,065,962 3,271,994 68, 077, 758 3,223,110 4, 949,
36, 612 680, 298
535, 406 18,002,042 9, 664, 255
15,265
18,373,644 3, 258, 252 70, 833, 599 3,192,493 5,016,
61, 907,761
25, 551 688, 492
22,197,935 3, 010, 458 77, 575, 257 3, 125, 524 5,169,
374, 700 19,447,464 9,348,161
15,096
68, 566,043
25, 060 729, 399
26,846,418 2, 822, 070 85, 571, 902 3,070,519 5, 339,
967, 476 21, 028, 798 9, 499, 776 1,196,
14,956
76, 407,885
22, 593 702, 704
838, 365 25, 553, 809 9, 035, 537 1,407,
14, 885
25, 942, 377 2, 538, 588 91, 453, 694 3, 034, 361 5, 460,
82, 233,260
18, 638 653, 273
27, 371, 581 2, 334, 654 109, 542, 577 2, 985, 391 5,619, 637 100,265, 638
001,146 46,059,111 8, 312, 249 1,545,
14, 722
"" " \
51,650 688, 511
;,
674, 539 66, 259, 384 7, 466, 862 1,463,
14, 621
26, 999, 933 2,109, 008 128. 121, 978 3,011,600 6, 034, 091 118,336, 126
1,947,184 3, 052, 950 6, 640, 166 142, 310,824 125, 624 817, 620
101,639 86,414,755 7, 596, 205 1, 612,
14, 579
29,175, 791 1, 857, 424152!
!,
466, ' 101 ,904,073 8, 611, 660 1,801,
14, 598
33, 589, 693 1, 753, 694178, 351,075 3,187, 368 7, 424, 243 166, 530,093 227,150 982,221
867 "
\
,118,615
48, 403 1
822,868 87,093,517 9, 543, 221 2, 025,
14,633
32, 995, 748 1, 729, 215 169, 406, 362 3, 299, 469 8, 138, 479 156,801, 396
.,
74,
, 223, 408
36,167,173 1, 835, 487 176. 024,102 3, 342, 600 8, 654, 798 162, 728, 682
231,136 81, 636, 938 10, 760, 398 2,221,
14,755
64,
,415,918
452, 743 74, 462, 553 11,470,848 2, 392,
14,735
37, 490, 369 2, 053, 761 176, 075, 430 3,423,195 9,130, 608 162,041, 389
828,162 78, 753, 673 12, 682, 551 2,145,
14, 705
34, 490, 538 2,102, 933180!
27,195 1,606,284
" " "1,043,113 3, 548, 731 9, 616, 859 165, 244,044
:,
711,146 73,188,217 14,816,545 2,185,
14, 666
94, '"- "1,110,043
38, 892, 739 2, 288, 962 192. 240, 673 3, 670, 249 10. 245, 616 176,120. 158
",
i,
44, 008 2, 508, 682
000, 966 71,595,087 15,991,176 2, 343,
14, 636
42,826,197 2, 558, 776 203! 862, 623 3, 840, 006 10; 866, 262 186, 603; 665
I,
[,
2.
42,825,197 2,677,998 214; 830, 603 4,016,79611 ,437, 192196,431. 356 196,234 "!, 749, 025
928, 803 73,010,835 17,449,091 2, 890,
14, 596
657 201,
66, 8032, 878, 339
43, 301, 133 2, 895, 929 221, 132, 803 4,173, 707 12,035,657 201 978! 297
920,155 72, 872, 466 18,452,644 2, 938,
14, 538
\,
32,915 3, 257, 256
42,097,116 3, 348, 420 232, 684, 756 4, 428, 194 12,936. 050 212,030. 341
058, 272 78, 004, 064 20, 519, 756 2, 690,
14,388
.,105,011 4,706,970 13., 503! 221,391. 573 174,195 3, 328, 937
336
45,105, 892 3, 486, 967 243.
14,265 100, 575,185 70, 309, 691 20, 754, 037 2, 657,
.
869
46, 382, 257 4,144,714 251',965,327 5,007,583 14., 342! 228, 578! 958
14,188 110, 632,011 66, 795, 281 20, 556, 588 2, 873,
88, 20f 3,947,715
•
1,187,519 5,308,14015! 228!280 234, 178! 092
46, 006,103 4, 770, 796 259;
14,103 115, 759, 782 66,066,124 23,051,813 3, 454,
97, 990 4,
1,375,017
i,
',
667 251,331. 512
46, 695, 132 5,120,701 277, 880,159 5,568,057 16,
14,034122, 287, 478 73, 935, 092 26, 389, 891 3, 532,
96, 5444, 630, 379
057 16,253.
47,192, 451 5, 573, 660 "1,357,731 6,005,57016. 967.581 255, 496. 780 648, 85f 5, 238, 948
13,984136, 409, 682 65, 881, 700 26,130,673 3, 451,
i,
I,
893
~,
1,251. 083 266, 884, 548 184, 371 7. 261,275
49, 592, 216 6, 555, 976 298; 932, 207 6,351,616 18.
13,971 145, 254,712 67, 343, 341 26, 673, 673 3,169,
!,
53, 622, 203 7, 465, 500 322. 336, 234 6,766,977 19! 528! 771 287, 990, 710 3, 493,
13,933 154,842, 810 72, 821, 684 29, 719, 052 3, 512,
', 555, 827
),
[,
50, 640, 450 7, 991, 028 344, 282,
13,924173, 475, 842 72, 682, 06: 35,063,112
7,090,380 21',029! 199 304, 591 419 635,187 7, 936, 049
w
3, 864,
4, 429,
Includes reserve balances and cash items in process of collection.
Includes capital notes and deventures in banks other than national.
Includes reserve accounts.
Not called for separately. Includes with "Balances with other banks."
NOTE.—Reciprocal interbank demand balances with banks in the United States
are reported net beginning with the year 1942.
1
2
3
4
Other
assets
NOTE.—For earlier data, revised for certain years and made comparable to
those in this table, references should be made as follows: Years 1834 to 1913, inclusive, Comptroller's Annual Report for 1931; figures 1914 to 1919, inclusive,
report for 1936, and figures 1920 to 1939, inclusive, report for 1939.
TABLE B-56.—Assets and liabilities of all national banks, date of last report of condition, December 1936-62
[Dollar amounts in thousands]
Number
of banks
1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...
1954...
1955...
1956...
1957...
1958...
1959...
1960...
L961...
1962...
1
5,331
5,266
5,230
5,193
5,150
5,123
5,087
5,046
5,031
5,023
5,013
5,011
4,997
4,981
4,965
4,946
4,916
4,864
4,796
4,700
4,659
4,627
4,585
4,542
4,530
4,513
4,505
Loans and
discounts
including
overdrafts
U.S. Governtnent
obligations,
direct and
guaranteed
Other
bonds,
stocks,
and
securities
Cash
Balances
with other
banks l
Total assets
Capital
Surplus
and
undivided
profits*
Total
deposits
Bills payable and
rediscounts,
etc.
Other
liabilities
,598,815$!,572,195 $27, 608, 397 $3, 495 $281, 760
$8, 271, 120 $8, 685, 554 $4,094, 490 $518, 503 $8,462,578$! 032, 327 $31, 064, 662 $1
8, 813, 547 8, 072, 882 3,690,122
977,186 30,104,230 1, 577, 831 1, 666, 36^ 26, 540, 694 10, 839 308, 499
422, 490 8,128, 003
28, 749
8,489,120 8, 705, 959 3, 753, 234 555, 304 9,151,105
5,608
011,455 31, 666,177 1, 570, 622 1, 757, 522 28, 050, 676
2,882 298, 265
960, 436 35,319,257 1, 532, 903 1,872,215 31, 612, 992
9, 043, 632 9, 073, 935 3, 737, 641 615, 698 11,887,915
3,127 342,013
918,082 39, 733, 962 1, 527, 237 2,009,161 35, 852, 424
10, 027, 773 9, 752, 605 3, 915, 435 718, 799 14,401,268
3,778 330, 585
897, 004 43, 538, 234 1,515,794 2,133,305 39,554,772
11,751,792 12,073,052 3, 814, 456 786, 501 14,215,429
3,516 390, 291
847,122 54, 780, 978 1, 503, 682 2, 234, 673 50, 648, 616
10, 200, 798 23, 825, 351 3, 657, 437 733, 499 15,516,771
8,155 408, 139
813,468 64, 531, 917 1,531,515 2, 427, 927 60,156,181
10,133, 532 34,178,555 3, 325, 698 807, 969 15,272,695
792, 479 76, 949, 859 1, 566, 905 2, 707, 960 72,128, 937 54,180 491, 877
11,497,802 43, 478, 789 3, 543, 540 904, 500 16,732,749
797, 316 90, 535, 756 1, 658, 839 2, 996, 898 85, 242, 947 77, 969 559, 103
13,948,042 51, 467, 706 4,143, 903 1, 008, 644 19,170,145
830, 513 84, 850, 263 1, 756, 621 3, 393, 178 79, 049, 839 20, 047 630, 578
17,309,767 41, 843, 532 4, 799, 284 1,094,721 18,972,446
21, 480, 457 38, 825, 435 5,184, 531 1,168, 042 20, 907, 548 880, 987 88, 447, 000 1, 779, 766 3, 641, 558 82, 275, 356 45, 135 705, 185
41, 330 774, 818
23, 818, 513 34, 980, 263 5, 248, 090 1,040,763 21, 983, 506 063, 917 88,135,052 1, 828, 759 3, 842, 129 81,648,016
7,562 952, 958
058,178 90, 239,179 1,916,340 4,018,001 83,344,318
23, 928, 293 38, 270, 523 5, 937, 227 1, 059, 663 19,985,295
29, 277, 480 35,691,560 7,331,063 1,147,069 22, 666, 366 126, 555 97, 240, 093 2, 001, 650 4, 327, 339 89, 529, 632 76, 644 1, 304, 828
15,4841, 621, 397
32, 423, 777 35,156, 343 7, 887, 274 1,418,564 24, 593, 594 259, """ "",738,560 2,105, 345 4, 564, 773 94, 431, 561
1,132,743 2, 224, 852 4, 834, 369 99, 257, 776 75, 921 ' , 739, 825
36,119,673 35, 936, 442 8, 355, 843 1,446,134 24, 953, 269 321, 382 108,
759 -1,947,233
1,116,699 2, 301, 757 5,107,— 100,
14,8511 , 745, 099
37, 944,146 35, 588, 763 8,621,470 1,292,254 25, 253, 264 416, 802110.
; 145,
,
i
,
39, 827, 678 39, 506, 999 9, 425, 259 1,279,171 24, 442, 726 668, 736 116. 150, 569 2, 485, 844 5, 618,398 106,145, 813 11,098 1, 889, 416
r, " "
569, 791 113,750,287 2, 472, 624 5, 463,305 1 0 4, 217, 989 107, 796 1 488, 573
43, 559, 726 33, 690, 806 9,166,524 1, 388, 250 24,375,190
',
48, 248, 332 31, 680, 085 8, 823, 307 1, 706, 507 25, 375, 990 867, 761 117,701,982 2, 638,108 5, 834,024 107. 494, 823 18,6541 716, 373
',436,311
38, 324 1 954, 788
50, 502, 277 31,338,076 9, 643, 633 1,734,533 25, 130, 601 173, 520 120,522,640 2, 806, 213 6, 287,004 109!
' 086, 128 43, 035 1 999, 002
,
52, 796, 224 35, 824, 760 10, 963, 464 1, 675, 827 25,188, 993 347, 698 128, 796, 966 2,951,279 6, 717,
> 637, 677 340, 362 7 355, 957
,
557, 024 132,636, 113 3,169, 742 7,132,
59, 961, 989 31, 760, 970 10, 891, 885 1, 521, 334 25,942,911
I,
63, 693, 668 32,711,723 11,140, 471 1, 721, 492 26, 953, 014 040, 499 139, 260, 867 3, 342, 850 7, 755,488 124: 910, 851 110,590 3! 141,088
i
328, 334 150, 809, 052 3, 577, 244 8, 298,062 135,, 510, 617 224,615 3, 198,514
67, 308, 734 36, 087, 678 13, 005, 861 1, 923, 655 29,154,790
75,548,316 35, 663, 248 16, 042, 255 2, 277, 621 27, 405, 959 719, 607 160,657,006 3, 757, 646 8, 992,104142, 824, 891 , 635, 593 3. 446, 772
Includes reserve balances and cash items in process of collection.
2
Includes reserve accounts.
NOTE.—Reciprocal interbank demand balances with banks in the United States
are reported net beginning with the year 1942.
Other
assets
NOTE.—For earlier data, revised for certain years and made comparable to those
in this table, references should be made as follows: Years 1863 to 1913, inclusive,
Comptroller's Annual Report for 1931; figures 1914 to 1919, inclusive, report for
1936, and figures 1920 to 1939, inclusive, report for 1939.
TABLE B-57.—Assets and liabilities of all State commercial, mutual savings, and private banks, date of last
report of condition, December 1936-62
[Dollar amounts in thousands]
Loans and
discounts,
including
overdrafts
Number of
banks
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
1951..
1952..
1953..
1954..
1955..
1956..
1957..
1958..
1959..
I960..
1961..
1962..
10, 373
10,197
10,035
9,903
9,806
9,762
9,635
9,575
9,548
9,575
9,620
9,744
9,738
9,724
9,701
9,690
9,680
9,674
9,592
9,565
9,529
9,476
9,449
9,442
9,441
9,420
9,419
U.S. Government obligations,
direct and
guaranteed
$13,342,118
13, 529, 332
13,046,286
13,331,068
13,939,703
15,086,573
13,800,348
13,541,007
14, 603, 837
16,518,825
18,513,101
21, 750, 679
24, 634, 230
25, 899, 869
31, 433, 666
35, 577,189
39, 809,130
42, 976, 009
46, 230, 594
57,015,459
62, 383, 679
65, 257, 505
69,491,254
76, 447, 693
81,561,044
87, 534, 076
97, 927, 526
Total assets
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
Capital stock
$39, 046, 049
37, 973, 528
39, 167,422
42, 256, 000
45, 837, 940
47, 915,460
54, 761, 599
63, 590, 061
75, 997, 325
87, 815,319
84, 556, 099
87, 577,102
87, 940, 378
89, 803, 934
95, 000, 580
101, 124, 063
106, 697, 860
111, 016,104
116, 534, 187
129, 354, 724
134, 263, 345
138, 664, 879
149, 083,193
151, 721, 618
159, 672, 026
171, 527,155
183, 625, 228
$1, 489, 354
1,471,533
1,459,015
1,450,873
1,420,148
1, 410, 373
1, 382, 507
1, 389, 943
1, 403, 725
1, 456, 449
1,475,054
1,500,807
1,546,005
1,583,954
1,621,492
1, 695, 205
1, 745, 470
1, 828, 615
1, 896, 592
2,183,182
2,319,177
2, 452, 897
2, 559, 089
2, 779, 614
2, 955, 397
3,137,476
3, 282, 088
$8,811,505
8, 587, 186
9, 296, 083
10, 373, 529
11,276,193
13,480,757
22, 233, 760
32, 080, 829
42, 935, 966
50, 436, 367
45, 249, 985
42,811,503
39, 482, 290
40, 483, 150
37, 496, 657
36, 438, 744
37, 074, 393
37, 283, 703
38, 497, 065
36,618,885
35,115,196
34, 728, 048
38,110, 332
34,120, 730
34,631,618
36, 734, 006
37,018,814
$6,606,415
6,138, 862
5,911,021
5, 610, 520
5, 584, 341
5,221,081
4, 654, 812
4,141,164
4, 052, 665
4, 467, 757
4, 743, 937
5, 575, 867
6, 222, 758
6, 745, 324
7, 485, 482
8,103, 902
9, 093, 248
9, 831,174
11,094,497
11,587,513
11,733,281
13,408,180
15,426,427
15,238,788
15,533,202
16,713,191
19,020,857
Capital notes
Surplus and
and debentures undivided profits'
$204, 845
173,746
162,856
141,748
123,134
108, 194
99, 202
90, 142
82, 320
72, 080
67, 794
62, 027
48, 431
48, 437
47, 107
39, 456
46, 474
43, 335
45, 758
51,164
50, 298
49, 030
57,689
56,214
53, 369
52, 257
50, 646
1
Includes reserve balances and cash items in process of
collection.
2
Includes reserve accounts.
3
Not called for separately. Included with "Balances with
other banks."
NOTE.—For earlier data, revised for certain years and made
comparable to those in this table, references should be made as
Other bonds,
stocks, and
securities
$3,277,115
3, 283, 467
3,258,913
3, 297, 432
3, 329, 878
3, 327, 471
3, 384, 964
3,606,164
3, 932, 206
4, 427, 345
4, 745, 301
5,013,240
5, 288, 479
5, 598, 858
5,918,277
6, 301, 489
6, 602, 823
6, 927, 898
7, 317, 652
8, 040, 031
8, 508, 845
8, 941, 276
9, 536,145
9, 835, 206
10, 495, 595
11,230,709
12, 037, 095
Cash
$507, 083
485, 381
(3)
580, 841
688, 565
758, 517
730, 337
804, 283
896, 870
1,016,444
1,127,072
1, 224, 928
1, 104, 393
1,125, 593
1,195,995
1,471,857
1, 492, 545
1, 398, 222
1, 377, 957
1,484,989
1, 747, 969
1, 798, 368
1, 776, 038
1, 648, 231
1,791,483
1, 941, 303
2,152,119
Balances with
other banks 1
Other assets
$7, 409, 090
6, 937, 959
8, 667, 235
10, 310, 020
12,445,150
11,726,948
11,854,810
11,727,238
12, 443, 042
14,419,548
14, 023, 302
15,259,625
15,506,863
15,505,243
16,226,373
18,232,603
17, 871, 928
18,047,869
17, 654, 390
20, 730, 702
21,006,267
20, 875, 502
21, 506,139
21, 249, 540
22, 639, 202
24, 467, 413
23, 234, 491
$2, 369, 838
2, 294, 808
2, 246, 797
2, 050, 022
1, 903, 988
1, 641, 584
1, 487, 532
1, 295, 540
1, 064, 945
956, 378
898, 702
954, 500
989, 844
1, 044, 755
1,162,407
1,299,768
1,356,616
1, 479,127
1, 679, 684
1,917,176
2, 276, 953
2, 597, 276
2, 773, 003
3,016,636
3,515,477
4,137,166
4, 271, 421
Total deposits
$33,546,617
32, 569, 209
33, 857, 085
36, 953, 051
40, 555, 461
42, 678, 488
49, 616, 822
58, 179, 945
70, 181,887
81,287,146
77,751,557
80, 453, 326
80, 393, 373
81, 899, 726
86, 590, 526
92,172,104
97, 173, 580
101,031,064
105, 884, 528
117,173,584
121, 084,135
124, 741, 781
134,245,384
135,859,103
141, 973, 697
152,480,093
161, 766, 528
Bills payable
and rediscounts, etc.
$53, 752
39, 977
31, 004
22, 669
21,933
18,815
15,122
43, 495
71,444
149,181
28, 356
29, 479
22, 990
19,633
17,963
28, 524
120, 313
51,952
21,817
66, 399
69, 548
59, 666
53, 509
308, 490
73, 781
269, 307
1, 999, 594
Other
liabilities
$474, 366
435, 596
398, 549
390, 227
387, 386
372,119
262, 982
280, 372
325, 743
423,118
488, 037
518, 223
641,100
653, 326
805, 215
887, 285
1, 009, 200
1,133,240
1, 367, 840
1, 840, 364
2, 231, 342
2, 420, 229
2, 631, 377
2, 882, 991
4,120,187
4,357,313
4, 489, 277
follows: Years 1834 to 1913, inclusive, Comptroller's Annual
Report for 1931; figures 1914 to 1919, inclusive, report for
1936, and figures 1920 to 1939, inclusive, report for 1939.
NOTE.—Reciprocal interbank demand balances with banks
in the United States are reported net beginning with the
year 1942.
377
TABLE B-58.—Bank suspensions, 1934-62: by type of bank, number of banks, capital stock and deposits
[Dollar amounts in thousands]
Capital stock»
Number
Tear ended
Dec. 31—
1
Includes
Included
Includes
4
Includes
5
Includes
2
3
1
4
1
3
1
4
1
4
0
2
0
0
0
0
0
0
0
388
o
Insured
0
0
0
2
1
3
0
0
0
0
0
0
0
0
0
0
0
8
22
40
47
47
25
18
3
6
2
1
0
0
0
0
0
0
o
o
o
o
o
2
o
1
o
0
1
1
1
o
o
o
0
1
0
2
2
1
2
1
0
2
3
1
2
0
28
9
235
0
2
0
1
0
National
Noninsured
$3, 381 $36, 939
480 10,101
195 11, 323
75 16,169
365 13,837
285 34, 980
5,944
53
3,723
18
1,702
55
6,300
0
405
0
0
0
0
0
167
0
0
0
2,443
125
42
0
3,113
120
1,414
15
0 44, 802
2,880
20
6,498
0
20 11, 823
18 12, 869
6,287
110
2,048
0
7,987
147
162
7,475
1,201
104
5,748 252, 472
$3, 822
1,518
1,961
3,435
2,467
5,309
1 587
496
327
708
32
0
0
0
0
125
0
120
52
750
45
140
550
303
210
100
347
337
104
$25
405
88
685
25
220
82
360
0
650
$0
0
0
671
25
3,600
0
0
0
0
0
0
0
75
280
250
25
0
0
75
0
0
200
0
0
0
35
0
0
0
50
0
$416
633
1,678
2,004
2,052
1,204
1,452
118
272
58
32
0
0
0
0
0
0
0
37
550
25
65
250
0
75
100
200
50
0
116
24, 845
3,245
4,581
11,271
NOTE.—Figures for banks other than national furnished by Board of Governors
of the Federal Reserve System, and represent associations closed to the public,
Insured
48
8
3
6
7
10
3
1
3
0
0
0
0
1
0
24
1
3
1
1
8
2
0
1
1
*5
0
1
5 4
6 2
capital notes and debentures, if any, outstanding at date of suspension.
2 private banks without capital.
1 private bank for which capital and deposit figures are not available.
3 private banks for which capital figures are not available.
1 private bank for which capital figure is not available.
Noninsured
State
oooooooo
57
34
44
58
56
42
22
8
9
4
1
0
0
1
0
4
1
3
3
4
3
4
3
3
8
3
2
9
2
State
Member banks
Nonmember banks
All
banks
ooooooo©
National
Total. . .
Nonmember banks
All
banks
All
banks
1934
1935
1936
1937
1938
1939. . . .
1940 . .
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952....
1953
1954
1955
1956
1957
1958
1959
I960
1961
1962
Member banks
Nonmember banks
Member banks
Deposits
State
Insured
Noninsured
$42
5,399
524
3,825
36
1,323
257
3,141
0
5,059
0
0
0
0
0
0
0
0
0
0
0
4,606
6,520
10, 451
1,368
0
0
2,866
0
$0
0
0
1,708
211
24, 629
0
0
0
0
0
0
0
0
0
0
0
0
0
19,478
0
0
0
1,163
0
0
0
1,650
0
$1,912
3,763
10, 207
10,156
11,721
6,589
5,341
503
1,375
1,241
405
0
0
0
0
0
0
0
1,279
24, 934
930
1,892
4,703
0
2,787
2,048
6,953
1,351
0
$34, 985
939
592
480
1,869
2,439
346
79
327
45, 417
48, 839 100, 090
58,126
National
o
0
0
0
167
0
2,443
42
3,113
135
390
1,950
0
600
1,255
2,132
0
1,034
1,608
1,201
either temporarily or permanently, by supervisory authorities or directors of the
banks on account of financial difficulties. In the case of national bank suspensions
these represent actual failures for which receivers were appointed.
NOTE.—Nationwide insurance of bank deposits was first embodied in the Banking
Act of 1933. T h e insurance became effective on J a n . 1, 1934.
INDEX
Page
Advisory committee to the Comptroller of the Currency.
6
All banks (see also Banks; Mutual savings banks; National
banks; Private banks; State commercial banks):
Assets and liabilities of:
Comparison of, December 31, 1961 and December
28, 1962
314
December 28, 1962, by type of bank
298
December 28, 1962, summary by States
300
December 31, 1936-62
375
Per capita demand and time deposits of individuals,
partnerships, and corporations in, December 30,
1962, by States
371
Suspensions. (See Suspensions of banks.)
Assets and liabilities of banks:
All banks:
Comparison of, December 31, 1961 and December
28, 1962
314
December 28, 1962, by States
300
December 28, 1962, summary by type of bank....
298
December 31, 1936-62
375
National banks:
Call dates in 1962, summary and by States. 2,188,192, 316
December 28, 1962, by States
192, 316
December 31, 1936-62
376
Principal items of, according to size of banks
(deposits), December 31, 1961 and 1962
188
State banks (see also District of Columbia):
All banks combined:
December 28, 1962, summary and by States
328
December 31, 1936-62
377
Mutual savings: December 28, 1962, summary and
by States
356
Private: December 28, 1962, summary and by
States
362
State commercial: December 28,1961, summary and
by States
342
Assets structure of national banks
2
Bank currency. (See Federal Reserve notes; National
bank circulation.)
Bank Examinations. (See Examinations conducted.)
Banks (see also All banks; Assets and liabilities of banks;
Mutual savings banks; National banks; Private
banks; State commercial banks):
Number of:
December 28, 1962, by States
300
December 31, 1936-62
375
Suspensions. (See Suspensions of banks.)
Insured commercial banks: Number of, December 28,
1962, by classes
1
Page
Banks—Continued
National banks:
Branches. (See Branches.)
"Calls" for reports of condition"of, dates, 1914-62.. 190
Examination of. (See Examinations conducted.)
Failures. (See Suspensions of banks.) ^ |
Number of:
Call dates in 1962
2
Call dates in 1962, by States
192
December 28, 1962, by States
316
December 31, 1936-62
376
Nonmember banks of Federal Reserve System,
December 28, 1962
1
With surplus fund equal to or exceeding common
capital stock 1942-62
189
With surplus fund less than common capital stock
1942-62
189
Number of banks which have been absorbed since
1950
11
Number of national and State commercial banking
units in operation in United States and possessions
at end of 1962
298
State and private banks:
Number of:
December 28,1962, by States
328, 342, 356, 362
December 31, 1936-62
377
Supervisors of, name and title of in each State,
December 28, 1962
373
Suspensions. (See Suspensions of banks.)
Uninsured, December 28, 1962
1
Bank suspensions. (See Suspensions of banks.)
Borrowings. (See Assets and liabilities of banks.)
Branches:
National banks:
Domestic:
Number and class of, closed in year 1962
10, 186
Number authorized and closed in year 1962, by
States
9,10,179
Number of branches operated in United States and
possessions as of December 10, 1962
31
Foreign:
Location and summary of assets and liabilities as
of December 28, 1962
283, 284
Number in operation, December 28, 1962
284
Limited banking facilities authorized by several States.
Statements relative to
9
379
Page
"Calls" for reports of condition of national banks, dates,
1914-62
190
Capital accounts of national banks
4
Capital stock of banks:
All banks:
December 28, 1962, by States
300
December 31, 1936-62
375
National banks:
By size of banks (deposits), December 31, 1960
and 1962
188
Call dates in 1962, by States
192
Chartered in each State, in year 1962
168
December 28, 1962, by States
192, 316
December 31, 1936-62
376
Increase during 1962 and since 1952
165-173
Liquidated banks, in year 1962
168
Preferred stock:
Retirable value of, on call dates in 1962
3
Total outstanding, December 28, 1962
3
State and private banks:
December 28, 1962, by classes of banks and by
States
328,342, 356, 362
December 31, 1936-62
377
Cash in banks. (See Assets and liabilities of banks.)
Charters of national banks. (See Organization of
national banks.)
Circulation. (See Federal Reserve notes; National bank
circulation.)
Closed banks. (See Consolidations and mergers of
banks; Liquidation of national banks; Suspensions of
banks.)
Commercial banks. (See National banks; Private
banks; State commercial banks.)
Comptroller of the Currency, Office of:
Comptrollers, names of, since organization of the
Bureau and periods of service
160
Deputy Comptrollers, names of, since organization of
the Bureau and periods of service
160
Examinations conducted
19
Expenses of, in year 1962
22
Income of, in year 1962
22
Issue and redemption of notes
20
Organization and staff
20
Training of field examining staff
21
Condition of banks. (See Assets and liabilities of banks.)
Consolidations and mergers of banks:
Number and total resources, National, 1950-62
11
Description of each consolidation, merger, and purchase and sale transaction, approved by the Comptroller of the Currency during the year 1962
23, 158
Under act November 7, 1918, as amended:
Consolidations under sections 1, 2, and 3:
List of, in year 1962
170
Mergers under sections 4 and 5:
List of, in year 1962
1
Statements relative to
11
Under Public Law 706, August 17, 1950:
List of, in year 1962
169
3R0
Page
Conversions of banks:
Number and total resources, National, 1950-62
12
Under Public Law 706, August 17, 1950:
List of, in year 1962
169
Demand deposits. (See Deposits.)
Deposits (see also Assets and liabilities of banks):
All active banks, December 31, 1936-62
375
Demand and time in all active banks, by State, December 28, 1962
304, 310
National banks
5
Per capita demand and time of individuals, partnerships, and corporations in all active banks, December
28, 1962, by States
371
Postal savings:
In all banks, December 28, 1962, by States
312
In each class of banks, December 28, 1962, by
States
299
In national banks, call dates in 1962, by States
192
Savings:
In all banks, December 28, 1962, by States
304, 312
In national banks, call dates in 1962, by States
192
Size of national banks, according to, December 31,
1961 and 1962
188
Suspended banks. (See Suspensions of banks.)
United States Government securities:
In all banks, December 28, 1962, by States
300
In each class of banks, December 28, 1962
298
In national banks, call dates in 1962, by States
192
District of Columbia:
Assets and liabilities of all commercial banks:
Call dates in 1962
287
December 28, 1962, by classes
285
Income, expenses, and dividends of banks in:
Losses charged off on loans and securities:
Years 1943-62
293, 295
Year 1962, by classes of banks
285
Occupancy expense of bank premises, by classes of
banks, year 1962
285
Ratios to loans and securities:
Years 1943-62
293, 295
Year 1962, by classes of banks
285
Fiduciary activities of banks in, December 28, 1962..
297
Dividends. (See Income, expenses, and dividends of
national banks.)
Earnings, expenses, and dividends of national banks.
(See Income, expenses, and dividends of national
banks.)
Employees. (See Comptroller of the Currency, Office
of; Officers and employees of national banks.)
Examinations conducted: Number in year 1962
19
Expenses. (See Comptroller of the Currency, Office of;
Income, expenses, and dividends of national banks.)
Failures of banks. (See Suspensions of banks.)
Federal Reserve notes: Issue and redemption of, in
year 1962
20
Fiduciary activities of national banks:
By national bank regions, December 28, 1962
246
Classification of investments under administration segregated according to capital of banks, December 28,
1962
247
Comparative figures of activities, 1951-62
247
Page
Fiduciary activities of national banks—Continued
December 28, 1962, by States
248
December 28, 1962, segregated according to capital
groups
244
National banks administering employee benefit trusts
and agencies during 1962, by national bank regions
and by States
250, 251
Statement relative to
14
Foreign branches of national banks, location, and summary of assets and liabilities of, December 28,1962. 283, 284
Government bonds. (See Investments; United States
Government securities.)
Income, expenses, and dividends of national banks:
According to size of banks (deposits), year 1962
274
By Federal Reserve districts, year 1962
268
By States, year 1962
252
Comparison of years ended December 31, 1961 and
1962
12
Losses charged off on loans and securities:
Years 1943-62
282
Year 1962, according to size of banks (deposits)
274
Occupancy expense of bank premises, by States, year
1962
264
Ratios:
Dividends to capital stock and capital funds, years
1930-62
281
Net profits before dividends to capital stock and
capital funds, years 1930-62
281
Salaries and wages of officers and employees:
By size of banks (deposits), year 1962
276
Year 1962
256, 266
Insolvent banks. (See Suspensions of banks.)
Insured banks. (See Suspensions of banks; Federal Deposit Insurance Corporation.)
Interbank deposits. (See Assets and liabilities of banks.)
Interest. (See Income, expenses, and dividends of national banks.)
Investments of banks:
All banks:
December 28, 1962, by States
300
December 28, 1962, by classes of banks
298, 368
December 31, 1936-62
375
National banks:
By size of banks (deposits), December 31, 1961 and
December 28, 1962
188
Call dates in 1962, summary and by States
2,192
December 28, 1962, by States
316
December 31, 1936-62
376
Losses charged off on:
According to size of banks (deposits), year 1962. .
274
Year 1962 by States and Federal Reserve districts. 252,
268
282
Years 1943-62
State and private banks; December 28, 1962, by
States
328, 342, 356, 362
Liabilities. (See Assets and liabilities of banks.)
Liquidation of national banks (see also Suspensions of
banks):
Capital, date, and title of banks, in year 1962, with
names of succeeding banks in cases of succession....
168
Litigation involving Comptroller of Currency, pertaining
to national banks
15
Loans and discounts of banks:
Page
All banks:
December 28, 1962, classification of, by States
306
December 28, 1962, classification of, by classes of
banks
298
December 31, 1936-62
375
National banks:
By size of banks (deposits), December 31, 1961 and
1962
188
Call dates in 1962, summary and by States
2,192
December 28,1962, classification of, by States
320
December 31, 1936-62
376
Interest and discount earned on:
According to size of banks (deposits), year 1962..
274
Year 1962, by States and Federal Reserve districts. 252,
268
Years 1943-62
282
Losses charged off on:
According to size of banks (deposits), year 1962..
274
Year 1962, by States and Federal Reserve districts. 261,
268
Years 1943-62
282
Real estate loans of:
December 28, 1962, by States
320
Reserve for bad debt losses on
261, 268, 274
State and private banks, December 28, 1962, classification of, by States
334, 348, 358, 364
Losses. (See Income, expenses, and dividends of national
banks.)
Mergers. (See Consolidations and mergers of banks.)
Municipal bonds. (See Investments of banks.)
Mutual savings banks:
Assets and liabilities of: December 28,1962, by States.
356
National bank circulation: Outstanding, December 28,
1962
20
National bank examiners. (See Examiners and assistant
examiners.)
National banks:
Assets and liabilities of—
Call dates in 1962, by States
192
December 28, 1962, by States
316
Principal items of, according to size of banks (deposits), December 31, 1961 and 1962
188
Principal items of, December 31, 1936-62
376
Branches. (See Branches.)
By size of banks, on basis of deposits, December 31,
1961 and 1962
188
"Calls" for reports of condition of, dates, 1 9 1 4 - 6 2 . . .
190
Capital stock. (See Capital stock of banks.)
Charters granted in year 1962
5,8, 9,162, 165,168
Consolidations. (See Consolidations and mergers of
banks.)
Conversions to State banks, in year 1961, list of
169
Deposits. (See Deposits.)
Dividends. (See Income, expenses, and dividends of
national banks.)
Earnings and expenses. (See Income, expenses, and
dividends of national banks.)
Failures of. (See Suspensions of banks.)
Fiduciary activities. (See Fiduciary activities of
national banks; District of Columbia.)
Insolvent. (See Suspensions of banks.)
Investments. (See Investment of banks.)
Liquidation of, in year 1962
168
381
Page
National banks—Continued
Loans and discounts. (See Loans and discounts of
banks.)
Number of:
Call dates in year 1962, by States
Chartered and closed: Since February 25, 1863
December 31, 1936-62
In existence December 28, 1962, by States
With surplus fund equal to or exceeding common
capital stock 1942-62
With surplus fund less than common capital stock
1942-62
Occupancy expense of bank premises:
By size of banks (deposits), year 1962
Year 1962, by States and Federal Reserve districts..
192
161
376
316
189
189
276
257,
270
Officers and employees, number and salaries of:
By size of banks (deposits), year 1962
276
Year 1962, by States and Federal Reserve districts. 256,266
Reports required from in year 1962
14
State banks purchased by, in year 1962, list of
170
State of
1
Trust functions. (See Fiduciary activities of national
banks.
United States Government securities owned by. (See
United States Government securities.)
Occupancy expense of bank premises of national banks.
(See National banks; Income, expenses, and dividends
of national banks.)
Officers and employees of national banks:
Number and salaries of:
By size of banks (deposits), year 1962
276
Year 1962, by States and Federal Reserve districts. 256,
266
Organization of national banks:
Charters granted, in year 1962, list of, by States.. .„ 8,165,
168
Charters granted which were conversions of State
banks, in year 1962
168
Number of, by States, from February 25, 1863, to
December 28, 1962
161
Summary, in year 1962
8
Per capita demand and time deposits of individuals,
partnerships, and corporations, in all active banks:
December 28, 1962, by States
371
Population, United States, December 28, 1962, by
States
371
Possessions:
Assets and liabilities of banks in:
All banks, December 28, 1962
298,300
Banks other than national, December 28, 1962.. 328,
342,356,362
National banks, call dates in 1962
192
National banks, December 28, 1962
316
Income, expenses, and dividends of national banks
in, year 1962
252,268,274
Per capita demand and time deposits of individuals,
partnerships, and corporations, of all banks in,
December 28, 1962
371
Postal savings. (See Deposits.)
382
Pag.
Private banks:
Assets and liabilities of: December 28, 1962, by
States
362
Suspensions. (See Suspensions of banks.)
Profits. (See Assets and liabilities of banks; Income,
expenses, and dividends of national banks.)
Public funds. (See Assets and liabilities of banks.)
Real estate held by banks. (See Assets and liabilities
of banks.)
Real estate loans. (See Loans and discounts of banks.)
Reports from national banks in year 1962
14
Reserves for bad debt losses on loans: Maintained by
national banks December 28, 1962
261,268,274
Reserve with Federal Reserve banks. (See Assets and
liabilities of banks.)
Salaries and wages of officers and employees of national
banks. (See Income, expenses, and dividends of
national banks.)
Savings banks. (See Mutual savings banks.)
Savings deposits. (See Deposits.)
Securities. (See Investments of banks; United States
Government securities.)
State bank suspensions. (See Suspensions of banks.)
State banking officials: Name and title of: in each
State, December 28, 1962
373
State banks purchased by national banks, list of, during
year 1962
170
State commercial banks:
Assets and liabilities of, December 28,1962, by States.
342
Insured, December 28, 1962
1
Member banks of Federal Reserve System, December 28, 1962
1
Nonmember banks of the Federal Reserve System,
December 28, 1962
1
Suspensions. (See Suspensions of banks.)
Uninsured, December 28, 1962
1
Stock savings banks. (See State commercial banks.)
Supervisors of State banks, name and title of, in each
State, December 28, 1962
373
Suspensions of banks:
All banks:
Number, capital, and deposits of suspended banks:
Since inauguration of Federal deposit insurance,
years 1934-62
378
National banks:
Number, capital, and deposits of: Since inauguration
of Federal deposit insurance, years 1934-62
378
State banks:
Number, capital, and deposits of: Since inauguration of Federal deposit insurance, years 1934-62..
378
Taxes. (See Income, expenses, and dividends of national
banks.)
Time deposits. (See Deposits.)
Titles of national banks. (See Consolidations and
mergers of banks; Organization of national banks.)
Training of field examining staff. (See Comp. of the
Curr., Office of.)
Trust companies. (See State commercial banks.)
Trust powers of national banks. (See Fiduciary activities of national banks.)
Papre
United States Government deposits. {See Deposits.)
United States Government securities:
All banks:
December 28, 1962, by States
December 28, 1962, by classes of banks
December 31, 1936-62
National banks:
By size of banks (deposits), December 31,1961 and
December 28,1962
300
298
375
188
Page
United States Government securities:—Continued
Call dates in 1962, by States
192
December 28, 1962, by States
316
December 31, 1936-62
376
State and private banks:
December 28, 1962, by States
328, 342,356, 362
December 31,1936-62
377
Voluntary liquidation of national banks. (See Liquidation of national banks.)
383
@FedFRASER