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ANNUAL REPORT
OF THE
Federal D eposit I n su r a n c e C o r p o r a t io n
FOR THE YEAR ENDED
DECEMBER 31, 1962
LETTER OF TRANSMITTAL
F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t io n
Washington, D . C.y May 23, 1968
SIRS: Pursuant to the provisions of Section 17(a) of the Federal
Deposit Insurance Act, the Federal Deposit Insurance Corporation is
pleased to submit its annual report.
Respectfully,
E r l e C o c k e , S r .,
T
he
P r e s id e n t
T
he
Spea k e r
of t h e
Senate
H
o u se of
of t h e
R e p r e s e n t a t iv e s
Chairman
FEDERAL DEPOSIT INSURANCE CORPORATION
FEDERAL DEPOSIT INSURANCE CORPORATION
550 1 7th S treet , N .W ., W
a s h in g t o n
25, D.C.
BOARD OF DIRECTORS
......... E rle C o c k e , S r .
Chairman...............................................
Comptroller of the Currency. . .
. . . J a m e s J. S a x o n
.............J e s s e P. W
Director...................................................
olcott
OFFICIALS— M ay 23, 1963
Assistant to Chairman and Controller................................William M . Moroney
Assistant to Director (Acting) and Chief, Division of
Examination .....................................................................Neil G. Greensides
General Counsel, Legal Division.........................
John F. Lord
Chief, Division of Liquidation............................
A. E. Anderson
Chief, Division of Research and Statistics. . .
Edison H . Cramer
Chief, Audit Division............................................
Mark A. Heck
Deputy Chief, Division of Examination. . .
. Edward H. DeHority
Secretary................................................................................... . Miss E. F. Downey
Assistant to the Board................. ......................................... Frank E. Tracy
Assistant to the Board. . .
Raoul D. Edwards
V
DISTRICT OFFICES
D
is t .
No.
S u p e r v is in g
E x a m in e r
A ddress
S tates
in
D
ist r ic t
1. Claude C. Phillippe
Room 1365, No. 10 P.O.
Square, Boston 9, Mass.
Maine, New Hampshire,
Vermont, Massachusetts,
Rhode Island,
Connecticut
2. Philip C. Lods
74 Trinity Place,
New York 6, N . Y .
New York, New Jersey,
Delaware, Puerto Rico,
Virgin Islands
3. Louis S. Rough, Jr.
Suite 500,
50 West Gay Street,
Columbus 15, Ohio
Ohio, Pennsylvania
4. Lundie W . Barlow
403 East Grace St.,
Richmond 19, Va.
District of Columbia,
Maryland, Virginia,
West Virginia, North
Carolina, South Carolina
5. Roger C. Eagleton
1000 Bank of Georgia
Building, Atlanta 3, Ga.
Georgia, Florida, Alabama,
Mississippi
6. G. E. Mounts
1059 Arcade Building,
St. Louis 1, M o.
Kentucky, Tennessee,
Missouri, Arkansas
7. William T . Hammill
715 Tenney Building,
Madison 3, Wis.
Indiana, Michigan,
Wisconsin
8. D . E. Wilkins
164 W . Jackson Blvd.,
Chicago 4, 111.
Illinois, Iowa
9. James H . Meek, Jr.
950 Federal Reserve
Bank Building,
Minneapolis 2, Minn.
Minnesota, North Dakota,
South Dakota, Montana
10. Stanley Pugh
1207 Federal Reserve
Bank Building,
Kansas City 6, M o.
Nebraska, Kansas,
Oklahoma, Colorado,
Wyoming
11. Lloyd Thomas
Federal Reserve Bank
Building, Station K ,
Dallas 13, Texas
Louisiana, Texas,
Suite 1120, 315 Mont
Idaho, Utah, Nevada,
12. Walter W . Smith
gomery Street, San
Francisco 4, Calif.
New Mexico, Arizona
Washington, Oregon,
California, Alaska,
Hawaii, Guam
IIA
FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS
CONTENTS
Page
xv
Summary
Part One
Operations of the Corporation
Deposit insurance participation and coverage...............................
3
Insurance operations to protect depositors of failing banks..........
4
Supervisory activities
..............................................................................
7
13
Legal developm ents.................................
Administration of the Corporation. . .
15
Finances of the Corporation..........
18
Part Two
Legislation and Regulations
Federal legislation
.................................................................................................................
31
Rules and regulations of the Corporation........................................................................
37
State banking legislation.......................................................................................................
38
Part Three
Banking Developments
Supervisory status of banks.........................................................
45
Bank assets and liabilities, 1960 to 1962...................................
49
Relative position of banks...................................................................
...
53
Number and distribution of banking offices.............................
.. ,
58
Income of insured banks.........................................................
61
Part Four
Statistics of Banks and Deposit Insurance
Bank absorptions approved by the Corporation.....................
68
Number, offices, and deposits of banks...........................
68
Assets and liabilities of banks.....................
118
Income of insured banks.........................
140
Deposit insurance disbursements...........................
168
ix
LIST OF CHARTS
Page
Organization chart of the Federal Deposit Insurance Corporation...................
iv
Federal Deposit Insurance Corporation districts (m a p )........................................
vii
LIST OF TABLES
Part One
Operations of the Corporation
I n surance
1.
2.
o pe r a tio n s to protect depositors of f a il in g
banks
:
Protection of depositors of insured banks requiring disbursements by the
Federal Deposit Insurance Corporation, 1934-1962.....................................
5
Analysis of disbursements, recoveries and losses by the Federal Deposit
Insurance Corporation in insurance transactions, 1934-1962...............
6
S uper viso r y
a c t iv it ie s
:
3.
Applications acted upon by the Board of Directors of the Federal
Deposit Insurance Corporation during 1962.....................................................
8
4.
Mergers, consolidations, acquisitions of assets and assumptions of liabil
ities approved under Section 18(c) of the Federal Deposit Insurance
Act during 1962 .....................................................................................................
10
5.
Bank examination activities of the Federal Deposit Insurance Corpora
tion in 1961 and 1962..............................................................................................
11
6.
Actions to terminate insured status of banks charged with unsafe or
unsound banking practices or violations of law or regulations, 19361962 ..............................................................................................................................
12
A d m in is t r a t io n
7.
:
Number of officers and employees of the Federal Deposit Insurance
Corporation, December 31, 1962.......................................................................
F in a n c e s
8.
of t h e corporation
of t h e corporation
16
:
Statement of financial condition, Federal Deposit Insurance Corpora
tion, December 31, 1962..........................................................................................
17
Statement of income and deposit insurance fund, Federal Deposit Insur
ance Corporation, year ended December 31, 1962........................................
19
Determination and distribution of net assessment income, Federal De
posit Insurance Corporation, year ended December 31, 1962.................
20
Sources and uses of funds, Federal Deposit Insurance Corporation, cal
endar year 1962.........................................................................................................
21
Income and expenses, Federal Deposit Insurance Corporation, by years,
from beginning of operations, September 11, 1933, to December 31,
1962, adjusted to December 31, 1962...............................................................
22
13.
Insured deposits and the deposit insurance fund, 1934-1962...
23
14.
Report on audit of Federal Deposit Insurance Corporation, year ended
June 30, 1962............................................................................................................
24
9.
10.
11.
12.
x
LIST OF TABLES
xi
Part Three
Banking Developments
S u p e r v iso r y
st a t u s of b a n k s
:
Page
15.
Classification of banks according to supervisory status and Federal
deposit insurance participation, December 31, 1962................................
45
16.
Assets of banks classified according to supervisory status and Federal
deposit insurance participation, December 28, 1962.................................
46
17.
Deposits of banks classified according to supervisory status and Federal
deposit insurance participation, December 28, 1962....................................
47
18.
Ratios of capital accounts to assets of banks of deposit classified accord
ing to supervisory status and Federal deposit insurance participation,
December 28, 1962..................................................................................................
48
Bank
a s s e t s a n d l ia b il it ie s ,
1960
to
1962:
19.
Amounts and percentages of major categories of assets and liabilities
of all banks in the United States (States and other areas), at year end
call dates, 1960-1962................................................................................................
49
20.
Annual percentage changes in major categories of assets and liabilities
of all banks in the United States (States and other areas), 1960-1962. .
50
21.
Reported or estimated bank deposits, December 30, 1961, December 28,
1962, and December 31, 1962................................................................................
51
22.
Selected deposit and asset items, banks members of the Federal Reserve
System, from call reports for December 31, 1961, and December 28,
1962, and comparable data for December 28 and December 31, 1962,
from reports for reserve purposes...................................................................
52
R elative
p o sit io n of b a n k s
:
23.
Relative importance of the largest commercial banks, and of banks and
bank groups, in the United States, December 28, 1962.............................
53
24.
Relative importance of the largest commercial banks, and the largest
banks or bank groups, in each State, December 28, 1962...........................
55
25.
Relative importance of the largest banks, and of the largest banks and
bank groups, in the principal county (or counties) in 65 metropolitan
areas, June 30, 1962..................................................................................................
56
N
u m b e r a n d d is t r ib u t io n of b a n k i n g offices
:
26.
Analysis of changes in number of banks and branches in the United
States (States and other areas) during the years 1960, 1961 and 1962..
59
27.
Number of operating offices of commercial banks in the continental
United States, June 30, 1962
Grouped by number of commercial banking offices and 'population of
center in which located.....................................................................................
60
28.
Commercial banking offices, banks, and branches, June 30, 1962, in States
grouped according to the status of branch banking at the end of 1958,
by metropolitan and other areas........................................................................
61
I ncom e of insured b a n k s :
29.
Sources and disposition of total income, insured commercial banks in the
United States (States and other areas), 1960-1962.....................................
62
xii
FEDERAL DEPOSIT IN S U R A N C E
CORPORATION
Page
30.
Percentage distribution of sources and disposition of total income, in
sured commercial banks in the United States (States and other areas),
1960-1962 ......................................................................................................................
63
31.
Selected operating ratios of insured commercial banks in the United
States (States and other areas), 1960-1962 .....................................................
63
32.
Distribution of insured commercial banks by deposit size of bank, and
percentages of selected banking totals in each size group, 1962...............
64
33.
Sources and disposition of total income, insured mutual savings banks
in the United States, 1960-1962..........................................................................
65
34.
Percentage distribution of sources and disposition of total income, in
sured mutual savings banks in the United States, 1960-1962...................
65
Part Four
Statistics of Banks and Deposit Insurance
Bank
101.
N
abso r ptio ns approved b y t h e corporation
:
Description of each merger, consolidation, acquisition of assets, or
assumption of liabilities approved by the Corporation during 1 9 6 1 ....
70
u m b e r , offices , a n d deposits of b a n k s :
Explanatory note ..................................................................................................................
68
102.
Changes in number and classification of banks and branches in the
United States (States and other areas) during 1962.................................
106
103..
Number of banking offices in the United States (States and other areas),
December 31, 1962
Grouped according to insurance status and class of bank, and by
State or area and type of office.................................................................
108
104.
Number and deposits of all banks in the United States (States and other
areas), December 28,1962
Banks grouped according to insurance status and by district and
State ..................................................................................................................
116
A
s s e t s a n d lia bil it ie s of b a n k s :
Explanatory note ..................................................................................................................
118
105.
Assets and liabilities of all banks in the United States (States and other
areas), June 30,1962
Banks grouped according to insurance status and type of bank.. . .
120
106.
Assets and liabilities of all banks in the United States (States and other
areas), December 28,19621
Banks grouped according to insurance status and type of bank.. . .
122
107.
Assets and liabilities of all banks in the United States (States and other
areas), December 28,1962
Banks grouped by district and State...........................................................
124
108.
Assets and liabilities of all insured banks in the United States (States
and other areas), call dates December 31, 1959 through December 28,
1962 ...............................................................................................................................
126
Assets and liabilities of insured commercial and insured mutual savings
banks in the United States (States and other areas), call dates De
cember 30, 1961 through December 28, 1962 ............................................
130
109.
LIST OF TABLES
xiii
Page
110.
Assets and liabilities and assets and liabilities per $100 of total assets of
insured commercial banks operating throughout 1962 in the United
States (States and other areas), December 28, 1962
Banks grouped according to amount oj deposits....................................
134
111.
Average assets and liabilities and assets and liabilities per $100 of total
assets of insured commercial banks in the United States (States and
other areas), 1962
B y class of bank...............................................................................................
135
112.
Average assets and liabilities of insured commercial banks in the United
States (States and other areas), by State, 1962 ........................................
136
113.
Distribution of insured commercial banks in the United States (States
and other areas), December 28, 1962
Banks grouped according to amount oj deposits and by ratios oj
selected items to assets................................................................................
138
I ncome
of in s u r e d b a n k s
:
Explanatory note ..................................................................................................................
140
114.
Income of insured commercial banks in the United States (States and
other areas), 1954-1962 .......................................................................................
142
115.
Ratios of income of insured commercial banks in the United States
(States and other areas), 1954-1962 ...............................................................
144
116.
Income of insured commercial banks in the United States (States and
other areas), 1962
B y class oj bank................................................................................................
146
117.
Ratios of income of insured commercial banks in the United States
(States and other areas), 1962
B y class oj bank.................................................................................................
148
118.
Income of insured commercial banks operating throughout 1962 in the
United States (States and other areas)
Banks grouped according to amount oj deposits....................................
150
119.
Ratios of income of insured commercial banks operating throughout
1962 in the United States (States and other areas)
Banks grouped according to amount oj deposits....................................
152
120.
Income of insured commercial banks in the United States (States and
other areas), by State, 1962 ..............................................................................
154
121.
Income of insured mutual savings banks, 1954-1962 ....................................
164
122.
Ratios of income of insured mutual savings banks, 1954-1962...................
166
D
eposit i n s u r a n c e d is b u r s e m e n t s
:
Explanatory note ..................................................................................................................
123.
124.
168
Depositors, deposits, and disbursements in insured banks requiring dis
bursements by the Federal Deposit Insurance Corporation, 1934-1962
Banks grouped by class of bank, year of deposit payoff or deposit
assumption, amount of deposits, and State.........................................
170
Recoveries and losses by the Federal Deposit Insurance Corporation on
principal disbursements for protection of depositors, 1934-1962.............
172
SUM M ARY
The 13,455 banks insured by the Federal Deposit Insurance Corpora
tion at the end of 1962 comprised 97 percent of all incorporated domestic
banks of deposit in the United States. Deposits in insured banks totaled
$298 billion, and an estimated $179 billion was insured under the limit
of $10,000 for each depositor. (Pp. 3, 23.)
The deposit insurance fund amounted to $2,502 million on December
31, 1962, or 0.84 percent of total deposits in insured banks. (P. 23.)
The year 1962 was the first calendar year in which there was no
insured bank failure requiring disbursements by the Corporation. Since
its establishment in 1933 the Corporation has made disbursements to
protect depositors in 445 failing banks. (P. 4.)
During 1962, 350 banks operating 2,100 offices were involved in
absorption transactions approved under Section 18(c) of the Federal
Deposit Insurance Act. The Corporation considered and approved the
44 cases where the resulting bank was a State nonmember insured bank.
(Pp. 10,70-104.)
The steady increase in the number of banking offices during the last
20 years continued during 1962. The addition of 1,027 in 1962 brought
the total to 27,029. During this period an increase in branches has more
than offset a decline in the number of banks. (P. 58.)
In the majority of the States there has been a slight decrease since
1960 in the concentration of deposits in the largest banks. In 33 States
the percentage of deposits held by the largest bank, and in 29 States the
percentage held by the largest five banks, was smaller in 1962 than in
1960. (P. 54.)
Deposits of all banks increased 5.8 percent between December 30,
1961, and December 28, 1962, and are estimated to have risen an addi
tional 2.0 percent in the last three days of 1962. (Pp. 50-51.)
Net income after taxes of insured commercial banks amounted to
$2,004 million in 1962, almost identical with each of the preceding two
years. This represented a return of 8.8 percent on total capital accounts.
(Pp. 63,143.)
Effective January 1, 1962, the maximum permissible rates which in
sured commercial banks not members of the Federal Reserve System
may pay on time and savings deposits were increased by Corporation
regulation. An amendment to the Federal Deposit Insurance Act, ap
proved by the President on October 10, 1962, exempted time deposits
of foreign governments and related authorities from such regulation.
(Pp. 13,15,35,37-38.)
xv
PART ONE
OPERATIONS OF THE CORPORATION
D
e p o s it
I n s u r a n c e P a r t ic ip a t io n
and
C overage
Deposit insurance coverage. The Banking Act of 1933 establishing
the Federal Deposit Insurance Corporation provided for two separate
plans of deposit insurance: a temporary plan and a permanent plan.
The temporary plan, effective January 1, 1934, limited insurance to
$2,500 for each depositor until July 1, 1934, when the permanent plan
was intended to become effective. However, the effective date of the
permanent plan was postponed and the temporary plan extended, with
coverage increased to $5,000.
The original permanent plan provided for full coverage on the first
$10,000 of each depositor, 75 percent on the next $40,000 of deposits
and 50 percent coverage on all deposits in excess of $50,000. This plan
never became effective but was superseded by a revised permanent plan
embodied in the Banking Act of 1935, which continued the coverage at
$5,000. In 1950 insurance coverage was raised to the present maximum
of $10,000 for each depositor. Various proposals have been made since
that time to increase coverage, $25,000 being a frequently proposed
maximum.
Participation in Federal deposit insurance. At the end of 1962,
13,455 of the 13,951 banks in the United States participated in Federal
deposit insurance. These insured banks comprised 97 percent of the
number, and held 98 percent of the deposits, of all incorporated domestic
banks of deposit.
The proportion of banks insured by the Federal Deposit Insurance
Corporation has increased steadily from the 86 percent so covered when
insurance became effective January 1, 1934. The decline in the number
of noninsured banks continued in 1962, and at the year-end they totaled
496. Over a fourth of these banks are not eligible for Federal deposit
insurance, including 78 unincorporated banks, 50 trust companies not
regularly engaged in deposit banking, and 9 branches in the United
States of banks chartered in foreign countries. Of the 359 incorporated
domestic banks of deposit not insured by the Corporation, 178 were
commercial banks and 181 were mutual savings banks. Of these mutual
savings banks, 173 were insured by the Massachusetts Savings Central
Fund, Inc.
3
4
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
I n s u r a n c e O p e r a t io n s
to
P r o te c t D
e p o s it o r s
of
F a il in g B a n k s
During 1962. The year 1962 was the first calendar year in which
there was no insured bank failure requiring disbursements by the Cor
poration. The generally favorable economic conditions which prevailed
during 1962 can only partially explain the unprecedented result. Pro
gressive and alert bank management merit special recognition, along
with the effectiveness of bank supervisors, both reenforced by the
confidence of bank depositors resulting from deposit insurance.
One insured bank was placed in conservatorship during 1962, and
subsequently its deposits were assumed by another insured bank with
out requiring disbursements by the Corporation. This was The First
National Bank of Exeter, Exeter, Pennsylvania, which was placed in
conservatorship by the Comptroller of the Currency on February 19,
1962. For the week that it remained in that status, deposit withdrawals
were limited to 10 percent of individual deposits. On February 26, the
Comptroller of the Currency approved the purchase of its assets and
the assumption of its deposit liabilities of approximately $3 million by
The Wyoming National Bank of Wilkes-Barre, Wilkes-Barre, Penn
sylvania, and the establishment of a branch at the site of the former
Exeter bank.
The Corporation is mindful that the decline in 1962 and during recent
years in the financial demands upon it does not warrant any relaxation
of its vigilance or diminution of its resources. It recognizes that bank
difficulties can hardly be eliminated; for, in meeting the credit needs
of a dynamic economy or through internal deficiencies in management,
some banks may be expected to encounter such difficulties as to en
danger their depositors.
Banks failing, 1934-1962. Since its establishment, the Corporation
has made disbursements to protect depositors in 445 failing banks.
These banks had about 1,460,000 depositors and deposits totaling $611
million.
The Corporation has used two methods in meeting its insurance
obligation. In the deposit payoff method, used in 263 cases, payment of
deposits up to the insured maximum for each depositor was made di
rectly to the depositors. In these cases, the insurance was limited to
$2,500 per depositor in one bank closed before July 1, 1934; to $5,000
per depositor in 244 banks closed between July 1, 1934 and September
21, 1950; and to $10,000 per depositor in 18 banks closed after the
latter date.
The deposit assumption method, which protects depositors in full and
makes their deposits available immediately, has been used in 182 cases.
5
IN SU R A N C E OPERATIONS TO PROTECT DEPOSITORS
Under this method, the deposits of the distressed bank are assumed by
another insured bank, with the Corporation, through loans or purchase
of assets, making up the difference between the deposit liabilities taken
on by the assuming bank and the assets of the distressed bank acceptable
to the assuming bank. Employment of this method is limited to situa
tions wherein the Corporation would reduce its risk or avert a threatened
loss. The method is not ordinarily suitable for the defalcation cases
which have predominated in recent years, due to the difficulty of readily
determining deposit liabilities, and consequent projected losses, in the
circumstances characteristic of defalcations.
Table 1.
P r o t e c t i o n o f D e p o s ito r s o f I n s u r e d B a n k s R e q u ir in g
D is b u r s e m e n t s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , 1934-1962
Deposit payoff
cases
(263 banks)
All cases
(445 banks)
Item
Number or
amount
Number of depositors or ac
counts-—total 1......................
Full
recovery received or
available.............................
From
From
From
From
FDIC 2.............................
offset4...............................
security or preference 6.
asset liquidation 8..........
1,460,244
Percent
100.0 %
Number or
amount
Percent
Deposit
assumption cases
(182 banks)
Number or
amount
Percent
425,511
100.0 %
1,034,733
100.0 %
100.0
1,455,000
99.6
420,267
98.8
1,411,635
37,696
2,838
2,831
96.6
376,902*
37,696
2,838
2,831
1.034.733
88.6
1.034.733
100.0
100.09
2.6
.2
.2
8.8
.7
.7
Full recovery not received as
of December 31, 1962
5,244
5,244
1.2
Terminated cases......................
Active cases................................
2,973
2,271
2,973
2,271
.7
.5
Amount of deposits (in thou
sands)-—total .....................
$611,101
100.0 %
$144,574
100.09
$466,527
Paid or made available..........
608,631
99.6
142,104
98.3
466.527
100.0
FDIC 2 ..................................
offset 8...................................
security or preference 9. . .
asset liquidation 10.............
577,580
9,666
9,443
11,942
94.5
111,053 7
9,666
9,443
11,942
76.8
6.7
6.5
8.3
466.527
100.0
Not paid as of December 31,
1962......................................
2,470
2,470
1.7
Terminated cases......................
Active cases................................
1,791
679
1,791
679
1.2
.5
By
By
By
By
1.6
1.5
2.0
.3
.1
1 Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases.
2 Through direct payment to depositors in deposit payoff cases; through assumption of deposits of
other insured banks, facilitated by FDIC disbursements of $198,074 thousand, in deposit assumption
cases.
•
Includes 56,039 depositors in terminated cases who failed to claim their insured deposits
(see note 7).
4 Includes only depositors with claims offset in full; most of these would have been fully protected
by insurance in the absence of offsets.
6 Excludes depositors paid in part by FDIC whose deposit balances were less than the insurance
maximum.
6 The insured portions of these depositor claims were paid by the Corporation.
7 Includes $185 thousand unclaimed insured deposits in terminated cases (see note 3).
8 Includes all amounts paid by offset.
9 Includes all secured and preferred claims paid from asset liquidation; excludes secured and preferred
claims paid by Corporation.
10 Includes unclaimed deposits paid to authorized public custodians.
6
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
The Corporation is also authorized, in order to reopen a closed insured
bank or prevent the closing of a bank in danger of closing, to make
subordinated loans to, purchase the assets of, or make subordinated
deposits in, such insured bank, upon such terms and conditions as the
Board of Directors may prescribe, when in the opinion of the Board of
Directors the continued operation of such bank is essential to provide
adequate banking service in the community.
By the end of 1962, 99.6 percent of all depositors in insured banks
which closed since the beginning of Federal deposit insurance had their
deposits made available in full. A like proportion— 99.6 percent— of all
deposits in dollars was paid or made available. The extent and source of
protection, by type of case, in the 445 insured banks requiring Cor
poration disbursements are shown in Table 1.
Table 2.
D
A
epo sit
n a l y s is
of
D
is b u r s e m e n t s ,
I n s u r a n c e C orporation
in
R ecoveries
and
I nsurance T
L o sse s
by
r a n s a c t io n s ,
F ederal
the
1934-1962
(In thousands)
Type of disbursement
Disburse
ments
Recoveries1
All disbursements— total......................................................
$359,697
$329,233
$30,4642
Principal disbursements in deposit assumption and
payoff cases—-total..........................................................
$308,998
$279,526
$29,472
Losses
Loans and assets purchased (182 deposit assumption
To December 31, 1962............................................................
Estimated additional...............................................................
198,0741
Deposits paid (263 deposit payoff cases):
To December 31, 1962............................................................
Estimated additional...............................................................
Advances and expenses in deposit assumption and
payoff cases— total..........................................................
110,8671
57/
Assets purchased to facilitate termination of liquidations:
To December 31, 1962............................................................
Estimated additional...............................................................
Unallocated insurance expenses................................................
$ 47,283
32,865
14,418
212
32,865
14,418
1,318
$
1,886
1,7701
116
13,076
93,7531
775 J
$ 48,813
Expenses in liquidating assets in 182 deposit assumption
cases:
Advances to protect assets.....................................................
Liquidation expenses................................................................
Insurance expenses...................................................................
Field payoff and other insurance expenses in 263 deposit
payoff cases................................................................................
Other disbursements—total.................................................
184,5351
463/
$
16,396
$
1,530
3
212
3
1,318
2,424
2,3591
65/
8
$
(538) <
(654)5
116
1 Recoveries in some individual cases were in excess of the amount due the Corporation. These
recoveries were returned to stockholders and holders of capital obligations and are not included.
2 Net loss of funds after allowing for interest and allowable return collected of $9,022 thousand
was $21,442 thousand.
8 Not recoverable.
4 Net recovery in excess of disbursements.
6 Net profit and net income.
Corporation disbursements and losses. Corporation disbursements
in fulfilling its insurance obligations have totaled $359.7 million. Esti
mated recoveries on these disbursements amounted to $329.2 million on
IN SU R A N C E OPERATIONS TO PROTECT DEPOSITORS
7
December 31, 1962, resulting in an estimated loss of $30.5 million.
Taking account of $9.0 million of interest and allowable return collected
on funds advanced in 159 of the closed insured banks, the Corporation’s
potential loss of funds in all insurance transactions is reduced to ap
proximately $21.5 million. Furthermore, after full payment to depositors
and the Corporation, assets in 151 cases valued at approximately $8.6
million were returned for the benefit of stockholders and holders of
capital obligations. An analysis of the disbursements made by the Cor
poration in fulfillment of its insurance obligations since its establish
ment in 1934 is given in Table 2.
S u p e r v is o r y A
c t iv it ie s
The unique role of banks in our commercial and industrial life has
long made them more than ordinarily subject to regulation in the public
interest. As suppliers of the chief media of payment, they perform a
role essential to the functioning of a progressive economy based upon
division of labor and exchange of products. Bank suspensions obviously
interfere with the banking system's ability to perform this role effec
tively. Banking structure and bank operations have consequently long
been subjected to both State and Federal regulation.
Federal deposit insurance was adopted in 1933 during the most severe
banking crisis in the nation's history. During the preceding four years
over 9,000 banks had closed because of financial difficulties, and it was
recognized that bank supervisory legislation needed to be strengthened
to avoid such waves of bank failures in the future. The Corporation was
therefore given various specific powers of a supervisory character, in
cluding authority over the admission to insurance of banks not members
of the Federal Reserve System and periodic examination of such banks
after admission. It was also given the right to terminate insurance of
any bank continuing to engage in unsafe and unsound banking practices
or violations of law.
Admission to insured status. When deposit insurance became effec
tive, banks in the continental United States that were members of the
Federal Reserve System and licensed to reopen after the banking holiday
of 1933 became insured. Other State banks, to join the insurance pro
gram, had to be certified as solvent by their respective State supervisory
agencies and be examined and approved for insurance by the Corpora
tion. Standards for admission to insurance were tightened in the Bank
ing Act of 1935, and incorporated substantially in the Federal Deposit
Insurance Act of 1950, which set forth the following factors which must
be taken into account by the appropriate authority: (1) the financial
history and condition of the bank, (2) the adequacy of its capital
8
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
structure, (3) its future earnings prospects, (4) the general character
of its management, (5) the convenience and needs of the community to
be served by the bank, and (6) the consistency of its corporate powers
with the purposes of the Federal Deposit Insurance Act.
Upon certification to the Corporation that these factors have been
considered, national banks opening for business and State banks being
admitted to the Federal Reserve System become insured without further
action by the Corporation. Other banks desiring deposit insurance ap
ply directly to the Corporation. In the case of new banks applying to
the Corporation, the applicant must be in operation or, prior to Corpora
tion action, have a charter or a permit to organize from the appropriate
State banking authority.
During 1962 the Corporation acted upon 127 applications for ad
mission to insurance, and approved all but two of them. During the
past decade, 1953-62, the Corporation has approved 93 percent of the
applications for insurance upon which it has taken action.
T a b le 3 .
A pplications A cted U pon by t h e B oard of D irectors of t h e F ederal
D eposit I n su ran ce C orporation D uring 1962
Type of application
Total
acted
upon
Approved
All applications1................................................................................
838
829
Admission to insurance— to ta l................................................
New banks......................................................................................
Operating banks............................................................................
127
109
18
125
108
17
Continuation o f insurance of banks withdrawing from
Federal Reserve System .....................................................
30
30
Change in type of business— to ta l.........................................
To engage in trust business2......................................................
To engage in commercial banking............................................
To change branch from limited to full service branch.........
63
59
2
2
62
58
2
2
Assum ption of deposit liabilities—-t o t a l.............................
Of another insured bank.............................................................
Of a noninsured bank or trust company................................
45
39
6
45
39
6
Operation o f branches—-total..................................................
New branch offices.......................................................................
Banks to become branches as result of absorption..............
Continue branches of absorbed predecessor, or bank be
coming insured..........................................................................
333
265
33
329
261
33
35
35
Change o f location— to ta l.........................................................
Main offices....................................................................................
Branches.........................................................................................
217
155
62
217
155
62
Retirement or adjustm ent of capital..................................
12
12
Service o f person convicted o f dishonesty or breach of
tr u s t............................................................................................
11
9
Dis
approved
1 Excludes applications supplementary to a primary application; for example, for an extension of
time 'with respect to an insurance commitment for a new bank. Also excludes a few applications acted
upon in prior years on which additional action was taken during 1962.
2 Includes permission to six new banks to do trust business.
SUPERVISORY ACTIVITIES
9
Most of the applications for insurance acted upon and approved in
1962 were by new banks; potential applicants among operating non
insured banks were at a new low. Applications approved in the two
categories were, respectively, 108 and 17. About one-half of the new
banks approved for insurance by the Corporation were in four States:
19 were in Florida, 12 each in California and Illinois, and 10 in Texas.
About one-half of the 17 operating banks approved for insurance were
in the two States of Iowa and Texas.
Applications for branches. For the third straight year, applications
for branches approved by the Corporation exceeded 300, raising the
three-year total to 1,029. Corporation approval is required for the es
tablishment of branches of insured banks not members of the Federal
Reserve System. The 329 branches so approved in 1962 comprised about
a third of all branches of insured banks opened for business during the
year. Of those approved by the Corporation, 261 were new offices and
68 w^ere converted banks or branches continuing under new authority.
The new branches approved were scattered among 38 States: 28 were
in North Carolina, 21 in New York, 17 in Pennsylvania, 16 in M ary
land, 15 in Texas, 14 in Virginia, and 11 each in California, Connecticut,
and Mississippi.1
Applications for insurance and for branches acted upon in 1962,
together with other applications, are classified in Table 3. The relatively
small number of disapprovals— only 9 out of a total of 838— reflects in
part the results of preliminary discussions leading to the amendment or
withdrawal of proposals prior to their submission for Board action.
Regulation of bank mergers. The Corporation along with other
Federal bank supervisory agencies has long had responsibilities in
regulating bank mergers. Prior to M ay 1960, the consent of the Cor
poration was required in all absorption cases involving any insured
bank and a noninsured bank, and in other absorption cases where the
resulting bank was an insured bank not a member of the Federal Re
serve System (except a bank in the District of Columbia) and a reduc
tion occurred in the capital stock or surplus of the bank. An amendment
to Section 18(c) of the Federal Deposit Insurance Act effective M ay 13,
1960, requires the consent of the Corporation for any transaction be
tween insured banks in which the acquiring, assuming, or resulting bank
is an insured bank not a member of the Federal Reserve System and
is not located in the District of Columbia. In passing upon an applica
tion for a bank to engage in such a transaction the Corporation is re
quired to consider the effect of the transaction on competition, including
any tendency toward monopoly, in addition to the six banking factors
considered in connection with applications for insurance.
1 Includes as branches under the Federal Deposit Insurance Act certain offices not regarded as
branches under State law.
10
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
During 1962 the Corporation considered and approved 44 applica
tions to participate in absorption transactions. Resources of the 80 banks
involved in these applications totaled $2,522 million. Data regarding
each of these banks, with a statement giving the basis for the Corpora
tion’s approval, together with the summary provided by the Attorney
General of his report on the competitive factors involved, are given in
Table 101.
T a b le 4 .
M ergers, C onsolidations , A cquisitions of A ssets and A s s u m p tio n s
of
L iabilities A pproved U nder S ection 1 8( c) of t h e F ederal
D eposit I n su ran ce A ct D uring 1962
Offices operated2
Banks
Number
of
banks1
Resources
(in
thousands)2
Prior to
trans
action
After
trans
action
A L L CASES
Banks involved..................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members F R S...........................................................
Noninsured.........................................................................
350
157
193
87
31
69
6
$29,333,526
27,126,442
2,207,084
945,147
341,549
918,404
1,984
2,100
1,761
339
151
52
131
201
89
$20,170,037
19,003,917
1,166,120
715,346
148,029
302,456
289
1,245
1,040
205
114
519
460
59
12
$ 6,687,469
6,376,250
311,219
87,786
172,031
51,402
78
34
44
13
3
23
5
$ 2,476,020
1,746,275
729,745
142,015
21,489
564,546
1,695
336
261
75
25
3
43
4
2,106
2,106
5
CASES W IT H R E S U L T IN G B A N K
A N A T IO N A L B A N K
Banks involved..................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members F R S...........................................................
Noninsured.........................................................................
112
64
13
34
1
1.250
1.250
20
70
1
CASES W IT H R E S U L T IN G B A N K A
STATE B A N K M EM B E R OF THE
FE D E R A L R E S E R V E SYSTEM
Banks involved..................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members FR S...........................................................
71
34
37
10
15
521
521
12
29
18
CASES W IT H R E SU L T IN G B A N K N O T
A M EM B E R OF TH E
FE D E R A L R E SE R V E SYSTEM
Banks involved..................................................................
Absorbing banks....................................................................
Absorbed banks.....................................................................
National..............................................................................
State banks members F R S.............................................
Not members F R S...........................................................
N oninsured.........................................................................
335
335
1 The number of resulting banks is smaller than the number of transactions, which totaled 191,
because a few banks engaged in more than one transaction.
2 In cases where an absorbing bank engaged in more than one transaction, the resources included
are those of the bank before the latest transaction, and the number of offices before the first and after
the last transaction.
In the above cases in which the Corporation had responsibility for
decision, it requested and received advisory opinions with respect to the
11
SUPERVISORY ACTIVITIES
competitive factors not only from the Attorney General but also from
the Comptroller of the Currency and the Board of Governors of the
Federal Reserve System. In turn, the latter two agencies requested the
opinion of the Corporation concerning the competitive factors in ap
plications over which they had jurisdiction. Accordingly, during 1962 the
Corporation submitted a total of 132 reports to these agencies regard
ing the effect on competition of proposed absorptions where the result
ing bank was a national bank or a State member bank. In 8 of these
cases, the Corporation reported that the effect on competition would be
unfavorable.
The number of bank absorptions approved by the Federal banking
agencies rose from 133 in 1961 to 193 in 1962. The banks so absorbed
during 1962 were, on the average, about a fourth the size of those
absorbed in 1961. The number of banking offices was little changed by
these transactions, increasing by six among all the banks involved in
them. Table 4 presents the number, resources, and offices of all banks
involved in applications to engage in absorption transactions approved
in 1962 by the three Federal bank supervisory agencies.
T a b le 5 .
B a n k E x a m in a t io n A
c t ivit ie s of t h e
C orporation
in
1961
and
F ederal D
epo sit
I nsurance
1962
Number
Activity
11,417
11,567
Examinations o f m ain offices......................................................................
Regular examinations of insured banks not members of Federal
Reserve System.............................................................................................
Re-examinations; or other than regular examinations............................
Entrance examinations of operating noninsured banks..........................
6,719
6,826
6,614
79
26
6,715
72
39
Examinations o f departments and branches........................................
Examinations of trust departments.............................................................
Examinations of branches..............................................................................
3,711
989
2,722
3,608
998
2,610
Investigations......................................................................................................
New bank investigations................................................................................
National banks or State banks members of Federal Reserve System
Banks not members of Federal Reserve System........................................
New branch investigations.............................................................................
Mergers and consolidations............................................................................
Miscellaneous investigations..........................................................................
987
178
1,133
219
19
169
67
152
299
179
331
275
167
472
Washington office review o f reports of examination of insured
banks— to ta l....................................................................................................
National banks......................................................................................................
State banks members of Federal Reserve System........................................
State banks not members of Federal Reserve System................................
10,636
2,546
1,538
6,552
13,740
4,560
1,606
7,574
Field examinations and investigations— to ta l..........................................
Bank examinations. The Corporation regularly examines insured
State banks other than members of the Federal Reserve System and
District of Columbia banks. It reviews reports of examinations of other
12
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
insured banks made by the other Federal banking agencies, and may
examine such banks when deemed advisable by the Board of Directors
to determine their condition for insurance purposes. During 1962 the
Corporation conducted a total of 11,417 examinations and investiga
tions, as indicated in Table 5.
Over the years, cooperative arrangements among the different bank
supervisory agencies have reduced the burden of examination upon both
the banks and the supervisory agencies. Examinations of insured non
member banks by the Corporation are sometimes made jointly or con
currently with those conducted by the appropriate State supervisory
authority. On the Federal level, agreement concerning standards and
procedures and the ready exchange of information in the past have
facilitated effective supervision of banking activities.
T a b le 6 .
U
A ctions to T erm in ate I nsured S tatus of B a n k s C harged W it h
n s a f e or
U
nsound
B a n k i n g P ractices
or
V io l a t io n s
of
L a w OR
R e g u l a t io n s , 1936-1962
Disposition or status
1936-1962 i
Total banks against which action was taken..................................................................
183
Cases closed..........................................................................................................................
182
Corrections made...........................................................................................................................
Banks absorbed or succeeded by other banks........................................................................
TVith financial aid of the Corporation.....................................................................................
Without financial aid of the Corporation...............................................................................
Banks suspended prior to setting date of termination of insured status by Corporation.
Insured status terminated, or date for such termination set by Corporation, for
failure to make corrections.................................................................................................
Banks suspended prior to or on the date of termination of insured status.......................
Banks continued in operation 2................................................................................................
Cases not closed, December 31, 1962..............................................................................
70
68
62
6
32
12
9
8
1
1 No action to terminate the insured status of any bank was taken before 1936. In 5 cases where
initial action was replaced by action based upon additional charges, only the latter action is included.
2 One of these suspended 4 months after its insured status was terminated.
Citations for unsafe and unsound banking practices and viola
tions of law. Unsafe and unsound banking practices reported by ex
aminers are ordinarily corrected through normal supervisory actions
with the cooperation of the offending bank. However, when examina
tion reveals that a bank has continued to engage in such practices, the
Corporation has the authority and duty, under Section 8 (a ), to begin
proceedings for termination of the bank's insured status. This step is
taken only after other corrective measures have been exhausted. The
bank is then given formal notice of the objectionable practices and a
stipulated period of time to make the necessary corrections. Upon failure
to do so, if the Board of Directors decides to proceed with termination
of the insured status of the bank, an opportunity is afforded to the bank
to present its case, including an administrative hearing, prior to final
action by the Board.
SUPERVISORY ACTIVITIES
13
During 1962 no proceedings were initiated under Section 8 (a ). Pro
ceedings continued, however, with respect to one bank cited in 1961,
which was given an extension of time in which to complete the neces
sary corrections.
During its history, the Corporation has instituted proceedings against
183 banks for termination of their insurance. The necessary corrections
were made in 70 cases. In the remaining cases, the banks were succeeded
or suspended, except for three which continued in operation after ter
mination of insurance. Details on the outcome of termination proceed
ings are given in Table 6.
Reports from banks. The reports obtained from banks are an im
portant instrument of bank supervision and provide, in addition, data
useful in the evaluation of economic conditions and trends. Each year
since 1934, insured banks have furnished the Corporation semiannual
reports concerning their assets and liabilities, and annual reports of
their income. Semiannual reports of the assets and liabilities of nonin
sured banks have been obtained since 1935, and are incorporated in an
all-bank series for which the Corporation was assigned responsibility
in 1947.
Changes in reporting by insured banks affecting both supervisory
procedures and the availability of data became effective in 1961. The
formula for computing deposit insurance assessments was changed to
provide that they be based on the average of deposits shown in two
reports of condition in each semiannual assessment period. Accordingly,
in 1962 all insured banks submitted four reports of condition: for March
26, June 30, September 28, and December 28.
Statistics on the income of insured banks, and on the assets and lia
bilities of both insured and noninsured banks, are presented in Parts
Three and Four of this report. Tabulations of reports of assets and lia
bilities in 1962, classified by State, are published semiannually in sep
arate reports, each report presenting detailed data for two dates.
L egal , D
evelopm ents
Federal legislation. The Federal Deposit Insurance Act was amended
during 1962 by one significant measure. Public Law 87-827, which was
approved by the President on October 10, 1962, amended the Federal
Deposit Insurance Act, as well as the Federal Reserve Act, to exempt
time deposits of foreign governments, and related financial authorities
of such governments, or international financial institutions of which
the United States is a member from the maximum rates of interest pay
able on time deposits as prescribed by the Board of Directors of the
14
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
Federal Deposit Insurance Corporation and the Board of Governors of
the Federal Reserve System.
Other Federal banking legislation of major importance passed in 1962
included Public Law 87-588, approved by the President on August 15,
1962, which amended section 25 of the Federal Reserve Act to provide
that regulations of the Board of Governors may authorize a foreign
branch of a national bank to exercise additional powers with respect to
transacting a banking business in the place where such foreign branch
is located.
Public Law 87-717, signed by the President on September 28, 1962,
amended the Federal Reserve Act so as to increase the lending limit on
real-estate loans by national banks and to exempt loans with 18 months’
maturities which are made to finance residential or farm building con
struction from classification as real-estate loans subject to lending lim
itations.
Public Law 87-721, approved by the President on September 28, 1962,
amended subsection (b) of section 5155 of the Revised Statutes (12
U.S.C. 36) to redefine the circumstances under which a national bank
resulting from a conversion, consolidation or merger may retain
branches.
Public Law 87-722, approved by the President on September 28, 1962,
transferred the authority over the exercise of trust powers by national
banks from the Board of Governors of the Federal Reserve System to
the Comptroller of the Currency.
Public Law 87-856, approved on October 10, 1962, authorized certain
banks to invest in bank service corporations whose purpose is to provide
certain bank services for such banks. This law also provides that no
bank subject to examination by a Federal supervisory agency may cause
to be performed, by contract or otherwise, any bank sendees for itself,
whether on or off its premises, unless assurances satisfactory to the ap
propriate supervisory agency are furnished to such agency by both the
bank and the party performing such services that the performance
thereof will be subject to regulation and examination by such agency
to the same extent as if such services were being performed by the bank
itself on its own premises.
The aforementioned statutes are published in Part Two of this report.
Rules and regulations of the Corporation. Because of the amend
ment of the Federal Deposit Insurance Act exempting time deposits of
foreign governments and certain related financial authorities from
maximum rates of interest prescribed in Part 329 of the Corporation’s
rules and regulations, that Part was amended to conform to the new
LEGAL D EVEL O PM EN TS
15
provision. Section 329.3(a) was amended to provide that during the
period commencing October 15, 1962, and ending upon the expiration
of three years after such date, the provisions of the subsection prohibit
ing the payment of interest by insured nonmember banks in excess of
the maximum rates prescribed by the Board of Directors shall not apply
to the rate of interest which may be paid on time deposits of foreign
governments, monetary and financial authorities of foreign governments
when acting as such, or international financial institutions of which the
United States is a member.
Several published interpretations were made by the Board of Direc
tors of the Corporation of the aforementioned amended Section 329.3(a)
of the Corporation’s rules and regulations. The Board concluded that
time deposits of the Bank for International Settlement in insured non
member banks would be included in the phrase “ monetary and financial
authorities of foreign governments.” The Board of Directors also con
cluded that a certificate of deposit issued to a foreign central bank or
other qualified foreign institution and subsequently transferred to an
individual or nonqualified institution prior to its maturity would cease
to represent a deposit of an institution of a kind described in the amend
ment to subsection 329.3(a) of Part 329.
Section 329.6 of the rules and regulations of the Corporation, which
was amended in 1961, effective January 1, 1962, prescribed new maxi
mum permissible rates of interest payable by insured nonmember banks
on time and savings deposits. This amendment was published on page
29 of the 1961 annual report.
The amended Part of the rules and regulations and the interpretations
thereof, published in the Federal Register October 19, 1962 (27 F. R.
10251) and November 30, 1962 (27 F. R. 11798), are set forth in Part
Two of this report.
State legislation. Part Two also includes a summary of State bank
ing legislation enacted in 1962.
A d m in is t r a t io n
of
the
C o r p o r a t io n
Structure and employees. Management of the Corporation is vested
in a three-member Board of Directors. Two directors are appointed by
the President, by and with the advice and consent of the Senate, for
terms of six years; the Comptroller of the Currency serves ex officio as
the third director. No changes in membership of the Board occurred in
1962. Erie Cocke, Sr., continued as Chairman, Jesse P. W olcott as D i
rector, and James J. Saxon as Comptroller of the Currency.
16
FEDERAL DEPOSIT IN S U R A N C E CORPORATION
The main office of the Corporation is in Washington, D. C. During
1962 construction proceeded on a Corporation headquarters building
which will be ready for occupancy in the first half of 1963. Twelve
District offices are maintained.
Corporation officials are listed on page v of this report, adjacent to
an organization chart of the Corporation. The location of each district
office and the area it serves, with the names of the respective Supervis
ing Examiners, are given on pages vi and vii.
The Corporation had 1,242 employees at the end of 1962. A decrease
of 39 during the year exactly offset an increase in 1961. Over threefourths of the Corporation’s total personnel are employed in the D ivi
sion of Examination.
The turnover rate of all employees (excluding temporary field liquida
tion personnel) was 18 per 100 in 1962. Among field examiners, who
comprise the largest group of employees, the rate was 14 per 100. From
an average employment of 731 field examiners, 100 left the Corporation
during 1962. Forty went to banks or other supervisory agencies, 14 en
tered military service, 10 retired, 8 went to other Federal organizations,
5 entered private industry, 5 returned to college, there were 3 deaths,
and 15 others left for varied reasons. A distribution of the Corporation’s
employees at the end of 1962 is presented in Table 7.
T ab le 7 .
N u m ber o f O ffic e r s
and
E m p lo y e e s o f t h e F e d e r a l D e p o s it I n s u r a n c e
C o r p o r a tio n , D e c e m b e r 31, 1962
Division
Directors.........................................................................................
Executive Offices..........................................................................
Legal Division...............................................................................
Division of Examination.............................................................
Division of Liquidation...............................................................
Division of Research and Statistics.........................................
Audit Division...............................................................................
Office of the Controller................................................................
Total
Washington
office
District
and other
field
offices
1,242
309
933
3
21
19
960
36
48
42
113
3
21
19
58
29
48
18
113
0
0
0
902
7
0
24
0
Employee benefits and programs. Employees of the Corporation
receive the benefits generally available to Federal employees. These
include retirement annuities, group life insurance, vacation and sick
leave, hospitalization and medical payments insurance, compensation
for on-the-job injuries, and unemployment benefits. The Corporation
also provides a health unit, and facilities for an employees’ credit
union; the latter is particularly helpful to examiners, who are pro
hibited by law from borrowing from insured banks.
A D M IN IST R A T IO N
OF T H E
17
CORPORATION
The educational program for examiners instituted by the Corpora
tion in 1946, and subsequently extended to include auditors, had re
sulted by the end of 1962 in the completion of nearly 3,200 courses of
study. At the end of 1962, 476 examiners were enrolled in correspond
ence courses conducted by the American Institute of Banking, and 72
were enrolled in banking schools lasting from one to three weeks at nine
leading universities. Examiners and assistant examiners also participate
in the Bank Examination School conducted in Washington in coopera
tion with the Federal Reserve Board; since 1952, 438 examiners and as
sistant examiners have attended this school. During 1962 regional train
ing courses in automation were started in cooperation with the Federal
Reserve.
Table 8.
S t a t e m e n t o f F i n a n c i a l C o n d itio n , F e d e r a l D e p o s it I n s u r a n c e
C o r p o r a tio n , D e c e m b e r 31, 1962
ASSETS
Cash...................................................................................................
U. S. Government obligations:
Securities at amortized cost (face value $2,626,817,000;
market or redemption value $2,582,791,022).........................
Accrued interest receivable..........................................................
Assets acquired in receivership and deposit assumption
transactions:
Subrogated claims of depositors against closed insured banks. . .
Net insured balances of depositors in closed insured banks, to
be subrogated when paid—see related liability......................
Loans to insured banks................................................................
Loan to receiver for closed insured bank....................................
Equity in assets acquired under purchase agreements..............
Assets purchased outright............................................................
Less reserve for losses...................................................................
1,669,368
$2,615,258,945
19,553,562
$
2,634,812,507
2,682,490
56,828
957,111
25,000
2,023,063
65,608
$
5,810,100
4,506,347
1,303,753
Miscellaneous assets.....................................................................
Building site, planning, and construction costs (note 1). .
Furniture, fixtures, and equipment (cost, $791,372)............
101,605
7,645,213
Total assets..................................................................
$2,645,532,447
L IA B IL IT IE S AND D E PO SIT IN SU R A N C E FUND
1
(note 2)
Accounts payable and accrued liabilities...............................
Earnest money, escrow funds, and collections Held for
others....................................................................................
Accrued annual leave of employees..........................................
Due insured banks (note 3):
Net assessment income credits available July 1, 1963..............
Other..............................................................................................
1,110,815
354,893
1,323,113
$
126,929,155
13,744,438
140,673,593
Net insured balances of depositors in closed insured banks
— see related assets............................................................
56,828
Total liabilities............................................................
$ 143,519,242
Deposit insurance fund, accumulated income available
for future deposit insurance losses (Table 9 and
note 4)............................................................
Total liabilities and deposit insurance fund. . . .
The following notes are an integral part of this statement (see page 18).
2,502,013,205
$2,645,532,447
18
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
F
in a n c e s
of
th e
C
o r p o r a t io n
Assets and liabilities. Assets and liabilities of the Corporation on
December 31, 1962, are presented in Table 8.
Assets of the Corporation totaled $2,645.5 million on December 31,
1962. United States Government securities, valued at amortized cost,
with accrued interest, comprised $2,634.8 million. Of the remaining $10.7
million in assets, $7.6 million was represented by the building site and
accrued planning and construction costs of the Corporation’s new office
building. Cash amounted to $1.7 million. Most of the remaining $1.4
million consisted of the estimated net value of assets acquired in in
surance transactions.
Liabilities of the Corporation on December 31, 1962, totaled $143.5
million. Net assessment income credits and other credits due insured
banks were the principal liability item, amounting to $140.7 million.
The deposit insurance fund, the excess of the Corporation’s assets
over its liabilities, amounted to $2,502 million. In addition, the Cor
poration is authorized to borrow from the United States Treasury, and
the Secretary of the Treasury is authorized and directed to loan to the
Corporation on such terms as may be fixed by the Corporation and the
Secretary, not to exceed $3 billion outstanding at any one time, when
in the judgment of the Board of Directors of the Corporation such funds
are required for insurance purposes. This borrowing power has never
been used.
Continuation of Table 8:
FOOTNOTES TO THE STATEMENT OF FINANCIAL CONDITION
1 The Corporation has acquired a building site in the District of Columbia on which construction
of its own office building is in process. Through December 31, 1962, expenditures totaled $1,598,175
for land and $6,047,038 for the building. It is estimated that the completed building, exclusive of land,
will cost about $6.9 million and that it will be ready for occupancy in the first half of 1963.
2 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant
to the Acts of August 5, 1947 (61 Stat. 773) and June 29, 1948 (62 Stat. 1092), with total interest pay
ments made thereon in 1950 and 1951, pursuant to the Act of September 21, 1950 (64 Stat. 873).
3 The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the Act of July 14, 1960
(74 Stat. 551), provides that, effective with the credit to be computed on net assessment income for
the calendar year 1961, and calendar years thereafter, insured banks shall be allowed, against current
semiannual insurance assessments, pro rata credits totaling 66^6 per cent of the net assessment income
(as defined by the Act) for the prior calendar year. Such credits become available on each following
July first for application to payment of subsequent assessments. These and other credits to insured
banks are reported under the caption “ Due Insured Banks.” Prior to 1961, and since 1949, insured
banks were allowed pro rata credits totaling 60 per cent of the Corporation’s net assessment income.
*
The deposit insurance fund of $2,502,013,205 at December 31, 1962, is available for future deposit
insurance losses and related expenses. The fund amounts to about 1.4 percent of insured deposits esti
mated at $179,088 billion. The law does not specify either the amount or the ratio of insured deposits
to which the insurance fund is to be accumulated. In addition to this fund, the Corporation is authorized
to borrow from the United States Treasury, and the Secretary of the Treasury is authorized and directed
to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, not to
exceed three billion dollars outstanding at any one time, when in the judgment of the Board of Directors
of the Corporation such funds are required for insurance purposes. No borrowings have been made under
this authorization.
NOTE: These statements do not include accountability for assets and liabilities of closed insured banks
acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic and final
accountability reports are furnished to the Courts, supervisory authorities, and others, as required.
F IN A N C E S OF T H E
19
CORPORATION
Income in 1962. Table 9 presents a statement of the Corporation’s
income and expenses for 1962, and shows the change in the deposit in
surance fund for the year.
T a b le 9 .
S t a tem en t of I n com e and D eposit I n su ran ce F u n d , F ederal D eposit
I nsu ran ce C orporation, Y ear E nded D ecember 31, 1962
Incom e:
Deposit insurance assessments:
Assessments becoming due in the year. ............................
Less net assessment income credits due insured banks
(see note 3, Table 8 )...........................................................
$ 203,348,136
126,915,768
$
76,432,368
$
76,542,690
Corporation’s share of adjustments of assessments for
prior years.............................................................................
110,322
Net income from U. S. Government securities....................
Other income................................................................................
84,602,995
30,955
Total incom e.............................................................
$ 161,176,640
Expenses and losses:
Administrative and operating expenses:
Salaries and wages...................................................................
Civil Service retirement fund and F.I.C.A. payments. .
Travel expenses........................................................................
Rents and utilities...................................................................
Other expenses.........................................................................
9,413,552
589,326
2,604,180
529,145
580,503
Provisions for reserve for insurance losses—
Adjustments to provisions for reserve established in
prior years:
Applicable to net assessment income for 1962............
Not applicable to net assessment income.....................
$
831.488(D)
17,000(D)
848.488(D)
89,266
Insurance and liquidation expenses........................................
Total expenses and losses....................................
13,716,706
$
12,957,484
Net income— addition to the deposit insurance fund
for the year ended December 31, 1962......................
$ 148,219,156
Deposit insurance fund, January 1, 1962........................
2 ,353,794,049
Deposit insurance fund, December 31, 1962 (see note
4, Table 8 ) .................................................................................
$2,502,013,205
(D) Deduct.
The notes following Table 8 are an integral part of this statement.
Net income of the Corporation during 1962, i.e., the amount available
for adding to the deposit insurance fund, was $148.2 million. Income
from United States Government securities was $84.6 million, exceeding,
as in 1961, assessment income of $76.5 million, including $0.1 million
of assessment adjustments applicable to prior years.
Administrative and operating expenses during the year totaled $13.7
million. The Corporation incurred no insurance losses during the year.
The reserve for insurance losses applicable to prior years was reduced
by $0.8 million.
Income from assessments is determined by a formula which takes ac
count of the Corporation’s operating expenses and losses. Assessments
20
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
becoming due in 1962, under the statutory annual rate of one-twelfth of
1 percent of assessable deposits, amounted to $203.3 million. Pursuant
to Section 7(d) of the Federal Deposit Insurance Act, the balance of
income from assessments, after deducting the Corporation’s expenses and
losses, is shared by the Corporation and insured banks. Effective with
the distribution of net assessment income for 1961, the credit to insured
banks was increased from 60 percent to 66% percent. Accordingly,
$126.9 million of the assessments becoming due in 1962 was credited to
insured banks, and will become available July 1, 1963, to apply against
assessments. The net assessment income credit for 1962 reduced insured
banks' assessments to an effective rate of approximately one-thirtysecond of 1 percent of assessable deposits. The method of determining
the net assessment income credit for 1962 and its distribution are shown
in Table ,10.
Table 10.
D e t e r m in a t io n a n d D is t r i b u t i o n
o f N e t A s s e s s m e n t In c o m e ,
F e d e r a l D e p o s it I n s u r a n c e C o rp o r a tio n , Y e a r E n d e d D e c e m b e r 31, 1962
Determination of net assessment income:
Total assessments which became due during the calendar
year.........................................................................................
$203,348,136
Less;
Administrative and operating expenses.............................
Net additions to reserve to provide for insurance losses—
Adjustments to provisions for reserve established
prior to 1962 ....................................................................
Insurance expenses....................................................................
$ 13,716,706
831.488(D)
89,266
Total deductions.....................................................
$ 12,974,484
Net assessment income for 1962.................................
$190,373,652
Distribution of net assessment income, December 31,
1962:
Net assessment income for 1962:
33M % transferred to the deposit insurance fund...........
Balance credited to insured banks......................................
$ 63,457,884
126,915,768
Total...................................................................
$190,373,652
Percent of total
assessments be
coming due in
1962
Allocation of net assessment income credit among
insured banks, December 31, 1962:
Credit for 1962. . . •_...................................................................
Adjustments of credits for prior years...................................
$126,915,768
13,387
62.413%
.007
Total...................................................................
$126,929,155
62.420%
(D) Deduct.
Flow of funds in 1962. Classification of funds according to their
source and use provides information useful in the operation of the Cor
poration. Such information, included for the first time in this report,
is presented in Table 11.
F IN A N C E S OF T H E
Table 11.
21
CORPORATION
S o u r c e s a n d U s e s op F u n d s , F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n ,
C ale n d a r Y
ear
1962
Funds provided by:
Net deposit insurance assessments...................................................................................
Net income from U. S. Government securities, less accrued discount....................
Maturities and sales of U. S. Government securities, exclusive of exchanges
Collections on assets acquired in receivership and deposit assumption trans
actions ..................................................................................................................................
Increase in net assessment credits due insured banks.................................................
76,542,690
79,355,708
979,229,939
Total funds provided...............................................................................
$1,155,673,676
3,400,088
17,145,251
Funds applied to:
Administrative and operating expenses and insurance expenses, net......................
Acquisition of assets in receivership and deposit assumption transactions...........
Construction costs of office building................................................................................
Purchase of U. S. Government securities, exclusive of exchanges............................
Net change in other assets and liabilities.......................................................................
Total funds applied.................................................................................
&
13,775,017
1,866,366
3,385,161
1,131,056,355
5,590,777
$1,155,673,676
Income and the deposit insurance fund, 1934-1962. The cumula
tive income of the Corporation since its establishment reached $2,802.2
million at the end of 1962. Over that period, assessments provided 68
percent, and investment and other income, 32 percent, of the total. Ex
penses and losses during the period totaled $300.2 million.
Cumulative net income, which constitutes the deposit insurance fund,
amounted to $2,502 million at the end of 1962. Thus, of the total income
received by the Corporation since its establishment, 89 percent has been
retained as a reserve for the protection of depositors.
The amounts and disposition of the Corporation’s income for each
year from 1933 to 1962, and cumulatively, are presented in Table 12.
The relationship of the deposit insurance fund to deposits in insured
banks for each year from 1934 to 1962 is shown in Table 13. At the end
of 1962, the fund amounted to 0.84 percent of total deposits in insured
banks.
Audit. A continuous audit of the Corporation’s financial operations is
conducted by its Audit Division. Starting in 1945, an independent audit
has also been made as of June 30 of each year by the General Accounting
Office. Prior to that time, the Corporation engaged private firms to make
an annual audit of its operations.
The short form audit report for the year ended June 30, 1962, fur
nished by the Comptroller General of the United States, is reproduced in
Table 14. As indicated there, the Comptroller General found the financial
accounts to be as represented and in general conformity with accepted
accounting principles.
22
FEDERAL DEPOSIT IN SU R A N C E
Table 12.
I ncome
Y
and
ears , f r o m
D
E x p e n s e s , F ederal D e p o sit I n s u r a n c e C orporation ,
B e g in n in g
ec em b e r
CORPORATION
of
O p e r a t io n s , S e p t e m b e r 11, 1933,
31, 1962, A d ju s t e d
to
D
ec em be r
by
to
31, 1962
(In millions)
Income
Year
Total
1933-62
Expenses and losses
Total
ments1
Invest
ments
and
other
sources
Deposit
insurance
Deposit
Interest
insurance on capital
stock8
losses and
expenses2
$2,802.2
$1,900.6
$901.6
$300.2
$30.5
.
.
.
.
.
.
.
.
161.0
147.3
144.6
136.5
76.4
73.4
79.6
78.6
84.6
73.9
65.0
57.9
13.8
14.8
12.5
12.1
.1
1.6
1958. .
1957. .
1956. .
195 5 ..
1954. .
.
.
.
.
.
126.8
117.3
111.9
105.7
99.7
73.8
69.1
6 8.2
66.1
62.4
53.0
48.2
43.7
39.6
37.3
1953. .
1952. .
1 9 5 1 ..
1950. .
1949. .
.
.
.
.
.
94.2
83.8
84.8
151.1
60.2
57.3
54.3
54.2
122.7
1948.
1947.
1946.
1945.
1944.
.
.
.
.
.
.
.
.
.
.
146.9
157.7
130.9
121.2
99.5
1943.
1942.
1941.
1940.
1939.
.
.
.
.
.
.
.
.
.
.
1938. . .
1937. . .
1936. . .
1935. . .
1933-34
1962.
1961.
1960.
1959.
$80.6
Adminis
trative
and
operating
expenses
Net
income
added to
deposit
insurance
fund4
$189.1
$2,502.0
13.7
13.2
12.4
11.9
147.2
132.5
132.1
124.4
11.6
9 .7
9 .6
9 .0
7 .8
11.6
9 .6
9 .1
8 .7
7 .7
115.2
107.6
102.3
96.7
91.9
34.0
31.3
29.5
30.6
28.4
7 .3
7 .8
6 .9
7 .8
6 .4
7 .2
7 .0
6 .9
6 .4
6 .1
86.9
80.8
76.9
77.0
144.7
119.3
114.4
107.0
93.7
80.9
27.6
43.3
23.9
27.5
18.6
7 .3
10.4
10.4
9 .7
9 .7
.1
.6
4 .8
5 .8
5 .8
5 .8
6 .0
5 .5
4 .5
3 .8
3 .8
139.6
147.3
120.5
111.5
89.8
86.7
69.4
6 2.0
55.9
51.2
70.0
56.5
51.4
4 6.2
40.7
16.7
12.9
10.6
9.7
10.5
10.2
10.3
10.1
12.9
16.4
.6
3 .5
7 .2
5 .8
5 .8
5 .8
5 .8
5 .8
4 .2
4 .0
3 .7
3 .6
3 .4
76.5
59.1
51.9
43.0
34.8
47.7
4 8.2
43.8
38.3
38.8
35.6
11.5
9 .4
9 .4
11.3
12.2
10.9
11.3
2 .5
3 .7
2. 6
2. 8
.2
5 .8
5 .8
5 .8
5 .8
5 .6
3 .0
2 .7
2 .5
2 .7
4.26
36.4
36.0
32.9
9 .5
- 3 .0
88.6
20.8
7 .0
8.2
9 .3
7 .0
10.0
.1
.2
1.4
.3
.7
.1
.1
.1
1 For 1950-1962, figures are net after deducting the portion of net assessment income credited to
insured banks pursuant to provisions of the Federal Deposit Insurance Act of 1950 and its amendment
by Public Law 86-671, approved July 14, 1960. Assessment credits to insured banks for these years
amounted to $1,174.4 million, equal to 57.339% of gross assessments.
2 Net loss of funds, after allowing for $9,022 thousand (included in income from investments and other
sources in this table) collected as interest and allowable return on funds advanced to 159 of the 445
closed insured banks, was $21,442 thousand.
8
Paid in 1950 and 1951, but allocated among years to which it applies. Initial capital of $289 million
was retired by payments to the United States Treasury in 1947 and 1948.
4 The amounts shown herein give effect to adjustments to the deposit insurance fund in the years
to which they are applicable, whereas the amounts of the Fund shown in Table 13 represent the Fund
as reported on the dates specified. Hence the deposit insurance fund reported in Table 13 cannot be
computed by annual addition of income reported herein, except for the Fund as of December 31, 1962.
5 Assessments collected from members of the temporary insurance funds which became insured under
the permanent plan were credited to their accounts at the termination of the temporary funds and were
applied toward payment of subsequent assessments becoming due under the permanent insurance
fund, resulting in no income to the Corporation from assessments during the existence of the temporary
insurance funds.
*
Net after deducting the portion of expenses and losses charged to banks withdrawing from the
temporary insurance funds on June 30, 1934.
7 Deduction.
In his report to the Congress, the Comptroller General repeated from
earlier audit reports two recommendations for amendment to the Federal
Deposit Insurance Act. The first, relating to the cost of providing retire
FIN A N C E S OF T H E
23
CORPORATION
ment, disability, and compensation benefits for Corporation employees,
would require the Corporation to pay:
“ 1. Into the civil service retirement and disability fund the Government’s share
of the cost of providing retirement and disability benefits for the Corpora
tion’s employees for the period from the creation of the Corporation through
the year ended June 30, 1957.
“2. Into the employees’ compensation fund the amount of benefit payments made
from such fund on account of the Corporation’s employees for all periods sub
sequent to the creation of the Corporation.
“3. Into the Treasury as miscellaneous receipts a fair portion of the cost of ad
ministering the civil service retirement system and the employees’ compensa
tion fund for all periods subsequent to the creation of the Corporation.”
The second recommendation would require the General Accounting
Office to make its report of audit on a calendar-year rather than a fiscalyear basis.
The Board of Directors of the Corporation has consistently supported
both of these recommendations.
T a b le 1 3 .
I nsured D eposits and t h e D eposit I n su ran ce F u n d , 1934-1962
Year
(Dec. 31)
Deposits in
insured banks
(in millions)
Percent
of
deposits
insured
Total
Insured 1
1962................................................
1961................................................
1960................................................
1959................................................
$297,548
281,304
260,495
247,589
$179,088
164,071
149,684
142,131
1958................................................
1957................................................
1956................................................
1955................................................
1954................................................
242,445
225,507
219,393
212,226
203,195
137,698
127,055
121,008
116,380
110,973
56.8
56.3
55.2
54.8
54.6
1953................................................
1952................................................
1951................................................
1950................................................
1949................................................
193,466
188,142
178.540
167,818
156,786
105,610
101,842
96,713
91,359
76,589
1948................................................
1947................................................
1946................................................
1945................................................
1944................................................
153,454
154,096
148,458
158,174
134,662
1943................................................
1942................................................
1941................................................
1940................................................
1939................................................
1938................................................
1937................................................
1936................................................
1935................................................
1934................................................
60 .2 %
58.3
57.5
57.4
Deposit
insurance
fund
(in
millions)
$2,502.0
2,35 3 .8
2 ,222.2
2,08 9 .8
Ratio of deposit
insurance fund to—
Total
deposits
Insured
deposits
.8 4 %
.84
.85
.84
1.4 0 %
1.43
1.48
1.47
1,965.4
1,850.5
1,742.1
1,639.6
1,542.7
.81
.82
.79
.77
.76
1.43
1.46
1.44
1.41
1.39
54.6
54.1
54.2
54.4
48.8
1,450.7
1,363.5
1,282.2
1,243.9
1,203.9
.75
.72
.72
.74
.77
1.37
1.34
1.33
1.36
1.57
75,320
76,254
73,759
67,021
56,398
49.1
49.5
49.7
42.4
41.9
1,065.9
1,006.1
1,058.5
929.2
804.3
.69
.65
.71
.59
.60
1.42
1.32
1.44
1.39
1.43
111,650
89,869
71,209
65,288
57,485
48,440
32,837
28,249
26,638
24,650
4 3.4
36.5
39.7
40.8
42.9
703.1
616.9
553.5
496.0
452.7
.63
.69
.78
.76
.79
1.45
1.88
1.96
1.86
1.84
50,791
48,228
50,281
45,125
40,060
23,121
22,557
22,330
20,158
18,075
45.5
4 6.8
44.4
44.7
45.1
420.5
383.1
343.4
306.0
333.0
.83
.79
.68
.68
.83
1.82
1.70
1.54
1.52
1.84
1
Figures estimated by applying to the deposits in the various types of account at the regular call
dates the percentages insured as determined from special reports secured from insured banks.
24
FEDERAL DEPOSIT IN SU R A N C E
T ab le 1 4 .
R eport
on
A u d it
Y
ear
of
E
F ederal D
n ded
CORPORATION
e po sit
I n s u r a n c e C orporation ,
J u n e 30, 1962
C O M P TR O LLE R G E N E R A L OF T H E U N IT E D STA TE S
W A S H IN G T O N 25
B - l 14831
December 18, 1962
To
Federal Deposit Insurance Corporation
The General Accounting Office has made an audit of the F E D E R A L D EPO SIT
IN S U R A N C E C O R PO R ATIO N , an independent Government agency, for the year
ended June 30, 1962, pursuant to section 17(b) of the Federal Deposit Insurance
Act (12 U S .C . 1827).
Our examination of the Corporation’s statement of financial condition as of June
30, 1962, and its related statements of income and deposit insurance fund and of
sources and uses of funds for the year then ended, was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of the
accounting records and such other auditing procedures as we considered necessary in
the circumstances and appropriate in view of the effectiveness of the system of in
ternal control and the work performed by the Corporation’s internal auditors.
The Corporation’s accumulated net income has been retained as a deposit insur
ance fund and is available for future deposit insurance losses. W e are unable to ex
press an opinion on the adequacy of the deposit insurance fund to meet future
losses because the amount that may be needed is dependent on future economic
conditions which cannot be accurately predicted.
In our opinion, subject to the comments in the preceding paragraph, the state
ment of financial condition (schedule 1), the statement of income and deposit
insurance fund (schedule 2), and the statement of sources and uses of funds (sched
ule 3) present fairly the financial position of the Federal Deposit Insurance Corpora
tion at June 30, 1962, and the results of its operations and the sources and application
of its funds for the year then ended, in conformity with generally accepted account
ing principles applied on a basis consistent with that of the preceding year and with
applicable Federal laws.
/ s / Jo s e p h C a m p b e l l
Comptroller General of the United States
F IN A N C E S OF T H E
Table 14.
25
CORPORATION
R eport on A udit of F ederal D eposit I nsurance C orporation,
Y ear E nded Ju n e 30, 1962— Continued
Schedule 1.
F ederal D eposit I n su ran ce C orporation,
S t atem en t of F in a n c ia l C o ndition , Ju n e 30, 1962
ASSETS
G ash............................................................................................................
U . S. Government obligations:
Securities at amortized cost (face value, $2,593,817,000;
market or redemption value, $2,520,824,120)...........................
Accrued interest receivable...............................................................
2,673,209
$2,579,012,709
17,314,295
Assets acquired in receivership and deposit assumption
transactions:
Subrogated claims of depositors against closed insured banks..
Net insured balances of depositors in closed insured banks, to
be subrogated when paid— see related liability........................
Loans to insured banks.......................................................................
Loan to receiver for closed insured bank.......................................
Equity in assets acquired under purchase agreements...............
Assets purchased outright.................................................................
2,596,327,004
3,352,530
212,400
957,777
95,000
3,395,845
141,704
8,155,256
6,059,000
Less reserve for losses.........................................................................
2,096,256
Miscellaneous assets............................................................................
Building site, planning, and construction costs (note 1) .. .
Furniture, fixtures, and equipm ent, cost $792,935.................
99,872
6,199,203
Total assets........................................................................
$2,607,395,545
1
LIABILITIES AN D DEPOSIT INSURANCE FUND (note 2)
Accounts payable and accrued liabilities..................................
Earnest m oney, escrow funds, and collections held for
others................................................................................................
Accrued annual leave of employees..............................................
Due insured banks (note 3):
Net assessment income and other credits available July 1, 1962.
Estimated amount available July 1, 1963, from net assessment
income for 6 months ended June 30, 1962................................
832,171
343,644
1,285,114
$
115,598,940
63,110,592
Net insured balances o f depositors in closed insured banks
— see related assets..........................................................................
Total liabilities.................................................................
178,709,532
212,400
181,382,861
Deposit insurance fund, accumulated income available for
future deposit insurance losses (schedule 2 and note 4 ).........
2,426,012,684
Total liabilities and deposit insurance fu n d ........
$2,607,395,545
The notes following schedule 3 are an integral part of this statement.
26
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
Table 14.
R eport o n A udit of F ederal D eposit I nsu ran ce C orporation,
Y ear E nded Ju n e 30, 1962— Continued
Schedule 2.
F ederal D eposit I nsu ran ce C orporation,
S tatem en t of I n c o m e and D eposit I nsu ran ce F u n d ,
Y ear E nded J u n e 30, 1962
Income:
Deposit insurance’ assessments (note 3):
Assessments becoming due in the year..........................
Less net assessment income credits due insured banks
$
195,829,260
121,241,183
Corporation’s share of adjustments of assessments for prior
years........................................................................................
$
74,588,077
104,106
74,692,183
Net income from U. S. Government securities.
Other income......................................................
78,425,342
7,654
Total income.
153,125,179
Expenses and losses:
Administrative and operating expenses:
Salaries and wages.........................................................
Civil Service retirement fund and F.I.C.A. payments
Travel expenses..............................................................
Rents and utilities..........................................................
Other expenses...............................................................
Provisions for reserve for insurance losses:
Applicable to fiscal year 1962..................................................
Less adjustments to provisions for reserve established in
prior years..............................................................................
9,179,571
584,136
2,568,867
523,300
572,021
712,000
(D)269,401
Other insurance expenses
Total expenses and losses
Net income— addition to the deposit insurance fund for
the year ended June 30, 1962..............................................
Deposit insurance fund July 1, 1961.......................................
Deposit insurance fund June 30, 1962 (note 4)
D— Deduct.
The notes following schedule 3 are an integral part of this statement.
13,427,895
442,599
101,266
13,971,760
139,153,419
2,286,859,265
$2,426,012,684
F IN A N C E S OF T H E
T a b le 1 4 .
27
CORPORATION
R eport o n A udit of F ederal D eposit I nsu ran ce C orporation,
Y ear E nded Ju n e 30, 1962— Continued
Schedule 3.
F ederal D eposit I n su ran ce C orporation,
S ta tem en t of Soukces and U ses of F u n d s ,
F iscal Y bar 1962
Funds provided by:
Net deposit insurance assessments.......................................................................................
Net income from U. S. Government securities, less accrued discount.........................
Maturities and sales of U. S. Government securities, exclusiv# of exchanges...........
Collections on assets acquired in receivership and deposit assumption transactions
Increase in net assessment credits due insured banks.....................................................
Total funds provided...............................................................................................
$ 74,692,183
72,128,428
511,667,384
2,941,726
20,541,288
$681, 971,009
Funds applied to:
Administrative and operating expenses and insurance expenses, net..........................
Acquisition of assets in receivership and deposit assumption transactions................
Construction costs of office building..................... ...............................................................
Purchases of U. S. Government securities, exclusive of exchanges..............................
Net change in other assets and liabilities............................................................................
$ 13,521,508
3,680,321
3,731,850
659,444,359
1,592,971
Total funds applied.................................................................................................
$681, 971,009
N otes to t h e F in a n c ia l S tatem en ts — Ju n e 30, 1962
1 The Corporation has acquired a building site in the District of Columbia on which construction
of its own office building is in process. Through June 30, 1962, expenditures totaled $1,598,175 for land
and $4,601,028 for the building. It is estimated that the completed building, exclusive of land, will cost
about $6.5 million and that it will be ready for occupancy early in 1963.
2 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant
to the Acts of August 5, 1947 (61 Stat. 773) and June 29, 1948 (62 Stat. 1092), with total interest pay
ments made thereon in 1950 and 1951, pursuant to the Act of September 21, 1950 (64 Stat. 873).
3 The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the Act of July 14, 1960
(74 Stat. 551), provides that effective with the credit to be computed on net assessment income for the
calendar year 1961, and calendar years thereafter, insured banks shall be allowed, against current semi
annual insurance assessments, pro rata credits totaling 66% percent of the net assessment income (as
defined by the Act) for the prior calendar year. Such credits become available on each following July
first for application to payment of subsequent assessments. Prior to this amendment, and since 1949,
insured banks were allowed pro rata credits totaling 60 percent of the Corporation’s net assessment
income. Net assessment income credits have been computed for the calendar year 1961 and estimated
for the first six months of calendar year 1962. These and other credits to insured banks are reported under
the caption “ Due Insured Banks.”
4 The deposit insurance fund of $2,426,012,684 at June 30, 1962, is available for future deposit
insurance losses and related expenses. The fund amounts to about 1.45 percent of insured deposits esti
mated at $167 billion. The law does not specify either the amount or the ratio of insured deposits to which
the insurance fund is to be accumulated. In addition to this fund, the Corporation is authorized to borrow
from the United States Treasury, and the Secretary of the Treasury is authorized and directed to loan
to the Corporation on such terms as may be fixed by the Corporation and the Secretary, not to exceed
three billion dollars outstanding at any one time, when in the judgment of the Board of Directors of the
Corporation such funds are required for insurance purposes. No borrowings have been made under
this authorization.
The Corporation, from its inception to June 30, 1962, has made disbursements of $359.7 million
in protecting depositors of 445 insured banks and in facilitating the termination of liquidations. Related
accumulated losses amount to $30.7 million, including estimated losses of $6 million on liquidations not
terminated at the close of the year ended June 30, 1962. Interest and allowable return amounting to
approximately $9 million, collected on funds advanced to 158 of the 445 closed insured banks, reduces
the potential loss of funds in connection with insurance transactions to $21.7 million. In 151 of these
cases, assets valued at approximately $8.6 million were returned for the benefit of the stockholders and
holders of capital obligations.
6
These statements do not include accountability for assets and liabilities of closed insured banks
acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic and
final accountability reports are furnished to the Courts, supervisory authorities, and others, as required.
PART TWO
LEGISLATION AND REGULATIONS
Fe d e r a l Le g is l a t io n
P u b lic L a w 87-588
8 7 th C o n g r e s s , S. 1771
A
ugust
15, 1962
AN ACT
To improve the usefulness of national bank branches in foreign countries.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That section 25 of the Federal Reserve Act,
as amended, is amended by adding the following new paragraph at the end thereof:
“Regulations issued by the Board of Governors of the Federal Reserve System
under this section, in addition to regulating powers which a foreign branch may
exercise under other provisions of law, may authorize such a foreign branch, sub
ject to such conditions and requirements as such regulations may prescribe, to
exercise such further powers as may be usual in connection with the transaction
of the business of banking in the places where such foreign branch shall transact
business. Such regulations shall not authorize a foreign branch to engage in the
general business of producing, distributing, buying or selling goods, wares, or mer
chandise; nor, except to such limited extent as the Board may deem to be neces
sary with respect to securities issued by any ‘foreign state’ as defined in section
25(b) of this Act, shall such regulations authorize a foreign branch to engage or
participate, directly or indirectly, in the business of underwriting, selling, or dis
tributing securities.”
Approved August 15, 1962.
P u b l ic L a w 87-717
8 7 th C o n g r e s s , H . R. 7796
S e p t e m b e r 28, 1962
AN ACT
To amend certain lending limitations on real estate and construction loans applicable to national
banks.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the fourth sentence of the first paragraph
of section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended to read as
follows: “No such association shall make such loans in an aggregate sum in excess
of the amount of the capital stock of such association paid in and unimpaired plus
the amount of its unimpaired surplus fund, or in excess of 70 per centum of the
amount of its time and savings deposits, whichever is the greater.”
S e c . 2. The first sentence of the third paragraph of section 24 of the Federal Re
serve Act (12 U.S.C. 371) is amended to read as follows:
“Loans made to finance the construction of industrial or commercial buildings
and having maturities of not to exceed eighteen months where there is a valid
and binding agreement entered into by a financially responsible lender to advance
the full amount of the bank’s loan upon completion of the buildings and loans
made to finance the construction of residential or farm buildings and having maturi
ties of not to exceed eighteen months, shall not be considered as loans secured by
real estate within the meaning of this section but shall be classed as ordinary com
mercial loans whether or not secured by a mortgage or similar lien on the real
estate upon which the building or buildings are being constructed: Provided, That
no national banking association shall invest in, or be liable on, any such loans in
31
32
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
an aggregate amount in excess of 100 per centum of its actually paid-in and un
impaired capital plus 100 per centum of its unimpaired surplus fund.”
Approved September 28, 1962.
P ublic L a w 87-721
8 7 th C ongress, H . R. 12899
S eptember 28, 1962
AN ACT
To amend section 5155 of the Revised Statutes relating to bank branches which may be retained
upon conversion or consolidation or merger.
Be it enacted by the Senate and House oj Representatives of the United States
of America in Congress assembled, That subsection (b) of section 5155 of the Re
vised Statutes, as amended (12 U.S.C. 36), is amended to read as follows:
“ (b )(1) A national bank resulting from the conversion of a State bank may re
tain and operate as a branch any office which was a branch of the State bank
immediately prior to conversion if such office—
“ (A ) might be established under subsection (c) of this section as a new
branch of the resulting national bank, and is approved by the Comptroller of
the Currency for continued operation as a branch of the resulting national
bank:
“ (B) was a branch of any bank on February 25, 1927; or
“ (C) is approved by the Comptroller of the Currency for continued opera
tion as a branch of the resulting national bank.
The Comptroller of the Currency may not grant approval under clause (C ) of this
paragraph if a State bank (in a situation identical to that of the national bank)
resulting from the conversion of a national bank would be prohibited by the law
of such State from retaining and operating as a branch an identically situated
office which was a branch of the national bank immediately prior to conversion.
“ (2) A national bank (referred to in this paragraph as the ‘resulting bank’), re
sulting from the consolidation of a national bank (referred to in this paragraph
as the ‘national bank’) under whose charter the consolidation is effected with
another bank or banks, may retain and operate as a branch any office which, im
mediately prior to such consolidation, was in operation as—
“ (A) a main office or branch office of any bank (other than the national
bank) participating in the consolidation if, under subsection (c) of this sec
tion, it might be established as a new branch of the resulting bank, and if
the Comptroller of the Currency approves of its continued operation after the
consolidation;
“ (B) a branch of any bank participating in the consolidation, and which,
on February 25, 1927, was in operation as a branch of any bank; or
“ (C) a branch of the national bank and which, on February 25, 1927, was
not in operation as a branch of any bank, if the Comptroller of the Currency
approves of its continued operation after the consolidation.
The Comptroller of the Currency may not grant approval under clause (C ) of
this paragraph if a State bank (in a situation identical to that of the resulting
national bank) resulting from the consolidation into a State bank of another bank
or banks would be prohibited by the law of such State from retaining and operat
ing as a branch an identically situated office which was a branch of the State bank
immediately prior to consolidation.
“ (3) As used in this subsection, the term ‘consolidation’ includes a merger.”
Approved September 28, 1962.
FEDERAL LEGISLATION
33
P u b lic L a w 87-722
8 7 th C o n g r e s s , H. R. 12577
S e p te m b e r 28, 1962
AN ACT
To place authority over the trust powers of national banks in the Comptroller of the Currency.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That (a) the Comptroller of the Currency shall
be authorized and empowered to grant by special permit to national banks apply
ing therefor, when not in contravention of State or local law, the right to act as
trustees, executor, administrator, registrar of stocks and bonds, guardian of estates,
assignee, receiver, committee of estates of lunatics, or in any other fiduciary capac
ity in which State banks, trust companies, or other corporations which come into
competition with national banks are permitted to act under the laws of the State
in which the national bank is located.
(b) Whenever the laws of such State authorize or permit the exercise of any
or all of the foregoing powers by State banks, trust companies, or other corpora
tions which compete with national banks, the granting to and the exercise of such
powers by national banks shall not be deemed to be in contravention of State
or local law within the meaning of this Act.
(c) National banks exercising any or all of the powers enumerating1 in this sec
tion shall segregate all assets held in any fiduciary capacity from the general assets
of the bank and shall keep a separate set of books and records showing in proper
detail all transactions engaged in under authority of this section. The State bank
ing authorities may have access to reports of examination made by the Comp
troller of the Currency insofar as such reports relate to the trust department of
such bank, but nothing in this Act shall be construed as authorizing the State
banking authorities to examine the books, records, and assets of such bank.
(d) No national bank shall receive in its trust department deposits of current
funds subject to check or the deposit of checks, drafts, bills of exchange, or other
items for collection or exchange purposes. Funds deposited or held in trust by
the bank awaiting investment shall be carried in a separate account and shall not
be used by the bank in the conduct of its business unless it shall first set aside
in the trust department United States bonds or other securities approved by the
Comptroller of the Currency.
(e) In the event of the failure of such bank the owners of the funds held in
trust for investment shall have a lien on the bonds or other securities so set apart
in addition to their claim against the estate of the bank.
(f) Whenever the laws of a State require corporations acting in a fiduciary ca
pacity to deposit securities with the State authorities for the protection of private
or court trusts, national banks so acting shall be required to make similar de
posits and securities so deposited shall be held for the protection of private or
court trusts, as provided by the State law. National banks in such cases shall not
be required to execute the bond usually required of individuals if State corpora
tions under similar circumstances are exempt from this requirement. National
banks shall have power to execute such bond when so required by the laws of the
State.
(g) In any case in which the laws of a State require that a corporation acting
as trustee, executor, administrator, or in any capacity specified in this section,
shall take an oath or make an affidavit, the president, vice president, cashier, or
trust officer of such national bank may take the necessary oath or execute the
necessary affidavit.
1 So in original.
34
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
(h) It shall be unlawful for any national banking association to lend any officer,
director, or employee any funds held in trust under the powers conferred by this
section. Any officer, director, or employee making such loan, or to whom such
loan is made, may be fined not more than $5,000, or imprisoned not more than
five years, or may be both fined and imprisoned, in the discretion of the court.
(i) In passing upon applications for permission to exercise the powers enumer
ated in this section, the Comptroller of the Currency may take into consideration
the amount of capital and surplus of the applying bank, whether or not such capi
tal and surplus is sufficient under the circumstances of the case, the needs of the
community to be served, and any other facts and circumstances that seem to him
proper, and may grant or refuse the application accordingly: Provided, That no
permit shall be issued to any national banking association having a capital and
surplus less than the capital and surplus required by State law of State banks,
trust companies, and corporations exercising such powers.
( j) Any national banking association desiring to surrender its right to exercise
the powers granted under this section, in order to relieve itself of the necessity
of complying with the requirements of this section, or to have returned to it any
securities which it may have deposited with the State authorities for the protec
tion of private or court trusts, or for any other purpose, may file with the Comp
troller of the Currency a certified copy of a resolution of its board of directors
signifying such desire. Upon receipt of such resolution, the Comptroller of the
Currency, after satisfying himself that such bank has been relieved in accordance
with State law of all duties as trustee, executory,1 administrator, registrar of stocks
and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics
or other fiduciary, under court, private, or other appointments previously accepted
under authority of this section, may, in his discretion, issue to such bank a cer
tificate certifying that such bank is no longer authorized to exercise the powers
granted by this section. Upon the issuance of such a certificate by the Comptroller
of the Currency, such bank (1) shall no longer be subject to the provisions of
this section or the regulations of the Comptroller of the Currency made pursuant
thereto, (2) shall be entitled to have returned to it any securities which it may
have deposited with the State authorities for the protection of private or court
trusts, and (3) shall not exercise thereafter any of the powers granted by this
section without first applying for and obtaining a new permit to exercise such
powers pursuant to the provisions of this section. The Comptroller of the Cur
rency is authorized and empowered to promulgate such regulations as he may
deem necessary to enforce compliance with the provisions of this section and the
proper exercise of the powers granted therein.
Sec . 2. Nothing contained in this Act shall be deemed to affect or curtail the
right of any national bank to act in fiduciary capacities under a permit granted
before the date of enactment of this Act by the Board of Governors of the Fed
eral Reserve System, nor to affect the validity of any transactions entered into
at any time by any national bank pursuant to such permit. On and after the
date of enactment of this Act the exercise of fiduciary powers by national banks
shall be subject to the provisions of this Act and the requirements of regulations
issued by the Comptroller of the Currency pursuant to the authority granted by
this Act.
S ec . 3. Subsection (k) of section 11 of the Federal Reserve Act (12 U.S.C. 248(k))
is repealed.
S ec . 4. Paragraph (2) of subsection (a) of section 584 of the Internal Revenue
Code of 1954 is amended by inserting “ or the Comptroller of the Currency” im
mediately after “the Board of Governors of the Federal Reserve System.”
1 So in original.
FEDERAL LEGISLATION
35
S e c . 5. Section 581 of the Internal Revenue Code of 1954 is amended by striking
out “section 11 (k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 24 8(k ))”,
and inserting in lieu thereof “authority of the Comptroller of the Currency.”
Approved September 28, 1962.
P ub lic L a w 87-827
8 7 th C o n g r e s s , H . R . 12080
O ctober 15, 1962
AN ACT
To permit domestic banks to pay interest on time deposits of foreign governments at rates differing
from those applicable to domestic depositors.
Be it enacted by the Senate and House oj Representatives of the United States
of America in Congress assembled, That the fourteenth paragraph of section 19
of the Federal Reserve Act (12 U.S.C. 371b) is amended by adding at the end
thereof the following sentence: “ During the period commencing on the effective
date of this sentence and ending upon the expiration of three years after such
date, the provisions of this paragraph shall not apply to the rate of interest which
may be paid by member banks on time deposits of foreign governments, monetary
and financial authorities of foreign governments when acting as such, or inter
national financial institutions of which the United States is a m ember”
S e c . 2. Subsection (g) of section 18 of the Federal Deposit Insurance Act (12
U.S.C. 1828(g)) is amended by adding at the end thereof the following sentence:
“During the period commencing on the effective date of this sentence and ending
upon the expiration of three years after such date, the provisions of this sub
section shall not apply to the rate of interest which may be paid by insured non
member banks on time deposits of foreign governments, monetary and financial
authorities of foreign governments when acting as such, or international financial
institutions of which the United States is a member.”
Approved October 15, 1962.
P u b l ic L a w 87-856
8 7 th C o n g r e s s , H . R . 8874
O ctober 23, 1962
AN ACT
To authorize certain banks to invest in corporations whose purpose is to provide clerical services
for them, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That for the purposes of this Act—
(a) The term “Federal supervisory agency” means the Comptroller of the Cur
rency, the Board of Governors of the Federal Reserve System, or the Board of
Directors of the Federal Deposit Insurance Corporation.
(b) The term “bank services” means services such as check and deposit sort
ing and posting, computation and posting of interest and other credits and charges,
preparation and mailing of checks, statements, notices, and similar items, or any
other clerical, bookkeeping, accounting, statistical, or similar functions performed
for a bank.
(c) The term “bank service corporation” means a corporation organized to per
form bank services for two or more banks, each of which owns part of the capital
stock of such corporation, and at least one of which is subject to examination by
a Federal supervisory agency.
36
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
(cl) The term “invest” includes any advance of funds to a bank service cor
poration, whether by the purchase of stock, the making of a loan, or otherwise,
except a payment for rent earned, goods sold and delivered, or services rendered
prior to the making of such payment.
Sec. 2. (a) No limitation or prohibition otherwise imposed by any provision of
Federal law exclusively relating to banks shall prevent any two or more banks
from investing not more than 10 per centum of the paid-in and unimpaired capi
tal and unimpaired surplus of each of them in a bank service corporation.
(b) If stock in a bank service corporation has been held by two banks, and
one of such banks ceases to utilize the services of the corporation and ceases to
hold stock in it, and leaves the other as the sole stockholding bank, the corpora
tion may nevertheless continue to function as such and the other bank may con
tinue to hold stock in it.
Sec. 3. Whenever a bank (referred to in this section as an “ applying bank”) sub
ject to examination by a Federal supervisory agency applies for a type of bank
services for itself from a bank service corporation which supplies the same type
of bank services to another bank, and the applying bank is competitive with any
bank (referred to in this section as a “stockholding bank” ) which holds stock
in such corporation, the corporation must offer to supply such services by either—
(1) issuing stock to the applying bank and furnishing bank services to it
on the same basis as to the other banks holding stock in the corporation, or
(2) furnishing bank services to the applying bank at rates no higher than
necessary to fairly reflect the cost of such services, including the reasonable
cost of the capital provided to the corporation by its stockholders,
at the corporation’s option, unless comparable services at competitive overall cost
are available to the applying bank from another source, or unless the furnishing
of the services sought by the applying bank would be beyond the practical capacity
of the corporation. In any action or proceeding to enforce the duty imposed by
this section, or for damages for the breach thereof, the burden shall be upon the
bank service corporation to show such availability.
Sec. 4. N o bank service corporation may engage in any activity other than the
performance of bank services for banks.
Sec. 5. (a) No bank subject to examination by a Federal supervisory agency
may cause to be performed, by contractor or otherwise, any bank services for itself,
whether on or off its premises, unless assurances satisfactory to the agency pre
scribed in subsection (b) of this section are furnished to such agency by both
the bank and the party performing such services that the performance thereof
will be subject to regulation and examination by such agency to the same extent
as if such services were being performed by the bank itself on its own premises.
(b)
The assurances required by subsection (a) of this section shall be given, in
the case of—
(1) a national banking association or a bank operating under the code of
laws for the District of Columbia, to the Comptroller of the Currency;
(2) a bank (other than a bank described in paragraph (1)) which is a mem
ber of the Federal Reserve System, to the Board of Governors of the Fed
eral Reserve System; and
(3) a bank (other than a bank described in paragraph (1) or (2)) whose de
posits are insured by the Federal Deposit Insurance Corporation, to the Board
of Directors of the Federal Deposit Insurance Corporation.
Approved October 23, 1962.
R ULES A N D R EGU LATIONS OF T H E
R ules
and
R e g u l a t io n s
of
37
CORPORATION
Co r p o r a t io n
the
TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE
CORPORATION
P a r t 329 - P a y m e n t o f D e p o s i t s a n d I n t e r e s t T h e r e o n
B y In su red N onm em ber B anks
§329.3 M
a x im u m
R ate
of
I nterest
on
T
im e and
S a v in g s D
epo sit s
(a) Maximum rate prescribed from time to time. Except in accordance with the
provisions of this part, no insured nonmember bank shall pay interest on any
time deposit or savings deposit in any manner, directly or indirectly, or by any
method, practice, or device whatsoever. No insured nonmember bank shall pay
interest on any time deposit or savings deposit at a rate in excess of such appli
cable maximum rate as the Board of Directors of the Federal Deposit Insurance
Corporation shall prescribe from time to time; and any rate or rates which may
be so prescribed by the Board will be set forth in supplements to this part (see
§329.6), which will be issued in advance of the date upon which such rate or
rates become effective. During the period commencing October 15, 1962, and end
ing upon the expiration of three years after such date, the provisions of this sub
section shall not apply to the rate of interest which may be paid by insured
nonmember banks on time deposits of foreign governments, monetary and financial
authorities fo r1 foreign governments when acting as such or international financial
institutions of which the United States is a member.
[Codification; last sentence added October 15, 1962, 27 F.R. 10251, Oct. 19, 1962]
I n t e r p r e t a t io n s : F oreign T
im e
D
eposits
Interest on Time Deposits of Bank for International Settlements.
The opinion of the Board of Directors has been requested as to whether time
deposits of the Bank for International Settlements with insured State nonmember
banks would be exempted from interest rate limitations under Public Law 87-827,
approved October 15, 1962, amending subsection (g) of section 18 of the Federal
Deposit Insurance Act. Considering the general purposes of Public Law 87-827 and
the nature of the organization and functions of the Bank for International Settle
ments, the Board has concluded that the phrase “monetary and financial authori
ties of foreign governments” as used in Public Law 87-827 includes the Bank for
International Settlements and that, therefore, time deposits of the Bank for Inter
national Settlements, when acting in such capacity, are within the provisions of
Public Law 87-827. (Sec. 9, 64 Stat. 881; 12 U.S.C. 1819.) Interprets or applies
§ 18, 64 Stat. 891; 12 U.S.C. 1828; 76 Stat. 953.
[F.R. Doc. 62-11741; Filed, Nov. 29, 1962; 8:48 a.m.; 27 F.R. 11798]
Interest Rate on Time Deposits of Foreign Central Banks Transferred to Other
Persons or Organizations.
As amended by the Act of October 15, 1962, section 18(g) of the Federal Deposit
Insurance Act exempts, for a period of three years, “time deposits of foreign gov
ernments, monetary and financial authorities of foreign governments when acting
as such, or international financial institutions of which the United States is a
member” from the limitations prescribed by the Board of Directors pursuant to
that section on the rates of interest payable by insured nonmember banks on time
deposits.
1 So in original.
38
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
The question has been raised whether the exemption provided by this amend
ment applies to a certificate of deposit issued to a foreign central bank or other
qualified foreign institution where the certificate is thereafter transferred to an
individual or “nonqualified” institution prior to its maturity.
Even though the certificate may have been issued in negotiable form, the law
prohibits payment by an insured nonmember bank of interest at a rate in excess
of that prescribed by the Board of Directors, unless the certificate represents a
“deposit of” an institution of a kind described in the amendment of October 15,
1962; and the certificate ceases to represent such a deposit if it is transferred to
an individual or to an institution of a kind not described in the amendment. To
regard such a certificate as falling within the exception provided by the October
15 amendment would, in the Board of Directors’ judgment, be inconsistent with
the intent and purposes of the amendment.
Accordingly, it is the opinion of the Board of Directors that in such a case
the depository insured nonmember bank may not pay interest at a rate exceed
ing the applicable maximum permissible rate under Part 329 prevailing at the
date of issue of the certificate for private investors, i.e., individuals and non
qualified institutions. In order to avoid misunderstanding on the part of private
investors, it is suggested that the bank include in such certificates an appropriate
provision regarding th* rate of interest payable to such investors. (Sec. 9, 64 Stat.
881; 12 U.S.C. 1819.) Interprets or applies §18, 64 Stat, 891; 12 U.S.C. 1828; 76
Stat. 953.
[F.R. Doc. 62-11742; Filed, Nov. 29, 1962; 8:48 a.m.; F.R. 11798]
St a t e B a n k i n g L e g is l a t io n
In 1962, the legislatures of twenty-one states held regular sessions and seven held
special sessions. Some of the more important state banking legislation enacted in
1962 is summarized below.
SUPERVISORY AUTHORITY
Bank examination fees........................................Alaska ( H 3 . 285); Colorado (H.B. 5)
Semiannual assessments............................................................................. Louisiana (Act 131)
Chartering of State banks and examination fees............................... Maryland (Ch. 45)
Definition of terms in laws relating to financial institutions... .Michigan (P.A. 180)
Authority to regulate closing hour*.. .Mississippi (S.B. 1545); Kentucky (S.B. 77)
Authority to permit drive-in facilities..........................................Mississippi (S.B. 1674)
Emergency regulatory powers................................................................. New Jersey (Ch. 43)
Extension of time to act upon certain applications....................... New York (Ch. 682)
ORGANIZATION AND CHARTER CHANGE
Division of capital stock and conversion of National banks into State banks............
........................................................................................................................... Alaska (H.B. 326)
Minimum surplus requirements...............................................................Kentucky (S.B. 75)
Minimum par value and classes of bank stock........................... New Jersey (Ch. 145)
Branches of industrial banks.................................................................New York (Ch. 517)
Branch banking.................................. Kentucky (H.B. 247); Virginia (Ch. 371 and 404)
GENERAL OPERATING PROVISIONS
Increase of savings bank board of investment membership. .Massachusetts (Ch. 74)
STATE B A N K IN G
LEGISLATION
39
Insurance premiums relating to educational savings programs........................................
...............................................................................................................Massachusetts (Ch. 339)
Taxation of banking companies.................................................... Massachusetts (Ch. 613)
Elimination of bond requirement on foreign banking corporations................................
................................................................................................................... Mississippi (H.B. 212)
Additional powers granted State banks..........................................New Jersey (Ch. 219)
Remedies of a warehouseman available to safe deposit business....................................
......................................................................................................................... New York (Ch. 52)
Designation and eligibility of reserve depositaries....................... New York (Ch. 671)
DEPOSITS
Interest on legal investments and deposits..................................... Colorado (H.B. 34)
Disposition of unclaimed property.................................................... Kentucky (S.B. 218)
Allocation of public deposits.................................................................Louisiana (Act 424)
Variable rates of interest on savings deposits....................... Massachusetts (Ch. 105)
Definition of deposit book or passbook..................................... Massachusetts (Ch. 151)
Authorization of new type of deposit accounts....................... Massachusetts (Ch. 169)
Savings deposit passbook requirements................................................ Michigan (P.A. 44)
Deposit of hospital emergency reserve fund............................... Mississippi (H.B. 305)
Repayment of deposits of savings banks............................................New York (Ch. 56)
Escheat of inactive accounts...............................................................Texas (H.B. 1 -X X X )
Payment of bank balances to next of kin............................................Virginia (Ch. 173)
Instalment loans.............................................. Arizona (H.B. 210); Kentucky (S.B. 100);
...............................................................New York (Ch. 209); Rhode Island (H.B. 1545)
Interest on home mortgage loans................................................Massachusetts (Ch. 286)
Rebate on instalment sales contract............................................Massachusetts (Ch. 293)
Increased real estate taxes aid to mortgagors......................... Massachusetts (Ch. 332)
Anticipatory repayment of notes secured by real estate mortgage.................................
...............................................................................................................Massachusetts (Ch. 551)
First mortgage loans on real estate.................................................... Michigan (P.A. 118)
Loans pursuant to National Housing A ct........................................New York (Ch. 242)
Minimum interest charges.....................................................................New York (Ch. 642)
Refunds of fines on personal loans.........................................................New York (Ch. 496)
Limitations on deposits in savings banks........................................New York (Ch. 738)
Interest and charges on instalment loans........................... South Carolina (H.B. 2028)
Loan participation with agency of the United States. .South Carolina (H.B. 2206)
Nonapplicability of limitations on certain loans............ South Carolina (H.B. 2305)
Loans secured by real estate.............................................................. Texas (H.B. 8 1 -X X X )
Home improvement loans not considered loans secured by real estate.........................
........................................................................................................................... Virginia (Ch. 267)
INVESTMENTS
Legal investments for savings banks............................................................................................
........................................................ Alabama (H.B. 1 6 1 -X X ); Massachusetts (Ch. 208)
Legal investments..................................... Mississippi (H.B. 154); New Jersey (Ch. 60)
Investment in mortgage loans by savings banks.......................New Jersey (Ch. 227)
Small business Investment Companies........ Georgia (Act 587); Maryland (Ch. 12);
.............................................................. Massachusetts (Ch. 238); Mississippi (H.B. 586)
40
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
Real estate mortgage loans made or acquired by savings banks......................................
.................................................................................................................Massachusetts (Ch. 50)
Investment in banking quarters.................................................... Massachusetts (Ch. 80)
Investment in bank service corporations....................................................................................
.................................................... Massachusetts (Ch. 460); South Carolina (H.B. 2317)
Savings bank investing in mortgages on leasehold estates........ New York (Ch. 516)
Investments of public pension funds.................................................. New York (Ch. 675)
Limitation upon power to make loans or investments...............New York (Ch. 410)
Investment of deposits.................................................................Rhode Island (H.B. 1561)
Investments and limitations thereon........................................................ Virginia (Ch. 38)
Membership in industrial development corporations.......................Virginia (Ch. 159)
Investments in own bank stock or stock of other corporations. .. .Virginia (Ch. 564)
RESERVES
Cash reserve requirements. . . .
.........................
....M ississippi (S.B. 1571)
TRUST ACTIVITIES
Common trust funds................................. Kentucky (S.B. 76 ); New Jersey (Ch. 104)
Legal Investments for fiduciaries.......................................................... Kentucky (S.B. 74)
Regulation of trust estates.......................................................................Louisiana (Act 44)
Legal investments of trust funds................................................Massachusetts (Ch. 257)
Definition of trust income............................................................ Massachusetts (Ch. 481)
Investment trusts................................................................................... Mississippi (S.B. 1698)
Express trusts..............................................................................................New York (Ch. 145)
Investment powers...................................................................New York (Ch. 292 and 453)
Real estate investment trusts.....................................................................Virginia (Ch. 484)
CHECKS AND COLLECTIONS
Bad check law. .Georgia (Act 880); South Carolina (H.B. 2642); Virginia (Ch. 614)
Presentation for payment........................................................................... Virginia (Ch. 268)
Checks drawn on insufficient funds........................................................ Virginia (Ch. 613)
DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES
As notaries public........................................................................................... Georgia (Act 622)
Qualification of savings banks trustee....................................... Massachusetts (Ch. 163)
Forfeiture of office for failure to attend meetings or duties... .New York (Ch. 32)
Limitation on loans to directors and officers.......................South Carolina (S.B. 512)
MISCELLANEOUS
Corporate ownership of bank shares........................................................ Alaska (H.B. 292)
Mutual Savings Bank A c t...........................................................................Alaska (H.B. 376)
Bank Holding Companies.........................................................................Louisiana (Act 275)
Inspection of banks by shareholders.................................................... Louisiana (Act 442)
Uniform Gift to Minors A c t....................... Maryland (Ch. 113); Michigan (P A . 31)
Uniform Commercial Code............................... Alaska (H.B. 120); Georgia (Act 713);
....................................................................... Kentucky (S.B. 146); Michigan (P.A. 174);
........................................New Jersey (Ch. 203 and 218); New York (Ch. 552 and 553)
Defining inland and foreign bills of exchange....................................Louisiana (Act 86)
STATE B A N K IN G
LEGISLATION
41
Shareholders in the Savings Bank Investment Fund.......... Massachusetts (Ch. 208)
Subordination of liens required by veterans’ agents.......... Massachusetts (Ch. 469)
Regulation of securities........................................................................... Michigan (P.A. 157)
Appointment as insurance agent or broker prohibited...............New York (Ch. 43)
Interest on obligations of municipality, school district or district corporation..........
.......................................................................................................................New York (Ch. 473)
Transfer and pledging of shares of stock and rights of corporations...........................
....................................................................................................................... New York (Ch. 839)
Tax reports.................................................................................................. New York (Ch. 1012)
Taxation hearing............................................................................. Rhode Island (H.B. 1287)
Powers of attorney..........................................................................................Virginia (Ch. 464)
PART THREE
BANKING DEVELOPMENTS
S u p e r v is o r y S t a t u s
of
B anks
Under existing Federal law all banks of deposit in the United States
are required to be subjected to examination and regulation under the
laws of the United States, or subjected to examination and regulation
(or to submit to such examination and to publication of reports of
condition) by the banking authority of the State, Territory, or District
in which the bank is located.1
Table 15.
C la ss ific a tio n o f B a n k s According to Supervisory S ta tu s and
F ederal D eposit In s u ra n c e P articipation, December 31, 1962
Commercial banks
and trust
companies 1
All banks
Mutual
savings
banks
Supervisory status
Number of banks and trust
companies— total........
Banks of deposit.............
Examined by and report
ing t o :2
Comptroller of the
Currency *.....................
State authorities and
Federal Reserve
banks *...........................
State authorities and
Federal Deposit In
surance Corporation 5.
State authorities only 6. .
Trust companies not
regularly engaged in
deposit banking 7........
Insured
Non
insured
315
331
181
265
331
181
Insured
f Non
insured
Insured
^Non
insured
13,951
13,455
496
13,124
13,901
13,455
446
13,124
4,510
4,510
4,510
1,538
1,538
1,538
7,407
446
7,407
Total
331
7,076
50
446
265
50
50
181
Percentage insured and
noninsured:
All banks and trust com
panies .................................
Banks of deposit..................
Trust companies not regu
larly engaged in deposit
banking..............................
100.0%
100.0
96.4%
96.8
3.6%
3.2
100.0
100.0
97.7%
98.0
2.3%
2.0
64.6%
64.6
35.4%
35.4
100.0
1Includes stock savings banks.
2 Classification relates to regular examination and periodic submission of reports of condition
(assets and liabilities).
8 Includes all national banks and 7 nonnational banks in the District of Columbia; of the latter,
4 are members of the Federal Reserve System.
4
Includes all State banks that are members of the Federal Reserve System except 4 commercial
banks in the District of Columbia and 2 noninsured trust companies.
6 Includes all insured banks not members of the Federal Reserve System except 3 in the District
of Columbia.
*
Includes 9 branches of foreign banks located in 3 States and Puerto Rico. Financial statements
from 5 branches of foreign banks are not available to the Federal Deposit Insurance Corporation. Also
includes 78 unincorporated banks located in 7 States. Unincorporated banks in 3 of these States (Georgia,
Iowa, and Texas) are not examined by the State authorities, and do not submit detailed periodic condi
tion reports to the State authorities. Financial statements of 24 unincorporated banks were not available
to the Corporation at the close of 1962.
7 Subject to supervision by State authorities only except for 2 which are members of the Federal
Reserve System but not insured by the Corporation. Excludes institutions chartered under banking
or trust company laws, but operating as investment or title insurance companies and not engaged in
deposit banking nor fiduciary activities.
1 United States Code, Title 12, Section 378.
45
46
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
State-chartered banks that are members of the Federal Reserve Sys
tem are also examined by and submit periodic reports of condition to
the Federal Reserve authorities. Those participating in Federal deposit
insurance without becoming members of the Federal Reserve System are
examined by and submit reports of condition to the Federal Deposit
Insurance Corporation.
Table 16 .
A ssets of B a n k s C lassified A ccording to S upervisory S tatus and
F ederal D eposit I n su ran ce P articipation , D ecember 28, 1962
Commercial banks
and trust
companies
All banks
Mutual
savings
banks
Supervisory status 1
Total
Assets of banks and trust
companies (in mil
lions)— total................. $344,282
Banks of deposit.............
Examined by and report
ing to:
Comptroller of the
Currency.....................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In
surance Corporation. .
State authorities on ly.. .
Trust companies not
regularly engaged in
deposit banking..........
Insured
Non
insured
Insured
Non
insured
Insured
Non
insured
$335,934
$8,348
$295,983
$2,214
$39,951
$6,134
344,023
335,934
8,089
295,983
1,954
39,951
6,134
161,539
161,539
161,539
88,143
88,143
88,143
86,252
8,089
86,252
259
46,301
39,951
8,089
1,954
259
259
6,134
Percentage in insured and
noninsured banks:
All banks and trust com
panies .................................
Banks of deposit.................
Trust companies not regu
larly engaged in deposit
banking..............................
100.0%
100.0
100.0
97.6%
97.6
2.4%
2.4
100.0
99.3%
99.3
.7%
.7
86.7%
86.7
13.3%
13.3
100.0
1 See notes to Table 15.
Note: Due to rounding, components may not add to total.
Number of banks classified by supervisory status. At the end of
1962 there were 13,951 banks and trust companies operating in the
United States (including the States and other areas). Of these, 4,503 or
32 percent were national banks incorporated under Federal law. National
banks, and all other banks located in the District of Columbia, seven in
number, are examined by and report to the Comptroller of the Currency;
all participate in Federal deposit insurance.
More than two-thirds of the banks and trust companies in the United
States are subject to examination by, and are required by law to submit
reports of condition to, State banking authorities. These may be classi
fied into three groups: (1) those that are also examined by and submit
47
SUPERVISORY STATU S OF B A N K S
reports to Federal Reserve authorities and participate in Federal deposit
insurance, comprising 11 percent of all the banks and trust companies
in the Nation; (2) other State-chartered banks that participate in Fed
eral deposit insurance and are examined by and submit reports of condi
tion to the Federal Deposit Insurance Corporation, comprising 53
percent of all banks and trust companies in the entire United States;
and (3) those that do not participate in Federal deposit insurance and
are subject to examination and supervision by State banking authorities
only, comprising less than 4 percent of all banks and trust companies.
Some of the banks in the last group are unincorporated, and of these some
are not actually examined by, and some do not submit detailed reports
of condition to, the State authorities. Two State-chartered trust com
panies do not fall into the above classifications, as they are members of
the Federal Reserve System but do not participate in deposit insurance.
The number of banks and trust companies operating on December 31,
1962, classified by the supervisory authority or authorities to which
they are subject and by their participation in Federal deposit insurance,
are shown in Table 15.
Table 17.
D eposits o f B a n k s C la ssifie d According to Supervisory S ta tu s and
Federal D eposit In s u ra n c e P articipation, December 28, 1962
Commercial banks
and trust
companies
All banks
Supervisory status 1
Total
Deposits of banks and
trust companies (in
millions)— total........... $304,591
Banks of deposit.............
Examined by and report
ing to:
Comptroller of the
Currency.......................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In
surance Corporation. .
State authorities only.. .
Trust companies not
regularly engaged in
deposit banking..........
Mutual
savings
banks
Insured
Non
insured
Insured
#Non
insured
Insured
Non
insured
$297,548
$7,044
$261,444
$1,616
$36,104
$5,427
304,497
297,548
6,950
261,444
1,522
36,104
5,427
143,626
143,626
143,626
76,029
76,029
76,029
77,893
6,950
77,893
94
36,104
41,789
6,950
1,522
94
94
5,427
Percentage in insured and
noninsured banks:
All banks and trust com
panies..................................
Banks of deposit..................
Trust companies not regu
larly engaged in deposit
banking..............................
100.0%
100.0
100.0
97.7%
97.7
2.3%
2.3
100.0
1 See notes to Table 15.
Note: Due to rounding, components may not add to total.
99.4%
99.4
.6%
.6
100.0
86.9%
86.9
13.1%
13.1
48
FEDERAL DEPOSIT IN SU R A N C E CORPORATION
Assets, deposits, and capital of banks classified according to
supervisory status. Under an agreement between the Bureau of the
Budget and the three Federal bank supervisory agencies the Federal
Deposit Insurance Corporation has responsibility for tabulating the
assets and liabilities of all banks and trust companies in the United
States, combining the data which banks are required to submit to the
three agencies, and adding data pertaining to banks and trust companies
subject to supervision by State authorities only. The Corporation ob
tains information regarding the latter group of banks primarily from
the State banking authorities, but in the case of some of the private
banks receives statements submitted voluntarily by the banks them
selves or makes use of statements published in bankers’ directories.
Table 18. R atios o f C a p ital A c c o u n ts to A s s e ts o f B a n k s o f Deposit
C la ssifie d According to Supervisory S ta tu s and Federal D eposit In su ra n ce
P articipation, December 28, 1962
All banks of deposit
Commercial banks
and trust
companies
Mutual
savings
banks
Supervisory status 1
Total
All banks of deposit...........
Examined by and report
ing to:
Comptroller of the
Currency.......................
State authorities and
Federal Reserve banks.
State authorities and
Federal Deposit In
surance Corporation. .
State authorities only
Insured
Non
insured
Insured
8.0%
8.1%
8.1%
7.9
7.9
7.9
8.0
8.0
8.0
8.4
8.4
10.9
10.9%
^Non
insured
14.0%
8.4
10.9
Insured
Non
insured
8.4%
9.9%
8.4
14.0
9.9
1 See notes to Table 15.
Table 16 shows the assets, and Table 17 the deposits, of banks and
trust companies classified by supervisory status and by participation in
Federal deposit insurance on December 28, 1962.1 Almost 98 percent of
the assets, and an equal percentage of the deposits, of all banks and
trust companies were held by banks participating in Federal deposit
insurance. Of the total assets and deposits, 47 percent were held by banks
examined by and reporting to the Comptroller of the Currency. State
banks that are members of the Federal Reserve System held 26 percent
of the total assets and 25 percent of the deposits. Banks regularly ex
amined by the Federal Deposit Insurance Corporation held 25 percent
of the assets and 26 percent of the deposits. Two percent of the assets
and deposits were held by banks and trust companies subject to exami
nation and supervision by State authorities only.
1 The tables do not include data for 29 banks for which the Corporation has been unable to obtain
statements of assets and liabilities. These include 24 unincorporated banks (20 in Georgia, 2 in
Iowa, and 2 in Texas) and 5 branches in New York of banks in foreign countries.
49
SUPERVISORY STATUS OF B A N K S
Capital ratios. Table 18 shows for December 28, 1962, the ratios of
total capital accounts to assets for banks of deposit classified by super
visory status and whether they participated in Federal deposit insur
ance. The ratio for all banks of deposit, and also for all insured banks,
was 8.1 percent, the same as on December 30, 1961.
B a n k A s s e t s a n d L ia b ilit ie s ,
1960
to
1962
Changes in bank assets and liabilities, call-date data. The amounts
and percentage distributions of the principal items of assets and liabili
ties of all banks in the United States at the dates of the year-end calls
in 1960, 1961, and 1962, are shown in Table 19. Percentage changes in
each of these items during each of the three years are given in Table 20.
The changes shown for 1962 do not include the last three days of the
year, because the call date was December 28 instead of the customary
December 31 (or December 30 if the last day of the year is a Sunday).
T a b le 1 9 .
A m o u n t s and P ercentages of M ajor C ategories of A ssets and
L iabilities of A ll B a n k s i n t h e U nited S tates (S tates and O ther A reas ),
at
Y ear- E nd C all D ates, 1960-19621
Amount (in millions)
Percentage distribution
Asset or liability item
Assets—total......................................
Cash and funds due from banks. . .
U. S. Government obligations.........
Other securities....................................
Loans and discounts 2........................
Other assets..........................................
Liabilities and capital accounts—
total..............................................
Deposits— total....................................
Other liabilities....................................
Capital accounts— total.....................
Loans—gross total *..........................
Commercial and industrial...............
Agricultural (except real estate) . . .
For carrying securities.......................
Real estate loans.................................
Other loans to individuals................
To financial institutions....................
All other................................................
Deposits—total..................................
Business and personal deposits:
Demand 4..........................................
Time and savings............................
Government deposits:
States and subdivisions.................
United States...................................
Interbank deposits B...........................
1962
1961
1960
1962
1961
1960
$344,282
55.070
72,682
35,063
173,476
7,991
$322,336
57,487
72,822
29,719
154,843
7,466
$298,933
53,105
67,343
26,674
145,255
6,556
100.0%
16.0
21.1
10.2
50.4
2.3
100.0%
17.9
22.6
9.2
48.0
2.3
100.0%
17.8
22.5
8.9
48.6
2.2
344,282
304,591
11,571
28,120
322,336
287,991
8,049
26,296
298,933
266,885
7,445
24,603
100.0
88.5
3.3
8.2
100.0
89.4
2.5
8.1
100.0
89.3
2.5
8.2
176,407
49,148
7,112
7,346
66,747
31,033
11,085
3,935
157,689
45,538
6,263
6,213
59,587
28.277
8,374
3,436
147,845
43,463
5,689
5,127
55,741
26,781
8,102
2,941
100.0
27.9
4.0
4.2
37.8
17.6
6.3
2.2
100.0
28.9
4.0
3.9
37.8
17.9
5.3
2.2
100.0
29.4
3.8
3.5
37.7
18.1
5.5
2.0
304,591
287,991
266,885
100.0
100.0
100.0
128,838
130,194
130,249
115,218
121,991
103,383
42.3
42.8
45.2
40.0
45.7
38.8
18,672
7,125
19,762
17,843
6,254
18,427
16,370
6,223
18,917
6.1
2.3
6.5
6.2
2.2
6.4
6.1
2.3
7.1
1 December 31, 1960, December 30, 1961, December 28, 1962.
2 Net of valuation reserves.
3 Including valuation reserves.
4 Includes certified checks, letters of credit, etc.
5 Includes postal savings deposits.
Note: Due to rounding, components may not add to total.
50
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
During 1962, to December 28, total assets increased by 6.8 percent,
compared with increases of 7.8 percent in 1961 and 5.1 percent in 1960,
both for the entire year. The greatest percentage increases in types of
assets in 1962 (to December 28) were in securities other than United
States Government obligations and in loans. Declines occurred in cash
and funds due from banks, and in United States Government obligations.
On December 28, 1962, loans amounted to one-half of total assets. There
was no marked change during 1962 (to December 28) in the distribution
of loans, although commercial and industrial loans continued to decline
in relation to total loans.
Table 20,
A n n u a l P e r c e n ta g e C h a n g e s i n
M a jo r
C a te g o r ie s o f
A sse ts
an d
L ia b i lit i e s o f a l l B a n k s i n t h e U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) ,
1960-1962
Percentage change during—
Asset or liability item
1962
Assets— total.............................................................................
Cash and funds due from banks...............................................
U. S. Government obligations...................................................
Other securities.............................................................................
Loans and discounts 1..................................................................
Other assets....................................................................................
Loans—gross total 8................................................................
Commercial and industrial.........................................................
Agricultural (except real estate)...............................................
For carrying securities.................................................................
Real estate loans...........................................................................
Other loans to individuals..........................................................
To financial institutions..............................................................
All other..........................................................................................
Deposits—total...................... ..................................................
Business and personal deposits:
Demand *....................................................................................
Time and savings......................................................................
Government deposits \
States and subdivisions...........................................................
Interbank deposits 4.....................................................................
6 8%
- 4 .2
-.2
18.0
12.0
7.0
1961
1960
7.8%
8.3
8.1
11.4
6.6
13.9
5.1%
5.4
2.2
2.1
6.5
17.6
11.9
7.9
13.6
18.2
12 0
9.7
32.4
14.5
6.7
4.8
10.1
21.2
6.9
5.6
3.4
16.8
6.5
7.3
13.1
5.1
4.9
9.3
-9 .5
4.6
5 .8
7 .9
4 .5
- 1 .1
13.0
6.8
11.4
1.3
5.6
4.6
13.9
7 .2
9.0
.5
-2 .6
11.0
16.3
10.5
6 .9
6 .9
7 .1
1 Net of valuation reserves.
8 Including valuation reserves.
* Includes certified checks, letters of credit, etc.
4 Includes postal savings deposits.
Back data: Annual Report for 1961, p. 51.
Total deposits increased in 1962 (to December 28) by 5.8 percent.
For business and personal deposits the entire gain was in time and sav
ings deposits, with a small decline being reported in demand deposits.
On December 28, 1962, the time and savings deposits of business firms
and individuals exceeded their demand deposits. Capital accounts in
creased by 6.9 percent in 1962, the same rate of growth as in 1961.
Changes in bank deposits during 1962. During the last three days
of 1962, the deposits of banks that are members of the Federal Reserve
51
B A N K ASSETS AN D LIABILITIES
System increased by $5.6 billion, according to reports made in connection
with reserve computations. This was more than half as large as the in
crease in their deposits during the 363 days from December 30, 1961, to
December 28, 1962. Percentagewise, it represented an increase of 2.6 per
cent in three days compared with 4.7 percent during 363 days. The de
posits of banks that are members of the Federal Reserve System com
prise more than 70 percent of the deposits of all banks and more than
80 percent of those of all commercial banks. It is therefore apparent that
the bank asset and liability data for December 28 fail by a substantial
degree to show the change that occurred during the calendar year 1962.
Table 21.
R e p o rte d o r E s t im a t e d B a n k D e p o s its , D e c e m b e r 30, 1961,
D e c e m b e r 28, 1S62, an d D e c e m b e r 31, 1962
Amounts (in billions)
Percentage change 1
Class of bank and type of deposit
All banks-—total deposits..............
Insured banks....................................
Noninsured banks.............................
All commercial banks—total de
posits ..........................................
Insured commercial..........................
Noninsured commercial...................
All
mutual savings—total de
posits .........................................
Insured mutual..................................
Noninsured mutual..........................
Dec. 30,
1961, to
Dec. 28,
1962
Dec. 28
to
Dec. 31,
1962*
Dec. 28,
1962 2
Dec. 31,
1962*
$288.0
281.3
6.7
$304.6
297.5
7 .0
$310.8
303.7
7 .0
249.5
247.9
1.6
263.1
261.4
269.2
267.6
1.6
1.6
38.5
33.4
5.1
41.5
36.1
5 .4
41.5
36.1
5 .4
+ 7 .9
+ 7 .9
+ 6 .7
+ 6 .7
247.9
39.2
208.7
261.4
34.7
226.8
267.6
38.9
228.7
+ 5 .5
- 1 1 .5
+ 2 .4
+ 12.4
209.6
38.1
171.5
219.5
33.7
185.8
225.1
37.8
187.3
+ 4 .7
11.6
+ 8 .3
+ 12.4
-.6
38.3
1.1
37.2
42.0
42.5
1.1
41.4
+ 5 .8 %
+ 5 .8
+ 5 .4
+ 2 .0 %
+2.1
+ 7 .9 %
+ 5 .4
+ 5 .5
+ 2 .3
+ 2 .4
+8.0
+1.1
Commercial banks members F.R.
System:
Total deposits....................................
Demand interbank and “ float” .
Other deposits...............................
Insured commercial banks not
members F.R. System:
Total deposits....................................
Demand interbank and “float” .
Other deposits...............................
1.0
41.0
+8.6
-
+ 9 .6
- 10.0
+ 10.2
+8.0
+ 5 .4
+ 7 .9
+1.1
+8.1
+8.1
Insured commercial banks:
Total deposits....................................
Demand interbank and “float".
Other deposits...............................
Dec. 30,
1961,to
Dec. 31,
1962
Dec. 30,
1961
+8.1
+ .8
-.6
+ 9 .6
+2.6
+ 7 .4
+
.8
+ 9 .2
+1.2
+11.0
+ 10.7
+1.0
-.4
+ 11.3
1
All percentages have been computed from (or applied to) amounts in millions of dollars and hence
may differ from percentages computed from amounts in billions.
* For all insured banks figures are as tabulated from call reports dated Dec. 28; for noninsured com
mercial banks figures are largely Dec. 28, but for about one-fourth of the total are as of Dec. 31; figures
for noninsured mutual savings banks are mostly as of Dec. 31.
* Estimated from percentage changes from Dec. 28 to Dec. 31, derived from sources or assumptions
described in note 4.
4 These percentage changes are derived in four different ways. (1) For banks members of the Federal
Reserve System, percentages for deposits designated as “demand interbank and ‘float’ ” and “ other
deposits” are computed from amounts of deposits in these categories reported as of Dec. 28 and Dec.
31 by member banks in connection with compilation of required reserves. (2) For insured commercial
banks not members of the Federal Reserve System, percentages for the same categories of deposits are
estimated on the assumption of changes proportionate to those for member banks on the basis of the
percentages for insured nonmember banks and member banks from Dec. 31, 1961, to Dec. 28, 1962.
(3) For mutual savings banks and noninsured commercial banks, changes to Dec. 31 from those in
cluded in the tabulation for Dec. 28 are assumed to have been negligible. (4) Remaining percentages
are derived from amounts as of Dec. 28 and those for Dec. 31 computed in accordance with the pre
ceding percentage*.
52
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
In Table 21 data regarding deposits submitted by Federal Reserve
member banks in connection with reserve computations, together with
other information, have been used to provide estimates of deposits in
various classes and groups of banks for December 31. These estimates
are compared with the amounts reported for December 30, 1961, and
December 28, 1962.
For the calendar year 1962 the estimated rate of growth of deposits
of all banks was 7.9 percent, with the same rate for all commercial banks
and for all mutual savings banks separately. For all insured commercial
banks the estimated rate of growth of deposits was 8.1 percent, for those
that were members of the Federal Reserve System 7.4 percent, and for
other insured commercial banks 11 percent. For noninsured commercial
banks the estimated growth in deposits was 1.1 percent.
The reports made by Federal Reserve member banks in connection
with computation of their required reserves contain some information
in addition to that used in preparation of the preceding table. This in
formation, so far as it pertains to balance sheet items that are compa
rable with those given in the call reports, is shown in Table 22 for the
two dates, December 28 and December 31, 1962, and compared with
data from the call reports for December 30, 1961, and December 28,
1962.
T a b le 2 2 .
R
eserve
and
S elected D
Sy s t e m ,
fr om
C om par able D ata
ep o sit a n d
A s se t I t e m s , B a n k s M
C a ll R eports
for
D e c em b e r
28
for
D
em bers
of t h e
F ederal
31, 1961, a n d D ec em b e r 28, 1962,
D e c em be r 31, 1962, f r o m R eports for
ec em be r
and
R eserve P urpo ses
(Amounts in millions)
F. R. member commercial banks
call report dates1
All F. R. member banks 3
Deposit or asset item
Dec. 30,
1961
Dec. 28,
1962
T otal deposits.........................
$209,616
$219,468
Time deposits— total.............
Demand deposits— total. . . .
67,446
142,170
17,195
5,381
119,594
80,074
139,393
15,809
6,086
117,998
Percentage
change
Dec. 28,
1962
Dec. 31,
1962
$219,916
$225,606
79,942
139,974
15,860
6,056
118,558
80,311
145,295
17,651
6,888
121,256
.5
3.8
14.9
5.5
2.8
Percentage
change
Deposit item
U. S. Government...............
4.7%
18.7
- 2 .0
11.0
-
18.1
-
1.8
2.6%
Asset item
Demand balances due from
domestic banks.......................
Cash items in process of col
lection ........................................
Currency and coin....................
Balances with F. R. banks. . . .
8,678
7,702
-1 1 .2
7,802
9,420
20.7
20,880
2,813
16,918
18,361
3,263
17,680
-1 2 .1
16.0
4.5
18,879
3,274
18,063
20,834
3,485
17,454
10.4
6.4
- 3 .4
1 Includes all banks members of the Federal Reserve System except as follows: for December 31,
1961, one trust company not engaged in deposit banking and one mutual savings bank; for December
28, 1962, two trust companies not engaged in deposit banking.
2 From Board of Governors of the Federal Reserve System, compiled from reports submitted by
member banks in connection with computation of required reserves.
53
RELATIVE POSITION OP B A N K S
R e l a t iv e P o s it io n
of
Banks
Entire United States. Data regarding the deposits of the largest com
mercial banks in comparison with those of all commercial banks, as of
December 28, 1962, are given in Table 23. Similar information is shown
Table 2 3 .
R e lative I m p o r t a n c e
Banks
and
B a n k G r o u ps ,
of
in
the
the
L argest C o m m e r c ia l B a n k s ,
U n it e d S ta t es , D
Largest commercial banks 1
ecem ber
and
of
28, 1962
Largest commercial banks
and bank groups 2
Size group
Entire
United
States
50 States 48 States
and
and
D. C.
D. C.»
Entire
United
States
50 States 48 States
and
and
D. C.
D. C.4
All com m ercial banks
13,441
Number.................................................
Deposits (millions).............................. $263,060
13,428
$262,100
13,404
$261,052
13,025
$263,060
13,012
$262,100
12,988
$261,052
Largest 100 banks
Percent of number of all commer
.74%
.74%
.75%
.77%
cial banks..........................................
.77%
•77%
Deposits (millions).............................. $121,699 $121,319 $121,319 $130,014 $129,634 $129,634
Percent of deposits of all commer
46.3%
46.3%
46.5%
49.4%
49.5%
cial banks..........................................
49.7%
Largest 10 banks
Deposits (millions)..............................
Percent of deposits of all commer
cial banks..........................................
$54,917
20.9%
$54,536
20.8%
$54,536
20.9%
$57,338
21.8%
$56,957
21.7%
$56,957
21.8%
Largest 5 banks
Deposits (millions)..............................
Percent of deposits of all commer
cial banks..........................................
$37,073
14.1%
$36,692
14.0%
$36,692
14.1%
$38,508
14.6%
$38,127
14.5%
$38,127
14.6%
Largest 3 banks
Deposits (millions)..............................
Percent of deposits of all commer
cial banks..........................................
$27,699
10.5%
$27,319
10.4%
$27,319
10.5%
$27,699
10.5%
$27,319
10.4%
$27,319
10.5%
Largest bank
Deposits (millions)..............................
Percent of deposits of all commer
cial banks..........................................
$11,604
4.4%
$11,569
4.4%
$11,569
4.4%
$11,604
4.4%
$11,569
4.4%
$11,569
4.4%
Largest 1 percent o f the banks
134
Number of banks................................
134
134
130
130
130
Deposits (millions).............................. $131,719 $131,327 $131,217 $139,063 $138,672 $138,579
Percent of deposits of all commer
50.1%
50.1%
50.3%
cial banks..........................................
52.9%
52.9%
53.1%
Largest ^ o f 1 percent o f the banks
Number of banks................................
67
67
67
65
65
65
Deposits (millions).............................. $108,018 $107,637 $107,637 $115,371 $114,991 $114,991
Percent of deposits of all commer
cial banks..........................................
41.2%
41.1%
43.9%
43.9%
44.0%
41.1%
Largest 1/10 o f 1 percent o f the
banks
Number of banks................................
Deposits (millions)..............................
Percent of deposits of all commer
cial banks..........................................
13
$62,365
23.7%
13
$61,984
23.6%
13
$61,984
23.7%
13
$66,132
25.1%
13
$65,752
25.1%
13
$65,752
25.2%
1 Comparable with data for 1960 in Table 38, Annual Report of the Federal Deposit Insurance
Corporation for 1960, p. 100.
2 Bank groups include banks that are members of holding companies registered under the Bank
Holding Company Act of 1956, plus one group controlled through common stock ownership (included
for comparability with data for earlier years).
*
Comparable with data for selected years, 1920 to 1958, in Table 26, Annual Report of the Federal
Deposit Insurance Corporation for 1960, p. 51.
4 Comparable with data for 1934, 1940, and 1958 in Table 27, Annual Report of the Federal Deposit
Insurance Corporation for 1960, p. 51.
54
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
for the largest banks and bank groups, computed by treating, statisti
cally, all the banks in a bank group as a bank and branches. The bank
groups included are those registered under the Bank Holding Company
Act of 1956, and one additional group controlled through common stock
ownership.
On December 28, 1962, the largest 100 commercial banks held 46
percent of the deposits of all commercial banks, approximately the same
percentage as in 1958 and 1960.
Relative position of banks by States. The relative position of the
largest commercial banks, and of the largest banks or bank groups, in
each State is given in Table 24. States are classified into three categories,
those in which statewide branch banking is prevalent, those with limited
area branch banking prevalent, and those with unit banking prevalent.
This classification is based on the status of branch banking and loca
tional requirements as of December 31, 1958.1 Though there have been
some changes in State legislation regarding branching since that date,
such changes have not yet resulted in sufficient alteration of the banking
structure in the respective States to make the classification inapplicable
to the present time.
As in earlier years, there is a substantially greater degree of concentra
tion of deposits of commercial banks (in the largest bank, the largest
three banks, and the largest five banks) in States with statewide branch
banking prevalent than in States with unit banking prevalent, while
States with limited area branch banking prevalent occupy an intermedi
ate position. In the majority of the States there has been a slight decrease
since 1960 in the concentration of deposits in the largest banks. In 33
States the percentage of deposits held by the largest bank, and in 29
States the percentage held by the largest five banks, was smaller in 1962
than in 1960.
In States in which two or more banks are controlled by a holding com
pany (or companies), tabulations have been made treating the banks in
each such group as a bank and branches in that State. The concentration
of deposits in the largest bank or bank group, or in the largest three or
largest five banks or bank groups, may be greater than in the largest
bank or banks. This is particularly true in the States in which unit
banking is prevalent, because bank holding companies are most active
in States where branches are prohibited or highly restricted. However,
for the 18 States with unit banking prevalent the range in proportion of
deposits held by the largest bank or bank group is from 30.3 percent to
5.7 percent, compared with a range of 70.1 percent to 10.9 percent in the
16 States with statewide branch banking.
1 For more details regarding the classification, see Table 23 of the Annual Report for 1960, p. 45.
55
RELATIVE POSITION OF B A N K S
T a b le 2 4 .
R elative I mportance of t h e L argest C ommercial B a n k s , and th e
L argest B a n k s or B a n k G roups, i n E ach S tate, D ecember 28, 1962
Percentage of deposits of all
commercial banks in— 2
State1
Percentage of deposits of all
commercial banks in— »
Largest
bank
Largest
three
banks
Largest
five
banks
Largest
bank
or
bank
group
Largest
three
banks
or bank
groups
Largest
five
banks
or bank
groups
59.0
52.1
45.7
43.4
42.5
42.5
39.9
35.2
34.7
31.4
28.2
23.3
22.2
20.2
17.5
10.9
82.2
89.5
83.6
77.9
85.8
84.2
63.3
75.0
61.9
63.6
64.9
42.8
47.3
45.6
42.1
29.0
96.2
95.8
95.6
91.7
87.8
93.5
78.7
84.6
74.0
74.5
81.6
52.0
59.7
62.7
55.6
41.8
70.1
52.1
45.7
43.4
42.5
42.5
39.9
35.2
34.7
32.5
28.2
23.3
22.2
20.2
17.5
10.9
91.9
89.5
90.6
77.9
85.8
84.2
63.4
75.0
61.9
64.7
64.9
42.8
47.3
45.6
42.1
29.0
98.8
95.8
94.6
91.7
87.8
93.5
80.7
84.6
74.1
75.6
81.6
52.0
59.7
62.7
55.6
41.8
27.0
21.0
17.4
17.2
16.6
16.6
14.8
14.1
13.7
11.7
11.7
11.1
52.3
49.9
48.3
44.8
57.4
38.7
38.2
48.7
38.4
28.6
31.7
34.9
41.0
28.6
28.6
23.0
27.0
21.0
20.1
17.2
16.6
16.6
14.8
14.1
13.7
11.7
11.7
11.1
9.3
9.2
6.3
43.3
39.7
40.1
36.6
41.2
29.3
28.9
34.7
27.6
24.6
24.3
27.4
29.1
21.0
23.0
16.5
47.8
39.7
47.1
43.1
41.2
29.3
28.9
34.7
27.6
24.6
24.6
28.1
29.1
21.0
23.0
16.5
62.4
49.9
55.3
53.0
57.4
38.7
38.2
48.7
38.4
28.6
33.9
35.6
41.0
28.6
28.6
23.0
16.7
15.2
15.0
14.0
11.2
12.3
10.6
10.2
9.6
8.7
7.9
6.7
6.6
6.0
5.7
5.7
5.4
4.2
38.2
36.8
24.4
26.3
18.6
31.8
27.9
29.3
25.7
22.2
20.3
13.6
13.5
15.8
16.8
15.8
15.3
11.2
45.0
45.9
27.5
36.0
24.8
36.0
38.0
39.2
34.3
33.1
27.3
18.3
18.3
21.8
26.2
21.3
23.3
16.5
16.7
15.2
19.0
14.0
16.4
30.0
16.2
10.2
9.6
23.8
7.9
38.2
36.8
32.4
29.5
43.4
58.7
34.3
29.3
25.7
39.4
20.3
24.2
13.5
15.8
24.4
15.8
48.7
13.1
45.0
47.4
34.8
39.2
55.3
63.6
43.2
39.2
34.3
45.5
27.3
28.8
18.3
21.8
34.3
21.3
57.3
18.5
16 States with statewide
branch banking preva
lent
Nevada..................................
Rhode Island.......................
Arizona.................................
Delaware..............................
Oregon..................................
Hawaii..................................
California..............................
Idaho ..................................
Washington..........................
Utah......................................
Alaska...................................
South Carolina....................
North Carolina...................
Maryland.............................
Connecticut.........................
Vermont................................
16 States with limited area
branch banking preva
lent
Massachusetts.....................
Michigan..............................
Georgia.................................
New Mexico.........................
New York............................
Alabama...............................
Louisiana..............................
Maine ..................................
Pennsylvania.......................
Mississippi............................
Ohio ....................................
Kentucky..............................
Tennessee.............................
Virginia.................................
Indiana..................................
New Jersey..........................
11.0
11.0
9.3
9.2
6.3
18 States with unit banking
prevalent
Illinois...................................
Colorado.........................
Wisconsin.............................
Nebraska..............................
North Dakota.....................
Minnesota............................
Wyoming..............................
Oklahoma.............................
Missouri................................
South Dakota.....................
Texas.....................................
Florida..................................
Kansas..................................
Arkansas...............................
New Hampshire..................
West Virginia......................
Montana...............................
Iowa......................................
11.0
6.6
6.0
13.0
5.7
30.3
6.2
1 Classification of States by prevalent type of bank organization as of December 31, 1958, described
in Table 23 of the Annual Report of the Federal Deposit Insurance Corporation for 1960, p. 45.
2 Comparable with data for banks for selected years, 1920 to 1960, in Table 28 and last three columns
of Table 39, Annual Report of the Federal Deposit Insurance Corporation for 1960, pp. 54-55 and 101.
3 Comparable with data for banks or bank groups for selected years, 1920 to 1958, in Table 28,
Annual Report of the Federal Deposit Insurance Corporation for 1960, pp. 54-55. Figures for bank
groups are the deposits of banks in each State controlled by a holding company registered under the
Bank Holding Company Act of 1956, plus one group controlled through common stock ownership
included for comparability with data for earlier years, treated for each case as though they were a bank
and branches in the State.
T a b le 2 5 .
R elative I mportance op t h e L argest B a n k s , and of th e L argest B a n k s and B a n k G roups, in th e P rincipal C o u n t y ( or C oun ties )
in
65 M etropolitan A reas, Ju n e 3 0 ,1 9 6 2 1
Principal county or counties
in metropolitan area
Percentage of deposits of all
commercial banks in— *
Largest
bank
Largest
three
banks
Largest
five
banks
Percentage of deposits of all
commercial banks in— 4
Largest
bank or
bank
group
Largest
three
banks or
bank groups
Largest
five banks
or bank
groups
13 metropolitan areas in States with statewide branch banking prevalent
48.8%
49.6
54.1
41.7
40.6
41.5
39.3
40.7
35.1
38.4
41.7
40.6
30.4
88.6%
92.7
93.4
77.9
82.8
86.1
82.3
89.9
74.6
72.4
86.8
78.7
72.5
58.7
51.9
51.0
52.7
50.6
48.0
48.1
49.6
46.4
41.8
43.0
40.9
40.6
41.3
40.3
37.0
49.0
34.4
32.5
33.8
92.5
88.4
89.2
83.3
82.5
87.9
87.3
77.2
88.5
92.5
86.5
75.6
80.0
92.1
96.4
76.9
93.1
60.1
75.0
76.8
94.8%
98.0
99.2
94.0
93.2
97.8
88.7
94.5
89.1
89.7
93.7
88.8
97.2
48.8%
49.6
54.1
41.7
40.6
41.5
39.3
40.7
35.1
38.4
41.7
40.6
30.4
88.6%
93.3
93.4
77.9
82.8
86.1
82.3
89.9
76.9
72.4
86.8
78.7
72.5
58.7
51.9
51.0
52.7
50.6
48.0
52.3
49.6
46.4
41.8
43.0
40.9
40.6
41.3
40.3
37.0
49.0
34.4
32.5
33.8
92.5
88.4
89.2
83.3
82.5
87.9
91.6
77.2
88.5
92.5
86.5
75.6
80.0
92.1
96.4
76.9
93.1
60.1
75.0
76.8
95.1%
98.6
99.2
94.8
93.2
97.8
88.7
94.5
91.4
89.7
94.5
90.6
97.2
INSURANCE
$827,809
955,246
839,207
981,597
700,492
1,045,687
860,898
1,106,485
10,426,031
1,427,303
746,402
7,130,495
1,412,606
DEPOSIT
Sacramento: Sacramento County, California............................................................................
Phoenix: Maricopa County, Arizona...........................................................................................
Providence: Bristol, Kent and Providence Counties, Rhode Island..................................
San Jose: Santa Clara County, California.................................................................................
Honolulu: Honolulu County, Hawaii..........................................................................................
San Diego: San Diego County, California.................................................................................
Hartford: Hartford County, Connecticut..................................................................................
Portland: Clackamas and Multnomah Counties, Oregon.....................................................
Los Angeles: Los Angeles County, California..........................................................................
Seattle: King County, Washington.............................................................................................
San Bernardino: Riverside and San Bernardino Counties, California...............................
San Francisco: Alameda and San Francisco Counties, California......................................
Baltimore: Baltimore City and Baltimore County, Maryland............................................
FEDERAL
Total
deposits
in all
commercial
banks
(thousands
of
dollars)2
34 metropolitan areas in States with limited area branch banking prevalent
638,163
575,064
458,378
3,294,909
3,059,718
288,508
923,011
351,290
563,105
868,832
796,130
4,873,964
1,114,919
733,543
1,224,060
3,629,212
1,517,190
397,845
1,693,977
536,437
99.2
96.6
93.8
91.3
95.4
100.0
91.6
91.0
98.3
96.9
99.5
88.3
99.2
98.8
99.6
98.0
97.0
76.1
88.8
98.9
99.2
96.6
93.8
91.3
95.4
100.0
94.8
91.0
98.3
96.9
99.5
88.3
99.2
98.8
99.6
98.0
97.0
76.1
88.8
98.9
CORPORATION
Birmingham: Jefferson County, Alabama.................................................................................
Toledo: Lucas County, Ohio.........................................................................................................
Dayton: Montgomery County, Ohio...........................................................................................
Pittsburgh: Allegheny County, Pennsylvania..........................................................................
Boston: Suffolk County, Massachusetts.....................................................................................
Knoxville: Knox County, Tennessee...........................................................................................
Columbus: Franklin County, Ohio..............................................................................................
Norfolk: Norfolk City, Portsmouth City and Norfolk County, Virginia.........................
Akron: Summit County, Ohio......................................................................................................
Memphis: Shelby County, Tennessee.........................................................................................
Rochester: Monroe County, New York.....................................................................................
Detroit: Wayne County, Michigan.............................................................................................
New Orleans: Orleans County, Louisiana..................................................................................
Nashville: Davidson County, Tennessee...................................................................................
Indianapolis: Marion County, Indiana......................................................................................
Cleveland: Cuyahoga County, Ohio...........................................................................................
Buffalo: Erie and Niagara Counties, New York......................................................................
Gary: Lake County, Indiana........................................................................................................
Washington: District of Columbia...............................................................................................
Syracuse: Onondaga County, New York...................................................................................
Richmond: Richmond City and Henrico County, Virginia...........................................
Albany: Albany, Rensselaer and Schenectady Counties, New York...........................
Cincinnati: Hamilton County, Ohio.....................................................................................
Springfield: Hampden County, Massachusetts.................................................................
Atlanta: Fulton and DeKalb Counties, Georgia...............................................................
Louisville: Jefferson County, Kentucky..............................................................................
Jersey City: Hudson County, New Jersey.........................................................................
Philadelphia: Philadelphia County, Pennsylvania...........................................................
Youngstown: Mahoning and Trumbul Counties, Ohio...................................................
Newark: Essex and Union Counties, New Jersey.............................................................
New York: Bronx, Kings, New York, Queens and Richmond Counties, New York.
Wilkes Barre: Luzerne County, Pennsylvania...................................................................
Paterson: Bergen and Passaic Counties, New Jersey.......................................................
Allentown: Lehigh and Northampton Counties, Pennsylvania.....................................
78.1
69.5
83.7
84.9
74.8
76.2
67.6
62.0
59.8
56.4
53.3
41.7
41.5
44.8
94.8
82.6
97.1
94.8
91.6
91.8
94.1
83.1
84.5
66.5
74.1
52.7
52.6
63.5
33.1
34.2
31.9
33.5
32.5
30.7
28.7
26.0
24.4
21.9
21.0
18.6
16.6
20.1
78.1
69.5
83.7
84.9
76.7
78.7
67.6
62.0
59.8
56.4
53.3
41.7
41.5
44.8
94.8
82.6
97.1
94.8
93.5
94.3
94.1
83.1
84.5
66.5
74.1
52.7
52.6
63.5
577,078
1,679,892
95,371
700,554
765,887
853,067
2,899,552
267,026
639,926
1,612,507
1,193,821
2,725,564
1,248,081
765,266
2,285,596
2,843,078
13,372,828
942,366
43.2
40.6
38.1
38.8
38.4
33.9
35.7
30.9
30.4
27.6
27.6
27.9
29.4
28.1
23.0
21.9
22.8
12.7
80.1
66.8
83.1
79.0
72.1
76.1
78.6
69.9
74.9
61.3
68.0
59.3
42.6
64.3
61.6
49.7
52.6
35.7
87.3
72.8
96.3
85.9
81.1
80.2
83.7
83.4
82.8
67.3
84.2
71.5
51.7
74.9
69.6
57.7
62.1
50.9
43.2
41.3
38.1
38.8
38.4
37.8
35.7
30.9
35.6
27.6
27.6
27.9
29.4
28.1
46.3
21.9
22.8
12.7
85.8
76.5
83.1
79.0
72.1
80.0
78.6
69.9
83.2
61.3
68.0
59.3
44.4
64.3
85.1
49.7
52.6
35.7
91.1
81.6
96.3
85.9
81.1
83.9
83.7
83.4
91.1
67.3
84.2
71.5
53.6
74.9
90.9
60.8
62.1
50.9
18 m etropolitan areas in States with unit banking prevalent
Omaha: Douglas County, Nebraska....................................................................................
Milwaukee: Milwaukee County, Wisconsin.......................................................................
Wheeling: Ohio County, West Virginia..............................................................................
Tulsa: Tulsa County, Oklahoma..........................................................................................
Oklahoma City: Oklahoma County, Oklahoma................................................................
Fort Worth: Tarrant County, Texas...................................................................................
Dallas: Dallas County, Texas................................................................................................
Charleston: Kanawha County, West Virginia...................................................................
Jacksonville: Duval County, Florida...................................................................................
Kansas City: Clay and Jackson Counties, Missouri........................................................
Denver: Denver County, Colorado......................................................................................
Houston: Harris County, Texas............................................................................................
Miami: Dade County, Florida...............................................................................................
San Antonio: Bexar County, Texas......................................................................................
Minneapolis: Hennepin and Ramsey Counties, Minnesota............................................
St. Louis: St. Louis City and St. Louis County, Missouri.............................................
Chicago: Cook County, Illinois.............................................................................................
Tampa: Hillsboro and Pinellas Counties, Florida............................................................
OF BANKS
33.1
34.2
31.9
33.5
32.5
30.7
28.7
26.0
24.4
21.9
21.0
18.6
16.6
20.1
RELATIVE POSITION
718,684
978,769
1,260,064
331,948
1,392,043
825,372
818,382
4,083,487
473,973
2,251,612
36,936,877
429,556
1,648,756
614,903
1 Principal counties in 60 standard metropolitan areas as defined by the Bureau of the Budget, with population of 400,000 or more on April 1, 1960, and in 5 other areas included
m Tables 29 and 40 of the Annual Report of the Corporation for 1960, except that in Connecticut, Massachusetts, and Rhode Island (where standard metropolitan areas are defined
m terms of cities and towns) they are counties with the majority of the population within standard metropolitan areas.
2 Deposits of all commercial banks in county (or counties). These figures are as published by the Board of Governors of the Federal Reserve System in "Distribution of Bank
b e* 1 0 tS ky ^ oun^ es anc* Standard Metropolitan Areas, June 30, 1962” (in the case of counties with mutual savings banks, deposits in all banks minus deposits in mutual savings
3 Comparable with data for June 15, I960, in Table 40 of the Annual Report of the Corporation for 1960, pp. 102-03.
4 A bank group includes banks that are members of: a holding company registered under the Bank Holding Comoam
Company Act of 1956, or (in one case) controlled through c
stock ownership.
<1
58
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
Relative position of banks in metropolitan areas. Table 25 shows
the percentage of deposits in the largest bank, the largest three banks,
and the largest five banks, and corresponding percentages for banks or
bank groups, for 65 of the most populous metropolitan areas of the N a
tion, with the States in which they are located grouped according to the
categories used in the preceding table. These percentages are for June 30,
1962, since the mid-year date, in alternate years, is the only date for
which the information is collected regarding the deposits held by each
bank in each county in the United States.
In comparison with 1960, the percentage of deposits held by the
largest bank decreased slightly in 39 of the metropolitan areas, remained
the same in 2 areas, and increased in 24 areas. However, the percentage
of deposits in the largest five banks decreased in 27 areas, remained the
same in 3 areas, and increased in 35 areas.
N
um ber and
D
i s t r ib u t io n o f
B a n k i n g O f f ic e s
Changes in number of banks and branches. The number of bank
ing offices increased in each of the last 20 years. During that period, there
was an increase from 18,650 to 27,029 in the number of offices, a gain of
8,379, or 45 percent. The increase of 1,027 in 1962 was the greatest annual
gain in the period.
The number of banks declined during each of the past 15 years, from
14,763 at the end of 1947 to 13,951 at the end of 1962, a total reduction
of 812 in that period. The decline was due largely to the fact that in most
years the number of banks absorbed by other banks exceeded the num
ber of new banks opening. However, more than four-fifths of the ab
sorbed banks were continued in operation as branches of the absorbing
banks. In addition, 7,324 new branches opened during the 15 years, so
that the increase in number of branches far exceeded the decline in num
ber of banks.
An analysis of the changes in numbers of banks and branches during
the years 1960, 1961, and 1962 is given in Table 26.
Location of banking offices by size of center. Table 27 gives a dis
tribution of the offices of commercial banks in the continental United
States (48 States and the District of Columbia) as of June 30, 1962, ac
cording to the population of the center in which the office is located and
the number of offices in the center. In this tabulation each metropolitan
area rather than each city or town in such metropolitan area is consid
ered a single center.1 The tabulation excludes “ facilities” at military or
other Federal Government establishments and offices of trust companies
not regularly engaged in deposit banking.
1 A similar tabulation as of June 30, 1958, was published in the Annual Report of the Corporation
for 1960, Table 25, p. 48.
Table 2 6.
A n a ly s is o f C h a n g e s in N um ber op B a n k s and B r a n c h e s in t h e U n ite d S tates (S ta te s and O t h e r A reas) D u rin g t h e Y ears
1960, 1961,
and
19621
1962
All
banks
Commercial
banks and
trust
companies
Mutual
savings
banks
All
banks
Commercial
banks and
trust
companies
Mutual
savings
banks
All
banks
I Commercial
J
banks and
trust
companies
Mutual
savings
banks
NUMBER
Type of office and change
1960
1961
A L L B A N K IN G O FFIC E S
1,099
26,002
+987
+40
+897
Number, December 3 1 ......................................................
13,951
13,439
512
Net change during y ea r...........................................
-8
-5
Banks beginning operations.........................................
New banks opened.....................................................
Suspended banks reopened.......................................
Banks ceasing operations..............................................
Absorbed.......................................................................
Suspended.....................................................................
Other liquidations * ....................................................
Other or unclassified changes— net............................
181
179
2
191
183
3
5
+2
181
179
2
188
180
3
5
+2
Number, December 31.......................................................
13,078
Net change during year............................................
+ 1,035
Branches beginning operations....................................
Succeeded absorbed banks.......................................
Other new branches...................................................
Branches discontinued...................................................
Other or unclassified changes— net............................
1,067
169
898
51
+ 19
1,059
25,105
24,103
1,002
+840
+57
+863
+ 827
+36
13,959
13,444
515
13,999
13,484
515
—40
—40
—5
—2
—3
1
1
126
125
1
138
132
2
4
+7
126
125
1
135
129
2
4
+7
3
3
24,943
BANKS
-3
1
1
3
3
110
109
1
154
138
9
7
+4
109
108
1
153
137
9
7
+4
12,491
587
12,043
11,499
544
11,106
10,619
487
+992
+43
+9 3 7
+880
+57
+868
+829
+39
1,020
166
854
47
+ 19
47
3
44
4
985
126
859
—61
+ 13
926
125
801
—59
+ 13
59
1
58
—2
925
113
812
—60
+3
884
111
773
—60
+5
41
2
39
BRANCHES »
1 Excludes changes not affecting number of banks or branches of commercial banks and trust companies or of mutual savings banks.
2 Includes 1 bank in 1961 and 1 in 1962 which ceased banking operations but now engage in other business.
* Includes facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation.
Back data: Annual Report for 1960, p. 33. Detailed data (including changes referred to in note 1): Table 102, pp. 106-107.
OFFICES
25,930
+ 1,027
OF BANKING
27,029
Net change during year...........................................
AND DISTRIBUTION
Number, December 3 1 ......................................................
-2
CD
60
FEDERAL DEPOSIT IN SU R A N C E
Table 27.
N
umber
of
O pe r a tin g
O f f ic e s
CORPORATION
of
C o m m e r c ia l B a n k s
C o n t i n e n t a l U n it e d S t a t e s , J u n e
in
the
30, 1962
GROUPED BY NUMBER OF COMMERCIAL BANKING OFFICES
AND POPULATION OF CENTER IN W H IC H LOCATED
Offices in centers or metropolitan areas with—
Population of center
or metropolitan area
All
offices1
All banking offices 1.......... 25,004
1
office
3
2
4
5
6
7 or 8 9 to 19 20 or
offices offices offices offices offices offices offices more
offices
7,745
3,242
1,197
608
390
234
365
943 10,280
667
3,774
3,064
236
4
2
136
1,722
1,348
34
3
153
903
138
20
460
128
5
195
175
15
108
114
12
58
243
64
45
276
622
In centers or metro
politan areas with
population of—
Less than 250.................
250 to 1,000....................
1.000 to 5,000.................
5.000 to 25,000...............
25.000 to 100,000...........
100.000 to 500,000........
500.000 to 2,500,000... .
2.500.000 or more..........
669
3,913
4,964
3,353
1,112
3,380
4,112
3,501
2,667
4,112
3,501
1
Excludes trust companies not regularly engaged in deposit banking and “facilities” at military or
other Federal Government establishments.
During the four years subsequent to June 30,1958, the number of com
mercial banking offices in continental United States increased by approxi
mately 15 percent. Over three-fourths of the additional offices were in
places of more than 100,000 population which already had 20 or more
banking offices. However, there was also an increase in the number of
centers with only one office, including an increase from 192 to 240 in
places with a population of more than 5,000 in which there is only one
commercial banking office. The change is probably due primarily to the
growth in population of places in which offices are located, since the data
for 1958 are based upon population figures as of 1950 while those for 1962
relate to population figures as of 1960.
Table 28 gives a distribution of commercial banking offices, and of
banks and branches separately, on June 30, 1962, according to metro
politan area counties and other counties in States classified according
to the prevalent status of branch banking. Banking offices have increased
much more rapidly in the metropolitan area counties than in other coun
ties, having increased during the four-year period by 22 percent in the
metropolitan area counties and by only 8 percent in other counties.
However, the population of metropolitan area counties has also increased
more rapidly than that of other counties. In 1960 the metropolitan areas
included 63 percent of the total population of the continental United
States, but those areas have less than one-half of the total number of
banking offices.
61
N U M B E R A N D DISTRIBUTION OF B A N K IN G OFFICES
Table 28.
C om m ercial B a n k in g O ffic e s , B a n k s , and B ra n ch e s, J u n e 30, 1962,
in S tates Grouped According to t h e S ta tu s o f B ra n ch B a n k in g a t t h e E n d o f
1958, by M etro p o lita n and O t h e r Areas 1
Number,
June 30, 1962
Change from
June 30, 1958
Status of branch banking and
type of area
Offices
Banks
Branches
Continental United States-—total............
24,705
13,350
Metropolitan area counties 2.................
Other counties...........................................
10,613
14,092
3,178
10,172
9 States without locational limitations:
Metropolitan area counties.......................
Other counties..............................................
2,284
1,592
5 States with some locational limitations:
Metropolitan area counties.......................
Other counties..............................................
Offices
Banks
11,355
2,969
-1 3 3
3,102
7,435
3,920
1,936
1,033
-2 3
-1 1 0
1,959
1,143
191
468
2,093
1,124
535
248
-1 1
-5 5
546
303
563
627
107
456
450
128
66
-1 3
-5
141
71
9 States with countywide branch banking
prevalent:
Metropolitan area counties.......................
Other counties..............................................
3,056
2,889
738
1,941
2,318
948
518
317
-5 8
-5 2
576
369
7 States and D.C. with other limited area
branch banking prevalent: 4
Metropolitan area counties...............
Other counties..............................................
3,071
2,479
653
1,582
2,418
897
508
196
-1 0 9
-8 4
617
280
7 States with limited branch banking: 6
Metropolitan area counties.......................
Other area counties.....................................
447
2,900
345
2,438
102
462
66
82
25
-3
41
85
11 States without branch banking: 8
Metropolitan area counties.......................
Other area counties.....................................
1,192
3,605
1,144
3,566
48
39
181
124
143
89
38
35
Branches
States with statewide branch banking: 3
177
States with limited area branch bank
ing prevalent s 8
States with unit banking prevalent
throughout the States 3
1 Excluding trust companies not regularly engaged in deposit banking and “facilities” at Federal
Government establishments.
2 Includes all metropolitan areas in continental United States as defined by the Bureau of the
Budget, January 15, 1957, except that in States where metropolitan areas are defined in terms of cities
and towns (Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island), counties with the
majority of their population in the metropolitan portions are included in lieu of the specified cities and
towns. Metropolitan area counties include the District of Columbia and 295 counties and independent
cities out of 3,102 counties and independent cities in continental United States. The 1957 definition is
used for the June 30, 1962, data to provide comparability with data for June 30, 1958, published in Table
24 in the Annual Report of the Federal Deposit Insurance Corporation for 1960, p. 46.
8 For the States in each group see Table 23 in the Annual Report of the Corporation for 1960, p. 45.
4
For the branch banking areas see note 6 to Table 23 in the Annual Report of the Corporation for
1960, p. 45.
6 For the type of branches permitted see note 7 to Table 23 in the Annual Report of the Corpora
tion for 1960, p. 45.
6 See note 8 to Table 23 in the Annual Report of the Corporation for 1960, p. 45.
I ncome
of
I nsured B a n k s
Income in 1962. The total income of commercial and mutual savings
banks insured by the Corporation amounted to $14,547 million in 1962,
an increase of 7.9 percent over 1961. The percentage increase in income
was somewhat less than the estimated growth in assets, which was more
than 8 percent. Approximately seven-eighths of the income of insured
banks was received by commercial banks.
62
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
Income of insured commercial banks. During the year 1962 the
insured commercial banks received income of $12,686 million. This was
7.7 percent greater than in .1961, and 12.3 percent greater than in 1960.
Table 29 shows the amounts, and Table 30 the percentage distribution,
of the principal items of income of insured commercial banks during the
years 1960, 1961, and 1962.
In 1962 there was little change in proportions of total income derived
from the major sources. Three-fifths of total income was received from
loans, and one-sixth came from interest on obligations of the United
States Government. Salaries and wages again absorbed about one-fourth
of income, while interest on deposits required 22.4 percent of income
in 1962 compared with 17.9 percent in the preceding year. Maximum
interest rates which insured commercial banks are permitted by regula
tion to pay on time and savings accounts was raised effective January 1,
1962. As a result, many banks paid higher rates during the year, and
this, together with increases in time and savings deposits which made
them 18.6 percent higher at the close of 1962 than a year earlier, resulted
in a 35 percent increase in the amount of interest paid on deposits.
Additions to capital accounts from earnings in 1962 amounted to 8.4
percent of total income, compared with 9.3 percent in 1961 and 10.4 per
cent in 1960. The ratio of capital accounts to assets of insured commer
cial banks was 8.0 percent at the close of 1962, the same as in 1961 and
slightly below the 8.1 percent at the end of 1960.
T a b le
29
.
S ources
Banks
in
the
and
U
D
T
otal
(S ta t es
and
is p o s it io n
n it e d
S ta t es
of
I n c o m e , I nsured
O t h e r A reas) ,
C o m m e r c ia l
1960-1962
Amounts (in millions)
Income
1962
1961
1960
Total in co m e ................................................................................................
$12,686
$11,778
$11,299
Sources
Loans............................................................................................................
U. S. Government obligations................................................................
Other securities..........................................................................................
Service charges on deposits.....................................................................
Other current income...............................................................................
Recoveries, etc.1........................................................................................
7,718
2,093
759
681
968
467
7,009
1,902
629
630
900
708
6,807
1,791
579
590
957
575
Disposition
Salaries and wages.....................................................................................
Interest on deposits...................................................................................
Other current expenses............................................................................
Charge-offs, etc. *.......................................................................................
Income taxes...............................................................................................
Dividends to stockholders *....................................................................
Additions to capital accounts.................................................................
3,074
2,845
2,670
837
1,256
941
1,063
2,899
2,107
2,435
935
1,406
895
1,101
2,798
1,785
2,350
979
1,384
832
1,171
1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
1 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers
to valuation reserve accounts.
* Includes interest on capital notes and debentures.
Note: Due to rounding, components may not add to total.
63
IN C O M E OF INSU R ED B A N K S
Table 30.
P e r c e n ta g e
D is tr ib u tio n
of
I n c o m e , I n s u r e d C o m m e r c ia l B a n k s i n
A r e a s) ,
S o u rc e s
an d
D is p o s it io n
t h e U n it e d S t a t e s
of
T o ta l
(S ta te s an d O t h e r
1960-1962
Percent of total
Income
1962
1961
1960
Total in co m e...............................................................................................
100.0%
100.0%
100.0%
Sources
Loans............................................................................................................
U. S. Government obligations................................................................
Other securities..........................................................................................
Service charges on deposits....................................................................
Other current income...............................................................................
Recoveries, etc.1........................................................................................
60.8
16.5
6.0
5.4
7.6
3.7
59.5
16.2
5.3
5.4
7.6
6.0
60.2
15.9
5.1
5.2
8.5
5.1
Disposition
Salaries and wages....................................................................................
Interest on deposits..................................................................................
Other current expenses............................................................................
Charge-offs, etc.2.......................................................................................
Income taxes...............................................................................................
Dividends to stockholders * ....................................................................
Additions to capital accounts................................................................
24.2
22.4
21.0
6.6
10.0
7.4
8.4
24.6
17.9
20.7
7.9
11.9
7.6
9.4
24.8
15.8
20.8
8.6
12.2
7.4
10.4
1
Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
* Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers
to valuation reserve accounts.
* Includes interest on capital notes and debentures.
Table 31 shows selected operating ratios of insured commercial banks
in the years 1960, 1961, and 1962. The average rates of income on loans
and securities increased in 1962, with the ratio of service charges to
demand deposits also slightly higher. Among items of expense, the aver
age rate of interest paid on time and savings deposits increased con
siderably, and the ratio of current operating expenses to current earn
ings also rose. Ratios which declined in 1962 were income taxes to net
profits, net current operating earnings to total assets, net profits after
taxes to total capital, and dividends to total capital.
Table 31.
S e le c te d O p e r a tin g R a t io s o f I n s u r e d C o m m e r c ia l B a n k s i n
U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ),
Item
th e
1960-1962
1962
1961
6.04%
5.94%
Average rate of income on loans...............................................................
3.24
3.08
Average rate of income on U. S. Government obligations.................
2.95
2.90
Average rate of income on other securities.............................................
.44
.43
Ratio of service charges to demand deposits.........................................
Average interest paid on time and savings deposits.............................
3.18
2.71
70.29
67.22
Current operating expenses to current earnings..................................
38.53 taxes41.33
Income taxes..................................
to net profits before income
1.32
1.43
Net current operating earnings to total assets.......................................
8.83
9.37
Net profits after taxes to total capital accounts....................................
4.15
4.20
Dividends to total capital accounts..........................................................
1960
5.96%
3.10
2.88
.39
2.56
64.65
40.87
1.54
10.03
4.16
More than three-fourths of the insured commercial banks in the
United States have deposits of less than $10 million. However, these
64
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
banks had less than one-fifth of the total employees and held less than
one-sixth of total assets. As is shown in Table 32, banks with deposits
of $500 million or more had one-third of the total employees and more
than two-fifths of the assets, net current operating earnings, and net
profits after taxes.
Income of insured mutual savings banks. Total income of insured
mutual savings banks in 1962 amounted to $1,861 million, 8.9 percent
higher than in the preceding year and 16 percent greater than in 1960.
The increase in income during 1962 was derived from a gain of 12.6
percent in income from loans. There was little change in the amounts
of income received from other sources, except for a decline in recoveries,
profits on assets sold, and transfers from valuation reserves.
In 1962 insured mutual savings banks received 73.4 percent of their
income from loans. This was slightly higher than the 71 percent received
from this source in 1961. About 98 percent of the loans of these banks
are secured by real estate. The volume of this type of loan held by in
sured mutual savings banks was 10.9 percent greater at the close of
1962 than a year earlier. This compares with increases in total loans
of 11.5 percent, and in total assets of 7.8 percent.
Table 33 shows the amounts, and Table 34 the percentage distribu
tions, of the principal items of income for insured mutual savings banks
in the years 1960, 1961, and 1962.
The amount of dividends and interest on deposits was 16.2 percent
greater in 1962 than in 1961. The increase reflected higher rates paid as
well as a larger volume of deposits. Additions to surplus accounts in 1962
were about four-fifths as great as in 1961. This, together with an in
crease of 7.8 percent in total assets, resulted in a decline in the ratio of
surplus accounts to assets to 8.4 percent on December 28, 1962, compared
with a ratio of 8.6 percent at the close of 1961.
Table 3 2 .
Bank,
and
D
is t r ib u t io n
P e r c en tag es
of
of
I nsured
C o m m e r c ia l
B anks
S elected B a n k i n g T otals
Size of group
Number
of banks
(Dec. 31)
in
by
D epo sit S iz e
of
E a c h S iz e G ro u p , 1962
Number of
Assets
employees (Dec. 28)
(Dec. 31)
Net
current
operating
earnings
Net
profits
after taxes
All banks...........................................................
100.0%
100.0%
100.0%
100.0%
100.0%
Banks with deposits of—
Less than $1,000,000........................................
$1,000,000 to $2,000,000.................................
$2,000,000 to $5,000,000.................................
$5,000,000 to $10,000,000...............................
$10,000,000 to $25,000,000.............................
$25,000,000 to $50,000,000.............................
$50,000,000 to $100,000,000...........................
$100,000,000 to $500,000,000.........................
$500,000,000 or more.......................................
6.4
17.3
33.3
20.5
14.0
4.2
1.9
1.9
0.5
0.5
2.0
6.9
8.2
12.2
8.4
7.3
21.1
33.4
0.2
1.3
5.4
7.0
10.3
7.2
6.6
20.1
41.9
0.2
1.3
5.1
6.4
9.2
6.4
6.1
20.6
44.7
0.3
1.5
5.9
7.1
9.8
6.5
6.2
20.8
41.9
65
IN C O M E OF IN SUR ED B A N K S
Table 3 3 .
S ources
and
D
Banks
is p o s it io n of
in
th e
U
T
n it e d
otal
I n c o m e , I nsured M
utual
S a v in g s
S t a t e s , 1960-1962
Amounts (in millions)
Income
Total income........................................................................................
1962
1961
1960
$1,861
$1,709
$1,605
1,366
156
206
47
86
1,213
152
206
42
96
1,089
153
199
53
111
120
1,334
152
90
18
147
113
1,148
146
98
16
187
108
1,073
134
108
14
168
Sources
Loans............................................................................................................
U. S. Government obligations................................................................
Other securities..........................................................................................
Other current income 1.............................................................................
Recoveries, etc.2.......................................................................................
Disposition
Salaries and wages....................................................................................
Dividends and interest on deposits......................................................
Other current expenses 1..........................................................................
Charge-offs, etc. *......................................................................................
Income taxes 4............................................................................................
Additions to surplus accounts................................................................
1 Includes amounts classified as “nonrecurring” income or expenses.
2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
3 Losses and other items charged off (except those charged to valuation reserve accounts), and
transfers to valuation reserve accounts.
4 Includes franchise taxes computed on an income basis.
Note: Due to rounding, components may not add to total.
Table 3 4 .
P ercentage
I n c o m e , I nsured M
D
is t r ib u t io n
utual
of
S ources
S a v in g s B a n k s
in
the
and
D is p o s it io n
of
T otal
U n it e d S t a t es , 1960-1962
Percent of total
Income
1962
Total income......................................................................................
1961
1960
100.0%
100.0%
100.0%
73.4
8.4
11.1
2.5
4.6
71.0
8.9
12.0
2.5
5.6
67.9
9.5
12.4
3.3
6.9
6.4
71.7
8.2
4.8
1.0
7.9
6.6
67.2
8.6
5.7
1.0
10.9
6.7
66.9
8.3
6.7
.9
10.5
Sources
Loans............................................................................................................
U. S. Government obligations................................................................
Other securities..........................................................................................
Other current income 1.............................................................................
Recoveries, etc.2.......................................................................................
Disposition
Salaries and wages....................................................................................
Dividends and interest on deposits......................................................
Other current expenses 1..........................................................................
Charge-offs, etc. •.......................................................................................
Income taxes 4............................................................................................
Additions to surplus accounts................................................................
1 Includes amounts classified as “nonrecurring” income or expenses.
2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),
profits on assets sold, and transfers from valuation reserve accounts.
8
Losses and other items charged off (except those charged to valuation reserve accounts), and trans
fers to valuation reserve accounts.
4 Includes franchise taxes computed on an income basis.
PART FOUR
STATISTICS OF BANKS AND DEPOSIT INSURANCE
B a n k A b s o r p t io n s A pproved
Table 101.
C o r p o r a t io n
um ber,
O f f ic e s ,
and
D
e p o s it s o f
B anks
Tabulations for all banks are prepared in accordance with an agree
ment among the Federal bank supervisory agencies. Provision of
deposit facilities for the general public is the chief criterion for dis
tinguishing between banks and other types of financial institutions.
However, trust companies engaged in general fiduciary business
though not in deposit banking are included; and credit unions and
savings and loan associations are excluded except in the case of a few
which accept deposits under the terms of special charters.
Branches include all offices of a bank other than its head office,
at which deposits are received, checks paid, or money lent. Banking
facilities separate from a banking house, banking facilities at govern
ment establishments, offices, agencies, paying or receiving stations,
drive-in facilities and other facilities operated for limited purposes
are defined as branches under the Federal Deposit Insurance Act,
Section 3(o), regardless of the fact that in certain States, including
several which prohibit the operation of branches, such limited facilities
are not considered branches within the meaning of State law.
CORPORATION
Banks grouped according to insurance status and by district and State
INSURANCE
Number and deposits of all banks in the United States (States and other areas),
December 28, 1962
DEPOSIT
Changes in number and classification of banks and branches in the United States
(States and other areas) during 1962
Number of banking offices in the United States (States and other areas), Decem
ber 31, 1962
Grouped according to insurance status and class of bank, and by State or area
and type of office
Table 104.
00
FEDERAL
Table 103.
the
Description of each merger, consolidation, acquisition of assets, or assumption of
liabilities approved by the Corporation during 1962
N
Table 102.
by
Commercial and stock savings banks include the following
categories of banking institutions:
National banks;
Incorporated State banks, trust companies, and bank and trust
companies, regularly engaged in the business of receiving deposits,
whether demand or time, except mutual savings banks;
Stock savings banks, including guaranty savings banks in New
Hampshire;
Industrial and Morris Plan banks which operate under general
banking codes, or are specifically authorized by law to accept de
posits and in practice do so, or the obligations of which are regarded
as deposits for deposit insurance;
Special types of banks of deposit: cash depositories in South
Carolina; a cooperative exchange in Arkansas; a savings and loan
company operating under Superior Court charter in Georgia; gov
ernment operated banks in American Samoa, North Dakota, and
Puerto Rico; a cooperative bank, usually classified as a credit
union, operating under a special charter in New Hampshire; a sav
ings institution, known as a “ trust company,” operating under
special charter in Texas; an employes’ mutual banking association
in Pennsylvania; the Savings Banks Trust Company in New York;
and nine branches of foreign banks which engaged in a general de
posit business in the continental United States or in Puerto Rico;
Private banks under State supervision, and such other private
banks as are reported by reliable unofficial sources to be engaged in
deposit banking.
Nondeposit trust companies include institutions operating under
trust company charters which are not regularly engaged in deposit
banking but are engaged in fiduciary business other than that in
cidental to real estate title or investment activities.
Mutual savings banks include all banks operating under State
banking codes applying to mutual savings banks.
Institutions excluded. Institutions in the following categories are
excluded, though such institutions may perform many of the same
functions as commercial and savings banks:
Banks which have suspended operations or have ceased to accept
new deposits and are proceeding to liquidate their assets and pay off
existing deposits;
Building and loan associations, savings and loan associations,
credit unions, personal loan companies, and similar institutions,
chartered under laws applying to such institutions or under general
incorporation laws, regardless of whether such institutions are au
thorized to accept deposits from the public or from their members
and regardless of whether such institutions are called “banks” (a few
institutions accepting deposits under powers granted in special
charters are included);
Morris Plan companies, industrial banks, loan and investment
companies, and similar institutions except those mentioned in the
description of institutions included;
Branches of foreign banks, and private banks, which confine their
business to foreign exchange dealings and do not receive “deposits”
as that term is commonly understood;
Institutions chartered under banking or trust company laws, but
operating as investment or title insurance companies and not en
gaged in deposit banking or fiduciary activities;
Federal Reserve banks and other banks, such as the Federal
Home Loan banks and the Savings and Loan Bank of the State of
New York, which operate as rediscount banks and do not accept
deposits except from financial institutions;
The postal savings system.
70
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
D e s c r ip t io n
o f A s s e t s or A s s u m p t io n
op E a c h
of
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
L ia b ilit ie s
D
CORPORATION
u r in g
Approved b y t h e
C o rp o r a tio n
1962
Name of bank, and type of transaction1
(in chronological order of determination)
No. 1— Industrial City Bank and Trust Company,
Worcester, Massachusetts (proposed new bank)
to consolidate with
Industrial City Bank and Banking Company,
Worcester
Resources
(in
thousands
of dollars)
Banking offices
In
operation
To be
operated
3
7,534
3
Summary report by Attorney General, December 18, 1961
The merger of the Industrial City Bank and Trust Company with the In
dustrial City Bank and Banking Company is not a merger of competing bank
ing enterprises but is a technical reorganization of the Industrial City Bank and
Banking Company in order for it to offer a full line of banking services includ
ing a trust department.
It is our conclusion that the proposed merger will not adversely affect com
petition.
Basis for Corporation approval, January 25, 1962
This proposal involved the conversion of a banking company to a trust com
pany and was accomplished by the chartering of a new bank which consolidated
with the operating banking company. The resulting bank is the smallest com
mercial bank in Worcester, holding 2.6 percent of the commercial bank IPC
deposits in the area. It would continue to operate in much the same manner as
the banking company but with added powers and less restrictions. It was con
cluded that the expansion of the applicant’s services, which would be beneficial
to the community and stimulate competition, was in the public interest.
No. 2— Vaughan and Company, Bankers,
Franklin, Virginia (change title to
Tidewater Bank & Trust Company)
to merge with
Bank of Capron, Capron
No.. 3— Vaughan and Company, Bankers,
Franklin, Virginia (change title to
Tidewater Bank & Trust Company)
to merge with
Meherrin Valley Bank, Boykins
10,974
1
1,344
1
12,318
2
3,389
1
2
3
Summary report by Attorney General, January 31, 1962
(cases 2 and 3)
The proposed merger of these relatively small banks would appear to have a
slight, but not substantial adverse effect on competition.
This transaction will eliminate a degree of competition among three banks,
one of which (Vaughan & Company) is among the largest in its service area
and another of which (Meherrin Valley) is of fairly substantial stature. It will
also make the resulting bank the largest with a competitive edge over its three
closest rivals, and a directly competing smaller bank in the town of Franklin.
While as yet undue concentration does not appear to characterize this area, this
merger may set in motion a trend toward further consolidation.
71
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D escrip tion op E a ch M erger, C o n solid atio n , A cq u isition
op A s s e t s or A ssu m p tion o f L iab ilities Approved by t h e Corporation
D u r in g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Basis for Corporation approval, March 1, 1962
(cases 2 and 3)
The merging banks were relatively small banks operating in Southampton
County in southeastern Virginia. The service area involved is characterized by
a large number of relatively small banks whose primary business is derived from
the community in which they are located. It was determined that the mergers
would not have a harmful effect on the smaller banks or on banking competition
in the area. The resulting bank will be of sufficient size to provide expanded
loaning and trust facilities not presently available in the area and, to a great
extent, not feasible for the small banks. It was concluded that the mergers which
would provide expanded banking facilities for the area without having an un
favorable effect on competition were in the public interest.
No. 4— Pioneer Bank of Arizona,
Prescott, Arizona
(change location of head office to Phoenix)
to merge with
The Bank of Phoenix, Phoenix
7,643
1
10,549
2
3
Summary report by Attorney General, February 7, 1962
Pioneer Bank of Arizona operates one office in Prescott. It has total deposits
of $6,870,000, net loans and discounts of $3,498,000 and total assets of $7,643,000.
The Bank of Phoenix operates two offices in Phoenix, 60 miles from Prescott.
It has total deposits of $9,186,000, net loans and discounts of $4,181,000 and total
assets of $10,549,000.
Existing competition between the two banks is minimal. Their combined share
of state-wide deposits is only 1.1%. Four much larger banks with state-wide branch
systems already compete within the resulting bank’s service area.
In our view, the effect of this merger on competition would be slight.
Basis for Corporation approval, March 8, 1962
Banking in Arizona is highly concentrated with four banks, operating large
branch systems, controlling 94.9 percent of the aggregate IPC bank deposits in
the State. The subject transaction involves two of the smaller banks operating
in Phoenix and Prescott, which are not competitive with each other. The merger
would not affect the predominant position of the larger banks but it would
create a more realistic banking alternative to these banks than the merging banks
pose individually. Thus, the transaction which would have a beneficial effect
on banking competition in the Phoenix and Prescott areas and enable the ap
plicant to better serve this growing area was concluded to be in the public
interest.
72
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
D e s c r ip t io n
o f A s s e t s or A s s u m p t io n
of E ach
of
CORPORATION
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
L ia b i lit i e s
Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
No. 5— Commercial Bank of North America,
New York (Manhattan), New York
to merge with
State Bank of Long Beach, Long Beach
Resources
(in
thousands
of dollars)
In
operation
To be
operated
203,720
13
14
11,545
1
Summary report by Attorney General, February 15, 1962
Commercial Bank of North America, with 12 offices in Greater New York City,
competes with all of the large New York City banks in one or more of its serv
ice areas in Manhattan, Brooklyn, Queens and the Bronx. It is number 14 in
size among New York City commercial banks, with assets of approximately
$203,720,000.
Commercial Bank seeks to acquire by merger the State Bank of Long Beach,
which has a single office in Long Beach and assets of approximately $11,545,000.
The service area of State Bank is confined to Long Beach, and it has approxi
mately 2% of the IPC deposits and loans in the area, as against approximately
98% of Meadow Brook National Bank, its sole competitor with an office in Long
Beach. Assets of Meadow Brook National Bank are in excess of $686,000,000.
There appears to be minimal existing competition between Commercial Bank
and State Bank and no significant potential competition. Conversely, the merger
would result in increased competition for Meadow Brook National Bank in Long
Beach, not only because the resulting bank would be better able to compete
than is State Bank, but also because the home office protection of State Bank
under the New York Banking Law would terminate with the merger and the
area would no longer be unavailable for de novo branch banking under that law.
W e are not aware of any adverse competitive effects that would result from
the merger.
Basis for Corporation approval, March 15, 1962
The applicant bank, Commercial Bank of North America, involved in this pro
posed merger is located in New York City and competes with several much
larger New York City commercial banks, seven of which are billion dollar in
stitutions. Applicant ranks 14th in size among these banks and from a competi
tive standpoint the absorption of an additional $10 million in deposits of the
merging bank would not be felt. The bank to be absorbed, State Bank of Long
Beach, is located approximately 25 miles from applicant's main office, having a
service area that is confined almost entirely to Long Beach, Long Island, New
York and a small area surrounding. The two banks are not presently competi
tive with each other. The Long Beach bank holds IPC deposits of only approxi
mately $10 million and its major source of competition emanates from the $687
million Meadow Brook National Bank, which has a branch in Long Beach. Ap
plicant’s resources are in excess of $200 million and it appears certain that its
introduction into the Long Beach area would tend to substantially increase com
petition inasmuch as a branch of applicant would be in a better position to
73
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D escrip tion op E a c h M erger, C o n solid atio n , A cqu isition
op A s s e t s or A ssu m p tion o f L iab ilities Approved by t h e Corporation
D u r in g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
compete with the Meadow Brook National Bank than is the present much smaller
$10 million unit bank.
In addition, the proposal will extend a larger lending limit, broader banking
services, and trust department facilities, to the customers of the Long Beach bank
and the depth and capabilities of management in the applicant bank will bring
to Long Beach successful leadership, which previously has been lacking.
No. 6— Coahoma County Bank & Trust Co.,
Clarksdale, Mississippi
to merge with
Bank of Lula, Lula
16,200
2
1,289
1
3
Summary report by Attorney General, March 1, 1962
Coahoma County Bank and Trust Company is the second largest bank in this
area of approximately 40,000 people. Aa the result of the merger of the Coahoma
County Bank and Trust Company with the Peoples Bank of Jonestown in July,
1961, there are presently only three banks in operation in this area, among which
the Bank of Lula is the smallest.
The merger of the Coahoma County Bank and Trust Company with the Bank
of Lula would eliminate one of the remaining three banking services in an area
of 40,000 people. Such a merger would probably have a significant adverse com
petitive effect.
Basis for Corporation approval, March 29, 1962
The service area of applicant comprises all of Coahoma County, Mississippi
(population 46,000), and that of Lula is confined to a small section of the county
on its northern border (estimated population 4,000). The entire county at the
present time is served by only three banks: applicant which holds 37.7 percent
of total bank deposits, Lula which holds only 3 percent, and the Bank of Clarksdale, Clarksdale, Mississippi, which holds 59.3 percent. Although it is obvious
that there is some overlapping of competition between the two banks desiring
to merge, inasmuch as Lula lies within applicant’s larger service area, it also
is apparent that the merger should result in no material change in the competi
tive situation, because applicant would gain only a small proportion of total
deposits in the area and would still be second in size to a much larger local
competitor. The distance between the two participating banks (23 miles) would
somewhat limit the degree of competition between the two, and it appears that
needs and convenience of the customers would be the major determining factor
in the choice of banks. While one independent bank will be eliminated, there
will be no diminution in banking facilities since Lula will be continued as a
branch of applicant which is in a position to bring broader and more complete
banking services to Lula’s service area. Requests directed to officers of seven
banks, including the competing bank in Clarksdale and six others in surround
ing counties, asking for an opinion as to the effect this merger would have on
74
FEDERAL DEPOSIT IN SU R A N C E
Table 1 0 1 .
of
A
ssets
D
or
e s c r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger ,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
competition, brought responses unanimously to the effect that the proposal did
not involve any unfavorable competitive aspects, but conversely would be bene
ficial to the people in the Lula community, and could be considered to be in the
public interest.
No. 7— Liberty Real Estate Bank and Trust Company,
Philadelphia, Pennsylvania
to merge with
The Bridgeport National Bank, Bridgeport
132,952
10
11,085
1
11
Summary report by Attorney General, March 9, 1962
The proposed merger would unite two relatively small banks each of which
in its own primary service area faces the competition of a few comparatively
gigantic banks. This disparity between the latter and the merging banks is to
a large extent attributable to several already consummated mergers and consoli
dations in this area. The proposed merger thus appears to be in a certain sense
a defensive measure dictated by the high degree of concentration in said area.
While it probably will not have a substantially adverse effect on competition,
it may well signal the beginning of a movement toward further mergers among
the small banks and even more concentration in Philadelphia.
Basis for Corporation approval, April 5, 1962
In the Bridgeport-Norristown area, the Bridgeport bank, unlike its competi
tors, has not expanded or progressed in recent years, either in branch develop
ment or new services, and as a result, has lost its competitive influence to a
substantial degree. While other banks have been growing, the trend of Bridge
port’s deposits over the past five years (exclusive of public funds) has been down
ward. This could be the result of intense competition furnished by branches of
Philadelphia banks and 19 offices of two Norristown banks, or lack of aggressive
ness on the part of the Bridgeport bank, or a combination of both. On the other
hand, applicant has been effectively and aggressively competitive wherever it has
operated, and the substitution of its branch for the local Bridgeport unit bank
should bring to Bridgeport increased and improved banking services.
No. 8— Crawford County Trust Company,
Meadville, Pennsylvania (change of title to
Northwest Pennsylvania Bank & Trust Co.,
and change location of head office to Oil City)
to merge with
Oil City National Bank, Oil City
14,222
2
40,839
6
8
Summary report by Attorney General, March 9, 1962
The merger of the Oil City National Bank and the Crawford County Trust
Company will not substantially affect competition, since the two banks do not
75
B A N K ABSORPTIONS APPROVED BY T H E CORPORATION
Table 1 0 1 .
of
A
ssets
or
D
e s c r ip t io n
of
A s s u m p t io n
D
of
E ach
M
erger ,
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
the
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
operate in the same service area and each is faced with competition from larger
institutions in their respective service areas.
Basis for Corporation approval, April 12, 1962
The Oil City bank is faced with a top level management problem due to the
age and failing health of its chief executive officer. This merger should solve that
problem inasmuch as the top executive officer of the applicant bank, who is desig
nated to become president of the resulting bank, is a highly capable executive
and well qualified to assume the presidency of the much larger institution. The
two banks desiring to merge do not now compete with each other to any great
extent, and the proposed transaction should not have any unfavorable effect on
competition or represent a tendency toward monopoly. The same number of bank
ing offices will still be in operation. A much larger loan limit should prove bene
ficial in the Meadville area inasmuch as it will enable applicant to better supply
the loan demand in Meadville and its vicinity.
No. 9— Millersburg Trust Company,
Millersburg, Pennsylvania
to merge with
Lykens Valley Bank, Elizabethville
4,262
1
1,655
1
2
Summary report by Attorney General, March 23, 1962
The proposed merger of Millersburg Trust Company, Millersburg, Pennsylvania,
and Lykens Valley Bank, Elizabethville, Pennsylvania will eliminate one of the
ten small independent banking facilities in that service area.
Because it is not likely that a bank with total loans of only $853,477 can be
a vigorous factor in competition, we do not believe that the effect of the elimina
tion of the competition presently offered by Lykens will be substantially adverse.
Basis for Corporation approval, April 19, 1962
The merger would provide continuing capable management for the small Lykens
Valley Bank as well as increasing the loan and trust facilities available in the
Elizabethville area. Although a small amount of competition between the merg
ing banks will be eliminated, the over-all effect on competition would not be
unfavorable. This sound expansion of banking facilities which would be provided
to Elizabethville and the entire service area without adversely affecting the local
competitive structure is considered to be in the public interest.
No. 10— Citizens National Bank oCOrlando,
Orlando, Florida
to merge with
Central Trust Company of Orlando,[Orlando
45,358
1
289
1
1
76
FEDERAL DEPOSIT IN SU R A N C E
Table 10 1 .
of
A
ssets
or
D
e s c r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger ,
CORPORATION
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
the
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, February 20, 1961
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 elimi
nated and one of four factors in trust business removed from competition. How
ever, the elimination of this competition will not give Citizens National Bank a
monopoly or a dominant position in this field.
Basis for Corporation approval, M ay 3, 1962
The proposed merger would unite an uninsured trust company engaged solely
in trust business with a national bank. It is anticipated that the applicant bank,
upon effecting the merger, will provide an improved management that should
be expected to improve the general condition of the trust operation. The trans
action will reduce the number of institutions offering trust services in Orlando
from four to three, but this will have little or no effect otherwise on the com
petitive status of either commercial or trust banking in Orlando, and it will not
represent any tendency toward monopoly. The trust department of one of the
other commercial banks in Orlando is more than five times the size of the trust
department of applicant. It is concluded that it is in the public interest that this
uninsured institution with its present management be replaced by the trust de
partment of the applicant bank.
No. 11— The Security State Bank, Algona, Iowa
(proposed new bank)
to acquire the assets and assume liabilities of
Security State Bank, Algona
No. 12— The Security State Bank, Algona, Iowa
(proposed new bank)
to merge with
Farmers State Bank, LuVerne
1
3,339
1
3,339
1
1,272
1
2
Summary report by Attorney General, March 30, 1962
(cases 11 and 12)
The participating banks are located in two small Iowa towns 18 miles apart.
Although it is the second largest bank in the combined service areas of the par
ticipating banks, the acquiring bank has only a little more than half the deposits
of the largest bank. Moreover, if the acquisition is accomplished the resulting
77
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 1 0 1 .
of
A
ssets
or
D
e sc r ip t io n
of
A s s u m p t io n
D
of
E ach
M
erger,
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
bank will be only about two-thirds as large as the largest bank.
On balance it does not appear that the effect of the proposed acquisition on
competition would be substantially adverse.
Basis for Corporation approval, M ay 18, 1962
(cases 11 and 12)
The purchase and assumption transaction between The Security State Bank
and Security State Bank, Algona, will have no competitive implications involv
ing, as it does, a bank newly organized to purchase the assets and assume the
liabilities of an existing bank in the same town. The concurrent merger of The
Security State Bank, Algona, and the Farmers State Bank, LuVerne, Iowa, would
not eliminate any important competition between the merging banks or have any
unfavorable competitive effect on the other banks operating in the area. It was
concluded that the establishment of a sound, aggressive bank which would pro
vide broader and better banking services in the Algona-LuVerne service area was
in the public interest.
No. 13— Farmers-Citizens Bank, Salem, Indiana
to acquire the assets and assume the Liabilities of
State Bank of Cambellsburg, Cambellsburg
5,122
1
1,973
1
2
Summary report by Attorney General, April 20, 1962
Competition between these two rather small banks does not appear to exist
in a real sense since trustees of the Farmers-Citizens Bank control over 68 per cent
of the stock of State Bank of Cambellsburg.
The resultant bank, however, will be substantially enlarged in size and con
sequently acquire a sharply increased competitive advantage over the State Bank
of Salem, its only remaining competitor in Salem and the immediate service area.
The effect on competition would therefore appear to be slightly adverse.
Basis for Corporation approval, M ay 25, 1962
The banks involved in this purchase and assumption transaction operate 10 miles
from each other in south-central Indiana and there is no substantial competition be
tween them. The resulting bank will hold less than one-fourth of IPC deposits
and loans of all banks in the area, and the transaction will not have a detrimental
effect on the other banks. It was concluded that the improved banking services,
such as a larger lending limit, trust department facilities, instalment lending, and
specialized counselling in farm financial problems, which applicant will bring to
the Cambellsburg community, will benefit the people in that area, and the trans
action will be in the public interest.
78
FEDERAL DEPOSIT IN SU R A N C E
Table 10 1 .
of
A
ss e t s
or
D
e sc r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger ,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name oj bank, and type of transaction1
(in chronological order of determination)
No. 14— Commercial Bank of North America,
New York (Manhattan), New York
to merge with
The Peoples National Bank of Brooklyn
in New York, Brooklyn
Resources
(in
thousands
of dollars)
In
operation
To be
operated
254,793
14
16
15,094
2
Summary report by Attorney General, April 20, 1962
Commercial Bank of North America, with assets of $220,710,000, deposits of
$198,272,000 and loans of $126,811,000, is number 15 in size among the New York
City commercial banks. It has 12 offices in Greater New York City and a 13th
office has been authorized as a result of a merger with State Bank of Long Beach,
Long Island. The bank has approximately .58% of the IPC deposits in Greater
New York City and approximately .60% of the loans in that area.
Four of the branches of Commercial Bank are in Brooklyn. There is an over
lap between the service areas of Commercial Bank and the service areas of
Peoples National, which has its main office and its single branch in Brooklyn.
An examination of the IPC deposits of Commercial Bank reveals 54 checking ac
counts and 83 time deposit accounts originating in the service areas of Peoples
National. These accounts total approximately $234,774 out of total IPC deposits
of approximately $160,000,000. The overlap in business and consumer and install
ment loans also appears slight.
Peoples Bank was chartered in 1908. As of December 31, 1961, total assets were
approximately $16,054,000, deposits were approximately $14,394,000 and loans ap
proximately $5,926,000. It has grown at a very slow pace. Net income from opera
tions was $135,000 in 1956 and $128,000 in 1961, with an average of $129,000 for
the period 1956-1960.
It is our view that the proposed merger would have an adverse effect on com
petition in the area served by Peoples but would not appear to affect competition
in the other areas served by Commercial.
Basis for Corporation approval, M ay 25, 1962
The applicant bank, Commercial Bank of North America, has total resources
of $254,800,000 and ranks 14th in size among the commercial banks in New York
City. It operates in four of the City’s five boroughs and proposes to merge The
Peoples National Bank of Brooklyn in New York which operates two offices and
has total resources of $15,100,000. The applicant has approximately % of 1 percent
of the IPC deposits of the commercial banks in New York City and this pro
posal will increase its percentage less than 0.1 percent. Peoples has its main office
in Brooklyn and operates a branch in Queens, while the applicant operates four
branches in Brooklyn and two in Queens. Due to the distance between the offices
of the participating banks, there is only a minimal overlapping of service areas
and no significant competition exists between them. The applicant will strengthen
its position slightly in relation to the smaller city banks but the impact of the
79
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 10 1 .
of
A
ssets
or
D
e s c r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger ,
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
merger will be insignificant with respect to the larger banks and will have no
significant effect on the competitive situation in New York City. It is concluded
that the over-all effect of the merger would be to enhance competition in a healthy
manner in Peoples’ service areas and will provide the public with better banking
services and facilities.
No. 15— Chittenden Trust Company, Burlington, Vermont
to merge with
The National Bank of Vergennes, Vergennes
36,907
8
2,988
1
No. 16— Chittenden Trust Company, Burlington, Vermont
to acquire the assets and assume the liabilities of
Capital Savings Bank and Trust Company,
Montpelier
39,895
9
8,408
1
9
10
Summary report by Attorney General, March 9, 1962
(cases 15 and 16)
The proposed merger of The National Bank of Vergennes, Vergennes, Vermont,
with Chittenden Trust Company, Burlington, Vermont, and the proposed purchase
of assets and assumption of liabilities of Capital Savings Bank and Trust Com
pany by Chittenden Trust Company, Burlington, Vermont, would not appear
to have adverse competitive effects. The banks are located in different service
areas and 99% of the stock of Capital is already owned by Chittenden.
Basis for Corporation approval, June 14, 1962
(cases 15 and 16)
Chittenden, which operates in northern Vermont, will become the largest com
mercial bank in the State as a result of these transactions, expanding its direct
representation into Washington County in the north-central section of the State.
The merger will provide management succession for the small bank in Vergennes,
and the larger capital base of the resulting bank will enable it to grant credit and
provide banking services beyond the capabilities of the individual banks. It was
further determined that Chittenden would be able to provide increased, sound
banking competition in the areas in which it operates without detrimental effect
to the existing competitive structure. It was concluded that the proposals, which
would enable the applicant to provide increased services and competition, were
in the public interest.
No. 17— Cyril State Bank, Cyril, Oklahoma
(proposed new bank)
to acquire the assets and assume the liabilities 0j
The Bank of Cyril, Cyril
—
1,445
—
1
1
80
FEDERAL DEPOSIT IN SU R A N C E
Table 10 1 .
of
A
ss e t s
D
or
e sc r ip t io n
of
A s s u m p t io n
D
of
E ach
M
erger ,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, M ay 25, 1962
Cyril State Bank is a proposed new bank organized for the purpose of acquiring
the assets and assuming the deposit liabilities of The Bank of Cyril whose stock
holders are desirous of liquidating the bank.
While no indication is made as to why a new bank was organized rather than
having the old bank’s stock purchased, in light of the fact that the City of Cyril
has a population of only 1500, it is not believed that this acquisition will have
adverse competitive effects.
Basis for Corporation approval, June 14, 1962
The Bank of Cyril has provided uninterrupted banking service in the community
of Cyril since 1908. Its present controlling stockholder wishes to sell his interest
in the bank and this proposal involving a bank newly organized to purchase the
assets and assume the liabilities of the existing bank will assure continued banking
services in Cyril under new and more aggressive management.
No. 18— Pineland State Bank, Metter, Georgia
(proposed new bank)
to acquire the assets and assume the liabilities of
Pineland Bank, Metter
—
—
741
1
1
Summary report by Attorney General, December 6, 1961
This acquisition would probably not adversely affect the competitive situation
in the banking service area involved, since it is a part of the procedure involved
in converting a private bank into a state bank.
Basis for Corporation approval, June 14, 1962
Consummation of this proposal will result in the replacement of an uninsured
private bank— not incorporated, by a State chartered insured institution. The
private bank has been in operation since August 1, 1959, and since that time has
accumulated a deposit volume well in excess of $500,000, evidencing that it is
serving a community convenience and need. The transaction would extend the
benefits of deposit insurance to the present depositors of the private bank and
should increase sound banking competition in Candler County and, thus, it was
concluded the proposal was in the public interest.
No. 19— Altoona Central Bank and Trust Company,
Altoona, Pennsylvania
to merge with
The First National Bank of Bellwood, Bellwood
42,158
7
2,760
1
8
81
B A N K ABSORPTIONS APPROVED BY T H E CORPORATION
Table 101.
D e s c r ip t io n
o f A s s e t s or A s s u m p t io n
of E ach
of
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
L ia b i lit i e s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, M ay 9, 1962
The proposed merger of Altoona Central Bank and Trust Company, Altoona,
Pennsylvania and The First National Bank of Bellwood, Bellwood, Pennsylvania
would appear to have adverse effects upon competition.
Since Bellwood is located only 6 miles from Altoona and many people who live
there work in Altoona it would appear that substantial competition would exist
between the merging banks. This competition has been compromised by a number
of developments. The President of Applicant bank is also a director of and a
stockholder in the Merging bank. In addition, the applicant, through a partner
ship set up to hold legal title to securities for accounts of Altoona Central, owns
substantial stock interest in Bellwood, some of which was acquired by Altoona
Central.
The merger would eliminate actual and potential competition between the merg
ing banks, reduce the number of banks in the Altoona area from four to three
and increase the dominant position of Altoona in the area, a position of dominance
which has come about as a result of other recent mergers.
Basis for Corporation approval, June 22, 1962
Through this merger a branch of the $43 million Altoona Central Bank and
Trust Company, the largest bank in the Altoona area, will replace a $3 million
unit bank in Bellwood, the smallest bank in the combined areas. Although situated
only six miles apart, an analysis of the loans and deposits of the two banks indicates
that there is very little overlapping of their service areas and only a moderate
amount of competition between them. The relatively small size of Bellwood
seriously affects its capacity to compete. The merger will not materially increase
the size of Altoona Central Bank and Trust Company or add significantly to its
present competitive stature. With aggressive, strong, and well established banks
competing in both Altoona and Tyrone (the only two areas to be affected by the
merger), the merger will not result in an unbalancing of existing banking competi
tion in either Altoona or the Bellwood-Tyrone areas, nor will it represent a
tendency toward monopoly. Applicant can provide much broader banking services
in the Bellwood area, such as trust facilities and a needed larger lending limit,
particularly, for future industrial developments. The executive officer of Bellwood
is a capable young banker who has had offers of greater responsibilities from other
banks and if the merger is not consummated, he will leave Bellwood due to the
limited opportunities it offers. The only other officer at Bellwood indicated she
does not wish to assume additional responsibilities. In view of these benefits and
the banking factor that the merger will solve a pressing management problem at
the Bellwood bank, it was concluded that the transaction would be in the public
interest.
82
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
D e s c r ip t io n
o f A s s e t s o r A s s u m p t io n
of Each
CORPORATION
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
o f L ia b ilit ie s
Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination
No. 20— The Frederick Town Savings Institution,
Frederick, Maryland (change title to The
Fredericktown Savings and Trust Company)
to merge with
The Fredericktown Trust Company, Frederick
Resources
(in
thousands
of dollars)
In
operation
16,771
1
120
—
To be
operated
1
Summary report by Attorney General, M ay 17, 1962
Fredericktown Trust was organized by Fredericktown Savings in order to enable
the latter to engage in trust activities. All the stock of the trust company is owned
by the bank except for the directors’ qualifying shares which are owned by direc
tors of the bank. The trust company has not done any business since its organiza
tion and will not do any until the merger.
Since no competition will be eliminated by the merger and it will enable Fred
ericktown to engage in trust services in competition with the three other banks
in Frederick the effect on competition would not be adverse.
Basis for Corporation approval, June 22, 1962
This proposal will merge the applicant with a newly formed, but not operative,
trust company for the sole purpose of giving the applicant trust powers. Three
other banks compete with applicant in Frederick, all of which have trust powers,
and two of which exercise such powers. At present, applicant is the only Frederick
bank not permitted by its charter to engage in trust activities, and because there
are no provisions in the Maryland law whereby its charter can be amended to grant
trust powers, the merger is the only legal means to accomplish this end. This will
provide an additional banking service to the customers of applicant and should
increase competition locally for trust business. There is no tendency toward
monopoly involved, and it is concluded that the merger will be in the public
interest.
No. 21— Alaska State Bank, Fairbanks, Alaska
(change location of head office to Anchorage)
to merge with
City National Bank of Anchorage, Anchorage
2,720
1
8,927
4
5
Summary report by Attorney General, March 22, 1962
The participating banks are located in two Alaskan cities, about 440 miles apart.
There is no real competition between them since they are under substantially com
mon ownership and management. Of the four banks in Anchorage, the acquired
bank: is the smallest in terms of IPC deposits; likewise, of the three banks in Fair
banks, the acquiring bank is the smallest. Even when combined, the resulting bank
will remain smaller than the smallest of the two largest banks in Fairbanks and
the two largest banks in Anchorage.
83
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 10 1 .
of
A
ssets
D
or
e sc r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger,
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
the
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
It does not appear that the effect of the proposed merger on competition would
be adverse.
Basis for Corporation approval, June 22, 1962
This proposal involves a merger of the smallest commercial bank in Anchorage
and the smallest bank in Fairbanks, and the resulting bank will remain the smallest
commercial bank in either city. The banks are affiliated but are located 440 miles
apart, and little, if any, competition exists between them which will be eliminated
as a result of the proposal. The resulting bank will be a stronger competitor in the
two service areas through the acquisition of complementary management person
nel. In addition, the resulting bank will have a much larger lending limit which will
aid it in maintaining its competitive position in the two areas. Further, the over-all
stronger management will alleviate some of the problems confronting the smaller
of the two merging banks.
No. 22— Shepherd State Bank, Shepherd, Michigan
to consolidate with
Winn State Bank, Winn
3,537
1
1,349
1
2
Summary report by Attorney General, June 1, 1962
The participating banks are located in two small Michigan towns 11 miles apart.
The acquiring bank is the third largest, and the acquired bank is the fifth largest,
in a field of five. Although there is some competition between the two, both find
their chief competitors to be the two largest banks in the area, located in Mount
Pleasant, 10 miles north of both.
On balance, it does not appear that the effect of the proposed acquisition on
competition would be substantially adverse.
Basis for Corporation approval, June 28, 1962
This consolidation will unite two relatively small banks located in two small
Michigan towns 11 miles apart. Applicant is the third largest bank among five
in the over-all service area and Winn is about equal with one other as the smallest.
Following the consolidation the resulting bank will still occupy third position and
the two largest banks will continue to be substantially larger. It appears that the
consolidation would result in a better balance among the banks in the area, there
is no tendency toward monopoly indicated, and the consolidated bank as a stronger
banking structure should be able to serve the trade area more effectively. Applicant
can provide broader banking services in the Winn community, more particularly
an instalment loan department, and the enlarged lending limit should prove bene
ficial throughout the whole service area. In addition, a pressing management
problem now facing Winn will be solved.
84
FEDERAL DEPOSIT IN SU R A N C E
Table 10 1 .
of
A
ssets
D
or
e sc r ip t io n
of
A s s u m p t io n
D
of
E ach
M
erger,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
No. 23— Industrial Valley Bank and Trust Company,
Jenkintown, Pennsylvania
to merge with
The National Bank of Royersford, Royersford
Resources
(in
thousands
of dollars)
In
operation
To be
operated
87,101
14
15
5,524
1
Summary report by Attorney General, M ay 18, 1962
The National Bank of Royersford is the only independent bank in the Royersford
service area which is close to Philadephia in an area changing rapidly from rural to
urban. At the present time there are six other banking offices in the area each be
longing to substantially larger banks.
Concentration in commercial banking in the Philadephia area is among the high
est in the United States, due in large part to a recent wave of bank mergers, and a
pronounced tendency toward oligopoly exists. As a result of this merger, another
independent bank will be eliminated from the greater Philadelphia area and con
centration will be further enhanced.
Basis for Corporation approval, June 28, 1962
The Industrial Valley Bank and Trust Company operates primarily in Philadel
phia and the Jenkintown area. It holds 1.9 percent of the aggregate deposits and
loans of the commercial banks in the competitive areas and this proposal, which
will have little or no effect on banking competition in Philadelphia or the Jenkintown area, will increase its percentage of these holdings only 0.1 percent. The
main office of the Industrial Valley Bank and Trust Company is 22 miles southeast
of The National Bank of Royersford and the closest office of the applicant to
Royersford is 18 miles away. With a number of offices of other banks intervening,
the applicant and Royersford are not in direct competition with each other. The
National Bank of Royersford is surrounded by offices of much larger banks which
are able to provide broader services than can Royersford. Consummation of this
proposal, which will increase competition in the Royersford area, will provide
management succession for the Royersford bank, as well as enlarged and broader
banking services for the Royersford service area.
No. 24— Institution for Savings in Roxbury,
Boston, Massachusetts (application for
FDIC deposit insurance and change head
office from 2343 Washington Street to
30 School Street, Boston)
to merge with
The Boston Five Cents Savings Bank, Boston
(under the latter’s title)
40,954
2
459,599
7
9
Summary report by Attorney General, M ay 16, 1962
The proposed merger of Institution for Savings in Roxbury and The Boston Five
Cents Savings Bank is a merger of two mutual savings banks which concentrate
85
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D escrip tion o f E a ch M erger, C o n solid atio n , A cq u isition
o f A s s e ts or A ssu m p tion o f L iab ilities Approved by t h e Corporation
D u r in g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
their lending activities in long term real estate mortgages. The merger would
eliminate substantial competition between the merging institutions.
Basis for Corporation approval, July 12, 1962
This transaction involves Roxbury’s application for Federal deposit insurance
as well as a merger of the two banks. Although the transaction is in effect a merger
of Roxbury into Boston Five, it was undertaken in this manner to retain the older
charter of Roxbury.
Both banks are mutual savings banks operating under the laws of Massachusetts
regulating this type bank. Their deposits are confined to savings deposits and their
loans principally to mortgages on owner-occupied one-family dwellings. Roxbury’s
main office is located in an older, deteriorating section of Boston which is scheduled
for extensive redevelopment.
The transaction will increase slightly Boston Five’s position as the largest mutual
savings bank in the area and will eliminate a small amount of competition pres
ently existing between the two banks. However, there will remain 19 savings
banks in the City of Boston and 57 in the primary service area of the bank after
consummation of the merger. Four of these banks with deposits in excess of $100
million have offices within one-quarter mile of Boston Five. The resulting bank
will hold only 13.7 percent of the total IPC deposits of the mutual savings banks
in the metropolitan area and only 9 percent of the aggregate time and savings
deposits and share accounts of all mutual savings banks, commercial banks, sav
ings and loan associations and co-operative banks in the area.
The proposed transaction will strengthen the management and staff of Boston
Five and will better enable Roxbury to handle the problems of a radically chang
ing service area without having any significant effect on banking competition in
the area.
No. 25— Suburban Trust Company, Hyattsville, Maryland
to merge with
Citizens Bank of Takoma Park, Takoma Park
219,445
30
17,095
3
33
Summary report by Attorney General, April 24, 1962
Suburban Trust Company is the dominating bank among 13 competing com
mercial banks in the Montgomery-Prince Georges County area which borders on
Washington, D. C. Citizens Bank of Takoma Park is a substantial competitor of
Suburban, particularly in the Takoma Park area.
By acquiring Citizens, Suburban would increase its percentage of IPC deposits
and loans to 53.9% and 55.8%, respectively, making it approximately four times
the size of the largest competing bank located in the area and larger than the
aggregate of all eleven competitors.
86
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
CORPORATION
D escrip tion o f E a c h M erger, C on solid atio n , A cqu isition
o f A s s e t s or A ssu m p tion o f L iab ilities Approved by t h e
Corporation
D u r in g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
The merger will not bring banking services to the Takoma Park area which are
not already offered by branches of Suburban located in that area. It is our opinion
that the proposed merger should not be approved, because it will substantially
lessen existing and potential competition between the merging banks, it will sub
stantially lessen existing and potential competition between Suburban and the
eleven banks with which it presently competes in its service area, and it will, by
giving Suburban more than half of the IPC deposits and loans of banks located
in its area, tend toward monopoly.
Basis for Corporation approval, September 11, 1962
The merging banks operate in Montgomery and Prince Georges Counties, Mary
land, both of which border on Washington, D . C. The merging banks are subject
not only to competition from banks with main offices in these two counties but
also from banks in the District of Columbia which have numerous branches located
near the District of Columbia boundary. Further, recent mergers have brought
much larger Baltimore banks into direct competition with the local banks in
Montgomery and Prince Georges Counties. Applications of the largest bank in the
State to establish de novo branches in Montgomery and Prince Georges Counties
indicates it intends to compete aggressively for the business in this area. Although
the modest increase in resources and capital which the applicant would enjoy as a
result of this transaction would not materially affect the banking structure or
competition among banks in the two counties, Suburban Trust Company feels the
increase will enable it to provide more effective competition with these larger
banks.
The proposed merger was originally denied because favorable findings on five
banking factors were not found to outweigh unfavorable findings made on the
adequacy of the capital of the resulting bank, and the effect of the transaction on
competition in Takoma Park and Langley Park, areas in which Citizens Bank of
Takoma Park has offices. Since the denial, the applicant has indicated that its
capital will be increased $3 million, which is considered to be sufficient capital for
the anticipated operations of the resulting bank. A de novo branch in Takoma
Park has been approved for the Citizens Bank of Maryland, Riverdale, which will
be opened simultaneously with consummation of this merger. The Citizens Bank
of Maryland, which has enjoyed considerable success, has total resources of ap
proximately $77 million and is an aggressive and keen competitor. Although the
management of the Citizens Bank of Takoma Park has not been termed un
satisfactory, the small to moderate growth it has experienced in relation to some
of the other banks in the counties reflects its lack of aggressiveness, and to some
extent the differences of opinion that have existed for some time among its major
stockholders. Thus, within a relatively short period of time, the Citizens Bank of
Maryland, because of its size and aggressiveness, should provide more effective
competition for Suburban Trust Company in Takoma Park than presently exists.
In the Langley Park area, American National Bank of Silver Spring has approval
87
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
T a b le 1 0 1 .
op
D escription op E ach M erger, C onsolidation , A cquisition
A ssets or A ss u m p tio n op L iabilities A pproved b y t h e C orporation
D uring 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
to establish a branch which is expected to be in operation before the effective date
of the merger. This bank has total resources of approximately $40 million and
thus there will be effective banking competition in this area also. It is concluded
that the over-all effect of the merger on banking competition would not be un
favorable. Since favorable findings have been made on all factors required to be
considered by law, it is concluded that the merger is in the public interest.
No. 26— Burlington County Trust Company,
Moorestown, New Jersey
to merge with
The Farmers’ Trust Company, Mount Holly
28,213
4
6,605
1
5
Summary report by Attorney General, July 26, 1962
The proposed merger of Burlington County Trust Company, Moorestown, New
Jersey and The Farmers’ Trust Company, Mount Holly, New Jersey would appear
to have an adverse effect upon competition.
The effects of the proposed merger would be to bring a dominant bank into
Mount Holly, with advantageously located offices and the concomitant elimination
of an independent banking facility. Competition between the merging banks
would also be eliminated.
Basis for Corporation approval, September 13, 1962
There is a distance of 8.5 miles between the main office locations of the merging
banks whose defined service areas overlap only slightly, and there is very little
competition between the two to be eliminated by this proposal.
The applicant’s effective area of competition encompasses a broader region,
being the northwest section of Burlington County near the Philadelphia-Camden
metropolitan area. In relation to the other 12 commercial banks headquartered in
Burlington County and collectively having 23 offices, the applicant’s position would
not be altered significantly. The resulting bank would hold about 21.8 percent of
area deposits compared to the 18.9 percent by the next largest commercial bank
headquartered in the County, but the latter would retain first position of size in
proportionate holdings of area loans with 20.4 percent compared to 19.1 percent at
the resulting bank. Additional competition exists in the form of seven branch loca
tions in northwest Burlington County representing six commercial banks headquar
tered in Camden County; the combined deposit and loan figures for the largest two
of these Camden banks is at least triple the aggregate holdings in both categories for
all commercial banks having main offices in Burlington County. Moreover, within
the respective service areas of the participating banks, competition for financial
resources is provided by one savings bank, two savings and loan associations, several
finance and insurance companies, and an office of the Production Credit Association.
The numerous alternate banking choices to remain in this area would mitigate any
threat that the proposal would tend toward monopoly or that the resulting bank
88
FEDERAL DEPOSIT IN SU R A N C E
T a b le 1 0 1 .
of
CORPORATION
D escription of E ach M erger, C onsolidation , A cquisition
A ssets or A ss u m p t io n of L iabilities A pproved by t h e C orporation
D uring 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination
Resources
(in
thousands
of dollars)
In
operation
To be
operated
would reach a dominant position. This area continues a pattern of residential de
velopment and industrialization with favorable evidence for continued population
and economic growth. The resulting bank should be better able to serve the at
tendant expansion of demand for credit and other banking services with greater
lending capacity and efficient management.
The Mount Holly bank has not shared equally in the pattern of growth and is
presently much smaller than the only other commercial bank located in its service
area. Its proportion of deposits is only 3.9 percent compared with 10.9 percent at
the Union National Bank at Mount Holly, and there is wider disparity with respect
to shares of area loans with 2.9 percent at Mount Holly and 10.1 percent at the
Union National Bank. There is a recognized lack of depth in management of
Mount Holly which the proposed merger would alleviate. The expanded resources,
more specialized and broader services of the merged institution should result in
service efficiency and increased competition in the Mount Holly area.
No. 27— The Decatur County State Bank, Leon, Iowa
(proposed new bank)
to acquire the assets and assume the liabilities of
Decatur County State Bank, Leon
_
3,549
2
2
Summary report by Attorney General, July 6, 1962
The proposed purchase of assets and assumption of liabilities of Decatur County
State Bank, Leon, Iowa, by The Decatur County State Bank, Leon, Iowa, would
appear to have no adverse effects upon competition.
This is a purchase by a new bank of the assets of an existing bank, which will
surrender its charter upon the completion of the transaction. N o problem of con
centration or reduction in the number of banks would result from the acquisition.
Basis for Corporation approval, September 13. 1962
The purchase and assumption transaction between The Decatur County State
Bank and Decatur County State Bank, Leon, Iowa, will have no competitive impli
cations, involving, as it does, the substitution of a newly organized bank for an ex
isting bank in the same town. Leon, as well as Grand River where there is a branch
office, has supported the existing bank for a long number of years, and inasmuch
as the new bank will enable these communities to have continued banking services,
it was concluded that the transaction was in the public interest.
No. 28— The Citizens State Bank, Humeston, Iowa
(proposed new bank)
to acquire the assets and assume liabilities of
Citizens State Bank, Humeston
1
1,550
1
89
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
T a b le 1 0 1 .
of
A
ssets
D
or
e s c r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger,
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, July 6, 1962
As the two banks were not in existence contemporaneously, they could not have
competed and we do not believe the proposed acquisition will have any adverse
competitive effect.
Basis for Corporation approval, September 13, 1962
The purchase and assumption transaction between The Citizens State Bank and
Citizens State Bank, Humeston, Iowa, will have no competitive implications, in
volving, as it does, a bank newly organized to purchase the assets and assume the
liabilities of an existing bank in the same town. Humeston has supported a bank
for a long number of years and inasmuch as the new bank will enable the com
munity to have continued banking services, it was concluded that the transaction
was in the public interest.
No. 29— Bank of Orangeburg, Orangeburg, South Carolina
to merge with
Bank of Salley, Salley
7,968
5
344
1
No. 30— Bank of Orangeburg, Orangeburg, South Carolina
to merge with
The Swansea Depository, Swansea
8,312
6
370
1
6
7
Summary report by Attorney General, August 15, 1962
(cases 29 and 30)
The proposed merger of Bank of Orangeburg, Orangeburg, South Carolina,
with The Bank of Salley, Salley, South Carolina, and Swansea Depository,
Swansea, South Carolina, or either of them, would appear to have no signi
ficant adverse effects upon competition.
Since Salley is 28 miles from Orangeburg, has lost its management, and
is a small bank, the vigor of competition it could give is doubtful. Since
Swansea is such a small bank and offers limited services, it could not be con
sidered in substantial competition.
Basis for Corporation approval, September 20, 1962
(cases 29 and 30)
This proposal would combine an insured bank, a noninsured bank, and a
noninsured cash depository, serving three separate areas with each main office
located at least 19 miles distant from the others. There is little, if any, existing
competition among the three which would be eliminated through this proposal.
Applicant’s proportionate holdings of area deposits and loans would increase
about 2 percent, and less than 1 percent, respectively, causing no significant
change in its competitive position as related to the one much larger bank and
90
FEDERAL DEPOSIT IN SU R A N C E
T a b le 1 0 1 .
of
A
ssets
D
or
e sc r ip t io n
of
A s s u m p t io n
D
of
E ach
M
erger,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
one slightly smaller bank located in Orangeburg. A favorable enhancement in
the applicant’s capital structure would result, expanding its lending capacity
and increasing its ability to serve the credit needs of the area.
Substantial benefits would accrue to the public in the areas of Salley and
Swansea. In each community, branches of an insured bank would replace unin
sured institutions and broader banking services would be offered. Depository
does not grant loans nor accept time deposits.
Thus, the transactions which would provide increased and broadened banking
services in the areas of the merging banks without any unfavorable competi
tive effects were concluded to be in the public interest.
No. 31— Hamlin Bank and Trust Company, Smethport,
Pennsylvania
to acquire the assets and assume the liabilities of
The Mount Jewett National Bank, Mount Jewett
5,803
1
1,608
1
2
Summary report by Attorney General, August 27, 1962
The proposed purchase of assets and assumption of liabilities of Mount Jewett
National Bank, Mount Jewett, Pennsylvania by Hamlin Bank and Trust Company,
Smethport, Pennsylvania would appear to have no signficant adverse effect upon
competition.
The two banks do not appear to be in substantial competition with each
other and their union would not appreciably contribute to concentration in
commercial banking in the Mount Jewett, Pennsylvania area, and would place
the resulting bank in a position to compete more effectively with its larger
competitors.
Basis for Corporation approval, September 28, 1962
Both the applicant and National are located in McKean County, Pennsylvania,
which is a sparsely populated section of the State in which, due to the hilly and
heavily forested terrain, there is limited growth potential. Applicant and National
now rank fourth and fifth, respectively, as to size among five banks serving the
area, and following the acquisition, applicant will continue to rank fourth. There
is very little competition between the participating banks that will be eliminated
as a result of the proposal. On the other hand, the addition of National’s resources
of some SI.6 million to the resources of nearly $5.8 million of applicant should
enhance the latter’s ability to meet competition emanating from the three other
larger banks in the area, more particularly the Smethport branch of the $11
million Producers Bank and Trust Company, Bradford.
The union of these two banks would bring trust facilities to the customers of
National and the residents of Mount Jewett, would solve a pressing manage
ment succession problem at National, would permit greater efficiency in opera
tions for both banks, and probably most important, would enable the resulting
91
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D e s c r ip tio n
o f A s s e t s or A s s u m p t io n
of Each
of
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
L ia b ilit ie s
Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
bank to challenge more effectively the three other larger banks which are actively
competing in the area.
No. 32— Industrial Valley Bank and Trust Company,
Jenkintown, Pennsylvania
to merge with
Phoenixville Trust Company, Phoenixville
101,050
15
7,068
2
17
Summary report by Attorney General, August 30, 1962
Phoenixville Trust Company is the smallest bank in the Phoenixville service
area with only a limited lending limit. The only other independent bank in
Phoenixville is about three times the size of Phoenixville Trust.
The applicant bank, Industrial Valley Bank and Trust Company, operates 15
banking offices in Philadelphia and the surrounding area. This bank and four
of the other banks serving the Phoenixville area are among the largest in the
greater Philadelphia area collectively operating a total of 88 banking offices.
This merger will result in the already heavy concentration of banking in the
broader Philadelphia area being further enhanced and in the elimination of one
more independent bank.
Basis for Corporation approval, September 28, 1962
The applicant’s service area consists mainly of Philadelphia, and the Jenkintown
section of Montgomery County, although it competes to some extent on a regional
basis. Its $75 million IPC deposit volume makes it second in size of eight com
mercial banks headquartered in Montgomery County. It is surpassed in size by
eight of the twelve commercial banks, and by all four of the mutual savings
banks located in Philadelphia. Applicant presently holds 1.3 percent and 1.5
percent respectively, of the aggregate IPC deposits and loans of all banks located
in the service area. The acquisition of the business volume at Phoenixville Trust
would increase the applicant’s proportionate holdings to 1.4 percent of IPC
deposits and 1.6 percent of loans. This fractional increase will cause little, or
no change in the effective competition in the service area.
Phoenixville Trust has confined its service area to the borough of Phoenixville
where it is the smaller of two unit banks. Industrial and commercial development
of nearby regions has recently been influencing the Phoenixville area, in terms
of residential and business expansion, and banking locations have also increased
at nearby communities. Phoenixville Trust reportedly solicited this merger to
solve a problem in management succession which resulted from the recent death
of the active president closely followed by the death of another director. Manage
ment of the competing bank at Phoenixville is not opposed to this merger, recog
nizing it as a logical solution to a management problem and further as a step
toward increasing banking service in relation to economic developments in the
Phoenixville area.
92
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
D e s c r ip t io n
o f A s s e t s or A s s u m p t io n
of E ach
of
CORPORATION
M e r g e r , C o n s o li d a t i o n , A c q u is it io n
L ia b i lit i e s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
The banks proposing to merge serve different areas and there is little, if any,
existing competition between them to be eliminated by this proposal. The proposal
will solve a management succession problem at Phoenixville Trust, bring broader
banking services to that area, and should increase competition without any ad
verse effect. In the broader service area of the applicant, the numerous alternative
choices for banking as well as the many banks remaining of larger size negate
the idea of any tendency toward monopoly.
No. 33— Brookline Savings and Trust Company,
Pittsburgh, Pennsylvania
to merge with
The First National Bank at Derry, Derry
42,097
3
3,873
1
4
Summary report by Attorney General, August 22, 1962
The merger of the Brookline Savings and Trust Company, Pittsburgh, Penn
sylvania and The First National Bank at Derry, Derry, Pennsylvania would not
eliminate significant competition since the two banks do not operate within the
same service area.
The merger would not have any significant effects on competition in applicant’s
service area. However, in the area served by First National the merger will
result in the substitution of a small country bank with a branch of a much larger
Pittsburgh bank. This may affect the ability of the remaining small bank in Derry
and the nearby small bank in Latrobe to effectively compete with such branch
bank. On balance, the effect on competition would appear to be slightly adverse.
Basis for Corporation approval, October 4, 1962
The applicant bank under this proposal is located in Pittsburgh and with total
resources of $42 million its competitive influence is slight because it is in direct
competition with the $2 billion Mellon National Bank and the $1 billion Pitts
burgh National Bank. Its major competitive influence is in the field of instalment
and consumer lending and its operations are more nearly like those of an in
dustrial bank. The addition of resources of less than $4 million of First National
to those of applicant will in no way alter the latter’s competitiveness in Pitts
burgh; nor is there any competition existing between the merging banks that
will be eliminated as a result of the merger.
In Derry, First National is in direct competition with three branches of Mellon
National and it finds this competition very intense. It was concluded that a
branch of the larger applicant bank in Derry in place of the First National unit
bank should stimulate competition in the Derry service area by bringing there
a bank with the capacity to better compete with Mellon National. In addition,
the applicant will provide the Derry community with a full service bank and
bring to its residents the benefits of an aggressive and well-managed instalment
loan, department.
93
B A N K ABSORPTIONS APPROVED BY T H E CORPORATION
T a b le 1 0 1 .
of
A
ss e t s
D
or
e s c r ip t io n
A
of
s s u m p t io n
D
of
E ach
M
erger ,
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
C orporation
the
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
No. 34— The Citizens State Bank of Shirley,
Shirley, Indiana (change of title to
Bank of Henry County, Shirley, Indiana)
to merge with
Kennard State Bank, Kennard
Resources
(in
thousands
of dollars)
In
operation
1,133
1
498
1
To be
operated
2
Summary report by Attorney General, July 3, 1962
The proposed merger of the Kennard State Bank, Kennard, Indiana by Citizens
State Bank, Shirley, Indiana will not have any significant adverse competitive
effects. They not only have five interlocking directors but the five directors of
Citizens own 93% of the stock of Kennard. Thus competition between these small
banks has previously been eliminated. Moreover, the resulting bank will face
competition from two larger banks located in nearby towns.
The practice of commercial banks acquiring stock interests in, and having inter
locking 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 mo
nopoly in any line of commerce. Moreover, indirect acquisitions appear to be sus
ceptible 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.
Basis for Corporation approval, October 11, 1962
This proposal involves the merger of two small banks located in two small
Indiana towns approximately four miles apart. Following the merger, the applicant,
holding only about 5 percent of aggregate IPC deposits and loans, will be larger
than only one other competing bank and substantially smaller than four others
of seven banks that will be operating in the service area. Thus, it appears that
the merger would have virtually no effect on the competitive situation in the area
and there is no tendency toward monopoly. It was concluded that the applicant
with its more aggressive policies would bring improved banking services to the
Kennard community, and the merged bank as a larger banking structure should
be able to serve the over-all trade area more effectively. The improved services
will be manifested in a larger lending limit and, at Kennard, instalment loan facil
ities will become available and antiquated methods will be modernized. Moreover,
the merger will correct an unfavorable earnings situation at Kennard.
94
FEDERAL DEPOSIT IN SU R A N C E
T a b le 1 0 1 .
of
A
ss e t s
D
or
e sc r ip t io n
op
A s s u m p t io n
D
of
E ach
M
erger ,
CORPORATION
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
C orporation
the
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination
Resources
(in
thousands
of dollars)
In
operation
To be
operated
The report of the Department of Justice on the competitive factor in this
merger calls attention to the fact that the banks involved in the merger have five
interlocking directors, who own 93 percent of the stock of Kennard, and states that
such acquirement of stock interests in, and having interlocking directorates with,
competing banks, warrants concern of the bank regulatory authorities. The Depart
ment of Justice suggests that a full report by all commercial banks to the appro
priate Federal regulatory authorities on all outstanding interests of this type, and
the requiring of reporting of all such transactions at the time they are made, are
appropriate and warranted.
Research of Indiana law demonstrates no violation thereof by the facts reported.
Existing legal authority does not empower the Corporation to request the reports
suggested, nor upon disapproval of a merger, to require the sale or other dis
position of stock held by individuals or subsidiary corporations. If Section 7 of
the Clayton Act becomes applicable under the facts, enforcement of that Act
rests concurrently in the Board of Governors of the Federal Reserve System and
the Department of Justice. If this stock ownership involves the Bank Holding
Company Act of 1956, the enforcement rests wholly in the Board of Governors of
the Federal Reserve System.
No. 35— First-Citizens Bank & Trust Company,
Smithfield, North Carolina
to merge with
Lincoln National Bank of Lincolnton, Lincolnton
292,361
71
3,219
1
72
Summary report by Attorney General, July 17, 1962
First-Citizens Bank and Trust Company, Smithfield, North Carolina, proposed
to acquire by merger Lincoln National Bank of Lincolnton, Lincolnton, North
Carolina. First-Citizens has total assets of more than $292,000,000 and operates
68 offices in 38 communities throughout the state. Lincoln National has total assets
of $3,219,000 and operates only one office.
First-Citizens, through a wholly-owned subsidiary, has acquired 87% of the
stock of Lincoln National, and its subsidiary has a purchase contract for the
remaining 13% of the stock. This appears to us to be a case in which the Bank
Merger Act is being evaded through the purchase of stock by individuals or af
filiates of the acquiring bank.
The steady attrition in independent banks in North Carolina and the increasing
concentration of commercial banking in the relatively few large statewide banks
is a matter of serious concern.
Basis for Corporation approval, October 18, 1962
The applicant, operating 71 offices, competes throughout most of the State of
North Carolina, though not presently in the trade area of Lincolnton, its nearest
95
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 1 0 1 .
of
A
ss e t s
or
D
e s c r ip t io n
op
A s s u m p t io n
D
of
E ach
M
erger ,
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
the
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
office being in Gastonia, 18 miles away. The addition of the unit Lincoln bank
to applicant’s system of branches will increase the latter’s proportionate share of
total deposits held by all North Carolina banks by only 0.1 percent, and will
introduce it into an area where it is not now competing. This obviously would
have virtually no effect on banking competition in the broad area now served
by the applicant, because it, the third largest bank in the State, competes with
two much larger state-wide branch systems, as well as three others on more of a
regional basis, and practically all of the applicant’s offices are in competition with
one or more of these five competing branch banking systems. In the trade area
of Lincolnton where Lincoln is the smallest of three unit banks and by far less
than half the size of its local competitor, the merger should result in increased
competition because of the more aggressive policies of the applicant, the much
broader range of banking services, including trust facilities, that it can provide, and
a larger lending limit. The number of individual banks in the Lincolnton area
from which the public may choose to do its banking business will not be changed.
The report of the Department of Justice on the competitive factor involved in
this merger points out that First-Citizens, through a wholly-owned subsidiary, has
acquired 87 percent of the stock of Lincoln National and holds a purchase contract
for the remaining 13 percent, which appears to the Department of Justice to be a
possible evasion of the Bank Merger Act. The Department of Justice suggests
that the Corporation secure a report by all commercial banks on all outstanding
interests of this type, that it may also be appropriate to require such transactions
to be reported at the time that they are made, and that if the Corporation should
withhold its consent to a proposed merger where this situation obtains, it should
require the sale or other disposition of the stock of the one bank held directly or
indirectly by persons associated with the other bank.
Research of North Carolina law shows no violation thereof by the facts re
ported. Existing legal authority does not empower the Corporation to request
the reports suggested, nor upon disapproval of a merger, to require the sale or
other disposition of stock held by individuals or subsidiary corporations. If Sec
tion 7 of the Clayton Act becomes applicable under the facts, enforcement of
that Act rests concurrently in the Board of Governors of the Federal Reserve
System and the Department of Justice. If this stock ownership involves the Bank
Holding Company Act of 1956, the enforcement rests wholly in the Board of
Governors of the Federal Reserve System.
No. 36— The Equitable Trust Company, Baltimore, Maryland
to merge with
State Bank of Laurel, Laurel
248,492
31
9,345
4
35
Summary report by Attorney General, August 1, 1962
Competition between Equitable Trust Company, Baltimore, Maryland
State Bank of Laurel, Laurel, Maryland appears to be insubstantial.
and
96
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
D e s c r ip t io n
o f A s s e t s o r A s s u m p t io n
o f E ach
CORPORATION
M e r g e r , C o n s o lid a t io n , A c q u is it io n
o f L ia b i lit i e s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Bank of Laurel is presently the smallest of the three banks in Laurel with less
than half the capital and surplus of the next larger bank. As a branch of Equitable
Trust, its competitive position will be benefited thus enabling it to better serve
the community in which it operates.
The effect of the merger on competition does not appear to have any signifi
cant adverse competitive effect. However, it is part of a trend whereby the larger
Baltimore banks by means of acquisition, threaten to convert banking in Mary
land into a few large state-wide banks.
Basis for Corporation approval, October 25, 1962
Laurel, located approximately midway between Baltimore, Maryland and Wash
ington, D . C. is experiencing substantial growth as a result of the suburban ex
pansion of the two cities and the decentralization of Federal government opera
tions. Equitable’s entrance into this territory is a logical extension of its service
area, which is presently confined to metropolitan Baltimore, and solves the dif
ficulty State Bank has had in maintaining capital funds sufficient to margin its
rapid deposit expansion. The closest offices of the merging banks are 13 miles
apart and there is no competition between them that will be eliminated as a result
of the merger.
Equitable will remain the fourth largest commercial bank in metropolitan
Baltimore, less than one-half the size of the largest bank and significantly smaller
than the second ranked bank, both of which operate offices throughout a greater
part of the State than does Equitable. The merger will result in enhanced competi
tion in the Laurel service area among the branch offices of Equitable, a well estab
lished local bank, and the branch office of a $37 million Silver Spring, Maryland
bank.
The applicant will bring to the Laurel area broader services such as trust
facilities and retail floor planning, as well as a larger lending limit, which will
facilitate the anticipated future growth of the local economy.
No. 37— The Northwestern Bank, North Wilkesboro,
North Carolina
to merge with
The Bank of Madison, Madison
122,526
39
7,393
1
No. 38— The Northwestern Bank, North Wilkesboro,
North Carolina
to merge with
State Bank of Burke, Morganton
129,919
40
7,559
1
No. 39— The Northwestern Bank, North Wilkesboro,
North Carolina
to merge with
State Planters Bank, Walnut Cove
137,478
41
4,915
2
40
41
43
97
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
T a b le 1 0 1 .
of
A
ss e t s
D
or
A
e sc r ip t io n
s s u m p t io n
D
of
of
E ach
M
erger,
C o n s o l id a t io n , A c q u is it io n
L ia b il it ie s A pproved
u r in g
by
C orporation
the
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, August 30, 1962
(cases 37, 38 and 39)
Northwestern Bank operates 29 of the 58 banking offices located in its primary
service area which comprises the greater portion of western North Carolina.
During the past several years it has actively pursued a policy of expansion,
acquiring nine additional branches and in excess of $25 million in deposits. The
cumulative effect of the three proposed mergers will be to give Northwestern
an additional four offices and in excess of $17 million in deposits.
Each of the merging banks has had a history of successful growth and develop
ment without any indication of the need to be absorbed by a substantially
larger institution. In the absence of a justification for these proposed mergers
and in view of the continuing trend towards banking concentration in North
Carolina and more specifically the area of primary activity of Northwestern
Bank, we believe that these mergers will have substantial adverse competitive
effects.
[In response to the Corporation’s invitation for any additional comments,
subsequent to the submission of supplemental information, the Department of
Justice replied]:
In addition to information dealing with certain banking factors involved in
the transaction the additional data points up the absence of elimination of any
substantial competition among the merging institutions; the lack of objections
to and favored attitude toward the merger expressed by competitors both large
and small; the nature of the competition faced by applicant from the dominant
banking institutions in the state which have been allowed to rapidly expand by
merger and acquisition in recent years and the benefits applicant has brought
and will bring to small towns in which it has opened banks by merger and other
wise without harmful effects on remaining small competitors.
In our original report we noted the absence of substantial justification for
the merger, primarily a banking factor, which has now been supplied. However,
the main basis for our adverse report was the elimination of a degree of com
petition among the merging banks and the trend toward concentration of the
banking resources in North Carolina in the hands of a few large chain banks
which has been brought about by mergers and acquisitions by such banks. Ap
plicant has participated in such activity although not to the extent as have its
larger competitors. In view of the latter facts we are still of the view that
the proposed merger will have some adverse effects on competition.
Basis for Corporation approval, November 8, 1962
(cases 37, 38 and 39)
The Northwestern Bank presently operates a branch system consisting of 39
offices, serving regionally an area in western and northwestern North Carolina
extending from Winston-Salem to Hendersonville. Based on June 30, 1962 statis
tics, it ranks as the fifth largest bank in North Carolina, both as to total de-
98
FEDERAL DEPOSIT IN SU R A N C E
Table 10 1.
of
A
ss e t s
or
D
A
e s c r ip t io n
s s u m p t io n
D
of
of
E ach
M
erger,
CORPORATION
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
th e
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
posits and number of offices, and its relative position in these respects would
not be changed as a result of the three mergers. Throughout most of its service area
it is in direct competition with one or more offices of North Carolina’s four
largest banks, which control well over half of the total bank deposits within the
State and more than one-third of the total number of banking offices. By com
parison, following the mergers, the applicant would hold less than one-twentieth of
total bank deposits and would be operating only slightly more than one-twentieth
of the total number of banking offices, gaining but a half of one percent in each
category. It was concluded that the applicant’s competitive relationship to the
other larger North Carolina banks would not be altered to any significant de
gree as a result of the mergers, and state-wide banking competition as presently
constituted would remain virtually unchanged.
The applicant is not presently competitive with the Madison Bank or the
Walnut Cove Bank and is only moderately competitive with the Morganton
Bank; also, there is no competition between Morganton and Madison, or Walnut
Cove, and little, if any, competition between the latter two. Thus, it appears
that there is no significant competition among or between the banks involved
that would be eliminated as a result of the mergers and there would be no un
favorable effect on local competition.
It was concluded that a branch of the applicant at each of the four locations
now being served by the Madison Bank, the Morganton Bank, and the Walnut
Cove Bank would provide these communities with enlarged and much broader
banking services, including trust facilities and specialized agricultural assistance
not feasible for the smaller banks. Although the applicant has traditionally served
agricultural areas, the economy of many of its locations, as well as those of the
three merging banks, is rapidly expanding industrially, and the larger lending
limit and broader banking services in general that the applicant can provide
should prove beneficial to all phases of the economy, particularly in the com
munities of Morganton, Madison, and Walnut Cove. In addition, the mergers
would result in strengthening the management of the Walnut Cove Bank and
solve a management succession problem at the Madison Bank. In each of the
areas involved, the number of banking offices would be unchanged.
No. 40— Manchester Bank, Manchester, Maryland
(change of title to Carroll County Bank and Trust
Company and change location of head office to
Westminster)
to merge with
Carroll County National Bank of Westminster
Westminster, and
The Carroll Trust Company, Manchester
(newly organized for trust powers)
7,082
1
24,654
120
3
4
Summary report by Attorney General, October 26, 1962
Bank of Manchester with total assets of $7,000,000 proposes to merge with
Carroll County Bank with total assets of $24,600,000. These banks are located
99
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
T a b le
of
A
101.
ss e t s
D
or
A
e s c r ip t io n
s s u m p t io n
D
of
of
E ach
M
erger,
C o n s o l id a t io n , A
L ia b il it ie s A pproved
u r in g
by
th e
c q u is it io n
C orporation
1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
about 10 miles apart in what had been largely an agricultural area but which
is now changing to a more heavily populated suburban area on the fringes of
Baltimore and Frederick, Maryland. The two banks have no demand deposits
or loan accounts in common although there may be some savings accounts com
mon to both banks. The degree of competition existing between them does not
appear to be extensive. While Carroll County Bank’s position as the largest of
three banks in Westminster would be enhanced by the merger its overall effect
on competition does not appear to be substantially adverse.
Basis for Corporation approval, November 29, 1962
This proposal involves the merger of a non-operative trust company into the
applicant, the only legal means by which the latter can acquire trust powers,
and the merger of the larger Carroll National into the applicant with a con
current change of the main office to Westminster and the establishment of the
applicant’s sole office in Manchester as a branch. The two existing branches of
Carroll National will be continued as branches of the applicant.
The service area of the merging banks is largely confined to Carroll County,
Maryland, situated northwest of Baltimore, northeast of Frederick and immedi
ately south of the Pennsylvania state line. It is estimated that one-half the
service area of the applicant is included in that of Carroll National; however,
aside from common savings accounts derived from a characteristically thrifty
populace, there is little competition between the merging banks that would be
eliminated as a result of the merger. Carroll National is already the largest bank
in the over-all service area, and after the merger would hold approximately onehalf the IPC deposits and loans in the area. Investigation indicates that the
merger would not alter banking competition in the area to any significant de
gree, and that its effect on other banks would be inconsequential. There are
11 alternate banking locations of seven banks located as close as two blocks and
not more than 12 miles from an office of the combining banks. In addition, there
is competition from large Baltimore banks, some of which have offices 11 and 12
miles from Westminster, and from a much larger bank in Frederick. The larger
bank resulting from the merger would be better able to serve the expanding
economy of Carroll County through its larger lending limit and would bring
additional banking and trust services to the applicant’s service area. There is
no tendency toward monopoly involved, and in view of the benefits to be derived
from the merger without any unfavorable competitive effects, it was concluded
that the proposal was in the public interest.
No. 41— Bank of Virginia Beach, Virginia Beach, Virginia
to merge with
Bank of Princess Anne, Princess Anne County
10.087
4
3,135
3
7
100
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
o f A sse ts
D e s c r ip t io n
o r A s s u m p t io n
o f E ach
of
CORPORATION
M e r g e r , C o n s o lid a t io n , A c q u is it io n
L ia b ilit ie s
Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, November 2, 1962
The Merging Bank was organized by officials of the Applicant Bank in 1961
with the purpose of uniting the two banks as soon as legally possible. At the
present time, the banks have interlocking directorates, including a common chair
man of the board and 25 common stockholders.
It does not appear that the merger would appreciably affect the competitive
situation in either bank’s service area or in Princess Anne County as a whole,
since the only rivals are substantially larger Norfolk, Virginia banks. Competi
tion between the merging banks appears to be negligible and, in any event, is
seriously compromised by the interrelated organizational structure of the banks.
Therefore, it is our view that the merger will not significantly affect existing
or potential competition in the general banking area.
Basis for Corporation approval, December 13, 1962
The Bank of Princess Anne, which under this proposal is to be merged into
the Bank of Virginia Beach, was organized by officials of the latter bank in
1961 because that bank could not legally establish branches in Princess Anne
County, outside the city limits of Virginia Beach, and it was felt that there
was a community convenience and need to be served. It was the intention at
the time of the organization of the Bank of Princess Anne that the two banks
would be merged when it was legally possible to do so, and the merging of
Princess Anne County into the City of Virginia Beach, to become effective
January 2, 1963, will make the merger of the two banks possible. The Bank of
Princess Anne has operated more or less as a “satellite” of the applicant ever
since its organization and there is very little competition between them that
will be eliminated as a result of the merger. Also, the transaction will not affect
the competitive situation in Princess Anne County and Virginia Beach to any
significant degree because the resulting bank will still be the smallest of five
banks competing in the area. Moreover, the largest bank in Norfolk competes
directly with the applicant through a branch office at Virginia Beach, and it,
along with two other Norfolk banks, will be able to establish branches through
out the area, subsequent to January 2, 1963, and have expressed their intention
to do so. A larger lending limit in the resulting bank should provide better
support to the expanding economy of the area and the broadened services in
general which the applicant can bring to the offices of the Bank of Princess Anne
should prove beneficial to the residents and business establishments in Princess
Anne County. It was concluded that the merger would provide a stronger bank
more capable of meeting the financial needs of Virginia Beach and Princess Anne
County and, therefore, would be in the public interest.
No. 42— The First Trust Company of Allegany County,
Wellsville, New York
to merge with
The First National Bank of Bolivar, Bolivar
18.892
4
2,324
1
5
101
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D e s c r ip t io n
o f A s s e t s o r A s s u m p t io n
o f E ach
M e r g e r , C o n s o lid a t io n , A c q u is i t io n
o f L ia b i lit i e s Approved by t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination
Resources
(in
thousansd
of dollars)
In
operation
To be
operated
Summary report by Attorney General, July 26, 1962
Under date of M ay 18, 1962 we sent a report to the Comptroller of the Cur
rency stating that it was our belief that the consolidation of The Citizens Na
tional Bank of Wellsville, Wellsville, New York and the State Bank of Bolivar,
Bolivar, New York would have a substantially adverse effect on competition.
The Comptroller of the Currency approved the consolidation M ay 25, 1962.
The present proposed merger of First Trust Company of Allegany, Wellsville,
New York with the First National Bank of Bolivar, Bolivar, New York includes
the only other banks in Wellsville and Bolivar. The two Wellsville banks were
roughly of comparable size but much larger than the two Bolivar banks which were
of comparable size. The approval of the consolidation above referred to will
cause the remaining First National Bank of Bolivar to operate at a competitive
disadvantage because it is now substantially smaller than the consolidated bank
and has no trust powers as does the consolidated bank. The present proposed
merger will tend to restore the competitive situation in Bolivar.
The adverse competitive factors which would otherwise be involved in the
present proposed merger are largely nullified by the approval of the consolida
tion above referred to.
Under the circumstances we express no opposition to the present proposed
merger.
Basis for Corporation approval, December 20, 1962
This proposal would combine two insured banks located approximately 14 miles
apart in Allegany County, New York. The chief competitor of The First Trust
Company, in June, 1962, merged the chief competitor of First National. While
the proposed subject merger would eliminate a small bank, it will tend to restore
the equilibrium that existed in Bolivar banking before the June merger of First
National’s competitor and should improve competition there.
The proposal should have little effect on competition in the service area of
The First Trust Company. Although it is the largest bank in Wellsville and
Allegany County, it is not growing as rapidly as its principal competitor. In
addition, and because of a resulting increase in the service area to be served
by the resulting bank, The First Trust Company will be brought into competi
tion with five additional banks, two of which are larger than it. The resulting
bank will also be capitalized better, proportionately, than The First Trust
Company.
Thus, the proposed transaction, which will increase competition in Bolivar and
have no apparent adverse effect on competition elsewhere, and which will in
crease the capitalization of the resulting bank as compared with that of The First
Trust Company, is found to be in the public interest.
No. 43— Industrial Valley Bank and Trust Company,
Jenkintown, Pennsylvania
to merge with
The National Bank of Coatesville/Coatesville
120,830
17
19,120
2
19
102
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
o f A sse ts
D e s c r ip t io n
o r A s s u m p t io n
of E ach
CORPORATION
M e r g e r , C o n s o lid a t io n , A c q u is it io n
o f L ia b ilit ie s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
Summary report by Attorney General, November 2, 1962
The National Bank of Coatesville, with assets of $18,499,000 and two banking
offices, is a relatively small bank competing with eight other banks of sub
stantially similar size in the Coatesville area. Industrial Valley Bank and Trust
Company, with assets of $101,050,000 and 15 banking offices is a moderate-sized
bank serving primarily the City of Philadelphia and its immediate environs.
The proposed merger would upset the somewhat balanced competitive condi
tions now prevailing in Coatesville. The resources of the merged bank would
approximately equal those of all eight other competing banks in the Coatesville
region. This fact would tend to encourage further bank mergers, with the result
ing elimination of independent banks. The existing trend toward a greater con
centration of banking resources in Philadelphia and surrounding communities
will be continued by this merger. Therefore, it is likely to have an adverse effect
on competition.
Basis for Corporation approval, December 20, 1962
The applicant’s service area consists of Philadelphia where it operates nine
offices, Montgomery County where its main office and five branches are located,
and Phoenixville (Chester County) where it operates two offices. Eight of Phila
delphia’s 12 commercial banks (those with head offices in Philadelphia) and
all four of its mutual savings banks are larger than the applicant, and in Mont
gomery County it is exceeded in size by one other bank. All of these banks
compete with each other, and the nominal increase in the applicant’s propor
tionate share of IPC deposits and loans (0.2 percent each) as a result of this
merger would have practically no effect on banking competition in its service
area. Following the merger it would hold only 1.6 percent and 1.7 percent, re
spectively, of the IPC deposits and loans held by these banks. Also, it was
determined that there is virtually no competition existing between the merging
banks, inasmuch as the two serve entirely separate service areas; consequently,
there is no competition that will be eliminated as a result of the proposal.
The service area of National is confined to Coatesville (Chester County) and
the surrounding area in which 10 banks are competitive. Among these banks,
National ranks fifth in size as to IPC deposits, holding 12.1 percent of the
aggregate. The two offices of National will be replaced with branches of the
much larger and more aggressive applicant. However, it cannot be concluded
that introduction of the larger bank into this area would result in competitive
hardships for the remaining banks. Since the economy of Coatesville is primarily
dependent upon the steel industry, National’s trade area is subjected to the
cyclical swings inherent in this basic heavy industry. The diversified economy
of the applicant’s service area will enable it to better withstand the adverse ef
fects of depressed steel-making activities and thus to help sustain the local economy
at Coatesville. Further, the specialized skills of the applicant in the construction
mortgage lending field and its wider experience in all phases of real estate mortgage
103
B A N K ABSORPTIONS APPROVED B Y T H E CORPORATION
Table 101.
D e s c r ip t io n
o f A s s e t s o r A s s u m p t io n
o f E ach
M e r g e r , C o n s o lid a t io n , A c q u is i t io n
o f L ia b i lit i e s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
lending will substantially increase competition for the real estate loan business of
the Coatesville area which business to a considerable degree is now being serviced
by large out-of-territory banks and nonbank lenders.
It is concluded that the merger will bring expanded banking services to Coates
ville, relieve banking problems attendant to its one-industry economy, provide
increased competition for the real estate mortgage lending business of the area,
and thus it is in the public interest.
No. 44— La Porte Bank and Trust Company,
La Porte, Indiana
to merge with
Union State Bank, Union Mills
9,164
2
2,633
1
3
Summary report by Attorney General, November 28, 1962
The present ranking of the banks in the service area of the merging banks will
remain unchanged after the merger. While the merging banks appear to normally
compete in some degree, they are both relatively small, and competition be
tween them is unrealistic since they share common executive management.
On balance, it would appear that any adverse competitive effects resulting
from this merger are not likely to be substantial.
Basis for Corporation approval, December 27, 1962
This proposal involves the merger of a relatively small bank, which is the
only bank in Union Mills, with the smallest of three banks in La Porte. The
two towns are approximately 11 miles apart and the service area of Union Mills
lies within the broader service area of the applicant; however, it was deter
mined that there was no significant amount of competition between the two
banks that would be eliminated as a result of the merger. The applicant’s pro
portionate share of area IPC deposits will be increased 5 percent, but it still
will be the smallest of three banks in La Porte and even if the resources of
the affiliated The La Porte Savings Bank are included, it will still be smaller
than the largest bank in La Porte. Moreover, substantial competition is pro
vided by two larger banks in Michigan City which is located only 12 miles north
west of La Porte.
Approximately three-fifths of the deposits in Union Mills are in the time
category and interest charges have consistently absorbed about one-third of gross
earnings. As a result net income has been below average. Only about one-fifth
of the deposits in the applicant are in the time category and the merger would
result in a better balance in the deposit structures of both banks and result
in improved earnings at Union Mills. In addition, the applicant can provide
broader banking services in general in the Union Mills area, including a larger
and more experienced trust department and larger and broader lending facilities.
Also, the merger will correct a below average capital position at Union.
104
FEDERAL DEPOSIT IN SU R A N C E
Table 101.
o f A sse ts
D e s c r ip t io n
o r A s s u m p t io n
of E ach
CORPORATION
M e r g e r , C o n s o lid a t io n , A c q u is it io n
o f L ia b ilit ie s Approved b y t h e
C o rp o r a tio n
D u r i n g 1962— Continued
Banking offices
Name of bank, and type of transaction1
(in chronological order of determination)
Resources
(in
thousands
of dollars)
In
operation
To be
operated
It was concluded that in addition to the improved banking services that would
be brought to Union Mills, the merged bank as a larger banking structure would
be able to serve the over-all trade area more effectively, and thus, the trans
action would be in the public interest.
Table 102.
C h a n g e s i n N u m b e r an d C l a s s i f i c a t i o n o f B a n k s a n d B r a n c h e s i n t h e U n i t e d S t a t e s
(S tat es
and
O th e r A r e a s ) D
u r in g
1962
Commercial and stock savings banks
and nondeposit trust companies
All banks
Insured
Type of change
Total
In
sured
Mutual savings banka
Noninsured
State
13,124
13,115
4,503
4,513
1,542
1,598
7,079
7,004
265
277
-1 0
-1 2
Total
Non
Banks deposit Total
of
trust
de
com
posit panies 1
Non
In
sured 2 insured
FEDERAL
Na
tional
Not
mem
bers
F. R.
Sys
tem
Members F. R.
System
Non
insured Total
BAN KS
Noninsured bank becoming insured
Admission to insurance operating banks
National banks succeeding State banks
State banks succeeding national banks
Digitized for
+1
-4
+9
-5 6
+75
168
167
1
64
63
1
4
4
100
100
14
12
1
1
1
191
3
183
4
1
179
1
177
1
12
2
6
3
1
188
3
180
4
1
178
1
176
1
81
1
80
35
62
2
3
1
2
35
61
1
8
2
3
3
1
3
1
2
+17
+17
-1 7
-1 7
-2
-2
+20
-8
+6
+ 1
+ 1
-5
+25
-1
+1
-2 1
-2 1
+19
+19
+2
+2
+5
+11
-6
. . .
Changes in title
............. .............. .....................................................
Changes in location
. . . . . . ........................................
Changes m name of location
•
Changes in title and location
....................................
onrroa in fitlo onH no rnp r\T mPflfinTl
Changes in corporate powers:
Tr\ nn^TQ nnr]pT oroT"iAT*ol hQTl klTlff IflWS
rirfint.pn t.niQt, nnwprQ 5
...............
FRASER
-3
-5
State bank succeeding noninsured bank
Insured bank becoming noninsured 4
181
185
183
179
2
2
.....................
.....................
Changes not involving num ber in any class:
331
330
15
12
1
2
+21
+21
+i
—1
-i
+1
5
116
7
2
8
2
5
113
4
2
8
2
6
56
5
56
3
3
1
+1
5
112
4
2
8
2
6
56
5
56
-1
+5
-2 5
-1
-1
5
114
6
2
8
2
-2 5
-3
43
15
3
1
1
-2
512
515
168
167
1
,,,
.............
•
..
-1 8
50
52
1
1
+2
+2
-2
-2
-1
+ 1
5
54
4
2
4
1
5
56
2
2
1
2
1
1
1
1
CORPORATION
Banks ceasing operations ...............................................................
Closed because of financial difficulties
. ........
Absorptions, consolidations and mergers........................................
Other liquidations
• ••
Ceased fiduciary operations
+10
13,439
13,444
INSURANCE
.. ..
...............
...........................................
...............
...............
496
514
183
179
2
2
-8
jBsnks beginning operations
New banks
Suspended banks reopened
Banks added to count ®
13,455
13,445
DEPOSIT
13,951
13,959
BR AN CH ES
Branches opened for b u sin ess.....................................................
Facilities provided as agents of the government7........................
Absorbed banks converted to branches..........................................
Branches replacing head office...........................................................
Other branches opened 8......................................................................
Branches added to count 8 .................................................................
Branches d isco n tin u e d ..................................................................
Facilities..................................................................................................
Branches 8................................................................................................
13,078
12,043
12,891
11,867
187
176
12,491
11,499
12,425
11,440
6,639
6,044
3,007
2,855
2 779
9 't/ll
51
45
+1,035
+1,024
+11
+992
+985
+595
I1
Ca
O
“f"
AD
1 090
T^50O
+6
1,086
7
169
1,070
7
167
16
1,039
7
166
1,031
7
166
582
5
97
187
262
8
35
34
837
19
830
18
476
3
151
1
203
14
47
47
28
8
11
11
880
19
51
6
45
Other changes in classification ...................................................
Branches changing class as result of succession............................
Branch of noninsured bank admitted to insurance......................
Branches of insured banks withdrawing from F. R. System. . .
Branch of F. R. member bank withdrawing from insurance. . .
Branches transferred through sale or as result of absorption—
net.........................................................................................................
10
868
18
2
1
12
1
48
3
6
42
3
+2
+2
+1
—2
-2
-1
-1
+1
10
6
41
10
6
41
+1
+2
1
6
22
+ 41
+8
-1
2
Q
8
11
-2 7
—4
-1 3
-1 6
+ 16
-1
—2
AD
587
Cii
466
427
117
+1
+43
+39
+4
47
39
8
3
1
X
9
38
5
1
1
Q
o
i
43
7
1
A
_2
—2
121
1A
+1
11
1
i
Q
O
+1
—*
11
4-11
T
+1
+33
—6
-2 7
45
298
15
142
9
32
6
4,549
4,453
9,858
9,545
316
322
65
66
1,099
1,059
797
757
+40
+40
A*t
Changes n o t involving n u m b er in any class:
Branches transferred as result of absorption or succession........
Changes in title, location, or name of location.............................
Branches replacing seasonal agency or facility.............................
2
2
10
ALL B A N K IN G OFFICES
N um ber o f offices, Decem ber 31, 1962 ............................................. 27,029 26,346
Num ber o f offices, Decem ber 30, 1961 ............................................. 26,002 25,312
683 25,930 25,549
690 24,943 24,555
11,142
10,557
+1,034
—7
+987
+994
+585
+96
+313
—6
_IJ.
Banks........................................................................................................
Branches..................................................................................................
1,269
183
1,086
1,238
168
1,070
31
15
16
1,222
183
1,039
1,199
168
1,031
646
64
582
191
362
22
187
100
262
14
1*|
Offices c lo s e d ....................................................................................
242
15
191
235
188
47
225
178
47
109
81
28
43
35
73
g
Banks........................................................................................................
Branches..................................................................................................
227
179
48
8
62
11
+20
+19
+48
+7
+1
+4 1
-5 2
-2 5
-2 7
+24
+37
-1 3
Net change during y e a r.................................................................... +1,027
Offices o p e n e d ..............................................................................
Changes in classification ..............................................................
Among banks .......................................................................................
Among branches....................................................................................
51
12
3
+23
-2 3
+ 21
+2
—21
—2
4
8
o
a
o
£
-2 0
-1 8
_2
39
Q
OQ
V
i
(1
Z
5
A
11
i
2
Q
O
+3
+i
8
47
I
8
302
302
+2
+ 1
8
oQ
_OO
—
Q
—Z
--1
1 Includes 1 trust company on December 30, 1961, and 2 trust companies on December 31, 1962, members of the Federal Reserve System.
8 On December 30, 1961, 1 mutual savings bank was a member of the Federal Reserve System. Prior to the close of 1962 this bank withdrew from the Federal Reserve Svstem
* Opened prior to 1962 but not included in count as of December 30, 1961.
4 Insurance terminated under section 8(c) of the FDIC Act, which provides that insurance shall be terminated when it is determined that an insured bank is not engaged in the
business of receiving deposits.
6 Information available only for insured banks not members of Federal Reserve System.
6 Includes a few seasonal offices of State banks members of the Federal Reserve System and insured State banks not members of the Federal Reserve System which were not in
operation December 31, 1962.
7 Facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation.
8 Excludes 16 seasonal offices of national banks operated during part of the year but not in operation December 31, 1962.
Table 103.
N u m b e r op B a n k in g
O f f ic e s i n
the
U n it e d S t ates
(S tates a n d
31, 1962
O t h e r A reas) , D ecem ber
GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE
Commercial and stock savings banks
and nondeposit trust companies
All banks
State and type of bank or office
Noninsured Total
Insured
Noninsured
Members F. R.
System
Non
Banks deposit
trust
of
com
de
posit panies :
Total
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches..........................................
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches.........................................
Other areas— all offices..............
65
50
1,099
512
797
331
302
181
290
222
177
154
113
17
45
5
Mutual
savings
banks
97.7
96.7
98.8
98.0
72.5
64.6
96.7
97.1
97.7
99.4
61.0
69.4
97.8
96.8
98.8
98.1
72.7
64.8
99.7
79.5
683
496
25,930
13,439
25,549
13,124
11,142
4,503
4.549
1.542
9,858
7,079
90
10,748
2,691
10,455
2,669
1.117
425
5,929
1,150
13,078
12,891
187
3.409
1,094
6,639
3.007
2,779
51
15
587
466
68
121
26,865
13.937
26,204
13,447
661 25,768 25,407
490 13,426 13,116
11,140
4,502
4.549
1.542
9,718
7,072
296
260
65
50
1,097
511
797
331
300
180
11,034
2,903
1.117
425
5,928
1,144
245
15
45
5
290
221
113
67
96.7
97.2
36
177
154
2,646
120
98.8
140
7
20
2
86.7
57.1
27,029
13,951
26,346
13,455
11,038
2,913
10,632
2,823
406
12,491
12,425
10,631
2,816
403
87
10,744
2,682
10,454
2,662
3.409
1,093
12,928
12,757
171
12,342
12,291
6,638
165
14
143
8
22
6
3
S
163
13
143
8
3
4
1
4
9
10
151
135
347
239
347
239
347
239
211
211
7
16
150
1
3.007
1
1
6
133
7
135
248
5
15
15
586
466
1
98.7
25.0
70.0
99.6
97.7
99.4
79.4
61.0
69.7
87.7
61.5
25.0
77.8
89.4
90.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
CORPORATION
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches..........................................
316
265
Com
mercial
banks
of
deposit
All
banks
of
de
posit
State
Alabama— all offices..................
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches..........................................
Alaska— all offices........................
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches..........................................
Arizona— all offices.....................
Banks...............................................
Unit banks..................................
Banks operating branches.........
Branches..........................................
347
239
159
70
211
31
24
157
145
20
4
7
6
12
140
100.0
28
211
28
28
61
19
108
108
108
108
89
56
13
50
10
55
12
49
9
40
5
89.3
76.9
89.1
75.0
4
66.7
85.7
60.0
85.7
93.0
93.0
100.0
100.0
28
5
7
3
1
6
7
4
6
43
40
43
40
35
221
11
2
9
212
221
11
212
152
3
210
10
2
8
202
6
10
2
8
210
202
3
149
15
1
45
6
1
2
4
14
39
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
INSURANCE
50 States and D. C.— all offices
State
Total
Noninsured
DEPOSIT
United States— all offices.........
Na
tional
Not
mem
bers
F.R.S.
In
sured
Percentage insured 1
FEDERAL
Total
In
sured
Mutual savings banks
100.0
100.0
100.0
Arkansas— all offices............................
86
57
40
17
29
31
2,086
123
59
64
1,963
11
6
4
2
5
2,097
129
68
66
1,968
2,086
123
59
64
1,963
1,526
45
24
21
1,481
356
17
14
339
204
61
82
29
143
205
199
6
7
180
173
167
6
7
32
32
82
212
205
199
6
7
180
173
167
6
7
93
88
84
4
5
18
17
16
69
68
67
32
32
82
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
443
137
74
63
306
435
129
66
68
306
8
8
8
297
66
88
88
231
289
58
25
88
231
141
22
9
13
71
7
77
29
15
14
48
7
7
7
Delaware— all offices............................
83
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
21
83
21
11
10
62
75
19
11
8
56
75
19
11
8
6
4
3
1
2
28
2
26
41
13
8
5
28
District of Columbia— all offices . . . .
84
84
12
1
11
72
84
12
1
11
72
43
5
1
4
38
31
4
10
3
11
72
84
12
1
11
72
359
343
828
15
16
356
340
825
15
16
3
3
8
359
343
828
15
356
340
325
15
10
10
10
200
16
16
142
130
119
11
12
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
560
419
880
89
141
505
364
825
89
141
55
55
55
560
419
880
89
141
505
364
825
39
147
53
85
18
94
44
15
314
296
281
15
18
Hawaii— all offices.................................
118
6
112
7
4
118
12
4
8
106
40
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
112
7
7
2
38
California— all offices..........................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
Colorado—all offices.............................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches.....................................................
Connecticut— all offices......................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
Florida— all offices................................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
Georgia— all offices...............................
46
67
2,097
129
68
66
1,968
212
11
10
62
12
1
12
s
106
7
105
5
4
1
1
56
141
105
119
2
21
15
6
10
8
1
1
1
6
64
187
159
186
28
28
1
1
3
3
8
29
196
4
4
72
5
... „
67
99.0
98.8
98.5
100.0
100.0
99.0
98.8
98.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
84.9
84.4
83.9
100.0
100.0
84.9
84.4
83.9
100.0
100.0
1
|
146
71
41
80
75
98.2
94.9
90.4
100.0
100.0
97.6
89.2
78.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
8 1
8
2I
2
2 I
6
2
6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
|
fl
|
|
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
|
I
|
99.4
99.4
99.4
100.0
100.0
99.4
99.4
99.4
100.0
100.0
90.2
86.9
85.5
100.0
100.0
90.2
86.9
85.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
11
6
4
2
5
|
|
1
1
1
27
204
I
1
1
|
|
1
1
1
2
2
2
1
1
1
55
55
55
6
5
4
1
1
146
71
41
80
75
I
I
BANKS
304
237
191
46
67
OF
308
241
195
46
67
DEPOSITS
4
4
4
308
241
195
NUMBER, OFFICES, AND
304
237
191
46
67
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
Table 103,
N u m b e r of B a n k i n g
O f f ic e s i n
g r o u pe d a c c o r d in g t o
in s u r a n c e
the
U n it e d St a t e s
status and
(S tates an d
Commercial and stock savings banks
and nondeposit trust companies
All banks
Members F. R.
System
Nonrnsured Total
Iowa— all offices.................
Banks....................................
Unit banks ................
Banks operating branches
Branches...............................
Kansas—-all offices..........
Banks....................................
Unit banks ......................
Banks operating branches,
Branches.................................
Kentucky— all offices.......
Banks......................................
Unit banks .......................
Banks operating branches.
Branches.................................
79
9
24
8
124
31
22
9
93
124
31
22
9
93
70
16
997
993
989
4
4
406
402
898
4
4
123
123
6
5
3
100.0
1,003
999
809
443
800
805
439
296
143
366
800
434
291
143
366
325
125
73
52
200
149
866
672
520
152
194
846
652
500
152
194
107
97
87
10
12
628
590
554
192
168
47
44
41
8
3
389
378
867
11
526
342
257
85
184
44
14
7
7
30
303
243
198
45
60
846
652
500
152
194
631
593
567
628
590
654
38
38
631
593
657
36
38
535
351
266
85
184
526
342
257
85
184
535
351
266
85
184
86
86
20
20
86
38
10
146
22
24
179
85
52
83
94
100.0
100.0
100.0
997
993
989
4
4
366
banks
of
de
posit
100.0
1,003
999
995
4
4
866
672
520
152
194
Non
insured
14
12
93
143
In
sured
21
93
804
438
295
148
366
Total
468
468
99.7
99.7
99.7
100
76
24
49
142
67
117
78
66
56
10
661
489
357
132
172
11
100.0
100.0
100.0
100.0
100.0
99.5
99.1
98.7
99.5
99.1
98.6
100.0
100.0
100.0
97.8
97.2
96.3
97.8
97.2
96.3
100.0
100.0
100.0
99.5
99.5
99.5
99.5
99.5
99.5
100.0
100.0
100.0
100.0
98.3
97.4
96.6
98.3
97.4
96.6
100.0
100.0
100.0
100.0
100.0
Mutual
savings
banks
deposit
100.0
100.0
19
19
19
of
99.7
99.7
99.7
100.0
100.0
326
209
Com
mercial
banks
100.0
100.0
100.0
100.0
CORPORATION
Banks....................................
Unit banks ......................
Banks operating branches
Branches...............................
124
31
State
Non
Banks deposit
of
trust
de
com
posit panies !
INSURANCE
Indiana— all offices...........
124
31
Na
tional
Not
mem
bers
F.R.S.
DEPOSIT
Banks....................................
Unit banks ......................
Banks operating branches
Branches................................
Percentage insured
FEDERAL
In
sured
Total
Illinois— all offices.............
Mutual savings banks
All
Total
Banks............................
Unit banks ......................
Banks operating branches
Branches...............................
31, 1962— Continued
Noninsured
Insured
State and type of bank or office
Idaho— all offices...............
O th e r A reas), D ecem ber
CLASS OF R AN K ; a n d b y s t a t e or a r e a a n d t y p e o f o f f ic e
Louisiana— all offices........
Banks
..............................
Unit banks. ......................
Banks operating branches
Branches...............................
Maine——all offices........ ..
B a n k s ..................................
Unit banks........................
Banks operating branches
Branches...............................
Banks
............................
Unit banks. ......................
Banks operating branches
Branches...............................
Banks ................................
Unit banks........................
Banks operating branches
Branches3.............................
Michigan— all offices........
Minnesota— all offices. . . .
Banks.....................................
Unit banks........................
Banks operating branches
Branches...............................
Missouri— all offices..........
Banks....................................
Unit banks........................
Banks operating branches
Branches...............................
Montana—all offices.........
Banks.................................. ..
Unit banks. ......................
Banks operating branches
Branches...............................
37
11
3
8
26
211
141
98
48
70
1
1
1
80
22
8
14
58
54
6
2
4
48
52
13
1
12
39
15
6
154
186
41
11
30
145
416
120
69
51
296
189
48
25
23
141
51
7
2
5
44
176
65
42
23
111
6
1
601
158
61
97
443
341
94
42
52
247
137
19
5
4
4
19
118
123
45
19
26
78
355
83
42
41
271
407
131
82
49
276
277
155
96
59
122
3
1
1
2
479
479
479
8
8
8
76
203 |
21
201
242
79
39
40
163
221
462
127
71
56
335
456
126
71
55
330
6
5
422
121
69
52
301
932
344
173
171
588
632
166
63
103
466
300
178
608
163
122
445
1,043
371
1,039
369
4
2
1,043
149
669
2
150
671
,039
369
220
149
669
693
687
685
2
8
8
186
180
178
2
6
27
27
27
221
150
671
67
31
36
154
220
12
8
4
9
1
1
110
47
IS
84
68
1
1
371
221
4
9
1
5
1
6
6
6
692
686
684
2
6
354
192
113
79
162
352
190
111
79
162
354
192
113
79
162
352
190
111
79
162
63
27
8
19
36
23
7
4
3
16
266
156
99
57
110
2
2
2
671
627
583
44
44
658
614
570
44
44
671
627
583
44
44
658
614
570
44
44
91
78
65
13
13
104
91
78
13
13
463
445
427
18
18
9
9
9
126
123
125
126
123
120
125
122
119
3
3
45
43
41
2
2
46
45
44
1
1
34
34
84
701
695
693
2
120
3
3
122
119
3
3
8
3
99.7
99.5
99.2
100.0
2
1
1
1
41
32
26
6
9
35
26
20
6
9
40
6
2
4
34
40
6
2
4
34
324
181
108
73
143
31
8
2
6
23
1
1
1
6
6
6
100.0
100.0
100.0
91.3
84.8
79.5
90.0
94.5
92.5
87.2
84.6
88.2
94.2
98.7
99.2
98.6
99.2
100.0
98.2
98.5
293
173
106
67
120
67.9
48.4
36.4
60.6
79.4
99.7
99.7
1
1
1
.............
4
99.4
99.0
98.2
100.0
100.0
99.4
99.0
98.2
100.0
98.7
98.7
98.6
98.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
9.7
4.4
1.9
8.2
16.1
99.3
99.7
100.0
100.0
100.0
100.0
85.4
81.3
76.9
99.7
99.7
98.9
98.8
98.8
4
|
|
I
I
99.2
97.5
93.8
100.0
98.9
4
1
1
1
98.1
98.3
100.0
100.0
100.0
........
100.0
100.0
99.3
99.7
1
1
1
99.7
99.5
99.2
100.0
100.0
100.0
100.0
100.0
BANKS
Banks....................................
Unit banks. ......................
Banks operating branches
Branches...............................
150
43
18
25
107
120
OF
Mississippi— all offices. . . .
398
195
119
76
203
399
196
DEPOSITS
Banks.....................................
Unit banks........................
Banks operating branches
Branches...............................
76
203
398
195
119
76
203
OFFICES, AND
Massachusetts— all offices
120
NUMBER,
Maryland—all offices........
399
196
Table 103.
N u m b e r of B a n k in g
O f f ic e s i n
to in s u r a n c e
the
U n it e d S t a t e s
status an d
(S tates a n d O t h e r A reas), D ecem ber
cla ss of b a n k
, a n d b y s t a t e or a r e a a n d t y p e o f o f f ic e
Commercial and stock savings banks
and nondeposit trust companies
All banks
In
sured
Members F. R.
System
Non
insured Total
1 Total
415
396
S78
18
19
52
Banks.
...............................................
Unit banks.............................................
Banks operating branches
Branches
.................
...............
2
5
45
2
5
45
New Hampshire— all offices
. ••
Banks..........................................................
Unit banks
...
Banks operating branches
Branches
•.
111
107
103
4
4
108
104
10 0
New Jersey— all offices
802
263
117
146
539
799
260
114
146
539
129
60
30
30
69
129
60
30
30
69
2,278
499
250
249
1,779
2,257
482
236
24 6
1,775
Banks ........................................................
Unit banks
................. ................
Banks operating branches
Branches
...........
...............
ew
exico^™*"ttH offices
Unit banks
Tin'rtZ*o n'nurn.ti'nn
RfflTlpl'lPQ
York—all offices
.............................
...
........................
Unit banks
.•
Banks operating branches
........
7
7
3
3
3
4
4
3
3
3
21
17
14
3
4
445
426
408
18
19
415
396
378
18
19
136
121
107
14
15
16
15
14
1
1
263
260
257
3
3
52
52
14
2
45
30
3
1
2
27
8
2
1
1
6
71
3
3
«71
68
3
3
53
51
49
2
2
1
1
1
20
19
18
1
1
759
756
461
91
242
105
137
517
239
10 2
137
517
149
70
79
312
204
55
19
36
149
129
60
30
30
69
129
60
30
30
69
63
1,955
372
20 2
170
1,583
1,934
355
188
167
1,579
7
7
2
5
45
2
5
"
74
2
12
25
25
25
In
sured
5
5
5
23
9
14
31
817
224
133
91
593
1,002
94
35
59
908
115
37
20
17
78
Com
mercial
banks
of
deposit
94.3
94.3
94.1
93.8
3
3
3
3
3
3
34
33
32
1
1
34
33
32
1
1
43
21
12
9
22
43
21
12
9
22
54
29
15
14
34
All
banks
of
de
posit
.............................
16
12
9
3
4
5
5
5
323
127
48
79
196
323
127
48
79
196
Mutual
savings
banks
94.1
93.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
97.3
96.1
100.0
97.2
97.1
95.9
95.8
100.0
100.0
35
13
22
56
12
8
6
2
4
Non
insured
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.3
99.2
100.0
97.6
96.3
98.8
99.8
96.7
95.4
98.2
99.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
CORPORATION
52
30
30
30
State
Non
Banks deposit Total
of
trust
com
de
posit panies 2
INSURANCE
N CTsds*- *&11 offices
445
426
408
18 1
19
Na
tional
Not
mem
bers
F.R.S.
DEPOSIT
Unit banks.............................................
Banks operating branches
Branches
...........................................
Percentage insured 1
FEDERAL
Total
Mutual savings banks
Noninsured
Insured
State and type of bank or office
31, 1962— Continued
112
g r o u p e d a c c o r d in g
North Carolina— all offices.
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
North Dakota— all offices..
Ohio— all offices...................
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
Oklahoma— all offices........
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
Oregon— all offices..............
Pennsylvania— all offices. .
Rhode Island— all offices. .
South Carolina— all offices
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
South Dakota— all offices..
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
141
113
28
97.9
97.5
97.0
100.0
100.0
97.9
97.5
97.0
100.0
100.0
603
220
113
107
383
403
137
91
46
266
301
206
149
57
95
99.9
99.8
99.7
100.0
100.0
99.9
99.8
99.7
100.0
100.0
422
390
360
30
32
229
203
179
24
26
27
25
166
162
158
4
4
99.8
99.7
99.7
100.0
100.0
99.8
99.7
99.7
100.0
100.0
262
49
28
21
213
260
47
26
21
213
185
10
7
3
175
12
63
34
17
17
29
99.6
98.0
96.4
100.0
100.0
99.6
97.9
96.3
100.0
100.0
100.0
100.0
100.0
13
10
8
2
3
1,585
638
424
214
947
1,572
628
4 16
2 12
944
986
423
285
138
563
280
59
81
28
221
99.4
98.9
98.8
99.1
99.7
99.4
98.9
98.8
99.1
99.7
100.0
100.0
100.0
100.0
100.0
8
2
114
10
106
8
56
4
22
1
2
6
10
104
8
98
4
52
""l'
21
94.8
88.9
100.0
88 .2
95.6
93.0
80.0
17
136
146
16
1
15
130
" " 8 0 .0
94.2
100.0
100.0
100.0
100.0
100.0
328
142
92
50
186
324
138
88
50
186
4
4
4
328
142
92
50
186
324
138
88
50
186
148
26
10
16
122
10
6
4
166
106
74
32
60
98.8
97.2
95.7
100.0
100.0
98.8
97.2
95.7
100.0
100.0
240
171
139
82
69
240
171
139
82
69
240
171
139
82
69
240
171
139
32
69
66
32
27
5
34
26
24
148
115
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
767
161
81
80
606
205
29
9
20
176
3
87
190
157
182
25
33
186
153
128
25
33
4
4
4
190
157
132
25
33
186
153
128
25
33
42
38
34
4
4
2
1
1
1
1,312
566
855
1
1
1
746
1,311
565
854
211
746
1,308
564
354
210
744
1,307
563
853
210
744
424
392
362
80
32
422
390
360
30
32
2
2
2
424
392
362
30
32
261
48
27
21
213
2
2
2
1,633
635
418
217
998
211
263
50
29
21
213
1,646
645
426
219
1,001
154
18
1
H
1
3
91
4
1
3
4
2
306
146
10
61
7
61
7
46
160
5
54
54
28
3
40
’ ' "s’
8
1
1
7
32
7
32
100
25
33
7
5
2
5
100.0
100.0
100.0
100.0
100.0
BANKS
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
3
771
162
81
81
609
OF
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches3...............................
99.5
99.4
100.0
98.8
99.5
4
1
DEPOSITS
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches3...............................
99.5
99.4
100.0
98.8
99.5
767
161
81
80
606
NUMBER, OFFICES, AND
Banks.......................................
Unit banks..........................
Banks operating branches.
Branches.................................
471
128
71
57
343
771
162
81
81
609
Table 103.
N u m b e r of B a n k i n g
grou ped
a c c o r d in g
O f f ic e s i n
the
U n it e d S t a t e s
to in s u r a n c e , st a t u s a n d
class
(S tates a n d
of b a n k
Commercial and stock savings banks
and nondeposit trust companies
All banks
Members F. R.
System
Non
insured Total
Total
........... ..
State
Non
Banks deposit Total
trust.
of
com
de
posit panies 2
In
sured
Non
insured
All
banks
of
de
posit
Com
mercial
banks
of
deposit
99.5
99.0
98.5
100.0
100.0
99.5
99.0
98.5
100.0
100.0
549
294
208
86
255
544
289
203
86
255
5
5
5
549
294
208
86
255
544
289
203
86
255
224
73
37
36
151
31
8
8
5
23
289
208
163
45
81
3
3
3
1,091
1,047
1,0 0 2
45
44
1,074
1,030
985
45
44
17
17
17
1,091
1,047
1,0 0 2
45
44
1,074
1,030
985
45
44
505
486
466
20
19
94
88
82
6
6
475
456
487
19
19
17
17
17
98.4
98.4
98.3
100.0
100.0
98.4
98.4
98.3
100.0
100.0
132
49
84
15
83
128
45
80
15
83
4
4
4
132
49
34
15
83
128
45
80
15
83
55
8
6
2
47
34
13
7
6
21
39
24
17
7
15
4
4
4
97.0
91.8
88 .2
100.0
100.0
97.0
91.8
8 8 .2
100.0
100.0
98
57
42
15
41
97
56
41
15
41
1
1
1
91
51
37
14
40
90
50
86
14
40
48
29
28
6
19
100.0
100.0
100.0
10 0 .0
100.0
100.0
100.0
100.0
100.0
100.0
659
292
177
115
367
659
292
177
115
367
659
292
177
115
367
659
292
177
115
367
327
127
78
49
200
136
66
46
20
70
196
99
53
46
97
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
430
96
64
82
334
429
95
63
82
334
415
92
63
29
323
414
91
62
29
323
311
25
12
13
286
31
9
4
5
22
72
57
46
11
15
99.8
99.0
98.4
10 0 .0
100.0
99.8
98.9
98.4
100.0
100.0
1
1
1
42
21
13
8
21
2
2
2
1
1
1
1
1
1
7
6
5
1
1
15
4
1
3
11
7
6
5
1
1
15
4
1
8
11
Mutual
savings
banks
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
CORPORATION
nffii'Afl
Na
tional
Not
mem
bers
F.R.S.
INSURANCE
Apa
Percentage insured 1
DEPOSIT
TTj—1._ —11
Mutual savings banks
m
FEDERAL
Total
In
sured
31, 1962—Continued
Noninsured
Insured
State and type of bank or office
O t h e r A reas), D ecember
, a n d b y s t a t e or a r e a a n d t y p e o f o f f ic e
181
181
181
76
76
76
33
33
33
72
72
72
1
1
1
W isconsin— all offices.............................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches.....................................................
736
574
476
98
162
732
570
472
98
162
4
4
4
732
570
472
98
162
729
567
469
98
162
123
101
91
10
22
67
58
64
4
9
539
408
324
84
131
1
1
2
W yom ing— all offices..............................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches....................................................
57
56
55
1
1
57
56
55
1
1
57
56
55
1
1
57
56
55
1
1
28
27
26
1
1
14
14
14
15
15
16
Pacific Islands— all offices4..................
Banks........................................................
Unit banks6...........................................
Banks operating branches...................
Branches6..................................................
12
1
1
4
8
1
1
12
1
1
4
4
11
4
7
11
4
4
Panam a Canal Zone— all offices........
Banks........................................................
Unit banks.............................................
Banks operating”branches...................
Branches7..................................................
2
2
2
2
2
Puerto Rico— all offices..........................
Banks........................................................
Unit banks.............................................
Banks operating branches...................
Branches 8..................................................
142
11
3
8
131
132
7
1
6
125
10
4
2
2
6
142
11
8
8
131
132
7
1
6
125
Virgin Islands— all offices.....................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches 9..................................................
9
2
7
1
2
1
7
1
7
1
3
1
2
7
1
6
1
1
1
6
1
6
1
2
99.5
99.5
99.5
99.5
99.5
99.5
99.7
99.7
99.6
100.0
100.0
99.9
99.8
99.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
8
1
1
33.3
33.3
7
36.4
36.4
93.0
63.6
33.3
75.0
95.4
93.0
63.6
33.3
75.0
95.4
2
2
2
4
4
A
3
3
3
1
I
2
75.0
75.0
75.0
Other area
AND
2
2
2
132
7
1
6
125
4
4
10
4
2
6
2
1
2
1
77.8
50.0
100.0
100.0
1
1
1
1
50.0
85.7
100.0
100.0
115
1 Nondeposit trust companies are excluded in computing these percentages.
2 Includes 1 trust company in Missouri and 1 in Massachusetts members of the Federal Reserve System.
8 Includes branches operated by banks located in other states or in Puerto Rico as follows: 1 noninsured branch in Massachusetts operated by a New York bank; 3 insured branches
m New York operated by 2 banks in Puerto Rico; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank; 1
nomnsured branch in Pennsylvania operated by a New York bank; and 2 insured branches in Washington operated by a California bank.
4 In United States possessions (American Samoa, Guam, Midway Islands, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan, and Truk Atoll).
* In American Samoa.
®Consists of 5 branches operated by a California bank, of which 4 are in Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) and 1 noninsured in Caroline Islands,
(Truk Atoll, Moen Island); and 6 branches operated by a Hawaiian bank of which 1 insured is on Guam, and the following noninsured branches: 1 in Caroline Islands (PalauIslands,
Koror Island), 2 in Marshall Islands (Kwajalein), 1 on Midway Island and 1 on Wake Island.
7 Consists of 2 noninsured branches operated by 2 New York banks.
8 Includes 15 noninsured branches operated by 2 New York banks.
8 Includes 4 insured branches operated by a New York bank.
Back figures: See the Annual Report for 1961, pp. 88-95, and earlier reports.
BANKS
182
182
182
OF
I
1
1
DEPOSITS
181
181
181
OFFICES,
182
182 1
182
NU M BER,
W est Virginia— all offices......................
Banks..........................................................
Unit banks.............................................
Banks operating branches...................
Branches.....................................................
T a b le
104.
N
umber and
D
e p o s it s of
A ll B a n k s
in
the
U
n it e d
S tat es (S t a t es
and
O t h e r A r eas ) , D
ecem ber
28 , 1962
b a n k s grouped according to i n s u r a n c e s t a t u s a n d b y district a n d stat e
Commercial and stock sayings
banks and nondeposit
trust companies
FDIC District
and State
Noninsured
Ali
304,591,419
263,059,987
261,443,531
1,616,456
41,531,432
36.104.164
5,427,268
180
303,631,384
262,100,154
260,587,300
1,512,854
41,531,230
36.104.164
5,427,066
1
960,035
959,833
856,231
179
23,014,701
86,618,479
31,036,329
14,960,219
12,781,448
15,006,586
20,883,143
23,658,968
7,867,831
10,481,940
19,726,435
38,555,340
11,445,256
60,711,529
28,577,566
14,347,428
12,781,448
15,006,586
20,797,043
23,658,968
7,491,459
10,481,940
19,726,435
38,034,329
11,238,896
60,011,596
28,546,990
14,166,169
12,738,050
14,967,739
20,770,585
23,581,518
7,381,252
10,428,952
19,680,295
37,931,489
206,360
699,933
30,576
181,259
43,398
38,847
26,458
77,450
110,207
52,988
46,140
102,840
2,385,810
257,067
1,592,444
1,550,358
29,018,521
2,385,810
252,957
1,592,444
1,550,358
29,018,521
2,385,810
245,165
1,584,142
1,547,546
29,018,521
7,792
8,302
2,812
2,365,690
5,715,619
986,443
1,776,376
5,553,003
2,365,690
2,745,610
811,262
1,776,376
5,553,003
2,343,563
2,711,260
811,262
1,776,376
5,534,855
22,127
34,350
3,302,863
794,861
717,455
20,150,161
5,287,815
3,302,863
794,861
717,455
20,150,161
5,228,147
3,287,734
781,781
717,455
20,103,472
5,221,766
15,129
13,080
331
181
511
331
13,441
13,126
265
13,939
13,428
13,118
260
Other areas........
14
13
8
FDIC District
District 1 ..............
District 2 s............
District 3 ..............
District 4 ..............
District 5 ..............
District 6 ..............
District 7 ..............
District 8 ..............
District 9 ..............
District 10............
District 11............
District 124..........
742
797
1,212
917
1,193
1,513
1,388
1,671
1,146
1,672
1,314
388
411
646
1,203
911
1,193
1,513
1,380
1,671
1,145
1,672
1,314
382
386
622
1,192
904
1,133
1,482
1,370
1,645
1,132
1,605
1,295
360
State
Alabama...............
Alaska...................
Arizona..................
Arkansas...............
California.............
239
13
11
241
129
205
137
21
12
343
239
12
11
241
129
239
9
10
237
123
205
66
19
12
343
173
58
19
12
340
32
7
419
12
31
999
443
419
12
31
999
439
364
7
31
993
434
55
50
1
5
331
151
9
152
150
1
7
4
4
1
6
1
12
2
71
2
1
103,602
202
11,569,445
25,906,950
2,458,763
612,791
86,100
202
6,143,091
25,906,748
2,458,763
612,791
5,426,354
85,388
712
' '376,372
’ ’3 76,372’
521,011
521,011
4,110
4,110
2,970,009
175,181
2,970,009
175,181
59,668
59,668
18,148
46,689
6,381
202
CORPORATION
Non
insured
INSURANCE
In
sured
DEPOSIT
Total
512
13,953
Federal Reserve Bank of St. Louis
Non
insured
Nonin
sured
50 States and
D . C ...............
Georgia.................
Hawaii...................
Idaho.....................
Illinois...................
Indiana.................
http://fraser.stlouisfed.org/
In
sured
In
sured
T otal United
S tates...........
Colorado...............
Connecticut.........
Delaware...............
District of Columbia
Florida...................
Total
Non
Total
Banks deposit
trust
of de
posit a com
panies
FEDERAL
In
sured
Mutual savings banks
All
banks
banks21
Total
Commercial and stock savings
banks and nondeposit
trust companies
Mutual savings banks
116
Deposits (in thousands of dollars)1
Number of banks
672
593
351
196
47
652
590
342
195
41
32
Maryland.............
Massachusetts. . .
Michigan...............
Minnesota.............
Mississippi............
127
344
371
695
192
121
120
6
163
371
694
192
158
369
181
Missouri................
Montana...............
Nebraska..............
Nevada.................
New Hampshire..
627
123
426
7
107 I
627
123
426
7
74
614
New Jersey..........
New Mexico.........
New Y ork6..........
North Carolina..
North Dakota. . .
263
60
500
162
157
Ohio.......................
Oklahoma.............
Oregon..................
Pennsylvania
Rhode Island. . . .
566
392
50
646
18 |
30,761
1,806
10,255
752
28,053
3,427,180
12,740,508
10,453,874
5,200,030
1,539,772
2,814,389
6,036,716
10,453,874
4,823,658
1,539,772
2,678,670
5,935,131
10,434,643
4,813,810
1,529,651
135,719
101,585
19,231
9,848
10,121
396
7
71
6,878,327
925,939
1,898,188
572,170
1,129,981
6,878,327
925,939
1,898,188
572,170
473,740
6,861,059
925,939
1,870,606
572,170
464,803
27,582
242
60
373
162
157
239
60
356
161
153
9,903,255
799,883
74,836,004
3,378,817
866,451
8,323,662
799,883
50,684,030
3,378,817
866,451
8,323,662
799,883
50,050,033
3,345,279
766,092
564
392
49
639
563
390
47
629
8
12,734,556
2,981,065
2,382,466
18,301,773
1,615,890
12,707,974
2,981,065
2,331,072
15,869,592
1,002,762
142
171
294
1,047
49
138
171
289
1,030
45
1,184,186
875,411
3,813,973
14,048,101
1,133,071
51
292
92
182
570
56
50
292
91
181
567
56
10
26
173
686
190
122
127
127
|
1
B
485,663
443,190
42,473
612,791
6,703,792
612,791
1,319,911
5,383,881
376,372
376,372
17,268
656,241
656,241
1,579,593
1,579,593
633,997
33,538
100,359
24,151,974
24,151,974
12,706,117
2,979,592
2,321,096
15,840,873
969,327
1,857
1,473
9,976
28,719
33,435
26,582
26,582
51,394
2,432,181
613,128
51,394
2,432,181
613,128
1,184,186
875,411
3,813,973
14,048,101
1,133,071
1,180,531
875,411
3,805,461
14,011,015
1,126,804
8,51.2
37,086
6,267
596,457
3,791,269
3,612,471
1,402,391
5,141,454
469,461
455,845
3,791,269
3,146,964
1,402,391
5,115,022
469,461
455,845
3,791,269
3,118,905
1,394,044
5,114,176
469,461
47,128
20,130
845,301
47,476
47,128
20,130
845,301
47,274
779,365
47,274
8,937
3,655
28,059
8,347
846
140,612
140,612
465,507
465,507
26,432 |
25,720
712
BANKS
Other area
Pacific Islands6. . . .
Panama Canal Zone7
Puerto Rico8. . . .
Virgin Islands 9..
11
1
29,592
17,536
20,130
65,936
202
202
1 Data are as of December 31, 1962 for some noninsured banks.
2 Includes 29 noninsured banks of deposit (20 in Georgia, 2 in Iowa, 5 in New York, and 2 in Texas) for which data are not available.
3 Includes Puerto Rico and the Virgin Islands.
4 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.
5 Includes deposit data for 3 insured branches operated by 2 insured banks in Puerto Rico.
• In United States possessions (American Samoa, Guam, Midway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll). Consists of
in
deposit data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (Moen Island) in the Caroline Islands and 4 branches
----the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches (1 on
Midway Island, 1 on Koror Island— Palau Islands, 2 in Marshall Islands— Kwajalein Atoll and 1 on Wake Island) operated by an insured bank in Hawaii.
7 Consists of deposit data for 2 noninsured branches operated by 2 insured banks in New York.
8 Includes deposit data for 15 insured branches operated by 2 insured banks in New York.
9 Includes deposit data for 4 insured branches operated by an insured bank in New York.
Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.
Back figures: See the Annual Report for 1961, pp. 96-97, and earlier reports.
OF
57
292
96
182
574 I
56
3,478,046
2,765,730
2,753,673
3,285,255
702,530
DEPOSITS
Vermont...............
Virginia............... .
Washington..........
West Virginia.. . ,
Wisconsin........... .
Wyoming............ .
142
171
294
1,047
49
3,508,807
2,767,536
2,763,928
3,286,007
730,583
AND
South Carolina.. ,
South Dakota
Tennessee........... .
Texas...................
Utah......................
3,508,807
2,767,536
2,763,928
3,286,007
1,216,246
OFFICES,
672
593
351
196 !
79
NU M BER,
Iowa.......................
Kansas...................
Kentucky.............
Louisiana..............
Maine....................
A
Table 105.
Table 106.
Table 107.
Table 108.
Table 109.
Table 110.
Table 111.
Table 112.
Table 113.
ssets a n d
L ia b il it ie s
of
B anks
Assets and liabilities of all banks in the United States (States and other areas),
June 30, 1962
Banks grouped according to insurance status and type of bank
Assets and liabilities of all banks in the United States (States and other areas),
December 28, 1962
Banks grouped according to insurance status and type of bank
Assets and liabilities of all banks in the United States (States and other areas),
December 28, 1962
Banks grouped by district and State
Assets and liabilities of all insured banks in the United States (States and other
areas), call dates December 31, 1959 through December 28, 1962
Assets and liabilities of insured commercial and insured mutual savings banks in
the United States (States and other areas), call dates December 30, 1961 through
December 28, 1962
Assets and liabilities and assets and liabilities per $100 of total assets of insured
commercial banks operating throughout 1961 in the United States (States and
other areas), December 28, 1962
Banks grouped according to amount of deposits
Average assets and liabilities and assets and liabilities per $100 of total assets of
insured commercial banks in the United States (States and other areas), 1962
B y class of bank
Average assets and liabilities of insured commercial banks in the United States
(States and other areas), by State, 1962
Distribution of insured commercial banks in the United States (States and other
areas), December 28, 1962
Banks grouped according to amount of deposits and by ratios of selected items
to assets
Assets and liabilities held in or administered by a savings, bond,
insurance, real estate, foreign, or any other department of a bank,
except a trust department, are consolidated with the respective assets
and liabilities of the commercial department. “ Deposits of individuals,
partnerships, and corporations” include trust funds deposited by a
trust department in a commercial or savings department. Other assets
held in trust are not included in statements of assets and liabilities.
Asset and liability data for noninsured banks are tabulated from
reports pertaining to the individual banks. In a few cases these reports
are not as detailed as those submitted by insured banks, and some of
the items reported have been allocated to more detailed categories
according to the distribution of asset and liability data for insured
State banks not members of the Federal Reserve System or for other
noninsured banks.
Sources of data
National banks and State banks in the District of Columbia not
members of the Federal Reserve System: Office of the Comptroller
of the Currency.
BANKS
Individual loan items are reported gross instead of net of valuation
reserves. Accordingly, reserves for losses on loans are shown sep
arately.
OF
Demand balances with and demand deposits due to banks in the
United States, except private banks and American branches of foreign
banks, exclude reciprocal interbank deposits. Reciprocal interbank
deposits arise when two banks maintain deposit accounts with each
other.
Additional data on assets and liabilities of all banks as of June 30,
1962, and December 28, 1962, and of insured banks as of March 26,
1962, and September 28, 1962, are shown in the Corporation’s semi
annual publication, “Assets, Liabilities, and Capital Accounts, Com
mercial and Mutual Savings Banks,” Report of Calls No. 59 and 60,
and Report of Calls N o. 61 and 62.
LIABILITIES
In the case of banks with one or more domestic branches, the assets
and liabilities reported are consolidations of figures for the head office
and all domestic branches. In the case of a bank with foreign branches,
net amounts due from its own foreign branches are included in “Other
assets,” and net amounts due to its own foreign branches are included
in “ Other liabilities.” Branches outside the 50 States of insured banks
in the United States are treated as separate entities but as in the
case of other branches are not included in the count of banks. Data
for such branches are not included in the figures for the States in
which the parent banks are located.
AND
Instalment loans are ordinarily reported net if the instalment pay
ments are applied directly to the reduction of the loan. Such loans are
reported gross if, under contract, the payments do not immediately
reduce the unpaid balances of the loan but are assigned or pledged to
assure repayment at maturity.
ASSETS
Statements of assets and liabilities are submitted by insured com
mercial banks upon either a cash or an accrual basis, depending upon
the bank’s method of bookkeeping. Assets reported represent aggre
gate book value, on the date of call, less valuation and premium
reserves.
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
Other insured banks: Federal Deposit Insurance Corporation.
Noninsured banks: State banking authorities; and reports from
individual banks.
co
T a b le
105.
A s s e t s a n d L ia b il it ie s of A l l B a n k s i n
banks
g r o u pe d
a c c o r d in g
to
the
U n it e d S t a t e s
in s u r a n c e
statu s
( S t a t e s a n d O t h e r A r e a s ) , J u n e 30 , 1962
and
type
of
bank
(Amounts in thousands of dollars)
Commercial and stock savings banks and
nondeposit trust companies
All banks
Mutual savings banks
Noniiisured
Asset, liability, or capital account item
244,408
44,418,213
38,365,843
6,052,370
298,567
18,123
43,200
1,487
34,000
3,360
1,086
3,267
779,091
110,611
558
446,028
170,983
104,533
21,514
251,709
1,958
2,630
24,147
883,624
132,125
558
517,827
171,003
62,111
50,911
11,200
11,941,471
6,278,273
583,160
9,810,389
4,708,329
540,978
2,131,082
1,569,944
42,182
Total
Insured
Banks
of
deposit
Non
deposit
trust
com
panies1
T otal assets...................................................................
321,629,052
313,495,544
8,133,508
277,210,839
275,129,701
1,836,730
Cash, balances with other banks, and cash
collection item s— to ta l...............................
Currency and coin.................................................
Reserve with F. R. banks (member banks). .
Demand balances with banks in U. S..............
Other balances with banks in U. S...................
Balances with banks in foreign countries. . . .
Cash items in process of collection...................
49,727,630
3,336,290
16,839,174
12,207,732
318,287
181,797
16,844,350
49,281,330
3,295,166
16,839,174
11,850,224
312,949
178,081
16,805,736
446,300
41,124
48,844,006
3,204,165
16,838,616
11,689,905
147,284
181,797
16,782,239
48,502,239
3,184,555
16,838,616
11,404,196
141,966
178,081
16,754,825
357,508
5,338
3,716
38,614
71,799
20
3,117,257
2,139,069
330,438
91,642,782
64,549,528
23,206,002
90,656,607
63,980,403
22,917,746
854,400
517,514
253,151
2,910,983
4,013,148
1,395,409
31,050
332,454
284,246
2,373,368
791,331
722,553
2,344,884
749,387
664,187
28,441
38,671
16,623
43
3,273
41,743
568,665
3,554,271
957,102
566,099
3,263,761
731,222
2,566
290,510
225,880
160,709,329
Loans and discounts, net— to ta l
2,898,372
Valuation reserves.....................................................
Loans and discounts, gross— to ta l................. 163,607,701
62,831,806
Real estate loans— to ta l.....................................
1,977,958
Secured by farm land.........................................
Secured by residential properties:
14.857.958
12.094.958
Insured or guaranteed by V A .....................
22,728,788
Not insured or guaranteed by FH A or VA
11,172,149
Secured by other properties...............................
1,482,288
Loans to commercial and foreign banks.........
7,252,950
Loans to other financial institutions...............
3,262,498
Loans to brokers and dealers in securities.
2,013,504
Other loans for carrying securities...................
Loans to farmers directly guaranteed by the
876,473
Commodity Credit Corporation...............
5,935,882
Other loans to farmers (excl. real estate)
46,318,554
Commercial and industrial loans......................
29,894,485
Other loans to individuals...................................
3,739,261
All other loans (including overdrafts).............
156,309,473
2,878,319
159,187,792
59,043,989
1,955,870
4,399,856
20,053
4,419,909
3,787,817
22,088
129,778,873
2,669,113
132,447,986
32,194,124
1,927,233
129,130,479
2,662,613
131,793,092
32,071,457
1,910,486
608,888
6,443
615,331
110,208
15,985
39,506
57
39,563
12,459
762
30,930,456
229,259
31,159,715
30,637,682
50,725
27,178,994
215,706
27,394,700
26,972,532
45,884
3,751,462
13,553
3,765,015
3,665,150
5,341
14,828,907
11,151,068
20,862,495
10,745,649
1,476,902
7,232,209
3,242,678
1,988,629
529,046
943,890
1,866,293
426.500
5,386
20,741
19,820
24,875
6,195,498
2,593,297
13,260,280
8,217,816
1,479,390
7,247,794
3,253,584
2,005,612
6,182,895
2,575,846
13,204,257
8,197,973
1,474,004
7,227,230
3,233,764
1,981,659
9,688
16,411
50,590
17,534
5,386
20,164
12,473
18,914
2,915
1,04 0
5,433
2,309
8,146,012
8,575,222
7,658,238
2,547,676
2,898
4,979
8,914
6,970
516,443
926,439
1,810,270
406,657
400
7,347
5,039
8,662,455
9,501,661
9,468,508
2,954,333
2,898
5,156
8,914
7,892
870,226
5,906,652
46,062,053
29,653,900
3,710,554
6,247
29,230
256.501
240,585
28,707
876,473
5,933,538
46,172,034
29,562,319
3,723,118
870,226
5,904,308
45,918,549
29,411,504
3,700,391
6,247
29,017
242,870
149,088
20,964
213
10,615
1,727
1,763
2,344
146,520
332,166
16,143
2,344
143,504
242,396
10,163
3,6i6*
89,770
5,980
7,607,840
3,552,534
497,152
3,558,154
7,437,745
3,492,522
483,036
3,462,187
170,095
60,012
14,116
95,967
6,945,178
3,256,822
472,233
3,216,123
6,840,376
3,236,441
462,871
3,141,064
74,875
12,550
1,906
60,419
29,927
7,831
7,456
14,640
662,662
295,712
24,919
342,031
597,369
256,081
20,165
321,123
65,293
39,631
4,754
20,908
Securities— to ta l..................................................... 103,584,253
70,827,801
U. S. Gov’t obligations (incl. guaranteed). . .
23,789,162
Obligations of States and subdivisions............
Securities of Federal agencies and corpora
2,942,033
tions (not guaranteed by U. S .)...............
4,345,602
Other bonds, notes, and debentures.................
1,679,655
Corporate stocks....................................................
.............
.
.. .
....
Bank premises owned, furniture and fixtures..
Other real estate— direct and indirect.............
http://fraser.stlouisfed.org/
All other miscellaneous assets............................
Federal Reserve Bank of St. Louis
...........177*
922
CORPORATION
100,466,996
68,688,732
23,458,724
131,775
51,611
35,105
INSURANCE
Non
insured
Non
insured
DEPOSIT
Insured
Insured
FEDERAL
Total
Total
Business and personal deposits—'total. . . . .
321,629,052
313,495,544
8,133,508
277,210,839
275,129,701
1,836,730
244,408
44,418,213 I 38,365,843
6,052,370
240,061,189
233,748,980
6,312,209
200,199,261
199,192,147
914,361
92,753
39,861,928
34,556,833
5,305,095
112,430,192
111,730,739
699,453
112,149,242
111,464,838
610,120
74,284
280,950
265,901
15,049
123,160,732
107,126,998
117,596,062
101,648,557
5,564,670
5,478,441
83,587,121
67,575,247
83,312,484
67,885,628
256,173
186,991
18,464
2,628
39,573,611
39,551,751
34,283,578
34,262,929
5,290,033
5,288,822
Individuals, partnerships, and corporations
Individuals, partnerships, and corporations
Deposits accumulated for payment of per
sonal loans.......................................... ..
Other deposits of individuals, partnerships,
and corporations........................................
Certified and officers’ checks, letters of credit,
and travelers’ checks, etc............................
766,615
765,933
682
766,046
765,364
682
569
569
15,267,119
15,181,572
85,547
15,245,828
15,161,492
68,500
15,836
21,291
20,080
4,470,265
4,422,179
48,086
4,462,898
4,414,825
48,068
5
7,367
7,354
13
28,167,255
9,577,150
299,339
11,887,378
6,403,388
27,970,218
9,544,587
295,840
11,794,877
6,334,914
197,037
32,563
3,499
92,501
68,474
28,142,192
9,571,205
299,280
11,885,579
6,386,128
27,946,510
9,539,283
295,781
11,793,078
6,318,368
195,675
31,915
3,499
92,501
67,760
7
7
25,063
5,945
59
1,799
17,260
23,708
5,304
59
1,799
16,546
1,355
641
13,602,067
12,428,713
220,779
766,688
167,428
18,459
13,341,497
12,392,738
218,066
669,337
42,901
18,455
260,570
35,975
2,713
97,351
124,527
4
13,601,116
12,428,681
219,860
766,688
167,428
18,459
13,340,546
12,392,706
217,147
669,337
42,901
18,455
260,296
35,701
2,713
97,351
124,527
4
274
274
951
32
919
951
32
919
4,206,444 1
4,138,626
67,818
4,206,440
4,138,622
67,781
37
4
4
665,392 I
660,437
4,955
665,392
660,437
4,918
37
2,183,109 I
1,215,513
142,430
2,162.539
1,182,770
132,880
20,570
32,743
9,550
2,183,109
1,215,509
142,430
2,162,539
1,182,766
132,880
20,570
32,743
9,550
4
4
286,036,955
153,441,291
132,595,664
279,199,321
152,397,664
126,801,657
6,837,634
1,043,627
5,794,007
246,149,009
153,145,194
93,003,815
244,617,825
152,117,270
92,500,555
1,438,113
953,317
484,796
93,071
74,607
18,464
39,887,946
296,097
39,591,849
34,581,496
280,394
34,301,102
5,306,450
15,703
5,290,747
8,485,258
805,100
7,680,158
8,188,211
782,362
7,405,849
297,047
22,738
274,309
7,808,189
795,457
7,012,732
7,662,767
772,909
6,889,858
127,264
21,374
105,890
18,158
1,174
16,984
677,069
9,643
667,426
525,444
9,453
515,991
151,625
190
151,435
Total liabilities (excluding capital
accounts).............................................. 294,522,213
Government deposits— total..........................
Domestic interbank and postal savings
deposits— total...........................................
Miscellaneous liabilities— total.....................
Rediscounts and other borrowed money........
All other miscellaneous liabilities.....................
287,387,532
7,134,681
253,957,198
252,280,592
1,565,377
111,229
40,565,015
35,106,940
5,458,075
Preferred capital....................................................
Common stock.......................................................
Surplus.....................................................................
Undivided profits and reserves..........................
27,106,839
66,910
6,906,784
13,911,021
6,222,124
26,108,012
36,910
6,789,388
13,430,586
5,851,128
998,827
30,000
117,396
480,435
370,996
23,253,641
66,760
6,906,784
11,259,729
5,020,368
| 22,849,109
I
36,760
[
6,789,388
I 11,106,178
| 4,916,783
271,353
30,000
78,912
91,092
71,349
133,179
3,853,198
150
3,258,903
150
594,295
Number of banks2..........................................................
13,947
13,442
505
272
51
Capital accounts— total...................................
13,434 I
13,111
38,484’
62,459 * *2,651,2921 ’ ’2,324*408’
32,236
1,201,756
934,345
513 J
331
1 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations
2 Includes 28 noninsured banks of deposit for which asset and liability data are not available.
Back figures: See the Annual Report for 1961, pp. 100-101, and earlier reports.
32*6,884*
267,411
182
BANKS
Demand............................................................
Time.................................................................
OF
Foreign governments, central banks, etc.—
demand............................................................
Foreign governments, central banks, etc.—
time..................................................................
Banks in foreign countries— demand...............
Banks in foreign countries— time.....................
LIABILITIES
Foreign government and bank deposits—
total...............................................................
AND
Commercial banks in the U. S.— demand----Commercial banks in the U. S.— time............
Mutual savings banks in the U. S.— demand. .
Mutual savings banks in the U. S.— time. . . .
Postal savings........................................................
714
ASSETS
United States Government— demand.............
United States Government— time....................
States and subdivisions— demand....................
States and subdivisions— time...........................
1,211
T a b le 1 0 6 .
A s s e t s a n d L i a b i l i t i e s o f A l l B a n k s i n t h e U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 2 8 ,1 9 6 2 1
banks
g r o u p e d a c c o r d in g t o i n s u r a n c e
s t a t u s a n d t y p e of b a n k
(Amounts in thousands of dollars)
Commercial and stock savings banks and
nondeposit trust companies
All banks
Mutual savings banks
Noninsured
Asset, liability, or capital account item
Total
Cash, balances with, other banks, and cash
U. S. Gov’t, obligations (incl. guaranteed). . . .
Obligations of States and subdivisions..............
Securities of Federal agencies and corporations
(not guaranteed by U. S .).................................
Other bonds, notes, and debentures...................
Corporate stocks......................................................
Valuation reserves........................................................
Loans and discounts, gross— total..................
Real estate loans— total.........................................
Secured by farm land...........................................
Secured by residential 'properties:
Insured or guaranteed by V A .........................
Not insured or guaranteed by FH A or V A . . .
Secured by other properties.................................
Loans to commercial and foreign banks
Loans to other financial institutions..................
Loans to brokers and dealers in securities
Other loans for carrying securities......................
Loans to farmers directly guaranteed by the
P ! i f Tr
(Inrnni'flfinn
Other loans to farmers (excl real estate)
Commercial and industrial loans.........................
Other loans to individuals.....................................
All other loans (including overdrafts)................
Miscellaneous assets—total..............................
Bank premises owned, furniture and fixtures. .
Other real estate— direct and indirect...............
46,085,826
39,951,409
6,134,417
342,685
22,441
38,560
1,406
890,240
146,756
783,711
123,167
106,529
23,589
270,961
21,232
3,661
24,390
28,258
4,482
1,068
3,346
532,909
160,189
458,012
160,125
74,897
64
50,386
42,407
7,979
94,912,480
65,966,306
24,582,904
835,495
517,871
175,406
154,803
69,079
36,467
11,842,396
6,128,806
528,367
9,819,335
4,639,213
493,149
2,023,061
1,489,593
35,218
335,934,112
8,348,122
298,196,408
295,982,703
1,954,382
54,582,416
4,382,304
17,679,794
13,021,881
416,948
237,431
18,844,058
487,774
47,436
374,116
25,778
4,729
35,715
54,179,950
4,282,984
17,679,794
12,863,088
282,537
242,160
18,829,387
53,798,705
4,259,137
17,679,794
12,563,869
256,823
237,431
18,801,651
Banks of
deposit
Nondeposit
trust
com
panies 2
107,745,174
72,682,062
25,323,144
104,731,815
70,605,519
25,076,053
3,013,359
2,076,543
247,091
95,902,778
66,553,256
24,794,777
3,578,047
4,369,640
1,792,281
3,486,442
4,064,339
1,499,462
91,605
305,301
292,819
2,958,967
846,820
748,958
2,870,165
804,088
689,017
88,759
37,777
15,682
43
4,955
44,259
619,080
3,522,820
1,043,323
616,277
3,260,251
810,445
2,803
262,569
232,878
173,475,842
2,931,417
176,407,259
66,746,817
2,071,937
168,801,321
2,909,688
171,711,009
62,750,776
2,048,948
4,674,521
21,729
4,696,250
3,996,041
22,994
140,759,958
2,701,161
143,461,119
34,448,278
2,020,799
140,023,316
2,694,275
142,717,591
34,309,294
2,002,871
700,090
6,829
706,919
126,091
17,086
36,552
57
36,609
12,893
892
32,715,884
230,256
32,946,140
32,298,539
61,188
28,778,005
215,413
28,993,418
28,441,482
46,072
3,937,879
14,843
3,952,722
3,857,057
5,066
15,748,189
12,488,856
24,444,185
12,048,650
2,586,931
8,498,365
5,203,004
2,143,197
15,176,789
11,472,042
22,471,202
11,581,850
2,560,370
8,473,355
5,177,925
2,114,934
571,450
961,814
1,972,988
466,800
26,561
25,010
25,079
28,263
6,616,121
2,658,657
14,294,994
8,962,707
2,578,882
8,492,986
5,145,708
2,131,242
6,494,946
2,685,240
14,287,857
8,988,880
2,552,321
8,468,121
5,120,629
2,103,614
18,225
17,529
51,720
21,581
26,455
24,465
17,134
22,383
2,950
888
6,917
2,246
106
400
7,945
5,245
9,282,068
9,780,199
10,149,191
8,085,948
8,049
5,379
57,296
11,955
8,681,798
8,886,802
8,288,845
2,642,970
8,049
5,234
57,296
11,320
550,275
948,897
1,915,846
442,978
1,119,869
5,992,500
49,148,467
31,032,640
3,935,469
1,111,661
5,963,558
48,860,921
30,790,186
3,907,323
8,208
28,942
287,546
242,454
28,146
1,119,869
5,990,250
48,952,449
30,682,192
3,919,263
1,111,661
5,961,308
48,668,367
30,524,024
3,898,252
8,208
28,755
278,195
156,561
18,672
187
5,887
1,607
2,339
2,250
196,018
350,448
16,206
2,250
192,554
266,162
9,071
3,464
84,286
7,135
7,991,028
3,732,614
515,003
3,743,411
7,818,560
3,672,066
500,430
3,646,064
172,468
60,548
14,573
97,347
7,353,722
3,424,000
490,475
3,439,247
7,248,202
3,403,454
480,755
3,363,993
76,112
12,872
2,210
61,030
29,408
7,674
7,510
14,224
637,306
308,614
24,528
304,164
570,358
268,612
19,675
282,071
66,948
40,002
4,853
22,093
145
635
CORPORATION
Loans and discounts, net— total.....................
259,323
Insured
INSURANCE
Securities— total...................................................
55,070,190
4,429,740
17,679,794
13,395,997
442,726
242,160
18,879,773
Non
insured
Total
DEPOSIT
Currency and coin...................................................
Reserve with F. R. banks (member banks)___
Demand balances with banks in U. S................
Other balances with banks in U. S.....................
Balances with banks in foreign countries.........
Cash items in process of collection.....................
Insured
Non
insured
FEDERAL
Total assets................................................................ 344,282,234
Total
Insured
Total liabilities and capital accounts..............
344,282,234
335,934,112
8,348,122
298,196,408
295,982,703
1,954,382
259,323
46,085,826
39,951,409
6,134,417
Business and personal deposits— to ta l.........
Individuals, partnerships, and corporations—
demand.................................................................
Individuals, partnerships, and corporations—
time.......................................................................
Savings deposits..................................................
Deposits accumulated for payment of per
sonal loans.......................................................
Other deposits of individuals, partnerships,
and corporations.............................................
Certified and officers’ checks, letters of credit,
and travelers’ checks, etc................................
259,032,317
252,498,086
6,534,231
217,532,634
216,424,179
1,015,183
93,272
41,499,683
36,073,907
5,425,776
124,302,972
123,554,500
748,472
124,039,226
123,296,625
668,310
74,291
263,746
257,875
5,871
130,193,873
112,460,692
124,486,860
106,841,377
5,707,013
5,619,315
88,965,141
71,243,796
88,678,022
71,043,588
268,139
196,276
18,980
41,228,732
41,216,896
35,808,838
35,797,789
5,419,894
5,419,107
785,771
784,531
1,240
785,066
783,826
1,240
705
705
16,947,410
16,860,952
86,458
16,936,279
16,850,608
70,623
15,048
11,131
10,344
4,535,472
4,456,726
78,746
4,528,267
4,449,532
78,734
1
7,205
7,194
11
Governm ent deposits— to ta l.............................
United States Government— demand..............
United States Government— time....................
States and subdivisions— demand.....................
States and subdivisions— time...........................
25,797,344
6,855,814
269,676
12,152,773
6,519,081
25,611,034
6,833,754
266,199
12,066,083
6,444,998
186,310
22,060
3,477
86,690
74,083
25,766,540
6,845,834
269,620
12,151,062
6,500,024
25,581,722
6,824,658
266,143
12,064,372
6,426,549
184,396
20,754
3,477
86,690
73,475
422
422
30,804
9,980
56
1,711
19,057
29,312
9,096
56
1,711
18,449
1,492
884
Dom estic interbank and postal savings de
posits— to ta l.....................................................
Commercial banks in the U. S.— demand. . . .
Commercial banks in the U. S.— time.............
Mutual savings banks in the U. S.— demand.
Mutual savings banks in the U. S.— time. . . .
Postal savings.........................................................
15,138,297
13,944,670
246,441
781,885
147,122
18,179
14,889,921
13,907,406
241,908
684,285
38,153
18,169
248,376
37,264
4,533
97,600
108,969
14,888,976
13,907,380
240,989
684,285
38,153
18,169
248,107
36,995
4,533
97,600
108,969
269
269
945
26
919
945
26
919
10
15,137,352
13,944,644
245,522
781,885
147,122
18,179
4.623.461
4,548,654
74,807
4.623.461
4,548,654
74,770
37
729,642
724,335
5,307
729,642
724,335
5,271
36
2,449,707
1.295.462
148,650
2,431,688
1,265,391
127,240
18,019
30,071
21,410
2,449,707
1.295.462
148,650
2,431,688
1,265,391
127,240
18,019
30,070
21,410
T otal deposits..................................................
Demand............................................................
Time..................................................................
304,591,419
164,598,690
139,992,729
297,547,695
163,492,480
134,055,215
7,043,724
1,106,210
5,937,514
263,059,987
164,316,022
98,743,965
261,443,531
163,216,578
98,226,953
1,522,456
1,024,424
498,032
94,000
75,020
18,980
41,531,432
282,668
41,248,764
36,104,164
275,902
35,828,262
5,427,268
6,766
5,420,502
Miscellaneous liabilities— to ta l.......................
Rediscounts and other borrowed money........
All other miscellaneous liabilities......................
11,571,236
3,635,187
7,936,049
11,290,601
3,590,812
7,699,789
280,635
44,375
236,260
10,968,011
3,627,224
7,340,787
10,786,803
3,583,534
7,203,269
158,915
42,129
116,786
22,293
1,561
20,732
603,225
7,963
595,262
503,798
7,278
496,520
99,427
685
98,742
T otal liabilities (excluding capital
accounts).......................................................
316,162,655
308,838,296
7,324,359
274,027,998
272,230,334
1,681,371
116,293
42,134,657
36,607,962
5,526,695
Capital accounts— to ta l......................................
Preferred capital....................................................
Common stock........................................................
Surplus.....................................................................
Undivided profits and reserves..........................
28,119,579
85,440
7,004,940
14,312,975
6,716,224
27,095,816
55,440
6,882,062
13,822,081
6,336,233
1,023,763
30,000
122,878
490,894
379,991
24,168,410
85,290
7,004,940
11,615,167
5,463,013
23,752,369
55,290
6,882,062
11,458,444
5,356,573
273,011
30,000
80,327
89,864
72,820
143,030
3,951,169
150
607,722
42,551
66,859
33,620
3,343,447
150
2,697,808
1,253,211
2,363,637
979,660
334,171
273,551
Number of banks3.........................................................
13,953
13,457
496
13,441
13,126
265
50
512
331
181
608
AND
LIABILITIES
10
OF
123
BANKS
1 Data are as of Decem ber 31, 1962 for some noninsured banks.
shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals Dartnershios and corporations.
3 Includes 29 nonmsured banks of deposit for which asset and liability data are not available.
Back figures, 1934-1961: See the preceding table and the Annual Report for 1961, pp. 102-103, and earlier reports
2 Amounts
ASSETS
Foreign government and bank deposits—
to ta l.....................................................................
Foreign governments, central banks, etc.—
demand.................................................................
Foreign governments, central banks, etc.—
time.......................................................................
Banks in foreign countries— demand...............
Banks in foreign countries— time.....................
787
Table 1 0 7 .
A ssets
and
L iabilities
of
A ll B anks in the U nited States (S tates
BANKS GROUPED BY DISTRICT AND STATE
and
O ther A reas), D ecember 28, 1962 1
(Amounts in thousands of dollars)
Liabilities and capital accounts
Assets
Deposits
F D IC District
and State
Num
ber of
banks 2
Cash and
due from
banks
U. S. G ov
ernment
obligations
Other
securities
Loans, dis
counts, and
overdrafts
Miscel
laneous
assets
Total
Business
and
personal3
Miscel
laneous
liabilities
Total
capital
accounts
72,682,062
35,063,112
173,475,842
7,991,028
344,282,234
259,032,317
25,797,344
19,761,758
11,571,236
28,119,579
54,937,043
72,556,057
35,009,753
172,809,441
7,864,548
343,176,842
258,266,875
25,623,905
19,740,604
11,501,626
28,043,832
14
133,147
126,005
53,359
666,401
126,480
1,105,392
765,442
173,439
21,154
69,610
75,747
742
797
2,522,496
14,858,041
5,308,801
2,819,860
2,737,666
3,420,190
3,562,158
4,415,859
1,329,437
2,257,242
4,881,060
6,957,380
5,205,459
15,724,316
7,874,444
4,141,149
3,639,300
4,014,463
6,608,253
7,016,149
2,287,423
2,972,941
4,746,133
8,452,032
2,437,999
10,654,112
4,384,681
1,577,327
1,452,576
1,541,347
2,235,119
3,093,566
903,931
1,040,538
1,893,559
3,848,357
15,514,747
56,088,910
16,896,821
7,909,324
6,107,000
7,457,210
10,278,553
11,610,366
4,018,898
5,258,253
9,949,028
22,386,782
447,549
3,084,970
567,853
369,049
329,876
232,931
380,423
410,181
160,725
176,567
548,480
1,282,424
26,128,250
100,410,349
35,032,600
16,816,709
14,266,418
16,666,141
23,064,506
26,546,121
8,700,414
11,705,541
22,018,260
42,926,925
21,328,592
73,869,212
27,443,685
12,724,387
10,285,292
11,947,285
18,060,911
19,970,250
6,574,805
8,393,463
15,543,207
32,891,228
1,039,852
4,827,994
2,316,233
1,480,724
1,646,136
1,449,864
2,166,863
1,889,102
863,409
1,423,117
2,318,802
4,375,248
646,257
7,921,273
1,276,411
755,108
850,020
1,609,437
655,369
1,799,616
429,617
665,360
1,864,426
1,288,864
691,593
5,541,240
905,532
444,944
282,961
260,743
447,275
702,645
135,451
197,036
520,744
1,441,072
2,421,956
8,250,630
3,090,739
1,411,546
1,202,009
1,398,812
1,734,088
2,184,508
697,132
1,026,565
1,771,081
2,930,513
488,755
42,402
249,647
357,200
5,312,554
650,469
80,161
272,995
369,032
6,088,638
318,548
19,310
120,808
221,598
2,928,378
1,156,419
126,609
1,053,789
734,152
17,009,877
44,479
8,396
70,209
26,789
1,009,1)13
2,658,670
276,878
1,767,448
1,708,771
32,349,060
1,974,252
169,048
1,365,837
1,311,044
24,848,102
299,729
86,524
195,995
142,371
3,097,995
111,829
1,495
30,612
96,943
1,072,424
39,832
2,322
49,801
14,281
1,206,346
233,028
17,489
125,203
144,132
2,124,193
486,262
570,336
120,096
348,406
1,142,814
624,714
950,706
305,965
526,629
1,842,187
153,826
880,545
138,157
80,533
582,419
1,316,338
3,897,702
533,482
960,523
2,424,905
50,244
94,366
35,644
173,379
22,020
2,631,384
6,393,655
1,119,720
1,951,735
6,165,704
1,998,118
5,417,250
885,995
1,607,920
4,474,039
234,841
237,400
90,293
50,573
719,468
132,731
60,969
10,155
117,883
359,496
59,436
121,145
22,445
35,444
113,168
206,258
556,891
110,832
139,915
499,533
773,144
192,689
195,287
6,004,036
1,886,258
295,095
62,917
65,369
2,721,576
419,092
1,810,213
493,452
404,058
9,759,009
2,475,523
79,342
32,257
16,486
364,134
90,707
3,737,085
912,560
788,270
22,620,883
5,881,907
2,621,659
601,036
616,540
16,944,987
4,460,070
413,785
172,377
96,398
1,592,600
654,416
267,419
21,448
4,517
1,612,574
173,329
103,444
31,056
11,980
644,356
116,580
330,778
86,643
58,835
1,826,366
477,512
1,012,113
850,542
860,927
968,479
276,368
371,990
380,271
218,379
331,534
165,771
1,851,357
1,287,812
1,252,806
1,484,943
776,496
46,047
34,413
38,214
63,902
25,194
3,925,238
3,070,629
3,057,727
3,625,187
1,374,463
3,025,263
2,087,737
2,228,876
2,530,339
1,144,179
296,502
565,135
273,166
466,251
57,210
187,042
114,664
261,886
289,417
14,857
58,289
26,540
26,797
43,610
23,162
358,142
276,553
267,002
295,570
135,055
Other areas..................
FDIC District
District 1 ......................
D istrict 2 6 ..................
District 3 ....................
District 4 ....................
District 5 ......................
District 6 ....................
District 7 ....................
District 8 ....................
District 9 ....................
District 10..................
District 11 ....................
District 12 7................
State
A labam a.......................
Alaska............................
A rizona..........................
Arkansas.......................
C alifornia.....................
C olorado.......................
C onnecticu t.................
Delaware.......................
District of C olu m b ia ..
Florida...........................
1,212
917
1,193
1,513
1,388
1,671
1,146
1,672
1,314
388
239
13
11
241
129
205
137
21
12
343
G eorgia..........................
H aw aii...........................
Idaho
.......................
Illinois .......................
Indiana..........................
419
31
999
443
779,291
131,245
107,070
3,772,128
1,010,327
Iowa
Kansas
......................
K en tu ck y......................
Digitized forLouisiana......................
FRASER
M a in e ............................
http://fraser.stlouisfed.org/
672
593
351
196
79
643,731
517,591
687,401
776,329
130,634
Federal Reserve Bank of St. Louis
12
C O R P O R A TIO N
55,070,190
13,939
INSURANCE
13,953
50 States and D. C .. . .
DEPOSIT
Total United States. . .
FEDERAL
Govern
ment 4
Foreign
go v ’t,
and
inter
bank 6
1,820,760
8,431,633
5,254,311
2,727,105
715,463
108,890
271,373
193,896
111,866
32,676
3,800,700
14,595,153
11,515,533
5,760,047
1.704.959
3,048,099
11,624,379
9,014,555
4,337,881
1,215,342
277,602
576,109
1,167,033
492,634
213,154
101,479
540,020
272,286
369,515
111,276
56,478
462,298
239,595
95,996
26,517
317,042
1,392,347
822,064
464,021
138,670
M issouri...............
M on tana...............
N ebraska..............
N evad a .................
New Hampshire .
627
123
426
7
107
1,521,649
160,821
406,670
80,254
95,187
1,885,792
285,643
500,442
142,283
251,933
709,019
100,641
166,489
60,276
105,889
3,417,706
451,769
1,031,884
326,207
818,181
99,472
18,848
27,809
17,896
20,328
7,633,638
1,017,722
2,133,294
626,916
1,291,518
5,431,264
782,809
1,538,902
486,452
1,062,827
627,234
114,179
185,113
81,276
54,391
819,829
28,951
174,173
4,442
12,763
103,816
18,859
42,637
12,976
31,784
651,495
72,924
192,469
41,770
129,753
New Jersey........
New M e x ic o .. . .
New Y ork 8........
North C arolina.
North D a k ota . .
263
60
500
162
157
1,289,190
165,113
13,334,762
765.358
107,031
2,410,907
240,771
12,882,733
763,910
286,677
1,575,090
54,670
8,887,506
408,678
143,437
5,482,425
401,540
49,422,092
1,852,412
408,362
183,961
17,071
2,785,003
91,209
15,367
10,941,573
879,165
87,312,096
3,881,567
960,874
9,066,911
639,034
63,185,242
2,658,662
712,753
731,720
142,312
3,865,197
436,492
139,302
104,624
18,537
7,785,565
283,663
14,396
230,613
10,487
5,219,422
191,659
9,646
807,705
68,795
7,256,670
311,091
84,777
O h io.................
Oklahom a. . . .
O regon............
Pennsylvania.
Rhode Island.
566
392
50
646
18
2,310,975
751,596
415,266
2,997,826
129.358
3,660,914
841,739
613,592
4,213,530
264,324
1,313,854
306,392
250,356
3,070,827
224,586
6,710,176
1,397,965
1,284,442
10,186,645
1,163,827
223,356
54,222
64,443
344,497
25,317
14,219,275
3,351,914
2,628,099
20,813,325
1,807,412
11,109,745
2,389,495
2,022,299
16,333,940
1,518,244
1,174,912
361,479
323,543
1,141,321
82,938
449,899
230,091
36,624
826,512
14,708
315,015
61,944
51,377
590,517
42,360
1,169,704
308,905
194,256
1,921,035
149,162
142
171
294
1,047
49
252,788
132,794
853,940
3,689,971
225,650
345,291
302,094
898,712
3,263,888
243,865
151,834
80,577
392,351
1,386,547
97,367
561,014
431,662
2,052,546
7,008,756
673,442
24,032
14,644
68,456
397,298
19,567
1.334.959
961,771
4,266,005
15,746,460
1,259,891
976,379
741,362
2,976,101
11,007,997
912,288
171,619
117,294
407,093
1,514,244
175,015
36,188
16,755
430,779
1,525,860
45,768
33,345
10,950
115,849
416,846
34,500
117,428
75,410
336,183
1,281,513
92,320
57
292
96
182
574
56
57,402
675,982
623,785
252.275
896.275
95,123
125,156
1,005,098
894,223
548,258
1,664,300
155,504
45,612
420,690
364,384
121,556
461,952
33,560
426,908
2,073,700
2,053,155
640,915
2,548,719
224,254
10,971
80,502
81,272
28,772
95,820
9,879
666,049
4,255,972
4,016,819
1,591,776
5,667,066
518,320
561,713
3,218,487
3,201,085
1,214,840
4,586,286
379,211
31,804
396,280
309,465
148,158
345,414
76,549
2,940
176,502
101,921
39,393
209,754
13,701
10,844
105,827
89,665
22,191
91,100
6,479
58,748
358,876
314,683
167,194
434,512
42,380
17,193
1,961
109,705
4,288
117,698
7,013
51,351
2,008
13,648
1,842
623,750
27,161
16,154
16,340
83,908
10,078
48,289
20,143
986,412
50,548
24,459
9,919
701,357
29,707
22,475
10,180
123,217
17,567
194
31
20,727
837
13
67,484
1,276
73,627
1,796
South Carolina.
South D a k o ta . .
Tennessee. . . . . .
T exas...................
U ta h ....................
V erm ont.........
Virginia..........
W ashington. . .
W est Virginia.
Wisconsin
W yom ing. . . .
Other area
Pacific Islands 9.
Panama Canal Zone 10.
Puerto R ico 11.
Virgin Islands 12.
1,294
202
324
125
1 Data are as of D ecem ber 31, 1962 for some noninsured banks.
2 Includes 29 noninsured banks of deposit (20 in Georgia, 2 in Iowa, 5 in New York, and 2 in Texas) for which data are not available.
3 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, letters of credit, etc.
1 Deposits of the United States Government and of States and subdivisions.
6 Includes postal savings deposits.
6 Includes Puerto R ico and the Virgin Islands.
7 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.
8 Includes asset and liability data for 3 insured branches operated b y 2 insured banks in Puerto Rico.
9 In United States possessions (American Samoa, Guam, M idway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll). Consists
of asset and liability data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (M oen Island) in the Caroline Islands and 4
branches in the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated b y an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches
(1 on M idw ay Island, 1 on K oror Island— Palau Islands, 2 in Marshall Islands— Kwajalein Atoll and 1 on Wake Island) operated b y an insured bank in Hawaii.
10 Consists of asset and liability data for 2 noninsured branches operated by 2 insured banks in New York.
11 Includes asset and liability data for 15 insured branches operated by 2 insured banks in New York.
12 Includes asset and liability data for 4 insured branches operated b y an insured bank in New York.
Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.
Back figures, 1945—1961: See the Annual Report for 1961 .pp. 104-105, and earlier reports.
BANKS
394,036
1,015,596
1,354,075
579,276
256,514
OF
951,963
3,336,972
3,057,695
1,413,009
373,500
LIABILITIES
525,051
1,539,579
1,655,556
928,791
326,806
AND
127
344
371
695
192
ASSETS
M arylan d .........
M assachusetts.
M ichigan..........
M innesota........
M ississippi. . , .
Table 1 0 8 .
A s s e t s a n d L ia b ilitie s o f A l l I n s u r e d B a n k s in
t h e U n ite d S ta tu s
C a l l D a t e s D e c e m b e r 31, 1959 T h r o u g h
(S ta t u s a n d O t h e k A r e a s ),
D e c e m b e r 28, 1962
(Amounts in thousands of dollars)
Dec. 28, <
1962
March 26,
1962
June 30,
1962
Sept. 28,
1962
273,540,203
291,415,291
288,705,613
314,438,740
304,433,611
313,495,544
318,378,614
335,934,112
49,897,540
3,114,381
47,504,996
3,336,866
52,667,818
3,468,517
46,152,653
3,004,061
57,009,666
3,819,191
45,812,297
3,862,559
49,281,330
3,295,166
48,928,314
3,532,141
54,582,416
4,382,304
17,932,211
17,918,423
16,720,423
16,488,024
16,918,416
16,518,889
16,839,174
16,999,260
17,679,794
12,393,949
137,634
110,539
16,208,826
11,110,019
167,663
96,059
14,875,966
13,849,277
190,486
139.553
18,299,562
11,332,602
250,433
144,889
14,932,644
14,306,711
248,350
249,421
21,467,577
11,434,812
316,581
186,154
13,493,302
11,850,224
312,949
178,081
16,805,736
12,112,891
337,259
157,937
15,788,826
13,021,881
416,948
237,431
18,844,058
Obligations of the U. S. Government, direct
and guaranteed— total..................................
63,406,560
59,150,305
65,308,493
66,091,244
70,780,767
68,966,698
68,688,732
68,615,600
70,605,519
Direct:
Treasury b ills ..........................................................
Treasury certificates of indebtedness................
Treasury notes maturing in 1 year or less . . . .
Treasury notes maturing after 1 yea r...............
United States non-marketable bon d s ..............
Other bonds maturing in 1 year or less ..........
Other bonds maturing in 1 to 5 years..............
Other bonds maturing in 5 to 10 years ...........
Other bonds maturing after 10 yea rs ..............
Guaranteed obligations .........................................
6,335,854
2,492,967
15,229,161
1,347,518
22,535,155
11,260,410
4,138,845
66,650
3,686,299
2,276,615
15,739,899
971,072
24,999,941
8,173,070
3,195,245
108,164
8,110,441
2,965,060
19,628,561 [
796,533
22,082,8341
7,528,832
4,067,557
128,675
7,453,153
3,369,968
5,467,315
15,728,308
756,811
6,632,888
13,542,866
9,724,474
3,218,798
196,663
11,515,532
2,142,610
8,418,081
18,630,152
601,522
2,465,962
16,098,292
7,143,149
3,550,078
215,389
9,591,437
3,793,210
9,078,841
16,558,346
578,039
2,333,958
13,993,050
9,192,451
3,621,410
225,956
8,440,540
3,657,486
11,467,088
15,362,125
569,852
1,058,937
14,401,180
10,072,252
3,424,328
234,944
8,608,772
3,556,834
6,085,819
18,618,009
549,524
4,313,282
10,905,001
13,357,952
2,378,338
242,069
11,791,016
3,996,330
5,322,085
19,150,662
449,760
2,285,148
11,648,541
13,598,734
2,123,031
240,212
Other securities— total.........................................
24,813,385
17,390,826
24,256,391
17,193,716
25,653,613
17,954,009
26,950,629
19,125,026
28,728,617
20,732,516
30,092,755
22,076,299
31,778,264
23,458,724
33,053,087
24,379,978
34,126,296
25,076,053
6,384,676
387,358
650,525
6,024,683
398,491
639,501
2,255,285
4,331,164
426.270
812,884
2,617,755
4,079,476
444,213
854,657
2,632,708
4,044,986
453,847
884,915
2,910,983
4,013,148
457,069
938,340
3,177,540
4,042,254
460,093
993,222
3,486,442
4,064,339
465,705
1,033,757
88,219,945
83,406,696
93,041,873
99,509,384
99,059,453
100,466,996
101,668,687
104,731,815
Total assets ................................................................. 275,165,376
Cash, balances with other banks, and cash
collection items— total..................................
Reserve with Federal Reserve banks (member
ban ks)...........................................................
Demand balances with banks in the United
States (except private banks and American
branches of foreign banks) . . . ........................
Other balances with banks in the United S tates . .
Balances with banks in foreign countries.............
Cash items in process of collection........................
Obligations of States and subdivisions.................
Securities of Federal agencies and corporations
(not guaranteed b y U. S .)....................................
Other bonds, notes, and debentures......................
Federal Reserve bank s to ck .....................................
Other corporate stocks ..........................................
6,517,679{
408,754
773,171
90,962,106
CORPORATION
Dec. 30,
1961
INSURANCE
June 30,
1961
DEPOSIT
Dec. 31,
1960
Dec. 31,
1959
FEDERAL
June 15,
1960
Assets
131,636,872
2,377,750
134,014,622
48,915,438
1,612,664
136,907,882
2,433,168
139,341,050
49,849,800
1,666,441
141,373,751
2,573,216
143,946,967
52,425,085
1,677,974
142,624,229
2,629,325
145,253,554
53,929,237
1,744,752
150,619,460
2,826,177
153,445,637
55,970,118
1,776,811
152,285,468
2,867,500
155,152,968
56.905.617
1,844*785
156,309,473
2,878,319
159,187,792
59,043,989
1,955,870
160,272,693
2,894,330
163,167,023
61,000,833
2,007,158
168,801,321
2,909,688
171,711,009
62,750,776
2,048,943
11,829,192
10,677,984
16,535,555
11,928,382
10,803,264
16,926,081
8,525,632
2,366,667
7,069,795
2,586,204
1,731,889
12,509,962
10,984,400
18,269,047
8,988,702
970,914
7,114,961
3,247,309
1,819,642
13,018,088
11,037,129
18,796,710
9,387,613
1,010,420
6,002,658
2,918,638
1,977,880
18,582,526
10,991,547
19,858,521
9,810,713
1,039,297
7,313,493
4,046,266
2,113,021
18,826,187
11,015,812
20,036,127
10,182,756
2,572,377
6,470,888
3,733,824
2,065,394
14,328,907
11,151,068
20,862,495
10,745,649
1,476,902
7,232,209
3,242,678
1,988,629
14,806,580
11,291,758
21,741,685
11,153,702
2,034,390
7,454,528
3,535,180
1,938,481
15,176,789
11,472,042
22,471,202
11,581,850
2,560,370
8,473,355
5,177,925
2,114,934
1,111,661
8 , 260,048
819,148
7,118,825
2,981,904
1,832,509
677,001
573,996
927,685
1,149,337
870,226
346,992
4,964,534
5,442,825
5,298,734
5,388,320
5,906,652
5,992,903
5,963,558
40,287,616
41,945,213
43,236,257
42,835,956
45,268,944
45,097,443
46,062,053
46,974,669
;48,860,921
24,287,265
25,703,380
26,574,705
27,462,028
8,940,215
3,145,057
28,055,161
9,066,851
2,808,077
28.129.618
9,205,951
2,705,299
29,653,900
9,908,821
2,756,744
30,059,242
10,154,354
2,766,847
30,790,186
10,534,920
0)
0)
0)
2,755,169
4,522,983
8,902,081
3,412,918
2,677,390
4,552,877
8,988,101
3,640,150
2,787,832
4,828,888
9,421,665
3,710,554
2,809,663
4,980,995
9,847,883
3,829,805
2,825,491
5,092,511
9,478,379
3,907,323
2,916,559
220,314,578
232,335,857
235,666,102
250,128,844
251,344,921
256,776,469
261,941,380
273,533,136
Bank premises, furniture and fixtures, and
other real estate— to ta l..................................
Bank premises...........................................................
Furniture and fixtures.............................................
Real estate owned other than bank premises___
Investments and other assets indirectly repre
senting bank premises or other real estate
3,108,764
2,235,914
588,720
72,893
3,299,278
2,333,899
639,842
91,929
3,445,444
2,389,061
667,626
90,024
3,662,950
2,495,042
732,940
103,130
3,811,021
2,607,260
741,278
113,989
3,906,752
2,660,347
765,434
120,717
3,975,558
2,714,370
778,152
123,522
4,073,998
2,781,378
797,261
127,301
4,172,496
2,852,967
819,099
126,659
211,237
233,608
298,733
331,838
348,494
360,254
359,514
368,058
373,771
Miscellaneous assets— to ta l..................................
Customers’ liability on acceptances outstanding
Other assets................................................................
2,302,255
759,720
1,542,535
2,421,351
982,163
1,439,188
2,966,172
1,409,041
1,557,131
3,223,908
1,432,973
1,790,935
3,489,209
1,651,595
1,837,614
3,369,641
1,581,108
1,788,533
3,462,187
1,456,612
2,005,575
3,434,922
1,395,414
2,039,508
3,646,064
1,618.937
2,027,127
PERCENTAGES
To total assets:
Cash and balances with other banks................
U. S. Government obligations, direct and guar
anteed .............................................................
Other securities..................................................
Loans and discounts..........................................
Other assets........................................................
Total capital accounts.......................................
18.1%
17.4%
18.1%
16.0%
18.1%
15.0%
15.7%
15.4%
16.2%
23.1
9.0
47.8
21.6
22.4
8.3
2.2
8.1
8.1
22.7
9.9
50.0
2.4
8.5
49.9
2.4
8.3
21.5
10.4
50.3
2.4
8.4
21.0
10.2
48.5
22.5
9.2
47.9
2.3
21.9
8.9
50.0
22.9
9.3
49.4
2.4
8.5
Total capital accounts.......................................
13.5
13.6
13.7
13.9
13.6
13.6
13.4
13.3
12.9
To total assets other than cash and U. S.
Government obligations:
2.0
8.0
2.1
8.8
10.1
50.3
2.3
8.1
BANKS
2,758,121
219,856,817
Total loans and securities............................
OF
2,786,766
2,718,542
4,424,521
8,233,693
3,099,916
LIABILITIES
125,973
5,204,008
AND
196,071
4,789,080
ASSETS
Loans and discounts, n e t - t o t a l ........................
Valuation reserves........................................................
Loans and discounts, g r o s s -t o t a l ....................
Real estate loans— total.........................................
Secured by farm land ........................................
Secured by residential properties:
Insured by F H A ...........................................
Insured or guaranteed by V A .......................
Not insured or guaranteed by F H A or V A ..
Secured by other properties...............................
Loans to domestic commercial and foreign banks
Loans to other financial institutions...................
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 (incl. open
market paper)........................................................
Other loans to individuals for personal expendi
tures— total........................................................
Passenger automobile instalment loans ............
Other retail consumer instalment loans ............
Residential repair and modernization instal
ment loans ......................................................
Other instalment loans for personal expenditures
Single-payment loans for personal expenditures
All other loans (including overdrafts).................
Table 1 0 8 .
A s s e ts a n d L ia b ilitie s o f A l l In s u r e d B a n k s in
C a ll
D a tes
D e c e m b e r 31, 1959 T h r o u g h
t h e U n ite d S ta te s
(S ta te s a n d O t h e r A re a s ),
D e c e m b e r 28, 1962— Continued
IO
00
(Amounts in thousands of dollars)
Liabilities and capital
Dec. 31,
1959
June 15,
1960
Dec. 31,
1960
June 30,
1961
Dec. 30,
1961
M arch 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
288,705,613
314,438,740
304,433,611
313,495,544
318,378,614
335,934,112
219,497,827
216,779,674
236,462,979
227,459,296
233,748,980
238,304,561
252,498,086
115,694,170
109,987,978
116,627,730
108,738,879
123,736,675
110,659,408
111,730,739
113,639,813
123,554,500
91,229,464
92,051,782
83,507,890
98,288,936
104,296,059
93,379,582
107,682,172
96,996,529
113,257,605
99,018,991
117,596,062
101,648,557
120,899,358
124,486,860
106,841,377
3,882,768
3,669,507
Government deposits— to ta l................................
United States Government— demand.................
United States Government— time........................
States and subdivisions— demand........................
States and subdivisions— time..............................
19,893,473
5,051,388
275,889
11,434,085
3,132,111
773,852
772,150
779,883
765,933
773,602
784,531
10,142,625
9,913,493
13,458,731
15,181,572
15,957,595
16,860,952
4,581,161
3,744,736
5,044,132
3,542,283
4,422,179
3,765,390
4,456,726
20,969,107
6,407,673
250,608
10,720,704
3,590,122
22,373,193
5,943,322
254,281
11,652,355
4,523,235
23,742,796
6,367,691
283,411
11,838,523
5,253,171
23,904,925
5,949,325
280,096
12,217,682
5,457,822
24,386,338
6,781,784
280,485
11,266,037
6,058,032
27,970,218
9,544,587
295,840
11,794,877
6,334,914
26,635,393
8,592,373
262.935
11,601,140
6,178,945
25,611,034
6,833,754
266,199
12,066,083
6,444,998
13,954,019
313,832,298
3101,823
12,499,967
312,364,558
3116,463
15,573,464
315,355,326
3200,192
(3)
(3)
12,668,987
11,849,410
173,437
605,544
23,004
17,592
16,681,398
15,751,964
197,186
700,355
15,113
16,780
12,891,561
12,010,665
211,373
623,262
29,320
16,941
13,341,497
12,392,738
218,066
669,337
42,901
18,455
13,775,675
12,877,487
226,186
612,295
41,114
18,593
14,889,921
13,907,406
241,908
684,285
38,153
18,169
3,604,283
4,255,164
4,066,994
4,138,626
3,904,827
4,548,654
652,063
656,922
651,012
660,437
564,729
724,335
1,811,070
1,031,500
1G9.650
2,178,055
1,297,787
122,400
2,161,913
1,128,628
125,441
2,162,539
1,182,770
132,880
2,117,991
1,088,759
133,348
2,431,688
1,265,391
127,240
256,795,740
281,304,466
165,354,842
115,949,624
268,804,189
146,663,079
279,199,321
152,397,664
126,801,657
282,620,456
152,741,986
129,878,470
297,547,695
163,492,480
134,055,215
(2)
I
708,810
I
7,835,582
19,898
18,946
2,934,858
2,610,468
(2)
(3)
{
17,946
Foreign government and bank deposits—
tota l.........................................................................
Foreign governments, central banks, etc.—
demand....................................................................
Foreign governments, central banks, etc.—
time..........................................................................
Banks in foreign countries— demand...................
Banks in foreign countries— time.........................
*1,675,163
<1,259,695
41,400,509
41,209,959
41,582,246
41,468,754
Total deposits.....................................................
Demand...............................................................
Time.....................................................................
247,588,752
151,569,872
96,018,880
241,788,809
144,550,929
97,287,880
260,495,484
155,742,140
104,753,344
(<)
(<)
3,051,000
(<)
144 ,828,846
111,967,394
122, 141,110
CORPORATION
Domestic interbank and postal savings de
posits— to ta l........................................................
Commercial banks in the U. S.— demand.........
Commercial banks in the U. S.— time................
Mutual savings banks in the U. S.— demand. .
Mutual sayings banks in the U. S.— tim e.........
Postal savings............................................................
104 , 168,161
INSURANCE
291,415,291
205,709,267
DEPOSIT
273,540,203
210,806,402
FEDERAL
275,165,376
Business and personal deposits— to ta l............
Individuals, partnerships, and corporations—
demand...............................................................
Individuals, partnerships, and corporations—
time......................................................................
Savings deposits.....................................................
Deposits accumulated for payment of personal
loans................................................................
Other deposits of individuals, partnerships,
and corporations............................................
Certified and officers’ checks, letters of credit,
and travelers’ checks, etc...............................
Total liabilities and capital a ccou n ts..................
Miscellaneous liabilities— total ............................
9,877,549
2,132,926
1,619,176
6,125,447
8,188,211
782,362
1,498,878
5,906,971
9,073,543
1,507,959
1,429,490
6,136,094
11,290,601
3,590,812
1,655,648
6,044,141
Total liabilities (excluding capital ac
counts) ....................................................... 253,280,254
250,799,688
267,758,928
264,205,696
289,125,088
278,681,738
287,387,532
291,693,999
308,838,296
21,885,122
5,861,297
11,243,009
4,113,496
667,320
22,740,515
6,091,762
11,458,784
4,543,449
646,520
23,656,363
6,207,814
12,076,683
4,586,490
785,376
24,499,917
6,464,028
12,423,665
4,806,379
805,845
25,313,652
6,621,703
13,068,228
4,781,267
842,454
25,751,873
6,769,709
13,260,466
4,883,106
838,592
26,108,012
6,826,298
13,430,586
5,024,430
826,698
26,684,615
6,863,186
13,525,675
5,454,122
841,632
27,095,816
6,937,502
13,822,081
5,488,605
847.628
27,026,126
28,137,557
28,512,668
29,973,285
31,782,351
32,591,032
34,659,071
34,216,059
35,844,661
Common stock........................................................
Capital notes and debentures.............................
Preferred stock........................................................
5,861,597
5,818,413
26,364
16,820
6,092,062
6,051,879
25,427
14,756
6,208,114
6,170,095
23,369
14,650
6,464,328
6,426,462
22,616
15,250
6,622,003
6,585,001
22,257
14,745
6,770,009
6,733,055
22,034
14,920
6,826,598
6,789,688
22,090
14,820
6,863,486
6,827,985
20,726
14,775
6,937,802
6,882,362
20,646
34,794
Retirable value of preferred stock.........................
19,167
16,415
16,287
16,217
15,406
15,583
15,460
15,426
35,435
Number of banks................................................................
13,382
13,415
13,451
13,461
13,445
13,439
13,442
13,440
13,457
Capital accounts— total........................................
Capital stock, notes, and debentures....................
Surplus...........................................................................
Undivided profits........................................................
Reserves...................................... .................................
MEMORANDA
Pledged assets and securities loaned................
Capital stock, notes, and debentures:
Par or face value— total....................................
1 Not reported separately for mutual savings banks.
2 Not reported separately.
3 Deposits of mutual savings banks were not separately reported; included with those of commercial banks.
4 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks
m foreign countries.
Back figures, 1934-1959: See the Annual Report for 1959, pp. 136-139, and earlier reports.
BANKS
7,820,622
473,448
1,689,406
5,657,768
OF
7,409,956
441,799
1,461,052
5,507,105
LIABILITIES
7,263,444
154,979
1,451,324
5,657,141
AND
9,010,879
2,583,760
1,022,861
5,404,258
ASSETS
5,691,502
617,647
808,920
4,264,935
Rediscounts and other borrowed money..............
Acceptances outstanding..........................................
Other liabilities............................................................
Table 10 9 . A s s e t s a n d L i a b i l i t i e s o f I n s u r e d C o m m e r c i a l a n d I n s u r e d M u t u a l S a v i n g s B a n k s i n t h e U n i t e d S t a t e s
( S t a t e s a n d O t h e r A r e a s ) , C a l l D a t e s D e c e m b e r 30, 1961 T h r o u g h D e c e m b e r 28, 1962
(Amounts in thousands of dollars)
Insured mutual savings banks
Insured commercial banks
Assets
March 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
277,374,117 266,590,077 275,129,701 279,171,182 295,982,703
37,064,623
37,843,534
38,365,843
39,207,432
39,951,409
747,332
113,842
783,711
123,167
458,012
M arch 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
FEDERAL
44,992,256
3,763,085
48,502,239
3,184,555
48,180,982
3,418,299
53,798,705
4,259,137
828,199
126,598
820,041
99,474
779,091
110,611
16,917,834
16,518,351
16,838,616
16,999,260
17,679,794
582
538
558
13,816,911
10,946,506
11,404,196
11,693,602
12,563,869
489,800
488,306
446,028
419,289
80,713
249,421
21,423,995
116,516
186,154
13,461,644
141,966
178,081
16,754,825
162,912
157,937
15,748,972
256,823
237,431
18,801,651
167,637
200,065
170,983
174,347
160,125
........ 43,582
.........31,658
........ 50,911' ........ 39,854
........ 42,407
Obligations of the U. S. Government, direct
and guaranteed— t o t a l ........................... 66,090,869
64,094,539
63,980,403
63,921,726
65,966,306
4,689,898
4,872,159
4,708,329
4,693,874
4,639,213
11,377,775
2,098,729
8,184,812
17,969,962
435,891
2,402,244
15,707,883
5,826,184
1,940,388
147,001
9,332,538
3,709,514
8,848,480
15,844,460
415,887
2,279,115
13,708,537
7,826,043
1,987,331
142,634
8,254,897
3,578,392
11,223,238
14,676,216
412,454
1,040,301
14,076,890
8,683,657
1,885,377
148,981
8,397,102
3,481,103
5,964,072
17,900,448
395,994
4,274,952
10,620,312
11,799,207
947,422
141,114
11,570,253
3,917,424
5,199,158
18,518,818
303,366
2,253,167
11,332,096
11,967,665
768,599
135,760
137,757
43,881
233,269
660,190
165,631
63,718
390,409
1,316,965
1,609,690
68,388
258,899
83,696
230,361
713,886
162,152
54,843
284,513
1,366,408
1,634,079
83,322
185,643
79,094
243,850
685,909
157,398
18,636
324,290
1,388,595
1,538,951
85,963
211,670
75,731
121,747
717,561
153,530
38,33C
284,689
1,558,745
1,430,916
100,955
220,763
78,906
122,927
631,844
146,394
31,981
316,445
1,631,069
1,354,432
104,452
CORPORATION
23,570,773
20,103,538
24,927,416
21,479,767
26,676,204
22,917,746
27,876,832
23,856,369
28,946,174
24,582,904
5,157,844
628,978
5,165,339
596,532
5,102,060
540,978
5,176,255
523,609
5,180,122
493,149
2,112,292
734,884
444,170
175,889
2,092,993
714,359
453,804
186,493
2,344,884
749,387
457,026
207,161
2,565,532
769,009
460,093
225,829
2,870,165
804,088
465,705
223,312
505,463
3,344,592
43
678,768
539,715
3,330,627
43
698,422
566,099
3,263,761
43
731,179
612,008
3,273,245
616,277
3,260,251
767,393
810,445
89,661,642
89,021,955
90,656,607
91,798,558
94,912,480
9,847,742
10,037,498
9,810,389
9,870,129
9,819,335
Reserve with Federal Reserve banks (mem
ber b a n k s)..................................................
Demand balances with banks in the United
States (except private banks and American
branches of foreign ban k s).............................
Other balances with banks in the United
States
..........................................................
Balances with banks in foreign countries . . . .
Cash items in process of collection ...................
D irect:
Treasury bills.....................................................
Treasury certificates of indebtedness..........
Treasury notes maturing in 1 year or less.
Treasury notes maturing after 1 y e a r .........
United States non-marketable b on d s..........
Other bonds maturing in 1 year or le s s ... .
Other bonds maturing in 1 to 5 years.........
Other bonds maturing in 5 to 10 years. . . .
Other bonds maturing after 10 years..........
Obligations of States and subdivisions
....
Securities of Federal agencies and corpora
tions (not guaranteed b y U. S .) ....................
Other bonds notes and d e b e n tu re s ...............
DEPOSIT
56,181,467
3,692,593
INSURANCE
Cash, balances with other banks, and cash
Dec. 30,
1961
Dec. 30,
1961
Loans and discounts, net—tota l..................... 124,807,382 125,827,851 129,130,479 132,300,275 140,023,316
Valuation reserves........................................ .
2,606,474
2,648,651
2,662,613
2,677,678
2,694,275
Loans and discounts, gross—total.................. 127,413,856 128,476,502 131,793,092 134,977,953 142,717,591
Real estate loans—total..................................... 30,330,432 30,714,770 32,071,457 33,282,862 34,309,294
Secured by farm, land .........................................
Secured by residential properties:
Insured by F I I A ............................................
Insured or guaranteed by V A .......................
Not insured or guaranteed by F H A or V A . .
Secured by other properties ................................
1,731,465
1,798,785
1,910,486
1,960,670
2,002,871
25,812,078
219,703
26,031,781
25,639,686
45,346
5,966,563
2,613,165
12,570,273
7,448,966
1,032,864
7,310,112
4,030,000
2,107,360
5,995,558
2,545,292
12,607,919
7,767,216
2,562,051
6,466,770
3,706,062
2,059,617
6,182,895
2,575,846
13,204,257
8,197,973
1,474,004
7,227,230
3,233,764
1,981,659
13,768,431
8,596,985
2,022,596
7,449,689
3,522,556
1,927,119
2,635,240
14,237,357
8,938,880
2,552,321
8,468,121
5,120,629
2,103,614
7,565,963
8,378,382
7,288,248
2,361,747
6,433
3,381
16,266
5,661
Total loans and securities................
8,575,222
7,658,238
2,547,676
2,898
4,979
8,914
6,970
,
8 146,012
23,778,005
215,413
28,993,418
28,441,482
46,072
8,446,047
8,695,515
7,973,204
2,556,717
11,794
4,839
12,624
11,362
8,681,793
8,836,802
8,233,845
2,642,970
8,049
5,234
57,296
11,320
1,149,337
870,226
346,992
1,111,661
5,386,020
5,904,308
5,990,669
5,961,308
2,378
2,300
2,344
2,234
2,250
44,939,524
45,918,549
46,799,339
48,668,367
112,337
157,919
143,504
175,330
192,554
27,862,368
9,201,107
2,704,965
29,411,504
9,903,380
2,756,138
29,816,025
30,524,024
10,529,184
2,857,682
235,492
4,808
267,250
4,844
334
242,396
2,765,693
5,441
606
243,217
5,473
1,154
266,162
5,736
1,203
2,617,001
4,507,741
8,831,554
3,629,983
2,676,718
4,778,923
9,296,345
3,700,391
2,746,849
4,926,008
9,228,594
3,820,106
2,762,423
5,034,282
9,340,453
3,898,252
62,101
42,521
125,736
10,147
45,136
156,547
10,167
61,114
49,915
125,320
10,163
54,987
118,789
9,699
62,814
63,063
58,229
137,926
9,071
214,469,024 214,849,806 219,787,086 224,098,833 234,935,796
35,659,820
36,495,115
36,989,383
37,842,547
38,597,340
267,026
223,326
23,489
20,211
270,800
226,765
24,340
19,695
276,246
231,312
24,769
20,165
280,951
237,641
25,058
18,252
288,287
243,406
25,206
19,675
309,578
257.578
321.123
336.602
282,071
309,578'
257.578
321.123
336.602
’ 282,071’
9,062,043
2,807,751
2,693,068
4 , 480,462
8,776,345
3,402,771
10, 148,881
3,635,952
2,433,582
741,094
101,022
3,699,312
2,483,058
753,383
103,357
3,793,047
2,543,737
772,203
109,049
3,884,209
2,609,561
793.893
106,984
348,494
360,254
359,514
368,058
373,771
Miscellaneous assets—-to ta l..............................
Customers’ liability on acceptances outstanding
Other assets......................................................
3,179,631
1,651,595
1,528,036
3,112,063
1,581,108
1,530,955
3,141,064
1,456,612
1,684,452
3,098,320
1,395,414
1,702,906
3,363,993
1,618,937
1,745,056
PERCENTAGES
To total assets:
Cash and balances with other banks...............
U. S. Government obligations, direct and guar
anteed ............................................................
Other securities..................................................
Loans and discounts.........................................
Other assets......................................................
Total capital accounts.....................................
To total assets other than cash and U. S.
Government obligations:
Total capital accounts......................................
20.3%
16.9%
17.6%
17.2%
18.2%
23.8
8.5
45.0
2.4
8.0
24.0
9.4
47.2
2.5
8.4
23.3
9.7
46.9
2.5
8.3
22.9
10.0
47.4
2.5
8.4
22.3
9.8
47.3
2.4
14.3
14.3
14.1
14.0
13.5
8.0
2.2%
12.7
13.9
69.6
1.6
8.6
2 .2 %
2.0%
12.9
13.6
69.9
1.4
8.7
12.3
13.3
70.8
1.6
8.5
10.2
9.9
1.9%
12.0
13.2
71.3
1.6
2.0 %
11.6
13.0
72.0
1.4
8.4
BANKS
3,543,995
2,383,934
717,789
93,778
OF
Bank premises, furniture and fixtures, and
other real estate— tota l............................
Bank premises..................................................
Furniture and fixtures......................................
Real estate owned other than bank premises..
Investments and other assets indirectly repre
senting bank premises or other real estate. .
LIABILITIES
All other loans (including overdrafts).............
7,830,629
8,470,520
7,428,208
2,415,540
10,326
4,118
27,762
5,777
27,972,418
216,652
28,189,070
27,717,971
AND
Passenger automobile instalment loans ...........
Other retail consumer instalment loans ...........
Residential repair and modernization instal
ment loans .....................................................
Other instalment loans for personal expenditures.
Single-payment loans for personal expenditures
27,178,994
215,706
27,394,700
26,972,532
45,384
ASSETS
Loans to domestic commercial and foreign banks
Loans to other financial institutions...............
Loans to brokers and dealers in securities. . . .
Other loans for purchasing or carrying securities
Loans to farmers directly guaranteed by the
Commodity Credit Corporation...................
927,685
Other loans to farmers (excluding loans on real
estate)...........................................................
5,296,356
Commercial and industrial loans (incl. open
market paper)...............................................
45,156,607
Other loans to individuals for personal expen
27,819,669
ditures—total............................................
26,457,617
218,849
26,676,466
26,190,847
45,950
132
Table 1 0 9 . A s s e t s a n d L i a b i l i t i e s o f I n s u r e d C o m m e r c i a l a n d I n s u r e d M u t u a l S a v i n g s B a n k s i n t h e U n i t e d S t a t e s
( S t a t e s a n d O t h e r A r e a s ) , C a l l D a t e s D e c e m b e r 30, 1961 T h r o u g h D e c e m b e r 28, 1962— Continued
(Amounts in thousands of dollars)
Insured mutual savings banks
Insured commercial banks
Liabilities and capital
Dec. 30,
1961
March 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
Dec. 30,
1961
March 26,
1962
June 30,
1962
Sept. 28,
1962
Dec. 28,
1962
37,064,623
37,843,534
38,365,843
39,207,432
39,951,409
Business and personal deposits— total........ 203,088,106 193,507,692 199,192,147 202,993,769 216,424,179
33,374,873
33,951,604
34,556,833
35,310,792
36,073,907
546
569
581
705
16,456
20,080
25,629
10,344
7,354
6,780
7,194
23,708
23,202
29,312
9,539,283
295,781
11,793,078
6,318,308
8,587,999
262,873
11,599,766
6,161,553
6,824,658
266,143
12,064,372
6,426,549
6,074
66
1,996
15,784
4,820
61
1,322
15,027
5,304
59
1,799
16,546
4,374
62
1,374
17,392
9,096
56
1,711
18,449
12,890,638
13,340,546
13,774,796
14,888,976
798
923
951
879
945
12,010,638
210,477
623,262
29,320
16,941
12,392,706
217,147
669,337
42,901
18,455
12,877,458
225,336
612,295
41,114
18,593
13,907.380
240,989
684,285
38,153
18,169
46
752
27
896
32
919
29
850
26
919
4,255,164
4,066,994
4,138,622
3,904,827
4,548,654
656,922
651,012
660,437
564,729
724,335
2,178,055
1,297 787
122,400
2,161,913
1,128,628
125,441
2,162,539
1,182,766
132,880
2,117,991
1,088,759
133,348
2,431,688
1,265,391
127,240
5,943,251
280,030
12,215,686
5,442,038
6,776,964
280,424
11,264,715
6,043,005
Domestic interbank and postal savings
deposits— total............................................
16,680,600
Commercial banks in the U. S.— d em a n d ... .
Commercial banks in the U. S.— tim e.............
M utual savings banks in the U. S.— dem and. .
M utual savings banks in the U. S.— t im e .. . .
Postal savings
.................................................
15,751,918
196,434
700,355
15,113
16,780
Total deposits............................................. 247,904,875 234,830,432 244,617,825 247,285,583 261,443,531
Demand............................................................ 165,092,941 146,877,985 152,117,270 152,448,169 163,216,578
94,887,414 98,226,958
82,811,984 88,452,447 92,500,555
4
4
33,399,591
33,973,757
34,581,496
35,334,873
36,104,164
261,901
33,187,690
285,094
33,688,663
280,894
34,301,102
293,817
35,041,056
276,902
36,828,262
C O R P O R A TIO N
6,199
INSURANCE
596
11,600
21,230
United States Government— dem an d.............
United States Governm ent— tim e....................
States and subdivisions— d em a n d ....................
States and subdivisions— tim e ...........................
257,875
35,808,838
35,797,789
6,796
27,946,510
. . .
.
281,260
35,022,752
84,996,542
23,920
24,365,108
Ranks in foreign countries— demand
Ranks in foreign countries — time
265,901
34,283,578
34,262,929
25,581,722
23,881,005
demand
.................................................
Foreign governments, central banks, etc. —
272,726
33,672,679
33,655,677
26,612,191
Government deposits—-to ta l..........................
Foreign government and bank deposits—
totftl......................................................... .
Foreign governments, central banks, etc. —
246,989
33,121,088
38,108,992
DEPOSIT
Individuals, partnerships, and corporations—
dem and............................................................ 123,489,686 110,386,682 111,464,838 113,358,553 123,296,625
Individuals, partnerships, and corporations—
83,312,484 85,876,606 88,678,022
74,561,084
79,584,926
tim e..................................................................
71,048,588
Savings deposits.................................................. 68,887,587 65,868,814 67,885,628 69,171,619
Deposits accumulated for payment of per
779,887
765,864
778,021
783,826
sonal loans.......................................................
771,654
Other deposits of individuals, partnerships,
16,850,608
9,901,998
18,44^,275 15,161,492 15,981,966
and corporations.............................................
Certified and officers’ checks, letters of credit,
3,758,610
4,449,532
4,414,825
3,536,084
5,037,336
and travelers’ checks, etc................................
FEDERAL
Total liabilities and capital accounts.............. 277,374,117 266,590,077 275,129,701 279,171,182 295,982,703
Miscellaneous liabilities— total.....................
7,346,272
9,281,716
Rediscounts and other borrowed m on ey ........
Acceptances outstanding....................................
Other liabilities......................................................
7,662,767
8,520,374
462,309
1.689,406
5,194,557
2,119,674
1,619,176
5,542,866
772,909
1,498,878
5,390,980
10,786,803
1,500,177
1,429,490
5,590,707
474,350
595,833
525,444
3,583,534
1,655,648
5,547,621
11,1 9
553,169
13,252
9,453
7,782
7,278
463,211
582,581’
515,991’
545,'387
’496,520
Total liabilities (excluding capital
accounts)................................................. 255,251,147 244,112,148 252,280,592 255,805,957 272,230,334
33,873,941
34,569,590
35,106,940
35,888,042
36,607,962
3,190,682
3,273,944
3,258,903
3,319,390
3,343,447
150
2,269,864
624,503
296,165
150
2,275,015
695,890
302,889
150
2,324,408
652,086
282,259
150
2,349,558
683,920
285,762
150
2,363,637
698.915
280,745
150
150
150
150
150
150
150
150
150
150
330
331
331
331
331
23,365,225
6,769,559
10,985,451
4,187,216
535,703
6,826,148
11,106,178
4,372,344
544,439
6,863,036
11,176,117
4,770,202
555,870
Pledged assets and securities loaned............
31,782,351
32,591,032
34,659,071
34,216,059
35,844,661
Capital stock, notes, and debentures:
Par or face value-—total...............................
6,621,853
6,769,859
6,826,448
6,863,336
6,733,055
21,884
14,920
6,937,652
6,789,688
21,940
14,820
6,827,985
20,576
14,775
6,882,362
20,496
34,794
Capital stock, notes, and debentures..............
Surplus.....................................................................
Undivided profits..................................................
Reserves..................................................................
23,752,369
6,937,352
11,458,444
4,789,690
566,883
MEMORANDA
Comm on stock ...................................................
Capital notes and debentures........................
Preferred s to c k ..................................................
6,585,001
22,107
14,745
15,406
15,583
15,460
15,426
35,435
Number of ban ks...........................................................
13,115
13,108
13,111
13,109
13,126
BANKS
Retirable value of preferred sto c k ....................
OF
6,621,553
10,798,364
4,156,764
546,289
22,849,109
LIABILITIES
22,477,929
AND
22,122,970
ASSETS
Capital accounts— total...................................
503,798
Back figures, 1934-1961: See the Annual Report for 1961, pp. 110-113, and earlier reports.
CO
CO
T a b le
110.
B anks
A sse ts
and
O p e r a tin g
L ia b ilitie s
T hrough out
and
A s s e t s a n d L i a b i l i t i e s P e r $100 o f T o t a l A s s e t s o f I n s u r e d
C o m m e r c ia l
1962 i n t h e U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 28, 1962
^
co
^
b a n k s gro u ped ac c o r d in g to a m o u n t of d e p o s it s
Banks with deposits of— 2
Asset or liability item
All
banks 1
$10,000,000
to
$25,000,000
$25,000,000
to
$50,000,000
294,363,090
53,538,766
700,785
137,409
3,737,911
621,031
15,820,126
2,529,931
20,467,167
3,124,470
30,282,452
4,381,786
21,323,460
3,113,222
19,511,703
2,942,205
59,247,264
11,030,857
123,272,222
25,657,855
65,591,411
28,895,993
139,201,546
7,135,374
220,453
44,873
293,113
4,937
1,200,855
277,577
1,599,541
38,907
4,866,817
1,550,452
6,660,123
212,803
5,898,867
2,335,609
8,787,973
320,248
8,518,417
3,398,231
13,433,542
550,476
5,747,958
2,201,472
9,835,520
425,288
4,965,018
2,101,426
9,106,924
396,130
12,885,793
5,390,084
28,716,539
1,223,991
21,287,233
11,596,269
60,768,271
3,962,594
T otal deposits........................................
Demand deposits .............................
Time and savings deposits ..............
Borrowings and other liabilities. . . .
Total capital a ccou n ts........................
294,363,090
260,010,089
162,846,512
97,668,577
10,764,079
23,588,922
700,785
611,512
485,468
176,049
2,068
87,205
3,737,911
3,316,408
2,106,621
1,209,787
14,766
406,737
15.820.126
14.212.127
8,450,607
5,761,520
98,941
1,509,058
20,467,167
18,510,460
10,502,533
8,007,927
198,404
1,758,303
30,282,452
27,414,775
15,283,600
12,181,175
454,210
2,413,467
21,323,460
19,256,787
10,980,620
8,276,167
430,671
1,636,002
19,511,703
17,595,874
10,426,426
7,169,448
426,751
1,489,078
59,247,264
52,934,537
34,557,983
18,376,554
1,752,377
4,560,350
123,272,222
106,157,609
69,602,659
86,554,950
7,385,891
9,728,722
A sse ts a n d lia b ilitie s p e r
$100 o f t o t a l a s s e t s 2
A s s e t s — t o t a l ................................................
$100.00
18.19
$100.00
19.61
$100.00
16.61
$100.00
15.99
$100.00
15.27
$100.00
14.47
$100.00
14.60
$100.00
15.08
$100.00
18.62
$ 100.00
20.81
22.28
9.82
47.29
2.42
31.46
6.40
41.83
.70
32.13
7.43
42.79
1.04
30.76
9.80
42.10
1.35
28.82
11.41
42.94
1.56
28.13
11.22
44.36
1.82
26.96
10.32
46.13
1.99
25.45
10.77
46.67
2.03
21.75
9.10
48.47
2.06
17.27
9.41
49.30
3.21
Time and savings deposits ..............
Borrowings and other liabilities. . . .
Total capital accounts.........................
100.00
88.33
55.15
83.18
3.66
8.01
100.00
87.26
62.14
25.12
.30
12.44
100.00
88.72
56.36
82.86
.40
10.88
100.00
89.84
53.42
36.42
.62
9.54
100.00
90.44
51.31
39.13
.97
8.59
100.00
90.53
50.47
40.06
1.50
7.97
100.00
90.31
51.50
88.81
2.02
7.67
100.00
90.18
53.44
86.74
2.19
7.63
100.00
89.35
58.88
81.02
2.96
7.69
100.00
86.12
56.46
29.66
5.99
7.89
Number of banks, December 2 8 ...........
12,933
830
2,240
4,300
2,644
1,807
549
249
250
64
A s s e t s a n d l ia b il i t i e s
(in
t h o u s a n d s o f d o l la r s ) 2
A s s e t s — t o t a l ................................................
Cash and due from ban k s..................
United States Governm ent obliga
tions ....................................................
Other securities.....................................
Loans and discounts............................
All other assets......................................
L i a b i l it i e s a n d c a p i t a l — t o t a l ............
Cash and due from b an k s..................
United States Government obliga
tions .....................................................
Other securities.....................................
Loans and discounts............................
All other assets......................................
L ia b ilit ie s a n d c a p i t a l - t o t a l ............
Total deposits........................................
$50,000,000 $100,000,000 $500,000,000
to
or
to
$100,000,000 $500,000,000
more
1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year” . These ratios differ slightly from the ratios for all insured
com m ercial banks shown in Table 115.
2 Asset and liability items are as of Decem ber 28, 1962.
Note: For income and expense data b y size of bank see Tables 118 and 119, pp. 150-153.
Back figures, 194-1-1961: See the Annual Report for 1961, p. 114, and earlier reports.
C O R P O R A T IO N
$5,000,000
to
$10,000,000
IN S U R A N C E
$2,000,000
to
$5,000,000
DEPOSIT
$1,000,000
to
$2,000,000
FEDERAL
Less
than
$1,000,000
Table 111.
A verage A s s e t s a n d L ia b il it ie s a n d A s s e t s a n d L ia b il it ie s P er
B a n k s in
the
$100
of
T o ta l A s s e t s of I n s u r e d C o m m e r c ia l
U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) ,
19621
BY CLASS OF B A N K
Members F.R. System
Asset or liability item
Total
National
State
Not
members
F.R.
System
L ia b ilitie s a n d c a p ita l— t o t a l .........................................................
Total deposits.......................................................................................
Demand deposits ........................................................................
Time and savings deposits ........................................................
Borrowings and other liabilities......................................................
Total capital accounts........................................................................
274.220.778
243,319,550
153,849,494
89,470,056
8,197,420
22,703,808
149.355.654
133,255,491
83,969,250
49,286,241
3,929,563
12,170,600
82.375.309
71,763,269
47,963,102
23,800,167
3,721,291
6,890,749
42.489.815
38,300,790
21,917,142
16,383,648
546,566
3,642,459
$100.00
$100.00
18.03
23.53
9.39
46.60
2.45
18.42
23.47
9.57
46.25
2.29
$100.00
19.46
20.98
8.55
47.91
3.10
$100.00
13.87
28.67
10.44
45.29
1.73
100.00
88.73
56.10
32.63
2.99
8.28
100.00
89.22
56.22
33.00
2.63
8.15
100.00
87.12
58.23
28.89
4.52
8.36
100.00
90.14
51.58
38.56
1.29
8.57
A ssets a n d lia b ilitie s p e r $100 o f t o ta l assets1
A ssets— t o t a l ...........................................................................................
Cash and due from banks.................................................................
United States Government obligations.........................................
Other securities....................................................................................
Loans and discounts...........................................................................
All other assets.....................................................................................
L ia bilities a n d c a p ita l— t o t a l .........................................................
Total deposits.......................................................................................
Demand deposits ........................................................................
Time and savings deposits .........................................................
Borrowings and other liabilities......................................................
Total capital accounts........................................................................
BANKS
42.489.815
5,891,680
12,183,097
4,434,993
19,244,426
735,619
OF
82.375.309
16,032,354
17,280,745
7,041,827
39,466,419
2,553,964
LIABILITIES
149.355.654
27,514,636
35,056,072
14.284.264
69.078.265
3,422,417
AND
274.220.778
49,438,670
64,519,914
25,761,084
127,789,110
6,712,000
ASSETS
A verage assets a n d lia b ilitie s (in th o u s a n d s o f d olla rs) 1
A ssets—- t o t a l ...........................................................................................
Cash and due from ban ks.................................................................
United States Government obligations.........................................
Other securities....................................................................................
Loans and discounts...........................................................................
All other assets.....................................................................................
1 Asset and liability items are averages of the amounts reported for the following call dates: December 30, 1961; March 26, 1962; June 30, 1962; and September 28, 1962.
Note: For income data by class of bank see Tables 116 and 117, pp. 146-149.
Back figures, 1934—1961: See Tables 114 and 115, pp. 143 and 145; the Annual Report for 1961, p. 115, and earlier reports.
CO
T a b le 1 1 2 .
A verage A
ssets an d
L iab il it ie s
(S tat es
and
op
I n s u r e d C o m m e r c ia l B a n k s
O t h e r A reas) ,
by
in
the
U n it e d S tates
co
05
S tate , 1 9 6 2 1
(Amounts in thousands of dollars)
I
Assets1
Liabilities and capital accounts1
Deposits
U. S. Gov
ernment
obligations
Other
securities
Loans
and
discounts
49,438,670
64,519,914
25,761,084
127,789,110
Total
All other
assets
6,712,000
274,220,778
Borrowings
and other
liabilities
Total
capital
accounts
Total
Demand
Time and
savings
243,319,550
153,849,494
89,470,056
8,197,420
22,703,808
22,664,725
64,451,055
25,715,934
127,497,549
6,693,387
273,727,724
242,875,482
153,635,033
89,240,449
68,871
68,859
45,150
291,561
18,613
493,054
444,068
214,461
229,607
9,903
39,083
Alabama......................
Alaska..........................
Arizona........................
Arkansas......................
California....................
459,518
32,660
245,074
334,089
4,762,369
611,029
70,520
276,320
335,833
6,226,671
283,941
16,505
104,970
196,992
2,604,057
1,068,606
104,311
929,485
646,164
15,536,140
41,790
7,044
56,552
24,486
902,786
2,464,884
231,040
1,612,401
1,537,564
30,032,023
2,209,608
213,405
1,458,588
1,394,913
27,067,621
1,475,729
114,836
873,518
993,414
13,393,403
733,879
98,569
585,070
401,499
13,674,218
35,938
3,032
39,980
9,314
929,764
219,338
14,603
113,833
133,337
2,034,638
Colorado......................
Connecticut................
Delaware.....................
District of Columbia.
Florida.........................
473,384
465,474
134,242
339,264
1,103,616
624,670
551,559
211,343
530,598
1,842,114
129.4Q8
324,263
48,651
70,876
514,020
1,183,044
1,434,832
410,369
856,224
2,181,342
44,362
59,924
18,750
35,259
160,648
2,454,868
2,836,052
823,355
1,832,221
5,801,740
2,235,415
2,482,014
716,563
1,668,074
5,249,333
1,442,541
1,781,696
543,623
1,186,582
3,469,212
792,874
700,318
172,940
481,492
1,780,121
35,132
113,855
23,638
32,552
91,348
184,321
240,183
83,154
131,595
461,059
Georgia........................
Hawaii.........................
Idaho............................
Illinois..........................
Indiana........................
703,079
110,845
102,029
3,575,587
945,235
770,817
216,021
197,551
5,761,023
1,787,018
277,146
57,096
59,007
2,369,674
392,090
1,667,970
444,608
369,933
8,774,332
2,269,890
74,982
26,863
16,148
323,783
86,207
3,493,994
855,433
744,668
20,804,399
5,480,440
3,086,486
764,567
677,639
18,634,601
4,927,513
2,154,353
382,967
417,017
11,712,763
3,158,635
932,133
381,600
260,622
6,921,838
1,768,878
91,380
21,033
12,427
497,827
106,070
316,128
69,833
54,602
1,671,971
446,857
Iowa.............................
Kansas.........................
Kentucky....................
Louisiana.....................
Maine...........................
611,235
514,641
539,621
731,061
98,970
946,411
793,979
809,345
917,032
177,380
356,695
361,286
186,272
316,640
57,700
1,682,441
1,165,140
1,138,817
1,371,589
404,001
40,537
31,801
35,255
61,692
17,472
3,637,319
2,866,847
2,709,310
3,398,014
755,523
3,279,161
2,586,963
2,431,890
3,073,320
665,850
2,168,484
1,868,097
1,801,127
2,214,292
357,539
1,110,677
718,866
630,763
859,028
308,311
24,029
21,991
25,450
43,236
19,587
334,129
257,893
251,970
281,458
70,086
Maryland....................
Massachusetts...........
Michigan.....................
Minnesota...................
Mississippi..................
476,706
1,229,740
1,517,179
893,582
311,870
766,366
1,353,464
2,880,298
1,262,340
342,686
252,159
432,073
1,229,948
450,047
236,667
1,255,912
3,238,785
4,756,222
2,276,371
643,823
54,458
159,780
183,212
94,771
31,120
2,805,601
6,413,842
10,566,859
4,977,111
1,566,166
2,536,199
5,525,152
9,589,459
4,492,181
1,424,362
1,646,003
4,465,756
4,620,268
2,692,372
1,004,515
890,196
1,059,396
4,969,191
1,799,809
419,847
48,364
268,904
190,974
73,615
14,313
221,038
619,786
786,426
411,315
127,491
State
CORPORATION
49,369,799
Other areas.................
INSURANCE
50 States and D. C . . .
8,187,517
DEPOSIT
T ota l U nited S ta te s ..
Cash and
due from
banks
FEDERAL
State
95,371
18,870
25,206
15,347
9,009
7,012,123
927,859
1,950,507
567,245
496,917
6,315,369
845,696
1,744,465
517,909
430,322
4,446,973
529,244
1,394,626
296,226
261,416
1,868,396
316,452
349,839
221,683
168,906
90,267
14,105
27,718
10,688
16,720
606,487
68,058
178,324
38,648
49,875
New Jersey.................
New Mexico...............
New York...................
North Carolina..........
North Dakota............
1,157,707
161,251
11,128,261
663,149
99,893
2,057,734
242,377
10,232,238
678,323
241,024
1,213,537
50,681
4,947,454
355,793
90,423
3,979,452
362,720
26,367,242
1,679,990
303,938
152,069
15,331
2,246,726
80,419
14,436
8,560,499
832,360
54,921,921
3,457,674
749,714
7,722,883
761,598
46,588,811
3,021,592
680,450
4,097,124
526,868
32,891,632
2,092,056
410,530
3,625,759
234,730
13,697,179
929,536
269,920
203,477
9,190
3,578,556
144,313
7,535
634,139
61,572
4,754,554
291,769
61,729
Ohio..............................
Oklahoma...................
Oregon.........................
Pennsylvania.............
Rhode Island.............
2,151,251
714,531
381,798
2,748,543
129,377
3,521,262
801,845
563,286
3,969,110
205,809
1,173,869
275,885
255,812
1,887,415
103,763
6,170,003
1,318,410
1,116,322
8,156,977
578,800
206,803
51,233
59,981
322,754
17,478
13,223,188
3,161,904
2,377,199
17,084,799
1,035,227
11,837,623
2,838,326
2,153,712
15,059,157
917,388
6,725,023
2,131,050
1,135,909
8,936,761
482,504
5,112,600
707,276
1,017,803
6,122,396
434,884
264,475
34,405
39,518
345,684
31,793
1,121,090
289,173
183,969
1,679,958
86,046
South Carolina..........
South Dakota............
Tennessee....................
Texas............................
Utah.............................
234,184
126,330
811,988
3,366,545
205,845
315,714
287,394
881,988
3,159,112
227,088
140,325
73,844
328,212
1,227,546
86,080
521,610
382,349
1,838,785
6,385,518
604,582
22,401
13,955
61,680
366,740
19,333
1,234,234
883,872
3,922,653
14,505,461
1,142,928
1,089,137
806,300
3,545,843
13,108,585
1,034,386
860,291
506,070
2,254,426
9,463,920
566,244
228,846
300,230
1,291,417
3,644,665
468,142
34,675
7,874
66,985
192,634
22,908
110,422
69,698
309,825
1,204,242
85,634
Vermont......................
Virginia........................
Washington................
West Virginia.............
Wisconsin....................
Wyoming....................
49,173
631,269
590,646
260,909
873,859
85,855
97,630
941,754
759,179
520,447
1,563,814
139,251
44,629
361,503
273,999
114,278
428,293
31,971
275,897
1,915,586
1,578,917
600,848
2,335,116
214,380
9,324
76,025
76,189
26,736
90,671
9,618
476,653
3,926,137
3,278,930
1,523,218
5,291,753
481,075
426,089
3,497,693
2,957,153
1,340,755
4.808,218
435,145
150,267
1,993,281
1,864,578
845.236
2,572,595
261,441
275,822
1,504,412
1,092,575
495,519
2,235,623
173,704
8,202
87,530
66,902
24,575
76,615
6,420
42,362
340,914
254.875
157,888
406,920
39,510
Other area
Puerto Rico................
Virgin Islands............
65,306
3,565
63,489
5,370
42,612
2,538
281,062
10,499
18,064
549
470,533
22,521
423,774
20,294
208,094
6,367
215,680
13,927
9,285
618
37,474
1,609
BANKS
3,138,484
406,723
904,268
282,012
268,269
OF
590,890
89,054
148,622
58,741
35,132
LIABILITIES
1,781,537
261,770
486,557
142,849
109,575
AND
1,405,841
151,442
385,854
68,296
74,932
ASSETS
Missouri......................
Montana.....................
Nebraska.....................
Nevada........................
New Hampshire........
1 Asset and liability items are averages of the amounts reported for the following call dates: December 30, 1961; March 26, 1962; June 30, 1962; and September 28, 1962.
Note: For income data by State see Table 120, pp. 154-163.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 116-117, and earlier reports.
CO
Table 113.
D is tr ib u tio n
o f In s u r e d C o m m e r c ia l B a n k s in
t h e U n ite d S ta te s
(S ta te s an d O th e r A r e a s), D ecem ber
28, 1962
B A N K S GROUPED ACCORDING TO AM O U N T OF DEPOSITS AND BY RATIOS OF SELECTED IT E M S TO ASSETS
Number of banks with deposits of—
Ratios
10 to 15 percent...................................................
15 to 20 percent...................................................
20 percent or more..............................................
Less than 10 percent
Ratios of loans to total assets of—
10 to 20 percent
•••
20 to 30 percent
.........
30 to 40 percent...................................................
Ratios of cash and due from banks to
total assets of—
Less than 10 percent..........................................
1,185
932
3,325
4,021
2,314
926
423
303
105
271
125
50
20
14
406
324
771
482
191
88
51
345
322
1,232
1,294
710
297
144
71
97
494
981
625
266
118
42
51
330
678
470
175
68
12
16
116
213
137
36
20
4
7
45
91
75
22
5
2
9
51
125
45
19
1
365
2,176
4,429
3,717
1,803
509
127
46
150
224
226
151
63
28
76
322
647
638
434
154
42
113
628
1,362
1,292
714
204
31
85
452
931
821
291
55
17
32
319
743
527
161
25
7
7
103
256
143
36
5
2
63
121
48
11
3
1
4
100
120
22
5
37
285
1,354
3,301
4,575
2,817
757
17
50
130
215
251
161
64
6
73
285
577
716
476
180
7
98
523
1,203
1,428
859
226
5
46
254
707
982
523
135
1
12
122
425
732
440
82
1
3
28
104
218
161
35
2
10
37
109
75
16
1
2
30
111
94
14
3
28
28
5
2,003
4,792
3,367
1,702
722
296
244
99
206
198
135
105
47
98
395
751
540
323
163
81
60
664
1,530
1,145
611
236
101
57
400
1,068
714
304
107
37
22
299
799
480
171
47
14
74
260
145
53
16
44
101
57
30
13
25
70
69
54
24
8
2
7
19
21
11
2
1
4
2
4
1
15
32
11
3
2
39
25
1
3
C O R P O R A T IO N
20 to 30 percent...................................................
30 to 40 percent
.........
40 to 50 percent
.........
50 to 00 percent
AH norr»pnf. r*T ttiorp
$2,000,000
to
$5,000,000
IN S U R A N C E
Ratios of U. S. Government obligations
to total assets of—
$1,000,000
to
$2,000,000
DEPOSIT
Zero
More than zero but less than 1 percent........
$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
or
to
to
to
to
to
more
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
Less
than
$1,000,000
FEDERAL
Ratios of obligations of States and sub
divisions to total assets of—
All
banks
Ratios of total capital accounts to total
assets other than cash and due from
hanks and U. S. Government obliga
tions of—
63
159
184
133
107
65
177
24
322
693
529
322
160
94
169
53
1,183
1,593
840
376
149
74
76
102
1,201
918
282
90
29
12
18
159
1,034
469
106
26
10
5
5
71
332
122
17
5
1
1
1
38
159
40
2
4
4
1
1
44
154
47
4
3
11
41
12
Ratios of total capital accounts to total
assets other than cash and due from
banks, 11. S. Government obliga
tions, C.C.C. loans and F.H.A. and
V.A. real estate loans of—
Less than 10 percent...........................................
10 to 15 percent...................................................
15 to 20 percent...................................................
20 to 25 percent...................................................
25 to 30 percent...................................................
30 to 35 percent...................................................
35 to 40 percent...................................................
40 percent or more
.................
.........
315
3,818
4,185
2,146
1,165
557
327
613
43
118
172
132
114
83
226
12
231
614
516
384
212
117
227
31
914
1,572
940
485
175
99
128
64
1,035
1,008
352
114
37
21
21
114
927
584
126
36
13
5
9
44
314
157
25
7
1
1
1
22
164
45
7
4
5
1
1
24
149
69
7
3
4
41
18
1
Ratios of total capital accounts to total
assets of—
Less than 4 percent.............................................
4 to 6 percent........................................................
6 to 8 percent........................................................
8 to 10 percent.....................................................
10 to 12 percent...................................................
12 to 15 percent...................................................
15 percent or more..............................................
7
555
3,522
4,569
2,529
1,338
606
1
41
155
219
261
211
18
237
704
666
466
222
83
938
1,678
1,066
452
127
127
951
1,077
361
108
28
3
197
781
631
154
35
13
3
64
287
150
35
8
3
36
126
68
15
3
1
1
24
127
86
9
4
1
5
34
20
4
1
Number of banks.....................................................
13,126
888
2,313
4,344
2,652
1,814
550
249
252
64
AND
LIABILITIES
OF
BANKS
Back figures: See the following Annual Reports: 1958, pp. 192-193; 1959, pp. 140-141; 1960, pp. 150-151; and 1961, pp. 118-119.
ASSETS
502
4,489
4,053
1,964
959
460
252
447
10 to 15 percent...................................................
15 to 20 percent...................................................
I n c o m e of I nsured B a n k s
Table 114.
Income of insured commercial banks in the United States (States and other
areas), 1954-1962
Table 115.
Ratios of income of insured commercial banks in the United States (States and
other areas), 1954-1962
Table 116.
Income of insured commercial banks in the United States (States and other
areas), 1962
By class of bank
Table 117.
Ratios of income of insured commercial banks in the United States (States and
other areas), 1962
B y class of bank
Table 118.
Income of insured commercial banks operating throughout 1962 in the United
States (States and other areas)
Banks grouped according to amount of deposits
Table 119.
Ratios of income of insured commercial banks operating throughout 1962 in
the United States (States and other areas)
Banks grouped according to amount of deposits
Table 120.
Income of insured commercial banks in the United States (States and other
areas), by State, 1962
Table 121.
Income of insured mutual savings banks, 1954-1962
Table 122.
Ratios of income of insured mutual savings banks, 1954-1962
The income data received and published by the Corporation relate
to commercial and mutual savings banks insured by the Corporation.
Commercial banks
Reports of income and dividends are submitted to the Federal
supervisory agencies on either a cash or an accrual basis.
BANKS
Two expense items previously reported separately have been com
The present report of income and dividends for mutual savings
banks was first used by the Corporation for the calendar year 1951.
For a discussion of the history and principles of this report see pp.
50-52 in Part Two of the 1951 Annual Report.
INSURED
The revised form breaks out the following items not previously
available separately: (1) benefits to officers and other employees; (2)
net occupancy expense of bank premises, with a supporting schedule;
(3) furniture and equipment expense (including costs related to the
purchase or rental of automated data processing systems); and (4)
losses on securities sold.
Mutual savings banks
OF
The uniform Report of Income and Dividends (formerly called
Report of Earnings and Dividends) was revised extensively in 1961.
New items were added, combining components previously included in
other items; and some items were subsumed into new categories.
Thus certain items, even carrying the same designation (e.g. other
current operating expenses), are not comparable with data reported
for prior years.
In addition to other minor changes in classification, new designa
tions have been given to certain items. For example, the term “net
income” is the new equivalent of the former term “net profits.” A
further change entailed the division of officers and other employees
into two groups: those engaged in banking operations, and those
concerned with building operations.
INCOME
Income data are included for all insured banks operating at the end
of the respective years, unless indicated otherwise. In addition, appro
priate adjustments have been made for banks in operation during
part of the year but not at the end of the year. Data for 4 insured
branches in Guam of 2 insured banks in California and Hawaii, for 3
insured branches in New York of 2 insured banks in Puerto Rico, for
15 insured branches in Puerto Rico and for 4 insured branches in the
Virgin Islands of insured banks in New York are not available.
bined with other items: (1) taxes other than on net income; and
(2) recurring depreciation on banking house, furniture and fixtures.
Taxes on bank premises, social security taxes paid in behalf of build
ing employees, and recurring depreciation on banking house are now
included under occupancy expense of bank premises. Other social
security taxes are included with officer and employee benefits. Re
curring depreciation on furniture and fixtures is now included with
furniture and equipment expense.
Sources of data
National banks and State banks in the District of Columbia not
members of the Federal Reserve System: Office of the Comptroller of
the Currency.
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
Other insured banks: Federal Deposit Insurance Corporation.
£
Table 1 1 4 .
I ncome
of
I n s u r e d C o m m e r c ia l B a n k s
in
th e
U n it e d S ta t es (S ta t es
and
O t h e r A r e a s ), 1954-1962
(Amounts in thousands of dollars)
Income item
1954
1955
1956
1957
1958
1959
1960
1961
1962
8,050,416
8,500,949
9,669,352
10,723,545
11,069,604
12,218,959
1,342,842
370,045
4,339,866
73,562
385,927
168,497
322,117
229,068
1,442,379
412,497
4,879,676
83,815
440,892
186,815
354,520
249,828
1,544,023
501,978
5,046,782
94,674
486,507
191,408
379,395
256,183
1,732,174
546,253
5,856,688
111,991
531,916
205,935
426,016
258,381
1,790,341
578,783
6,698,655
108,655
589,954
218,566
460,251
278,340
1,901,732
629,134
6,891,442
117,259
630,458
223,283
502,871
U73.425
2,093,207
759,030
7,578,200
139,645
681,243
237,446
543,916
U86.272
Current operating expenses— total.....................
3,638,087
3,960,173
4,457,198
5,119,182
5,612,723
720,866
1,372,262
(3)
42,614
805,857
45,392
187,526
773,769
1,493,778
(8)
45,396
1,141,715
49,538
205,903
827,142
1,573,330
(3)
48,271
1,380,575
24,161
221,571
6,932,820
8,589,177
666,152
1,229,756
(3)
39,563
678,237
23,093
176,840
6,264,207
7,440,492
622,862
1,139,013
(3)
37,197
618,341
8,556
166,452
892,657
1,684,159
(*)
51,866
1,580,250
78,350
252,763
966,643
1,831,323
(8)
56,292
1,785,086
87,385
285,801
*1,028,869
21,869,961
377,494
59,794
2,106,645
37,997
(4)
21,098,146
21,975,406
419,098
63,236
2,845,283
64,325
(4)
94,720
(6)
(7)
950,945
108,306
(8)
(7)
1,038,228
128,085
(6)
(7)
1,154,600
146,262
(6)
(7)
1,262,823
168,371
(6)
(7)
1,369,305
191,424
(6)
(7)
1,532,739
212,493
(6)
(7)
1,707,797
(5)
510,691
224,852
81,224.189
(6)
555,670
267,885
81,300,128
2,135,700
2,417,533
2,774,724
2,931,235
2,888,223
3,405,145
3,790,725
3,629,112
3,629,782
631,496
239,598
250,171
198,413
868,115
328,889
574,826
708,171
467,061
416,520
14,912
60,555
57,085
20,586
39,930
31,151
14,090
41,001
64,368
9,295
20,751
681,554
9,646
57,145
47,277
27,946
111,447
329,322
12,927
55,568
453,730
9,934
86,574
256,987
6,241
56,761
34,014
57,965
47,530
27,379
50,899
43,722
20,762
77,606
65,563
21,183
39,757
43,063
22,439
42,158
55,176
20,551
57,607
64,062
25,684
70,211
81,114
16,825
51,817
89,291
16,902
56,610
73,560
552,606
707,155
993,534
757,432
783,213
1,361,515
978,422
935,461
836,665
58,939
12,603
95,039
Salaries— officers............................................................
Salaries and wages— other em ployees.....................
Officer and employee benefits....................................
Fees paid to directors and com m ittees...................
Interest on time and savings deposits.....................
Interest on borrowed m on ey .....................................
Taxes other than on net in com e...............................
Recurring depreciation on banking house, furni
ture and fixtures........................................................
Occupancy expense of bank premises— n e t ...........
Furniture and equipm ent...........................................
Other current operating expenses.............................
Net current operating earnings...........................
Recoveries, transfers from valuation reserves,
and profits— total.............................................
On securities:
Profits on securities sold or redeem ed.................
R ecoveries..................................................................
Transfers from valuation reserves........................
On loans:
R ecoveries................... ...............................................
Transfers from valuation reserves........................
All other..........................................................................
Losses, charge-offs, and transfers to valuation
reserves— total...................................................
On securities:
Losses on securities s o ld .........................................
Charge-offs prior to sale.........................................
Transfers to valuation reserves............................
On loans:
Losses and charge-offs.............................................
Transfers to valuation reserves..............................
All other..........................................................................
Net income before related taxes............................
j 66,670
126,173
221,232
67,276
317,381
101,830
237,480
84,996
93,657
268,159
745,081
168,003
219,767
156,232
/44,290
\21,354
224.678
29,269
222,998
107,497
28,159
303,600
86,886
32,018
452,940
89,369
25,636
321,870
87,452
25,053
282,227
114,117
25,459
318,965
104,006
35,760
451,667
114,996
31,194
481,200
132,745
30,107
528,710
111,267
2,214,591
1,949,976
2,031,360
2,372,217
2,973,128
2,372,519
3,387,129
3,401,822
3,260,178
CORPORATION
7,231,921
1,333,690
351,041
3,625,528
71,048
339,975
155,004
281,841
219,579
INSURANCE
6,377,705
1,272,731
324,823
3,205,894
57,550
311,806
144,140
246,223
210,621
DEPOSIT
5,773,787
Interest on U. S. Governm ent obligations.............
Interest and dividends on other securities.............
Interest and discount on loans..................................
Service charges and fees on loa n s.............................
Service charges on deposit a ccou nts........................
Other charges, commissions, fees, etc......................
Trust departm ent.........................................................
Other current operating revenue..............................
FEDERAL
Current operating revenue-—total.......................
to
State...................................................................................
907,560
862,065
45,495
793,737
753,883
39,855
814,636
769,843
44,793
998,397
947,998
50,401
1,271,459
1,198,890
72,570
884,458
832,797
51,661
1,384,397
1,300,940
83,457
1,406,102
1,317,292
88,810
1.256,382
1,159,725
96,657
Net income after related taxes...............................
1,307,032
1,156,240
1,216,725
1,373,821
1,701,667
1,488,061
2,002,732
1,995,720
2,003,796
Dividends and interest on capital— total............
516,977
514,066
566,124
563,543
616,890
614,501
678,101
675,867
725,866
723,500
776,386
774,167
831,546
829,522
895,053
893,230
941,189
939,426
Taxes on net income— total....................................
Cash dividends declared on common stock.............
Dividends declared on preferred stock and interest
on capital notes and debentures.............................
2,234
2,366
2,219
2,024
1,823
1,763
695,720
975,802
711,675
1,171,186
1,100,667
1,062,607
3,154
40,384
3,146
39,794
3,332
42,717
2,646
50,824
10,410
69,073
5,585
73,790
18,294
68,232
9,911
73,844
4,714
84,863
15,841
89,495
68,140
88,417
95,505
123,529
74,529
117,937
19,741
127,515
207,061
122,315
47,716
264,405
22,463
249,500
16,305
238,825
193,339,614
42,976,798
64,372,065
15,209,165
68,148,039
2,633,547
202,331,676
43,510,745
63,808,049
16,294,075
75,800,688
2,918,119
209,712,780
45,728,691
58,257,149
16,179,498
86,291,628
3,255,814
214,790,440
45,474,318
57,238,574
16,725,206
91,493,989
3,858,353
228,359,687
46,766,041
62,355,819
19,237,561
95,666,835
4,333,431
237,577,389
46,881,654
61,878,548
20,284,525
103,872,351
4,660,311
246,776,722
49,317,003
57,773,429
20,092,632
114,275,450
5,318,208
254,198,199
46,613,211
61,792,135
21,660,321
117,969,985
6,162,547
274,220,778
49,438,670
64,519,914
25,761,084
127,789,110
6,712,000
Liabilities and capital— total.................................. 193,339,614
Recoveries credited to valuation reserves (not in
cluded in recoveries above):
On securities.....................................................................
On loans.............................................................................
Losses charged to valuation reserves (not included in
losses above):
On securities.....................................................................
On loans.............................................................................
Average assets and liabilities9
Assets— total................................................................
Cash and due from banks.............................................
United States Government obligations.....................
Other securities................................................................
Loans and discounts......................................................
All other assets................................................................
176,865,497
130,023,191
46,842,306
2,712,778
13,761,339
202,331,676
184,734,232
135,422,891
49,311,341
2,965,764
14,631,680
209,712,780
190,786,522
139,690,432
61,096,090
3,372,960
15,553,298
214,790,440
193,993,484
139,023,697
54,969,887
4,242,293
16,554,663
228,359,687
206,196,015
143,813,475
62,382,540
4,440,097
17,723,575
237,577,389
213,428,979
146,599,745
66,829,234
5,410,250
18,738,160
246,776,722
220,099,028
150,451,481
69,647,547
6,712,522
19,965,172
254,198,199
225,214,703
147,556,175
77,658,528
7,694,509
21,288,987
274,220,778
243,319,550
153,849,494
89,470,056
8,197,420
22,703,808
Number of employees (including building employees),
December 31:
Active officers..................................................................
Other employees..............................................................
82,167
386,625
84,931
408,791
88,462
433,563
91,597
452,218
95,308
457,023
98,934
481,666
103,211
506,596
107,279
526,101
112,458
543,695
13,323
13,237
13,218
13,165
13,124
13,114
13,126
13,115
13,124
Number of banks, December 3 1 .....................................
1 Excludes rentals from bank premises; included with “ Occupancy expense of bank premises— net.”
2 Excludes compensation of building officers and other employees; included with “ Occupancy expense of bank premises— net.”
8 Included with “ Other current operating expenses” , except Social Security taxes paid on bank’s account which were included with “ Taxes other than on net income.”
4 Included with “ Officer and employee benefits” , “Occupancy expense of bank premises— net” , and “ Other current operating expenses.”
4 Included with “ Occupancy expense of bank premises— net” , and “ Furniture and equipment.”
• Included with “ Taxes other than on net income,” “ Recurring depreciation on banking house, furniture and fixtures,” and “ Other current operating expenses.”
7 Included with “ Recurring depreciation on banking house, furniture and fixtures” , and “ Other current operating expenses.”
• Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.
^
• For 1954 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates
beginning with the end of the previous year and ending with the fall call of the current year.
Note: Due to rounding differences, data for 1954-1959 may not add to total.
Back figures, 1934-1953: See the following Annual Reports: 1953, pp. 106-107; 1950, pp. 250-251; and 1941, pp. 158-159.
BANKS
Total deposits...................................................................
Demand deposits..........................................................
Time and savings deposits.........................................
Borrowings and other liabilities..................................
Total capital accounts...................................................
INSURED
2,389
599,835
OF
2,581
590,118
INCOME
2,912
790,055
Net additions to capital from income.................
£3
Table 115.
R
a tio s of
I ncome
of
I n s u r e d C o m m e r c ia l B a n k s
in
th e
U
n it e d
S tat es (S t at es
and
O t h e r A r eas ) , 1954-1962
1957
1958
1959
1960
1961
1962
Amounts per $100 of current operating revenue
Current operating revenue— total............................................................
$100.00
$100.00
22.04
5.63
56.52
5.40
2.50
7.91
20.91
5.51
57.96
5.33
2.43
7.86
$100.00
$100.00
$100.00
18.57
5.12
61.03
5.33
2.33
7.62
17.92
5.12
61.65
5.48
2.32
7.51
18.16
5.91
60.48
5.72
2.25
7.48
$100.00
$100.00
$100.00
$100.00
16.69
5.40
63.48
5.50
2.04
6.89
17.18
5.68
63.31
5.70
2.02
!6.11
17.13
6.21
63.16
5.58
1.94
15.98
63.01
31.16
(3)
10.71
2.88
1.64
(6)
(7)
16.62
62.09
30.35
(3)
10.63
2.77
1.70
(6)
(7)
16.64
61.63
63.59
66.02
64.78
29.53
(3)
11.14
2.60
1.77
(6)
(7))
16.59
28.73
64.65
14.18
2.56
1.82
(6)
(7)
16.30
28.80
(3)
16.24
2.61
1.98
(6)
(7)
16.39
27.19
(3)
16.34
2.61
1.98
(6)
(7)
16.66
26.62
(3)
16.65
2.66
1.98
(6)
(7)
16.74
67.22
226.73
3.41
19.03
(4)
(5)
4.61
2.03
811.41
70.29
225.67
3.43
23.28
36.99
37.91
38.37
36.41
33.98
35.22
35.35
32.78
29.71
2.98
1.88
1.10
.33
.28
1.15
.68
3.15
1.96
1.19
.12
.35
.96
.57
3.45
2.13
1.32
.12
.47
.97
.58
3.74
2.38
1.36
.09
.35
1.10
.64
3.72
2.46
1.26
.38
.34
1.30
.75
4.07
2.64
1.43
.14
.57
1.00
.63
4.35
2.81
1.54
.23
.40
1.37
.81
4.35
2.92
1.43
.28
.37
1.34
.79
4.45
3.13
1.32
.17
.30
1.19
15.52
4.59
4.02
16.09
6.59
9.50
3.76
5.74
16.52
1.64
4.83
13.33
5.43
7.90
3.87
4.03
17.84
1.61
6.39
13.06
5.24
7.82
3.96
3.86
17.71
1.20
4.58
14.33
6.03
8.30
4.10
4.20
16.30
4.89
4.42
16.77
7.17
9.60
4.09
5.51
18.17
1.76
7.27
12.66
4.72
7.94
4.14
3.80
18.99
2.88
4.90
16.97
6.94
10.03
4.16
5.87
17.05
3.32
4.39
15.98
6.61
9.37
4.20
5.17
15.99
2.06
3.69
14.36
5.53
8.83
4.15
4.68
4.79
4.88
5.11
5.42
5.37
5.75
5.96
5.94
6.04
1.98
2.14
.24
1.32
2.09
2.15
.25
1.38
2.31
2.29
.28
1.58
2.52
2.47
.32
2.08
2.48
2.61
.34
2.21
2.80
2.69
.36
2.36
3.10
2.88
.39
2.56
3.08
2.90
.43
2.71
3.24
2.95
.44
3.18
Interest on U. S. Government obligations.....................................................
Interest and dividends on other securities.....................................................
Income on loans....................................................................................................
Service charges on deposit accounts................................................................
Other charges, commissions, fees, etc..............................................................
Other current operating revenue......................................................................
Current operating expenses—-total...........................................................
Salaries, wages, and fees.....................................................................................
Officer and employee benefits............................................................................
Interest on time and savings deposits.............................................................
Taxes other than on net income.......................................................................
Recurring depreciation on banking house, furniture and fixtures...........
Occupancy expense of bank premises— net....................................................
Furniture and equipment....................................................................................
Other current operating expenses.....................................................................
Net current operating earnings..............................................................
(3)
17.91
5.65
61.73
5.50
2.13
7.08
(4)
(5)
4.55
2.19
811.17
Amounts per $100 of total assets 9
Current operating revenue— total.........................................................................
Current operating expenses— total.......................................................................
Net current operating earnings.............................................................................
Recoveries, transfers from valuation reserves, and profits— total...............
Losses, charge-offs, and transfers to valuation reserves— total....................
Net income before related taxes...........................................................................
Net income after related taxes..............................................................................
.73
Amounts per $100 of total capital accounts 9
Net current operating earnings.............................................................................
Recoveries, transfers from valuation reserves, and profits— total...............
Losses, charge-offs, and transfers to valuation reserves— total....................
Net income before related taxes............................................................................
Taxes on net income................................................................................................
Net income after related taxes..............................................................................
Net additions to capital from income..................................................................
Special ratios 9
Income on loans per $100 of loans.......................................................................
Income on U. S. Government obligations per $100 of U. S. Government
obligations...............................................................................................................
Income on other securities per $100 of other securities..................................
Service charges per $100 of demand deposits....................................................
Interest paid per $100 of time and savings deposits.......................................
CORPORATION
1956
INSURANCE
1955
DEPOSIT
1954
FEDERAL
Income item
Assets and liabilities per $100 of total assets
Assets—-total..........................................................................
100.00
21.17
26.65
7.79
42.60
1.79
100.00
20.48
27.31
8.42
41.89
1.90
100.00
19.73
26.05
8.54
43.72
1.96
100.00
19.98
23.41
8.14
46.31
2.16
100.00
18.34
24.31
8.52
46.41
2.42
100.00
18.03
23.53
9.39
46.60
2.45
Total deposits.............................................................................
Demand deposits....................................................................
Time and savings deposits...................................................
Borrowings and other liabilities............................................
Total capital accounts.............................................................
100.00
91.48
67.25
24.28
1.40
7.12
100.00
91.30
66.93
24.37
1.47
7.23
100.00
90.97
66.61
24.8 6
1.61
7.42
100.00
90.32
64.73
25.59
1.97
7.71
100.00
90.30
62.98
27.32
1.94
7.76
100.00
89.83
61.70
28.13
2.28
7.89
100.00
89.19
60.97
28.22
2.72
8.09
100.00
88.60
58.05
30.55
3.03
8.37
100.00
88.73
56.10
32.63
2.99
8.28
Number of banks, December 3 1 ...............................................
13,323
13,237
13,218
13,165
13,124
13,114
13,126
13,115
13,124
Liabilities and capital— total...........................................
BANKS
1 Excludes rentals from bank premises; included with “Occupancy expense of bank premises— net.”
2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net.”
8 Included with “Other current operating expenses”, except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”
4 Included with “ Officer and employee benefits” , “Occupancy expense of bank premises— net,” and “Other current operating expenses.”
8 Included with “ Occupancy expense of bank premises— net” , and “ Furniture and equipment.”
8 Included with “ Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”
7 Included with “ Recurring depreciation on banking house, furniture and fixtures” , and “ Other current operating expenses.”
8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.
9 For 1954 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates be
ginning with the end of the previous year and ending with the fall call of the current year.
Back figures, 1934-1953: See the following Annual Reports: 1953, pp. 108-109; 1950, pp. 252-253; and 1941, pp. 160-161.
INSURED
100.00
21.81
27.78
7.71
41.15
1.55
OF
100.00
21.51
31.54
8.05
37.46
1.44
INCOME
100.00
22.23
33.29
7.87
35.25
1.36
Cash and due from banks.......................................................
United States Government obligations...............................
Other securities..........................................................................
Loans and discounts.................................................................
All other assets...........................................................................
Table 116.
I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n
U n it e d S t at e s
the
(S tates a n d
O t h e r A reas),
1962
BY CLASS OF BANK
^
(Amounts in thousands of dollars)
Members F. R. System
Income
Total
National
State
Not
members
F. R.
System
Operating
throughout
the year
Operating
less than
full year 1
2,074,638
12,150,999
67,960
549,905
214,156
2,185,219
40,895
152,007
66,274
278,671
60,791
406,759
129,996
1,258,459
24,445
148,834
62,194
23,041
20,910
2,078,799
755,820
7,536,380
139,040
675,998
236,385
543,484
185,093
14,408
3,210
41,820
605
5,245
1,061
432
1,179
Current operating expenses— total.........................................................................
8,589,177
1,553,750
54,428
269,669
611,711
141,704
11,613
769,422
29,880
172,392
69,120
343,691
268,992
306,195
56,162
22,559
487,151
1,765
97,316
50,244
263,366
8,534,749
1,098,146
1,975,406
419,098
63,236
2,845,283
64,325
555,670
267,885
1,300,128
4,616,225
559,485
1,057,500
221,232
29,064
1,588,710
32,680
285,962
148,521
693,071
2,419,202
Salaries—officers......................................................................................................................
Salaries and wages— other employees..............................................................................
Officer and employee benefits............................................................................................
Fees paid to directors and committees............................................................................
Interest on time and savings deposits.............................................................................
Interest on borrowed money..............................................................................................
Occupancy expense of bank premises— net....................................................................
Furniture and equipment....................................................................................................
Other current operating expenses.....................................................................................
1,090,224
1,964,567
417,222
62,794
2,828,619
64,225
551,753
266,204
1,289,141
7,922
10,839
1,876
442
16,664
100
3,917
1,681
10,987
IVet current operating earnings...............................................................................
3,629,782
1,980,178
1,128,716
520,888
3,616,250
13,532
Recoveries, transfers from valuation reserves, and profits— total.................
467,061
249,003
147,111
70,947
463,187
3,874
256,987
6,241
56,761
128,077
3,408
41,696
88,092
969
8,451
40,818
1,864
6,614
254,270
6,223
56,590
2,717
18
171
16,902
56,610
73,560
8,106
27,343
40,373
1,929
24,516
23,154
6,867
4,751
10,033
16,611
56,517
72,976
291
93
584
836,665
On securities:
Profits on securities sold or redeemed.........................................................................
Recoveries...........................................................................................................................
Transfers from valuation reserves................................................................................
On loans:
Recoveries...........................................................................................................................
Transfers from valuation reserves................................................................................
All other..................................................................................................................................
472,312
231,414
132,939
831,648
5,017
On securities:
Losses on securities sold..................................................................................................
Charge-offs prior to sale..................................................................................................
Transfers to valuation reserves.....................................................................................
On loans:
Losses and charge-offs.....................................................................................................
Transfers to valuation reserves.....................................................................................
All other ................................................................................................................................
58,939
12,603
95,039
32,961
7,409
59,125
18,158
1,821
25,507
7,820
3,373
10,407
58,717
12,555
93,868
222
48
1,171
30,107
528,710
111,267
13,465
292,201
67,151
3,360
159,325
23,243
13,282
77,184
20,873
29,505
526,328
110,675
602
2,382
592
Net income before related taxes..............................................................................
3,260,178
1,756,869
1,044,413
458,896
3,247,789
12,389
Losses, charge-offs, and transfers to valuation reserves~~total.....................
CORPORATION
3,547,918
1,136,543
414,878
4,134,522
74,305
380,402
103,978
242,204
104,571
11
INSURANCE
6,596,403
2,093,207
759,030
7,578,200
139,645
681,243
237,446
543,916
186,272
12,218,959
Taxes on net income— total........................................................................
Federal...........................................................................................................
Net income after related taxes..........................................
. .
Dividends and interest on capital— total.............................................................
Cash dividends declared on common stock...............................................................
Dividends declared on preferred stock and interest on capital notes and
debentures.................................................................................................
1,256,382
1,159,725
96,657
688,026
637,670
50,356
2,003,796
941,189
939,426
419,959
1l l^f 0l ) 00 70 7•
37 409
xuy,ouo
ft ft0 9
1,248,924
1,152,386
Oft CQQ
yOjOoo
1,068,843
624,454
310,499
1,998,865
4,931
517,748
517,546
312,740
311,878
110,701
1 1 ft ftft9
937,903
936,140
3.286
3.286
QfiO KKft
7,458
7,339
119
1,763
199,798
1,060,962
1,645
Number of banking employees (exclusive of building employees), December 31:
Active officers...........................................................................................
Other employees..............................................................................
112,200
512,739
55,421
275,139
22 884
145 181
oo,oyo
92 419
111,497
Kin AO(\
703
2,319
4,714
84,863
2,942
51,317
599
20,625
1 173
12 921
OA 7 QA
o^,/oO
o
*47*(7
16,305
238,825
7,579
143,575
4 371
53 247
a
4,qOO
AO ftftQ
16,296
238,404
9
421
555,670
143,626
699,296
1,780
83,324
9,941
120,178
77,554
120,500
185,106
100,913
285,962
92,014
377,976
1,018
48,562
5,611
69,513
46,568
62,504
85,134
59,066
172,392
39.731
212,123
621
24,634
3,650
31,252
17.732
35,648
72,626
25 960
97,316
1
i l1
j OftQ
O Il
109,197
141
10,128
680
iq
iiq
iy ,413
551,753
142,688
694,441
3,917
938
4,855
22 348
9 47 jOrfcO
4
f t £o 7/
l1OKf O
82,505
9,861
119,236
7/ A
QHO
ofyuz
1
Q 7/ 4o
111 y,
1
ftJ.
f
i£ 9
1o4,U0.£
1AH Q(XA
1UU,o04
Number of building employees, December 31:
Officers................................................................................................................................
Other employees...........................................................................................................
258
30,956
116
16,867
54
7,497
ftft
o
o
A *0 9
30,705
OK
Z
o Ii
Number of banks, December 3 1 ............................................................................
13,124
4,503
1,542
7$fu/y
fl7 Q
12,933
191
Memoranda
Recoveries credited to valuation reserves (not included in recoveries above):
On securities.....................................................................................
On loans.................................................................................................
Losses charged to valuation reserves (not included in losses above) :
On securities.....................................................................................
On loans............................................................................................
Occupancy expense of bank premises
Occupancy expense of bank premises, net— total.............................................
Rental and other income...........................................
Occupancy expense of bank premises, gross— total..........................................
Salaries— building department officers..............................................
Salaries and wages— building department employees................................................
Building department personnel benefits....................................................................
Recurring depreciation............................................................................
Maintenance and repairs......................................................................
Insurance and utilities.............................................................................
Rents paid.........................................................................................................
1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.
Note: For average asset and liability data see Table 111, p. 135.
Back figures, 1934—1961: See Table 114, pp. 142—143; the Annual Report for 1961, pp. 126—127, and earlier reports.
1 3 9^A
A 719
i , 7/ ft
t;
1
OO
9D
^ 7/
Z
1i oK
819
80
942
652
»4704
pra
1,044
549
1
BANKS
699
311,714
INSURED
862
551,095
OF
202
1,062,607
INCOME
1,763
Net additions to capital from income...............................................................
148
Table 117.
R a t io s of I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n
the
1962
U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) ,
BY CLASS OF B A N K
Members F. R. System
A m o u n t s p e r $100 o f c u r r e n t o p e r a t in g re v e n u e
Total
National
State
Not
members
F. R.
System
$100.00
19.61
6.26
61.84
7.17
3.00
2.12
C u rre n t o p e r a tin g e x p e n se s -“ t o t a l .............................................................................................................................................
Salaries, wages, and fees...................................................................................................................................................................
Officer and employee benefits..........................................................................................................................................................
Interest on time and savings deposits..........................................................................................................................................
Occupancy expense of bank premises— net.................................................................................................................................
Furniture and equipment.................................................................................................................................................................
Other current operating expenses..................................................................................................................................................
70.29
25.67
3.43
23.28
4.55
2.19
11.17
69.98
24.95
3.35
24.09
4.34
2.25
11.00
68.19
25.17
3.99
21.69
4.86
1.95
10.53
74.89
28.81
2.71
23.48
4.69
2.42
12.78
N e t c u r r e n t o p e r a t in g e a r n in g s ....................................................................................................................................................
29.71
30.02
31.81
25.11
A m o u n t s p e r $100 o f t o ta l assets 1
Current operating revenue— total ..................................................................................................................................................
Current operating expenses— total....................................................................................................................................................
Net current operating earnings .......................................................................................................................................................
Recoveries transfers from valuation reserves, and profits— total.............................................................................................
Losses charge-offs and transfers to valuation reserves— total.................................................................................................
Net income before related taxes.........................................................................................................................................................
Net income after related taxes............................................................................................................................................................
4.45
3.13
1.32
.17
.30
1.19
.73
4.42
3.09
1.33
.17
.32
1.18
.72
4.31
2.94
1.37
.18
.28
1.27
.76
4.88
3.65
1.23
.16
.31
1.08
.73
(2)
.03
(2)
.03
(2)
.03
(2)
.03
.01
.09
.01
.10
.01
.06
.01
.10
M em oran d a
Recoveries credited to valuation reserves (not included in recoveries above):
On securities.........................................................................................................................................................................................
Losses charged to valuation reserves (not included in losses above):
On securities.............
...................................................................................................................................................................
CORPORATION
$100.00
15.50
6.04
62.74
4.28
1.87
9.57
INSURANCE
$100.00
17.23
6.29
63.80
5.77
1.65
5.26
DEPOSIT
...........................................................................................................................................................
Income on loans.............
Service charges on deposit accounts..............................................................................................................................................
Other service charges, commissions, fees, etc..............................................................................................................................
Other current operating revenue....................................................................................................................................................
$100.00
17.13
6.21
63.16
5.58
1.94
5.98
FEDERAL
Income item
A m o u n t s p er $100 o f t o t a l c a p ita l a c c o u n ts 1
Net current operating earnings..........................................................................................................................................................
Recoveries, transfers from valuation reserves, and profits— total.............................................................................................
Losses, charge-offs, and transfers to valuation reserves— total..................................................................................................
Net income before related taxes.........................................................................................................................................................
Taxes on net income..............................................................................................................................................................................
Net income after taxes..........................................................................................................................................................................
Net additions to capital from income...............................................................................................................................................
15.99
2.06
3.69
14.36
5.53
8.83
4.15
4.68
16.27
2.04
3.88
14.43
5.65
8.78
4.25
4.53
16.38
2.14
3.36
15.16
6.10
9.06
4.54
4.52
14.30
1.95
3.65
12.60
4.08
8.52
3.03
5.49
.02
.42
.01
.30
.03
.35
.07
1.05
.06
1.18
.06
.77
.12
1.15
S p e cia l r a tio s 1
Income on loans per $100 of loans.....................................................................................................................................................
Income on U. S. Government obligations per $100 of U. S. Government obligations.........................................................
Income on other securities per $100 of other securities...............................................................................................................
Service charges per $100 of demand deposits.................................................................................................................................
Interest paid per $100 of time and savings deposits....................................................................................................................
6.04
3.24
2.95
.44
3.18
6.09
3.24
2.90
.45
3.22
5.64
3.18
3.04
.32
3.23
6.67
3.34
2.93
.68
2.97
4.55
1.17
5.72
.70
.08
.98
.63
.99
1.51
.83
4.34
1.39
5.73
.75
.08
1.05
.71
.95
1.29
.90
4.86
1.12
5.98
.71
.10
.88
.50
1.01
2.05
.73
4.69
.57
5.26
.49
.03
.93
.64
1.08
1.32
.77
13,124
4,503
1,542
7,079
BANKS
Number of banks, December 3 1 .........................................................................................................................................................
INSURED
O c c u p a n c y exp en se o f b a n k p re m ise s p er $100 o f c u rre n t o p e ra tin g reven u e
O c c u p a n c y exp en se o f b a n k p re m ise s , n e t—‘t o t a l................................................................................................................
Rental and other income......................................................................................................................................................................
O c c u p a n c y exp en se o f b a n k p re m ise s , gross— t o t a l ............................................................................................................
Salaries and wages— building department officers and employees.........................................................................................
Building department personnel benefits.......................................................................................................................................
Recurring depreciation.....................................................................................................................................................................
Maintenance and repairs..................................................................................................................................................................
Insurance and utilities......................................................................................................................................................................
Rents paid............................................................................................................................................................................................
OF
.02
.37
INCOME
M em oran da
Recoveries credited to reserve accounts (not included in recoveries above):
On securities........................................................................................................................................................................................
On loans................................................................................................................................................................................................
Losses charged to reserve accounts (not included in losses above):
On securities........................................................................................................................................................................................
On loans................................................................................................................................................................................................
1 For average asset and liability data see Table 111, p. 135.
2 Less than .005.
Back figures, 1934-1961: See Table 115, pp. 144-145, the Annual Report for 1961, pp. 128-129, and earlier reports.
CO
Table 118.
I n c o m e of I n s u r e d C o m m e r c i a l B a n k s O p e r a t i n g T h r o u g h o u t 1 9 6 2 i n t h e U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s )
B A N K S GROUPED ACCORDING TO AM O U N T OF DEPOSITS
Banks with deposits of— 2
All
banks 1
$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000
to
to
to
to
to
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
Less
than
$1,000,000
$1,000,000
to
$2,000,000
$2,000,000
to
$5,000,000
C u rre n t o p e r a tin g rev en u e— t o t a l ................. 12,150,999
2,078,799
Interest on U. S. Government obligations.. .
755,820
Interest and dividends on other securities.. .
7,536,380
Interest and discount on loans........................
139,040
Service charges and fees on loa n s...................
675,998
Service charges on deposit accounts...............
236,385
Other charges, commissions, fees, etc.............
543,484
Trust departm ent................................................
185,093
Other current operating revenue.....................
30,204
7,070
1,200
18,595
150
1,398
1,441
5
345
160,779
37,575
8,108
98,093
682
7,775
6,889
232
1,425
671,756
151,360
42,633
405,574
3,524
38,903
21,448
2,394
5,920
880,543
181,275
61,731
536,437
6,543
63,009
20,877
2,983
7,688
1.329,975
262,774
90,801
801,800
12,265
106,627
27,033
15,944
12,731
922,921
177,728
57,620
561,105
11,266
68,590
16,700
21,421
8,491
842,710
158,817
54,494
505,438
9,669
53,046
14,193
38,580
8,473
2,453,563
412,031
143,158
1,536,683
30,872
135,100
38,467
132,471
24,781
4,858,548
690,169
296,075
3,072,655
64,069
201,550
89,337
329,454
115,239
C u rre n t o p e ra tin g expen ses— t o t a l ..............
Salaries-officers....................................................
Salaries and wages— other em ployees............
Officer and employee benefits. . ......................
Fees paid to directors and com m ittees..........
Interest on time and savings deposits...........
Interest on borrowed m on ey ............................
Occupancy expense of bank premises— net. .
Furniture and equipm ent..................................
Other current operating expenses...................
8,534,749
1,090,224
1,964,567
417,222
62,794
2,828,619
64,225
551,753
266,204
1,289,141
21,782
8,282
2,529
535
677
4,136
22
1,298
527
3,776
115,581
36,137
15,060
3,138
3,263
29,029
88
6,415
3,223
19,228
488,644
114,969
76,541
15,016
12,056
145,081
414
27,896
15,767
80,904
648,082
116,608
116,347
22,363
11,648
211,896
519
39,178
21,874
107,649
996,227
146,097
201,908
38,115
12,574
332,559
851
63,641
33,597
166,885
691,754
91,219
149,428
28,933
5,888
235,118
1,030
43,512
22,575
114,051
621,473
75,980
136,904
28,495
4,040
207,032
1,490
39,177
19,716
108,639
1,708,149
194,930
428,557
86,649
7,714
534,402
9,848
107,799
56,579
281,671
3,243,057
306,002
837,293
193,978
4,934
1,129,366
49,963
222,837
92,346
406,338
N et c u r r e n t o p e ra tin g e a r n in g s .....................
3,616,250
8,422
45,198
183,112
232,461
333,748
231,167
221,237
745,414
1,615,491
463,187
916
3,966
17,637
25,835
45,018
33,429
36,220
116,991
183,175
254,270
6,223
56,590
128
45
11
1,006
159
120
7,738
482
685
15,395
938
1,447
30,710
916
3,583
21,713
708
2,542
23,882
558
2,985
58,771
239
22,816
94,927
2,178
22,401
16,611
56,517
72,976
613
37
82
1,836
251
594
4,988
1,211
2,533
3,166
1,369
3,520
2,070
2,668
5,071
1,013
2,331
5,122
804
2,288
5,703
945
11,908
22,312
1,176
34,454
28,039
831,648
1,846
8,477
37,334
51,712
78,950
57,808
59,305
168,145
368,071
58,717
12,555
93,868
61
58
19
237
392
154
1,732
1,740
1,007
2,611
2,660
1,697
4,476
1,984
6,422
4,501
784
4,334
3,728
673
6,494
16,556
1,082
29,341
24,815
3,182
44,400
29,505
526,328
110,675
1,050
438
220
3,395
2,723
1,576
8,873
17,189
6,793
5,872
29,443
9,429
3,931
49,432
12,705
2,756
36,515
8,918
840
40,326
7,244
2,060
95,462
23,644
728
254,800
40,146
3,247,789
7,492
40,687
163,415
206,584
299,816
206,788
198,152
694,260
1,430,595
Income item
$500,000,000
or
more
(Amounts in thousands of dollars)
C O R PO R ATIO N
Digitized Nfor
FRASER
et in c o m e b e fo re rela ted t a x e s ...................
INSURANCE
L osses, ch a r g e -o ffs , a n d tra n s fers t o
v a lu a tio n reserves— t o t a l ..........................
On securities:
Losses on securities sold ................................
Charge-offs prior to sale................................
Transfers to valuation reserves...................
On loans:
Losses and charge-offs...................................
Transfers to valuation reserves...................
DEPOSIT
Transfers from valuation reserves..............
FEDERAL
R e co v e r ie s , tra n sfers fr o m v a lu a tio n re
serves, a n d p rofits— t o t a l .........................
On securities:
Profits on securities sold or redeem ed. . . .
R ecoveries.................. ......................................
Transfers from valuation reserves..............
On loans:
State........................................................................
1,248,924
1,152,386
96,538
1,989
1,891
98
10,740
10,122
618
46,211
43,679
2,532
64,966
61,940
3,026
103,665
99,198
4,467
77,466
73,926
3,540
73,878
70,413
3,465
277,776
263,662
14,114
592,233
527,555
64,678
N e t in c o m e a fte r r e la te d t a x e s ......................
T a xes o n n e t in c o m e — t o t a l ............................
5,503
29,947
117,204
141,618
196,151
129,322
124,274
416,484
838,362
937,903
936,140
1,904
1,903
9,991
9,987
39,551
39,509
49,621
49,518
70,887
70,671
52,712
52,558
53,404
53,322
188,557
187,590
471,276
471,082
1,763
1
4
42
103
216
154
82
967
194
N et a d d itio n s t o c a p ita l fr o m i n c o m e ........
1,060,962
3,599
19,956
77,653
91,997
125,264
76,610
70,870
227,927
367,086
Number of banking employees (exclusive of
building employees), December 31:
Active officers.......................................................
Other employees..................................................
111,497
510,420
1,899
1,212
6,285
5,838
16,172
25,556
14,116
36,554
15,593
60,410
8,752
43,296
6,732
38,192
17,041
112,954
24,907
186,408
4,712
84,786
108
66
947
301
5,144
187
8,375
492
11,524
593
7,136
409
5,635
2,161
15,257
503
30,660
16,296
238,404
5
327
37
1,971
121
11,632
214
19,587
845
30,399
648
19,052
642
18,712
7,935
49,747
5,849
86,977
551,753
142,688
1,298
74
6,415
629
27,896
3,170
39,178
4,499
63,641
9,952
43,512
13,720
39,177
11,281
107,799
54,632
222,837
44,731
694,441
1,765
1,372
4
7,044
5
31,066
38
43,677
16
73,593
27
57,232
98
50,458
109
162,431
582
267,568
886
82,505
9,861
119,236
76,902
119,746
184,062
100,364
56
4
147
222
577
81
281
483
11
1,187
1,116
2,482
485
1,275
3,104
124
6,544
4,093
8,513
3,052
5,598
4,872
289
9,508
5,460
9,906
5,969
7,657
8,587
656
14,855
9,250
14,016
13,752
12,450
7,701
719
11,025
6,752
9,105
12,880
8,952
6,664
721
8,707
6,172
7,820
12,317
7,948
23,546
2,865
25,577
15,911
25.344
43,669
24,937
27,492
4,472
41,686
27,926
41,983
91,857
31,266
Number of building employees, December 31:
Officers....................................................................
Other employees..................................................
257
30,705
6
167
18
992
31
3,262
27
2,874
11
3,621
19
2,978
21
2,676
54
7,661
70
6,474
Number of banks, December 3 1 ..........................
12.933
830
2,240
4,300
2,644
1,807
549
249
250
64
M e m o ra n d a
Recoveries credited to valuation reserves (not
included in recoveries above):
BANKS
1 This group of banks is the same as the group shown in Table 116 under the heading “Operating throughout the year.”
2 For asset and liability data see Table 110, p. 134.
Back figures, 1941-1961: See the Annual Report for 1961, pp. 130-131, and earlier reports.
INSURED
O c c u p a n c y exp en se o f b a n k
p rem ises
O c c u p a n c y expen se o f b a n k p re m ise s ,
n e t— t o t a l ........................................................
Rental and other income.......................................
O c c u p a n c y exp en se o f b a n k p re m ise s,
g ross— t o t a l ....................................................
Salaries— building department officers..........
Salaries and wages— building department
employees..........................................................
Building department personnel benefits........
Recurring depreciation.......................................
Maintenance and repairs...................................
Insurance and utilities.......................................
Rents paid.............................................................
Taxes.......................................................................
OF
On loans.................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..........................................................
On loans.................................................................
INCOME
1,998,865
D iv id e n d s a n d in te re s t o n c a p ita l— t o t a l ..
Cash dividends declared on common stock..
Dividends declared on preferred stock and
interest on capital notes and debentures. .
Table 119.
R a t i o s op I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s O p e ra tin g T h r o u g h o u t
1962
i n t h e U n i t e d S t a t e s ( S t a t e s an d O t h e r A r e a s )
b a n k s grouped according to a m o u n t of d e p o sit s
^
Oi
10
Banks with deposits of— 2
Income item
All
banks 1
$1,000,000
to
$2,000,000
$2,000,000
to
$5,000,000
$5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
or
to
to
to
to
to
more
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
$100.00
23.37
5.04
61.44
4.84
4.28
1.03
$100.00
22.53
6.35
60.90
5.79
3.19
1.24
$100.00
20.59
7.01
61.66
7.16
2.37
1.21
$100.00
19.76
6.83
61.21
8.02
2.03
2.15
$100.00
19.26
6.24
62.02
7.43
1.81
3.24
$100.00
18.85
6.47
61.13
6.29
1.68
5.58
$100.00
16.79
5.83
63.89
5.51
1.57
6.41
$100.00
14.21
6.09
64.56
4.15
1.84
9.15
C u rre n t o p e ra tin g expen ses— t o t a l ..............
Salaries, wages, and fees....................................
Officer and employee benefits......... .................
Interest on time and savings deposits...........
Occupancy expense of bank premises— net. .
Furniture and equipment..................................
Other current operating expenses...................
70.24
25.66
3.43
23.28
4.54
2.19
11.14
72.12
38.04
1.77
13.69
4.30
1.75
12.57
71.89
33.87
1.95
18.06
3.99
2.01
12.01
72.74
30.30
2.24
21.60
4.15
2.35
12.10
73.60
27.78
2.54
24.06
4.45
2.48
12.29
74.91
27.11
2.87
25.00
4.79
2.53
12.61
74.95
26.71
3.13
25.48
4.71
2.45
12.47
73.75
25.74
3.38
24.57
4.65
2.34
13.07
69.62
25.73
3.53
21.78
4.39
2.31
11.88
66.75
23.63
3.99
23.25
4.59
1.90
9.39
N et c u r r e n t o p e r a tin g e a r n in g s .....................
29.76
27.88
28.11
27.26
26.40
25.09
25.05
26.25
30.38
33.25
4.13
2.90
1.23
4.31
3.11
1.20
4.30
3.09
1.21
4.25
3.09
1.16
4.30
3.16
1.14
4.39
3.29
1.10
4.33
3.25
1.08
4.32
3.19
1.13
4.14
2.88
1.26
3.94
2.63
1.31
A m o u n t s p er $100 o f t o ta l a ssets2
Current operating revenue— to ta l......................
Current operating expenses— total......................
Net current operating earnings...........................
Recoveries, transfers from valuation reserves,
and profits— total...................................
Losses, charge-offs, and transfers to valuation
reserves— total.................................................
Net income before related taxes..........................
Net income after related taxes.............................
M em oran d a
Recoveries credited to valuation reserves
(not included in recoveries above):
On securities
...............................................
On loans............................ ....................................
Losses charged to valuation reserves (not
included in losses above):
.15
.13
.11
.11
.12
.15
.16
.19
.19
.15
.28
1.10
.68
.26
1.07
.79
.23
1.09
.80
.24
1.03
.74
.25
1.01
.69
.26
.99
.65
.27
.97
.61
.30
1.02
.64
.28
1.17
.70
.30
1.16
.68
(*)
.03
.02
(3)
.03
(3)
.03
(3)
.04
(*)
.04
(8)
.03
(8)
.03
(8)
.03
(8)
.02
.01
.08
(8)
.05
(•)
.05
(*)
.07
(3)
.10
(3)
.10
(3)
.09
(3)
.10
.01
.08
(8)
.07
C O R PO R ATIO N
$100.00
23.41
3.97
62.06
4.63
4.77
1.16
INSURANCE
$100.00
17.11
6.22
63.17
5.56
1.94
6.00
DEPOSIT
A m o u n t s p e r $100 o f c u r r e n t
o p e r a tin g rev en u e
C u rre n t o p e r a tin g rev en u e— t o t a l ................
Interest on U. S. Government obligations.. .
Interest and dividends on other securities.. .
Income on loans...................................................
Service charges on deposit accounts...............
Other service charges, commissions, fees, etc.
Other current operating revenue.....................
FEDERAL
Less
than
$1,000,000
A m o u n ts p e r $100 o f t o ta l c a p ita l
a ccou n ts 2
Net current operating earnings............................
Recoveries, transfers from valuation reserves,
and profits— total............................................
Losses, charge-offs, and transfers to valuation
reserves— total.................................................
Net income before related taxes..........................
Taxes on net income...............................................
Net income after taxes...........................................
Cash dividends declared.........................................
Net additions to capital from income................
15.33
9.66
11.11
12.13
13.22
13.83
14.13
14.86
16.35
1.96
1.05
.97
1.17
1.47
1.86
2.04
2.43
2.56
1.88
3.52
13.77
5.30
8.47
3.97
4.50
2.12
8.59
2.28
6.31
2.18
4.13
2.08
10.00
2.64
7.36
2.45
4.91
2.47
10.83
3.06
7.77
2.62
5.15
2.94
11.75
3.70
8.05
2.82
5.23
3.27
12.42
4.29
8.13
2.94
5.19
3.53
12.64
4.74
7.90
3.22
4.68
3.98
13.31
4.96
8.35
3.59
4.76
3.69
15.22
6.09
9.13
4.13
5.00
3.79
14.70
6.08
8.62
4.85
3.77
.02
.36
.12
.02
.23
.02
.34
.01
.48
.02
.48
.04
.44
.03
.38
.05
.33
.01
.32
.07
1.01
.01
.37
.01
.48
.01
.77
.01
1.11
.04
1.26
.04
1.16
.04
1.26
.17
1.09
.06
.89
16.61
M e m o ra n d a
Recoveries credited to reserve accounts (not
included in recoveries above):
6.18
6.14
6.18
6.06
5.82
5.66
5.46
5.16
3.13
3.11
3.07
3.08
3.09
3.20
3.20
3.24
2.62
.42
2.67
.32
2.92
.37
2.75
.46
2.64
.60
2.67
.70
2.62
.62
2.59
.51
2.66
.39
2.55
.29
2.90
2.35
2.40
2.52
2.65
2.74
2.84
2.89
2.91
3.09
4.54
1.17
4.30
.24
3.99
.39
4.15
.47
4.45
.51
4.79
.74
4.71
1.49
4.65
1.34
4.39
2.23
4.59
.92
5.71
4.54
4.38
4.62
4.96
5.53
6.20
5.99
6.62
5.51
.69
.08
.98
.63
.99
1.51
.83
.20
.01
.49
.73
1.91
.27
.93
.30
.01
.74
.70
1.54
.30
.79
.47
.02
.97
.61
1.27
.45
.83
.56
.03
1.08
.62
1.12
.68
.87
.65
.05
1.12
.69
1.05
1.03
.94
.84
.08
1.19
.73
.99
1.40
.97
.81
.09
1.03
.73
.93
1.46
.94
.98
.12
1.04
.65
1.03
1.78
1.02
.58
.09
.86
.58
.87
1.89
.64
12,933
830
2,240
4,300
2,644
1,807
549
249
250
64
1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all insured
commercial banks shown in Tables 115 and 117.
2 For asset and liability data see Table 110, p. 134.
8 Less than .005.
Back figures, 1941-1961: See the Annual Report for 1961, pp. 132-133, and earlier reports.
BANKS
Number of banks, December 3 1 ..........................
6.40
3.21
INSURED
O c c u p a n c y exp en se o f b a n k p re
m ise s p er $100 o f c u r r e n t o p
e ra tin g re v en u e
O c c u p a n c y exp en se o f b a n k p re m ise s,
n e t— t o t a l ........................................................
Rental and other income.......................................
O c c u p a n c y expen se o f b a n k p re m ise s,
gross— t o t a l ....................................................
Salaries and wages— building department
officers and employees....................................
Building department personnel benefits........
Recurring depreciation.......................................
Maintenance and repairs...................................
Insurance and utilities.......................................
Rents paid.............................................................
Taxes.......................................................................
5.51
3.17
OF
S p ecia l r a tio s 2
Income on loans per $100 of loans......................
Income on U. S. Government obligations per
$100 of U. S. Government obligations.. . .
Income on other securities per $100 of other
securities............................................................
Service charges per $100 of demand deposits. .
Interest paid per $100 of time and savings
deposits..............................................................
INCOME
On loans.................................................................
Losses charged to reserve accounts (not in
cluded in losses above):
On securities..........................................................
On loans.................................................................
Table 120.
I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n
the
U n it e d S t a t e s
(S tates a n d O t h e r A r eas), b y S tate,
1962
(Amounts in thousands of dollars)
Other areas
Income item
Total
United
States
Puerto
Rico
Virgin
Islands
114,874
19,857
8,090
71,687
763
8,175
2,762
2,542
998
13,966
2,159
436
8,475
915
1,283
522
42
134
77,964
12,772
17,208
2,972
762
24,354
54
3,601
2,642
13,599
California
Colorado
Connecti
cut
88,217
8,902
3,451
61,368
2,366
7,714
2,053
1,885
478
65,781
11,270
6,079
40,342
160
4,154
2,538
637
601
1,476,064
194,540
73,244
970,517
34,601
105,175
24,414
46,932
26,641
119,374
19,069
4,069
75,229
1,603
10,861
2,693
4,844
1,006
143,546
17,803
8,497
88,874
1,398
10,287
2,230
13,148
1,309
11,055
1,825
3,023
310
33
2,628
29
857
491
1,859
68,207
8,389
16,500
2,869
133
21,687
97
5,433
3,392
9,707
46,353
9,052
8,871
1,857
921
11,843
32
3,140
1,575
9,062
1,110,417
108,312
256,880
45,515
1,268
468,800
8,020
64,545
37,181
119,896
86,248
12,552
19,535
3,150
917
27,021
323
5,808
3,133
13,809
100,592
14,810
28,621
6,639
724
22,018
353
6,860
4,039
16,528
2,911
20,010
19,428
365,647
33,126
42,954
Arizona
28,767
2,064
1,037
20,398
1,797
924
2,165
20
362
1,091
186
55
663
56
21
79
Salaries— officers..................................................
Salaries and wages— other employees............
Officer and employee benefits. . ......................
Fees paid to directors and committees..........
Interest on time and savings deposits...........
Interest on borrowed money.............................
Occupancy expense of bank premises— n e t..
Furniture and equipment..................................
Other current operating expenses...................
8,589,177
1,098.146
1,975,406
419,098
63,236
2,845,283
64,325
555,670
267,885
1,300,128
23,910
3,172
5,917
1,023
172
6,946
98
1,161
851
4,570
908
82
263
41
4
367
22
26
103
8,564,359
1,094,892
1,969,226
418,034
63,060
2,837,970
64,227
554,487
267,008
1,295,455
Net current operating earnings...................
3,629,782
4,857
183
3,624,742
36,910
Recoveries, transfers from valuation re
serves, and profits— total.......................
467,061
1,437
17
465,607
4,268
649
3,180
2,398
32,620
3,737
4,737
256,987
6,241
56,761
622
256,365
6,241
56,761
3,225
36
211
456
2,142
802
1,249
12
278
20,218
310
1,683
2,377
51
243
1,184
2
522
16,902
56,610
73,560
143
123
549
17
16,759
56,487
72,994
351
90
355
98
Transfers from valuation reserves..............
95
236
589
19
251
739
4,652
5,018
248
114
704
173
358
2,498
Losses, charge-offs, and transfers to
valuation reserves— total........................
836,665
1,759
30
834,876
6,606
1,465
5,276
4,888
88,043
7,612
9,270
58,939
12,603
95,039
27
58,912
12,603
95,039
274
85
193
4
12
84
1
579
179
234
285
1,686
1,070
11,880
200
245
187
1,695
13
129
30,107
528,710
111,267
346
1,125
261
15
15
29,761
527,570
110,991
673
4,515
866
219
1,162
68
4,048
564
732
2,327
1,131
1,180
61,787
10,440
434
5,108
1,438
18
4,185
3,230
3,260,178
4,535
170
3,255,473
34,572
2,095
17,914
16,938
310,224
29,251
38,421
Interest on U. S. Government obligations...
Interest and dividends on other securities. . .
Service charges and fees on loans...................
Service charges on deposit accounts...............
Other charges, commissions, fees, etc.............
Other current operating revenue.....................
Current operating expenses— total.............
On securities:
Profits on securities sold or redeemed. . . .
Transfers from valuation reserves..............
On loans:
On securities:
Losses on securities sold................................
Transfers to valuation reserves...................
On loans:
Losses and charge-offs....................................
Transfers to valuation reserves...................
Net income before related taxes..................
31
CORPORATION
2,093,207
759,030
7,578,200
139,645
681,243
237,446
543,916
186,272
Current operating revenue— total ................ 12,218,959
INSURANCE
12,189,101
2,090,957
757,938
7,557,139
137,792
680,298
235,202
543,896
185,879
Arkansas
Alaska
DEPOSIT
Alabama
FEDERAL
50 States
and
D. C.
Taxes on net income— total..........................
344
Federal...................................................................
State ........................................................................
1,256,382
1,159,725
96,657
275
69
Net income after related taxes....................
2,003,796
4,191
Dividends and interest on capital—-total..
941,189
939,426
1.615
1.615
Cash dividends declared on common stock..
Dividends declared on preferred stock and
interest on capital notes and debentures. .
87
87
1,255,951
1,159,363
96,588
12,271
10,927
1,344
1,153
1,147
6
7,418
7,007
411
5.210
5.210
83
1,999,522
22,301
942
10,496
939,574
937,811
7.840
7.840
455
455
5.454
5.454
1,763
136,410
104,576
31,834
13,064
11,306
1,758
15,708
12,918
2,790
11,728
173,814
16,187
22,713
4.217
4.217
111,169
111,103
7.063
7.063
11.386
11.386
1,763
66
1,062,607
2,576
83
1,059,948
14,461
487
5,042
7,511
62,645
9,124
11,327
Number of banking employees (exclusive of
building employees), December 31:
Active officers.......................................................
Other employees..................................................
112,200
512,739
408
1,942
7
61
111,785
510,736
1,421
5,187
131
627
827
4,313
1,202
2,800
11,245
58,750
1.291
5.291
1,330
7,225
4,714
84,863
62
4,714
84,801
202
828
230
948
3
563
191
9,024
1,922
124
774
16,305
238,825
410
16,305
238,415
7
2,579
529
22
3,027
6
1,153
578
31,231
3,635
374
2,216
555,670
143,626
1,161
212
22
11
554,487
143,403
3,601
1,089
857
89
5,433
1,077
3,140
589
64,545
7,783
5,808
2,833
6,860
1,698
699,296
1,780
1,373
15
33
697,890
1,765
4,690
40
946
6,510
12
3,729
7
72,328
187
8,641
13
8,558
83,324
9,941
120,178
77,554
120,500
185,106
100,913
138
21
151
160
262
423
203
83,186
9,920
120,023
77,385
120,234
184,668
100,709
727
56
957
506
924
1,248
232
32
1
131
156
286
281
59
434
65
1,209
308
1,414
2,604
464
442
36
931
437
774
577
525
2,851
430
9,731
11,722
10,740
27,508
9,159
1,073
82
982
738
1,162
3,689
902
1,337
167
1,587
832
1,776
1,341
1,518
Number of building employees, December 31:
Officers....................................................................
Other employees..................................................
258
30,956
2
56
256
30,900
6
347
12
1
118
3
277
18
801
3
353
407
Number of banks, December 3 1 ..........................
13,124
7
13,116
239
9
10
237
123
173
58
M emoranda
Salaries— building department officers..........
Salaries and wages— building department
employees..........................................................
Building department personnel benefits........
Recurring depreciation.......................................
Maintenance and repairs...................................
Insurance and utilities.......................................
Rents paid.............................................................
Taxes.......................................................................
4
9
4
15
1
1
Note: For average asset and liability data by State see Table 112, pp. 136-137.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.
BANKS
Rental and other income.......................................
Occupancy expense of bank premises,
gross— total................................................
INSURED
Occupancy expense of bank
premises
Occupancy expense of bank premises,
net— total...................................................
OF
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.................................................................
INCOME
Net additions to capital from income.......
Table 120.
In com e o f In su re d C om m ercial B a n k s in t h e U nited S ta tes (S ta te s and O t h e r A re a s), by S tate, 1962— continued
(Amounts in thousands of dollars)
Delaware
Income item
District of
Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
176,284
44,392
39,080
851,045
237,863
158,018
121,814
113,985
25,205
8,308
111,762
3,097
13,828
6,592
5,847
1,645
6,769
1,867
30,193
1,483
2,339
1,367
Other current operating revenue.........................
60,123
15,475
142,141
4,547
23,947
5,596
7,587
2,743
374
6,556
1,783
24,572
822
3,861
1,006
215
265
187,317
67,283
485,810
7,249
33,286
13,259
49,934
6,907
58,000
10,893
142,213
1,519
12,137
4,433
6,515
2,153
30,696
10,296
99,823
501
9,637
3,518
2,076
1,471
26,844
10,518
70,813
439
8,772
2,064
1,079
1,285
26,167
5,941
68,723
962
4,828
1,268
4,751
1,345
Current operating expenses— total.................
23,024
52,483
196,426
125,306
32,749
26,449
602,096
168,946
110,235
81,403
74,946
Salaries— officers......................................................
Salaries and wages— other employees................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits...............
Interest on borrowed money................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment......................................
Other current operating expenses........................
3,779
6,657
1,442
254
4,318
35
1,650
1,264
3,625
6,761
13,616
1,807
438
15,079
134
3,919
1,614
9,115
26,866
46,812
7,999
1,969
57,181
482
12,427
9,361
33,329
19,925
30,202
6,245
1,499
27,275
838
9,442
4,780
25,100
3,102
7,754
2,132
195
11,837
113
2,020
1,197
4,399
4,224
5,658
1,290
176
8,773
125
1,361
911
3,931
72,483
125,123
30,153
4,393
231,735
4,230
33,850
14,953
85,176
26,322
37,629
7,594
2,076
46,898
395
10,941
5,368
31,723
25,346
20,228
4,199
1,146
29,450
370
6,689
3,576
19,231
19,126
15,366
2,785
1,256
20,507
171
5,098
2,689
14,405
14,060
16,087
3,351
1,211
17,599
265
5,496
2,472
14,405
Net current operating earnings.......................
17,073
26,832
65,733
50,978
11,643
12,631
248,949
68,917
47,783
40,411
39,039
Recoveries, transfers from valuation re
serves, and profits— total...........................
805
2,576
9,234
6,026
933
1,018
46,410
10,555
4,238
4,255
4,591
385
6,180
90
536
3,492
63
37
759
893
13
202
1,038
18
71
23
7
27,380
1,661
11,396
6,879
36
942
2,899
61
105
2,496
153
24
3,106
40
507
14
166
38
51
1,264
134
474
347
1,607
285
182
1.967
11
31
109
67
38
993
2,994
1,986
308
693
1,697
484
167
522
943
96
543
307
.........
Losses, charge-offs, and transfers to valua
tion reserves— total......................................
2,259
2,406
17,905
11,621
1,146
1,841
68,535
16,634
8,213
7,218
7,709
254
50
359
11
8
128
1,541
163
488
330
209
1,035
281
2
14
2
335
3,537
1,816
8,650
572
236
2,824
714
332
129
337
571
233
334
1,541
76
973
547
177
1,613
469
821
12,664
2,228
459
6,407
3,181
35
687
141
135
1,258
97
1,847
46.446
6,239
567
8,183
4,252
942
4,248
1,848
1,741
2,740
1,596
629
3,733
1,248
15,619
27,002
57,062
45,383
11,430
11,808
226,824
62,838
43,808
37,448
35,921
On securities:
Profits on securities sold or redeemed...........
Recoveries
• ........................
Transfers from valuation reserves...................
On loans:
Transfers from valuation reserves
On securities:
Losses on securities sold.....................................
Charge-offs prior to sale.....................................
Transfers to valuation reserves.......................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................
Net income before related taxes......................
369
262
224
CORPORATION
262,159
16,470
2,226
47,713
1,154
5,454
1,051
4,721
526
INSURANCE
79,315
7,048
1,582
22,125
652
1,092
279
6,896
423
DEPOSIT
40,097
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
FEDERAL
Current operating revenue— total..................
Taxes on net income—-total ................................
8,045
12.538
19.709
18.308
4,858
5,701
77.678
25.076
13.940
11.922
Federal.................... .......................................... ..
7,624
421
12.538
19.709
18.308
4,598
260
4,692
1,009
77.678
25.076
13.940
11.922
Net income after related taxes .........................
7,574
14,464
37,353
27,075
6,572
6,107
149,146
37,762
29,868
25,526
22,130
Dividends and interest on capital— total. . . .
5.307
6.582
12,657
12,525
3.096
3.030
53,907
13,488
10,093
7.879
7,965
5.307
6.582
12,629
12,517
3.096
3.030
53,873
13,479
10,076
7.879
7,962
28
8
34
9
17
Cash dividends declared on common stock... .
Dividends declared on preferred stock and
13.791
13.791
3
14,550
3,476
3,077
95,239
24,274
19,775
17,647
14,165
Number of banking employees (exclusive of
building employees), December 31:
Active officers....................... ...................................
Other employees......................................................
352
1,874
528
3,499
2,898
13,861
2,320
8,867
286
1,974
424
1,671
6,573
31,183
2,828
10,703
2,902
6,306
2,385
4,748
1,880
5,097
250
211
4
2,333
25
1,522
40
190
73
234
5,280
4
1,827
50
947
49
957
100
869
47
509
1,076
85
8,312
26
3,571
42
474
401
627
12,518
248
5,223
3
2,369
1,928
40
2,065
Occupancy expense of bank
premises
Occupancy expense of bank premises,
net— total.......................................................
1,650
3,919
5,496
Memoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities ..........................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities ......................................... ................
On loans.....................................................................
12,427
9,442
33,850
10,941
6,689
5,098
216
802
4,169
2,814
2,020
517
1,361
Rental and other income...........................................
330
8,878
3,458
1,194
1,421
1,179
Occupancy expense of bank premises,
gross— total....................................................
1,866
4,721
16,596
12,256
2,537
1,691
42,728
14,399
7,883
6,519
Salaries— building department officers...............
Salaries and wages— building department
employees..............................................................
Building department personnel benefits............
Recurring depreciation..........................................
Maintenance and repairs .......................................
Insurance and utilities...........................................
Rents paid.................................................................
Taxes...........................................................................
15
42
35
24
79
22
9
12
6,675
8
181
31
327
154
296
751
126
999
88
734
440
600
1,297
548
1,700
169
3,018
1,750
3,338
3,584
2,995
1,113
113
2,300
1,457
2,017
2,505
2,716
166
36
373
166
556
1,059
157
216
12
474
105
313
320
251
7,317
659
6,597
5,067
6,445
10,554
6,010
2,418
189
2,833
2,044
2,620
2,442
1,831
1,023
67
1,415
989
1,616
1,700
1,064
872
51
1,355
925
1,277
857
1,170
940
81
1,072
812
1,492
1,025
1,245
Number of building employees, December 31:
Officers........................................................................
Other employees.......................................................
2
315
6
603
14
484
3
108
7
86
10
2,015
3
74
1,011
651
3
482
6
511
Number of banks, December 3 1 ..............................
19
12
340
364
7
31
993
434
652
590
342
Note: For average asset and liability data by State see Table 112, pp. 136-137.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.
BANKS
24,696
INSURED
7,882
OF
2,267
INCOME
Net additions to capital from income...........
Table 12 0 .
Income
of
I n s u r e d C o m m e r c ia l B a n k s
in
the
U n it e d S tat es (S tat es
and
O t h e r A reas) ,
by
S tat e , 1962— Continued
Oi
00
(Amounts in thousands of dollars)
Income item
Louisiana
Maine
Maryland
Massa
chusetts
Michigan
Minne
sota
Missis
sippi
Missouri
Montana
Nebraska
85,209
29,726
16,281
4,008
55,003
276
5,335
1,816
1,798
692
4,581
1,585
18,894
1,222
1,610
767
857
210
Nevada
306,711
481,710
232,481
71,324
287,200
45,234
25,922
7,308
74,567
2,068
9,682
2,660
3,007
1,314
44,390
10,912
190,186
3,190
20,777
10,309
21,011
5,936
96,054
37,593
292,037
4,665
24,113
8,242
15,751
3,255
43,350
13,432
138,021
1,378
14,850
7,621
1,829
11,737
7,772
41,627
166
5,084
3,574
588
776
57,193
16,952
181,269
1,775
13,179
4,030
9,554
3,248
8,890
2,762
27,225
709
3,587
1,335
335
391
Current operating expenses— total.................
101,739
28,831
90,073
192,860
373,409
167,186
50,443
56,214
18,567
14,870
22,346
3,774
1,408
26,314
195
8,426
3,209
21,197
3,696
6,369
1,047
310
9,220
69
2,198
946
4,976
9,779
22,840
3,788
875
27,992
338
6,044
3,186
15,231
27,323
61,482
13,025
1,415
28,788
1,296
16,568
7,897
35,066
34,114
78,437
16,215
2,063
160,361
1,278
21,214
9,776
49,951
29,596
33,897
8,015
1,889
52,697
433
9,820
5,010
25,829
9,516
10,186
2,172
844
12,869
123
2,688
1,747
10,298
192,442
29,539
43,081
7,964
2,209
57,247
1,302
11,689
5,440
33,971
32,903
Salaries— officers......................................................
Salaries and wages— other employees................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits...............
Interest on borrowed money................................
Occupancy expense of bank premises— net. . . .
Furniture and equipment......................................
Other current operating expenses........................
5,968
6,234
1,684
286
8,833
65
1,804
1,159
6,870
14,359
11,745
2,963
933
9,530
405
3,395
1,988
10,896
2,616
4,710
544
49
6,088
38
1,428
547
2,547
Net current operating earnings.......................
39,408
9,787
36,455
113,851
108,301
65,295
20,881
94,758
12,331
28,995
11,159
Recoveries, transfers from valuation re
serves, and profits— total...........................
9,008
1,103
4,367
14,587
17,317
5,379
3,641
11,287
2,565
3,615
580
4,380
18
695
641
30
131
3,191
48
617
6,333
60
4,176
7,779
14
657
3,269
238
431
923
600
593
8,338
95
680
830
168
839
1,943
230
184
523
256
207
3,452
106
1
194
90
265
156
204
865
2,949
212
1,940
6,715
526
113
802
339
786
400
549
275
1,350
573
5
150
214
738
306
56
11,047
2,803
8,447
22,478
31,010
9,917
6,772
15,017
3,811
6,270
1,188
159
212
2,198
351
46
200
1,002
360
830
1,266
57
3,173
515
107
7,114
819
288
376
135
674
932
1,035
362
4,146
37
190
676
321
546
5,441
2,491
86
1,703
417
215
4,646
1,394
256
11,234
6,492
847
18,472
3,955
896
5,702
1,836
484
3,641
906
907
6,485
2,082
774
352
1,614
520
3,171
1,231
10
745
242
37,369
8,087
32,375
105,960
94,608
60,757
17,750
91,028
11,085
26,340
10,551
On securities:
Profits on securities sold or redeemed...........
Recoveries..............................................................
Transfers from valuation reserves ................
On loans:
Recoveries..............................................................
Transfers from valuation reserves.................
All other.....................................................................
Losses, charge-offs, and transfers to valua
tion reserves— total.....................................
On securities:
Losses on securities sold....................................
Charge-offs prior to sale ................................
Transfers to valuation reserves........................
On loans:
Losses and charge-offs........................................
Transfers to valuation reserves........................
All other.....................................................................
Net income before related taxes......................
12,000
352
843
1
84
107
CORPORATION
126,528
5,688
1,512
26,263
327
2,562
495
1,458
313
INSURANCE
38,618
28,975
9,590
84,544
653
9,393
5,191
1,205
1,596
DEPOSIT
141,147
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans........................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
Trust department....................................................
Other current operating revenue.........................
FEDERAL
Current operating revenue— total..................
13.054
13.054
3.011
3.011
12.512
12.512
51,463
43,466
7,997
26.541
26.541
25,452
20,666
4,786
4.761
4.761
37,772
35,989
1,783
4,059
3,815
244
10,186
10,186
4.440
4.440
Net income after related taxes........................
24,315
5,076
19,863
54,497
68,067
35,305
12,989
53,256
7,026
16,154
6,111
Dividends and interest on ca p ita l-to ta l. . . .
8,854
8,853
2,689
2,684
9,476
9,475
28,897
28,887
30,310
30,118
14,612
14,562
4,699
4,694
20,816
20,799
3.245
3.245
6.189
6.189
2.903
2.903
Cash dividends declared on common stock.. . .
Dividends declared on preferred stock and
interest on capital notes and debentures. . . .
1
5
1
192
50
5
17
15,461
2,387
10,387
25,600
37,757
20,693
8,290
32,440
3,781
9,965
1,523
6,268
451
2,085
1,131
6,716
2,474
16,957
3,208
20,395
3,329
9,618
1,129
3,137
3,398
12,832
648
1,812
1,678
3,675
299
1,305
38
1,049
105
297
29
557
21
2,508
25
4,238
991
10
1,030
82
1,557
30
323
37
719
63
9
4,027
3
953
296
1,786
250
8,884
294
10,494
3,587
98
1,886
766
3,889
722
10
1,861
631
8,426
2,543
2,198
367
6,044
1,210
16,568
3,081
21,214
3,162
9,820
4,049
2,688
1,476
11,689
1,810
1,804
687
3,395
1,142
1,428
117
10,969
45
2,565
7,254
21
19,649
98
24,376
76
13,869
16
4,164
13,499
10
2,491
4,537
15
1,545
2
1,601
131
1,773
976
1,511
1,862
3,070
423
38
452
263
418
630
341
800
99
1,322
846
1,315
2,130
721
2,320
344
3,305
2,245
3,917
3,103
4,317
3,492
420
4,599
2,682
4,919
4,604
3,584
1,310
115
1,830
1,479
2,999
4,158
1,962
378
24
558
421
779
1,060
944
2,062
255
2,795
1,646
2,490
3,061
1,180
355
36
474
239
391
421
575
615
59
906
524
736
1,058
624
176
19
256
178
289
237
388
Number of building employees, December 31:
Officers
Other employees.......................................................
7
630
228
2
295
10
736
6
1,218
3
641
224
4
855
159
3
371
52
Number of banks, December 3 1 ..............................
195
41
120
158
369
686
190
614
122
396
7
Net additions to capital from income...........
Number of banking employees (exclusive of
building employees), December 31:
10
3,208
Occupancy expense of bank premises,
gross— total....................................................
Salaries— building department officers...............
Salaries and wages— building department
employees...............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Note: For average asset and liability data by State see Table 112, pp. 136-137.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.
BANKS
Rental and other income...........................................
INSURED
Occupancy expense of bank
premises
Occupancy expense of bank premises,
OF
Losses charged to valuation reserves (not
included in losses above):
On securities
On loans......................................................................
INCOME
Memoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
Table 12 0 .
I ncome
__________________
of
I n s u r e d C o m m e r c ia l B a n k s
in
the
U n it e d S tates (S ta t es
and
O th e r A reas),
by
S tate , 1962— Continued
(Amounts in thousands of dollars)
______________________________________________________________________________________________________________________________________________________
Income item
New
Hampshire
New
Jersey
New
Mexico
New
York
North
Carolina
North
Dakota
Ohio
Oklahoma
Oregon
Pennsyl
vania
Rhode
Island
164,301
22,911
9,916
102,482
3,440
11,042
6,838
5,978
1,694
35,967
8,577
2,788
19,068
279
2,129
2,615
223
288
570,439
116,535
37,612
346,161
4,451
29,870
7,319
23,070
5,421
136,062
26,393
7,903
85,668
887
10,223
1,911
1,992
1,085
113,672
16,854
6,781
70,957
1,468
11,153
2,010
3,034
1,415
772,294
129,599
57,541
480,364
5,167
29,412
10,716
50,422
9,073
51,290
6,726
2,804
33,206
258
2,715
861
4,291
429
Salaries— officers......................................................
Salaries and wages— other employees................
Officer and employee benefits...............................
Fees paid to directors and committees..............
Interest on time and savings deposits...............
Interest on borrowed money................................
Occupancy expense of bank premises— n e t.. . .
Furniture and equipment......................................
Other current operating expenses........................
18,101
2,647
3,414
844
273
5,866
48
1,108
665
3,236
299,000
31,752
67,748
12,586
2,710
110,103
571
19,617
9,882
44,031
29,449
4,939
6,873
948
281
7,398
6
2,109
1,281
5,614
1,497,642
141,659
395,658
105,694
4,824
467,519
30,072
120,665
35,449
196,102
113,713
19,882
27,625
5,573
818
27,832
749
7,542
4,032
19,660
25,108
5,298
4,071
1,189
287
8,096
10
1,290
786
4,081
404,113
43,522
87,149
16,439
2,918
152,796
2,030
19,748
10,521
68,990
89,791
18,743
18,477
4,073
1,108
23,364
400
4,909
3,045
15,672
87,497
12,326
18,859
3,343
260
34,228
166
5,022
2,982
10,311
535,429
62,363
120,605
25,934
5,410
180,117
3,231
33,931
18,126
85,712
34,225
3,578
7,811
2,207
214
12,610
145
2,024
1,050
4,586
Net current operating earnings.......................
6,752
87,822
11,235
788,012
50,588
10,859
166,326
46,271
26,175
236,865
17,065
Recoveries, transfers from valuation re
serves, and profits— total...........................
1,070
17,154
1,030
121,091
9,439
1,060
22,174
3,523
1,164
22,119
613
On securities:
Profits on securities sold or redeemed...........
Recoveries
....................................................
Transfers from valuation reserves..................
On loans:
700
169
8
8,515
13
1,506
638
17
28
55,048
651
15,311
6,500
4
2,176
784
13
16
11,703
141
5,424
1,869
7
153
734
12,297
176
1,287
235
Transfers from valuation reserves...................
41
27
125
344
3,222
3,554
140
94
113
626
27,071
22,384
122
157
480
74
8
165
558
2,876
1,472
961
63
470
25
14
391
596
4,032
3,731
23
26
55
Losses, cliarge-offs, and transfers to valua
tion reserves— total.....................................
1,315
29,035
3,291
191,930
12,541
1,720
32,153
7,411
6,179
57,216
4,639
154
208
102
5,372
158
3,344
119
24
26
18,489
237
19,271
1,390
56
1,901
22
55
1
2,908
683
6,522
458
89
201
2,442
5
303
5,380
1,173
5,804
844
73
569
209
537
17,236
2,388
165
2,573
384
680
138,932
14,321
412
5,770
3,012
173
1,048
421
786
17,795
3,459
1,880
3,727
1,056
63
2,985
381
997
36,287
7,575
103
2,225
858
6,507
75,941
8,974
717,173
47,486
10,199
156,347
42,383
21,160
201,768
13,039
Current operating expenses— total.................
On securities:
Losses on securities sold.....................................
Charge-offs prior to sale . . . *
. ........... ..
Transfers to valuation reserves.......................
On loans:
Losses and charge-offs.............. .........................
Transfers to valuation reserves........................
Net income before related taxes......................
274
609
CORPORATION
2,285,654
328,193
151,023
1,410,224
21,240
77,198
38,336
182,567
76,873
INSURANCE
40,684
7,917
1,400
25,568
459
3,294
1,117
526
403
DEPOSIT
386,822
65,404
35,722
237,418
3,504
24,531
4,069
12,366
3,808
Interest on U. S. Government obligations........
Interest and dividends on other securities........
Interest and discount on loans.............................
Service charges and fees on loans. ......................
Service charges on deposit accounts...................
Other charges, commissions, fees, etc.................
Trust department....................................................
Other current operating revenue.........................
FEDERAL
24,853
3,481
1,156
16,819
194
2,082
371
501
249
Current operating revenue— total..................
G}
O
Taxes on net income-—total..............................
Federal........................................................................
State............................................................................
2.093
2.093
18.857
18.857
3.786
3.786
283,918
250,932
32,986
19,441
17,787
1,654
3,529
3,296
233
58.771
58.771
16,643
15,325
1,318
8.411
6.411
2,000
70.901
70.901
5,928
5,110
818
Net income after related taxes........................
4,414
57,084
5,188
433,255
28,045
6,670
97,576
25,740
12,749
130,867
7,111
Dividends and interest on capital— total. . . .
1.322
1.322
25,150
24,751
2.458
2.458
233,663
232,982
10,636
10,635
2,662
2,662
38,120
38,113
8.992
8.992
8.146
8.146
72,264
72,262
4.638
4.638
681
1
Net additions to capital from income...........
3,092
31,934
2,730
199,592
17,409
4,008
59,456
16,748
4,603
58,603
2,473
Number of banking employees (exclusive of
building employees), December 31:
Active officers............................................................
Other employees.......................................................
340
1,070
2,984
17,935
532
2,011
10,432
86,698
2,175
8,638
663
1,388
4,164
22,547
2,158
5,487
1,373
4,982
6,392
31,424
349
2,218
27
155
66
2,004
50
1,017
844
15,024
199
429
166
171
2,978
100
1,120
385
180
4,377
174
1
353
2,120
6,438
5
2,705
1,871
41,387
2,851
1,256
403
1,129
9,165
2,331
4
1,264
2,751
12,803
1,038
624
Cash dividends declared on common stock. . . .
Dividends declared on preferred stock and
399
7
2
2,109
444
7,542
1,579
1,290
414
19,748
12,836
4,909
3,758
5,022
655
33,931
6,968
2,024
1,486
1,257
22,824
39
2,553
1
141,397
280
9,121
43
1,704
Salaries— building department officers...............
Salaries and wages— building department
employees..............................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Rents paid.................................................................
Taxes...........................................................................
32,584
146
8,667
16
5,677
49
40,899
118
3,510
47
158
12
208
117
209
298
255
2,556
342
4,288
3,410
3,781
3,780
4,628
351
18
518
255
393
568
449
12,767
2,512
21,496
10,851
23,553
53,894
16,044
1,231
117
1,906
949
1,824
2,279
772
212
17
395
113
393
297
277
5,912
681
5,370
3,782
5,593
7,871
3,229
1,369
163
1,594
971
1,521
2,387
646
766
76
1,336
1,078
782
772
818
7.731
927
7.731
4,321
6,624
8,660
4,787
805
127
541
266
461
670
593
Number of building employees, December 31:
Officers
.................................................................
Other employees.......................................................
89
8
925
1
114
23
3,192
8
657
156
15
2,100
2
663
5
236
22
2,860
5
282
Number of banks, December 3 1 ..............................
71
239
60
355
161
153
563
390
47
628
8
N ote: For average asset and liability data by State see Table 112, pp. 136-137.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.
BANKS
19,617
3,207
Rental and other income...........................................
INSURED
1,108
149
120,665
20,732
Occupancy expense of bank premises,
gross— total.................... ............................
OF
Occupancy expense of bank
premises
Occupancy expense of bank premises,
net— total.......................................................
INCOME
M emoranda
Recoveries credited to valuation reserves (not
included in recoveries above):
On securities..............................................................
On loans.....................................................................
Losses charged to valuation reserves (not
included in losses above):
On securities..............................................................
On loans.....................................................................
T a b le 1 2 0 .
I n c o m e o f I n s u r e d C o m m e r c i a l B a n k s i n t h e U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , b y S t a t e , 1 9 5 2 — C o n t in u e d
4.
(Amounts in thousands of dollars)
South
Carolina
Income item
South
Dakota
Tennessee
Texas
Utah
^
Vermont
Virginia
Wash
ington
West
Virginia
Wisconsin Wyoming
598,010
105,488
34,290
391,431
5,026
34,560
8,586
12,261
6,368
58,487
6,964
2,513
38,812
1,922
4,875
1,639
1,347
415
23,584
3,128
1,255
16,730
233
1,411
203
410
214
188,773
29,868
10,693
123,058
2,159
12,308
3,599
5,603
1,485
162,122
24,495
8,124
100,468
2,444
16,176
3,810
4,698
1,907
65,827
16,429
3,180
39,909
543
2,592
1,042
1,537
595
222,677
49,985
12,321
136,784
1,591
11,447
2,829
5,550
2,170
22,590
4,411
966
14,346
286
1,554
667
203
157
C u r r e n t o p e r a tin g exp en ses— t o t a l ..................
Salaries—officers...............................................
Salaries and wages—other employees...............
Officer and employee benefits..........................
Fees paid to directors and committees............
Interest on time and savings deposits.............
Interest on borrowed money............................
Occupancy expense of bank premises —net. . . .
Furniture and equipment.................................
Other current operating expenses....................
38,037
7,827
10,409
1,915
506
5,478
42
2,581
1,688
7,591
29,787
6,746
5,093
1,437
436
9,050
37
1,493
934
4,561
120,310
16,402
24,001
4,876
984
44,101
356
6,609
3,929
19,052
408,728
67,876
81,866
15,134
4,486
114,035
3,353
26,882
14,069
81,027
41,016
5,046
8,213
1,467
322
16,345
175
2,035
1,427
5,986
19,322
2,271
3,070
659
299
9,158
21
1,090
531
2,223
135,402
19,052
28,535
5,291
1,557
45,756
433
7,928
4,621
22,229
117,049
15,691
30,819
5,317
403
37,343
282
7,514
3,858
15,822
44,271
7,086
9,048
1,758
754
13,854
82
2,409
1,503
7,777
161,016
26,234
29,663
7,364
2,321
58,587
350
8,878
4,448
23,171
15,787
2,870
3,122
486
237
5,392
60
692
638
‘ 2,290
N et cu r r e n t o p e r a t in g e a r n in g s .........................
20,172
13,272
51,653
189,282
17,471
4,262
53,371
45,073
21,556
61,661
6,803
R e co v e r ie s , tra n s fe rs fr o m v a lu a tio n r e
serves, a n d p ro fits — t o t a l ..............................
1,415
685
6,279
15,772
1,558
465
7,014
5,620
2,365
7,718
600
1,192
1
343
17
8
4,022
110
1,200
9,578
136
847
1,207
5
32
254
5
4,455
18
1,128
3,673
452
242
1,491
23
188
6,220
233
380
360
3
35
13
174
142
8
167
343
59
545
2,712
258
2,241
84
91
139
35
17
154
234
569
610
84
782
387
111
183
369
94
175
616
170
5
62
2,951
2,292
11,990
45,722
2,444
1,309
9,451
8,091
3,294
10,944
1,551
45
112
9
73
52
5
704
290
1,762
732
927
1,229
58
38
22
310
18
30
373
133
1,783
178
43
2,030
203
47
194
1,178
204
74
54
20
12
80
2,392
313
229
1,669
264
639
6,641
1,954
5,351
28,550
8,933
22
1,977
327
38
789
124
575
5,651
936
94
4,842
904
201
2,037
612
166
8,161
1,161
439
776
250
18,636
11,665
45,942
159,332
16,585
3,418
50,934
42,602
20,627
58,435
5,852
On securities:
Profits on securities sold or redeemed..........
Recoveries.....................................................
Transfers from valuation reserves................
On loans:
Recoveries.....................................................
Transfers from valuation reserves................
All other............................................................
L osses, ch a r g e -o ffs, a n d tra n sfers t o valua
t io n reserves— t o t a l .........................................
On securities:
Losses on securities sold.................. ............
Charge-offs prior to sale................................
Transfers to valuation reserves....................
On loans:
Losses and charge-offs...................................
Transfers to valuation reserves....................
All other............................................................
N et in c o m e b e fo r e rela ted taxes....................
1
CORPORATION
171,963
29,407
10,288
116,377
1,102
7,250
3,143
3,181
1,215
INSURANCE
43,059
9,795
2,142
25,169
264
2,614
2,433
294
348
DEPOSIT
58,209
10,541
4,056
34,104
215
4,860
3,024
1.006
40 J
Interest on U. S. Government obligations.......
Interest and dividends on other securities.......
Interest and discount on loans.........................
Service charges and fees on loans ...................
Service charges on deposit accounts................
Other charges, commissions, fees, etc...............
Trust department.............................................
Other current operating revenue......................
FEDERAL
C u rre n t o p e r a tin g rev en u e— t o t a l ....................
T a x e s o n n e t i n c o m e — t o t a l ................................
Federal........................................................................
State ............................................................................
7,290
6,831
459
4,707
4,328
379
18,020
17,677
343
59.758
59.758
6,991
6,675
316
1,097
978
119
20,118
20,118
18,088
18,088
8.328
8.328
20,711
19,391
1,320
2.514
2.514
N e t i n c o m e a f t e r r e l a t e d t a x e s .............................
11,346
6,958
27,922
99,574
9,594
2,321
30,816
24,514
12,299
37,724
3,338
D iv i d e n d s a n d i n t e r e s t o n c a p i t a l — t o t a l . . . .
4,646
4,644
2.715
2.715
10.976
10.976
46.624
46.624
4.455
4.455
1,373
1,300
13,052
13,006
10.456
10.456
4.472
4.472
14,579
14,477
1,372
1,368
Cash dividends declared on common stock.. . .
Dividends declared on preferred stock and
interest on capital notes and debentures. . . .
2
46
102
4
6,700
4,243
16,946
52,950
5,139
948
17,764
14,058
7,827
23,145
1,966
Number of banking employees (exclusive of
building employees), December 31:
Active officers...........................................................
Other employees......................................................
931
3,274
846
1,662
2,039
7,352
7,600
23,092
553
2,416
295
944
2,286
8,753
1,618
7,623
847
2,630
2,805
8,986
312
830
7
226
4
261
697
810
838
8,670
277
141
78
962
900
46
266
2
2,084
2
295
28
1,009
1
620
375
3,349
40
21,531
723
357
134
2,454
2,184
18
907
86
4,431
22
585
2,581
255
1,493
291
6,609
1,916
26,882
22,680
2,035
345
1,090
155
7,928
1,447
7,514
834
2,409
841
8,878
2,248
692
383
2,836
1
1,784
8,525
30
49,562
105
2,380
1,245
9,375
8
8,348
65
3,250
19
11,126
1
1,075
9
225
28
586
481
770
597
148
202
24
308
178
491
286
295
1,247
90
1,736
960
1,533
995
1,934
5,445
463
9,851
5,221
8,054
7,671
12,752
181
12
370
153
261
1,262
141
173
13
250
107
221
322
159
1,457
127
1,823
955
1,996
2,188
821
812
97
2,459
1,278
1,538
1,319
780
544
49
654
350
661
495
478
1,537
144
2,093
1,310
1,969
2,308
1,764
132
8
214
172
196
83
261
Number of building employees, December 31:
Officers........................................................................
Other employees......................................................
1
152
2
152
6
637
15
2,141
126
95
1
880
6
252
3
280
10
783
3
64
Number of banks, December 3 1 ..............................
138
171
289
1,030
45
50
292
91
181
567
56
M em ora n d a
O c c u p a n c y e x p e n s e o f b a n k p r e m is e s ,
g r o s s — t o t a l ..............................................................
Salaries— building department officers...............
Salaries and wages— building department em
ployees ....................................................................
Building department personnel benefits............
Recurring depreciation...........................................
Maintenance and repairs.......................................
Insurance and utilities............................................
Rents paid.................................................................
Taxes...........................................................................
Note: For average asset and liability data b y State see Table 112, pp. 136-137.
Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.
BANKS
Rental and other income...........................................
INSURED
O ccu p a n cy expen se o f b a n k
p r e m is e s
O c c u p a n c y e x p e n s e o f b a n k p r e m is e s ,
n e t — t o t a l ...................................................................
OF
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.....................................................................
INCOME
73
N e t a d d i t i o n s t o c a p i t a l f r o m i n c o m e .............
Table 121.
I ncome of Insured Mutual Savings Banks, 1954-1962
(Amounts in thousands of dollars)
1959
1960
1961
1962
898,440
146,624
102,590
623,586
645,592
20,475
1,531
8,439
6
103
97
8,328
8,867
1,026,327
147,157
127,212
720,215
744,303
23,138
950
10,848
31
14 0
109
7,898
12,966
1,149,643
141,950
167,489
808,975
836,515
25,985
1,555
11,749
2
139
137
8,384
11,094
1,280,347
146,353
180,535
921,315
961,952
29,154
1,483
12,669
-1
216
217
7,486
11,990
1,461,763
152,458
199,258
1,070,173
1 ,10 4 ,10 0
32,343
1,584
18,407
27
397
370
7,474
13,966
1,595,183
151,931
205,751
1,194,282
1,231,774
36,045
U447
18,767
-3 8
379
417
9,081
15,409
1,755,582
156,410
206,367
1,342,896
1,383,735
39,283
1,556
22,733
-5 2
302
354
9,777
17,451
147,678
24,200
50,879
158,317
25,861
53,962
174,758
28,590
58,310
187,758
30,099
61,797
201,402
32,082
64,396
224,789
36,608
71,295
241,685
38,158
75,303
252,963
40,466
79,165
13,544
2,697
14,643
2,809
16,478
3,007
18,314
3,203
20,006
3,366
22,656
3,731
24,134
3,994
25,419
4,158
801,682
150,657
99,190
528,426
545,841
15,623
1,792
7,322
-1 7
247
264
8,171
7,933
C u rre n t o p e r a tin g exp en se— t o t a l ..................................................
Salaries— officers....................................................................................
Salaries and wages— employees.........................................................
Pension, hospitalization and group insurance payments, and
other employee benefits...............................................................
Fees paid to trustees and committee members.............................
Occupancy, maintenance, etc. of bank premises (including
taxes and recurring depreciation)— net................. ................
Occupancy, maintenance, etc. of bank premises (including taxes
and recurring depreciation)— gross.........................................
Less: Income from bank building...................................................
Deposit insurance assessments...........................................................
Furniture and fixtures (including recurring depreciation).........
All other current operating expense.................................................
139,931
22,870
48,074
12,623
2,526
15,019
15,094
17,492
19,326
20,925
22,695
25,255
27,369
29,269
22,495
7,476
7,562
2,755
28,502
22,793
7,699
7.979
2,790
30,495
25,380
7,888
8,437
3,058
32,055
27,846
8,520
9,407
3,251
36,389
30,252
9,327
10,183
3,501
39,736
32,268
9,573
11,316
4,445
43,096
35,120
9,865
11,707
4,740
48,797
37,298
9,929
12,824
5,438
54,465
39,297
10,028
12,172
5,997
56,317
N et c u r r e n t o p e r a t in g i n c o m e .........................................................
581,392
654,004
740,123
851,569
961,885
1,078,945
1,236,974
1,353,498
1,502,619
F ra n ch ise a n d in c o m e taxes— t o t a l ...............................................
State franchise and income taxes......................................................
Federal income taxes............................................................................
10,643
7,231
3,412
9,047
7,818
1,229
8,955
8,321
634
9,060
8,972
88
10,342
9,831
511
11,649
11,172
477
13,637
13,190
447
16,011
15,277
734
17,966
17,502
464
N et cu r r e n t o p e r a tin g in c o m e a fte r ta x e s ..................................
570,749
644,957
731,168
842,509
951,543
1,067,296
1,223,337
1,337,487
1,484,653
D iv id en ds a n d in te r e s t o n d e p o s it s ...............................................
466,119
536,256
609,335
716,383
812,254
897,469
1,073,542
1,147,767
1,334,005
N et cu r r e n t o p e r a tin g in c o m e a fte r taxes a n d d iv id e n d s .. .
104,630
108,701
121,833
126,126
139,289
169,827
149,795
189,720
150,648
59,228
12,334
44,430
11,586
48,192
10,537
48,148
13,434
66,160
17,295
91,205
21,147
142,009
31,133
113,763
17,567
105,907
20,453
23,914
389
219
943
18,070
481
3,179
977
17,355
456
413
1,435
16,022
259
437
431
30,974
138
367
624
39,498
192
646
2,498
34,860
283
535
6,576
54,263
629
337
459
55,751
739
462
957
10,858
8,450
126
1,995
1,878
7,710
157
392
4,463
12,501
29
1,003
5,939
10,850
65
711
8,345
8,068
28
321
14,270
12,021
17
916
57,588
10,480
86
468
10,873
29,068
36
531
5,460
21,465
66
554
Income on other assets.........................................................................
Income from service operations.........................................................
N o n -r e c u r r in g in c o m e , r e a lize d p ro fits a n d recoveries
c r e d ite d t o p ro fit a n d lo ss , a n d tra n sfers fr o m va lu a
t io n a d ju s t m e n t p ro v isio n s— t o t a l ........................................
Non-recurring income.......... _...............................................................
Realized profits and recoveries on:
Securities sold or matured..............................................................
Real estate mortgage loans.............................................................
Transfers from valuation adjustment provisions 1 on:
All other assets...................................................................................
fc-*
CORPORATION
721,323
155,869
96,205
447,022
461,769
11,922
2,825
6,642
86
292
206
7,746
7,753
C u rre n t o p e r a tin g in c o m e — t o t a l ...................................................
Interest on U. S. Government obligations......................................
Interest and dividends on other securities......................................
Interest and discount on real estate mortgage loans— net.........
Interest and discount on real estate mortgage loans— gross........
Less: Mortgage servicing fees............................................................
Premium amortization............................................................
Interest and discount on other loans and discounts— net. . . . . .
Income on real estate other than bank building— net................
Income on real estate other than bank building— gross...............
INSURANCE
1956
DEPOSIT
1958
1955
FEDERAL
1957
1954
I n c o m e it e m
Non-recurring expense, realized losses charged to profit
L and loss, and transfers to valuation adjustment pro
visions—'total............................................................................
Non-recurring expense.........................................................................
Realized losses on:
Securities sold.....................................................................................
Real estate mortgage loans............................................................
Other real estate................................................................................
All other assets..................................................................................
Transfers to valuation adjustment provisions 1 on:
Securities.............................................................................................
Real estate mortgage loans............................................................
Other real estate................................................................................
All other assets..................................................................................
Net additions to total surplus accounts from operations. .
65,050
14,279
66,385
10,087
71,580
10,645
83,870
12,958
79,852
13,699
126,876
11,385
123,664
16,981
116,143
17,692
109,192
18,941
12,773
21,673
636
35,526
1,036
179
191
25,056
603
191
684
66,875
330
260
440
63,846
508
40,851
1,252
375
404
31,379
1,083
662
424
30,347
16,151
40
1,048
23,352
17,679
19
754
19,337
35,377
49
551
823
26,991
542
171
149
12,403
20,380
7
4,496
10,630
19,219
42
3,174
16,689
16,194
46
153
18,062
15,236
16
666
21,946
16,733
45
895
744
30,925
25,252
76
450
98,808
86,746
98,445
90,404
125,597
134,156
168,140
187,340
147,363
220
23
50
1,151
268
972
365
39
5
571
14
173
99
471
136
278
53
1,658
48
5
37
6,267
217
3
300
9,339
197
26
385
112
101
210
315
111
Memoranda
Recoveries credited to valuation adjustment provisions 1
(not included in recoveries above) on:
41
2
9
7,527
166
234
45
4,250
326
180
326
4,055
318
51
8,741
342
127
67
21,872,622
874,215
6,755,391
3,015,662
10,802,477
120,350
2,957
301,570
22,740,783
809,152
5,993,243
3,008,656
12,467,355
130,165
2,019
330,193
24,533,839
757,496
5,730,449
3,034,920
14,494,241
155,376
2,197
359,160
26,904,256
723,830
5,592,025
3,559,430
16,445,982
185,174
3,586
394,229
29,160,570
742,225
5,338,796
4,378,447
18,045,621
227,027
4,361
424,093
31,248,671
689,698
5,236,825
4,677,222
19,937,652
244,010
7,002
456,262
Liabilities and surplus accounts— total................................... 21,872,622
Securities.................................................................................................
Real estate mortgage loans.................................................................
Other real estate....................................................................................
All other assets.......................................................................................
Average assets and liabilities 2
Assets— total....................................................................................
Cash and due from banks...................................................................
United States Government obligations...........................................
Other securities......................................................................................
Real estate mortgage loans................................................................
Other loans and discounts..................................................................
Other real estate....................................................................................
All other assets.......................................................................................
585
6
35
7,721
720
218
5,830
501
A
448
34,339,564
721,308
5,092,512
5,036,291
22,628,058
355,327
11,555
494,513
35,916,590
757,912
4,791,909
5,228,022
24,255,437
353,474
18,955
510,881
38,152,221
794,362
4,748,691
5,151,555
26,435,337
441,994
19,640
560,642
8 ,1 1 0
1,131
13
165
5
Total deposits........................................................................................
Savings and time deposits................................................................
Demand deposits.................................................................................
Other liabilities......................................................................................
Total surplus accounts.........................................................................
19,738,300
19,694,981
43,819
159,912
1,974,410
22,740,783
20,577,403
20,525,629
51,774
199,228
1,964,152
24,533,839
22,202,156
22,167,637
34,619
249,779
2,081,904
26,904,256
24,322,261
24,295,761
26,500
318.445
2,263,550
29,160,570
26,304,610
26,274,758
29,852
431,019
2,424,941
31,248,671
28,136,390
28,106,089
80,301
512,192
2,600,089
34,339,564
30,822,839
80,790,599
32,240
598,011
2,918,714
35,916,590
32,320,488
82,113,129
207,359
506,744
3,089,358
38,152,221
34,350,820
34,070,511
280,809
537,630
3,263,771
Number of active officers, December 3 1 .............................................
Number of other employees, December 3 1 ........................................
1,999
13,227
2,042
13,618
2,130
13,860
2,239
14,590
2,356
14,925
2,504
15,110
2,885
16,753
2,977
17,290
3,085
17,617
Number of banks, December 3 1 ............................................................
218
223
239
241
268
325
330
331
220
1 Includes “ Valuation reserves” and “Other asset valuation provisions (direct write-downs).”
2 For 1954 through 1960, averages of figures reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates beginning
with the end of the previous year and ending with the fall call of the current year.
Back figures, 1934-1958: Data for 1934-1950, which however are not comparable with figures for 1951-1962, may be found in the following Annual Reports: 1950, pp. 272-273,
and 1941, p. 173. For 1951-1953 see the Annual Report for 1959, pp. 166-167.
BANKS
24
OF INSURED
2
Realized losses charged to valuation adjustment provi
sions 1 (not included in realized losses above) on:
INCOME
Securities.................................................................................................
Real estate mortgage loans................................................................
Other real estate....................................................................................
All other assets.......................................................................................
o
o>
T able 122.
R a t io s o f In c o m e o f In s u r e d M u t u a l S a v in g s B a n k s ,
Amounts per $100 of current operating income
Current operating income— total................................................................
1954
1955
1956
$100.00
18.79
12.37
65.92
.91
1.02
.99
16.32
11.42
69.41
.94
.92
.99
19.40
18.42
3.17
6.67
3.02
6.35
1.75
.35
1959
1960
1961
1962
$100.00
14.34
12.40
70.17
1.06
.77
1.26
$100.00
12.35
14.57
70.37
1.02
.73
.96
$100.00
$100.00
$100.00
11.43
14.10
71.96
.99
.58
.94
10.43
13.63
73.21
1.26
.51
.96
9.52
12.90
74.87
1.18
.57
.96
8.91
11.76
76.49
1.29
.56
.99
17.62
17.03
16.33
2.88
6.00
2.79
5.68
15.73
15.38
2.62
5.37
2.51
5.03
15.15
14.41
2.50
4.88
2.39
4.72
2.30
4.51
1.69
.34
1.63
.31
1.60
.29
1.59
.28
1.56
.26
1.55
.26
1.51
.25
1.45
.24
2.08
1.05
.38
3.95
1.88
.99
.35
3.80
1.95
.94
.34
3.57
1.88
.92
.32
3.55
1.82
.89
.30
3.46
1.77
.88
.35
3.37
1.73
.80
.32
3.34
1.72
.80
.34
3.42
1.67
.69
.34
3.21
Net current operating income......................................................................
80.60
81.58
82.38
82.97
83.67
84.27
84.62
84.85
85.59
Franchise and income taxes— total.............................................................
1.47
1.13
1.00
.47
.98
.15
1.00
.93
.07
.88
.90
.91
.93
.87
.01
.86
.04
.87
.04
.90
.03
1.00
.96
.04
1.02
Net current operating income after taxes................................................
79.13
80.45
81.38
82.09
82.77
83.36
83.69
83.85
84.57
Dividends and interest on deposits.............................................................
64.62
66.89
67.82
69.80
70.65
70.10
73.44
71.95
75.99
Net current operating income after taxes and dividends.....................
14.51
13.56
13.56
12.29
12.12
13.26
10.25
11.90
8.58
Current operating expense—-total...............................................................
Salaries— officers.......................................................................................................
Salaries and wages— employees............................................................................
Pension, hospitalization and group insurance payments, and other em
ployee benefits.......................................................................................................
Fees paid to trustees and committee members................................................
Occupancy, maintenance, etc. of bank premises (including taxes and
recurring depreciation)— net.............................................................................
Deposit insurance assessments..............................................................................
Furniture and fixtures (including recurring depreciation)............................
All other current operating expense....................................................................
State franchise and income taxes.........................................................................
Federal income taxes...............................................................................................
1.00
.02
CORPORATION
$100.00
Interest on U. S. Government obligations.........................................................
Interest and dividends on other securities.........................................................
Interest and discount on real estate mortgage loans— net............................
Interest and discount on other loans and discounts— net.............................
Income on other assets............................................................................................
Income from service operations............................................................................
INSURANCE
$100.00
21.61
13.34
61.97
.92
1.09
1.07
1958
DEPOSIT
$100.00
1957
FEDERAL
Income item
1954-1962
Amounts per $100 of total assets 1
Current operating income— total...........................................................................
Current operating expense— total..........................................................................
Net current operating income.................................................................................
State franchise and income taxes..........................................................................
Net current operating income after taxes...........................................................
Dividends and interest on deposits.......................................................................
Net current operating income after taxes and dividends................................
Non-recurring income, realized profits and recoveries credited to profit and
loss, and transfers from valuation adjustment provisions 2— total...........
Non-recurring expense, realized losses charged to profit and loss, and
transfers to valuation adjustment provisions 2— total.................................
Net additions to total surplus accounts from operations...............................
3.30
.64
3.53
.65
.05
2.61
2.13
.48
.04
2.84
2.36
.48
3.66
.64
3.02
.04
2.98
2.48
.50
.47
3.94
.64
3.30
.04
3.26
2.78
.48
.27
.19
.19
.18
.22
.29
.41
.31
.28
.30
.45
.29
.38
.29
.40
.31
.34
.27
.43
.41
.43
.36
.49
.32
.52
.28
.39
2.31
3.19
2.51
3.30
2.56
3.38
2.63
3.57
2.66
3.83
2.79
3.86
2.99
3.96
3.17
3.94
3.29
4.01
4.14
4.24
4.30
4.38
4.48
4.62
4.73
5.52
2.37
5.63
2.61
5.43
2.75
5.86
2.95
5.18
3.09
5.19
3.19
5.18
3.49
5.31
3.57
5.14
3.92
5.00
4.42
4.73
5.18
5.16
5.76
6.06
4.52
Assets and liabilities per $100 o f total assets 1
Assets— to ta l.............................................................................................................
Cash and due from banks......................................................................................
United States Government obligations..............................................................
Other securities.........................................................................................................
Real estate mortgage loans..............................................................
Other loans and discounts.....................................................................................
Other real estate............................................................................. ] .......................
All other assets.........................................................................................................
100.00
4.00
30.88
13.79
49.39
.55
.01
1.38
100.00
3.56
26.36
13.23
54.82
.57
100.00
3.09
23.36
12.37
59.08
.63
1.46
100.00
2.55
18.31
15.01
61.88
.78
.02
1.45
100.00
2.21
16.76
14.97
63.80
.78
.02
1.46
100.00
2.10
1.45
100.00
2.69
20.78
13.23
61.13
.69
.01
1.47
14.83
14.67
65.90
1.03
.03
1.44
100.00
2.11
13.34
14.56
67.53
.99
.05
1.42
100.00
2.08
12.45
13.50
69.29
1.16
.05
1.47
Liabilities and surplus accounts— to ta l.........................................................
Total deposits...........................................................................................................
Savings and time deposits.................................................................................
Demand deposits..................................................................................................
Other liabilities.........................................................................................................
Total surplus accounts............................................................................................
100.00
90.24
90.04
.20
.73
9.03
100.00
90.49
90.26
.23
.87
8.64
100.00
90.50
90.86
.14
1.02
8.48
100.00
90.40
90.80
.10
1.19
8.41
100.00
90.20
90.10
.10
1.48
8.32
100.00
90.04
89.94
.10
1.64
8.32
100.00
89.76
89.67
.09
1.74
8.50
100.00
89.99
89.41
.58
1.41
8.60
100.00
Number of banks, December 3 1 ..............................................................................
218
220
223
239
241
268
325
2.88
4.26
.66
3.60
.04
3.56
3.12
.44
4.44
.67
3.77
.05
3.72
3.19
.53
4.60
.66
3.94
.05
3.89
3.50
5.08
BANKS
90.04
89.30
.74
1.41
8.55
331
1^54 through 1960, averages of figures reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates beginning
with the end of the previous year and ending with the fall call of the current year.
2Tncludes ‘Valuation reserves” and “ Other asset valuation provisions (direct write-downs)” .
Back figures, 1934, 1941-1950, and 1951-1952: Data for 1934 and 1941-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual
Reports: 1950, pp. 274-275, and 1947, pp. 156-157. For 1951-1953 see the Annual Report for 1959, pp. 168-169.
--I
INSURED
.01
2.66
4.10
.65
3.45
.03
3.42
2.87
.55
OF
.01
3.81
.65
3.16
.03
3.13
INCOME
Special ratios 1
Interest on U. S. Government obligations per $100 of U. S. Government
obligations................................................................................................................
Interest and dividends on other securities per $100 of other securities. . . .
Interest and discount on real estate mortgage loans per $100 of real estate
mortgage loans........................................................................................................
Interest and discount on other loans and discounts per $100 of other loans
and discounts..........................................................................................................
Dividends and interest on deposits per $100 of savings and time deposits.
Net additions to total surplus accounts from operations per $100 of total
surplus accounts.....................................................................................................
2.66
Oi
D eposit I nsurance D isb u r se m e n ts
Table 123.
Depositors, deposits, and disbursements in insured banks requiring disbursments
by the Federal Deposit Insurance Corporation, 1934-1962
Banks grouped by class of bank, year of deposit payoff or deposit assumption,
amount of deposits, and State
Table 124.
Recoveries and losses by the Federal Deposit Insurance Corporation on principal
disbursements for protection of depositors, 1934-1962
Disbursements by the Federal Deposit Insurance Corporation
to protect depositors are made when the insured deposits of banks
in financial difficulties are paid off, or when the deposits of a failing
bank are assumed by another insured bank with the financial aid of
the Corporation. In deposit payoff cases the disbursement is the
amount paid by the Corporation on insured deposits. In deposit
assumption cases the principal disbursement is the amount loaned to
failing banks, or the price paid for assets purchased from them; addi
tional disbursements are made in those cases as advances for protec
tion of assets in process of liquidation and for liquidation expenses.
The Citizens Bank, Ocilla, Georgia (private);
September 24,1962; deposits, $74,000.
Gresham State Bank, Gresham, Nebraska;
October 20,1962; deposits, $1,146,000.
Reopened December 21,1962.
For suspensions of noninsured banks in previous years see the
nual Reports of the Corporation as follows: 1943, p. 102; 1946, p.
1947, p. 159; 1949, p. 187; 1950, p. 277; 1951, p. 187; 1952, p.
1953, p. 131; 1954, p. 165; 1955, p. 161; 1956, p. 143; 1957, p.
1958, p. 223; 1960, p. 181; and 1961, p. 149.
An
167;
139;
145;
Noninsured bank failures
Sources of data
Two noninsured banks failed in 1962. These banks, with the dates
of their closing and the amounts of their deposits, were:
Insured banks: books of bank at date of closing; and books of
FD IC , December 31,1962.
Table 123.
D epositors, D ep osits, and D isb u rsem en ts in Insured B a n k s R equiring D isb u rse m e n ts by t h e Federal D ep osit
I nsurance C orporation, 1934-1962
BAN KS GROUPED b y CLASS OF B AN K , YEAR OF DEPOSIT PAYOFF OR DEPOSIT ASSUMPTION, AM OUNT OF DEPOSITS, AND STATE
Number of depositors 1
Number of banks
Disbursements by FDIC
(in thousands of dollars)
Deposits 1
(in thousands of dollars)
Advances and
expenses 2
Principal disbursements
Classification
Deposit
payoff
cases
Total
Deposit
assump
tion
cases
Total
263
182 1,460,244
79
24
342
26
8
229
53
16
113
1961
Banks with deposits of—
Less than $100,000.................
$100,000 to $250,000..............
$250,000 to $500,000..............
$500,000 to $1,000,000...........
$1,000,000 to $2,000,000. . . .
$2,000,000 to $5,000,000. . . .
$5,000,000 to $10,000,000. . .
for
FRASERto $25,000,000. .
$10,000,000
hpa
o kO|U
nnn
nnn fIU
o
non non • •
J
UU|VW
Digitized
9
24
42
50
50
32
19
8
6
4
1
107
109
59
67
47
34
13
5
4
83
86
36
32
14
9
1
2
4
1
1
3
3
1
5
1
27
25
24
28
24
7
14
1
1
1
1
5
3
4
4
2
3
2
2
1
1
1
24
23
23
35
33
25
12
3
4
Deposit
payoff
cases 4
Deposit
assump
tion
cases 6
Deposit
payoff
cases 6
Deposit
assump
tion
cases 7
425,511 1,034,733
611,101
144,574
466,527
308,998
110,924
198,074
1,318
47,495
244,676
285,606
504,451
130,592
190,536
289,973
30,880
29,417
84,277
99,712
161,119
205,696
61,095
103,269
144,634
22,481
22,998
65,445
38,614
80,271
79,189
266
140
912
6,196
19,271
22,028
1,968
13,319
27,508
33,349
59,684
157,772
142,429
29,718
19,186
12,525
1,915
5,695
347
7,040
10,674
5,475
5,513
3,408
3,170
18,262
998
11,953
11,329
1,163
8,240
2,595
6,930
8,936
1,968
9,091
11,241
14,960
10,296
32,738
5,657
14,730
1,816
6,637
456
941
8,890
14,781
19,160
30,480
67,770
74,134
23,880
10,825
7,172
1,503
1,768
265
1,724
2,990
2,552
3,986
1,885
1,369
5,017
913
6,784
3,333
1,031
3,027
1,835
4,765
6,220
941
6,026
8,056
12,045
9,092
26,196
4,895
12,278
1,612
5,500
404
6,418
17,759
20,975
50,972
67,513
106,929
84,404
96,713
159,418
4,947
13,920
12,462
24,184
18,696
30,791
6,930
32,644
4,999
12,906
14,588
33,964
36,345
55,747
31,049
45,746
73,653
4,309
11,554
10,223
19,107
14,166
21,126
4,765
25,676
311,237
372,545
776,462
66,561
86,939
272,011
15,767
44,655
89,018
130,387
203,961
392,718
256,361
73,005
60,688
27,371
5,487
12,483
1,383
10,637
18,540
5,671
6,366
5,276
6,752
24,469
1,811
17,790
15,197
2,338
9,588
3,073
11,171
8,281
15,767
32,331
43,225
74,148
44,288
90,169
20,667
38,594
5,717
16,917
899
38,347
83,370
89,949
157,506
202,405
244,766
201,454
170,119
272,328
29,695
65,512
56,777
71,860
63,198
66,127
11,171
61,171
8,080
5,465
2,338
4,381
3,073
11,171
8,281
12,324
45,793
56,239
159,673
302,549
235,694
34,411
54,971
10,454
4,588
12,483
1,383
10,637
18,540
5,671
6,366
5,276
6,752
24,469
1,811
9,710
9,732
5,207
8,652
17,858
33,172
85,646
139,207
178,639
190,283
108,948
272,328
6,503
4,702
1,163
4,156
2,595
6,930
8,936
4,229
16,267
18,389
49,388
125,034
136,773
14,987
17,369
5,888
1,459
5,695
347
7,040
10,674
5,475
5,513
3,408
3,170
18,262
998
5,450
6,628
4,084
1,471
3,839
8,513
26,788
48,817
76,138
77,474
64,068
159,418
4,438
2,795
1,031
2,797
1,835
4,765
6,220
2,865
6,725
7,116
21,387
41,574
69,239
11,602
9,213
1,672
1,099
1,768
265
1,724
2,990
2,552
3,986
1,885
1,369
5,017
913
2,346
538
43
108
67
103
93
162
89
50
38
53
9
230
106
87
20
38
51
73
128
691
1,352
4,365
14,857
22,179
34,622
26,284
20,070
73,653
88
209
147
293
178
247
73
84
272
934
905
4,902
17,603
17,235
1,479
1,076
72
37
96
11
347
200
166
524
127
195
428
145
665
51
25
154
173
583
2,132
3,317
5,519
5,491
5,404
24,721
CORPORATION
1 Q^Q
1 QfiO
9
25
69
75
74
60
43
15
20
5
2
1
1
5
3
4
4
2
3
2
2
5
2
1
4
3
1
5
Total
INSURANCE
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
.......................................
Deposit
payoff
cases
DEPOSIT
445
Class o f bank
National banks........................
State banks members'F.R.S..
Banks not members F.R .S...
Total
Deposit
assump
tion
cases
FEDERAL
b a n k s ..................................................
All
Deposit
payoff
cases
Deposit
assump
tion
cases 3
7,905
4,434
7,516
3
6
2
10
1
794
3,529
4,347
7,111
905
3,169
10
2
5,379
5,379
2
10
2
448
8,789
2,451
5,372
12,549
7
9
23
3
1
16.040
5,145
36,139
6,087
9,710
4,051
2,254
18,490
6,087
Maryland...........
Massachusetts. .
Michigan............
Minnesota.........
Mississippi.........
5
6,643
5
3
22,567
9,046
31,663
2.650
1.651
Missouri.............
Montana............
Nebraska...........
New Hampshire
New Jersey........
47
5
5
1
39
35,963
1,500
2,661
1,780
522,564
27,794
849
2,661
8,169
651
103,798
New Y ork..........
North Carolina.
North Dakota. .
Ohio.....................
Oklahoma..........
26
7
29
4
269,621
10,408
14,103
13,751
25,073
Oregon................
Pennsylvania. . .
South Carolina.
South Dakota. .
Tennessee...........
2
8
11
2
29
2
23
12
Texas..................
Vermont.............
Virginia..............
Washington. . . .
West Virginia...
24
3
Wisconsin...........
Wyoming...........
31
1
8
1
3
20
37,919
17,457
11,989
2,891
17,649
' 9,710
“ “ 928
2.650
1.651
15,924
9,046
30,735
8
8
1,242
1.242
300
1,621
1,493
9,224
6,197
203
1,552
1,493
1.242
3,096
3,880
974
5,455
668
2,346
2,809
482
3,329
668
3,738
3.019
13,372
3,109
1,564
6,290
640
257
735
2,033
880
217
1,870
1,894
1,637
3,932
9,401
1,234
4,383
539
3,953
1,652
1,652
5,450
4,566
3,019
13,532
818
334
274
89
25,684
9,662
5.018
694
4,934
' 5,450
828
159
818
334
1,071
492
2,126
45
5
44
10
113
72
201
9
371
1,030
760
77
21
665
2,346
2,374
1,564
6,150
139
640
257
791
384
2
17
5
161
8
20,154
67,872
2,387
2,657
2,097
9,264
10,836
1,156
1,397
1,610
7,954
57,036
1,231
1,259
488
1,311
32
23
24
7
158
10,847
179
203
39
104
1,302
61,416
714
126
322
1,948
51,291
274
2,412
1,278
986
10,133
136
2,388
1,164
962
41,159
138
23
114
11
75
81
9,522
10
9
25
350
10,127
1,538
9,726
3,445
4,908
935
1,458
9,433
3,259
511
293
186
4,396
935
249
21
8
7,188
5,096
2,092
202
54
296
161,502
28,440
3,677
6,760
7,585
20,152
241,181
6,731
7,343
6,166
4,921
145,439
3,266
3,830
7,223
13,764
13,286
1,421
1,552
2,345
11,052
132,153
1,845
2,278
4,877
2,712
3,439
166,894
1,848
12,515
12,358
1,230
43,828
403
11,412
2,209
123,066
1,445
1,103
2,365
2,670
75.756
849
2,987
1,942
1,368
14,340
136
2,862
1,620
33,299
11,057
26.041
4,179
8,346
31,771
8,687
2,964
1,528
2,370
23,077
4,179
14,131
3,725
10.756
1,538
2,006
13,445
3,375
629
9,512
2,033
5,966
8,159
3,212
7,982
3,101
13
33
117
55,657
33,128
18,739
3
30
29
30
39
26,469
1,780
418,766
26,898
3,212
97
69
91
48
138
85
6
20
5,654
640
796
117
82,126
6,053
215
1,042
995
144
861
646
453
1,095
1,042
296
194,630
' 8,346
94
841
2,120
8
1,526
491
1,959
1,894
27,321
13,593
8,888
1,089
984
2,981
2,006
3,545
2,033
5,007
186
796
(9)
11
1,458
202
26
28
44
22
505
512
403
19
Note: Due to rounding differences, components may not add to total.
Adjusted to December 31, 1962.
t
#
2 Excludes $116 thousand of non-recoverable insurance expenses in cases which were resolved without payment of claims or a disbursement to facilitate assumption of deposits by
another insured bank, and other expenses of field liquidation employees while pending assignments.
8 Number of deposit accounts.
4 Includes estimated additional disbursements in active cases.
6 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.
• These disbursements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.
7 Includes advances to protect assets and liquidation expenses of $47,283 thousand, all of which have been fully recovered by the Corporation, and $212 thousand of non-recoverable
expenses.
8 Disbursement totals for each year relate to cases occurring during that year and may thus contain some amounts disbursed in subsequent years.
9 Less than $500.
1
..
.
DISBURSEMENTS
Iowa....................
Kansas................
Kentucky...........
Louisiana...........
Maine.................
1,194
613
2,185
596
1,078
INSURANCE
18
20
1,642
9,402
2,451
43,291
30,006
100
1,168
3,713
DEPOSIT
Florida................
Georgia...............
Idaho...................
Illinois.................
Indiana...............
2,285
1,764
4,792
8
1,526
CO
State
Alabama.............
Arkansas............
California...........
Colorado............
Connecticut
Table 124.
Recoveries and L osses by t h e Federal D eposit In su ra n ce Corporation on P rin cip a l D isb u rse m e n ts fo r P rotection
D epositors, 1934-1962
of
(Amounts in thousands of dollars)
Bfe-j
Liquidation
year of de
posit payoff
or
deposit
assumption
Number
of
banks
Deposit assumption cases
Deposit payoff cases
All cases
Re
Principal coveries Estimated
additional
to Dec.
disburse
31,1962 1 recoveries
ments
Losses 2
Number
of
banks
Principal
disburse
ments 3
Re
coveries
to Dec.
31, 1962
Estimated
additional
recoveries
Losses
2
Number
of
banks
Re
Principal coveries Estimated
disburse to Dec. additional
ments 4 31,19621 recoveries
Losses
2
29,472
263
110,924
93,753
775
16,396
182
198,074
184,535
463
13,076
24
421
67,882
241,116
62,138
216,150
1,238
4,506
24,966
12
17,381
93,543
14,642
79,111
775
1,964
14,432
12
170
50,501
147,573
47,496
137,039
463
251
2,542
10,534
941
8,890
14,781
19,160
30,480
734
6,182
12,326
15,611
28,055
207
2,707
2,455
3,550
2,425
9
24
42
50
50
941
6,026
8,056
12,045
9,092
734
4,274
6,595
9,520
7,908
207
1,751
1,460
2,524
1,184
27
25
24
2,865
6,725
7,116
21,387
1,908
5,730
6,090
20,147
1
1937
1938
25
69
75
74
956
995
1,025
1,241
1939
1940
1941
60
43
15
32
19
20
60,617
70,235
23,290
10,137
7,048
7,153
3,783
591
1 QA9
1 Q1 Q
67,770
74 134
23380
10,825
7,172
20,399
4,313
12,065
1,320
5,376
5,798
582
213
292
123
28
24
7
14
41,574
69,239
11,602
9,213
1,672
40,219
65,922
11,225
8,816
1,672
363
40
1
1
1
1,099
1,768
265
1,724
2,990
1,099
1,768
265
1,594
2,349
2,552
3,986
1,885
1,369
5,017
2,183
2,601
1,792
577
5,017
1
913
2,346
538
650
2,346
513
25
1
230
52
178
Status
Active.............
Terminated.. .
Year
1935
1Q A A
1 QA*\
1OAfK
1 QA'7
1QAft
1GAG
iQKn
1 QK1
i y o i.............
5
2
1
1
K
o
3
4
4
2
1Q K O
1QKQ
3
9
a
1QK1
o
£t
195 5
195 6
O
2
1958.............
4
1959.............
1960.............
1961.............
Q
0
1
c
e
1
O
1,503
1,768
265
1 724
2,990
1,462
1,768
265
1 594
2,349
2,552
3 986
1*885
1*369
5,017
2,183
2 601
1792
577
5,017
913
6,784
3,333
1,031
3,027
1,835
4,765
6 ,2 2 0
650
6,526
2,906
1,031
2,736
1,722
4,765
4,111
1
116
123
4
26,196
4,895
12,278
1,612
5,500
40
1
404
688
52
(S))
V
91
8
6
1
1
79
641
5
3
369
1,385
3
792
4
4
263
232
265
2
1
2
3
2
1
26
1
Aa
9
ID
9AO
8
533
42
4
I
1
3
105
3
1 576
5
1
232
265
4,438
2,795
1,031
2,797
4,i.79
2,393
1,031
2,684
26
137
71
42
1,835
4,765
1,722
4,765
4,111
8
105
533
1,576
6 ,2 2 0
116
52
79
641
(6)
91
369
1,385
3
792
1
263
Note: Due to rounding differences, components may not add to total.
j
j * n i- -j x*
* A i*
j
1 Excludes in deposit assumption cases recovery of all advances for asset protection, totaling $32,865 thousand, and of all liquidation expenses totaling $14,418 thousand.
2 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was fully recovered.
Digitized for* Includes
FRASER
estimated additional disbursements in active cases.
t
#
.
4 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.
http://fraser.stlouisfed.org/
Less than $500.
Federal Reserve Bank of St. Louis
1,355
3,200
378
396
CORPORATION
1,238
INSURANCE
278,288
DEPOSIT
308,998
FEDERAL
445
INDEX
I ndex
Page
Absorptions:
Of insured banks requiring disbursements by
the Corporation. See
Banks in financial difficulties.
Of operating banks, 1962.......................................................................11, 70-104, 106-107
Regulation o f....................................................................................................................
9-11
Admission of banks to insurance:
Applications for, 1962..................................................................................................
8
Different methods followed........................................................................................
7-8
Number of banks admitted, by class of bank, 1962..........................................106-107
American Institute of Banking..........................................................................................
17
Applications from banks......................................................................................................
8-9
Areas outside continental United States, banks and branches located in:
Assets and liabilities, December 28, 1962.......................................................... 124-125
Average assets and liabilities, insured commercial banks, 1962.................136-137
Deposits, December 28, 1962................................................................................. 116-117
Earnings, expenses, profits, and dividends, 1962............................................ 154-155
Number, December 28, 1962.....................................................................116-117, 124r-125
Number, December 31, 1962......................................................................................
108
Assessments for deposit insurance..................................................................... 13, 19-22, 27n
Assets, liabilities, and capital of banks (see also Deposits):
All banks:
Amounts by type and supervisory status, December 28, 1962 ...........
46
By F D IC district and State, December 28, 1962............................... 124r-125
Capital ratios by type and supervisory status, December 28, 19 6 2 ...
48
In banks grouped according to insurance status and type of bank,
June 30 and December 28, 1962...............................................................120-123
Major categories, amounts and ratios, 1960-1962........................................
49
Percentage changes, each year, 1960-1962....................................................
50
Commercial banks, June 30 and December 28, 1962....................................120-123
Insured banks, call dates, December 31, 1959, through December 28,
1962 ....................................................................................................................... 126-129
Insured commercial banks:
Amount, call dates, December 30, 1961, through December 28, 1962. .130-133
Average for 1962, by class of bank.................................................................
135
Average for 1962, by State........................................................................... 136-137
Percentage distributions, average for 1962, by class of bank...............
135
Percentage distributions, call dates, December 30, 1961, through De
cember 28, 1962..................................................................................................
175
131
176
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
Page
Assets, liabilities, and capital of banks (see also Deposits):
Insured commercial banks— Continued:
Percentage distributions of totals among size groups of banks, De
cember 28, 1962..................................................................................................
134
Ratio of selected items to total assets, by size of bank, December
28, 1962.................................................................................................................138-139
Insured mutual savings banks:
Amount, and percentage distributions, call dates, December 30, 1961,
through December 28, 1962......................................................................... 130-133
Major categories, average, 1954-1962.............................................................
165
Mutual savings banks, June 30 and December 28, 1962............................... 120-123
Noninsured banks, June 30 and December 28, 1962....................................120-123
Sources of data.................................................................................... 13, 68, 119, 141, 169
State legislation............................................................................................................... 38-41
Assets and liabilities of the Federal Deposit Insurance Corporation.......... 17-18, 25
Assets pledged to secure bank obligations.................................................................129, 133
Assets purchased by the Federal Deposit Insurance Corporation from banks
in financial difficulties......................................................................... 4-6, 169, 172
Assumption of deposits of insured banks with financial aid of the Corporation
(see also Banks in financial difficulties)........................................4-6, 170-172
Attorney General of the United States, summary reports on absorptions.. .70-104
Audit of the Federal Deposit Insurance Corporation.............................................. 21-27
Bad-debt reserves. See Valuation reserves.
Bank supervision. See Supervision of banks; Examination of insured banks.
Banking offices, number of. See Number of banks and branches.
Bank practices. See Unsafe and unsound banking practices.
Banks, applications from, acted on by the Federal Deposit Insurance Cor
poration
...........................................................................................................
8-9
Banks in financial difficulties:
Insured banks requiring disbursements by the Corporation:
Deposit size o f......................................................................................................
Deposits protected, 1934-1962...................................
170
............ 4-5, 170-171
Disbursements by the Corporation, 1934-1962.........................4-7, 27n, 170-172
Loans made and assets purchased by the Corporation...................
6
Location by State, 1934-1962..........................................
.................
Losses incurred by the Corporation.........................
. . .6-7, 27n, 172
Losses incurred by depositors.......................................................................
Name and location of, 1962.............................................................................
Number
of,
1934-1962........................................................................................
171
5-6
4
4-5
Number of deposit accounts, 1934-1962.................................................. 5, 170-171
Recoveries by the Corporation on assets acquired, 1934-1962........ 6-7, 172
177
IN D E X
Page
Banks in financial difficulties— Continued:
Sources of data...............................................................................................................
169
Suspensions, 1962.............................................................................................................
106
Suspensions of noninsured banks, 1934-1962........................................................
169
Banks, number of. See Number of banks and branches.
Banks operating branches, December 31, 1962.........................................................108-115
Board of Directors of the Federal Deposit Insurance Corporation. See Fed
eral Deposit Insurance Corporation.
Board of Governors of the Federal Reserve System. See Federal Reserve
Authorities.
Branches (see also Number of banks and branches):
Establishment approved by Federal Deposit Insurance Corporation, 1962
Examination of, 1961 and 1962...............................................................................
8-9
11
Increase, branches of all banks, 1960-1962........................................................ 59, 107
Business and personal deposits. See Deposits (items referring to type of
account).
Call reports. See Assets, liabilities, and capital of banks; Reports from banks.
Capital of banks. See Assets, liabilities, and capital of banks; Banks in finan
cial difficulties; Income of insured comercial banks; Examination
of insured banks.
Charge-offs by banks. See Income of insured commercial banks; Income
of insured mutual savings banks; Valuation reserves.
Class of bank, banking data presented b y :
Admissions to and terminations of insurance.................................................. 106-107
Assets and liabilities of all banks...............................................................49-50, 120-123
Deposits, December 30, 1961, December 28 and 31, 1962............................... 51-52
Income of insured commercial banks, 1962........................................................ 146-147
Insured banks requiring disbursements by the Corporation, 1934-1962...
170
Number of banks and banking offices, 1962................................................ 59, 106-115
Ratios of income of insured commercial banks, 1962....................................148-149
Classification of banks................................................................................................ 46-47, 68-69
Closed banks. See Banks in financial difficulties.
Commercial banks. See Assets, liabilities, and capital of banks; Deposits;
Income of insured commercial banks;
Number of banks and
branches.
Comptroller General of the United States................................................................... 21-27
Comptroller of the Currency......................................................................... v, 11, 46, 119, 141
Consolidations. See Absorptions.
Coverage of deposit insurance, banks participating............................................3, 106-117
Credit, bank. See Assets, liabilities, and capital of banks.
Demand deposits. See Assets, liabilities, and capital of banks; Deposits (items
referring to type of account).
178
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
Page
Deposits:
All banks:
By class of bank and type of deposit, reported or estimated, D e
cember 30, 1961, December 28 and 31, 1962............................................
51
By insurance status of bank and type of account, December 28, 1962
123
By insurance status of bank and type of account, June 30, 1962..........
121
By supervisory status and insurance status, December 28, 1962..........
47
By type of account in each State and F D IC district, December 28,
1962
..................................................................................................................... 124-125
By type of bank and insurance status, December 28, 1962.....................
47
By type of bank in each State and F D IC district, December 28,
1962
..................................................................................................................... 116-117
Percentage change, 1960-1962 .............................................................................
50
All insured banks:
By type of account, December 28, 1962........................................................
123
By type of account, call dates, December 31, 1959, through Decem
ber 28, 1962...........................................................................................................
128
Ratios of deposit insurance fund to, 1934-1962........................................23, 27n
Commercial banks:
By F D IC district and State, December 28, 1962........................................116-117
By type of account, December 28, 1962........................................................
123
By type of account, June 30, 1962...................................................................
121
Insured banks requiring disbursements by the Corporation. See Banks in
financial difficulties.
Insured commercial banks:
Amount, by type of account, call dates, December 30, 1961, through
December 28, 1962..............................................................................................
132
Percentage distributions of selected totals among size groups of
banks, December 28, 1962...............................................................................
134
Insured mutual savings banks:
By FD IC district and State, December 28, 1962..................................... 116-117
By type of account, call dates, December 30, 1961, through December
28, 1962 .................................................................................................................
Interest and dividends on, 1954-1962............................................................
132
164
Largest commercial banks:
By selected metropolitan areas and character of branch system. . . .
56
By State and character of branch system..................................................
55
United States ......................................................................................................
53
Mutual savings banks:
By FD IC district and State, December 28, 1962................................... 116-117
By type of account, June 30 and December 28, 1962........................... 121, 123
Noninsured banks:
By F D IC district and State, December 28, 1962........
. . . .116-117
179
IN D E X
Page
Deposits:
Noninsured banks— Continued:
By type of account and type of bank, June 30 and December 28,
1962
..................................................................................................................... 121, 123
Sources of data...............................................................................................................
119
State legislation .............................................................................................................
39
Deposits, insured by FD IC , December 31, 1934-1962................................................
23
Directors of the Federal Deposit Insurance Corporation. See Federal Deposit
Insurance Corporation
Disbursements. See Banks in financial difficulties.
Dividends:
To depositors in insured mutual savings banks............................... 65, 164, 166-167
To stockholders of insured commercial banks. See Income of insured
commercial banks.
Earnings of banks. See Income of insured commercial banks; Income of
insured mutual savings banks.
Educational program for bank examiners..........
17
Employees:
Federal Deposit Insurance Corporation.................
16
Insured commercial banks:
Number and compensation, 1954-1962........................................................ 142-143
Number and compensation, by class of bank, by size of bank, and
by State, 1962.................................................................146-147, 150-151, 154-163
Insured mutual savings banks, number and compensation, 19 54 -1 962 .... 164-165
State
legislation............................................................................................................
40
Examination of insured banks:
Banks
examined
1961-1962
by
the
Federal
Deposit
Insurance
Corporation,
.......................................................................................................11-12, 45
Examination sch ool......................................................................................................
17
Examination staff...................................................................................................... vi, vii, 16
Powers granted to supervisory authorities..........................................................
45-48
Expenses of banks. See Income of insured commercial banks; Income of
insured mutual savings banks.
Expenses of the Corporation.................................
....1 9 -2 2 , 26
Failures. See Banks in financial difficulties.
Federal bank supervisory authorities.....................................................................7-13, 45-49
Federal Deposit Insurance Act (see also Legislation relating to deposit insur
ance and banking)............................................................................................13, 27n
Federal Deposit Insurance Corporation:
Assessments on insured banks.....................................................................13, 19-22, 27n
Assets............................................................................................................................. 17-18,
25
Audit............................................................................................................................... 21, 24-27
180
FEDERAL DEPOSIT IN SU R A N C E
CORPORATION
Page
Federal Deposit Insurance Corporation— Continued:
Banks examined by, and submitting reports t o ........................................11-13, 45-^47
Board of Directors, actions on applications and banking practices.. .8-9, 12-13
Borrowing power...........................................................................................................18, 27n
Capital sto c k ...................................................................................................................
27n
Coverage of deposit insurance, banks participating..........................3, 46, 106-117
Deposit insurance fund (surplus)........................................................ 17-19, 21-23, 27n
Directors (members of the Board).........................................................................
v, 15
Disbursements for protection of deposits.................................................. 4-7, 169-172
Districts
........................................................................................................................... vi-vii
Divisions ....................................................................................................................... iv, v, 16
Educational program for bank examiners.............................................................
17
Employees
16
.......................................................................................................................
Examination of banks......................................................................... vi, vii, 11-12, 45-47
Expenses
.....................................................................................................................19-22, 26
Financial statements
.................................................................................................... 17-27
Income ......................................................................................................................... 19-22, 26
Insured banks requiring disbursements by. See Banks in financial diffi
culties.
Liabilities
...................................................................................................................17-18, 25
Loans to and purchase of assets from insured banks........................... 4-5, 169-171
Losses incurred, 1934-1962............................................................................. 6-7, 27n, 172
Methods of protecting depositors.................................................................4-6, 169-172
Organization and staff..........................................................................................iv-vi, 15-16
Payments to insure depositors.................................................................................
4r-5
Protection of depositors............................................................................................4-6, 172
Recoveries .....................................................................................................................6-7, 172
Reports from banks......................................................................................................
13
Reserve for losses on assets acquired.....................................................................
6-7
Retirement of capital stock of the Corporation................................................
27n
Rules and regulations.............................................................................................. 14-15, 37
Sources and uses of funds.......................................................................................... 20-21
Supervisory activities..........................................................................................7-13, 45-48
Federal Deposit Insurance Corporation districts, banking data classified by:
All banks:
Assets and liabilities, December 28, 1962....................................................
124
Number and deposits, by type of bank, December 28, 1962...................
116
Federal Reserve authorities......................................................................... 11, 45-47, 119, 141
Federal Reserve member banks. See Class of bank, banking data presented
by.
General Accounting Office..................................................................................................
Government deposits. See Deposits (items referring to type of account).
23
181
IN D E X
Page
Income of the Federal Deposit Insurance Corporation.. . .
.. .19-22, 26
Income of insured commercial banks:
Amounts of principal components:
Annually, 1954-1962 ............................................................................................142-143
By class of bank, 1962........................................................................................146-147
By size of bank, 1962..........................................................................................150-151
By State, 1962...................................................................................................... 154-163
Charge-offs and recoveries, 1954-1962...................................................................142-143
Income, sources and disposition of total, 1960-1962........................................ 62-63
Profits, 1954H962...........................................................................................................142-143
Profits, 1962.................................................................................................. 146-147, 150-151
Rates of income on assets, 1954-1962...................................................................144-145
Rate of net profit on total capital accounts, 1962................................. 144, 149, 153
Ratios of income items:
Annually, 1954-1962 ............................................................................................144-145
By class of bank, 1962........................................................................................148-149
By size of bank, 1962..........................................................................................152-153
Sources and disposition of total, 1960-1962................................................
63
Ratios of expense items.................................................. 63, 144-145, 148-149, 152-153
Revision of report of income and dividends.......................................................
141
Sources of data...............................................................................................................
141
Income of insured mutual savings banks:
Amounts of principal components, 1954-1962.................................................. 164-165
Income, sources and disposition of total, 1960-1962........................................ 64-65
Rates of income on assets, 1954-1962.....................................................................
167
Ratios of income items......................................................................................65, 166-167
Ratios of expense items......................................................................................65, 166-167
Sources of data.................................................................................................................
141
Insolvent banks. See Banks in financial difficulties.
Insurance of bank obligations................................................
3-7
Insurance status, banks classified by:
Assets and liabilities, June 30 and December 28, 1962........................... 46, 120-123
Capital
ratios...................................................................................................................
48
Changes in number, 1962..........................................................................................106-107
Deposits, June 30 and December 28, 1962........................................ 116-117, 121, 123
Number, December 31, 1962............................................................................. 45, 108-115
Number, December 28, 1962......................................................................................116-117
Percentage of banks insured, by State, December 31, 1962......................... 108-115
Insured banks. See Assets, liabilities, and capital of banks; Banks in financial
difficulties; Deposits; Income of insured commercial banks; In
come of insured mutual savings banks; Number of banks and
branches.
182
FEDERAL DEPOSIT IN S U R A N C E
CORPORATION
Page
Insured commercial banks not members of the Federal Reserve System. See
Class of bank, banking data presented by.
Insured deposits. See Banks in financial difficulties; Coverage of deposit in
surance, banks participating.
Insured State banks members of the Federal Reserve System. See Class of
bank, banking data presented by.
Interbank deposits. See Deposits (items referring to type of account).
Interest. See Income of insured commercial banks; Income of insured mutual
savings banks.
Investments. See Assets, liabilities, and capital of banks; Assets and liabilities
of the Federal Deposit Insurance Corporation; Banks in financial
difficulties.
Law, violations of by insured banks............................................
............
12-13
Legislation relating to deposit insurance and banking:
Federal, enacted in 1962................................................................................... 13-14, 31-36
Relating to bank supervision.................................................................................... 45-47
State, enacted in 1962..............................................................................................15, 38-41
Loans. See Assets, liabilities, and capital of banks; Banks in financial diffi
culties.
Losses:
Of banks, charged off. See Income of insured commercial banks; Income
of insured mutual savings banks.
Of the Federal Deposit Insurance Corporation....................................... 6-7, 26, 172
Provision for, in insured banks, 1954-1962....................................... 142-143, 164-165
Mergers. See Absorptions.
Methods of tabulating banking data:
Assets and liabilities of banks...................................................................................
119
Deposit insurance disbursements.............................................................................
169
Income of insured banks..............................................................................................
141
Number, offices, and deposits of banks............................................................... 68-69
Metropolitan areas, banking concentration in ..............................................
56-58, 60-61
Mutual savings banks. See Assets, liabilities, and capital of banks; Deposits;
Income of insured mutual savings banks; Number of banks and
branches.
National banks. See Class of bank, banking data presented by.
New banks, 1962.................................................................................................. .......... 59, 106-107
Noninsured banks. See Absorptions; Admission of banks to insurance; Assets,
liabilities, and capital of banks; Banks in financial difficulties;
Classification of banks; Class of bank, banking data presented b y ;
Deposits; Number of banks and branches; Reports from banks.
183
IN D E X
Page
Number of banks and branches:
Banking offices (banks and branches):
By insurance status, type of bank, and State, December 31, 1962. .108-115
Changes during 1962..................................................................................... 59, 106-107
Banks:
By insurance status and type of bank, December 31, 1962.................45, 106
By insurance status and type of bank, December 28, 1962...................
123
By insurance status and type of bank, June 30, 1962...........................
121
By insurance status, type of bank, and State, December 31, 1962. .108-115
By number of offices in center in which located and population of
center, June 30, 1962..........................................................................................
60
By status of branch banking and metropolitan area counties and
other counties......................................................................................................
61
By insurance status, type of bank, FD IC district and State, Decem
ber 28, 1962........................................................................................................ 116-117
Changes during 1962, by type of bank........................................................ 59,106
Operating branches, by insurance status and State, December 31,
1962 ............................................................................. ......................................... 108-115
Branches:
By insurance status, type of bank, and State, December 31, 1962.. .108-115
Changes in, during 1962..................................................................................... 59, 107
Number of, 1962...................................................................................................107-115
Insured commercial banks:
December 31, 1954-1962................................................................................... 143, 145
December 31, 1962, by class, deposit size of bank, or State
147, 151, 155, 157, 159, 161, 163
Distributed by capital ratios and distribution of assets, December 28,
1962 ....................................................................................................................... 138-139
Insured mutual savings banks, 1954-1962.......................................................... 165-167
Mutual savings banks, December 31, 1962.................................................... 45, 106-115
Mutual savings banks, December 28, 1962........................................................ 116-117
Noninsured banks, December 31, 1962.................................................... 3, 45, 106-115
Noninsured banks, December 28, 1962............................................................... 116-117
Trust companies, December 31, 1962...................................................... 3, 45, 106-115
Trust companies, December 28, 1962...................................................................116-117
Unit banks, by insurance status and State, December 31, 1962.................108-115
Obligations of banks. See Assets, liabilities, and capital of banks; Deposits.
Officers of insured banks. See Employees.
Officers of the Federal Deposit Insurance Insurance Corporation. . . .
Operating banks. See Num ber of banks and branches.
..
v, 16
184
FEDERAL DEPOSIT IN S U R A N C E
CORPORATION
Page
Payments to depositors in closed insured banks. See Banks in financial
difficulties.
Personnel. See Employees.
Population of center, number of commercial banking offices b y ...........................
60
Possessions, banks and branches located in. See Areas outside continental
United States, banks and branches located in.
Protection of depositors. See Banks in financial difficulties.
Public funds. See Deposits (items referring to type of account).
Receivership, insured banks placed in. See Banks in financial difficulties.
Recoveries:
By banks on assets charged off. See Income of insured commercial banks;
Income of insured mutual savings banks.
By the Corporation on disbursements. See Banks in financial difficulties.
Reports from banks...........................................................................................................13, 45-46
Reserves:
Of Federal Deposit Insurance Corporation, for losses on assets acquired..
19
Of insured banks for losses on assets. See Valuation reserves.
With Federal Reserve banks. See Assets, liabilities, and capital of banks.
Salaries and wages:
Federal Deposit Insurance Corporation.................................................................
19
Insured banks. See Income of insured commercial banks; Income of in
sured mutual savings banks.
Savings and time deposits. See Deposits (items referring to type of account).
Securities. See Assets, liabilities, and capital of banks; Assets and liabilities
of the Federal Deposit Insurance Corporation; Banks in financial
difficulties.
Size of bank, data for banks classified by amount of deposits:
Assets and liabilities, insured commercial banks, 1962.................................
134
Banks requiring disbursements by the Corporation, 1934-1962.....................
170
Disbursements for protection of depositors, 1934-1962....................................
170
Income data of insured commercial banks, 1962............................................150-151
Income ratios of insured commercial banks, 1962..................................... 63, 152-153
Number of employees of insured commercial banks, 1962...............................
151
Number of insured commercial banks, 1962......................................................151, 153
Number of insured commercial banks grouped by ratios of selected items
to assets, December 28, 1962....................................................................... 138-139
Percentages of selected totals, insured commercial banks, 1962...................
63
State bank supervisory authorities:
Chartering and regulation of banks b y ................................................................. 45-47
Data obtained from ......................................................................................................
119
185
IN D E X
Page
State bank supervisory authorities— Continued:
Number of banks supervised b y ..........................................
46
State legislation regarding..............................................................
38
State, banking data classified b y:
Assets and liabilities of banks, December 28, 1962.........................
. . . 124-125
Concentration of deposits, by prevalence of branch banking. . .
. . . . 54-55
Deposits of banks, by class of bank, December 28, 1962............................... 116-117
Disbursements, deposits, and depositors in insured banks requiring dis
bursements by the Corporation, 1934-1962................................................
171
Income of insured commercial banks, 1962.......................................................154-163
Number of banks and branches, by class of bank and type of office, De
cember 31, 1962................................................................................................ 108-115
Number of banks and branches, by class of bank and type of office, D e
cember 28, 1962................................................................................................ 116-117
Percentage of banks insured, December 31, 1962............................................108-115
State banking legislation enacted in 1962.................................................................15, 3&-41
State banks. See Class of bank, banking data presented by.
Stockholders of banks, net profits available for. See Income of insured com
mercial banks.
xv
Summary of this report...................................................................................
Supervision of banks (see also Examination of insured banks):
By the Federal Deposit Insurance Corporation.........................vi-vii, 7-13, 46-49
Federal and State supervision.................................................................................... 45-49
State legislation,
1962.................................................................................................. 38-41
Suspensions. See Banks in financial difficulties.
Taxes paid by insured banks. See Income of insured commercial banks;
Income of insured mutual savings banks.
Terminations of insurance for unsafe and unsound practices.............................
12-13
Time and savings deposits. See Deposits (items referring to type of account).
Trust companies, classification o f..........................................................................3, 45, 68-69
Trust powers:
Applications for.....................................................................................
8
State legislation............................................................................................
Unit banks, by insurance status and State, December 31, 1962. . . .
Unsafe and unsound banking practices....................................................
40
.. .108-115
........
12-13
Amounts held, call dates, December 31,1959, through December 28,1962..
127
Valuation reserves (see also Assets, liabilities, and capital of banks):
Amounts held, June 30 and December 28, 1962................................... 120, 122, 131
Changes, 1954-1962......................................................................................142-143, 164-165
Violations of law or regulations, banks charged with.............................................. 12-13
@FedFRASER